Happy Media

 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,  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...

 Financial Express, 11.11.2020 Shares were mostly higher Wednesday in Asia after a worldwide rally spurred by hopes that a COVID-19 vaccine will help the global economy return to normal. Benchmarks advanced in Tokyo, Seoul and Sydney but edged lower in Hong Kong and Shanghai, where new Chinese regulations focused on technology companies prompted selling in that sector. The proposed regulations issued Monday for public comment give guidelines on how China’s 2008 anti-monopoly law will be applied to internet companies. The announcement gave no indication operators are accused of wrongdoing but cited areas where regulators might look for problems including sharing of information and alliances or pricing services below cost to keep out new competitors. As of midday, e-commerce giant Alibaba’s shares had fallen 7.3% and Tencent, owner of the popular WeChat social media platform, had lost 5% and online retailer JD.com was down 6.2%. In Hong Kong, the Hang Seng lost 0.2% to 26,241.52 and ...

 The Financial Express,  Markets regulator Sebi on Tuesday proposed extending the requirement of constituting a risk management committee to top 1,000 listed entities from 500 at present. The risk management committee should meet at least twice in a year from the current practice of minimum one meeting every year, Sebi said in a consultation paper. Dhanteras, diwali, gold, silverGood time to buy gold after recent fall in prices; yellow metal may make new high by 2021dominos jubilantLove for Domino’s Pizza, Dunkin’ Donuts pushes Jubilant FoodWorks’ share price to all-time high Considering the multitude of risks faced by listed entities, the regulator said risk management has emerged as a very important function of the board. Further, the COVID-19 pandemic has reinforced the need for a robust risk management framework, it added. While LODR (Listing Obligations and Disclosure Requirements) norms specify the role of various board committees of listed entities, defining the role an...

The Telegraph Online, 11.11.2020 Amazon.com Inc said on Tuesday it had taken down listings of products such as briefs and doormats with Hindu sacred symbols, which were being sold on its overseas websites, following a furore on social media in India. #BoycottAmazon was one of the top trending topics on Twitter in India, with users sharing screenshots of Amazon listings of doormats and underwear emblazoned with insignia, including Ganesha. “We are taking down the products in question,” Amazon said in a statement. Link- https://www.telegraphindia.com/india/amazon-bows-to-anger/cid/1797111

 Livemint,  The European Union formally accused US giant Amazon on Tuesday of abusing its control over an online marketplace to distort competition, a breach of anti-trust rules. Competition commissioner Margrethe Vestager said Brussels had informed the company of its view and would push on with an investigation, while opening a second formal probe. This second investigation will probe whether Amazon's Prime service and the "buy box" that appears on the screen "artificially" push buyers into sellers using Amazon's logistics service. "We reached the preliminary conclusion that Amazon illegally has abused its dominant position as a marketplace service provider in Germany and France," she tweeted, ahead of a news conference. "Amazon may have used sensitive data big scale to compete against smaller retailers. Now for Amazon to respond." Shortly afterwards, she told journalists in Brussels: "We must ensure that dual role platforms with ma...

 The Hindu Business Line, 10.11.2020 Union Finance Minister Nirmala Sitharaman was addressing at the Indian Banks’ Association’s 73rd annual general meeting. Union Finance Minister Nirmala Sitharaman on Tuesday asked Banks to seed all their accounts with ‘Aadhaar numbers’ ideally by December-end 2020 but not later than March 31, 2021. “Financial inclusion story is not over. You still have inclusion to carry forward. SUBSCRIBER EXCLUSIVE Catalyst THE CURIOUS MARKETER Scaling new peaks of consumer delight In the new normal, brands will need to re-create ‘peak moments’ that enhance shoppers’ affection Catalyst IPL Viewership Game: Did Bihar polls stump the finals? Auto-Focus On the right trajectory: Royal Enfield’s new cruiser is built to kill The Meteor 350 sets a new benchmark for refinement and build quality in the mid-size cruiser segment Catalyst CAMPAIGN TRAIL IPL advertising: The good, the bad and the strange Catalyst THE CURIOUS MARKETER Scaling new peaks of consumer delight I...

 The Print.in, The Indian economy could turn the corner and register positive growth earlier than expected, but the unrelenting pressure of inflation and a second global Covid-19 wave pose a major risk to growth, the Reserve Bank of India (RBI) said in its monthly bulletin for November. The bulletin’s ‘nowcasting’ assessment, which forecasts the present or immediate future, has predicted that the economic contraction in the July-September quarter of 2020-21 may also be lower, at 8.6 per cent, compared to the 23.9 contraction in the lockdown-hit April-June quarter. The National Statistical Office will release the data for the second quarter on 30 November. The RBI said the Indian economy may register a positive growth in the October-to-December quarter after six months of contraction if the economic upturn sustains till the end of the year. “Incoming data for the month of October 2020 have brightened prospects and stirred up consumer and business confidence. With the momentum of Sep...

 The Print.in, The Indian rupee is set to recover by March to levels seen before the coronavirus pandemic, thanks to a rare current account surplus and expectations that the central bank may be more tolerant of a stronger currency, according to Nomura Holdings Inc. Nomura expects the rupee to bounce back to 72 per dollar by end-March, a level last seen in February. It sees sluggish oil prices to act as a tailwind for the net oil-importing nation, setting it on course to record its first current-account surplus since 2004. “We see the rupee as an outperformer versus other high yielders,” said Dushyant Padmanabhan, strategist at Nomura Holdings in Singapore. The rupee is “placed quite well – the balance of payment improvement has been quite dramatic, and continues to benefit from the recent drop in oil prices.” India’s currency rose from a two-month low last week ahead of U.S. election results to 74.3725 per dollar on Wednesday. The rupee is Asia’s worst performer with a year-to-date...

 Livemint, 12.11.2020 Mumbai: Markets are likely to be steady on Thursday following global cues. Trends in SGX Nifty suggest a negative opening. On Wednesday, the BSE Sensex ended at 43,593.67, up 316.02 points or 0.73%. The Nifty closed at 12,749.15, up118.05 points or 0.93%. Investor sentiment will be strengthened by a Reuters report that the government is preparing for a $20 billion stimulus. In a separate move aimed at promoting local manufacturing under the government's 'Atmanirbhar Bharat' vision, the Union Cabinet on Wednesday approved a proposal to offer as much as  ₹ 1.45 trillion in incentives to persuade global companies in 10 sectors, including automobiles, drugs and textiles, to set up factories in India as they look to diversify their supply chains amid US-China tension. The BSE Sensex and the NSE Nifty50 had both touched record highs for the second day Wednesday. The Sensex touched 43,708.47 and the Nifty50 12,769.75, giving up some gains before Wednesday...

 The Hindustan Times, 12.11.2020 India’s economy probably shrank for a second straight quarter, according to a team of economists including Michael Patra, the central bank’s deputy governor in charge of monetary policy, pushing the country into an unprecedented recession. Gross domestic product contracted 8.6% in the quarter ended September, the Reserve Bank of India showed in its first ever published ‘nowcast,’ which is an estimate based on high-frequency data. The economy had slumped about 24% in April to June. “India has entered a technical recession in the first half of 2020-21 for the first time in its history,” the authors wrote. The government is due to publish official statistics Nov. 27. The median forecast in a Bloomberg survey of economists sees a contraction of 10.4% in the July-September quarter. The Reserve Bank’s number is buoyed by cost cuts at companies, which boosted operating profits even as sales dipped. The team of authors also used a range of indicators from v...

 The Telegraph Online, 12.11.2020 The government has tightened the GST compliance norm by making e-invoicing mandatory for any firm whose turnover exceeds Rs 100 crore from January 1, 2021. The earlier limit was Rs 500 crore. The move comes at a time the Centre and the states are facing a decline in tax receipts. The authorities had enforced e-invoicing of business-to-business transactions for companies with Rs 500 crore sales from October 1. “With only about 50 days left for the rule to come into effect, mid-size companies would need to ramp up processes and IT systems to enable compliance with the new regulation,” Abhishek Jain, tax partner at EY, said. The changes will bring a large number of medium enterprises under the ambit of e-invoicing. It is expected that it will be made available to all taxpayers for B2B transactions from April 1, 2021. Prakash Kumar, senior adviser of Deloitte India, said: “This will help to curb tax evasion and increase tax collections. It would b...

DAILYHUNT,  On Thursday, Moody's raised its forecast for India's growth to -8.9 percent for the calendar year 2020 from -9.6 percent earlier, in its Global Macro Outlook 2021-22 report. It has also raised its forecast for the upcoming year 2021 to 8.6 percent from 8.1 percent earlier. A decline in new infections along with high recovery rates are bending the pandemic curve and allowing for further easing of restrictions on mobility, it said, adding that the test positivity rate in India has fallen below 5 percent. "We therefore forecast a gradual improvement in economic activity over the coming quarters. However, slow credit intermediation will hamper the pace of recovery because of an already weakened financial sector," Moody's report said. Further, it said that if these trends in the pandemic curve continue to spur greater mobility and social interactions, coupled with the development and dissemination of a vaccine, it could make the pandemic itself a less impor...

 The Hindustan Times,  Five years since Prime Minister Narendra Modi launched the Start-Up India initiative, we are witnessing a golden chapter in the history of Indian entrepreneurship. India now has 38,756 officially-recognised start-ups –– with 27 unicorns, eight of which achieved this status in 2020 –– and is the third-largest tech start-up hub globally. According to Praxis Global Alliance, start-ups are growing at an average rate of 12–15% annually. Start-ups have raised $63 billion between 2016–20 in funding, $20 billion of which was raised in 2019 over 1,854 deals. Investments in start-ups are growing incrementally each year ($12 billion, $25.2 billion, $26.3 billion, and $34 billion invested in the last four years, respectively), with $16.7 billion till May 2020. Start-Up India kickstarted an entrepreneurship revolution. Several policy interventions were since announced, giving the entrepreneurial ecosystem a much-needed launchpad. The overhaul of the digital payments ...

 Livemint, November 09, 2020 Gold and silver prices today tanked in Indian markets after Pfizer Inc announced that its experimental  covid vaccine  was more than 90% effective in preventing COVID-19 based on initial data from a large study. Pfizer and German partner BioNTech SE are the first drugmakers to show successful data from a large-scale clinical trial of a coronavirus vaccine. On MCX, gold futures crashed around 5% or  ₹ 2,500 to  ₹ 49,659 per 10 gram. Silver futures on MCX fell 6% or about  ₹ 4,000 to  ₹ 61384 per kg. In global markets, spot  gold  fell about 5% following the covid vaccine announcement, its biggest slide since August. Gold has now erased all its gains since the US election, when hopes for more fiscal stimulus helped prices break out of a narrow trading range. Pfizer-BioNTech SE said they have found no serious safety concerns so far, and expect to seek U.S. emergency use authorization later this month. "Today is a gre...