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 Livemint, 12.11.2020 MUMBAI: Goldman Sachs has raised Indian equities to overweight on hopes that earnings recovery will lead rally. Goldman Sachs were structural bulls on India but had lowered India to marketweight in April on concerns of nationwide shutdown, rising pandemic cases and expectations of a significant contraction in domestic activity in the absence of fiscal space. However, the global brokerage house thinks that the investment case for India has improved now and hence has upgraded Nifty to 14,100 by 2021 end, indicating an 11% upside from current levels. Indian benchmark indices have rallied over 60% from the lows hit in March, while making new record highs this week. “First, India has been a laggard this year underperforming the region by 11 percentage points in US dollar terms. Indian equities are most positively sensitive to the improving prospects of a vaccine, and so we expect a ‘catch up’ laggard rally given the positive newsflow on the vaccine front (which cou...

 The Hindu Business Line, 12.11.2020 The propensity of households to save appears to have risen significantly during the pandemic as they have been unable to consume up to their normal levels and have raised their precautionary savings, according to the RBI’s latest monthly bulletin. Link- https://www.thehindubusinessline.com/money-and-banking/savings-glut-covid-19-pushes-household-financial-savings-to-21-of-gdp-in-q1/article33082372.ece

 The Economic Times, Energy-to-telecom major Reliance Industries NSE 0.82 % on Thursday said that it will invest up to $50 million (Rs 371 crore) in Breakthrough Energy Ventures NSE -12.50 % II LP (BEV). The Group is spearheaded by Microsoft Founder Bill Gates. “The capital contribution commitment of $50 million constitutes 5.75 per cent of the size of the fund contemplated at present. The said investment will be made in tranches over the next 8-10 years,” RIL said in a regulatory ling. BEV seeks to nd solutions to the climate crisis by exibly investing to develop breakthrough energy and agriculture technologies. The company will invest the funds raised from the investors to support innovation in clean energy solutions. The results of these efforts would have significant relevance for India and are expected to benefit the entire mankind and also provide good returns to the investors, RIL said. The transaction is subject to approval from the Reserve Bank of India. The investment doe...

 The Economic Times,  MOSCOW: Moscow has adopted sanctions against a number of German and French officials in response to the European Union's sanctions over the poisoning of Russian opposition leader Aleei Navalny, Russia's foreign minister said Thursday. Navalny, a corruption investigator and longtime foe of Russian President Vladimir Putin, is in Germany recovering from what German authorities said was a nerve agent poisoning. Last month, EU foreign ministers imposed sanctions on six Russian oicials and a state research institute over the incident. Russian Foreign Minister Sergey Lavrov told reporters retaliatory sanctions against "senior sta of the oices of the leaders of Germany and France" have already been adopted. "Soon we will inform our German and French colleagues," Lavrov said, without elaborating how many oicials would be aected or revealing their names. Those hit by the EU sanctions, which consist of an asset freeze and travel bans in Europe, i...

 The Economic Times,  Central Goods and Services Tax (CGST) Delhi South Commissionerate busted a syndicate of firms involved in availing invoices or e-way bills of over Rs 685 crore of dummy rms and getting refund of integrated GST of over Rs 35 crore. The fake firms were found through specic intelligence and data mining and analysis on GSTN and e-way bill portals, the nance ministry said in a statement Thursday. A case has been booked against Baan Ganga Impex based out of Ganga Tower, Mahipalpur, Delhi. “From preliminary scrutiny of the seized documents, the data/information available on E-way Portal/GSTN portal, it is found that Baan Ganga Impex, New Delhi has availed invoices from non-existing 48 entities creating a web of suppliers among themselves and passing on ITC to each other,” the ministry said. The credit from all the suppliers is passed on to the company which in turn avails refund on the strength of export of goods procured from the unregistered suppliers. The nex...

 The Hindu Business Line, 10.11.2020 Besides job opportunities, such a database will help migrant labour get the benefit of government schemes The Finance Ministry has given its go-ahead for the creation of the first ever national database of migrant labour to provide a platform for workers and employers, and for the government to implement specific programmes for such labourers. Link- https://www.thehindubusinessline.com/news/finmin-nod-for-national-database-of-unorganised-workers/article33065764.ece