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SC directs Centre to prepare O2 buffer stock

May 3, 2021 - 12:07pm
The Supreme Court has directed the Centre to prepare a buffer stock of oxygen for emergency purposes in collaboration with states and decentralise the location of the stocks so that it is immediately available if the normal supply chain is disrupted. A three-judge bench headed by Justice D Y Chandrachud said the emergency stocks shall be created within the next four days and replenished on a day-to-day basis, in addition to the existing allocation of medical oxygen supply to the states. "We direct the central government in collaboration with the states to prepare a buffer stock of oxygen to be used for emergency purposes to ensure supply lines continue to function even in unforeseen circumstances. The location of the emergency stocks shall be decentralised so as to be immediately available if the normal supply chain is disrupted to any hospital for any reason," the bench said. "The emergency stocks shall be created within the next four days. The replenishment of the emergency stocks will also be monitored on a real-time basis through the virtual control room in active consultation with each state/UT. This is in addition to the day to day allocations," it added. Noting that the situation on the ground in Delhi is heart-rending, the top court also directed the Centre to ensure that the deficit in the supply of oxygen to the national capital is rectified before May 3 midnight. It said lives of citizens cannot be put in jeopardy in the battle of shifting responsibility of supply of oxygen. "The protection of the lives of citizens is paramount in times of a national crisis and the responsibility falls on both the central government and the GNCTD to cooperate with each other to ensure that all possible measures are taken to resolve the situation," the bench also comprising justices L Nageswara Rao and Ravindra Bhat said. On the issue of treatment in hospitals, the top court directed the Centre to formulate within two weeks a national policy on admissions to hospitals in the wake of the second wave of COVID-19. "Till the formulation of such a policy by the central government, no patient shall be denied hospitalisation or essential drugs in any state/UT for lack of local residential proof of that state/UT or even in the absence of identity proof," the bench said. It also directed the Centre and the state governments to notify that any clampdown on information on social media or harassment caused to individuals seeking help on any platform will attract coercive action. "The central government and state governments shall notify all chief secretaries, directors-general of police, commissioners of police that any clampdown on information on social media or harassment caused to individuals seeking/delivering help on any platform will attract a coercive exercise of jurisdiction by this court. "The registrar (judicial) is also directed to place a copy of this order before all district magistrates in the country," it said in an order uploaded on the SC website late on Sunday night. The top court also directed the Centre to revisit its initiatives and protocols, including the availability of oxygen, availability and pricing of vaccines, and availability of essential drugs at affordable prices. It asked senior advocates Jaideep Gupta and Meenakshi Arora, appointed as amicus curiae, to collate and compile these suggestions submitted by various parties. The matter is listed for the next hearing on May 10. The directions were passed in a suo motu case for ensuring essential supplies and services during the COVID-19 pandemic. The bench has taken up issues such as the projected demand for oxygen in the country at present and in the near future, how the government intends to allocate it to "critically affected" states and its monitoring mechanism to ensure supply. The Supreme Court had earlier made clear that any attempt to clamp down on the free flow of information on social media, including a call for help from people, would be treated as contempt of the court. "There should be free flow of information; we should hear voices of citizens. This is a national crisis. There should not be any presumption that the grievances raised on the Internet are always false. Let a strong message be sent to all the DGPs that there should not be any kind of clampdown," the bench had said while reserving its order on April 30.
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Natco gets emergency use nod for Baricitinib

May 3, 2021 - 12:07pm
Generic drugmaker Natco Pharma on Monday announced that it has received emergency use approval for Baricitinib tablets from the Central Drugs Standard Control Organisation, the drug regulator in India.In a statement, the Hyderabad headquartered pharma company said Baricitinib in combination with Remdesivir is used for the treatment of Covid-19 patients.The US Food and Drug Administration had in November last year issued an emergency use authorisation for the drug Baricitinib in combination with Remdesivir for the treatment of suspected or laboratory-confirmed Covid-19 in hospitalised patients requiring supplemental oxygen, invasive mechanical ventilation or extracorporeal membrane oxygenation (Ecmo).Baricitinib is a prescription oral tablet medication approved and sold under the brand name Olumiant by Eli Lilly for the treatment of moderately to severely active rheumatoid arthritis. Natco said it will be requesting a compulsory license based on emergency use and in the light of the grave and serious public health emergency across the country owing to the pandemic.The generic drugmaker said it is ready to launch the product this week aimed at making the product available to suffering patients across India.
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Bajaj Auto sells 1,34,471 units in domestic market in April

May 3, 2021 - 12:07pm
Bajaj Auto on Monday said it sold 1,34,471 units of two-wheelers and commercial vehicles in the domestic market in April.The company did not sell any two-wheelers or commercial vehicles in the domestic market in April 2020.Bajaj Auto's total vehicles sold stood at 3,88,016 units in April as against 37,878 units sold in April last year, the company said in a BSE filing.Commercial vehicles sold in April 2021 were at 39,843 units as against 5,869 units in April last year.Exports were at 2,53,545 units last month compared with 37,878 units in April 2020.
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How D-Street analysts read Assembly poll verdicts

May 3, 2021 - 12:07pm
NEW DELHI: The election outcomes in four states and the Union Territory of Puducherry have come as a mild setback for the ruling BJP, said analysts, who believe the domestic stock market could be disappointed, especially with the results in West Bengal, as it is being interpreted as a backlash against the Modi regime.That said, the election results may not severely impact the market direction. What will sway sentiment are the grim Covid numbers and any further restrictive policy decisions to control the second wave, analysts said.Mamata Banerjee’s Trinamool Party bagged some 213 seats in West Bengal against 148 needed for a majority. BJP’s tally stood at 77. In Tamil Nadu, DMK bagged 133 seats against AIADMK's 66. In Assam, BJP won 60 seats while INC came second with 29. Kerala saw CPI(M) winning 62 seats against 71 needed or a majority. In Puducherry, AINRC won 10 seats against 16 needed for the majority. “Although the market will be disappointed with BJP's inability to breach TMC's citadel in West Bengal, it will take comfort in the fact that the BJP has been able to retain power in Assam by overcoming the oft-repeated assertion of its critics that it fares poorly in defending states where it is in power," said independent analyst Ajay Bodke.He said DMK’s close win in Tamil Nadu was the sole consolation for INC, even as AIADMK put up a spirited fight despite the lack of a charismatic leader and anti-incumbency.The analyst said the impact of the wins by the TMC and DMK on the constitution of the Rajya Sabha will be watched closely, as “the NDA needs to command a majority there to pass crucial legislative bills to accelerate economic reforms and expand BJP’s nationalistic agenda in social and cultural spheres.”Nomura India said that BJP’s loss in West Bengal may be seen as a referendum on the central government’s handling of the second wave outbreak, but the brokerage noted that state elections are mostly influenced by a host of local factors. "We do not expect a shift in policies towards more populism as a result of these state elections. Although these results will increase the strength of the BJP national coalition (NDA) in the Upper House, it will still likely struggle to cross the simple majority mark in the next three years. However, this lack of a majority may end up being a non-factor, as the BJP has established working relationships with non-allied parties in recent legislatures to pass legislative bills," Nomura said.Emkay Global said elections might be seen as a mild setback for the BJP compared with its stellar performance in West Bengal in 2019. “We reckon even as BJP vote share has reduced somewhat from its tally in the general election, it has indeed made strides in expanding its geographical reach and emerged as a strong opposition in the state, traditionally seen as a home turf of TMC and the Left,” it said.Emkay said the election outcome did not surprise it and that market’s focus should now be back on the evolution of the Covid-II wave and policy responses, while policymakers’ focus will be squarely on minimising the economic and social costs."We also will keep an eye on the possible cabinet reshuffle ahead of the June parliamentary session, last reshuffle took place almost two years ago.The next major set of state elections will be held early 2022, covering some of the big states such as UP and Punjab, while Gujarat will go to polls at the end of 2022.
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Jumbotail looks to hire 400+ employees across multiple geographies

May 3, 2021 - 12:07pm
Wholesale e-commerce and retail platform Jumbotail is looking to hire 400+ employees across all functions, over the next year. The hiring will be for multiple geographies across the country. The organisation is looking for top talent across the functions of technology, product, category management, supply chain planning and design, retail services, project management, credit and payment, finance, supply chain operations, and customer success. The hiring will be for all levels - ranging from freshers/entry-level executives to mid and senior-level positions to senior leadership positions as well. “We recently completed our $25-million fund raise, and are rapidly scaling across multiple geographies across five states in south India, and 100+ districts in north India. We are expanding the footprint of our logistics and fulfilment centres network across the country to support the marketplace expansion,” Karthik Venkateswaran, co-founder and CEO, Jumbotail, told ET.“In addition, we are scaling our J24 stores network, and expanding our fintech platform and financial services business. We are also investing heavily in technology, product, design, and decision science to lead our scaling in a cost efficient manner,” he said.The firm is also looking for heads of functions and leadership hires in finance, marketing, people experience, category management, marketplace growth, geo expansion, decision sciences. In tech/product, the organisation is looking for principal engineers, decision scientists, UI engineering leads, senior product managers, UX leads.
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Vinod Khosla pledges $10 million to Indian hospitals

May 3, 2021 - 9:06am
Indian-American billionaire businessman Vinod Khosla pledged USD 10 million for the supply of medical oxygen to hospitals in India. This is in continuation with the Sun Microsystems co-founder's efforts to fund hospitals for oxygen supplies amid a surge in COVID cases in the country. Taking to Twitter on Sunday, he said there was a need to save lives as further delay may end up in more deaths. "For @GiveIndia this isn't enough. They've received requests for 20,000 oxygen concentrators, 15,000 cylinders, 500 ICU beds, 100 ventilators, 10,000-beds COVID centres with requests coming from non-profits & hospitals all across India every day. We need to do a lot more urgently," Khosla said. "The Khosla Family is adding USD 10 million to @GiveIndia to it's previous commitment as a match and hoping others will join in this urgent need," Khosla said. India is struggling with a second wave of the pandemic with more than 3,00,000 new coronavirus cases being reported daily and hospitals in several states reeling under a shortage of medical oxygen and beds.
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How oxygen is supplied to hospitals in Delhi

May 3, 2021 - 9:06am
There are two models:1. A hospital has pre-negotiated tie-ups with bottling plants that supply oxygen cylinders — Type D with 7200-litre capacity.2. The supplier sends filled cylinders to the hospitals and picks up empty cylinders for refilling. Suppliers send tankers with oxygen to the hospital, where the tank is filled and it feeds the central supply line. The problem:Unprecedented demandThe government has mapped every hospital to two sources of supplyRaw material to oxygen generating plants are shortTrucks carrying oxygen cylinders are stopped at borders curtailing and delaying inter-state movementWhat hospitals have to do?Hospitals are mapped to two sources of oxygen. Even before cylinders are exhausted, a hospital sends out a truck with empty cylinders to the bottling plant. The truck queues up and even if the hospital is mapped to the supplier, it can draw a blank as the supplier says he has not got oxygen from the oxygen generating plant. Hospitals report that even when they send cylinders for refill, it sometimes takes two days to return If hospitals scout their own supply, the trucks never get to cross the borders as states say whatever is produced stays inside the district.SOS systemDelhi government has an SOS system where hospitals send urgent messages when they run out of oxygen. Hospitals complain this system barely gives them supplies like 3-4 cylinders or half a tank full at one go.The solutionHospitals need to set up oxygen generation plants in their premises to reduce dependence on outside suppliers. The government would have to ensure the supply chain comes together.
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TN polls: Kamal Hasaan loses Coimbatore South seat

May 3, 2021 - 9:06am
Makkal Needhi Maiam (MNM) chief Kamal Haasan who was contesting from the Coimbatore (South) constituency in the Tamil Nadu Assembly elections lost the seat in a close fight with BJP candidate Vanathi Srinivasan on Sunday.Early trends had shown the Haasan leading from the constituency, but the BJP candidate won pulled ahead with a margin of 1,540 votes. The DMK-led alliance scored an emphatic win in the state assembly polls.He managed to secure about a third of the total vote share (33.26 per cent) while Srinivasan scored 34.38 per cent.Taking to Twitter, the actor-turned-politician thanked all the people who voted and said that he would continue to protect the state's soil, land and people.He also congratulated DMK chief MK Stalin for his victory in the polls."Heartfelt congratulations to the big success MK Stalin. You are taking charge as the Chief Minister of Tamil Nadu in this time of crisis. My congratulations to perform well and taking Tamil Nadu on the path of development," Haasan tweeted.According to the Election Commission, the DMK has won 103 seats and is leading on 29 in the 234-member assembly.AIADMK also won 54 seats and is leading on 13 while its ally BJP won three seats and is leading on a seat. Paattali Makkal Katchi (PMK) has won four seats and is leading on one other.Congress, which is an ally of DMK has won 10 seats and is leading on 8 more. DMK's other allies CPI and CPI (M) have won two seats each. The Viduthalai Chiruthaigal Katchi (VCK) has won four.
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Tata works to fund a ‘no limit’ COVID care initiative

May 3, 2021 - 9:06am
Tata group companies are once again putting their heft behind a massive Covid-19 critical care initiative, pumping in funds and resources to set up thousands of hospital beds, arranging oxygen and training medical volunteers as a huge vaccination plan is prepared.The group is expected to put in over ₹2,000 crore in these initiatives, with a “no limit” directive from Tata Trusts chairman Ratan Tata and Tata Sons chairman N Chandrasekaran on the back of upbeat performances by Tata companies. The focus and effort is to provide infrastructure and equipment needed to tackle the health crisis while it finalises plans of tying up with vaccine makers, officials said.Speaking exclusively to ET, Banmali Agrawala, president, infrastructure, defence & aerospace, said Tata Steel, Tata AutoComp Systems, Tata Motors, Indian Hotels, Tata Consultancy Services, Tata International, Voltas and Tata Projects have come together to support Covid-19 initiatives. Some of these companies helped to procure lifesaving equipment soon after the outbreak last year. 82363471“There are a lot of learnings that we have picked up from last year’s initiatives and that has kept us in good stead. From setting up labour camps for migrant workers under Tata Projects to converting 1,500 hotel rooms in Indian Hotels to hospital beds. So what we were also very successful as a conglomerate was in getting all companies together and cutting across horizontally to work together,” Agrawala said.The group has formed a crack team of senior officials from each group entity to discuss, coordinate and collaborate daily. More than funds, the requirement this time is to provide infrastructure and equipment such as hospital beds, oxygen and vaccines.Apart from these resources, Tata Trusts has started medical training programmes for volunteers in a tie-up with the Christian Medical College in Vellore.“There is a very important need to support the medical fraternity with trained technicians who can handle Covid-19 care equipment,” Agrawala said.Indian Hotels, through its Ginger and President group of hotels, has offered 1,400 rooms with medical supervision. Patients who become critical will be shifted from these facilities to hospitals when needed. The company has mapped hotels that are close to hospitals across the country to enable efficient patient care, Agrawala said.Tata Projects has set up camps with food and accommodation so that migrant workers can remain on site. Tata International, Voltas and Trent are offering warehouses to store critical equipment.Tata Motors in Jamshedpur and Tata Chemicals in Mithapur, Gujarat, are equipping and expanding existing hospitals to include ICUs and ventilators.“Many hospitals are either being expanded or being funded by us, such as the ones built by the Defence Research & Development Organisation in Delhi and Gujarat,” Agrawala said.A key area for the Tata group’s efforts is the supply and transport of oxygen, for which India is short of containers.The group has partnered with Linde, a global industrial gases company, to airlift liquid oxygen containers from Singapore, China and Dubai to India.The Indian air force played a crucial role in supporting the Tatas with cargo planes and opening up their airfields.Tata Trusts imported oxygen concentrators from China, with Trent, Voltas and Tata International playing a key role in providing support through their global offices and warehouses.
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Muslim belt completely switches over to TMC

May 3, 2021 - 9:06am
The Congress bastion of Malda and Murshidabad, a Muslim-majority region where the All India Trinamool Congress (AITC) has historically been very weak, decisively switched over to the AITC this time, and the urban seats of Kolkata too voted in the party's favour as the Centre’s Covid-19 management came under scrutiny, leading to bumper gains for the party in the last two phases of the assembly polls.In Birbhum, which has about 37% Muslim population, the AITC led in 10 out of 11 seats. Birbhum voted on April 29.Sixteen seats out of 20 in Murshidabad, five out of nine in Malda and all nine in Kolkata went to the AITC. According to the census, 51% of Malda’s population is Muslim, and the figure stands at 66% in Murshidabad.In 2016, except Kolkata, where it swept the polls, the AITC had limited gains in Murshidabad and Malda. It did not win any of the 12 seats in Malda district, while the Left won three and the Congress swept the region, winning seven seats. In Murshidabad, the AITC had won four out of 22 seats, as did the Left, and the Congress bagged 14 seats.Polling has yet to take place in Murshidabad’s Samserganj and Jangipur owing to the deaths of two candidates due to Covid-19, but chief minister Mamata Banerjee said she was confident of both seats going her party’s way.The AITC’S Malda president Krishnendu Chowdhury told ET that the party was in tatters in the two districts all these years because “Suvendu Adhikari, as the observer of both districts, had alienated party workers and was helping the BJP”. “But not just the Muslims, even the poor Hindus voted for us. The Congress is a spent force here. The Centre’s Covid management, plus the way it was handled in BJP-ruled states, opened the eyes of our people,” he said.The primary reason for Malda having remained a Congress bastion till now was the larger-than-life legacy of former Congress veteran and eight-time MP from the region, Gani Khan Choudhury.
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Cong rout fuels anti-BJP front moves by regional players

May 3, 2021 - 9:06am
Trinamool and DMK victories on a day Congress’s electoral ride came a cropper are expected to provide impetus to ongoing efforts of regional satraps to come together against the BJP in the run up to the 2024 Lok Sabha polls. One likely, if not intended, fallout would be the regional forces’ negation of Congress as the national pivot for anti-BJP unity, some persons involved in the move said.ET had reported that a group of regional leaders, with NCP chief Sharad Pawar as common friend, have been exploring such a common front of regional parties against the BJP, with some of them preferring Congress to play second fiddle, while some are for compelling it to extend support to them. Some of them envisage a ‘new era United Front exercise’, which was backed by the Congress in the name of keeping the BJP out.The latest round of electoral setback not only weakens the Congress position within the larger opposition turf but also that of the Gandhis, especially as their capacity to win votes and keep Congress united have increasingly come under the scanner even internally. Asked about the possible move of regional parties to unite in the wake of Trinamool leader Mamata Banerjee’s splendid victory, AICC spokesperson Randeep Surjewala stressed on the importance of the Congress' “strong leadership role in national politics” and that there could not be a “one-size-fit-all” approach.After Sunday’s verdict, a host of regional leaders including NCP’s Sharad Pawar, Shiv Sena’s Uddhav Thackeray, RJD’s Lalu Prasad and non-Congress allies Akhilesh Yadav of SP, Mayawati of BSP, NC’s Omar Abdullah and PDP’s Mehbooba Mufti hailed Banerjee’s (and many also Stalin’s) electoral show. Many of the leaders, besides Badalas of Akali Dal, Chandrashekhara Rao of TRS, Jagan Mohan Reddy of YSRCP and JDS, too have been part of the behind the scene talks for a kind of anti-BJP federal platform. Many of these regional parties had demonstrated disproval of Congress and Left ‘splitting the anti-BJP vote’ in Bengal. Some say, a regional front can bring in larger anti-BJP unity unlike the Congress, which has turf-rivalry with many regional parties.Equally enthusiastic was Congress leaders Ghulam Nabi Azad, Anand Sharma, Shashi Tharoor, all part of change-seekers, in hailing Banerjee’s win. Sharma had publicly criticised the Congress decision to tie-up with a Muslim outfit in Bengal. The Congress leadership’s pact with AIUDF in Assam too has been a matter of heartburn for many Congress leaders who want an ‘equal fight against majority and minority communalism’.Aware of the tricky moves, the AICC was quick to showcase many of these regional leaders (Pawar, Banerjee, Mayawati, Stalin, Deve Gowda, Akhilesh Yadav, Abdullah and Left leaders) and Sonia Gandhi jointly issuing a statement demanding that the Centre ensure oxygen supply and make anti-Covid-19 mass vaccination programme and full utilisation of budgetary allocation for health. But some of them said this was more a humanitarian resolve and no political imprint should be seen in it.
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AICC promises ‘course-correction’ after loss

May 3, 2021 - 9:06am
Rahul Gandhi jumping into the deep sea during the Kerala election campaign has re-emerged as the most ironical symbol of Gandhi, and his sister Priyanka Vadra, leading the Congress campaigns which has landed the party in deep choppy electoral waters in Kerala, Assam, Bengal, and Puducherry, besides making it a dispensable ally to the DMK in TN. What was internally designed as the ‘heralding’ moment of Rahul’s second incarnation on a ‘winning note’ and the ‘pan-state arrival’ of Priyanka, turned out to be a collective electoral doom day on Sunday for the Congress First Family and the AICC set-up controlled by them.“The entertainment bands usually perform to keep the crowds engaged before the real leaders reach the campaign venues. But, Rahul ji chose himself to be an entertainer who does deep-sea diving, on-stage push-ups and marshal art demos at campaign venues. People took him as an entertainer and our party as a family circus and voted for those parties led by real leaders. And, here we are,” quipped a senior Congress MP about the party’s defeat.Such was the Gandhis’ confidence, and quality of ‘strategic input’ from their chosen team, that even Vadra departed from the usual practice of sticking to the UP campaign, to join her brother in leading the party campaign in Kerala, Assam, Tamil Nadu –– in WB and Puducherry the brother did the honours in solo role –– to demonstrate, especially to the internal Doubting Thomases, that the siblings can both “lead” and “deliver victories” for the party. AICC tried to tactically buy internal peace at this hour of defeat by promising ‘a course correction’. “We recognise that the election results are not as per our expectations, particularly those in Assam and Kerala. Congress will study the results and all the reasons and we are committed to correcting our mistakes and taking appropriate course correction,” said spokesperson Randeep Surjewala. Leading changeseeker, Ghulam Nabi Azad chose to play ‘statesman’. “The Congress performances in Kerala, Assam, Bengal, Tamil Nadu and Puducherry have come as a huge disappointment. I congratulate Mamata Banerjee for stopping the BJP and MK Stalin for leading DMK to victory. Yet, the fate of the nation is our first priority during this battle against Covid. This is the time for the nation, the people and also the Congress to stand united in the fight against Covid. The exercise of looking into what has gone wrong in the elections and in the Congress can wait,” Azad said.Another change-seeker Veerappa Moily said, “The disappointing Congress electoral show has shown that there has to be a change in our party’s functional approach. We need to do an honest introspection and the party should also have the right persons in leadership posts”.Apart from the Gandhi siblings leading the campaign, they also handpicked, with endorsement from Sonia Gandhi, the relatively inexperienced organisation in-charges in Assam, Bengal and TN with only Kerala getting experienced Tariq Anwar to be the in-charge but under the eyes and ears of AICC general secretary (organisation) KC Venugopal.The setback notwithstanding, Sonia Gandhi and AICC loyalists are learnt to be keen to reinstall Rahul as Congress chief again even if it meant pushing it through the Covid surge through an online exercise. “The CWC decision to have a new Congress president by June end stands,” Surjewala said.“Since the CWC and AICC comprises members nominated, not elected, by Sonia Gandhi, trust most them to raise their hands to endorse any succession plan of the Gandhis, more so when many of them too are being allowed to promote their own children’s career within the Congress in return. But, then that may not be the only agenda for the entire Congress leaders and workers,” said a CWC member.
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No plan yet to ensure hosps don’t run out of O2

May 3, 2021 - 9:06am
Delhi’s hospitals are now queuing up before manufacturers at home and abroad to set up oxygen generating plants over the next two weeks to reduce their dependence on suppliers. Despite a severe oxygen shortage in Delhi for the last two weeks, there has been no clear strategy for ensuring hospitals do not run out of oxygen for patients. It has now forced the hospitals to stop admissions to patients dependent on oxygen, scout for oxygen in other states and quickly set up oxygen generating plants.“Hospitals are now rushing to set up oxygen generation plants so that they do not have to depend on bottling plants or liquid oxygen. This will take time — up to 2-3 weeks — as the manufacturers are now inundated with these proposals. But we would be secure for any such demands in future,” Ujala Cygnus group of hospitals founder director Dr Shuchin Bajaj told ET.Hospitals have pointed out that there is no assured supply of oxygen and at one time they have 3-4 hours of oxygen supply. “There is no shortage of beds but it is more a shortage of oxygen. We can give admissions to more patients but we are now running at 70-80% capacity,” Bajaj said.Also read: How oxygen is supplied to hospitals in Delhi?Aakash Healthcare managing director Aashish Chaudhary said “we never get oxygen supplies for 24 hours. At a given time we have supplied for 3-4 hours. By force we have to stop our admissions. Even then we get patients who say just keep us in emergency we have been refused by 8 hospitals. How do we turn them away?”The hospitals have two ways of getting oxygen. A majority of Delhi hospitals (about 90%) depend on oxygen cylinders — which are Jumbo D type cylinders with a 7,200 litre capacity. Before the second wave, every hospital had tie-ups with suppliers who sent out their trucks which offloaded filled cylinders and took the empty cylinders to be filled. These suppliers are Faridabad, Greater Noida, Palwal and other NCR towns. The suppliers themselves get liquid oxygen from oxygen generating plants which supply them to the bottling plant sites in tankers.The Delhi government has now taken over this mechanism completely and mapped all hospitals to two oxygen cylinder suppliers. However, this supply chain is now disrupted as the cylinders or tankers never fill up as demanded by the hospital.Dr Chaudhary said: “We have scouted out till Hisar, Yamunanagar and Patiala. We bought 170 cylinders from Patiala and our truck on its way back was stopped. At the checkpost we were told that a filled cylinder would not leave Patiala. This is the kind of regionalism we are facing. Every day the court orders are flouted on the ground. The Centre has said that no trucks would be stopped or delayed but we can never cross the borders.”Terming the present system followed by the government as vague, Dr Bajaj said, “we are back to quota raj of the 80s, when oxygen supplies are being rationed. The main reason is that the supply line is broken. We need raw material supplies to oxygen generation plants and a proper technological intervention to ensure that no trucks and tankers carrying oxygen are stopped.”
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The rich bring hospitals to their homes

May 3, 2021 - 9:06am
No hospital rooms – create one at home. Wealthy Indians, whether infected by covid or fearing infection, are taking private healthcare to the next level by buying advanced medical equipment like non-invasive ventilators and setting up ICUs at home.And like in the case of oxygen concentrators, stocks of these more high end medical equipment, as well supply of medical professionals, is also fast depleting, home healthcare service providers say. Companies are struggling to meet a sudden spike in demand. A non-invasive ventilator cost Rs 50,000 to Rs 2.5 lakh, depending on brand and configuration. And running a home ICU costs around Rs 15,000-25,000. 82363032CEOs of five home healthcare companies said the demand for these equipment and services is up by almost 100% in the last 5-7 days. Medical equipment manufacturers now fear that India will run out of supplies of non-invasive ventilators such as BiPAP and CPAP machines due to sudden high demand.“From basic Covid care at home for mild patients, we are now flooded with requests for intermediary care for moderate patients since availability of a hospital bed has become a real challenge,” said Vishal Bali, co-founder at Mahindra-funded home healthcare provider Nightingales. “Anything to do with oxygen and lungs are now in high demand,” he said.The company is receiving over 80 such requests per day, of which half are from patients who are already down with Covid and the rest from those wanting to set up intensive care units (ICU) at home.For HealthCare at Home, a company co-owned by the Burmans of Dabur, requests to set up advanced care facilities at home have gone up 20 times. Chief operating officer Dr Gaurav Thukral said the demand is so high at Delhi NCR, that it had to stop the service and instead set up a temporary Covid care facility.“It is not possible to service this high demand of Covid care at home. We encounter the VIP syndrome of throwing names around….people are ready to pay any amount of money. But a home ICU is not a replacement for a hospital ICU,” said Thukral.Requests for non-invasive ventilators have started to flood social media as well. Several dealers and manufacturers said they are sold out, especially in Delhi NCR. BPL Medical has completely sold out its stock. Rajiv Nath, forum co-ordinator, Association of Indian Medical Device Industry, said people are buying non-invasive ventilators to create home healthcare set up, while some are even buying for patients admitted in hospitals which may have run out of stock.Hyderabad-based ventilator manufacturer DVB InvenTek founding partner Darshan Bhatia said demand for ventilators is almost 100% more than what it was 7-10 days back.Bhatia fears ventilator availability will be a bigger issue as it is already felt in some pockets. “It’s not a tap that you can immediately open to scale up manufacturing. Component supplies have dried up due to non-availability of industrial oxygen and because many employees are down with Covid,” he said.Nath said while domestic manufacturing capacities are still in excess of current utilization levels, there is no effort from the government, unlike last year, to review the ventilator situation and co-ordinate with the industry for any need to beef up production.Home healthcare providers said they too are facing challenges in manpower since several nurses, para-medics and doctors are getting Covid infected. “They are taking 20-25 days to return back to work,” said Bali.BPL Medical Technologies CEO Sunil Khurana said the government and insurance companies must allow medical insurance coverage for home care of Covid patients due to bed shortages.
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Mamata keeps BJP at bay in West Bengal

May 3, 2021 - 9:06am
Mamata Banerjee-led Trinamool Congress routed the BJP in a high stakes battle for West Bengal, retaining the state by two-thirds majority on Sunday in a round of state elections which saw anti-BJP regional parties emerge stronger at the hustings. The Congress, meanwhile, further lost ground in Kerala and Assam.Banerjee, however, lost the prestige battle in Nandigram by a slender margin, according to a late night update on Election Commission website, though her party improved the 2016 winning record of 211 seats, and in the process, halted the BJP’s big eastward push. “Victory to the Bengalis, victory to the country, victory to democracy,” she said, adding that fighting the Covid-19 pandemic would be her government's top priority. Prime Minister Narendra Modi congratulated Banerjee and promised the Centre’s full support in combatting Covid-19.In Tamil Nadu, DMK unseated the AIADMK-led alliance, of which BJP was a constituent. The Pinarayi Vijayan-led Left Democratic Front government created history by becoming the first incumbent to be voted back to power in Kerala. The BJP along with allies, however, retained power in Assam and defeated the Congress in Puducherry. 82363166But the biggest setback for the BJP came from West Bengal, where Prime Minister Modi and home minister Amit Shah had led a high-pitched anti-Mamata campaign, riding on BJP’s good showing in the 2019 general elections.The TMC, on the other hand, focused on Banerjee as the daughter of Bengal fighting against “bohiragato (outsiders)”.Apart from retaining its strongholds in south Bengal such as Howrah, Hooghly, diamond harbour, South 24 Parganas and North 24 Parganas, the TMC has also made a dent into the BJP’s gains with SC, ST communities particularly in the Junglemahal region that the BJP had swept in the Lok sabha polls of 2019. The TMC also swept the Muslim-dominated districts of Malda and Murshidabad, and the urban seats of Kolkata that went to polls after phase 5 when the Covid-19 management of the Centre came under much attack. Many high-profile faces of the BJP, including MPs Babul Supriyo, Locket Chattterjee, Suvendu Adhikari, Rajib Banerjee lost their seats. Districts that saw a high number of defections from TMC to BJP, such as Howrah, Paschim Bardhaman and Purba Medinipur also went the TMC’s way.BJP managed to get 76 seats in the region of Rarh Bengal and North Bengal, apart from a few in Medinipur. The election also saw the collapse of the left front, with just one candidate, Naushad Siddiqui, brother of Furfura Sharif cleric Abbas Siddiqui, winning the seat of Bhangar in South Bengal.In Assam, BJP became the first non-Congress party to return to power, sweeping the polls in Upper Assam and the Northern bank of Brahmaputra while maintaining its hold in hill districts.DMK chief MK Stalin could finally witness his moment in the sun and be the next CM of Tamil Nadu. Alliance partners like Congress, VCK and the Left also put up a good showing. The DMK has come to power after a decade and importantly, this is the first election that both the Dravidian parties — DMK and AIADMK — were contesting without their respective party stalwarts — M Karunanidhi and J Jayalalithaa.LONE LEFT BASTIONKerala chief minister Pinarayi Vijayan-led Left Democratic Front (LDF) improved on its 2016 tally, thus turning the state as the only “oasis of power” for the Left. The LDF victory is being seen as a popular backing for the Pinarayi government’s welfare schemes, the manner in which it handled the back-to-back floods and the Nipah and the Covid-19 outbreak. The poor show by Congress-led UDF also means a loss of face for Rahul Gandhi and Priyanka Vadra, who led the Congress campaign in anticipation of a UDF rebound. Rahul Gandhi is also an MP from Kerala.The BJP, which had won one seat in 2016 and led a very aggressive campaign, failed to open its score, losing the only seat it had won last time. BJP state president K Surendran came third in the two seats he contested. ‘Metroman’ E Sreedharan lost by over 3,000 votes in Palakkad and senior leader Kummanam Rajendran lost the sitting seat of Nemam where he replaced the lone party MLA O Rajagopal. The NR Congress and BJP, meanwhile, were headed to form the government in Puducherry, shattering hopes of the Congress to regain power in the union territory. The N Rangasamy-led NR Congress contested 16 seats, while the BJP and AIADMK contested the remaining 14 seats. However, what is interesting to note is that the BJP has not announced Rangaswamy as their alliance’s chief ministerial candidate. The parties said this would be decided post the election. The BJP currently does not have a single MLA.On the other hand, the Congress finds itself in a tight spot as its only government in the South was toppled after the V Narayanasamy-led government lost its trust vote on February 22.
Categories: Business News

Warren Buffett sees a ‘red hot’ economy with creeping inflation

May 3, 2021 - 9:06am
By Katherine ChiglinskyWarren Buffett delivered a clear verdict Saturday on the state of the U.S. economy as it emerges from the pandemic: red hot.“It’s almost a buying frenzy,” the Berkshire Hathaway Inc. chief executive officer said during the conglomerate’s annual meeting, which was held virtually from Los Angeles. “People have money in their pocket and they’re paying higher prices,” he said.Buffett attributed the faster-than-expected recovery to swift and decisive rescue measures by the Federal Reserve and U.S. government, which helped kick 85% of the economy into “super high gear,” he said. But as growth roars back and interest rates remain low, many -- including Berkshire -- are raising prices and there is more inflation “than people would have anticipated six months ago,” he said.Buffett reunited with his long-time friend and business partner Charlie Munger for this year’s meeting. Munger didn’t make it to last year’s meeting in Omaha, Nebraska -- Buffett’s hometown -- due to the shutdowns across the country. Some shareholders were relieved to see the duo fielding questions together again.“I really feel that both Charlie and Warren displayed their usual and amazing level of acuity and intellectual energy,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates.Buffett and Munger spent hours fielding questions, from the economy, to climate and diversity, the SPAC boom, taxes and succession. Here’s the lowdown:Climate Pressure:Berkshire faced pressure from two shareholders proposals, one to improve transparency related to its efforts on climate change. The topic was bound to be a feature at the meeting -- and it was.When asked about the proposals, Buffett stuck to his previous stance. Measures to produce big reports on diversity and climate for his business lines spanning energy to railroads were, he said, “asinine.” The proposals were later voted down.Buffett was also asked about Berkshire’s stake in oil and gas producer Chevron Corp., which it disclosed earlier this year. Buffett said he felt “no compunction” in the least about its ownership in the company, which he said had benefited society in many ways. While he acknowledged the world is shifting away from hydrocarbons, people on the extreme sides of either argument are “a little nuts,” he said.Greg Abel, chairman of Berkshire Hathaway Energy, called climate change a “material risk.” He added that they’re setting targets and spending $18 billion over 10 years on transmission infrastructure.Killer SPACs:Buffett warned investors that Berkshire might not have much luck striking deals amid the boom in special purpose acquisition companies that gripped the market over the past year.“It’s a killer,” Buffett said about the influence of SPAC companies on Berkshire’s ability to find businesses to buy. “That won’t go on forever, but it’s where the money is now, and Wall Street goes where the money is.”Buffett, 90, also spent part of Berkshire’s annual meeting Saturday addressing the recent boom in retail and day trading. A lot of people have entered the stock market “casino” over the past year, he said.Tax:Buffett said President Joe Biden’s proposals for a corporate tax hike would hurt Berkshire shareholders. He added that antitrust laws and tax policy could change things for the company but new tax laws wouldn’t alter its no-dividend policy.Succession:Buffett and Munger, 97, fielded the majority of questions at Saturday’s meeting, but their two top deputies Abel and Ajit Jain, who runs the insurers, also shared the stage. Investors were able to get a closer look at the pair who are considered the top candidates for the job.Munger dropped a little mention of the post-Buffett years that drew speculation on social media about the most likely candidate to succeed Buffett. The CEO was pointing out that decentralization doesn’t work everywhere because it requires a certain type of culture that businesses need to have.“Yeah, but we do,” Munger insisted. “And Greg will keep the culture.”Abel has long been considered the top candidate to replace Buffett, especially when he was promoted to a vice chairman role overseeing all non-insurance operations, which gives him a wide array of responsibilities, including oversight of the railroad BNSF and the energy business.Errors:Buffett offered a few mea culpas during Saturday’s meeting. He noted that selling some Apple Inc. stock last year was a mistake and even said that Haven, the health care venture with JPMorgan Chase & Co. and Amazon.com Inc., thought it could fight the “tape worm” of American health care costs but the worm won.“That was probably a mistake,” Buffett said of those Apple stock sales last year. Berkshire still owned a roughly $110 billion stake in the iPhone maker at the end of March. “In fact, Charlie, in his usual low-key way, let me know that you thought it was a mistake too,” he said to Munger, who shared the stage with him.Cash Pile:Before the annual meeting started, the company released its first-quarter earnings, giving investors a dive into the 19.5% operating profit gain during the period.Berkshire ended the quarter with a near-record $145.4 billion of cash on hand as it continued to generate funds faster than Buffett could deploy them. But Buffett also ended pulling back on some capital deployment levers during the period. He bought back just $6.6 billion of Berkshire’s own stock, short of the record $9 billion set in prior quarters, and ended up with the second-highest level of net stock sales in the first quarter in almost five years.
Categories: Business News

SGX Nifty sheds 100 points; here's what changed for market while you were sleeping

May 3, 2021 - 9:06am
Is it time to pay heed to the old adage: Sell in May & go away? Dalal Street looks forward to digesting a host of news developments, including a grim record of 4 lakh daily Covid cases, state election outcome that hinted at a backlash at the ruling BJP, tepid auto sales data and March quarter earnings of index heavyweight Reliance Industries. The fact that FPIs are dumping domestic equities and turned net sellers of Rs 9,659 in April could also weigh in on the domestic sentiment.Here's breaking down the pre-market actions: STATE OF THE MARKETSSGX Nifty signals negative startNifty futures on the Singapore Exchange traded over 100 points lower in signs that Dalal Street was headed for a negative start on Monday.Tech View: Nifty loses support at 50-DMANifty50 snapped a four-day winning streak on Friday and lost the crucial support of its 50-day simple moving average, forming a bearish candle on the daily chart for the second day in a row. Analysts said Nifty may trade in the 14,500-14,900 range in the coming days.Asian markets mixed in early tradeMarkets across Japan and China are closed for the day. Korea’s Kospi rose 0.6 per cent to 3,167.14 while Hong Kong’s Hang Seng fell 0.8 per cent to 28,445.12. Taiwan's TWSE index declined 0.65 per cent to 17,452.26.US stocks dropped on FridayStocks pulled back on Wall Street, easing the S&P 500 below the record high it set a day earlier, but still closed out their best month this year. On Friday, the S&P500 index fell 30.30 points, or 0.7 per cent, to 4,181.17. The Dow Jones Industrial Average index shed 185.51 points, or 0.5 per cent, to 33,874.85. The Nasdaq Composite index fell 119.86 points, or 0.9 per cent, to 13,962.68.Q4 earnings todayKotak Mahindra Bank, SBI Life Insurance, Godrej Properties, IDBI Bank, L&T Tech, Varun Beverages, Tata Chemicals, Home First Finance and Mahindra Holidays are among companies that will announce their March quarter results today.FPIs sell Rs 3,465 crore worth stocksNet-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 3,465.07 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 1,419.31 crore, data suggests.MONEY MARKETSRupee: Snapping its four-day winning streak, the rupee settled with a marginal 2 paise loss at 74.09 against the US dollar amid concerns over economic recovery in view of mounting Covid-19 cases in the country.10-year bonds: India 10-year bond yield fell 0.48 per cent to 6.03 after trading in 6.02-6.07 range.Call rates: The overnight call money rate weighted average stood at 3.22 per cent, according to RBI data. It moved in a range of 1.90-3.50 per cent.MACROSAutomakers log tepid sales in April... Maruti Suzuki India reported a 4 per cent decline in total sales to 1,59,691 units in April; Hero MotoCorp said it has sold 3,72,285 units last month, down by 35 per cent. Tata Motors' total domestic sales declined 41 per cent to 39,530 units. For Mahindra & Mahindra, total sales fell 10 per cent to 36,437 units.TMC wins in WB, BJP retains Assam... Mamata Banerjee emerges as the tallest figure of elections, as her party TMC won more than 200 of West Bengal’s 294 seats. BJP retained Assam, lost the single seat it had in the Kerala assembly and came out on the losing side in Tamil Nadu. Its victory in Puducherry is neither here nor there. However, on balance, it is advantage BJP in this round of five state assembly elections, ET reported.Q4 numbers signal robust show... The initial trend for the March 2021 quarter reflects a robust year-on-year performance by India Inc on anticipated lines aided by low base in the corresponding quarter of the previous year. Net sales of a sample of 191 companies that have declared results in each of the past 13 quarters increased to a seven-quarter high of 12.7 per cent after a drop in each of the previous four quarters. Net profit shot up by 50 per cent compared with a 23.1 per cent fall in the year-ago quarter. Operating margin improved by 160 basis points to 22.5 per cent in the March 2021 quarter.Kotak suggests stricter Covid curbs... India’s wealthiest banker, Uday Kotak, has implored authorities to consider curbing economic activity in a bid to counter the coronavirus crisis. “At this critical juncture when toll of lives is rising, CII urges the strongest national steps, including curtailing economic activity to reduce suffering,” Kotak, president of CII and chief executive of India’s third-largest lender by market value Kotak Mahindra Bank, said in a tweet.Banks fear lockdown hit on asset quality... Lenders are bracing for a further deterioration in asset quality metrics, cheque-bounce rates and collection ratios, anticipating a full month of strict lockdowns and curfews in May. While payment rejection rates were back to January levels, they are expected to rise further in May, lenders told ET. Collection ratios will be hit by another 5-10 per cent in the month as fresh Covid-19 infections continue to ravage the country.ESG flavour of the season for MFs... Environment, social and governance, the flavour of the season among investors, has paid off for retail investors as well, with many schemes launched in the past few months outperforming the ESG Index. At least half a dozen asset management companies — Aditya Birla, ICICI Prudential, Kotak, Invesco India, Quantum India and Mirae Asset — have introduced ESG-based fund plans since October last year and have garnered about Rs 4,900 crore assets under management (AUM).Q4 numbers signal robust show... The initial trend for the March 2021 quarter reflects a robust year-on-year performance by India Inc on anticipated lines aided by low base in the corresponding quarter of the previous year. Net sales of a sample of 191 companies that have declared results in each of the past 13 quarters increased to a seven-quarter high of 12.7 per cent after a drop in each of the previous four quarters. Net profit shot up by 50 per cent compared with a 23.1 per cent fall in the year-ago quarter. Operating margin improved by 160 basis points to 22.5 per cent in the March 2021 quarter.Mumbai property registrations highest in 10 years... Property registrations in Mumbai were the best in 10 years for April with more than10,136 completed deals, due to a spillover effect from earlier months. The completed deals led to stamp duty revenue collection of ₹514 crore during the month, data from the Inspector General of Registration (IGR), Maharashtra, showed. Experts said a spillover effect from earlier months pushed up numbers as actual deals concluded in April were much lowerRecord exports growth on a low base... India’s exports surged a record 197.03 per cent year-on-year to $30.21 billion in April, led by outbound shipments of gems & jewellery, engineering goods and petroleum products, due to the low base effect. Imports grew 165.99 per cent to $45.45 billion, widening the trade gap to $15.24 billion, as per preliminary estimates by the commerce & industry ministry.
Categories: Business News

Cut mid, small cap allocation by 5%

May 3, 2021 - 3:04am
Portfolio managers are pruning allocation to mid and small cap funds by 5% in investor portfolios. This comes amidst fears of the second wave of Covid -19 hurting economic growth, high valuations and a sharp run up over the last one year.“Indian mid and small-cap stocks have traded at lofty P/Es. The current valuations indicate a premium to our fair value assumption. Aggressive investors can reduce mid and small cap allocations by 4-5% from their targeted allocations. In our aggressively managed portfolios we have reduced midcap allocation from 13% to 10% and small cap from 7% to 6%, ” says Dhaval Kapadia, CFA, Portfolio Specialist, Morningstar Advisers.Investors have made high returns from this category of funds over the last one year. Small cap funds have returned an average of 92% over the last one year with few funds returning more than 100%. The midcap fund category too has returned 69% in the same period.Kapadia believes the recent sharp surge in COVID-19 infections across the country and consequent restrictions will threaten to disrupt the recovery momentum and would weigh on GDP growth. In the coming months, effective control of the fast-mutating virus spread, and the pace and efficiency of vaccination drives would determine the level of economic activity in the months to come. Analysts believe the economy faces a risk of slowdown and corporates will face a difficult quarter with states imposing restrictions and partial lockdowns, directly impacting consumption demand, logistics & transportation, and manufacturing activity.Analysts point out that midcaps and small caps trade at a premium to large caps. While The Nifty 50 trades at a PE of 32, the Nifty Midcap 150 trades at a PE of 40.95. Over the last one year the Nifty 150 Midcap Index PE has doubled from 21.62 to 40.95, while the Nifty Smallcap 50 PE has moved up from 14.98 to 82.79 in the same period.“Several mid and small cap companies are trading far ahead of their earnings. With the second wave of Covid 19 the kind of sharp economic revival we were expecting is in jeopardy,” says Harshvardhan Roongta, CFP, Roongta Securities. Roongta believes investors whose mid and small cap allocation has risen should bring it down to 30%.
Categories: Business News

View: A Didi for every opposition party?

May 3, 2021 - 12:04am
The suspense of the last few weeks over whether or not Mamata Banerjee ‘will make it’ helped her in more ways than one. It made her into a larger-than-life figure, fighting with her back to the wall, pitted against the might and money of a formidable BJP. Moving about in a wheelchair with her left foot in a cast from an injury in the middle of the campaign helped optics.By taking on Suvendu Adhikari in Nandigram – a huge risk given that he had looked after the area on her behalf before he crossed over to BJP – she enthused her cadre as no other move had done, taking the battle into enemy territory. At the time of writing, her own election result hangs in suspense. It’s not that she is not going to take oath as CM if she loses. She will contest from another constituency. But it will take away some of the sheen of her otherwise impressive victory against all odds.BJP’s high decibel campaign in West Bengal over 8 phases, with Narendra Modi addressing over a dozen rallies and Amit Shah many more, turned her into object of sympathy, particularly among women voters. Muslims have rooted for her, and she is believed to have gained around 15 seats as a result. That is why the Left-Congress-Indian Secular combine have been wiped out.For the opposition, she has emerged as a symbol of the fight against BJP, holding out the recipe for success against the party — fightback and ground-connect.It would be foolish to dismiss BJP which has made impressive gains in Bengal, compared to its performance in 2016. It is not likely to make life easy for Mamata in the coming weeks and months. She will have her task cut out with a hostile Centre and an aggressive BJP in the state, especially when a pandemic has to be seriously managed.These elections show that when BJP is pitted against regional chieftains who are credible faces, it is possible to be defeated, even with Modi as chief campaigner. Pinarayi Vijayan has held his own in Kerala and MK Stalin has breached the AIDMK fortress in Tamil Nadu.Mamata had hinted during the course of the campaign that she would be turning her attention to ‘Delhi’. Several opposition leaders – Sharad Pawar, Tejashwi Yadav, Akhilesh Yadav, Arvind Kejriwal – had lent their support to her, even though it was mostly at the psychological level. She is now well-placed to take an initiative to bring the political groups – and sections like protesting farmers – together on a common platform.If the opposition does not have a commonly acceptable ‘chehra’ to take on Modi nationally, it can evolve a common narrative, and a federated structure of like-minded parties to step up pressure on BJP. So, can Didi become the face of the entire opposition? Unlikely, especially for the Hindi heartland or the South. But she will certainly take initiatives to bring them together around big themes, like the role of the Election Commission during these elections.Covid is fanning a growing anger against the Centre. People are not likely to forget the shortage of hospital beds, oxygen and vaccines in a hurry. They are also unlikely to forget in a hurry that BJP’s central leadership made winning Bengal its life and death battle, when there is a real life and death struggle on across the country. Clearly, how state governments handled the Covid crisis last year was an issue with the voter. Or Vijayan – his handling of the pandemic going down well with voters in Kerala – would not have made it back to power.Mamata’s victory will give new heart to an otherwise demoralised opposition. Shiva Sen has already hailed her as a ‘Bengali tigress.’ The underlying message being: If she can come out tops against such odds, so can we.
Categories: Business News

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