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SEOUL, South Korea — The U.S. special envoy for North Korea says Washington and Seoul have agreed on the need for a strong response to North Korea's recent spate of missile tests, though they remain open to dialogue with the country.
North Korea state media claimed the country fired missiles involved in delivering nuclear weapons on Saturday.
South Korea’s military said Sunday it detected two short-range missiles that were fired from North Korea’s east coast.
U.S. representative Sung Kim flew to South Korea on Monday for talks two days after North Korea conducted a new type of missile test in its 13th round of weapons firing this year.
South Korean nuclear envoy Noh Kyu-duk says he and Kim shared concerns that North Korea will likely continue to engage in acts that raise regional tensions.
He urged North Korea to return to talks.
Kim and his deputy Jung Pak will be in Seoul for five days. | https://www.wtxl.com/news/national/u-s-south-korea-urge-discussions-with-north-korea-after-missile-tests | 2022-04-18T14:14:45 | en | 0.96101 |
The Enforcement Directorate (ED) has provisionally attached assets worth ₹757.77 crore of Amway India Enterprises Private Limited, a company accused of running a multi-level marketing scam.
The attached properties include its land and factory building at Dindigul District, Tamil Nadu, plant and machineries, vehicles, bank accounts and fixed deposits. ED had provisionally attached movable and immovable properties worth ₹411.83 crore and bank balances of ₹345.94 crore from 36 different accounts.
A money laundering investigation by the ED revealed that Amway is running a pyramid fraud in the guise of direct selling multi-level marketing network. It is observed that its most of the products prices are exorbitant compared to the alternative popular products available in the open market. Without knowing the facts, the gullible public are induced to join as members of the company.
“It is observed that the company had collected ₹27,562 crore since its business operations from 2002-03 to 2021-22 and had paid ₹7,588 crore commission to distributors and members in India and the USA,” ED said.
“The entire focus of the company is about propagating how members can become rich by becoming members. There is no focus on the products. Products are used to masquerade this MLM Pyramid fraud as a direct selling company.,” it added.
Amway has brought ₹21.39 crore as share capital in India in 1996-97 and till F.Y 2020-21, it had remitted ₹2,859.10 crore as dividend, royalty and other payments to their investors and parent entities.
Britt Worldwide India Private Limited and Network Twenty One Private Limited also played a major role in promoting pyramid scheme of Amway by conducting seminars for joining members under the guise of sale of goods by enrollment of members in chain system. The promoters are conducting mega conventions and flaunted their lavish lifestyle and used social media to lure gullible investors.
When contacted a company spokesperson said, “The action of the authorities is with regards to the investigation dating back to 2011 and since then we have been co-operating with the department and have shared all the information as sought for from time to time since 2011. We will continue to cooperate with the relevant government authorities and the law officials towards a fair, legal, and logical conclusion of the outstanding issues.”
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Table: 2021 Capri Global Capital Hurun India Impact 50 - Top 10
Source: Hurun Research Institute, 2021 Capri Global Capital Hurun India Impact 50
Grasim Industries has been ranked number one in the debut 2021 Capri Global Capital Hurun India Impact 50, a list of top 50 companies headquartered in India based on their alignment with the 17 Sustainable Development Goals (SDGs).
With a cumulative sustainability score of 47, Grasim Industries emerged as India’s most sustainable company. Tech Mahindra came second with a score of 46, followed by Tata Power Company and Wipro with 45 each.
Benefiting stakeholders too
Jinisha Sharma, Social Impact and Strategy Executive, Capri Global Capital, said beyond just corporate social responsibility, there is a strong business case for companies to benefit stakeholders and not just shareholders. “This list is only a starting point and we hope that more companies participate over the years.”
Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said that stories of these corporations tell the story of sustainable development in modern India. The list indicates that India Inc. is actively pursuing structural updates to systematically measure and report sustainability goals.
Only 14 companies reported their sustainability goals against all 17 SDG pillars. The SDGs most prioritised by them are climate action (SDG 13) and responsible consumption and production (SDG 12). Life below water (SDG 14) is the least prioritised. Only Adani Ports and Special Economic Zone has a documented measurable goal against the same.
Climate action pillar
The highest measured pillar in the list is climate action with 37 companies listing themselves in. This was followed by the responsible consumption and production pillar, measured by 31 companies. With eight goals, Hindustan Unilever has the highest number of measurable SDGs with time-bound targets, followed by ITC, and Tech Mahindra with seven each. Interestingly, three companies in the list have no documented measurable goals against any pillars.
Only 29 companies have time-bound targets to achieve carbon-neutrality. ITC and Infosys achieved carbon-neutrality in 2006 and 2020 respectively. Cipla and Adani Ports and Special Economic Zone target to achieve it by 2025. Mahindra & Mahindra, UltraTech Cement, Hindustan Zinc and Tech Mahindra have implemented an internal carbon-pricing policy to reduce emissions.
Mumbai accounted for the maximum number of companies featured (27) followed by New Delhi with four. Financial services led the industry segment represented with eight companies, followed by software and services with six. With an average score of 36, manufacturing companies scored higher than service companies which registered an average score of 34.
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Iron Pillar has pegged India to have more than 250 unicorns by 2025. This prediction comes from proprietary data analysis of venture growth investor Iron Pillar in its Tech Unicorns Market Landscape Report IV.
Anand Prasanna, Managing Partner of Iron Pillar, said, “The total number of unicorns from India more than doubled from 62 to 130 in the last 15 months. While we believe that this pace may reduce a bit in the next 24 months, creating 250 companies with over $1 billion in value by 2025 is an extremely activable goal for Indian founders. We are especially bullish because about 50 per cent of these scaled companies are building for markets beyond India as well.”
Start-up ecosystem
Iron Pillar report noted that more companies are expected to expand outside India in the coming years with initial focus on the West and Southeast Asia. Further, start-ups are said to reach unicorn status faster now. 65 of 130 companies achieved unicorn status within 5 years from first capital raise, the report added.
Unicorns built from India include 58 global cloud companies, 59 B2C companies and 13 B2B companies. An increasing number of Indian tech founders building for global markets from India are choosing to base their headquarters in the US. Companies building cloud products from India are said to be extremely capital efficient, reaching the unicorn status with 42 per cent less capital compared to B2C companies. They also outperform on value created per unit of capital raised and number of exits. Average number of fund raise rounds by global cloud unicorns are less than B2C and B2B unicorns.
According to a CB Insights March 2022 report on share of unicorns, India emerged as the third-largest tech market in the world after the US and China. Indian tech start-ups notched $42 billion funding in 2021 alone.
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B2B marketplace IndiaMART has invested ₹7.5 crore in Truckhall Pvt Ltd (Superprocure) to purchase compulsorily convertible debentures through its wholly-owned subsidiary Tradezeal Online Pvt Ltd.
IndiaMart had previously led the seed investment round of Superprocure, in which it had invested ₹9.68 crore as primary capital, and had purchased existing investor securities worth ₹1.33 crore via a secondary share purchase.
Superprocure is an integrated SaaS logistics platform that digitises the entire freight sourcing and dispatch monitoring system of the logistics department of an organisation. It allows logistics departments to find the best possible rates through a transparent bidding and auction structure, thus saving costs.
SaaS product
In a statement, Dinesh Agarwal, Founder and CEO of IndiaMART, said: “Last year we led the seed investment round into Superprocure based on our confidence in the team’s expertise and ability to develop a unified SaaS product which allows enterprises to bring all stakeholders on one platform, and manage all parts of their logistics operations. Since then, the team has validated the product, and marquee enterprise customers across industries are now relying on the platform to reduce freight costs and improve supply chain efficiencies”
The unified platform offers full and real-time visibility to all events across the entire dispatch cycle from indenting to delivery through alerts, dashboards and reports IoT decision making easier.
Anup Agrawal, CEO and Co-founder of Superprocure, said: “We are excited to double down on our partnership with IndiaMART, and are looking forward to utilising their expertise and funding to help us enhance the product and reach more enterprises.”
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Lexus, Japanese automaker Toyota’s luxury car brand, has been upping its ante in the Indian market with new launches, network expansion and a host of customer-centric programmes with an objective to position itself as a niche brand. The company has opened its new and opulent Guest Experience Centre (GEC) in Chennai, the 6th GEC for Lexus in India as part of its network expansion. Naveen Soni, President, Lexus India spoke to BusinessLine about the revival in the luxury car market, Lexus’ brand positioning and growth plans. Excerpts:
How has the response been to your recently introduced luxury SUV NX350h?
NX350h is a full model upgrade as compared to the previous variant. Honestly, customer response has been beyond our expectations. We announced bookings for the new vehicle somewhere in January 2022 and announced the price of the vehicle on March 9 (priced between ₹64.90 lakh and ₹71.60 lakh-ex-showroom). Even before knowing the price, customers expressed faith in the brand. The waiting period however, exceeds six months which leaves us in a very uncomfortable situation. A long waiting period means the customer has choices, but they still preferred to wait for the delivery. This places pressure on us to serve them quickly. Unfortunately, on the supply side, there are issues including semiconductor shortages. We would like to request our head office now to prioritise and give us more allocation to reduce the waiting period.
How do you see the demand revival in the luxury car market in the post-Covid phase?
The luxury car market is bouncing back after two years. From 2018 to 2020, the market shrank by half. But from 2020 to 2022, it will almost double. In numbers, it went down from about 40,000 units a year to sub-20,000 units during the peak of the pandemic. But in 2021, it increased to 27,000-28,000. This year, we hope it will touch somewhere between 35,000-37,000 units. Of course, going by percentage of the total car industry, luxury car volumes are still at one per cent, whereas in China it is 14 per cent. Having said that, the numbers of the high-net-worth individuals (HNI) and the ultra HNIs are expected to double in future, which would mean more people will come into this market and more choices will be offered to customers.
How is Lexus positioning itself in the Indian market which is dominated by Germans? Who will be your immediate term customers?
In the luxury car market, each brand offers something unique or different. Lexus stands for finesse. Every element of the vehicle is well-crafted (handcrafted) and it gives the impression of meticulous effort made to improve features. We’ve been trying to improve the experience inside the vehicle. We want to be known not for selling cars, but for selling experience–product experience, dealership experience etc. We don’t want to be seen as just any other luxury car brand. We have a passion for design and a host of other things–detailing, craftsmanship, and a step-by-step improvement in experiences.
How strong is your product portfolio now? Are you planning more launches?
We have six products, and we are also testing our fully electric vehicle right now. One of six products is made here in Bengaluru while the rest are imported.. We offer both SUVs and sedans. The SUVs are priced from ₹65 lakh up to ₹2.5 crore (LX). In sedans, we have LS and ES ( made in India) priced between ₹59 lakh to ₹1.91 crore. There are a good number of people keen on luxury sedans, but currently more growth is seen in the SUV category. For sub-₹50 lakh category products, we will keep studying the market. Globally, HNI growth is expected at 30 per cent, but in India we are expecting 60 per cent growth. If that happens, it will make a case for reducing current prices and making the Lexus more affordable in India. Of course, we have this compact SUV UX, which is currently under trial. It is available in ICE, hybrid and fully-electric versions.
What is your strategy to boost the brand’s presence in this market?
Lexus’ approach will be a sustainable luxury, because we want to stand for something unique. From that point of view, we are planting 12 trees for every car sold. So, we have planted more than 25,000 trees near our Bengaluru factory which is helping us reduce our carbon footprint. We are also looking into various customer needs, and obviously, in the short term, we will offer products which come from overseas. Presently we are making only one product in India, and if we can find a good business case, we’d like to make more. The recently launched Lexus Life programme will further strengthen the brand’s footprint and enhance the brand experience. Among other hosts of initiatives, we are also planning ‘Lexus Drive Club’ for our passionate customers.
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Mindtree, a global technology and consulting services company, reported strong revenue and net profit growth for FY22 even as the management refused to comment on a possible merger with L&T Infotech (LTI).
For the quarter ended March 31, Mindtree reported revenues of $383.8 million (₹2897.4 crore), a quarter-on-quarter growth of 4.8 per cent, and a net profit of $62.7 million (₹473.1 crore), a growth of 7.6 per cent over the previous quarter.
For the full year FY22 Mindtree’s revenues grew by 31.1 percent to $1.41 billion (₹10,525.3 crore) and net profit increased by 47.7 per cent to $221.6 million (₹1,652.9 crore).
Market speculation
CEO and MD of Mindtree Debashis Chatterjee, however, refused to comment on market speculation of a possible merger between his company and LTI. Earlier on Monday, Bloomberg had reported that Larsen & Toubro, which owns 61 per cent of Mindtree and 74 per cent of LTI, was contemplating merging the two companies.
“We don’t comment on speculation,” said Chatterjee, in response to question about the possible merger.
Both L&T Group and LTI — which is set to announce its results on Tuesday — have also refused to comment on the possible merger between the two companies. If done, the combined entity will have a market capitalisation of more than $23 billion.
‘Complementary merger’
The merger speculation has swirled ever since L&T Group successfully mounted a hostile takeover of Mindtree in 2019.
A former senior executive of Mindtree who did not wish to be identified told Business Line, “There are some advantages to the merger as the new entity will have the heft to bid for bigger and more complex projects. Also LTI has greater strength in BFSI while Mindtree has traditionally been strong in retail, media and communication; so, it will be complementary. However, several issues, including integration at a time of churn in the marketplace, is going to be challenging. Issues like who will lead the new entity — whether DC (Debashis Chatterjee) or Sanjay (Jalona) — remains to be seen.”
High attrition rate
Mindtree, which had 35,071 employees as of March 31, 2022, has also seen its trailing twelve-month attrition hit a high of 23.8 per cent. However, the management, in its commentary, said this was “an industry wide phenomenon and we are taking measures to address it”.
In line with the larger market, shares of Mindtree were trading 3.27 percent lower on the BSE while LTI’s shares were down by 2.46 percent.
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Apr 18: Pigments major Asahi Songwon Colours Limited announced its foray into the pharmaceutical manufacturing space with the acquisition of Ahmedabad-based active pharmaceutical ingredient (API) maker Atlas Life Sciences Private Limited.
World's leading blue pigment maker, Asahi Songwon acquired 78 per cent in Atlas Life Sciences for an all-cash deal of ₹48 crore, taking the control of the company's land assets, intellectual property and manufacturing facility near Ahmedabad. Asahi Songwon will acquire the remaining 22 per cent stake in two tranches of 11 per cent each over the next two financial years till 2025.
Atlas Life Sciences enjoys a dominant market position for pregabalin API, an anticonvulsant drug, which was originally a Pfizer patent, but went off-patent in 2019. The company has manufacturing capacity of 25 tonnes per month with 90 per cent of its supplies going to domestic pharma buyers. Besides Pregabalin, company's portfolio include R-Compound, Phenylephrine HCL, Gliclazide, Amisulpride and Levosulpiride. Set up in 2004, Atlas Life Sciences had reported ₹109.28 crore turnover for FY21, with EBITDA of ₹7 crore and profit after tax of ₹4.34 crore.
China+1 approach
"The objective to get into the pharmaceuticals business is to bring value to our shareholders, capitalise on the present China+1 approach of the Indian manufacturers and government push for local manufacturing of the pharmaceuticals raw materials. We see a good synergy between our existing chemicals business and the API vertical," said Gokul Jaykrishna, CEO and Joint MD, Asahi Songwon Colors Limited.
The two companies executed the share purchase agreement (SPA) on Monday, April 18.
The financial numbers from the newly-acquired business will start getting reflected on Asahi Songwon Group's consolidated numbers from the first quarter of current fiscal. Also, Asahi Songwon plans to set up a new plant at Chhatral near Ahmedabad. This, according to Jaykrishna, will provide a backward integration of the existing products and introduce newer high-value products.
The acquired assets include a fully-operational WHO GMP certified manufacturing facility in Odhav, Ahmedabad, a state-of-the-art R&D facility, a corporate office, and a 15,000-square-meter land parcel in Chhatral with EC permission for 32 products, for future expansion activities.
Commenting on the future product line, Arjun Jaykrishna, Executive Director, Asahi Songwon, informed that the company is developing several new molecules and plans to introduce one molecule in the next one year. "This new molecule will be in the area of diabetes management," said Arjun Jaykrishna.
"We will look for an EU accreditation next, which will give us access to several global regulated markets," said Jaykrishna.
The company expects to double the existing turnover with EBITDA growing from the current about ₹8 crore to about ₹16-17 crore in next one year.
"From a business perspective, Asahi is now well positioned for growth, with the existing pigments business acting as a free cash generator, which will be aided further by the scaling up of the Azo business at Dahej in the quarters to come," added Arjun Jaykrishna.
Asahi Songwon shares gained 5.3 per cent to end at Rs 332.70 on Monday even as the benchmark Sensex was down by over 2 per cent or 1172 points at 57,166.74.
Ends..
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India’s real estate sector saw three big ticket global investments during the first quarter of 2022 (January to March), accounting for close to $1 billion of inflows. Total institutional investments, during this period is pegged at $1–1.1 billion, depending on analyst estimates.
While some other global investors have begun talks, existing players are announcing new tie-ups and further investments too.
The three deals
One of the major deals inked during the period was by Singapore’s sovereign wealth fund, GIC’s investment. in 125-acre town Bharatiya City in Bengaluru, where it picked up close to 3 million sq ft of space for $366 million.
The Canada Pension Plans Investment Board (CPPIB) was among the big three as it purchased select office properties of the RMZ Group for approximately $346 million. In fact, CPIBB, announced further investment in April as it entered into a new joint venture with Tata Realty & Infrastructure to develop and own commercial office space across the country. The JV will target ready and development assets, aiming to reach over ₹5,000 crore in assets under management.
The third big investment during the quarter came from the Abu Dhabi Investment Authority (ADIA) to the tune of $248 million as Lake Shores (backed by ADIA) acquired the already operational Viviana Mall (in Thane).
Five-fold jump
Commercial properties continued to be the frontrunner during Q1 2022, garnering more than two-thirds share of the investment pie.
Incidentally, all investments concentrated in core office assets in Bengaluru, while retail segment is not generating interest as consumption activity picks-up post opening up and State governments relaxing Covid-restrictions.
“Private equity investment inflows in Indian real estate stood at $1 billion in Q1 2022, almost five times the quantum recorded during Q4 2021,” said Diwakar Rana, Managing Director, Capital Markets, Savills India.
New platforms
Logistics received investments to the tune of $200 million, while data centre investments stood at $40 million, Colliers’ India said in a report. Investors continued to scout for land parcels for in-city warehouses and in the peripheral locations of larger markets.
“We are also seeing the creation of platforms for investment in specific asset classes, especially across the commercial office and industrial asset classes,” Vimal Nadar, Senior Director and Head of Research, Colliers India, said.
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ReshaMandi, a digital ecosystem for natural fibre supply chain starting from farm to retail, has set a cocoon mandi in Ramanagara, the major silk producing region in Karnataka. The processing plant and warehouse will benefit over 30,000 sericulture farmers and serve over 6,000 silk reelers with an aim to optimise silk value chain and achieve high quality of raw silk through interventions, the company said in a statement.
Ensuring fair, resilient bidding
ReshaMandi said its technology will ensure fair, resilient bidding and a warehouse management system. The facility at Ramanagara will consist of systems that will enable time series computation on the live bidding and enable statistical computation on the edge of the network while securing the bidding by setting up a geo fence perimeter. Bidding and purchasing will be delivered with the company’s unique cart management solution, offering payments through mobile application or working capital being given to reelers.
Offering scientifically graded cocoons
Through the 24 cocoon procurement centres in the State, ReshaMandi seeks to offer reelers scientifically graded cocoons by using image processing and deep learning algorithms for a predictive renditta grading. This will increase production capacity and benefit thousands of reelers who are using ReshaMandi’s mobile application and address issues such as quality of yarn, easy access to finance, fair pricing, scientific testing and optimised logistics.
“As we open Asia’s second-biggest cocoon Mandi in Ramanagara, we want to provide several prospects and opportunities to the whole supply chain ecosystem. Till now, we have made significant contributions to reduce the bottlenecks in the natural fibre ecosystem and with this mandi, we will ensure that a comprehensive set of actions are implemented onsite for the farmers’ ease and monetary gain,” said Mayank Tiwari, CEO and Founder, ReshaMandi.
ReshaMandi is creating a country-wide network that sources fabrics, sarees, and accessories directly from 5,500 weavers and over 6,000 reelers with an aim to bring a sustainable, authentic, positive economic change in the lives of stakeholders, their families, and communities, while reigniting consumers’ love for India’s diverse weaving traditions.
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Sugar mills across the country have produced 329.91 lakh tonnes of sugar till April 15, 2022, which is 38.09 lakh tonnes higher than 291.82 lakh tonnes produced at the same time last year, the Indian Sugar Mills Association (ISMA) stated. As compared to 170 sugar mills that were crushing sugarcane in April last year, there are 305 sugar mills crushing sugarcane during the same period this year.
ISMA in a press statement on Monday stated that Maharashtra has recorded sugar production of 126.48 lakh tonnes till April 15 compared with 103.95 lakh tonnes produced last year during same period. This is almost 22.53 lakh tonnes higher than last year. In the current 2021-22 sugar season, 45 mills have reportedly closed their crushing operations in Maharashtra and 153 sugar mills are operating currently. On the corresponding date in the last season, only 54 mills were in operation in the State, which went on to produce another 2.55 lakh tonnes of sugar last year.
In Uttar Pradesh, 120 sugar mills that were in operation, have produced 94.41 lakh tonnes of sugar. Out of 120 mills, 52 have stopped crushing operations. A similar number of mills operated last year in the State and had produced 100.86 lakh tonnes as of April 15, 2021.
In the case of Karnataka, 72 sugar mills have produced 59 lakh tonnes of sugar. As many as seven mills are still operating in the State.
In Tamil Nadu, out of 28 sugar mills that operated this season, one sugar mill has ended its crushing so far, though it might operate in the special season later in the year. As of April 15, 2022, sugar production in the State was 7.90 lakh tonnes, compared with 5.56 lakh tonnes produced in the corresponding date last year.
Gujarat has produced 10.77 lakh tonnes of sugar with 14 sugar mills in operation, while one mill has closed for this season.
States including Andhra Pradesh, Telangana, Bihar, Uttarakhand, Punjab, Haryana and Madhya Pradesh, Chhattisgarh, Rajasthan, Odisha have collectively produced 31.35 lakh tonnes. Bihar, Rajasthan and Odisha have already closed their crushing operations for the current season.
Sugar exports
As per market reports and port information, around 80 lakh tonnes of sugar export have been contracted so far. Out of that about 57.17 lakh tonnes of sugar have been exported out of the country during October – March period, as compared to about 31.85 lakh tonnes exported in the last sugar year during the same period. It is also reported that about 7 - 8 lakh tonnes of sugar is in pipeline for export in April 2022.
In the current year, major export destinations are Indonesia and Bangladesh, accounting for almost 44 per cent of total exports, as against 48 per cent shared collectively by Indonesia and Afghanistan last year during the corresponding period.
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Hyderabad, April 18 Indigo’s maiden direct flight service from Hyderabad to Dhaka has been launched on Monday from GMR Hyderabad International Airport (GHIAL) Ltd.
The IndiGo Flight 6E 1931 will depart from GMR Hyderabad International Airport at 12:45 hours. The return IndiGo Flight 6E 1932 from Dhaka will arrive in Hyderabad at 6:50 hours.
The two hours forty-five minutes flight will operate between GMR Hyderabad International Airport and Dhaka twice a week – Saturday and Monday
As per data by the Indian tourism ministry, about 54 per cent of all international visitors to India for medical treatment are from Bangladesh. Hyderabad has emerged as one of the preferred destinations for medical tourists from Bangladesh. It is a known fact that Hyderabad has some of the finest medical facilities and state of the art infrastructure in the Asia Pacific region. To attract medical tourists to the city, airlines are adding new flight routes connecting to the popular international destinations catering to the segment.
``Apart from many tourist places to visit in Hyderabad, the city has also been a major hub for medical tourism. Over the years we have seen a massive influx of medical tourists along with leisure travellers. There is a great demand for direct connectivity between Hyderabad and Dhaka,’‘ Pradeep Panicker, CEO- GHIAL said here on Monday.
``This new connectivity will not only allow Bangladeshis to explore our city and medical facilities but also give a chance for the Hyderabadis to experience the unique charm of Dhaka,’‘ he added,
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Syama Prasad Mookerjee Port, Kolkata (SMP, Kolkata) registered a near five per cent decline in cargo throughput in FY22 due to steady rise in price of coal and fertilisers and an increase in freight rates of vessels making imports less attractive
SMP, Kolkata handled 58.175 million tonnes (mt) of cargo in 2021-22, against 61.368 mt in 2020-21. While Haldia Dock registered a decline of around six per cent at 42.877 mt, Kolkata Dock System saw a decrease of around four per cent at 15.30 mt (15.9 mt in FY21).
According to Vinit Kumar, Chairman, SMP, besides the steady rise in price of coal and fertilizers, container shipping rates also continued to remain highly volatile leading to a decline in cargo throughput. In 2021-22, as many as 2,957 ships called at the port vis-à-vis 3,189 ships in FY21. In terms of container traffic, the port witnessed seven per cent growth at 7,35,000 twenty-foot equivalent units (TEUs) in 2021-22, up from 6,87,357 TEUs in FY21.
Revival in trade volume
“We see revival in trade volume and we expect high single digit growth in trade volume in the current fiscal. We have finalised ₹1,700-crore projects and the process will start within the year. Aligning with the government, we have focused on ease of doing business and cost reduction to make the port an attractive destination for trade. These measures helped us successfully receive cargo, which was earlier handled from other eastern region ports of the country,” Kumar said at a press conference to discuss the annual performance here on Monday.
Petro products import by Bangladesh’s Mongla port via Kolkata Port has begun and may result in an additional cargo of about one million tonnes for the port.
Kolkata Port is implementing a night navigation system in association with IIT Chennai that will help ships move in and out of Haldia docks at night.
SMP has lined up investments worth ₹1,700 crore for augmenting capacity, modernising infrastructure, monetisation of asset and digitisation of operations, modernisation and creating infrastructure over the next two years. The projects under the National Gati Shakti plan will help create modern infrastructure and competitive logistics supply chain.
Projects worth ₹700 crore have already been completed in the last two years and ₹1,700 crore worth projects are under various stages of implementation
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GE Aviation, a world leader in aircraft engines and technology development, has partnered with Tamil Nadu Industrial Development Corporation Ltd (TIDCO) to set up a Centre of Excellence (CoE) in emerging technologies.
Governed by the special purpose entity (SPV) of TIDCO, the CoE aims to create an ecosystem of advanced research and development using additive technologies.
In a press statement, GE Aviation, said, the CoE is the result of a memorandum of understanding (MoU) signed between both organisations in 2021. An investment of about ₹141.26 crores over five years was proposed to be funded by TIDCO and GE in two phases, it added.
‘A significant milestone’
“The GE partnership with the government of Tamil Nadu is a significant milestone in the growth of the aerospace and defense ecosystem in the State. With the establishment of this facility, Tamil Nadu will emerge as an aerospace and defense hub for research and development and advanced manufacturing of aerospace parts,” B Krishnamoorthy, IOFS, Additional Secretary and Project Director, TIDCO, said in the statement.
He also added that the partnership with GE will help attract investments in the defense and aerospace sector for the State.
Areas of focus
The CoE will work towards the technology development of aviation engine parts such as compressor heat exchangers, combustor components, casing, frames, gears, and splines. It will also take up projects in the development of predictive analytical solutions for additive manufacturing (AM) for industry 4.0.
The CoE will aim to develop Indian intellectual property for the AM technologies including materials, machines, and design software to provide specific technology solutions.
“The CoE can leverage GE’s technology and research capabilities in an agile environment. GE’s team will be backed by its India technology center team located in Bengaluru, which has been working on aerospace technology design development for over 20 years” said Vikram Reddy, General Manager, Aviation Engineering, GE, on the collaboration.
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CtrlS, a Hyderabad-based data centre company, is setting up a data centre in Assam.
The company’s new data centre in Guwahati will be spread over three acres. It will have a capacity to host over 1,000 racks initially. The rack capacity will be doubled in the next 12-18 months.
Assam’s IT Minister Keshab Mahanta has laid the foundation stone of the Rated-4 Data centre at Tech City Park in Guwahati.
“Our expansion is aligned with the Digital Assam initiative of the government to transform the State into a digitally empowered society,” a CtrlS executive has said.
Assam Chief Minister Himanta Biswa Sarma and Sridhar Pinnapureddy, Founder and Chief Executive Officer of CtrlS Datacenters, were present at the event.
Services offered
The new data centre would provide co-location services for cloud, e-commerce, digital payment, digital classroom and OTT platforms.
“Our government aims to digitally empower every citizen, accelerate economic competitiveness and boost local innovation,” Himanta Biswa Sarma said.
The State is working on a Data Centre Policy to boost investments in this space.
The company has an aggregate 1.2 million square feet of space in its data centers in Mumbai, Delhi, Bengaluru and Hyderabad. “We are expanding our footprint to 5 million square feet by adding two million square feet each in Mumbai and Hyderabad and one million square feet in Chennai,” the company executive said in a statement.
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Quadria Capital-backed HealthQuad which recently announced the close of its second fund at $162 million, will be deploying over 50 per cent of the fund into Indian healthtech start-ups by May 2022 across preventive well-being, mental health, community care and healthcare financing. The VC fund had deployed $35 million in Fund I, realising 4.5 times returns for the investors, a senior executive of HealthQuad told BusinessLine.
The second fund has deployed $60 million across seven bets, including Medikabazaar, THB, Stanplus, Ekincare, Impactguru, Qure.ai, HealthifyMe, and will be investing in 10-15 start-ups of different sizes.
HealthQuad has been vouching for India’s potential as a global healthtech solutions provider. This has brought in several major global investors, including biopharmaceutical major MSD and other strategic institutions in pharma and healthcare, development financial institutions (DFI), funds of funds and large European conglomerates to invest in HealthQuad’s fund.
Speaking to BusinessLine, Charles-Antoine Janssen, Co-founder and Chief Investment Officer of HealthQuad said, “India has such high unmet medical needs, with close to 700 million people not having access to modern medicine yet and that has let to tremendous opportunities. With Indians being resilient and entrepreneurial it created companies which have brought solutions not only to India’s needs but are being recognised globally for being the best solutions for Africa, low-income Asia and low-income Latin America. There’s a global potential in Indian health tech and health innovation that can transform the quality of care of the 3 billion people in planet needing better healthcare.”
Janssen wanted to enter India early, which led to the HealthQuad Fund-I being launched in 2016, with a targeted fund size of $10 million, that ended up closing at $35 million raising co-investment of another $25 million from LPs.
HealthQuad plans to stay invested in its portfolio companies for an average period of fives years, following a two-pronged strategy. It invests around $5-10 million in matured start-ups of ARR of around $1-5 million. The average ticket sizes could expand upto $30 million, if other LPs co-invest. For more developed start-ups having found right product-market fit, it invests around $12-15 million from its own fund.
“HealthQuad decided to set up a fund that will invest purely into healthcare innovations to increase access to healthcare for lower and middle income population and that’s what we have done in Fund I. That has been tremendously successful. First fund has generated 4.5X returns for investors, that is 37 per cent IRR and Fund-II is well on its way to do similar returns but it is in its early days,” he said.
Janssen added, “We invest in all companies which are catering to mid and low income population, but at the same time are growing fast so that there is no trade-off between financial and societal returns. The entire healthcare value chain is getting disrupted because it is getting digitised.”
Opportunities in India
HealthQuad believes that technology is the way ahead for the broken Indian healthcare system to transform faster, reduce costs and take off pressure on physicians and nurses. Nearly 30 per cent people living in the rural areas are still travelling around 30 km to access primary healthcare.
From an investment opportunities perspective too, things have started to change. Janssen said, “Historically, private equity investors were investing in large healthcare delivery companies serving the richest 30 per cent in India, they were focussing on bricks and mortar diagnostic companies and branded generics. It was impossible to make money in India if you were investing in preventive care, community care, primary care and health insurance. Claims ratio in India were rather high. With digitisation, all these sectors have opened up.”
HealthQuad is now betting on improved mental health solutions and accessibility. “There is a huge need for improved mental health in India, and digitisation can be a big answer to that. There’s no doubt that there’s a need with a combination of AI, mental health and facilitated digital distribution that allows the stigmas attached with mental health treatment to be lowered, there’s a clear benefit,” he said.
“Quality and access to primary care, medical info, drugs and physicians in rural and semi-rural areas is a big issue, tech can address diagnostics and supply chain issue and presents us a huge area to look into. So far it has been a slow evolution,” Janssen added.
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Samsung has confirmed the launch of its Galaxy M53 5G smartphone in India. According to both Samsung India’s website and Amazon listing, the smartphone launch will take place at 12 pm on April 22, 2022.
Specifications
The smartphone packs a 6.7-inch Infinity-O Super AMOLED+ display with support for a 120Hz screen refresh rate. It has a 5,000 mAh battery with 25W fast charging, powered by an octa-core MediaTek Dimensity 900 processor. According to 99Mobiles, the smartphone is coupled with 8GB RAM and 128GB internal storage. It is expected to run on Android 12 upon One UI 4.0.
Samsung Galaxy M53 has a 108MP camera setup, an 8MP ultra-wide-angle lens, a 2MP macro lens, and a 2MP depth sensor, equipped with a 32MP front camera. The smartphone’s connectivity options include 5G, 4G LTE, Wi-Fi 802.11ac, Bluetooth 5.2, GPS/ A-GPS, and a USB Type-C port.
The company has not officially disclosed the price of the Galaxy M53. MySmartPrice has reported that the smartphone would be priced between ₹25,000 and ₹30,000.
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Digital infrastructure services provider Summit Digitel said it has partnered with Bharti Airtel (Airtel), wherein, Airtel will utilise the company’s tower infrastructure as part of its wireless network rollouts.
“We, at Summit Digitel, are working tirelessly towards creating a digitally empowered nation. In our view, connectivity will reinvent and redefine everything we do, from how we operate businesses to the way we stay connected. It is our commitment to provide outstanding services to Airtel that result in uninterrupted service across the entire nation,” Dhananjay Joshi, Managing Director and Chief Executive Officer, Summit Digitel said.
By combining transformational business values with focus on future-ready technologies, Summit manages over 1,51,000 active sites. While providing nationwide coverage for 4G, the towers are strategically located for the implementation of 5G, Joshi added.
The company’s sites are compatible with 2G, 3G, 4G, and 5G communication technology standards. The same infrastructure can also be used for emerging technologies, such as the Internet of things, artificial intelligence, massive MIMO, and outdoor small cells and technologies of similar nature, the company said.
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As a part of TCS ADD Suite, Tata Consultancy Services (TCS) on Monday launched an intuitive risk-based monitoring solution for clinical trials, that will enable intelligent decision making, increased compliance and improve study efficacy.
The new monitoring solution enables biopharmaceutical and Contract Research Organizations (CROs) to identify site risks through advanced statistical algorithms and drive intelligent data driven decisions. This includes insights into missing data, improving data quality and consistency, providing early identification of trends and outliers. It can precisely predict outcomes regarding site workload and risks, helping stakeholders lay out proactive monitoring strategies.
The solution is expected to aid sponsors and CROs to realize up to 30 per cent efficiency gain in site monitoring through the solution. In addition, automation speeds up the process, reduces site workload, improves overall compliance, and contributes to product speed-to-market.
“With Covid 19 critically impacting site visits, life sciences industries realized the value of remote Risk Based Monitoring solutions that empower sponsors to monitor trials centrally, assess the risks and track corrective actions to enhance study quality,” Debashis Ghosh, Business Group Head, Life Sciences Healthcare, and Public Services, TCS said.
He added, “With our deep domain knowledge of the life sciences industry, we are continually expanding the capabilities of TCS ADD platform to include data science, artificial intelligence and machine learning-led clinical operational analytics solutions that transform the drug development value chain, deliver greater value for our customers and achieve faster compliance.”
The configuration of the solution includes automated risk management with advanced analytics and visualisations, AI/ML based predictive analytics with 40-plus operational metrics across study, site, subject, data management and budget management categories, providing a holistic performance view across site, country, region, study, program, compound and therapeutic area. And a one-click communication module that provides a unified and collated list of pending activities, and system generated intelligent actions across all source systems; driving greater engagement and collaboration.
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The Telangana Government has extended support to the fledgeling Web3, a third generation world wide web framework that advocates for decentralised distribution of the web, eco-system.
It asked start-ups working in this space and other stakeholders to provide feedback on the kind of support they might require in developing products and technologies based on Web 3.0. Addressing a meeting on Web 3.0 here on Sunday, Telangana IT Secretary Jayesh Ranjan discussed issues such as privacy and the monetisation of digital footprints of Internet users without their consent.
The way internet has shaped up in the last few years where the Big Tech companies have monopolised the Internet, there have been blatant violations of privacy, he said. “Though we do not have any concrete framework or policy for Web3 so far, we would like to become one of the early States to support thisinitiative.”
Three-pronged strategy
Stating that the Telangana government had been encouraging newer technologies since 2014, when the new State was formed, he said that the government followed a three-pronged strategy while announcing a policy framework. “We evolved a comprehensive policy after holding discussions with stakeholders and setting up an institution to implement the policy. To run the institute, we hire the right people,” he said.
“Our initiatives have yielded encouraging results now. The number of incubators went up to about 70 in 2022 from only two in 2014. The number of start-ups went up to 6,750 from 200 during the period,” he pointed out.
“Our approach will be exactly the same when it comes to Web3. We would like to get feedback from the community. We will be happy if Hyderabad becomes an important centre in Web3 globally,” he said.
Web3 community
The event was organised by Web3Hyd, a community of Web3 professionals and founders in Hyderabad. The community, led by Sugandh Rakha, Priyanka Kamath and Venkat Pindipolu has lined up another meeting in the next few weeks on the employment opportunities in the Web3 space.
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In a move that could create thousands of jobs, the Telecom Regulatory Authority of India (TRAI) has proposed that a new category of professionals need to be created in order to ensure that a good digital network is provided within buildings in a timely manner.
In order to take on the increasingly complex digital connectivity ecosystem and provide end-users residing in buildings with seamless integration to the telecom service providers’ (TSP) network, TRAI proposes that dedicated DCI (digital connectivity infrastructure)-property managers, designers, engineers, and evaluators need to be cultivated. These professionals can curate a connectivity solution for a particular type of building, and thus ensure that more end users can be onboarded.
Qualifications
TRAI envisions DCI designers to be certified professionals who have the competence and possess desired qualifications to design networks for in-building solutions. Similarly, DCI engineers will hold the competence and possess desired qualifications to implement the solutions designed for in-buildings.
To evaluate the quality of the network within the buildings, TRAI also proposes a new category of evaluators — property managers of buildings where the connectivity infrastructure will be laid out should be given ownership over the DCI infrastructure to ensure its smooth running.
The TRAI paper also noted that as per the National Building Code, the professionals referred to for telecom or ICT planning within buildings “are not experts in telecom or ICT and more specifically, they may not be qualified to handle radio networks covering 2G, 3G, 4G and upcoming 5G mobile network systems”.
Suited for Indian context
TRAI also highlighted that the course content of programmes offering traineeship in DCI planning also needs to be re-evaluated. Organisations such as BICSI, iNARTE, and CTNS provide certification programmes in the design and setting up of building infrastructure for telecom and ICT purposes. “However, there may be a need to examine the content of such courses and their suitability in an India-specific environment. These courses might be accredited in present form or may be required to be customised,” said TRAI.
The development comes right at the cusp of the 5G revolution in India, as well as the extensive data demand that urban centers are generating in the aftermath of the pandemic. A key hurdle to implementing the litany of connectivity solutions is the poor set-up in the buildings themselves. With 5G rollout, use cases such as free wireless access, connected/smart homes, internet of things will find their way to users’ homes.
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CHARLESTON, WV (WOWK) — West Virginia Attorney General Patrick Morrisey says his office has reached a major deal with an opioid drug manufacturer.
On Monday, Morrisey’s office announced the settlement was reached with Janssen Pharmaceuticals, Inc. The amount is more than double Janssen’s national settlement proposal of $48 million.
“This settlement will provide significant help to those affected the most by the opioid crisis in West Virginia,” Attorney General Morrisey said. “We are still arguing our case in court involving Teva and Allergan and my office is steadfast in holding everyone in the pharmaceutical supply chain accountable for their actions in causing this scourge in West Virginia.
A press conference is scheduled for 10 A.M. We’ll keep you updated on air and online. | https://www.wowktv.com/top-stories/ag-99-million-settlement-reached-with-janssen-pharmaceuticals/ | 2022-04-18T14:17:21 | en | 0.958848 |
Target: ₹660
CMP: ₹542.20
ICICI Prudential Life Insurance Company's (IPRU) FY22 results came in marginally better than our estimates, thanks to strong Annual Premium Equivalent (APE) growth in March 2022 and a better product mix. After ending FY22 on a high note, the company reaffirmed its guidance of doubling FY19 value of new business (VNB) by FY23.
VNB margin expansion has done the heavy-lifting in VNB growth in the last three years. Since the scope for margin expansion is relatively limited, the key to achieving about 22 per cent VNB growth in FY23 to double FY19 VNB is APE growth.
To reflect FY22 development and management commentary, we have tweaked our estimates, leading to a minor increase in VNB margins, absolute VNB and a slight reduction in EV (Exhibit 10). Driven by these tweaks in estimates and the rollover to June 2023 from March 2023, our target price increases to ₹660 from ₹620, with an implied FY23 P/EV of 2.7x .
With relatively limited room for margin expansion, the heavy-lifting part of VNB growth in FY23 has to be done by APE growth; the management is confident of achieving this, with the company's wide range of product offerings and distribution channels that are starting to deliver, including the ICICI Bank channel that has likely bottomed out.
The valuation looks attractive, with a return of top-line growth remaining the key for a re-rating.
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Target: ₹571
CMP: ₹507.75
Talbros Automotive Components Ltd (TACL) manufactures gaskets and forgings products which are used across the automobile industry as well as in industrial segment. India’s domestic automobile demand is expected to revive driving strong growth for the company.
The Government is also looking to promote manufacturing of auto components in India by offering various incentives. TACL has established relationships with globally reputed companies. These associations have helped the Talbros group, to develop strong innovative technologies, resulting in 250 products launched each year.
Diversified nature of the company’s products enable it to withstand slowdown pressures.
With moderate capex requirement and increased utilisation going forward, we expect return ratios to improve. The easing of chip shortage is likely to drive higher exports in the coming years.
We expect TACL’s Revenue/EBITDA/PAT to grow at 17/19/18 per cent CAGR over FY21-FY24E, led by increased demand from automotive as well as industrial segments.
We believe investors can buy the stock in ₹505-515 band and add on dips to ₹435-445 band (8.5x FY24E EPS) for a base case fair value of ₹571 (11x FY24 EPS) and bull case fair value of ₹623 (12x FY24 EPS) over the next two quarters.
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The global energy market is currently in a state of nervousness over the ongoing Russia-Ukraine war. A clear end is nowhere in sight. In particular, the conflict has serious implication for the European Union which is riding on the horns of a huge dilemma over sanctions-related response.
The EU is under tremendous pressure to place an embargo on the import of Russian energy products. However, it is well-known that Europe is substantially dependent on Russian oil for its energy needs. Any push to ban Russian oil will have serious implications for the continent as it will impact 7 million barrels per day (mbpd) of oil.
Importantly, refiners in Europe will be forced to find suitable substitute for Russian Urals (medium sour crude) and it is not going to be easy. There is the real risk that downstream product quality will suffer.
The question then is whether other producers will raise output quickly. But according to OPEC, its members have limited spare capacity and will not be able to fully meet the supply shortfall that may arise out of a possible EU embargo on Russian oil.
Any EU push towards embargo will further tighten the already stretched global oil market. In the event, there is the real possibility of a big upside risk to crude oil prices. Already reeling under inflation, the world possibly cannot afford further price spike at this point in time.
How the Russian invasion of Ukraine concludes is the key to unraveling the uncertainty of the energy market at present.
Supply risk
Bullish and bearish factors both are operating simultaneously. Supply risk is the biggest bullish factor. In addition to the already tight supply-demand fundamentals and political instability, Russia’s average output has been falling since February. Putin’s recent statement expressing disappointment over peace talks cannot be brushed aside.
Easing of lockdown restrictions in Shanghai is seen as a spur for more demand. Speculative interest in the oil market is continuing. Financial investors have placed huge bullish bets which exert an exaggerated impact on oil prices.
Bearish factors
At the same time, bearish factors point to demand risk. Due to high prices and inflation worldwide, demand growth is slowing. OPEC has revised its 2022 demand forecast down by 480,000 barrels per day to 3.7 mbpd. Concerns over new corona virus variants in China refuse to go away.
In the US, rig count has been rising steadily as President Biden has taken a U-turn on his fossil fuels policy. Currently, the US oil output is back to April 2020 levels. Importantly, release of strategic reserves of 180 million barrels by USA plus 60 million barrels by members of International Energy Agency has provided a supply cushion.
So, two scenarios emerge. If EU bans Russian oil, there will be a massive price spike that can potentially take crude oil to $150 a barrel. However, when the war ends (it has to end sooner or later), Brent will first correct towards $90 and gradually move to $85 and then $80 a barrel possibly in the second half of the year.
(Excerpts of author’s speech during the recent IMC Chamber of Commerce webinar on inflation outlook. The author is a policy commentator and commodities market specialist. Views are personal)
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The topsy-turvy ride of the equity markets has scared scores of first-time mutual fund investors even as maturity of seasoned long-term investors to pump in more money has surprised one and all. BusinessLine spoke to Anthony Heredia, Managing Director and CEO, Mahindra Manulife Mutual Fund, on what lies ahead for investors. Excerpts:
Two years after, how has the joint venture with Manulife panned out for you, so far?
The journey has been exciting. Succeeding in this business not only needs local understanding, but also the access to best-in-class investment practices. Over time, we expect to better leverage the strength and reach of the Mahindra group franchise, while, at the same time, create the right investment solutions for our clients using Manulife resources and domain expertise.
What is your strategy to tap smaller cities?
The strategy will centre around creating the best possible outcome for investors and collaborating with our distribution partners to access them. We do not have a bias towards a particular geography. In top cities, we are focused to build market share and our investment performance will play a large role within that. In tier-II cities, our distribution reach and trust enjoyed by the Mahindra group, in particular, should help attract new investors.
With the cloud of economic uncertainty, how do you see equity market for investors?
There are headwinds in the form of geopolitical issues, inflationary pressures, higher interest rates and commodity prices, including oil. At the same time, on a bottom-up perspective, there is a clear uptrend in corporate earnings growth and broad opportunities across multiple companies within sectors. Our advice to investors is to invest with a minimum five-year time frame, choose systematic investing and focus on products such as balanced advantage, equity savings and low-duration funds that have the ability to be more resilient.
Will there be another FPI outflow from the market, if the US Fed implements another rate hike?
The US Fed hike is on expected lines over 12-18 months and hence most FPIs would have factored it in. What may change and affect outflows is perhaps the extent and pace of the hikes, which one needs to carefully keep monitoring. A more important factor to monitor would be the pace and extent of domestic flows, which had more than compensated for these outflows in the past. Continuation of the domestic flows is key to keeping market direction and liquidity stable. Also, the resilience of corporate earnings from headwinds such as commodity price increase, etc. will play a key role on how flows shape up in the coming year.
Do you expect corporate earnings to come under pressure with rising cost?
It is too early to predict. The March quarter earnings may not reflect cost pressures to a large extent, we believe that they will impact margins in the coming quarters. The key will be the time frame that these rising costs will persist. If the rise in commodity prices persist for a few quarters, select sectors will see an impact, for sure.
Which are the sectors that will withstand the rising cost and deliver better returns to investors?
The more effective way to navigate uncertainty around cost pressures is to look at individual businesses and understand their earnings trajectory, rather than making macro calls around sector. Often in the past, we have seen that even if a sector is under pressure, it translates into better opportunity for industry leaders.
Do you expect inflows into mutual funds to slow down with other asset class also showing signs of recovery?
Flows into mutual funds to remain robust and veer towards allocation funds such as balanced advantage and equity savings. As more investors understand the benefits of regular investment plans, fresh SIP flows will also pick up. Given the interest rate environment, attracting investment in fixed income will be a challenge, while target maturity funds may provide an alternative though it looks difficult to see the category becoming a mass retail alternative for now. In terms of other asset classes, we may see renewed interest, but doubt that it will come at the cost of fund flows in a meaningful manner.
Do you expect passive funds to score over actively-managed funds?
In periods of volatility, active managers have the ability to react and adapt, which will stand investors in good stead. As a fund house, we remain rock solid in our belief on active fund managers. In terms of return expectations, it is important to keep the time frame in perspective, as also the goals you are seeking to achieve with your equity fund investment. Anyone who has over five-year commitment to equity has rarely been disappointed.
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Sarda Energy & Minerals informed the BSE on Monday that its board of directors will meet on April 23 to consider a proposal for buy-back of equity shares of face value of ₹10 each. The board will also consider a proposal for declaration of interim dividend for FY 2021-22. For the quarter ended December 2021, it posted a profit of ₹134.05 crore on revenues of ₹670.67 crore. Promoters hold 72.50 per cent stake in the firm and the rest is with public. Among the public, about 23,650 small shareholders hold 13.50-per cent stake.
The stock of Sarda Energy & Minerals on Monday closed 2.32 per cent higher at ₹1,292.90 on the BSE.
Published on
April 18, 2022
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Bears kept a grip on the market with benchmark indices closing in the deep red on Monday.
Market began on a weak note amid weak global cues. Indices slumped further during the day amid broad-based selling. Though recovered from the day’s low, indices closed lower, dragged by IT and financials, tracking losses in heavyweights Infosys and HDFC twins.
The BSE Sensex closed at 57,166.74, down 1,172.19 points or 2.01 per cent. It recorded an intraday high of 57,420.80 and a low of 56,842.39. The Nifty 50 closed at 17,173.65, down 302.00 points or 1.73 per cent. It recorded an intraday high of 17,237.75 and a low of 17,067.85.
Breadth favours decliners
The market breadth was in favour of the decliners with 2,062 stocks declining on the BSE as against 1,462 that advanced, while 146 remained unchanged. Furthermore, 11 stocks hit the upper circuit as compared to the three stocks that were locked in the lower circuit. Besides, 237 stocks touched a 52-week high level and 17 touched a 52-week low.
The volatility index rose 8.71 per cent to 19.34.
S Ranganathan, Head of Research at LKP securities said, “Indices opened gap down on the back of weak global cues as the Federal Reserve tightens policies to tame inflation. Benchmark Indices never really recovered during the day from the twin blow of the IT Index & the Bank Nifty with rising oil prices and inflationary pressures adding to the woes. The broader markets did see buying interest in select pockets like Defence, Paper & Fertilisers on the back of continued positive Tailwinds.”
Infosys, HDFC twins drag
Vineet Bagri, Managing Partner- TrustPlutus Wealth said, “The market opened in the red today as it factored in the HDFC Bank and Infosys results, both of which displayed some weakness. The cascading effect of the same has seen the other banking and IT stocks too on the losing side. More importantly, the dip in the market has been sharp since Banking and IT sector account for over 50 per cent of the Nifty index weight.”
“If we see further dips this week, we believe sentiments would sour further and risk averseness would go up considering the fact that the result season has not started off on a good note,” said Bagri.
Vinod Nair, Head of Research at Geojit Financial Services said, “Unfavourable start to earnings season in heavyweight stocks of IT and banking sector led to heavy sell-off.”
“Lower-than-expected results prompted the market to worry about the headwinds faced by IT sector like attrition, wage inflation, lower utilization, and cut in IT spending by industries due to geopolitical and macro issue. The degree of downfall is high because the sector was trading at high valuation and risk of a downgrade in outlook has increased,” added Nair.
Infosys and HDFC Bank stocks dragged after the companies reported weaker than expected results . Infosys was down over 7 per cent at closing on the NSE while HDFC and HDFC Bank were down nearly 5 per cent each.
NTPC, SBI Life, HDFC Life, Tata Steel and Maruti were the top gainers on the Nifty 50 while Infosys, HDFC, HDFC Bank, Tech Mahindra and Apollo Hospitals were the top losers.
WPI inflation
Investor sentiments were also impacted by WPI inflation numbers reported today. The wholesale price-based inflation rose to a four-month high of 14.55 per cent in March, primarily due to hardening of crude oil and commodity prices.
Raghvendra Nath, Managing Director – Ladderup Wealth Management Private Limited said,
“This was the highest month on month WPI increase experienced by the economy since the WPI series began in 2004. The margins of companies across sectors may further face headwinds for at least next 2 quarters, owing to the Russia-Ukraine war as it continues to affect commodity and food prices, fresh set of restrictions if implemented due to the rising Covid cases can again be troublesome for the economy.”
“Amidst increasing pressures on the profit margins of manufacturing companies and a pickup in consumption demand, Acuité expects a further pass through of input costs. We expect persistent supply side bottlenecks and high commodity prices to hold the core inflation at double digit levels in the near term,” as per Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research.
Rising US bond yields, inflation concerns, geopolitical tensions and concerns regarding increasing Covid-19 cases in parts of the world have also impacted investor sentiments, as per analysts.
Naveen Kulkarni, Chief Investment Officer, Axis Securities said, “We expect FY23 to witness continued volatility in equity markets, especially in the first half of the year with rising interest rates globally and high inflation, which is expected to persist. In this scenario, we expect money to move from long-duration debt funds to equity funds in the second half of the year, which should bode well for equities.”
Auto, FMCG, metals in focus
On the sectoral front, while IT and financials dragged, auto, FMCG and metals gained focus.
Nifty IT closed 4.58 per cent lower. Nifty PSU Bank was down nearly 2.5 per cent while Nifty Financial Services closed over 2 per cent lower. Nifty Bank and Nifty Private Bank were down nearly 2 per cent each.
Meanwhile Nifty FMCG closed 0.60 per cent higher while Nifty Auto was up 0.44 per cent. Nifty Metal was up 0.33 per cent.
Broader indices
Broader market also faced pressure with broader indices closing in the red.
Nifty Midcap 50 was down 1.22 per cent while Nifty Smallcap 50 was down 1.61 per cent. The S&P BSE Midcap was down 0.95 per cent while the S&P BSE Smallcap was down 1.01 per cent.
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The ESAF Small Finance Bank’s total business increased by 43.67 per cent to ₹25,019 crore from ₹17,414 crore as of March 31, 2021, with both deposits and gross advances showing a positive trend.
Total deposits increased by 42.41 per cent to ₹12,816 crore as of March 31, 2022, compared to ₹8,999 crore of the same period last year, it said in a statement.
Gross advances increased by 45.01 per cent to ₹12,203 crore compared to ₹8,415 crore as of March 31, 2021.
“We believe that the resilience of the rural economy and government’s focus on financial inclusion amidst Covid is one of the key factors that worked in our favour,” said K Paul Thomas, Managing Director and CEO, ESAF SFB.
Published on
April 18, 2022
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TreDS platform Invoicemart has reached a record throughput of over ₹26,000 crore, of which, ₹14,600 crore was recorded in the last financial year.
In a statement on Monday, it said reached several milestones in 2021-22.
“It is the only TReDS platform to have registered more than 1,000 of India’s top corporates, PSUs, CPSEs as ‘buyers’ and has enabled financing of over 10 lakh MSME invoices on TReDS,” it said.
The Axis Bank-backed platform now has registered MSMEs in over 700 locations and managed to reach over 3,200 PIN codes.
It is in process of finalising agreements with various state government and departments to help their MSMEs get benefits from its digital marketplace.
Prakash Sankaran, MD and CEO, A. TREDS Ltd said “This has been a year where we have seen every aspect grow-- number of participants, number of invoices financed, throughput volumes all while providing fine interest rates to MSMEs and buyers.”
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Kotak Life Insurance is hopeful that the worst of the pain from the pandemic is over and is now working on an expansion strategy.
“We will be expanding our distribution footprint and add more branches. In calendar year 2022, we expect about about 30 per cent growth in our distribution footprints,” said Mahesh Balasubramanian, Managing Director, Kotak Mahindra Life Insurance.
In an interaction with BusinessLine, Balasubramanian, said, the insurer also plans to invest in data analytics and technology interfaces. It will be adding more partners on the agency side and bancassurance. It is also looking at a direct to customer digital play.
In terms of products, while the company intends to follow a balanced approach, but it would like to see the share of the protection business increase.
“We would like to grow all our businesses in a manner that the balance is maintained. If at all one area, we would like to increase it is in protection because we see an opportunity. And we believe that India will require more protection. Especially if one is focused on digital, on some of the new age channels protection becomes a very logical product to focus on,” said Balasubramanian.
The company is confident on growth prospects, and believes it will be able to grow at a faster pace than the industry rate.
Kotak Life registered a growth of 16.86 per cent in new business premium in 2021-22 to ₹6,142.77 crore against ₹5,256.51 crore in 2020-21.
He further noted that the life insurance industry went through one of its toughest periods in the last 24 months, especially so in the last 12 months when the second wave of the Covid-19 pandemic struck.
“From our perspective, this has been a year where we have settled the highest number of claims, our total value of claims in terms of gross value, is almost two time of what it was in the previous year,” he said, but added that the industry has been able to deliver on its objective of protecting lives.
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Kotak Mahindra Bank has increased the marginal cost of lending rate (MCLR) by five basis points across all tenors.
According to its website, the new MCLR rates came into effect from April 16.
Following this increase, a majority of loans will become expensive.
The overnight MCLR is now 6.65 per cent while the one year MCLR is 7.4 per cent.
State Bank of India had also recently hiked the MCLR by 10 basis points.
Published on
April 18, 2022
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Vinay Kamath takes you along the journey of how India Cements is leveraging CSK and MS Dhoni for its new brand of cement.
Listen in.
Read the full story here
Vinay Kamath takes you along the journey of how India Cements is leveraging CSK and MS Dhoni for its new brand of cement.
Listen in.
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Kerala has not done a genetic analysis of the Covid variant that struck during the last three or four days leading to a spurt in active cases and spike in deaths, but experts suspect the Omicron BA.2, or better the still the recombinant XE, to be the villain.
Dr TS Anish, Member of the State Covid Task Force, and Assistant Professor, Community Medicine, Government Medical College, Thiruvananthapuram, said he has come across the case of an XE in a person with no travel history. “This means that XE is transmitting in the State. And XE has been known for the speed with which it transmits. This person had taken the first vaccine but missed out on the second. But even people with a double dose are susceptible,” he said.
Long weekend set ground
The long weekend with the State observing Good Friday and celebrating Vishu the same day saw the people-to-people interactions drive up to a new peak, setting up a favourable context for the variant XE to spread at furious pace.
But Anish does not see a public health emergency emerging just yet. Dr Rajeev Jayadevan, Convener, Scientific Committee and former President, IMA Kochi, agreed that the BA.2 and its sub-lineages are the prevailing variants in India. They are all part of the Omicron family, but slightly faster spreading than the original Omicron variant.
Omicron has multiple different lineages, or genetically related subvariants. This includes the original Omicron BA.1 (B.1.1.529) and also BA.2 and BA.3. Currently, BA.2 is more infectious than BA.1 and has now become the new dominant form of the Covid virus worldwide. XE is a recombination of BA.1 and BA.2.
Asymptomatic spread
According to Jayadevan, there is a large amount of asymptomatic virus spread in communities around the world. Only a small fraction of these have symptoms, and among these, a fraction get tested and among the antigen tests performed, there is substantial false negatives. In other words, the officially reported cases will be only a fraction of the true Omicron caseload in any region.
Asked if the weekend fesitivities have been a likely trigger, he said the virus has no geopolitical boundaries. It spreads wherever people gather, especially in indoor settings, without masks. This is because the mode of spread is aerosol-based, and these are generated when people meet up together and talk indoors. The risk of transmission is much lower outdoors because of free air circulation.
“In spite of the Ministry of Health’s advice, mask-wearing has fallen to near-zero levels, even during indoor gatherings. There is so much denial too. Science is often inconvenient, and the virus does not care for our personal preferences,” Jayadevan said.
Mask more than protects
As far as virus spread goes, what matters is whether masks are being worn indoors where people gather. Masks not only protect the wearer, but also reduce the total viral load in the indoor air. “As an uptick is now on the cards, we need to undertake whatever measures are necessary to get people to wear masks at least in indoor settings. This is especially important to protect the vulnerable people in any society, let’s not forget they have equal rights as young and healthy people to stay alive and safe,” Jayadevan said.
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Foreign institutional holdings in all major private sector banks have reduced in the range of 1 to 5 per cent in FY22 amid record sell-off in Indian equities by foreign portfolio investors (FPIs) with banking & financial services sector accounting for the major share of the outflow.
According to latest regulatory filings, FPI’s holdings in top two private sector banks—HDFC Bank and ICICI Bank—have come down by 4 per cent (y-o-y) as of March 2022. While FPIs’ shareholding in HDFC Bank reduced to 35.62 per cent as of March 2022 from 39.79 per cent as of March 2021, their holding in ICICI Bank dropped to 43.95 per cent against 47.78 per cent during the comparable period.
Axis Bank and IndusInd Bank witnessed the highest reduction in FPI holding, with foreign investors reducing their stake by 5 per cent in both these lenders. FPI holding in another major private lender Kotak Mahindra Bank as of December 2021 stood at 42.06 per cent, down from 44.23 per cent in March 2021. Kotak Mahindra Bank’s shareholding data for March 2022 is not available.
Mutual funds bet big
Even as FPIs pared down their stake in private sector banks, mutual funds, a key category of domestic institutional investors (DIIs), were betting on private lenders as they increased their stake in almost all private sector banks. Mutual funds holding in Axis Bank went up over 5 per cent year-on-year to 22.71 per cent as of March 2022 from 17.73 per cent in the year ago period.
On the other side, mutual funds have increased their stake by 3 per cent in both HDFC Bank and ICICI Bank during the previous fiscal. RBL Bank is the only private lender wherein mutual funds reduced their stake during the previous fiscal. Mutual fund holding in RBL Bank as of March 2022 stood at 11.23 per cent as against 14.21 per cent as of March 2021.
Market experts believe that FPIs reducing their stake in private sector banks was primarily on account of portfolio realignment and profit booking, and not due to any fundamental risk in the sector. Historically, banking & financial services and IT sectors account for the major portion of FPIs’ equity assets in India. As of March 2022, FPIs assets in the banking sector stood at ₹7.97-lakh crore, or 17 per cent of their total equity assets worth ₹46.91-lakh crore. The software & services sector accounts for a little over 15 per cent of FPI’s equity assets.
Banking sector biggest loser
The Indian equity market saw its highest ever outflow of foreign funds at ₹1.40-lakh crore in FY22. Rising interest rates in the global markets, withdrawal of economic stimulus by the US Fed Reserve, unsustainable valuations of the Indian stocks forced foreign investors to pull out their investments in search of better returns elsewhere. Of the total outflow, the banking sector alone lost ₹52,000 crore making it the highest loser of foreign funds in the previous fiscal.
Consequently, FPIs’ holding also dropped to 17 per cent of total equity assets as of March 2022 from 19.69 percent of equity assets a year earlier.
Impact on private lenders
The intense FPI sell-off throughout the year also had its impact on the stock prices of top private lenders. The stock price of HDFC Bank closed nearly 2 per cent lower at ₹1,470 apiece as of March 2022 against ₹1,494 per share as of March 2021. While the stock price of Axis Bank appreciated over 8 per cent during the period, it still underperformed the benchmark index S&P BSE Sensex.
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Be it Kerala's traditional Ayurveda, or Indian yogic practices from the North India, or the ancient Japanese Kampo medicines or African herbal medicines, there is soon going to be a global hub in Gujarat's Jamnagar for all traditional alternative healing systems, with an endorsement from the World Health Organization (WHO).
On Tuesday, WHO Director-General Dr Tedros Adhanom Ghebreyesus and Mauritius Prime Minister Pravind Kumar Jugnauth will join Prime Minister Narendra Modi for laying the foundation stone for world's first and only Global Centre for Traditional Medicine (GCTM) at Jamnagar in Gujarat.
Sources in the government did not confirm about Dr Tedros meeting plans with the industry captains from India. Dr Tedros will visit the GTCM site in Jamnagar on Tuesday ahead of the foundation-stone laying ceremony scheduled for late afternoon.
Global hub
According to a statement from Prime Minister's Office, the GTCM will emerge as an international hub of global wellness. One of its kind globally, the GCTM will spread across the world, the rich heritage of ancient medicine, and social-cultural diversity of different regions.
The Gujarat Government on Monday informed that the centre will collect data relating to the analysis of the alternative medicines as well as will be helpful in conducting assessment on quality, safety, effectiveness and convenience for administration of the traditional medicines. The centre will also provide guidance on technical aspects of the medicines.
According to WHO, 170 WHO member countries have acknowledged their use of traditional and complementary medicines (T&CM) since 2018. Of these, 124 WHO members countries have already reported the presence of laws or regulations for herbal medicines as of 2018. This indicates the spread and presence of the indigenous ancient systems of healthcare in different regions and countries.
WHO has also recognised the growing trend towards adoption of T&CM in more and more countries around the world.
Covid death toll controversy
Meanwhile, Dr. Tedros' India visit coincides with the ongoing controversy around the Covid-19 death count in India. As per a report released by WHO, the actual Covid-19 death count in India is around 40 million, versus the government's official claim of 0.52 million so far.
During his visit to Gujarat, starting April 18, Dr Tedros will also attend the inaugural session of Global Ayush Investment and Innovation Summit, being held at Mahatma Mandir in Gandhinagar starting April 20.
The Summit looks to attract investments and give a push for innovation and entrepreneurship in the areas of Ayush and alternative medicines. The Summit is expected to bring together the academicians, students, scholars and industry leaders on the same platform.
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TV ad volumes in the first 22 matches of the 15 th edition of Indian Premier League witnessed a marginal increase, compared to the first 22 matches of the previous season. According to the latest estimates by TAM Sports, a division of TAM Media Research, the average ad volume per channel increased by 3 per cent in the first 22 matches of the ongoing IPL edition, compared to the previous season. IPL 15 is being telecast across 21 channels of the Star India network.
In fact, the number of advertisers and categories saw an increase in the last 11 matches, compared to the first 11 matches of this season. “While looking at the first 22 matches of IPL 15, the number of categories and advertisers grew by 9 per cent and 5 per cent, respectively, in the last 11 matches, compared to the first 11 matches,” the report stated.
During the first 22 matches in the ongoing IPL season, the overall e-commerce category had a strong share in ad volumes. E-commer gaming ads had the highest share at 17 per cent of the ad volumes, followed by pan masala ads at 7 per cent. Ecommerce wallets (6 per cent), e-commerce education (6 per cent) and online shopping (5 per cent) were the other key segments in the top five categories.
“The top 5 advertisers contributed 22 per cent share of ad volumes during the first 22 matches of IPL 15. A total of 103 advertisers advertised on both regional and National (Hindi plus English) sports channels during these matches,” according to the TAM Sport’s report.
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Consumer intelligence business, NielsenIQ on Monday launched its global operations and technology hub in Chennai. The 2,000 seater hub is NielsenIQ’s first centre in India and its largest hub in the world. Tamil Nadu Chief Minister MK Stalin virtually inaugurated the new facility.
The capability centre in Chennai is among the six global centres and the first among the three centres being inaugurated in India. The company will open new capability centres in Vadodara and Pune later this week. The three other global capability centres are located in Poland, Malaysia and Mexico City.
“India is a key market for us at NielsenIQ, owing to its opportunity, landscape, infrastructure and a large pool of experienced and diverse talent. Our new hub in Chennai is integral to our growth, as it will be at the heart of our digital transformation agenda. “Here, we will harness the power of data science, engineering, analytics, artificial intelligence, and machine learning to give our clients more detailed understanding of the retail landscape and shopper behaviour,” said Mohit Kapoor, Global CTO, NielsenIQ.
A global consumer data platform, NielsenIQ provides insights on consumer preferences across all retail platforms to both retailers and manufacturers to enable them to make business decisions. The Advent International portfolio company has operations in nearly 100 markets.
Recruitment plans
NielsenIQ is planning to have 5,000 employees across its three capability centres in India. “We are planning to have these 5,000 people across the three hubs in the next 15 months. So, by the end of 2023, we will be at our full strength across our three centres,” Kapoor said.
Noting India as a key strategic growth market for NielsenIQ, Kapoor said, the company is not looking at the new centres as offshore centres but as innovation centres or capability centres.
“Here’s where we will create a lot of global products and do a lot of global R&D. This is from where a lot of our data scientists will operate and determine what we do in each market,” he added.
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There has been a lukewarm response to booster doses at private hospitals despite rise in Covid cases.
The Centre opened up precautionary vaccine doses (the third shot) for all aged 18 years and above from April 10. Paid vaccines have been made available in private vaccination centres only.
“It seems people are not greatly enthused about taking precautionary/booster doses across major cities. It looks as if they are waiting to see if there is going to be a fourth wave of Covid or not,” a senior executive with a leading corporate hospital chain, told BusinessLine. Sanjay Pandey, Zonal Director, Fortis Hospitals, Chennai, also sees a similar trend. “People are not enquiring about vaccination anymore. We are not getting any query or walk-ins for booster dose. Keeping that in mind, we are also maintaining low inventory of vaccines to avoid wastage. On a daily basis, we see very few people coming from vaccinations but there is no big traction,” he said. There are different reasons for the lack of enthusiasm among people. “People have become used to the current situation and they know that the third wave (of the pandemic) was not so severe, and even where the cases were there like Mumbai and Delhi, it was very mild. So, the fear in the minds of people has come down, and they think they can still manage even without vaccinations.’‘ Pandey added. A significant deduction in price per dose of Covaxin and Covishield to ₹225 has not pepped up demand for vaccines so far. However, it is safe to go in for a booster dose. “With an uptick of cases in India, specifically Delhi, people must take the booster dose as and when they are eligible for it. It is not wise to wait for another wave to take the booster and people must get the immunity the booster offers before the wave sets in if and when it does set in. This will help reduce the incidence and severity of the illness,” said K Hari Prasad, President, Apollo Group Hospitals.
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Sri Lanka's President Gotabaya Rajapaksa announced 17 new ministerial appointments on Monday but notably left out some members of his own family in the wake of protests over the government's handling of a devastating economic crisis.
The president and his elder brother, Prime Minister Mahinda Rajapaksa, will stay on despite demands from protesters and the opposition for them to quit. Rajapaksa has governed the South Asian island nation since 2019 with numerous other family members in top government positions.
The island nation of 22 million is experiencing prolonged power cuts and fuel and medicines shortages triggered by a tumble in its foreign exchange reserves that has stalled imports of essentials, leading to daily protests in the commercial capital Colombo.
The government is set to begin talks with the International Monetary Fund (IMF) on Monday for a loan programme, and analysts have flagged political instability as a risk to Sri Lanka finding a way out of its financial turmoil.
In a speech to his new cabinet, President Rajapaksa said he would seek solutions to Sri Lanka's problems including via possible constitutional changes, according to a statement issued by his office.
"I stand ready to support parliament on constitutional changes that should be made," he said.
Thousands of Sri Lankans have been protesting outside the president's office in Colombo for over a week, demanding that the Rajapaksas resign.
Faced with growing popular unrest Rajapaksa dissolved his previous cabinet earlier this month and invited all parties in parliament to form a unity government, but opposition groups and members of the ruling alliance rejected the idea.
On Monday only five members of the previous cabinet were sworn in again, while most other portfolios were allocated to members of the ruling Sri Lanka Podujana Peramuna party.
Among those not re-appointed from the previous cabinet were two more of the president's brothers, Basil and Chamal, and the prime minister's son Namal.
"It is the government's responsibility to put the economy on the right path and build a country that can achieve the aspirations of the younger generation," the president said.
Economic mismanagement by successive governments weakened Sri Lanka's public finances, but the situation was exacerbated by deep tax cuts enacted by the Rajapaksa administration soon after it took office in 2019.
Key sectors of the economy, particularly tourism, were then battered by the COVID-19 pandemic, while the government dragged its feet on approaching the IMF for help.
Last week, the country's central bank said it was unilaterally suspending external debt payments, instead using the paltry foreign reserves of around $1.93 billion for importing essential goods.
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The latest IPCC report makes it clear: the planet is now dangerously close to a tipping point and reliance on fossil fuels has to be drastically curtailed and even fully eliminated soon, to avoid catastrophic climate changes. Obviously, this urgent call fell on deaf ears where it matters.
It didn’t take long, or even very much, for world leaders — especially those who should really know better and have the means to do otherwise — to renege on their very recent pledges to reduce reliance on fossil fuels.
The latest excuse for avoiding the most basic inconvenient truths is the outcome of the Russian war on Ukraine. All it took was an increase in global oil prices and the (much faster) increase in retail oil and gas prices within the US for President Joe Biden to release some of the US government’s strategic oil reserves, and even revive the possibility of importing from previous bete noires Venezuela and Iran.
Now, the US administration will once again allow oil and gas leasing on federal land, thereby opening up more drilling for fossil fuels. In Europe, which was extremely dependent on Russian natural gas and is now desperately seeking to diversify from it, the declarations are about shifting to renewable energy. But in practice, every country in the European Union has been left to choose its own path. Most have chosen to diversify their sources of fossil fuels, while some push for reviving and relying more on nuclear energy.
Knee-jerk responses
Political expediency clearly defines the knee-jerk response to higher oil prices, even though it runs completely counter not just to the promises made just a few months ago at the COP-26 in Glasgow, but also to the dire warnings issued by scientists. But is this knee-jerk policy response, especially in the rich countries, justified in comparative terms by the actual fuel prices prevailing in different countries?
There is no doubt that oil prices have risen dramatically in recent months, with the Ukraine war, profiteering by oil companies and financial speculation all adding to the price pressures that were already evident before the war. Figure 1 indicates how rapidly prices have gone up in some major economies in the month of March 2022 alone, just compared to the earlier month. Some countries like the US and Brazil have experienced dramatic increases of nearly 20 per cent, coming on top of an already rising price trend.
However, the recent inflation does not give an indication of the extent to which actual fuel prices vary across countries. Figure 2 provides data on average price of gasoline per litre in some of the same major economies (mainly G20 countries).
The differences are stark: European countries like Germany, France, Italy and the UK show significantly higher absolute prices than oil producers like Saudi Arabia and Indonesia, while most low to middle income countries have fuel prices somewhere in between.
The variations in absolute fuel prices across countries show clearly that the global oil price can explain only a part of the rising price trend. It is also worth noting that some countries like India show higher absolute petrol prices than the US.
While the cost of crude oil is obviously the largest element of the retail price of petrol, the retail price is significantly affected by taxes and subsidies, the costs of refining and transporting and the associated profits margins and commissions.
In late March 2022, the price of West Texas Intermediate crude oil, at around $120-121 per barrel, was effectively $0.75-$0.76 per litre. The variations in prices from that global price therefore show the extent to which these different forces together play a role in price determination of petrol in these countries.
Purchasing power factor
However, this still does not reveal the true cost of retail petrol in these countries, which must obviously be seen relative to purchasing power. In the absence of other more reliable indicators such as average household consumption or median wages, we take per capita income (in USD at Market Exchange Rates) as a proxy. Figure 3 shows that the per capita income (in USD) relative to the fuel price per litre has a very different pattern from that of absolute price.
Here the rich countries — most of all the US but also countries in Europe — show much higher numbers, indicating that retail petrol prices account for a much smaller burden in these countries.
The US clearly outstrips all other countries in this regard, with per capita income at a level nearly 60,000 times the retail petrol price per litre. Meanwhile, some middle income countries, like Brazil, South Africa and India, have much lower such ratios. Of course, in each of these countries, the internal income inequality implies that the real burden on the poor is much greater.
Figure 4 tries to present this point in another way, by taking the relative retail price of petrol in the US (relative to per capita income, that is) as the base to compare with other countries. This brings out starkly just how cheap petrol really is in the US.
It shows that the relative price of petrol in India is more than 37 times that of the US, in South Africa nearly 12 times and in Brazil nearly 10 times. Even in China, this ratio is nearly 7 times that of the US. By contrast, rich countries like Japan, France, Germany, Italy and South Korea, are much closer to the US.
Even this very basic comparison shows that extent to which people in much poorer countries already have been paying relatively much higher prices for their petrol — with consequent effects on all other prices since fuel is a universal intermediate.
In this context, the massive outcry about higher fuel prices in the rich countries, and especially in the US, is not just surprising, but one more indication of the pervasive and egregious double standards prevailing in the rich world.
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Benefits of SDF
This refers to ‘Standing deposit facility, a policy milestone’ (April.18). It is good to see RBI experimenting with various monetary tools at its command to control inflation and the usage of SDF, which was mooted in 2014 in the Urjit Patel Monetary Policy committee report, is the latest one. In the process the RBI had ensured that it does not go out of government securities to withdraw excess liquidity as part of MSS (Market Stabilisation Scheme) and/or perform OMO (Open Market Operation) to regulate long and short term interest rates based on money supply.
But the twin benefits offered by SDF in terms of the deposits being used as SLR/not reckoned for CRR and the higher rate of return offered by SDF at 3.75 per cent will act as a double whammy for banks. When flush with liquidity, risk averse banks may go for this product to safely deploy excess funds under SDF instead of using them to augment their credit portfolio. To avoid such a situation, it is suggested that an upper limit be fixed by the RBI so that banks do not use it as a source predominantly for profit generation.
Srinivasan Velamur
Chennai
Marriage of convenience
Notwithstanding the AAP having taken to social media to hit out at the BJP, questioning its double standards for criticising Mann over his meeting with Dheshi, an alleged endorser of pro-separatists and anti-India views, it goes without saying that ‘no two wrongs can ever do one right’. Notably, AAP also thought it wise to release the pictures of the former Union Minister Vijay Sampla and BJP ally and Punjab Lok Congress chief Capt Amarinder Singh meeting Dhesi, even as two BJP Ministers Hardeep Singh Puri and Som Prakash had earlier met him too. Reasonably speaking, it all seems to be a ‘marriage of convenience’ only
Kumar Gupt
Panchkula (Haryana)
Bridging the gender gap
It refers to ‘Scale up women co-op banks to bridge the gender gap’ (April 18). If we really want to serve women entrepreneurs in rural areas then there are certain things which we will have to do differently besides bridging the gap in mobile and net penetration for women. These cooperative sahkari banks specialise in understanding the credit needs of women-led enterprises that may not have a big credit appetite.
So larger public sector banks need to develop that skill amongst its relationship managers. And banks will have to change the old mindset that men borrowers will perform better than businesses run by women. The way forward is shift focus from collateral-based lending to cash-flow based lending. If these women do not have land titles in their names, it’s not their fault and hence cannot be penalised for that.
Bal Govind
Noida
Covid cases rising
The mild spike in Covid positive cases in the national capital and a few northern parts of the country in recent weeks, probably driven by the highly transmissible XE variant, is a cause for concern though there is no need to press the panic button. Following a considerable dip in daily Covid positive cases, States across the country have lifted restrictions imposed earlier to curb the spread of contagion.
Moreover, the adherence to Covid health protocols, including the wearing of masks, have now been made voluntary. Given the surge in Covid in countries like China, which clearly suggest the pandemic is far from over, time is not yet fully ripe for us to lower our guard. Unless vaccine inequity, especially among those living in poor nations, is addressed with a seriousness it truly deserves, the mutant ability of coronavirus will hardly be blunted.
M Jeyaram
Sholavandan, TN
Linking rouble to gold
Riding on the hubris of dollar’s eminence the US has been imposing economic sanctions on nations of its choosing. This time, ill-advisedly, it went on a outsized monetary onslaught on Russia over the Ukraine stand off. Put under duress, Putin has dramatically directed Russia’s central bank to buy gold from banks, from March 28 and June 30 at a fixed rate of 5,000 roubles per gram, effectively linking the rouble to gold . As natural gas and commodities get to be paid in roubles in the international trading system, a rouble-gold trade settlement is set in motion. As Russian gold reserves go up, the balance sheet of its central bank gets stronger.
The US has 3.5 times the gold reserves of Russia, but the resultant makeshift and hybrid gold standard trading, even of short and of uncertain tenure, is an unfamiliar tectonic shift to global monetary order. Amidst high inflation, economies would be scared to add needless monetary chaos into the mix. And again, oil and gas are today hot fuels and OPEC may not oblige mitigating the problems of others. Leveraging energy, Putin seems to have laid out a minefield to force the West for a quick Ukraine settlement.
R Narayanan
Navi Mumbai
Poverty estimates
The World Bank report of Indian having halved its extreme poverty population is heartening news. However since the period of the report is up to 2019, the lockdown effect will have not been calculated. It would not be surprising to find that the lockdown has pushed back a significant number of Indians back into extreme poverty.
Anthony Henriques
Mumbai
Monsoon preparation
Apropos ‘Monsoon trailer’ (April 18), the IMD’s forecast of a fourth consecutive normal South-West monsoon for 2022 is cheerful news to both agriculturists and the water managers. The previous three successful normal monsoons have helped the agricultural economy flourish. The recent efforts of the government in making arrangements to export wheat to African and other smaller countries of the EU are evidence of the bountiful harvest and buffer stocks.
However, farmers also suffer every monsoon due to floods, washing away of the standing crops, and water stagnation in the fields. As part of pre-monsoon measures , the water managers across the States need to ensure that proper systems are in place for channelling flood water from agricultural lands to nearby canals and other waterways.
RV Baskaran
Chennai
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The role of the Monetary Policy Committee (MPC) in dealing with inflation gives rise to a few questions: Is the MPC overestimating its power and control over inflation (as measured by the Consumer Price Index)? What impact do the repo rate and reverse repo rate — henceforth the Standing Deposit Facility (SDF) rate — have on containing inflation? If the MPC’s target is to manage a measure (the CPI) which is more driven by supply side factors, the moot issue is whether tinkering with the demand side by raising rates will add to the problem instead of resolving it.
Let us approach the topic from first principles. The MPC has been mandated to keep CPI inflation at a level of 4 per cent, with a variation of +/- 2 per cent, in terms of the RBI Act. In the last para of the relevant Gazette Notification dated August 5, 2016, the terms “due objectives of growth” are also included. So, there is need for the MPC to balance both growth and inflation, as per its mandate.
The MPC has been using both quantitative and pricing (rate-setting) tools in its bid to target inflation and spur growth. It also uses its statements/stance to tether inflation “expectations” . Thus in the immediate aftermath of Covid, the RBI cut interest rates to almost the lowest levels in the last three decades at least and the repo rate (benchmark at which RBI is ready to lend overnight money to banks) even now stands at 4 per cent. Along with this it also offered to infuse money supply through provision of liquidity cumulatively amounting to about ₹17-lakh crore. The RBI says that about ₹11-lakh crore of this was availed or was infused into the system.
Inflation inching up
Of late, however, the inflation rate (CPI) has been inching up. This week it has been reported that inflation for March was close to 7 per cent. This is in line with international trends.
The CPI in India is measured by the Ministry of Statistics and Programme Implementation on a monthly basis. Out of 100, the weightage for food and beverages is 45.86, Clothing and Footwear 6.53, and Housing 10.07. The items clubbed under Miscellaneous constitute 28.32, while fuel and light is 6.84, and Pan/Tobacco/Intoxicants, 2.38.
Ultimately it is the prices/cost rise of the above items which the MPC/RBI has to keep between 2-6 per cent through the use of monetary policy tools. In this list, except for Pan, etc (weightage 2.38) and recreation/amusement (under miscellaneous, weightage of about 5 per cent), the rest are all essential items, with absolutely no elasticity in relation to the availability of money. Just because someone has money on hand, he/she is not going to stack up on rice, vegetables, groceries beyond what is required. So the price rise is not demand-driven (in other words, not driven by loose/cheap money)
On the contrary, it is “supply-side, cost-push” factors which affect the prices of 90 per cent of the items constituting the CPI. If onions are in short supply, the prices go up. The same for pulses. (Remember that the RBI coined the term “protein-inflation” around 2012-13 to explain the inflation induced by high prices of pulses!). And it is universally acknowledged that commodity price spikes and fuel rate hikes have been the reason for the high CPI.
Apart from these intuitive observations, it is further found that the correlation between the repo rate and the CPI is moderate to weak. The actual figure is 0.37, over a period of 10 years (See graph).
There have been periods (2012-14) when the repo rate was consistently below the CPI as also during the recent period (2021-22). Even if we were to think in terms of lag effect, the coefficient is not strong enough to support a repo hike as an antidote to inflation.
Inversely, a high rate regime may indeed aid inflationary pressures by adding to costs, just when we should be trying to reduce them. Just look at how the 10-year yields have spiked by 20/25 basis points within a day of the effective reverse repo (SDF) being hiked by 40 bps.
That one public sector bank has already raised its lending rate is indication of what it can do to the overall cost of money for all borrowers, particularly the MSME segment. The clear worry is that the recent MPC move could potentially raise costs for all borrowers and lead to further price increases.
To rein in inflation and push growth, risk weightages can be used as a tool. Raise the risk weightage (even drastically) to sectors where you don’t want cheap money to flow/lead to price spikes and simultaneously even go to the extent of lowering risk weightages (say for the priority sector) where you want support to be extended.
This course of action will go against asset price rises, without hurting other sectors where growth impulses are needed. While acknowledging that the MPC/RBI’s role is complex and its track record has been exemplary, it may well consider such options in these uncertain times over a non-discriminatory, across-the-board increase of cost of money.
The writer is a top public sector bank executive. The views are personal
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Of the three great smartphones that make up Samsung’s flagship line-up, the regular S22 would be the best choice for many. That’s because there’s nothing very regular about it — it’s a smallish phone in a world of phones that totally dwarf it. Relatively speaking, it is easier to hold and grip, less fatiguing, and feels so much more reasonable. There aren’t very many choices for compact Androids in any case.
The Samsung Galaxy S22 5G looks familiar and yet comes with some design changes. It’s flat with only a slight rounding off to the corners for safety. There’s no curved glass on the front and the look is minimalistic and straight-lined. The back, made in glass and not the offending plastic that would have been unacceptable at this price, is in a matte finish in a variety of colours. Our review unit is a Phantom White and has the sheen of mother of pearl about it.
The camera housing doesn’t flow into the edge this time but aligns with it. One corner of that housing is slightly sharp and that’s something to keep in mind when you carry the Samsung Galaxy S22 5G as it could snag, though the possibilities are not high. The satin-smooth glass back only has the Samsung logo and the cameras, and doesn’t attract fingerprints at all.
Display dazzler
The front of the phone, protected in Gorilla Glass Victus, is a 6.1-inch screen with nice thin symmetrical bezels. It’s framed in armour aluminium. The display is a dazzler, as expected from Samsung, and is a 2K Dynamic AMOLED with 120Hz refresh and support for HDR10+ so even watching a movie on this little screen will be a nice experience. The screen reaches a peak brightness of 1300 nits. There are some differences between the screen of the Samsung Galaxy S22 5G and the other two in the series (such as how low the refresh self-adapts) but nothing that is likely to be noticed by anyone other than those who track these minutia. There’s a good set of speakers frequency-wise, but it does sound like a small phone and isn’t as loud and full as those on bigger phones.
Top processor
Like the other two S22 phones, this works on the Snapdragon 8 Gen 1 chipset. It’s no surprise that the phone is all fast and furious, especially for a new one.
But it gets a little warm if asked to do too many intensive tasks. Gaming, shooting video and heavy updates can make it a little hot under the collar. This is supposedly an issue with the 8 Gen 1 chip and not any of the phones that run on it.
Our device has 8GB RAM and 128GB storage. No memory card slot or headphone jack but it is a dual-SIM; numerous 5G bands are supported. The battery is a 3,700mAh with 25W charging — not a number we’re accustomed to because we get to see phones that are so much bigger. The battery lasts fine for the light to moderate usage for which the Samsung Galaxy S22 5G is possibly more suited, but heavy use will see you having to recharge during the day. It supports wireless and reverse charging, but there’s no charger in the box.
It’s a bit tough to refer to the charging as fast by today’s standards as it takes a good hour and a half to top up. By now, we’re seeing phones that get done in fifteen minutes. The battery is actually smaller than last year’s equivalent, so that’s been a complaint of many reviewers.
The phone is IP68 water resistant.
The software is all the goodness of Samsung’s OneUI in version 4.1 on top of Android 12. It’s an intuitive interface that now stands out as one of the best around. In tandem with the hardware, it actually allows you to do everything on the Samsung Galaxy S22 5G that you can do with the others in the series, barring some camera functions. It even works with the DeX connection to another screen, handles Bixby routines, etc. There’s no compromised experience here though it is on a smaller screen.
Improved camera
The main camera on the Samsung Galaxy S22 5G has moved up from a 12MP to a 50MP with a sensor that’s 23 per cent larger, and includes optical image stabilisation and improved low light performance. The ultra-wide lens is a 12 MP, f/2.2 with 120˚ view and software stabilisation for video. It also has a perfectly good telephoto lens with 3x optical zoom. You can push it up to a software zoom of 30x, but of course there are few situations when you would need to.
The front camera is a 10MP. Video from the main camera can be shot at 8K at 24fps and 4K at 30/60fps, and from the front camera at 4K at 30/60fps. It’s a familiar camera setup and does a really good job. It is, in fact, comparable to the iPhone 13’s camera.
At ₹72,999 for the 128GB variant and ₹76,999 for the 256GB variant, the S22 is the most affordable of the flagship series. Both come with 8GB RAM.
The Samsung Galaxy S22 5G is clearly more suited to someone whose usage is not quite ‘power’ level but it can still do most of what the bigger phones can while satisfying the desire for a more ergonomically friendly device.
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- Please use a genuine email ID and provide your name, to avoid rejection. | https://www.thehindubusinessline.com/specials/technophile/samsung-galaxy-s22-5g-oh-just-one-little-thing/article65331629.ece | 2022-04-18T14:19:55 | en | 0.94351 |
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Apple has introduced a new version of its iMovie with features that make it easier to create edited videos on the iPhone and iPad.
The Storyboards feature is aimed at aspiring content creators and moviemakers so they learn to edit and improve their video storytelling skills with pre-made templates for popular types of videos shared on social. The feature brings flexible shot lists and step-by-step guidance on which clips to capture for each video type. For those who want to create a video even faster, Magic Movie instantly creates a polished video from the clips and photos a user selects, automatically adding transitions, effects and music to the edit. Both new features include a range of styles to help personalise the final look and feel of a video, including titles, filters, transitions, colour palettes, and music, all designed to work together.
If you have an Apple device, download the app and give it a whirl.
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BOSTON -- A video game console briefly disrupted holiday weekend travel at Boston's Logan international Airport.
On Sunday afternoon, Transportation Security Administration agents screened a checked bag with a potentially suspicious item inside.
As a precaution, some passengers were evacuated from the terminal.
RELATED: Airlines are slashing flights due to staffing shortage: 'The summer will be chaos'
However, after the Massachusetts State Police bomb squad took a closer look, they realized it was a PlayStation video game console that looked a little battered with age.
After that confirmation, things went back to normal at the terminal.
The much-reduced airline industry has been struggling to cope with renewed demand as COVID cases ease across the country and the globe.
Countries on both sides of the Atlantic are seeing a slew of canceled flights due to lack of crew, long lines at airports thanks to understaffing, CNN has reported.
Boston airport evacuation order issued over potentially suspicious item
Boston, Massachusetts TSA determined it was battered PlayStation
EVACUATION | https://6abc.com/boston-logan-airport-evacuated-evacuation-news-massachusetts/11763962/ | 2022-04-18T14:21:20 | en | 0.958038 |
- ApeCoin price is struggling to make a comeback after nearly 10% pullback over the past week.
- Despite the accumulation by whales and recent partnerships of Bored Ape Yacht Club NFTs, there is no positive impact on ApeCoin price.
- Analysts have identified a bearish pattern in the ApeCoin price chart and predicted a drop below $10.
ApeCoin price has failed to recover its losses over the past two weeks. Analysts have a bearish outlook on ApeCoin and predict a further drop in the metaverse token.
ApeCoin presents bearish outlook
ApeCoin, the metaverse token distributed to owners of Bored Ape Yacht Club NFTs, is struggling to recover from its downtrend. ApeCoin price has failed to hit its listing price of $20 and hit its highest value of $17.17 nearly a month ago.
Since then, ApeCoin plummeted 35%. The company behind the development of Bored Ape Yacht Club NFTs, Yuga Labs, recently revealed the club prepared the collection for its movie debut in association with Coinbase.
Previously Bored Ape Yacht Club ventured into vinyls and plastic collectibles. The partnerships and the updates in the NFT collection have failed to influence ApeCoin price positively.
ApeCoin was scooped up by Ethereum whales, diversifying their portfolio. Despite accumulation by large wallet investors, ApeCoin price continued its downward spiral.
Analysts have evaluated the ApeCoin price trend and revealed a bearish outlook. Ben Atlin, a leading crypto analyst, notes that ApeCoin price closed March at a 14% loss. The metaverse token lacks support below $11.50, and a drop below this level could trigger a significant dump in APE.
The analyst argues that APE holders should get concerned once the price drops below $11.50, as it previously hit a downside target of $9.
A significant drop in ApeCoin price could push it to the $8 level in the worst-case scenario.
FXStreet analysts have identified bearish signals and crumbling selling pressure on ApeCoin. Firm rejection at $14 was a bearish sign, signaling more losses in the metaverse token as it dives lower.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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No, Bitcoin will not surpass $300,000 in 2022
Technical analyst Benjamin Cowen explains how the logarithmic regression bands have been able to predict Bitcoin price action. Based on this technical indicator, BTC price upside potential is limited to $100,000 - $120,000.
Bitcoin: What are the odds for a 2022 bull run
BTC is positioned at a level that is likely to result in a quick run-up to key levels. The on-chain metrics are also suggesting the possibility of a spike in buying pressure that could trigger a full-blown bull run if certain hurdles are overcome. | https://www.fxstreet.com/cryptocurrencies/news/apecoin-price-spells-trouble-despite-growing-interest-202204181309 | 2022-04-18T14:21:34 | en | 0.940011 |
A brief technical and on-chain analysis on a few cryptos. Here, FXStreet’s analysts evaluate where some of the hottest cryptos on the market could go next. Please, subscribe to our YouTube channel, follow us on Twitter @FXScrypto and join our Telegram channel.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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Weekly Altcoin Spotlight: MTL, FTT, ZRX shows massive bullish potential
A brief technical and on-chain analysis on a few cryptos. Here, FXStreet’s analysts evaluate where some of the hottest cryptos on the market could go next.
ApeCoin price spells trouble despite growing interest
ApeCoin price has failed to recover its losses over the past two weeks. Analysts have a bearish outlook on ApeCoin and predict a further drop in the metaverse token.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos perform bullish correction
Bitcoin price has slid below a crucial support level briefly, indicating that history is repeating. The last two times BTC swept this barrier, a massive upswing with gains is what followed. Therefore, this can be considered a buying opportunity.
No, Bitcoin will not surpass $300,000 in 2022
Technical analyst Benjamin Cowen explains how the logarithmic regression bands have been able to predict Bitcoin price action. Based on this technical indicator, BTC price upside potential is limited to $100,000 - $120,000.
Bitcoin: What are the odds for a 2022 bull run
BTC is positioned at a level that is likely to result in a quick run-up to key levels. The on-chain metrics are also suggesting the possibility of a spike in buying pressure that could trigger a full-blown bull run if certain hurdles are overcome. | https://www.fxstreet.com/cryptocurrencies/news/three-oversold-cryptos-that-could-double-your-portfolio-202204181357 | 2022-04-18T14:21:41 | en | 0.932616 |
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A brief technical and on-chain analysis on a few cryptos. Here, FXStreet’s analysts evaluate where some of the hottest cryptos on the market could go next. Please, subscribe to our YouTube channel, follow us on Twitter @FXScrypto and join our Telegram channel.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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ApeCoin price has failed to recover its losses over the past two weeks. Analysts have a bearish outlook on ApeCoin and predict a further drop in the metaverse token.
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Bitcoin price has slid below a crucial support level briefly, indicating that history is repeating. The last two times BTC swept this barrier, a massive upswing with gains is what followed. Therefore, this can be considered a buying opportunity.
No, Bitcoin will not surpass $300,000 in 2022
Technical analyst Benjamin Cowen explains how the logarithmic regression bands have been able to predict Bitcoin price action. Based on this technical indicator, BTC price upside potential is limited to $100,000 - $120,000.
Bitcoin: What are the odds for a 2022 bull run
BTC is positioned at a level that is likely to result in a quick run-up to key levels. The on-chain metrics are also suggesting the possibility of a spike in buying pressure that could trigger a full-blown bull run if certain hurdles are overcome. | https://www.fxstreet.com/cryptocurrencies/news/weekly-altcoin-spotlight-mtl-ftt-zrx-shows-massive-bullish-potential-202204181356 | 2022-04-18T14:21:48 | en | 0.932616 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mlb/st-louis-cardinals/articles/39197971 | 2022-04-18T14:21:54 | en | 0.738227 |
A brief technical and on-chain analysis on a few cryptos. Here, FXStreet’s analysts evaluate where some of the hottest cryptos on the market could go next. Please, subscribe to our YouTube channel, follow us on Twitter @FXScrypto and join our Telegram channel.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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ApeCoin price spells trouble despite growing interest
ApeCoin price has failed to recover its losses over the past two weeks. Analysts have a bearish outlook on ApeCoin and predict a further drop in the metaverse token.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos perform bullish correction
Bitcoin price has slid below a crucial support level briefly, indicating that history is repeating. The last two times BTC swept this barrier, a massive upswing with gains is what followed. Therefore, this can be considered a buying opportunity.
No, Bitcoin will not surpass $300,000 in 2022
Technical analyst Benjamin Cowen explains how the logarithmic regression bands have been able to predict Bitcoin price action. Based on this technical indicator, BTC price upside potential is limited to $100,000 - $120,000.
Bitcoin: What are the odds for a 2022 bull run
BTC is positioned at a level that is likely to result in a quick run-up to key levels. The on-chain metrics are also suggesting the possibility of a spike in buying pressure that could trigger a full-blown bull run if certain hurdles are overcome. | https://www.fxstreet.com/cryptocurrencies/news/weekly-top-gainers-mtl-audio-ogn-and-losers-anc-coti-imx-202204181355 | 2022-04-18T14:21:54 | en | 0.932616 |
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Indian Army Vice Chief Lieutenant General Manoj Pande was appointed as the next Army Chief by the Centre on Monday. As the 29th Army Chief of India, Lt Gen Pande will take over the important post on May 1.
“Government has decided to appoint Lieutenant General Manoj Pande as the next chief of army staff,” news agency ANI quoted Defense officials.
Succeeding General Manoj Mukund Naravane whose 28-month tenure concludes on April 30, Lt Gen Pande is the first officer from the Corps of Engineers to become the Chief of Army Staff.
Before becoming the Vice Army Chief, Lt Gen Pande headed the Eastern Army Command, holding the responsibility of guarding the Line of Actual Control (LAC) in the Sikkim and Arunachal Pradesh. He is an alumnus of the National Defense Academy (NDA) and was commissioned into the Bombay Sappers in December 1982.
The news of the next Army Chief's appointment comes at a time when India is also looking for its new Chief of Defense Staff. The top post has been vacant since the tragic demise of the country's first CDS Gen Bipin Rawat in a helicopter crash last December.
READ | Second Global Covid-19 Summit to be held virtually on May 12
(With inputs from agencies) | https://www.dnaindia.com/india/report-breaking-lieutenant-general-manoj-pande-appointed-as-29th-army-chief-2946985 | 2022-04-18T14:24:00 | en | 0.972293 |
The Delhi Police on Monday said it has registered an FIR against the members of the Vishwa Hindu Parishad and Bajrang Dal for taking out a religious procession without permission in northwest Delhi's Jahangirpuri area where violent clashes broke out on April 16, news agency PTI reported.
The police have also arrested Prem Sharma, a jila sewa pramukh of VHP, in connection with the violence. Deputy Commissioner of Police (Northwest) Usha Rangnani said a case was registered under section 188 (Disobedience to order duly promulgated by public servant) of the Indian Penal Code.
READ | Jahangirpuri violence: Fresh tensions in Delhi after police attacked by family of accused
"The procession was taken out on Saturday evening without any permission and one person named Prem Sharma, Jila Sewa Pramukh, Vishwa Hindu Parishad has been arrested," she said, adding that further investigation is underway.
Earlier on Monday, Delhi Police Commissioner Rakesh Asthana said 23 people from both the communities have been arrested so far in connection with the Jahangirpuri violence, and refuted claims that attempts were made to hoist saffron flags at a mosque during the Hanuman Jayanti procession on Saturday.
During a media briefing, Asthana asserted that those involved in the violent clashes will not be spared irrespective of class, creed or religion.
Police said there was stone-pelting and arson during the clashes between two communities that left eight police personnel and a local injured. Some vehicles were also torched.
READ | Covid 4th wave scare: Mask mandatory in Noida, Lucknow and Ghaziabad | https://www.dnaindia.com/india/report-jahangirpuri-violence-case-against-vhp-and-bajrang-dal-activist-arrested-2946984 | 2022-04-18T14:24:06 | en | 0.972212 |
Vishwa Deenadayalan, a Table Tennis player from Tamil Nadu, died and his three teammates were injured in a road mishap in Meghalaya, police said. The tragic incident occurred on Sunday when Vishwa, 18, and three other Tamil Nadu Tennis players were on their way in a tourist taxi from Guwahati airport to Shillong to take part in the 83rd Senior National Table Tennis Championship.
The taxi in which the four players were travelling, collided with a 12-wheel truck at Ri-Bhoi district injuring them critically while Vishwa died on the way to Nongpoh Civil hospital. The other three injured players were rushed from Nongpoh to North Eastern Indira Gandhi Regional Institute of Health and Medical Sciences (NEIGRIHMS) in Shillong.
Doctors at the NEIGRIHMS said the three injured players are in a stable condition and out of danger. Vishwa's parents and other family members will travel to Shillong for the handover of his mortal remains. The teenagers had won several junior, sub-junior and cadet titles in the country and abroad.
Condoling Vishwa's death, Meghalaya Chief Minister Conrad K. Sangma tweeted: "Saddened to learn that Tamil Nadu paddler, Deenadayalan Vishwa passed away after an accident in Ri Bhoi district while on his way to Shillong to participate in the 83rd Senior National Table Tennis Championship in our state."
The Meghalaya Table Tennis Association is grieved by the sudden death of the young paddler. Meanwhile Tamil Nadu Chief Minister M.K.Stalin, condoling Vishwa`s untimely death when everyone was expecting him to achieve big in the future it is sad that he passed away.
Conveying his grief to Vishwa's parents, Stalin announced a solatium of Rs.10 lakh out of Chief Minister's Relief Fund to the young players' family.
READ | Kerala receives letter from Centre for not reporting Covid-19 data on daily basis
Prime Minister Narendra Modi also condoled the death of the player. He tweeted: The demise of TT champion Vishwa Deenadayalan is shocking and saddening. He was admired by fellow players and had distinguished himself in several competitions. In this tragic hour my thoughts are with his family and friends. Om Shanti.
(With inputs from IANS) | https://www.dnaindia.com/india/report-vishwa-deenadayalan-18-year-old-tamil-nadu-table-tennis-player-dies-in-road-accident-2946986 | 2022-04-18T14:24:12 | en | 0.981224 |
Lieutenant General Manoj Pande is set to be the new Army chief, becoming the first officer from the Corps of Engineers to hold the post. So far, the top job has been occupied by Infantry, Armoured and Artillery officers. According to sources, Lt Gen Pande was the senior most among contenders to take over from Gen Naravane, who is set to retire by this month-end. Lt Gen Pande presently serves as the vice-chief of the Army since February 2022. However, no decision has yet been taken as to who will be the next Chief of Defence Staff (CDS). The post has been lying vacant since General Bipin Rawat died in a chopper crash in December last year.
Lt Gen Pande has been the Eastern Army Commander and a prime proponent of greater integration of technology along the Line of Actual Control (LAC). He is expected to bring with him both operational and logistics experience.
Lt Gen Pande, a National Defence Academy graduate, joined the Corps of Engineers in 1982. During Operation Parakram, he commanded an engineer regiment in Pallanwala sector along the Line of Control in J&K. The 2001-02 Operation Parakram followed the Parliament attack and brought India and Pakistan to the brink of war.
According to sources, Lt Gen Pande has also commanded an infantry brigade along the LoC, a mountain division in Ladakh sector, and a corps in the Northeast during his 39-year illustrious military career. He has served in both conventional and counter-insurgency operations in all types of terrain. Before leading the Eastern Command, he was the commander-in-chief of Andaman and Nicobar Command.
READ | Kerala receives letter from Centre for not reporting Covid-19 data on daily basis
Lt Gen Pande has also served as chief engineer in the United Nations mission in Ethiopia and Eritrea. For his distinguished service, he has been conferred with Param Vishisht Seva Medal, Ati Vishisht Seva Medal and Vishisht Seva Medal. | https://www.dnaindia.com/india/report-war-veteran-tech-advocate-all-you-need-to-know-about-new-army-chief-lt-gen-manoj-pande-2946987 | 2022-04-18T14:24:18 | en | 0.984422 |
Covid Updates: Covid cases in India | COVID-19 Deaths | Shanghai | Hong Kong | Brazil
India recorded a massive jump in its daily Covid counts, raising fears of another spike in infections. Brazil announced, it will "in the coming days" lift public health emergency measures in place for over two years, citing a drop in the number of deaths and infections. | https://www.dnaindia.com/india/video-covid-updates-covid-cases-in-india-covid-19-deaths-shanghai-hong-kong-brazil-2946982 | 2022-04-18T14:24:24 | en | 0.935642 |
Maharashtra Police will formulate guidelines on use of loudspeakers soon: State Home Minister
Maharashtra Home Minister Dilip Walse Patil on April 18 informed that the State DGP along with the Mumbai police commissioner will formulate guidelines on the use of loudspeakers in public places within 2 days. “State DGP along with the Mumbai police commissioner will formulate guidelines on the use of loudspeakers in public places. These guidelines will be issued in the next 1-2 days,” he said. “We have kept an eye on the law and order situation in the state. Strict action will be taken against those who attempt to disturb peace in the state,” he added. | https://www.dnaindia.com/india/video-maharashtra-police-will-formulate-guidelines-on-use-of-loudspeakers-soon-state-home-minister-2946970 | 2022-04-18T14:24:36 | en | 0.945206 |
Why Delhi's auto and taxi drivers are calling 2-Day Strike? Know all about it
In a protest against the surging fuel prices, several autos, taxi, and cab drivers' associations in Delhi have called for a two-day strike starting today. In a protest against the surging fuel prices, several autos, taxi, and cab drivers' associations in Delhi have called for a two-day strike starting from today. | https://www.dnaindia.com/india/video-why-delhi-s-auto-and-taxi-drivers-are-calling-2-day-strike-know-all-about-it-2946978 | 2022-04-18T14:24:49 | en | 0.978049 |
Television actress and YouTuber Chhavi Mittal took to Instagram and penned a long emotional note about the diagnosis of her breast cancer. She also mentioned how she is fighting against cancer, how she came to know about the illness. The actress thanked her fans for the support and the messages she is getting after her post on social media.
She wrote: "I've shed a lot of tears since yesterday. But only tears of joy! I've received thousands of messages and wishes in the last 24 hrs and they keep pouring in... and each one of them has words like, strong, superwoman, inspiration, fighter, gem, and many such beautiful adjectives that they used for me."
Chhavi added: "I also got messages from different faiths where you guys are praying in the Mass, during Namaaz, to Bholenath, Guruji and whoever gives you strength. People reached out with alternate therapies, books to read, groups to join and the most inspiring of all.. Their own breast cancer journeys. I am so overwhelmed to have such a loving and engaged community as supporters. Many of you even cried reading the news! How can I not recover fast!" The 41-year-old actress further mentioned how she was detected with breast cancer and how she came to know about the reality.
"But I also got a lot of queries asking how I discovered it. I truly have a high power looking over me and I feel blessed to have detected it early. I had gone to a doctor for a minor gym injury in the chest and that`s when they found the lump.
Also Read: Chhavi Mittal fights breast cancer with bravery, Arjun Bijlani, Shardul Pandit, others call her 'fighter'
"We investigated it further and further till we did a biopsy which came back positive. To all women, I feel like my gymming will literally save my life but nothing should be left to chance. As a post cancer patient one is supposed to do six monthly PET scans mandatorily.." The actress also advised to go for proper self-examination and always pay attention if any lump is found. "So in order to save your life from breast cancer, please do regular self-examination/ mammograms... and do not neglect a lump if you find one. Early detection is the only key and it`s worth every effort."
She recently also posted: "Things never to say to a cancer patient:What you have nothing,I`ve seen people fight worse.You`re lucky. Some people actually have it bad." "Cancer is a fight for not just the patient but everybody around them. The least you can do is be sensitive. No two cancer journeys are the same, but then..why`s there a need to compare? And lastly, nobody`s `lucky` to have cancer, though you are lucky if you detect it early.
"As I am. Iam also extremely lucky to have real sensitive people in my social media community. You guys give me strength no end with your messages and wishes and experiences!Thank you for that!Keep them coming," she wrote. (With inputs from IANS) | https://www.dnaindia.com/television/report-chhavi-mittal-shares-post-on-diagnosis-of-her-breast-cancer-says-shed-a-lot-of-tears-2946988 | 2022-04-18T14:24:55 | en | 0.978476 |
Delhi Police arrests Sonu, who was seen opening fire during clash in Jahangirpuri on Saturday: Officials.
- Country:
- India
Delhi Police arrests Sonu, who was seen opening fire during clash in Jahangirpuri on Saturday: Officials.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Sonu
Advertisement | https://www.devdiscourse.com/article/Newsalert/2007369-delhi-police-arrests-sonu-who-was-seen-opening-fire-during-clash-in-jahangirpuri-on-saturday-officials | 2022-04-18T14:25:57 | en | 0.97239 |
You need to enable JavaScript to run this app. | https://sportspyder.com/cf/arkansas-razorbacks-football/articles/39198210 | 2022-04-18T14:26:04 | en | 0.738227 |
Lt Gen Manoj Pande to be next Chief of Army Staff: Officials.
- Country:
- India
Lt Gen Manoj Pande to be next Chief of Army Staff: Officials.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Manoj Pande
- Army
Advertisement | https://www.devdiscourse.com/article/Newsalert/2007371-lt-gen-manoj-pande-to-be-next-chief-of-army-staff-officials | 2022-04-18T14:26:05 | en | 0.936961 |
Mindtree Q4 net profit jumps 49% to Rs 473 crore
- Country:
- India
IT company Mindtree on Monday said it has registered a 49.1 per cent jump in its consolidated net profit at Rs 473.1 crore in the fourth quarter ended March 31, 2022 compared to the year-ago period.
The company had recorded net profit of Rs 317.3 croe in the same period of the previous fiscal.
Mindtree's consolidated revenue from operations grew by 37.4 per cent to Rs 2,897.4 crore in during January-March 2022 from Rs 2,109.3 crore in the corresponding quarter of 2020-21.
For the financial year 2021-22, consolidated net profit of Mindtree grew by 48.8 per cent to Rs 1,652.9 crore from Rs 1,110.5 crore at the end of financial year 2020-21.
The consoldiated revenue of Mindtree rose to 10,525.3 crore at the end of 2021-22 from Rs 7,967.8 crore a year ago.
''Our full year revenue growth of 31.1 per cent validates our strategy to capitalise on rising demand by diversifying our services portfolio, mining customers, and broadening industry partnerships. We are proud to have delivered EBITDA margin of 20.9 per cent and PAT margin of 15.7 per cent, our highest in a decade,'' Mindtree chief executive officer and managing director Debashis Chatterjee was quoted as having said in a statement.
He said a full year dividend of Rs 37 per share announced by the company is highest in its history.
''We increasing investment in metaverse technology,'' Chatterjee said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Chatterjee
- Debashis Chatterjee
- Mindtree | https://www.devdiscourse.com/article/business/2007291-mindtree-q4-net-profit-jumps-49-to-rs-473-crore | 2022-04-18T14:26:12 | en | 0.938453 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mcb/syracuse-orangemen-basketball/articles/39197041 | 2022-04-18T14:26:16 | en | 0.738227 |
ED attaches assets worth over Rs 757 Cr of Amway India in money-laundering probe
The Enforcement Directorate ED has attached assets worth over Rs 757 crore of one of the countrys most known multi-level marketing MLM and direct-selling companies, Amway India, as part of a money-laundering investigation.The federal agency issued a statement on Monday, alleging that the company was perpetrating a scam by running a pyramid fraud in the guise of direct-selling MLM network.The entire focus of the company is about propagating how members can become rich by becoming members.
- Country:
- India
The Enforcement Directorate (ED) has attached assets worth over Rs 757 crore of one of the country's most known multi-level marketing (MLM) and direct-selling companies, Amway India, as part of a money-laundering investigation.
The federal agency issued a statement on Monday, alleging that the company was perpetrating a ''scam'' by running a pyramid ''fraud'' in the guise of direct-selling MLM network.
''The entire focus of the company is about propagating how members can become rich by becoming members. There is no focus on the products. ''Products are used to masquerade this MLM pyramid fraud as a direct-selling company,'' the ED alleged.
An Amway spokesperson said they are cooperating with the authorities ''towards a fair legal, and logical conclusion of the outstanding issues''.
The ED issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of assets worth Rs 757.77 crore belonging to Amway India Enterprises Private Limited.
It said the company is accused of ''running a multi-level marketing scam''.
The attached properties include land and factory buildings of Amway located in Dindigul district of Tamil Nadu, plant and machineries, vehicles, bank accounts and fixed deposits.
Of the total attachment value, immovable and movable properties are worth Rs 411.83 crore, while the remaining amount of Rs 345.94 crore is deposited in 36 bank accounts ''belonging'' to Amway, the agency said.
Amway said the ED action was with regard to an investigation dating back to 2011 and since then, the company has been cooperating with the agency and has shared all the information sought by it from time to time.
''Amway has a rich history of maintaining the highest levels of probity, integrity, corporate governance and consumer protection, which are much ahead of time in the interest of the consumers at large,'' the spokesperson said.
Officials involved in the probe said the company had been operating in the country for years and many people were linked to its MLM scheme.
The agency said the company collected a total amount of Rs 27,562 crore from its business operations during 2002-03 to 2021-22 and of this, ''paid'' a commission of Rs 7,588 crore to its distributors and members in India and the United States from 2002-03 to 2020-21.
''A money-laundering investigation by the ED revealed that Amway is running a pyramid fraud in the guise of direct-selling multi-level marketing network.
''Without knowing the real facts, the common gullible public is induced to join as members of the company and purchase products at exorbitant prices and are thus, losing their hard earned money,'' the federal agency said.
The new members, it said, are not buying the products to use those, but to become rich by becoming members as showcased by the upline members.
''The reality is that the commissions received by the upline members contribute enormously in hike of prices of the products,'' it said.
The money-laundering probe found out that Amway brought Rs 21.39 crore as share capital in India during 1996-97 and till the financial year 2020-21, it remitted a ''huge'' amount of Rs 2,859.1 crore in the name of dividend, royalty and other payments to their investors and parent entities.
Companies like Britt Worldwide India Private Limited and Network Twenty One Private Limited also played a ''major role'' in promoting Amway's pyramid scheme by conducting seminars for joining members under the guise of sale of goods by enrolment of members in the chain system, it alleged.
''The promoters are conducting mega conventions and flaunted their lavish lifestyle and used social media to lure gullible investors,'' the ED said.
The company spokesperson said the recent inclusion of direct selling under the Consumer Protection Act (Direct Selling) Rules, 2021 has brought in the much- needed legal and regulatory clarity for the industry, while again confirming Amway India's continuous compliance with the spirit and letter of all laws and regulations in India.
''As the matter is sub-judice, we do not wish to comment further,'' the spokesperson said.
The Centre had, in December 2021, banned direct-selling companies from promoting pyramid and money-circulation schemes as it notified new rules for the direct-selling industry.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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NTPC, Gujarat Gas Limited partner to blend green hydrogen in Piped Natural Gas | https://www.devdiscourse.com/article/business/2007296-ed-attaches-assets-worth-over-rs-757-cr-of-amway-india-in-money-laundering-probe | 2022-04-18T14:26:20 | en | 0.955075 |
You need to enable JavaScript to run this app. | https://sportspyder.com/mcb/syracuse-orangemen-basketball/articles/39197223 | 2022-04-18T14:26:22 | en | 0.738227 |
AIPEF warns of energy crisis in 12 states amid "low coal stock" to feed power plants
The All India Power Engineers Federation (AIPEF) on Monday warned of an energy crisis in 12 states amid ''low coal stock'' to fire thermal power plants.
A coal crisis is being witnessed in 12 states post October 2021, the AIPEF said in a statement.
''AIPEF has drawn the attention of Central and state governments towards the depleting coal inventory of domestic thermal power plants and has warned of an impending energy crisis in 12 states,'' it added.
The power crisis could worsen owing to the low coal stock to fire thermal power units, AIPEF Chairman Shailendra Dubey said in the statement.
In the first half of April 2022, the domestic power demand hit a 38-year high for the month. While there was 1.1 per cent power shortage in October 2021, this shortfall shot up to 1.4 per cent in April 2022, he said.
States like Andhra Pradesh, Maharashtra, Gujarat, Punjab, Jharkhand and Haryana are facing power cuts, Dubey said, adding, ''I urge the government to take immediate steps to replenish the coal inventory in thermal power stations to avert the crisis situation.'' In Uttar Pradesh, power demand has reached 21,000 megawatt while the supply is around 19,000 MW to 20,000 MW, he claimed.
According to the statement, the 2,630-MW Anpara Thermal Power Project, located at Sonebhadra in Uttar Pradesh, is at the pit head of a coal mine. There should be 5.96 lakh tonnes of coal in stock at Anpara, whereas at present it has only 3.28 LT.
Similarly, the Harduaganj project should have 4.97 LT of coal in stock but has only 65,700 tonnes. The Obra plant in the state should have 4.45 LT in stock, while there is about 1 LT of coal stock left with it.
Speaking to PTI over phone, Dubey said, ''This situation has arisen due to the lack of foresight of the management. In October last year, Parichha thermal power station had to be closed due to coal shortage.'' According to Dubey, other states which are facing a coal crisis are Tamil Nadu, Telangana, Madhya Pradesh, Rajasthan and Chhattisgarh.
However, the association did not provide consolidated data of coal stock across various power plants in these 12 states.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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Ensuring connectivity with Central Asian countries remains key priority for India: President Kovind | https://www.devdiscourse.com/article/business/2007297-aipef-warns-of-energy-crisis-in-12-states-amid-low-coal-stock-to-feed-power-plants | 2022-04-18T14:26:27 | en | 0.948809 |
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