The Pioneer : 2020-09-25

Front Page : 9 : 9

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' ) / &$ $ ' ! 3 $ & & #' ( ") " % ) perfect storm of problems including rising virus infections, new lockdowns, a slowing economic recovery, stalled US stimulus talks and election uncertaint­y. Investors also fretted that a second wave of coronaviru­s cases during the northern hemisphere’s coming winter will derail the economic recovery.” According to Vinod Nair, Head of Research at Geojit Financial Services: “Indian benchmark indices had a gap down opening and kept losing ground as the day wore on, to finally end the day around 2.8 per cent down. Markets tracked weak global cues as the uncertaint­y witnessed in the last few days gave way to negativity, with broader markets also underperfo­rming.””The uncertaint­y regarding an economic recovery, the unabated rise in virus infections, and today being derivative­s expiry day, all contribute­d to the negativity. With volatility expected to be high, traders are advised to remain cautious.” points or 2.93 per cent from its previous close. Manish Hathiraman­i, technical analyst, Deen Dayal Investment­s, said: “The support level of 10,900-10,950 has been disrespect­ed during today’s trading session. We have also pierced 10,882 which was made on August 3, 2020. This opens a new target of 10,750. Any bounce can be utilised to short the Nifty for this target.” Among the sectors, auto, banking, metal and IT indices lost the most. “European stocks and Asian stocks dropped following a rout in tech shares in the US on Wednesday and as investors have largely given up on the idea that the US Congress will provide a new stimulus, while worrying about a recent rise in Covid-19 cases,” said Deepak Jasani, Head of Retail Research at HDFC Securities. “Economists at Goldman Sachs cut their US growth forecast for the fourth quarter in half, to 3 from 6 per cent. Investors are bombarded by a psychologi­cal 11,000 mark. Post Thursday’s selloff, Sensex lost 2,292 points in the last four sessions. This was the sixth consecutiv­e session of loss for the Indian indices, as well as the biggest single day fall for the BSE Sensex in four months and the biggest losing streak (6 sessions) in seven months. The Nifty50 on the National Stock Exchange (NSE) fell well below the psychologi­cal 11,000 mark. The recent bear run has been due to resurgence in coronaviru­s cases across the world, largely in Europe, and anticipati­on of fresh lockdown restrictio­ns across several countries of the continent, including the UK and France. The BSE Sensex closed at 36,553.60, lower by 1,114.82 points, or 2.96 per cent, from the previous close of 37,668.42. It opened at 37,282.18 and touched an intra-day high of 37,304.26 or a low of 36,495.98 points. The Nifty50 closed at 10,805.55, lower by 326.30 353,-$ "% =I 1 5. Dangers to an overall internatio­nal economic recovery such as rising Covid-19 cases, along with possible reimpositi­on of lockdown measures in some European countries, pushed the global and the Indian stock markets deep into the red on Thursday, with the BSE Sensex losing 1,100 points, its worst performanc­e in six months. Besides, no new stimulus measures for the US, combined with a slower growth forecast for the world’s largest economy, also impacted global sentiments. Not just equities, but crude oil and precious metal prices fell, leading to a chaos across asset classes.However, the US dollar made the most of the bloodbath.The domino effect of such massive downside resulted in the Indian stock markets witnessing a gap-down opening on Thursday.The BSE Sensex lost 1,100 points and the NSE Nifty50 fell well below the 6/2 /90$ "% Cruiser bikes giant HarleyDavi­dson on Thursday said that it plans to close its manufactur­ing facility in Haryana’s Bawal and significan­tly reduce the size of its sales office in Gurugram. The developmen­t comes as part of ‘ The Rewire’ initiative which intends to overhaul the company’s operating model and market structure. The company said that it is changing the business model in India and evaluating options to continue to serve its customers. “Harley-Davidson plans to close its manufactur­ing facility in Bawal and significan­tly reduce the size of its sales office in Gurgaon (Gurugram),” the company said in a statement. “The company is communicat­ing with its customers in India and will keep them 353,-$ "% Inflow of foreign portfolio investment­s (FPI) surged last month with around $6 billion, or around 47,000 crore, of net investment­s by overseas investors with a majority meant for primary issuances of shares. Around 63 per cent of net FPI flows last month were into primary issuances, according to a report by ICICI Securities. Interestin­gly, last month, India outperform­ed other emerging markets in terms of inflows. The report also said that domestic institutio­nal investment­s (DII) too had positive flows towards primary issuances, although the secondary flows continued to be negative with an outflow of $1.5 billion. 353,-$ The rupee dived 32 paise to touch a near onemonth low of 73.89 against the US dollar on Thursday, following massive sell-offs in equities and concerns over continuous surge in COVID-19 cases. Besides, stronger dollar against key rivals currencies and robust outflows of foreign funds from domestic markets weighed on forex market sentiment. At the interbank forex market, the Indian currency opened on a weak note at 73.82 and traded in a range of 73.75 and 73.96 a dollar during the session. updated on future support. The Harley-Davidson dealer network will continue to serve customers through the contract term.” According to the company, these actions are aligned with ‘ The Rewire’ which is planned to continue through the end of 2020, leading to ‘The Hardwire’, a new strategic plan for 20212025 aimed at building desirabili­ty for the Harley-Davidson brand and products. /0$ 121 # $%&& ' (( ' ) )* " + " , '##'+! # *!+ 0&#*+ !) - 1 )*! " #2+ 3 *# ) *+ liquidity and market conditions and take measures as appropriat­e to ensure orderly functionin­g of financial markets. On October 1, the RBI would purchase three securities totalling 10,000 crore and selling two securities of the same amount. The result of the auctions will be announced on the same day.nSimultane­ous purchase and sale of government securities under OMOs, popularly known as Operation Twist, involves purchasing G-Secs of longer maturities and selling equal amount of G-Secs of shorter maturities. The central bank further said it reserves the right to decide on the quantum of purchase and sale of individual securities. 353,-$ 6/2 /90$ The New Delhi: caused by the lockdown due to COVID-19 by providing credit to different sectors, especially micro, small and medium enterprise­s. The latest numbers on ECLGS, as released by the Finance Ministry, comprise disburseme­nts by all 12 public sector banks (PSBs), 24 private sector banks and 31 non-banking financial companies .”As of 21 Sept 2020, the total amount sanctioned under the 100% Emergency Credit Line Guarantee Scheme by #PSBs and private banks to #MSMEs and individual­s stands at 1,77,353 crore, of which 1,25,425 crore has already been disbursed,” the finance minister said in a tweet. The Finance Ministry on Thursday said banks have sanctioned loans of about 1.77 lakh crore to 44.2 lakh business units under the 3- lakh crore Emergency Credit Line Guarantee Scheme for the MSME sector reeling under the slowdown caused by the coronaviru­s pandemic. However, disburseme­nt against the sanctioned amount stood at 1,25,425 crore to 25.74 lakh MSME units till September 21. The scheme is the biggest fiscal component of the 20lakh crore Aatmanirbh­ar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman in May to mitigate the distress Reserve Bank of India ( RBI) on Thursday announced it will conduct simultaneo­us purchase and sale of government securities under open market operation (OMO) for an aggregate mount of 10,000 crore each on October 1. “On a review of the current liquidity and financial conditions, the Reserve Bank has decided to conduct simultaneo­us purchase and sale of government securities under open market operation (OMO) for an aggregate amount of 10,000 crore each on October 1, 2020,” it said in a statement. The RBI further said it will continue to monitor evolving The only stores ordinary customer data — like name, address, email ID and transactio­n related details — in accordance with the NPCI guidelines and not payment sensitive data like debit card number or UPI PIN. A customer’s payment sensitive data is stored only on the servers of the PSP bank, it has claimed. The affidavit was filed in response to the petition by advocate Abhishek Sharma who has sought a direction to Google not to share any data from UPI switch with any other party. isation, storage and sharing. The High Court on September 24 listed the matter for hearing on November 10 as the Centre and Reserve Bank of India (RBI) have not filed their responses yet. Google, in its affidavit, has contended that under the Unified Payment Interface (UPI) procedural guidelines, issued by the National Payments Corporatio­n of India (NPCI), apps like GPay are permitted to share customers transactio­n data with third parties and group companies with prior permission of NPCI and PSP banks. It has also said that GPay Government has extended the suspension of fresh insolvency proceeding­s under the insolvency law for another three months, a senior official said on Thursday. In the wake of the coronaviru­s pandemic, the corporate affairs ministry decided to suspend initiation of fresh proceeding­s under the Insolvency and Bankruptcy Code (IBC) for six months starting from March 25. The nationwide lockdown came into force on March 25.The six-month period was to end on Thursday.The official told PTI that the period has been extended by three months. 6/2 /90$ Google India Digital Services Pvt. Ltd., which operates the GPay app, has told the Delhi High Court that it is allowed to share customers transactio­n data with third parties with the prior permission of NPCI and payment service provider (PSP) banks. The submission has been made by Google in its affidavit filed before a Bench of Chief Justice DN Patel and Justice Prateek Jalan in response to a PIL seeking action against ‘ Google Pay’ ( GPay) for allegedly violating the RBI’s guidelines related to data local- . % -!-$, " ! " ! New Delhi: The citizen feedback on the Non-Personal Data draft policy is not positive as people say there is very little to gain and the risk is of increased targeting, surveillan­ce and data misuse. According to Local Circles, Non-Personal Data draft policy has gotten the dialogue started amongst citizens and businesses, it needs to be revisited considerin­g the findings of a survey. “From a citizen standpoint, there is very little to gain and the risk is of increased targeting, surveillan­ce and data misuse,” it said. The nine-member com- mittee set up by the Ministry of Electronic­s and Informatio­n Technology, released a draft non-personal data policy in mid-July giving the public two months to provide feedback. Per the policy, any data which does not contain any personally identifiab­le informatio­n of an individual is termed as nonpersona­l data. For example, while order details collected by an e-commerce platform will have the name, age, address and other contact informatio­n of an individual, it will be considered non-personal data if specific identifier­s like name, address and contact informatio­n are removed. NPD also classified nonpersona­l data into three main categories - public non-personal data, community nonpersona­l data and private nonpersona­l data. Although many experts say that this policy is a forward looking step and will create a culture of data sharing of non-personal data which will bring overall benefits to the country, MSME and startups as well as citizens do not seem to be in favour of the policy in its current form. 6/2 /90$ The Centre on Thursday permitted five States to go for additional borrowing of 9,913 crore through Open Market Borrowings (OMBs) to meet their expenditur­e requiremen­ts amid falling revenues due to the Covid-19 crisis. These States are Andhra Pradesh, Telangana, Goa, Karnataka and Tripura. The permission has been accorded after these states successful­ly met the reform condition of implementa­tion of ‘One Nation One Ration Card’ system, an official statement said. The Department of Expenditur­e, under the Finance Ministry, has accorded approval to Karnataka for additional borrowing of 4,509 crore, followed by Telangana ( 2,508 crore) and Andhra Pradesh ( 2,525 crore). Goa intends to raise 223 crore while Tripura 148 crore, it said. In view of the unpreceden­ted COVID-19 pandemic, the Centre had in May allowed additional borrowing limit of up to 2 per cent of Gross State Domestic Product (GSDP) to states for the year 2020-21 with certain conditions. This made an amount up to 4,27,302 crore available to the states. Of the extra 2 per cent, only 0.5 per cent is unconditio­nal. After that, states will be allowed four increments of 0.25 per cent subject to implementa­tion of four specific statelevel reforms, where weightage of each reform is 0.25 per cent of GSDP. The four reforms are -implementa­tion of ‘One Nation One Ration Card’ system; ease of doing business reforms; urban local body/ utility reforms; and power sector reforms by privatisin­g power distributi­on. “The remaining additional borrowing limit of 1 per cent was to be released in two instalment­s of 0.50 per cent each - first immediatel­y to all the States as untied, and the second on undertakin­g at least 3 out of the above mentioned reforms,” it said. The Government of India has already granted permission to states to raise the first 0.50 per cent as OMB in June 2020. IANS % ) ) " ) ' # *+ Delhi: As Delhi- NCR has been recognised as “the largest startup ecosystem in India”, Villgro, one of leading incubators in India, has come with the 4th edition of its social startup discovery platform “iPitch 2020” to boost the growing culture of social entreprene­urship. iPitch 2020 aims to bring together country’s top incubators and impact investors to gain access to India’s most innovative and impactful startups. Social entreprene­urs will benefit from a unified platform for funding, incubation, and mentorship through a single platform. The applicatio­n is open till September 30. PRINTED AND DISTRIBUTE­D BY PRESSREADE­R PressReade­ +1 604 278 4604 ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY COPYRIGHT AND PROTECTED BY APPLICABLE LAW

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