Today's Paper - 12/08/2020+ Print Archive

Moody’s rates Vedanta arm’s dollar bonds B3 with negative outlook

The outlook on the rating is negative, the credit rating agency stated. The firm is likely to tap the dollar bond market in the coming weeks, bankers indicated.

Moodys, Vedanta arm, Vedanta Resources, Vedanta Holdings Mauritius II, corporate family rating, Special Economic Zone, adani zones, Manappuram Finance,

CCRI rating: Downgrade to ‘hold’, target price lowered to Rs 480

In the notes to accounts to its Q1FY21 results, CCRI highlighted that it had received a demand of Rs 7.8bn from MoR as LLF for FY21 for just 2 terminals in Delhi (Okhla and Tughlakabad) which is significantly higher than Rs 4.5bn LLF as guided by CCRI man

CCRI rating, CCRI target price, LLF calculation, Dedicated Freight Corridor, LLF costs. latest news on CCRI rating

Tamil Nadu asks Centre to fund 50% of PCR test cost

Tamil Nadu presently has 130 labs for Covid testing with 61 government and 69 private labs, with an average testing capacity of 65,000 tests per day.

Gujarat Traders Federation wants dedicated retail trade policy for medium size traders

GTF has demanded that retail trade should get financial assistance including subsidy, loans with lower interest rates, relief in electricity duty etc.

In view of Covid-19 conditions, crowded markets should be shifted to other places and for the purpose land should be allocated at lower prices on lease.

BJP allies announce agitation for milk prices from August 13

The SSS has sought a subsidy of Rs 5 per litre of milk while announcing a special package to offset their losses.

But the private dairies are paying farmers only Rs 18 per litre due to the lack of demand.

Bank debt restructuring to delay bad loans recognition: Fitch

In a report on Monday, Fitch Ratings said the policy could open a window for banks to build capital buffers while putting off full recognition of the coronavirus pandemic’s impact on loan portfolios.

Fitch believes that the scheme may be designed to give banks more time to raise capital to address the impact of the crisis on loan portfolios.

Easier syncing: WhatsApp getting ready with multiple device support

But with the new feature, a user will be able to check WhatsApp on desktop, tab, and multiple phone devices independently.

However, WhatsApp is aiming to roll this without fiddling with its encryption standards.

AGR dues: Telcos proceeded with spectrum sale as DoT delayed filing appeals

On November 27, 2019 the NCLT ruled that Aircel can go ahead and sell spectrum as part of its resolution plan.

The SC bench on August 10 pulled up the DoT for filing the appeal late and asked it to inform by Friday how it plans to recover the AGR dues of Aircel and Rcom.

Cut in benefits? New export scheme to cost govt just Rs 10,000 crore

However, some exporters say once some of the orders booked earlier are despatched, exports could falter again, thanks to a combination of subdued demand overseas and inadequate benefits.

Merchandise exports have been contracting since March, thanks to the pandemic.

IndusInd Bank sells part of pledged shares of Eveready Industries, McLeod Russel

In the last month, the Burman family had acquired around 8.48% additional equity stake in Eveready from open market operations, taking its holding in the company to 19.84%.

The bank invoked the pledged shares for recovery of its dues from Seajuli.

Atmanirbhar Bharat, $5-trillion economy: Slogans, policies and a reality check

The government must adopt a well-informed policy approach based on a well-crafted strategic framework rather than populist leadership slogans—the route to a $5-trillion economy or balanced growth or even self-reliant India is through competitiveness and

How digital adoption will help India get economically stronger

Seeded during demonetisation, digital adoption has been accelerated by Covid-19. It will eventually help India get economically stronger

The initiative of making RTGS and NEFT transactions, which form the bulk of digital transactions, free was another step towards digital economy.

Skill development: Focus must be on those engaged in hazardous conditions like women beedi rollers

As a majority of the women workforce (49.9%) comprise young adults (15-35 years), the focus should be to first include this young group to help them come out of poverty.

The foremost focus of skill development must be on those engaged in hazardous working conditions like women beedi rollers, who are exposed to health risks, earn low wages and work without social protection.

True Antyodaya: An aspirational programme to fight Covid

The Aspirational Districts programme has put some of India’s most underdeveloped districts on the front foot for progress, starting with the fight against Corona

Since its launch in 2018 and with the highest weightage on the health sector, the programme has resulted in terrific transformation and reengineering of public health systems across the country.

Portals to link job-seekers and employers a good idea, also offer reskilling opportunities

Portals to link job-seekers and employers a good idea, but these should also offer linking with reskilling opportunities

From remote working becoming the new norm to a global reappraisal of the care economy and forced digitalisation and increasing automation, the change would have otherwise taken years.

Teachers getting pulled up for ‘absence’ in midst of Covid underscores the need for online education

However, in the present instance, the state education department had directed teachers to be present at their posting, in order to make notes, clarify doubts and prepare worksheets for distribution to students.

While the threat of the pandemic reaching a remote village in a northeastern state is low, the matter underscores the need to urgently roll out online education.

Make Covid drug trials transparent; fix regulation to make more approval, trial data public

The findings indicated that the Drugs Controller General of India (DCGI) approved 33 drugs without any scientific evidence.

The petitioners have suggested that clinical trial data be made public regardless of the success or failure of the trial.

AGR dues: SC on path to realise govt big loser in Vodafone-Idea case

SC asks govt how it plans to get RCom/Aircel dues; the same applies to Voda-Idea where Rs 260,500-cr is at stake

It is not possible to predict whether SC will allow Vodafone Idea and others 15-20 years to pay their dues, but if this is not done and Vodafone Idea shuts, like RCom and Aircel, it too will not be able to pay its dues.

UP Cabinet empowers govt to suspend certain provisions of crucial labour laws

Apart from Uttar Pradesh, Gujarat and Madhya Pradesh, too, had announced sweeping changes in labour laws in order to give some relief to the industry reeling under the lockdowns imposed in the wake of Covid-19 pandemic.

This was done to revive economic activity that had been reeling under the impact of Covid-19 lockdowns.

South India tea planters’ body opposes move for duty free imports of tea

As the out of home consumption [hotels, restaurants and catering or HOReCa segment] is also affected, the decline in production is no way significant from the consumption point of view.

The press statement was issued against reports of tea packeteers seeking duty free imports in the context of marginal increase in tea prices due to lower production.

Andhra Pradesh unveils new Industrial Policy with focus on 10 key sectors

Andhra Pradesh has 70.9% (2018) of its total population in the working-age and this is the second-highest share in India.

The land allotment on lease cum buy out model has been given in the policy.

With interest saver loan account, no need of contingency fund

The advantage with an interest saver account is you need not maintain a contingency fund elsewhere at a lower interest rate.

You will get the benefit on your outstanding loan for the remaining period of the loan.

Gold ETFs see net inflows of Rs 921.19 crore in July, up 86% from June count

Market participants maintained that expectations of further stimulus, an ultra-low interest rate environment and geopolitical tensions were other factors driving investors to seek some stability for their savings through the yellow metal.

Equity can give better returns than others over long periods: Nippon India Deputy CIO-Equity

In fact, if we look at the results, profitability of several corporates has increased, and revenues are falling less than people are anticipating.

Sailesh Raj Bhan, deputy CIO - equity, Nippon India Mutual Fund

Industrial production down 16.6% in June, likely to recover substantially in July

Given the exceptional circumstances, however, the government has highlighted that any comparision with the (year-on-year) growth rates for earlier months would be inappropriate.

However, a sustained recovery is still away, they say.

Power generation from renewables falls 24% in July

Electricity production from 88,041.9 MW of renewable energy-based plants fell despite the generation capacity being 9% higher than the year-ago period.

Power demand in states like Gujarat, Andhra Pradesh and Tamil Nadu — where industrial and commercial consumers comprise over 40% of electricity users — were lower by 10%, 13% and 16%, respectively.

Facing cash crunch amid Covid? Check out overdraft facility

An OD, on the other hand, is a credit facility that allows a bank account holder to withdraw the amount above the balance available in the account to the extent limit sanctioned by the bank.

You should select the OD facility based on the size of the fund required, interest applicable on it, and tenure for which you need the fund.

Forecasting models: Mapping Covid spread with epidemic simulator

The SAP Labs India supported City-Scale Epidemic Simulator can help local authorities improve preparation for health, logistics, demand and supply situations

Sindhu Gangadharan, SVP & MD, SAP Labs India

Health insurance claims: Private insurers go for in-house settlement – Do TPAs need to polish up their game?

At a time when Covid-19 related claims are going up, in-house claims settlement by private insurers has been found to be more faster. So, do TPAs need to polish up their game?

The insurance regulator has underlined that policyholders must be given cashless facilities for Covid-19 treatment at all network hospitals with whom the insurance company or the TPA has service level agreement.

How tech will shape the future workplace, explains NTT India Director

The mobile app is replete with a host of analytics capabilities and executive insights to provide a real-time overview to designated supervisors for tracing violations and initiating corrective measures swiftly.

LUX RAO, senior director—Solutions & Consulting, NTT India

Central Bank of India net profit rises 14.4% year-on-year as provisions fall

The net interest margin (NIM), a key measure of profitability, rose 23 basis points (bps) sequentially to 3.08%.

In absolute terms, GNPAs stood at Rs 31,946 crore, while net NPAs stood at Rs 10,469 crore at the end of Q1FY21.

TRAI not impressed with Airtel and Vodafone Idea’s replies on premium plans; telcos may try again

The Telecom Regulatory Authority of India is not satisfied with the replies of Vodafone Idea and Bharti Airtel regarding the premium plans as many of the technical details sought by it remain unanswered.

Also, the operators said that the speed depends on quality of handsets but they have not shared a list of handsets that are inferior and impact speed.

Moody’s assigns B3 rating to proposed dollar bonds of Vedanta Resources subsidiary

VRL is in the process of fully privatising its key operating subsidiary, Vedanta Limited (VDL), by increasing its stake to 100% from 50.1% and delisting the company.

The firm is likely to tap the dollar bond market in the coming weeks, bankers indicated.

SDL yields see minor hardening post monetary policy

For instance, Madhya Pradesh raised 15-year money at 6.61% this week while it paid 6.54% for a similar tenor paper last week.

Yields on central government securities had hardened post the monetary policy last week.

Tata Realty not buying into Work From Home culture; planning for a massive office space portfolio

Tata Realty has around six million sq ft of office space ready and leased and another one million sq ft is under construction and will be ready by November in Gurgaon.

While demand has been hit, so has supply; the supply expected to come online by calendar year 2022 has declined about 20% in the past quarter itself.

Dial-in numbers of Zoom, other video-meet apps could cost you more than you think, telcos warn users

The telecom operators have started alerting customers about the dial-in feature of online meeting applications like Zoom, BlueJeans, Microsoft Teams, etc, as using it will result in ISD or international call charges.

The dial-in numbers shared by many of these meeting apps are usually international numbers or premium numbers and using it would imply application of ISD tariffs.

Markets continue to soar for fourth straight session on Tuesday

The Nifty crossed the 11,300 mark and is now just 978 points short of its all-time highs that it witnessed in January.

Brokerages such as ICICI Securities, however, expect the stock markets to remain expensive in the near term.

Aurobindo Phama bets big on biosimilar business

The firm has also strengthened its focus on biologics products that go off-patent after 2024.

“We believe at least two products from this second wave portfolio will advance to animal toxicity studies in FY21, paving the way for subsequent clinical studies,” the company said in its annual report.

Air Products is eyeing $10 billion investment in India coal gasification projects: Senior V-P

Coal-to-chemicals and coal-to-transportation fuels is a long established business and we have a world leading position in that technology.

Richard Boocock, senior V-P, India commercial business, Air Products

Post-Covid fillip: GST refunds for longer periods central to UP’s new industrial policy

The policy, which aims to accelerate the pace of industrialisation in these regions, would provide attractive incentives to industrial units for creating growth centres in these areas on a fast-track mode.

Currently, the industrial investment and employment promotion policy-2017 provides for a net SGST reimbursement of 70% to eligible industrial units for 10 years only.

Now, foreign investors allowed to invest in ‘Alternative Investment Fund’ without PAN

The carve-out for such investors from section 139A of the Income Tax Act is contingent on non-residents not earning income other than from said funds.

Additionally, these funds are also required to deduct TDS on such income.
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