BREAKING NEWS
Devyani International IPO
The Rs 1,838 crore IPO by Devyani International started off on Wednesday. On the square is a new issue of offers accumulating Rs 440 crore and a proposal available to be purchased (OFS) of up to 15.53 crore shares being sold in the Rs 86-90 value band. Last heard, the unlisted stock was telling a dim market premium of Rs 63-65.
Since the biggest franchisee of KFC, Pizza Hut and Costa Coffee is a misfortune making firm, experts are esteeming it on measurements like EV/Ebitda and EV/deals, and to a great extent have a buy in rating on the issue. Some of them even recommend buying in for posting gains.
"Devyani's valuation of 9.5 occasions EV/deals on FY21 premise is extensively in-accordance with Westlife and 30-35 percent rebate to Burger King and Jubilant Foodworks. We suggest 'Buy in' as valuation is advocated because of expansion in purchaser inclination for marked QSRs, esteem/one of a kind recommendation (singed chicken for KFC), and further developing benefit with higher spotlight on conveyance model and more modest store designs," said Antique Stock Broking.
The IPO is esteemed at 62.8 occasions FY21 EV/Ebitda. Dependence Securities said it looks sensible contrasted with its recorded QSR friends and Westlife Development (Mcdonald's) and Burger King.
This financier said that the cheap food culture under QSR is required to thrive in India because of an expansion in the average populace and proceeded with urbanization.
"We note that the plan of action of QSR is very noteworthy, as every eatery establishment begins producing critical RoE at café level once it arrives at use level of more than 90%, which looks good for long haul financial backers. Moreover, the prevalent income age capacity of the business offers solace. Thus, we prescribe buying in to the issue," it said
Investigators noticed that the QSR has followed a bunch based extension approach throughout the previous few years. Therefore, 47% of its store check comes from 4 primary bunches in India – Delhi/NCR, Bengaluru, Kolkata and Hyderabad.
In its experts meeting, which was gone to by Nirmal Bang Institutional Equities, the organization said top 10 urban areas represent 54% of the store check. North India has the most noteworthy commitment as far as various stores, since customarily, Pizza Hut stores were available in North India and the brand began extending in West and South in the wake of getting conveyance rights.
South India has the most noteworthy commitment according to the business point of view on the grounds that KFC is profoundly thought there, Nirmal Bang noted while proposing that the organization doesn't have the rights for opening KFC stores in West India (with the exception of Mumbai air terminal).
Devyani has opened 40-50 stores across its brands in the last 2-3 quarters and hopes to support this force. For the following 2-3 years, it needs to follow the little store design for Pizza Hut. The organization has figured out how to open 43 stores in June quarter. It opened 109 stores across center brands in the second 50% of FY21.
The organization's monetary exhibition has been lukewarm. It got affected further in FY21 because of the pandemic. Up until this point, the organization has recorded misfortunes in the last three monetary years.
"In any case, the organization means to further develop its unit execution which would help better edges. Thinking about the current market feelings, financial backers might buy in for posting gains," Religare Securities said.
Glenmark IPO Allotment Date: 6 August
Glenmark Life Sciences is probably going to finish the IPO share assignment on Tuesday, 3 August 2021. The Rs 1,513.6-crore public issue was bought in 44.17 occasions, and was sold at a value band of Rs 695-720 for every offer. In the essential market on Monday, Glenmark Life Sciences shares were citing along with some built-in costs of Rs 100.
The offers were seen exchanging at Rs 820 each, a 14 percent premium over IPO value, as indicated by individuals who bargain in portions of unlisted organizations. Value shares are probably going to make their securities exchange debut on Friday, 6 August 2021. Upon effective finishing of the IPO, Glenmark Life Science could join friends like Divis Laboratories, Laurus Labs, Shilpa Medicare, and Solara Active Pharma Sciences.
The commencement of discounts or unblocking of assets from ASBA records will occur on 4 August 2021. While the value offers will be credited to vault accounts on 5 August 2021. The IPO financial backers can check the IPO designation status through BSE and the enlistment center's sites. The recorder of the issue is KFin Technologies, a SEBI-enlisted substance, answerable for the IPO assignment and discount preparing.
Step by step instructions to check Glenmark Life Sciences share assignment status by means of KFin Tech site
Financial backers can check the distribution status on KFin Technologies site under the 'Initial public offering Status' part (https://ris.kfintech.com/ipostatus/) when it gets proclaimed. From that point forward, select the IPO and enter either your application number or DPID/Client ID or PAN.
On account of the application number box, select application type and enter the application number. On the off chance that the DPID/Client ID box is picked, select the safe starting from the drop menu, enter DPIP, Client ID. In the event that the PAN alternative box was picked, enter the perpetual record number. In the last advance, enter the given manual human test and snap submit. This will show the quantity of offers that have been applied and distributed to the financial backer.
Check Glenmark Life Sciences share distribution status by means of BSE site
Another approach to check the distribution status in Glenmark Life Sciences is through the BSE site (https://www.bseindia.com/financial backers/appli_check.aspx). Select the issue type as 'value', and the issue name as 'Glenmark Life Sciences Ltd' starting from the drop list, when it gets proclaimed. After that enter the application number and PAN (perpetual record number). In the keep going advance, click on the inquiry tab to see the status subtleties.
5 Changes On 1 August By Reserve Bank Of India (RBI) On Salary, EMI Payment, etc.
The progressions coming into power from Sunday are an aftereffect of changes in rules presented by the Reserve Bank of India (RBI) and standard updates presented by banks.
The period of August will carry a few changes to banking rules, which will affect the everyday tasks performed by account holders. While those paying the likened regularly scheduled payments (EMIs) and getting compensations will profit, these progressions could squeeze account holders who use ATM cards often.
The progressions coming into power from Sunday are an aftereffect of changes in rules presented by the Reserve Bank of India (RBI) and customary updates presented by banks.
Here is a glance at a portion of these progressions that will produce results from August 1:
NACH to be accessible on the entire days:
The National Automated Clearing House (NACH) is a mass installment framework utilized by banks to move compensations and annuities, profits and premium and so forth It is works with installments relating to power, gas, phone, water, occasional portions towards advances, interests in common assets and protection premium. The NACH has been created by the National Payments Corporation of India (NPCI) and is accessible just on bank working days. In June, the RBI declared that the mass installment framework will be accessible on the entire days beginning August 1. This, RBI Governor Shaktikanta Das, is being done to use the 24x7 accessibility of ongoing gross settlement (RTGS). NACH is additionally utilized as a method of direct advantage move (DBT) to an enormous number of recipients.
Exchange charges to be expanded:
This was again declared by the RBI in June. What the climb implies is that performing monetary just as non-monetary exchanges at Automated Teller Machines (ATMs) will get exorbitant. The RBI has permitted banks to expand the trade charges from ₹15 to ₹17. For non-monetary exchanges, this charges will be expanded from ₹5 to ₹6. ATM trade is the charge paid by the bank that gives the card to the bank where it is utilized to pull out cash. The charges has been expanded following nine years given the expanding cost of ATM organization and costs towards ATM support brought about by banks, the RBI said. The last change in trade expense structure for ATM exchanges was in August 2012, while the charges payable by clients were last amended in August 2014, it added.
India Post's updated charges to become effective:
Those who hold a record with the India Post Payments Bank (IPPB), should pay more to utilize the doorstep administrations. The bank as of now has no charge for these administrations, yet from August 1, it will begin charging ₹20 (in addition to GST) for each such solicitation. In any case, there will not be any breaking point on the quantity of exchanges when an IPPB staff visits a client's home for doorstep administration, as indicated by India Post. In any case, it has explained that the 'no charge' statement will be pertinent just on serving different solicitations of a solitary client. In case there is more individuals who need to utilize IPPB's doorstep administration, it will be considered as isolated DSB conveyance and will be chargeable.
ICICI banks to reexamine charges:
India's driving private bank ICICI has said that it will overhaul cutoff points of money exchanges, ATM trade and check book charges for its homegrown investment account holders. These progressions will be compelling from August 1, as indicated by ICICI Bank's site. The modification of charges will be appropriate for all the money exchanges - store just as withdrawal. According to the bank's site, the clients who have customary investment account with the bank, are permitted four free exchanges. Those over as far as possible would welcome a charge of ₹150 per exchange, as indicated by ICICI.
Changes in cost of LPG chambers:
The cost of Liquefied petrol gas (LPG) chamber is explored on the main day of consistently. What's more, the activity is booked to occur on August 1. The costs are chosen dependent on the overall cost of raw petroleum in the global market.
Vijay Mallya Declared Bankrupt By London High Court
In a major win for Indian banks and a significant misfortune for alcohol noble Vijay Mallya, the London High Court on Monday (July 26) proclaimed the outlaw Indian money manager bankrupt. The present decision will help the consortium of Indian banks drove by the State Bank of India (SBI) to recuperate obligation from advances given to Vijay Mallya's currently old Kingfisher Airlines by holding onto his India resources.
Mallya had supposedly had a go at engaging against the High Court decision yet was rejected consent to do likewise. Recently in May, a UK Court had maintained an application by a loan specialist consortium drove by the SBI to revise their chapter 11 request for deferring their security over Mallya's resources in India.
Boss Insolvencies and Companies Court (ICC) Judge Michael Briggs had given over his judgment for the banks to proclaim that there is no open arrangement that forestalls a waiver of safety rights, as contended by Mallya's legal advisors.
"As at 15.42 [UK time], I mediate Dr Mallya bankrupt," Judge Michael Briggs said in his decision during a virtual knowing about the Chancery Division of the High Court in the UK. Note that the Indian banks, addressed by the law office TLT LLP and counselor Marcia Shekerdemian, had contended for the chapter 11 request to be allowed for the Indian banks.
In the mean time, the 65-year-old money manager stays on bail in the UK while a "private" legitimate matter, accepted to be identified with a haven application, is settled regarding Mallya's removal procedures.
The slipping away money manager's attorney, Philip Marshall, looked for a stay just as an intermission of the request while legitimate difficulties stay continuous in the Indian courts. In any case, the solicitations were turned somewhere around the appointed authority who inferred that there was "deficient proof" that the obligation will be repaid to the applicants in full inside a sensible timeframe.
Mallya likewise set forward an application looking for consent to claim against the chapter 11 request, which Judge Briggs declined as there was no "genuine possibility of progress" of an allure.
For the unenlightened, the solicitors were comprised of SBI-drove consortium of 13 Indian banks, including Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd just as an extra lender, had been seeking after a liquidation request in the UK comparable to a judgment obligation which remains at more than 1 billion British Pound.
Mallya's legitimate group battled that the obligation stays questioned and that the continuous procedures in India hindered a chapter 11 request being made in the UK.
It is significant that the obligation being referred to includes head and premium, in addition to accumulate revenue at a pace of 11.5 percent per annum from 25 June 2013. Mallya has made applications in India to challenge the accumulating funds charge.
Amazon Prime Day 2021 For All Users
Amazon Prime Day 2021 Sale: Ecommerce site Amazon has begun its 'Amazon Prime Day 2021 Sale' from today. Which was being deferred for quite a while because of Kovid. This deal will begin from today for example July 26 and will run till July 27. In the mean time, clients can exploit numerous extraordinary offers and limits on everything from cell phones to TVs and home apparatuses.
On the off chance that you are wanting to purchase another cell phone, this is an awesome open door. Since limits can be profited on pretty much every brand of cell phone in Amazon Prime Day 2021 Sale. Tell us about the cell phones accessible with incredible arrangements under this deal.
Upto 60% Discount On Men's Clothes (See Now)
Amazon Prime Day 2021 deal - Best proposals on cell phones
iPhone 11 (Rs. 47,999)
Apple iPhone 11 is down to Rs. 47,999 (MRP Rs. 54,900) during Amazon's Prime Day 2021 deal in India this week. This is probably the most minimal cost we've seen on the iPhone 11 this year. Amazon's packaged trade offer can additionally improve upon the arrangement by up to Rs. 13,400. You can likewise choose a no-cost EMI installment alternative, accessible with significant Visa suppliers.
Purchase now at: Rs. 47,999 (MRP Rs. 54,900)
iPhone 12 (Rs. 67,999)
Amazon Prime Day deal is coordinating with Flipkart's proposal on iPhone 12, presently selling at Rs. 67,999 (MRP Rs. 79,900). The solitary catch is that you may need to stand by since certain models will just show up in stock somewhat later. In any case, assuming you need to secure a decent value now, this is a quite sweet offer. Amazon is presenting to Rs. 13,400 as an extra moment rebate in the event that you trade your old cell phone with your buy.
Purchase now at: Rs. 67,999 (MRP Rs. 79,900)
OnePlus 9 5G (Rs. 45,999)
Amazon Prime Day deal isn't offering an immediate markdown on the OnePlus 9 5G, however you can essentially tap on a straightforward checkbox-put together coupon with respect to the page, and get a rebate of Rs. 4,000 at checkout. You can likewise trade your current cell phone and get another moment markdown worth up to Rs. 13,400. HDFC Bank cardholders can benefit of an extra 10 percent moment rebate.
Purchase now at: Rs. 45,999 (powerful after coupon)
Samsung Galaxy Note 20 (Rs. 54,999)
Samsung's Galaxy Note 20 (8GB, 256GB) is at present selling at a limited cost of Rs. 54,999 (MRP Rs. 86,000) on Amazon during the Prime Day 2021 deal this week. Amazon is likewise offering a no-cost EMI installment choice and a trade offer covered at Rs. 13,400 with the Galaxy Note 20. The cell phone is fueled by Samsung's Exynos 990 SoC, and accompanies a 64-megapixel triple back camera arrangement.
Purchase now at: Rs. 54,999 (MRP Rs. 86,000)
Nokia G20 (Rs. 11,990)
The as of late dispatched Nokia G20 can be bought at a successful cost of Rs. 11,990 during Amazon's Prime Day 2021 deal this week. Amazon is offering a coupon worth Rs. 1,000 that will be applied consequently at checkout once you tap on the coupon checkbox while adding the telephone to your shopping basket. Nokia G20 accompanies a huge 6.5-inch show, and a 48-megapixel quad back camera arrangement.
Purchase now at: Rs. 11,990
Amazon Prime Day 2021 deal - Best proposals on Amazon gadgets
Fire TV Stick (Rs. 2,399)
Amazon's Prime Day 2021 deal occasion is generally the ideal opportunity to snatch Amazon gadgets at limited costs. The organization's made-in-India Fire TV Stick (third era, 2021) is presently down to Rs. 2,399 (MRP Rs. 4,999). You likewise get extra limits on OTT memberships worth up to Rs. 2,000. Fire TV Stick allows you to change over your current TV into a shrewd one, by just connecting it to a HDMI port of your TV. You can stream content from practically all significant web-based features.
Purchase now at: Rs. 2,399 (MRP Rs. 4,999)
Arouse digital book perusers (Starting at Rs. 6,299)
In the event that you love understanding books, you must purchase a Kindle for yourself. Amazon Prime Day 2021 deal offers incorporate the greater part of the major Kindle models also. The tenth era Kindle with a 6-inch show and inherent light is at present down to Rs. 6,299 while the tenth era Kindle Paperwhite model can be yours for as low as RS. 10,299. Paying with a HDFC Bank card will bring you another 10% moment markdown.
Purchase now at: Rs. 6,299 (MRP Rs. 7,999) and Rs. 10,299(MRP Rs. 12,999)
Reverberation Dot and Wipro 9W savvy bulb (Rs. 2,299)
On the off chance that you pursued Prime just to shop today, you might need to attempt Amazon's Alexa brilliant associate to investigate setting up a savvy home climate. The Echo Dot is likely the best method to try things out. Amazon Prime Day 2021 deal incorporates a mix of Echo Dot (third era) and the Wipro 9W savvy LED bulb at just Rs. 2,299.
Purchase now at: Rs. 2,299 (MRP Rs. 6,598)
Amazon Prime Day 2021 deal - Best proposals on hardware
Apple Watch SE (Rs. 24,900)
Apple Watch SE is down to Rs. 24,900 (MRP Rs. 29,900) during Amazon's Prime Day 2021 deal occasion in India. This is the least cost we've seen on Watch SE since it dispatched in India. HDFC Bank cardholders can profit of an extra 10 percent moment rebate on their buy, further cutting down the compelling cost. Apple Watch SE was dispatched close by Apple Watch Series 6, and is fueled by Apple's S5 processor.
Purchase now at: Rs. 24,900 (MRP Rs. 29,900)
Sony WH-1000XM3 remote earphones (Rs. 17,990)
Sony's well known WH-1000XM3 remote earphones are down to Rs. 17,990 (MRP Rs. 29,990) during Amazon's Prime Day deal in India this week. This is the least cost we've seen on these famous remote earphones. Sony WH-1000XM3 highlights dynamic commotion crossing out and Amazon Alexa combination. In case you're searching for a couple of remote earphones with ANC under Rs. 20,000, you positively can't turn out badly with these.
Purchase now at: Rs. 17,990 (MRP Rs. 29,990)
Sony Bravia 55-inch 4K keen TV (Rs. 66,990)
Sony Bravia 55-inch 4K keen TV (2020 model) is down to Rs. 66,990 (MRP Rs. 94,900) on Amazon during the Prime Day deal today. Amazon is offering a packaged trade offer that is covered at Rs. 11,000. You additionally get a level Rs. 500 rebate coupon by tapping on the coupon checkbox. HDFC Bank cardholders can benefit of an extra 10 percent moment markdown.
Purchase now at: Rs. 66,990 (MRP Rs. 94,900)
HP Pavilion 15-inch gaming PC (Rs. 66,490)
HP Pavilion Gaming 15.6-inch PC is down to Rs. 66,490 (MRP Rs. 77,549) during the Amazon Prime Day 2021 deal this week. The PC accompanies a packaged trade offer that can remove another Rs. 18,150 (greatest) from the recorded cost. The PC is fueled by AMD Ryzen 5-4600H, upheld by 8GB of RAM. It accompanies a 1TB hard drive and a 256GB SSD, and forces Windows 10 to leave the container.
Purchase now at: Rs. 66,490 (MRP Rs. 77,549)
3 Ways That Make You Rich In Life
1. Focus on limited focus
A month of all-in center work with limited focus around only one undertaking is definitely more useful than a half year of diverted work. Along these lines, dispose of all interruptions imaginable — and bet everything on the thing you're making.
This force of spotlight and betting everything on one thing has been instructed by numerous individuals with respect to the greats, like Gary Keller, writer of a book of precisely that title. In his book, Keller takes note of that "The more things you do, the less effective you are at any of them." This is the reason driving home your emphasis on your business, range of abilities or industry explicitly — and being unfaltering in this center — is the thing that can push you to progress on a quicker course of events.
This guidance likewise helps in setting. In all actuality, numerous business visionaries are occupied: They have various endeavors, flourishing public activities, itinerary items and that's just the beginning. The entirety of this is fine, and balance between serious and fun activities is consistently important. Yet, consider betting everything on your business (while keeping an eye on your wellbeing and equilibrium as well). This degree of unimaginable exclusive focus can give seven days of work the viability of a month of work.
2. Move your look away from the past and onto what's to come
We frequently have an unmistakable perspective on our prospects from where we're standing at this point. As such, regardless of whether we're running after a fantasy, it very well may be not difficult to gauge how the grouping of situation will develop to get us there. The significant thing to recollect about this is that this assessment depends on the past. This is the place where numerous business visionaries stall out: They just see what's happened so far in their lives, and it tends to be difficult to envision that things can pivot radically so rapidly. That is, obviously, except if you change something drastically and steer toward another path.
All in all, we frequently accept that we are helpless before what befalls us in our lives. However, it's our reactions to these conditions that push us forward. The more you can inch away from quite a while ago and think as far as the future, the quicker you'll maneuver your future into the present.
3. Utilize the present viral assets
On the essential front, consider that the present online media scene makes an altogether new ball game for business achievement. Indeed, even only a few of years prior, endeavoring to advertise another item on any semblance of 2018 Instagram or Facebook promotions end up being a sluggish form. Be that as it may, with the ascent of stages like TikTok and Instagram Reels, natural virality has never been simpler. Saying this doesn't imply that it's simple, yet it's client produced. In fact, there's nothing preventing you from posting a piece of content today about your business and having that video yield a large number of natural perspectives inside the week.
On the off chance that you characterize accomplishment as far as openness, number of clients or your deals, consolidate a social procedure in your exclusive focus. Evaluate viral patterns, make short and quippy content, and make sure to esteem amount over quality. The recordings that turn into a web sensation these days don't generally have that additional component of HD video quality or long periods of creation time. Natural virality occurs for really natural substance.
It's likewise useful to recall that short-term achievement is a genuine fantasy. Yet, everything is the thing that you accept. In case you're expecting to make fast progress, center around only a certain something, keep your eyes on the future as opposed to the past and saddle online media assets that can assist your openness and deals. Step by step, these textures will yield incredible achievement. It doesn't need to require years.
Zomato IPO Share Allotment 2021
Zomato IPO Allotment Date is today. The online food conveyance stage is probably going to reveal the first sale of stock offer distribution on Thursday, for example July 22. This comes after Zomato completed its IPO membership measure last week. Financial backers are anxious to know the Zomato IPO Allotment status.
Zomato IPO Allotment Date,Zomato IPO Listing Date
• Here are key dates relating to Zomato IPO.
• Zomato IPO allocation date is on July 22, 2021.
• Zomato IPO commencement of discounts is on July 23.
• The credit of offers to demat record will be settled on July 26.
• Zomato IPO posting date is probably going to be on July 27, 2021. The offers Zomato will be recorded on BSE and NSE.
Zomato IPO Details
• The size of Zomato's first sale of stock was Rs 9,375 crore. Out of the all out new issue of offers worth Rs 9,000 crore. Zomato IPO has a proposal available to be purchased of Rs 375 crore.
• Zomato IPO was bought in 51.79 occasions in qualified institutional purchasers (QIB) classification, 32.96 occasions in non-institutional financial backers (NII), 7.45 occasions in RII fragment, and 0.62 occasions in representative portion. Generally speaking, Zomato IPO was bought in 38.25 occasions.
• Zomato IPO had a market part of 195 offers and least request amount of 195 offers. It had an IPO cost of Rs 72 to Rs 76 for each value share.
How to check Zomato IPO share allocation status?
• Open the authority site of BSE India - bseindia.com
• Click on 'Status of Issue Application' connect accessible on the landing page of the site
• Select 'Value' in Issue Type
• Select 'Zomato' in Issue Name
• Enter your Application number and PAN.
• After entering every one of the fields, click on the Search catch to see the situation with your IPO.
Best Mobile Phone Under 20,000 (2021)
Realme 8 Pro
Realme 8 Pro accompanies some eye-popping highlights at its cost. The feature highlight here must be the telephone's 108MP essential sensor. While the megapixel tally may not really mean further developed camera quality in all cases, the optics on proposal here are amazingly noteworthy. In case you're not into clicking pictures, this telephone additionally offers a lively Super AMOLED show, quick charging support, and a solid processor that can handle most assignments effortlessly. At the end of the day, Realme 8 Pro is extraordinary incentive for cash.
Execution
Octa center (2.3 GHz, Dual Core + 1.8 GHz, Hexa Core)
Snapdragon 720G
6 GB RAM
Show Screen
6.4 inches (16.26 cm)
camera
108 + 8 + 2 + 2 MP Quad Primary Cameras
Driven Flash
16 MP Front Camera
Battery
4500 mAh
Super Dart Charging
USB Type-C Port
For More Details Click Here
Realme Narzo 20 Pro
Narzo 20 Pro is the most recent passage in the rundown and can be portrayed as quite possibly the most balanced telephones accessible in this value section also. As high invigorate rate shows have gotten more engaging in this value section in the course of the most recent one year, Narzo 20 Pro accompanies a 90Hz showcase. The handset offers competent cameras at both the front and the back. You get an incredible processor at the center, which guarantees you will not need to confront execution issues while gaming. At long last, the Super Dart charging makes it simple to charge cell phones to full limit in a matter of seconds.
Execution
Octa center (2.05 GHz, Dual Core + 2 GHz, Hexa Core)
MediaTek Helio G95
6 GB RAM
Display
6.5 inches (16.51 cm)
405 PPI, IPS LCD
90 Hz Refresh Rate
Camera
48 + 8 + 2 + 2 MP Quad Primary Cameras
Driven Flash
16 MP Front Camera
Battery
Super Dart Charging
USB Type-C Port
For More Details Click Here
Realme 7 128GB
Performance
Octa center (2.05 GHz, Dual Core + 2 GHz, Hexa Core)
MediaTek Helio G95
8 GB RAM
Display
6.5 inches (16.51 cm)
405 PPI, IPS LCD
Camera
64 + 8 + 2 + 2 MP Quad Primary Cameras
Driven Flash
16 MP Front Camera
Battery
5000 mAh
Super Dart Charging
For More Details Click Here
Xiaomi Redmi Note 9 Pro
Redmi Note 9 Pro fills in the shoes as the brand's mid-range leader telephone and it legitimizes the title incredibly well. Albeit the handset shares a great deal for all intents and purpose with the normal Pro model, you get a 64MP essential camera and a 32MP selfie camera on this variation. The telephone makes no trade offs with regards to processor, show, camera execution, and even battery reinforcement. In spite of the fact that you don't get a high revive rate that you can get in somewhat more costly telephones, the Note 9 Pro Max is an all-rounder that takes care of business.
Performance
Octa center (2.3 GHz, Dual Core + 1.8 GHz, Hexa Core)
Snapdragon 720G
6 GB RAM
Display
6.67 inches (16.94 cm)
395 PPI, IPS LCD
60 Hz Refresh Rate
Camera
64 + 8 + 5 + 2 MP Quad Primary Cameras
Driven Flash
32 MP Front Camera
Battery
5020 mAh
Quick Charging
USB Type-C Port
For More Details Click Here
Samsung Galaxy M31
Samsung Galaxy M31 proceeds with the tradition of Galaxy M30s as the handset ticks the appropriate highlights for a normal customer. You get an enormous battery limit, a delightful AMOLED show, and a superior plan. You get competent back cameras that don't simply give you incredible subtleties in pictures yet additionally let you develop as the sensors are of various sorts. Samsung Galaxy M31 is without a doubt perhaps the best telephone you can pick under Rs 15,000 right now in India.
Performance
Octa center (2.3 GHz, Quad Core + 1.7 GHz, Quad center)
Samsung Exynos 9 Octa
6 GB RAM
Display
6.4 inches (16.26 cm)
403 PPI, Super AMOLED
Camera
64 + 8 + 5 + 5 MP Quad Primary Cameras
Driven Flash
32 MP Front Camera
Battery
6000 mAh
Quick Charging
USB Type-C Port
For More Details Click Here
Samsung Galaxy M40
In spite of the fact that Samsung Galaxy M40 doesn't pack a Super AMOLED board like the majority of the brand's different contributions, the handset accompanies some novel highlights of its own. The Galaxy M40 ships with Screen Sound cast innovation, which basically changes over the whole presentation of the telephone into a speaker. The handset offers an all-show front, on account of poke hole camera plan. As far as optics, you get a solid entertainer in the structure the Galaxy M40. In the event that these things don't persuade you, the new cell phone from Samsung looks incredible also.
Performance
Octa center (2 GHz, Dual Core + 1.7 GHz, Hexa Core)
Snapdragon 675
6 GB RAM
Display
6.3 inches (16 cm)
409 PPI, PLS TFT LCD
Camera
32 MP + 8 MP + 5 MP Triple Primary Cameras
Driven Flash
16 MP Front Camera
Battery
3500 mAh
Quick Charging
USB Type-C Port
For More Details Click Here
Vivo S1 Pro
The Vivo S1 Pro is a mid-range telephone that you can unquestionably parade in style. The handset has a flawless plan with a jewel molded quad camera arrangement at the back. The sash has waterdrop indent show that punchy and energetic shadings with more profound blacks and great unique reach. You'll likewise be dazzled by Vivo S1 Pro battery, which can last as long as a day and a half on ordinary utilization. Different features of the telephone incorporate 8 GB + 128GB locally available.
Performance
Octa center (2 GHz, Quad Core + 1.8 GHz, Quad center)
Snapdragon 665
8 GB RAM
Display
6.38 inches (16.21 cm)
404 PPI, Super AMOLED
Camera
48 + 8 + 2 + 2 MP Quad Primary Cameras
Driven Flash
32 MP Front Camera
Battery
4500 mAh
Quick Charging
USB Type-C Port
For More Details Click Here
Best Mobile Phones Under 20,000 (2021) List
Realme 8 Pro
Xiaomi Poco F1
Samsung Galaxy M31s
Xiaomi Poco X2
Samsung Galaxy M31 Prime
Realme Narzo 20 Pro
Motorola One Fusion Plus
Realme 7 128GB
Xiaomi Redmi Note 9 Pro Max
Redmi Note 1
What Is Pegasus Software?
The instance of the affirmed hacking of telephones of more than 300 VIPs in India with the Pegasus programming of Israeli organization NSO has now gotten on. of parliament this surveillance embarrassment has become visible simply a day prior to the beginning of the storm season.
It is being guaranteed that those whose telephones were tapped incorporate previous Congress President Rahul Gandhi, Union Ministers Ashwini Vaishnav and Prahlad Singh Patel, previous Election Commissioner Ashok Lavasa, and a few columnists including political decision specialist Prashant Kishor.
Be that as it may, the
public authority has fervently denied these claims and brought up issues aboutthe circumstance of the arrival of the report. Allow us to listen for a minute
occurred for this situation up until now and why this product is viewed as the
most perilous spyware on the planet.
Where did the report come from?
A worldwide media consortium examination dependent on spilled information has discovered additional proof that military-grade malware from Israel-based organization 'NSO Group' was utilized to keep an eye on columnists, common freedoms activists and political nonconformists. He is going. Columnists recognized in excess of 1,000 such people in 50 nations from a rundown of in excess of 50,000 cellphone numbers gained by the Paris-based non-benefit association of news coverage and common freedoms bunch Amnesty International and imparted to 16 news associations.
which were purportedly chosen by NSO clients for conceivable reconnaissance. As indicated by The Washington Post, an individual from the worldwide media affiliation, those chose for potential reconnaissance included 189 writers, in excess of 600 lawmakers and government authorities, something like 65 business leaders, 85basic freedoms activists and a few heads of state. These writers work for associations like The Associated Press (AP), Reuters, CNN, The Wall Street Journal, Le Monde and The Financial Times.
There are claims of NSO Group spyware being utilized for designated reconnaissance basically in the Middle East and Mexico. Saudi Arabia is supposed to be one of the customers of NSO.
Likewise on the rundown are telephones from a few nations including France, Hungary, India, Azerbaijan, Kazakhstan and Pakistan. Mexico has the most telephone numbers on this rundown. It has 15,000 numbers from Mexico. Work for associations like The Financial Times. There are claims of NSO Group spyware being utilized for designated observation fundamentally in the Middle East and Mexico.
Saudi Arabia is supposed to be one of the customers of NSO. Likewise on the rundown are telephones from a few nations including France, Hungary, India, Azerbaijan, Kazakhstan and Pakistan. Mexico has the most telephone numbers on this rundown. It has 15,000 numbers from Mexico. Work for associations like The Financial Times.
There are charges of NSO Group spyware being utilized for
designated reconnaissance fundamentally in the Middle East and Mexico. Saudi
Arabia is supposed to be one of the customers of NSO. Additionally on the
rundown are telephones from a few nations including France, Hungary, India,
Azerbaijan, Kazakhstan and Pakistan. Mexico has the most telephone numbers on
this rundown. It has 15,000 numbers from Mexico.
Whose telephone got hacked in India?
Whose telephone numbers were recorded for hacking through Israeli spyware. A global media affiliation gave this data on Monday. 11 telephone numbers connected to the Supreme Court representative and her family members, who denounced Trinamool Congress (TMC) MP Abhishek Banerjee andprevious Chief Justice of India Ranjan Gogoi of inappropriate behavior in April 2019, the nephew of West Bengal Chief Minister Mamata Banerjee, have been hacked. were on track. Other than Gandhi and Union pastors Vaishnav and Prahlad Singh Patel, those whose telephone numbers were recorded incorporate Jagdeep Chhokar, originator of political race guard dog Association for Democratic Reforms (ADR) and top virologist Gagandeep Kang.
As indicated by the report, the name of Sanjay Kachru and individual secretary of Vasundhara Raje Scindia was remembered for the rundown as the Chief Minister of Rajasthan. Who was the Officer on Special Duty (OSD) of Smriti Irani during her initial term as Union Minister from 2014 to 2019.
The rundown likewise included telephone quantities
of other junior pioneers related with the Bharatiya Janata Party and Vishwa
Hindu Parishad pioneer Pravin Togadia
The premise of the examination depends on roughly 50,000 names and numbers got by Amnesty International and Forbidden Stories. Absolution International directed a criminological assessment of 67 of these telephones. During this, 23 telephone hacks were found, while 14 others were affirmed to have endeavored robbery.
The Wire uncovered that ten telephones were additionally forensically analyzed inIndia. Every one of these were either hacked, or there was an endeavor to hack them.
What might be said about the organization?
Pegasus programming is viewed as trustworthy in the field of reconnaissance. Tech specialists guarantee that even applications like WhatsApp and Telegramare undependable with this. Since it can likewise peruse start to finish encoded visits present on the telephone.
Pegasus is a spyware programming
created by Israeli network safety organization NSO Group Technologies. Its
other name is additionally Q-suite.
Why risky?
it very well may be introduced in any telephone just through
missed calls. It can likewise be embedded into the telephone without the
authorization and information on the client. When it is on the telephone it's
difficult to eliminate it.
How It Works?
It is a program that, whenever embedded into a cell phone telephone, a programmer can get data about that cell phone's mouthpiece, camera, sound and instant messages, email and area.
Mr. Raj Kundra Husband Of Shilpa Shetty Arrested By Mumbai Police, Why?
Shilpa Shetty's significant other Raj Kundra has been
captured by the Mumbai Police as the 'key plotter' in an erotic entertainment
related case.
The Mumbai Police Commissioner, Hemant Nagrale affirmed the
capture in an explanation that read, "There was a case enlisted with Crime
Branch Mumbai in February 2021 about the production of obscene movies and
distributing them through some Apps. We've captured Mr Raj Kundra for this
situation on 19/7/21 as he gives off an impression of being the vital plotter
of this."
He likewise proceeded to state, "We have adequate proof
in regards to this. The examination is in progress."
Kundra has been hammered with IPC segments of cheating,
enjoying the revolting demonstration out in the open spots and freely showing
or coursing foul books or writing and under the Information Technology Act.
As per a report, the cops documented two FIRs and secured
nine individuals last week for supposedly "constraining" entertainers
to shoot naked scenes for obscene movies. The report additionally expressed
that these movies were delivered/gushed on paid versatile applications.
Purportedly, Poonam Pandey has recorded a body of evidence
against Raj Kundra and his partners in Bombay High Court. The model-entertainer
expressed that Kundra and his partners have been illicitly utilizing her
substance and added that the agreement between them was ended.
In the mean time, Kundra and his partner, Saurabh Kushwah denied Pandey's cases and said that they haven't got any notification till now.
Reliance Industries Takes 67% Stake In Just Dial
RELIANCE Retail may use Just Dial's 30 million professional
references to drive digitization of organizations with the end goal that
Reliance Retail's foundation could at last turn into a huge scope aggregator
stage giving bunch items and administrations to end buyers, Kotak Institutional
Equities said
Portions of Just Dial Ltd declined by 4% in early
arrangements on Monday on the National Stock Exchange after it said Reliance
Retail Ventures Ltd would obtain a controlling stake (of over 40%) in the
organization. Dependence Industries possesses 85% stake in Reliance Retail.
Dependence Retail Ventures, an arm of RIL, is purchasing
Just Dial in a money bargain worth Rs 5,710 crore, as India's biggest and most
beneficial player enters the neighborhood search administrations space. The
organization is obtaining the nearby web search tool, which flaunts in excess
of 30 million postings of ventures across web, application and voice stages.
The procurement is one of Reliance's huge M&As, overshadowing its acquisition of online pharma retailer Netmeds and British toy producer Hamleys for over Rs 620 crore each. Under the forms of the arrangement, Reliance is procuring 40.95% in Just Dial by buying in to particular offers and purchasing shares from its primary advertiser V S Mani and his family for Rs 3,497 crore.
Further, it will make an open proposal to
secure an extra 26% from Just Dial's public investors involving about Rs 2,222crore. Dependence will make the open proposal to Just Dial's non-advertiser
investors at about Rs 1,022 each.
On Friday, the stock shut at Rs 1,070 on the BSE, down 3%.
In the event that Reliance gets the whole 26% through the open offer, its stake
in Just Dial will go up to 66.95%. The exchange will see the neighborhood web
index kept up with as a different substance, with organizer Mani proceeding as
its CEO to "lead Just Dial through the following period of
development".
The Just Dial board, which met on Friday, supported Mani's
reappointment as CEO for an additional five years.
In its administrative documenting, Just Dial said while the
organization will be under the sole control of Reliance, Mani, who is as of now
an advertiser, will practice his democratic rights under the directions of the
retailer.
Mani's sibling V Krishnan, notwithstanding, will venture
down from his job as a head of the organization on lapse of his term on July
31, Just Dial said.
The arrangement will assist Reliance with gaining admittance
to Just Dial's gigantic database, "further boosting the computerized
environment for a huge number of our accomplice shippers, miniature, little and
medium undertakings", as indicated by Reliance Retail chief Isha Ambani.
The capital injected through special offers will help the extension of Just Dial into an exhaustive nearby posting and trade stage, the Reliance proclamation said.
BMW 350CC Bike In India: Here Are Some Features
Upon its dispatch in India, BMW C 400 GT is required to be evaluated around Rs 6 lakh.
BMW Motorrad has prodded another bike for the Indian market on its online media handle. This will be the German brand's first Maxi-style offering in Quite a while. While the organization hasn't yet uncovered any subtleties of its dispatch timetables or the name of the item, because of their worldwide portfolio, we can precisely hold onto a conjecture. The German marque right now has two mid-removal Maxi bikes under its worldwide portfolio-C 400 X and C 400 GT.
Both these bikes were refreshed recently. By its vibes, the bike displayed in the mystery is most likely the last mentioned. The two bikes depend on a 350 cc stage and highlight a large number of updates on the Maxi bike twins. Refreshed Styling For 2021 the bike holds its Maxi styling which loans a manly appeal to its general outside.
Ordinary styling features of maxi bike incorporate a raised flooring section, a solitary piece move forward seat, front-hefty faired body, multibeam LED headlights on the cover and a tall windscreen. The rider sits very low however the pillion sits impressively higher. Expansive upstanding handlebars and forward-set ottomans offer a loosening up ride pose. Moreover, the rider additionally gets seat lumbar help which is exceptionally useful for longer excursions.
Other styling components incorporate talked
combination wheels, an upswept exhaust canister, split snatch rails for pillion
and LED position lights on front bumpers. Globally, the bike is offered in
three shading choices including Blackstorm Metallic, Moonwalk Gray Metallic and
Alpine White
Highlights on offer The most recent emphasis of the force bike additionally accompanies some new highlights, for example, reconsidered programmed solidness control (ASC) which is currently more delicate and assists with getting more footing on low-foothold surfaces.
Other fundamental highlights incorporate keyless ride, TFT instrument console viable with BMW Motorrad availability and a USB charging attachment in the front glove box.
Equipment and Powertrain Setup Coming to its equipment designs, C 400 GT is based on a steel tube outline with an aluminum pass on cast unit. This is suspended on adaptive forks at front and twofold safeguards at back with preload flexibility.
Slowing down obligations are taken care of by twofold rotors with 4-cylinder calipers at front and a solitary rotor with a 1-cylinder gliding caliper at back. These are helped by a doublechannel ABS.
BMW C 400 GT is fueled by a 350cc single-chamber, water-cooled motor which pushes out 34 bhp at 7,500 rpm and a pinnacle force of 35 Nm at5,750 rpm.
This unit is mated to a stepless CVT gearbox. For 2021, this CVT gearbox has been refreshed also on account of new grasp springs which brings about smoother power conveyance and more keen choke reactions. This bike can accomplish a maximum velocity of 139kmph.
Ola Electric Scooter Price In India, Get Booking More Than 1Lakh In A day
Ola Electric CEO Bhavish Aggarwal on Saturday reported that the eagerly awaited Ola e-bike has gathered 1 lakh appointments in only 24 hours of opening of pre-dispatch appointments, making it the 'most pre-booked bike' on the planet.
The Price Will Be Close To 1Lakh Approx.
The organization had opened reserving for its electric bike in the evening of July 15.
"I'm excited by the colossal reaction from clients across India for our first electric vehicle. The uncommon interest is an obvious sign of moving purchaser inclinations to EVs. This is a colossal advance forward in our central goal to progress the world to maintainable portability," Ola Chairman and Group CEO Bhavish Aggarwal said in an articulation.
Ola guarantees the electric bike would be class driving as far as speed, range, boot space just as innovation.
The organization has expressed that the model would be valued forcefully to make it generally open.
Ola intends to uncover the highlights and cost of the bike in the coming days.
The bike will be made-in-India for the world. It would be fabricated at the organization's bike manufacturing plant, being implicit Tamil Nadu.
The principal period of the Ola Futurefactory is approaching culmination and will be operationalised soon, while the full limit of 10 million vehicles for each annum will be worked by the following year.
These 10 Tips Can Increase Your Chance Of Getting IPO Allotment
This year, driven by a wealth of liquidity and financial backer free for all, Indian organizations have raised more than Rs 27,417 crore through starting public contributions (IPOs) in the initial a half year, the most noteworthy in somewhere around 10 years. In any case, the majority of the assets raised through IPOs were utilized to offer an exit to existing PE or VC reserves or existing investors and advertisers.
With an enormous number of IPOs arranged for the coming months, Calendar 2021 is accepted to be a record year for putting resources into IPOs in India. The IPO stocks that were recorded in 2020 are presently exchanging over their issue costs, with some having acquired as much as 400% since posting. Every one of these make IPO contributing a thrilling choice for financial backers hoping to enter the market. There are a couple of enormous names like Paytm, Bajaj Energy, Nykaa and LIC scheduled to hit the market before the finish of this monetary year.
Notwithstanding, one necessities to comprehend that actually like the financial exchange, IPOs accompany a decent amount of hazard, and due steadiness is needed prior to putting resources into them. Should you choose to put resources into an IPO, here are a few focuses to remember:
1. Continuously Read the Red hearing Prospectus:
The Draft Red Herring Prospectus, or DRHP, is recorded by an organization to Sebi when it expects to fund-raise from the general population by offering portions of the organization to financial backers. DRHP likewise explains how the organization expects to utilize the cash that will be raised, and the potential dangers for financial backers. Subsequently, financial backers should go through of the DRHP prior to putting resources into an IPO.
2. Usage of the Proceeds:
It is vital to check how the returns raised from the IPO will be utilized. Assuming the organization says just obligation will be reimbursed, it probably won't be an appealing decision to consider, however on the off chance that the organization intends to raise assets to incompletely pay obligation and extend the business or use it for general corporate purposes, then, at that point it shows that the asset will really stream into the business, which is useful for a financial backer.
3. Comprehend the Business:
Before contributing, one ought to comprehend the idea of the business the organization is in. Whenever she has perceived the business, perceiving the new chance in the market is the subsequent stage. Since, the greatness of the chance and the organization's ability to catch piece of the pie can have a significant effect with regards to development and investor returns. On the other side, a financial backer should avoid an IPO, if the business exercises are muddled as a financial backer.
4. Advertiser foundation and supervisory group:
A financial backer ought to intently check who is running the organization. Investigate the advertisers and chiefs of the organization, who assume a vital part in the entirety of its tasks and capacities. The organization's administration is answerable for driving it ahead. The normal number of years spent by the top administration in the organization additionally gives a thought regarding its functioning society.
5. Organization's potential on the lookout:
With expanded mindfulness about the organization around the hour of an IPO, financial backer can dissect the capability of the business in its market to comprehend the future possibilities. On the off chance that the organization performs well in the wake of raising capital, financial backers will acquire significant yields on the speculation made during the IPO. The organization that comes out with a first sale of stock ought to have a decent plan of action to support later on.
6. Key qualities and system of the organization:
Investors can sort out the vital strength of the organization from the DRHP. One ought to likewise attempt to discover the organization's situation in the business it works in. By perusing more about the organization, its situating and procedures, one can have a thought regarding its future possibilities of the business.
7. Monetary wellbeing and valuations of the organization:
Financial execution of the organization should be checked with regards to whether its incomes and benefits are developing or falling in the course of recent years. On the off chance that the incomes and benefits are expanding, it would be a wise speculation. Financial backers should attempt to comprehend the organization's monetary wellbeing prior to purchasing an IPO. One ought to likewise check the valuations, on the grounds that the offer cost might be underestimated, genuinely esteemed or exaggerated, contingent upon the business boundaries and benefit proportions.
8. Near valuation of the organization:
Investors ought to intently contemplate the friends of the organization. The DHRP will have correlations with the companions – - both on monetary numbers and valuations. One can take a gander at the similar valuations to check in case the organization's valuations are in accordance with its friends or not.
9. Significant danger factors:
Investors can sort out the danger factors from the DRHP. Perusing the danger factors is indispensable to find out in case there are any significant concerns or dangers related to the organization. On occasion, there are sure cases and liabilities, including unforeseen liabilities, which can represent a danger to the organization's future business possibilities.
10. Financial backers' Investment Horizon:
A financial backer ought to have an unmistakable speculation skyline. One must be clear in case she is intending to put resources into the IPO to make an easy gain on the posting day or does she need to hold the offers longer. Since a transient procedure would rely upon current market estimation, while a drawn-out one will rely upon the basics of the business.
Also, an Investor ought to do her a lot of examination. On the off chance that she has faith over the long haul development capability of the organization, really at that time should she think about putting resources into the IPO. Try not to assess an IPO dependent on dark market premium. Initial public offerings can now and again mean extraordinary freedoms to purchase an offer at a value that one can call a take. So in the event that one runs over an organization that is esteemed beneath what it is really worth, one ought to clearly create utilization of that open door.
Growth In India's Exports In June $32.5 Billion, And Trade Deficit At 69,800 Crore In June
The country's merchandise exports rise by 48.34% to $32.5 billion for the seventh straight month in June, tracking growth in shipments across sectors such as petroleum products, gems and jewelry, and chemicals, leather, and marine goods, as per the data released by the Commerce Ministry today.
Imports in June too rose by 98.31% to $41.87 billion, driven by a rise in oil and gold imports, leaving a trade deficit of $9.37 billion as against a trade surplus of $0.79 billion in the same month last year.
During April-June 2021, the exports increased by 85.88% to $95.39 billion.
Imports expanded to $126.15 billion during the first three months of the fiscal as against $60.44 billion in the same period last year, the government data showed.
Oil Imports In June Were $10.68 Billion, Which were 116.51% higher compared to last year in June.
During April-June 2021, the imports stood at $31 billion against $13.08 billion during the same quarter's previous fiscal.
WhatsApp Banned More Than 20 Lakh Indian Users Accounts This Year
In India More Than 40 Crore People Using WhatsApp. Between 15 May to 15 June in India to prevent Online Fraudsters and Keep Users safe.
Facebook is the Parent Company of WhatsApp. And They have to send reports on a monthly basis.
The firms stand to lose protection from lawsuits and criminal prosecution if they do not comply as demonstrated by the protracted tension between the government and Twitter which has repeatedly sought extensions to meet conditions like appointing India-based compliance officers.
The report, mandated with the country's new Information Technology Rules, has to list details of actions taken by social media and communication platforms like WhatsApp and Twitter.
"We consistently invest in technology, people, and processes to keep our users safe and secure. Our top focus is preventing accounts from sending harmful or unwanted messages at scale. We maintain advanced capabilities to identify these accounts sending a high or abnormal rate of messages and banned 2 million accounts in India alone from May 15 - June 15 attempting this kind of abuse," WhatsApp said.
"WhatsApp deploys tools and resources to prevent harmful behavior on the platform. We are particularly focused on prevention because we believe it is much better to stop harmful activity from happening in the first place than to detect it after harm has occurred," it added.
"The abuse detection operates at three stages of an account's lifestyle: at registration; during messaging; and in response to negative feedback, which we receive in the form of user reports and blocks. A team of analysts augments these systems to evaluate edge cases and help improve our effectiveness over time," the company said.
Though the report marked WhatsApp's compliance with conditions listed in the new IT rules, the company has filed a legal complaint in Delhi against the Indian government, seeking to block regulations that came into effect last month, that experts say would compel the firm to break privacy protections.
The lawsuit asks the Delhi High Court to declare one of the rules a violation of privacy rights in India's constitution since it requires social media firms to identify the "first originator of information" when authorities demand it.
The lawsuit came amid clashes between Prime Minister Narendra Modi's government and tech giants including Facebook, Google, and Twitter, in one of their key markets.
The government has demanded that the firms remove what it has said is misinformation on the COVID-19 pandemic ravaging India, as well as criticism of the government's response to the crisis and to farmers' protests earlier.
The new Intermediary Guidelines and Digital Media Ethics Code, which was unveiled in February, requires that big social media firms appoint Indian citizens to key compliance roles, remove content within 36 hours of a legal order, and set up a mechanism to respond to complaints.
Ford Looking To Wrap up Indian Factory
Ford is looking to wrap up its Indian manufacturing operations and may take a call on its Maraimalainagar and Sanand factories later this year. Towards this, the American automaker has been in talks with various car companies for both contract manufacturing and/or sale of its Indian factories, the latest with Ola, which could use Ford’s factories to build electric cars.
An Ola spokesperson refused to comment, while Ford India’s spokesman termed it speculative: "We would not like to comment on speculations. We continue to assess our capital allocations in India and expect to have an answer in the second half of this year,” Ford India’s spokesperson said.
Ford went slow with their contract manufacturing discussions for two years because "talks were at an advanced level with Mahindra & Mahindra" and were looking at "cross badging and new product alliance plans with the Indian partner would take care of Ford India's 400000 units per annum capacity at Maraimalainagar and Sanand," said a source.
After the talks with M&M fell through, in January, Ford initiated the process all over again to identify partners including MG, Changan, and Great Wall. Changan and Great Wall though evinced preliminary interest but dropped their India plans (for now) because of geopolitical tensions at the Indo-China border. The passenger vehicle market has shrunk sharply leaving manufacturing capacities underutilized, across manufacturers.
"The uncertainty in the long-term growth prospects of the auto industry has resulted in serious challenges for Ford, including capacity utilization," said another source.
Ford can make cars and engines across its two factories, one in Chennai and another in Sanand, Gujarat. The Chennai plant can make two lakh cars and 3.50 lakh engines, while the Sanand facility can manufacture 2.4 lakh cars and assemble 2.7 lakh engines. The struggling automaker sold less than 2,800 cars in June.
After the talks with M&M fell through, in January, Ford initiated the process all over again to identify partners including MG, Changan, and Great Wall. Changan and Great Wall though evinced preliminary interest but dropped their India plans (for now) because of geopolitical tensions at the Indo-China border. The passenger vehicle market has shrunk sharply leaving manufacturing capacities underutilized, across manufacturers.
"The uncertainty in the long-term growth prospects of the auto industry has resulted in serious challenges for Ford, including capacity utilization," said another source.
Ford can make cars and engines across its two factories, one in Chennai and another in Sanand, Gujarat. The Chennai plant can make two lakh cars and 3.50 lakh engines, while the Sanand facility can manufacture 2.4 lakh cars and assemble 2.7 lakh engines. The struggling automaker sold less than 2,800 cars in June.
Today, Gautam Adani-led Adani Airport Holdings took over the management control of the Mumbai International Airport from the GVK group to become the country’s largest airport infrastructure company. With the new development, Adani Airport Holdings Limited now accounts for 25% of airport footfalls.
The management now has a total of eight airports and 33 % control of the country’s air cargo traffic. According to the statement by the Adani group, the Mumbai International Airport Limited’s board meeting was held yesterday and follows approvals received from the central government, Maharashtra government, as well as the City and Industrial Development Corporation (CIDCO) of Maharashtra.
The Adani Group will begin the construction of the Navi Mumbai International Airport next month and complete the financial closure in the next 90 days. Mr. Adani said that he is delighted to take over the management of the world-class Mumbai Airport. He said their airport expansion strategy is intended to help converge India’s tier 1 cities with the tier 2 and tier 3 cities in a hub and spoke model.
In 2020, Adani Aiport Holdings took over the operations of Lucknow, Ahmedabad, and Mangaluru airports with an aim to develop next-generation airport-centric ecosystems.
Middle-class consumption will create a $15 trillion Indian Economy: Gautam Adani
India’s middle class will help create a $15-trillion economy in two decades and give businesses opportunity for growth, said Gautam Adani, chairman of Adani group, on Monday as he rejected "reckless, irresponsible reporting" about the company’s shareholding in June.
Adani, who was addressing shareholders of the group's flagship, Adani Enterprises, India’s target to be a five-trillion-dollar economy in four years should not be doubted. “I personally see it as an inconsequential question. History has shown that, out of every pandemic crisis, there emerge several learnings – and I believe that India and the world are wiser as we go through this pandemic,” he said.
"India will be 5 trillion-dollar economy--and then go on to be a 15 trillion-dollar-plus economy over the next two decades. India will emerge as one of the largest global markets, both in terms of consumption size and market cap,” Adani said. "
“There will be bumps along the road, as has been the case in the past, and is expected to be the case in the future. However, there cannot be any doubt that the largest middle class that will ever exist, augmented by an increase in the working-age and consuming population share, will have a positive impact on India’s growth very much in line with the demographic dividend India enjoys.”
For the Financial Year 2021, the consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of the group’s listed portfolio was over Rs 32,000 crore: a year-on-year growth of 22 percent. “All the Adani stocks generated returns over 100 percent – and our businesses ensured that we returned close to Rs 9,500 crore to you, our equity shareholders. This is a 166% increase in profit after tax on a year-on-year basis,” he said.
Talking about the recent drop in share prices, Adani said the group's focus is on creating long-term sustainable value. “Recently, a few media houses indulged in reckless and irresponsible reporting related to administrative actions of regulators.
This caused unexpected fluctuations in the market prices of Adani stocks. Unfortunately, some of our small investors were affected by this twisted narrative in which some commentators and journalists seemed to imply that companies have regulatory powers over their shareholders and that companies can compel disclosure. In the long term, such diversions will not impact us,” he said.
Adani Ports and Special Economic Zone (APSEZ) had become an integrated ports and logistics company. In the financial Year 2021, APSEZ crossed a landmark after its share of India’s port-based cargo business rose to 25% and the container segment market share grew to 41%. It continued to diversify further, with LNG & LPG business in Mundra added to the portfolio and LNG operations being added in Dhamra. “’ No other company in the world runs a port business of such scale and reach,” he said.
Adani Green Energy, in 2020, became the largest solar company in the world. “’ Last month, following the acquisition of SB Energy’s five-gigawatt portfolio, at an enterprise valuation of about $3.5 billion, we caught up to our renewables target of 25 gigawatts a full four years ahead of schedule. I know of no other organization in the world that has accelerated its renewables footprint as rapidly as the Adani Group.”
Through Adani Enterprises, the group made its move into airports. Today, one of every four passengers in India flies through an Adani airport. “’ No airport business in any large country has achieved a 25% share of the total passenger traffic.
The company also took over operations of airports in Ahmedabad, Lucknow, and Mangalore, signed concession agreements for Guwahati, Jaipur & Thiruvananthapuram, and is now in the process of acquiring the Mumbai and Navi Mumbai International Airports.
In addition to developing our pan-India airport network, we are also increasing our focus to include non-passenger revenue and nurturing a range of possibilities within both – the physical and digital infrastructure.”
"Whatever businesses the group is in – seaports, airports, logistics, natural resources, thermal and renewable power generation, transmission, distribution, data centers, defense, Agri and food, real estate, city gas utilities, and several others – I believe all of them are individually high growth businesses but, even more importantly, every one of them has adjacencies within themselves as well as new sectors we can move into,” Adani said.
Zomato IPO Opens July 14
Zomato, an online food delivery platform, shares were trading with premium in the primary market, ahead of its Rs 9,375-crore IPO.
Zomato, an online food delivery platform, shares were trading with premium in the primary market, ahead of its Rs 9,375-crore IPO. The public issue will hit Dalal Street on July 14, at the price band of Rs 72-76 per share. On Monday, Zomato shares were trading at Rs 86.25 apiece in the grey market, a 13.5 percent or Rs 10.25 upside over IPO price, according to the people who deal in shares of unlisted companies. Zomato, India’s homegrown unicorn, would be the first of many Indian tech startups to list on the stock exchanges. Naukri.com’s parent company, Info Edge holds a stake of about 18.55 percent in the food delivery platform. The average cost of acquisition of equity shares for the selling shareholders is Rs 1.16 per equity share. The weighted average return on net worth for the last three fiscals is 49.09 percent.
Research and brokerage firms such as Motilal Oswal Financial Services and Ventura Securities have a ‘subscribe’ rating, while Kotak Securities and Axis Securities have not given ratings to the IPO.
The brokerage firm said that Zomato is placed in a sweet spot as the online food delivery market is at the cusp of evolution. It enjoys a couple of moats and with the economics of scale started playing out, the losses have reduced substantially. However, predicting the growth trajectory at this juncture is a little tricky for the next few years.
The valuation also appears expensive at 25x FY21 EV/Sales compared to an average of 9.6x for global peers and 11.6x for Indian QSRs. Though, valuing such early-stage businesses on a plain vanilla financial matrix might not give the right picture and may look distorted.
Investors with a high-risk appetite can subscribe for listing gains given fancy for unique and first-of-its-kind listing in the food delivery business.
Zomato’s IPO will improve its cash levels to Rs 15,000 crore, which will serve as currency for M&A, investments in tech & customer acquisitions, and general corporate purposes. This cash pile should easily help sustain burn rates for a good 7-9 years.
At the upper price band, Zomato’s valuation of 5.1X FY24 EV/Sales may appear optically demanding. However, given the fledgling nature of the business, duopoly market, immense upside penetration potential, the humongous untapped online opportunity of the adjacent verticals, and scarcity of premium, the research firm has recommended subscribing for listing gains.
NEET 2021 exam date announcement; Registrations may begin soon
Recent reports have stated that NTA may announce NEET 2021 exam date within this week. The single-day exam would have happened on August 1, if not for the COVID-19 second wave and the subsequent lockdown. Further, to conduct the NEET 2021 exam on August 1, NTA would have to begin registrations in June 2021. Thus, postponement of the medical entrance exam is imminent.
Reports suggest that NTA may announce both NEET 2021 exam dates, as well the registration dates. India TV reported that the new EduMin, Dharmendra Pradhan who takes over from Ramesh Pokhriyal may announce the dates in July 3rd week. Further, medical aspirants have flooded his social media with questions about the NEET 2021 exam date and registrations. While NTA has announced the remaining sessions of the engineering entrance exams, the postponement, as well as the exam date for NEET 2021, have been a constant source of frustration for students.
In fact, after a fake post started doing rounds on social media about September 5 exams, NTA issued a notice. The fake post stated that NTA would conduct NEET 2021 on September 5.
The testing agency has denied the date and said, “It has come to the notice of the NTA that a fake Public Notice with the subject line – “Conduct of National Eligibility Cum Entrance Test (UG) – 2021” is being circulated through various means, including social media.
It is vehemently denied that no such Public Notice, declaring the conduct of NEET (UG) on 5th Sep 2021, has been issued by the National Testing Agency so far.”
NTA to announce NEET 2021 exam date soon
“The NTA is still in consultation with the concerned Stakeholders for finalizing a suitable date for the conduct of NEET (UG) – 2021, keeping in view the ongoing COVID-19 pandemic,” NTA stated.
It advised aspirants and their parents to pay no heed to such miscreants and misinformation and to keep a tab on the official NEET website for updates and announcements. These including the dates of the launch of the online application as well as the single examination date.
Further, students have been echoing the need to conduct NEET 2021 in October. Taking to Twitter, they have urged the new EduMin to postpone the NEET entrance exam till October.
Students have been waiting for the government’s decision for the pen and paper-based medical exam. The delay in the conduction of the board exams had already increased the uncertainty around NEET. But, with the update on CBSE Class 12 results and now JEE Main exams, students can expect a decision soon.
Zydus vaccine has been tested on adults as well as children above 12 and if the regulatory committee is satisfied with the submitted data and documents, the vaccine will be approved for emergency use soon
India’s drug regulator will this week consider emergency use approval for Covid-19 vaccines developed by Zydus Cadila for children above 12. The regulator’s subject expert committee (SEC) will examine data submitted by Cadila.
The vaccine has been tested on adults as well as children above 12 and if the regulatory committee is satisfied with the submitted data and documents, the vaccine will be approved for emergency use soon, officials said. An approval can hasten the opening of schools although vaccine supply will remain a concern.
“The preliminary assessment of the application submitted by the company is going on and we have sent it to the SEC for further consideration. The SEC will be meeting in the coming week, representatives of the company will be also asked to make presentations,” an official said.
If the SEC finds the phase 3 data submitted by the company satisfactory, the emergency use authorization for the vaccine can be granted this week itself.
The official said that once approval is given, the supply of the vaccine is expected to start by August-September. If it gets the nod, ZyCov-D, a locally developed DNA vaccine candidate would be the fifth vaccine against coronavirus to get EUA in India.
Currently, Covishield, Covaxin, and Sputnik V are being administered under the national Covid-19 immunization program.
Cipla has also got a EUA to import Moderna’s anti-Covid jab but it is yet to be available in the country.
ZyCoV-D is a three-dose, intradermal vaccine which is applied using the PharmaJet needle-free system. It can be stored at 2-8 degrees Celsius and has shown good stability at temperatures of 25 degrees Celsius for at least 3 months.
While Zydus Cadila has indicated it will initially manufacture one crore doses per month and later increase production, the vaccine's availability will be a boost to supplies as well as offer cover to children of 12-18 years, particularly in the wake of concerns about a potential third wave as children are seen to be vulnerable to the virus.
Paytm Money now allows investors to apply for an IPO before Zomato opening
Paytm Money will allow users to apply for an IPO before the actual IPO opening in the market.- The company believes that this will attract more millennials and young investors to participate in the IPO.
- Zomato’s upcoming IPO is the first one to be launched on this new feature and has attracted thousands of applicants already.
Paytm Money, the wealth management arm of payments firm Paytm, has announced the launch of its latest feature on Monday, July 12, that will allow the users to apply for an initial public offering (IPO) before the actual issue opens in the market. The feature has also been enabled for the upcoming IPO of food delivery firm
A large proportion of the investing community does not trade actively and is likely to be busy during market hours, missing out on some of these IPOs. This is particularly true in the case of millennials and young investors, the company further added.
A retail investor can plan an IPO order 24x7 on days when pre-open IPO is enabled. The order is recorded in Paytm Money’s feature and sent to the exchange for processing whenever the market is open.
“Interest in IPOs has surged over the last couple of months, and we have seen cases where users have missed out from applying because of issues like tight schedules during market hours, and demand-led processing delays in the markets. We wanted to make the lives of our users easier and ensure that they don’t miss out on good opportunities,” Varun Sridhar, chief executive of Paytm Money.
Zomato is the first IPO on Paytm Money launched with this feature. The company claims to have registered thousands of orders for it over the last 2 days.
The food aggregator business will float its IPO this week on July 14 to raise ₹9,375 crores ($1.3 billion). It has set the offer price for these public shares at ₹72-76 apiece. Investors can place their bid with a minimum of 1 lot of 195 equity shares. At a price of ₹76 per share, one lot can cost up to ₹14,820.
Jagannath Rath Yatra 2021: Know the date, times, and schedule for 'Puri Rath Yatra'
Jagannath Puri Rath Yatra or Rath Yatra is a nine-day festival that is celebrated every year in Odisha to commemorate Lord Jagannath's visit to Gundicha Temple (birthplace) and Mausi Maa Temple (aunt's house). Also known as the 'Chariot festival', Rath Yatra will be celebrated this year from July 12.
The festival begins on Shukla Paksha Dwitiya (second day of bright fortnight) of Ashadha and ends on Shukla Paksha Dashmi of Ashadha. As per beliefs, the event is marked to celebrate the annual visit of Lord Jagannath to Gundicha Mata Temple. Queen Gundicha was the wife of King Indradyumna, who built Puri Jagannath Temple.
The Festival of Rath Yatra is now observed annually all over the world. Through the ISKCON Hare Krishna movement since 1968 this festival now has become a common sight in major cities of the world.
Jagannath Rath Yatra 2021: Date and timing
Dwitiya tithi starts July 11, 2021, at 06:17 am
Dwitiya tithi ends July 12, 2021, at 06:49 am
Jagannath Rath Yatra 2021: Schedule
Gundicha Marjana
One day before Rath Yatra, the Gundicha the Jagannath temple undergoes a cleaning process which is known as Gundicha Marjana. Gundicha Yatra will start on Monday, July 12
- Pahandi will begin at 8:30 am
- Chera Panhara will begin at 2 pm
- pulling of Chariot will start at 3 pm
Bahuda Yatra is the return of Yatra, observed on the eighth day on dashmi of Jyeshth month, to the main abode. During the return, a short stoppage is made at Mausi Maa Temple which is dedicated to Goddess Ardhashimi.
- Pahandi from 12 pm up to 2:30 pm
- Pulling of Chariot will start at 4 pm
When Yatra reaches Jagannath Temple deities are dressed in new clothes and with enthusiasm and joy are placed back inside the temple. This ceremony will take place on July 21 from 4 pm to 5:30 pm
On July 22, all the rituals will be performed before 8 pm.
On July 23, Friday Pahandi will be from 4 pm to 10 pm.
Vodafone Idea seeks to raise up to $3 billion from Apollo Global
But unlike soured fundraising efforts in the past, such as one involving the Oak Hill-led consortium, “Vi is keen to secure its funding entirely through Apollo Global this time,” said one of the executives privy to the talks.
Mumbai: Vodafone Idea (Vi) has started talks with US PE group Apollo Global Management to secure up to $3 billion (Rs 22,400 crore) in funding over the next three months through a mix of debt and equity to meet major upcoming payment obligations, three people aware of the discussions told ET.
Talks with Apollo, one of the executives said, are focused on business valuations, funding terms, and structure of the proposed deal.
But unlike soured fundraising efforts in the past, such as one involving the Oak Hill-led consortium, “Vi is keen to secure its funding entirely through Apollo Global this time,” said one of the executives privy to the talks.
Vi is even open to offering a sizeable stake once there is agreement on valuations and terms,” said the executive.
Earlier rounds of fund-raising discussions were focused on capital infusion through convertible debt instruments.
At present, UK’s Vodafone Group Plc and the Aditya Birla Group own 44.39% and 27.66%, respectively, in Vi as its co-promoters.
An Apollo Global spokesperson, in response to ET’s queries, said the private equity firm "has no comments to offer". Vodafone Group Plc declined to comment. Spokespersons for Vi and the Aditya Birla Group did not respond to ET’s queries.
Apollo Global could impose stringent covenants, including corporate guarantees from Vi’s co-promoters, to secure itself against potential payment defaults, another person aware of the talks said. Industry insiders, though, expect both the Birlas and Vodafone UK to oppose such terms on offering corporate guarantees.
"Abundant global liquidity and high investor risk appetite offer an opportunity to companies facing short-term stress to raise capital with stricter safeguards and covenants that protect investors," said Hemant Mishra, founder of SCUBE Capital, a Singapore-based fund.
India’s only loss-making private telco reported a negative net worth of Rs 38,228 crore end-March, FY21. Vi’s shares closed 2.61% higher at Rs 9.03 on Friday, giving it a market cap of Rs 25,948.06 crore.
The loss-making telco needs to pay Rs 22,500 crore between December 2021 and April 2022 toward a mix of regular debt payments and dues related to adjusted gross revenue (AGR) and spectrum allocation. Its cash balance stood at Rs 350 crore on March 31, 2021, and Vi announced a loss of Rs 6,985.1 crore for the quarter ended March.
Vi also expects to raise up to $1 billion (around Rs 7,400 crore) from the sale of its fixed-line broadband subsidiary, optic fiber unit, and data centers business, as it seeks to ease its cash crunch.
Given Vi’s weak financial position, Apollo could even push Vi’s promoters to make some capital infusion to boost its comfort level before taking the plunge, said another person aware of the talks. Both Vodafone Plc and the Aditya Birla Group have so far refused to infuse any fresh equity into the struggling telco, and are likely to stick to their stance — at least for now.
Vi expects its total AGR payment dues — pegged around Rs 58,400 crore by DoT — to be halved if the claimed errors and omissions in the calculation are set right by the government under directions from the Supreme Court. Its own assessment puts the dues just above Rs 21,000 crore.
A top banker familiar with Vi’s latest fundraising efforts is upbeat. "The telco won’t go down as the government is averse to a duopoly telecom market," said the banker. Vi’s lenders "are receiving all their dues without even a single day’s delay", added the banker.
Vi has, however, warned of risks to viability that hinges on raising funds, successful negotiations with lenders on continued support, refinancing of debt, and monetization of certain assets.
In a recent letter to DoT secretary Anshu Prakash, Vi said the poor health of the telecom industry had hindered its efforts to raise Rs 25,000 crore via a mix of debt and equity — a plan announced last September.
Vi has also sought another year to make spectrum payments of Rs 8,292 crore on grounds that it isn’t generating enough cash and that AGR payments have eaten into its liquidity.
How can Indians start a business in Canada?
Having become the world's favorite Immigration Destination over the years, Canada is getting more attention from Indian entrepreneurs and investors than ever before.
Being considered a "Mosaic" where different cultures, languages, and religions can peacefully co-exist helps. Canada's respect for Human Rights, safe law and order situation, reputation as one of the least corrupt countries globally, and excellent ranking amongst developed countries vis-à-vis air quality are additional attractions for Indians.
Doing business in Canada is much more than doing some number crunching. Not every business may succeed in Canada. Remember that while Canada may be the world's second-largest country (Russia being number one) by area, the country's population is just a little over 38 million. That means consumer-focused businesses (typically called Mom and Pop Shops) have limited scope for growth. A franchise of a well-established brand the best option for businessmen with an appetite for limited investment.
The Canadian economy is services and export-oriented. Mining resources, high-end industries like Aviation, and automobiles usually are the domain of large industrial and corporate houses and government. However, a considerable advantage in the USA and Mexico's presence next door helps Canadian companies. Thus, depending on your investment capacity, ambition, and growth plans, a business idea with Canadian, American, and Mexican markets in mind is a good starting point.
So, the "how" of starting a business in Canada requires you to make the right choice about "what" business you plan to do. Having a business plan which is export-oriented will help, be it services or manufacturing. Remember that the 'Made in Canada' label carries a premium and considerable goodwill.
Unless you are flushed with money and already have some patented products in your armory, please aim not to be in a manufacturing business because it will be a costly proposition because of high establishment and labor costs.
Large versus small province
And like any other country, Canada has large and small (called states in India) provinces. Identifying the right province to invest in is the next major step. The business-related costs are much less in small provinces. And if your business is export-focused, the provincial base of your business within Canada does not matter. All provinces offer world-class infrastructure. As a bonus, the smaller provinces also provide additional incentives for new enterprises.
Time and taxes
Outside of deciding the nature and location of the business, please remember the key difference between India and Canada: Value of time. Almost every service you take is to be paid by the hour. The business and personal taxes can be pretty high and is a combination of federal and provincial taxes. Even the best business idea needs a good business plan that factors in all possible localized factors of your planned business in Canada.
Therefore, an experienced corporate attorney and a certified accountant are crucial to your plans to start a Canadian corporation. Investing in Canada without a well-set business plan is like going fishing without a rod and the bait unless you plan to catch one with bare hands.
Zomato IPO opens next week. GMP,expectations, and what lies ahead
Paytm’s President and financial services head Amit Nayyar quits
Amit Nayyar, President at Paytm, has resigned from the company after serving for 20 months according to three people aware of the development. This is the second major departure from the IPO-bound company after its Chief Human Resource officer Rohit Thakur put in his papers last month.
“Nayyar resigned last month and Paytm’s board has accepted his resignation. He’s currently serving his notice period,” said one of the sources requesting anonymity. According to the sources, Nayyar has put in papers due to personal reasons.
Nayyar has been leading Paytm’s foray into financial services and several verticals including lending, insurance, wealth management, broking among others. According to his LinkedIn profile, he also spearheaded corporate development and merger & acquisitions for the Noida-based group.
Nayyar couldn’t be immediately reached for comment.
A Paytm spokesperson said that “as a company, we do not comment on personnel changes. We have built an incredible management team with some of the most reputed names in the industry, who are focused on driving growth at Paytm”.
Nayyar left Arpwood Capital to join Paytm in August 2019. Previously, he also had a seven-year stint at Goldman Sachs. Nayyar used to report directly to the company’s founder and chief executive Vijay Shekhar Sharma.
The resignation of Nayyar before Paytm’s potential IPO is surprising, according to people who have been tracking the AliPay-backed company. It’s worth noting that the firm had shuffled its board of directors early this week. Douglas Lehman Feagin of Ant Group had replaced the group’s Chairman and Chief Executive Officer Jing Xiandong in the company’s board.
Michael Yuen Jen Yao from Alibaba Group and Todd Anthony Combs of Berkshire Hathaway has also resigned from its board. Meanwhile, Saama Capital’s managing partner Ash Lilani has also joined its board as an independent director.
According to a Reuters report, Paytm appears all set to file its draft red herring prospectus or DRHP next week to raise $2.3 billion at a valuation of $24-$25 billion.
Amazon Prime Day 2021 to be held in India on July 26, 27
The two-day event is expected to deliver deals and savings across categories, including smartphones, consumer electronics, TVs, appliances, Amazon devices and more to Prime members.
Amazon’s annual Prime Day event will be held in India on July 26 and 27. Coming on the fifth anniversary of Prime in India, the two-day event starting midnight on July 26, will deliver the best deals and savings across categories, including Smartphones, Consumer Electronics, TVs, Appliances, Amazon Devices, Fashion & Beauty, Home & Kitchen, Furniture, Everyday Essentials and more to Prime members, along with new launches, and more, said the company.
This Prime Day, Amazon said it will continue its efforts to empower and support lakhs of Small and Medium Businesses (SMBs) to bounce back from the economic disruption owing to the second wave of COVID-19 and help generate customer demand for products offered by lakhs of sellers, manufacturers, startups and brands, women entrepreneurs, artisans, weavers and local shops.
Amazon further said that on Prime Day, Prime members will have the opportunity to discover and enjoy deals on unique products across categories including beauty, fashion, electronics, home décor from sellers under various programs such as Local Shops on Amazon, Launchpad, Saheli, and Karigar.
It also added that during the lead-up to Prime Day, lakhs of SMBs on Amazon are creating special deals for customers from July 8, 5:00 pm till July 24, 11:59 pm. Members can shop from millions of unique products offered by SMBs and avail offers such as 10% cashback up to Rs 150 (Android only) on their Prime Day purchases and more.
“We dedicate this Prime Day to lakhs of SMB sellers on Amazon.in. We are humbled by their resilience, and grateful for the opportunity to support their rebound during these hard times. We are also excited to offer our Prime members a unique opportunity to discover joy with two days of best deals and savings, hundreds of new product launches, blockbuster entertainment and more, all from the safety and convenience of their homes,” said Amit Agarwal, SVP & Country Manager, Amazon India.
According to Amazon, SMBs across the country witnessed great success during the last edition of Prime Day in India. Over 91,000 sellers from over 5,900 pin codes saw success during Prime Day 2020; more than 62,000 were from non-metro and tier 2/3 cities across India, and 31,000 sellers witnessed their highest sales, it added.
Don’t be complacent, work hard and learn from your predecessors: PM Narendra Modi tells New Ministers
The PM asked his ministers to reach office on time and channelize all their energy into their ministerial work, saying their focus should be on helping the most deprived people.
New Delhi: During his first interaction with the new members of his revamped Council of Ministers, Prime Minister Narendra Modi has told them to work hard and learn from their predecessors while also cautioning them that “there is no room for complacency’’.
In view of the prevailing COVID situation in the country, the PM, reportedly, told them to urge people to keep taking all necessary precautions. The PM also mentioned that even a single mistake would have a far-reaching impact and may weaken the fight against the pandemic
Prime Minister Modi also appreciated his former ministerial colleagues who were dropped after the Cabinet reshuffle on Wednesday, saying they all contributed to the development work executed by his government and advised the newly sworn-in ministers to learn from their experience.
Interacting with members of the revamped CoM, PM Modi said some leaders are now not part of the government due to certain situations and circumstances, in an apparent reference to Ravi Shankar Prasad and Prakash Javadekar who resigned before the Cabinet rejig.
The sources said PM Modi appreciated Prasad and Javadekar for their good work. Other ministers who quit the government on Wednesday included Harsh Vardhan (Health Minister) and Ramesh Pokhriyal 'Nishank' (Education Minister).
The PM also expressed concern over the sight of crowded places with people not following COVID-19 norms, saying that there should be no space for carelessness or complacency and that a single mistake would have a far-reaching impact and may weaken the fight against the pandemic.
This is not a pleasant sight and it should instil a "sense of fear in us", he said, referring to pictures and videos of crowded places doing the rounds. People are seen without wearing masks or following the social distancing norms, the PM said, according to the sources.
He stressed India's fight against the pandemic is underway with full vigor with the vaccination program going on steadily and testing numbers also consistently high. "In such a time, there should be no space for carelessness or complacency. A single mistake would have far-reaching impacts and weaken the fight to overcome COVID-19," the PM reportedly said.
The PM said that with the COVID infection numbers being fewer than what they were in recent months, people may want to venture out. "However, everyone must remember that the threat of COVID-19 is far from over. Many other nations are seeing surges in infections. The virus is also mutating," he added.
PM Modi told the ministers that the aim should not be to instill fear but to request people to keep taking all possible precautions so that the nation is able to move beyond this pandemic in the times to come. In the meeting, he also reportedly expressed concern at the persistently high number of COVID cases coming from Maharashtra and Kerala, according to the sources.
He also asked his ministers to reach office on time and channelize all their energy into their ministerial work, saying their focus should be on helping the most deprived people.
Giving a piece of advice, the PM said it is the work that only matters, and the ministers should not get trapped in the vicious circle of grabbing media attention. He concluded by urging the new ministers to avoid making unnecessary statements.
UP Govt to release new population policy on July 11
According to sources in the government, the Uttar Pradesh Health Department has prepared the draft of the policy, which is based on the findings of the National Family Health Survey-4.
The Uttar Pradesh government will release its new Population Policy 2021-30 on July 11, which is observed as the World Population Day. The policy is likely to focus on providing incentives to people who will help in population control, said sources.
According to sources in the government, the Uttar Pradesh Health Department has prepared the draft of the policy, which is based on the findings of the National Family Health Survey-4.
While reviewing the preparations for formulating the new policy, Chief Minister Yogi Adityanath on Thursday said in a statement, “Poverty and illiteracy are major factors for population explosion. There is also a lack of awareness about the population in certain communities. Therefore, there is a need for community-centric awareness efforts.”
Meanwhile, sources said under the new policy, efforts would be made to increase the accessibility of contraceptive measures issued under the National Family Planning Programme and provide a proper system for safe abortion.
Also, there would be attempts to stabilize the population by providing accessible solutions for impotency or infertility and reducing mortality rates of newborns and mothers. The policy is also likely to make arrangements to take care of the elderly, along with providing better management, health, and nutrition to adolescents between the age group of 11 and 19 years, said a government spokesperson.
The CM said since the period of Population Policy 2000-16 of the state has ended, so a new policy is the need of the hour. He has also been directed to form “Health Clubs” in schools along with “digital tracking” of newborns, adolescents, and the elderly.
The chief minister told officials that while preparing the new population policy, efforts should be made to maintain “the demographic balance in all the communities” along with easy availability of advanced health facilities to bring down the maternal and child mortality rate to the minimum level through proper nutrition.
Six tourists from Haryana and UP thrashed
for smoking hookah at Haridwar’s
New Delhi: Six tourists from Haryana and Uttar Pradesh were thrashed by locals for smoking hookah at Haridwar’s Har-ki-Pauri and were handed over to the police.
Rajesh Shah, SHO, Haridwar city police station, told that the tourists were arrested under the relevant sections of the Indian Penal Code.
“The incident happened on July 7, and we have arrested 6 tourists. A case has been registered, and the investigation is on. We also want to send a message that we won’t tolerate such behavior here,” said Kamlesh Upadhyay, SP City Haridwar.
She further said that more CCTVs would be deployed near the ghats to prevent such incidents.
In the video, people were seen sitting at Har-ki-Pauri and smoking hookah. After they started creating a ruckus, locals arrived there, snatched the hookah, and destroyed it.
After the local police station was informed, Har-ki-Pauri police station in charge Arvind Raturi arrived and took the six youths into custody.
This is not the first time when tourists openly mocked the sanctity of a holy place.
Ganga Sabha demands strict action
On Wednesday, the local police arrested two tourists for smoking hookah at Rishikul ghat. A case was registered against the duo under the Disaster Management Act, 2005.
On Sunday night, two people were arrested by Haridwar Police for creating ruckus at Har-ki-Pauri.
The duo, identified as Himanshu Wadhwa, from Delhi’s Rohini sector 20, and Jitendra Kumar from Kasganj, Uttar Pradesh, reportedly danced to Bollywood songs while celebrating a birthday party at the ghat.
Reacting to this, Ganga Sabha, the apex body of priests in Haridwar, demanded strict action saying it will form ghat committees with the help of locals to make pilgrims and tourists aware of their responsibilities.
Big Cabinet Reshuffle: Ministers-To-Be Meet PM Modi
Cabinet Expansion: The new cabinet will be the "youngest-ever" in India's history, top government sources say.
New Delhi: Prime Minister Narendra Modi's cabinet reshuffle, the first in his second term, will see 43 ministers being sworn in this evening. The new government will have a higher share of OBCs (Other Backward Class), younger leaders and women ministers.
Here are 10 developments in this big story:
- Ramesh Pokhriyal Nishank, Santosh Gangwar, Debashree Chaudhuri have resigned as ministers.
- Jyotiraditya Scindia, Sarbananda Sonowal, Narayan Rane, Bhupendra Yadav and Meenakshi Lekhi are set to join the government. They were among 17 people who visited PM Modi's residence ahead of the revamp.
- Kiren Rijiju, Anurag Thakur, Hardeep Singh Puri, Purshottam Rupala, Manush Mandavya and GK Reddy are likely to be promoted.
- More allies will join the government in this round - RCP Singh (Janata Dal United), Pashupati Paras (Lok Janshakti Party) and Anupriya Patel (Apna Dal), to name some.
- The new cabinet will be the "youngest-ever" in India's history, top government sources say. The shake-up is also expected to bring in a greater share of ministries for OBCs (Other Backward Class).
- There will be more women ministers and special representation will be given to those who have administrative experience, say the sources.
- Government sources also say the revamped cabinet will include "PhDs, MBAs, post-graduates and professionals", to bring up the average education level
- The reboot will also focus on regions within states, with an eye on polls in five states next year and the 2024 national election.
- A new "Ministry of Cooperation" has been created to "strengthen the cooperative movement in the country", according to the government.
- The Union Cabinet, which can have 81 members, currently has 52 ministers. This means 29 ministers can be added.
Petrol price today hits century in Delhi, Kolkata. Check fuel rates in your city
Pending editions of JEE-Mains to be held in July and August
The pending editions of Joint Entrance Examination (JEE)-Mains will be conducted from July 20 to 25 and July 27 to August 2, Union Education Minister Ramesh Pokhriyal 'Nishank' announced on Tuesday. The results of the two editions, which were postponed in view of the COVID-19 pandemic, are likely to be announced in August. "The third edition of JEE-Mains will be conducted from July 20-25 while the fourth edition will be held from July 27 to August 2. The exams will be conducted while following all COVID-19 protocols keeping the safety of candidates in mind," the minister said
According to an official notification issued by the National Testing Agency (NTA), the candidates who have applied earlier for the postponed editions can modify their particulars from July 6 to 8 for the third edition and from July 9 to 12 for the fourth. "In order to address the ongoing COVID-19 pandemic, the number of cities have been increased from 232 to 334. The number of examination centres in every shift will also be increased from 660 to 828," said Sadhana Parashar, Senior Director, NTA. "The total number of candidates who have already registered for the April session is 6.80 lakh and for the May session is 6.09 lakh," she added.
JEE-Mains for admission to engineering colleges is being conducted four times a year from the coronavirus-hit current academic session to offer flexibility to students and a chance to improve their scores. The first phase in February was followed by the second phase in March, while the next phases were scheduled for April and May. But those were postponed after a spike in the number of cases of coronavirus during the second wave of the pandemic. The JEE-Advanced exam, which is conducted for admission to the prestigious Indian Institutes of Technology (IITs) was also postponed. The exam was scheduled on July 3.
Harsh Vardhan resigns as Union Health Minister ahead of PM Modi cabinet reshuffle
Harsh Vardhan’s resignation comes at a time when the Modi government and the Health Minister, in particular, have faced massive criticism for the management of the COVID-19 pandemic.
Union Health Minister Harsh Vardhan submitted his resignation on Wednesday ahead of Prime Minister Narendra Modi’s big cabinet reshuffle, according to reports. Harsh Vardhan also holds the portfolio for Science and Technology and the Minister of Earth Sciences. Harsh Vardhan’s resignation comes at a time when the Modi government and the Health Minister, in particular, have faced massive criticism for the management of the COVID-19 pandemic.
Two other Union ministers - Ramesh Pokhriyal Nishank and Santosh Gangwar - have also tendered their resignation citing health reasons. Ramesh Pokhriyal Nishank was Union Education Minister while Santosh Gangwar was Union Labour Minister. Minister of State for Education Sanjay Dhotre and MoS for Women and Child Development Debasree Chaudhuri also resigned from the Union Cabinet on Wednesday.
Ahead of the Union Cabinet expansion on Wednesday evening, ministerial probably met Prime Minister Narendra Modi at his residence. Those meeting Modi included BJP's Narayan Rane, Sarbananda Sonowal, Jyotiraditya Scindia, Ajay Bhatt, Bhupender Yadav, Shobha Karandlaje, Sunita Duggal, Meenakshi Lekhi, Bharati Pawar, Shantanu Thakur, and Kapil Patil, JD(U)'s R C P Singh, LJP's Pashupati Paras and Apna Dal's Anupriya Patel.
Some ministers of state, including G Kishan Reddy, Parshottam Rupala and Anurag Thakur, were also there, and they may be elevated, sources said. Sources added that around 43 persons, including those getting a promotion, may take the oath, and they will be a mix of youth and those with administrative experience, including former chief ministers. Union ministers RK Singh, Mansukh Mandaviya, and Hardeep Singh Puri may also be promoted, they said.
BJP President JP Nadda was present during the meetings.
The expansion exercise is scheduled to be held at 6 pm at Rashtrapati Bhawan. This will be the first reshuffle in his Council of Ministers by Modi since he assumed charge for a second term in May 2019. The Prime Minister is expected to bring in young faces and give representation to various social groups and regions in the reshuffle.
11 companies to issues IPOs this month
Here is the list of IPOs expected in July:
1. GR Infraprojects: GR Infraprojects' three-day IPO will open for subscription on July 7 and it comprises an offer for sale (OFS) of up to 11.5 million shares by promoters and shareholders, according to reports. GR Infraprojects has fixed a price band of ₹828-837 a share for its ₹963-crore initial share sale.
2. Glenmark Life Sciences: Glenmark Life Sciences' IPO consists of a fresh issue of shares worth ₹1,160 crore and an offer for sale of up to 7.31 million shares by its parent company Glenmark Pharmaceuticals Ltd. According to draft papers, proceeds from the fresh issue worth ₹900 crore will be used towards the payment of outstanding purchase consideration to the promoter for the spin-off of the API business and around ₹153 crore for funding the capital expenditure requirements.
3. Utkarsh Small Finance Bank: Utkarsh Small Finance plans to raise nearly ₹1,350 crore through its public offering. Its initial public offer comprises a fresh issue of ₹750 crore and an offer for sale by promoter Utkarsh Coreinvest Ltd of up to ₹600 crore. The company received the markets regulator's observation on June 3. The Varanasi-headquartered lender would utilise proceeds from the fresh issue to augment the tier 1 capital base to meet future capital requirements.
4. Shriram Properties: Shriram Properties is looking to raise ₹800 crore through its IPO. The Bengaluru-based company’s initial public offer comprises a fresh issue of ₹250 crore and an offer for sale of up to ₹550 crore by current shareholders and promoters.
5. Seven Islands Shipping: Seven Islands’ IPO comprises a fundraise via fresh issue amounting to ₹400 crore and an offer for sale up to ₹200 crore by FIH Mauritius Investments. The Mumbai-based firm got Sebi’s nod to raise ₹600 crore through an initial share sale in April.
6. Nuvoco Vistas Corp: Nuvoco Vistas plans to raise ₹5,000 crore through the initial public offer. The IPO will comprise a fresh issue of ₹1,500 crore and an offer for sale of ₹3,500 crore by its promoter entity Niyogi Enterprise Pvt Ltd.
7. Aadhar Housing Finance: According to Aadhar’s draft red herring prospectus, the company will issue fresh shares worth ₹1,500 crore through the initial public offer and Blackstone will sell its existing shares worth ₹5,800 crore.
8. Vijaya Diagnostics: Vijaya Diagnostics may issue its IPO worth ₹2,000 crore and it will see investors and promoters collectively dilute a 35 per cent stake in the Hyderabad-based company.
9. Ami Organics: Ami Organics is expected to bring its initial public offer worth ₹650 crore in its second attempt to launch an initial share sale, reports have said. The IPO includes a fresh issue of equity shares worth ₹300 crore and an offer for sale of up to 6.06 million shares by the promoter and existing shareholders. The specialty chemicals maker will utilise ₹140 crore from the IPO proceeds towards repayment of certain debt and ₹90 crore for funding working capital requirements.
10. Clean Science Technology: Clean Science and Technology has fixed a price band of ₹880-900 a share for its over ₹1,546 crore-initial public offer. The three-day initial public offer (IPO) will open on July 7 and conclude on July 9. The company said the bidding for anchor investors will open on July 6. Clean Science Technology IPO is entirely an offer for sale (OFS) by existing promoters and other shareholders.
11. Arohan Financial Services: Arohan Financial Services may issue its IPO this month, according to reports. The Kolkata-based non-banking financial company’s ₹1,800 crore worth offer includes fresh issue worth ₹850 crore and an OFS, it added. Arohan Financial Services received Sebi's go-ahead to float initial share sales in April. The company filed its preliminary papers with Sebi on February 15 and obtained its observations on April 23.
Inside Zerodha's race to become the Vanguard of India's stock market
India’s $442 billion asset management industry is finally having to reckon with the passive investing juggernaut.
After decades of sluggish growth, the number of accounts invested in index-tracking or exchange-traded funds more than doubled to 5.6 million in the year to April. Passive products now account for nearly a quarter of equity assets under management versus about 16% two years ago, data from the Association of Mutual Funds in India show. That compares to more than 50% in the U.S.
The foundations for the boom were laid by a series of regulatory changes preventing active fund managers from gaming the league tables. What supercharged it was the Covid-19 pandemic which, like elsewhere, stoked a retail investing surge that’s seen millions of new young day traders pile into Indian equities via online apps. Their interest is now spilling over into ETFs, creating an opening for an up-and-coming asset manager to become India’s own Vanguard.
Zerodha Broking Ltd., a Robinhood-like operator that’s become India’s biggest broker, is awaiting regulatory approval for an asset management company that will focus only on passive investing.
The purpose is to “offer a simple-to-understand product to first-time investors,” said Nithin Kamath, chief executive officer at Zerodha. “Like how Vanguard’s retirement fund in the U.S. made it simpler to invest.”
With well-entrenched domestic players, India has historically been a tough market for the big global asset managers, and some of them have exited the local industry after wracking up losses. The likes of Fidelity International and Goldman Sachs Group Inc. have sold the Indian units of their fund-management businesses in the past decade.
“In India, while people have launched passive investment products, the focus hasn’t been passive as most of the revenue is generated from active funds,” Kamath said. “We feel there is an opportunity for passive-only asset management company in the country.”
“These are very exciting times, something that I have waited for for nearly 20 years,” said Vishal Jain, head of ETFs at Nippon Life India Asset Management Ltd., who was chief investment officer at India’s first passive investment fund back in 2001. In March 2020, he had 1 million clients invested in ETFs. Now it’s 2.3 million. “What had taken 19 years between 2001 and 2020, we did in just the last one year.”
The rapid development in ETF investments is also owing to regulatory reforms.
In 2017, the Securities and Exchange Board of India acted to prevent money managers from loading large-cap funds with mid- or small-cap stocks in a bid to generate better returns than their benchmarks. The following year, authorities mandated performance to be disclosed against the total return index of the corresponding benchmark, as opposed to the price index which didn’t include dividends.
Together, these reforms made the underperformance of active funds suddenly much more visible to ordinary investors. The S&P BSE 100 Index, a gauge of India’s big companies, beat 100% of actively-managed large-cap equity mutual funds in the second half of 2020, according to the data from S&P Dow Jones Indices.
“It’s now reached a tipping point,” said Anish Teli, managing partner at QED Capital Advisors LLP in Mumbai, an investment firm catering to high-net worth individuals which offers both active and passive options. “The regulator’s measures were a catalyst in bringing the advantages of passive investing out more starkly.”
E-commerce rules in other countries stricter than India, govt tells Amazon, Flipkart, and others
According to the report, 88 percent of the online shoppers will be from Tier 2 cities between 2020 and 2030.
The companies should look at other jurisdictions and how demanding they are before raising concerns about the rules in India, the government said in a virtual meeting to marketplaces like Amazon, Walmart-owned Flipkart and over a dozen other domestic and foreign companies as they demanded an extension to send their response on the proposed Consumer Protection (Ecom) Rules, according to sources privy to the development.
The meeting which was chaired by Nidhi Khare, additional secretary of consumer affairs, took place on Saturday evening while the remarks were made by Anupam Mishra, joint secretary.
Amazon in its presentation is learnt to have said that the proposal which was issued on June 21 was confusing and had some inconsistency seeking extension of the deadline which ends on July 6
Indian conglomerate Tata Group which was also present in the meeting said some of the rules could have huge ramifications on its operations and may restrict the sale of its private-label products
The proposed rules cover both domestic and foreign companies running operations in India.
Some of the trade bodies present also demanded more time preferably till the end of the month arguing that they had not yet received responses from the members.
All the major industry bodies including FICCI, CII and Nasscom were in attendance at the meeting.
The meeting was called by Invest India the government’s investment promotion and facilitation agency.
While the government asked the companies to send their responses “earliest” by June 6, the companies Moneycontrol spoke to said they were optimistic that the deadline would be extended.
With the new set of drafts, the government is trying to ensure that consumers do not get a raw deal while purchasing products online.
However multiple clauses such as not listing “related parties” as sellers or not using “information” collected through their platforms have rattled the companies. These proposals are likely to have major impacts on the arrangements with which they were running their operations in India so far.
Of late the government seems to be in a tiff with the e-commerce companies. In a recent remark, Commerce and Industry Minister Piyush Goyal said leading e-tailers were flouting laws of the land adding that many of their practices were against the interest of consumers and these new sets of rules are drafted with an aim to protect consumer interests.
Jeff Bezos leaves an enduring legacy as he steps away as Amazon CEO
Jeff Bezos was set to hand over the job of Amazon chief executive on July 5 to Andy Jassy and turn his attention to his private space exploration firm, philanthropy and other endeavors.
As he prepares to blast off into a new career stage, Jeff Bezos leaves an enduring legacy after transforming Amazon from a modest online bookseller into one of the world's most powerful corporations.
Bezos, 57, was set to hand over the job of Amazon chief executive on July 5 to Andy Jassy and turn his attention to his private space exploration firm, philanthropy and other endeavors. He will retain a key role, however, as executive chair at the technology and e-commerce colossus he founded 27 years ago.
The transition comes after a spectacular streak for Amazon, which has drawn attention for its innovations.
But the firm has also been vilified over business practices that have crushed competitors and raised concerns over treatment of a workforce of more than one million.
"Bezos has been a transformational leader... in book selling, the retail market, cloud computing and home delivery," said Darrell West, a senior fellow at the Brookings Institution's Center for Technology Innovation.
"He was a pioneer who introduced many of the conveniences that people take for granted, such as going to an online store, ordering something, and having it delivered to your home the next day. The whole e-commerce sector owes many of its innovations to this individual."
In public appearances, Bezos often recounts the early days at Amazon, started in his garage, when he packed up orders himself and drove boxes to the post office.
Today, Amazon has a market value of more than $1.7 trillion. It posted 2020 annual revenues of $386 billion from operations in e-commerce, cloud computing, groceries, artificial intelligence, streaming media and more.
Bezos "had an instinct for the right thing" in finding the next market, said Roger Kay, analyst at Endpoint Technologies Associates.
Kay said Bezos deftly transitioned from books to other merchandise to an online marketplace, and successfully built the cloud infrastructure for the company which became the highly profitable Amazon Web Services.
Amazon outlasted its rivals by forgoing profits in its early years "and reinvesting everything into expanding," Kay said.
"If you look at the trajectory now, it was all logical," Kay added. "You can say Bezos has been one of the best business architects of his time."
Bob O'Donnell of Technalysis Research said Bezos "wasn't the first or the only one, but he took the concept (of e-commerce) and worked to perfect it."
Amazon was able to outdo rivals because Bezos "recognized the need to build infrastructure," including the vast network of warehouses, trucks, planes and other logistics for the business, O'Donnell said.
"A lot of other companies didn’t want to spend money on the messy behind-the-scenes work."
The stunning rise of Amazon has made Bezos into one of the world's richest people, with a net worth close to $200 billion, even after a divorce settlement which gave part of his stake to his ex-wife MacKenzie Scott.
Bezos will step away from day-to-day Amazon management to spend more time on projects including his space firm Blue Origin -- which is set to take him into space later this month.
He owns the Washington Post newspaper and has devoted time and funds to efforts to fight climate change, while also facing criticism after recent reports that he paid no income tax at all some years.
OPEC+ Crisis Deepens As Saudi Arabia Refuses To Budge
The bitter clash has forced OPEC+ to halt talks twice already, with the next meeting scheduled for Monday, putting markets in limbo as oil continues its inflationary surge above $75 a barrel.
Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.
The bitter clash has forced OPEC+ to halt talks twice already, with the next meeting scheduled for Monday, putting markets in limbo as oil continues its inflationary surge above $75 a barrel. With the cartel discussing its production policy not only for the rest of the year, but also into 2022, the solution to the standoff will shape the market and industry into next year.
The fight between the two key producers broke into public view on Sunday with both countries, which typically keep their grievances within the walls of the royal palaces, airing their differences on television.
Riyadh insisted on its plan, backed by other OPEC+ members including Russia, that the group should increase production over the next few months, but also extend its broader agreement until the end of 2022 for the sake of stability.
"We have to extend," Saudi Energy Minister Prince Abdulaziz bin Salman said in an interview with Bloomberg Television on Sunday night. "The extension puts lots people in their comfort zone."
In an indication of the seriousness of the diplomatic dispute, Prince Abdulaziz signaled that Abu Dhabi was isolated within the OPEC+ alliance. "It's the whole group versus one country, which is sad to me but this is the reality."
Hours earlier, his Emirati counterpart, Suhail al-Mazrouei again rejected an the extension of the deal, supporting only a short-term increase and demanding better terms for itself for 2022.
"The UAE is for an unconditional increase of production, which the market requires," Al-Mazrouei told Bloomberg Television earlier on Sunday. Yet the decision to extend the deal until the end of 2022 is "unnecessary to take now."
Abu Dhabi is forcing its allies into a difficult position: accept its requests, or risk unraveling the OPEC+ alliance. Failure to reach a deal would squeeze an already tight market, potentially sending crude prices sharply higher.
But a more dramatic scenario is also in play -- OPEC+ unity may break down entirely, risking a free-for-all that would crash prices in a repeat of the crisis last year. That time, it was a disagreement between Saudi Arabia and Russia that triggered a punishing price war.
Months after that price war ended in a truce, the UAE unsettled the market again by floating the idea of leaving the cartel. It hasn't repeated the threat again this week, but when asked if the UAE might quit, the Saudi prince only said: "I hope not."
No Oil
OPEC+ nations, oil traders and consultants were taken aback by the fight, and the apparent lack of communication between the two. Prince Abdulaziz said he had not spoken to his counterpart in Abu Dhabi since Friday -- even as he insisted he remained his friend.
At the center of the dispute is a word key to OPEC+ output agreements: baselines. Each country measures its production cuts or increases against a baseline. The higher that number, the more a country will be allowed to pump. The UAE says its current level, set at about 3.2 million barrels a day in April 2020, is too low, and says it should be 3.8 million when the deal is extended into 2022.
Saudi Arabia and Russia have rejected re-calculating the output target for the UAE, fearing that everyone else in OPEC+ would ask for the same treatment, potentially unraveling the deal that took several weeks of negotiations, and the help of U.S. President Donald Trump as broker.
Prince Abdulaziz suggested that Abu Dhabi was cherry picking its new output target, and it would set a bad precedent. "What kind of compromise you can get if you say my production is 3.8 and this is going to be my base," he said.
In April 2020, Abu Dhabi accepted its current baseline, but it doesn't want the straitjacket to stay on for even longer. It has spent heavily to expand production capacity, attracting foreign companies too. With Iran potentially returning to the oil market soon if it reaches a nuclear deal, patience for getting new terms is wearing out.
OPEC+ is scheduled to meet again virtually on Monday at 3 p.m. Vienna time, although Prince Abdulaziz suggested it wasn't set in stone. He wouldn't comment on the chances of finding a consensus, saying he would work hard to seek one. "Tomorrow is another day."
MARKET LIVE: Sensex rises 350 points; financials, metals, realty stocks up
The S&P BSE Sensex was up 350 points, or 0.67 per cent, at 52,830 and the broader Nifty50 index traded above the 15,800-mark. Larsen & Toubro, Bajaj Finserv, and Bajaj Finance were the top Sensex gainers.
Majority of the Nifty sectoral indices traded in the green, led by Nifty Realty index, up 2.2 per cent.
In the broader markets, the S&P BSE MidCap and SmallCap indices rose 0.3 per cent and 0.6 per cent, respectively.
Stocks that hit a 52-week high on BSE today
| COMPANY | PRICE(RS) | 52 WK HIGH | CHG(%) |
|---|---|---|---|
| Apollo Hospitals | 3714.65 | 3762.25 | -0.51 |
| Astral | 2045.90 | 2064.55 | 0.21 |
| Avanti Feeds | 627.90 | 636.20 | 10.75 |
| Balkrishna Inds | 2296.80 | 2337.50 | -0.05 |
| Cams Services | 2862.00 | 2950.00 | -0.31 |
Paytm to file draft prospectus next week for $2.3-bn IPO: Report
Paytm has plans to raise up to Rs 12,000 crore by issuing fresh equity for which it will seek shareholders' nod in an EGM on July 12
One97 Communications Ltd, the parent of Indian payments firm Paytm, will file a draft prospectus as early as July 12 for a domestic initial public offering (IPO) that seeks to raise $2.3 billion, two sources close to the matter said on Monday, Reuters reported.
The money will be raised via sale of new Paytm stock as well as secondary offering of shares at an expected valuation of $24 billion to $25 billion with an option to raise the amount at a later stage if required, the sources said, declining to be named as the matter is not public.
The prospectus will be filed shortly after Paytm's extraordinary general meeting (EGM) of shareholders in Delhi on July 12, the sources added.
Paytm, which counts China's Alibaba and Japan's SoftBank as backers, is seeking shareholder approval at the EGM to sell up to Rs 12,000 crore ($1.61 billion) in new stock and have an option to retain an over-subscription of up to 1%, Reuters reported previously.
The company has hired JPMorgan Chase, Morgan Stanley , ICICI Securities, Goldman Sachs, Axis Capital, Citi and HDFC Bank for the IPO, the sources said.
Citi and ICICI Sec declined to comment. Other banks did not immediately respond to requests for comment.
($1 = 74.3375 Indian rupees)
No comments:
Post a Comment