Today's Paper - 23/04/2021+ Print Archive

Indian Overseas Bank appoints E&Y as digital consultant

IOB said the consultant has been appointed as part of its growth strategy and to transform its banking services into a digitalised form.

The consultant would help the bank stay more focused on leveraging and adopting new technologies while helping in enhancing the quality of service and delivery to its customers. fe bureau

Interview: Abhijit Avasthi, co-founder, Sideways Consulting

‘It will get tough for big agencies to handle start-ups’

Brands are increasingly realising that solutions could lie in a different business model or a tech platform that achieves the same objectives differently

Blogger’s Park: Damage control

How can brands win back consumers’ trust?

Trust gets built over time with repetition of ‘expected outcomes’, accruing confidence in the relationship

After Hours: Deepak Salvi, COO and co-founder, Chingari

From Range Rover to United Colors of Benetton are some of his favourite brands

Short video content is the latest stir in the entertainment industry, and it is here to impress and stay for a long time, says Salvi

Covid-19 vaccine: Centre has not contracted all SII production

State governments are free to procure the vaccine doses from the vaccine manufacturers as per the Liberalised Pricing and Accelerated National Covid-19 Vaccination Strategy.

MoHFW refuted reports that as SII had contracted all its production to the Centre till May 25, the states would not be able to procure vaccines from it. The new vaccine policy comes into force from May 1.

Reforms on course despite second Covid wave: FM Nirmala Sitharaman

Since the focus right now was on saving lives, vaccination and addressing the deficits in managing the Covid patients, the question of reliefs to economic agents like another loan moratorium was yet to be deliberated upon, she said.

According to the calendar announced on March 31, the Centre will borrow Rs 7.24 lakh crore from the market in the first half of FY22, or just over 60% of the budgeted full-year target.

Housing demand is here to stay: HDFC chairman Deepak Parekh

Parekh said the Prime Minister Awas Yojana, under which an estimated 11.3 million home loans have been sanctioned, has been a game changer for the housing sector as the ultimate objective is to build a more inclusive and a property-owning democracy.

It is structural in nature and unlikely to dissipate soon, Housing Development Finance Corporation (HDFC) chairman Deepak Parekh said on Thursday.

Covid-19 ’emergency’: SC asks Centre to submit vaccine, oxygen supply plan

The top court sought response on four issues — supply of oxygen and essential drugs, method and manner of vaccination and power to declare lockdown.

Covid-19 (Coronavirus) in India

Outlook negative: Fitch Ratings affirms BBB- rating for India, says recent Covid-19 surge may delay GDP recovery

Fitch forecasts a 12.8% recovery in GDP in the fiscal ending March 2022 (FY22), moderating to 5.8% in FY23, from an estimated contraction of 7.5% in FY21.

fitch ratings

Analyst Corner: ‘Buy’ on Brookfield India REIT with DCF-based TP of Rs 296

The REIT has reported resilient rental collections of 99% in 9MFY21 (Apr-Dec’20) post onset of Covid-19 (in line with listed peers) and is on track to close 0.10msf of new leasing in Q4FY21.

We expect BREIT’s Net Operating Income (NOI) to grow at a 9% CAGR over FY21-23E based on the expected ramp up in occupancies in existing assets, annual rental escalations (4-5% annual escalation in existing contracts) and mark-up of leases which are expiring. (Representative image)

Nestlé: Maintain ‘buy’ with target price of Rs 20,000

Nestlé risk-reward appears quite favourable Nestlé stock has been flat in the past one year, making it the worst performer in the consumer staples peer group.

Q1CY21 results were resilient and impressive despite high base, Nestlé’s domestic sales growth at 10.2% y-o-y was volume and mix-driven.

MPC members worried over fallout of low rates for savers

RBI governor Shaktikanta Das said that it is still too early to offer explicit forward guidance on the course of monetary policy.

Reserve Bank of India (RBI) governor Shaktikanta Das said that it is still too early to offer explicit forward guidance on the course of monetary policy.

Uttar Pradesh govt purchases 5.24 lakh tonne wheat in 22 days

This is about four times the procurement done in the year-ago period.

For the benefit of farmers, the government has started geo-tagging of all storage godowns and purchasing centers through remote sensing application centre.

SC agrees to hear Vedanta’s plea to open Tuticorin plant for oxygen production

Solicitor general Tushar Mehta also supported reopening of the Vedanta’s copper plant for production of oxygen.

“There is almost a national emergency and you (TN) don’t put spokes in the solution. We will hear it (Vedanta) tomorrow (Friday),” the CJI said.

Pandemic Premium: Rather than raising premiums to create a buffer for Covid-19 claims, health insurers should better underwriting practices

Any steep increase in premiums now will discourage people from purchasing a new policy or renew existing ones.

As many policyholders have not renewed their short-term covers, they are been left uninsured as the second wave of the pandemic has hit the country.

Fixing shortage of judges: After deadlines for govt, judiciary must address own role in delays

The Centre and the states not only need to move on speeding up judicial appointments, but also resolve infrastructure problems.

The SC on Tuesday said the Intelligence Bureau must submit its report within 4-6 weeks, following which the Centre must forward the files to the SC for appointment or state its reservations within 8-12 weeks.

Inflexion Points: Break climate finance’s ‘maximum negotiated, minimum delivered’ trap

Far more climate finance needed than what has been negotiated; by one estimate, developing countries need $3.5 tn to implement climate pledges up to 2030

Climate finance will be a central theme throughout 2021, including this week when US president Joe Biden hosts a Leaders Summit on Climate.

Ailing rural healthcare needs infra, personnel booster

Even as potential migrant exodus, pollrallies cast Covid-shadow over rural India, RHS shows its glaring public health deficiencies

This is compounded by nearly-absent private healthcare in these area.

PM Modi announces India-US 2030 climate partnership

Modi made the announcement while addressing in the online leaders’ summit on climate at the invitation of US President Joseph R Biden where nearly 40 other world leaders were participating.

“Our ambitious renewable energy target of 450 Gigawatts by 2030 shows our commitment,” Modi said, adding that “despite our development challenges, we have taken many bold steps on clean energy, energy efficiency, afforestation and bio-diversity”.

Federal Bank partners with neobank Fi to issue a savings account

The partnership will enable to issue a savings account, equipped with a debit card, in under three minutes.

The partnership will enable to issue a savings account, equipped with a debit card, in under three minutes.

India’s second wave: Deadly, but not more than transatlantic’s

The second wave appears to have peaked in the Americas and Europe. It is trending upwards in the Middle East, North Africa and Central Asia region. It is also trending upwards in Australasia, although it is evident only in South Asia. Mortality in Austral

It is still too early to comment on the severity of the second wave, as the Indian graph is still trending upward. We would need to watch out for incoming data

A license to compete globally

How worldwide portfolio licences for standard-essential patents are a beneficial deal for Indian players

5G networks will enable a broad range of applications and services such as the autonomously driven car.

Life Insurance: Premium collections up 90% in March 2021

Life insurers likely to see strong growth in individual annualised premium equivalent in FY22

Private players reported 8% y-o-y growth in individual APE for FY21, significantly higher than initial expectations at the start of the pandemic.

Board examination: An elephant that refuses to dance

A year-end summative exam cannot judge the future of a student

Coming to classes 11-12, the rush for coaching, and a race for marks and cracking entrance exams lead to absenteeism and alienation from school life and from the best that campuses offer.

Options for Senior Citizens: Fixed income options for lower tax bracket

For people in lower tax bracket, any interest income taxable at the marginal rate will lead to tax efficiencies, with the exception of tax-free bonds

Interests on deposits are taxable under the head “other income” at the marginal slab rate, similar to coupon from bonds.

Calcutta High Court dismisses pleas against MP Birla Group chairman Lodha

The verdict of the division bench of the high court on Thursday “cleared the decks” for Harsh Vardhan Lodha to continue as the chairman of all companies of the MP Birla Group, said Lodha’s advocate Debanjan Mandal, partner, Fox & Mandal.

The bench, comprising chief justice Thottathil B Radhakrishnan and justice Shampa Sarkar, passed a “landmark judgement” dismissing several contempt petitions filed against Lodha for continuing as a director and chairman in Birla Corporation, Universal Cables, Vindhya Telelinks and Birla Cable, four listed group companies, according to a statement issued by the Lodhas.

Vedanta seeks to open Sterlite’s oxygen unit to boost supply

Sterlite Copper in Tuticorin, which was shut down in May 2018 due to environmental issues, has one of the country’s largest oxygen plant. Two other Vedanta Group companies, Hindustan Zinc (HZL) and ESL Steel, are supplying oxygen to Covid-19 patients as

Sterlite Copper in Tuticorin, which was shut down in May 2018 due to environmental issues, has one of the country’s largest oxygen plant.

Focus on capex: Centre removes monthly spend caps

The objective of the latest directive is to facilitate allocation of additional funds from the department of economic affairs’ discretionary corpus of Rs 44,000 crore to those departments who show good progress in capex.

The move is in contrast with the announcement of curbs on expenditure imposed from April last year after the pandemic broke out.

New vaccine orders from Centre will cost Rs 400 per dose: Serum Institute

SII will be able to supply 50% of the Covishield production to state governments and private hospitals and the rest to the central government.

As per the country’s new vaccine strategy, vaccination will be open to all adults from May 1.

Scarcity of raw jute forces four mills in West Bengal to halt ops, more may follow

Deputy jute commissioner Koushik Chakraborty told FE that the orders specifying the amount that every jute mill should hold, actually intends to equitably distribute raw jute among millers when availability is really scarce.

IJMA director Debashish Roy said while some jute mills have more stock of high quality raw jute and less stock of low quality raw jute some have just the reverse. The imbalance in stock is either disenabling the millers to produce sacks or to produce hessian fabric. (File image)

Nashik-based York Winery to merge with Sula Vineyards

Ravi Gurnani, director, York Winery, did not go into details of the merger, but said the York brand will continue to grow. “The merger will give our brand a wider distribution reach and expand our market,” he said.

“Sula will be able to expand our hospitality operations across the road to our neighbour York, thus boosting Nashik’s wine tourism offerings. And there are synergies to be had from combining some operations. Consumers benefit from seeing more York brands on more shelves across the country, expanding consumer choice. It’s a great fit overall,” Samant said.
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