Naukariadda

Japan fully came out of a coronavirus state of emergency for the first time in more than six months as the country starts to gradually ease virus measures to help rejuvenate the pandemic-hit economy as the infections slowed. At Tokyo's busy Shinagawa train station, a sea of mask-wearing commuters rushed to their work despite an approaching typhoon, with some returning to their offices after months of remote work. The emergency measures, in place for more than half of the country including Tokyo, ended Thursday following a steady fall in new caseloads over the past few weeks, helping to ease pressure on Japanese health care systems. The lifting of the emergency marked a fresh start for some people. Office worker Akifumi Sugihara, 46, said he is back to the train station for the first time in about a year. "I had been working from home for more than a year, and I came to the office in Tokyo as (the emergency) was lifted today," he said. "It's really been a while. I...

Invesco pressing for the removal of Punit Goenka is not linked to them not liking the Sony Zee deal. It would have been better if the governance structure were in place and that is Invesco’s point, says Hetal Dalal, President & COO, IIAS . Many have assumed that Invesco is going to be happy that Sony wants to come aboard Zee and infuse more capital and will have 53% stake. It worked well for Invesco as investors and the way the stock price responded seemed to indicate that shareholders were largely happy. But Invesco is going ahead with the EGM seeking removal of Punit Goenka.Invesco is not opposed to the merger between Zee and Sony. What they are saying is that the governance structure needs to be in place and to ensure that once the governance structure is in place, one has to have a board which is relatively independent and the decisions which have been made are made in the interest of all stakeholders. Essentially, the argument is that while there is an announcement saying that...

More than 15,000 people from Myanmar are estimated to have crossed the border into India since the February 1 military coup there, UN chief Antonio Guterres has said, telling the General Assembly in a report that armed clashes have erupted mostly in regions and states along the borders with Thailand, China and India and are raising concern about regional implications of the crisis.Guterres, in his report ‘Situation of human rights of Rohingya Muslims and other minorities in Myanmar', said that prior to February 1, there were around 336,000 internally displaced persons in conflict-affected areas across Myanmar.“Since that date, more than 220,000 people have been internally displaced by the escalation of conflict and violence. In addition, more than 15,000 people are estimated to have crossed the border into India. A further 7,000 people crossed into Thailand, all of whom have returned and remain internally displaced in Myanmar,” the Secretary-General said in the report, which covers...

North Korea fired a newly developed anti-aircraft missile on Thursday, state media KCNA reported, the latest in a recent series of weapons tests that has come as denuclearisation talks with the United States have been in deadlock.It was North Korea's second known weapons test this week after the launch of a previously unseen hypersonic missile on Tuesday. It has also fired ballistic missiles and a cruise missile with potential nuclear capabilities in recent weeks.The tests highlighted how North Korea has been steadily developing increasingly sophisticated weapons, raising the stakes for efforts to press it to give up its nuclear and missile programmes in return for U.S. sanctions relief.The Academy of Defence Science, a military weapons developer, said the test was aimed at confirming the practical functionality of the missile's launcher, radar, comprehensive battle command vehicle and combat performance, the official KCNA news agency reported on Friday.The missile has new key ...

MUMBAI: Personal guarantees will likely get a disproportionate share of attention as experts craft the broad role definitions for professionals handling pre-packaged debt resolutions at MSMEs.Personal guarantees seem to be a top priority in defining the role of an insolvency resolution professional (RP), said a source. The RP needs to get it confirmed with lenders as to whether the resolution plan is a composite one covering personal guarantees, said an interim report on the subject. ET has seen a copy of the report."Group Company cross guarantees / cross personal guarantees also needs to be addressed before getting into the resolution process under this scheme," said the panel of the Indian Institute of Insolvency Professionals of ICAI or IIIPI. "It cannot be initiated on an apprehension of insolvency," says the special panel in the report.RPs are advised to collect claims and finalise the list of creditors within 21 days.An MSME should not have gone through any in...

“I believe that the market is over extended in India and I have been expecting a correction for the last few weeks. It is not happening but I think there will be a correction and that will be the opportunity for many investors,” says Sandip Sabharwal, Analyst, asksandipsabharwal.comMarkets are again and again telling us that banks are unlikely to participate in this credit cycle. Should one start thinking differently away from conventional wisdom?There are two-three things we need to consider. One, the liquidity in the system is very high and because the liquidity is very high, most of the banks are deploying their excess money in government securities and the credit growth is just not there in the system. Every fortnight, when the RBI data comes up, there is an expectation that maybe there is some uptick in credit growth. However, there is simply no uptick in credit growth. It continues to be 6-6.5%. Now all banks, NBFCs are grappling for that 6-6.5% and most banks are giving projecti...

There is a possibility that we might consolidate in a range for a while and the sector rotation keeps happening while the overall broader indices consolidate and earnings catch up, says Abhishek Basumallick, Chief Equity Advisory, Intelsense Capital. How perturbed are you because of the global risks in the horizon -- be it Evergrande and then the power shortages in China or some taper talk from US ? Not as a long-term investor but as a market participant, what did you read into it?What is happening in China is very interesting and we seem to be at the cusp of a pretty long-term change in policy. Obviously there are implications in the market and whether it is Evergrande or the power crisis, it is in some way going to get reflected in the global markets. Personally, most of the negatives that are happening in China today will in some way positively impact India because although for global investors China has always been a much bigger market, India is coming out as an alternative destina...

There is merit in shifting. As far as the broader thought on the categories are concerned, it is also good to look at diversified, flexi cap type of categories where there will be a judicious mix of all the categories, says Vinit Sambre, Head Equities & Fund Manager, DSP Mutual Fund Are you going to add real estate stocks because that is a multi-year cycle when it goes up?We have thought of playing real estate through the proxies. Once the demand for real estate goes up, we will see that it is backed up by demand for various categories which are linked to the real estate sector -- be it building homes, tiles, sanitaryware or electrical cables. After seven or eight years we are seeing the real estate outlook improving and that is a good trend. We want to capture it through some of the real estate proxies and not directly by buying real estate companies. That is how we have placed our bets in our portfolio. The other two sectors that are missing in your portfolio are metals and the p...

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From October 1, many government pensioners will have to start submitting their annual life certificates. Until now, these pensioners had to visit the bank or post office to submit the life certificate, i.e., the Jeevan Pramaan Patra but now they can do so from home. A pensioner can avail the doorstep services provided by several public sector banks and the country's postal service to submit their Jeevan Pramaan Patra. As per a circular issued by the Department of Pension and Pensioners' Welfare on September 20, 2021, pensioners can submit the life certificate by using the Doorstep Banking Alliance of 12 public sector banks or the Doorstep Service of the postal department for submission of Digital Life Certificate. Here is how to submit one's life certificate via these doorstep services. Doorstep banking Alliance: This is an alliance between 12 public sector banks for providing services at the doorstep of the customer. The banks in the alliance include State Bank of India (S...

The Central Bureau of Investigation (CBI), which is investigating corruption cases against former Maharashtra Home Minister Anil Deshmukh, has allegedly found lapses in the transfers and postings of around 50 police officers in Maharashtra.While probing the case, the CBI has have found several discrepancies in the transfers and postings of many senior police officers in Maharashtra when Deshmukh was the Home Minister, the sources said.As per sources, all transfers that were made after the Police Establishment Board (PEB) meeting which took place in September 2020, are under the lens.As per the Maharashtra Police Act and Gazette of Maharashtra 2014, the PEB must meet before such high-profile transfers.The PEB meeting is chaired by the Additional Chief Secretary (Home) while the Director-General of Police (DGP) and Inspector General of Police are vice-chairpersons. The meeting is attended by other senior police officers of Maharashtra and the final decision over transfers and postings is...

Resolving the global shortage of auto semiconductors needs Malaysia's help, especially when it comes to packaging, a sector affected by the country's COVID-19 curbs, Taiwan Economy Minister Wang Mei-hua said.Taiwan, as a major chip producer, has been front and centre of efforts to resolve the shortage, which has idled auto plants around the world.Speaking in an interview late on Thursday at her ministry, Wang told Reuters that Taiwan alone could not sort out the problem because the supply chain is so complex."The bottleneck in fact is in Southeast Asia, especially Malaysia, because for a while the factories were all shut down," she said.The problem was especially acute with auto chip packaging, with companies in Malaysia providing services not offered by Taiwanese firms, Wang added."Now the focus is on Malaysia resuming production as soon as possible. I know that Malaysia started to restore production capacity in early September, and now the production capacity h...

The National Financial Reporting Authority (NFRA) is proposing to revisit compulsory statutory audit. The audit regulator has floated a paper seeking public and stakeholder comments on whether MSMCs should be out of the ambit of mandatory statutory audit currently stipulated under the company law for all companies.Major economies of the world require statutory audit for small companies only in case some minimum criteria of public interest are satisfied, it said, adding that even in India, income tax audit was now not compulsory where the turnover is ₹10 crore or less, provided not more than 5% of the transactions were in cash. Goods and services tax audit had also been completely done away with."It is, therefore, appropriate to revisit the requirement of compulsory statutory audit for all companies irrespective of their size and/or public interest," an official statement said.The NFRA has prepared a consultation paper explaining the issues involved, it added. from Economic ...

With Russia waiving a royalty clause in favour of technology transfer, the green signal has been given for the deal to manufacture AK 203 assault rifles at the Amethi factory. The Rs 5,124 crore contract is likely to be inked in the coming months, with production expected to commence next year.Sources said all issues related to the cost and indigenisation content that had held back the project till now have now been sorted out and a go-ahead has been given by the Rajnath Singh-led Defence Acquisition Council.Central to the cleared proposal will be a full technology transfer for the rifles that are to be manufactured in India. In earlier discussions, the Russian side had asked for a royalty on each rifle being produced in India. This has now been waived and India will pay for technology transfer, waiving the royalty.The move, sources said, would result in saving of at least Rs 200 crore in the coming years and would ensure that India gets the knowhow to produce modern assault rifles tha...

The ministries of education and skill development - now under one minister - are holding talks to enable students enrolled into vocational courses to get school-level certificates and earn 'credits', scores that can help them get entry into mainstream colleges and universities and earn a degree.Alongside, efforts are on to identify new vocational courses for various classes and also get stronger recognition for students, ET has learnt.A series of steps are being initiated across school and higher education organisations to get the ball rolling.ET has learnt that Education Minister Dharmendra Pradhan has got the National Institute of Open Schooling (NIOS) and the Central Board of Secondary Education (CBSE) talking to the National Council of Vocational Education and Training (NCVET) to mutually recognise vocational courses and confer certificates on students.First, a fresh memorandum of understanding will be inked between NIOS and the Directorate General of Training to facilitate...

Union labour and environment minister Bhupender Yadav, while referring to the turmoil in the Congress, said changes in a political party have to be brought in through consensus, not by enforcing it on the party workers, and definitely not by humiliating senior workers. He was talking in the backdrop of the crisis the Congress is facing in Punjab and the questions raised by senior Congress leaders on the induction of activist-MLA Jignesh Mevani and former student leader from JNU, Kanhaiya Kumar, into the party.Speaking to ET, Yadav, who has been handling important assignments for the BJP as its general secretary over the past 10 years, said a Punjab-like crisis was only a natural consequence as "it was evident that the Congress does not honour the sacrifices made by its long-time workers"."Core leaders of the Congress are finding it difficult to get their voices heard or even justify their existence in their party, how are newcomers going to save the party? Two (Mevani an...

Equity mutual funds betting on information technology stocks, mid-caps and small caps have yielded the highest returns for investors who put money in these products through Systematic Investment Plans (SIPs) in the past decade. The average SIP returns from the universe of equity schemes are 16.09% (annualized) for a 10-year period, according to an ET study of Value Research data. SIPs in Sensex and Nifty returned 16.19% and 15.92%, respectively, during the period.Out of the total 263 equity mutual fund schemes, as many as 25 funds have generated returns above 20%, 158 have generated between 15% and 20% and 64 have generated between 10% and 15% returns. SIPs done in 16 have given returns of less than 10%, while value of three schemes have eroded. PSU banks, international, sectoral and some thematic funds are the ones that have been underperformers.Financial planners say though some themes have been outperformers, investors would be better off holding top performing diversified equity mu...

The National Company Law Tribunal (NCLT) has restrained RHC Finance, a firm controlled by Malvinder Mohan Singh and Shivinder Mohan Singh, from exercising its voting rights in Religare Enterprises till further orders. The Delhi-based principal bench of the tribunal on Wednesday ordered maintaining status quo on RHC Finance's voting rights and listed the matter for further consideration on October 7. "We hereby order status quo on the respondents to restrain them from exercising their voting power with the resolution, until the further orders of this bench," the two-member NCLT bench said. The NCLT order came on an urgent application moved by Religare Enterprises. Religare Enterprises, under the new management, filed a petition before the NCLT seeking cancellation of 2.5 crore Non-Convertible Redeemable Preference Shares (NCRPS) that were issued to RHC Finance, claiming them to be "void ab initio" and "unlawful". Religare listed brothers Malvinder and S...

The threat of a cyclonic storm hitting Gujarat appeared to have receded by Thursday evening as remnants of cyclone Gulab which had turned into a depression moved away westwards. The depression is likely to intensify into a cyclonic storm away from the Gujarat coast, as per the India Meteorological Department's (IMD) report. Moderate rains were recorded in the coastal districts of Saurashtra and Kutch during the day. "The depression over northeast Arabian Sea off Gujarat coast moved west-northwestwards with a speed of about 15 km per hour in the last six hours and lay centered at 190 km west northwest of Devbhoomi Dwarka coast of Gujarat, 200 km south southeast of Karachi of Pakistan and 730 km east southeast of Chabahar port of Iran," the latest bulletin of the IMD said. "It is very likely to move west-northwestwards and intensify into a deep depression over northeast Arabian Sea off north Gujarat coast during the next 12 hours," the weather department said. It ...

India and Australia on Thursday agreed to sign a Comprehensive Economic Cooperation Agreement (CECA) by the end of 2022 preceded by an interim agreement before Christmas this year.The comprehensive agreement will cover trade in goods and services, and a pact on investments as well.Both sides will exchange offers on the proposed deal by October end, the visiting Australian minister for trade, tourism and investment Dan Tehan said, addressing the media along with commerce and industry minister Piyush Goyal after the 17th meeting of India-Australia Joint Ministerial Commission.86662131“What we agreed today is to make sure that we will conclude a Free Trade Agreement between India and Australia by the end of 2022,” Tehan said, adding that the interim agreement will be consistent with article 14 of the World Trade Organisation.“We will begin discussing govt procurement, energy and resources, logistics and transport, standards and rules of origin. We have agreed to exchange offers by the end...

The deadline for making demat and trading accounts know-your-customer (KYC)-compliant has been extended by another three months. The Securities and Exchange Board of India (Sebi) has extended the deadline for making demat and trading accounts KYC-compliant to December 31, 2021, from September 30, 2021.As per a circular issued by the National Securities Depository Ltd (NSDL) on September 28, 2021, "Based on the representations received from Participants and as per discussion held with other MIIs and SEBI, it is decided to extend the abovementioned timeline for existing accounts by another three months i.e. December 31, 2021."The original deadline was July 31, 2021, which was extended to September 30, 2021 due to the Covid-19 pandemic. This is the second time that the deadline has been extended. 86636196 86636218Updating KYC detailsAs per the circular issued by Sebi in April 2021, the depositories, i.e., NSDL and Central Depository Services Ltd (CDSL) are required to ensure tha...

The growth in IT stocks is still intact for the long term investors. Even at current levels, in the next coming quarter, the numbers are likely to be very good and they are likely to beat expectations, says Chakri Lokapriya, CIO & MD, TCG AMC. If the world is so obsessed with ESG, how come the non-ESG dominated stocks like Coal India and NTPC are making a comeback?It is a combination of a number of factors in the case of power utility companies. Last year, because of the lockdown, there was very low demand for power -- both corporate and consumer. As the unlocking is happening, globally there are supply side issues -- not just for coal but also for natural gas and oil because these are various heating elements. There has been a huge surge in the price of national gas worldwide and therefore some of the utilities worldwide are shifting to coal. Alongside, coal prices have gone up. NTPC as a market leader is seeing demand coming back, the valuations are very attractive at about 1.1 t...

India is likely to send a three-member team to participate in the Pabbi anti-terror exercise in Pakistan's Nowshera district from October 3 as part of the SCO RATS framework, a Times of India report said.The decision to hold the joint exercise "Pabbi-Antiterror-2021" was announced in March this year during the 36th meeting of the Council of the Regional Anti-Terrorist Structure (RATS) held in Tashkent.Headquartered in Tashkent, RATS is a permanent organ of the SCO with the objective to promote cooperation among member states against terrorism, separatism and extremism.The SCO is an economic and security bloc in which India and Pakistan were admitted as full members in 2017. Its founding members included China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.The government believes that India's participation is a sign of the importance that it attaches to the bloc in maintaining security in the Central Asian region and that it doesn't in anyway dilute Ind...

Around 7.57 per cent polling was recorded in the by-election to the Bhabanipur assembly constituency, where West Bengal Chief Minister Mamata Banerjee is contesting, till 9 am on Thursday, Election Commission sources said.During the first two hours, around 16.32 and 17.51 per cent voting was recorded in Samserganj and Jangipur seats in Murshidabad district, they said.Polling began at 7 am amid tight security.A total of 6,97,164 voters are eligible to exercise their franchise in the three constituencies.Votes will be counted on October 3.Banerjee, who lost from the Nandigram constituency in the assembly elections earlier this year, has to win this by-poll to retain the chief minister's post.Polls had to be countermanded in Jangipur and Samserganj in April following the death of two candidates.Long queues were seen since early morning outside several booths across the constituencies. Voting will continue till 6 pm.Banerjee, who is also the Trinamool Congress supremo, is pitted agains...

NEW DELHI: Shares of Indian Overseas Bank soared nearly 20% in early Mumbai trading on Thursday as the lender came out of the Reserve Bank of India’s prompt corrective action (PCA) framework because of an improvement in asset quality.At 09:25 (IST), shares of the state-owned bank traded at Rs 24.50 on the National Stock Exchange, registering a 19.80% jump from the previous close.On Wednesday, RBI said it has removed the state-owned lender from the PCA framework and accordingly lifted certain curbs.The decision was taken after the central bank’s board for financial supervision undertook a review of the Indian Overseas Bank’s results for the previous financial year and noted that the lender was not in breach of PCA norms.In the April-June quarter, IOB reported a standalone profit of Rs 327 crore, a 1070% year-on-year jump, as the lender was aided by an improvement in recoveries.The bank’s gross NPA ratio was at 11.48% as on June 30, an improvement from 13.90% a year ago, while the net NP...

The pandemic-driven shopping spree is having at least one unintended consequence: emissions from shipping are on the rise again. Bored at home, consumers ordered everything from washing machines to Peloton exercise bikes, fueling a global trade in goods and boosting demand for ships to deliver them. With so many orders on the books, the container fleet is speeding up at sea, burning more fuel, according to Cargill Inc., the world’s top agriculture trader.The increase in shipping emissions comes just as the world faces a natural gas shortage that’s forcing electricity producers around the world to use more dirty coal and even fuel oil. It’s also at odds with prior forecasts, with the International Maritime Organization previously saying it expected “significantly lower” emissions from the sector last year and this.“Global trade is growing and that means emissions will come up from transport,” Jan Dieleman, head of Cargill’s ocean transportation business, said in an interview in London e...

At the time of the EGM, Invesco must have sufficient support from the remaining 40% of the shareholders to ensure that the resolutions which they want to go through will actually be approved by the majority of the shareholders, says HP Ranina, Senior Advocate, SC. Invesco’s fresh salvo coming in for Zee Entertainment and the timing of this one is very interesting. Invesco’s second call for an EGM and removal of Punit Goenka is coming in just a week after Zee Entertainment signed and made an announcement on merger with Sony. What do you make of the timing?Both are separate issues. One is the merger and the other is removal of Mr Goenka and calling an extraordinary general meeting. Shareholders with more than 10% equity shareholding are entitled to call for an extraordinary general meeting and they can put such an item on the agenda that is deemed fit. It has nothing to do with the merger because the merger is still in the process of being negotiated with Sony Entertainment and one does ...

Heavy rains caused by Cyclone Gulab in Telangana, Maharashtra, Gujarat, Madhya Pradesh and Chhattisgarh have damaged standing crops of soyabean, cotton, onion and urad at many places, at a time when the country has been looking forward to the new crop to tame commodity inflation.Unprecedented rainfall in Marathwada has submerged the soya bean crop. The India Meteorological Department (IMD) has predicted formation of Cyclone Shaheen along the Gujarat coast in the next 48 hours, which would continue to pour water along the western coast. After a year of high commodity prices led by edible oils and pulses, the government, consumers and farmers were looking forward to a good kharif harvest. However, the delayed stay of monsoon may not only increase concerns about commodity prices, but also dampen rural spending as rain-damaged crops will reduce the earning of farmers. The water-logged fields are now waiting for the return of sunshine, but the IMD has cautioned that rainfall may continue ti...

There is now a very strong demand which will translate into much higher investment all over the world including India, which can be a spur for growth and trade, says Swaminathan Aiyar, Consulting Editor, ET Now. China is looking to increase power tariffs for its industries. Natural gas prices are going up; coal prices are expected to go up. Do you see inflation being transitionary in nature? Also what is the India impact of that? Inflation is going to rear its head. It has already reared its head the world over. India is more linked to the world economy on some of these parameters than people realise. So inflation is high in India. It is certainly rising in other places too. There is some volatility in India because food prices are going up and down. But I would simply say yes, inflation is a threat for every country. We have had so many years of mass printing of money without generating consumer price inflation. We are reaching the end of that and once that end is reached, we are seei...

New investment themes are attracting a lot of investor money and they are moving up as well. So rather than chasing momentum, if they focus on good fundamentally sound stocks, eventually those will also start doing very well, says Dipan Mehta, Director, Elixir Equities. Is it time for people to tilt towards the deep value stocks like power, PSUs, coal?We are in the middle of a classic bull market and we are seeing rotation of sectors and whatever is happening globally, I do not think will have a material impact on our earnings. Given the liquidity flows, this kind of a bull market may sustain for many years. In such a scenario, looking at how past bull markets have actually played out, if investors just wait and sit on good quality stocks and not try and chase every winning stock for that day or that month, they may be better off. From time to time, we are seeing new investment themes attracting a lot of investor money and they are moving up as well. So rather than chasing momentum, if...

Value investing lost lots of its fans in India in the last few years as value funds have severely underperformed the market. However, value investing found its mojo this year as value funds bounced back on the back of a market rally. Shivani Bazaz of ETMutualFunds.com spoke to Sorbh Gupta, Fund manager-Equity, Quantum Mutual Fund, to find out what is in store for value investors. “Before we talk about last year’s good performance, we need to understand why the value strategy underperformed from 2017- 19,” says Sorbh Gupta. Edited interview.Many investors have given up on value funds in the last few years. Suddenly these funds delivered good returns. How do you view the scenario?Before we talk about last year’s good performance, we need to understand why the value strategy underperformed from 2017- 19. As economic growth slowed down in the last few years, a handful of companies managed to gain market share and show growth in their respective sectors. The markets assigned disproportionat...

Cryptocurrency, or "crypto" or "tokens", is all the rage right now. People are buying and using cryptos for varied purposes. Some mine it, that is earn cryptocurrency by solving cryptographic equations with the use of high-power computers, while some use it for buying goods and services, and some even invest in it with a view to earn profits on appreciation of these cryptos or a combination of all the options. Be that as it may, it is important to understand that there could be an "income" on such dealings, and this could be subject to tax.So, under what head would these transactions need to be reported as each head has its own computational provisions, tax rates, set-off and carry-forward of loss provisions, reporting requirements etc.? While currently, there are no specific guidance/specific tax provisions on taxation of cryptos in the Income-tax Act, 1961 (the Act), one could draw inference from the general principles of taxation and tax the transaction...

We are never going to be able to take huge market share because while manufacturing has been a focus in the last few years, we are a long distance away from being a replacement for China. Hopefully, if we play our cards right, manufacturing should become a potent growth driver of employment going ahead, says Nitin Raheja, Co-founder, AQF Advisors. With crude at $80 a barrel and gas price hikes effective October 1, that should augur well for both ONGC and Oil India?Oil companies which are in the upstream segment should benefit from the rise as far as crude prices are concerned. The October gas price is something which is not linked to it but it has been in the works and we will probably see two of those happening over the next six months. It should help these companies in the short duration. Will we see more weightage now being given to energy, power and coal stocks from a long-term perspective? What we are seeing now could just be a knee jerk reaction?Right now, it is more of a knee je...