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Tesla’s road to the S&P500 was a wild ride, these charts show

December 20, 2020 - 11:22am
By Esha DeyIn a tumultuous year for stocks, few stories have been as dramatic as the breakout for Tesla Inc.The electric-car maker led by the billionaire Elon Musk will start trading as a member of the S&P 500 Index on Monday, capping a series of 2020 milestones. Now, a stock long driven by fanatical believers in the company’s celebrity founder has gone mainstream after an eight-fold surge this year.Here are six charts that show what a wild ride it has been, and why the volatility may be far from over.The Long ViewTesla’s revenue growth has been choppy this year, but its shares are poised for their sixth straight quarterly gain as traders focus on long-term potential.79821620Fast-Moving TargetAnalysts have had a tough time keeping up with the exuberance of Tesla investors, who kept driving the stock higher despite minor disappointments and warnings about the stock being “dramatically overvalued.” Tesla shares closed at $695 on Friday. At this time last year, the average 12-month price target on Wall Street was $58.3079821625Massive MovesTesla has been one of the most volatile U.S. stocks this year. It’s now common for the value of one-day swings in Tesla stock to exceed the market capitalization of major automakers such as Fiat Chrysler Automobiles NV, Ferrari NV or BMW AG.79821645Technical ExtremesTesla’s 14-day relative strength index exceeded the “overbought” range almost three out of every 10 trading days this year, usually a sign a stock is poised for a reversal. Not so for Tesla, which closed Friday at an all-time high.79821639Richly ValuedHow Tesla should be valued is one of the most contentious issues between bulls and bears. Goldman Sachs says the stock is worth $780; JPMorgan’s price target is $90. Tesla’s valuation, on both a price-to-earnings or price-to-sales basis, is significantly higher than both Apple Inc. and the NYSE FANG+ Index of megacap technology shares.79821835The Path ForwardSkeptics say Tesla’s momentum may break after its inclusion in the S&P 500 as one of the heaviest-weighted members, but there’s precedent for the rally to continue. Like Tesla, Berkshire Hathaway Inc. debuted in the gauge with a heavy weighting and, after a brief selloff, resumed its advance to outperform the benchmark over the next five years.-With assistance from Karen Lin, Jan-Patrick Barnert, Kenneth Sexton and Brendan Walsh.
Categories: Business News

India seeing multiple monopolistic trends: Prevention better than cure

December 20, 2020 - 11:22am
Capitalism works better from every perspective when economic decision makers are forced to share power with those who will be affected by those decisions. -- Bernie FrankBernie Frank along with Chris Dodd authored the famous Dodd-Frank Report, which frame regulations for the financial industry following the 2008 Global Financial Crisis. A major lesson from the GFC, which led to the Great Recession, is that lack of proper regulation in the financial sector can lead to excesses culminating in systemic problems impacting the entire economy.When firms grow too big in an unregulated environment, and risky economic decisions are made with short-term objectives, these firms can collapse causing systemic failures. Economic decision-making by a few large players can impact the livelihood of millions of people who have nothing to do with those decisions.Capitalism promotes competition. Competitive markets benefit all stakeholders. But capitalism needs effective regulation. In the absence of competition, monopolies emerge by exploiting consumers, destroying rivals and corrupting the system through their enormous power.Crony capitalism can do great damage not only to an economy but also to the democratic political system. That’s why economists argue for prevention of monopolies.This is the age of mega corporations. The market-cap of FAANGs – Facebook, Apple, Amazon, Netflix and Google (Alphabet) – is around $5 trillion. With humongous wealth and dominant market position, mega corporations might become monopolies eliminating the benefits of competition. The objective of anti-monopoly legislation is to prevent the emergence of monopolies.The recent joint party report by the US Congress accused Google, Amazon, Facebook and Apple of monopolistic actions. Anti-monopoly legislation in the US has a great track record of breaking up potential monopolies.As early as 1911, the US oil giant Standard Oil was broken up into 34 companies by the US Supreme Court. In 1984, telecom giant AT&T was broken up into seven regional companies. Giants like Microsoft and IBM were accused of misusing their monopoly power.Actions like these are necessary to ensure that capitalism works for the “greatest good of the greatest number.”Size alone poses no problemLiberalisation enabled successful Indian companies to grow. Some of these large companies have contributed substantially to India’s economic growth and development. For instance, TCS, which has grown to become the second most valuable company in India with a market cap of around Rs 8 lakh crore, now employs more than 450,000 employees – 2 lakh more than that of SBI.Companies like TCS have grown big in a highly competitive environment and pose no threat. There are many examples like this. So, the problem is not with size, but with dominant market position.Monopolistic tendencies in some crucial segmentsThere are a few undesirable trends in some sectors where market share is becoming dominant with potential monopolistic trends. For instance, India’s telecom market is now a near-duopoly. Many telecom companies have gone bankrupt with implications beyond the industry. Large bankruptcies in the telecom industry have contributed to rising NPAs in the banking sector with its disastrous consequences.Another undesirable development is the monopoly trend in some crucial infrastructure segments. In the 2019 airport auctions, all six airports had gone to the Adani group. This trend needs to be curbed.Regulators have to be extra-vigilantIndia continues to be a vibrant competitive economy. But the rising monopoly trends in some segments are disturbing signals. This emerging monopoly trends are the consequences of many factors. Shortsighted regulators, governments trying to squeeze maximum revenue from the industry and a judiciary interpreting the law in letter rather than looking at the issue from a holistic perspective… all have contributed to this undesirable trend.Many telecom companies in India have gone bankrupt contributing to the rising NPAs of India’s fragile banking system. The telecom bankruptcy is largely the consequence of the cut-throat competition unleashed in the industry by RIL Jio’s price war. When Jio disrupted the telecom market with free voice calls and dirt-cheap data, rivals approached the Competition Commission of India accusing Jio of predatory pricing.But the CCI rejected the case and gave a ruling that RIL Jio is not a dominant player. Now, Jio has a dominant market share of more than 35 per cent and is the only profitable firm in the industry. Regulators have to be farsighted to spot emerging dominant firms. The SC judgment in the AGR case has added to the woes of the industry. In effect India’s telecom industry has now become a duopoly.Nobody can legally fault the Adani group for walking away with all the six airports in the auctions. But this trend needs to be curbed with appropriate provisions in the next round of airport auctions.The Indian economy is likely to emerge strong post-Covid with sharp rebound in economic growth. Sustained high growth is essential for addressing the challenges that the nation face. A competitive market economy alone can deliver sustained high growth.(The author is Chief Investment Strategist at Geojit Financial Services. Views are his own)
Categories: Business News

Apple puts Wistron on probation

December 20, 2020 - 2:21am
Apple has suspended new business to its key supplier, Wistron. The world's most valuable company said on Saturday it found the Taiwanese company violated rules in treating employees with "dignity and respect" and that led to the violence at the Narasapura plant."Apple employees and independent auditors hired by Apple have been working around the clock to investigate the issues which occurred at Wistron’s Narasapura facility. While these investigations are ongoing, our preliminary findings indicate violations of our Supplier Code of Conduct by failing to implement proper working hour management processes. This led to payment delays for some workers in October and November," Apple said in a statement.Workers employed by Wistron's contract agencies went on a rampage on December 12, citing ill treatment and non-payment of salaries, which resulted in damage to equipment and machinery. Wistron estimated the losses to be around Rs 50 crore. The violence attracted global attention as Apple is looking at new factories outside China, while India is wooing global electronic manufacturers to set up units in the country.Wistron in a statement said it has removed its vice-president for India for the violation. "We are also enhancing our processes and restructuring our teams to ensure these issues cannot happen again," the company said. Apple said: "As always, our focus is on making sure everyone in our supply chain is protected and treated with dignity and respect. We are very disappointed and taking immediate steps to address these issues. Wistron has taken disciplinary action and is restructuring their recruitment and payroll teams in Narasapura. They have also set up an employee assistance program and a 24-hour grievance hotline in Kannada, Telugu, Tamil, Hindi, and English to ensure all workers at the facility can voice any concerns, anonymously."We have placed Wistron on probation and they will not receive any new business from Apple before they complete corrective actions. Apple employees, along with independent auditors, will monitor their progress. Our main objective is to make sure all the workers are treated with dignity and respect, and fully compensated promptly.”
Categories: Business News

New school of thought: For India's educational institutions, a blended model may be the only answer

December 20, 2020 - 2:21am
Get ’em back to schools. Concerned voices are urging a return of students to physical classrooms at the earliest, but can they?As the year of the Covid winds down, students have seen extremes they never thought they would encounter in 10 months: a complete shutdown of schools and a sudden introduction to online classes from the unstructured, even inaccessible, spaces of their homes. It has been a steep learning curve and many have faltered on that digital slope.This has indeed been a year of extremes. While the spread of high-speed internet in India in recent years and the efficacy of some technological tools have saved an academic year for many students during the pandemic, it has been an equally difficult period for many others who have had trouble in accessing devices, networks — and education. In pockets without internet, teachers are now being deployed to impart education informally. Even for young students who have had to sit through online classes, it has not been easy. “A lot more research needs to be done on the social, cultural and other negative implications of online classes, especially on children at the school level,” K Kasturirangan, space scientist and chairman of the drafting panel of the National Education Policy 2020, told ET Magazine.However, neither the Centre nor the states seem to be in a hurry to get back to pre-pandemic classrooms. They don’t want to break away entirely from online mode of teaching or to enforce mandatory attendance very soon. There are reasons for that. One, India still has about 3 lakh active Covid-19 cases, with 20,000-30,000 testing positive daily. There is no guarantee that another wave won’t hit the nation. Two, the vaccine rollout has yet to begin in India. And even when it does, teachers and students will not be among the priority groups for vaccination. Recent incidents such as a cluster on IIT-Madras campus where 191 students tested positive have also made decision-makers wary about opening educational institutions.Against this backdrop, what could be the roadmap for educational institutions? India is likely to go for a hybrid mode of teaching and learning — a mix of online and offline — for a longer period and, possibly, even after the threat of the novel coronavirus disappears. In an email interview, Union Education Minister Ramesh Pokhriyal ‘Nishank’ confirms this. He says blended learning will be the new normal. “Online education is here to stay,” he says, adding that attendance may not be enforced for quite some time.79816612But how will blended education roll out in India? The information, as of now, is sketchy. It could be regular classroom teaching for some students along with its live or recorded streaming for others, or it could be a part-online, part-offline mode — which would mean all students would attend some sessions online and offline — says an official in the know in the Education Ministry. Currently, top engineering and management institutes — Indian Institutes of Technology and Indian Institutes of Management — allow a limited number of students to stay on campus while holding online classes for them. In this case, students living on campuses can use laboratories, get a feel of college life and attend online classes from their hostel rooms. Another engineering institute, BITS Pilani, records every class, which it later shares with its students, a practice the institute started even before the pandemic hit regular classes.Subodh Bhargava, a former chairman of the board of governors of IITMandi, argues that institutes of higher education, particularly those having residential facilities for all students, must call their students to campuses for regular classes, ending the online mode altogether. “It should not be difficult for institutions of higher education with mature youngsters to resume teaching in classrooms and end online mode. What they need to continue with is basic discipline on hygiene and social distancing,” says Bhargava, who was earlier chairman and CEO of Eicher Group.Rajesh Jha, assistant professor at Ramjas College and executive council member of Delhi University, says he fails to understand why universities are still shut. “Online classes can supplement, not substitute, offline teaching,” he says, adding that universities, and not Shastri Bhawan, should decide when to reopen campuses. Shastri Bhawan is where the Union Education Ministry is housed.79816615Schools: Open or Shut?Maharashtra, Andhra Pradesh, Uttar Pradesh, Goa, Assam and Uttarakhand have partially opened schools.In parts of Maharashtra, schools have reopened for Classes 9 to 12 since November 23; 11 lakh students attended as on Dec 14.In Assam, all schools and colleges to hold regular classes from January.In Delhi, the state government does not appear to be keen on early reopening.In Madhya Pradesh, Classes 1-8 will remain closed till March 31.In Haryana, Andhra Pradesh and Uttarakhand, cases of Covid-19 among students and teachers have surfaced.Tamil Nadu government ups monitoring of campuses after Covid cases in IITMadras rise to 191.While the Centre takes the call on institutes of higher education, mainly those funded by it, states decide on the reopening of schools, based on the broad guidelines issued by the Union Ministry of Home Affairs.So far, states such as Maharashtra, Andhra Pradesh, Uttar Pradesh, Goa, Assam and Uttarakhand have partially reopened schools for students of Classes 9-12. Assam is the only state that has announced that all educational institutions — from elementary schools to universities — will resume classes from January.Delhi, meanwhile, appears to be wary of making an immediate shift to offline classes. Late last month, Education Minister Manish Sisodia told The Times of India that schools are unlikely to open before “we get some vaccine”. Madhya Pradesh has also made it clear that Classes 1-8 will remain closed till March 31. However, in Maharashtra, which has been badly hit by the Covid, as many as 11 lakh students of Classes 9-12 have attended offline sessions after schools were partially reopened in some districts since November 23, according to the state education department’s data as of December 14. Haryana, Andhra Pradesh and Uttarakhand are some of the states where Covid-19 cases among students and teachers were detected after a partial reopening of schools last month.79816662The return to schools in many states is driven by the realisation that the concept of blended learning does not hold good for large parts of the country that are not connected to high-speed internet. Also, most of the economically backward students can’t afford to have a smartphone to access online education. After undertaking a survey across five states — Bihar, Chhattisgarh, Jharkhand, Odisha and Uttar Pradesh — Oxfam India in September said that 80% students in government schools have not been able to study since the lockdown in mid-March.Globally, too, there are concerns over the massive dropout of students. Earlier this month, UNICEF reported that 320 million children were locked out of schools, with its global chief of education Robert Jenkins issuing a statement that the benefits of keeping schools open far outweigh the costs of closing them, appealing to governments not to scapegoat schools. “Children are continuing to suffer the devastating impacts on their learning, mental and physical well-being and safety,” he said. In India, some states have made small steps to reconnect with children who have fallen behind and off the grid.Andhra Pradesh has toll-free call centres where students can call up to clear doubts. In Chhattisgarh, an initiative called Padhai Tunhar Duvaar (education at your doorstep) has gained momentum, says Kanker district magistrate Chandan Kumar. “Under this, students don’t come to schools, but teachers go to mohallas to teach,” he says.Across states, such initiatives are also taken at the district level. “We have allowed informal school classes in some remote villages where there is very low risk of Covid and only after consultation with parents,” says Ayushi Sudan, deputy commissioner of Anjaw, a remote district in Arunachal Pradesh.79816672These may help re-establish communication with students who might have been disconnected, even disoriented, for the major part of the year. But the real solution lies in accepting the fact that schools have not been the primary drivers of Covid-19. Therefore, closing them down must not be the first recourse in addressing the challenges of a resurgence in Covid cases.
Categories: Business News

Blended learning will become the new normal: Ramesh Pokhriyal, Union Education Minister

December 20, 2020 - 2:21am
Union Education Minister Ramesh Pokhriyal ‘Nishank’ says online mode of teaching won’t vanish with the Covid-19 pandemic. The government would prefer a blend of online and offline, he says. In an email interview with Shantanu Nandan Sharma, the minister clarifies that attendance won’t be mandatory for some time. Edited excerpts:The biggest question for students and parents is, when will schools and colleges reopen and start functioning normally? What can you tell us?The Unlock 5 guidelines issued by the Ministry of Home Affairs (on September 30) gave the flexibility to state and Union territory (UT) governments to take a decision on the reopening of schools, colleges and educational institutions from October 15 in noncontainment zones in a graded manner. The decision has to be taken in consultation with the respective school/institution management, based on their assessment of the situation. The institutes will have to mandatorily follow the SOP regarding health and safety precautions issued by their respective education departments of state or UT. Following the guidelines of the MHA, states such as Goa, Andhra Pradesh, Uttar Pradesh, Assam, Uttarakhand and Maharashtra have partially reopened schools and institutions of higher education while other states have yet to take a decision on the same.Going forward, will the learning be a mix of online and offline? Will class attendance be compulsory? As I mentioned earlier, as per the guidelines of MHA, state/UT governments will take a decision on the reopening of schools and higher education after consultation with the necessary stakeholders. However, I would like to add that online education is here to stay. Blended learning will be normal.As far as attendance is concerned, it is mentioned in the ‘SOP/guidelines for health and safety protocols for reopening of schools and learning with physical/social distancing’ and in the UGC guidelines for reopening universities and colleges that attendance must not be enforced.What about courses that require major laboratory work?For courses that require major laboratory work, the UGC has already issued necessary guidelines according to which universities and colleges may plan opening the campuses in phases, where one can easily adhere to the needful norms, especially in research laboratories.Are you in favour of early Covid-19 vaccination for teachers?The unexpected advent of a global pandemic is unfortunate. But let me assure you that we are together in this, and our government is relentlessly working towards the vaccine. As far as vaccine administration plan is concerned, we shall adhere to guidelines prescribed by the Union Ministry of Health and Family Welfare.What’s your roadmap to implement the National Education Policy 2020?I have been conducting regular review meetings on the implementation of the National Education Policy. The Ministry of Education has been conducting consultative workshops to prepare indicative, and draft implementation task lists with aligned timelines and outputs. For example, the Department of School Education & Literacy has prepared a task list of 297 tasks based on NEP recommendations, which has been shared with states/UTs/autonomous bodies for providing feedback. Key priority areas include development of a national curriculum framework for ECCE (early childhood care and education), school education and teacher education, setting up of FLN (foundational literacy and numeracy) mission, focus on holistic examination and the strengthening of teacher education programmes. Meanwhile, in higher education, a series of reforms will be carried out such as the introduction of regional languages as medium of instruction, running of multi-disciplinary courses with multiple entries and exit options and formation of academic banks. ICT facilities and digital learning will be strengthened across both school and higher education.
Categories: Business News

Yes, you should still ask for a pay raise this year

December 20, 2020 - 2:21am
The conventional wisdom is that you should ask your manager for a pay raise every year. Yet fear of rejection can be enough of a reason to avoid raising the question. During a pandemic it seems even harder to think such a request would be welcomed.But does this mean we should forgo negotiating and asking for what we’ve earned this year? Absolutely not.Data from the International Labour Organization show that the Covid-related job losses are already depressing wages, with women often being the worst hit. It’s true that many companies spent the first half of 2020 cutting costs wherever they could. So it’s easy to understand why anyone may hesitate to ask for more compensation right now.But here’s the thing: Employers will still pay for top talent.I was laid off at the end of March this year and found myself job-hunting in the U.K. at a time when tech jobs were hardly abundant. But what I found interesting was that the open roles I discovered were willing to pay at the top-end of market rate. For full-time offers I received, I negotiated up as usual and met no resistance. The same is true for the consulting work I took on while I was job-hunting.The fact that I was able to successfully push back on companies offering work showed me that even in these trying times, employers are still willing to spend on securing talent. U.K. companies legally required to report gender pay data have an extra incentive to ensure that women aren’t underpaid relative to men.But it matters how you go about negotiating. Creating a convincing case is crucial, and there are a few things you want to keep in mind as you prepare.Leverage your increased responsibilities. I’ve spoken to a number of professional women in the U.K. who have been able to leverage pandemic-induced changes, such as their roles evolving to include more responsibility, to negotiate a more senior job title and even a pay bump. They made the case that in order to excel, they would need to be compensated accordingly. Perhaps they were the lucky few, but these examples are helpful case studies of what can be achieved.Lots of us have found ourselves trying to do more with less in our jobs. While companies are doing their utmost to serve customers and achieve ambitious goals, we the employees are putting in the work to turn targets into reality.Don’t let that work go unnoticed. It will serve you well to create a compelling narrative about how you've responded during the pandemic. Take your increase in responsibilities and greater ownership in stride. Make it clear you’re committed to continue delivering — and that you should be compensated the market rate for what you deliver. Articulate that a pay bump will guarantee increased motivation and results.Make a habit of discussing comp during your annual performance review. Many people don’t bring up money during their reviews. But this is the time to present results you’ve achieved and to demonstrate where you have added value. Fair compensation should be part of the conversation.So don’t hesitate. Tell your manager as soon as you can that you’d like to find time to discuss your performance and compensation. Send them an outline of your achievements and request for a pay bump before you meet, so they can gather their thoughts and connect with HR to gauge how feasible it is. Then approach the conversation as a collaboration. After all, your line manager will be facing folks higher up to make a case for you, and you want to make it as easy as possible for them to get a yes. Even if they object to your request initially, show your appreciation for their input and support.Prepare for a ‘no.’ Carefully consider any objections that your line manager puts on the table. Take a collaborative not combative approach: Try to understand if the push back is because it would be a tough ask for them to take higher up (maybe they have bigger fish to fry right now), or if there’s truly no budget there.If it’s the former, seek advice on an effective strategy. When would be a better time to raise this? On the latter, push for greater transparency about how the company wants to reward performance. For many companies, most 2020 spend is actually budgeted for in 2019 with companies putting money aside to reward performance. This means “no budget” actually means “reluctant to spend what’s left of the budget”. Ask your line manager to help you understand their resistance and use probing questions to get specific answers.Get creative. If the reality is that salaries are staying flat across the company and there is really no way you can increase your cash compensation, think creatively. What else do you value that could keep you motivated to keep growing in your role? Perhaps you could ask for a budget for training and get a new qualification. Or you could push for more paid leave and flexible hours.The pandemic has sent our careers into directions we couldn’t have imagined. But for a fortunate few, it’s also created opportunities for growth in our roles and our paychecks.
Categories: Business News

Government must indemnify vaccine makers against all lawsuits: Adar Poonawalla

December 19, 2020 - 8:20pm
NEW DELHI: Vaccine manufacturers need to have protection against all lawsuits for their vaccines especially during a pandemic, Serum Institute of India (SII) Chief Executive Officer Adar Poonawalla has said.He also said that the vaccine makers are going to propose this to the government while speaking at a virtual panel on the challenges of developing a COVID-19 vaccine at the Carnegie India's Global Technology Summit on Friday."We need to have the government indemnify manufacturers, especially vaccine manufacturers, against all lawsuits. In fact, COVAX and other countries have already started talking about that," Poonawalla said.It is because when frivolous claims come up, and something is blown out of proportion in the media, skepticism sets in that definitely something can happen due to the vaccine and to dispel that, the government needs to step in to spread the right information, he added."..the government can act, the US, for example, has in fact invoked a law, to say that during a pandemic, and this is especially important only during a pandemic, to indemnify vaccine manufacturers against lawsuits for severe adverse effects or any other frivolous claims which may come about because that adds to the fear and also will bankrupt vaccine manufacturers or distract them if they have to just all-day fight lawsuits and explain to the media what is happening," Poonawalla said.These are a few things that the government can do and that is what the vaccine manufacturers are going to propose, he added.Last month, Serum had rejected charges that a 40-year-old man who took part in the 'Covishield' vaccine trial in Chennai had levelled against the company, alleging serious side effects, including a virtual neurological breakdown and impairment of cognitive functions.He had also sought Rs 5 crore compensation in a legal notice to Serum and others, besides seeking a halt on the trial.Refuting the charges, Serum had said, "It is evident that the intention behind spreading of such malicious information is an oblique pecuniary motive. The Serum Institute of India will seek damages in excess of Rs 100 crore for the same and will defend such malicious claims".
Categories: Business News

Guwahati to get piped gas supply by next year

December 19, 2020 - 8:20pm
GUWAHATI: Guwahati, Northeast India's financial capital, is slated to get piped gas supply by next year. Rupam Goswami,Chairman of Duliajan Numaligarh pipeline Limited (DNPL), said that the work to bring the gas line from Numaligarh in Upper Assam to Nagaon, is on. “The gas line is expected to start supply by next year in Guwahati,” he said.A consortium of three Public sector units, Assam Gas Company Ltd (AGCL), Oil India Limited (OIL) and GAIL Gas Ltd, has incorporated a new company for implementation of the City Gas Distribution (CGD) Networks. Gokul Ch Swargiyari, director and CEO of DNPL and chairman of Purba Bharati Gas Private Limited, said that there is abundance of gas in the state. “ We will provide piped gas in Kamrup Metro and Kamrup. We are expecting that in next nine months we will able to provide piped gas in Guwahati. Already in Silchar we have provided 300 gas connections and by end of this year the number will be 1000.” “Target is in Barak valley we will provide one lakh connections and in two districts of Kamrup around three lakh. Around 72 CNG stations will be set up in these districts,” he added.AGCL is also willing to provide piped gas in seven other districts, and has participated in the expression of interest. Swargiyari said, “Due to COVID 19 pandemic our works were affected however we are trying to make up. Assam government has assured that Assam State Transport Corporation buses will be converted to CNG. In some tea estates of Upper Assam piped gas is provided and we are getting good response for this is cost effective.Piped gas will hugely benefit tea industry.” “Rs 6,000 crore is provided by government for the Northeast India gas grid," Goswami added. The National Gas Grid Pipeline (Urja Ganga Project) which was originally planned for extension from Jagadishpur in Western Uttar Pradesh, to Haldia in West Bengal, was consented to be extended to Guwahati in Assam, by the Government of India through an intermediate spur line from Barauni in Bihar to Guwahati and the Gas Pipeline construction work is being carried out by GAIL India Limited. Swargiyari added that the Barauni to Guwahati section of the Nation Gas Grid is likely to be completed by next year. Thereafter, eight states of the North East will be connected by Indradhanush Gas Grid Ltd. to the National Gas Grid. According to state government the connection of Assam to the National Gas Grid, steady supply of Natural Gas shall initiate a spurt in the industrial sector, power generation sector, automotive CNG sector and domestic piped gas to households sector and it will act as a catalyst to trigger immense development and employment opportunities throughout Assam and other parts of Northeast Region. Goswami stated that there has been steady growth in profit of DNPL from 13.48 Crore of 2016-17 it has grown to 35.42 Crore in 2019-20.
Categories: Business News

Kunal Bothra's trading ideas for this week

December 19, 2020 - 8:20pm
Nifty and Bank Nifty could see some consolidation and other sectors like IT and pharma could see some action in the week ahead , says the independent market expert. Excerpts from an interview:Just looking at the data for the week gone by we see the index has put on about 2% while top sectoral gainers including the likes of pharmaceuticals and real estate have done very well. On the flip side PSU banks have not quite managed to do well. What is the basis of the sectoral churn that you have observed in the markets as we wrapped up the trading session at 13,760?I think the liquidity flow is extreme. The gush of liquidity is extremely strong for the market and we are in the seventh straight week of the Nifty moving up higher. Seven weeks back the index was at 11,000-11,200 and now we are talking about 13,700 levels. So it is a huge rise for the index in the last seven weeks and surprisingly the major chunk of the rally had actually happened at the start of the last seven weeks period and now the index is just about going through more of a inertia kind of a motion where it just keeps on moving up higher irrespective of which sectors and which stocks tend to participate and push the index higher. That is a clear sign of a strong gush of liquidity and which is why I think short term traders may probably not have a major complaint as such. So yes, last week was a bit iffy because you had a lot of volatile, intraday shake off from the market but net-net when you look at the Nifty it closed 1.5-2% higher which is kind of a positive close. The Bank Nifty was a bit muted in terms of price performance but I believe that this is a very strong kind of a market. You will have those odd sector churns in between and I think on Friday we saw a specific tilt and a bent towards the defensives where we saw the Nifty IT and pharma stocks picking up pace.But I think that was likely the texture for the markets for the last six, seven weeks that every sector and every stock managed to participate in bits and pieces and the index has kept on moving up higher. So if this is just a phase then I believe Nifty and Ban Nifty could consolidate and you might see some action in IT and pharma stocks. But I think the bias is still bullish for the index till the time it trades above 13,500 support.What are some of your top trades?I have two buy calls and both on individual stock action; first one is a buy on JSW Energy. I think it is an excellent chart in the making both on the short term as well as on the medium term to slightly longer term aspect. The stock has confirmed a lot of breakouts on multiple timeframes and especially on the short term charts. I believe that the stock should be in the thick of extremely strong momentum going forward. So I have a buy on JSW Energy with targets of Rs 80 and a stop loss of Rs 65. My second pick is Cummins India. This is the stock we discussed extensively last week as well and it finally managed to break out of the Rs 600 mark. So I believe from a positional play Cummins India could also be a good buy. The targets should be kept at Rs 650 with a stop loss of around Rs 590 mark.
Categories: Business News

Solar tariffs continue to reach new record lows with a tariff of Rs 1.99 per unit

December 19, 2020 - 5:20pm
BENGALURU: Solar tariffs continue to reach new record lows with Saturday's auction fetching a tariff of Rs 1.99 per unit. In the 500MW auction conducted by Gujarat's distribution company, NTPC, Torrent Power, Aljomaih Energy and Water Company, and Aditya Birla Renewables won 200MW, 100MW, 80MW and 120MW respectively at a tariff of Rs 1.99 per unit, sources said. GUVNL (Gujarat Urja Vikas Nigam Limited) could not be reached for a comment. The lowest so far had been Rs 2.00 per unit which was reached in an auction conducted by the renewable energy ministry's nodal agency, Solar Energy Corporation of India, in November. Over 3000MW of bids were received for this tender. In the most recent solar auction conducted by Gujarat in August, the lowest winning tariff emerged at Rs 2.78 per unit.
Categories: Business News

IIFL Home, ICICI Bank join hands for affordable housing, MSME loans

December 19, 2020 - 5:20pm
New Delhi: IIFL Finance on Saturday said its home loan subsidiary has tied up with ICICI Bank to provide affordable housing and MSME loans. "IIFL Home Finance Ltd...and ICICI Bank have entered into a sourcing and servicing arrangement to partner in extending credit to the affordable housing loans & MSME loans (loan against property)," IIFL Finance said in a regulatory filing. Under the tie-up, IFL Home will originate and service customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing and in turn, ICICI Bank will provide funding to these customers, it added. Definitive agreements for the arrangement, including the sourcing agent agreement and service provider agreement were executed between IIFL Home and ICICI Bank on December 18, the filing said.
Categories: Business News

Modi praises Tata's role in building India

December 19, 2020 - 2:19pm
Prime Minister Narendra Modi on Saturday praised Tata Group for its role in India's development. Speaking at the Assocham Foundation Week 2020 event, Modi said in the last 100 years the industry chamber has witnessed ups and downs of India's development, including the country's independence struggle. "Tata Group has played an important role in India's development," Modi said after presenting the 'Assocham Enterprise of the Century Award' to Ratan Tata, marking the contribution of the business group in the nation's progress. Speaking at the event, Tata Group Chairman Emeritus Ratan Tata thanked Modi for leading the country from front during the difficult time of pandemic and hoped that the industry will now take forward the benefits of his strong leadership. "Yes there will be periods of discontent, there will be opposition, but there is never any dithering or any ... running away ... You want a lockdown, you got a lockdown, you showed the country as one that responded to shutting out of power and lights for few minutes, you made that happen. "It's not cosmetic, it's not showmanship, it has put the country together showing we can stand up and marshal our efforts to do what you have set ourselves to do. "It is now our job as industry, to follow this, to show the benefits of this leadership which I am quite confident we will do," Tata said. Thanking the Prime Minister for leading the country through this difficult period, Tata said "I think if we all stand together and follow what you have said, what you have done and what you have shown, we will have a situation where the world will look at us and say this Prime Minister said it could happen and he made it happen". Meanwhile, salt-to-software conglomerate Tata Group was among "multiple" entities that earlier this week put in preliminary bids for buying loss-making carrier Air India.
Categories: Business News

KKR's India InvIT buys FRV Solar assets in AP

December 19, 2020 - 2:19pm
Mumbai: India Grid Trust (IndiGrid), the KKR-owned first Infrastructure Investment Trust (InvIT) in the Indian power sector, has acquired India portfolio of Fotowatio Renewable Ventures (FRV), the Madrid-based developer, in a deal worth Rs.660 crore.India Grid Trust has signed a purchase agreement for acquisition of 100% in FRV Andhra Pradesh Solar Farm-I & FRV India Solar Park II – from FRV Solar Holdings, company said on Saturday.India Grid Trust is in advanced discussions to acquire India portfolio of Fotowatio Renewable Ventures (FRV), ET first reported in September.Khaitan &Co and Greenstone Advisors represented FRV Group on the transaction.FRV, owned by Abdul Latif Jameel Energy and Environmental Services, operate 100 MW (AC) solar power plants in Ananthapuramu Solar Park and entered into power purchase agreement (PPA) with SECI in 2016 for tenor of 25 years. FRV had been awarded PPA under the National Solar Mission program at a tariff of Rs.4.43/unit.FRV had been in discussion with various power producers, investors such as Hero Future Energies, EverSource and Edelweiss to sell India assets, which did not fructify. FRV, which was acquired by the Saudi Arabia-headquartered Abdul Latif Jameel Group in April 2015, has sold out several businesses worldwide.As its first infra bet in India, KKR had joined hands with Singapore's Infra Holdings Pte to manage the infrastructure investment trust (InvIT) of Sterlite Power Transmission - India Grid Trust, in May last year.KKR had invested Rs 1,084 crore and GIC invested Rs 980 crore. KKR, a cosponsor of IndiGrid owns 74% stake in Sterlite Investment Manager, which manages the trust.India Grid had acquired about five transmission projects from its sponsor Sterlite Power Ventures for a total enterprise value of Rs 11,539 crore ($1.65 billion).Presently, IndiGrid owns 10 operating projects consisting of 25 transmission lines with more than 6,080 ckms length and 7 substations with 10,735 MVA transformation capacity. IndiGrid has assets under management (AUM) worth Rs.13,300 crore ($1.80 bn).India has set a target of having 100GW of solar energy by 2022. As of August 31, 2020, the total installed solar power generation capacity stood at 35.73 GW in the country out of the total renewable energy of 88.79 GW.
Categories: Business News

Residential rentals take a hit on job losses, WFH model

December 19, 2020 - 2:19pm
Bengaluru | Mumbai: Residential property rentals across major markets have witnessed negative to negligible appreciation this year as an increasing number of young professionals prefer vacating rented homes and paying-guest accommodations or are seeking rent relief.The emergence of the work-from-home model and the economic fallout of the Covid-19 pandemic, including job losses and salary cuts, have worked against the rental property segment.Many such tenants have moved to their hometowns or are in the process of doing so, with companies also extending the work-from-home option for a few more months as there is no let-up in the pandemic situation.According to property brokers and broking firms, rentals across Mumbai, Chennai, Bengaluru, Pune and Delhi-NCR have declined by 4-5% this year, while landlords will see no appreciation for two years successively including the year bygone. “The Covid-19 outbreak and the resultant economic fallout had an impact on the rental residential category,” said Sudhir Pai, CEO of property portal Magicbricks. “During the height of the lockdown, rents softened in some areas, but since then the category has recovered fast and we expect the volumes of rental transactions to remain stable in 2021. Most tenants were not keen on shifting places and stayed put in their current accommodations. But given the scenario of job losses and salary cuts, in some markets, tenants vacated their properties or demanded rent relief.”Magicbricks is a part of Bennett, Coleman & Co, which publishes The Economic Times.Demand for rental accommodations has gone down at least 25% in the last 11 months. Given the scenario, rentals, including for high-end properties, are expected to soften further.“Around six of my apartments were vacated in one go post the lifting of lockdown. I was forced to take a cut on the rental and give some of these apartments at lower rent,” said Krishnappa Murthy, who owns multiple properties across Bengaluru.Salaried population drives the demand for rental properties and a large percentage of tenants in cities like Bengaluru, Hyderabad, Pune and Mumbai belong to sectors such as banking, financial services and insurance, software and pharmaceuticals.
Categories: Business News

Antony Waste Handling Cell raises Rs 90 crore from 10 anchor investors ahead of IPO

December 19, 2020 - 2:19pm
MUMBAI: Antony Waste Handling Cell raised Rs 89.99 crore from 10 anchor investors at an upper end of price band at Rs 315 ahead of Monday's opening of its initial public offering (IPO). Massachusetts Institute of Technology was the top anchor investor, and was allotted 44.44 per cent of the total anchor allotments. SBI Mutual Fund also lapped up shares of the company in six schemes, and accounted for 33.34 per cent of total anchor allotments of the company.79811042The company is all set to hit the market for the second time in 2020. In its first attempt in March, the company had offered its Rs 206 crore issue in the price band of Rs 295-300. But it could not generate enough bids to sail through even after extending the deadline due to volatility in the market and the uncertainty over rising Covid-19 cases.The company has now come out with a Rs 300 crore issue in the price band of Rs 313- Rs 315 per share. The issue will close on December 23.Since the withdrawal of Antony Waste's first issue on March 16, BSE Sensex has rallied 49 per cent, driven largely by a gush of liquidity.
Categories: Business News

Eventful 2 years for RBI governor Das: Well begun, and a lot done!

December 19, 2020 - 2:19pm
Earlier this week, Governor Shaktikanta Das completed two years at the helm of the Reserve Bank of India (RBI). In a flashback, two years ago, around the time the Governor took charge, financial markets were indeed in choppy waters. The ILF&S and YES bank crises were looming large. They resulted in a major liquidity crisis, as NBFCs found it difficult to raise funds from banks and certain sectors were faced with a severe liquidity squeeze.Though inflation was under control and subsiding, interest rates were high with the repo rate quoting at 6.5 per cent, as RBI retained its calibrated tightening stance. Most of the investments in the previous two years were government-driven and corporate loan offtake was low, with a host of growth sectors like telecom and power coming under stress.At a time when the economy needed credit growth and spending, a credit squeeze was counter-productive resulting in a sharp deceleration in credit growth. Speculations were rife about a rift between RBI and the government over dividend payout and other matters. The Supreme Court had struck down the central bank’s famous February 12th circular on defaulting companies.In contrast, we are in quite a happy space today with a robust post-Covid economic recovery, lowest interest rates in some 20 years, a system plush with liquidity, a stable currency, a higher foreign exchange reserve, a more stable banking system with resolution of some of the financially stressed institutions, a relieved non-banking financial sector and credit and economic growth taking the centrestage for the central bank.Some of the important strategic moves and certain proactive steps by RBI in last two years have helped stabilise the markets. A major crisis was averted with the resolution of the YES Bank crisis. RBI’s decisive move to bring in SBI for some Rs 2,450 crore infusion into YES Bank for a 49 per cent stake helped fix the problem. Firm decisions like imposition of a three-year lock-in period for all investors and extension of a special liquidity facility (SLF) of Rs 50,000 crore (which was also later repaid in full) were some very well-thought-through measures executed under a regulatory framework newly created for this purpose.To address the crisis brewing out of the DHFL issue, RBI swiftly moved to supersede the board at the NBFC and appointed an administrator. The DHFL resolution process under the amended Insolvency and Bankruptcy Code (IBC) was initiated. The amalgamation of Lakshmi Vilas Bank with DBS is yet another unprecedented step, where the central bank permitted a foreign bank to take over a domestic lender.This averted another crisis looming over the banking sector. Just as things were settling down, Covid-19 hit the country like a bolt from the blue a couple of weeks into the YES Bank resolution, and the markets were in complete disarray. Taking control of the situation, the government and RBI worked in an orchestrated manner to pull the economy swiftly out of the slump.RBI ensured enough liquidity in the market by infusing cash through the TLTRO schemes and reducing the cash reserve ratio. Slashing of the repo rate has left the country with one of the lowest interest rate regimes in recent times. Measures like a moratorium on loan repayments and an emergency credit guarantee line wherein RBI supported the government have helped businesses survive the pandemic.Interestingly, immediate priorities did not deter RBI from taking their eyes off from the long-term strategic initiatives. One such major initiative was the recommendation of the internal working group to review extant ownership guidelines and corporate structure of Indian private sector banks. RBI has currently invited comments on the report till January 12, 2021.Of course, there are other areas yet to be attended to, like improved governance of the public sector banks either by way of privatisation in consultation with the government or through consolidation for which recommendation are readily available in P J Nayak Committee report.A digital-only bank format like in other emerging economies also needs attention, given the high penetration of the mobile telephony in the country. A long-term prescription for NBFCs will be required as this sector is always vulnerable to market realities. Development of the corporate bond market to help finance long-term infrastructure also requires focus.ConclusionUndoubtedly, the last couple of years have been some of the most eventful time in the Indian financial markets. But the grit with which RBI has responded to every situation is undeniably applaudable. Of course, as we all know, some of these aggressive moves may have other implications. Inflation is inching up and is becoming somewhat sticky.It will indeed be another challenge for the RBI Governor to maintain lower interest rates alongside the compulsion to rein in inflation. I am sure, like on multiple occasions in the last two years, he will pull a rabbit out of his hat and manage the situation well.
Categories: Business News

US blacklists dozens of Chinese firms

December 19, 2020 - 11:19am
WASHINGTON: The United States added dozens of Chinese companies, including the country's top chipmaker SMIC and Chinese drone manufacturer SZ DJI Technology Co Ltd, to a trade blacklist on Friday as U.S. President Donald Trump's administration ratchets up tensions with China in his final weeks in office. Reuters first reported the addition of SMIC and other companies earlier on Friday. The move is seen as the latest in Republican Trump's efforts to burnish his tough-on-China image as part of lengthy fight between Washington and Beijing over trade and numerous economic issues. The U.S. Commerce Department said the action against SMIC stems from Beijing's efforts to harness civilian technologies for military purposes and evidence of activities between SMIC and Chinese military industrial companies of concern. The Commerce Department will "not allow advanced U.S. technology to help build the military of an increasingly belligerent adversary," Secretary Wilbur Ross said in a statement. The department also said it was adding the world's biggest drone company DJI to the list along with AGCU Scientech; China National Scientific Instruments and Materials, and Kuang-Chi Group for allegedly enabling "wide-scale human rights abuses." "The United States will use all countermeasures available, including actions to prevent (Chinese) companies and institutions from exploiting U.S. goods and technologies for malign purposes," Secretary of State Mike Pompeo added in a separate release. SMIC and the other companies did not immediately comment. But some lawmakers, industry executives and former officials raised questions about the impact of Friday's move against SMIC. Generally, entity-listed companies are required to apply for licenses from the Commerce Department that face tough scrutiny when they seek permission to receive items from U.S. suppliers. But SMIC will only face a tough review standard when it seeks licenses for highly advanced U.S. chipmaking equipment at 10 nanometers or below. Licenses for all other items shipped to the company will be reviewed on a case-by-case basis, the Commerce Department said. "It's a nice (public relations) line: 'We're putting it on this bad guys' list," said William Reinsch, a former Commerce Department official, who said he imagines the agency was already blocking shipments of such technology to SMIC. "As a practical matter ... it doesn't change anything." Republican Congressman Michael McCaul, ranking member of the House Foreign Affairs committee echoed Reinsch's comments, saying he feared the rules were more "bark than bite." "I have concerns it undermines the intent, and may create an exception for malign actors to evade U.S. export controls" he said in a statement. 'ARBITRARY SUPPRESSION' But Chinese authorities did not mince words about Washington's latest gambit. In an address to the Asia Society on Friday, China's State Councillor Wang Yi, who is also the country's foreign minister, noted the expanding list of U.S. sanctions and called on Washington to stop its "arbitrary suppression" of Chinese companies. China's foreign ministry said that if true, the blacklisting would be evidence of U.S. oppression of Chinese companies and that Beijing would continue to take "necessary measures" to protect their rights. "We urge the U.S. to cease its mistaken behavior of unwarranted oppression of foreign companies," ministry spokesman Wang Wenbin told a regular news conference in Beijing on Friday. The Commerce Department released a list of 77 companies and affiliates to the so-called entity list, including 60 Chinese companies. The designations by the Commerce Department include some entities in China that allegedly enable human rights abuses and some helping it construct and militarize artificial islands in the South China Sea, the agency said. It also cited entities that acquired U.S.-origin items to support the Chinese military and those engaged in the theft of U.S. trade secrets. Companies previously added to the list include telecoms equipment giants Huawei Technologies Co and 150 affiliates, and ZTE Corp over sanction violations, as well as surveillance camera maker Hikvision over suppression of China's Uighur minority. FRAYING TIES Shares in SMIC, formally the Semiconductor Manufacturing International Corp, fell 5.2% in Hong Kong on Friday, while the company's Shanghai-listed shares declined 1.8%. The benchmark indices in the two markets were down less than 1%. SMIC had already been in Washington's crosshairs. In September, the Commerce Department mandated that suppliers of certain equipment to the company apply for export licenses after concluding there was an "unacceptable risk" that equipment supplied to it could be used for military purposes. Last month, the Defense Department added the company to a separate blacklist of alleged Chinese military companies, effectively banning U.S. investors from buying its shares starting late next year. SMIC has repeatedly said that it has no relationship with the Chinese military. SMIC is the largest Chinese chip manufacturer but trails Taiwan Semiconductor Manufacturing Co, the industry's market leader. It has sought to build out foundries for the manufacture of computer chips that can compete with those of TSMC. Ties between Washington and Beijing have grown increasingly antagonistic over the past year as the world's top two economies sparred over Beijing's handling of the coronavirus outbreak, imposition of a national security law in Hong Kong and rising tensions in the South China Sea.
Categories: Business News

Honda shuts 23-year-old Greater Noida car unit

December 19, 2020 - 11:19am
NEW DELHI: Hit hard by stiff competition and a challenging business environment, Japan’s auto major Honda Motor Cars has decided to shut down its factory at Greater Noida in Uttar Pradesh. The halt comes within weeks of Harley Davidson closing down its plant in Haryana.The Greater Noida plant, with a capacity of 1 lakh units annually, has been one of the oldest car plants in India and was set up 1997. The cashstrapped company is facing a tough time in managing costs and is taking this step to save money and cut unnecessary expenditure. Honda sells cars such City, Amaze, WRV and Jazz, and will now manufacture vehicles at its Alwar plant, which has an annual capacity of 1.8 lakh units, much higher than the near 1 lakh units the company sold in the domestic market in 2019-20.Honda’s exit from Greater Noida comes months after the company offered a lucrative VRS to a large section of its employees as it started taking steps to cut its dependence on the factory. When contacted, Honda officials refused to give answers to a detailed questionnaire. Sources said, while the production will be halted at the 150-acre facility, a large amount of official work and other activities will be carried out from the location. “Honda will continue to have its R&D set-up, corporate office and spare parts operations at the Greater Noida location. Functions such as purchase, finance, service, marketing and sales, PR and HR would also continue from the location,” a source said.Giving reasons for the company’s poor performance, industry analysts said Honda has “generally been late in responding to competition and changing market needs”, which has led to the brand facing a difficult period. The company, which had several top-management rejigs in the past, was initially late in introducing diesel engines and vehicles in India that had impacted its business severely.
Categories: Business News

CLSA sees Nifty at 18,800 in the long term

December 19, 2020 - 11:19am
MUMBAI: CLSA's Global technical analyst Laurence Balanco sees the Nifty heading to 18,800 in the long term. Sydney-based Balanco said the Nifty is currently making its way towards the objective of 14,100-14,200 in the immediate term."If the price structure and accompanying technical indicators are compatible with a near-term peak at the 14,100-14,200 area, we will look to take some profits. If they are not compatible, then there will remain greater bullish potential," said Balanco in a note on Thursday. "...from a long-term perspective, this impulsive advance off the March low is seen as the initial leg of a new bull cycle which followed the cyclical bear market decline off the May 2019 highs," added Balanco. Balanco said this long-term structure provides us with a multi-year upside target of 18,800 for the unfolding advance off the March lows.Indian stock indices hit their lowest level in four years in March this year after a sharp sell off in the wake of coronavirus outbreak turning into a pandemic and bringing most economic activities to a grinding halt. Nifty hit a low of 7,511.1 and Sensex hit a low of 25,638.9 on March 24. As cities and countries opened up after weeks and months of lockdown around June-July, economic activity started picking up. Indices have gained more than 80 per cent from those March lows, and more recently got a lift from development of vaccines for coronavirus.Balanco's has outlined a case for a potential structural breakout in emerging markets, which is also his key call for 2021.
Categories: Business News

India's forex kitty declines by $778 million to $578.5 billion

December 19, 2020 - 11:19am
India’s foreign exchange reserves declined by $778 million from its record high in the previous week to $578.569 billion in the week of December 11, Reserve Bank of India’s data showed on Friday.The decline in the reporting week was mainly on the back of a fall in the value of foreign currency assets (FCA) held by the central bank, which constitutes a major component of the overall reserves. FCA fell by $1.042 billion to $536.344 billion, the data showed.The FCA reflects appreciation or depreciation of currencies like the euro, pound and yen held in the foreign exchange reserves, expressed in dollar terms. Typically, the value of FCA for a said week is a function of currency depreciation and also the intervention in the currency market by RBI.The central bank’s forex kitty has surged by $4.5 billion to touch an all-time high of $579.346 billion in the week of December 4.Meanwhile, in the week the gold reserves rose by $284 million to $36.012 billion, as per the central bank data.The special drawing rights (SDR) with the International Monetary Fund (IMF) – another component of the forex kitty – fell marginally by $3 million to $1.503 billion. The reserve position with the IMF too reported a marginal decline of $16 million to $4.709 billion during the reporting week, the data showed.Barring a few marginal declines, India’s forex kitty has been on the ascendency in 2020 clocking record volumes several times over the past months. The forex exchange reserve on January 3 was $461.157 billion.The rise in forex reserves is typically a factor of an increase in portfolio investments from offshore investors and also a growth in the foreign direct investments (FDIs) during the period.A strong kitty allows the central bank to timely intervene in forward and spot currency markets to arrest any slide in rupee devaluations. India’s central bank has been shoring up its foreign reserves since over a year and in the process has leapfrogged Russia and South Korea as the third-biggest holder of forex reserves only behind China and Japan.
Categories: Business News

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