NEW DELHI [Maha Media]: The wholesale price-based inflation slowed to 1.22 per cent in December on easing food prices, as per government data released on Thursday.

The inflation based on Wholesale Price Index (WPI) was 1.55 per cent in November 2020, and 2.76 per cent in December 2019.

The rate of inflation based on WPI Food Index decreased from 4.27 per cent in November 2020, to 0.92 per cent in December 2020, as per the data released by the Department for Promotion of Industry and Internal Trade.

It is to be noted here that retail inflation had also dropped sharply to 4.59 per cent in December, mainly due to declining food prices.
 

NEW DELHI [Maha Media]: Petrol and diesel prices continued to rise for the second straight day on Thursday. 

While the cost of diesel has gone up by 24 to 26 paise, petrol will cost 22 to 25 paise more in the four metro cities. The upward trend started on Wednesday, after a gap of five days. In Mumbai, the financial capital of the country, petrol is sold at Rs 91.32 per litre. The petrol prices had seen a record high on October 4 in the city. 

In the National Capital today, petrol and diesel are costing Rs 84.70 and Rs 74.88 respectively. Petrol price in Mumbai has been hiked by 25 paise to cost Rs 91.32/ litre, while diesel is being sold at Rs 81.60 after a hike of 26 paise. 

People in Kolkata are shelling out Rs 86.15 and 78.47 for petrol and diesel after a hike of 23 and 25 paise respectively. In Chennai also, the prices have gone up. With a 22 paise increase, the petrol is costing Rs 87.40, while diesel's cost has been hiked by 24 paise to cost Rs 80.19 per litre. 

The oil companies had increased both the fuel prices on January 6 and 7 after a gap of 29 days, following which the prices remained stagnant for five days. Cost of petrol and diesel in the four metro cities of the Country : 

Cities     Petrol     Diesel

Delhi    84.20   74.38
Mumbai   91.32   81.60
Chennai  87.40   80.19
Kolkata  86.15   78.47
 

NEW DELHI [Maha Media]: United States has banned entry of cotton and tomato products from China's Xinjiang region amid allegations that detainee or prison labour from Uyghurs went into making them. According to US Customs and Border Protection (CPB), it will detain cotton and tomato products produced in China's Xinjiang Uyghur Autonomous Region at all US ports of entry.
 
The ban, also known as a Withhold Release Order (WRO), was imposed following the emergence of reports indicating that the products were manufactured using forced labour from detained Uyghurs. The products banned include apparel, textiles, tomato seeds, canned tomatoes, tomato sauce, and other goods made with cotton and tomatoes.
 
CBP Acting Commissioner Mark A. Morgan said, CBP will not tolerate the Chinese government's exploitation of modern slavery to import goods into the United States below fair market value. He said the import of products using forced labour hurt American businesses that respect human rights and also expose unsuspecting consumers to unethical purchases.
 
China has been rebuked globally for cracking down on Uyghur Muslims by sending them to mass detention camps, interfering in their religious activities and sending members of the community to undergo some form of forcible re-education or indoctrination.
 

MUMBAI [Maha Media]:  Retreating from its record peak, equity benchmark Sensex ended 25 points lower after a volatile session on Wednesday as investors booked profits amid mixed cues from global markets.

After gyrating over 721 points during the day, the 30-share BSE index ended 24.79 points or 0.05 per cent lower at 49,492.32. It scaled a record intra-day peak of 49,795.19.

The broader NSE Nifty inched up 1.40 points or 0.01 per cent to its fresh closing record of 14,564.85. The index touched a lifetime high of 14,653.35 during the day.

M&M was the top gainer in the Sensex pack, rallying around 6 per cent, followed by SBI, ITC, NTPC, Bharti Airtel and ONGC.

On the other hand, Bajaj Finance, HDFC, Bajaj Finserv, Titan, Sun Pharma and Dr Reddy's were among the laggards.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities were volatile and gave-up early gains as profit booking was visible in a large number of stocks.

"While contraction in November 2020 IIP data indicates more measures by FM in the budget to stimulate economic activities, better than anticipated softening in CPI data for December 2020 negates the looming concerns over low interest rate scenarios.

"We continue to believe that that a sharp rebound in high frequency key economic data for December 2020 indicates demand revival, which bodes well for the markets. Further, 3Q FY21 corporate earnings are progressing well and are expected to sustain growth, which along with weak dollar and soft monetary policy of global bankers should continue to attract FPIs into domestic equities," he said.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended with losses, while Seoul and Tokyo were in the positive territory.

Stock exchanges in Europe were also trading with gains in early deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.28 per cent higher at USD 56.74 per barrel.
 

NEW DELHI [Maha Media]: The meeting of the Parliamentary Consultative Committee of the Ministry of Commerce and Industry was held  on the subject "New Foreign Trade Policy 2021-26". The meeting was chaired by the Minister of State for Commerce and Industry Hardeep Singh Puri, and attended by Members of Parliament and senior officers of the Ministry.
 
During the meeting, it was informed that that the new Foreign Trade Policy-FTP will come into effect from 1st April 2021 for a period of five years. The policy will strive to make India a leader in the area of international trade and channelize the synergies gained through merchandise and services exports for growth and employment with a goal to make India a 5 trillion dollar economy. The FTP 2015-20 came into effect on 1st April 2015 and the same was extended by one year till 31 March this year due to Covid-19 pandemic.
 
Ministry of Commerce and Industry in a statement said that during the meeting it was also informed that District Export Hubs initiative will form an important component of the new FTP.
 
The Ministry said, for the formulation of new Foreign Trade Policy, meetings have been held with stakeholders. In December 2020,Board of Trade meeting was held where State Governments and other stakeholders’ inputs were received. It said, a trade Notice, inviting suggestions from various stakeholders was issued and more than 2000 suggestions have been received. All the suggestions will be examined while formulating the new FTP.
 
In the meeting, Members of Parliament made valuable suggestions regarding new Foreign Trade Policy 2021-26. Hardeep Singh Puri welcomed various inputs and suggestions of the MPs and informed that these will be considered by the Ministry while preparing the new FTP. Mr  Puri also invited all MPs to also give further inputs.
 

NEW DELHI [Maha Media]: The Reserve Bank of India (RBI) is unlikely to further ease the interest rates in the next meeting of its Monetary Policy Committee even though retail inflation declined in December 2020, a report by Motilal Oswal Institutional Equities said.

The 'Ecoscope' report noted that the central bank is likely to continue with its calibrated approach towards the management of domestic liquidity.

"It is for the first time since the COVID-19 pandemic began that the CPI inflation has come within the RBI's target inflation range of 2-6%. What remains to be seen is if the downward trajectory in food prices continues during CY21. In any case, we do not expect any further monetary easing and the RBI is likely to continue to manage domestic liquidity in a calibrated manner," it said.

The Consumer Price Index-based retail inflation for December came in at a 14-month low of 4.59 per cent, down from 6.93 per cent in November, due to lower food inflation, showed official data released on Tuesday.

The Motilal Oswal report noted that the retail inflation data for last month was exactly in line with its expectation, but lower than market consensus of 5 per cent.

The Consumer Food Price Index (CFPI) for last month came in at 3.41 per cent, down from 9.50 per cent in November 2020.

The provisional rural CPI in December 2020 was recorded at 4.07 per cent, down from 7.20 per cent in the previous month. The urban CPI was 5.19 per cent in December 2020, compared with 5.19 per cent in November last.
 

NEW DELHI [Maha Media]: Petrol and diesel prices rose sharply by 25 paise per litre on Wednesday after oil marketing companies decided to break the momentary pause in the wake of a sudden spike in the global oil prices.

Accordingly, in the national capital, petrol was sold at the new record high level of Rs 84.45 from the previous days of Rs 84.20 a litre while diesel price increased to Rs 74.63 per litre as against Rs 74.38 a litre earlier.

Across the country as well the pump price of petrol and diesel increased on Wednesday but the quantum varied depending on the prevailing tax structure in each state.

The auto fuel price rise was on hold for the last five days after the petrol and diesel prices had increased on two successive days last Wednesday and Thursday taking gasoline to record high levels in Delhi while keeping its prices very close to record high levels in other metro cities.

But, the OMCs ran out of patience on Wednesday as global crude prices have risen sharply lately taking benchmark Brent crude price to over $57 a barrel now and rising. The rise is primarily on account of Saudi Arabia's decision on unilateral production cuts to balance oil prices on pandemic affected demand reduction in an oversupplied market.

At Rs 84.45 a litre in Delhi, petrol price has breached the highest level in the national capital after October 4, 2018, when the rate had risen to Rs 84 a litre.

The OMCs' patience of holding back fuel prices was broken last week on Wednesday when they increased the retail price of petrol and diesel for the first time this year after over a month-long pause.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making losses on the sale of auto fuels.
 

NEW DELHI [Maha Media]: A major announce could be on its way for the insurance sector in the upcoming Union Budget 2021. In a move to attract foreign direct investment (FDI), the country’s finance minister, Nirmala Sitaraman may increase the FDI limit from the existing 49 per cent to 74 per cent.

FDI cap on insurance company was first raised from 26% to 49% in March 2016. However, it failed to cheer the foreign investors who were looking at management control with at least a 51% stake.

The government which is counting on FDI as a major source of non-debt finance is expected to remove several procedural impediments in attracting the FDI.

According to the reports, the FDI policy is under review to increase inflows of foreign investment. Sectors that have huge potential to attract overseas investments could contain policy directives facilitating FDI, the report adds.

In February last year, the government had amended the FDI policy to allow 100 per cent foreign investment in insurance intermediaries such as insurance agents, web aggregators of insurance policies and brokers. The FDI cap on insurance companies remained at 49 per cent.

It is learnt that the domestic promoters want to unlock the value of their investments and many want to make an exit. Reports reveal that there are investors who want to invest in those companies that are stuck at the upper limit of 49 per cent currently.
 

MUMBAI [Maha Media]: Equity benchmark Sensex dropped over 100 points in early trade on Tuesday, tracking losses in index-heavyweights HDFC, Kotak Bank and ICICI Bank despite largely positive trend in global equities and sustained FPI inflow.

The 30-share BSE index was trading 117.77 points or 0.24 per cent lower at 49,151.55.

Similarly, the broader NSE Nifty slipped 20.95 points or 0.14 per cent to 14,463.80 in opening deals.

On the Sensex chart, IndusInd Bank was the top loser, shedding around 2 per cent, followed by Kotak Bank, Titan, Asian Paints, Bajaj Auto, Tech Mahindra and HDFC.

On the other hand, Reliance Industries, L&T, Bharti Airtel, ITC, Bajaj Finserv and TCS were among the gainers.

In the previous session, the Sensex ended 486.81 points or 1 per cent higher at record 49,269.32, and Nifty surged 137.50 points or 0.96 per cent to finish at its fresh lifetime high of 14,484.75.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 3,138.90 crore on Monday, as per exchange data.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities do not look to be encouraging at the moment. Red flags highlighted in the Reserve Bank of India's Financial Stability Report about the banking sector do not augur well for the banking index, which may weigh on markets in the near term.

"However, we still believe fundamentals of the market are still intact considering sustained rebound in economic activities and government's continuous endeavour to bolster economic activities," he said.

US equities recorded modest correction as profit-booking was visible especially in technology companies. However, he added that investors appeared to remain focused on the possibility of large fiscal stimulus and prospects of economic recovery.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo were trading with gains in mid-session deals, while Seoul was in the red.

Meanwhile, the global oil benchmark Brent crude was trading 0.05 per cent lower at USD 55.63 per barrel.
 

NEW DELHI [Maha Media]: Road Transport and Highways Minister Nitin Gadkari will be launching an innovative new paint developed by Khadi and Village Industries Commission today. The eco-friendly, non-toxic paint, called “Khadi Prakritik Paint” is a first-of-its-kind product, with anti-fungal and anti-bacterial properties. Based on cow dung as its main ingredient, the paint is cost-effective and odorless, and has been certified by Bureau of Indian Standards.
 
Khadi Prakritik Paint is available in two forms - distemper paint and plastic emulsion paint. Production of Khadi Prakritik Paint is aligned with Prime Minister’s vision of increasing farmers’ income.
 

NEW DELHI [Maha Media]: IndiGo said on Tuesday it plans to start new flights connecting Leh, Darbhanga, Agra, Kurnool, Bareilly, Durgapur and Rajkot from February onwards.

"The airline plans to start flights connecting Leh and Darbhanga in February, followed by Kurnool and Agra in March, Bareilly and Durgapur in April and Rajkot in May 2021," IndiGo said in a press release.

The low-cost carrier currently connects 61 domestic cities and the addition of these new stations will take the number to 68.

"IndiGo will secure all regulatory approvals and specific flight schedules will be announced as these approvals are received," it said.
 

NEW DELHI [Maha Media]: Union Budget 2021 which is scheduled to be presented on February 1 will go paperless as the Finance Ministry has decided not to print the budget documents amid the COVID-19 pandemic.

Touted to be a historic move, it will be for the first time in the history of independent India that the budget 2021 papers will not be printed. News Agency IANS quoting sources said the government has received permission for the same from both the Houses of Parliament. The decision has been taken as the printing process would require several people to stay at the press for around a fortnight amid the coronavirus fears. The budget documents are generally printed at the Finance Ministry`s in-house printing press in the North Block.

Union budget 2021 may see several conventions being broken as the sources said that the traditional `Halwa` ceremony may also not take place this year or a subdued function may be held with limited gathering, IANS added. This ceremony, which normally starts around January 20, is attended by all the people involved in budget-making, and marks the beginning of printing.

Once printing starts, printing staffers stay inside the press till the presentation of budget. Only a few high-ranked officials are allowed access and that too on the basis of a special identity card. The entire facility, loading-unloading and transportation are manned by the special security forces.

This is not the first time that there would be a change in tradition in the presentation of the budget under Finance Minister Nirmala Sitharaman. Last year, she did away with a colonial-era tradition of carrying Budget papers in a briefcase, and introduced the Budget `Bahi Khata` or a ledger, enclosed in a red cloth folder and tied with a string.
 

MUMBAI [Maha Media]: Equity benchmark Sensex rallied 487 points on Monday to close at a fresh lifetime peak, tracking gains in Infosys, HDFC twins and HCL Tech amid massive foreign fund inflows.

After touching a record intra-day high of 49,303.79, the 30-share BSE index ended 486.81 points or 1 per cent higher at 49,269.32.

Similarly, the broader NSE Nifty surged 137.50 points or 0.96 per cent to finish at 14,484.75. It hit a fresh intra-day high of 14,498.20.

On the Sensex chart, HCL Tech was the top gainer, soaring around 6 per cent, followed by Infosys, HDFC, Bajaj Auto, Maruti, Tech Mahindra and M&M.

On the other hand, Bajaj Finserv, Bajaj Finance, Reliance Industries, L&T, Kotak Bank and SBI were among the laggards.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities remained in the grip of bulls with benchmark indices registering fresh highs as robust earnings performance by TCS and D-Mart bolstered investors' confidence.

"Continued improvement in COVID-19 recovery rates and announcement of vaccination process from January 16 offered comfort to markets. Further, expectations of sharp recovery in corporate earnings led by sustained rebound in key economic data may propel market to witness fresh highs in the near term," he stated.

FPI flow may continue to remain favourable given status of global economy, stance of global central bankers and weak dollar, he said, adding that domestic equities can also witness pre-Budget rally in the coming weeks considering broad expectations of pro-growth measures.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 6,029.83 crore on Friday, according to exchange data.

Elsewhere in Asia, bourses in Hong Kong and Seoul ended with gains, while Shanghai was in the red.

Stock exchanges in Europe were trading on a negative note in early deals.

Meanwhile, the global oil benchmark Brent crude was trading 1.52 per cent lower at USD 55.14 per barrel.
 

NEW DELHI [Maha Media]:  The unit 3 of Kakrapar Nuclear Power Plant (KAPP) has been synchronised with the grid, a senior official of the Department of Atomic Energy said on Monday.

Former Atomic Energy Commission Chairman, Anil Kakoddar, said 15 more such units will follow in fleet mode.

The 700 MW Pressurised Heavy Water Reactor (PHWR) was synchronised with grid at at 11.37 am on Sunday, the official added.

"Extremely happy to know that India's first 700 MWe PHWR, KAPP-3, has been synchronised with grid at 11:37 hrs today (10.01.2021). True example of indigenous technology developed and built in India with with fifteen more such units to follow in fleet mode. 'Atmanirbhar Bharat'," Kakodkar, the former secretary of the Department of Atomic Energy said.

The first 700 MW Pressurised Heavy Water Reactor at Kakrapar, Gujarat, KAPP-3 achieved criticality (controlled self-sustaining nuclear fission chain reaction for the first time) on July 22.

Kakrapar also two PHWRs of 220 MW each. The fourth nuclear power reactor of 700 MW is also coming up.
 

NEW DELHI [maha Media]: Union Government today said that the overall investment in Urban transformation is up by 627 per cent during the last six years as compared to the period between 2004 to 2014. Housing and Urban Affairs Ministry said, the amount spent on creating and upgrading urban infrastructure and ensuring ease of living for the citizens is around 12 lakh crore rupees compared to a mere one lakh 50 thousand crore rupees during 2004 to 14. The Missions under the Ministry of Housing and Urban Affairs played a stellar role during the COVID-19 pandemic and implemented several measures to ensure Nation’s fight against the pandemic and ensure ease of living for the citizens.

The Ministry said, over one lakh 50 thousand COVID related complaints have been resolved on the Swachhata App.
 

NEW DELHI [Maha Media]: Indian economy is estimated to contract 7.7 per cent in 2020-21 compared to 4.2 per cent growth in the previous fiscal, mainly on account of the impact of the COVID-19 pandemic.

As per the first advanced estimates of the national income released by the National Statistical Office (NSO) on Thursday, there was contraction in almost all sectors with the exception of agriculture.

"Real GDP or GDP at Constant Prices (2011-12) in the year 2020-21 is likely to attain a level of Rs 134.40 lakh crore, as against the Provisional Estimate of GDP for the year 2019-20 of Rs 145.66 lakh crore... The growth in real GDP during 2020-21 is estimated at -7.7 per cent as compared to the growth rate of 4.2 per cent in 2019-20," it said.

In the current fiscal, manufacturing sector is likely to see a contraction 9.4 per cent whereas growth was almost flat at 0.03 per cent in the year-ago period.

The NSO estimates significant contraction in 'mining and quarrying', and 'trade, hotels, transport, communication and services related to broadcasting'.

Agriculture sector is estimated to see a growth of 3.4 per cent in 2020-21. However, it will be lower than 4 per cent growth recorded in 2019-20.

The economy contracted 23.9 per cent in the first quarter and 7.5 per cent in the second quarter.
 

New Delhi (Mahamedia) On Thursday, the spot price of gold in the national capital fell drastically. According to HDFC Securities, the gold price in Delhi fell by Rs 714 to Rs 50,335 per 10 grams. In the previous session, the gold rate was at Rs 51,049 per 10 grams. According to Securities, the decrease in the prices of precious metals due to the decrease in demand in the global markets was also seen in the domestic markets. 
Similarly, the price of silver also fell by Rs 386 to Rs 69,708 per kg. Earlier on Wednesday, the price of silver was at Rs 70,094 per kg.
 

New Delhi (Mahamedia) he general budget for the financial year 2021-22 will come on 1 February 2021. The budget session will begin on January 29. The budget session will be in two parts. The first part starts on 29 January and will run till 15 February. The second part of the budget session begins on March 8 and will run till April 8. These dates have been recommended by the Cabinet Committee on Parliamentary Affairs. The cabinet will take a final decision on this. The budget will be presented in Parliament on February 1. On January 29, the first day of the budget session, President Ram Nath Kovind will address both houses of Parliament.
According to the information, on the first day of the session, on January 29, President Ramnath Kovind will address both houses of Parliament. The budget proposals will be discussed in the second part of the session. Finance Minister Nirmala Sitharaman has said that this time the budget will be unprecedented. Considering the lack of money with the government, it is believed that Kovid may be surcharge in the budget.
 

NEW DELHI [Maha Media]: The world's most well-known cryptocurrency Bitcoin smashed through $34,000 for the first time ever in its entire history of 12 years on Sunday.

Once the price of the leading cryptocurrency crossed the $30,000 mark for the first time -- something it had struggled to do for the last couple of days -- it exploded upwards reaching a new all-time high of $33,136.92 and then continuing the push, breaching $34,000 hours later, reports CoinDesk.

The latest gains come two days after bitcoin closed out a year in which the cryptocurrency rose more than 300 per cent, with an almost 50 per cent gain in December alone.

"Bitcoin price is being driven by institutional money and there is not enough supply. The number of family offices asking to invest in our ETP is just staggering. I've never seen this before. In 2017 it was just retail knocking at the door now it's only institutional," the report quoted Laurent Kssis, Managing Director at 21Shares as saying.

Buyers are aggressively accumulating more and more Bitcoin (BTC). This is the driving factor that has propelled the price growth of BTC towards this new all-time high value.

Meanwhile, the market capitalization of Bitcoin has also skyrocketed above the $600 billion mark.

Debate on whether Bitcoin should be seen as a form of money, an asset, or a commodity has been raging on since the cryptocurrency was launched in 2009.

After the unit crossed $1,000 for the first time in 2013, it has been increasingly attracting the attention of financial institutions.
 

NEW DELHI [Maha Media]: As foreign portfolio investments (FPI) surged amid the pandemic, December 2020 recorded the highest-ever monthly inflow of FPIs at Rs 62,016 crore.

FPI inflows into Indian equities surpassed the previous high of Rs 60,358 crore recorded in November 2020. This was the third consecutive month of net inflows.

The year 2020 also recorded the highest-ever yearly net inflow of FPIs into equities at over Rs 1.70 lakh crore.

The foreign investments into equities came on the back of excess liquidity due to stimulus measures globally, weak dollar, and low valuation of stocks.

In terms of purchase, FPIs initially preferred large cap stocks till October. Later on, they enlarged their purchases to include the mid and small cap segments, analysts said.

In terms of sectors, IT, pharma, banks, FMCG, metals, realty and oil iamp; gas stocks were bought the most by FPIs in this year.

Analysts noted that going ahead, FPIs may continue to concentrate in the Indian market for the next one or two quarters.

Positive developments on the vaccine front to combat the novel coronavirus pandemic is also likely to boost investments.

In 2020, the Indian stock market witnessed net selling by FPIs during three months -- March, April and September.

March was the worst month in terms of FPIs, with the highest net outflow during the year pegged at Rs 61,973 crore.
 

NEW DELHI [Maha Media]: Commodity market regulator Securities and Exchange Board of India (SEBI) on Friday imposed penalties on Reliance Industries Ltd, its Chairman and Managing Director Mukesh Ambani as well as two other entities for allegedly indulging in manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007.

Fines of Rs 25 crore and Rs 15 crore have been imposed on Reliance Industries Ltd (RIL) and Ambani, respectively. Besides, Navi Mumbai SEZ Pvt Ltd has been asked to pay a penalty of Rs 20 crore and Mumbai SEZ Ltd has been directed to pay Rs 10 crore.

The case pertains to sale and purchase of RPL shares in the cash and the futures segments in November 2007. This followed RIL's decision in March 2007 to sell 4.1 per cent stake in RPL, a listed subsidiary that was later merged with RIL in 2009.

In a 95-page order, SEBI’s Adjudicating Officer B J Dilip said any manipulation in the volume or price of securities always erodes investor confidence in the market when investors find themselves at the receiving end of market manipulators.

"In the instant case, the general investors were not aware that the entity behind the above F&O segment transactions was RIL. The execution of the... fraudulent trades affected the price of the RPL securities in both cash and F&O segments and harmed the interests of other investors," he said in the order.

While noting that execution of manipulative trades affects the price discovery system itself, the adjudicating officer said, "I am of the view that such acts of manipulation have to be dealt sternly so as to dissuade manipulative activities in the capital markets."

There was no immediate comment from RIL on the matter.

On March 24, 2017, SEBI had ordered RIL and certain other entities to disgorge over Rs 447 crore in the RPL case. In November 2020, the Securities Appellate Tribunal (SAT) dismissed the company's appeal against the order.

At that time, RIL had said it would challenge the tribunal's order in the Supreme Court.

Apart from ordering disgorgement of money, SEBI had in March 2017 also prohibited RIL from dealing in equity derivatives in the F&O segment of stock exchanges, directly or indirectly, for one year.

As per the order passed on Friday, SEBI said RIL had entered into a scheme of manipulative trades in respect of the sale of its stake in RPL.

However, before undertaking sale transactions in the cash segment, RIL fraudulently booked large short positions in the RPL November futures through 12 agents with whom it had entered into an agreement to circumvent position limits for a commission payment, it added.

"As a result, RIL fraudulently cornered nearly 93 per cent of open interest in RPL November Futures, when the said 12 agents took short positions in F&O Segment on its behalf," the order stated.

The funding for the margin payments by the agents was provided by Navi Mumbai SEZ Pvt Ltd and Mumbai SEZ Ltd, it added.
 

NEW DELHI [Maha Media]: Union Minister of Petroleum and Natural Gas, Dharmendra Pradhan on Friday launched Indian Oil Corp Ltd's missed-call facility for refill booking and several other consumer-centric initiatives.

The minister launched the missed-call facility for Indane refill booking and for registering a new LPG connection through a single number (8454955555) for the convenience of the consumers.

The minister talked about the "consumer-centric initiatives" of the BJP-led government in a series of tweets.

"In line with PM Narendra Modi's vision for a Digital India, these consumer-centric initiatives will make LPG refill booking and new connection registration more convenient and free of cost. This will benefit consumers, especially the elderly and those from rural areas," Pradhan said.

He also flagged off the first batch of XP100, India's first indigenously developed 100 Octane petrol from Digboi Refinery. "The country's oldest operating refinery has joined the elite group of Mathura and Barauni refineries, which will produce this advanced version of petrol," he said.

"XP 100 was rolled out in 7 more cities today- Bhubaneswar, Bangalore, Chennai, Hyderabad, Indore, Kochi and Kolkata. Earlier in the 1st phase XP 100 was launched in 10 cities, including in Delhi. This is one more step towards our efforts to improve ease-of-living for citizens," he added.

The minister congratulated Indian Oil for developing "customer-centric, environment-friendly products and services".

"Congratulate @IndianOilcl for leading from the front in constantly innovating and developing customer-centric, environment-friendly and best in class products and services. These initiatives are reflective of the spirit of AatmaNirbharBharat," he said.
 

NEW DELHI [Maha Media]: Price of commercial LPG cylinder has gone up by Rs 16.50 and Rs 22.50 in the four major metros of the country, giving a blow to the consumers on the first day of New Year on Friday. 

However, the price of the domestic cooking gas cylinder continues to be the same. According to Indian Oil Corporation, a leading oil marketing company, price of a 19-kg commercial-use cylinder has been increased by Rs 17 in Delhi and will now cost Rs 1349. In Kolkata, after an increase of Rs 22.50, the consumer will have to shell out Rs 1487. The price in Mumbai has gone up by Rs 17 and cost Rs 1297.50, while in Chennai after a hike of Rs 16.50 the consumers will be charged Rs 1463.50.

The government gives subsidy on 14.2 kg's 12 cylinders in a year to a household, and when the quantity goes above 12 , the consumer has to pay the market price , while the price of the gas cylinder changes every month,, the IOC said in a release.
 

NEW DELHI [Maha Media]: he NDA government's booster shots for the economy seem to have triggered a step-up in the Goods and Services Tax (GST) collection in the month of December as the month saw the collection of over Rs 1.15 lakh crore, the finance ministry said on Friday.

December 2020 saw a record high of over Rs 1.15 lakh crore in the GST collection revenue. In fact, the revenues for the month of December 2020 are 12 per cent higher than the GST revenues in the same month in 2019. In November 2020, the GST collection had crossed Rs 1 lakh crore mark.

The highest jump in the GST collection was witnessed in Dadra and Nagar Haveli, with a growth of 68 per cent year on year, the collection during the month of December 2019 was Rs 154 crore and in 2020, it stood at Rs 259 crore.

Tripura saw the second-highest jump at 25 per cent year on year basis. The Central GST stands at Rs 21,365 crore and the state GST is at Rs 27,804 crore.

For the month of December, the integrated GST stood at Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and cess at Rs 8,579 crore (including Rs 971 crore collected on import of goods).

The total number of GSTR-3B returns filed for the month of November up till December 31, 2020, is 87 lakh.

The government has settled Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as a regular settlement. The total revenue earned by the central government and the state governments after regular settlement in the month of December 2020 is Rs 44,641 crore for CGST and Rs 45,485 crore for SGST.

The GST revenues during December 2020 have crossed Rs 1.15 lakh crore for the first time. The highest GST collection till now was Rs 1,13,866 crore in the month of April 2019. The December 2020 revenues are significantly higher than last month's revenues of Rs 1,04.963 crore.

This is the highest growth in monthly revenues in the past 21 months. This has been due to the combined effects of the rapid economic recovery and the nationwide drive against the GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance.
 

MUMBAI [Maha Media]: The BSE Sensex soared to record highs while the NSE Nifty closed above the 14,000-mark for the first time on Friday as markets continued their record run in the new year amid robust buying in IT, auto and FMCG stocks.

Extending its record-setting streak for the fifth day, the 30-share BSE Sensex rose by 117.65 points or 0.25 per cent to close at a fresh lifetime high of 47,868.98.

This is the eighth consecutive day of gains for the barometer and it has climbed by around 5 per cent since December 22.

The broader Nifty closed at an all-time high of 14,018.50, showing gains of 36.75 points or 0.26 per cent over its previous close.

Intra-day, the Nifty touched a record high of 14,049.85 while Sensex scaled a new peak of 47,980.36.

Among major Sensex gainers, ITC rose the most by 2.32 per cent, followed by TCS, M&M and SBI.

TCS rose by 2.02 per cent after the IT major said its board will meet on January 8 to approve financial results and a proposal for declaring the third interim dividend to shareholders.

Among other IT stocks, Tech Mahindra rose 0.23 per cent, Infosys by 0.36 per cent and HCL Tech by 0.43 per cent. Dr Reddy's, L&T, Sun Pharma, Axis Bank, IndusInd Bank, Nestle and Ultratech Cement also advanced.

Auto stocks advanced on better sales numbers for December month. Market leader Maruti, which posted a 20 per cent increase in vehicle sales in December, rose by 0.53 per cent while Bajaj Auto closed up by 1.03 per cent.

Mahindra & Mahindra rose by 1.62 per cent even as it posted a 10.3 per cent decline in total sales at 35,187 units in December 2020. The company also announced its decision to scrap a previously announced automotive joint venture with Ford citing fundamental changes in global economic conditions.

Banking giant ICICI Bank and HDFC Bank, however dropped 1.36 per cent and 0.83 per cent respectively due to profit booking.

Meanwhile, GST collections touched a record high of over Rs 1.15 lakh crore in December, reflecting festive demand and reflating economy.

The Sensex and Nifty finished the year 2020 with overall gains of around 15 per cent. The Sensex gained 15.7 per cent while the Nifty jumped 14.9 per cent in the year.

FPIs have been a major driver of the rally in Indian stock markets. According to exchange data, FPIs bought shares worth Rs 1,135.59 crore on a net basis on Thursday.

US markets also closed the pandemic-hit year at record highs on Thursday.

The S&P 500 index finished with a gain of 16.3 per cent for the year, the Nasdaq composite soared 43.6 per cent and the Dow Jones Industrial Average gained 7.2 per cent.

Most of the global markets were closed on Friday for the New Year's holiday.
 

NEW DELHI [Maha Media]: Reliance Infrastructure Limited (RInfra) announce the successful completion of the sale of its 100 per cent stake in Delhi-Agra (DA) Toll Road to Cube Highways and Infrastructure III Pte Ltd for an enterprise value over Rs 3,600 crore.

The deal was announced in March 2019 with the signing of a definitive binding agreement between RInfra and Cube Highways and Infrastructure III Pte Ltd and has now been completed with transfer of shares of the DA Toll Road Private Limited and receipt of sale consideration.

Cube Highways and Infrastructure III Pte Ltd. is a Singapore-based company formed by Global Infrastructure Fund – I Squared Capital and a wholly-owned subsidiary of the Abu Dhabi Investment Authority.

The total transaction value is over Rs. 3,600 crore. The entire sale proceeds are being utilized for debt reduction.

RInfra has reduced its total debt liabilities by 20 percent from the deal proceeds.

Reliance Infrastructure Ltd (RInfra) is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.

RInfra is a major player in providing Engineering and Construction (E&C) services for developing power, infrastructure, metro and road projects.

RInfra through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis; nine road projects on build, operate and transfer (BOT) basis.

RInfra is also a leading utility company having presence across the value chain of power businesses i.e. Generation, Transmission and Distribution.
 

MUMBAI [Maha Media]: Key stock indices Sensex and Nifty closed almost flat on the last trading day of 2020 on Thursday as investors tracked news related to COVID-19 vaccines rollout across the globe for further bets.

In choppy trade, the 30-share BSE Sensex inched up by 5.11 points 0.01 per cent to its new closing record of 47,751.33.

After opening higher at 47,753.11, the index hit its all-time high of 47,896.97 during the day and touched a low of 47,602.12.

The broader NSE Nifty crossed the record 14,000 level for the first time, touching an intra-day peak of 14,024.85. The 50-issue index pared gains to close at 13,981.75, down by just 0.20 points.

The indices, however, closed the year 2020 with overall gains of around 15 per cent. Sensex gained 15.7 per cent while Nifty jumped 14.9 per cent in the year.

HDFC was the leading gainer among Sensex stocks on Thursday, rising by 1.65 per cent, followed by Sun Pharma, ICICI Bank, Asian Paints, Titan and Infosys.

TCS was the biggest loser, shedding 1.33 per cent. Ultratech Cement, Bharti Airtel, Kotak Bank and Tech Mahindra were among the other major laggards.

Bourses in Tokyo and South Korea were closed for the New Year's holidays. Among others, Australia's S&P/ASX fell 1.4 per cent while Hong Kong's Hang Seng rose by 0.3 per cent.

The Shanghai Composite gained 1.2 per cent.

Analysts said focus has been on vaccine-related developments around the globe, with China's Sinopharm becoming the latest to release encouraging study results.

On Wall Street, stocks eked out modest gains overnight. Oil prices inched forward in global trade. Brent crude, the international standard, gained 25 cents to USD 51.34 a barrel.
 

NEW DELHI [Maha Media]: Zhong Shanshan is a private billionaire who’s rarely quoted in the press.

Now, after an improbable career spanning journalism, mushroom farming and health care, he’s become Asia’s richest person, eclipsing India’s Mukesh Ambani and a group of Chinese tech titans including Jack Ma.

Zhong’s net worth has surged $70.9 billion this year to $77.8 billion, making him the 11th-richest person on the planet, according to the Bloomberg Billionaires Index. It’s one of the fastest accumulations of wealth in history, and all the more remarkable considering that until this year he was little known outside of China.

Zhong, 66, isn’t involved in politics and his business interests aren’t entwined with other rich families such as the property tycoons, which is why he’s known locally as the “Lone Wolf.”

He owes his success to two unrelated fields. He took vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. public in April, then months later Nongfu Spring Co., a maker of bottled water, became one of Hong Kong’s hottest listings. Nongfu shares have jumped 155% since their debut, and Wantai’s are up more than 2,000%.

Ambani has also had an extraordinary year -- striking deals to transform his conglomerate Reliance Industries Ltd. into a technology and e-commerce titan -- and seeing his fortune surge $18.3 billion to $76.9 billion.

While Ambani was at one point the world’s fourth-richest person, shares of his Reliance have stalled as he comes under pressure to deliver on the digital transformation he’s promised.

Meanwhile, Nongfu stock hit a peak this week after Citigroup Inc. analysts said the company has solidified its market dominance and enjoys ample cash flow. Zhong’s other firm, Wantai, is among those developing a Covid-19 vaccine.

Zhong has also climbed the ranks as China’s tech companies have tumbled among increased government scrutiny. Jack Ma, Asia’s richest person before Ambani took over this year, is now worth $51.2 billion, down from a high of $61.7 billion in October.
 

MUMBAI [Maha Media]: Benchmark indices Sensex and Nifty raced to fresh record highs on Wednesday as gains in financials, auto and IT shares helped markets extend their winning run for the sixth straight session.

After a volatile session, the 30-share BSE Sensex closed up by 133.14 points or 0.28 per cent at a record high of 47,746.22. The barometer scaled its all-time intra-day high of 47,807.85.

The broad-based NSE Nifty rose by 49.35 points or 0.35 per cent to finish at its lifetime high of 13,981.95. It touched all-time peak of 13,997 in intra-day trade.

Among major Sensex movers, Ultratech Cement rose over 4 per cent, Bajaj Finance by 2.63 per cent and Maruti by 2 per cent.

Mahindra and Mahindra, Tech Mahindra, HUL, Kotak Bank, HDFC Bank, Reliance Industries and Asian Paints also finished in the green.

After opening strong, the stock indices gave up gains due to profit booking by investors. However, positive trends in the European stocks helped the indices rebound and end at record levels.

European stocks advanced on Wednesday as the UK approved the COVID-19 vaccine developed by AstraZeneca and Oxford University.

Britain has authorized use of a second COVID-19 vaccine, becoming the first country to greenlight an easy-to-handle shot that its developers hope will become the "vaccine for the world".

Asian shares were mixed after a lackluster day on Wall Street. Benchmarks fell in Tokyo and Sydney but rallied in Hong Kong, Seoul and Shanghai.

Japan's Nikkei 225 fell 0.5 per cent, a day after it surged more than 2 per cent to its highest level in more than 30 years. In Australia, the S&P/ASX 200 lost 0.3 per cent.

On the other hand, Hong Kong's Hang Seng surged 1.6 per cent, the Shanghai Composite index advanced 1 per cent while South Korea's Kospi jumped 1.9 per cent.
 

NEW DELHI [Maha Media]: A total of one crore 83 lakh Sukanya Samriddhi Accounts have been opened across the country in the name of girl-child with deposits amounting to over 58 thousand 222 crore rupees.

Prime Minister Narendra Modi had launched the Sukanya Samriddhi Account scheme, also known as girl child prosperity scheme in 2015 in Panipat, Haryana. Communication Ministry said, the scheme ensures a bright future for girl children. This scheme has facilitated them in proper education, marriage expenses and securing their future.
 

NEW DELHI [Maha Media]: State Bank of India (SBI) has said that it is going to introduce Positive Pay System from 1st January 2021 to make Cheque payment secure.

"Keeping all your transactions safe including those done via Cheques. SBI is introducing Positive Pay System from 1st January 2021 to make Cheque payment secure. To know more, contact your nearest SBI branch," SBI has tweeted.

In a bid to check banking fraud, the Reserve Bank of India had a couple of months ago decided to introduce the ''positive pay system'' for cheque, under which re-confirmation of key details may be needed for payments beyond Rs 50,000.

This Cheque payments rule of positive pay system will come into effect from January 1 2021. While availing of this facility is at the discretion of the account holder, banks may consider making it mandatory in case of cheques for amounts of Rs 5 lakh and above.

Know more about Positive Pay System

* Positive Pay System shall be implemented from January 01, 2021.

* The concept of Positive Pay involves a process of reconfirming key details of large value cheques.

* Under this process, the issuer of the cheque submits electronically, through channels like SMS, mobile app, internet banking, ATM, etc., certain minimum details of that cheque (like date, name of the beneficiary / payee, amount, etc.) to the drawee bank, details of which are cross checked with the presented cheque by CTS.

* Any discrepancy is flagged by CTS to the drawee bank and presenting bank, who would take redressal measures.

* National Payments Corporation of India (NPCI) shall develop the facility of Positive Pay in CTS and make it available to participant banks.

* Banks, in turn, shall enable it for all account holders issuing cheques for amounts of Rs 50,000 and above.

* Only those cheques which are compliant with the instructions will be accepted under dispute resolution mechanism at the CTS grids.

* Member banks may implement similar arrangements for cheques cleared / collected outside CTS as well.
 

NEW DELHI [Maha Media]: ICICI Lombard General Insurance, India’s one of the leading private sector non-life insurance company, has launched an online business insurance platform, www.sme.icicilombard.com for small and medium enterprises (SMEs).

The new interface will serve as a convenient platform for SME owners to buy or renew insurance products, endorse their insurance policies, and register claims. Through this platform, business owners can opt for different insurance options such as Marine Insurance, Workmen Compensation etc. 

The company will continue to introduce more products and services on the newly launched digital facility. SME enterprises are the backbone of India’s growth engine. These establishments need to ensure effective risk management practices considering their relatively small business size and having to operate in a dynamic environment.

Further, events like Covid-19 can significantly impact their business. With the newly launched platform, small businesses can avail various insurance related solutions conveniently at the click of a button, thereby ensuring that they are adequately covered against any risks to their business operations. 

ICICI Lombard’s business insurance portfolio includes different types of insurance solutions covering property damage, transport of goods, legal liability, cyber security, employee-related risks across sectors, among others. In addition, the company has been adopting latest technology i.e., Robotics, Artificial Intelligence, Machine Learning, Internet of Things (IoT) etc in servicing the customers. 

Commenting on the launch, Sanjeev Mantri, Executive Director at ICICI Lombard said, “At ICICI Lombard, our focus is on offering customer centric solutions to our diverse set of customers, in line with our brand ethos of Nibhaye Vaade. The SME segment is relatively more vulnerable to multiple risks and has been significantly impacted by the pandemic. With this one of its kind online platform for business insurance, we are empowering SMEs to avail our business insurance solutions conveniently at any time and from anywhere in a contactless manner.”

Leveraging the country’s growing internet penetration and resultant increased digital adoption, ICICI Lombard, through this platform, intends to reach over 63.3 million MSMEs across India and help them safeguard their businesses. The new initiative is part of ICICI Lombard’s larger objective of leading the insurance sector in terms of digital transformation and redefining customer value proposition with the use of innovative technologies. When it comes to the SME segment, the company has been leading the curve on automation. 

Its automated Bot platform, MyRA (My Remote Assistant) empowers customers to receive policy quotes via email and complete the transaction through the Bot itself, making it a seamless proposition.
 

MUMBAI [Maha Media]: The Indian benchmark indices rallied in the fifth consecutive session, closing at fresh record highs. At close, the Sensex was up 259.33 points or 0.55% at 47,613.08, and the Nifty was up 59.40 points or 0.43% at 13,932.60. About 1519 shares have advanced, 1438 shares declined, and 162 shares are unchanged.

IndusInd Bank closing about 6% higher, was the top Sensex gainer followed by Tech Mahindra, Axis Bank, ICICI Bank, and HDFC were among major gainers on the Nifty, while losers were Hindalco, Nestle, Coal India, Tata Motors, and NTPC.

Broader markets underperformed the benchmarks with Nifty Midcap100 and Nifty Smallcap100 indices ending in the red. Among sectors, Nifty Private Bank gained the most followed by Nifty Financial Services, Nifty IT, and Nifty PSU Banks. Meanwhile, Nifty Metal, Nifty Media, Nifty Pharma, and Nifty Realty ended with losses.

Rupee gains
Indian rupee ended higher by 8 paise at 73.42 per dollar, amid buying seen in the domestic equity market. It opened higher by 6 paise at 73.44 per dollar against previous close of 73.50 and remained in the range of 73.34-73.44.

Bullion market
Gold prices rose marginally by Rs 39 to Rs 49,610 per 10 gram in the national capital on Tuesday, continuing the upside for the third consecutive day, in line with the rally in international prices of the precious metal, according to HDFC Securities.
In the previous trade, the yellow metal had closed at Rs 49,571 per 10 gram.

Silver prices also gained marginally, rising by Rs 36 to Rs 68,156 per kilogram from Rs 68,120 per kilogram in the previous trade.

Global Markets
Global shares rose for the fourth straight day on Tuesday and oil followed suit as hopes of fresh U.S. stimulus teed up a strong end to the year for riskier assets.

The MSCI World Index was up 0.3 per cent, extending recent gains after gains in Asia, where Japanese stocks hit a 30-year high. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.45 per cent.

Early gains in Europe were broad-based, with all major indexes rising, led by Britain’s blue-chip shares. They rose on their first day of trading since the Christmas Eve agreement of a trade deal with the European Union.
 

NEW DELHI [Maha Media]: The Ministry of Finance has released the 9th weekly instalment of Rs. 6,000 crore to the states to meet the GST compensation shortfall.

Out of this, an amount of over Rs. 5516 crore has been released to 23 States and an amount of over Rs. 483 crore has been released to the three Union Territories with Legislative Assembly, Delhi, Jammu and Kashmir and Puducherry who are members of the GST Council.

The remaining five states, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.

The Centre had set up a special borrowing window in October this year to meet the estimated shortfall of Rs. 1.10 lakh crore in revenue arising on account of implementation of GST.

The borrowings are being done through this window by the Government of India on behalf of the States and UTs. The borrowings have been done in nine rounds.

The amount borrowed so far was released to the states on 23rd October, 2nd November, 9th November, 23rd November, 1st December, 7th December, 14th December, 21st December and 28th December this year.

The amount released this week was the 9th instalment of such funds provided to the states.

The amount has been borrowed this week at an interest rate of 5.15 per cent.

So far, an amount of Rs. 54 thousand crore has been borrowed by the Central Government through the special borrowing window at an average interest rate of 4.76 per cent.

In addition to providing funds through the special borrowing window to meet the shortfall in revenue on account of GST implementation, the Government of India has also granted additional borrowing permission equivalent to 0.50 per cent of Gross States Domestic Product, GSDP to the states choosing Option-I to meet GST compensation shortfall to help them in mobilising additional financial resources.

All the states have been given their preference for Option-I. Permission for borrowing the entire additional amount of Rs. 1,06,830 crore which is 0.50 per cent of GSDP has been granted to 28 states under this provision.
 

NEW DELHI [Maha Media]: Minister for Railways Piyush Goyal has said that Railways should gear up to ensure all last mile connectivity as it speeds up the problem progress of Dedicated Freight Corridors, DFCs in the country.

Reviewing the progress of upcoming DFCs, Mr Goyal asked the officials to continue to engage and coordinate with all the stake holders in ensuring that remaining sections of land acquisitions are also completed at earliest.

The Minister also suggested the formation of dedicated management teams, led by a senior official for each project of Railways, for day to day effective monitoring and resolution of the project issues.

Prime Minister Narendra Modi will inaugurate the 351 kilometer long ‘New Bhaupur- New Khurja section’ of Eastern Dedicated Freight Corridor, EDFC today. During the event, Mr Modi will also inaugurate EDFC’s Operation Control Centre at Prayagraj.

Dedicated Freight Corridor Corporation of India is constructing the Western DFC, 1504 Route kilometer and Eastern DFC, 1856 route kilometer including  Sonnagar-Dankuni PPP Section.
 

NEW DELHI [Maha Media]: The Centre has lifted the ban on the export of all varieties of Onions with effect from 1st January 2021.

In a notification Directorate General of Foreign Trade, DGFT said, exports of all varieties of onion will be allowed.

In September, the government had prohibited exports due to a spurt in prices.
 

MUMBAI [Maha Media]: Extending gains for the fourth straight session, benchmark gauges Sensex and Nifty raced to new peaks on Monday in line with broad-based rallies in global equities.

The BSE benchmark Sensex settled up by 380.21 points or 0.81 per cent at its all-time closing high of 47,353.75. The index also scaled its fresh record intra-day peak of 47,406.72.

The NSE Nifty ended 123.95 points or 0.90 per cent up at new closing high of 13,873.20. It also touched its all-time intra-day high of 13,885.30.

On the Sensex chart, Titan, SBI, L&T, IndusInd Bank, Ultratech Cement, HDFC Bank and Asian Paints were top gainers.

While, HUL, Sun Pharma, Dr Reddy and Bajaj FinServ closed with losses.

Of the Sensex constituents, 26 stocks settled with gains and 4 with losses.

In the previous trading day on Thursday, the 30-share Sensex had surged 529.36 points or 1.14 per cent to close at 46,973.54. The broader NSE Nifty had zoomed 148.15 points or 1.09 per cent to 13,749.25.

Markets were closed on Friday on account of Christmas.

Elsewhere in Asia, bourses in Mainland China, Japan, South Korea, Hong Kong and other key markets ended with significant gains.

Investor sentiment globally was upbeat after the US cleared a USD 2.3 trillion pandemic aid and the European Union and the UK struck a Brexit trade deal last week.

Meanwhile, the global oil benchmark Brent crude futures rose 1.25 per cent to USD 51.94 per barrel.

Gold prices gained Rs 185 to Rs 49,757 per 10 gram in the national capital on Monday, in line with the rally in price of the precious metal globally, according to HDFC Securities.

In the previous trade, the yellow metal had closed at Rs 49,572 per 10 gram.

Silver prices also jumped Rs 1,322 to Rs 68,156 per kilogram from Rs 66,834 per kilogram in the previous trade.

In the international market, gold was trading with gains at USD 1,885 per ounce, while silver was also quoting in the green at USD 26.32 per ounce.
 

NEW DELHI [Maha Media]: Futures of gold and silver surged on Monday tracking a rise in the international markets after US President Donald Trump signed a much-awaited coronavirus relief and stimulus package into law.

The February contract of gold on the MCX is currently trading at Rs 50,318 per 10 gram, higher by Rs 245 or 0.49 percent from its previous close.

Trump signed the $2.3 trillion package on Sunday, after earlier suggesting that he would block the bill.

The yellow metal has gained more than 20 percent both in the international and domestic markets in 2020, largely on the back of the pandemic-induced uncertainties and its appeal as a hedge against inflation amid the huge stimulus measures globally to counter the impact of Covid-19.

Analysts are of the view that the stimulus packages announced globally, including the latest in the US would lead to inflationary concerns, which may, in turn, make investors flock towards safe-haven assets such as gold.

In line with gold, futures of silver also surged on Monday.

The March contract of silver on the MCX is currently trading at Rs 68,877 per kg, higher by Rs 1,368 or 2.03 percent from its previous close.

According to market experts this bull-run in the precious metals would continue in 2021.
 

NEW DELHI [Maha Media]: Ministry of Road Transport and Highways has extended the validity of vehicular documents such as driving licenses (DLs), registration certificates (RCs) and Permits till 31st of March 2021 in the light of need to prevent the spread of Covid-19.

The Ministry issued a directive to the States and Union Territory administrations in this regard on Sunday.

The Ministry had earlier issued advisories on 30th March, 9th June and 24th August this year regarding extension of validity of documents related to Motor Vehicles Act, 1988 and Central Motor Vehicle Rules, 1989.

It was advised that the validity of Fitness, Permit (all types), License, Registration or any other concerned documents may be treated to be valid till 31st of December this year.

The advisory said, taking into consideration the need to prevent the spread of COVID-19 , it is further advised that the validity of all of the above referred documents may be treated to be valid till 31st March 2021.

This covers all documents whose validity has expired since 1st Feb, 2020 or would expire by 31st March 2021.

All the States and Union Territories have been requested to implement this advisory in letter and spirit so that the citizens, the transporters and various other organizations which are operating under this difficult time during Covid Pandemic may not get harassed or face difficulties.
 

Mumbai (Mahamedia) In the year 2020, due to the economic crisis caused by the corona virus, investors from all over the world were attracted to gold and silver. It has always been considered a safe investment. In such a situation, the demand increased and the price started rising. In August, in the domestic market, on the MCX, gold crossed the level of 56 thousand (Gold highest price) and in the international market, it reached $ 2089 per ounce.
Currently, gold rate on MCX is trading at the level of 50 thousand and in the international market, it is trading at $ 1880 level. The biggest question in the mind of the investors right now is, will the gold-silver shine again in 2021? Commodity market experts say that due to the news of Corona vaccine, the price of gold and silver has come down now, but it will shine again in the new year.
They say that the price of gold in the domestic market in 2021 can reach 63000 per ten grams. To deal with the economic slowdown, central banks around the world reduced the interest rate and announced a large-scale stimulus package. The rate cut started in the second half of 2019, due to which the attraction of investors towards gold increased.
 

NEW DELHI [Maha Media]: In an exclusive interview with news agency, Union Minister for Road Transport, Highways and MSMEs Nitin Gadkari has said that the government is fully committed towards development in the field of infrastructure. He informed that construction of 22 Green Express Highways which is in progress will prove to be a game changer in the field of transportation and traveling.

Gadkari also spoke about Prime Minister Narendra Modi's vision of Atmanirbhar Bharat and making India a number one global economy. He said, the centre is taking every measure to boost the cottage, small, medium and micro enterprises in the country.

Listeners can tune in to FM Gold at 9:15 PM today to listen to the complete Interview with the Union Minister for Road, Transport, Highways and MSMEs Nitin Gadkari in our feature programme SPOTLIGHT.
 

NEW DELHI [Maha Media]: The toll collection through FASTag crossed Rs 80 crore per day for the first time yesterday with record 50 Lakh FASTag transactions per day. Road Transport and Highways Ministry said, more than two crore 20 lakh FASTag have been issued till date.

The FASTag has been made mandatory for vehicles from 1st January 2021. The Ministry said, the National Highways Authority of India, NHAI has made all necessary arrangements to provide seamless movement of vehicles at toll plazas. It said, adoption of FASTag has helped Highway users to save time and fuel at the toll plazas.
 
FASTag is easily available at over 30 thousand points of sale across the country and mandatorily available at NHAI toll plazas. It is also available online through Amazon, Flipkart and Snapdeal. FASTag uses Radio-frequency Identification technology that provides users a smooth and effortless cross-over at toll plazas without waiting. The payment is made digitally through the FASTag linked to the bank wallet.
 

JAIPUR [Maha Media]: Rajasthan has become the 6th State in the country to successfully undertake “Ease of Doing Business” reform stipulated by the Finance Ministry. The State has now become eligible to mobilise additional financial resources of 2 thousand 731 crore rupees through Open Market Borrowings.

In addition to Rajasthan five other States namely, Andhra Pradesh, Karnataka, Madhya Pradesh, Tamil Nadu and Telangana have already achieved this feat.  On completion of reforms facilitating ease of doing business, these six States have been granted additional borrowing permission of 19 thousand 459 crore rupees.

The Centre had decided in May this year to link grant of additional borrowing permissions to States who undertake the reforms to facilitate ease of doing business. The borrowing limit of the States was also enhanced by 2 percent of their Gross State Domestic Product, GSDP by the Government. Half of the special dispensation has been linked to undertaking citizen centric reforms by the States.

The four citizen centric areas for reforms include Implementation of One Nation One Ration Card System, Ease of doing business reform, Urban Local body reforms and Power Sector reforms. So far, 10 States have implemented the One Nation One Ration Card System, 6 States have done ease of doing business reforms, and 2 States have done local body  reforms. Total additional borrowing permission issued so far to the States which have done the reforms stands at 50 thousand 253 crore rupees.
 

NEW DELHI [Maha Media]: After a roller-coaster 2020, businesses of all sizes are trying to sustain and reset for growth and the coming year will be one of innovation, recovery and renewal, according to a new report.

The unforeseen circumstances owing to the pandemic tested the organisations on their readiness to pivot and adapt to the changing situation in 2020.

"While 2021 is unlikely to look like any recent year in history, it may be remembered as one in which life slowly began to return to normal after one of the worst pandemics of the modern age," said Mankiran Chowhan, Managing Director, Indian Subcontinent, SAP Concur, an expense, travel and invoice management solutions provider.

2021 will usher in the era of responsible business travel and sustainability.

"Travel providers, including hotels, airlines, rail providers, ridesharing, and car rental services, may require travellers to disclose their COVID-19 health status until a vaccine widely adopted," Chowhan said in a statement.

In addition to an individuals' actions, companies will play a major role in supporting the employee experience while traveling. Leaders will need to adapt and be flexible as they aim to meet employees' needs. Chowhan said that the companies need to embrace digitalisation and automate manual financial processes enabling employees to cut down on menial tasks and focus on more meaningful and strategic priorities.

The distribution of vaccines cannot come soon enough, as many small to mid-sized businesses are fighting to survive the economic effects of the pandemic.

Many small businesses have permanently shuttered due to the economic fallout of Covid-19.

At the same time, the pandemic has created a new context for commerce?gaps in the marketplace have created opportunities for new business.

"We will see more small businesses embrace digital commerce, changing the point of sale and/or moving from physical to online sales completely or in part.

"This will create new options for people to 'shop locally' to support small businesses and enable small businesses to fill gaps in crucial supply chains," Chowhan said.
 

NEW DELHI [Maha Media]: India, which appears to have been pushed back to being the world's sixth biggest economy in 2020, will again overtake the UK to become the fifth largest in 2025 and race to the third spot by 2030, a think-tank said on Saturday.

India had overtaken the UK in 2019 to become the fifth largest economy in the world but has been relegated to 6th spot in 2020.

"India has been knocked off course somewhat through the impact of the pandemic. As a result, after overtaking the UK in 2019, the UK overtakes India again in this year's forecasts and stays ahead till 2024 before India takes over again," the Centre for Economics and Business Research (CEBR) said in an annual report published on Saturday. 

The UK appears to have overtaken India again during 2020 as a result of the weakness of the rupee, it said.

The CEBR forecasts that the Indian economy will expand by 9 per cent in 2021 and by 7 per cent in 2022.

"Growth will naturally slow as India becomes more economically developed, with the annual GDP growth expected to sink to 5.8 per cent in 2035."

"This growth trajectory will see India become the world's third largest economy by 2030, overtaking the UK in 2025, Germany in 2027 and Japan in 2030," it said.

The UK-based think-tank forecast that China will in 2028 overtake the US to become the world's biggest economy, five years earlier than previously estimated due to the contrasting recoveries of the two countries from the COVID-19 pandemic.

Japan would remain the world's third-biggest economy, in dollar terms, until the early 2030s when it would be overtaken by India, pushing Germany down from fourth to fifth.

The CEBR said India's economy had been losing momentum even ahead of the shock delivered by the COVID-19 crisis.

The rate of GDP growth sank to a more than ten-year low of 4.2 per cent in 2019, down from 6.1 per cent the previous year and around half the 8.3 per cent growth rate recorded in 2016.

"Slowing growth has been a consequence of a confluence of factors including fragility in the banking system, adjustment to reforms and a deceleration of global trade," it said.

The COVID-19 pandemic, the think-tank said, has been a human and an economic catastrophe for India, with more than 140,000 deaths recorded as of the middle of December.

While this is the highest death toll outside of the US in absolute terms, it equates to around 10 deaths per 100,000, which is a significantly lower figure than has been seen in much of Europe and the Americas.

"GDP in Q2 (April-June) 2020 was 23.9 per cent below its 2019 level, indicating that nearly a quarter of the country's economic activity was wiped out by the drying up of global demand and the collapse of domestic demand that accompanied the series of strict national lockdowns," it said.

As restrictions were gradually lifted, many parts of the economy were able to spring back into action, although output remains well below pre-pandemic levels.

An important driver of India's economic recovery thus far has been the agricultural sector, which has been buoyed by a bountiful harvest.

"The pace of the economic recovery will be inextricably linked to the development of the COVID-19 pandemic, both domestically and internationally," it said.

As the manufacturer of the majority of the world's vaccines and with a 42-year-old vaccination programme that targets 55 million people each year, India is better placed than many other developing countries to roll out the vaccines successfully and efficiently next year.

"In the medium to long term, reforms such as the 2016 demonetisation and more recently the controversial efforts to liberalise the agricultural sector can deliver economic benefits," the think-tank said.

However, with the majority of the Indian workforce employed in the agricultural sector, the reform process requires a delicate and gradual approach that balances the need for longer-term efficiency gains with the need to support incomes in the short term.

The government's stimulus spending in response to the COVID-19 crisis has been significantly more restrained than most other large economies, although the debt to GDP ratio did rise to 89 per cent in 2020. 

"The infrastructure bottlenecks that exist in India mean that investment in this area has the potential to unlock significant productivity gains. Therefore, the outlook for the economy going forwards will be closely related to the government's approach to infrastructure spending," it added.
 

NEW DELHI [Maha Media]: Union Consumer Affairs Minister Piyush Goyal has appealed to all the consumers to be vocal for local to prefer indigenous products and services.

Addressing a function on National Consumer Day yesterday, Mr Goyal said, the government is committed to protection of rights of consumers.

He emphasized the need for greater commitment towards quality and standards and Atma Nirbhar Bharat. Stressing the need for vocal for local, the Minister observed that local products should be encouraged which can be done by the consumers only. Mr Goyal said, Start-ups need to be encouraged so that people in India get an opportunity to showcase their talent and boost the economy.
 

NEW DELHI [Maha Media]: Road Transport & Highways Minister Nitin Gadkari has announced that FASTag is being made mandatory for all vehicles in the country from new year. Addressing a virtual function, Mr Gadkari said, FASTag will be enforced from 1st of January, 2021. Enumerating its benefits, he said, it is useful for the commuters as they will not need to stop at toll plazas for cash payments. It will also save time and fuel.

Four banks together issued nearly a lakh FASTags, launched in 2016. Over 34 lakh FASTags were issued in 2018. The Ministry had issued a notification last month making FASTag mandatory by  1st of January 2021 in old vehicles also sold before 1st December, 2017.

The Ministry said, the steps for ensuring the availability of FASTag at multiple channels are being made through physical locations and also through online mechanisms so that the citizens are able to have them affixed to their vehicles within the next two months at their convenience.

NEW DELHI [Maha Media]: As economic activities gather momentum and strive to get back to pre-Covid levels, the Reserve Bank of India has said that the Indian economy is reflating at a pace higher than most predictions.

The monthly bulletin of the central bank for December said the more evidence has emerged since the last bulletin which shows that the Indian economy is coming out of the Covid-induced slowdown.

"Since the assessment presented in the last month's article, more evidence has been turned in to show that the Indian economy is pulling out of COVID-19's deep abyss and is reflating at a pace that beats most predictions," it said.

It noted that economic conditions continued to improve through November 2020 on the back of the uptick in agriculture and manufacturing activity.

In the June-September quarter, India's GDP on a year-on-year basis contracted by (-) 7.5 per cent, narrowing from (-) 23.9 per cent in the preceding quarter.

In its last monetary policy meet, the RBI revised the real GDP growth projection for FY21 upwards to (-) 7.5 per cent on the back signs of faster recovery after the narrowing of the GDP contraction for the July-September, along with hopes of Covid-19 vaccines.

It was an upward revision from the earlier estimate of (-) 9.5 per cent.

Post the last MPC meet, RBI Governor Shaktikanta Das had said that the growth will enter positive zone in the third quarter of current fiscal with projection that GDP may grow at 0.1 per cent and the growth will further improve in Q4 to 0.7 pet cent.

In its December bulletin, RBI also said that financial conditions embodied in interest rates are perhaps at their easiest in decades. Although headwinds blow, steadfast efforts by all stakeholders could put India on a faster growth trajectory, it added.

The bulletin said that states across all the regions saw a sharp fall in economic activity in April following the announcement of nationwide lockdown. Subsequently, Coincident Index of all regions exhibited recovery, albeit, with intermittent downward movements.

A Coincident Index (CI) with daily high frequency variables helps aims to capture the dynamics of economic activity at state level in the country. CI is constructed with four indicators representing a mix of demand and supply dynamics and based on availability of data at daily frequency at the state level --total vehicle registrations, electricity consumption, air quality index, Google and Apple mobility data.

As per CIs, Northern region saw the sharpest recovery in June followed by positive momentum in July, while the Western states of Gujarat and Maharashtra saw the slowest recovery, which was prolonged till end-July and first week of August.

Notably, CIs for states across regions registered sharp upturn in October, is said. Even though some moderation was recorded in first half of November, momentum remained positive and revived in the second half in most states.

The bulletin noted that CI has a positive and statistically significant relationship with growth in industrial output.
 

NEW DELHI [Maha Media]: The Union Cabinet has approved changes in the information & broadcasting (I&B) guidelines to bring them in sync with the existing Foreign Direct Investment (FDI) policy that allows 100 per cent FDI in the direct-to-home (DTH) broadcasting services sector.

Moreover, DTH licences will now be issued for 20 years with renewal every 10 years and licence fee will be similar to that in the telecom sector, said Union I&B Minister Prakash Javadekar. Addressing the media after the  the Cabinet meeting on Wednesday, Javadekar said licence fee has been revised from 10 per cent of GR (gross revenue) to 8 per cent of AGR (adjusted gross revenue), the release said. AGR will be calculated by deduction of GST from GR. License fee will be collected on a quarterly basis against the current annual basis.

The Commerce & Industry Ministry had provided for 100 per cent FDI in DTH, Javadekar said. “But, till now, because of I&B guidelines, FDI was restricted to 49 per cent in the sector. After today’s decision, 100 per cent FDI can flow into the sector,” Javadekar said.

The cap of 49 per cent FDl in the existing DTH guidelines will be aligned with the extant Government (DPIIT's) policy on FDl as amended from time to time, according to an official release.

The decision (to change the I&B guidelines) was taken after discussions with TRAI (Telecom Regulatory Authority of India) on removing existing anomalies and will bring about a level playing field, the Minister added.

“The proposed reduction is intended to align the licence fee regime applicable to the telecom sector and will be prospectively applied. The difference may also enable DTH service providers to invest for more coverage leading to increased operations and higher growth and thereby enhanced and regular payment of license fee by them,” the release said.
 

BHOPAL [Maha Media]: Chief Minister Shivraj Singh Chouhan has said that the state government is committed to the welfare of people including the tribal class who are lagging far behind in development. These classes are the first to have the right over the government treasury also. Chief Minister Chouhan said that efforts will be made for their integrated development by upholding their traditions, life values ??and culture of the tribals. Chief Minister and Chairperson of the Council Shri Chouhan said this in a meeting of the Tribal Advisory Council held at Mantralaya through video conference today.

It was informed on the occasion that a new museum focusing on tribal life will be started in Shahdol division by the department. For this, a suitable site in Umaria or nearby will be selected. At present, this type of museum of the department is operating in Chhindwara.

Departmental Minister and Council Vice Chairman Meena Singh was also present in the meeting. Members of the Council including Forest Minister Vijay Shah, MLA Amar Singh, Kunwar Singh Tekam, Sharad Kaul, Jaisingh Maravi, Nandini Maravi, Pahar Singh Kannauje, Shri Dilip Makwana, Dr. Rupnarayan, Ram Dangere, Kalusingh Mujalda etc. also took part through the video conference.

Chief Minister Chouhan said that if there is a need to change the nature of the tribal welfare schemes, then such changes will be made after a study. He said that the implementation of the Pesa Act in Himachal Pradesh and other states will be studied and necessary decisions will be taken. The Chief Minister said that hostels will also be started for tribal students as per requirement.

The Chief Minister Chouhan said that an initiative was taken to amend the Madhya Pradesh Scheduled Tribe Money Lenders Regulations-1972 to protect the tribal class from loans with huge interest from moneylenders. The provision of loan from such moneylenders by making license mandatory for moneylenders and the process of waiving loans given against the rules was started through the Madhya Pradesh Scheduled Tribe Loan Waiver Bill-2020. Chief Minister Shri Chouhan sought information about the implementation of statutory provisions regarding compulsion of license of the moneylender. A total benefit of Rs 218 crores has been provided to the beneficiaries of the ST category under the Dietary Grant Scheme. He said that such efforts will continue in the interest of the tribal class.
 

MUMBAI [Maha Media]: Equity benchmark Sensex jumped 529 points on Thursday following gains in index majors Reliance Industries, HDFC twins and ICICI Bank amid positive global cues.

The 30-share BSE index ended 529.36 points or 1.14 per cent higher at 46,973.54. The broader NSE Nifty surged 148.15 points or 1.09 per cent to 13,749.25.

Axis Bank was the top gainer in the Sensex pack, rising around 3 per cent, followed by Sun Pharma, Reliance Industries, ONGC, HDFC, ICICI Bank, Kotak Bank and Bharti Airtel.

On the other hand, Infosys, IndusInd Bank, HCL Tech, Nestle India and Tech Mahindra were among the laggards.

Domestic equities remained upbeat and witnessed sharp rebound supported by financials, said Binod Modi, Head- Strategy at Reliance Securities.

Emerging possibility of Brexit trade deal led Asian markets higher including India, he said, adding that barring IT, all sectors contributed to the market rally.

"As the outline of Brexit trade deal was reached, higher chances of Brexit trade deal led markets to trade higher. Also, fear of new coronavirus strain seems to be easing out now with select European countries opening borders for Britain," he said.

He further noted that FPI inflow continues to remain as a key driving force the domestic equities, which is expected to sustain in the near term in the backdrop of weak dollar, soft monetary policies of global central bankers and fiscal stimulus in the US.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 536.13 crore on Wednesday, according to provisional exchange data.

Elsewhere in Asia, bourses in Seoul, Hong Kong and Tokyo ended on a positive note, while Shanghai was in the red.

Stock exchanges in Europe were trading with gains in early deals.

Meanwhile, the global oil benchmark Brent crude futures slipped 0.48 per cent to USD 51.04 per barrel.

Gold on Thursday gained Rs 385 to Rs 49,624 per 10 gram in the national capital, reflecting gains in global precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 49,239 per 10 gram.

Silver also witnessed buying as it gained Rs 1,102 to Rs 66,954 per kg, from Rs 65,852 per kg in the previous trade.

In the international market, gold was trading with gains at USD 1,878 per ounce and silver was flat at USD 25.80 per ounce.
 

NEW DELHI [Maha Media]: Aurobindo Pharma Limited and Covaxx, a US-based company, have entered into an Exclusive License Agreement to develop, commercialize and manufacture UB-612, the first Multitope Peptide-based vaccine to fight Covid-19, for India and the UN Children's Fund (Unicef) agency.

COVAXX is currently conducting a Phase 1 clinical trial for the vaccine candidate.

Commenting on the development, N. Govindarajan, Managing Director, Aurobindo Pharma Limited, said "We are proud to partner with COVAXX in developing the first-ever synthetic peptide-based vaccine to combat the Covid-19 pandemic. This vaccine has immense potential in eliminating shedding, and hence containing, the spread of the pandemic."

Under the signed agreement, Aurobindo Pharma has obtained the exclusive rights to develop, manufacture and sell Covaxx's UB-612 vaccine in India and to Unicef, as well as non-exclusive rights in other select emerging and developing markets.

Aurobindo will manufacture the finished doses of UB-612 at its facilities in Hyderabad.

Aurobindo has the capacity of manufacturing 220 million (22 crore) doses in multi-dose presentation and is building additional facilities to have a total capacity of nearly 480 million (48 crore) doses by June 2021.

"Covaxx is committed to providing an equitable distribution of UB-612 by prioritizing emerging markets where the unmet need is greatest," said Mei Mei Hu, co-founder and CEO of COVAXX.

"During this global health crisis response, we must establish partners with the strongest capabilities, like Aurobindo, to prioritize the development and the delivery of our vaccine. As one of the leading industry players with a strong track record of execution and investment in vaccines, Aurobindo Pharma is the ideal partner to advance UB-612 in India and other emerging nations and to support our mission of democratizing health worldwide."
 

NEW DELHI [Maha Media]: Union Minister for Road Transport, Highways and MSMEs Nitin Gadkari today inaugurated and laid the foundation for 18 highway projects in Rajasthan through video conference.

The virtual function was attended by Chief Minister of Rajasthan, Ashok Gehlot,  Union minister for Jal Shakti, Gajendra Singh Shekhawat and other Union Ministers from the state.

AIR correspondent reports that the length of these road projects is about 1127 km, involving expenditure of Rs 8,341 crore.

11 projects costing Rs 6,427 crore were inaugurated today, with a total length of 821 km.

These projects also include construction of Jaipur Ring Road, which will reduce the traffic pressure in Jaipur city.

Similarly, the foundation of 7 projects of 305 km length of 1 thousand 913 crores have been laid today.

These projects will boost tourism in the state, reduce accidents and provide better connectivity to armed forces and villages.

Addressing the program, Gadkari said that 52 projects worth 30 thousand crores have been completed by the Ministry of Roads and Highways in the last six years.

He informed that in the coming two years, works of 2,700 km will be completed in the state.
 

NEW DELHI [Maha Media]: Union Defence Minister Rajnath Singh reviewed the planning of Aero India 2021 on Wednesday and appealed to the aerospace and defence industry to participate in the mega event.

The Department of Defence apprised the minister that the event conforms to current international guidelines for exhibitions and that the event is planned to be a business focused exhibition.

The public, which is usually enthralled with the visuals of the air display, will witness this edition in virtual mode to make way for the safe in-person interactions between global aerospace and defence businesses so as to forge partnerships in the new year.

"The event has witnessed tremendous interest with the space being sold out and 500+ registered exhibitors. In view of the challenges due to Covid-19, the Defence Minister directed that the event be held for business days only from February 3 to February 5, 2021 with the essence being to achieve traction for the aerospace and defence industry which has faced numerous challenges in the year 2020 due to lockdown and embargo/restrictions on travel," the defence ministry said in a statement.

Senior representatives of foreign missions at New Delhi were briefed in early October about Aero India 2021 well in advance with a view to encourage the presence of their leaders and seniormost decision makers and thereafter formal invites have been extended.

Aero India 2021 promises to showcase India's aerospace and defence manufacturing capabilities as also seek investments in India owing to a series of policy initiatives in defence such as increase in FDI to 74 per cent through automatic route, the Defence Acquisition Procedure 2020, revised offset guidelines to promote Investment in India for co-development and co-production as also formulated the draft Defence Production and Export Promotion Policy 2020 (DPEPP 2020) during the pandemic period of 2020.

Rajnath reaffirmed India's resolve to be among the top five countries of the world in aerospace and defence manufacturing and Aero India 2021 is symbolic of India's will to be a leader among leaders.

He stated: "Aatmanirbhar Bharat was the centrepiece of Prime Minister Narendra Modi's vision and that India's Aerospace and Defence sector has matured and is continuously exploring mutually beneficial partnerships with friendly countries to set up industries in India for Indian-manufactured defence equipment for India and for the world."

He urged that the Indian missions be impressed upon to coordinate the efforts for the event and impress upon the leadership and industry captains of the foreign countries to participate in Aero India 2021 at a senior level so as to dive deep into the strategic and business opportunities available in India.

The Defence Minister expressed confidence that Aero India 2021 will demonstrate India's ability to take the lead and further build on our strengths in the post-Covid world.
 

NEW DELHI [Maha Media]: Cairn Energy has won an international arbitration case against the Indian government over a tax dispute, ending one of the country's highest-profile disputes, two sources with direct knowledge of the matter told news agency Reuters. Cairn took the case to arbitration in 2015 to fight against a demand in 2014 from the Indian tax department for ? 10,200 crore ($1.4 billion) in taxes it said were owed on capital gains related to the 2007 listing of its Indian unit.

In 2011, Cairn Energy sold its majority stake in Cairn India to Vedanta, reducing its stake in the Indian company to about 10 per cent.

The government seized the remaining shares in 2014 after the tax complaint was made, as well as dividends Vedanta owed to Cairn Energy for its holdings in the Indian firm.

In 2018, Cairn Energy said it would write down the value of its investment in Vedanta after tax authorities sold $216 million worth of its shares in the Indian mining company.

The government did not immediately respond to a request for comment. Cairn Energy could not be reached.
 

MUMBAI [Maha Media]: Equity benchmark Sensex rallied 437 points on Wednesday, tracking gains in Infosys, HUL and TCS amid a positive trend in global markets.

The 30-share BSE index ended 437.49 points or 0.95 per cent higher at 46,444.18. The broader NSE Nifty surged 134.80 points or 1 per cent to close at 13,601.10.

HUL was the top gainer in the Sensex pack, spurting around 3 per cent, followed by Infosys, M&M, ITC, SBI, IndusInd Bank, Bajaj Finance, Asian Paints, TCS and Bharti Airtel.

On the other hand, Titan, PowerGrid and NTPC were among the laggards.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities recovered sharply from early losses mainly on positive global cues and sharp rebound in IT, PSU banks and pharma.

"Stimulus bill in the US continued to offer support to emerging markets including India. However, emerging risk pertaining to new coronavirus strain made investors focus back on defensive sectors including IT, Pharma and FMCG," he noted.

While new imposed economic restrictions in various countries and threat of new coronavirus strain to other nations weigh on investors' sentiments, he said India still appears to be better placed given consistent reduction in new coronavirus cases and improvement in recovery rates.

Elsewhere in Asia, bourses in Shanghai, Seoul, Hong Kong and Tokyo ended on a positive note.

Stock exchanges in Europe were also trading with gains in early deals.

Meanwhile, the global oil benchmark Brent crude futures rose 0.12 per cent to USD 50.14 per barrel.

The rupee snapped its two-day losing streak to settle higher by 8 paise at 73.76 (provisional) against the US dollar on Wednesday, tracking strong domestic equities and sustained foreign fund inflows.

At the interbank forex market, the local unit opened at 73.89 against the greenback and witnessed an intra-day high of 73.73 and a low of 73.90.

It finally ended at 73.76 against the American currency, registering a rise of 8 paise over its previous close. On Tuesday, rupee had settled at 73.84 against the American currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.29 per cent to 90.39.

Gold prices on Wednesday declined Rs 252 to Rs 49,506 per 10 gram in the national capital, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 49,758 per 10 gram.

Silver also dipped Rs 933 to Rs 66,493 per kg, from Rs 67,426 per kg in the previous trade.

In the international market, gold was quoting with gains at USD 1,868 per ounce and silver was flat at USD 25.53 per ounce.

NEW DELHI [Maha Media]: There is an urgent need for India to lower its logistics cost to 7-8 per cent of the GDP, according to a report by Confederation of India Industry (CII) and Arthur D. Little.

It recommended a 20-25 per cent reduction in indirect costs.

The report noted that the current logistics cost of India is 14 per cent of GDP, while in the US and Europe, it ranges between 8-10 per cent. India's supply chain and logistics sector is one of the largest globally, with a logistics industry of $215 billion, growing at a CAGR of 10.5 per cent.

It suggested that the logistics modal mix should be enhance with roads constituting 25-30 per cent, railways comprising 50-55 per cent, and waterways accounting for 20-25 per cent. It also said that the cold chain storage infrastructure should be expanded.

However, despite its size and criticality to economic growth, India's supply chain faces several barriers to growth, notably an unbalanced logistics modal mix, high indirect costs, fragmented infrastructure and networks, and limited technology adoption, it noted.

"To bridge the current competitiveness gap of $180 billion, India needs to halve logistics cost from 14 percent of GDP to 7 per cent," said Barnik Chitran Maitra, lead author of the report and Managing Partner of Arthur D. Little India and South Asia.
 

MUMBAI [Maha Media]: Equity benchmark Sensex rebounded 453 points on Tuesday, tracking strong recovery in IT and banking stocks amid encouraging cues from European markets.

After gyrating 968 points in a volatile session, the 30-share BSE index ended 452.73 points or 0.99 per cent higher at 46,006.69.

On similar lines, the broader NSE Nifty climbed 137.90 points or 1.03 per cent to 13,466.30.

HCL Tech was the top gainer in the Sensex pack, rallying around 5 per cent, followed by Tech Mahindra, Infosys, PowerGrid, Sun Pharma, L&T and Nestle India.

On the other hand, Kotak Bank, HDFC, Bajaj Finance and IndusInd Bank were among the laggards.

Domestic equities recovered sharply from the day's low in a volatile trading day mainly aided by strong buying in IT stocks, said Binod Modi, Head-Strategy at Reliance Securities.

Investors once again started focusing on safe counters which are considered to be resilient from pandemic and IT, pharma, telecom, FMCG and chemicals were in focus, he noted.

"While concerns of new strain of coronavirus do not augur well for the markets globally, India still looks to be better placed compared to others. However, markets are likely to remain volatile in coming days until clarity emerges about new virus strains and efficacy of ongoing vaccinations," he asserted.

European markets witnessed sharp recovery after German pharmaceutical company BioNTech said it was confident that its coronavirus vaccine would work against the new UK variant.

The variant, detected mainly in London and the southeast of England in recent weeks, has sparked concern worldwide because of signs that it may spread more easily.

While there is no indication it causes more serious illness, numerous countries in Europe and beyond have restricted travel from the UK as a result.

Elsewhere in Asia, bourses in Shanghai, Seoul, Hong Kong and Tokyo ended in the red.

Meanwhile, the global oil benchmark Brent crude futures slipped 1.67 per cent to USD 50.06 per barrel.
 

KOLKATA [Maha Media]: Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), today announced the launch of its new plan ABSLI Assured Income Plus. 

ABSLI Assured Income Plus offers guaranteed monthly income to fulfil monetary requirements of an individual and their family’s recurring needs for up to 30 years while building a financial safety net. This non-linked, non-participating individual savings plan offers several options providing enough flexibility to customize the product as per one’s requirements.

It comes with two-income benefit options and allows the flexibility of three premium paying term options of 6, 8, and 12 years. While, the Income Only Benefit option (first in the industry) enables customers to fulfil their income needs, the Income Benefit with Return of Premium option helps in creating a legacy for the loved ones, in addition to recurring income. One may opt to receive the benefits annually, semi-annually, quarterly, or monthly for a period of 20, 25 or 30 long years, according to an individual's financial milestones. 

It also offers flexibility to commute all future incomes and Return of Premium, if any, as lump sum, to address an untimely monetary need. Additionally, the plan gives enhanced risk coverage with a comprehensive rider suite at a nominal cost. 

Commenting on the launch, MD & CEO of Aditya Birla Sun Life Insurance, Kamlesh Rao, said, “ABSLI Assured Income Plus is a robust insurance policy aiming to offer guaranteed regular income that can cater to the customer's short and long-term financial requirements. It is designed specifically for customers who are looking for an additional/alternate source of guaranteed long-term income. Besides these, the policy also offers a comprehensive life cover across the policy term. The goal of this product is to assist people to upgrade their lifestyle and fulfil their financial aspirations without compromise through a guaranteed inflow of recurring income stream”.

ABSLI Assured Income Plus also offers Sum Assured in a lump-sum to the nominee, in case of unfortunate death of the Life Insured anytime during the Policy Term. Moreover, The Nominee will have the flexibility to receive the amount of Death Benefit in Annual/ Monthly instalments instead of a lump-sum, over a period of 10 years. 
 

NEW DELHI [Maha Media]: The government on Tuesday invited bids to sell its entire 63.75 per cent stake in Shipping Corporation of India (SCI) to a private investor.
 
The deadline for submitting initial bids is February 13, according to an official statement issued by the Department of Investment and Public Asset Management which operates under the Ministry of Finance.

The stake sale involves transfer of management control to investors, it said adding that RBSA Capital Advisors LLP is transaction advisor to manage the strategic disinvestment process.

In November last year, Cabinet Committee on Economic Affairs gave in-principle nod for stake sale in SCI. However, the divestment plan was delayed due to coronavirus pandemic.

Reports say SCI's total market value is about Rs 4,000 crore at current stock prices. At 12:30 pm, the company stock was trading 3 per cent higher at Rs 85.10 per unit.
 

NEW DELHI [Maha Media]: The provisional payroll data of EPFO was released yesterday. It reveals that EPFO has added 11.55 lakh net subscribers in the month of October this year. Despite the COVID-19 pandemic, EPFO has added around 39.33 lakh subscribers during the current financial year from April to October, 2020. The data published comprises of members who have joined during the month and whose contribution has been received by EPFO for the wage month.
 
Year-on-year comparison shows that October, 2020 has registered a healthy 56 per cent growth in terms of net payroll addition as compared to net subscriber growth of 7.39 lakh registered during October last year, indicating robust recovery to pre Covid-19 levels.
 
In October 2020, around 7.15 lakh new members have joined EPFO and approximately 2.40 lakh members exited. Roughly 6.80 lakh members exited and then rejoined EPFO, indicating switching of jobs by subscribers within the establishments covered by EPFO and subscribers choosing to retain membership by transferring funds rather than opting for final settlement. Exited members rejoining also indicate that workers are returning to their jobs with decline in active COVID-19 cases in India.
 
As has been historically the case, the maximum number of net subscriber additions for October this year has been from the 18-25 age-bracket, possibly due to the nature of the demographic profile in India. The 18-25 age-group members can be considered as fresh hands in the labour market and have contributed around 50 per cent of the net subscriber additions for October 2020.
 
State-wise comparison of payroll figures shows that Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana continue to remain at the forefront of the employment recovery cycle adding approximately 53 per cent of total net payroll addition in the first seven months period of current Financial Year from April to October, 2020, across all the age groups.
 
Category-wise analysis of industry indicates that expert services category has continued its recovery, adding 60 per cent of the net payroll during the current financial year. However, performance in other industry classification such as building and construction, trading-commercial establishments, engineers and engineering contractors and electrical, mechanical and general engineering products indicate that recovery has started picking up in other sectors as well.
 
Gender-wise analysis shows that around 2.08 lakh net female subscribers were added during October 2020. Women contributed around 21 per cent of the new subscribers for October 2020.
 
EPFO is a social security organisation providing various services to the members covered under the purview of EPF and MP Act, 1952 including therein provident fund, pension on retirement and family pension or insurance in case of untimely death of the member. The payroll data is provisional since updating of employee records is a continuous process and accordingly gets d on a month on month basis.
 

MUMBAI [Maha Media]: Shares suffered their worst day in seven months on Monday in a broad sell-off after fresh lockdowns in the United Kingdom to curb the spread of a new strain of coronavirus hit investor sentiment.

The NSE Nifty 50 index ended 3.14% lower at 13,328.40, wiping out six straight sessions of gains up to Friday.

The benchmark S&P BSE Sensex fell 3% to 45,553.96.

European shares opened lower at 0800 GMT as investors worried about the economic impact of a new coronavirus strain which has seen several European countries shut their borders to the UK.

“Collective wisdom of the market does fear that the UK situation could snowball into something bigger,” said Umesh Mehta, head of research at Samco Securities in Mumbai.

“Everyone was greedy, everyone wanted to ride the momentum, but it is going to trip at some point and we will see a correction.”

However, both indexes are still up over 2% this month, boosted by record inflows from foreign institutional investors (FIIs), progress on Covid-19 vaccines globally and signs of a domestic economic recovery.

All the main nifty sub-indexes ended down between 6.9% and 1.7%.

The Nifty Midcap 100 Index and the Nifty Smallcap 100 Index closed lower 4.81% and 5.03%, respectively.

All 50 stocks on the main index closed in the red. Oil and Natural Gas Corp Ltd fell 9.2% and Tata Motors Ltd shed 8.86%.

The Nifty Public Sector Enterprise, which tracks state-run firms, settled 6.6% lower and the Nifty PSU Bank index fell 7%.

India announced suspension of all flights from UK to the country until the end of the year. Airlines Interglobe Aviation and SpiceJet Ltd slid 8.7% and 10% respectively.

The Nifty IT index fell the least among the sub-sectors, finishing the session 1.7% lower.

Gold prices in the national capital jumped Rs 496 to Rs 50,297 per 10 gram on Monday in line with rally in international precious metal prices and rupee depreciation, according to HDFC Securities.

The precious metal had closed at Rs 49,801 per 10 gram in the previous trade.

Silver also gained Rs 2,249 to Rs 69,477 per kg, from Rs 67,228 per kg in the previous trade.

The rupee declined 17 paise to 73.73 against a US dollar in the opening trade on Monday.
 

NEW DELHI [Maha Media]: Finance Minister Nirmala Sitharaman is holding Pre-Budget consultations with leading experts in infrastructure, energy and climate change in New Delhi.
 
The meeting held in connection with the forthcoming Union Budget 2021-22 is being attended by Minister of State for Finance, Anurag Thakur, Finance Secretary Dr A.B. Pandey, Secretary Department of Economic Affairs, Tarun Bajaj and  Chief Economic Adviser K V Subramanian  besides other senior officials. This is the 11th Pre-Budget consultation meeting. 
 
Earlier, the Minister had meetings with captains of financial and capital markets, top industrialists, industry and commerce associations, trade bodies and experts and others to seek ideas for the Union Budget.
 

NEW DELHI [Maha Media]: Bitcoin is trading at above $24,000, its highest ever value tag resulting from a 1.31-percent increase during Sunday, trading data shows. 

According to CoinMarketCap, a website averaging data from across over 20 stock markets, Bitcoin was trading at $24,204 as of 20:45 GMT, with a 1.9-per cent value increase. On Binance, the world's most popular cryptocurrency gained 1.59 percentage points of value, trading at $24,248.

Bitcoin accounts for approximately 65.6 percent of world cryptocurrency market.
 

NEW DELHI [Maha Media]: Amid the ongoing farmers' protests, Union Minister Prakash Javadekar on Monday said that the welfare of farmers and the agriculture industry is at the core of all Centre's initiatives and that the Narendra Modi government is doing its best to bring about emerging technologies in the field of agriculture.

Talking about the government's initiatives in the National e-Governance Project for Agriculture (NeGPA), Javadekar said the welfare of farmers and the agriculture industry is at the core of all Centre's initiatives.

"Modi Government is doing its best to bring about emerging technologies in agriculture by upgrading the National e-Governance Project for Agriculture (NeGPA).The welfare of farmers and the agriculture industry is at the core of all these initiatives by the govt," Prakash Javadekar tweeted.

As farmer unions continue with their protest to demand repeal of the three agriculture laws, the Central government on Sunday had invited farmer leaders for a fresh round of talks amid attempts to end the agitation.

The government has held several rounds of talks with the farmers so far. On December 8, Union Home Minister Amit Shah had held a meeting with the 13 representatives of farm unions. However, a day later, farmer leaders rejected a proposal sent by the Centre.

Hundreds of farmers are protesting at the borders of Delhi since November 26 against the Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020; the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020; and the Essential Commodities (Amendment) Act, 2020.
 

NEW DELHI [Maha Media]: The automobile companies are planning to raise prices of vehicle from January 2021 which could upset the rising demand after the coronavirus lockdown.

Maruti Suzuki India Ltd, Hero MotoCorp Ltd, Honda Motor Co. and Mahindra and Mahindra Ltd (M&M) have announced that they would increase vehicle prices from January citing the need to offset rising commodity prices and other input costs, a report by The Hindustan Times, said.

While Bajaj Auto Ltd and Royal Enfield recently raised prices.

“While low discounts post-Diwali this year suggest a mix of lower inventory and sustained demand momentum in the market, price hikes can certainly deter customers from walking into the showrooms. That said, the market has been down for over two years, and this fiscal has been the toughest for the industry ever,” one of the executives cited above said, requesting anonymity.

Commercial vehicles, passenger cars and two-wheelers have seen a sharp rise in price upto as much as 15% as the industry transitioned to Bharat Stage VI (BS VI) emission norms, which came into effect from April 1, 2020. 

Automakers began rolling out BS VI-compliant vehicles last fiscal, and Maruti Suzuki was among the first to introduce BS VI-compliant versions of its high-selling models last year.

Meanwhile, metal prices rose upto 31% since July 1, copper, lead, aluminium, zinc and crude prices have risen 32%, 16%, 28%, 40% and 24%, respectively, during the same period, as per a report by Bloomberg.
 

New Delhi (Mahamedia) The aviation regulator DGCA has said that Corona Infected flight crew members, who are not seeing any signs of infection, will have to remain in isolation for 10 days. When he is declared fit once again by the medical supervisor, then he will be able to fly again.

The Director General of Municipal Aviation of DGCA issued a circular saying that if crew members have mild symptoms of corona, then they can remain in home isolation. When they do not have fever-like symptoms for three days, after that they will be allowed to go out. DGCA has said that after the home quarantine there will be no need for a test again.

The DGCA has said that for crew members who have seen mild symptoms of corona, the duration of home isolation will be more than 14 days. They will be examined by the class-1 examiner classified by DGCA. If the crew is declared fit to fly, only then can they return to work.

The circular dated December 18, 2020 states that Karona-infected flight crew members who have mild symptoms will require medical examination for complete recovery. After getting fit, he will be given a certificate from Air Force Boarding Centers.
 

MUMBAI [Maha Media]: Continuing it's upward streak for the seventh straight week, the Sensex zoomed up by 861.68 points or 1.87 per cent to settle at 46,960.69 on positive global cues. Robust inflows from foreign institutional investors and improving domestic economic scenario too boosted the investor's risk appetite.

The undertone of the market was upbeat following the progress made in coronavirus vaccine along with consistent improvement in recovery rate of COVID-19 cases. The Nifty 50 index gained 246.70 points or 1.83 per cent to settle at 13,760.55. The BSE Mid-Cap index added 279.86 or 1.60 per cent to settle at 17,801.18. The BSE Small-Cap index rose 216.52 points or 1.23 per cent to settle at 17,769.10. On Monday the barometer index, the S&P BSE Sensex, rose 154.45 points or 0.34 per cent at 46,253.46. The Nifty 50 index gained 44.30 points or 0.33 per cent at 13,558.15. On Tuesday it added 9.71 points to settle at 46,263.17. Nifty added 9.70 points to settle at 13,567.85. 

On Wednesday the Sensex, jumped 403.29 points to settle at 46,666.46. Nifty advanced 114.85 points to settle at 13,682.70. On Thursday, the Sensex, added 223.88 points to settle at 46,890.34. Nifty advanced 58 points to settle at 13,740.70. 

On Friday the Sensex rose 70.35 points to settle at 46,960.69. Nifty added 19.85 points to settle at 13,760.55. Indices managed to extend their winning streak to the sixth consecutive session. 
 

NEW DELHI [Maha Media]: Union Finance Minister Nirmala Sitharaman on Saturday held her ninth pre-Budget consultation with the captains of industry, services and trade in connection with the upcoming Union Budget 2021-22.
 
Apart from Sitharaman, Finance Secretary Dr AB Pandey, Expenditure Secretary TV Somanathan, DEA Secretary Tarun Bajaj and Chief Economic Advisor KV Subramanian were also present in the meeting held here.

"Union Finance Minister Smt @nsitharaman holding her 9th Pre-Budget consultations with captains of industry, services and trade in connection with the forthcoming Union Budget 2021-22, in New Delhi today," the Ministry of Finance tweeted.

"Along with Finance Minister Smt. @nsitharaman, Finance Secretary Dr AB Pandey; Secretary, Expenditure, Shri TV Somanathan; Secretary, DEA, Shri Tarun Bajaj; CEA Shri @SubramanianKri besides other senior officials are also present in the meeting," it added.

Earlier, Sitharaman had held pre-Budget consultations with stakeholders of the social sector and top industrialists.
 

NEW DELHI [Maha Media]: Communications and IT Minister Ravi Shankar Prasad on Friday said scaling up of electronic manufacturing in the country can alone contribute $1 trillion to the economy.

The government has seen interest from global majors like Apple, Samsung and their contract manufacturers to scale up production in India.

"I don't have slightest doubt that by proper scaling of electronic manufacturing alone, we will be able to contribute $1 trillion to the country's kitty and that is what I am aiming for and that's what we are sure to succeed," Prasad said at an Assocham event.
 

NEW DELHI [Maha Media]: Skill India has established first Centre of Excellence for Skill Development in Power Sector in the campus of National Institute of Solar Energy, Gurugram Haryana. Inaugurating the Centre, Minister of State for Skill Development Raj Kumar Singh said that India is taking rapid strides to move towards renewable energy to accelerate economic development, improve energy security and energy access while mitigating climate change challenges too. He said, sustained efforts towards boosting the growth of renewable energy sector will play a significant role to fulfill Prime Minister’s vision of ‘Aatmanirbhar Bharat’.

The Minister said, India's partnership with Government of France for instituting the Centre of Excellence is another shining example of cooperation between the countries to achieve their long-terms energy goals. Mr Singh said, the Centre of Excellence will focus on creating a pool of highly skilled trainers and assessors for further training to increase employability of candidates in the field of Electricity, Automation and Solar Energy Sectors.
 

MUMBAI [Maha Media]: The BSE Sensex on Friday ended at a New peak at 46,960.69 up by 70.35 pts following gains in IT, Technology and Health Care stocks. 

The Nifty of national stock exchange too rose by 19.85 pts at 13,760.55. The sensex registered days high and low at 47,026.02 and 46,630.31 pts respectively. The Nifty recorded days high and low at 13,772.85 and 13,658.60 pts respectively.
 

NEW DELHI [Maha Media]: Microsoft Corp said on Friday that it found malicious software in its systems related to an enormous hacking campaign disclosed by officials in the United States this week, thus adding a top technology target to a growing list of attacked government agencies.

Microsoft also had its own products leveraged to attack victims, forcing the US National Security Agency to issue a rare “cybersecurity advisory” on Thursday detailing how certain Microsoft Azure cloud services may have been compromised by hackers and directing users to lock down their systems, Al Jazeera reported. 

One of the people familiar with the hacking spree said the hackers made use of Microsoft cloud offerings while avoiding Microsoft’s corporate infrastructure. Microsoft did not immediately respond to questions about the technique. Still, another person familiar with the matter said the Department of Homeland Security (DHS) does not believe Microsoft was a key avenue of fresh infection. 
 

NEW DELHI [Maha Media]: The Coca-Cola Company has said that it was laying off 2,200 workers, or 17 per cent of its global workforce, as part of a larger restructuring aimed at paring down its business units and brands.

The Atlanta-based company said on Thursday (December 17) that around half of the layoffs will occur in the US, where Coke employs around 10,400 people. Coke employed 86,200 people worldwide at the end of 2019.

The coronavirus pandemic has hammered Coke's business, as sales at places like stadiums and movie theatres dried up due to lockdowns. Its revenue fell 9 per cent to USD 8.7 billion in the July-September period.

The downturn forced the company to accelerate a restructuring that was already underway.

"We've been challenging legacy ways of doing business and the pandemic helped us realize we could be bolder in our efforts," Coke Chairman and CEO James Quincey said during an earnings call in October.

Coke is reducing its brands by half to 200. It shed multiple slow-selling brands this year, including Tab, Zico coconut water, Diet Coke Fiesty Cherry and Odwalla juices.
 

NEW DELHI [Maha Media]: Nitin Gadkari on Thursday took his microblogging profile to announce that Government will soon launch ‘Vedic Paint’ which will be made from Cow’s dung. Notably, Nitin Gadkari is also the Minister of Micro, Small and Medium Enterprises along with Road Transport and Highways. 

Nitin Gadkari in his tweet explained how this decision from the government will boost the rural economy and will give farmers the opportunity to gain extra money. This decision has come through the Khadi and Village Industries Commission which is headed by Vinai Kumar Saxena since 2015.

This Vedic Paint will come in both distemper and emulsion. As per Gadkari, this washable paint will also have properties of being Eco friendly, Anti- Bacterial, and Anti-Fungal. This paint will also dry in just 4 hours. 
 
The Farmers who are in husbandry will gain INR 55,000 more in a year with this decision of government according to Nitin Gadkari. 
 

MUMBAI [Maha Media]: Bulls remained in the driver's seat at the bourses on Thursday as investors lapped up blue-chip stocks. Heavyweights like HDFC, Bajaj Finance, HDFC Bank, and Reliance ended between 0.5 per cent and 3 per cent higher on the S&P BSE Sensex and remained the top contributors towards the index's rally. 

At the index level, the benchmark S&P BSE Sensex settled at fresh closing peak of 46,890, adding 224 points or 0.48 per cent. In the intra-day deals, the index neaely kissed the 47,000-mark and hit a lifetime high of 46,992.

The broader Nifty50 index, on the other hand, surged 58 points, or 0.42 per cent, to end at 13,741 levels. It hit a record high of 13,773 during the day.

Sectoral trend remained mixed at the bourses. Nifty PSU Bank and Metal indices ended the day on the NSE in the red, down 1.4 per cent and 1.3 per cent, respectively. On the upside, Nifty Financial Services index settled as the top sectoral gainer. 

The broader markets, however, erased their gains and settled the day in the red. The S&P BSE MidCap index, after hitting a fresh 52-week high of 18,107, closed at 17,864, down 0.13 per cent. The S&P BSE SmallCap index, meanwhile, closed at 17,811, down 0.23 per cent.

HDFC was the top gainer in the Sensex pack, rising around 3 per cent, followed by Bajaj Finance, HDFC Bank, IndusInd Bank, PowerGrid, UltraTech Cement, TCS, Tech Mahindra and L&T.

On the other hand, ONGC, Maruti, Tata Steel, HUL, Bajaj Auto and Sun Pharma were among the laggards.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended on a positive note, while Seoul was in the red.

Stock exchanges in Europe were also largely trading on a positive note.

Meanwhile, the global oil benchmark Brent crude futures rose 0.51 per cent to USD 51.34 per barrel.

In Bullion market, Gold prices rose Rs 194 to Rs 49,455 per 10 gram in the national capital on Thursday, tracking firm overseas trend, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 49,261 per 10 gram.

Silver prices also gained Rs 1,184 to Rs 66,969 per kilogram from Rs 65,785 per kilogram in the previous trade.

The Indian rupee ended just 1 paisa lower at 73.59 against the US dollar on Thursday amid a firm trend in the domestic equity markets.

At the interbank forex market, the local unit opened at 73.52 against the greenback and witnessed an intra-day high of 73.39 and a low of 73.59.

It finally ended at 73.59 against the American currency, registering a fall of 1 paisa over its previous close.

On Wednesday, the rupee had climbed 5 paise to finish at 73.58.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.56 per cent lower at 89.94.
 

NEW DELHI [Maha Media]: The world's most popular cryptocurrency, Bitcoin, has hit a new all-time high of more than $22,000, trading data shows. 

On Binance, the largest cryptocurrency exchange by trading volume, Bitcoin was trading up 14.46 percent at $22,120, as of 03:10 GMT.

Bitcoin accounts for approximately 64.6 per cent of the entire global cryptocurrency market.

NEW DELHI [Maha Media]: Government of India and World Bank have signed 400 million dollar project to protect India’s poor and vulnerable from the impact of COVID-19. Finance Ministry said, this is the second operation in a programmatic series of two.
 
The first operation of 750 million dollar was approved in May 2020. The programme will strengthen the capability of state and central governments to provide coordinated and adequate social protection to the poor and vulnerable from the shocks triggered by the COVID-19 pandemic. The agreement was signed by Additional Secretary, Department of Economic Affairs CS Mohapatra and Sumila Gulyani, Acting Country Director, India, on behalf of the World Bank.
 
Speaking on the occasion, Dr Mohapatra said, the COVID-19 crisis has brought to the fore the risks that migrants and the urban poor face and the need for governments to strengthen preparedness for future disasters of this nature. He said, this programme will help further expand and deepen the coverage of India’s social protection systems by helping these vulnerable groups in urban and peri-urban areas across the country.
 

MUMBAI [Maha Media]: Benchmark indices closed in positive territory for the fourth consecutive day on Wednesday with record closing high. At close, the Sensex was up 403.29 points or 0.87% at 46,666.46. Broader Nifty was up 114.80 points or 0.85% at 13,682.70. Both benchmark indices registered new record highs in today's trading session/ It was the real estate stocks that outperformed.  The Nifty Realty index ended with gains of 5.1% - its biggest single-day gain since August 27, this year. The index ended at a 10-month high. 

The other index that outperformed in today's session was the Nifty Metal index, which ended with gains of 1.8% and at the highest level since November 2018. This was the fifth straight day of gains for the Metal index. The Nifty Auto and Nifty Pharma index gained 1% each while the Nifty I.T. index rose 0.8%. The Nifty Midcap index gained 1.1% while the Smallcap index ended 1% higher. BSE Midcap and Smallcap indices rose 0.8 percent each.

Gold and silver prices on Wednesday were higher following an overnight rally in global markets. On MCX, February gold futures gained 0.26% to Rs 49,571 while silver futures rose 0.6% to Rs 65,230 per kg. In the previous session, gold had jumped Rs 530 or 1.1% per 10 gram while silver had surged 2%.
 

NEW DELHI [Maha Media]: The economic blow from coronavirus has wiped out 81 million jobs across Asia-Pacific this year, with women and young people disproportionately affected, according to the International Labour Organization.

“Covid-19 has inflicted a hammer-blow on the region’s labor markets,” Chihoko Asada Miyakawa, the group’s regional director for Asia and the Pacific, said in a statement Tuesday. “Low levels of social security coverage and limited institutional capacity in many countries have made it difficult to help enterprises and workers back on their feet.”

Employment in Asia-Pacific showed a 4.2% decline compared with the pre-crisis trend, with the gap at 4.6% for women and 4% for men, the ILO said in a report. Young people have been especially affected by working-hour and job losses, the ILO said, with the youth share of employment losses three to 18 times higher than their share of total employment.

With fewer paid hours of work available, median incomes are falling. Overall, labor incomes in the region fell by as much as 9.9% in the first three quarters of the year, equivalent to a 3.4% drop in gross domestic product, the ILO said.

The regional jobs disparity is largely driven by South Asia, where the 2020 employment estimate is nearly 50 million jobs below the pre-crisis baseline, according to the report. East Asia is estimated to see a gap of 16 million jobs, followed by Southeast Asia and the Pacific Islands, with gaps estimated at 14 million and a half-million jobs, respectively.

“Too many workers have been pushed backward into poverty,” the report said. “The region’s economies, workers and enterprises are struggling to bounce back from the crisis and to make progress toward inclusive growth.”
 

NEW DELHI [Maha Media]:  Centre on Wednesday will hold a consultative meet with domestic airlines amid the ongoing pandemic.

Industry Sources say the consultative process is used to gauge the impact of Covid-19, to restore capacity and regional connectivity.

Recently, the Centre has allowed airlines to deploy up to 80 per cent of their pre-Covid flight capacity.

In terms of numbers, the domestic passenger traffic has gradually risen from 30,000 on May 25 to 2.52 lakh on November 30.

The domestic flight services were suspended from March 25 till May 25.

However, the international flight services still remain suspended except for special and 'air bubble' flights.
 

NEW DELHI [Maha Media]: Finance Minister Nirmala Sitharaman said the pace of disinvestment will now gain a lot of momentum, and those which have already found cabinet approval will be taken up with all earnestness.Speaking on Day 1 of ASSOCHAM Foundation Week, via video conferencing, Sitharaman said

"Disinvestment will be happening, corporatisation of not just the defence, DRDO related labs but also banks - where I want them to run a lot more professional, they should also be able to raise money from the market," she said.

Sitharaman said that the Union Budget for 2021-22 would emphasise on sustaining high public expenditure on infrastructure to revive the economy.

"We shall definitely sustain the momentum on public spending in infrastructure. The budget-related inputs which you gave me... I am quite happy and eager to take on board... Something that certainly will feature is we shall definitely sustain the momentum on public spending on infrastructure because that is the one way we are sure that multipliers will work and the economic revival will be sustainable," she said.

The Finance Minister said that this has been an unusual year and borrowing has been kept at levels so that the government can quickly put the money back in projects. "This emphasis that the public infrastructure spending should have to be kept up has been fully recognised," she added.

She further asserted that the National Investment and Infrastructure Fund (NIIF) is doing its best to attract foreign money.
 

NEW DELHI [Maha Media]: India's Union Minister for Housing & Urban Affairs Hardeep Singh Puri has stated that a holistic approach is required, that ensures a balance, to achieve India's development goals while keeping sustainability at its core. 

Speaking at the inaugural session of 12th GRIHA Virtual Summit in New Delhi today, Shri Puri said that when an individual enters a GRIHA certified building, one feels a strong sense of respect, understanding and motivation behind the architectural design. 

He added that the ecosystem for sustainability and sanitation these buildings provide, inspire behavioural change. The theme of the 12th GRIHA Virtual Summit is ‘Rejuvenating Resilient Habitats’. 

Hon'ble Vice President of India Venkaiah Naidu launched the SHASHWAT magazine and the book '30 Stories Beyond Buildings' during the event, documenting the extensive collaboration between GRIHA Council and the Public Works Department, Government of Maharashtra. President Griha Council and Director General of TERI Dr Ajay Mathur, and other participants were present in the virtual summit.
 

MUMBAI [Maha Media]: Equity benchmark Sensex recovered from early losses to end marginally up at its new closing record on Tuesday, led by gains in index majors HDFC twins.

The 30-share BSE index ended 9.71 points or 0.02 per cent higher at 46,263.17.

Similarly, the broader NSE Nifty rose 9.70 points or 0.05 per cent to close at its fresh all-time high of 13,567.85.

Bajaj Finance was the top gainer in the Sensex pack, surging around 5 per cent, followed by Bajaj Finserv, HDFC, Tech Mahindra, HDFC Bank, UltraTech Cement and Tata Steel.

On the other hand, HUL, Nestle India, ICICI Bank, Axis Bank, SBI, TCS and ITC were among the laggards.

S&P Global Ratings on Tuesday raised India's growth projection for the current fiscal to (-) 7.7 per cent from (-) 9 per cent estimated earlier on rising demand and falling COVID-19 infection rates.

Meanwhile, retail inflation declined to 6.93 per cent in November on softer food prices, though it remained above the comfort level of the Reserve Bank, official data released after market hours on Monday showed.

The rupee closed 8 paise lower at 73.63 (provisional) against US dollar.

Foreign portfolio investors (FPIs) were net buyers in the capital markets as they purchased shares worth Rs 2,264.38 crore on Monday, according to provisional exchange data.

Elsewhere in Asia, bourses in Shanghai, Seoul, Hong Kong and Tokyo closed on a negative note.

Stock exchanges in Europe were trading with gains in early deals.

The global oil benchmark Brent crude futures rose 0.16 per cent to USD 50.37 per barrel.
 

NEW DELHI [Maha Media]: Indian Railways through its 21 Railway Recruitment Boards (RRBs) is organizing mega recruitment drive in three phases starting today for filling up about 1.4 lakh vacancies. According to the Ministry of Railways, more than 2.44 crore candidates will be appearing in different cities across the country. The Ministry said, the first phase of the Exam will commence from 15th to 18th of this month for Isolated and Ministerial categories. This will be followed by NTPC categories from 28th of December to tentatively till March, 2021 and the third phase recruitment for Level-1 from tentatively April  onwards till June, 2021.

RRBs have made extensive preparations for conducting examinations of this large scale in COVID-19 pandemic times following SOPs as laid down by Government ensuring social distancing, compulsory use of masks, sanitizers, curtailing shifts for conducting Exams to only two shifts per day.

The Ministry said, candidates will be checked for temperature at entry using thermo guns and candidates having temperature more than prescribed limits will not be allowed inside the exam venue. Intimation in this regard will also be sent to their registered email and mobile number regarding re-scheduling of such candidates. Candidate will have to produce COVID-19 self-declaration in prescribed format at the entry and in absence of the same he or she will not be allowed into the exam venue. Proper arrangement of crowd management will be made as per COVID-19 protocol from the Main Gate to the Exam Halls. After each shift the exam centre will be sanitized before starting next shift. 
 

NEW DELHI [Maha Media]: In a bid to improve the city's position in the cleanliness list in the Swachh Survekshan-2021 and make the city polythene free, the Municipal Corporation Gurugram (MCG) has set up the first 'Cloth Bag Bank' here.

The first of its kind in the city, the Bag Bank was set up on Monday in the New Basti area of Gurugram by the MCG in collaboration with the 'Buland Awas Welfare Society'.

It was inaugurated by former Corporation Councillor Dalip Sahni in the presence of dignitaries and women of self-help groups. More than 20 women are associated with this Bag Bank, which is providing cloth bags to eliminate polythene in various market areas.

In a boost to this initiative, Sodhi Supermarket in Sector-46 sought 12,000 cloth bags from the Bag Bank.

So far, these women have provided more than 20,000 bags in Sector-23, Business Centre Sushant Lok-1, Wazirabad Mandi and Harijan Basti, etc.

According to the MCG officials, the main purpose of the Bag Bank is to make Gurugram polythene free. Under this, citizens are being made aware to use cloth bags instead of polythene. These cloth bags will be made available in different market areas instead of polyethylene. Bag Banks will provide bags ranging from Rs 3 to Rs 20.

"Anyone can come to Bag Bank and exchange old clothes and plastic bottles for these cloth bags. Cloth collection boxes will be installed in different locations across the city to make people aware. This type of Bag Bank will be established in all wards," said Kuldeep Singh, president of the Buland Awas Welfare Society.

During the event, Cleanliness Brand Ambassador of Municipal Corporation, Gurugram, Kuldeep Singh, Director of Bag Bank Sarika, Senior Sanitary Inspector Vijendra Sharma and other dignitaries were also present.
 

NEW DELHI [Maha Media]: S&P Global Ratings on Tuesday raised India's growth projection for the current fiscal to (-) 7.7 per cent from (-) 9 per cent estimated earlier on rising demand and falling COVID infection rates.

"Rising demand and falling infection rates have tempered our expectation of COVID's hit on the Indian economy. S&P Global Ratings has revised real GDP growth to negative 7.7 per cent for the year ending March 2021, from negative 9 per cent previously," S&P said in a statement.

The US-based rating agency said its revision in growth forecast reflects a faster-than-expected recovery in the quarter through September. For the next fiscal, it projected India's growth to rebound to 10 per cent.

India's gross domestic product fell 7.5 per cent in the July-September quarter, against a contraction of 23.9 per cent in the April-June quarter.

S&P said India is learning to live with the virus, even though the pandemic is far from defeated and reported cases have fallen by more than half from peak levels, to about 40,000 per day. The feared resurgence following the recent holiday season has yet to materialise.

"It is no surprise that India is following the path of most economies across Asia-Pacific in experiencing a faster-than-expected recovery in manufacturing production," S&P Global Ratings Asia-Pacific chief economist Shaun Roache said.

Manufacturing output was about 3.5 per cent higher in October 2020, compared to the year-ago period, while the output of consumer durables rose by almost 18 per cent.

"This recovery underscores one of the more striking aspects of the COVID-19 shock -- the resilience of manufacturing supply chains. Again, as with demand, some slowing of output momentum has emerged more recently," S&P said.

Earlier this week, Fitch had revised its growth forecast for India to (-) 9.4 per cent, from (-) 10.5 per cent on signs of economic revival.
 

MUMBAI [Maha Media]: Equity benchmark Sensex jumped over 250 points in early trade on Monday tracking gains in index majors ICICI Bank, HDFC and L&T amid persistent foreign fund inflows and largely positive trend in global markets.

After touching its record intra-day high of 46,373.34 in the opening session, the 30-share BSE index was trading 235.41 points or 0.51 per cent higher at 46,334.42.

Similarly, the broader NSE Nifty rose 69.70 points or 0.52 per cent to 13,583.55. It hit a high of 13,588.40 in early trade.

ONGC was the top gainer in the Sensex pack, rallying around 3 per cent, followed by Tata Steel, L&T, Sun Pharma, M&M, ICICI Bank and NTPC.

On the other hand, Tech Mahindra, HDFC Bank and Reliance Industries were among the laggards.

In the previous session, Sensex ended 139.13 points or 0.30 per cent higher at 46,099.01, while Nifty rose 35.55 points or 0.26 per cent to 13,513.85.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 4,195.43 crore on a net basis on Friday, according to provisional exchange data.

Domestic equities look to be good at the moment. Positive data flows along with persistent FPI flows have been quite supportive for the markets, said Binod Modi Head-Strategy at Reliance Securities.

"Further, better than expected IIP data for October 2020 along with a sharp jump in electricity suggests that industrial activities are back on growth track, which bodes well for equities," he added.

On the global front, US equities ended lower last week as concerns over slow progress on fiscal stimulus despite favourable developments on the vaccination process weighed on investors' sentiments.

"This week is likely to be quite crucial for US equities as Fed policy meeting outcomes along with the stance of Congress about fiscal stimulus are likely to determine the Santa rally for the markets. Additionally, clarity over Brexit is expected to emerge by weekend also," he noted.

Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo were trading on a positive note in mid-session deals, while Hong Kong was in the red.

Meanwhile, the global oil benchmark Brent crude futures were trading 0.52 per cent higher at USD 50.23 per barrel.
 

NEW DELHI [Maha Media]: Tata Group reportedly submitted an expression of interest (EoI) for the debt-laden national carrier Air India over the weekend, the deadline for which ends on Monday, December 14.

The salt-to-software conglomerate has filed the EoI through AirAsia India, where Tata Sons holds a substantial majority stake.

A group of 200 Air India employees is also likely to file an expression of interest, the deadline for which ends on Monday (5 pm), and has claimed to have a financial investor on board, the Times of India reported.

The beleaguered national airline has a lot of interests this time around, unlike in May 2018 when the first attempt to sell 76% stake in Air India failed to attract any suitors.

Union Aviation Minister Hardeep Singh Puri, who had said in 2019 that Air India will have to shut down if it's not privatised stated on Sunday, December 13, that the national carrier's divestment is a "confidential procedure" and that the "concerned department (DIPAM) will comment at the appropriate time."

Meanwhile, Singapore Airlines (SIA), with which Tata Sons runs the premier full-service airline Vistara, will not be a part of the bid as it would only add to Vistara's and its own financial woes.

The Southeast Asian company is in the process of raising funds following its biggest quarterly loss in the wake of a slump in travel demand due to the coronavirus crisis.

The publication, citing sources, also stated that as AirAsia India was created before Vistara, the former's agreement allows it to enter the full-service business.
 

NEW DELHI [Maha Media]: With the union budget-making process getting underway, Finance Minister Nirmala Sitharaman held her first pre-budget consultation with top industrialists on Monday.

The meeting assumed importance as it would bring industry and government together to identify critical areas of reform that would pave the way for reinvigorating growth in the economy hit hard by the pandemic this year.

The ideas from the industry would go as valuable inputs for government budgetary exercise for FY22.

Sources said that the who's who of India Inc., including Uday Kotak from Kotak Mahindra Bank, Biocon's Kiran Majumdar Shaw attended the meeting organised through video conferencing.

Along with Finance Minister, Finance Secretary A.B. Pandey, Secretary, DEA, Tarun Bajaj, Chief Economic Advisor K. Subramanian besides other senior officials were also present in the meeting.
 

NEW DELHI [Maha Media]: The wholesale price-based inflation rose to a 9-month high of 1.55 per cent in November as manufactured products turned costlier, while food prices eased.

The WPI inflation was 1.48 per cent in October 2020 and 0.58 per cent in November last year.

This is the highest level of Wholesale price index-based (WPI) inflation since February, when it was 2.26 per cent.

While food articles saw softening in inflation in November, manufactured items witnessed hardening of prices.

Food inflation in November stood at 3.94 per cent, against 6.37 per cent in the previous month.

The rate of price rise in vegetables and potato remained high at 12.24 per cent and 115.12 per cent during the month.

Inflation in non-food articles was higher at 8.43 per cent in November.

Fuel and power basket softened to (-) 9.87 per cent in November.

The RBI in its monetary policy earlier this month had said that inflation will remain elevated, barring transient relief in the winter months. It had projected retail inflation, based on consumer price index, at 6.8 per cent in the October-December quarter.
 

NEW DELHI [Maha Media]: International Bank has applauded India’s efforts towards river rejuvenation and cleanliness. Xavier Chauvet De Beauchene, Senior Water and Sanitation Specialist, International Bank for Reconstruction and Development said the bank is very proud of all the work done in India who would have thought 5 years ago that 550 million people will stop defecating in the open in the country. He added that there is a massive shift in the Indian Government’s approach from focusing only on infrastructure development to working with people and bringing about behaviourial change.

Director General of National Mission for Clean Ganga (NMCG) Rajiv Ranjan Mishra attributed the success of the Namami Gange Mission to his team, volunteers, academicians and many self-help organisations who are working continuously towards the cause of cleaning Ganga.
 

NEW DELHI [Maha Media]: Railway Ministry has quashed media reports about issuance of unreserved tickets and informed that all trains are plying on reservations only. In a statement, the ministry clarified that there has been no change in policy to run all express trains including festival specials and clone specials as fully reserved train only.

The ministry said, the permission given to Zonal Railways to issue unreserved tickets is meant only for suburban and limited number of local passenger trains operating in few zones. It said, running of trains, norms of travel and reservations are constantly evolving under Covid times. Further changes, as and when they happen, will be informed to all concerned accordingly, the ministry said.

Currently, Railways is operating 736 special trains. 

NEW DELHI [Maha Media]: Union Minister Ravi Shankar Prasad on Monday said that India has become the second-biggest mobile manufacturer in the world and has a clearly defined goal of surpassing China.

"When we had come to power in 2014, India had only two mobile factories, now India has over 260. India has become the second-biggest mobile manufacturer in the world. Now I am pushing to surpass China, that's my goal. And I am clearly defining it," said the Union Minister while addressing the FICCI's 93rd annual general meeting through video conferencing.

Speaking on the 'Leveraging ICT for Economic Revival in Post COVID-19 Era', Ravi Shankar said, "The Digital India ecosystem, which we conceived, finalised and which we sort to put on the ground, created a great enabling atmosphere to face the challenge of the COVID. Digital India simply put, is designed to empower ordinary Indians with the power of technology."

He further said through hundreds of government schemes, they have delivered nearly Rs 13,00,000 crores to the bank accounts of the poor, in the last five and a half years.

"In 440 government schemes, we have delivered nearly Rs 13,00,000 crore in the last 5.5 years to the bank accounts of the poor, MGNREGA payment, gas connection subsidy and food subsidy etc. And we have saved Rs 1,70,000 crore, which is pocketed by the middlemen," he said.

"...India a population of 1.3 billion-plus, 1.2 billion mobile phones, 1.26 billion Aadhaar cards. By leveraging all this with the Jan Dhan account, we created the system of delivery of welfarement."

On the benefits brought in by the digital India campaign, the Union Minister said, "The inclusive character of digital India which we have conceived could ultimately reach the common people's lives through digital delivery without any middlemen."

"When the COVID came, the issue posed a serious challenge. Then we came with the idea of work from home. There were a lot of issues of regulatory requirements, issue of financial requirements. I said to remove all this... And today 85 per cent of India's IT industry works from home," he added.
 

New Delhi (Mahamedia) Digital Transaction in India has increased rapidly, during the epidemic in India fighting the Corona virus, people have given more and more preference to digital transactions, due to which the Reserve Bank of India i.e. RBI has taken an important decision. It has made a big announcement to make the RTGS (Real Time Gross Settlement System) service 24 hours a day, under which the RTGS facility will be operational for 24 hours from 12.30 tonight, this service will work for seven days. As soon as this facility is operational, India will join the select countries where this facility works day and night.
 

MUMBAI [Maha Media]: The Sensex zoomed by 1,019.46 points or 2.26 pc to settle at 46,099.01 in a week under review on positive global cues and hopes for vaccine approvals in India boosted investor sentiment. 

Sentiment was underpinned by data showing a steady decline in new coronavirus cases in India. 

The Nifty 50 index rose 255.30 points or 1.93 pc to settle at 13,513.85.  The BSE Mid-Cap gained 132.30 or 0.76 pc to settle at 17,521.32. BSE Small-Cap added 235.29 points or 1.36 pc to settle at 17,552.58. Except Thursday, the equity market remained firm during the week. On Monday the Sensex, jumped 347.42 points to settle at 45,426.97. Nifty gained 97.20 points to settle at 13,355.75.

On Tuesday the Sensex, gained 181.54 points to settle at 45,608.51. Nifty too gained 37.20 points to settle at 13,392.95. On Wednesday the Sensex, rallied 494.99 points to settle at 46,103.50. Nifty added 136.15 points  to settle at 13,529.10. On Thursday as investors locked profit after recent steep gains.Sensex, lost 143.62 points to settle at 45,959.88. Nifty lost 50.80 points to settle at 13,478.30.

On Friday, December 11,2020. Sensex, rose 139.13 points to settle at 46,099.01. Nifty gained 35.55 points to settle at 13,513.85. 
 

NEW DELHI [Maha Media]: To deal with  the menace of fake firms, fly-by-night operators, and circular trading entities, the GST field formations have cancelled over one lakh 63 thousand registrations in October and November this year due to non-filing of GSTR-3B returns for more than 6 months. 

Sources in the Department of revenue (DoR) said that  within one month of its nationwide drive launched in the second week of November against GST fake invoice frauds, the Directorate General of GST Intelligence (DGGI) and CGST Commissionerates has so far arrested 132 persons including four Chartered Accountants and a woman for availing or passing on ineligible Input Tax Credit fraudulently. Officials   have also  booked 1430 cases against more than 4586 fake GSTIN entities identified across the country.

NEW DELHI [Maha Media]: Textiles Minister Smriti Zubin Irani has said that Indian textile industry has not only expanded in size but it is also competitive with the best in the world in terms of cost. Addressing a webinar on Atmanirbhar Bharat today, Ms Irani said, the industry and Government came together during COVID-19 pandemic. 

She said, there were zero PPE kit manufacturers during the beginning of the pandemic and now there are 11 hundred companies. Similarly, there were two N95 mask manufacturers and now there are 200 companies. The Minister said, Indian textile industry worked very closely with the Government during the pandemic. 
 
Textiles Secretary Ravi Capoor said, the growth of the PPE industry during the COVID-19 crisis is an example of what collaborative efforts between the State and the industry can achieve.
 

NEW DELHI [Maha Media]: Prime Minister Narendra Modi on Saturday said that agricultural reforms will usher in new investments into the sector.

Modi said this at the 93rd 'Annual General Meeting' of the industry body Ficci. The event was organised on a virtual platform.

According to the Prime Minister, agriculture reforms will increase synchronization in the sector and help create better logistics and cold chain infrastructure.

The Prime Minister reiterated that agricultural reforms are done to empower farmers and improve their financial conditions.
 

MUMBAI [Maha Media]: Equity benchmark Sensex ended 139 points higher on Friday following gains in ICICI Bank, ITC and NTPC amid persistent foreign fund inflows.

After touching its all-time intra-day high of 46,309.63, the 30-share BSE index settled 139.13 points or 0.30 per cent up at 46,099.01, just shy of its closing record.

Similarly, the broader NSE Nifty rose 35.55 points or 0.26 per cent to 13,513.85. It hit a lifetime high of 13,579.35 during the session.

ONGC was the top gainer in the Sensex pack, rallying around 6 per cent, followed by NTPC, Tata Steel, ICICI Bank, ITC, Titan and Bajaj Auto.

On the other hand, Axis Bank, M&M, Tech Mahindra, Asian Paints and Bajaj Finserv were among the laggards.

Domestic equities remained resilient but erased some gains towards the second half as concern over probable no-deal Brexit weighed on investors' sentiment, said Binod Modi, Head-Strategy at Reliance Securities.

European markets saw a sharp gap down opening on this concern. "PSU banks, metals and FMCG continued to attract investors, while profit-booking was visible in pharma, IT and automobile counters," he added.

Elsewhere in Asia, bourses in Shanghai and Tokyo were in the red, while Hong Kong and Seoul ended in the positive territory.

Stock exchanges in Europe were trading on a negative note in early deals.

Meanwhile, the global oil benchmark Brent crude futures slipped 0.56 per cent to USD 49.97 per barrel.
 

NEW DELHI [Maha Media]: Union Minister for Minister of Micro, Small and Medium Enterprises (MSME) Nitin Gadkari on Thursday said that India was a destination with huge potential for attractive investments and urged people to invest in MSMEs in the country.

While speaking at the virtual Pravasi Bharatiya Divas Conference, Gadkari added that with the world moving production away from dealings in China, India was the next best alternative.

"I request all of you to please invest in MSMEs doing an excellent job. You will get good returns. With huge potential, India is a destination for a good investment. We know that the whole world is not very interested in dealing with China at the moment, so the next alternative available is India. We have the availability of huge raw materials, talent and young manpower," he said.

He also elaborated on what he called the four most important sectors for industry development - water, power, transport, communication.

"India has a lot of surplus power and are working towards more sustainable means like solar energy. Water is also available. Communication is doing very well and the country is moving towards 5G. Network connectivity has reached the village level. The road sector is also moving very fast. We are making 30 kms of roads per day," he said.

He further extended his greetings to those attending the Conference, saying that this was a golden opportunity for them.

"We can create associations and joint ventures. We are ready to support all types of initiatives, and you can all expect good cooperation from the side of my ministry. Together with the help of all stakeholders, we can make India the number one economy in the world," Gadkari said.

"I am confident that we will soon achieve Prime Minister Narendra Modi's mission of Atma Nirbhar Bharat," the minister said.
 

MUMBAI [Maha Media]: Tata Group rejected a truce offer by billionaire Pallonji Mistry’s conglomerate that suggested swapping the Mistry family’s stake for shares worth $24 billion in the listed Tata companies.

“It’s nonsense. This kind of relief cannot be granted,” Tata’s lawyer Harish Salve said during a hearing before India’s Supreme Court on Thursday. “I’m opposing it,” he said, arguing on behalf of the largest Indian conglomerate.

The Mistry-led Shapoorji Pallonji Group had informed the court in October that it estimated its 18.4% stake in Tata Sons Pvt. — the group’s main holding company — to be worth more than 1.75 trillion rupees ($23.7 billion). It was seeking pro-rata shares in all listed Tata entities, cash, or any marketable instrument in lieu. Tata group earlier this week pegged this valuation at $11 billion, or less than half of Mistrys’ ask.

Salve said that accepting the Mistrys’ offer could cause the issue to spill over from Tata Sons, which controls the coffee-to-cars empire, to its listed firms where the SP Group would then be holding minority stakes.
 

New Delhi (Mahamedia) Gold and silver prices have once again fallen. On Thursday, the price of gold in the Delhi Bullion Market (Gold Price Today) decreased by Rs 534 per 10 grams. Likewise, the price of silver like gold has also decreased. The price of one kilogram of silver (Silver Price Today) fell by Rs 628. 
On Thursday, the price of 10 grams of gold fell by Rs 534 to Rs 48,652 in Delhi Bullion Market. 
Like gold, silver prices have also come down. The price of one kilogram of silver fell by Rs 628 to Rs 62,711 in Delhi Bullion Market. 
 

Mumbai (Mahamedia) The rally continued for 8 consecutive sessions on Thursday. The BSE Sensex is down 143.62 points at 45,959.88 and the Nifty is down 50.80 points at 13,478.30. The total market cap of the companies listed in the BSE has risen to Rs 182.25 lakh crore.

The Nifty Bank Index also closed 199 points down at 30,510. IDFC First Bank and PNB shares fell 2–2% in the index. However, Bandhan Bank's stock has closed up 3%. Apart from this, the Nifty Auto and IT indices also closed down. At the same time, the metal index has closed with a slight increase.
 

MUMBAI [Maha Media]: The BSE Sensex and the Nifty extended their gaining streak to the sixth straight session on Wednesday as hopes of early arival of a COVID vaccine boosted investors' sentiment. Positive global markets gave further legs to the market rally in India. The BSE Sensex rose 495 points to close at a fresh high of 46,103.50 while the Nifty50 index settled above the 13,500 mark at 13,529.10 for the first time. Banking, IT and energy stocks led buying in the market today.

Today's market rally made investors richer by 1.29 lakh crore as the total market capitalisation of all BSE-listed stocks rose to Rs 182.91 lakh crore as compared to Rs 181.62 lakh crore on Tuesday.

Among the Nifty stocks, UPL was the top gainer, up 4.36% followed by Asian Paints and IOC, which advanced 3.42% and 3.19% respectively. Kotak Mahindra Bank, HDFC Bank, Axis Bank, Infosys, Reliance Industries, HUL, ITC, Bajaj Finance, Indusind Bank, L&T, BPCL, Divis Labs, HCL Tech, Hero MotoCorp, Dr Reddy's Labs, TCS, ONGC, Tata Motors were the other prominent gainers in the Nifty, rising between 0.52%-2.66%. 

Hindalco was the top loser in the Nifty, down 1.81% followed by Shree Cements, which fell 1.63%. Wipro, Ultratech Cement, Maruti Suzuki, Grasim, Tata Steel, Britannia, SBI, Bajaj Auto, Cipla were the other losers in the Nifty.

Market breadth was positive today; out of the 1700 shares traded on the NSE today, 1,078 shares closed with gains while 622 shares ended lower.

The rupee also closed higher against the USD today. The Indian currency settled 3 paise higher at 73.57 against the US dollar as compared to previous closing value of 73.60. The rally in rupee's value was led by continous flows from foreign portfolio investors. In the month of December so far FPI have pumped in Rs 14,000 crore into Indian equities.

Global markets

European shares hit February highs on Wednesday, joining a global stock market rally on optimism around progress in Covid-19 vaccines and US stimulus package, while all eyes turned to make-or-break Brexit talks.

The pan-European STOXX 600 index and London’s FTSE 100 both climbed 0.3 per cent.

Globally, the S&P 500 and the Nasdaq hit record highs overnight, and Asia shares followed suit.

In commodities, oil prices inched higher, paring earlier losses, as positive news on Covid-19 vaccines lifted investor hopes for a recovery in fuel demand, outweighing concerns over an unexpected jump in US oil inventories last week.
 

NEW DELHI [Maha Media]: India's social commerce sector, which is a $1.5 to $2 billion Gross Merchandise Value (GMV) market today, has the potential to grow to $16 to $20 billion in just five years, increasing to $60 to $70 billion in revenue by 2030.

Indian e-commerce -- powered by cheap data, supply-side innovations and digitally savvy customers, has become a $30 billion GMV industry in fiscal year 2020 (FY20). In addition, India has the second-highest number of connected users globally, at around 572 million with substantial room for growth (41 per cent penetration). However, we are in the early stages of online commerce, with only 8 per cent of Indians (about 105 million) who shop for products online, accounting for an average spend of $286 per year -- much lower than other markets.

This is according to a new report titled, 'The Future of Commerce in India -- the rise of social commerce', released today by Bain & Company in partnership with Sequoia India.

In short, India's social commerce sector will be two times the size of the current e-commerce market within ten years, driven by formats ranging from conversational commerce on chat platforms to video-led commerce, or a vibrant social reseller community.

Commenting on the report, Arpan Sheth, partner and leader of Bain & Company's Asia-Pacific Technology, Vector and Advanced Analytics practices, said, "Social commerce in India is broadening India's e-commerce sector and paving the way for a model that's built on community, connection and trust. While traditional e-commerce will continue to flourish, social-led models will broaden the reach of e-commerce for Indian consumers."

Shraeyansh Thakur, VP, Sequoia Capital India LLP, believes the rise of online commerce has just begun -- "Social commerce is playing a key role in democratizing online commerce, connecting brands, consumers and small businesses directly through social platforms and meeting the modern consumers' need for personalized, differentiated products. Social-first models have been able to scale with much lower customer acquisition costs globally and we are seeing similar trends with Indian startups experimenting in this space. While early in its evolution in India, it's set to scale rapidly in the next 5-10 years, offering a huge opportunity for innovative new products and business models."
 

BENGALURU [Maha Media]:  Amazon.com Inc is considering a nearly $100 million investment in India's pharmacy chain Apollo Pharmacy, facing up to Reliance Industries Ltd and Tata Group in the country's fast-growing drug market, the Economic Times reported on Wednesday, citing two people aware of the plans. (https://bit.ly/3oy7TfO)

Amazon already delivers medicines in India and the potential investment would come amid rising competition from Mukesh Ambani's Reliance, which bought a majority stake in online pharmacy Netmeds.

Both Amazon and Apollo Hospitals, which owns Apollo Pharmacy, declined to comment.

The growth of e-pharmacies, however, has left many Indian trader groups feeling threatened, who say online drugstores can contribute to medicine sales without proper verification and the entry of large players can cause unemployment in the sector.

Amazon's plan to further expand in India also comes close on the heels of its launch of an online pharmacy to deliver prescription drugs in the United States, increasing competition with drug retailers such as Walgreens, CVS Health and Walmart.
 

NEW DELHI [Maha Media]: Reliance Jio has plans to launch 5G services in the second half of 2021, Reliance Industries Chairman Mukesh Ambani said on Tuesday.

Speaking at the India Mobile Congress, Ambani said policy steps are needed to accelerate an early rollout of 5G, and to make it affordable and available everywhere.

"I assure you that Jio will pioneer the 5G Revolution in India in the second half of 2021. It will be powered by indigenous-developed network, hardware and technology components. Jio's 5G service will be a testimony to your inspiring vision of Aatmanirbhar Bharat," Ambani said. 

India is today among the best digitally-connected nations in the world, Ambani said, but there are 300 million phone users "trapped" in 2G and there is a need for policy intervention to bring to them smartphones that are capable of doing digital transactions.

India, he added, can develop into a manufacturing hub of semiconductors.

"We cannot rely on large imports," he said.
 

MUMBAI [Maha Media]: Rising for the fourth straight session, equity benchmark Sensex jumped 182 points to end at its fresh lifetime peak on Tuesday, tracking gains in index majors Reliance Industries, TCS and Infosys amid persistent foreign fund inflows.

After touching a record intra-day high of 45,742.23, the 30-share BSE index climbed 181.54 points or 0.40 per cent to finish at 45,608.51.

Similarly, the broader NSE Nifty rose for the sixth consecutive day, up 37.20 points or 0.28 per cent to 13,392.95 -- its new lifetime closing high. It touched its intra-day record of 13,435.45 in early trade.

UltraTech Cement was the top gainer in the Sensex pack, rising around 3 per cent, followed by TCS, Reliance Industries, HCL Tech, Infosys and Kotak Bank.

On the other hand, Sun Pharma, IndusInd Bank, NTPC, Tech Mahindra, ONGC and Asian Paints were among the laggards.

"Domestic equities continued to defy weak global markets by registering gains. Financials (mainly supported by PSU banks), IT and Reliance Industries supported market today, while profit bookings were seen in pharma and metal packs," said Binod Modi, Head-Strategy at Reliance Securities.

Continued foreign portfolio investment flows remained a dominant factor and given the consistent weakening of dollar along with increased possibility of new fiscal stimulus, domestic equities are expected to continue getting support from FPIs in the near term, he added.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 3,792.06 crore on Monday, according to provisional exchange data.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended in the red.

Stock exchanges in Europe were also trading on a negative note in early deals.

Meanwhile, global oil benchmark Brent crude futures slipped 0.35 per cent to USD 48.62 per barrel.
 

NEW DELHI [Maha Media]: China's exports to India continued to decline with a 13-percent drop in the first 11 months of the year 2020, customs data showed on Monday. However, China's imports from India rose by 16 percent during this period. According to customs data released on Monday, China exported about $59 billion worth of products to India from January to November, down 13 percent. The decline slightly reduced from the 16.2 percent drop in the first 10 months this year, state media showed. China’s imports from India amounted to about $19 billion in value in the first 11 months, up 16% leading to a reduced trade deficit of around $40 billion.

Trade deficit has been a major concern in India-China bilateral relations. In 2019, India’s trade deficit with China reduced slightly by 2%, the first such decrease in deficit since 2005 and stood at $56.95 billion. India-China bilateral trade in the year 2019 reached US$ 92.89 billion. China mainly exported organic chemicals, fertilizers, antibiotics and aluminium foil to India in 2019. While India’s top exports to China included organic chemicals, iron ores, unfinished diamonds, fish and crustaceans, cotton, granite stone.

India and China are engaged in a long-drawn border standoff in eastern Ladakh. Amid rising political tensions, the Indian government has taken tough measures against China, including banning more than 200 Chinese apps and investments.
 

NEW DELHI [Maha Media]: World Health Organisation has appointed Indian-origin Anil Soni as the Chief Executive Officer for the WHO Foundation. Global health expert Soni will assume his role as its inaugural CEO on January 1 next year.

WHO Director-General Tedros Adhanom Ghebreyesus described Soni as a proven innovator in global health who has spent two decades in service of communities affected by HIV/AIDS and other infectious diseases.

In his new role, Soni will accelerate the Foundation's work to invest in innovative, evidence-based initiatives that support WHO in delivering on its mission to ensure healthy lives and promote well-being for all, the WHO Foundation stated.
 

NEW DELHI [Maha Media]: United Nations Conference on Trade and Development (UNCTAD) has declared ‘Invest India’ as winner of the 2020 United Nations Investment Promotion Award. The award ceremony took place at UNCTAD Headquarters in Geneva yesterday. The Award recognizes and celebrates the outstanding achievements of the World’s best-practice investment promotion agencies. The evaluation was based on UNCTAD’s assessment of work undertaken by 180 national Investment Promotion Agencies across the world.

The COVID-19 pandemic had generated important challenges for investment promotion agencies. In March 2020, UNCTAD constituted a team to monitor IPAs response to the pandemic. UNCTAD reported best practices from investment promotion agencies in the IPA Observer publications in April and July. IPAs response to the pandemic became the basis for the evaluation of the 2020 United Nations Investment Promotion Award.

Prime Minister Narendra Modi has congratulated Invest India, the National Investment Promotion and Facilitation Agency of the Central Government, for winning the 2020 United Nations Investment Promotion Award.
 

MUMBAI [Maha Media]: The domestic stock market began the week on a strong note as the benchmark indices gained over 0.7 per cent each, led by buying in financial, and FMCG counters. 

The S&P BSE Sensex rallied 347 points, or 0.77 per cent to settle at 45,427 levels while NSE's Nifty ended at 13,356, up 97 points, or 0.73 per cent.

Bharti Airtel (up 3 per cent) was the biggest gainer on Sensex, followed by HUL, HDFC, and ITC - all up over 2.5 per cent. 

European shares slipped on Monday as rising tension between the United States and China sapped some appetite for risky assets, while Britain-based exporters outperformed as uncertainty over a Brexit trade deal battered the pound.

Germany’s trade-sensitive DAX index and the pan-European STOXX 600 index fell 0.1 per cent. 

In commodities, oil prices slipped from multi-month highs as a continued surge in coronavirus cases globally forced a series of renewed lockdowns, including strict new measures in Southern California in the United States, the world’s top oil consumer.
 

NEW DELHI [Maha Media]: Steve Wozniak is starting a second company, more than four decades after he co-founded Apple with Steve Jobs. Wozniak had co-founded Apple in Steve Jobs’ parents garage in 1976.

Steve Wozniak’s latest venture is called ‘Efforce’ and aims to use cryptocurrency and blockchain technology to make it cheaper and easier for companies to fund ‘green’ projects. The company has said that its goal is to “democratize” the USD 250 billion market for energy-efficiency projects.

According to Wozniak, “energy consumption and CO2 emissions worldwide have grown exponentially, leading to climate change and extreme consequences to our environment. We can improve our energy footprint and lower our energy consumption without changing our habits. We can save the environment simply by making more energy improvements,” he said in a statement about the company.

"We created Efforce to be the first decentralized platform that allows everyone to participate and benefit financially from worldwide energy efficiency projects, and create meaningful environmental change," Wozniak said in a statement.

According to a report by Medium post, Efforce has created a cryptocurrency token called “WOZX”, named after Wozniak. WOZX can be used to buy into energy-efficiency projects that energy service companies list on its platform. According to a report by CNBC, Efforce tracks the energy savings achieved by those energy projects and returns them to investors in the form of an energy credit that can be used or sold.

WOZX began trading publicly on December 3 on HBTC.com, a marketplace for decentralized currencies. The company will launch on Bithumb Global, another marketplace for decentralized currencies, next week.

Wozniak and Jobs formed Apple in 1976 and built it into a personal-computer pioneer. Wozniak stopped working at the company — which is now worth more than $2 trillion — in 1985, about five years after its initial public offering.
 

NEW DELHI [Maha Media]: Petrol and diesel prices rose for the sixth day in a row on December 7 as rates went up by 26-30 paise per litre.

Petrol price was hiked by 30 paise per litre and diesel by 26 paise, according to a price notification of oil marketing companies.

Rates for petrol in Delhi rose to ?83.71 per litre, from ?83.41 while diesel price went up from ?73.61 to ?73.87 per litre.

This is the sixth straight day of price hike and the 15th increase in rates since November 20, when oil companies resumed daily price revision after nearly two-month hiatus.

Rates are now at the highest level since September 2018.

In 18 days, the petrol price has gone up by ?2.65 per litre and diesel rate has risen by ?3.41.

The rate increase follows international oil prices rising by a third from lows in October-end. Brent crude oil is nearing $50 per barrel mark on hopes that COVID vaccines would lead to demand recovery.

Prior to the November 20 hike in rates in India, petrol prices had been static since September 22 and diesel rates hadn’t changed since October 2.

In Mumbai, petrol price rose to ?90.34 per litre from ?90.05, while diesel rates went up from ?80.23 to ?80.51.

Rates vary from State to State depending on the incidence of local sales tax or VAT.
 

New Delhi (Mahamedia)  Petrol prices have increased by 28 paise per liter on Sunday. At the same time, the price of diesel has been increased by 29 paise per liter. In this way vehicle fuel prices have increased for the fifth consecutive day. The rise in international crude oil prices has also made vehicle fuel costlier in the domestic market. According to the price notification of petroleum marketing companies, after this increase, petrol in the capital Delhi has increased from Rs 83.13 to Rs 83.41 per liter. Similarly, the price of diesel has increased from Rs 73.32 to Rs 73.61 per liter. In Mumbai, petrol has exceeded Rs 90 per liter and diesel Rs 80 per liter. 
Petroleum companies have again started revising fuel prices from 20 November. This is the fifth consecutive increase in vehicle fuel prices since then. Since 20 November, the price of vehicle fuel has been increased 14 times. Earlier, petroleum companies had not revised prices for about two months. Vehicle fuel prices are now at the highest level since September 2018. In this way, the price of petrol has increased by Rs 2.35 per liter in 17 days. During this period, diesel has become expensive by Rs 3.15 per liter. 
 

MUMBAI [Maha Media]: The BSE Sensex zoomed by 929.83 points or 2.11 pc to settle at 45,079.55 in week under review on positive global cues and on optimism over progress in COVID-19 vaccine development. 

Sustained foreign fund inflows and weakness  of the American currency in the overseas market also supported the domestic shares Sentiment boosted as India's economy recovered faster than expected in the September quarter. 

The Nifty 50 index rallied 289.60 points or 2.23 pc to settle at 13,258.55. Both the indices hit record high levels.
 

NEW DELHI [Maha Media]:  A week of intense trade talks between Britain and the European Union ended in stalemate Friday, with negotiators stepping back while politicians decide whether major differences can be bridged to avoid a messy, economically disruptive rupture in less than a month.

EU chief negotiator Michel Barnier and his British counterpart, David Frost, said they had agreed to pause negotiations while they brief the two sides' political leaders. They said British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen will discuss the state of play on Saturday.

After one week of intense negotiation in London, the two chief negotiators agreed today that the conditions for an agreement are not met, due to significant divergences on level playing field, governance and fisheries, Frost and Barnier said in a joint statement .

Talks have seesawed between progress and setbacks all week, as Barnier, Frost and their teams holed up in a London conference center, fueled by deliveries of sandwiches and pizza.

British Business Secretary Alok Sharma said earlier Friday that talks were in a difficult phase, while France warned it could veto any agreement it didn't like.

UK officials briefed media outlets that the EU had set back negotiations by making last-minute demands an allegation the bloc denied.

The UK left the EU early this year, but remains part of the 27-nation bloc's economic embrace during an 11-month transition as the two sides try to negotiate a new free-trade deal to take effect Jan. 1. Any deal must be approved by lawmakers in Britain and the EU before year's end.

Talks have dragged on as one deadline after another has slipped by. First, the goal was a deal by October, then by mid-November. On Sunday, Britain said the negotiations were in their final week.

European Council President Charles Michel noted that it wasn't the first time that deadlines had slipped.

We will see what will happen in the next days, he said in Brussels. But the end of December is the end of December and we know that after the 31st of December we have the 1st of January, and we know that we need to have clarity as soon as possible.

A trade deal will allow goods to move between Britain and the EU without tariffs or quotas after the end of this year, though there would still be new costs and red tape for businesses on both sides of the English Channel.

If there is no deal, New Year's Day will bring huge disruption, with the overnight imposition of tariffs and other barriers to U.K.-EU trade. That will hurt both sides, but the burden will fall most heavily on Britain, which does almost half its trade with the EU.

Months of tense negotiations have produced agreement on a swath of issues, but serious differences remain over the level playing field the standards the U.K. must meet to export into the bloc and how future disputes are resolved. That's key for the EU, which fears Britain will slash social and environmental standards and pump state money into U.K. industries, becoming a low-regulation economic rival on the bloc's doorstep.

But the UK government, which sees Brexit as all about taking back control from Brussels, is resisting curbs on its freedom to set future economic policies.

Another sticking point is fish, a small part of the economy with an outsized symbolic importance for Europe's maritime nations. EU countries want their boats to be able to keep fishing in British waters, while the UK insists it must control access and quotas.

Fishing is especially important to France, which is seen by many on the UK side as the EU nation most resistant to compromise.

If there was to be an agreement and it was not good ... we would oppose it, Clement Beaune, France's junior minister in charge of European Affairs, told Europe 1 radio. France like all its (EU) partners has a veto right.

If there is no breakthrough this weekend, next week will bring more complications. On Monday Britain's House of Commons will vote on a bill that gives Britain the power to breach parts of the legally binding withdrawal agreement it struck with the EU last year.

Johnson's government acknowledges that the Internal Market Bill breaches international law, and the legislation has been condemned by the EU, U.S. President-elect Joe Biden and scores of British lawmakers, including many from Johnson's own Conservative Party.

The House of Lords, Parliament's upper chamber, removed the law-breaking clauses from the legislation last month, but Johnson's government says it will ask lawmakers to reinsert them.

That would further sour the talks, demolishing any good will that remains between the two sides.

German government spokesman Steffen Seibert stressed that EU nations wanted a deal, "but not at any cost.

And of course we must also prepare for all scenarios, including for the possibility that there won't be an agreement," he said.
 

NEW DELHI [Maha Media]: India's foreign exchange reserves declined $469 million during the week ended November 27.

According to the Reserve Bank of India's weekly statistical supplement, the reserves increased to $574.821 billion from $575.290 billion reported for the week ended November 20.

India's forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).

However, on a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $352 million to $533.455 billion.

In contrast, the value of the country's gold reserves decreased by $822 million to $35.192 billion.

The SDR value inched up $2 million at $1.494 billion, whereas the country's reserve position with the IMF slipped by $1 million to $4.679 billion.
 

MUMBAI [Maha Media]: Equity benchmark Sensex rallied 447 points to close above the 45,000-level for the first time on Friday, tracking strong buying sentiment in financial stocks after RBI's policy outcome.

Earlier in the day, the Reserve Bank of India (RBI) left interest rates unchanged for the third straight time amid persistently high inflation, but said the economy was recuperating fast and would return to positive growth in the current quarter itself.

After touching a record intra-day peak of 45,148.28, the 30-share BSE index ended 446.90 points or 1 per cent higher at 45,079.55.

Similarly, the broader NSE Nifty touched a new high of 13,280.05 during the session, before finishing 124.65 points or 0.95 per cent higher at 13,258.55 -- its record closing high.

Rate-sensitive banking, financial, realty and auto stocks rallied after the policy announcement.

ICICI Bank was the top gainer in the Sensex pack, rising around 4 per cent, followed by UltraTech Cement, Sun Pharma, Bharti Airtel, HUL, SBI, L&T, Axis Bank and IndusInd Bank.

On the other hand, Reliance Industries, Bajaj Finserv, HCL Tech and HDFC were among the laggards.

The RBI's Monetary Policy Committee (MPC) 'decided to continue with the accommodative stance of monetary policy as long as necessary - at least through the current financial year and into the next year,' Governor Shaktikanta Das said.

The central bank's stance is 'to revive growth on a durable basis, and mitigate the impact of COVID-19 while ensuring that inflation remains within the target going forward,' he added.

According to Gaurav Dua, SVP, Head - Capital Market Strategy and Investments, at Sharekhan by BNP Paribas, growth remains high on the priority of RBI.

'The commentary is dovish in spite of the elevated level of inflationary pressure. It essentially means the liquidity situation would be comfortable and interest rates likely to remain soft in the near term. However, we see limited scope for further easing of interest rates by banks to borrowers given the tapering of growth in retail deposits and rising credit demand in the economy,' he noted.

Overall, the policy outcome is supportive for equity markets in general and interest rate sensitive sectors and economic recovery plays in particular, he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended on a positive note, while Tokyo was in the red.

Stock exchanges in Europe were trading with gains in early deals.

Meanwhile, the global oil benchmark Brent crude futures advanced 1.81 per cent to USD 49.59 per barrel. 
 

NEW DELHI [Maha Media]:  Following are the highlights of RBI Governor Shaktikanta Das' statement and resolution of the Monetary Policy Committee (MPC):

* Benchmark rate kept unchanged for third time in a row at 4 pc 
* Indian economy expected to contract 7.5 pc this fiscal, lower than 9.5 pc contraction projected in Oct 
* Economy to clock growth of 0.1 pc in Q3; Q4 to see 0.7 pc growth 
* Retail inflation projected at 6.8 pc in Q3, 5.8 pc in Q4 
* Inflation to remain elevated, barring transient relief in the winter months 
* Fiscal stimulus moving beyond being supportive of consumption and liquidity to supporting growth-generating investment. 
* Private investment still slack and capacity utilisation has not fully recovered 
* RBI to use various instruments at appropriate time to ensure ample liquidity is available in system 
* RBI ready to take further measures to ease liquidity; will continue to respond to global uncertainty 
* RBI to maintain accommodative monetary policy stance to support growth, keep inflation at targeted level 
* To raise limit for contactless card transaction from Rs 2,000 to Rs 5,000 per transaction from January 
* RTGS system to be made 24X7 in next few days 
* Commercial, cooperative banks to retain profit made in 2019-20; not to make any dividend payment 
* RBI committed to preserving depositors' interest in the financial system.
 

NEW DELHI [Maha Media]: The Reserve Bank of India on Friday said retail inflation is likely to remain elevated and pegged it at 6.8 per cent for the third quarter of the current fiscal.

RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) is of the view that inflation is likely to remain elevated, barring transient relief in the winter months from prices of perishables.

However, retail inflation is projected to be 5.8 per cent in the fourth quarter of 2020-21.

CPI inflation rose sharply to 7.3 per cent in September and further to 7.6 per cent in October, RBI Governor Shaktikanta Das said while unveiling its bi-monthly monetary policy review.

According to him, with some evidence that price pressures are spreading, the outlook for inflation has turned adverse in relation to expectation in the last two months.

"While cereal prices may continue to soften with the bumper kharif harvest arrivals and vegetable prices may ease with winter crop, other food prices are likely to persist at elevated levels. Cost push pressures continue to impinge on core inflation which could remain sticky.

"Taking into consideration all these factors, the CPI inflation is projected at 6.8 per cent for Q3 FY2020-21; 5.8 per cent for Q4 FY2020-21 and 5.2-4.6 per cent in H1 of FY2021-22 with risks broadly balanced," Das said.

The MPC has kept the key policy or the repo rate unchanged at 4 per cent with an accommodative stance to support growth and rein in inflationary pressures.

"Our paramount objective is to support growth while ensuring that financial stability is maintained and preserved at all times," Das said.
 

NEW DELHI [Maha Media]: Media and entertainment executive Uday Shankar has been selected as President-Elect, FICCI for the year 2020-21. He will be succeeding Sangita Reddy, President, FICCI, and Joint Managing Director, Apollo Hospitals Group during FICCI's 93rd AGM between December 11-14, 2020.

Shankar is the President of The Walt Disney Company for Asia Pacific and the Chairman of Star and Disney India. He is the first-ever media and entertainment executive in India to lead an industry chamber, the chamber said in a statement.

The Walt Disney Company had recently said Shankar will step down as President of its Asia Pacific business and Chairman of Star and Disney India with effect from December 31, 2020. After quitting, Shankar is expected to pursue entrepreneurial interests.

Shankar presently leads Disney's direct-to-consumer business in over 30 countries. He has been credited with the creation of entertainment shows and bringing world-class sports broadcasting to India. He also envisioned the digital transformation of Star by creating Hotstar, which has now expanded globally as Disney+ Hotstar.

In addition to his leadership at Disney and Star, Shankar has played a key role in shaping the growth trajectory of the media and entertainment sector in India, to benefit industry stakeholders as well as consumers. He has been at the forefront of landmark initiatives in television broadcasting, such as self-regulation of content and digitization of the broadcasting sector. He has earlier been the President of the Indian Broadcasting Foundation (IBF) and the Chairman of FICCI's Media and Entertainment Committee, FICCI said.

Prior to Star India, he was the CEO and Editor of Star News, the country's first 24-hour news channel. He has also been the Editor and News Director at TV Today Group, where he spearheaded the launch of Aaj Tak in 2000 and Headlines Today in 2003.

Shankar holds an MPhil in Economic History from the Jawaharlal Nehru University, Delhi.
 

NEW DELHI [Maha Media]: Directorate of Revenue Intelligence (DRI) is celebrating its 63rd Founding Day today. In view of the COVID-19 pandemic, this time the celebration will be done virtually in the presence of Finance Minister Nirmala Sitharaman along with Minister of State for Finance Anurag Thakur.

As part of this year’s Founding Day celebrations, a panel discussion on Trade Based Money Laundering is also being organised through video conferencing
 

NEW DELHI [Maha Media]: Maintaining an accommodative stance, the RBI Governor Shaktikanta Das today said that the Monetary Policy Committee has unanimously decided to leave the policy repo rate unchanged at 4 per cent. He said the marginal standing facility remains unchanged at 4.25 per cent and reverse repo rate stands unchanged at 3.35 per cent.
 
Mr. Das said the MPC was of the view that inflation is likely to remain elevated with some relief in the winter months from the prices of perishables and bumper kharif arrival.
 
The RBI Governor said the signs of recovery are far from being broad based and are dependent on sustained policy support. He said a small window is available for pro- active supply management strategy to break the inflation spiral being fuelled by supply chain disruptions.
 
Mr. Das said further efforts are necessary to mitigate supply side driven inflation pressures. He added that RBI is strongly committed to preserve the stability of the financial sector and will do whatever is necessary on this front.
 
Stating that economic contractions have started to ease, he said, portfolio flows into emerging markets have recovered and hard currency bond issuances have strengthened for those with stronger credit ratings.
 
Mr. Das said throughout the Covid-19 pandemic period RBI acted pre-emptively to face the challenged head-on posed by the virus and fallout of the pandemic on the Indian economy. He ensured that RBI will use various instruments at the appropriate time while ensuring ample liquidity is available to the system.
 

NEW DELHI [Maha Media]: Reserve Bank of India (RBI) on Friday said it expects the economy to record positive growth in the second half of the current financial year.

The economy contracted by 23.9 per cent in the first quarter and 7.5 per cent in the second quarter on account of the COVID-19 pandemic.

"The second half is expected to show some positive growth," RBI Governor Shaktikanta Das said, adding that during the financial year as whole the economy was likely to contract by 7.5 per cent, which is an improvement over its previous projection of 9.5 per cent contraction.

In October, the RBI had projected the contraction in gross domestic product (GDP) at 9.5 per cent.

Das said the GDP is expected to turn positive in the third quarter and expand at 0.1 per cent. The last quarter is likely to see an expansion of 0.7 per cent.

Hence, the growth in second half of the fiscal is expected to show a positive growth.

In its October monetary policy statement, RBI had said the real GDP growth in 2020-21 is expected to be negative at (-) 9.5 per cent, with risks tilted to the downside (-) 9.8 per cent in Q2 2020-21; (-) 5.6 per cent in Q3; and 0.5 per cent in Q4.
 

MUMBAI [Maha Media]: The Reserve Bank has asked HDFC Bank to temporarily stop all launches of the ‘Digital Business generating activities and sourcing of new credit card customers.

The RBI's order dated December 2 comes after outages in the bank's online facilities or payment utilities occurred over the past 2 years, including the recent incident in the internet banking and payment system on November 21, 2020 due to a power failure in the primary data centre.

In a regulatory filing, HDFC Bank on Thursday said: "The RBI vide said ‘Order' has advised the Bank to temporarily stop i) all launches of the Digital Business generating activities planned under its program - Digital 2.0 (to be launched) and other proposed business generating IT applications and (ii) sourcing of new credit card customers. In addition, the Order states that the Bank's Board examines the lapses and fixes accountability."

Furthermore, the filing said that these measures shall be considered for lifting upon satisfactory compliance with the major critical observations as identified by the RBI.

"The Bank over the last two years has taken several measures to fortify its IT systems and will continue to work swiftly to close out the balance and would continue to engage with the Regulator in this regard.

"The Bank has always endeavoured to provide seamless digital banking services to its customers. The Bank has been taking conscious, concrete steps to remedy the recent outages on its digital banking channels and assures its customers that it expects the current supervisory actions will have no impact on its existing credit cards, digital banking channels and existing operations."

In addition, the bank said these measures will not materially impact its overall business.
 

NEW DELHI [Maha Media]:  Domestic equity benchmarks ended modestly higher on Thursday, with the Nifty settling at a fresh record, as investors largely remained in a wait-and-watch mode ahead of RBI's policy decision amid mixed global cues.

After scaling an all-time intra-day peak of 44,953.01, the 30-share BSE Sensex pared some gains to end 14.61 points or 0.03 per cent higher at 44,632.65.

Similarly, the broader NSE Nifty touched a fresh intra-day high of 13,216.60, before settling 20.15 points or 0.15 per cent up at 13,133.90 -- its lifetime closing high.

Maruti was the top gainer in the Sensex pack, rallying 7.45 per cent, followed by ONGC, Asian Paints, NTPC, SBI, Bajaj Finserv and Tata Steel.

HDFC Bank was the top laggard, skidding 2.13 per cent, after the RBI temporarily barred it from launching digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the country's largest private sector lender over the last two years.

TCS, Bajaj Auto, Infosys, Bharti Airtel, M&M and HDFC were among the losers, shedding up to 1.48 per cent.

Global markets were mixed as investors digested a raft of economic data and progress on the COVID-19 vaccine front.

"It's a kind of choppy trading day for domestic equities. However, a strong rebound was seen in PSU Banks. Additionally, metals, realty and auto stocks witnessed decent traction... As expected, mid-cap and small-cap stocks continued to outperform the large-caps, which may persist even in coming days.

"A sideways trading was broadly expected ahead of outcome of RBI policy meet. Having witnessed sharp rebound over last one-month, Nifty valuations appear to be quite stretched and required earnings growth to sustain valuations is fairly high. Hence, any negative development or adverse news flow might lead to a sharp sell-off. Hence, investors should focus on quality names with decent margins of safety," said Binod Modi, Head Strategy at Reliance Securities.

The RBI will announce its monetary policy decision on Friday amid expectations that the central bank will maintain status quo on lending rates in view of high retail inflation.

Sector-wise, the BSE metal, utilities, oil and gas, power, auto and basic materials indices climbed up to 2.53 per cent, while IT, teck, finance and bankex ended in the red.

Broader BSE midcap and smallcap indices ended up to 0.85 per cent higher, outperforming the benchmark.

The recovery in the Indian services sector sustained in November as new work orders supported business activity growth and the first rise in employment in nine months, a monthly survey showed.

Despite falling from 54.1 in October to 53.7 in November, the seasonally adjusted India Services Business Activity Index was still indicative of a solid pace of expansion amid better demand conditions and a relaxation of COVID-19 restrictions.

Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul ended with gains, while Shanghai closed lower.

Stock exchanges in Europe were trading on a negative note in early deals.

Meanwhile, the global oil benchmark Brent crude futures rose 0.68 per cent to USD 47.92 per barrel.

The rupee slipped for the second straight day to end 12 paise lower at 73.93 against the US dollar.
 

NEW DELHI [Maha Media]: A meeting of the Board of Trade (BOT) was held on Wednesday under the chairmanship of the Commerce and Industry Minister Piyush Goyal, through video conference. The meeting focused on the new Foreign Trade Policy (FTP) (2021-26) and the strategies and measures to be taken in order to take forward domestic manufacturing and exports.

In his opening remarks, Goyal said, "Our mission is to build a stronger nation and achieve transformational goals, together with the states. He expressed confidence that with the collective efforts of all the States and Central Government, we will all work together for the better future of people of India."

The Minister appealed to the States to supplement the efforts of the Central Government.

Acknowledging the very important role of the States in the efforts, he thanked the Ministers and officials from the States for their unstinted support in these endeavours.

Goyal said, "We are looking at a truly genuine single window which can help us expand the ease of doing business. People from all over the world should have confidence that they can come and buy land, get all the necessary approvals, do participate in trade and business in India, expand in the manufacturing side and their services networks in India."

The minister said that different arms of the Government have been working to identify and support specific sectors where India has the advantages. DPIIT has identified 24 industry sectors which can add 20 lakh crore rupees worth of annual production manufacturing in India.

Goyal said that we are focusing on ease of doing business. "I have no doubt in my mind that with collective efforts of all the States and the Central Government we will all work together as one Team India for the better future of the people of India.", he added.

Goyal called for moving beyond the traditional thinking on trade, which centered around Government and Government schemes and move towards support to more free-flowing trade. He said that Trade should bank on India's strengths of quality, cost competitiveness, economies of scale, and by leveraging our comparative advantages like labour. He said that going forward, we have every possibility, to achieve the export target of a trillion dollars by 2025 and the GDP target of 5 trillion dollars.

Minister of State for Commerce and Industry Hardeep Singh Puri said that the pandemic has impacted everyone in the world but fortunately, our Prime minister realized the gravity of the situation very early and imposed the nation-wide lockdown. This helped the county slowdown spread of virus, create health infrastructure, and plan for post-Covid recovery.
 

NEW DELHI [Maha Media]: Services, the biggest sector of India's economy, saw a dip in growth in November, but it was the second straight month to have witnessed growth after 7 months of continuous decline, showed the widely-tracked IHS Purchasing Managers' Index (PMI). While domestic demand remains strong, that from overseas markets declined.

The index declined to 53.7 in November from 54.1 in October. In the PMI lexicon, any reading above 50 is expansion and any print below that is contraction.

The commentary associated with PMI said the latest reading was still indicative of a solid pace of expansion.

"Companies that signalled output growth commented on better demand conditions and a relaxation of Covid-19 restrictions," it said.

Sub-sector data highlighted transport & storage as the best performing category in November, with rates of growth for output and sales surpassing those seen in consumer services and finance & insurance. Information & communication and real estate & business services saw reductions in new orders and activity.

Underlying data suggested that the upturn in total new work was driven by the domestic market, with new export orders decreasing sharply again in November. The latest fall in international sales, the ninth in consecutive months, was attributed to subdued global demand and travel restrictions, the commentary said.

In fact, official trade data also showed that merchandise exports declined in November by over 9 per cent, sharper than 5 per cent in October.

Service providers suggested that disruptions caused by the Covid-19 pandemic exerted upward pressure on operating capacities during November, with outstanding business increasing further. Moreover, the pace of backlog accumulation was marked and faster than in October.

Together with manufacturing activities, Indian private sector activity rose for the third straight month in November, but the pace of growth softened from October's near 9-year high. The Composite PMI Output Index was down from 58.0 to 56.3, a reading that was still consistent with a marked rate of expansion. The rates of increase eased at both manufacturers and service providers.

In turn, services firms hired additional workers in November, ending 8 months of job cuts. That said, the rate of employment growth was marginal overall as some companies reported having sufficient staff to cope with the current workloads.

Both input and selling prices accelerated in November, a fact that came to light a day before the monetary policy committee of the Reserve Bank of India comes out with its review.

"Low interest rates aimed at mitigating the negative impacts of Covid-19 on the economy and the latest rise in services employment are supportive factors for domestic demand. However, a pick-up in inflationary pressures could threaten the recovery," said Pollyanna De Lima, economics associate director at IHS Markit.

Looking ahead, services firms are confident of a rise in business activity in the coming 12 months. The overall degree

of optimism improved to a 9-month high, while positive sentiment was boosted by hopes that a vaccine for Covid-19 will be rolled out.
 

NEW DELHI [Maha Media]: Reliance Industries Limited (RIL) has been ranked Number One in the 2020 Fortune India 500 list of Indias largest companies.

According to Fortune India, Reliance pipped the public-sector Indian Oil Corporation (IOC) last year to top the Fortune India 500 for the first time ever.

Despite the challenges of a slowing economy, RIL has managed to come up at the top of the list in the 2020 listing as well. The Fortune India 500 list is based on revenue, and the figures this year pertain to fiscal year 2019-2020.

This year's Fortune India 500 list is evidence of the challenges India's largest companies had been facing even before the Coronavirus pandemic hit the global economy. However, it also demonstrates the might and resilience of the Indian corporate sector in dealing with the challenges and moving forward. The global economic landscape is changing rapidly, more so after the pandemic, and Corporate India will need to navigate this new world to stay ahead, Fortune India said.

The top 10 companies on the 2020 Fortune India 500 list are Reliance Industries, Indian Oil Corporation, Oil and Natural Gas Corporation, State Bank of India, Bharat Petroleum, Tata Motors, Rajesh Exports, Tata Consultancy Services, ICICI Bank and L&T.

Fortune India said that the largest companies continue to account for the bulk of the cumulative revenues of the 500 companies is evident. The list shows 38 companies clocking revenues of over Rs 50,000 crore each, together accounting for nearly 60 per cent of the total revenues this year. On the other hand, as many as 139 companies reported revenues of under Rs 3,000 crore each, together accounting for just under 4 per cent of the total revenues.
 

NEW DELHI [Maha Media]: Spice king Dharampal Gulati, founder of MDH, passed away following a cardiac arrest in the wee hours of Thursday. He was 97.

One of the most visible faces and easily recognisable figures in India, no one can forget Gulati's image with his iconic white moustache and red turban, which pops up in one's mind as soon as one hears the catchy jingle "asli masale sach sach".

He started MDH spices, which is now almost a staple in nearly every Indian household, as a family business from a small wooden shop in Delhi's Karol Bagh under the name, Mahashian Di Hatti (MDH) of Sialkot "Deggi Mirch Wale".

With time and hard work, he established his company Mahashian Di Hatti Private Limited, which does business as MDH.

But the journey was not easy. Born on March 27, 1923, in Sialkot, now Pakistan, Gulati tried his luck in several businesses. He started working at a very young age of 10 in 1933, after he dropped out of Class 5. In 1937, he set up a small business of mirrors with the help of his father, thereafter a soap business and then he went on to take a carpentry job. He also tried his hands as a cloth merchant, and in hardware and rice trading.

But he ended up joining hands with his father in his family business of spices under the name of MDH, popularly known as "Deggi Mirch Wale".

After the partition, he came to India and reached Delhi on September 27, 1947, with just Rs 1,500.

Once in India, he started his small business in Delhi, which grew into one of the biggest spice empires of the country over time.

As the business grew bigger, he started his philanthropic activities as well with the establishment of a hospital at Subhash Nagar in 1975. What started out as a humble 10-bed establishment, now covers about five acres and boasts of MRI, CT scan, heart, neurosciences, and IVF wing, and often gives free services to the poor.

He also established over 20 schools for underprivileged children.

Gulati was conferred the Padma Bhushan, the third-highest civilian award, in 2019 for his contributions in the field of food processing trade and industry.

On Thursday, President Ram Nath Kovind tweeted a photo of him conferring the honour to Gulati and wrote "Saddened by the demise of Mahashiyan Di Hatti (MDH) owner Shri Dharampal Gulati . He was a well-known industrialist. His social service is also commendable. My condolences to his family and well-wishers."

Union Home Minister Amit Shah, Defence Minister Rajnath Singh, Delhi Chief Minister Arvind Kejriwal and his deputy Manish Sisodia were among several other eminent leaders who expressed their grief over his demise.

Shah called him a kind-hearted gentleman who "was a wonderful symbol of struggle and hard work". "The life of Dharampal , who attained the pinnacle of success through his hard work, inspires every person. May God grant salvation to the departed soul and give his family the power to bear this sorrow. Om Shanti," the home minister tweeted in Hindi.

Union Minister Singh tweeted that he was "saddened by the passing away of one of India's most respected businessmen, Mahasri Dharampal ji". "He started small but made a mark for himself. He was very involved in social work and remained active till the last moment. I express my condolences to his family." (roughly translated from Hindi).

Kejriwal said that Dharampal ji was an inspiring personality. "He dedicated his life to society. God bless his soul," he tweeted, retweeting his deputy's post.

"India's most inspiring entrepreneur, MDH owner Dharampal passed away this morning. I have never met such an inspiring and lively soul. May his soul rest in peace," Delhi Deputy Chief Minister Sisodia tweeted with pictures of the two together.
 

MUMBAI [Maha Media]: After slipping around 1 per cent during the day, the benchmark indices staged a smart recovery in the last half hour of the session to end flat on Wednesday.

The S&P BSE Sensex settled 37 points, or 0.08 per cent lower at 44,618 levels while NSE's Nifty ended at 13,114, up 4.7 points, or 0.04 per cent. Volatility index, India VIX, ended flat at 20.2 levels, up 0.3 per cent. 

Financial counters such as HDFC Bank, HDFC, ICICI Bank, and Bajaj Finance were among the major contributors to the Sensex's fall today while Asian Paints, TCS, and Titan Company gave the much-needed support. 

The broader market, however, outperformed the frontline indices. The S&P BSE MidCap index gained 0.55 per cent to 17,167 levels while the S&P BSE SmallCap index ended 0.68 per cent higher at 17,129 points. 

Sectorally, metal, auto and realty stocks rallied. Nifty Metal index gained 2.56 per cent to 3,050 levels. 

World stocks hovered near record highs on Wednesday on hopes for a coronavirus vaccine and additional US economic stimulus, though enthusiasm for riskier assets left the dollar stuck at a 2-1/2 year low.

In Asia, China stocks erased earlier gains to end nearly flat. 

US stock futures declined 0.23 per cent following a record closing high for Wall Street shares.

In commodities, oil prices fell in early trade but later pared some of the losses on news that Britain has become the first country in the world to approve a vaccine for use and that it will be rolled out from early next week.
 

NEW DELHI [Maha Media]: Union Minister for Petroleum and Natural Gas and Steel Dharmendra Pradhan launched India's first indigenously developed 100 Octane premium petrol through video conferencing yesterday. He described the launch of the environment-friendly fuel as one more step towards facilitating ease of living for the citizens as envisioned by the union government under Prime Minister Narendra Modi.
 
According to the reports, the high octane premium grade petrol being marketed under the brand XP-100 will be made available in 10 cities across the country including the national capital in the first phase. The second phase will see the addition of 5 more cities like Kolkata and Chennai. With the rolling out of XP-100 developed by Indian Oil Corporation Limited with indigenous technical know-how, India joins a select league of nations having such super grade fuel. Octane ratings are measures of fuel stability that increases engine efficiency. 
 

NEW DELHI [Maha Media]: Commerce and Industry Minister Piyush Goyal will chair a  meeting of the Board of Trade (BOT) tomorrow  through Video Conference.  The discussions in the meeting will focus on the new Foreign Trade Policy (FTP) (2021-26) and the strategies and measures to be taken in order to take forward domestic manufacturing and exports. BOT platform provides an opportunity to have regular discussion and consultation with trade and industry and advise the Government on policy measures related to FTP in order to achieve the objective of boosting India’s trade. It also provides a platform to state governments and UTs to articulate their perspective on trade policy.
 
Board of Trade will take an Overview of the Export and Import Performance, Investment Promotion Strategy for AtmaNirbhar Bharat. 
 

MUMBAI [Maha Media]: Uttar Pradesh Chief Minister Yogi Adityanath rings the bell at the Bombay Stock Exchange today morning before listing the Lucknow Municipal Corporation (LMC) bonds. Lucknow now becomes the ninth city in the country to have adopted this route for fund raising and raised money at a coupon of 8.5 percent for 10 years.
 
As per the statement by the Uttar Pradesh government, the Lucknow Municipal Corporation had raised 200 crore rupees in the bond issued last month, and the state government felt the same route can be adopted by other cities like Ghaziabad, Varanasi, Agra and Kanpur.
 

MUMBAI [Maha Media]: The domestic equity market ended over 1 per cent higher on Tuesday, led by healthy buying in financial, information technology (IT), and pharma counters. 

The S&P BSE Sensex rallied 506 points, or 1.15 per cent to settle at 44,655 levels while NSE's Nifty ended above 13,100 level at 13,109, up 140 points, or 1.08 per cent. India VIX slipped 0.23 per cent to 19.7 levels.

Infosys, ICICI Bank, HDFC, and Reliance Industries (RIL) were the major contributors to the Sensex's gain while HDFC Bank, and Bajaj Finance were among the top drags. Sun Pharma (up 5.5 per cent) was the top gainer on Sensex. 

Broader market, too, rallied in the trade. The S&P BSE MidCap index gained 0.94 per cent to 17,073 levels while the S&P BSE SmallCap index ended at 17,013, up 0.82 per cent. 

Among sectoral indices on the NSE, Nifty Realty gained the most - up 3.3 per cent to 269.90 levels while Nifty PSU Bank index surged 2.88 per cent to 1,603 points. Nifty FMCG was the only index that ended in the red - down 0.04 per cent. 

Global markets

World shares edged up to just below record peaks on Tuesday after robust China data boosted expectations of a recovery from the Covid-19 downturn and as drugmakers seek fast approval for their vaccines and authorities look set to keep stimulus support. 

In Asia, Japan’s Nikkei rose 1.3 per cent while Australia’s S&P/ASX 200 gained 1.1 per cent after Australia’s central bank said the country’s economy would need fiscal and monetary support “for some time."

In commodities, oil prices ticked up with early European trading erasing earlier losses, as all eyes were on talks between OPEC and its allies who postponed a formal meeting to decide whether to increase output from next month. 
 

NEW DELHI [Maha Media]: Revenue from Goods and Services Tax (GST) stood at over Rs 1.04 lakh crore in November as against Rs 1.05 lakh crore collected in the previous month, the Finance Ministry said in a statement.

This is the second straight month in the current fiscal when GST revenue has topped Rs 1 lakh crore.

The collection in November 2020 is 1.4 per cent higher than in November 2019 when the GST mop-up was Rs 1,03,491 crore.

"In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4 per cent higher than the GST revenues in the same month last year.

"During the month, revenues from import of goods were 4.9 per cent higher and the revenues from domestic transaction (including import of services) are 0.5 per cent higher than the revenues from these sources during the same month last year," the ministry said in a statement.

The gross GST revenue collected in November 2020 is Rs 1,04,963 crore, of which Central GST is Rs 19,189 crore, State GST is Rs 25,540 crore, IGST is Rs 51,992 crore (including Rs 22,078 crore collected on import of goods) and Cess is Rs 8,242 crore (including Rs 809 crore collected on import of goods), the Finance Ministry said.

GST revenue had topped Rs 1 lakh crore in 8 out of 12 months of 2019-20. However, in the current fiscal, the revenue has taken a hit due to the lockdown and the consequent slowdown in the economy.

Revenue in April was Rs 32,172 crore, May (Rs 62,151 crore), June (Rs 90,917 crore), July (Rs 87,422 crore), August (Rs 86,449 crore), September (Rs 95,480 crore), October (Rs 1,05,155 crore) and November (Rs 1,04,963 crore).
 

NEW DELHI [Maha Media]: After a COVID-19 pandemic-led contraction in consumer spending in 2020, household spending will return to growth in 2021, expanding by as much as 6.6 per cent, Fitch Solutions said on Monday.

Consumer spending is forecast to have contracted by 12.6 per cent in 2020.

"While growth will return to positive in 2021, we do note the recovery will be slower than most countries, as a result of the significant contraction over 2020," it said. "Unemployment will remain heightened, while the effectiveness of government support measures is questionable." Fitch Solutions forecast a return to pre-COVID-19 levels only over the second half of 2021 and 2022.

"We forecast household spending in India to return to growth in 2021 after the COVID-19 pandemic led to a contraction in consumer spending in 2020," it said.

In nominal terms, total household spending will only be 1.2 per cent higher than what it was in 2019 (Rs 123 lakh crore in 2021, compared to Rs 121.6 lakh crore in 2019), indicating the extent of the impact that the COVID-19 pandemic has had on consumer spending.

Fitch Solutions said all of the main consumer spending categories will return to positive growth in 2021.

However economic impact of 2020 has created a significant base effect across a number of categories.

Food and non-alcoholic drink spending were prioritised in household budgets in 2020 and so growth in spending of these items, while remaining positive, will be slightly lower than in 2020.

"We forecast food and non-alcoholic drinks spending to grow by 7.9 per cent year-on-year in 2021, from the 10.1 per cent growth we forecast for 2020," it said.

Spending with other consumer categories is estimated to record significant contractions over 2020 as households cut spending on non-essential items.

As such, these categories will grow from a relatively lower base over 2021 and thus will report stronger growth over the year.

India recorded its first COVID-19 case on January 30, 2020, with the government announcing a country-wide lockdown on March 24, which lasted until late May.

Localised lockdowns are also being used in containment zones and were extended to November 30.

Containment measures and restrictions include travel restrictions, closing educational establishments, gyms, museums, and theatres; bans on mass gatherings and encouraging firms to promote remote work.

The Indian government first announced relaxation measures in geographical areas designated as non-hotspot from April 20, 2020. Domestic air travel resumed on May 25. The gradual easing of restrictions has come under 5 levels.

On September 30, 2020, the government issued 'Unlock 5.0' guidelines, which allowed for state governments to decide on reopening schools and other educational institutions, after October 15, in a graded manner.

Entertainment hubs, such as cinemas/theatres/multiplexes, are now open, but under a 50% capacity rule. The ceiling on mass gatherings has been extended to 200 people.

The latest government announcements on October 27 extended localised lockdowns until November 30, under the same guidelines as in 'Unlock 5.0'.

"Our forecasts take into account risks that are highly likely to play out in the short term, such as the easing of government support. However, there are risks to outlook that if they do start to play out will lead to forecast revisions," Fitch Solutions said.
 

NEW DELHI [Maha Media]: Employees' Provident Fund Organisation (EPFO) has extended the time limit for pensioners upto 28th February next year for submission of Jeevan Pramaan Patra (JPP).

Around 35 lakh pensioners with EPFO will benefit from this.

This has been done in view of the ongoing COVID-19 pandemic and the vulnerability of elderly population to Corona Virus. Presently, a Pensioner can submit Jeevan Praman Patra anytime during the year upto 30th November, which is valid for a period of one year from the date of issue.

All such pensioners can now submit Life Certificates till 28 February next year. Multiple modes for submission of JPP including 3.65 lakh Common Service Centres, Branches of Pension Disbursing Banks 1.36 lakh post offices, Postal Network of 1.90 lakh Postmen and Grameen Dak Sevaks under the Department of Post can be availed by pensioners. During this extended period, pension will not be stopped in respect of 35 Lakh Pensioners who could not submit JPP during November. 
 

NEW DELHI [Maha Media]: India's manufacturing sector activity lost momentum and fell to a three-month low in November amid slower increases in factory orders, exports and buying levels, a monthly survey said on Tuesday. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) fell from 58.9 in October to a three-month low of 56.3 in November, indicating that the manufacturing sector growth remained strong, despite losing traction.

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

"The Indian manufacturing sector remained on the right path to recovery, with strong growth of new orders and output sustained during November," Pollyanna De Lima, Economics Associate Director at IHS Markit, said.

Lima further noted that "the softening of rates of expansion seen in the latest month does not represent a major setback, since these are down from over decade highs in October, a spike in COVID-19 cases and the possibility of associated restrictions could undermine the recovery".

As per the survey, aggregate new orders rose at the slowest pace in three months.

The companies indicated that sales growth was underpinned by resilient demand, though curbed by the COVID-19 pandemic, it added.

"Companies noted that the pandemic was the key factor weighing on growth during November, with COVID-related uncertainty also restricting business confidence," Lima said.

Business optimism faded slightly in November. "Output growth is still predicted for the year ahead, but concerns about public policies, rupee depreciation and the COVID-19 pandemic dampened overall confidence," according to the survey.

Employment, on the other hand, decreased again as companies observed social distancing guidelines. The rate of job shedding was solid and little-changed from October.

"Employment remained in contraction territory, however, with companies reportedly keeping the minimum possible number of workers as per government guidelines," Lima said.

On the price front, input costs and output charges rose at accelerated rates that nevertheless remained below their respective long-run averages.

Meanwhile, India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent.

The gross domestic product (GDP) had contracted by a record 23.9 per cent in the first quarter of 2020-21 fiscal (April 2020 to March 2021) as the coronavirus lockdown pummelled economic activity.

The second straight quarter of contraction pushed India to its first technical recession. 
 

MUMBAI [Maha Media]: There was no trading in Bombay Stock Exchange (BSE) and National Stock Exchange ( NSE) on Monday for 'Gurunanak Jayanti', traders informed. 

Similarly, the Forex Market too shut for the same, they said.
 

NEW DELHI [Maha Media]: Minister of Railways Piyush Goyal today inaugurated the newly electrified Dhigawara-Bandikui section of North Western Railway. He also flagged off the first train on this newly electrified route at the function organized at Dhigawara station. 

Speaking on this occasion, Mr Goyal said, after the electrification of this line, the route from Rewari to Ajmer has been electrified and now the electric trains from Delhi to Ajmer will start soon. He said, after running of these trains, the diesel trains will be stopped, which will eliminate pollution as well as the dependence on the fuel imported from outside  and significant revenue will be saved. 

He said, apart from this, the average speed of trains will increase and there will be development of industries, agro-based businesses and progress of villagers and farmers. Mr Goyal said, to avoid any inconvenience to the farmers, Kisan Rail is being operated by the railways to transport their agricultural products. He said, the government is committed to the progress of farmers.
 

NEW DELHI [Maha Media]: Tata Sons is planning to gradually raise its stake in AirAsia India to more than 76 per cent by the end of 2020-21, people aware of the development have said.

Tatas increasing stake in the airline will give an exit route to Malaysia's flagship budget carrier AirAsia Berhad, which holds 49 per cent stake in the company. The AirAsia Group recently said it was reviewing its investment in the joint venture, as operations of the company — like those of its now-shuttered Japan business — have been draining cash and adding to the group’s financial stress. 
 

NEW DELHI [Maha Media]: With India being an attractive destination for foreign funds despite the pandemic, FDI inflow rose 15 per cent during the April-September period to $30 billion.

During the same period last fiscal, total FDI inflow stood at $26 billion.

According to data from the Department for Promotion of Industry and Internal Trade (DPIIT), Mauritius and Singapore were the biggest sources of FDI for India with 29 per cent and 21 per cent contribution respectively.

The US, Netherlands and Japan followed with 7 per cent contribution each.

Among the sectors, services sector continued to lead with the highest amount of FDI coming in. The sector which includes financial, banking, insurance, outsourcing, R&D among others, received 17 per cent of the FDI equity inflow during the period under review.

Computer software and hardware segment got 12 per cent FDI inflow while the telecom sector received 7 per cent

Among the states, Gujarat attracted the highest FDI equity inflow with 35 per cent of the overall funds coming in during April-September, followed by Maharashtra (20 per cent), Karnataka (15 per cent) and Delhi (12 per cent).

Inflow of foreign investments has been on the rise after the governments around the world along with India announced liquidity measures in the wake of the pandemic.

The Centre has also announced liberalising measures for FDI in several sectors including contract manufacturing, coal mining and defence which are likely to fetch in more investments.
 

MUMBAI [Maha Media]: The BSE Sensex rose by 267.47 points or 0.61 pc to settle at 44,149.72 in a week under review on positive cues from global peers. The market stocks were upbeat as COVID-19 vaccine progress boosted sentiment and US President-elect Joe Biden was given the goahead to begin his White House transition. 

Nifty gained 109.90 points or 0.85 pc to settle at 12,968.95. The BSE Mid-Cap advanced 478.15 or 2.91 pc to settle at 16,914.65. The BSE Small-Cap jumped 692.60 points or 4.28 pc to settle at 16,875.15. On Monday the Sensex, rose 194.90 points to settle at 44,077.15. Nifty advanced 67.40 points to settle at 12,926.45.
 

NEW DELHI [Maha Media]: Chief Economic Advisor K V Subramanian has said that India's Gross Domestic Product (GDP) estimates of second quarter of 2020-21 is quite encouraging in comparison to the first quarter. Talking to media persons in New Delhi yesterday, Mr Subramanian said, manufacturing has recorded a positive growth of 0.6 per cent, and utility has grown by 4.4 per cent and Agriculture grew by 3.4 per cent in second quarter. Mr Subramanian said that the broad recovery is underway.

India's GDP contracted by 7.5 per cent in the second quarter, from July to September of 2020-21. According to the Ministry of Statistics and Programme Implementation, Gross Value Added (GVA) came in at minus 7 percent.

Some sectors have bounced back with resumption of economic activities. The electricity, gas, water supply and other utility services have shown a growth of 4.4 per cent. It said, agriculture, forestry and fishing sector at 3.4 per cent and manufacturing sector showed a marginal growth of 0.6 per cent.
 

NEW DELHI [Maha Media]: Gold was marginally down by Rs 43 to Rs 48,142 per 10 gram on Friday in the national capital, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 48,185 per 10 gram.

Silver also declined Rs 36 to Rs 59,250 per kg, from Rs 59,286 per kg in the previous trade.

In the international market, gold was marginally higher at USD 1,810 per ounce and silver was flat at USD 23.29 per ounce.

"Gold prices witnessed some short recovery as investors turned cautious over vaccine progress. Stimulus hopes may support bullion prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
 

NEW DELHI [Maha Media]: Equity benchmark Sensex ended 110 points lower after a choppy session on Friday, dragged by losses in index majors Reliance Industries, Infosys and TCS despite a positive trend in global markets.

The 30-share BSE index closed 110.02 points or 0.25 per cent lower at 44,149.72.

The broader NSE Nifty slipped 18.05 points or 0.14 per cent to 12,968.95.

PowerGrid was the top laggard in the Sensex pack, shedding over 2 per cent, followed by HCL Tech, ONGC, M&M, Axis Bank, TCS, Reliance Industries and Infosys.

On the other hand, Asian Paints, Titan, Tata Steel, Bajaj Finance and Bajaj Auto were among the gainers.

Domestic market swung between gains and losses in a narrow range. While most of Asian markets recovered in green after witnessing tepid opening, Indian broader indices remained choppy throughout the day, said Binod Modi, Head- Strategy at Reliance Securities.

"However, strong buying remained visible in midcap and small cap stocks as investors find midcaps more attractive now due to wider valuations gap compared to large caps," he added.

As current valuations look to be reasonably stretched and street is factoring a robust earnings growth, sustainability of rebound in key economic indicators will be crucial for the market in the near term, he said.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

Stock exchanges in Europe were largely trading with gains in early deals.

Meanwhile, Brent crude futures, the global oil benchmark, was trading 0.67 per cent higher at USD 48.11 per barrel.
 

NEW DELHI [Maha Media]: Union Minister Nitin Gadkari inaugurated and laid the foundation stones of 16 National Highway projects worth 7477 crore rupees in Uttar Pradesh on Thursday.
 
Chief Minister Yogi Adityanath was also present at the virtual function. These road projects worth 505 kilometers will enhance better connectivity, convenience and economic growth in the state.
 
Speaking on the occasion, Mr Gadkari said that National Highways works worth two lakh crore rupees are being undertaken in UP. Thanking the Central government, the Chief Minister said that National Highways works done in the state in the last 6 years is more than what was done in 65 years after independence.
 

NEW DELHI [Maha Media]: Reserve Bank Governor Shaktikanta Das has said that the Indian economy exhibited a stronger than expected pickup in recovery after the first quarter of the current fiscal. Mr Das, however, warned that downside risks to growth continue due to a surge in Covid-19 infections. He was speaking at the annual day event of Foreign Exchange Dealers' Association of India yesterday.
 
RBI Governor said, even as the growth outlook has improved, we need to be watchful about the sustainability of demand after festivals and a possible reassessment of market expectations surrounding the Covid-19 vaccine.
 
The sharp rise in Covid cases in eight states, which include key economic and business hubs, has prompted the Ministry of Home Affairs to issue fresh guidelines for states to contain the spread of Coronavirus.
 
Over the last two months, the government announced two stimulus packages to boost demand in the economy through a slew of incentive schemes.
 

NEW DELHI [Maha Media]: Communications Ministry has said all Fixed to Mobile calls will be dialled with prefix ‘0’ from 15th January next year. There will be no change in dialing plan from fixed to fixed, mobile to fixed and mobile to mobile calls. Department of Telecommunications has taken the decision of implementing this with the consideration of TRAI Recommendation on “Ensuring Adequate Numbering Resources for Fixed Line and Mobile Services”.
 
Suitable announcement will be made for the same. This announcement shall be played whenever a subscriber dials a fixed to mobile call without prefixing ‘0’. All fixed line subscribers will be provided with ‘0’ dialing facility.
 
A total of approximately 2539 million numbering series is expected to be generated from this. This will free up sufficient numbering resources for future use.
 
With the freeing up of sufficient numbering resources, more number of connections can be added in future which will be beneficial to the mobile customers at large.
 
The changes have been done in order to have minimum inconvenience to the subscribers and freeing up essential numbering resources.
 

NEW DELHI [Maha Media]: The Indian economy has exhibited a stronger than expected rebound, Reserve Bank of India Governor, Shaktikanta Das said. Das also said that we need to be watchful of demand sustainability after the festive season. 

He said that the RBI remains committed to maintain orderly functioning of financial markets. The RBI will act to mitigate any downside risks, Governor Das also said. Speaking at the annual day event of Foreign Exchange Dealers' Association of India (FEDAI), Das said there are downside risks to growth across the world and also in India. 

It can be noted that the Indian economy contracted by 23.9 per cent in the first quarter of the fiscal year, and the RBI expects the economy to shrink by 9.5 per cent in FY21. However, there has been recovery after the opening up of the lockdown restrictions, especially during the festive season. 

"After witnessing a sharp contraction in the economy by 23.9 per cent in Q1 and a multi-speed normalisation of activity in Q2, the Indian economy has exhibited stronger than expected pick-up in momentum of recovery," Das said. 

Even as growth outlook has improved, downside risks to growth continue due to recent surge in infections in parts of Europe and also in parts of India, he said. "We need to be watchful about the sustainability of demand after the festivals and a possible reassessment of market expectations surrounding the vaccine," he said. 

Das said regulatory reforms have moved the financial markets to the next trajectory amid the pandemic and affirmed RBI's commitment to ensure an orderly conduct in the markets. He also said that India will continue to approach capital account convertibility "as a process, rather than as an event" within a broad macroeconomic framework.
 

MUMBAI [Maha Media]:  Staging a smart recovery, the domestic equity market ended around 1 per cent higher on Thursday, the last day of the futures and options (F&O) contracts for the November series, amid broad-based buying.

The S&P BSE Sensex surged 432 points, or 0.98 per cent to settle at 44,260 levels and the Nifty50 index gained 129 points, or 1 per cent to 12,987 levels. India VIX, meanwhile, dropped nearly 13.5 per cent to 20 levels. 

Sectorally, all the indices ended in the green with Nifty Metal index rising the most - up 3.85 per cent to 2,925 levels. 

Broader market, too, participated in the rally. The S&P BSE MidCap index jumped 0.94 per cent to 16,598 levels while the S&P BSE SmallCap index rose 0.71 per cent to 16,480 levels.

In global markets, European shares were mixed on Thursday and world shares held near all-time highs after a strong Asian session in which market euphoria around Covid-19 vaccines, Joe Biden’s US presidential election win and hopes for further stimulus outweighed worsening US data. 

In Asia, China’s main stock indexes ended higher, rebounding from two days of losses as gains in financial and consumer shares offset drops in health care, tech and new energy vehicle firms.

Oil prices rose for a fifth day on Thursday after a surprise fall in US crude inventories gave further legs to a rally driven by optimism that vaccines will end the coronavirus pandemic and revive demand for fuels. 
 

NEW DELHI [Maha Media]: After witnessing healthy off-take conditions during the festive season, auto major Maruti Suzuki foresees sales momentum to continue till December-end.

Accordingly, the passenger vehicle giant has achieved both sequential as well as yearly growth in sales during this year's festive season.

In a conversation with IANS, cited that pent-up demand has not yet diminished which is expected to drive the sales momentum along with faster acceleration in overall economic recovery.

"Looking at the booking and the enquiry levels, we expect conducive demand conditions to sustain till December-end," Srivastava said.

"Factors such as shift from shared to personal mobility, higher discretionary spending due to increased savings, pent up demand and low interest rates have all played a role in giving a push to the sales momentum."

However, he cautioned that future sales' trend will depend on the dynamic nature of the pandemic.

"The upside in sentiment has been witnessed during the festive season, however, now the downside such as reimposition of night curfews in few states as well as ambiguity over the vaccines' availability are coming into play. These factors will determine the future sales' trajectory."

Nevertheless, the auto major has been able to sell more vehicles in the main festive season spanning from October 17 to November 16 than during the corresponding period of the previous year.

Even the marriage season during November-January period and chances of a greater transmission of previous repo cuts into lower lending rates has brightened the company's prospects.

"The overall pent up demand has not yet diminished, as retail was practically shut during Q1FY21 and gradual recovery only took place from Q2 onwards," he said.

Last month, the company's total sales rose by 18.9 per cent to 1,82,448 units as against 1,53,435 units sold in October 2019.

Domestic sales of the company, including sales to other original equipment manufacturers (OEM) stood at 1,72,862 units, 19.8 per cent higher on a year-on-year basis.

Besides, the auto major has garnered enough bookings, that currently the company holds 50 per cent market share of the passenger vehicle segment in India.

Consequently, the auto mammoth had to swiftly increase production level to keep up with demand.

"Our production level has increased on a sequential basis. We are keeping production at an optimal level in view of the dynamic demand scenario," Srivastava said.

"We still have a waiting period for some of our models such as Brezza. However, it can not be generalised since every geography has a different waiting period even for the same vehicle."

In addition, Srivastava said the company's new subscription model stands to gain from the pandemic-triggered shift in consumer preference from shared to personal mobility.

Recently, the auto major launched its 'Subscribe' service in four more cities -- Mumbai, Chennai, Ahmedabad and Gandhinagar.

Earlier, the company had launched the service in major cities like Delhi-NCR, Bengaluru, Hyderabad, and Pune.

The initiative allows a customer to use a brand-new car without actually owning it.

Under the terms, a customer availing the service needs to pay an all-inclusive monthly fee that comprehensively covers maintenance and insurance for the complete tenure.
 

NEW DELHI [Maha Media]: The government on Thursday extended suspension of scheduled international commercial passenger services to and from India extended till December 31.

In the wake of a spike in coronavirus cases, the Directorate General of Civil Aviation (DGCA) in a circular dated November 26 said all scheduled international commercial passenger flights flying to and from India will remain suspended till December 31.

However, these restrictions won’t apply to cargo operations and services approved by the DGCA.

The DGCA also added that select international flights on limited routes may be allowed by competent authorities on case to case basis.
 

NEW DELHI [Maha Media]: The government on Wednesday approved merger of crisis-ridden Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd (DBIL) and removed restrictions on withdrawal of deposits by depositors.

The Union Cabinet has approved the merger of the LVB with DBS Bank India Limited, Union Minister Prakash Javadekar told reporters, adding the decision will provide comfort to 20 lakh depositors and protect the services of 4,000 employees.

"Cabinet approves Scheme of Amalgamation of Lakshmi Vilas Bank with DBS Bank India Limited; with this there will no further restrictions on the depositors regarding withdrawal of their deposits," the official spokesperson said in a tweet.

The minister said that those responsible for deteriorating financial health of the LVB would be penalised.

The government had earlier on November 17 on the advice of the RBI imposed a 30-day moratorium on the crisis-ridden LVB restricting cash withdrawal at Rs 25,000 per depositor.

The RBI simultaneously placed in public domain a draft scheme of amalgamation of LVB with DBIL, a banking company incorporated in India under Companies Act, 2013, and having its Registered Office at New Delhi.

The Reserve Bank had also superseded the board of the LVB and appointed T N Manoharan, former non-executive chairman of Canara Bank, as administrator of the bank for 30 days.

LVB is the second private sector bank after Yes Bank which has run into rough weather during this year. In March, capital-starved Yes Bank was placed under a moratorium. The government rescued Yes Bank by asking state-run State Bank of India to infuse Rs 7,250 crore and take 45 per cent stake in the bank.
 

MUMBAI [Maha Media]: The equity benchmark indices corrected sharply and ended with heavy losses on Wednesday. The Nifty after opening above 13,100 level succumbed to selling pressure and ended near 12,850 mark. PSU banks advanced in a broader market correction.

As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 694.92 points or 1.56% at 43,828.25. The Nifty 50 index fell 196.25 points or 1.5% at 12,858.75.

The Sensex hit a record high of 44,825.37 while Nifty scaled fresh high of 13,145.85 in early deal today.

The broader indices fell in tandem with main barometers. The S&P BSE Mid-Cap index lost 1.76% while the S&P BSE Small-Cap index fell 1.13%.

The market breadth was weak. On the BSE, 1,126 shares rose and 1,660 shares fell. A total of 178 shares were unchanged.
 

NEW DELHI [Maha Media]: Prime Minister Narendra Modi will inaugurate the virtual 3rd Global Renewable Energy Investment Meeting and Expo (RE-Invest 2020) on Thursday evening. The summit is being organised by the Ministry of New and Renewable Energy and will be held from November 26-28.

The theme for RE-Invest 2020 is 'Innovations for Sustainable Energy Transition'. It will feature a three-day conference on renewables and future energy choices, and an exhibition of manufacturers, developers, investors and innovators.

"It is expected to be attended by over 75 international ministerial delegations, over 1,000 global industry leaders, and 50,000 delegates. It aims to accelerate the worldwide effort to scale up development and deployment of renewable energy and connect the global investment community with Indian energy stakeholders," read a government statement.

The virtual expo aims to build upon the success of the first two editions held in 2015 and 2018 and provide an international forum for investment promotion in the field of renewable energy.
 

NEW DELHI [Maha Media]: India's national capital is the 27th fastest growing prime residential market, according to a report by Knight Frank.

Mumbai ranked 33rd while Bengaluru stood at the 34th place.

Globally, Delhi ranked 27th with a 0.2 per cent annual price change for the period Q3 2019-Q3 2020, and with a decline of 0.1 per cent price change in Q3 2020 compared to the previous quarter.

Mumbai ranked 33rd with '-1.3 per cent' annual price change for the period Q3 2019-Q3 2020. The city saw also saw a decline of 0.7 per cent price change in Q3 2020 compared to Q2 2020.

In Bengaluru prices declined 1.4 per cent annual price change for the period Q3 2019-Q3 2020.

The 'Prime Global Forecast 2021' report cited the prime residential prices across the 22 cities (on average) are expected to remain static in 2020, before rising by 2 per cent in 2021.

The prime residential market of Mumbai, though expected to see no change in annual price change in 2021 (Dec 20 - Dec 21), is likely to witness a buoyancy in demand for the prime properties. Shanghai and Cape Town lead the forecast for 2021 with annual price growth of 5 per cent forecast in 2021 whereas Buenos Aires is expected to be the weakest-performing global city, with prime residential prices falling by 8.0 per cent in the same year.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, said "With the modest price correction in the Indian real estate sector, post-lockdown, the luxury market has seen significant traction. Buyers are responding favourably to residential purchase across segments including luxury as sale prices have corrected in the last few quarters making investment in property attractive."

"It is also not surprising that those markets that are already witnessing an economic rebound have moved higher in the rankings in this quarter. In this period of uncertainty, the Knight Frank Prime Global Cities Index still registers a prime price growth across the globe despite the pandemic," he said.
 

NEW DELHI [Maha Media]: Gold prices plunged by Rs 1,049 to Rs 48,569 per 10 gram in the national capital on Tuesday following weak global cues and rupee appreciation, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 49,618 per 10 gram.

Silver also faced selling pressure as it tumbled by Rs 1,588 to Rs 59,301 per kg from Rs 60,889 per kg in the previous trade.

In the international market, gold was quoting lower at USD 1,830 per ounce and silver was flat at USD 23.42 per ounce.

"Gold prices traded lower in the morning trade extending decline on vaccine hopes and Biden's white house transition as US President," HDFC Securities Senior, Analyst (Commodities) Tapan Patel said.

Navneet Damani, VP Commodities Research, Motilal Oswal Financial Services said, "Gold fell as better-than-expected US business activity data and optimism over progress in COVID-19 vaccine boosted hopes for a swifter economic rebound and drove investors towards riskier assets.
 

NEW DELHI [Maha Media]: Finance Minister Nirmala Sitharaman has said that the government will take more steps to continue the momentum of economic reforms in the country.

Addressing a conference organised by CII, she said, the momentum of reforms will continue to make India a hotspot of global investment.

Ms Sitharaman said that Prime Minister Narendra Modi has not lost any opportunity to take deep reforms at this time of pandemic.

She said, Mr Modi also undertook  those kinds of reforms which have not seen the light of the day over the decades.

She said, the financial sector is being professionalised and the government will continue with disinvestment and privatisation agenda.

On reforms in taxation system, the Finance Minister said that the use of technology, such as faceless assessment, has eased the tax filing process.

On corporate tax, Ms Sithraman said that the reduction in Corporate tax  clearly shows that our intent is to show immediate benfits for the MNCs and any large companies or small companies.
 

MUMBAI [Maha Media]: The BSE Sensex and the Nifty extended their record-breaking rally to Tuesday with both the indices closing at fresh new highs led by broad-based buying in the market. Optimism over early arrival of Covid-19 vaccine led by buying in the market, say experts. The Sensex closed 445.87 points or 1.01% higher at record high of 44,523.02. The NSE benchmark Nifty50 index settled 128.70 points or 1% higher at 13,055.15. This is for the first time the index closed above the 13,000 mark, a new landmark for the index. Today's market rally made investors richer by Rs 1.50 lakh crore as BSE' market capitalisation surged to Rs 174.91 lakh crore on Tuesday as compared to Monday's figure of Rs 173.46 lakh crore.

Banking stocks outperformed benchmark indices today with the Bank Nifty rising 2.46%. Among Nifty stocks, Adani Ports was the top gainer in the Nifty, up 4.56% followed by Axis Bank and Hindalco, which rallied 4.04% and 3.62% respectively. M&M, HDFC Bank, ITC, Maruti Suzuki, SBI, ICICI Bank, Dr Reddy's Lab, Kotak Mahindra Bank, Sun Pharma, Tech Mahindra, HUL, Asian Paints were the other prominent gainers in the Nifty rising between 1%-3.47%.

Titan Company was the top loser in Nifty, down 1.52% followed by HDFC and BPCL, which fell 1,47% and 1.22% respectively. Shree Cements, Bharti Airtel, Nestle, Gail, ONGC, IOC, Ultratech Cements, Divis Labs, Grasim, Power Grid Corp, Wipro, TCS and Bajaj Finance were the other losers in the Nifty.  

Market breadth was positive today; out of the 1,675 shares traded  on the NSE today 994 shares closed higher while 681 shares closed in the Red.

The Indian rupee also extended its gaining streak to Tuesday. It provisionally closed 10 paise higher at 74.01 against the US dollar amid falling dollar value and FPI inflows into the equity market.
 

NEW DELHI [Maha Media]: Hiring in India recovered by 18 per cent to climb 30 per cent (on-year) in September, as businesses and companies continue to reopen, global professional services platform LinkedIn said on Tuesday.

Earlier in the year, hiring declines reached a low of below -50 per cent year-on-year in April, before starting to slowly recover.

In late July, it crossed the 0 per cent mark and continued increasing, reaching 12 per cent in August and 30 per cent at the end of September.

"Competition for jobs is lower compared to several months ago, but still 30 per cent higher compared to a year ago," the report mentioned.

However, after nearly doubling in the middle of 2020, the applications per job dropped down 1.3 times in August and stayed at a similar level in September.

Compared to pre-COVID, LinkedIn still sees that job seekers who are currently in the badly affected sectors (such as recreation and travel) are 4.2 times more likely to look for jobs in a different sector, compared to pre-COVID.

"But this stress has abated from June 2020, where the likelihood was as high as 6.8 times. Similarly, the stress for the Retail sector has reduced from 2.4 times to 1.1 times. There is not much change in the other sectors," the company mentioned.

Recovery was also faster for disruptive digital talent, but in recent months, this gap has started to narrow from over 20 percentage points difference in April and May, to 2 percentage points difference in September.

"This possibly reflects the recovery of non-tech sectors," LinkedIn said.
 

NEW DELHI [Maha Media]: Government has extended the period for submission of Life Certificate by Central Government pensioners till 28th February next year.
 
Earlier, the government had extended the timeline for submission of Life Certificate from 1st of November to 31st of December, 2020.
 
According to the Ministry of Personnel, Public Grievances and Pension, the Department has been in receipt of numerous petitions from various Pensioners' Associations as well as individuals requesting a further extension in the date for submitting Life Certificate in view of the ongoing Covid-19 pandemic and vulnerability of elderly population to corona virus.
 
The Ministry said, after consultation with the office of Controller General of Accounts, it has now been decided to further extended the existing timeline for submission of Life Certificate.
 

NEW DELHI [Maha Media]: Gold in the national capital witnessed muted trading and was marginally up by Rs 57 to Rs 49,767 per 10 gram on Monday, according to HDFC Securities.

In the previous session, the precious metal had closed at Rs 49,710 per 10 gram.

Silver, however, declined by Rs 185 to Rs 61,351 per kilogram from Rs 61,536 per kilogram in the previous trade.

In the international market, gold was quoting with gains at USD 1,874 per ounce and silver was flat at USD 24.22 per ounce.

"Gold prices traded up on economic growth worries and fresh lockdown in Canada and other parts of the world," HDFC Securities Senior, Analyst (Commodities) Tapan Patel said.
 

MUMBAI [Maha Media]:  Equity benchmark Sensex jumped 195 points on Monday, tracking gains in index-heavyweights Reliance Industries, Infosys and TCS amid largely positive cues from global markets and sustained foreign fund inflows.

After touching a record intra-day high of 44,271.15, the 30-share BSE index ended 194.90 points or 0.44 per cent higher at 44,077.15.

Similarly, the broader NSE Nifty rose 67.40 points or 0.52 per cent to close at 12,926.45.

ONGC was the top gainer in the Sensex pack, surging around 7 per cent, followed by IndusInd Bank, Infosys, Tech Mahindra, Reliance Industries, HCL Tech and TCS.

On the other hand, HDFC, ICICI Bank, Axis Bank, SBI and M&M were among the laggards.

Indian markets traded on a positive note following positive global cues amid COVID-19 vaccine hopes as more pharma companies announced successful initial trials for their vaccine candidates, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

"During the afternoon session the markets pared initial gains and traded marginally positive briefly and scaled back strongly led by buying in IT, pharma and auto shares while banks and financial stocks pared losses for the day," he added.

Earlier in the day, the COVID-19 vaccine candidate being developed by Oxford University showed crucial Phase 3 interim results.

The ChAdOx1 nCoV-2019, being produced in collaboration with AstraZeneca, was found to be 70.4 per cent effective when combining data from two dosing regimens.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended with significant gains.

Stock exchanges in Europe were also trading on a positive note.

Meanwhile, Brent crude futures, the global oil benchmark, rose 1.64 per cent to USD 45.81 per barrel.

According to traders, persistent foreign fund inflows too buoyed domestic investor sentiment.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 3,860.78 crore on Friday, according to provisional exchange data.
 

NEW DELHI [Maha Media]: The hit to the Indian infrastructure sector from Covid-19 pandemic will continue to be felt in 2021 even as the economy revives following the lifting of the country-wide lockdown, according to rating agency Standard & Poor’s.

Credit risks are rising because of increasing debt levels and a weakening of counter parties. Rrefinancing remains difficult for speculative grade-rated issuers, the rating agency said in its presentation "India's Infrastructure Recovery Won't Be Quick".

Dwelling on the specific segments of Indian infrastructure, the agency said that in the roads segment a steep fall has been followed by a sharp recovery. This gives confidence that traffic risk will subside. The annuity road projects are insulated from traffic risk.

In the airports sector, the recovery is unlikely before 2024. The high capital expenditure and regulatory delays will amplify refinancing risks. Air traffic will recover to pre-Covid levels only by 2024, lowering revenues. The profitability will come under pressure, with limited operating levers and high fixed costs.

The power segment will be operationally resilient, but significant overdue receivables are downside risks. The fixed tariff and regulated returns will support stable operating cash flows. Also, demand recovery appears sustainable in the power sector with three consecutive months of demand growth (year-on-year). The renewables will maintain favourable supply position, protecting revenues, it added.

Referring to some of the pain points for the power sector, S&P said a massive increase in overdue receivables post-March indicates a severe impact on already weak distribution companies (discoms). The liquidity relief loan will alleviate some pressure, but will not fix structural problems. Weaker states’ ability to support weak discoms will add to the strain, S&P said.

In ports, a recovery is likely to be gradual and varied after a moderate deterioration. Port cargo will fall moderately (in line with ~10 per cent global levels and global financial crisis experience). The recovery should be in tandem withg gross domestic product.
 

NEW DELHI [Maha Media]: Global crude oil prices posted a third consecutive weekly rise last week, buoyed by successful COVID-19 vaccine trials, while renewed lockdowns in several countries to limit the spread of the Coronavirus capped gains. So, Brent crude oil futures ended the week at USD 44.96 a barrel. While, US crude futures for January contract closed the week at USD 42.42 a barrel. Both benchmarks gained about 5 per cent this week.
 
Also, boosting sentiment was hope that the Organization of the Petroleum Exporting Countries, Russia and other producers will keep crude output in check. The group, known as OPEC, was expected to delay a planned production increase.
 
OPEC, which meets on November 30 and December 1, is looking at options to delay by at least three months from January the tapering of their 7.7 million barrel per day cuts.
 

NEW DELHI [Maha Media]: Union Petroleum and Natural Gas Minister Dharmendra Pradhan yesterday inaugurated the Seismic Survey Campaign by Oil India Limited. The survey under the Open Acreage Licensing Policy, OALP, will be undertaken in 5 blocks of 8 districts of Odisha in the Mahanadi basin and nearby areas.
 
Declaring the campaign open through virtual mode, Union Minister Mr Pradhan said that the commercial production of oil and gas from the Mahanadi basin will be a game changer in the socio-economic development of Odisha. He said, this will also thrust Odisha and the eastern India on the path of progress and prosperity in sync with the vision of Purvodaya.
 
Wishing success to Oil India in their exploration efforts, Mr Pradhan hoped that the Mahanadi basin would emerge as an established and important hydrocarbon reserve in the oil map of India.
 

NEW DELHI [Maha Media]: Minister of State for Power, New and Renewable Energy RK Singh said that India has done tremendously well in the renewable energy sector and every major company in the world is interested in investing in India.
 
Talking exclusively to the AIR about the 3rd Global Renewable Energy Investment Meeting and Expo (RE-INVEST 2020), Mr. Singh said, 64 billion dollar worth of investment have been made in the renewable energy sector in the past 5 to 6 years. He said, this is one of the sectors which attracted such a large chunk of foreign direct investment in India.
 
Prime Minister Narendra Modi will virtually inaugurate the RE-INVEST 2020 on 26th of this month. During the two day virtual conference all the leading companies will display their latest technological development in the field of renewable energy and discuss the various options available for energy transition. Several world leaders, Energy Ministers of 70 countries and 200 eminent speakers will take part in the event.
 

NEW DELHI [Maha Media]: Gold prices on Friday inched up by Rs 65 to Rs 49,551 per 10 grams in the national capital reflecting gains in the international rates, according to HDFC Securities.

The gold prices had closed at Rs 49,486 per 10 grams in the previous trade.

Silver prices also jumped Rs 298 to Rs 61,232 per kg, compared with the previous close of Rs 60,934 per kg.

"Spot gold prices for 24 carat gold at Delhi were trading up by Rs 65 reflecting overnight gains made in international gold prices limiting upside on rupee appreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

An appreciation in the rupee against the US dollar limited the gains in gold prices. The spot rupee was trading around 10 paise stronger versus the dollar during the day, he added.

In the international market, the gold prices were trading marginally higher at USD 1,868 an ounce and silver was up at USD 24.15 an ounce.

On the outlook, Reliance Securities Senior Research Analyst Sriram Iyer said: "We see some more consolidation to correction for gold prices due to the strength of the US dollar. However, we feel that this is a buying opportunity."

He added that the medium-to-long-term outlook is bullish, as to emerge from the pandemic-induced crisis, the US and Europe could launch fresh stimulus to support their economies.
 

MUMBAI [Maha Media]: Equity benchmark Sensex surged 282 points on Friday, tracking gains in HDFC Bank, Kotak Bank and Bajaj Finance amid positive cues from global markets and sustained foreign fund inflows.

After a highly volatile session, the 30-share BSE index ended 282.29 points or 0.65 per cent higher at 43,882.25.

Similarly, the broader NSE Nifty rose 87.35 points or 0.68 per cent to 12,859.05.

Bajaj Finserv was the top gainer in the Sensex pack, rallying over 9 per cent, followed by Titan, Bajaj Finance, Kotak Bank, Bharti Airtel, Nestle India and NTPC.

On the other hand, Reliance Industries, IndusInd Bank, Sun Pharma, Axis Bank, ONGC and HUL were among the laggards.

"The BSE Sensex is closing higher by about 1 per cent in this Diwali week," said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

"With the end of the earnings season, focus will shift back to economic recovery and market valuations," he said, adding that risk to the markets is from a resurgence of COVID-19 infections in India.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended on a positive note, while Tokyo was in the red.

Stock exchanges in Europe were trading on a positive note in early deals.

Brent crude futures, the global oil benchmark, rose 0.41 per cent to USD 44.38 per barrel.

Meanwhile, foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 1,180.61 crore on Thursday, according to provisional exchange data.
 

BHOPAL [Maha Media]: Partial cloudy weather is being witnessed in most places of State. Owing to this reason, temperature has increased by a few notches in state. Once the cloud cover disappears, mercury will gradually come to pave the way for chilly weather. Even on Thursday, humidity troubled people in Bhopal and other places as well. People expect that cold conditions will start once cloud cover disappears and chilly wind from Himalayan region starts blowing in State. 

As of now, humidity is haunting people. Such is the situation that even during night hours, people hardly wear warm clothes. Bhopal’s minimum temperature was 19.4 degrees Celsius, 5 degrees above normal. 

Its maximum temperature was 31.3 degrees Celsius, 2 degrees above normal. Indore recorded minimum temperature at 18.5 degrees Celsius, 4 degrees above normal. 

Gwalior’s minimum temperature was 15.4 degrees Celsius, 4 degrees above normal. Owing to cloudy weather, maximum temperature plunged in few parts of state. Rainfall activities were recorded in Satna (3 mm) and Damoh (7 mm) respectively. In last twenty-four hours, rains drenched Panna, Nagrod (2 cm), Khajuraho, Pawai, Rajnagar, Satna, Mhouganj and Shujalpur (1 cm each) respectively.

Drizzle activities drenched Bhopal on Wednesday night. The weather forecast says that rainfall and thunder activities are likely in Rewa, Shahdol, Jabalpur, Sagar, Hoshangabad, Indore, Bhopal divisions and districts including Ujjain, Dewas, Sheopur Kalan etc. 
 

NEW DELHI [Maha Media]: The head of the International Monetary Fund said on Thursday that the while the United States and other major economies turned in better-than-expected economic performances in the third quarter, the world now faces slower momentum with a resurgence in coronavirus cases.

IMF Managing Director Kristalina Georgieva said in a note prepared for a virtual meeting of the leaders of the Group of 20 major economies that significant progress on the vaccines raised hopes of vanquishing the virus that has taken more than a million lives and caused tens of millions of job losses around the world.

The G-20 virtual leaders summit, which Saudi Arabia is conducting this week in its role as this year's head of the G-20, will focus on efforts to stabilise the global economy and hopefully, foster a rebound next year.

Last month, the IMF forecast that the global economy would contract by an historic 4.4% this year and then mount a partial and uneven recovery, with global growth rebounding by 5.2% next year.

While a medical solution is now in sight, the economic path ahead remains difficult and prone to setbacks, Georgieva said. Many risks remain, including the threat that new outbreaks may require more stringent shutdowns, she said.

Such a development, she wrote in her memo to accompany the IMF's G-20 surveillance report, would mean that growth will be lower, public debt higher and the scars on the long-term potential of the economy more severe.

It is important that governments avoid a premature withdrawal of economic support, Georgieva said. She recommended that major economies consider a synchronized investment in infrastructure as a way to provide jobs.

The bottom line is that we can build the impetus for growth, jobs and address climate change far more effectively if we work together, she wrote.

The G-20 leaders' summits were begun in 2008 in an effort to find ways for the world's major economies to cooperate to address the global downturn that occurred after the 2008 financial crisis pushed the global economy into a deep recession.

In addition to traditional economic powers like the US, Japan, Germany, France and Britain, the G-20 includes major developing countries such as China and India.
 

NEW DELHI [Maha Media]: Taking a swipe at Donald Trump without taking the US Presidents name, Microsoft co-founder Bill Gates described the Joe Biden and Kamala Harris team as a "very good set of people" without "outliers" who contradict public health experts during a raging pandemic.

"I think the Biden team of people is a very good set of people who have track records of scientists working on healthcare... you don't have any, you know, outliers in terms of not believing in public health, so it looks good to me," Gates said in a late night television interview.

Gates welcomed the recent 90 per cent efficacy results from Pfizer and Moderna. He is betting on AstraZeneca getting UK approval "not too long from now" and expects Novavax and Johnson and Johnson approvals to "come fairly early next year."

"And these vaccines are easier to scale up to get global coverage. So, the vaccine front is looking very promising", Gates told CNN, referring to the world of non-Pfizer and non-Moderna class of vaccines, where the cold chain requirements are less daunting.
 

NEW DELHI [Maha Media]: Full-service carrier Vistara on Friday said it has commenced flight services to and from Doha, under the 'transport bubble' agreement between India and Qatar.

According to the airline, the inaugural flight departed on late Thursday evening from Delhi for Doha.

The airline will be operating special, non-stop flights twice a week between Delhi and Doha.

"Doha is a significant addition to our network as it helps us in widening our global footprint while strengthening our presence in the Middle-East," Vistara's Chief Executive Officer Leslie Thng said.

In addition, Vistara said it will accept all eligible customers meeting visa or entry requirements in both the countries, as specified by the respective government bodies.
 

NEW DELHI [Maha Media]: International Monetary Fund (IMF) Managing Director Kristalina Georgieva has called for continued strong policy action to combat continued uncertainty as countries have started to revive from the Covid-19 crisis.

"The resurgence in infections in many economies shows just how difficult and uncertain this ascent will be," Georgieva wrote in a blog published on Thursday ahead of the upcoming G20 Leaders' Summit.

While the good news is the "significant progress" on vaccine development, the "not-so-good news" is the severity of the pandemic and its negative economic impact, Xinhua news agency quoted the IMF chief as saying.

In its latest World Economic Outlook (WEO) report released last month, the IMF projected the global economy to contract sharply by 4.4 per cent this year.

It expected a partial and uneven recovery next year, with growth at 5.2 per cent.

Citing the IMF's note to the G20 leaders' summit, Georgieva said the most recent data for contact-intensive service industries point to "a slowing momentum" in economies where the pandemic is resurging.

"While a medical solution to the crisis is now in sight, the economic path ahead remains difficult and prone to setbacks," she said.

Urging governments to act swiftly together, the IMF chief laid out three key priorities: end the health crisis, reinforce the economic bridge to recovery, and build the foundations of a better 21st-century economy.

"The resurgence in infections is a powerful reminder that a sustainable economic recovery cannot be achieved anywhere unless we defeat the pandemic everywhere," she said.

Georgieva highlighted the importance of cooperation across borders to lower the risk of an inadequate supply of vaccines, treatments, and tests, calling for enhanced multilateral efforts on the manufacturing, purchase, and distribution of these health solutions, especially in poorer nations.

According to IMF estimation, faster progress on widely shared medical solutions could add almost $9 trillion to global income by 2025.

Georgieva noted that the world, led by G20 economies, has taken "unprecedented and synchronized measures that put a floor under the world economy", including $12 trillion in fiscal actions and massive liquidity support from central banks.

"Given the gravity of the crisis, we need to build on these measures," said the IMF chief, noting that much of the fiscal policy support is now gradually waning.

Reiterating IMF warning on premature withdrawal of policy support, Georgieva urged governments to prepare now for a synchronized infrastructure investment push to invigorate growth, limit scarring, and address climate goals, once the pandemic comes under better control.

She cited an IMF staff research showing large potential gains when G20 countries invest at the same time.

"If countries acted alone, it would take about two-thirds more spending to achieve the same outcomes," she said.

The IMF chief also noted that environmental sustainability must be a key building block of a more resilient and inclusive economy, highlighting a combination of measures, including a green investment push and gradually rising carbon prices.

Georgieva encouraged policy makers to support workers as they transition from shrinking to expanding sectors, in order to harness green growth and realize the full potential of the digital economy.

Noting that addressing record-high global public debt over the medium term will be "critical", the IMF chief said G20 has been key in providing support for many low-income countries with heavy debt burdens.

"Multilateral efforts are vital to help the poorest economies through the crisis," she added.
 

NEW DELHI [Maha Media]: India is at 77th position with a score of 45 in a global list that measures business bribery risks of 2020.

The list by TRACE, an anti-bribery standard setting organisation, measures business bribery risk in 194 countries, territories, and autonomous and semi-autonomous regions.

According to this year's data, North Korea, Turkmenistan, South Sudan, Venezuela and Eritrea present the highest commercial bribery risk, while Denmark, Norway, Finland, Sweden and New Zealand present the lowest.

In 2019, India's rank stood 78 position with a score of 48 while in 2020 the country was ranked 77 with a score of 45, the data showed.

The score is based on four factors -- business interactions with government, anti-bribery deterrence and enforcement, government and civil service transparency, and capacity for civil society oversight, including the role of the media.

India fared better than its neighbours - Pakistan, China, Nepal and Bangladesh. Bhutan, meanwhile, secured 48th rank with a score of 37, the data showed.

"China has potentially helped to reduce opportunities for bribe demands by public officials by continuing to streamline its bureaucracy," TRACE Bribery Risk Matrix said in a statement.

Apart from India, Peru, Jordan, North Macedonia, Colombia and Montenegro also have a score of 45 in the matrix.

Somalia moved out of the bottom ranking, which it held from 2017 to 2019, and is now ranked 187th out of 194.

The TRACE Bribery Risk Matrix said it measures the likelihood of bribe demands in 194 jurisdictions. It was originally published in 2014 to meet a need in the business community for more reliable, nuanced information about the risks of commercial bribery worldwide.

The matrix aggregates relevant data obtained from leading public interest and international organisations, including the United Nations, World Bank, V-Dem Institute at the University of Gothenburg and World Economic Forum.

This data helps companies to assess the likely risk of bribe demands in each country and to design compliance and due diligence programs tailored to that risk, it said.
 

MUMBAI [Maha Media]: Equity benchmark Sensex plunged 580 points on Thursday, tracking heavy profit-booking in financial stocks amid a weak trend in global markets.

After briefly touching its record intra-day high of 44,230 in a volatile session, the 30-share BSE index ended 580.09 points or 1.31 per cent lower at 43,599.96.

Similarly, the broader NSE Nifty hit a fresh intra-day peak of 12,963, before ending 166.55 points or 1.29 per cent lower at 12,771.70.

SBI was the top laggard in the Sensex pack, tumbling around 5 per cent, followed by Axis Bank, ICICI Bank, UltraTech Cement, Bajaj Finance, HDFC Bank and Bharti Airtel.

On the other hand, PowerGrid, ITC, NTPC, Tata Steel and Titan were among the gainers.

"Domestic equities witnessed sharp fall as fear of economic restrictions after closure of public school system in New York resulted in profit booking across all markets," said Arjun Yash Mahajan, Head Institutional Business at Reliance Securities.

After seeing such a sharp rally since the beginning of November, profit-booking was anticipated, he said, adding financials witnessed steep correction.

Most of the sectoral indices ended in red. However, traction in mid-cap and small-cap stocks remained visible, he added.

Elsewhere in Asia, bourses in Hong Kong and Seoul ended in the red, while Shanghai and Tokyo closed in the positive territory.

Stock exchanges in Europe also opened with sharp losses.

Meanwhile, Brent crude futures, the global oil benchmark, slipped 0.65 per cent to USD 44.05 per barrel.
 

NEW DELHI [Maha Media]: Amazon on Thursday announced that it is now adding Hindi as new language support for Alexa on Fire TV.

The experience includes Hindi interactions for Alexa on Fire TV, local knowledge, information, hundreds of skills and more in Hindi. Customers who choose Hindi as their device language will also see Fire TV rows and menus in Hindi.

"Customers can switch to Hindi through their Alexa Voice Remote by navigating to the Fire TV language settings by clicking Settings, Device Options and then Device Language. New Fire TV customers can select Hindi while setting up their device right out of the box," the company said in a statement.

At launch, customers can explore Alexa in Hindi for music, knowledge, personality, smart home, timers and alarms, weather, news, local search, hundreds of skills, and more.

In addition, Amazon is also expanding Alexa Routines by making it available on Fire TV devices in India. Alexa Routines is an Alexa feature designed to make customers' day-to-day lives easier by bundling Alexa and smart home features together seamlessly.

Using the Alexa app, customers can set up Routines selecting actions such as powering their TV on or off, opening a specific app, playing specific content, and pausing or resuming content, in addition to other actions on their Alexa-enabled and smart home devices, such as turning on the light or changing the AC temperature.

Amazon last month introduced the 'Live TV' feature for Fire TV devices in India, making it easier for customers to discover live channels from their favourite content providers.
 

NEW DELHI [Maha Media]: Microsoft on Thursday launched a dedicated programme to help healthtech startups flourish in India, as the pandemic impacts every aspect of the healthcare system in the country.

Microsoft informed that it has collaborated with startup incubator Social Alpha to accelerate the growth of participating startups.

"Technology innovation with advanced data and analytics capabilities is a critical enabler as we build trusted and reliable solutions at scale. The Microsoft for Healthtech Startups programme deepens our focus on specific industries and is aimed to accelerate the growth journeys of startups with the best tech enablement and business resources," explained Sangeeta Bavi, Director-Startup Ecosystem, Microsoft India.

The programme aims to help entrepreneurs with technical support as well as resources for co-selling and co-building tech tools to achieve better outcomes across healthcare. 

The Microsoft Cloud for Healthcare unlocks the power of Microsoft Azure, Microsoft 365, Microsoft Dynamics 365, and Microsoft Power Platform, and enables startups to access a portfolio of released and new healthcare capabilities tailored to the unique requirements of health data in the cloud, the company said.

"As we continue to grow the lab to market ecosystem for high impact start-ups in India, our portfolio companies need access to world-class technologies including in the areas of advanced cloud computing, data science and analytics," said Manoj Kumar, Founder and Chairperson of Social Alpha. 

"Our partnership with Microsoft for HealthTech startups will focus on enabling these companies to fast track their progress with some of the best technology resources and accelerate their innovation pathways.".

The Microsoft programme offers a range of benefits. 

Qualified Seed to Series C startups can boost their business with Azure benefits (including free credits), unlimited technical support and go-to-market resources with support for Azure Marketplace onboarding.

"Startups with enterprise-ready solutions can scale quickly with joint go-to market strategies, technical support and new sales opportunities with Microsoft's partner ecosystem," Microsoft noted.

Startups that are looking to create healthcare solutions also have access to Microsoft Cloud for Healthcare.
 

NEW DELHI [Maha Media]: Gold prices fell Rs 357 to Rs 50,253 per 10 gram in the national capital on Wednesday on rupee appreciation and muted demand by investors, according to HDFC Securities.

The yellow metal had closed at Rs 50,610 per 10 gram in the previous trade.

Silver prices also declined Rs 532 to Rs 62,639 per kilogram from Rs 63,171 per kilogram on Tuesday.

"Spot gold prices for 24 karat gold in Delhi fell by Rs 357, pressured by sharp rupee appreciation on central bank interventions despite firm global prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

He added that the rupee was trading around 32 paise stronger against the dollar during the day.

Gold prices were muted as investors turned cautious about safe-haven buying on two positive announcements about COVID-19 vaccines in a month, Patel said.

"Gold prices are expected to trade sideways to down in absence of any major triggers from economic data. The current uncertainty over rising coronavirus cases and US administration post-election may limit the downside," he said.

In the international market, gold was trading higher at USD 1,882 per ounce, while silver was also quoting up at USD 24.57 per ounce.
 

MUMBAI [Maha Media]:  The BSE Sensex on Wednesday crossed the 44K level to close at a fresh new high of 44,180.05, up by 227.34, due to brisk buying in Capital Goods, Auto, Realty and Bankex stocks.

The Nifty of the National Stock Exchange(NSE) too rose by 64.05 points and closed at 12,938.25 points. 

The Sensex registered the days high and low at 44,215.49 and 43,785.78 points respectively. The Nifty recorded the days high and low at 12,948.85 and 12,819.35 points respectively.
 

NEW DELHI [Maha Media]: Petroleum and Natural Gas Minister Dharmendra Pradhan today said that Open Acreage Licensing Policy (OALP) is a market friendly policy. It is driving self-reliance in energy sector. He was speaking at the signing of contracts for 11 oil and gas blocks offered under the OALP Bid Round-5.
 
The Minister said the OALP has removed red-tapism and brought in a quantum jump in exploration and production sector. He called for moving away from business-as-usual approach and strive for exponential growth and speed. Mr Pradhan asked the winners to bring in new technology and new business models to expedite the production of oil and natural gas from these areas.
 

NEW DELHI [Maha Media]: The price of the most popular cryptocurrency, bitcoin, grew by 8.6 percent on Wednesday morning, having risen above the $18,000 mark on Binance, one of the largest cryptocurrency exchanges in terms of trading volume, for the first time since December 2017, according to trading data. 
 
The last time bitcoin crossed the $18,000 mark was on December 19, 2017. Bitcoin accounts for approximately 66 percent of the entire global cryptocurrency market.
 

MUMBAI [Maha Media]: Equity benchmark Sensex surged 315 points to close at a fresh lifetime high on Tuesday, driven by heavy buying in metal, industrials, banking and finance stocks.

After touching its all-time peak of 44,161.16 during the session, the 30-share BSE index settled 314.73 points or 0.72 per cent higher at 43,952.71.

Similarly, the broader NSE Nifty touched a fresh intra-day high of 12,934.05. It finally finished 93.95 points or 0.74 per cent up at its closing record of 12,874.20.

Tata Steel was the top gainer among the Sensex constituents, surging around 6 per cent, followed by SBI, HDFC Bank, Bajaj Finance, Axis Bank, LT, Maruti, IndusInd Bank and HDFC.

On the other hand, NTPC, HCL Tech, ONGC, Infosys, ITC, PowerGrid, and Hindustan Unilever were in the red.

Elsewhere in Asia, bourses in Shanghai and Seoul ended in the red, while Hong Kong and Tokyo closed with gains.

Stock exchanges in Europe were trading on a mixed note in early deals.

Meanwhile, international oil benchmark Brent crude was trading 0.25 per cent lower at USD 43.71 per barrel.
 

NEW DELHI [Maha Media]: The Central government is aiming to create 5-6 million formal-sector jobs through the Atmanirbhar Bharat Rozgar Yojana (ABRY), announced to provide financial subsidy to companies. “We are targeting 5-6 million jobs by June next year.

The Employees’ Provident Fund Organisation (EPFO) data shows that around 2 million jobs were lost in the initial months of the pandemic,” a senior labour and employment ministry official said. 
 

NEW DELHI [Maha Media]: The Chairman and members of the 15th Finance Commission on Tuesday presented a copy of the panel's report for 2021-22 to 2025-26 financial years to Union Finance Minister Nirmala Sitharaman.

The Commission had submitted its report to the President of India on November 4 and to the Prime Minister on November 16.

"Chairman @NKSingh_MP and Members of the 15th Finance Commission presented a copy of the Commission's report for 2021-22 to 2025-26 to Finance Minister @nsitharaman today," the Ministry of Finance tweeted.

The report will be tabled in Parliament along with 'Explanatory Memorandum' by way of Action Taken Report as prescribed under the Constitution.

Last year, the Commission had submitted its report with recommendations for 2020-21 fiscal, which was accepted by the Union government and tabled in Parliament on January 30, 2020.

As per the terms of reference (ToR), the Commission was mandated to give its recommendations for the five-year period by October 30.

The Commission was asked to give its recommendations on many unique and wide-ranging issues. Apart from the vertical and horizontal tax devolution, local government grants, and disaster management grants, the Commission was also asked to examine and recommend performance incentives for states in many areas like power sector, adoption of DBT, and solid waste management etc.

The panel was also asked to examine whether a separate mechanism for funding of defence and internal security ought to be set up and, if so, how such a mechanism could be operationalised.

The Commission has sought to address all its ToRs in the latest report, organised in four volumes.

Volume I and II, as in the past, contain the main report and the accompanying annexes. Volume III is devoted to the Union government and examines key departments in greater depth, with the medium-term challenges and the road map ahead. Volume IV is entirely devoted to the states.

The Commission analysed the finances of each state in great depth and came up with state-specific considerations to address the key challenges that individual states faced.

The report entitled 'Finance Commission in Covid Times' uses scales on its cover to indicate the balance between the states and the Union government.
 

MUMBAI [Maha Media]: The Sensex rose 86 points while the Nifty topped the 12,700 level on Friday, tracking recovery in financial stocks amid mixed cues from global markets.

The 30-share BSE Sensex ended 85.81 points or 0.20 per cent higher at 43,443. The broader NSE Nifty rose 29.15 points or 0.23 per cent to 12,719.95.

Bajaj Finserv was the top gainer in the Sensex pack, rising around 4 per cent, followed by Tata Steel, ICICI Bank, Axis Bank, Bajaj Finance and SBI.

On the other hand, L&T, HDFC twins, Tech Mahindra, Bharti Airtel, M&M and TCS were among the laggards.

"Domestic equities recovered from early losses as select financial stocks witnessed recovery," said Arjun Yash Mahajan, Head Institutional Business at Reliance Securities.

Further, barring FMCG, all other sectoral indices traded in green. Metals and pharma witnessed decent traction. While concerns over resurgence of COVID-19 cases in Europe and US dampened investors' sentiments, clarity on vaccine, strong Q2 earnings and additional fiscal stimulus under Aatmanirbhar Bharat 3.0 continued to support domestic equities, he added.

On the global front, investors turned cautious due to continued rise in COVID-19 cases and possibility of further restrictions on businesses.

Bourses in Shanghai, Hong Kong and Tokyo ended in the red, while Seoul was positive.

Stock exchanges in Europe were largely trading with gains in early deals.

International oil benchmark Brent crude was trading 0.69 per cent lower at USD 43.23 per barrel.
 

NEW DELHI [Maha Media]: India Post Payments Bank, IPPB have successfully launched the initiative of doorstep service for submission of Digital Life Certificate through Postman. The facility to submit life certificate online through Jeevan Pramaan Portal was launched by Prime Minister Narendra Modi in November, 2014 with the objective to provide a convenient and transparent facility to pensioners for submission of Life Certificate.

In order to make this facility available across the country, Department of Pension and Pensioners’ Welfare roped in the India Post Payments Bank to utilise its huge network of Postmen and Gramin Dak Sevaks in providing doorstep facility to pensioners for submission of life certificate digitally.

The IPPB is utilising its national network of more than one lakh 36 thousand access points in Post Offices and more than one lakh 89 thousand Postmen and Gramin Dak Sevaks with smart phones and biometric devices to provide Doorstep Banking Services. As a result a huge number of pensioners across the country shall be able to avail doorstep service through Postmen and Gramin Dak Sevak, without visiting to bank branch or standing in a queue outside the bank branches.  In order to avail this service, pensioners can get detailed information on ippbonline.com.
 

NEW DELHI [Maha Media]: China's customs office said that it will stop imports from India's Basu International for a week after detecting the novel coronavirus on three samples taken from the outer packaging of frozen cuttlefish, Reuters reported.

Imports will resume automatically after one week, the General Administration of Customs said in a statement.
 

NEW DELHI [Maha Media]: Skill Development Ministry has begun skill training of three Lakh migrant workers from the identified 116 districts across six States. These States are Uttar Pradesh, Bihar, Rajasthan, Odisha, Madhya Pradesh and Jharkhand. The initiative aims to empower migrant workers and rural population in the post-COVID era through demand-driven skilling and orientation under Centrally Sponsored and Centrally Managed component of Pradhan Mantri Kaushal Vikas Yojana 2016 - 2020. The Ministry said, in collaboration with the concerned District Collectors and District Magistrates, is rolling out the programme across these districts for skill training within 125 days. The training has already started in certain parts of the identified districts and will gradually expand to other parts in the course of the month.
 
Skill Development and Entrepreneurship Minister Dr. Mahendra Nath Pandey said that rural development through skill empowerment is a fundamental element of Skill India mission as 70 per cent of the total workforce comes from rural India.  He said, the vision of making rural workforce attuned with the changing needs of the industry requires seamless synergies between various partners in the skilling ecosystem. The Skill Development Ministry has trained more than 92 lakh candidates so far under Pradhan Mantri Kaushal Vikas Yojana 2016 to 2020.
 

MUMBAI [Maha Media]: The BSE Sensex and the Nifty snapped their eight-day gainning streak on Thursday as recent gainers like banking and metal stocks witnessed profit booking. Profit booking in global equities also weighed on markets. The Sensex closed 0.54% or 236.48 points lower at 43,357.19 while the NSE benchmark Nifty50 index settled 58.35 points or 0.46% lower at 12,690.80. Nifty Bank, te banking sub-index of NSE, closed 1.96% lower.

Among Nifty stocks, SBI was the top loser, down 3.18% followed by Coal India and Axis Bank, which fell 2.93% and 1.46% respectively. IndusInd Bank, NTPC, ICICI Bank, Axis Bank, UPL, JSW Steel, HDFC Bank, Dr Reddy's Labs, ONGC, Reliance Industries were the other prominent losers in the market, falling between 0.89%-2.21%.

Meanwhile, Grasim was the top gainer in Nifty, up 2.96% followed by HUL, Shree Cements, Hindalco, which rose 2.88%, 2.34% and 2.05% respectively. ITC, L&T, Bajaj Finserv, HDFC Life, Eicher Motors, Hero MotoCorp, Bajaj Finance, Tech Mahindra, Britannia, Sun Pharma, Ultratech Cement, Divis Labs, IOC, HDFC, Titan Company were the other gainers in the Nifty.

Despite negative closing in benchmark indices, market breadth remained positive. Out of the 1,613 stocks traded on the NSE, 971 shares ended in the green while 642 shares closed in the red.

The rupee extended weakness against the US dollar. It settled 28 paise lower at 74.64 against the USD. The local unit opened at 74.44 against the greenback at the interbank forex market, then lost further ground and slippied towards the closing.
 

NEW DELHI [Maha Media]: Google is introducing new policies for consumer accounts, effective from June 1 next year, and if you have been inactive in Gmail, Drive or Photos for two years, the company may delete the content in the product in which you are inactive.

The new policies are for consumer accounts that are either inactive or over their storage limit across Gmail, Drive (including Google Docs, Sheets, Slides, Drawings, Forms and Jamboard files) and/or Photos -- to better align with common practices across the industry, the company said on Wednesday.

"If you're over your storage limit for two years, Google may delete your content across Gmail, Drive and Photos," the company said.

The company said it will notify users multiple times before attempting to remove any content.

"The simplest way to keep your account active is to periodically visit Gmail, Drive or Photos on the web or mobile, while signed in and connected to the internet," it added.

The Inactive Account Manager can help people manage specific content and notify a trusted contact if you stop using your Google Account for a certain period of time (between 3-18 months).

"If you need more than your free 15 GB of storage, you can upgrade to a larger storage plan with Google One. You can choose from plans starting at 100 GB of space that also include additional member features like access to Google experts, shared family plans and more", the company said.
 

NEW DELHI [Maha Media]: In a move that has lifted the industry sentiment in the festival season, the Union Cabinet on Wednesday approved a Rs 1.45-trillion package by extending the production-linked incentive (PLI) scheme to 10 more sectors (see chart). The policy for what the government calls the champion sectors has been tailored to attract investments, boost domestic manufacturing, enable companies to become part of the global supply chain and generate employment opportunities.

The latest approval is in addition to the already announced Rs 51,311-crore PLI for three sectors. With this, the total incentives under the PLI schemes come to Rs 2 trillion.

The government hopes that the PLI schemes would provide 200,000-300,000 direct employment over five years, according to sources in the know.

Among the 10 sectors approved on Wednesday, the largest chunk of the incentives, at over Rs 57,000 crore, would go to automobile and automobile components businesses followed by ACC battery at over Rs 18,000 crore.

Pharma products, for which Rs 15,000-crore PLI was announced, include patented drugs, biopharmaceuticals, phytopharmaceuticals (herbal), drugs not made in India, cell based or gene therapy products and orphan drugs (for very rare diseases) among others.
 

MUMBAI [Maha Media]: Rallying for the eighth consecutive session, equity benchmark Sensex surged 316.02 points to close at a fresh lifetime high on Wednesday, tracking largely positive cues from global markets and strong foreign fund inflows.

After touching its all-time peak of 43,708.47 during the session, the 30-share BSE index settled 316.02 points or 0.73 per cent higher at 43,593.67.

Similarly, the broader NSE Nifty touched a fresh intra-day high of 12,769.75. It finished 118.05 points or 0.93 per cent up at its closing record of 12,749.15.

Tata Steel was the top gainer among the Sensex constituents, surging around 8 per cent, followed by Axis Bank, Bajaj Finserv, ITC, Infosys, Sun Pharma, Kotak Bank, ONGC and UltraTech Cement.

On the other hand, IndusInd Bank, Reliance Industries, Titan, Asian Paints and HDFC Bank were in the red.

Domestic markets remained upbeat and extended gain for the eighth consecutive day as positive sentiments among investors following clarity of coronavirus vaccine by BioNTech-Pfizer and strong 2Q corporate earnings persist, said Arjun Yash Mahajan Head Institutional Business at Reliance Securities.

"While market witnessed some amount of volatility today led by profit booking in some of heavyweights, a sharp rebound in pharma, metals, IT and auto stocks supported market rally," he added.

Additionally, NDA''s win in Bihar assembly elections bode well for domestic equities, he noted.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended in the red, while Seoul and Tokyo closed with gains.

Stock exchanges in Europe were trading on a positive note in early deals.

Meanwhile, international oil benchmark Brent crude was trading 3.12 per cent higher at USD 44.98 per barrel. 
 

NEW DELHI [Maha Media]: There has been a sequential recovery of 33 per cent in October in the worst-hit hospitality and travel industries in India as major cities open up and travel resumes, a Naukri.com report said on Wednesday.

The demand for professionals in the ticketing/travel/airlines and hospitality sectors saw an incline of 35 per cent and 28 per cent, respectively, in October versus September.

Companies like Oyo, Travel Triangle, Club Mahindra, Sodexo and Frankfinn Aviation are currently looking for candidates.

"Top six metros including Delhi (24 per cent), Mumbai (7 per cent), Bengaluru (6 per cent), Hyderabad, Chennai and Kolkata contributed to 50 per cent of the jobs in the sectors," said the report.

Apart from this, roles for the sector are also open in cities like Pune, Jaipur and Ahmedabad.

The relaxations in lockdown restrictions from June onwards are reflected in the recovery with a slight dip in July, but an overall upward trend.

However, the road to complete recovery is still far off.

"When we look at the Pre vs Post Covid-19 period, the sector is down by 61 per cent in October compared to February.

Top roles that recruiters are hiring for include sales, business development manager, front officer, guest relationship manager, travel agent, ground staff and accountant.

Keywords like facility manager, house-keeping and electrical maintenance are up by 400 per cent, 279 per cent and 21 per cent, in recruiter searches for the sectors, the report mentioned.

An earlier report by HVS India and Anarock mentioned that the hospitality segment which was brought to a grinding halt by the pandemic, is slowly witnessing an improvement in demand as hotel occupancy in the country improved 10-12 per cent in september compared to that in August.
 

MUMBAI [Maha Media]: The market cap-to-GDP ratio of India is likely to recover in the current financial year (FY21) to 80 per cent, after a drop in FY20, said a report by Motilal Oswal Institutional Equities.

The "BULLS & BEARS (November 2020): India Valuations Handbook" noted that in the last financial year, the market-to-GDP ratio fell to 56 per cent from 79 per cent in FY19.

"Market cap-to-GDP ratio has been volatile as it moved from 79 per cent in FY19 to 56 per cent (FY20 GDP) in Mar'20 to 80 per cent now (FY21E GDP) -- above its long-term average of 75 per cent," it said.

The report, however, said that India's share in world market-cap is at 2.3 per cent, below its historical average of 2.5 per cent. Over the last 12 months, world market cap has increased 9 per cent ($7.3 trillion) while India's market-cap has remained flat.

It further said that the Nifty is trading at 12-month forward return on equity (RoE) of 13 per cent, below its long-term average of 13.8 per cent.

Last month, India was among the positive-performing markets globally. In October, markets in Indonesia (up 5 per cent), followed by India (4 per cent growth) and MSCI EM (Emerging Markets) (up 2 per cent) closed higher in local currency terms.

On the other hand, Russia (down 9 per cent), UK (5 per cent) and the US (down 3 per cent) were the major laggards.

"Indian equities are trading at 24X FY21E earnings. Brazil is the only market trading at a premium, while other key markets continue to trade at a discount to India," it said.
 

NEW DELHI [Maha Media]: Facebook on Tuesday made a new shopping button in WhatsApp live globally, including in India, to help people check out available products and make purchases right from a chat.

The tool will make it easier for people to discover a business' catalog so they know what goods or services it offers.

Previously, people had to click into the business' profile to see if the business had a catalog.

"Now, when a person sees the shopping button, which looks like a storefront icon, they will immediately know the business has a catalog so they can browse products and start a conversation about an item they see with just one tap," the company said in a statement.

This will also make it easier for businesses to have their products discovered which can help increase sales.

More than 175 million people message a WhatsApp Business account every day, and more than 40 million people view a business' catalog each month -- including more than 3 million in India.

According to a recent survey, 76 per cent of adults in India said that "I am more likely to do business with/purchase from a company that I can contact via messaging than one that I cannot."

The new shopping button is available now across the world and will replace the voice call button.

To find the voice call button, simply tap on the call button to select either a voice or video call.

"In the future, we'll make it possible to add items to a cart and check out, all within WhatsApp," the company said last month.

Facebook said it will finally start charging companies using WhatsApp for Business, as it expanded ways for its users to check out available products and make purchases right from a chat.

Some 50 million businesses message a WhatsApp Business account every day and this move will help WhatsApp continue building a business of its own while it provides and expands free end-to-end encrypted text, video and voice calling for more than 2 billion people.
 

MUMBAI [Maha Media]: The BSE Sensex on Tuesday ended at record high at 43,277.65, surging by 680.22 pts following gains in Bankex, Finance, Realty and Capital Goods stocks amid positive Asian Market.

The Nifty of national stock exchange too rose by 170.05 pts at 12,631.10. The sensex registered days high and low at 43,316.44 and 42,660.09 pts respectively. The Nifty recorded days high and low at 12,643.90 and 12,475.25 pts respectively. 

NEW DELHI [Maha Media]: Coal Minister Pralhad Joshi has said that the result of the first tranche of commercial coal mine auction has been historic. Briefing media in New Delhi today, Mr Joshi said, from 2nd November till today, the commercial coal mine auction took place. He said, 19 mines were auctioned which will generate revenue of seven thousand crore rupees and it has total peak rated capacity of 51 million tonnes.
 
Mr Joshi informed that the upfront amount will be one thousand 48 crore rupees. The Minister said, of these 19 mines, 11 are open cast, five are underground and three are in mix category. He said, the mines are in Jharkhand, Odisha, Chhattisgarh, Maharashtra and Madhya Pradesh. Mr Joshi said, a total of 76 bids were received for 23 mines and 19 mines were eligible for technical bids. He said, throughout the process the Ministry consulted with the State Governments.
 
The Minister appealed State Governments to proactively cooperate with the bidders. He said, the success of the auction is around 50 per cent which is highest after 2015.

Coal Secretary Anil Kumar Jain said, the bidding round was different from other rounds due to commercial terms. He said, they were attractive and rightly hailed as game changer. Mr Jain said, after Supreme Court verdict in 2015, a new bidding methodology was adopted. He said, ease of entry and ease of exit, incentive for early production were some of the liberal provisions. He said, upfront payment was also brought down.
 
Prime Minister Narendra Modi had launched the auction process of 41 coal blocks for commercial mining through video conference from New Delhi on 18th of June this year.
 

MUMBAI [Maha Media]: Gold prices rose for the fourth consecutive day on Monday, gaining Rs 277 to Rs 52,183 per 10 gram in the national capital on a strong global trend, according to HDFC Securities.

In the previous trade, the yellow metal had closed at Rs 51,906 per 10 gram.

Silver prices also jumped Rs 694 to Rs 65,699 per kilogram from Rs 65,005 per kilogram in the previous trade.

In the international market, gold was quoting with gains at USD 1,960 per ounce, while silver was trading flat at USD 25.75 per ounce.

"Gold prices traded higher after Joe Biden won the US Presidential election which boosted hopes for more stimulus and coronavirus aid package," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Gold prices also witnessed buying on worries over rising COVID-19 cases, he added.

Navneet Damani, VP Commodities Research at Motilal Oswal Financial Services, said, "Gold prices edged higher in early morning session, propped up by a weaker dollar and hopes of more stimulus measures under US President-elect Joe Biden.
 

MUMBAI [Maha Media]: Equity benchmark Sensex surged 704 points to end at its all-time high on Monday amid a rally in global markets following Joe Biden's victory in the US presidential election.

After touching its lifetime intra-day peak of 42,645.33, the 30-share BSE index ended 704.37 points or 1.68 per cent higher at 42,597.43 -- its record closing high.

The broader NSE Nifty too scaled a fresh intra-day peak of 12,474.05. It ended at a lifetime high of 12,461.05, up 197.50 points or 1.61 per cent.

IndusInd Bank was the top gainer in the Sensex pack, surging around 5 per cent, followed by Bharti Airtel, ICICI Bank, Axis Bank, PowerGrid, Tata Steel and HDFC Bank.

On the other hand, Maruti and ITC were among the laggards.

Indian markets opened on a positive note tracking positive Asian market peers as investors globally reacted to US presidential election results, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

Most market participants are hoping that the Joe Biden regime would spell good news for Indian companies, especially IT, and domestic financial markets.

During the afternoon session, markets continued to trade in high spirits on sustained strong global cues and foreign capital inflows into the domestic market.

"Foreign portfolio investors (FPIs) have put in a net Rs 8,381 crore into Indian markets in first five trading sessions of November, with participants growing more confident in view of resumption of business activities and better than expected quarterly numbers, among others," Solanki said.

FPIs purchased shares worth a net Rs 4,869.87 crore on Friday, according to provisional exchange data.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended up to 2.12 per cent higher.

Stock exchanges in Europe were also trading with nearly 2 per cent gains in early deals.

Meanwhile, international oil benchmark Brent crude was trading 2.26 per cent higher at USD 40.34 per barrel.
 

NEW DELHI [Maha Media]: Financial services platform Paytm on Monday announced to double its loan disbursements for the micro- and small and medium enterprises (MSMEs) from Rs 550 crore in last fiscal year to Rs 1,000 crore by March 2021.

The company expanded collateral-free loans of up to Rs 500,000 at a low-interest rate and unique daily EMI product customised for micro-merchants.

"With our collateral-free instant loans, we are trying to help kirana stores and other small business owners who have been left behind by the traditional banking sector and do not have easy access to loans and credit," said Bhavesh Gupta, CEO, Paytm Lending said.

Paytm continues to lead the offline payments (P2M) segment with over 50 per cent market share by offering all digital payment methods.

The recently launched Paytm All-in-One Android POS device has enabled over two lakh MSMEs to accept all payment modes, the company informed.

The company said it will continue to offer collateral-free loans under the 'Merchant Lending Programme' in Paytm for Business app.

Paytm said it has digitised the entire process starting from the loan application, approval to disbursal with no additional documents required in partnership with NBFCs and banks.

In the last financial year, the company processed loans worth Rs 550 crore, benefiting over a lakh merchant partner.

"Going forward, we will especially focus on EDC merchants and provide higher loan amounts based on their EDC transactions," Gupta said.
 

NEW DELHI [Maha Media]: Global credit conditions are likely to improve overall in 2021, aided by unprecedented fiscal and monetary policy support in the wake of the Covid-19 crisis, Moody's Investors Service said on Monday.

However, the initial, rapid economic rebound is giving way to a patchier, more tenuous recovery, as the pandemic proves hard to contain.

In a new report, Moody's examined six key themes that will shape the credit environment in the year ahead: uneven recovery, policy challenges, rising debt levels, digital transformation, environmental impact and social trends.

"The vast policy support from the governments since the start of the crisis will propel a stronger economic recovery in advanced markets than in many emerging markets, and business and operating conditions will continue to be steadier for sectors that have more easily adapted to the pandemic-related disruption," said Moody's Associate Managing Director Elena Duggar.

"However, even in countries that have managed to minimize the public health crisis, below-normal external demand and a slow rebound in services sectors will dampen the pace of the recovery."

Debt in the coronavirus downturn and recovery will likely rise faster and further compared to previous recession cycles, Moody's said.

Unlike typical recession periods when the growth of private-sector debt slows, debt growth will accelerate for many sectors through 2021, the research report added.

The mounting debt will come on top of the already historically high sovereign and corporate debt levels in many advanced and emerging markets.

According to Moody's estimates government debt-to-GDP ratios will be on average 20 percentage points higher in the large advanced economies and almost 15 percentage points higher in emerging markets by the end of 2021 from two years earlier.

Political and geopolitical risk will create policy uncertainties, particularly with regard to the direction of the US-China relations, a key issue for the next US presidential administration, and Brexit.

Trade policy that results in a more splintered and protectionist global economy will have supply-chain implications for strategic industries such as technology and pharmaceuticals.

Social issues will attract further prominence in 2021 in public policies, corporate strategies and investment decisions, the agency's report said.

The uneven effects of the coronavirus across society have heightened focus on racial, income and gender inequality, while longer-term factors such as aging populations and the rising financial clout of millennials are increasingly shaping economic and social trends.
 

NEW DELHI [Maha Media]: The country’s foreign exchange reserves rose USD 183 million to touch a record high of USD 560.715 billion in the week ended October 30. According to the Reserve Bank India data, in the reporting week, the reserves rose due to an increase in foreign currency assets. FCA rose by USD 815 million to USD 518.339 billion.

The RBI’s weekly data showed that Gold reserves declined USD 601 million in the reporting week to USD 36.259 billion. The RBI data also showed the special drawing rights with the International Monetary Fund (IMF)decreased USD 6 million to USD 1.482 billion during the week. The country’s reserve position with the IMF also declined by USD 25 million to USD 4.636 billion during the reporting week.
 

MUMBAI [Maha Media]: The Sensex surged 2,278.99 points or 5.75 per cent to settle at 41,893.06 in the week under review on positive cues from global peers. The Nifty 50 index soared 621.15 points or 5.34 per cent to settle at 12,263.55. The BSE Mid-Cap spurted 500.14 or 3.36 per cent to settle at 15,404.76. The BSE SmallCap jumped 329.93 points or 2.22 per cent to settle at 15,218.01. Market logged gains in all five trading sessions of the week. On Monday, the Sensex, gained 143.51 points to settle at 39,757.58. Nifty added 26.75 points to settle at 11,669.15. 

On Tuesday the Sensex jumped 503.55 points to settle at 40,261.13. Nifty too added 144.35 points to settle at 11,813.50. On Wednesday the Sensex, rose 355.01 points to settle at 40,616.14.Nifty added 95 points to settle at 11,908.50. On Thursday the Sensex, surged 724.02 points to settle at 41,340.16. Nifty jumped 211.80 points to settle at 12,120.30.

On Friday, the Sensex spurted 552.90 points to settle at 41,893.06. Nifty rose 143.25 points to settle at 12,263.55. 
 

CHANDIGARH [Maha Media]: The Indian Railways on Saturday said unless rail tracks were cleared for passenger trains too in Punjab, it would not restart operations.

This comes despite the state government and the agitating farmers saying the passage for freight trains would not be blocked.

"There is no question of ego. No one should tell railways which trains we should operate. We will run trains when there is safety assured for both passenger and freight trains," said V K Yadav, chairman and chief executive officer (CEO) of the Railway Board.

According to the Railways, at least 23 stations were facing blockades. People had occupied one of the stations. "Protestors are telling us that we can run goods trains, but saying that they will not allow us to run passenger operations. We need complete assurance of safety," he added.

Punjab Food Processing Minister Om Prakash Soni, however, told Business Standard, "The Centre government is playing politics. All the tracks are cleared and there are no protesters on tracks. Why can't they at least run goods trains? Our power sector is suffering due to lack of availability of coal, the agricultural sector, too, is bleeding with no movement of trains."

For the Indian Railways, the average loss of inward rakes per day comes to around 30 rakes, while that of outward rakes comes to around 40 rakes per day, including passenger and freight trains, per day loss to the Northern Railway is over Rs 16 crore. On September 24, farmers in the Punjab region started blocking railway tracks and stations demanding the repeal of three Central farm laws. Initially, the Rail Roko Agitation was called for three days by farmer groups and unions, which has continued till date. Although, all coaching trains including parcel train movements had been suspended in Punjab region since September 24, but, goods train movements were continuing in pockets till September in areas with no disturbance.

From October 1 onwards, however, all movements suspended as agitation spread all over Punjab which affected complete train operations in the Firozpur division and Punjab areas of Ambala, Delhi and Bikaner divisions. Agitators later on allowed conditional goods train movement from October 22 onwards. Two days after freight train movement was resumed, it was again suspended due to operational and safety considerations as sporadic blockade continued at various places especially around Amritsar, Nabha, Talwandi Sabo, Firozpur and Moga.

All inward and outward goods transportation including that of essential commodities have been affected badly in Punjab, Jammu & Kashmir, Laddakh and Himachal Pradesh. Many freight customers, after having suffered business losses, are moving material through the road.

NEW DELHI [Maha Media]: More than 11 lakh Micro, Small and Medium Enterprises, MSMEs have registered on the New online system of MSME - Udyam Registration till date. The Ministry of MSME had revised the definition of MSMEs and process of registration with effect from 1st July this year. This portal is seamlessly integrated with CBDT and GST networks as also with the Government e-Marketplace, GeM.

The Ministry said, seven lakh 98 thousand enterprises are owned by  entrepreneurs who are men, whereas one lakh 73 thousand enterprises are owned by women entrepreneurs. It said, three lakh 72 thousand enterprises have registered under the Manufacturing category whereas six lakh 31 thousand enterprises under the Service sector. Besides, more than 11 thousand enterprises are owned by Divyangjan entrepreneurs.
 

NEW DELHI [Maha Media]: Minister of Road, Transport and Highways Nitin Gadkari today said  the government is working towards making India a global automobile manufacturing hub in the next five years. He said, the government is already making policies to support the industry.

Addressing the virtual ‘Electric Mobility Conference 2020’, Mr Gadkari said  India has the potential to become the largest Electric Vehicle (EV) market in the world with the government's push for EV adoption. 

The Union Minister also  called upon the automobile industry to reduce cost of the Electric Vehicles so that the sale number goes up. He stressed that the quality of the vehicles should also be maintained.

Mr. Gadkari also said the government is working towards making e-Highway on  Delhi and Mumbai Expressway where e-buses and trucks would run.  He said, the government is going ahead with a pilot project and the Delhi-Mumbai corridor will become the lifeline of India. The Minister said, mass rapid transport on electricity is the most important solution for the country as electricity as a fuel is available.
 

NEW DELHI [Maha Media]: Gold prices jumped Rs 791 to Rs 51,717 per 10 grams on Friday, rallying for the third consecutive day, supported by rally in global precious metal prices, according to HDFC Securities.

In the previous trade, it had closed at Rs 50,926 per 10 grams.

In tandem with a rise in gold, silver also zoomed Rs 2,147 to Rs 64,578 per kg from Rs 62,431 per kilogram in the previous day.

In the international market, gold was quoting in the green at USD 1,950 per ounce and silver was flat at USD 25.44 per ounce.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said gold prices traded higher on expectations of more stimulus packages.
 

MUMBAI [Maha Media]: Rising for the fifth straight session, equity benchmark Sensex rallied 553 points on Friday, tracking gains in index-heavyweights Reliance Industries and HDFC twins amid massive foreign fund inflow.

The 30-share BSE index ended 552.90 points or 1.34 per cent higher at 41,893.06.

Similarly, the broader NSE Nifty surged 143.25 points or 1.18 per cent to 12,263.55.

Reliance Industries was the top gainer in the Sensex pack, surging over 3 per cent, followed by Bajaj Finserv, IndusInd Bank, HDFC twins and Kotak Bank.

On the other hand, Maruti, Bharti Airtel, Asian Paints, UltraTech Cement and Nestle India were among the laggards.

According to Hemant Kanawala, Head – Equity, Kotak Mahindra Life Insurance, Indian markets rallied in sync with its global peers, putting to the backburner the uncertainties in the US presidential election. They delivered a broad-based performance, with both Nifty and Nifty midcap indices returning 1.5 per cent over the last week.

Global markets have looked beyond the close finish in the US elections and are gearing up and reacting to a win for the democrats, he said, adding that a Democrat-led dispensation with a less restrictive trade policy, benign immigration policies will be a key positive for emerging markets, including India.

“We believe, collectively, these global factors will propel the markets to pre-Covid levels over the coming days,” he noted.

Further, the US Federal Reserve said its key interest rate will be left at a record low, near zero. It reaffirmed its readiness to do more to support the economy under threat from a worsening coronavirus pandemic.

Elsewhere in Asia, bourses in Shanghai ended in the red, while Hong Kong, Seoul and Tokyo closed with gains.

Stock exchanges in Europe were trading on a negative note in early deals.

Meanwhile, international oil benchmark Brent crude was trading 1.93 per cent lower at USD 40.14 per barrel.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 5,368.31 crore on Thursday, according to provisional exchange data.

In the forex market, the rupee settled 28 paise higher at 74.08 against the US dollar.
 

NEW DELHI [Maha Media]:  The Adani Group has asked the Visakhapatnam Port to terminate the concession agreement and withdraw penal charges.

In a letter to K. Rama Mohan Rao, Chairman, Visakhapatnam Port, Adani Vizag Port Terminal has asked the authority to mutually terminate the concession agreement and if the two are unable to reach an understanding then the company will be "constrained to take appropriate steps as given in the concession agreement".

The letter signed by Jai Khurana, CEO, Southern Ports has asked the authority to withdraw the consultation notice, cancel the meeting and "not take any adverse steps or actions including levy of penal charges against the concessionaire".

It said the notice issued by the Concessioning Authority is "arbitrary, wrong, extraneous to the terms and conditions of the Concession Agreement, without merit and unlawful".

"Please note that the Concessionaire has not defaulted on any of its obligations", the letter said. It has sought termination of the agreement as Force Majeure has been continued for more than 120 days.

It said the performance of the company under the agreement has been adversely hindered. Covid-19 pandemic situation as well as various orders on lockdown issued by the Government of India have adversely affected cargo movement and terminal operations. There is global economic slowdown and drop in international trade due to Covid-19.

"The Force Majeure event is highly detrimental to the project in totality. All our resources are idling and we are incurring heavy losses/costs on the same", Adani Group said.

The company had invoked Force Majeure with effect from February 19 and the company said that the events and lockdown are beyond its control and is not on account of any acts or omissions by the Concessionaire.
 

NEW DELHI [Maha Media]: No fee will be charged when sending money via WhatsApp, said Facebook CEO Mark Zuckerberg on Thursday (local time) following the nod by National Payments Corporation of India (NPCI) for WhatsApp to go live on UPI in the multi-bank model.

Speaking through a video statement, Zuckerberg said that it will be supported by more than 140 banks.

"Now you can send money to your friends and family through WhatsApp as easily as sending a message. There's no fee, and it's supported by more than 140 banks. And because it's WhatsApp, it's secure and private too," he said.

He further said that the payments will be available in 10 Indian regional language versions of WhatsApp. "All you need is a debit card with a bank that supports UPI and you can set it up straight away. You can find it in the latest version of WhatsApp," he said.

"We've been working on this with the National Payments Corporation of India, who oversee everything to make sure it's secure and reliable. And we've built it using India's Unified Payments Interface, which makes it easy for anyone to instantly accept payments across different apps -- and for companies to provide people with great services," he added.

"When people can access financial tools, they're more empowered to support themselves and others, or start a business. Long term, we need more innovation that gives people control over their money, and making payments easier is a small step that can really help," he said while adding that India is the first country to do anything like this.

On November 5, the NPCI had stated that WhatsApp can expand its UPI user base in a graded manner starting with a maximum registered user base of 20 million in UPI.

NPCI was incorporated in 2008 as an umbrella organisation for operating retail payment and settlement systems in India.
 

MUMBAI [Maha Media]: Futures of gold on the Multi Commodity Exchange (MCX) rose above the level of Rs 51,000 per 10-gram tracking a positive trend in the international markets as vote counts of the US elections continued on Thursday.

Currently, the December contract of Gold futures on the MCX is trading at Rs 51,281 per 10 gram higher by Rs 461 or 0.91 percent from the previous close.

Gold prices rose on Thursday after falling for straight days.

Silver futures also surged during the day. Currently, the December contract of silver on the MCX is trading at Rs 62,317 per kg, higher by Rs 928 or 1.51 percent from its previous close.

"As the election process commenced, markets anticipate a slight edge towards Democrat Joe Biden winning the US presidency which might open gates for larger US stimulus," Anuj Gupta, DVP, Commodities and Currencies Research at Angel Broking.

He further said that an alarming increase in the coronavirus cases around the globe clouded the global economic outlook.

"Many nations reinforced fresh lockdown which dented markets risk appetite and further supported Gold prices. Markets will have a keen watch on the outcome of the Federal Open Market Committee (FOMC)," Gupta said.
 

NEW DELHI [Maha Media]: The RBI Thursday urged the Supreme Court to lift its interim order, which held that accounts not declared as non-performing assets till August 31 this year are not to be declared NPAs till further orders, saying it is facing difficulty due to the directive.

In a relief to stressed borrowers who are facing hardships due to the impact of COVID-19 pandemic, the apex court had passed the interim order on September 3.

The counsel appearing for the Reserve Bank of India (RBI) told this to a bench headed by Justice Ashok Bhushan which was hearing a batch of pleas relating to charging of interest on interest by banks on EMIs, which were not paid by the borrowers who availed of the loan moratorium scheme in view of the pandemic.

We are facing difficulty due to order banning declaring of NPAs, senior advocate V Giri, appearing for RBI, told the bench while requesting it to lift the interim order.

The RBI and the Finance Ministry have already filed separate additional affidavits in the top court saying that the banks, financial and non-banking financial institutions will credit into the accounts of eligible borrowers by November 5 the difference between compound and simple interest collected on loans of up to Rs 2 crore during the moratorium scheme period.

Senior advocate Rajiv Dutta, appearing for one of the petitioners, told the bench that they are grateful to the Centre and the RBI for hand-holding small borrowers and said that his plea be disposed of.

The counsel appearing for the Centre said that Solicitor General Tushar Mehta, who has to argue in the matter, was on his legs before a special bench of the apex court in another case.

Senior advocate A M Singhvi, appearing for one of the applicants, said that power sector needed to be heard.

The bench said that it would take up the matter for hearing on November 18.

The pleas pertained to charging of interest on interest by banks on EMIs which have not been paid by borrowers after availing the loan moratorium scheme of RBI during March 1 to August 31.

Earlier, the RBI had filed the affidavit saying that it has asked all banks, financial and non-banking financial institutions to take "necessary actions" to credit into the accounts of eligible borrowers the difference between compound and simple interest collected on loans of up to Rs 2 crore during the moratorium scheme.

Prior to this, the central government had told the apex court that lenders have been asked to credit into the accounts of eligible borrowers the difference between compound and simple interest collected on loans of up to Rs 2 crore during the RBI's loan moratorium scheme by November 5.

The government had said that the ministry has issued a scheme as per which lending institutions would credit this amount in the accounts of borrowers for the six-month loan moratorium period which was announced following the COVID-19 pandemic situation.

On October 14, the apex court had observed that the Centre should implement "as soon as possible" the interest waiver on loans of up to Rs 2 crore under the RBI's moratorium scheme and had said that the common man's Diwali is in the government's hands.

The RBI had on March 27 issued the circular which allowed lending institutions to grant a moratorium on payment of instalments of term loans falling due between March 1, 2020, and May 31, 2020, due to the pandemic. Later, the moratorium was extended till August 31 this year.
 

MUMBAI [Maha Media]: Rallying for the fourth straight session, the Sensex surged 724 points on Thursday to close above the 41,000-mark on across-the-board buying amid a strong trend in the global markets despite uncertainty over the US poll outcome.

After a strong start, the 30-share BSE index maintained its upward trajectory throughout the session to close at 41,340.16, up 724.02 points or 1.78 per cent.

Similarly, the broader NSE Nifty zoomed 211.80 points or 1.78 per cent to finish at 12,120.30.

All Sensex components closed in the green.

SBI was the top gainer, soaring over 5 per cent, followed by Tata Steel, IndusInd Bank, Bajaj Finance, Bajaj Finserv and HCL Tech.

Elsewhere in Asia, bourses in Hong Kong, Shanghai, Seoul and Tokyo ended with significant gains.

Stock exchanges in Europe were also trading on a positive note in early deals.

In the forex market, the rupee zoomed 40 paise to close at 74.36 against the US dollar.
 

NEW DELHI [Maha Media]: The limited domestic passenger flight capacity, of up to 60 per cent of pre-Covid level, has been extended till February 24, 2021.

In September, the Centre had increased the limited domestic passenger flight operations' capacity to 60 per cent from the earlier 45 per cent.

Till now, the Centre has permitted only 60 per cent capacity utilisation in the domestic sector with effect from September 2, 2020.

The capacity has been increased in a graded manner from the 35 per cent to 45 per cent capacity from June 27, post the initial re-start of operations of the scheduled domestic flights from May 25.

Passenger air services were suspended on March 25 due to the nationwide lockdown to check the spread of Covid-19, and resumed in a phased manner.

Reacting to the extension, a Vistara spokesperson said "We will comply with the government mandate and hope that the cap can be reviewed in coming weeks."
 

NEW DELHI [Maha Media]: Microsoft on Thursday said it has added Hindi to its Text Analytics service to help businesses strengthen customer support through complete analysis of user perception and feedback in the most widely spoken language in India.

Text Analytics is part of the Microsoft Azure Cognitive Services.

The functionality provided by Text Analytics include sentiment analysis, opinion mining, key phrase extraction, language detection, named entity recognition, and Personally Identifiable Information (PII) detection.

Using this service, organisations can find out what people think of their brand or topic as this enables analysing Hindi text for clues about positive, neutral, or negative sentiment.

The Text Analytics service can be used for any textual / audio input or feedback in combination with Azure Speech-to-Text service, Microsoft said.

"Underlining our commitment to helping empower every business to achieve more, Microsoft has added Hindi to the already robust set of international languages supported by Text Analytics service," Sundar Srinivasan -- General Manager -- AI & Search -- Microsoft India, said in a statement.

"We are helping brands break language barriers and reach out to Hindi-speaking customers to understand the customer's sentiment about their products, services, and broaden their user feedback reach."

Microsoft's Text Analytics service uses AI models to analyse content in Hindi, using Natural Language Processing (NLP) for text mining and text analysis.

Its Sentiment Analysis feature evaluates text and returns confidence scores between 0 and 1 for positive, neutral, and negative sentiment for each document and sentences within a document.

The service also provides sentiment labels (such as "negative", "neutral" and "positive") based on the highest confidence score at a sentence and document-level.

"This helps brands in detecting positive and negative tonality in customer reviews, social media and call centre conversations, and forum discussions, among other channels no matter where their data resides," said the company.
 

MUMBAI [Maha Media]: Equity benchmark Sensex surged over 180 points in early trade on Wednesday, tracking gains in IT stocks and ahead of the outcome of the US presidential elections.

The 30-share BSE index was trading 183.86 points or 0.46 per cent higher at 40,444.99.

Similarly, the broader NSE Nifty climbed 49.50 points or 0.42 per cent to 11,863.00.

Infosys was the top gainer in the Sensex pack, appreciating over 4 per cent, followed by Sun Pharma, Tech Mahindra, HCL Tech and TCS.

On the other hand, ICICI Bank, Power Grid, Axis Bank, HDFC, and ITC were among the laggards.

In the previous session, Sensex settled 503.55 points or 1.27 per cent higher at 40,261.13, while Nifty advanced 144.35 points or 1.24 per cent to 11,813.50.

Former vice president and Democratic presidential candidate Joe Biden has maintained his lead mid-way through the counting of votes, as Republican incumbent Donald Trump appeared to be fast catching up.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 2,274.40 crore on Tuesday, according to provisional exchange data.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with significant gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 1.56 per cent higher at USD 40.33 per barrel.
 

NEW DELHI [Maha Media]:  Uttar Pradesh has found place among top five states of the country for providing employment under the Micro, Small and Medium Enterprises (MSMEs) during Corona pandemic.

In a recent report of Reserve Bank of India (RBI), Uttar Pradesh has secured a place ahead of Karnataka, Rajasthan, Delhi, Haryana and Telangana in the list of top 10 states.

The states ahead of Uttar Pradesh are Madhya Pradesh, Gujarat, Tamil Nadu and Maharashtra.

"The Uttar Pradesh government not only managed the return of about 40 lakh migrants from all over the country but also took up the onerous task of providing them employment," the government spokesman said.

"In a first, the state government did skill mapping of about 20 lakh migrant labourers/workers to enable them get job as per their skill set," he added.

The state government also signed MoUs with various industries for creation of 11 Lakh jobs within a year. While FICCI and IIA will account for three lakh jobs each, realtors' body NARDCO and the Laghu Udyog Bharti have agreed to provide jobs to 2.5 each to migrant labourers.

The state government set up new MSME units and is facilitating the distribution of loans to entrepreneurs for this. A new portal 'Sathi' was also launched to help entrepreneurs set up new units.

The government also plans to set up 1000 new units across the state in its efforts to generate more employment and also help people learn entrepreneurial skills, the spokesman said.

As many as 90 lakh MSMs are functional in the state and the sector has been projected as the new growth engine for economic development of the state.

The ambitious scheme of One District One Product (ODOP) under MSME in UP has emerged as a game changer in the times of the pandemic.

Under ODOP, the products of 75 districts are being promoted and sold nationally and internationally on online platforms like Amazon and Flipkart.

As a result, the small districts like Jaunpur, Etah, Pilibhit, Mirzapur and Pratapgarh have become centres for employment due to successful implementation of ODOP.
 

NEW DELHI [Maha Media]: Activity in India's dominant services industry, expanded for the first time in eight months in October as demand surged, but pandemic-hit firms continued to cut jobs, a private survey showed on Wednesday.

The findings, coupled with a similar survey on Monday which found Indian manufacturing growth expanded at its fastest pace in over a decade, suggest a recovery in Asia's third-largest economy is under way.

The Nikkei/IHS Markit Services Purchasing Managers' Index climbed to 54.1 in October from September's 49.8. It was the highest reading since February and comfortably above the 50-mark separating growth from contraction.

"It's encouraging to see the Indian service sector joining its manufacturing counterpart and posting a recovery in economic conditions from the steep deteriorations caused by the Covid-19 pandemic earlier in the year," Pollyanna De Lima, economics associate director at IHS Markit, said in a release.

"Service providers signalled solid expansions in new work and business activity during October. They were also more upbeat about the outlook, though hopes of output growth in the year ahead were pinned on a Covid-19 vaccine."

A sub-index tracking overall demand showed it expanded for the first time since February but new export business remained firmly in contraction territory as restrictions imposed across the world due to the Covid-19 pandemic hammered foreign demand.

That led firms to cut jobs for the eight straight month, the longest streak on record.

"Survey participants indicated that workers on leave had not returned and that a widespread fear of Covid-19 contamination continued to restrict staff supply," De Lima added.

The composite PMI, which includes both manufacturing and services, rose to 58.0 last month, its highest since January 2012, from September's 54.6.

Although service providers remained optimistic about the year ahead - optimism strengthened to a seven-month high last month - the expectations index remained well below the long-term average.

Input costs increased at the quickest pace since February but firms absorbed much of the jump to win business amid growing concerns that rising coronavirus infections could halt the nascent recovery in the services industry, which contributes over 60% to the country's gross domestic product.

India has the world's second-highest coronavirus caseload at well over 8 million, behind only the United States. New daily cases in India have been falling since September, but experts warn infections could rise again during the festival season.
 

NEW DELHI [Maha Media]: Chinese short-video making app TikTok has announced a new licensing agreement with Sony Music Entertainment (SME).

As part of the deal whose financial details were not disclosed, TikTok will continue to offer songs from Sony Music artists for use by creators on its platform.

"With this deal, the TikTok creator community will have access to sound clips from Sony Music's massive catalog of current hits, cutting edge new releases, emerging favourites, iconic classics and deep cuts from every genre of music for use in their TikTok content," the company said in a statement late on Monday.

TikTok and Sony Music will work together to support greater levels of TikTok user personalisation and creativity on the platform, and drive new and forward-looking opportunities for fan engagement with SME's artists and music.

"Short form video clips have developed into an exciting new part of the music ecosystem that contribute to the overall growth of music and the way fans experience it," said Dennis Kooker, President, Global Digital Business and U.S. Sales, Sony Music Entertainment.

"TikTok is a leader in this space and we are pleased to be partnering with them to drive music discovery, expand opportunities for creativity and support artist careers".

TikTok had already struck short-term licensing deals with Universal, Sony and Warner.

"We are thrilled to enter in to this agreement with Sony Music so that we can continue to work together to connect the incredible roster of Sony artists in the US and across the globe to new audiences and harness the power of TikTok," noted Ole Obermann, Global Head of Music for TikTok.

The company said it would work with Sony to support "greater levels of TikTok user personalization and creativity" and "drive new and forward-looking opportunities for fan engagement with SME's artists and music."

According to a Billboard report, TikTok will pay Sony a "notable increase" over its previous rights deal.
 

NEW DELHI [Maha Media]: Government-owned National Bank for Agriculture and Rural Development (NABARD), the second largest lender to Reliance Commercial Finance Limited (RCF) with over Rs 1,100 crore of secured loan exposure, has given a clean chit to RCF and has removed its red flag.

NABARD is a part of the consortium of lenders and is signatory to an inter creditor agreement (ICA) executed between the lenders of RCF under the June 7, 2019 circular of RBI on resolution of stressed assets.

NABARD had classified the account of RCF as red flag on February 25, 2020. Thereafter lenders conducted a detailed forensic audit by Grant Thornton (GT).

At a meeting of the consortium of lenders led by Bank of Baroda held on September 25, NABARD informed the consortium of lenders that having examined the GT forensic report, it found no element of fraud and has therefore removed the red flag.

Earlier, the Delhi High Court on August 14 had stayed a move by Bank of Baroda, the leader of the consortium of banks, to classify the accounts as fraud, restraining it from taking any other coercive action till the next hearing. Similar action of Punjab National Bank was also stayed by the Delhi High Court on August 11.
 

MUMBAI [Maha Media]: Equity benchmark Sensex ended 144 points higher on Monday, tracking strong buying sentiment in financial stocks amid positive cues from global markets.

After gyrating 633.11 points in a choppy session, the 30-share BSE index settled 143.51 points or 0.36 per cent higher at 39,757.58.

Similarly, the broader NSE Nifty advanced 26.75 points or 0.23 per cent to 11,669.15.

IndusInd Bank was the top gainer in the Sensex pack, rallying around 7 per cent, followed by ICICI Bank, Axis Bank, HDFC, Bharti Airtel, SBI, Bajaj Finance and HDFC Bank.

On the other hand, Reliance Industries (RIL) was the top laggard, crashing over 8 per cent. HCL Tech, TCS, Tata Steel, Asian Paints, Bajaj Auto, Maruti and UltraTech Cement also ended in the red.

According to experts, better-than-estimated Q2 performance from banks and strong auto sales numbers offered support to the market.

On the global front, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a positive note.

Stock exchanges in Europe were also trading with significant gains in early deals.

Meanwhile, international oil benchmark Brent crude was trading 2.06 per cent lower at USD 37.16 per barrel.

In the forex market, the rupee depreciated 32 paise to end at 74.42 against the US dollar.
 

NEW DELHI [Maha Media]: Paddy procurement for Kharif 2020-21 has now crossed two Crore Metric Tonnes mark with bumper procurement of 204.59 Lakh Metric Tonne Paddy in the procuring States and UTs of Punjab, Haryana, Uttar Pradesh, Uttarakhand, Tamil Nadu, Chandigarh, Jammu and Kashmir, Kerala and Gujarat till Saturday against the last year corresponding purchase of 168.87 LMT. This is an increase of 21.16 percent over last year.

Out of the total purchase of 204.59 LMT, Punjab alone has contributed 142.81 LMT which is 69.80 percent of total procurement. About 17.23 Lac farmers have already been benefitted from the ongoing KMS procurement Operations with MSP value of 38627.46 crore rupees.
 

NEW DELHI [Maha Media]: India's unemployment rate in October rose to 6.98% from 6.67% in September, according to data released by the Centre for Monitoring Indian Economy (CMIE).

The novel coronavirus has infected nearly 8.2 million people in the world's second-most populous nation, hitting large parts of the economy.

Economic activity has resumed after the government eased pandemic lockdown restrictions.
 

New Delhi (Mahamedia) Petroleum companies have given a big blow to hoteliers who are standing on their feet again in the midst of Corona crisis. The prices of LPG cylinders weighing 19 kg have been increased from 1 November. However, the relief is that there is no change in the price of gas cylinders without subsidies. Now 71.50 rupees will have to be paid to buy commercial cylinders in Delhi. According to the new prices implemented by petroleum companies from November 1, a 19-kg commercial cylinder will now be available in Delhi for Rs 1241.50. While earlier it was priced at Rs 1166. In September, the price of the cylinder was Rs 1133. 
 

MUMBAI [Maha Media]: The Sensex was slumped 1,071.43 points or 2.63 pc to settle at 39,614.07 in a week under review on weak global cues. Even, spurting global coronavirus cases and uncertainty about a fiscal relief bill in Washington dampened the sentiment. The Nifty also dropped 287.95 points or 2.41 pc to settle at 11,642.40.

The BSE Mid-Cap fell 71.48 or 0.48 pc to settle at 14,904.62. The BSE Small-Cap declined 246.51 points or 1.63 pc to settle at 14,888.08. On Monday the Sensex slumped 540 points to settle at 40,145.50. The Nifty too fell 162.60 points to settle at 11,767.75. On Tuesday the Sensex rebounded 376.60 points at 40,522.10. Nifty 50 surged 121.65 points at 11,889.40.

On Wednesday the Sensex again went in red, down 599.64 points to settle at 39,922.46. Nifty too lost 159.80 points to settle at 11,729.60. On Thursday, the Sensex slid further by 172.61 points to settle at 39,749.85. Nifty too lost 58.80 points to settle at 11,670.80.

And on Friday, the last trading session it further lost ground by 135.78 points to settle at 39,614.07. Nifty too lost 28.40 points to settle at 11,642.40.
 

NEW DELHI [Maha Media]: The global pandemic put an immediate halt on travel, and while restrictions have started to ease in many parts of the world, the financial legacy of COVID-19 will linger for much longer. While travellers may still be keen to resume travelling as soon as it is safe, they will be far more focused on value for money, booking transparency and flexibility now more than before.

70 percent of Indian travellers believe they will be more price-conscious when it comes to searching and planning a trip following COVID-19 and 64 percent are more likely to hunt down for promotions and savings revels digital travel platform Booking.com. 74 percent expect travel companies to support their future travel plans via discounts and promotions.

Destinations with deals

As finances top the priorities list, travellers will shift their choice of destination too, with many once sought-after destinations falling off the 'bucket list'. 57 percent of Indian travellers say they will opt for a discounted trip to a place they wouldn't have otherwise chosen, rather than paying more for a dream destination. Besides Indians, this money-saving sacrifice appeals most to Thai (58 percent) and Vietnamese (55 percent) travellers.

We'll also see value placed on immediacy with almost 62 percent of Indian travellers favouring a trip they could afford in the short-term rather than saving for a dream trip with more uncertainty.

Looking for flexible travel

But traveller demand for value will run deeper than simply the price tag. Nervousness around the prospect of having to cancel a trip means flexibility will be key with 77 percent of Indian travellers saying travel platforms need to add value by increasing transparency about cancellation policies, refund processes, and trip insurance options. Flexibility will also be top-of-mind with 38 percent of travellers saying they will consider refundable accommodation a must-have and 36 percent will want the flexibility to change the check-in dates without being charged.

Ritu Mehrotra, Country Manager, India, Sri Lanka and Maldives at Booking.com said, "The effect of COVID-19 has and will continue to evolve the way we travel, impacting our choices and decisions in the near future. With the financial strain of the pandemic felt by many throughout India, the travel industry will need to come together and respond inventively to offer deeper value, better choice, increased flexibility and transparency to the travellers. Maximizing travel for less will be the new normal in 2021 and beyond. To meet the evolved travel demands and expectations, Booking.com is committed to offer enhanced, safe and thoughtful experiences for tomorrow's travellers as they scrutinize their travel spends going forward."

As 2021 rolls closer and closer, the way travellers plan to experience the world will continue to evolve. No matter the evolution though, one thing is for sure travellers will be prioritising value more than ever.
 

MUMBAI [Maha Media]: Equity benchmark Sensex declined 136 points on Friday following losses in Infosys, ICICI Bank and Bharti Airtel amid a selloff in global markets.

After gyrating 746 points during the day, the 30-share BSE index ended 135.78 points or 0.34 per cent lower at 39,614.07.

Similarly, the broader NSE Nifty slipped 28.40 points or 0.24 per cent to 11,642.40.

Bharti Airtel was the top loser in the Sensex pack, shedding around 4 per cent, followed by Maruti, Bajaj Finance, HUL, ICICI Bank and Kotak Bank.

On the other hand, Tata Steel, NTPC, Sun Pharma, Nestle India, Reliance Industries and TCS were among the gainers.

Market was highly volatile during the day, said S Ranganathan, Head of Research at LKP Securities, adding that auto stocks witnessed profit booking.

However, a late comeback by RIL ahead of its earnings helped indices gain some lost ground in afternoon trade, he said.

According to experts, market mood has been wary this week on a steady increase in COVID-19 caseload globally despite falling cases in India and uncertainty around the upcoming US elections.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended the day in significant losses.

Stock exchanges in Europe were also largely trading on a negative note.

Meanwhile, international oil benchmark Brent crude was trading 0.58 per cent higher at USD 38.48 per barrel.
 

NEW DELHI [Maha Media]: The key changes in the approach to maintain election integrity in India, the EU and more than 200 elections around the world are helping the social network stop abuse and maintain election integrity ahead of next weeks presidential vote in the US, Facebook CEO Mark Zuckerberg has said as the company faces intense scrutiny.

Stressing that next week will certainly be a test for Facebook, Zuckerberg said election integrity is and will be an ongoing challenge even after November 3.

Four years ago, Facebook's security teams were looking for traditional threats like hacking.

"But what we ended up seeing was something new -- coordinated interference campaigns, using fake accounts that tried to spread misinformation and discord. Since then, we've built the most advanced systems in the world to find and remove these threats, and it shows in the numbers," Zuckerberg told analysts during the company's earnings call on Thursday.

In the years since, Facebook has taken down more than 100 networks, including from Russia, Iran and China.

"We block millions of potentially abusive accounts every day. No other company has systems nearly as advanced," the Facebook CEO claimed.

"The changes we've made in the last four years helped us protect the integrity of more than 200 different elections around the world, including in the EU, India and Indonesia. And they've been important for stopping abuse ahead of next week's vote in the US," he added.

Zuckerberg mentioned steps the company has taken to make ads transparent.

"Anyone who wants to run a political or social issue ad has to go through our authorisation process first. And between March and September, we rejected ads 2.2 million times, before they could run, for trying to target the US without authorization," he informed.

"We are very focused on voter suppression. We are working closely with experts in the space, including civil rights leaders".

Facebook has helped 4.4 million people register in the US.

"We also estimate that in September, we helped 100,000 people sign up to be poll workers," Zuckerberg said.
 

NEW DELHI [Maha Media]: The World Bank on Thursday said remittances to India would fall this year by nine per cent to $76 billion due to the ongoing coronavirus pandemic and global economic recession.

India followed by China, Mexico, the Philippines, and Egypt continue to be the top five countries in 2020 to receive foreign remittances, the World Bank said in its latest report.

As the Covid-19 pandemic and economic crisis continues, the amount of money migrant workers send home is projected to decline 14 per cent by 2021 compared to the pre-Covid-19 levels in 2019, according to the latest estimates published in the World Bank's Migration and Development Brief.

The impact of Covid-19 is pervasive when viewed through the lens of migration as it affects migrants and their families who rely on remittances, said Mamta Murthi, Vice President for Human Development and Chair of the Migration Steering Group of the World Bank.

Remittance flows to low and middle-income countries (LMICs) are projected to fall by 7 per cent to $508 billion in 2020, followed by a further decline of 7.5 per cent to $470 billion in 2021.

The foremost factors driving the decline in remittances include weak economic growth and employment levels in migrant-hosting countries, weak oil prices, and depreciation of the currencies of remittance-source countries against the US dollar, the bank said.

The declines in 2020 and 2021 will affect all regions, with the steepest drop expected in Europe and Central Asia (by 16 per cent and 8 per cent, respectively), followed by East Asia and the Pacific (11 per cent and 4 per cent), the Middle East and North Africa ( both 8 per cent), Sub-Saharan Africa (9 per cent and 6 per cent), South Asia (4 per cent and 11 per cent), and Latin America and the Caribbean (0.2 per cent and 8 per cent), the report said.

Remittances to South Asia are projected to decline by around four per cent in 2020 to $1 35 billion.

In Pakistan and Bangladesh, the impact of the global economic slowdown has been somewhat countered by the diversion of remittances from informal to formal channels due to the difficulty of carrying money by hand under travel restrictions, the bank said.

Pakistan also introduced a tax incentive whereby withholding tax was exempted from July 1 2020, on cash withdrawals or on the issuance of banking instruments/transfers from a domestic bank account.

Bangladesh registered a large increase in remittance inflows in July after the floods that inundated a quarter of its landmass.

Remittance costs: At just under 5 per cent in the third quarter of 2020, South Asia was the least costly region to send $200 to but the costs are well over 10 per cent in some corridors (from Japan, South Africa and Thailand, and from Pakistan to Afghanistan), it said.

Migrants are suffering greater health risks and unemployment during this crisis, said Dilip Ratha, lead author of the brief.

The underlying fundamentals driving remittances are weak and this is not the time to take our eyes off the downside risks to the remittance lifelines, he said.

This year, for the first time in recent history, the stock of international migrants is likely to decline as new migration has slowed and return migration has increased.

Return migration has been reported in all parts of the world following the lifting of national lockdowns which left many migrant workers stranded in host countries.

Rising unemployment in the face of tighter visa restrictions on migrants and refugees is likely to result in a further increase in return migration, the bank said.
 

NEW DELHI [Maha Media]: Railways has launched Meri Saheli initiative for focused action on security of women passengers across all zones. Railways Ministry said, the objective of this mission is to provide safety and security to lady passengers travelling by trains for their entire journey from starting station to destination station.

Meri Saheli initiative was started as a pilot project in South Eastern Railway in September this year and after getting encouraging response from lady passengers, it was extended to all zones and Konkan Railway with effect from 17th of this month.
 
Railway Protection Force, RPF has launched this initiative for the security of lady passengers. This initiative is aimed to instill a sense of security among the lady passengers and respond effectively to any security-related issue faced by lady passengers. The RPF team collects only the seat numbers of the ladies and conveys them to stoppages en-route.

The platform duty RPF personnel at the stopping stations en-route keep unobtrusive watch over the concerned coaches and berths. The Ministry said, If some distress call comes from a train covered under Meri Saheli initiative, the disposal of the call is monitored at the level of senior officers.
 

NEW DELHI [Maha Media]: Stressing that the messaging experience in the US is very fragmented compared to India or China, Facebook CEO Mark Zuckerberg has said the company is working hard to merge Messenger, Instagram and WhatsApp so that they can start to function a little bit more like one connected interoperable system.

In a bid to allow cross-messaging among its family of apps, Facebook has reportedly started merging Instagram and Messenger chats. The social network has already integrated Messenger rooms with WhatsApp on the Web.

"There's more work to happen here. We of course, want to bring in WhatsApp to that interoperability as well. There are more features we want to add even to the Messenger, Instagram interoperability," Zuckerberg told analysts during the company's earnings call on Thursday.

"It's good to see this starting to roll out after what has been a pretty large engineering and infrastructure project," he added.

Private messaging continues to be one of the fastest-growing forms of communication, now with roughly 100 billion messages exchanged every day on WhatsApp alone.

"But these conversations are still often fragmented across different apps, and people tell us that they want to be able to use the app they like best to reach everyone who they want to message," The Facebook CEO noted.

"To address this, we've been working on a long-term infrastructure project to let people message across apps, and we've now started rolling out an update to Instagram that brings the best features from Messenger and creates a better messaging experience across both apps, and early feedback has been positive so far".

The world of social media is soon going to change as Zuckerberg inches closer to fulfill his dream of integrating all his services into one cross-platform movement of personal data.

More than the commercial benefits of the chat integration between the apps, he has been more concerned about data encryption.

People can now access Messenger Rooms which allow group video calls of up to 50 people with no time limit via WhatsApp on the desktop.

The Messenger Rooms integration is yet to arrive on WhatsApp on mobile.
 

NEW DELHI [Maha Media]: Gold prices fell Rs 121 to Rs 50,630 per 10 gram in the national capital on Thursday, according to HDFC Securities.

The precious metal had closed at Rs 50,751 per 10 gram in the previous trade.

Silver prices also declined Rs 1,277 to Rs 60,098 per kilogram from Rs 61,375 per kilogram in the previous trade.

In the international market, gold rose marginally to USD 1,878 per ounce, while silver was trading flat at USD 23.30 per ounce.

"Gold prices traded under pressure with strong dollar recovery which dampened safe-haven demand for gold," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
 

MUMBAI [Maha Media]: Extending losses for another day on Thursday the Sensex dropped by 172.61 pts to settle at 39,749.85 on heavy selling in Capital Goods, Consumer Durable, Utilities, Industrials and FMCG stocks amid weak Asian Market. The Nifty of National Stock Exchange too fell by 58.80 pts at 11,670.80. 

The Sensex slipped by 385 pts to open at 39,537.17 in opening trade. It further lost by 398 pts to 39,524.25, days low before closing at 39,749.85, down by 172.61 pts from its previous close. With this, the Sensex has dropped by 771 pts in couple of sessions. The Sensex registered days high and low at 40,010.83 and 39,524.25 pts respectively. The Nifty recorded days high and low at 11,744.15 and 11,606.45 pts respectively. The sectoral indices that kept the market low were Capital Goods, Consumer Durable, Utilities, Industrials and FMCG.

In scrips, L&T, Titan, ONGC, Axis Bank and Hind Unilever were down, however, Asian Paints, Ultracemco, HCL Technologies, Kotak Bank and ICICI Bank were advanced. The Mid Cap declined by 0.01 pc and Small Cap by 0.21 pc. In 30 scrips, 21 declined while 9 advanced.  
 

NEW DELHI [Maha Media]: Twitter on Thursday rolled out a new feature called Topics in India in both English and Hindi that will make it easy for people to find, follow and talk about their interests and the things they like.

The ‘Topics' feature lets people follow specific subjects of their interest, allowing them to see more content on these subjects on their timeline.

When a person chooses to follow a Topic, he or she will see tweets from a whole host of accounts that are experts, fans or just tend to talk about that subject a lot on Twitter on their timeline.

When a person chooses to follow a Topic – whether it's their favourite band, sports team or even a city – they'll see Tweets from a whole host of accounts that are experts, fans or just tend to talk about that subject a lot on Twitter on their timeline.

"The addition of Hindi Topics demonstrates our commitment to diversity of conversations across languages. We are excited to see these vibrant conversations flourish on Twitter in India," said Manish Maheshwari, MD, Twitter India.

Within a Hindi Topic, people will be able to see Tweets in Devanagari script, as well as Hindi speech typed in the Roman alphabet.

Indian users will be able to follow conversations about a Topic like they have been following accounts - with one single tap.

Topic suggestions will appear in the timeline and in the search bar based on what is most relevant to them.

To search for Topics you want to follow, open the Twitter app on your phone, click on the icon with three horizontal lines on the top left of the app, Tap on ‘Topics' and you will see a list of ‘Suggested Topics'.

Tap the ‘Follow' button on the ones you find interesting and click on ‘More Topics' at the end of the list to explore a wider list of Topics and sub-Topics to choose from.

You can also explore the Topics Selector page, which provides a list of Topics to follow.

You can also stop following a Topic that you no more wish to see on your timeline.

Apart from Hindi, Topics are also available in English, Japanese, Spanish, Portuguese, Arabic, and Korean.

"India is an important market for Twitter. We want to strengthen the service's value for Indian audiences by giving them more control over what they want to see on their timelines," Maheshwari said.
 

NEW DELHI [Maha Media]: Air India's low-cost international subsidiary Air India Express on Wednesday reported its highest-ever net profit, at Rs 412.77 crore for the financial year 2019-20.

 The airline had reported a net profit of Rs 169 crore in 2018-19.

The airline which started its commercial operations in April 2005, has been reporting net profit continuously for the last five years.

"Efficient utilisation of assets in terms of aircraft, manpower and materials and enhanced operational efficiency in key areas have significantly contributed to the the record profits," said K. Shyam Sundar, CEO, Air India Express.

The airline's operating revenues grew by over 25 per cent from Rs 4,172 crore in FY2018-19 to Rs 5,219 crore in FY2019 -20.

Besides, the number of passengers flown by Air India Express increased by 11 per cent to reach 4.84 million from 4.36 million in 2018-19.
 

MUMBAI [Maha Media]:  Equity benchmark Sensex plunged 600 points on Wednesday, tracking heavy losses in index majors Reliance Industries, HDFC Bank and ICICI Bank amid a massive selloff in European markets.

After hitting a low of 39,774.60 during the day, the 30-share BSE index ended 599.64 points or 1.48 per cent lower at 39,922.46.

Similarly, the broader NSE tanked 159.80 points or 1.34 per cent to close at 11,729.60.

IndusInd Bank was the top loser in the Sensex pack, shedding over 3 per cent, followed by HDFC, ICICI Bank, Tech Mahindra, Bajaj Finance, UltraTech Cement and Tata Steel.

On the other hand, Bharti Airtel was the top gainer, rallying more than 4 per cent, after the country's second largest telecom operator reported its highest-ever quarterly consolidated revenue, helping it narrow losses in the July-September period.

Consolidated revenue rose 22 per cent to Rs 25,785 crore in the September quarter, while net loss narrowed to Rs 763 crore.

M&M, Maruti and L&T also ended with gains.

According to analysts, Indian equities faced intense selloff after European markets opened with heavy losses amid spiking COVID-19 cases.

Extremely volatility was also witnessed ahead of monthly derivatives expiry and US presidential election, they said.

Benchmarks in Europe plunged up to 3 per cent in early deals.

Bourses in Hong Kong and Tokyo ended on a negative note, while Shanghai and Seoul were in the positive territory.

Meanwhile, international oil benchmark Brent crude was trading 3.20 per cent lower at USD 40.28 per barrel.
 

NEW DELHI [Maha Media]: Commerce and Industries minister Piyush Goyal today launched first-ever SCO Startup Forum ahead of the SCO trade ministers meeting to be held virtually tomorrow. 

The forum will lay the foundation for multilateral cooperation and engagement among the SCO Member States to develop and hone their startup ecosystems, collectively. 

Prasar Bharati Beijing Correspondent reports that Innovation and Startups will be the key focus area of SCO Heads of Government meeting on 30th November 2020 which will be hosted by India for the first time. 

The Forum shall identify areas of cooperation by launching multiple entrepreneurial activities like startup showcase through a dedicated virtual platform, mobilizing capital for startups, sharing of best practices, procuring social innovations, and knowledge exchange workshops etc.

India is currently the third-largest startup ecosystem in the world with over 35,000 startups, close to 25% of which are core technology startups operating in areas of AI, Robotics, Cloud Computing, IoT, Digital Health, Financial & Education Technology. 

India has organized many events in the run up to SCO Heads of Government meeting including ministerial meetings which have received support from all the SCO member states.
 

BHOPAL [Maha Media]: THE inauguration and pledge taking ceremony of Vigilance Awareness Week - 2020 was organised on Tuesday at Administrative Building of BHEL, Bhopal.

Integrity pledge was administered from BHEL Corporate Office, New Delhi through video conferencing. On the occasion, ED, GMs and the DROs took integrity pledge. Director IS&P read the message of the President of India, CVO read the message of the Vice President of India, Director ERD read the message of the Prime Minister of India and Director HR read the message of the Central Vigilance Commission.

In addition, the online vendor complaint redressal system- ‘Suvidha’, Do’s & Dont’s based on BHEL’s Purchase or Works policy and 30th edition of Vigilance E-magazine ‘Disha’ was also launched. 

Subsequently, all the GMs  and Heads of Departments lso administered the integrity pledge to all the employees at their workplaces. 

Instead of taking the pledge at a large gathering, the pledge was taken in small groups, following physical distancing norms due to the COVID 19 pandemic.
 

NEW DELHI [Maha Media]: Microsoft on Wednesday said it has collaborated with the National Skill Development Corporation (NSDC) to impart digital skills to more than one lakh underserved women in India over the next 10 months.

As part of the collaboration, more than 70 hours of course content will be made available free of cost, covering topics such as digital literacy, enhancing employability, nano entrepreneurship, and communication skills.

This initiative is an extension of Microsoft's partnership with NSDC to provide digital skills to over 1 lakh youth in the country.

"The (latest) partnership is focused on enhancing women's workforce participation by equipping underserved young women from rural communities with the skills required to thrive in a digital economy," a statement said.

The programme will curate a series of live training sessions and digital skilling drives to help create opportunities for young girls and women, particularly first time job seekers and those whose jobs may have been impacted by COVID-19, to join the future workforce.

"COVID-19 has accelerated India's digital transformation and a workforce that is equipped with future-ready skills will be the key to unlocking the country's next phase of growth. Providing equal opportunity and access to digital skills for underserved young women will be an important part of this journey, ensuring an inclusive economic recovery," Microsoft India President Anant Maheshwari said.

These live training sessions will be delivered online through the Microsoft Community Training (MCT) platform. The MCT platform will also allow the trainees to access rich content already available on MCT as well as provide a forum to engage with peers.

"NSDC is nurturing a conducive ecosystem in which women across formal and informal sectors get access to appropriate skill development opportunities. Mainstreaming of content, delivery of training and use of digital platforms are key to increasing participation of women," NSDC MD and CEO Manish Kumar said.

The partnership with Microsoft will help in economic empowerment of women, he added.

Under this partnership, eSkill India - NSDC's digital skilling initiative - will support in building the outreach of this engagement through its skilling ecosystem which includes sector skill councils, training partners, and training centres. Microsoft and NSDC will award a joint e-certificate to participants post course completion.

Furthermore, 20,000 young women from regions with least female labour force participation will be selected by NSDC and skilled through dedicated skills for employability training program for employment in IT/IT enabled job roles.

The partnership with NSDC is an extension of Microsoft's global skilling initiative to help 25 million people worldwide acquire new digital skills needed for the COVID-19 economy and part of Microsoft India's ongoing commitment to support young women for a career in technology.
 

NEW DELHI [Maha Media]: The global professional networking platform LinkedIn, which has more than 722 million users, ensures that three people are hired every minute and new features make it easier for nearly 40 million job seekers to indicate theyre looking for their next opportunity, according to Microsoft CEO Satya Nadella.

 More professionals are turning to LinkedIn Learning to increase their knowledge capital, watching more than 1 million hours of content each week -- more than double the amount a year ago.

"In marketing solutions, advertiser demand on LinkedIn returned to near pre-Covid levels, up 40 per cent year-over-year, as marketers use our tools to connect with professionals ready to do business," Satya Nadella said during the company's fiscal Q1 earnings call on Tuesday

"Organisations continue to tap into the combination of LinkedIn Sales Navigator and Dynamics 365 to ensure salespeople have the context they need to sell remotely," he said, adding that the company saw record levels of engagement again this quarter.

"We launched our most significant redesign, with a streamlined search and messaging experience, as well as new ways of connecting and sharing with Stories," Nadella added.

Microsoft-owned LinkedIn last month went for a brand new look and feel in nearly five years, powering its community with Snapchat-like Stories, video integration with Zoom, BlueJeans and Teams, rebuilding Search feature and more.

Earlier this month, LinkedIn launched the 'Stories' feature in India which allows members to publish photos and videos up to 20 seconds long that will be visible on their profiles for 24 hours before disappearing.

The platform also introduced a new, streamlined search experience, which will introduce a blended search results page with defined recommendations organised by people, companies, schools, content, and online events.
 

MUMBAI [Maha Media]: Equity benchmark Sensex rallied 377 points on Tuesday, tracking massive buying in Kotak Mahindra Bank after the lender posted strong quarterly earnings.

The 30-share BSE index ended 376.60 points or 0.94 per cent higher at 40,522.10. Similarly, the broader NSE Nifty surged 121.65 points or 1.03 per cent to 11,889.40.

Shares of Kotak Mahindra Bank soared around 12 per cent after the lender reported a 22 per cent growth in consolidated net profit at Rs 2,947 crore for the July-September quarter.

Without denying speculations about a merger with smaller rival IndusInd Bank, the private sector lender said the objectives of its recent Rs 7,000-crore capital raising exercise included acquisitions but added that it will be using the money judiciously.

According to Emkay Global Financial Services, despite subdued credit growth, Kotak Bank reported a strong profit, mainly due to high treasury gains (including equity) and contained provisions as the bank believes that it is well guarded for the incoming asset quality stress.

Other gainers included Nestle India, Asian Paints, Bajaj Finance, NTPC, L&T, Axis Bank and Bajaj Auto.

On the other hand, TCS, ONGC, Infosys, HDFC and SBI were among the laggards.

Bulls took centre stage as Kotak Bank led the financial pack's rally. Afternoon trade witnessed FMCG taking control supported by cement stocks. Broader markets also saw participation across select counters, said S Ranganathan, Head of Research at LKP Securities.

On the global front, bourses in Hong Kong, Seoul and Tokyo ended on a negative note, while Shanghai was in the positive territory.

Stock exchanges in Europe were also trading in the red in early deals amid restrictions imposed on economic activities in countries like Spain and Italy.

Meanwhile, international oil benchmark Brent crude was trading 0.76 per cent higher at USD 41.12 per barrel.

In the forex market, the rupee settled 13 paise higher at 73.71 against the US dollar.
 

NEW DELHI [Maha Media]: The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020.

On October 23, the government had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts.

The scheme mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions.

The government had asked the lending institutions to complete the exercise of crediting the amount in the accounts of borrowers by November 5.

"All lending institutions are advised to be guided by the provisions of the Scheme and take necessary action within the stipulated timeline," the RBI said in a notification.

The finance ministry had issued the operational guidelines in the backdrop of the Supreme Court's direction to implement the interest waiver scheme.

The apex court on October 14, directed the Centre to implement "as soon as possible" interest waiver on loans of up to Rs 2 crore under the RBI moratorium scheme in view of the COVID-19 pandemic saying the common man's Diwali is in the government's hands.

Housing loans, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans are covered under the scheme.

As per the scheme, the lending institutions shall credit the difference between compound interest and simple interest with regard to the eligible borrowers in respective accounts for the said period irrespective of whether the borrower fully or partially availed the moratorium on repayment of loan announced by the RBI on March 27, 2020.

The scheme is also applicable on those who have not availed the moratorium scheme and continued with the repayment of loans.

The lending institutions after crediting the amount will claim the reimbursement from the central government.

The RBI had announced a moratorium on repayment of debt for six months beginning March 1, 2020 to help businesses and individuals tide over the financial problems on account of disruption in normal business activities.
 

NEW DELHI [Maha Media]: MSCI India to see passive inflows of $2.5 billion as MSCI has confirmed that it will implement the new regime on the foreign ownership limits (FOL) changes in the November review.

"Last year, for the first time, we saw some action from the Government to fix this issue to some extent. While we wait for MSCI implementation, here we outline the potential impact. MSCI India's weight in MSCI EM will increase to 8.7% (weight increases for current constituents) and 8.8% (new additions) from the current level of 8.1%, and passive inflows of $1.93 billion and $0.6 billion, respectively," Morgan Stanley said in a report.

MSCI today in a press release confirmed that it welcomes the recent disclosure of the foreign investment limits for Indian securities by National Securities Depository Limited (NSDL) & Central Depository Services Limited (CDSL) addressing the concerns on the timeliness, quality and standardization of the data.

MSCI will implement changes in Foreign Ownership Limits (FOL) in the MSCI Global Indexes containing Indian securities coinciding with the November 2020 Semi Annual Index Review (SAIR) at the close of November 30, 2020, effective December 1,2020.

The FOL changes result from the relaxation of the Foreign Portfolio Investor (FPI) limit of Indian companies to the sectoral limit. The FOL for securities in the MSCI India Equity Universe would be equal to the limit as per the 'Automatic Route 'except: the cases where a higher limit is approved under the 'Government Route' or the cases where a lower limit is approved by the company's Board of Directors and its General Body.

MSCI is due to announce the results of its semi-annual index review on the morning of Nov 11, including a list of stock additions and removals along with changes in weightings.

"Further, we observe that MSCI India index tends to outperform before and post the announcement," the report said.
 

NEW DELHI [Maha Media]: Prime Minister Narendra Modi has invited the global industry to become partners in India’s progress and shared prosperity by enhancing India’s production of all forms of energy.
 
Interacting with CEOs of leading oil and gas companies in the annual event organized by NITI Aayog and Ministry of Petroleum and Natural Gas on Monday, Mr Modi said, India’s rapidly growing energy sector presents tremendous opportunities to investors.
 
During the interaction, Prime Minister highlighted that energy is at the centre of human development, which is why conversations around the energy sector are important.
 
He said that at the core of the government’s policy is providing equitable access of clean, affordable and sustainable energy to all Indians, for which the country has adopted an integrated approach.
 
Mr Modi underlined that with the government taking a series of policy steps to make India an attractive investment destination, there are tremendous opportunities in the energy sector in India.
 
He said, India now allows 100 per cent  FDI in exploration and production projects, and has permitted 49 per cent  FDI in public sector refining under the automatic route.
 
He said, these reforms are translating into increased FDI flow in the sector.
 
He added that the country is taking steps to move towards a gas-based economy and said that a gas pipeline network is being developed to achieve ‘One Nation One Gas Grid’.
 
He further highlighted that India is also aiming to become a hub for chemicals and petro-chemicals manufacturing and exporting.
 
Prime Minister noted that human needs and aspirations cannot be in conflict with the natural surroundings.
 
He said that India believes in both human empowerment and care for the environment.
 

NEW DELHI [Maha Media]: The Income Tax Department has issued a lengthy instruction manual running into hundreds of pages for filling up the tax returns for assessment year 2020-21.

The Income Tax Department has issued a detailed step by step reckoner for filing tax returns to be submitted under different heads.

These instructions are guidelines to help the taxpayers for filling the particulars in Income-tax Return Form-1 for the Assessment Year 2020-21 relating to the Financial Year 2019-2020.

This Return Form is to be used by an individual who is a resident other than not ordinarily resident, whose total income for the Assessment Year 2020-21 does not exceed Rs 50 lakh and who has income under the following heads: (a) Income from Salary/ Pension; or (b) Income from One House Property; or (c) Interest income and/ or family pension taxable under other sources.

Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.

This Return Form should not be used by an individual who -- (a) is a Director in a company; (b) has held any unlisted equity shares at any time during the previous year; (c) has any asset (including financial interest in any entity) located outside India; (d) has signing authority in any account located outside India; or (e) has income from any source outside India.

This return form also cannot be used by an individual who has any income of the following nature during the previous year:- (a) Profits and gains from business and professions; (b) Capital gains; (c) Income from more than one house property.

In addition, this form should not be used if Income under the head other sources which is of following nature: (i) winnings from lottery; (ii) activity of owning and maintaining race horses; (iii) income taxable at special rates under section 115BBDA or section 115BBE; Income to be apportioned in accordance with provisions of section 5A; or (f) Agricultural income in excess of ?5,000.

Further, this return form also cannot be used by an individual who has any claims of loss/deductions/relief/tax credit, etc. of the following nature: (a) any brought forward loss or loss to be carried forward under the head 'Income from house property'; (b) loss under the head 'Income from other sources'; (c) any claim of relief under section 90 and/or section 91; (d) any claim of deduction under section 57, other than deduction under clause (iia) thereof (relating to family pension); or (e) any claim of credit of tax deducted at source in the hands of any other person.

This will be an annexure-less Return Form No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.

The tax filers have to mandatorily report deposit of amount or aggregates of amount exceeding Rs one crore in one or more current accounts; b) Incurred expenditure of an amount or aggregate of amount exceeding Rs 2 lakh for travel to a foreign country for yourself or any other person; c) Incurred expenditure of amount or aggregate of amount exceeding Rs 1 lakh on consumption of electricity.

As per the instructions for filling out Form ITR-2, this Return Form is to be used by an individual or a Hindu Undivided Family (HUF) who is not eligible to file Form ITR-1 (Sahaj) and who is not having any income under the head "Profits or gains of business or profession".

This Return Form should not be used by an individual whose total income for the Assessment Year 2020-21 includes Income under the head "Profits or Gains of Business or Profession".

Capital gains arising from sale/transfer of different types of capital assets have been segregated. In case of Long Term/Short Term Capital Gain arising on sale of Immovable property, i.e, A1 and B1 where capital gains are required to be computed separately for each property, and Schedule CG - Capital Gains Capital gains arising from sale/transfer of different types of capital assets have been segregated.

In case of long term capital gains (LTCG) arising on sale of equity shares in a company or unit of equity oriented fund or unit of business trust on which STT is paid, computation of capital gains should be made as per item No. B4 or item No. B7.

Separate computation of capital gains should be made for each scrip or units of mutual fund sold during the year as per Schedule 112A and 115AD(1)(b)(iii) proviso.

The net capital gains arising on sale of individual scrips should be aggregated and will be auto populated.

Thereafter, tax shall be charged at a flat rate of 10 per cent in Schedule SI on the aggregate LTCG, as reduced by Rs 1 lakh, for the purpose of tax computation.
 

MUMBAI [Maha Media]: Sensex spurted by 702.52 points or 1.76 pc to settle at 40,685.50 in the week under review on positive cues from global peers.

Global stocks advanced amid hopes of the fresh stimulus package in the US before the presidential election and expectation of coronavirus vaccine by the end of the year.

Nifty rose 167.90 points or 1.43 pc to settle at 11,930.35. BSE Mid-Cap advanced 354.79 or 2.43 pc to settle at 14,976.10. BSE Small-Cap rallied 348.03 points or 2.35 pc to settle at 15,134.59. 

On Monday the Sensex jumped 448.62 points to settle at 40,431.60. Nifty added 110.60 points or to settle at 11,873.05. On Tuesday, the Sensex rose 112.77 points to settle at 40,544.37. Nifty added 23.75 points to settle at 11,896.80.

On Wednesday the Sensex, gained 162.94 points to settle at 40,707.31. Nifty too rose by 40.85 points to settle at 11,937.65. On Thursday the Sensex, fell 148.82 points to settle at 40,558.49. Nifty too lost 41.20 points to settle at 11,896.45. On Friday, the Sensex recovered 127.01 points to settle at 40,685.50. Nifty gained 33.90 points to settle at 11,930.35.
 

NEW DELHI [Maha Media]:  As the clamour for a COVID-19 vaccine goes stronger, chairperson and managing director of Bengaluru-based Biocon Ltd Kiran Mazumdar-Shaw believes India could have a vaccine by mid-2021.

Mazumdar-Shaw said that it was likely that the vaccine will be available in the country by June, but pointed out that delivering the vaccine to all Indians will be challenging. 

"My expectation is that the first mRNA vaccines will be approved by the end of the year. But they are not going to be available in India because they require a -80 degree cold chain and that is not something which we can handle here," she said.

Further, she explained, "I expect that by January, some of the other vaccines could be approved like AstraZeneca’s, or one of our own Indian vaccines, like the one by Bharat Biotech. If we finish the clinical trials in the next 2-3 months, even those may be approved by January-February. So, I would expect that in Q1 2021-22 we should have vaccines available in India." 

On Friday, Biocon announced its September quarter earnings which saw a net profit fall of Rs 169 crore from Rs 216 crore in the year-ago quarter. 

Meanwhile, the Drugs Controller General of India (DCGI) clears Covaxin, the coronavirus vaccine being developed by Bharat Biotech in collaboration with the Indian Council of Medical Research (ICMR) for the third phase of clinical trials. 

Besides, Bharat Biotech, an indigenously developed vaccine candidate by Zydus Cadila Ltd is also in Phase 2 of human clinical trials.

The Pune-based Serum Institute of India, which has partnered with AstraZeneca for manufacturing the Oxford COVID-19 vaccine candidate, is also conducting Phase 2 and 3 human clinical trials of the candidate in India.
 

NEW DELHI [Maha Media]: Celebr8.world announced the launch of the first app in India that will allow users to enjoy this festive season with an innovative and immersive way of celebration through visual experiences with Celebr8.
 
Star Indian Cricketer Shikhar Dhawan launched the app earlier today on his Instagram handle with a Reel. "It's a different festive season for all of us this year. But, I'm sure, with the Celebr8 app, everyone will enjoy the festivities in a unique way," said Shikhar, who is exclusively managed by the talent arm of IMG-Reliance.

As one adjusts to the new normal, with online engagement taking over physical meetings, the festivities aren't complete if not enjoyed together.

Keeping this in consideration, Celebr8 provides a digital platform to retain the nostalgia of the festive season while sticking to social-safety norms - where you not only connect but also celebrate together.

"With the onset of festive celebrations, we are excited to launch the app right before Dussehra and Diwali. With restrictions on celebrating festivals across the globe due to COVID-19, we feel thrilled to be able to curate a platform like Celebr8 which lets the spirit of bonding around festivities continue in a safe and environmental-friendly manner. Going forward, we aim to become the go-to app for all festivities, large and small - making Celebr8 the global station for festivities and celebration," said Nikita Singh Gautam, Co-Founder at Celebr8 sharing her excitement.

On the evening of Dussehra, a lifelike 3D Raavan will burn in everyone's Celebr8 app, hosted in an environment near them. People will not have to gather in crowds, and can enjoy Raavan-Dahan on October 25th, 7 PM IST in an AR environment from home, and at the same time share this experience with friends and family via social media.

Similarly, on Diwali, through augmented reality, the Celebr8 app will display a variety of digital firecrackers like phooljhadi, rockets, anaar, chakri, splendid sky lanterns, and more along with various combinations of rangolis and diyas in several colours and designs, making it the safest way to celebrate the festival of lights.

Following the joyous Indian festive season, the app will cater to small and big personal celebrations too, like weddings, birthdays, and global festivities like New Year's as well.
 

NEW DELHI [Maha Media]: India's foreign exchange reserves have surged by 3.615  billion dollars to touch a fresh lifetime high of 555.12  billion dollars in the week ended 16th October. Foreign currency assets, a major part of the overall reserves, increased by 3.539 billion dollars to 512.322 billion dollars.

Gold reserves went up by 86 million dollars in the reporting week to reach 36.685 billion dollars. The country’s special drawing rights with the International Monetary Fund remained unchanged at 1.480 billion dollars; while reserve position with the IMF declined by 11 million dollars to 4.634 billion dollars. 
 

NEW DELHI [Maha Media]: The International Monetary Fund (IMF) data shows that India became the world's fifth-largest economy in 2019, surpassing the UK and France. 

The latest IMF data, however, puts India back in the sixth position in 2020, and further down to No 7 in 2021.
 

MUMBAI [Maha Media]: Equity benchmark Sensex jumped over 200 points in early trade on Friday, tracking gains in index majors HDFC twins, ICICI Bank and TCS amid positive cues from global markets.

The 30-share BSE index was trading 228.56 points or 0.56 per cent higher at 40,787.05, and the broader NSE Nifty rose 70.70 points or 0.59 per cent to 11,967.15.

Tata Steel was the top gainer in the Sensex pack, shedding around 2 per cent, followed by Maruti, ICICI Bank, Bharti Airtel, Bajaj Finance, HDFC twins and TCS.

On the other hand, Infosys, HCL Tech, HUL and Asian Paints were the laggards.

In the previous session, Sensex settled 148.82 points or 0.37 per cent lower at 40,558.49, and the broader NSE Nifty fell 41.20 points or 0.35 per cent to 11,896.45.

Exchange data showed that foreign institutional investors bought equities worth Rs 1,118.46 crore on a net basis on Thursday.

According to Arjun Yash Mahajan, Head Institutional Business at Reliance Securities, domestic markets look to be good as of now given positive cues from global markets.

"However, we do not expect any meaningful gain and market may consolidate at 11,900-12,000 levels. Ongoing fiscal stimulus negotiations in the US and 2QFY21 earnings are two crucial factors to decide the market direction in the near term," he said.

On the global front, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note in mid-session deals.

Stock exchanges on Wall Street too ended with gains in the overnight session.

Meanwhile, international oil benchmark Brent crude was trading 0.02 per cent lower at USD 42.45 per barrel.
 

NEW DELHI [Maha Media]: WhatsApp, one of the most popular social messaging apps, has finally introduced the mute forever option on chats. Earlier, WhatsApp allowed you to mute a chat - group or personal - for up to one year.

The Facebook-owened messenger service announced the new feature on Friday.

To mute a particular chat, you can choose from three options - eight hours, one week and always. The new feature is available on both iOS and Android devices, as well as on WhatsApp web.

The messenger service had beta testing the feature for a while. The new ‘Always' mute button was spotted in WhatsApp beta version 2.20.201.10 along with a few other features.

According to reports, it was also working on a new feature which would let you send a media file across on the lines of Snapchat. Using the Expiring Media feature, the user can send a media file like image, video or GIF which would be automatically deleted after the recipient views it.

WhatsApp has been introducing new privacy features recently and measures to curb fake news. Over the last few years, it has introduced special forwarded label to messages shared in chats that have been forwarded many times.
 

NEW DELHI [Maha Media]:  In a commitment to advance racial equity, Alphabet and Google CEO Sundar Pichai has said that the company will hold itself accountable for creating an inclusive workplace.

In June, Google committed to improving representation of underrepresented groups at senior levels by 30 per cent by 2025.

"Today, we're adding a goal to more than double the number of Black+ Googlers at all other levels by 2025," Pichai said in a note sent to employees on Thursday.

The Google CEO said that the company is setting a goal to spend $100 million with Black-owned businesses, as part of its broader commitment to spend a minimum of $1 billion with diverse-owned suppliers in the US, every year starting in 2021.

"Moving forward, all VP+ performance reviews will include an evaluation of leadership in support of diversity, equity and inclusion," he announced.

Google also committed $12 million to support racial justice organisations in June and almost all of that has been distributed.

"On the product side, we're continuing to make our products more helpful in the moments that matter most to Black users," Pichai said.

Recent activations include a new Black-owned business attribute on Maps, Assistant responses on Black Lives Matter, and new ways marketers can support Black-owned publishers in Display iamp; Video 360.

"We've also announced the first YouTube Originals to come from our #YouTubeBlack Voices Fund, a $100 million global commitment to acquire and produce programming focused on Black experiences and racial justice education, as well as support Black YouTube creators and artists".

Pichai said the racial equity the company is working towards internally will "help us build better products and continue to support our users, businesses, and communities".

He emphasised that while much of the initial work has been focused on the US, "we are deeply committed to diversity, equity and inclusion globally".
 

MUMBAI [Maha Media]: Snapping its four-session rising streak, equity benchmark Sensex ended 149 points lower on Thursday, tracking losses in index majors Reliance Industries, Infosys and ICICI Bank amid weak cues from global markets.

The 30-share BSE index settled 148.82 points or 0.37 per cent lower at 40,558.49. The broader NSE Nifty slipped 41.20 points or 0.35 per cent to 11,896.45.

IndusInd Bank was the top laggard in the Sensex pack, shedding around 3 per cent, followed by ICICI Bank, Titan, Infosys, HDFC Bank, Nestle India, Sun Pharma and Reliance Industries.

On the other hand, NTPC, Bharti Airtel, Bajaj Finance and Axis Bank were among the gainers.

"Indian markets traded on a negative note following benign Asian and global market cues as IMF on Wednesday downgraded its forecast for Asia-Pacific region to (-) 2.2 per cent in 2020," said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

During the afternoon session, markets attempted briefly to scale back losses but failed and remained lacklustre with narrow range, he added.

On the global front, bourses in Shanghai, Tokyo and Seoul ended in the red, while Hong Kong settled on a positive note.

Stock exchanges in Europe were also trading with losses in early deals.

Meanwhile, international oil benchmark Brent crude was trading 0.22 per cent higher at USD 41.82 per barrel.
 

NEW DELHI [Maha Media]: Indian economy is nearing revival from the COVID-19 pandemic, said Reserve Bank of India (RBI) Governor Shaktikanta Das, adding it is very important that the financial entities have adequate capital.

Das, speaking at the launch of the book 'Portraits of Power: Half a Century of Being at Ringside', written by a former bureaucrat and current chairman of the Finance Commission N K Singh, on Wednesday, said that banks and non-banking financial companies (NBFCs) should have adequate capital in today's day and age when the country's economy is at the brink of revival.

"As COVID-19 pandemic set in we had alerted and asked banks and NBFCs to undertake stress tests in the context of coronavirus. I had myself interacted with banks and NBFCs on the need to build up capital buffers proactively and adequately capitalise their financial entities, so that they not only strengthen their inherent resilience to tide over financial stress but also have adequate capital to support growth, to ensure credit flow is maintained," Das said.

"We are today at the doorstep of revival process after and due to the effect of the pandemic and it is very important that financial entities have adequate capital and many of them have already raised the capital others, both in private and public sector, will do so in the coming years," he added.

Apart from the RBI Governor, External Affairs Minister (EAM) S Jaishankar, along with others, participated in the launch of the book.

Das further said that banking and NBFCs need governance reforms in the present day.

"Reforms in the governance of banks and NBFCs is mostly important. Banks that have robust governance practices, internal control systems, risk assessment and do not undertake smart accounting are the ones that are never overleveraged. They not only survive but they grow in every crisis. It's not just ownership, irrespective of ownership of banks, and governance reforms is ownership agnostic, and it is required," he said.
 

NEW DELHI [Maha Media]: Securities and Exchange Board of India Chairman Ajay Tyagi has said that recovery is being seen in capital markets, across the board. Virtually addressing the CII Financial Markets Summit, Mr. Tyagi said, not just large-caps and heavyweight stocks but midcap and smallcap stocks have recovered.

He said, the regulator’s timely decisions to contain volatility during the pandemic helped the markets, adding that the board will continue to remain vigilant to all eventualities.
 
The SEBI Chief further informed that more than 3.8 crore rupees have been raised in debt markets, a 25 per cent rise as compared to last year. Mr. Tyagi added that almost 90 per cent of NSE stocks have yielded positive returns this year. He also dwelt upon making the corporate bond market more robust and strengthening the Investor Protection Fund.
 

NEW DELHI [Maha Media]: The United Nations Conference on Trade and Development has said that the value of global trade is set to fall by seven to nine per cent in 2020 from the previous year.

The report added that if the pandemic resurges in coming months, that could lead to a deteriorating environment for policy-makers and sudden increase in trade restrictive policies.
 
Meanwhile, China’s exports rebounded strongly in the third quarter after falling in the early months of the pandemic and have posted year-on-year growth rates of nearly 10 per cent.
 

MUMBAI [Maha Media]:  Extending its gains for the fourth session, equity benchmark Sensex ended 163 points higher on Wednesday, led by index majors HDFC twins and ICICI Bank.

After gyrating 825.54 points in a highly volatile session, the 30-share BSE index ended 162.94 points or 0.40 per cent higher at 40,707.31.

Similarly, the broader NSE Nifty rose 40.85 points or 0.34 per cent to finish at 11,937.65.

PowerGrid was the top gainer in the Sensex pack, surging over 4 per cent, followed by Bharti Airtel, Tata Steel, NTPC, HDFC Bank, UltraTech Cement and Kotak Bank.

On the other hand, TCS, Nestle India, Reliance Industries and HCL Tech were among the laggards.

"Domestic indices managed to close in the green, but not without its share of hiccups over rumours on waiver of interest on loans," said S Ranganathan, Head of Research at LKP Securities.

Banks and metals provided support even as several stocks saw profit booking during afternoon trade, he added.

Bourses in Hong Kong, Tokyo and Seoul ended on a positive note, while Shanghai was in the red.

Stock exchanges in Europe opened on a negative note after the UK government reported that its borrowing rose to the highest level on record in the first half of the financial year.

Meanwhile, international oil benchmark Brent crude was trading 1.14 per cent lower at USD 42.67 per barrel.

In the forex market, the rupee pared its initial gains and depreciated 9 paise to close at 73.58 against the US dollar.
 

KOLKATA [Maha Media]: With an aim to offer homebuyers an enhanced festive delight, the country’s largest lender State Bank of India (SBI) announced concession in home loan rates by as high as 25 bps. SBI home loan customers would get an interest concession of 25 bps for buying their dream homes of above Rs. 75 lakhs based on CIBIL score and through YONO. In an extension of its festive offers announced recently, SBI offers a credit score based concessions of up to 20bps from 10 bps earlier, for a home loan of above Rs. 30 lakhs to Rs. 2 crores across India. 

The same concession would also be applicable for home loan customers for a loan amount of up to Rs. 3 crores in eight metro cities. An additional 5 bps concession for all home loans is given if applied through YONO, an official release issued here said. 

SBI now offers interest rates starting as low as 6.90% for a home loan of up to Rs. 30 lakh and 7% for above Rs. 30 lakhs. 

CS Setty, MD (Retail & Digital Banking), SBI said, “We are pleased to announce additional concessions for our prospective home loan customers this festive season. With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to plan their dream house. With the nation all geared up to the post-Covid era, we are witnessing increased customer demands and we at SBI will continue to offer lucrative benefits suiting needs and requirements of the customers.”

State Bank of India has already announced a slew of special offers for its retail customers with 100% processing fee waiver on car, gold, personal loans. Retail customers are availing the lowest interest rate starting from 7.5% on a car loan. Gold loan and personal loan customers are also enjoying the benefits of lowest interest rates of 7.5% and 9.6% respectively, this festive season.

Customers can also avail of paperless pre-approved personal loans and Insta home top-up loans through YONO in a few clicks.
 

NEW DELHI [Maha Media]: Displacement of around 87 million jobs is expected in the coming years due to shift from human labour to machines, a report by World Economic Forum (WEF) has said.

The 'Future of Jobs Report 2020', however, noted that 97 million new roles may emerge that are more adapted to the new division of labour between humans, machines, and algorithms.

"Although the number of jobs destroyed will be surpassed by the number of 'jobs of tomorrow' created, in contrast to previous years, job creation is slowing while job destruction accelerates," it said.

Employers expect that by 2025, increasingly redundant roles will decline from 15.4 per cent of the workforce to 9 per cent, and that emerging professions will grow from 7.8 per cent to 13.5 per cent of the total employee base of company respondents, the report said.

"Based on these figures, we estimate that by 2025, 85 million jobs may be displaced by a shift in the division of labour between humans and machines, while 97 million new roles may emerge that are more adapted to the new division of labour between humans, machines, and algorithms," it added.

It observed that automation, in tandem with the COVID-19 recession, is creating a 'double-disruption' scenario for workers. In addition to the current disruption from the pandemic-induced lockdowns and economic contraction, technological adoption by companies will transform tasks, jobs and skills by 2025.

Around 43 per cent per cent of businesses surveyed indicate that they are set to reduce their workforce due to technology integration, 41 per cent plan to expand their use of contractors for task-specialised work, and 34 per cent plan to expand their workforce due to technology integration.

"By 2025, the time spent on current tasks at work by humans and machines will be equal. A significant share of companies also expect to make changes to locations, their value chains, and the size of their workforce due to factors beyond technology in the next five years," it said.
 

MUMBAI [Maha Media]: Domestic equity benchmark Sensex ended 113 points higher on Tuesday, tracking gains in HDFC Bank, HCL Tech and Infosys amid a rebound in the global markets.

The 30-share BSE index settled 112.77 points or 0.28 per cent higher at 40,544.37. The broader NSE Nifty rose 23.75 points or 0.20 per cent to 11,896.80.

HCL Tech was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Tech Mahindra, Asian Paints, Bharti Airtel, HDFC Bank, L&T, TCS, M&M, Nestle India and Infosys.

On the other hand, ONGC, PowerGrid, NTPC, Reliance Industries, ICICI Bank, Tata Steel, HDFC and SBI were among the laggards.

According to traders, the domestic stock market was broadly driven by buying sentiment in index-heavyweights HDFC Bank, HCL Tech, Infosys and TCS.

Further, positive cues from global markets too buoyed investor mood here, they said.

Bourses in Shanghai, Hong Kong and Seoul ended on a positive note, while Tokyo settled in the red.

Stock exchanges in Europe were largely trading with gains in early deals.

Meanwhile, international oil benchmark Brent crude was trading 0.33 per cent lower at USD 42.48 per barrel.

In the forex market, the rupee depreciated by 12 paise to close at 73.49 against the US dollar.
 

MUMBAI [Maha Media]: The Rupee on Tuesday slipped by ten paise to close negative at 73.46 against the US Dollar on rising demand for US Dollars by bankers and importers, dealers at the Forex Market said. 

The local unit that opend steady at 73.36 in opening trade, tumbled down and settled at 73.46, sliding by ten paise as compared to its previous close. The Rupee remained weak for another day because of firm Dollar against other world currencies, dealers added.

The rupee registered intra days high and low at 73.49 and 73.34 respectively, he added.
 

NEW DELHI [Maha Media]: Prime Minister Narendra Modi will next week inaugurate the annual India Energy Forum by CERAWeek, which gathers energy leaders to further important dialogue on the nation's new energy future.

Modi will deliver the inaugural address at the virtual event, to be held on October 26-28, organiser IHS Markit said in a statement.

India Energy Forum by CERAWeek, now in its fourth year, is hosted by IHS Markit, a world leader in critical information, analytics and solutions.

"The event will convene an international group of speakers and delegates as well as a community of a thousand delegates from India and regional energy companies, energy-related industries, institutions and governments," it said.

The event's speakers include energy ministers, senior industry executives and leading national and international energy experts.

Besides Modi, Oil Minister Dharmendra Pradhan, US Energy Secretary Dan Brouillette, Organization of the Petroleum Exporting Countries (OPEC) secretary general Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud are scheduled to speak at the three-day event.

BP group chief executive Bernard Looney, TOTAL SA chairman Patrick Pouyann , Petronas group CEO Tengku Muhammad Taufik, Reliance Industries head Mukesh Ambani, and Tellurian Inc president Meg Gentle are also listed as speakers.

"In charting its path to a new energy future, India has captured the world's attention. This event will expand the important discussion on the opportunities, challenges and strategies in a rapidly-changing energy world and India's role in it," said Daniel Yergin, IHS Markit vice chairman.

Key topics to be explored will include the impact of the pandemic on India's future energy demand, securing supplies for India's economic growth, energy transition and the climate agenda, natural gas in the energy mix, and strategies for refining and petrochemicals.

"The energy markets are closely watching the pace and shape of economic recovery in India because developments in India will significantly influence the future of energy markets globally," said Atul Arya, senior vice president and chief energy strategist, IHS Markit.

India, he said, is charting its own path during this period of transition and turbulence in the energy sector.
 

New Delhi (Mahamedia) Gold imports declined 57 percent to $ 6.8 billion, or Rs 50,658 crore, during the first half (April-September) of the current financial year. This information has been obtained from the data of the Ministry of Commerce. Gold imports have declined due to declining demand amid the Kovid-19 epidemic. It is noteworthy that gold imports affect the country's current account deficit (CAD). In the same period last fiscal, gold imports stood at $ 15.8 billion or Rs 1,10,259 crore. 

Similarly, during April-September, silver imports also fell by 63.4 percent to $ 73.35 million or Rs 5,543 crore. The current account deficit of the country has been reduced due to decrease in gold and silver imports. The difference between import and export is called CAD. CAD declined to $ 23.44 billion in April-September from $ 88.92 billion in the same period last fiscal. 

India is one of the world's largest gold importers. Gold imports here are mainly to meet the demand of the jewelery industry. India imports 800 to 900 tonnes of gold annually. Gems and jewelery exports fell by 55 percent to $ 8.7 billion in the first half of the current financial year. 
 

NEW DELHI [Maha Media]: Union Minister of Finance & Corporate Affairs Nirmala Sitharaman participated in the 102nd meeting of World Bank Development Committee Plenary through video conferencing on Friday.

During the session, the Finance Minister said that COVID -19 Pandemic continues to impact the developing and developed countries till date and the hard-fought gains in reducing the level of poverty, achieved over a number of years, are at great risk of being lost. She said that the Government of India has taken several measures to contain the spread of the pandemic, and also to mitigate its social and economic impact.

The Finance Minister shared that the Government has announced the first stimulus of 23 billion dollars to provide direct cash transfers and food security measures to the poor. This was followed by a special economic package of 271 Billion Dollars which is equivalent to 10% of India's GDP based on a clarion call by Prime Minister Narendra Modi for AatmaNirbhar Bharat.

The Finance Minister also apprised the Committee about the major reforms in the labour sector by simplifying, amalgamating and rationalising 44 central labour laws, providing effective social protection to the migrant workers through National Portability of ration cards. The Union Finance Minister also mentioned that the Government has committed 2.03 Billion Dollars for strengthening of health infrastructure in the wake of COVID-19 pandemic. She said that being a responsible member of the global fraternity, India is ready to share its experience and also play a leading role in the South Asian region as part of its "Neighbourhood First" policy.

The Finance Minister stated that collective action is the key for an effective response to the pandemic and welcomed the strong performance in Q4 of FY 2020 wherein the World Bank Group has committed 45 billion Dollars for COVID-19 response.
 

NEW DELHI [Maha Media]: India's foreign exchange reserves have jumped by 5.867  billion dollars to touch a new high of 551.505 billion dollars in the week ended 9th October.

Foreign currency assets, a major part of the overall reserves, surged by 5.737 billion dollars to 508.783 billion dollars. The gold reserves rose by 113 million dollars in the reporting week to reach 36.598 billion dollars. The country’s special drawing rights with the International Monetary Fund rose marginally by 4 million dollars to 1.480 billion dollars, while reserve position with the IMF also went up by 13 million dollars to 4.644 billion dollars.
 

NEW DELHI [Maha Media]: As part of reforms oriented towards providing cleaner auto fuels in the country, government will soon launch a pilot on hydrogen CNG or HCNG soon, a senior government official said on Saturday.

Petroleum secretary Tarun Kapoor said that a pilot project on HCNG is being undertaken in Delhi soon that will improve efficiency and reduce emissions drastically.

Speaking the Inaugural Session of 'Alternative Fuel Technology for Vehicles: A Cure-all for Sustainable Mobility' organised by PHD Chamber of Commerce and Industry in association with CSIDC, Government of Chhattisgarh, Kapoor said.

India is becoming a leader in CNG, there has been a significant transition with the need to move towards cleaner fuels like CNG, ethanol, biodiesel, and electric vehicles.

He said that we need to ensure that CNG is available and affordable ensuring that vehicles are modelled to incorporate CNG smoothly.

Discussing city gas distribution, he shared that there is significant work happening especially in the infrastructure so that CNG is seamlessly available. "We will be doing a pilot project in Delhi on HCNG that will improve efficiency and reduce emissions drastically," the secretary said.

Talking about ethanol, he mentioned that by the next year, there would be a jump in the ethanol production and India is planning to introduce E12 and E15 shortly.

Gradually, we will have blended petrol all over the country and moving to a higher percentage. We have to make pure ethanol available that is happening in several countries and, some countries also have multi-fuel vehicles like Brazil. There is a pilot project which will be implemented for pure ethanol that will take place in Pune shortly, he said.

Kapoor deliberated about the need to make biodiesel affordable and freely available. On the sector of compressed biogas, he discussed that it's an area of focus as it's important for the agriculture sector and, there is a huge source available in the country. He also discussed the projects undertaken by the government for setting up biogas plants that will help in producing a large quantity of biogas that will also flow in the city gas distribution network making it available along with CNG.

On Electric Vehicles, the oil marketing companies are available to facilitate and, we are looking forward to better swapping coming to the petrol station, retail outlets, putting up electric charging. We look forward to work closely with the industry so that we can go forward, said Kapoor.
 

NEW DELHI [Maha Media]: The Reserve Bank of India (RBI) on Friday announced the purchase of state development loans worth Rs 10,000 crore under open market operations.

The auction will be conducted on October 22.

The RBI, in a statement, said that it has been decided to conduct a purchase auction of SDLs under OMOs for an aggregate amount of Rs 10,000 crore on October 22, keeping in view that this is the first ever OMO purchase of SDLs.

“Depending on market response, the size of the auctions may be enhanced in the subsequent auctions.

“Accordingly, RBI will purchase the SDLs... through a multi-security auction using the multiple price method.”

Earlier this month, RBI Governor Shaktikanta Das, in the ‘Statement on Developmental and Regulatory Policies’, said: “In order to impart liquidity to SDLs and thereby facilitate efficient pricing, it has been decided to conduct open market operations (OMOs) in SDLs as a special case during the current financial year.”

“This would improve secondary market activity and rationalise spreads of SDLs over the Central government securities of comparable maturities. This measure, along with the extension of HTM (Held to Maturity Category) till March 2022, should ease concerns about illiquidity and absorptive capacity for the total government borrowing in the current year.”
 

NEW DELHI [Maha Media]: The Finance Ministry has said that the Centre will borrow up to 1.10 lakh crore rupees on behalf of the states to bridge the shortfall in GST collections. 

In a statement, the Ministry said, the amount so borrowed will be passed on to the states as a back-to-back loan in lieu of GST compensation cess releases. It said, the borrowing will not have any impact on the fiscal deficit of the Government of India. It added that the amounts will be reflected as the capital receipts of the state governments and as part of the financing of its fiscal deficits.

The Ministry said, it will avoid differential rates of interest that individual States may be charged for their State Development Loans and will be an administratively easier arrangement.

It also clarified that the General Government, borrowings will not increase by this step. It said, the States that get the benefit from the Special Window are likely to borrow a considerably lesser amount from the additional borrowing facility of 2 per cent of Gross State Domestic Product under  Aatma Nirbhar Package.
 

MUMBAI [Maha Media]: The BSE Sensex on Friday regained by 254.57 pts at 39,982.98 at close on the strength of Metal, Realty, Bankex and Finance stocks. 

The nifty of national stock exchange too rose by 82.10 pts at 11,762.45. Slumping by 1066 pts on Thursday, the sensex opened higher by 208 pts to 39,936.61. It rallied by 397 pts to 40,125.71, days high before closing at 39,982.98, advancing by 254.57 pts from its previous close.

The sectoral indices like Metal, Realty, Bankex, Utilities and Finance lifted the market today. In scrips, Tata Steel, HDFC Bank, Ultracemco, Powergrid and ONGC rose. However, selling in M and M, Reliance Industries, Asian Paints and Nestle India capped from further gains, broker informed.

The Mid Cap rose by 1.05 pc and the Small Cap by 0.97 pc. In 30 scrips, 24 advanced while 6 declined, broker informed.  
 

NEW DELHI [Maha Media]: Union Petroleum and Natural Gas and Steel Minister Dharmendra Pradhan has said that multiple economic indicators are already suggesting a rebounding of the Indian economy.

Addressing an E-conference on Atmanirbhar Bharat organized by the Indian Chamber of Commerce yesterday, the Minister said ensuring minimum government and maximum governance will be the key to enable industries to create wealth for the society.

Throwing light on the key role of Odisha in Mission Purvodaya and in the making of an Atmanirbhar Bharat, Mr. Pradhan said port-led economy can be a game changer for the state. 

Highlighting the massive work in the inland waterways in Odisha being undertaken by the government of India, the Minister said, while Paradip port has emerged as the numero uno port of India, Dhamra and Gopalpur ports too have been playing important roles. The Minister added Odisha's natural advantage in mineral resources coupled with large ports, offer unique opportunities for industrial growth.
 

NEW DELHI [Maha Media]: Finance Minister Nirmala Sitharaman attended the plenary meeting of the International Monetary and Financial Committee (IMFC), the Ministerial-level committee of IMF, through video-conference on Thursday.

During her intervention at the meeting, the Minister briefly outlined the measures under the AtmaNirbhar Bharat Package to foster a quick and more robust economic recovery in India.

In a statement, the Ministry said, the discussions at the meeting were based on IMF Managing Director's Global Policy Agenda titled 'Catalysing a Resilient Recovery.' The members of the IMFC updated the committee on the actions and measures taken by member countries to combat COVID-19 and its adverse impacts.

FM Sitharaman mentioned that the V-shaped pattern of recovery is being seen in several high-frequency indicators, including manufacturing PMI that reached the highest level in last eight years in the last month, presenting a strong recovery prospect for the manufacturing sector. To stimulate consumer spending, measures worth 10 billion dollars have been announced recently.

The Finance Minister complimented the IMF and it's Managing Director Kristalina Georgieva for providing wise counselling to the economies across the globe and felt that IMF's assertion that a premature withdrawal of policy support could trigger liquidity shortfalls and insolvencies, is relevant.

FM noted that several low-income and developing countries are confronted with the challenge to protect and ensure livelihood for millions slipping below the poverty line. She added that recovery and rehabilitation efforts in these countries must not be allowed to be undermined in any manner.
 

NEW DELHI [Maha Media]: Equity benchmark Sensex tumbled over 1,000 points and the Nifty had lost 290 points on Thursday tracking losses in index majors amid weak cues from global markets.

The 30-share BSE index declined 1,066.33 points or 2.61 per cent and ended at 39,728.41, and the broader NSE Nifty fell 290.70 points or 2.43 per cent to 11,680.35.

Bajaj Finance was the top loser in the Sensex pack, shedding around 5 per cent, followed by Tech Mahindra, HCL Tech, TCS, ICICI Bank, Kotak Bank and SBI.

Out of the 30 stocks in the Sensex, 29 stocks have declined and Asian Paint was the lone gainer in the group.
 

NEW DELHI [Maha Media]: Civil Aviation Minister Hardeep Puri has called Air India's leave without pay (LWP) scheme a "win-win for employees and management", and pointed out that Air India has not laid off a single employee even as international and domestic carriers have resorted to cost cutting through layoffs.

In a letter to Rajya Sabha MP Binoy Viswam, Puri provided clarification on Air India's financial condition and the LWP scheme.

"Air India is also facing a very challenging financial situation," Puri said adding the airline has taken recourse to several initiatives with a view to ensuring continuance of its operations.

Air India and its subsidiaries have paid the salary of June 2020 to its employees. He said that the airline industry worldwide is facing unprecedented financial crisis due to Covid-19.

Puri said the LWP scheme enables employees to take a break from their office responsibilities for a defined period of time with the approval of the Air India management while retaining their employment with the company.

The scheme also provides the opportunity to employees to take up alternative employment during the period of the leave with the approval of the management, he said.

"The LWP is a win-win situation for both the management and the employees as it provides flexibility to employees and simultaneously reduces the wage bill of the company," Puri said.

"The Covid-19 outbreak has very seriously impacted the airline sector and currently the airline operations of the company have taken a serious hit," he said.

Puri added that worldwide, a number of employees have been paid off due to the crisis and even other domestic carriers in India have resorted to cost cutting through layoffs.

"But Air India has not laid off a single employee," Puri asserted in the letter.

He explained that in the past also, Air India had come out with LWP policy and this time the only difference is that the CMD of the company can pass an order requiring the employees to go on leave.

A proper procedure has been introduced for sparing use of this provision and it will be done in a fair and transparent manner, Puri said.

"In view of the critical financial situation of the company which has been affected badly by the pandemic and a felt need the rationalisation of salaries of pilots, cabin crew, engineers and officials of Air India and its subsidiaries have been carried out," Puri said.
 

NEW DELHI [Maha Media]: The world is experiencing one of the deepest recessions since the Great Depression in the 1930s owing to the novel coronavirus, World Bank President David Malpass has said, terming the COVID-19 pandemic a "catastrophic event" for many developing and the poorest countries.

He told reporters that given the extent of the economic contraction, there was a rising risk of disruptive debt crises in countries.

So that has got a lot of focus here at the meetings, Malpass told the media on Wednesday at the start of the annual meetings of the International Monetary Fund and the World Bank.

"The recession has been deep, one of the deepest since the Great Depression. And for many developing countries, and for the people in the poorest countries, it is truly a depression, a catastrophic event. It is continuing to add to the ranks of those in extreme poverty," he said.

That is the focus of this meeting and the focus of their actions, he said, adding that the World Bank was building as big a growth programme for countries as they can in this fiscal year.

A day earlier, the Board approved the extension of the health emergency programmes to up to USD 12 billion for vaccines and therapeutics and distribution of those in countries that do not otherwise have access.

Responding to a question, Malpass said that the world was currently experiencing a K-shaped recovery.

That means that the advanced economies have been able to provide support, especially for their financial markets and for people that have jobs that can be done by working from home. But people that are in the informal economy have lost their jobs, and are depending on social protection programmes, he said.

For the developing countries, and especially the poorest developing countries, that downward leg in the K is an increasingly desperate recession or depression that is facing people in the poorest countries because of the loss of jobs, the loss of income, and also the loss of remittances coming from workers, working outside the country, Malpass said.

"What we're trying to do at the World Bank is recognise that problem and provide extra support for social protection for the poorest in countries, also recognising the agricultural challenges," he said.

The president welcome countries that are keeping open their export markets, and also countries that are able to change their subsidy systems in order to allow more food availability within their economies during this very challenging time.

Malpass said that the first priority was saving lives, people's health, and safety.

That involves procedures that have been widely discussed of social distancing and masks and proper health care if people contract the virus, strengthening of hospital systems and so on. All of those are important, he asserted.

"And then, as we look at the next stage, what I think we can be talking about is that it's going to be a prolonged downturn for many of the countries, there won't be as fast a rebound in tourism, for example, as many would like to have," he said.

There will need to be flexibility in economies, so that people can move to new jobs and positions, and the country can be prepared for a post COVID-19 global economy, Malpass said.

Acknowledging that it is going to be different from the pre-COVID-19 economy, he noted that one does not know exactly how and that will only evolve over time.

"And so, having countries preserve some of their core industries and businesses, and then keeping families together. We're providing social safety nets to try to help provide cash grants for people, for example, in Brazil, we have a sizable programme. In Jordan, we support Jordan's sizable programme and elsewhere around the world, he said.

The World Bank is encouraging countries to spend in the first instance on health programmes, on social programmes, and on education, Malpass said, adding that a critical step for countries is to reopen schools.

"We think there are as many as a billion children still out of school in the developing world. And in those cases, learning goes backward, which has a huge future cost for countries. This is particularly true for girls that are left out at a critical point in their lives, left out of school. That's a high priority, he said.

Now, looking longer term, infrastructure is a very important part of a country's growth, he said.

"We have a large undertaking through the IFC that works on infrastructure that helps provide electricity and low carbon ways, for example, that helps provide clean water, that helps provide global public goods, meaning helping the country reach a balance with the environment and with the climate that benefits themselves and their neighbours. All of those are key priorities, he said.

On infrastructure, one of the challenges is they have a very low interest rate environment, and it should be an environment that provides much more infrastructure investment than is currently occurring, Malpass said.

"A key step in this is the documentation and the standardisation of the quality of the infrastructure projects. It's vital that the world move toward a financing structure where multiple infrastructure projects can be pooled in order to reduce the risk to the entire package, and that's difficult right now because of the difference in the contracts.

"So, one of the things we've wanted to do is try to help standardise some of the contracting and make it much more transparent. This will help the infrastructure build up, he said.
 

NEW DELHI [Maha Media]: The wholesale price-based inflation rose to 1.32 per cent in September mainly on the back of costlier food articles.

"The annual rate of inflation, based on monthly WPI, stood at 1.32 per cent (provisional) for the month of September, 2020 (over September, 2019) as compared to 0.33 per cent during the corresponding month of the previous year," government data showed on Wednesday.

The wholesale price-based inflation stood at 0.16 per cent in August.

The wholesale price index based (WPI) inflation was in the negative territory for four straight months -- April (-) 1.57 per cent, May (-) 3.37 per cent, June (-) 1.81 per cent and July (-) 0.58 per cent.

Inflation in food articles during the month was at 8.17 per cent, as against 3.84 per cent in August, showed the data from the commerce and industry ministry.

Prices of cereals came down with a negative inflation print of 3.91 per cent during the month, while, cost of pulses went up by 12.53 per cent.

Vegetables as a category had inflation at a high level of 36.54 per cent in September, potato price skyrocketed by 107.63 per cent from a year-ago period. However, onions had deflation at 31.64 per cent.

In the manufactured products category, the inflation during the month rose to 1.61 per cent, from 1.27 per cent a month ago, the government data said.
 

MUMBAI [Maha Media]: Rallying for the 10th straight session, equity benchmark Sensex ended 169 points higher on Wednesday, led by gains in financial stocks amid largely positive cues from global markets.

The 30-share BSE index opened on a weak note and gyrated over 600 points during the day. However, it gained ground in the last hour of the session to finish at 40,794.74, up 169.23 points or 0.42 per cent.

Similarly, the broader NSE Nifty rose 36.55 points or 0.31 per cent to 11,971.05.

Bajaj Finserv was the top gainer in the Sensex pack, rising around 4 per cent, followed by Bajaj Finance, ICICI Bank, IndusInd Bank, Tata Steel, Axis Bank, HDFC and SBI.

On the other hand, NTPC, ONGC, Tech Mahindra, PowerGrid, Infosys and HCL Tech were among the major laggards.

On the global front, bourses in Hong Kong and Seoul ended higher, while Shanghai and Tokyo were in the red.

Stock exchanges in Europe were trading on a positive note in early deals.

Meanwhile, international oil benchmark Brent crude was trading 0.09 per cent lower at USD 42.41 per barrel.

In the forex market, the rupee edged 4 paise higher to close at 73.31 against the US dollar.
 

NEW DELHI [Maha Media]: The World Bank has approved USD 12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.

The USD 12 billion “envelop" is part of a wider World Bank Group package of up to USD 160 billion to help developing countries fight the COVID-19 pandemic, the bank said in a statement late Tuesday.

The World Bank said its COVID-19 emergency response programmes are already reaching 111 countries.

Citizens in developing countries also need access to safe and effective COVID-19 vaccines, it said.

“We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines,” said the bank's president, David Malpass, said in the statement.

“Access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery,” he said.

The International Finance Corporation, the private sector lending arm of the World Bank is investing in vaccine manufacturers through a $4 billion Global Health Platform, the statement said.

Development and deployment of vaccines is crucial to helping stem outbreaks of the coronavirus that has killed more than 1 million people and sickened more than 38 million, while devastating economies and leaving many millions jobless.

The World Bank said it will draw on expertise and experience from its involvement in many large-scale immunization programs and other public health efforts.

The funding is meant to also help countries access tests and treatments and to support management of supply chains and other logistics for vaccinations in developing countries, the bank said.
 

NEW DELHI [Maha Media]: Bangladesh is set to beat India in terms of per capita gross domestic product (GDP) this calendar year, thanks to a sharp contraction in the Indian economy due to Covid-19 and the economic lockdown.

According to International Monetary Fund (IMF)-World Economic Outlook (WEO), Bangladesh’s per capita GDP in dollar terms is expected to grow 4 per cent in 2020 to $1,888. India’s per capita GDP, on the other hand, is expected to decline 10.5 per cent to $1,877 – the lowest in the last four years. The GDP figure for both countries is at current prices. This makes India the third poorest country in South Asia, with only Pakistan and Nepal reporting lower per capita GDP, while Bangladesh, Bhutan, Sri Lanka, and Maldives would be ahead of India.

The WEO database suggests that the Indian economy will be the worst hit from the pandemic in South Asia after Sri Lanka, whose per capita GDP is expected to shrink 4 per cent in the current calendar year.

In comparison, Nepal and Bhutan are expected to grow their economies this year, while the IMF has not divulged Pakistan’s data for 2020 and beyond.

IMF predicts a sharp economic recovery in India next year, which is likely to push per capita GDP ahead of Bangladesh in 2021 by a small margin.

India’s per capita GDP in dollar terms is expected to grow 8.2 per cent in 2021, against an expected 5.4 per cent growth for Bangladesh. This will grow India’s per capita GDP to $2,030 next year, against Bangladesh’s $1,990.
 

NEW DELHI [Maha Media]: Apple unveiled four new iPhones equipped with technology for use with faster new 5G wireless networks.

There's the iPhone 12, with a 6.1-inch display, the same as the iPhone 11 but lighter and thinner, starts at almost USD 800 and the iPhone 12 Mini with a 5.4-inch display at almost USD 700. A higher-end iPhone 12 Pro with more powerful cameras will begin at roughly USD 1,000; the 12 Pro Max, with a 6.7-inch display, will set buyers back at least USD 1,100. Apple said the phones should be more durable.

In a move that may annoy some consumers, Apple will no longer include charging adapters with new phones. It says that will mean smaller, lighter boxes that are more environmentally friendly to ship. Apple, however, separately sells power adapters that cost about USD 20 and USD 50, depending on how fast they charge phones.

Apple has one of the most loyal and affluent customer bases in the world, which has many analysts betting the next wave of phones will sell well. The iPhone remains the foundation of Apple's business.

Apple boasted about the 5G capabilities and brought in Verizon CEO Hans Vestberg to champion the carrier's network. 5G is supposed to mean much faster speeds, making it quicker to download movies or games, for instance.

But finding those speeds can be a challenge. While telecom operators have been rolling out 5G networks, significant boosts in speed are still uncommon in much of the world, including the U.S. So far, there are no popular new consumer applications that require 5G.

The iPhone models unveiled Tuesday will launch at different times. The iPhone 12 and 12 Pro will be available starting October 23; the Mini and the Pro Max will follow on November 13.

That compresses Apple's window for building up excitement heading into the holiday season.

Updates in the new phones mostly amount to incremental improvements over predecessor iPhones, technology analyst Patrick Moorhead said, referring to 5G capabilities and the camera upgrades on the Pro. But he suggested that if carriers build out their 5G networks fast enough, it could launch a supercycle in which large numbers of people buy new 5G-capable phones.

The economic pain caused by the global pandemic and accompanying job losses may restrain that buying impulse, said mobile expert Carolina Milanesi of the firm Creative Strategies.

Although other parts of Apple's business are now growing more rapidly, the iPhone remains the biggest business of a technology juggernaut currently worth about USD 2 trillion, nearly double its value when stay-at-home orders imposed in the U.S in mid-March plunged the economy into a deep recession.

The pandemic temporarily paralyzed Apple's overseas factories and key suppliers, leading to a delay of the latest iPhones from their usual late September rollout. The company also closed many of its U.S. stores for months because of the pandemic, depriving Apple of a prime showcase for its products.

Apple on Tuesday also said it was shrinking the size and price of its HomePod speaker to catch up to Amazon and Google in the market for internet-connected speakers, where it has barely made a dent. Both Amazon and Google are trying to position their speakers, the Echo and the Nest, as low-cost command centers for helping people manage their homes and lives. They cost as little as USD 50, while the HomePod costs almost USD 300.

The new HomePod Mini will cost almost USD 100. It will integrate Apple's own music service, of course, with Pandora and Amazon's music service in coming months. Apple didn't mention music-streaming giant Spotify. It will be available for sale Nov. 6 and start shipping the week of Nov. 16.

The research firm eMarketer estimates about 58 million people in the U.S. use an Amazon Echo while 26.5 million use a Google Nest speaker. Roughtly 15 million use a HomePod or speakers sold by other manufactures, including Sonos and Harman Kardon.
 

MUMBAI [Maha Media]: ) The BSE Sensex on Tuesday ended almost flat at 40,625.51, registering a small gain of 31.71 pts on buying in Energy, IT, Technology and Materials stocks.

The Nifty of National Stock Exchange too moved up by 3.55 pts at 11,934.50.

The Sensex registered days high and low at 40,786.82 and 40,461.97 pts respectively.

The Nifty recorded days high and low at 11,988.20 and 11,888.90 pts respectively
 

NEW DELHI [Maha Media]: Gold prices fell Rs 133 to Rs 51,989 per 10 gram in the national capital on Tuesday, witnessing the first decline in three days amid a weak global trend, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 52,122 per 10 gram.

Silver prices also declined Rs 875 to Rs 63,860 per kilogram from Rs 64,735 per kilogram in the previous trade.

In the international market, gold was trading lower at USD 1,919 per ounce, while silver was quoting flat at USD 24.89 per ounce.

"Gold prices traded under pressure on dollar recovery and strong equity indices on US stimulus hopes," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
 

NEW DELHI [Maha Media]: Reserve Bank of India has reallocated portfolios of deputy governors, with the department of regulation entrusted to the newly-appointed M Rajeshwar Rao.
  
Mr Rao was executive director of the Reserve Bank before being elevated to the post of deputy governor.
 
He took the new charge last week.
 
Besides the department of regulation, Mr Rao will look after the departments of communication, enforcement legalities among others.
 
Mr Rao was appointed to the post vacated by NS Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds.

RBI also announced portfolios of the four deputy governors effective from October 12, consequent upon the appointment of Mr Rao as deputy governor.
  
Deputy Governor MD Patra will continue to look after the monetary policy department.
  
His other portfolios, include department of economic and policy research, deposit insurance and credit guarantee corporation, financial markets operations department, and financial markets regulation department.

Deputy Governor MK Jain will look after central security cell, corporate strategy and budget department, consumer education and protection department, department of supervision, and human resource management department, among others.

Deputy Governor BP Kanungo will oversee coordination, currency management, external investments and operations, department of government and banks accounts, IT, payment and settlement systems, foreign exchange department, internal debt management department, Right of Information (RIA) Division, and secretary's department.
 

NEW DELHI [Maha Media]: Facing a steady decline in usage over the last several years, Yahoo has made the decision to shut down Yahoo Groups from on December 15.

Verizon, which bought Yahoo in 2017, announced the decision on Tuesday which marks the end of the road for one of the largest message board systems on the Web of its time.

"Yahoo Groups has seen a steady decline in usage over the last several years. Over that same period, we've witnessed unprecedented levels of engagement across our properties as customers seek out premium, trustworthy content," the company said in a message posted on the website.

"While these decisions are never easy, we must sometimes make difficult decisions regarding products that no longer fit our long-term strategy as we hone our focus on other areas of the business".

The Yahoo Groups service was launched in 2001 and could not complete against new platforms like Reddit, Google Groups and Facebook Groups.

On October 12, the creation of new groups will be disabled and on December 15, people will no longer be able to send and receive emails from Yahoo Groups.

The website will no longer be accessible too. Yahoo Mail will continue to function normally.

"The emails you have sent and received will remain in your email, though beginning December 15 messages will not be sent or received from your group members. If you try to email your group after December 15, your message will not be delivered and you will receive a failure notification," the company informed.

That US wireless communications service provider Verizon bought Yahoo's tottering internet business for a mere $4.8 billion in 2017.
 

MUMBAI [Maha Media]: The BSE Sensex on Monday rose by 84.31 pts at 40,593.80 at close following gains in IT, Technology and Health Care stocks The nifty of national stock exchange too moved up by 16.75 pts at 11,930.95. The sensex registered days high and low at 40,905.49 and 40,387.40 pts respectively. 

The Nifty recorded days high and low at 12,022.05 and 11,867.20 pts respectively.

Among bluechip names, Infosys was the biggest gainer, up 2.93 per cent to Rs 1,139.20, followed closely by ITC NSE 2.59 % that advanced 2.74 per cent. UPL, Cipla, Asian Paints, Dr Reddy’s Labs and Wipro were among other top gainers.

Bharti Airtel was the biggest loser among Nifty constituents, down 2.81 per cent. JSW Steel, GAIL, HDFC Life, Tata Motors, IndusInd Bank and ONGC were among the other top losers, down 1-3 per cent.
 

NEW DELHI [Maha Media]: The prolonged closure of schools due to the COVID-19 pandemic in India may cause a loss of over USD 400 billion in the country's future earnings, besides substantial learning losses, according to a World Bank report.

South Asia region stands to lose USD 622 billion from the school closures in the present scenario or up to USD 880 billion in a more pessimistic scenario, it said, adding while the regional loss is largely driven by India, all countries will lose substantial shares of their GDP.

The report titled "Beaten or Broken? Informality and COVID-19 in South Asia" claims that South Asia is set to plunge into its worst-ever recession in 2020 as the devastating impacts of COVID-19 on the region's economies linger.

"Temporary school closures in all South Asian countries have had major implications for students. They have kept 391 million students out of school in primary and secondary education, further complicating efforts to resolve the learning crisis, said the report.

While most governments have made enormous efforts to mitigate the impact of school closures, it has been difficult to engage children through remote learning initiatives," it said.

The report also noted that the pandemic may cause up to 5.5 million students to drop out from the education system and cause substantial learning losses, which will have a lifetime impact on the productivity of a generation of students.

"Most school systems closed in March, and -- though there are important exceptions -- countries are starting to reopen or have already opened their schools. Children have been out of school for approximately 5 months. Being out of school for that long means that children not only stop learning new things, they also forget some of what they have learned.

"The projected learning loss for the region is 0.5 years of learning-adjusted years of schooling (LAYS), falling from 6.5 LAYS to 6.0 LAYS, an enormous setback from recent advances in schooling," it said.

The Learning Adjusted Year of Schooling' (LAYS) concept, introduced by the World Bank, seeks to combine access and learning outcomes into a single measure.

It combines quantity (years of schooling) and quality (how much kids know at a given grade level) into a single summary measure of human capital in a society.

The report has projected that based on country data on household labor incomes, the average child in South Asia may lose USD 4,400 in lifetime earnings once having entered the labour market, equivalent to 5 percent of total earnings.

"These projections are based on what we currently know about returns to schooling, using the reduced level of learning caused by the crisis. Summing these numbers for all children in South Asia, the region stands to lose USD 622 billion from the school closures in the present scenario, or up to USD 880 billion in a more pessimistic scenario.

"While the regional loss is largely driven by India, all countries will lose substantial shares of their GDP. For reference, note that South Asian governments spend only USD 400 billion per year in total on primary and secondary education. The total loss in economic output from the current closures is hence substantially higher than what countries currently spend on education," it said.

The novel corona virus has infected over 3.7 crore people across the globe claiming over 10.5 lakh lives.

India's COVID-19 caseload stands at 71.2 lakhs while the death toll is 1.09 lakh as on Monday.

Universities and schools across the country were ordered shut on March 16 to contain the spread of the novel coronavirus. On March 25, the Centre announced a nationwide lockdown. While several restrictions have been eased gradually in different phases of the 'unlock' since June 8, educational institutions continue to remain closed.

However, according to the latest unlock guidelines, schools, colleges and other educational institutions outside COVID-19 containment zones can reopen after October 15. The final decision on reopening the institutions has been left with the states and Union territories.
 

NEW DELHI [Maha Media]: Railways has decided to upgrade all non-AC sleeper coaches to AC ones for high speed trains. It will upgrade all its trains capable of running at a maximum speed of 130 km per hour and beyond with special air-conditioned coaches.

Railway ministry said that the decision will only impact high speed trains and all existing mail and express trains with a maximum speed of up to 110 km per hour will continue to ply with sleeper coaches. Railways is working on a massive plan to upgrade the railway network to high speed potential. Tracks on golden quadrilateral and diagonals are being upgraded to cater to speeds of 130 km - 160 km per hour.

Speed potential of some of the corridors has already been upgraded to 130 km per hour. Railway ministry said, wind and weather factors demand that only certain types of coaches run at higher speed.

At present, most mail and express trains have a maximum speed of 110 km per hour. Premium trains like Rajdhanis, Shatabdis and Durontos are allowed to operate at 120 km per hour on significant parts of the Golden Quadrilateral and Diagonals. The rakes for such trains are fit to operate at 130 km per hour or above.
 

New Delhi (Mahamedia) Due to the outbreak of Corona virus epidemic, the movement of goods at India's top 12 ports declined for the sixth consecutive month during September 2020. According to the IPA, the apex body of ports, the movement of goods during the first half of the current financial year was down 14 per cent to 298.5 million tonnes. The movement of goods at all these 12 ports is under the control of the central government and 34.82 million tonnes of goods were transported during April to September last year. 
Shipping Minister Mansukh Mandavia said last month that there has been a significant drop in cargo traffic at 12 major ports since March due to the outbreak of the Corona virus epidemic. According to the Indian Port Association (IPA), these 12 major ports handled 298.5 million tonnes of cargo between April and September in the current financial year, a decrease of 14.27 per cent over the same period last year. All major ports except Mormugao (Goa) port witnessed negative growth due to Kovid-19 outbreak. 
The movement of goods at Kamaraj Port (Ennore) decreased the most during April-September by 31.63 per cent, while at ports like Chennai, Cochin and JNPT, the decline was more than 20 per cent. Kolkata and Mumbai ports suffered a decline of over 15 percent.
 

MUMBAI [Maha Media]: The Sensex zoomed 1,812.44 points or 4.68 per cent to settle at 40,509.49 in week under review following strong Q2 business updates. The sentiment got a boost as the Reserve bank of India left key policy rates unchanged and said GDP growth may break out of contraction and turn positive by Q4 positive global cues also boosted sentiment.

The Nifty 50 index jumped 497.25 points or 4.36 per cent to settle at 11,914.20. The BSE Mid-Cap index fell 47.7 or 0.32 per cent to settle at 14,765.55. The BSE Small-Cap index shed 4.23 points or 0.03 per cent to settle at 14,966.21. On Monday, the Sensex, jumped 276.65 points to settle at 38,973.70. Nifty rallied 86.40 points to settle at 11,503.35. 

On Tuesday, Sensex, rallied 600.87 points to settle at 39,574.57. Nifty climbed 159.05 points to settle at 11,662.40.on positive Asian cues. On Wednesday, Sensex, jumped 304.38 points to settle at 39,878.95. Nifty rallied 76.45 points to settle at 11,738.85. On Thursday, the Sensex advanced 303.72 points to settle at 40,182.67. Nifty rallied 95.75 points to settle at 11,834.60.

On Friday, the Sensex added 326.82 points to settle at 40,509.49. Nifty jumped 79.60 points at 11,914.20.as the Reserve bank of India left key policy rates unchanged. 
 

NEW DELHI [Maha Media]: Government has extended the deadline for filing GST annual return for the financial year 2018-19 by a month till 31st October. The Finance Ministry has requested all the taxpayers to avail the benefit of the extended due date and file their annual return at the earliest to avoid last-minute rush. Furnishing of the Annual return is mandatory only for taxpayers with aggregate annual turnover above two crore rupees while reconciliation statement is to be furnished only by the registered persons with aggregate turnover above five crore rupees.

The Ministry said taxpayers are required to report in the annual GST return of 2018-19 only the values of transactions pertaining to that financial year. It also said that no adverse view will be taken in cases where there are variations in returns for taxpayers who have already filed their GSTR-9 of 2018-19 by including the details of supplies and input tax credit pertaining to 2017-18 in the annual return for 2018-19.
 

NEW DELHI [Maha Media]: Bankers and financial experts have hailed RBI's policy announcement, saying the decision to keep the key repo rate unchanged is an accommodative approach to manage inflation while keeping growth as target. Newly appointed SBI chairman Dinesh Kumar Khara said the RBI is a perfect exposition of doing 'whatever it takes' to revive growth.

Bank of India's chief executive A K Das said the retail and small business segments will also have better prospects by measures, such as, rationalisation of risk weight for housing loans, enhancement of regulatory retail cap and co-lending with NBFCs.

Punjab National Bank's MD and CEO S S Mallikarjuna Rao welcomed the targeted long term repo operations worth one lakh crore rupees and said it will support the economic growth.

HDFC Bank's Chief Economist, Abheek Barua said there is a significant probability of a rate cut in February, if not in December itself as inflation moderates.

Indian Bank's MD & CEO, Padmaja Chunduru said the RBI's assurance on maintaining comfortable liquidity conditions will assure the markets, at the same time enable the government to go ahead with its borrowing programme smoothly.

Indian Banks Association's Deputy chairman Raj Kiran Rai, who also heads Union Bank of India, said the policy signals are tilted more towards augmenting growth momentum in the economy. He added that all the announcements are focused on ensuring liquidity and effective monetary transmission.
 

NEW DLEHI [Maha Media]: India's foreign exchange reserves have recorded a rise of 3.618 billion dollars to touch a new lifetime high of 545.638  billion dollars in the week ended 2nd October. Foreign currency assets, a major part of the overall reserves, increased by 3.104 billion dollars to 503.046 billion dollars.

The gold reserves rose by 486 million dollars in the reporting week to reach 36.486 billion dollars. The country’s special drawing rights with the International Monetary Fund rose marginally by 4 million dollars to 1.476 billion dollars, while reserve position with the IMF also went up by 23 million dollars to 4.631 billion dollars.

During the reporting week, the increase in forex kitty was on account of rise in foreign currency assets (FCA), a major component of the overall reserves. FCA increased by USD 3.104 billion to USD 503.046 billion in the week ended October 2, the data showed. 

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. 

Gold reserves were up by USD 486 million in the reporting week to USD 36.486 billion, the RBI data showed. 

The special drawing rights with the International Monetary Fund (IMF) rose by USD 4 million to USD 1.476 billion during the week. 
 

NEW DELHI [Maha Media]: The Reserve Bank of India in its bi-monthly Monetary Policy statement issued today has maintained a status quo keeping the key interest rates unchanged.
 
The reverse repo rate remains unchanged at 3.35 per cent, the repo rate at four per cent.
 
The Monetary Policy Committee has also decided to maintain its accommodative stance as long as necessary at least through the current financial year and next year as Indian economy is entering into decisive phase in its fight against coronavirus.
 
In major announcements today, RBI Governor Shaktikanta Das proposed that the RTGS system for real time fund transfer to become 24X7 from December 2020.
 
He said, the RBI stands ready to undertake further measures as necessary to assure market participants of access to liquidity and easy finance conditions.
 
The new housing loans risk weights to be linked to Loan-to-value ratio and also rationalize risk weights for all new housing loans until March 31, 2022.
 
Also the bank will extend scheme for co-lending to all NBFC, HFC. As for GDP, the growth may break out of contraction and enter positive zone by fourth quarter of current fiscal.
 

MUMBAI [Maha Media]: Equity benchmark Sensex jumped over 100 points in opening trade today ahead of the Reserve Bank of India's monetary policy decision.
 
The 30-share index was trading 103 points or 0.26 per cent higher at 40,286 and the NSE Nifty rose 35 points or 0.29 per cent to 11,869. 
   
In the previous session, Sensex ended 304 points, or 0.76 per cent, higher at 40,183 while the broader Nifty climbed 96 points, or 0.82 per cent, to finish at 11,835. 
   
Bourses in Shanghai, Hong Kong and Seoul were trading on a positive note in mid-session deals, while Tokyo was in the red.
   
International oil benchmark Brent crude was trading 0.35 per cent lower at 43.19 US Dollars per barrel.
 

CHENNAI [Maha Media]: Sundaram Home Finance Managing Director Lakshminarayanan Duraiswamy today welcomed the RBI policy and said there was a lot of positive vibe in it, despite no rate cuts. In a statement here, he said 'RBI's policy is quite a welcome move-–despite no rate cuts, there is a lot of positive vibe around this policy.'

He said in line with broad market expectations, rates remain unchanged. 'On tap TLTROs is a welcome development and will result in incremental liquidity. The move to conduct OMOs in state government securities is a big positive', he said.

Noting that the hike in threshold for retail exposure was a sign that banks would consider the MSMEs with exposure limits favourably, he said linking risk weights to LTVs was a welcome move and risk based pricing might evolve gradually. 

'Extending the co-origination model to HFCs is a step in the right direction, but we will have to see the operational guidelines for details', he said.
 

NEW DELHI [Maha Media]:  Following are the highlights of RBI Governor Shaktikanta Das' statement and resolution of the Monetary Policy Committee (MPC):

* Benchmark lending rate kept unchanged at 4 pc

* Indian economy expected to contract 9.5 pc this fiscal with downside risks

* Contraction 9.8 per cent projected in July-September; 5.6 pc in October-December and rebound in growth at 0.5 per cent in March quarter

* GDP growth for April-June quarter 2021-22 fiscal projected at 20.6 pc

* Accommodative monetary policy stance maintained to support growth

* Indian economy entering into decisive phase in fight against coronavirus, focus must shift from containment to reviving economy

* Contraction in economic growth of Q1 behind; silver linings are visible in the flattening of the active caseload curve across the country

* GDP growth may break out of contraction and enter positive zone by March quarter of current fiscal

* Inflation to remain elevated in September quarter, but ease gradually towards the target over December and March quarters

* Retail inflation projected at 6.8 per cent for September quarter

* Current inflation hump transient; agriculture outlook looks bright, oil prices to remain rangebound

* RTGS fund transfer system for real-time fund transfer to become 24X7 from December

* Threshold for aggregate exposure of retail bank loans to one counterparty increased to Rs 7.5 crore from Rs 5 crore

* System-based automatic caution-listing for exporters discontinued to help them negotiate better terms with overseas buyers

* Comfortable liquidity position to be maintained; Rs 20,000 crore-OMO auction next week

* On-tap targeted long-term repo operations (TLTRO) to be conducted, with tenors of up to three years for Rs 1 lakh crore at a floating rate linked to the policy repo rate up to March 31, 2021

* All MPC members vote for keeping the policy repo rate unchanged and continue with the accommodative stance.
 

NEW DELHI [Maha Media]: The Reserve Bank of India has said that the two per cent interest subvention scheme for micro, small and medium enterprises (MSMEs) on loans offered by co-operative banks has been extended till 31st of March next year.

In a statement, RBI has further informed that the scheme, initially announced for just two years, has been extended for the financial year 2020-21. RBI said that the coverage of the scheme is limited to all term loans and working capital to the extent of 100 lakh rupees, adding that the requirement of Udyog Aadhaar Number may be dispensed with for units eligible for GST.
 
RBI has also asked co-operative banks to take appropriate action as envisaged in the operational guidelines and issue necessary instructions to their branches or controlling offices for successful implementation of the scheme.
 

NEW DELHI [Maha Media]: Market benchmark BSE Sensex rallied over 300 points to reclaim the 40,000-mark on Thursday, supported by robust buying in IT stocks.

After soaring over 400 points during the day, the 30-share index ended 303.72 points, or 0.76 per cent, higher at 40,182.67. It hit an intra-day high of 40,468.88 and a low of 40,062.23.

The broader NSE Nifty rose 95.75 points, or 0.82 per cent, to finish at 11,834.60.

Top gainers in the Sensex pack included Ultratech Cement, TCS, HCL Tech, Infosys, HDFC Bank and Sun Pharma.

Tata Consultancy Services (TCS) jumped over 3 per cent after it announced a mega Rs 16,000 crore buyback plan at Rs 3,000 per equity share.

On the other hand, ONGC, ITC, PowerGrid, Reliance, Asian Paints and L&T ended in the red.

Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo ended higher, while Hong Kong closed with losses.

Stock exchanges in Europe were trading higher in early deals.

International oil benchmark Brent crude was trading 1.62 per cent higher at USD 42.67 per barrel.

In the forex market, the rupee strengthened by 9 paise to settle at 73.24 against the US dollar.
 

NEW DELHI [Maha Media]: The World Bank on Thursday said that India’s GDP is expected to contract by 9.6 per cent this fiscal which is reflective of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic, noting that the country's economic situation is “much worse” than ever seen before.

The Washington-based global lender, in its latest South Asia Economic Focus report ahead of the annual meeting of the World bank and International Monetary Fund, forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 per cent in 2020, after topping six per cent annually in the past five years.

“India’s GDP is expected to contract by 9.6 per cent in the fiscal year that started in March,” the World Bank said in the report released here.

Regional growth is projected to rebound to 4.5 per cent in 2021, it said.

Factoring in population growth, however, income-per-capita in the region will remain 6 per cent below 2019 estimates, indicating that the expected rebound will not offset the lasting economic damage caused by the pandemic, it said.

“The situation is much worse in India than we have ever seen before,” Hans Timmer, World Bank Chief Economist for South Asia told reporters during a conference call.

“It is an exceptional situation in India. A very dire outlook,” he said.

There was a 25 per cent decline in GDP in the second quarter of the year, which is the first quarter of the current fiscal year in India.

In the report, the World bank said that the spread of the coronavirus and containment measures have severely disrupted supply and demand conditions in India.

With the intent to contain the spread of COVID-19, Prime Minister Narendra Modi, with effect from March 25, announced a nationwide complete lockdown that brought as much as 70 per cent of economic activity, investment, exports and discretionary consumption to a standstill. Only essential goods and services such as agriculture, mining, utility services, some financial and IT services and public services were allowed to operate.

Dubbed as the world's biggest lockdown, it shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people.

According to the World Bank, monetary policy has been deployed aggressively and fiscal resources have been channeled to public health and social protection, but additional counter-cyclical measures will be needed, within a revised medium-term fiscal framework.

Despite measures to shield vulnerable households and firms, the trajectory of poverty reduction has slowed, if not reversed, it said.

“We have seen from the rapid survey that many people have lost their jobs,” Timmer said, adding that this is happening against a background when India's economy was already slowing down before the pandemic.

“We had seen a rise in non-performing loans. Those are all vulnerabilities that India has to deal with,” he said.

Responding to a question, Timmer said what the Indian government has done with limited resources and limited fiscal space is very impressive.

“We have seen a loosening of monetary policy. You have seen attempts to increase credit to the private sector to help a company survive,” he said, adding that there have been big efforts in the health sector and expansion of a social safety net.

“But with every big crisis, I think, we have to realise that this will not go over anytime soon. And it will actually change the longer-term future also. What this reveals is really as good as federal policies, especially the policies related to the informal sector.

“There's a big problem that the informal sector has no coverage in social insurance. What we see now is that especially the informal workers in the middle of the income distribution have lost their jobs. There are no systems in place to support those people,” Timmer said.

Responding to another question, Timmer said that as a result of COVID-19, the World Bank estimates that in one year, the number of people living below the poverty line has increased by 33 per cent.

In its report, the World Bank said that the response of the government of India to the COVID-19 outbreak was swift and comprehensive. A strict lockdown was implemented to contain the health emergency.

To mitigate its impact on the poorest, it was complemented by social protection measures; to ensure that businesses could maintain their operations, the Reserve Bank of India and the government also provided liquidity and other regulatory support, it said.

“Nonetheless, there was a massive contraction in output and poor and vulnerable households experienced significant social hardships – specifically urban migrants and workers in the informal economy,” the bank said.

After fiscal 2017, during which the economy grew at 8.3 per cent, growth decelerated in each subsequent year to 7.0, 6.1 and 4.2 per cent.

This was on account of two mutually reinforcing dynamics: emerging weaknesses in non-bank financial companies (a major source of credit growth, making up for risk aversion from banks) and slowing private consumption growth, the bank added.
 

NEW DELHI [Maha Media]: Minister of Textiles Smriti Irani yesterday launched the first ever Brand and Logo for Indian Cotton on Second World Cotton Day through video conferencing.

Now India’s premium cotton would be known as ‘Kasturi Cotton’ in the world cotton trade. The Kasturi Cotton brand will represent Whiteness, Brightness, Softness, Purity, Luster, Uniqueness and Indianness.
 
Speaking on this occasion, Ms Irani said, this is a much awaited moment as the Indian Cotton has been endowed with a Brand and Logo.
 
The Minister recounted the importance of cotton in Indian economy. She said, cotton is one of the principal commercial crops of the country and it provides livelihood to about six million cotton farmers. She said, India is the second largest cotton producer and the largest consumer of cotton in the world.

It produces about six million tonnes of cotton every year which is about 23 per cent of the world cotton. She said,  India produces about 51 per cent of the total organic cotton production of the world, which demonstrates India’s effort towards sustainability.
 
Ms Irani also said that Cotton Corporation of India (CCI) made ever highest Minimum Support Price (MSP) operation of cotton. She  hoped that during the new cotton season, the procurement under MSP will be increased. She said, CCI has opened 430 procurement centres in all cotton growing states and payments are being made digitally to farmers’ account within 72 hours.
 

MUMBAI [Maha Media]: Equity benchmark Sensex rallied 304 points on Wednesday, tracking gains in index-heavyweights Reliance Industries, HDFC twins and Infosys.

After opening on a weak note, the 30-share index gained ground to end 304.38 points or 0.77 per cent higher at 39,878.95.

Similarly, the broader NSE Nifty jumped 76.45 points or 0.66 per cent to close at 11,738.85.

Titan was the top gainer in the Sensex pack, climbing over 4 per cent, followed by Bajaj Auto, Maruti, Reliance Industries, ONGC and UltraTech Cement.

On the other hand, Bajaj Finance, PowerGrid, Tata Steel, NTPC and Sun Pharma were among the laggards.

"Market recovered quickly in morning trade and traded in the green throughout the day led by autos ahead of the RBI policy," said S Ranganathan, Head of Research at LKP Securities.

The newly-constituted MPC of the Reserve Bank began its three-day deliberations earlier in the day. The decision of the rate-setting panel will be announced on October 9.

Although the broader market was a bit lacklustre, sustained buying in cement and select pharma counters was seen during the day, he added.

According to traders, Indian investors are also eyeing the possibility of a domestic fiscal package announcement in the near term.

Meanwhile, bourses in Hong Kong, Tokyo and Seoul ended on a mixed note, while Shanghai was closed for a holiday.

Stock exchanges in Europe were trading on a negative note in early deals.

International oil benchmark Brent crude was trading 1.59 per cent lower at USD 41.97 per barrel.

In the forex market, the rupee strengthened by 13 paise to settle at 73.33 against the US dollar.
 

NEW DELHI [Maha Media]: The World Bank on Wednesday warned that by 2021, as many as 150 million people are likely to be in extreme poverty because of the coronavirus pandemic and countries will have to prepare for a "different economy" post-COVID by allowing capital, labour, skills and innovation to move into new businesses and sectors.

The COVID-19 pandemic is estimated to push an additional 88 million to 115 million people into extreme poverty this year, with the total rising to as many as 150 million by 2021, depending on the severity of the economic contraction, according to the Washington-based global lender.

This would represent a regression to the rate of 9.2 per cent in 2017, according to the biennial Poverty and Shared Prosperity Report.

Had the pandemic not convulsed the globe, the poverty rate would have been expected to drop to 7.9 per cent in 2020, it said.

The pandemic and global recession may cause over 1.4 per cent of the world's population to fall into extreme poverty, World Bank Group President David Malpass said.

In order to reverse this serious setback to development progress and poverty reduction, countries will need to prepare for a different economy post-COVID, by allowing capital, labour, skills and innovation to move into new businesses and sectors, he said.

Noting that the new poor will be in countries that already have high poverty rates, the report said that a number of middle-income countries will see significant numbers of people slip below the extreme poverty line.

About 82 per cent of the total will be in middle-income countries, the report estimates.

The convergence of the COVID-19 pandemic with the pressures of conflict and climate change will put the goal of ending poverty by 2030 beyond reach without swift, significant and substantial policy action, the World Bank said, adding that by 2030, the global poverty rate could be about seven per cent.

In its report, the World Bank noted that the lack of recent data for India severely hinders the ability to monitor global poverty.

Absence of recent data on India, one of the economies with the largest population of extreme poor, creates substantial uncertainty around the current estimates of global poverty, the Bank said.

Observing that effective approaches have tapped the skills and dedication of community members, the World Bank said that in Mumbai, city officials were able to stem the rapid spread of the coronavirus in Dharavi, one of the city's largest urban settlements, by mobilising community members and staff from private medical clinics for a strategy based on mass screening for fever and oxygen levels.

In the space of three months, by July 2020, reported cases in the area had been cut to 20 per cent of their peak in May. To help poor families during the lockdown, foundations, nongovernmental organisations and volunteers provided thousands of households with ration kits.

Dharavi's success stemmed from a combination of customised solutions, community involvement and perseverance, it added.

According to Johns Hopkins Coronavirus Resource Center, the contagion has infected over 35 million people and killed more than 1 million across the world.

The US is the worst affected country with over 7.5 million cases and more than 2,10,000 deaths.

The COVID-19, which originated in China's Wuhan city in December last year, has also battered the world economy with the International Monetary Fund saying that the global economy is bound to suffer a "severe recession".

Scientists are racing against time to find a vaccine or medicine for its treatment.
 

NEW DELHI [Maha Media]: Government on Tuesday appointed Managing Director, State Bank of India (SBI), Dinesh Kumar Khara as chairman of the bank for three years effective from October 7.

Dinesh Kumar Khara, appointed as Chairman of the bank for a period of 3 years with effect from the date of his taking over charge of the post on or after 7.10.2020, or until further orders, whichever is earlier, according to a notification issued by the Finance Ministry.

Khara will replace SBI Chairman Rajnish Kumar, whose three-year term comes to an end on October 7.

On August 28, Bank Board Bureau had recommended the appointment of Dinesh Kumar Khara to the post of chairman of the State Bank of India.

Khara did his Masters in Business Administration from FMS New Delhi and is a post-graduate in Commerce. He is also a Certified Associate of Indian Institute of Bankers (CAIIB). Khara joined SBI as a probationary officer in 1984 and has over 33 years of experience in all facets of Commercial banking such as retail credit, SME/corporate credit, deposit mobilization, international banking operations and branch management.
 

NEW DELHI [Maha Media]: Prime Minister Narendra Modi has interacted with Henrik Anderson, President and CEO, Vestas on the issues related to the wind energy sector and highlighted Indias efforts to harness renewable energy.

"Had an insightful interaction with Mr. Henrik Andersen, President and CEO, @Vestas . We discussed a series of issues relating to the wind energy sector. Highlighted some of India's efforts to harness renewable energy in order to build a cleaner future for the coming generations," PM Modi tweeted on Tuesday.

"Great talk with Hon'ble PM @narendramodi on innovative ideas that can push the envelope in the #energytransition. Very insightful and we are very much looking forward to a continued collaboration and increased footprint in India", Anderson said in a tweet.

"We're thankful to be able to exchange ideas and ambitions with you, Prime Minister, as you are equally committed to building a more #sustainablefuture. Today we're launching the V155 turbine as a first step towards this," the company tweeted.

Vestas has introduced a low-wind variant suited for India's wind market and expands its production footprint in the country.

The global demand for sustainable energy solutions in low and ultra-low wind areas continues to grow as renewable technology improves in efficiency and cost. This trend is especially prominent in India, the world's fourth largest wind energy market, where the energy demand is expected to double and the government intends to add around 100 GW wind power in the predominantly low-wind market by 2030.

While the new turbine is globally applicable, it initially targets low and ultra-low wind condition projects in India and US. It increases the turbine swept area by 67 per cent in comparison to V120-2.2 MW, and with a large rotor to rating ratio, it significantly improves the partial load production in low-wind conditions. The V155-3.3 MW improves the annual energy production (AEP) by more than three per cent for a 300 MW wind park with 46 fewer turbines, creating an improved level of business case certainty.

A company statement said as the turbine will be predominantly locally manufactured and sourced in India, it reinforces Vestas' existing commitment to the country's growing renewable energy industry. Vestas will increase its already prominent manufacturing footprint in India by establishing a new converter factory in Chennai and expanding its current blade factory in Ahmedabad.

These investments follow our previously announced new nacelle and hub factory in Chennai, which is currently under construction. The production ramp-up will add around 1,000 new jobs within the next year to the approximately 2,600 people currently working for Vestas in India. While the expanded production setup in India will serve the growing wind market in the region, it will also act as a strategic export hub.
 

MUMBAI [Maha Media]:  Domestic equities rallied for the fourth successive session on Tuesday on account of broad-based buying by participants amid positive global cues.

The BSE gauge Sensex zoomed 600.87 points or 1.54 per cent to close at 39,574.57. Intra-day, the index surged over 650 points to touch the session's high of 39,623.76, before paring some gains.

Similarly, the NSE barometer Nifty climbed 159.05 points or 1.38 per cent to end at 11,662.40.

On the Sensex chart, index heavyweight HDFC rallied over 8 per cent. Other prominent gainers were IndusInd Bank, Mahindra and Mahindra, Asian Paints, Bajaj Finance, HDFC Bank and Ultratech Cement.

Among the laggards were Tata Steel, Nestle, Larsen & Toubro, Sun Pharma, NTPC and Reliance Industries.

Of the Sensex constituents, 24 ended in the green while six closed with losses.

Asian shares too continued their upward trend after US President Donald Trump was discharged from the hospital following COVID-19 treatment. Investor sentiment was also boosted by hopes of a fresh US stimulus package.

Foreign investors bought equities worth a net Rs 236.71 crore in the Indian markets on Monday, exchange data showed.

On the forex market front, the Indian rupee dropped by 17 paise to close at 73.46 per US dollar.
 

NEW DELHI [Maha Media]: The Centre releases nearly 20 thousand crore rupees among the states from the amount collected as compensation cess this year. Finance Minister Nirmala Sitharaman made the announcement on Monday after the 42nd GST Council meet. 

Briefing the media in New Delhi, Finance Minister informed that by next week the Centre will also disburse 25 thousand crore rupees towards Integrated GST for 2017-18 to those states that received less amount due to the anomalies.

The GST Council also recommended the extension of Levy of Compensation Cess beyond the transition period of five years which is beyond June, 2022, for such period as may be required to meet the revenue gap. 

Finance Minister informed that the GST Council has deferred the decision on the mode of payment of pending GST compensation share of the states to 12th October meeting of the Council. The Minister said that about 20 to 21 states chose the option given by the Centre which allowed the states to borrow to cover the compensation shortfall. However, other states, she said, did not choose any option and wanted the Centre to borrow and pay the shortfall.

Revenue Secretary Ajay Bhushan Pandey who was also present during the media briefing informed that starting from 1st January next year, taxpayers with less than 5 crore rupees annual turnover will not be required to file monthly GSTR-1 and GSTR-3B returns. He said they will now have to file it on a quarterly basis.

The GST Council meeting on Monday was attended by Finance Ministers of all States and Union Territories.
 

NEW DELHI [Maha Media]: With three external members appointed, the six-member monetary policy committee (MPC) will meet during October 7 to October 9, the Reserve Bank of India (RBI) said.

The meetings were originally scheduled for September 29, 30 and October 1, but had to be postponed as the government did not appoint the external members.

Late Monday, the government named Jayanth Varma, professor in Indian Institute of Management, Ahmedabad, Ashima Goyal, member of Economic Advisory Council of Prime Minister and Shashanka Bhide, senior advisor at National Council for Applied Economic Research as external members of the monetary policy committee.

The external members will get a day’s time to prepare for the meet, after which on Friday the monetary policy will be announced by the RBI governor in a televised address due to the pandemic-induced constraints.

A Business Standard poll of 10 economists and treasurers expected rates to be on hold this time, with some saying that the next rate cut could come only after Union Budget in February.
 

NEW DELHI [Maha Media]: Minister of Commerce and Industry Piyush Goyal will release the results of the first edition of National Startup Awards on Tuesday.

Ministry of Commerce and Industry in a statement said, the Department for Promotion of Industry and Internal Trade (DPIIT) has conceived the first ever National Startup Awards to recognize and reward outstanding Startups and ecosystem enablers that are building innovative products or solutions.

The first edition of the Awards invited applications across 12 sectors which were further sub-classified into a total of 35 categories.

These  sectors include Agriculture, Education, Enterprise Technology, Energy, Finance, Food, Health, Industry 4.0  and Urban Services.

The winning Startups will get cash prizes of 5 lakh rupees each, along with opportunities to present their solutions to relevant public authorities and corporates, for potential pilot projects and work orders.
 

NEW DELHI [Maha Media]: High drama unfolded at the crucial Goods and Services Tax (GST) Council meeting on Monday. At least 10 Opposition-ruled states resisted the Union finance secretary’s attempts to “abruptly” conclude the meeting in favour of the first option on the issue of compensation.

According to sources, after over six hours of deliberations, Finance Secretary Ajay Bhushan Pandey announced that the Department of Economic Affairs will be asked to prepare for borrowing by states, an option strongly rejected by Opposition-ruled states.

In fact, Andhra Pradesh and Puducherry, which the Centre had earlier claimed were among the 21 states that had picked option 1, also pressed for borrowing by the Centre.

This technically takes down the count to 19 states that have picked the first option of borrowing Rs 1.1 trillion under a special window of the Reserve Bank of India. The Centre has decided to revise the borrowing limit under the option to Rs 1.1 trillion from Rs 97,000 crore proposed earlier.

“After six-and-a-half hours of discussion, when the house was almost equally divided, finance secretary suddenly said that the meeting is closed that that we will ask the DEA to get ready for borrowing by states, which is option 1,” said a source. “All opposing states then rose and resisted the move and argued that it was against GST rules as there was no consensus on the issue. It was only then that Union Finance Minister Nirmala Sitharaman agreed to meet again after 5-6 days to create a consensus,” he added.

The GST Council will meet again on October 12.

About 10 Opposition ruled states have proposed a third option to the government, which involves borrowing by the Centre as it can do so at competitive rates. To facilitate that, the compensation cess period has been extended indefinitely beyond June 2022, till the entire principal and interest is repaid and states fully compensated for the GST shortfall.

“The rate at which Centre borrows is about 2 per cent lesser than what we will get. They have the capability to borrow, the window to borrow and a lower rate,” said West Bengal Finance Minister Amit Mitra. He added that with the compensation cess period being extended indefinitely, the Centre will not have to spend even a single rupee from its Budget.

Another state finance minister pointed out that states are not in a position to borrow with most defaulting on salaries and pensions. “Centre can monetise its fiscal deficit,” he said.
 

NEW DELHI [Maha Media]: In a sign of economic activity gradually picking pace in the unlock phase, steel companies have increased the price of the metal for the fourth month in a row in October on the back of demand revival and firm price trends in the overseas market.

Benchmark hot rolled coils (HRC) prices have increased by Rs 1,000-2,000 per tonne for October deliveries to Rs 43,000-43,500 per tonne whereas (cold rolled coil) CRC prices stand at Rs 52,000 per tonne.

The price rise in October is contrary to expectations of a decline in prices in China, where flat steel prices have dropped by four per cent in September 2020.

The price has also increased for long steel products used in real estate projects, but the price rise there is moderate compared to the HRC prices and long products are still priced about Rs 1,500 per tonne lower than flat products.

With the price rise in October, HRC prices are now higher than pre covid price line of Rs 42,000 per tonne.

On a cumulative basis, steel mills have hiked HRC steel prices by Rs 7,000-7,500/tonne since July, 2020. The improved demand outlook is driven by a strong recovery in automotive, consumer durables and other white goods.

“We believe this hike underscores the current strength of domestic demand for flat products (led by recovery in auto and white goods) and tight market supply,” said a sectoral analysis done by brokerage Motilal Oswal Institutional Equities.

“… demand in flat rolled steel is also driven by replenishing of inventories by end-users amidst tight supply of HRC, even as inventories remain low in the system. Further, export commitments of domestic steel mills for October 2020 delivery are further likely to keep the supply situation tight in India,” the brokerage said.

While domestic conditions have pushed up steel prices in the country, pressure points remain by way of falling steel prices in the biggest producing and consuming nation China. There steel prices have declined by $ 25/tonne in both domestic and export markets during September 2020.

Domestic HRC prices, which stood at parity to landed cost of imports from South Korea ($ 555/tonne CNF India) are now trading at a five per cent premium post this hike (to $585/tonne). China export prices have declined to $503/tonne ($ 528/tonne CNF India).

The price trend in China, post the national holidays (which will be over in a week), would determine the direction for regional and domestic steel prices. If prices in China do not improve post the holidays, the Indian prices could be at risk as a 10 per cent premium to Chinese prices would be unsustainable for long. This is because imports would rise substantially, the brokerage report said.

But the good run is expected to continue for long steel products. There is an expectation of recovery in long steel prices with demand recovering post monsoon. The recovery in long steel product prices has remained subdued compared to flat rolled steel as rebar prices are still at Rs 1,500/tonne lower YTD FY21 (while HRC is higher by Rs 5,000/tonne).
 

MUMBAI [Maha Media]:  Rising for the third straight session, market benchmark Sensex finished 277 points higher on Monday, propelled by IT and banking counters.

Starting off on a high note, the 30-share BSE gauge zoomed to the day's peak at 39,263.85, before ceding some ground to settle at 38,973.70, up 276.65 points or 0.71 per cent.

Likewise, the broader NSE Nifty rose 86.40 points or 0.76 per cent to close at 11,503.35.

On the Sensex chart, IT major TCS rose the most, gaining over 7 per cent.

In the process, the IT giant became the second Indian firm after Reliance Industries to cross the Rs 10 lakh crore market valuation mark.

Other prominent gainers included Tata Steel, Sun Pharma, Infosys, Tech Mahindra, IndusInd Bank, HCL Tech, ICICI Bank, HUL and HDFC Bank.

On the other hand, Bajaj Finserv, Bajaj Finance, Bharti Airtel, Bajaj Auto, PowerGrid and ITC were among the major laggards.

With the global markets' focus turning to US President Donald Trump's recovery from COVID-19, reports of an improvement in his health boosted investor sentiment, according to analysts.

Asian shares rose following Trump's health update.

On the forex market front, the rupee closed 16 paise lower at 73.29 against the US dollar.

Global crude oil benchmark Brent was trading nearly 3 per cent higher at USD 40.41 per barrel.

Analysts further said that going ahead, the market's focus will shift to corporate earnings announcements, with the results season beginning this week.
 

NEW DELHI [Maha Media]: India along with Indonesia and Philippines will be among the best placed economies in Asia as the region transitions from below-trend growth to a new "Goldilocks" phase in 2021.
 
According to US financial services house, Morgan Stanley this "Goldilocks" phase will be a combination of accelerating and above-trend growth, rising-to-trend inflation, and "big easy" policy.

Such macroeconomic trends would be somewhat reminiscent of 2003/04, 2005/07, 2009/10, and 2015/18, a favourable backdrop for Asia ex Japan.

In 2020, North Asia (China, Taiwan and Korea) has outperformed the rest of Asia ex Japan on growth, as they were first in, first out, owing to an effective Covid-19 institutional response. In 2021, this growth divergence is likely to narrow as growth in the rest of the region catches up.

"Indeed, we think India, Indonesia, and the Philippines look better placed in this "Goldilocks" environment. They benefit most from the Fed's AIT given their savings deficit. Vaccine availability would also go further in reducing risk aversion. Their higher structural growth and the potential for them to be relative beneficiaries from supply chain relocation could also enable them to take bigger strides in the recovery path", Morgan Stanley said.

"We expect 2021 to show the overall Asia ex Japan growth recovery being sustained and accelerating above-trend, amid a combination of sequential growth and low base effects", it added.

In 2020, North Asia economies (mainly China, Taiwan and Korea) have outperformed the rest of AxJ on the growth front. They are mostly first in, first out from the Covid-19 malaise, owing to an effective institutional response to the public health challenges.

"In Asia ex Japan , we think India, Indonesia, and the Philippines form the group that looks better placed in 2021 in this "Goldilocks" environment", the research said.

These economies will benefit from Fed actions as the Fed's AIT framework is of greater benefit to those economies that have had to keep real rates high given the savings deficit at home, by delaying the start of policy rate normalization. Indeed, it extends the liquidity runway for economies where liquidity has historically been a constraint for growth.

"In other words, the Fed's AIT framework benefits India, Indonesia, and the Philippines more because they run a current account deficit and are dependent on external funding. This compares to the rest of AxJ, which mostly runs current account surpluses", it said.

These will also benefit more from vaccine availability as these have lagged in Covid-19 containment. The institutional responses to contain Covid-19 have been less effective in India, Indonesia, and the Philippines, so the potential for vaccine availability in 4Q20 and 1Q21 could go further in improving mobility and risk aversion by consumers and companies for these economies, compared to other parts of Asia ex Japan, it said.

India, Indonesia, and the Philippines also have higher structural growth rates that would enable them to take larger strides on the recovery path once the growth obstacles are removed. "To that end, we note these economies are potentially relative beneficiaries of supply-chain relocation from the medium-term deglobalisation trends", Morgan Stanley said.

The report says the biggest pushback on the recovery front comes in India, Indonesia, and the Philippines, as the number of daily Covid-19 cases remain elevated.

The market's argument there is that if Covid-19 has affected lower-income households more than higher-income households, wouldn't the same apply to economies with lower GDP per capita, given the challenges on medical preparedness and institutional response to deal with Covid-19. Besides, the lower income levels and hence lower savings also suggest lesser scope for pent-up demand to drive recovery.

"However, we beg to differ. Although daily new cases have stayed elevated, selective economic reopening in areas/communities where the Covid-19 situation have been better controlled have enabled growth momentum to bottom out. Indeed, in India, weekly passenger vehicle registration and weekly power demand have already recovered from the deep 27% YoY decline and returned to positive growth territory", it added.

India has currently three vaccine candidates for COVID-19: Covishield (developed by Oxford University and manufactured jointly by the Serum Institute of India (SII) and the BritishSwedish drugmaker AstraZeneca), Bharat Biotech's Covaxin (jointly developed with the Indian Council of Medical Research), and ZycovD by Zydus Cadila.

The three vaccine candidates in India are in different phases of clinical study, with Covishield in Phase 3 and the other two in Phase 2 trials. SII has commented that it aims to launch Covishield by the end of 2020 subject to successful Phase 3 trials and registration with the regulators, and make it available to the general public in 1Q21, while Zydus Cadila and Bharat Biotech have stated that they aim to launch their respective vaccines by next year, the report said.
 

NEW DELHI [Maha Media]: China’s biggest chip company Semiconductor Manufacturing International Corporation (SMIC) has confirmed that some of its suppliers have been restricted by US export control regulations, and its business may be affected due to ensuing uncertainties in US equipment supplies.

SMIC said in a statement on Sunday night that the US Bureau of Industry and Security (BIS) has informed some of SMIC’s suppliers to further limit exports of US equipment, accessories and materials to the company. Exports will require a permit. 

SMIC said in the statement that the company has undertaken "preliminary exchanges" with the U.S. Bureau of Industry and Security regarding export restrictions. The Company is conducting assessments on the relevant impact of such export restrictions on the company’s production and operation activities, it said. SMIC also said it has been operating in compliance with the relevant laws and regulations of all jurisdictions where it performs its businesses.

As per media reports, the Bureau of Industry and Security under the US Department of Commerce had issued letters in September informing certain companies they must henceforth obtain a licence before continuing to supply goods and services to SMIC. The letter stated that exports to SMIC "may pose an unacceptable risk of diversion to a military end use" to China.

The fresh sanctions on SMIC come after the Trump administration imposed penalties on a broad range of China’s tech companies. Analysts say, China may also release an ‘unreliable entity list’ in response to US actions. In September, China’s Ministry of Commerce announced rules for its list of ‘unreliable entities’ to curb the operations of foreign companies deemed “unreliable”. Chinese Foreign Ministry has previously declared its opposition to US sanctions on Chinese companies. 

SMIC rely heavily on equipment from companies based in the United States and other relevant countries to produce chips for clients. Earlier this year, SMIC issued one of the biggest Initial Public Offers in Shanghai Stock market, aiming to use the cash to kickstart manufacturing into more advanced technology. In its statement, the company has advised shareholders and potential investors to exercise caution when dealing in the securities of the Company.

This sanction may further hit Huawei, already under US sanctions, as it may be difficult for SMIC to supply chips to it. The sanctions may also affect US companies Intel and Qualcomm that uses SMIC to fabricate some of its chips. Analysts believe that Qualcomm is SMIC’s second-largest customer after Huawei.
 

New Delhi (Mahamedia) "Through currency currency any type of bacteria and virus can spread to each other and hence people should use digital payment more and more instead of using currency". In response to a question sent by the Confederation of All India Traders (CAT), the Reserve Bank of India has given this answer indirectly in one of its mails.

Kat, who has been seeking this clarification from time to time about the spread of bacteria and viruses by the currency for over a year, sent a letter to Union Finance Minister Nirmala Sitharaman on March 9, 2020, to clarify this. It was urged whether currency notes are carriers of bacteria and viruses or not. In response to this, RBI has given such a signal to CAT through a mail on October 3, 2020.
 

NEW DELHI [Maha Media]: Commerce and Industry Minister Piyush Goyal said on Saturday that India has the capability to become a global player in many sectors and needs to scale up its manufacturing activities.

Speaking at a webinar organised by EXIM Bank, he said sectors which have potentials to become globally competitive are required to be identified.

"There is no need to segregate between products for exports and domestic sector. We require quality, good technology and scale, though some support may be needed at times," Goyal said.

Exports will definitely happen automatically if products are "good and competitively priced", the minister said, adding that the industries should not expect that subsidies will be the "only solution".

Speaking on the free trade agreements (FTAs), he said, "We have to foster such collaborations with the developed countries which have large markets, and not nations like Chile and Peru."

India can surely be part of the global supply chain and also a reliable partner, Goyal said, adding that "building capabilities, scale and good manufacturing practices are the need of the hour".

EXIM Bank Managing Director David Rasquinha said India's manufacturing and export sectors have to become globally competitive.

"Despite the growing private consumption demand, India's gross value added (GVA) has decreased. EXIM Bank has commissioned a study on the policy constraints faced by some sectors like textiles, apparel, automobile, electronics and pharmaceuticals," he added.
 

NEW DELHI [Maha Media]: Reliance Industries on Saturday announced Rs 7,350 crore investments by Singapore sovereign wealth fund GIC and global private equity firm TPG Capital in its retail unit, taking the total fundraising in the last one month to Rs 32,197.50 crore.

While GIC invested Rs 5,512.5 crore in Reliance Retail Ventures Ltd (RRVL) for a 1.22 per cent stake, TPG took 0.41 per cent interest for Rs 1,837.5 crore, the company said in statements issued past midnight.

These investments value Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore, they said.

This is TPG's second investment in a subsidiary of Reliance Industries, following a Rs 4,546.8 crore investment in digital unit Jio Platforms announced earlier this year.

With these, Reliance Industries has sold 7.28 per cent stake in the retail unit since September 9 for a total of Rs 32,297.50 crore.

US private equity firm Silver Lake has made two investments totalling Rs 9,375 crore for a 2.13 per cent stake in Reliance Retail, while General Atlantic has picked up 0.84 per cent stake for Rs 3,675 crore, and KKR put in Rs 5,550 crore for a 1.28 per cent stake.

Abu Dhabi-based sovereign wealth fund Mubadala Investment Co invested Rs 6,247.5 crore for a 1.4 per cent stake.

Reliance Retail Ltd, a subsidiary of RRVL, operates India's largest, fastest-growing and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart.

It operates about 12,000 stores in nearly 7,000 towns, with 640 million footfalls across core categories of grocery, consumer electronics and apparel. Revenue for Reliance Retail in FY20 was Rs 1.63 lakh crore.

The investment will add fire to Ambani's battle for dominance in the retail market that is also being eyed by Jeff Bezos' Amazon.com and Walmart Inc's Flipkart.

TPG has more than USD 83 billion of assets under management across a wide range of asset classes, including private equity, growth equity, real estate and public equity. Over TPG's nearly 30-year history, the firm has built an ecosystem made up of hundreds of portfolio companies and a value-added network of professionals, executives, and advisors around the world.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, "TPG has a proven track record of being a valuable partner to global technology businesses and industry leaders and we look forward to their guidance and support in our journey."

Jim Coulter, Co-CEO, TPG, said, "Regulatory changes, consumer demographics and technological disruption are creating seismic shifts across the entire retail value chain in India. In the midst of this transformation, Reliance Industries has utilised technology and scale to position Reliance Retail as an incredibly strong, well-organised, and innovative leader."

"We are excited to join with them as they seek to create a more inclusive retail industry that allows Kiranas and Indian consumers to benefit from the connectivity, efficiency, and accessibility of the Reliance Retail omnichannel platform," he said.

The transaction is subject to regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Retail and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels. Deloitte Touche Tohmatsu India LLP acted as financial advisor to TPG and Shardul Amarchand Mangaldas & Co acted as legal counsel to TPG.

Following the sell-down in its digital unit Jio Platforms, Reliance's focus has shifted to retail with the acquisition of Future and investment by global private equity firms/strategic investors.

All the 13 investors, who had poured in a combined Rs 1.52 lakh crore in Jio Platforms, have been offered a chance to explore investing in the retail unit.

Besides Silver Lake, KKR, General Atlantic, TPG and Mubadala, the other investors in Jio Platforms - which houses India's youngest but largest telecom operator Jio - include Facebook and Google.

Reliance Retail has consolidated its dominant market positioning in offline retail through its recent acquisition of retail, wholesale, logistics and warehouse business of Future Group for an enterprise value of Rs 24,173 crore.

The firm in May this year launched JioMart, the e-commerce platform. Reliance aims to digitise Kirana stores through its new commerce business. In July, JioMart was serving 400,000 orders a day and is currently operational in 200 cities.

With this, Jio Platforms and Reliance Retail account for over Rs 9 lakh crore of Reliance Industries Ltd's valuation.

Monetisation of retail, complemented by the capitalisation of Jio's tech assets, is expected to enable Reliance to take on Amazon and Walmart in India's online retail space.

The evolution of the organised retail in India has lagged infrastructure growth and improvement in demographics. Despite the large size of the consumption basket at USD 0.8-1.0 trillion, the share of organised retail is only 8 per cent of the total market, which offers a long growth runway.

Analysts expect a break-up of the company in the next 3-4 years through the IPO of the Jio and retail business segments which should unlock additional shareholder value.

At the Reliance Industries' recent annual general meeting, Ambani had stated that it had been approached by strategic/financial investors for a stake in Reliance Retail.
 

MUMBAI [Maha Media]: Sensex zoomed by 1,308.39 points or 3.50 per cent to settle at 38,697.05 in the truncated trading week under review as lockdown norms were relaxed. 

Even renewed US stimulus hopes kept the global markets lifted.  The Nifty too jumped 366.70 points or 3.32 pc to settle at 11,416.95. 

The BSE Mid-Cap spurted 476.57 or 3.32 pc to settle at 14,813.25. The BSE Small-Cap rallied 474.86 points or 3.28 pc to settle at 14,970.44. Tracking positive global cues the Sensex jumped 592.97 points at 37,981.63. The Nifty too surged 177.30 points to settle at 11,227.55. 

On Tuesday the Sensex, fell 8.41 points to settle at 37,973.22. Nifty lost 5.15 points to settle at 11,222.40. On Wednesday the Sensex, climbed 94.71 points to settle at 38,067.93. Nifty rose 25.15 points to settle at 11,247.55.

On Thursday, the sensex surged 629.12 pts to 38,697.05. The Nifty too advanced by 169 pts to 11,416.95 on better-than-expected domestic macro numbers and decent auto sales in September 2020 supported buying. Markets remained closed on Friday on account of Gandhi Jayanti. 
 

MUMBAI [Maha Media]: The National Stock Exchange of India (NSE) and the BSE were closed on Friday on account of Mahatma Gandhi Jayanti.

 Wholesale commodity markets including metal and bullion were also shut. There was no trading activity in the forex and commodity futures markets as well.

Equity markets started the month yesterday on a strong note with benchmark indices rallying more than 1.5 per cent amid hopes of another fiscal stimulus package by the government and unlock 5.0 guidelines.

The BSE S and P Sensex closed 629 points or 1.65 per cent higher at 38,697 while the Nifty 50 gained by 169 points or 1.51 per cent at 11,417. The rally was led by banking and financial stocks.

The trading will now resume on October 5 Monday.
 

NEW DELHI [Maha Media]: WhatsApp has enabled multiple features like 'Always Mute option', a new Storage Usage UI along with accompanying tools as well as new Media Guidelines to its Android beta user base.

According to WABetainfo, a website that tracks WhatsApp in Beta, all these features are in WhatsApp 2.20.201.10 beta for Android and are yet to be rolled out for all users in a stable release.

The new Always Mute feature replaces the one year option while muting a chat. This will allow users to mute messages from unwanted groups and people for a lifetime.

With the previous 2.20.201.9 update, WhatsApp started to release the new Storage Usage UI and its tools. The rollout was slow, so not many people have received the redesigned Storage Usage. After installing the 2.20.201.10 update, several users are now receiving the feature.

WhatsApp is rolling out another feature called Media Guidelines, that would easily allow aligning stickers and text when you edit images, videos and GIFs.

WhatsApp is also reportedly working on hiding Voice and Video Call buttons in chats with Verified Business accounts. Both of these buttons are still available inside of the profile icon in the chat and contact list.
 

NEW DELHI [Maha Media]:  Goods and Services Tax (GST) collections at Rs 95,480 crore in September touched the highest level so far this fiscal, the Finance Ministry said on Thursday.

The revenues for the month are 4 per cent higher than the total GST collection in the same month last year.

In September, the tax collected from import of goods was 102 per cent and the revenues from the domestic transaction (including import of services) were 105 per cent of the revenues from these sources during the same month last year.

"The gross GST revenue collected in the month of September, 2020 is Rs 95,480 crore of which Central GST is Rs 17,741 crore, State GST is Rs 23,131 crore, Integrated GST is Rs 47,484 crore (including Rs 22,442 crore collected on import of goods) and Cess is Rs 7,124 crore (including Rs 788 crore collected on import of goods)," the ministry said in a statement.

Goods and Services Tax mop up in September was the highest so far this fiscal.

The revenue in April was Rs 32,172 crore, May (Rs 62,151 crore), June (Rs 90,917 crore), July (Rs 87,422 crore), August (Rs 86,449 crore). PTI JD The government has settled Rs 21,260 crore to CGST and Rs 16,997 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of September, 2020 is Rs 39,001 crore for CGST and Rs 40,128 crore for the SGST.
 

MUMBAI [Maha Media]: Equity benchmark Sensex rallied 629 points on Thursday driven by strong buying sentiment in financial stocks amid positive domestic and global cues.

The 30-share BSE index ended 629.12 points or 1.65 per cent higher at 38,697.05.

The broader NSE Nifty surged 169.40 points or 1.51 per cent to close at 11,416.95.

IndusInd Bank was the top gainer in the Sensex pack, zooming over 12 per cent, followed by Bajaj Finance, Axis Bank, ICICI Bank, Tech Mahindra, Bajaj Finserv and Kotak Bank.

On the other hand, ITC, NTPC, Titan, Reliance Industries and ONGC were the laggards.

The domestic market opened on a positive note following positive global cues and better-than-expected domestic PMI manufacturing data, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares.

India's manufacturing sector activity improved for the second straight month in September and touched an over eight-and-a-half-year high supported by accelerated increases in new orders and production, even as firms reduced staff numbers.

The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) increased from 52.0 in August to 56.8 in September -- highest since January 2012.

"During the afternoon session, the markets further showed strength as more broad based buying was witnessed specially in banks and financial stocks ahead of the Supreme Court judgement on moratorium interest case scheduled for Monday.

"The sentiments were also boosted as... government has released a set of fresh guidelines under its Unlock 5 plans to kick start the economy with additional relaxations with fewer restrictions," he stated.

Meanwhile, Tokyo Stock Exchange halted trading after it witnessed a technical glitch earlier in the day. Markets in Shanghai, Hong Kong and Seoul were closed for holidays.

Indices in Europe were trading on a positive note in early deals.

International oil benchmark Brent crude was trading 0.76 per cent lower at USD 41.98 per barrel.
 

NEW DELHI [Maha Media]: The Central Board of Indirect Taxes and Customs (CBIC) has announced a 30 day grace period for those businesses which are not yet ready for GST e-invoicing which comes into effect from Thursday, October 1.

 In a notification on Wednesday evening, CBIC noted that even after more than nine months of the first notification in this regard, some of these taxpayers having aggregate turnover of Rs 500 crore and above are still not ready.

"Accordingly, as a last chance, in the initial phase of implementation of e-invoice, it has been decided that the invoices issued by such taxpayers during October 2020 without following the manner prescribed under rule 48(4), shall be deemed to be valid and the penalty leviable under section 122of the CGST Act, 2017, for such non-adherence to provisions, shall stand waived if the Invoice Reference Number (IRN) for such invoices is obtained from the Invoice Reference Portal (IRP) within 30 days of date of invoice," it said.

Elucidating the relaxation, the notification said "In case a registered person has issued an invoice dated 3rd October, 2020 without obtaining IRNA but reports the details of such invoice to IRP and obtains the IRN of the invoice on or before 2nd November, 2020 then it shall be deemed that the provisions of rule 48 (5) of the CGST Rules, 2017 are complied with and the penalty imposable under section 122 of the CGST Act, 2017 shall also stand waived."

It further said that no such relaxation would be available for the invoices issued from November 1, 2020 and such invoices issued in violation of rule 48(4) of the CGST Rules 2017 would not be valid and all the applicable provisions of CGST Act and Rules would apply for the said violation.

The government had in December 2019 prescribed that the GST Taxpayers having aggregate annual turnover more than Rs 100 crores in any preceding Financial Year will be required to issue e-invoice for all the Business to Business (B2B) supplies, in the manner prescribed under rule 48(4) of the CGST Rules, 2017 with effect from April 1, 2020.

Further, it was also mandated under rule 48(5) of the CGST Rules, 2017 that a B2B invoice or an export invoice issued by such a taxpayer, in any other manner, shall not be treated as an invoice. In March 2020, the date of implementation of e-invoice was extended to October 1, 2020.

Keeping in view the hardships faced by the taxpayers due to COVID-19 lockdown, in July 2020, it was further prescribed that the taxpayers having aggregate turnover of Rs 500 crore and above only would be required to issue e-invoice with effect from October 1, 2020.
 

BHOPAL [Maha Media]: Madhya Pradesh Tourism will soon start ‘Drive-in Cinema’ in the city. Due to corona epidemic, cinemas across the country are closed. Due to the danger of infection of corona in the present circumstances, there is little hope of starting them soon.

Accordingly, MP Tourism has come up with innovative idea of this venture. Madhya Pradesh is going to start the drive in cinema in Bhopal in which people will be able to watch films with family or friends by sitting in cars or in their vehicles, for this location has been selected. 

This Drive-in Cinema in the campus (ground) of Madhya Pradesh Tourism unit in Lake View Bhopal. The project is being worked under the project Public Private Partnership (PPP). For this, a high picture quality big and high screen and best sound system will be installed in this campus with the co-operation of vendors, so that people while watching the film while sitting in the vehicles, the dialogues and music of the film could be heard, for this process.

Tender has been issued by tourism, now as a first phase of the action plan. Madhya Pradesh Tourism has started work on an action plan and will also decide on rates if tickets in enjoying films in attractive locations soon. 
 

NEW DELHI [Maha Media]: Union Health Minister Dr. Harsh Vardhan and Labour Minister Santosh Kumar Gangwar have virtually released a booklet on ‘COVID-19- Safe Workplace Guidelines for Industry’ in the presence of Member (Health) in NITI Aayog, VK Paul.

Speaking on the occasion, Health Minister said, these guidelines are commendable and timely and it will help in welfare of the industrial workers. 

Health Minister said, the guidelines will act as a comprehensive planning guidance for employers and workers to use it to help identify risk levels of Covid-19 at individual workplace settings in their premises and to determine appropriate control measures.

The Minister said, these guidelines consolidate all important measures into a ready reckoner of action points to make the workplace safe based on the bulwark of infection control measures like respiratory hygiene, frequent hand washing, social distancing and frequent sanitization of the workplace.

Union Minister Dr Harsh Vardhan said, Government under the leadership of Prime Minister Narendra Modi is committed to the welfare of the workers. He said, as the country is moving towards the unlocking of economic activities, it is important that the guidelines are followed within the industry premises.

Health Minister added that scientific prevention, precaution and positive attitude will help in the fight against COVID. He also lauded ESIC hospitals which are playing an important role in providing services to the COVID patients.

Labour Minister Santosh Kumar Gangwar said, these guidelines for safety of industrial workers will encourage people. He said, it is important to prepare ourselves mentally for the present situation and spread awareness about the COVID appropriate behaviour.
 

MUMBAI [Maha Media]: The BSE Sensex on Wednesday recovered by 94.71 pts at 38,067.93 following gains in Consumer Durable, Capital Goods, Industrials, FMCG and Health Care stocks. The nifty of national stock exchange too gained by 4.10 pts at 11,226.50. 

The sensex opened higher by 95 pts to 38,068.89. It advanced 263 pts to 38,236.34 days high before closing at 38,067.83, up by 94.71 pts from its previous close. It was fell by 145 pts to 37,828.11, days low. The sensex registered days high and low at 38,236.34 and 37,828.11 pts respectively. 

The Nifty recorded days high and low at 11,295.40 and 11,184.55 pts respectively. The sectoral indices like Consumer Durable, Capital Goods, Industrials, FMCG and Health Care lifted the market, however selling in Telecom, Metal, Oil and Gas and Energy capped from further gains, broker informed.

The scrips that increased were Tech Mahindra, Titan, Nestle India, ITC and Hind Unilever while the scrips that declined were Bharti Airtel, Tata Steel, IndusInd Bank, M& M and Sun Pharma. The Mid Cap rose by 0.05 pc and Small Cap by 0.45 pc. In 30 scrips, 12 advanced while 18 declined.
 

NEW DELHI [Maha Media]: The country's current account surplus rose to USD 19.8 billion or 3.9 per cent of GDP in the June quarter as merchandise imports declined amid the COVID-19 pandemic, the Reserve Bank said on Wednesday.

The current account surplus stood at USD 0.6 billion or 0.1 per cent of GDP in the March quarter while there was a current account deficit of USD 15 billion or 2.1 per cent of GDP in the year-ago period.

"The surplus in the current account in Q1 of 2020-21 was on account of a sharp contraction in the trade deficit to USD 10.0 billion due to steeper decline in merchandise imports relative to exports on a year-on-year basis," Reserve Bank of India said.
 

NEW DELHI [Maha Media]: The Centre has given more time to taxpayers in yet another compliance measure as it extended the due date to file GSTR-9 and GSTR 9C for 2018-19 by a month on Wednesday.

The GST annual return in the two forms was to be filed by September 30, 2020. This now stands extended till October 31.

As the decision is coming when elections in Bihar have been announced, the Central Board of Indirect Taxes and Customs (CBIC) took approval of the Election Commission before announcing the changes.

"After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government has extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020," a tweet from CBIC said.

The extension of annual return filing has come as much needed relief for GST taxpayers. Along with compliance on GSTR-9 and 9C, taxpayers were also required to follow e-invoicing regulations. The industry had said that complying with both regulations would be difficult.
 

MUMBAI [Maha Media]: Equity benchmarks Sensex and Nifty ended marginally lower on Tuesday amid lack of directional cues from domestic as well as global markets.

After rising over 254 points in early trade, the 30-share BSE Sensex was caught in volatility and ended 8.41 points or 0.02 per cent lower at 37,973.22.

Similarly, the NSE Nifty slipped 5.15 points or 0.05 per cent to 11,222.40.

ONGC was the top loser in the Sensex pack, shedding around 3 per cent, followed by IndusInd Bank, PowerGrid, Axis Bank, HCL Tech, NTPC and ITC.

On the other hand, UltraTech Cement, TCS, Tata Steel, Titan and HDFC were among the gainers.

According to traders, domestic equities traded on a choppy note amid lack of directional cues from the domestic as well as global markets.

Domestic investors turned cautious after the Reserve Bank postponed its bi-monthly policy review meeting, they said.

Further, market participants across the globe are looking for cues from the first presidential debate between US President Donald Trump and Democratic candidate Joe Biden, set for later in the day.

Bourses in Shanghai, Tokyo and Seoul ended with gains, while Hong Kong was in the red.

Stock exchanges in Europe were trading on a negative note in early deals.

Meanwhile, international oil benchmark Brent crude was trading 0.44 per cent lower at USD 42.68 per barrel.

In the forex market, the rupee depreciated 7 paise to settle at 73.86 against the US dollar.
 

MUMBAI [Maha Media]: Mukesh Ambani, Chairman of Indias most valued firm Reliance Industries, continues to top the IIFL Wealth Hurun India Rich List 2020 for the ninth consecutive year, with a total wealth of Rs 6.58 lakh crore.

His total wealth has surged by 73 per cent in the last 12 months, propelling him to become the richest individual in Asia and the fourth richest person in the world.

Indians with more than Rs 1,000 crore wealth cross the 828-mark in the 2020 edition of the rich list.

London-based Hinduja brothers (SP Hinduja, along with his three brothers) with a joint wealth of Rs 1.43 lakh crore bagged the second position. HCL Founder Shiv Nadar with a wealth of Rs 1.41 lakh crore ranked third, followed by Gautam Adani and family at fourth spot and Azim Premji at fifth spot. Radhakishan Damani, the founder of Avenue Supermarts, debuted in the top 10 wealthiest individuals ranking in the IIFL Wealth Hurun India Rich List 2020.

"A 28 per cent of the upswing in wealth on the list has been bestowed by Mukesh Ambani, bespeaking Ambani's meteoric success post diversifying from oil to telecom and retail. A further 21 per cent of the additional wealth has been generated by pharma, mainly on the back of the rise in healthcare spends and a realigned priority towards personal healthcare stimulated by the Covid-19," Anas Rahman Junaid, MD and Chief Researcher, Hurun India said.

With rising new wealth creators such as innovative startups, family businesses with strong professional management, investors who believe in the India story, and a demographic advantage that is inferior to none, India's wealth creation story is still yet to reach the half-way mark, the report said.

"Assuming that for every one Hurun rich lister we have found, we have probably missed two, it is likely that India today has 2,000 individuals with Rs 1,000 crore," continued Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

The cut-off for the top 10 rose by 6 per cent to Rs 76,000 crore this year, a 10 per cent increase compared to the previous year. The cumulative wealth of IIFL Wealth Hurun India Rich Listers have increased by 20 per cent compared to that of last year. 84 individuals have migrated from India and are NRIs. 19 saw their wealth double year on year.

All three of Udaan founders became the highest gainers in terms of wealth as compared to the 2019 edition -- with an increase of 274 per cent in each of their wealth.

Chigurupati Krishna Prasad of Granules India, also registered a 218 per cent jump in the wealth to Rs 3,500 crore. With a wealth of Rs 4,500 crore, Ritesh Agarwal (26) of Oyo Rooms is the youngest person on the list and with a wealth of Rs 5,400 Crore, Dharam Pal Gulati (96) of MDH is the oldest on the list. Nearly 5 per cent of the list (40 individuals) is comprised of women. 10 out of these 40 women are self-made.

The richest woman in the list is Smita V Crishna, of Godrej with Rs 32,400 crore, followed by Kiran Mazumdar-Shaw, of Biocon with a wealth of Rs 31,600 crore.

Being home to 217 individuals that comprise 26 per cent of the list, Mumbai is the residential capital of India's wealthy, followed by New Delhi and Bengaluru. In the year 2020, Mumbai registered an increase of 41 individuals from the rich list, while New Delhi lost 5 of them. More than half of the new additions in IIFL Wealth Hurun India Rich List 2020 are contributed by top three cities this year -- this was 36 per cent last year. Further, with 248 and 128 entrants respectively, Maharashtra and Delhi are the preferred states of residence for individuals in IIFL Wealth Hurun India Rich List 2020.
 

NEW DELHI [Maha Media]: The coronavirus pandemic is expected to lead to the slowest growth in more than 50 years in East Asia and the Pacific as well as China, while up to 38 million people are set to be pushed back into poverty, the World Bank said in an economic update on Monday.

The bank said the region this year is projected to grow by only 0.9%, the lowest rate since 1967.

Growth in China was expected to come in at 2% this year, boosted by government spending, strong exports and a low rate of new coronavirus infections since March, but held back by slow domestic consumption.

The rest of the East Asia and Pacific region was projected to see a 3.5% contraction, the World Bank said.

The pandemic and efforts to contain its spread led to a "significant curtailment" of economic activity, the report said.

"These domestic difficulties were compounded by the pandemic-induced global recession, which hit EAP (East Asia and Pacific) economies that rely on trade and tourism hard," it said.

Countries in the region may need to pursue fiscal reform to mobilise revenue in response to the economic and financial impact from the pandemic, while social protection programmes can help support workers' integration back into the economy, the Washington, DC-based bank said.

"Countries with well-functioning social protection programs, and good implementation infrastructure, pre-Covid-19, have been able to scale up more quickly during the pandemic," it said.

The economic shock of the pandemic was also expected to lead to a jump in poverty, defined as income of $5.50 a day, the bank said, adding that based on past experience and the latest gross domestic product forecasts, poverty could expand by 33 million to 38 million people to see its first rise in 20 years.

The bank said that 33 million people who would have in the absence of the pandemic escaped poverty would remain in it this year.

"The region is confronted with an unprecedented set of challenges," said Victoria Kwakwa, vice-president for East Asia and the Pacific at the World Bank.

"But there are smart policy options available that can soften these tradeoffs - such as investing in testing and tracing capacity and durably expanding social protection to cover the poor and the informal sector."
 

MUMBAI [Maha Media]: The BSE Sensex on Monday added another solid gains of 592.97 pts at 37,981.6 as buying was seen across the board amid positive global cues. 

The nifty of national stock exchange too rose by 177.30 pts at 11,227.55. Advancing 835 pts on Friday, the day opened on a strong note at 37,756.25, up by 368 pts. 

During the day it spurted 647 pts to 38,035.87, days high before closing at 37,981.63, up by 592.97 pts from its previous close. The sensex registered days high and low at 38,035.87 and 37,544.05 pts respectively. 

The Nifty recorded days high and low at 11,239.35 and 11,099.85 pts respectively. The sectoral indices like Power, Bankex, Auto, Realty, Utilities and Industrials kept the market strong.

In scrips, IndusInd Bank, Bajaj Finance, Axis Bank, ONGC and Powergrid boosted the market further. However, Hind Unilever and Nestle India were seen weak today. The Mid Cap rose by 2.68 pc and Small Cap by 2.54 pc. In 30 scrips, 28 advanced while 2 declined.
 

NEW DELHI [Maha Media]: Operations at the Terminal-2 of the Indira Gandhi International Airport here will recommence from October 1 after a gap of around six months.

Till now, only T-3 at the IGIA was operational for passenger travel.

"The resumption of operations at T-2 will be with 96 air traffic movements (48 departures and 48 arrivals) per day and increase progressively up to 180 by the end of October," Delhi International Airport (DIAL) said in a statement.

"The terminal will resume operations with IndiGo's 2000 series flights and entire operations of GoAir in the initial phase. About 27 counters - 11 for GoAir and 16 for IndiGo - have been created to cater to the passengers of respective flights."

According to DIAL, the first flight scheduled from T-2 after reopening will be of Srinagar-bound Indigo aircraft that will depart at 6.25 am.

"To start with, all IndiGo flights with series 2000 (6E 2000 - 6E 2999) will operate from T-2," the statement said.

"These will cater to 20 destinations from T-2, including Ahmedabad, Amritsar, Bhubaneswar, Bhopal, Bengaluru, Cochin, Guwahati, Indore, Jammu, Lucknow, Chennai, Patna, Srinagar, Trivandrum, and Visakhapatnam among others."

In the next phase, from October 8, flights to 12 more destinations, including Mumbai, Kolkata, Coimbatore, Dehradun, Goa, Hyderabad, Madurai, Jaipur, and Nagpur, will start operating from T-2, DIAL said.
 

NEW DELHI [Maha Media]: Diesel prices continued its downward movement on Monday on the back of subdued product prices and almost steady crude oil prices globally.

In the national capital, diesel was priced at Rs 70.71 per litre, 9 paise down from Rs 70.80 a litre on Sunday.

Similarly, prices of the fuel also fell in the other metros. In Mumbai, Chennai and Kolkata, the fuel was sold at Rs 77.12, Rs 76.18 and Rs 74.23 respectively on Monday, compared to the previous levels of Rs Rs 77.22, Rs 76.27 and Rs 74.32 per litre.

Diesel prices have now fallen for four consecutive days. In earlier months as well diesel has maintained consistent fall.

Oil marketing companies, however, kept petrol prices unchanged for the six consecutive days. In Delhi, Mumbai, Chennai and Kolkata, petrol was priced at Rs 81.06, Rs 87.74, Rs 84.14 and Rs 82.59 per litre respectively.

The recent fuel price fall is on the back of expectation of slowing demand for oil globally as the second wave of coronavirus spike threatens further derail economic activity.

Brent crude price is also subdued around $42 a barrel.

For domestic auto fuel consumers, the price fall has been a bonanza amidst the current tough economic conditions. With the price cut on Monday, diesel has now become cheaper by Rs 2.85 per litre in Delhi this month.
 

MUMBAI [Maha Media]: Sensex tumbled 1,457.16 points or 3.75 pc to settle at 37,388.66 in the week under review on weak global cues. 

Concerns over the potential worsening of the coronavirus pandemic, uncertainty on further US fiscal stimulus and tensions between the U.S. and China nudged investors away from risk asset. The Nifty 50 index dropped 454.70 points to settle at 11,050.25. 

The BSE Mid-Cap cracked 711.12 or 4.73 pc to settle at 14,336.68 and the BSE Small-Cap tanked 804.40 points or 5.26 pc to settle at 14,495.58. On Monday the BSE Sensex, fell 811.68 points at 38,034.14 while the Nifty lost 254.40 points to settle at 11,250.55.

On Tuesday, the BSE Sensex, eased 300.06 points to settle at 37,734.08. Nifty lost 96.90 points to settle at 11,153.65. On Wednesday, the BSE Sensex, fell 65.66 points to settle at 37,668.42. Nifty lost 21.80 points to settle at 11,131.85.

On Thursday, extending losses to the sixth day amid a global sell-off. The trading was volatile due to the F&O expiry. Sensex crashed 1,114.82 points to settle at 36,553.60. The Nifty slumped 326.30 points to settle at 10,805.55.

On Friday, the BSE Sensex jumped 835.06 points to settle at 37,388.66 snapping a losing streak of last six sessions. Nifty too surged 244.70 points to settle at 11,050.25.
 

NEW DELHI [Maha Media]: No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1.

Industry representatives, however, have urged the government to not make it mandatory and rather allow voluntary compliance.

The relief, however, would be there for relatively smaller businesses, as the threshold for mandatory e-invoicing, a step to improve tax compliance, was earlier planned to be kept at Rs 100 crore, is set to be raised to Rs 500 crore on the recommendations of an empowered panel of the Goods and Services Tax (GST) Council.

The initial date for its roll out was April 1, 2020, but the Centre notified October 1, 2020, as revised date for implementation of e-invoicing.

As per the website of the Good and Service Network 'e-invoicing' has many advantages for businesses such as standardisation, interoperability, auto-population of invoice details into GST return and other forms (like e-way bill), reduction in processing costs, reduction in disputes, improvement in payment cycles and thereby improving overall business efficiency.
 

NEW DELHI [Maha Media]: Apple is expected to launch four new iPhones next month and a new report has claimed that one model with a 5.4-inch display may be called the iPhone 12 Mini.

According to a photo depicting alleged stickers from unreleased Silicone iPhone cases originating from Apple's international distribution centre in Ireland, one of the iPhone is likely to be called iPhone 12 Mini.

The photo shows three expected sizes of iPhone 12, with the 5.4-inch model being the "iPhone 12 mini," the 6.7-inch model being the "iPhone 12 Pro Max," and the two 6.1-inch models being the "iPhone 12 / iPhone 12 Pro,'' reports MacRumors.

According to the report, the iPhone 12 mini would be the first iPhone with the "mini" moniker, which has been seen on the iPad mini, Mac mini, and iPod mini.

At 5.4-inches, the iPhone 12 mini would be smaller than the iPhone 11 Pro, which is a 5.8-inch device.

Unlock 4 in Karnataka: Students can visit schools from Sept 21

The Cupertino-based tech giant is reportedly gearing up to hold a special event on October 13 to launch the much-awaited iPhone 12 series.

All four iPhone models are expected to feature OLED displays and 5G support.

The upcoming iPhone 12 could cost somewhere between $699 to $749 while the iPhone 12 Max could be priced around $799-849.

The Pro and Pro Max models are expected to be priced between $1,100 to $1,200.
 

NEW DELHI [Maha Media]: Prime Minister Narendra Modi's call for an "Aatmanirbhar Bharat" (self-reliant India) is an important initiative, the International Monetary Fund (IMF) has said on Thursday.

"The economic package under this self-reliant India initiative, which was announced in the aftermath of the coronavirus shock, has supported the Indian economy and mitigated significant downside risks, so we do see that initiative as having been important," Gerry Rice, Director, Communications Department, IMF, told reporters at his fortnightly news conference here.

Looking ahead, as the Prime Minister has said, for India to play a more important part in the global economy, pursuing policies that stimulate by improving the efficiency and competitiveness of the economy is critical, he said, responding to a question on Modi's call for an "Aatmanirbhar Bharat".

"To achieve the stated 'Make For The World' goal in India, the priority is to remain focussed on policies that can help further integrate India in the global value chain, including through trade, investment and technology," Rice said.

Responding to another question, he said the IMF's joint study with the NITI Aayog and the Ministry of Finance shows that to achieve high performance in health-related sustainable development goals, India would need to gradually increase its total spending in the healthcare sector from the current 3.7 per cent of the GDP.

"More generally, beyond the health sector, comprehensive structural reforms are needed to achieve more inclusive and sustainable medium-term growth.

"We have talked about those reforms before -- infrastructure, land reforms, product market and labour market reforms, increasing female labour force participation, access to finance and better jobs," Rice said.
 

MUMBAI [Maha Media]:  Equity benchmark Sensex opened on a strong note and surged nearly 400 points in early trade on Friday as investor sentiments improved amid positive leads from Asian markets and overnight gains on the Wall Street.

The 30-share index was trading 395.08 points or 1.08 per cent higher at 36,948.68, and the NSE Nifty climbed 121.50 points or 1.12 per cent to 10,927.05.

All Sensex components were trading higher with IndusInd Bank, M&M, TCS, Bajaj Finance, Bharti Airtel, Sun Pharma, Maruti, Tata Steel and Axis Bank gaining up to 3.22 per cent.

In the previous session, the BSE index plummeted 1,114.82 points or 2.96 per cent to finish at 36,553.60, and the NSE Nifty tanked 326.30 points or 2.93 per cent to close at 10,805.55.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,885.69 crore on Thursday, exchange data showed.

Brokers said a firming trend in Asia accelerated buying activity in the domestic market. Asian markets were mostly trading higher following firm cues from Wall Street.

Stock exchanges in the US closed higher in the overnight session following strong housing data and fresh stimulus talks.

Bourses in Hong Kong, Tokyo, and Seoul were trading in green in mid-day deals tracking gains in the US market, while Shanghai was in the red.

Meanwhile, global oil benchmark Brent crude was trading 0.36 per cent up at USD 42.11 per barrel.
 

NEW DELHI [Maha Media]: With the announcement of a three-day 'rail roko' protest in several parts of the country by farmers over controversial agriculture Bills, the Northern Railways cancelled three trains and curtailed routes of 20 special trains, officials said on Friday.

Northern Railways spokesperson Deepak Kumar said, "Following the farmers agitation in Punjab, the Northern Railways has decided to cancel the services of three trains from September 25 and 26."

He said that the trains have been cancelled in Ferozepur Railway division till September 26 in view of the safety of passengers.

The cancelled trains included Haridwar-Amritsar Jan Shatabdi Express, New Delhi-Jammu Tawi Rajdhani Express, Amritsar-Haridwar Jan Shatabdi Express. Besides the cancellation of three trains, the NR also partially cancelled 20 trains that included Mumbai Central-Amritsar Golden Temple Express till Ambala Cantt, New Jalpaigudi-Amritsar Karm Bhumi Express till Ambala cantt, Bandra Terminus-Amritsar Express till Ambala cantt.

While Nanded-Amritsar Express has partially cancelled till New Delhi, Jai Nagar-Amritsar Saryu Yamuna Express till Ambala cantt and many others.

The NR also diverted the route of two trains in view of the farmers protest and partially cancelled five special parcel trains. The farmers have been protesting on rail tracks in several parts of Punjab.

During the recently concluded monsoon session of Parliament, the two Houses passed Farmer's Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020 and Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020. A bill to amend the Essential Commodities Act was also passed.Following the passage of these Bills the several farmers organisations have been agitating in several parts of the country. The Congress has also extended support to the farmers protest.
 

NEW DELHI [Maha Media]:  As the pandemic brought the global economy to a standstill, the global real GDP contracted 7.2 per cent on a year-on-year basis in the second quarter (April-June) of 2020, said the 'EcoScope' report by Motilal Oswal Financial Services.

The global real private final consumption expenditure (PFCE) declined at record 11 per cent YoY last quarter while global real gross capital formation (GCF) fell 6per cent, and global real government final consumption expenditure (GFCE) remained stagnant in 2QCY20.

It noted that India's real PFCE contracted by 26.7 per cent and real GFCE saw a growth of 16.4 per cent in Q2 2020 (YoY). In terms of real GCF, India witnessed a decline of 47.5 per cent in Q2 2020 (YoY), the report added.

It said that the real GDP in advanced economies (AEs) contracted 11 per cent, while it shrank 14 per cent in emerging and developing economies (E&DEs), excluding China. Interestingly, China was the only nation in the sample of 39 nations,which posted growth in 2QCY20. Taiwan posted the slowest decline of only 0.2per cent YoY, while India posted the worst decline of 24 per cent YoY last quarter.

"The record decline in PFCE is not a surprise amidst the economic lockdowns and social distancing practices due to COVID-19 globally. It has declined in all 39 nations, ranging from -2.9 per cent YoY in China to -28 per cent in Singapore," it said.

Despite the massive fiscal stimulus, no growth in real GFCE in 2QCY20 is surprising,said the report, adding that the real GFCE declined 0.6 per cent YoY in advanced economies but grew 1.9 per cent YoY in emerging and developing economies.
 

MUMBAI [Maha Media]: Falling for the sixth straight session, domestic equity benchmark Sensex plunged 1,115 points on Thursday amid a heavy selloff in global equities.

After opening on a weak note, the 30-share BSE index lost further ground and settled 1,114.82 points or 2.96 per cent down at 36,553.60.

Similarly, the NSE Nifty crashed 326.30 points or 2.93 per cent to close at 10,805.55.

Barring Hindustan Unilever, all Sensex components ended in the red.

IndusInd Bank was the top laggard, tumbling over 7 per cent, followed by Bajaj Finance, M&M, Tech Mahindra, TCS and Tata Steel.

Traders said growing concerns over economic recovery and lack of fresh stimulus by central banks led to the global market selloff. Fears of a second wave of COVID-19 cases in many economies also weighed on sentiment, they added.

In the forex market, the rupee depreciated 32 paise to finish at 73.89 against the US dollar.

Meanwhile, global oil benchmark Brent crude was trading 0.22 per cent lower at USD 41.68 per barrel.
 

NEW DELHI [Maha Media]: Arati Saha has many accolades in the world of swimming. In 1959, she became the first Asian woman to cross the English Channel. Her journey as one of the most iconic swimmers from India resulted in plenty of accolades for her. She became the only Indian sportswoman to be awarded the Padma Shri. Her story of determination, success and resilience is an inspiration to many even today. On the occasion of her birthday, Google honoured with a special Doodle.

Born on September 24, 1940, Saha started swimming at the age of 4 and by the age of five, she had already won a gold medal in the 110 yards freestyle event in a swimming competition. In the 50s, Saha won 22 state-level competitions in West Bengal with her main events being the 100 metres freestyle, 100 metres breast stroke and 200 metres breast stroke. Her first Olympics was in the 1952 games in Helsinki and following that, she concentrated only on the breast stroke.

Saha also participated in various long distance swimming competitions that would be organised in the River Ganga. At the 1958 Butlin International Cross Channel Swimming Race, Brojen Das became the first among the men and earned the distinction of being the first person from the Indian subcontinent to cross the English Channel.
 

NEW DELHI [Maha Media]: Measures taken by Prime Minister Narendra Modi’s government in opening the sovereign debt market to foreigners have boosted prospects for inclusion in major global indexes, according to JPMorgan Chase & Co.

“India is making progress toward opening up its market to foreign investors and establishing a track record for future inclusion in major bond indices, including the GBI-EM Global Diversified Index,” JPMorgan Index Research Team said by email. Reuters on Monday reported JPMorgan had kept Indian bonds out of its flagship indices.

Inclusion in global indices could lure billions of dollars into Indian debt, just when the nation’s virus-ravaged economy faces its steepest-ever contraction. The government is scheduled to borrow an unprecedented Rs 12 trillion ($163 billion) this financial year and traders fear it may overshoot the target to finance a potential stimulus.

“India needs foreign investors to buy its massive debt issuance, but hopefully the delay shouldn’t dis-incentivise the government in undoing the regulations which were relaxed,” said Abhishek Kumar, the London-based head for emerging markets at State Street Global Advisors.

The administration in March opened up a wide swath of its sovereign bond market to overseas investors, its biggest step yet to secure access to global indexes. That plan has so far attracted about Rs 259 billion.

“The recent changes have been good but more needs to be done to lure investors,” said Kumar.

Benchmark 10-year bonds declined by the most in more than two years in August amid surging inflation and supply fears. Yields have eased by more than 10 basis points this month after the central bank announced ‘twists’ operations and outright purchases.

About $115 billion in notional value of current and upcoming government debt have been marked for accessibility, JPMorgan Index’s team strategists, led by Gloria Kim, wrote in note. This chunk would account for about 8 per cent of the GBI-EM Global Diversified index, with the potential to grow to the maximum weight of 10 per cent with additional supply, they wrote. “Measures to earmark bonds as fully accessible to international investors could eventually pave the way for benchmark eligibility,” they said. “For now, India remains off-index and under review for inclusion”.
 

MUMBAI [Maha Media]: Extending its losses for the fifth straight session, equity benchmark Sensex ended 66 points lower on Wednesday, tracking weakness in Bharti Airtel, TCS and Bajaj Finance despite largely positive cues from global markets.

After opening on a positive note, the 30-share BSE index pared all intra-day gains to settle 65.66 points or 0.17 per cent down at 37,668.42.

Similarly, the NSE Nifty fell 21.80 points or 0.20 per cent to close at 11,131.85.

Bharti Airtel was the top laggard in the Sensex pack, tanking around 8 per cent, followed by Tata Steel, IndusInd Bank, NTPC, PowerGrid, ONGC and TCS.

On the other hand, Axis Bank, HUL, Infosys, Nestle India and HDFC Bank were among the gainers.

According to traders, despite positive global cues, domestic benchmarks were dragged lower by stock-specific selling in index majors.

Bourses in Shanghai, Hong Kong and Seoul ended with gains, while Tokyo closed in the red.

Stock exchanges in Europe were trading significantly higher in early deals.

Meanwhile, international oil benchmark Brent crude was trading 0.89 per cent higher at USD 42.09 per barrel.

In the forex market, the rupee inched up 1 paisa to close at 73.57 against the US dollar.
 

NEW DELHI [Maha Media]: Chinese short video-making app TikTok purged more than 104.5 million videos from its platform in the first half of this year (the pre-ban period) for violating its community guidelines and majority were from India at 37.68 million.

At second place was the US, where the app has just averted the ban with Oracle-Walmart coming to its rescue, with 9.82 million videos that were removed in H12020, according to TikTok's latest transparency report.

The total number accounts for less than 1 per cent of all the videos uploaded on TikTok.

Before the India ban, TikTok had nearly 200 million users in the country, nearly the double from its US market.

Apart from India and the US, the highest numbers of videos were removed from Pakistan, Brazil and the UK at 6.45 million, 5.53 million, and 2.95 million, respectively.

Some 96.4 per cent of the videos were identified and removed before users reported them, while 90.3 per cent were removed before they clocked any views, reports ZDNet.

The majority, at 30.9% were removed for containing nudity and sexual activities, while 22.3% were taken out for violating minor safety and 19.6% were removed for containing illegal activities and regulated goods.

Apart from India and the US, the highest numbers of videos also were removed from Pakistan, Brazil, and the UK at 6.45 million, 5.53 million, and 2.95 million, respectively.

TikTok said it also received legal requests from governments and law enforcement agencies as well as IP (intellectual property) rights holders to restrict or remove certain content.

In a separate statement, TikTok said its interim head Vanessa Pappas has sent a letter to the heads of nine social and content platforms, proposing a Memorandu