PLI for food processing a game-changer, to boost agri-exports: FMCG players

 Leading FMCG companies have termed the PLI scheme approved by the government for the food processing sector as a game-changer that would help bring more investment

Leading FMCG companies have termed the PLI scheme approved by the government for the food processing sector as a game-changer that would help bring more investment, increase the income of farmers and boost Agri exports.

Leading companies operating in the packaged food segment as HUL, ITC, Britannia, Parle, and Nestle welcomed the production-linked incentive (PLI) scheme approved by the government on Wednesday.

The move would also help create more jobs in the sector, ensure the availability of a wider range of value-added products for consumers and the Indian companies to establish themselves in the foreign markets.

The government on Wednesday approved a production-linked incentive (PLI) scheme for the food processing sector, entailing an outlay of Rs 10,900 crore.

Commenting over the development, ITC Chairman and Managing Director Sanjiv Puri termed the scheme as a game-changer for the sector and complimented the government for spearheading this transformative step forward.

The PLI Scheme approved today will be a game-changer in boosting food processing investments, agri-exports, farmer incomes and in building Indian brands for the global market, he said.

Food company Britannia Industries said the move provides a much-needed boost to the food processing sector and also promotes growth and investments.

India's biz reputation at risk as states push laws to make firms hire local

 Millions of jobs were lost during last year's nationwide lockdown, dealing a blow to govt's promise of generating adequate employment for the world's youngest and biggest workforce

A short drive from the capital of New Delhi, Gurugram has become one of India’s wealthiest cities with business-friendly policies that have attracted multinationals such as Alphabet Inc.’s Google, PepsiCo Inc., and Nestle India Ltd. But suddenly that reputation is at risk.

A slowing economy and a dearth of new jobs have prompted northern Haryana state, where Gurugram is located, to implement a new law last month that limits private companies from hiring workers from other states. Passed by a government-controlled by Prime Minister Narendra Modi’s ruling Bharatiya Janata Party, such laws are quickly becoming popular with other states.

The law in Haryana has raised concerns among foreign business groups and prompted them to look elsewhere. One Korean logistics company that recently shifted operations to Gurugram is now drawing up alternate plans because its skilled workforce doesn’t meet requirements under the new law.

“The current restriction is something opposite of ease of doing business,” said Hee Chul Jung, secretary-general of the Korean Chamber of Commerce and Industry in India. “The new regulation could scare future investors away from that favor flexibility and a dynamic business environment.”

Hindustan Aeronautics logs record Rs 22,700 cr in top line on IAF dues

 Until last year, the IAF's failure to pay HAL for aircraft already delivered to it had forced the company to turn to bank borrowings to pay employees' salaries

Hindustan Aeronautics (HAL) has registered its all-time high revenue of over Rs 22,700 crore for FY21, even as operations were hit by production shut-downs and supply chain disruptions after the outbreak.

“The firm has posted (this revenue growth) thanks to improved productivity after suspending operations for one month at the beginning of the year,” said a statement.

“The record revenue was achieved thanks to the production of 41 helicopters/aircraft, 102 new engines, and overhaul of 198 aircraft/helicopters and of 506 engines,” said R Madhavan, HAL’s chief. With several large orders having been placed with HAL for FY21, the order book is healthier than any of the preceding years.

“FY21 was significant in terms of securing the largest-ever defense contract of 83 LCA Mark-IA by an Indian entity. This helped the firm surpass the order book position in excess of Rs 80,000 crore,” said Madhavan.

Until last year, the IAF’s failure to pay HAL for aircraft already delivered to it had forced the company to turn to bank borrowings to pay employees’ salaries.

“The firm has ended the year with a positive cash balance of Rs 6,700 crore, against borrowings of Rs 5,775 crore as of March 31, 2020. Cash flow has improved significantly with higher budget allocation from defense customers, in excess of Rs 34,000 crore including advance payment of close to Rs 5,400 crore for 83 [Tejas] Light Combat Aircraft. This has helped HAL liquidate all its borrowings,” said HAL.
The firm added it had taken various cost-cutting and austerity measures during the year, including indigenization of various components, increasing outsourcing efforts, and rationalization of manpower. Further, it said these are expected to facilitate a double-digit growth in net profit.

Anticipating healthy growth in profits, HAL had paid an interim dividend of Rs 30 per share during FY21, representing 300 percent of the face value of Rs 10 per share.

Govt keeps inflation target at 2-6% for 5 years: DEA secretary Tarun Bajaj

 Economists welcome decision but argue for a higher upper limit

The Centre, on Wednesday, kept the inflation target of the monetary policy framework unchanged at 2-6 percent for the next five years, until the fiscal year 2025-26.

The 4 percent anchor point target for inflation -- with an upper tolerance limit of 6 percent and a lower limit of 2 percent, measured in terms of a consumer price index (CPI)-based inflation -- was set by the government in consultation with the Reserve Bank of India (RBI) in 2016 and its validity expired on Wednesday.

“We decided to keep the inflation target as it is for the next five years,”' said Economic Affairs Secretary Tarun Bajaj. However, core inflation has not been added to the mandate.

Economists welcomed the government’s decision. “The decision to maintain the flexible inflation targeting framework in its entirety is good news as it will help provide stability and allow the monetary policy committee (MPC) to continue in its endeavor of pushing inflation expectations down toward the 4 percent headline CPI target in the years ahead,” said Kaushik Das, India chief economist, Deutsche Bank.

“While core inflation has not been added as a separate variable within the inflation-targeting framework, we think that in reality, MPC members will put a lot of emphasis on the evolving core inflation trend (as they have been doing in the past, as well) to inform their monetary policy decisions in the future,” Das said.

Madan Sabnavis, the chief economist of CARE Ratings, also lauded the decision but said a higher tolerance was preferable. “A higher upper band could have been considered as future inflation would be greater than 5 percent once the economy is in the expected growth phase. This can cause asymmetry in the MPC’s reaction to inflation, especially if it crosses 6 percent often. Can we raise interest rates then?” Sabnavis said.

From taxation of EPF contributions to new wage code, what to expect in FY22

 Here is a look at some of the salient ones

From changes in the taxation of EPF contributions to the new wage code, a slew of changes has been proposed that will impact savings and salaries. Some of the changes will come into force from Thursday and some others later in the year. Here is a look at some of the salient ones.

Changes that will come into effect from today

> Interest on EPF self-contribution taxable above Rs 2.5 lakh

Impact: For employees in the 30 percent tax bracket, the post-tax return on contributions above Rs 2.5 lakh will be 5.85 percent. Only instruments like Public Provident Fund (6.4 percent tax-free), Sukanya Samriddhi Yojana (6.9 percent tax-free) give better returns.

> Seniors above 75, who only have pension income, exempt from tax filing:

Impact: Life becomes easier for seniors. But they must check if they will still be exempt if they have income from tax-exempt sources, like PPF, Agri income, etc.

> Pre-filled income tax return forms:

Impact: Filing returns to become easier. But taxpayers must take care to include any other income they may have.

> Higher TDS/TCS for not filing the return

Impact: Will discourage non-filing of returns by people who have paid substantial TDS/TCS.

> Reduced limit for reopening of cases:

Impact: Income tax assessment cases will not be reopened after three years. Only in cases involving serious tax evasion, or concealment of income of more than Rs 50 lakh, can cases be reopened until 10 years.

Domestic natural gas price kept unchanged at $1.79 per mmBtu for April-Sept

 According to officials in the know, this price is applicable on more than 90 per cent of domestic natural gas production

There will be continued pressure on natural gas producers with the government deciding to keep the domestic gas prices unchanged, at a decade low, for another six months.
A price notification by the Petroleum Planning and Analysis Cell (PPAC), an arm of the Ministry of Petroleum and Natural Gas, said domestically produced natural gas would continue to be sold at $1.79 a million British thermal units (mBtu) from 1 April to 30 September.

According to officials in the know, this price is applicable to more than 90 percent of domestic natural gas production. In another notification, the maximum sale price allowed to natural gas production from deepwater, ultra-deepwater, high pressure and high-temperature discoveries was cut from $4.06 per mBtu to $3.62 per mBtu.

While the volume of such gas from ‘difficult’ discoveries is low, it affects companies like Reliance Industries (RIL) which are forced to sell their gas produce at this ceiling price or below. Analysts had expected at least a slight firming up of the gas price for the coming six months. “The price of domestic natural gas being kept unch­anged would mean extended losses for producers like ONGC and Oil India,” an analyst at a domestic rating agency said.

“It was expected that there would be some firming up of the domestic price in line with global cues that reflect in India’s gas pricing approach."

Vedanta calls for bids from Indian states to set up coastal copper smelter

 The company's plant in Tamil Nadu's Thoothukudi was shut in 2018 after police firing on protesters killed 13 people.

Vedanta Group plans to set up a coastal copper smelter in India for Rs 10,000 crore as it suffers a daily loss of Rs 5 crore for a plant that has been shut for nearly three years in Tamil Nadu.

Vedanta Ltd, a subsidiary of Vedanta Resources, on Wednesday called for Expression of Interest (EOI) from state governments for the 500 KTPA (Kilo Tonnes Per Annum) smelter that will require around 1,000 acres of land. It needs a port nearby and logistics to handle 5 MTPA (Million Tonnes Per Annum) material movement.

According to the EOI, the project has an investment potential of around Rs 10,000 crore, will provide direct and indirect employment to 10,000 people, and will contribute around Rs 3,000 crore to the exchequer annually.

Vedanta’s plant in Thoothukudi, Tamil Nadu, shut down in May 2018 after the police fired on people protesting against pollution and killed 13 people. The protesters alleged that the plant posed a health hazard and picked up after Vedanta announced an expansion plan.

The 400,000-tonne capacity plant, which met around 35-40 percent of the country's copper requirement, was shut down after the state’s pollution control board recommendations.

Tamil Nadu’s political parties are not in favor of reopening it.

Pepsi changes recipe for first time in India, goes low on sugar: Report

 "This is a move aimed at closing in on the category leader ThumsUp," a Pepsi official told the 'Economic Times'.

PepsiCo will make its flagship carbonated drink Pepsi less sweet and fizzier, changing its formulation for the first time in India, reported the Economic Times.

The move will place Pepsi at par with rival brands Coke and ThumsUp, which have stayed less sweet in comparison, the report said. The rework also comes at a pivotal summer quarter (April-June), which accounts for more than half of the packaged beverage industry's annual sales of Rs 28,000 crore in India. Out of this, Cola's segment is estimated to be about Rs 9,800 crore.

"Pepsi has traditionally been a sweeter drink, compared with rivals Coke and ThumpsUp. This is a move aimed at closing in on the category leader ThumsUp and comes on the eve of the crucial summer quarter this year, after last year's near washout quarter that coincided with the peak lockdown," an official directly aware of the matter told ET.

A spokesperson from PepsiCo said that the drink has now turned 'more refreshing', according to the report.

Cola and Coronavirus

Out-of-home consumption of cola contributed three-fourths of category sales before coronavirus pandemic, ET said.

And sales at these channels, which include cinema theatres, restaurants, railway stations, and holiday destinations, may come under pressure again due to the second wave of Covid-19.

"A lot is riding on the crucial April-June quarter this year for soft drinks, following the losses companies suffered in the same quarter last year during peak lockdown," the person quoted above told ET.

Google Maps set to direct drivers to 'eco-friendly' routes based on traffic

 Google, an Alphabet unit, said the feature would launch later this year in the US and eventually reach other countries as part of its commitment to help combat climate change through its services

By Paresh Dave

(Reuters) - Google's Maps app will start directing drivers along routes estimated to generate the lowest carbon emissions based on traffic, slopes, and other factors, the company announced on Tuesday.

Google, an Alphabet Inc unit, said the feature would launch later this year in the United States and eventually reach other countries as part of its commitment to help combat climate change through its services.

Unless users opt-out, the default route will be the "eco-friendly" one if comparable options take about the same time, Google said. When alternatives are significantly faster, Google will offer choices and let users compare estimated emissions.

"What we are seeing is for around half of routes, we are able to find an option more eco-friendly with minimal or no time-cost tradeoff," Russell Dicker, a director of product at Google, told reporters on Monday.

Google said it derives emissions relative estimates by testing across different types of vehicles and road types, drawing on insights from the U.S. government's National Renewable Energy Lab (NREL). Road grade data comes from its Street View cars as well as aerial and satellite imagery.

NREL mobility group manager Jeff Gonder said the lab, which developed a tool known as FastE to estimate vehicles' energy usage, reached a deal this month to get funding from Google and study the accuracy of its estimates.

E-car with gaming cockpit, MG Cyberster to make debut today: Details here

 The two-door car comes with a steering wheel that looks like a gaming console

An electric sports car that has an 800-km range, comes with a gaming cockpit where the steering wheel looks like a gaming console and has a 5G connection. Morris Garages (MG) Motor’s new car has these features and more.

MG Cyberster, a two-door electric sports car globally, is scheduled to be released on Wednesday today. MG has said it is the first supercar to be equipped with a gaming cockpit and it is the fastest accelerating electric one.

The car’s design is inspired by the iconic MGB Roadster sports car. The car has been created by the MG global design team and is aimed at Gen Z. The front of the car comes with the classic round headlights and slim grille design. It will also have the “magic eye” interactive headlights. The sharp lines across its body panels boost the style quotient of the car while the fast flattened tail improves the aerodynamic performance. The wheels come with rotating spokes aligned with a central locking system, which is common in very high-performance models. The rear of the car uses 'Kammback' styling and comes with LED taillights. The car also comes with the SAIC design branding.

The interior of the car has a 'digital fiber' theme. The interior is fitted with zero-gravity seats, a gaming console-like steering wheel, and an LED touchscreen. The zero-gravity seats come with a multi-surface splicing design which, the company claims, provides good back support to the driver. The cabin has a gaming theme and the steering wheel has black and white contrast texture. The steering wheel also comes with a 4-dimensional button on the thumb and a button on top of the steering wheel, according to reports. The car also has connected car technology and 5G connectivity.

Biggest rupee bear sees Asia's top performing currency hitting one-year low

 Rupee is a surprise winner in Asia this year as expectations of an economic recovery, a rare current-account surplus and massive foreign inflows have shielded it from the impact of rising US yields

The Indian rupee, Asia’s best-performing currency in March, is going to slide right back to levels last seen in the depths of the pandemic meltdown, according to Parul Mittal Sinha at Standard Chartered Plc.

The currency will drop toward 76.5 to a dollar -- about 4 percent weaker than current levels -- by the end of the year, said the head of macro trading, India and South Asia financial markets. That is the most bearish forecast seen among analysts surveyed by Bloomberg and runs counter to expectations for it to stay strong.

The rupee is a surprise winner in Asia this year as expectations of an economic recovery, a rare current-account surplus, and massive foreign inflows have shielded it from the impact of rising U.S. yields. It has outperformed the Chinese yuan and the tech-reliant currencies of the Taiwan dollar and the Korean won, which had all been forecast to keep gaining as the global economy rebounds.

“We expect the rupee to weaken in FY22 amid higher commodity prices, normalizing imports, increasing inflation, and continued central bank intervention,” said Sinha, who has spent more than a decade trading currencies and rates in London, Singapore, and India.

The executive, who joined StanChart from Deutsche Bank India in 2019, sees the rupee losing some of its advantages going ahead. The current account will probably swing to a deficit in the fiscal year starting April, from an estimated surplus of 1.9 percent of gross domestic product in the current period as imports gain.

After Visa, PayPal Holdings launches cryptocurrency checkout service

 Customers who hold bitcoin, ether, bitcoin cash, and litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said

PayPal Holdings will announce later on Tuesday that it has started allowing US consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, a move that could significantly boost the use of digital assets in everyday commerce.

Customers who hold bitcoin, ether, bitcoin cash, and litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said. The service, which PayPal revealed it was working on late last year, will be available at all of its 29 million merchants in the coming months, the company said.

“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet," President and CEO Dan Schu­lman told Reuters ahead of a formal announcement.

Checkout with Crypto builds on the ability for PayPal users to buy, sell and hold cryptocurrencies, which the San Jose, California-based payments company launched in October.

With ID.4, Volkswagen has electric SUV that whispers, not shouts

 Capable, well-equipped, and nice-looking, VW's entry into the growing field of electrified utility vehicles will fit in with a lot of families

“We are building EVs for the millions, not millionaires.”

That’s how Mark Gillies, the senior manager for product communications at Volks­wa­gen, described the 2021 Volks­wagen ID.4 on a recent video call. After all, last year the VW brand sold 5.3 million vehicles worldwide — more than Audi, BMW, and Porsche combined.

After driving the ID.4 for a weekend around Los Angeles, I’m not so sure millionaires won’t like it, too. The first electric SUV from VW will hit the market this spring with futuristic good looks, high-tech driving features, and 250 miles of battery range. While it will never be mistaken for a six-figure electric supercar, with its airy cabin and satisfactory performance, the ID.4 holds its own.

Goldilocks of electric SUVs
Electric vehicles aren’t exactly proliferating in the US. They make up just 2 percent of the units being sold. While many companies (Porsche, Audi, General Motors) are making big promises about delivering myriad electrified vehicles within the next decade, it can feel hypothetical and philoso­phical (and political) at this point.
Still, that doesn’t mean Ame­r­ican consumers aren’t curious about them. As I was driving an ID.4 up California’s Highway 101 toward Pasadena on a Sunday, it earned multiple thumbs-up from cars passing by — a rare occurrence for a Volkswagen SUV, non-electric versions of which are ubiquitous in LA. When I met my indefatigable realtor several times over the course of the weekend, she, a longtime California resident, asked what I thought of it and professed a desire to own one.

We’ve already seen a slew of higher-priced electric vehicles, including the Jaguar I-Pace, Tesla Model X, Audi e-tron, Porsche Taycan, and a few budget-minded ones such as the oblong, awkward-looking Chevrolet Bolt, Kia Nero, and Toyota Prius. But the VW ID.4 bridges the gap between affordable electric mobility and thoughtful — even elegant — components and design.

How one of world's greatest hidden fortunes was wiped out in days

 US billionaire Bill Hwang and his private investment firm, Archegos Capital Management, are at the centre of one of the biggest margin calls of all time.

From his perch high above Midtown Manhattan, just across from Carnegie Hall, Bill Hwang was quietly building one of the world’s greatest fortunes.

Even on Wall Street, few ever noticed him -- until suddenly, everyone did.

Hwang and his private investment firm, Archegos Capital Management, are now at the center of one of the biggest margin calls of all time--a multibillion-dollar fiasco involving secretive market bets that were dangerously leveraged and unwound in a blink.

Hwang’s most recent ascent can be pieced together from stocks dumped by banks in recent days--ViacomCBS Inc., Discovery Inc. GSX Techedu Inc., Baidu Inc.--all of which had soared this year, sometimes confounding traders who couldn’t fathom why.

One part of Hwang’s portfolio, which has been traded in blocks since Friday by Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co., was worth almost $40 billion last week. Bankers reckon that Archegos’s net capital--essentially Hwang’s wealth--had reached north of $10 billion. And as disposals keep emerging, estimates of his firm’s total positions keep climbing: tens of billions, $50 billion, even more than $100 billion.

It evaporated in mere days.

“I’ve never seen anything like this -- how quiet it was, how concentrated, and how fast it disappeared,” said Mike Novogratz, a career macro investor and former partner at Goldman Sachs who’s been trading since 1994. “This has to be one of the single greatest losses of personal wealth in history.”

Late Monday in New York, Archegos broke days of silence on the episode.

“This is a challenging time for the family office of Archegos Capital Management, our partners and employees,” Karen Kessler, a spokesperson for the firm, said in an emailed statement. “All plans are being discussed as Mr. Hwang and the team determine the best path forward.”

Global banks may lose more than $6 billion from Archegos Capital fallout

 Japan's Nomura and Credit Suisse of Switzerland warned of major losses from lending to Archegos for equity derivatives trades, triggering a worldwide sell-off in banking stocks

By Matt Scuffham, John Revill and Makiko Yamazaki

NEW YORK/ZURICH/TOKYO (Reuters) - Global banks may lose more than $6 billion from the downfall of Archegos Capital, sources familiar with trades involving the U.S. investment firm said on Monday, and regulators and investors fear the episode could reverberate more widely.

Japan's Nomura and Credit Suisse of Switzerland warned of major losses from lending to Archegos for equity derivatives trades, triggering a worldwide sell-off in banking stocks.

Morgan Stanley shares fell 2.6% and Goldman Sachs Group dropped 1.7%. Nomura shares closed down 16.3%, a record one-day drop, while Credit Suisse shares tumbled 14%, their biggest fall in a year. Deutsche Bank dropped 5% and UBS was off 3.8%.

Losses at Archegos Capital Management, a family office run by former Tiger Asia manager Bill Hwang, sparked a fire sale of stocks including ViacomCBS and Discovery on Friday, a source familiar with the matter said.

"This is a challenging time for the family office of Archegos Capital Management, our partners and employees," company spokesperson Karen Kessler said in a statement. "All plans are being discussed as Mr. Hwang and the team determine the best path forward."

Archegos was unable to meet banks' calls for more collateral to secure equity swap trades they had partly financed. After those positions fell sharply in value, lenders sold big blocks of securities to recoup what they were owed, the sources said.

FTSE puts Indian govt bonds on watch for possible index inclusion

 The FTSE announcement is an acknowledgment of India's efforts to liberalize its sovereign bond market

FTSE Russell has placed Indian government bonds on the watchlist for possible inclusion in one of its major global debt indexes, a move that may usher billions of dollars of inflows into the securities.

Indian bonds will be considered for addition to the FTSE Emerging Markets Government Bond Index and their market accessibility will be reviewed for reclassification to “1” from “0,” which would put them at the minimum level needed for inclusion, the index provider said. The announcement was part of FTSE’s semi-annual country classification review released Monday.

The announcement will help “ensure greater investment in debt markets and longer-term, it will impose greater fiscal discipline on government finances,” said Sanjay Mathur, chief economist for Asean and India at Australia & New Zealand Banking Group Ltd. in Singapore.

The FTSE announcement is an acknowledgment of India’s efforts to liberalize its sovereign bond market, with the authorities seeking more foreign investment to help finance the nation’s fiscal deficit.

Inclusion in FTSE’s index may attract about $10 billion of inflows into rupee securities, said Dariusz Kowalczyk, a senior emerging-market strategist at Credit Agricole CIB in Hong Kong, adding that this was an initial estimate.

“This was not fully priced in, and often active money front runs passive money, so I think there should be an impact on rupee and government securities today, but nothing major as actual inclusion is probably years away,” he said.

Deutsche Bank CEO gives up oversight of investment bank in revamp

 Germany's biggest bank was one of the few major banks in the world to assign day-to-day oversight of investment banking to its chief executive

Deutsche Bank CEO Christian Sewing will hand over oversight of the investment and corporate bank to board member Fabrizio Campelli, the German bank said on Monday, as part of an overhaul of the management board.

The move is likely to reassure regulators, who worried that Sewing had too much on his plate, potentially leaving the investment bank open to operational hazards.

Germany's biggest bank was one of the few major banks in the world to assign day-to-day oversight of investment banking to its chief executive. At most banks, other board members oversee the division.

Reuters had reported in January that Sewing was under pressure from regulators to relinquish day-to-day oversight the division.

The European Central Bank and Germany's finance watchdog BaFin declined to comment.

Campelli has previously been the bank's chief transformation officer.

The investment bank is the German lender's main profit driver, but also represents a concentration of risk for a bank that is deemed "systemically important" in terms of the functioning of the global financial system.

Earlier this month, Campelli said the investment bank was off to a strong start in 2021, with revenue up about 20% so far in the first quarter compared with a year earlier.

Sewing, whose contract was also extended to 2026, will also take charge of human resources at the management board level.

"We're creating the leadership structure that best supports this next phase of our strategy execution," Sewing said in a memo to staff.

Among other changes announced, Rebecca Short will join the management board to oversee transformation and the capital release unit. She will be one of two women on the bank's 10-person board.

Biocon partners with Libbs Farmaceutica to launch generic drugs in Brazil

 Biotechnology major Biocon on Monday said its subsidiary has joined hands with Libbs Farmaceutica to launch generic drugs in Brazil, the world's sixth most populous country.

Biotechnology major Biocon on Monday said its subsidiary has joined hands with Libbs Farmaceutica to launch generic drugs in Brazil, the world's sixth most populous country.

Biocon Pharma, a unit of the company, has tied up with Brazil-based Libbs Farmaceutica to introduce generic formulations in the Latin American country, Biocon Ltd said in a statement.

This partnership, which marks the entry of Biocon's generic formulations into Latin America, builds upon a successful association with Libbs, which began in 2017 to launch biosimilar Trastuzumab in Brazil, it added.

As part of the out-licensing deal with Libbs, Biocon Pharma will be responsible for drug development and manufacturing, while Libbs will leverage its deep expertise and reach in Brazil to import, distribute and market, subject to approvals from the Brazilian health regulatory agency, ANVISA.

"Expanding our association with Libbs Farmaceutica, a trusted partner, to our generic formulations, will help us establish a firm footing in Latin America, starting with Brazil," Biocon Ltd Chief Executive Officer and Managing Director Siddharth Mittal said.

The company remains committed to expanding its global presence with high quality and affordable medicines and invest in strengthening capabilities that enables it to serve patients globally, he added.

Libbs Executive President Alcebades de Mendona Athayde Junior said the partnership that is going to make a difference in patients' lives.

Why rich families are turning to pooled investment vehicles amid pandemic

 Alternative investment funds are emerging as a popular alternative to multiple entities investing Why rich families are turning to pooled investment vehicles amid a pandemic

Rich families may be increasingly looking at making investments through a single entity that manages all their money, rather than a maze of different ones.

Alternative investment funds (AIFs) and limited liability partnerships (LLPs) are among the vehicles of choice, according to experts, as they look to simplify processes and ease documentation amid the Covid-19 pandemic.

“In the pandemic, families have struggled with evaluation and execution of transactions, because of complex and elaborate paperwork across a large (number) of entities they have had to operate,” said Nitin Jain, managing director, and chief executive officer, Edelweiss Wealth Management. He said that Edelweiss has started to advise clients to use custody services to consolidate and manage functions. It has also suggested the use of the AIF structure which would allow multiple entities to pool money and then invest as a single unit.

“This also gives...QIB (Qualified Institutional Buyer) status and provides privacy to the family name for strategic transactions,” he added. A qualified institutional buyer can participate in certain offers of shares that are not open to regular investors. This is because they are seen to be especially competent and able to evaluate such offers.

The use of limited liability partnerships is also a route that is being explored, according to Nipun Mehta, founder, and chief executive officer for multi-family office BlueOcean Capital Advisors. A family office manages the wealth and investments of a single rich family. A multi-family office provides the same service to a select number of such families. This is part of natural evolution as people streamline operations and become more aware of existing structures and their use, according to him.

Use any market correction to stock up on cyclicals, says Chris Wood

 Besides Wood, analysts at Credit Suisse Wealth Management also recommend hiking exposure to cyclical stocks as they do not see a repeat of the stringent lockdown seen in 2020

The over 7 per cent fall in the markets (S&P BSE Sensex) from its 52-week high hit in md-February has not shaken the confidence of Christopher Wood, global head of equity strategy at Jefferies. On the contrary, he suggested in his weekly note, GREED & fear, that investors use the dip to increase allocation to cyclical sectors.

“There has been a bit of a pullback in the cyclical trade. This, in GREED & fear’s view, is nothing more than profit-taking as the end of the quarter approaches after the big price gains recorded. For such reasons, GREED & fear views the pullback as a buying opportunity to add to cyclical exposure,” Wood said.

From their mid-February low, the Indian markets have been on a roller-coaster ride with the frontline indices correcting as Covid cases in the country showed a gradual rising trend. That apart, weak global cues also dented sentiment. Since then, Covid cases have also sprouted with most of the impacted people concentrated in Maharashtra. That said, there are no signs of renewed across-the-board lockdowns yet. “For the moment, the above suggests that February marked a temporary peak in the post-Covid rebound in economic activity,” Wood cautions.

Besides Wood, analysts at Credit Suisse Wealth Management also recommend hiking exposure to cyclical stocks as they do not see a repeat of the stringent lockdown seen in 2020. Instead, they believe economic growth could surprise in fiscal 2021-22 (FY22), which in turn may lead to better-than-expected corporate earnings momentum.

“We maintain our cyclical bias in our model portfolios – albeit a little lower than February – and continue to prefer private banks, capital goods and industrials, and sectors that can benefit from the vaccine rollout and opening up of the economy,” wrote Jitendra Gohil, head of India equity research at Credit Suisse Wealth Management, in a recent co-authored note with Premal Kamdar.

ReNew commissions 300-Mw wind power project in Kutch district of Gujarat

 ReNew's total wind energy capacity in Gujarat increased to 950 Mw

Goldman Sachs-promoted ReNew Power commissioned a 300-megawatt (Mw) wind project in the Kutch district of Gujarat. The project was executed by ReNew’s arm, ReNew Wind Energy (AP2), and has a power-purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) under wind power project bidding tranche-III.

With this project, ReNew’s total wind energy capacity in Gujarat increased to 950 Mw. The project will supply power to districts in Haryana and Odisha at Rs 2.44 per kWh.

“The commissioning is a significant achievement for everyone at ReNew Power since the team has worked hard to put together one of the largest wind farms in the state with 120 turbines and has put in place 73 kms of EHV transmission lines and over 330 kms of medium-voltage transmission lines despite major disruptions due to the pandemic,” said Sumant Sinha, founder chairman and chief executive of ReNew Power.

Recently, ReNew Power announced it would list on NASDAQ through a business combination with RMG Acquisition Corporation II. The pro forma consolidated and fully diluted enterprise value is expected to be close to $8 billion. This is the first ever De-SPAC transaction globally involving a renewable power generating firm and first involving an India based target since 2016.

Post the NASDAQ listing, ReNew is expecting revenues to grow by 30 per cent until 2025. By FY22, ReNew expects a revenue of $952 million, and is looking to double it to about $2 billion by 2025.

Oil prices slide on fresh Covid-19 curbs in Europe, stranded ship

 Brent crude slid more than 2 percent, to $61.64 a barrel at 7.57 pm (IST)

Oil prices fell on Thursday as a new round of coronavirus restrictions in Europe revived worries about demand, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal.

Brent crude slid more than 2 percent, to $61.64 a barrel at 7.57 pm (IST). US West Texas Intermediate (WTI) crude dropped by $1.86, or 3 percent, to $59.32 a barrel as of 7.10 pm.

Both contracts jumped about 6 percent on Wednesday after a ship ran aground in the Suez Canal, one of the world’s most important oil shipping routes.

The Suez Canal Authority said on Thursday it had suspended traffic temporarily while eight tugs work to free the vessel.

The impact of the Suez Canal blockade on oil prices is also limited as the destination of most oil tankers is Europe, but European demand is currently weak due to a new round of lockdowns. A strong dollar also weighed on oil prices. It hit a new four-month high against the euro as the US pandemic response continued to outpace Europe.

Nielsen predicts revival of FMCG growth; some differ as Covid-19 cases rise

 In an update last month, Nielsen said the January-March 2021 period also looked strong.

The Rs 4.3-trillion fast-moving consumer goods (FMCG) market in India will revive this calendar year in line with the trend visible across Asia, market researcher NielsenIQ said on Thursday. The prediction was part of a broader outlook the agency released for the Asian region comprising China, India, Korea, Singapore, and Thailand.

India witnessed a nationwide lockdown a year ago, hurting FMCG growth. While the January-March 2020 period saw the market grow 3 percent, it contracted in April-June, reporting a 19 percent fall.

Since then, the market mo­ved up, Nielsen said, growing 0.9 percent in the September quarter and 7.1 percent in the December quarter. In an update last month, Nielsen said the January-March 2021 period also looked strong.

“2020 was a challenging year with most Asian markets experiencing a decline or lower growth in FMCG. We believe the pace will pick up and normalize this year,” Justin Sargent, president, retail intelligence, NielsenIQ Asia, said.

But some firms differ with this view following a surge in Covid-19 infections in India. “Certainly, packaged foods and consumer staples will do well in a situation where lockdown curbs will increase because of a second Covid wave,” said Mayank Shah, senior category head, Parle Products. “But discretionary segments will take a hit because the attention of consumers will be on essentials rather than non-essentials. So, FMCG growth is not likely to be even if viewed category-wise.”

Analysts positive on telecom service providers despite delay in tariff hike

 India Ratings believes increasing data usage and rising proportion of higher ARPU data customers in the overall subscriber mix hint that even without tariff hikes, the sector is structurally strong

A delay in tariff hike by telecom services providers Bharti Airtel, Vodafone Idea (Vi), and Reliance Jio (a subsidiary of Reliance Industries) – as expected earlier – has not yet turned analysts cautious on the sector. On the contrary, the underperformance of Bharti Airtel and Vi at the bourses, relative to the benchmark S&P BSE Sensex and S&P BSE Telecom indices on a year-to-date (YTD) basis, can be used as an opportunity to enter these stocks from a long-term perspective, they say.

Thus far in the calendar year 2021 (CY21), the stock of Bharti Airtel has risen 2.8 percent on the BSE while Vi has declined 8 percent. Peer firm Reliance Industries’ stock that now is seen by analysts as a play both on telecom and oil, on the other hand, has risen 3.2 percent, ACE Equity data show. In comparison, Sensex and BSE Telecom indices are up 2.9 percent and 4 percent, respectively during the period.

Naming telecom as a Covid-19 resistant sector, Ambareesh Baliga, an independent market analyst, believes the sector still remains resilient. “While a potential increase in average revenue per user (ARPU) remains a key trigger for Vi, correction from recent highs makes Bharti Airtel attractive. Therefore, Vi investors can stay put in the stock, for now, new investors can put in money in Bharti Airtel,” he says.

Tariff hike delayed

Analysts believe the current financial stress in the sector makes a case for pushing back the tariff hike. Impasse on tariff floor pricing, the reluctance of Vi to make the first move, fear of subscriber base erosion, and indirect impact on inflation are some of the reasons, analysts say, why telcos have refrained from hiking tariffs so far.

“Contrary to the other two players, Vi can hike the tariff and justify it based on its financial stress. But, it will also have to justify the timing of the hike given that prices were hiked last in December 2019. A steep hike within one and a half year may not be liked by the telecom regulator (Trai) as it is an anti-consumer move,” says an analyst at a domestic brokerage. Vi, according to him, has refrained from the move so far as the telco’s revenue took a hit the last time it hiked prices.

Notably, the latest subscriber data released by the Telecom Regulatory Authority of India (Trai) showed that Vi’s gross subscribers turned positive for the first time, after 14 months, in January 2021 with 1.7 million additions (to 286 million subscribers), while the decline in its active subscribers slowed to 0.3 million to 256 million (compared with a loss of 1.5 million in Dec’20), signaling a bottoming of the subscriber churn.

Swiggy announces Covid-19 vaccine cover for 200,000 delivery partners

 Swiggy, the on-demand delivery platform on Wednesday announced that it will vaccinate over 2,00,000 delivery partners against Covid-19

Swiggy, the on-demand delivery platform on Wednesday announced that it will vaccinate over 2,00,000 delivery partners against COVID-19.

This comes close on the heels of the Central government's announcement on the next phase of the nationwide vaccination commencing April 1, 2021, for individuals aged 45 and above, the company said in a statement.

"In the first tranche of the program, 5,500 of Swiggy's delivery partners, aged 45 and above will be eligible to opt-in for the vaccination. By the end of the program, Swiggy hopes to encourage 2,00,000 plus delivery partners with the choice to get vaccinated as they continue to provide an essential service. Swiggy is also requesting authorities for the prioritization of delivery partners in the vaccine drive," the statement said.

Announcing this vaccination program, Vivek Sunder, COO, Swiggy, said, "Over the past year, our delivery women and men have been a lifeline for the nation, delivering food and other essentials to millions of Indians during their time of need. As we continue to make all efforts to fight the pandemic, we are prioritizing creating awareness across our fleet and extending our Covid cover to include access to vaccination for all delivery partners. We will also cover for the loss of pay when they take the time off to get vaccinated."

"This is another step in doing our bit for our partners who are supporting not just themselves and their families but also the society as essential service providers."

Swiggy is working with a healthcare partner to create awareness and communicate the necessary know-how and precautions by conducting workshops and counseling sessions for its delivery partners before the vaccination, the statement said.

Sebi orders attachment of former Yes Bank MD & CEO Rana Kapoor's assets

 The decision has been taken after Kapoor failed to pay the fine imposed on him

Markets regulator Sebi on Wednesday ordered attachment of bank accounts as well as share and mut­ual fund holdings of Rana Kapoor (pictured), former MD and CEO of YES Bank, to recover dues of over Rs 1 crore. The decision has been taken after Kapoor failed to pay the fine imposed on him.

Sebi, in September 2020, had levied a fine of Rs 1 crore on Kapoor for not making disclosures regarding a transaction of Morgan Credit, which was an unlisted promoter entity of Yes Bank.

By not disclosing the transaction to YES Bank's board of directors, Kapoor created an opaque layer between him and stakeholders and violated the provision of the LODR (Listing Obligations and Disclosure Requirements) Regulation, Sebi had said in the order.

Further, the Securities and Exchange Board of India (Sebi) issued a demand notice to Kapoor in February this year, although he did not pay any dues.

The pending dues, totaling Rs 1.04 crore, include an initial fine of Rs 1 crore and an interest of Rs 4.56 lakh, and a recovery cost of Rs 1,000, the attachment notice showed on Wednesday.

In the notice, Sebi has asked banks, depositories, and mutual funds not to allow any debit from the accounts of Kapoor. However, credits have been permitted.

Further, the regulator has directed the banks to attach all accounts, including lockers, held by the defaulter.

Over 500 drones to measure India's rural assets, end property dispute woes

 In one of the biggest aerial surveys, over 500 high-resolution drones would be deployed soon to map nearly 600,000 villages

In one of the biggest aerial surveys, over 500 high-resolution drones would be deployed soon to map nearly 6 lakh villages in the country to validate the residential properties of more than 83 crore Indians.

The survey, once completed, would enable a large population of India to validate their rural residential property and use it as a financial asset.

A big force of drone pilots on the ground to measure the rural land in India stretching from Kanyakumari to Kashmir and Shillong to Somnath would be deployed by the Survey of India (SOI).

"A hi-tech drone takes around 15 minutes to map an average Indian village. We expect that by March 2024, the 'drone flying' in the country would be complete," said Sunil Kumar, the Union Secretary for the Panchayati Raj Ministry, the nodal agency for implementing the massive land survey scheme.

Almost all Indian states, except Telangana, have consented to map the entire rural properties in their respective jurisdiction.

The mega scheme, promoted by Prime Minister Narendra Modi, enables people in rural areas to unlock their rural assets.

"Once the survey would be complete, every owner would be given a property card. This card will enable countrymen to use their residential property as a financial asset... They can further be entitled to seek loans from banks," Sunil Kumar, also an IAS officer of the UP Cadre noted.

A pilot project of the drone survey has been hitherto successful as more than 40,000 villages have been covered.

The country now gears for the full and final survey to map the rural assets of people.

Sources said that in Uttar Pradesh, hundreds of people have got their property cards during the pilot project. In some villages, farmers who got the validation of their houses also sought loans from the banks.

Oil prices slide as Covid lockdown concerns outweigh Suez Canal disruptions

 Oil prices skidded around 2% as fuel demand concerns re-emerged alongside fresh lockdowns, trimming gains spurred by grounding of a giant container ship blocking crude shipments through the Suez Canal

By Sonali Paul

MELBOURNE (Reuters) - Oil prices skidded around 2% as fuel demand concerns re-emerged alongside fresh coronavirus pandemic lockdowns, trimming overnight gains spurred by the grounding of a giant container ship blocking crude shipments through the Suez Canal.

Brent crude futures slid $1.14, or 1.8%, to $63.27 a barrel at 0139 GMT, after jumping 6% overnight.

U.S. West Texas Intermediate (WTI) crude futures dropped by $1.27, or 2.1%, to $59.91 a barrel, after climbing 5.9% overnight.

Prices had tumbled earlier in the week on worries about tighter pandemic curbs in Europe and vaccine delays stalling growth in demand for fuel, but sharply reversed on Wednesday with the grounded ship in the Suez Canal potentially blocking 10 tankers carrying 13 million barrels of oil.

The market was also helped on Wednesday by data showing U.S. gasoline demand improved and refinery run rates were picking up.

However, those factors supporting the market were short-lived, even as tugs struggled to free the stranded Suez Canal ship.

"As much as those (Suez blockage and U.S. demand) factors were there, it doesn't really erase the demand concerns questions that were asked earlier this week," said Commonwealth Bank commodities analyst Vivek Dhar.

"And while the focus was on Europe, we also have rising COVID-19 cases in places like India and Brazil, developing economies which are really critical to the story for sustainable oil demand growth."

Millions of millennials are piling into India's stock market, shows data

 Active investor accounts rose by a record 10.4 million in 2020, according to the data from the country's two main depositories

When his parents first learned that Vishal Baveja, a 27-year-old doctor of forensic medicine, had invested some of his savings in Indian equity mutual funds, they were worried about the risk. Those fears abated when they saw the income those investments produced. Then, as the coronavirus pandemic took hold last year, they supported his decision to start buying individual blue-chip stocks.

“The tables have turned,” says Baveja, a native of Bhopal who works in neighboring Indore. “The stock market now always comes up in my daily phone conversations with my mother.”

Millions of young Indians such as Baveja have taken to stock trading during the pandemic, raising hopes that the appetite for equities in the world’s second-most-populated nation is finally growing. Active investor accounts rose by a record 10.4 million in 2020, according to the data from the country’s two main depositories. Retail ownership in more than 1,500 companies listed on the National Stock Exchange of India jumped to 9 percent in the third quarter of 2020, the highest since March 2018.

Angel Broking, a securities firm established in 1987, says 72 percent of the 510,000 customers it added from October to December had never traded stocks before. Of India’s 1.36 billion people, only about 3.7 percent invested in equities, compared with about 12.7 percent in China, according to stock depository data on the number of investment accounts (and assuming one account per person). In the US, by contrast, a poll found about 55 percent of the population owns stocks either individually or through a mutual fund.

“In terms of retail investor participation, China is probably a model of what you can expect will happen in India,” says Mark Mobius, the veteran emerging-market investor. “India could easily equal China’s market cap in the next 5 to 10 years because going forward, growth in India’s market will probably be faster. China, because of its size, will probably grow more slowly.”

88% of Covid-19 deaths in India in age group of 45 years and above: Centre

 The health ministry has asked states like Punjab to ramp up vaccination facilities

Around 88 percent of Covid fatalities in India were of those aged 45 and above, health ministry data showed. It is for this age group that vaccination has been opened up from April 1.

The Union health ministry said the case fatality ratio for the age group over 45 was 2.85 percent.

The government has shown grave concern over the rise in cases in some states, taking India towards a second wave. In some of these states, the pace of vaccination has also been slow.

The health ministry has asked states like Punjab to ramp up vaccination facilities. Participation of the private sector in the vaccination drive also ranges from around 20 percent to 50 percent. While 10 states have vaccinated all healthcare workers, there are some that have achieved 62-65 percent coverage.

V K Paul, member-health, NITI Aayog, also stressed that there was no signal for thrombosis or blood clotting in the use of Covishield in the country.

“Advisory has gone from WHO that Covishield is safe. There is no risk of blood clotting-related complications suspected in some nations.”

SC lifts NPA standstill, rejects moratorium extension and interest waiver

 No interest on interest on moratorium loans

The Supreme Court on Tuesday ruled that banks cannot charge interest on interest for accounts that sought moratorium relief during the pandemic period last year and the amount so collected must be refunded in the next installment of the loan account.

The cut-off for such moratorium, the apex court ruled, would be August 31, 2020, beyond which all loans that had not been repaid as per schedule can be declared as non-performing assets (NPA). Rejecting the pleas to extend the six-month loan moratorium period, the court said a complete waiver of interest during the moratorium cannot be granted either.

Banks can also finally start declaring their bad loans (loans that have not been repaid for 90 days or more), with the court vacating the interim relief granted earlier not to declare the accounts of borrowers as NPA. In September last year, the court had directed that accounts not declared NPAs as of August 31 should not be classified as such until further orders.

The original moratorium came into effect in March 2020, which ran for three months. However, in May, the Reserve Bank of India (RBI) had extended the moratorium for three more months till August 31.

As of August 31, 2020, on a system level, a little over 45 percent of customers availing of the moratorium facility of the RBI and 40 percent in terms of value. For private banks, the number of customers availing of the moratorium stood at 34.8 percent and for state-owned banks, it was 54.88 percent. But the small finance banks saw as much as 82 percent of their customers opt for a moratorium. For non-banks, however, this number was as low as 26.58 percent. But in value terms, they had almost 45 percent of their outstanding credit under moratorium.

No dearth of liquidity, but RBI sees little demand for govt bonds

 Indian govt bonds are the "good stuff" and must sell. It's the only way tax-strapped authorities can raise money and spend it to shake the economy out of its Covid-19 stupor

A vigilante and a gambler walk into a bond market. No, that’s not the start of a new joke, just the comical look of India’s fixed-income saloon nowadays. There’s no dearth of liquidity, but the bartender — the central bank — is having a tough time getting orders for the good stuff even by cajoling and threatening customers.

At the same time, potent but risky hooch is selling briskly, although the lawman — the Federal Reserve — is almost at the door.

Indian government bonds are the “good stuff” and must sell. It’s the only way tax-strapped authorities can raise money and spend it to shake the economy out of its Covid-19 stupor. Yet a yield of just about 6% on 10-year rupee paper from a barely investment-grade sovereign has none of the kick of the near-21% rate of return offered by a D-rated private borrower on a five-year note.

That’s how much Kesoram Industries Ltd., a Kolkata-based cement manufacturer that defaulted last year, recently gave on its 16 billion rupees ($221 million) in junk bonds, which got sold to the likes of Goldman Sachs Group Inc. and Cerberus Capital Management.

But rather than the gamblers, it’s the vigilantes — pesky investors never happy with lax fiscal and monetary policies — who seem to be bothering the Reserve Bank of India. The RBI, which has the job of raising money for the government, invited fixed-income investors to join it in a tango and “forestall a tandav” — the solo dance of destruction of the Hindu god Shiva. (I didn’t make this up. See the bank’s March 19 monthly bulletin for a veiled threat involving acrobatic moves and colorful imagery around bond vigilantes, who “prowl markets, guns holstered and saddled up.”)

Oil extends losses in post-settlement trade on oversupply worries

 Oil prices plunged about 6% on Tuesday, falling even lower in post-settlement trade, as concerns over new pandemic curbs and slow vaccine rollouts in Europe added to oversupply uneasiness

By Jessica Resnick-Ault

NEW YORK (Reuters) - Oil prices plunged about 6% on Tuesday, falling even lower in post-settlement trade, as concerns over new pandemic curbs and slow vaccine rollouts in Europe added to oversupply uneasiness.

Brent crude futures settled down $3.83, or 5.9%, at $60.79 a barrel, after hitting a session low of $60.50. West Texas Intermediate crude (WTI) ended $3.80, or 6.2%, lower at $57.76 a barrel, after touching a low of $57.32.

Both benchmarks traded near lows not seen since Feb. 9.

The front-month Brent spread flipped into a small contango for the first time since January. Contango is where front-month contracts are cheaper than future months, and could encourage traders to put oil into storage.

In post-settlement activity U.S. crude traded as low as $57.25 a barrel, while Brent crude touched $60.27 a barrel. The shift lower came after U.S. crude oil stocks rose and gasoline inventories fell in the most recent week, according to trading sources citing data from industry group the American Petroleum Institute.

Crude inventories jumped by 2.9 million barrels in the week to March 19, compared with analysts' expectations in a Reuters' poll for a decline of about 300,000 barrels, the sources said.

Government data is due at 10:30 a.m. ET on Wednesday.

"The road to oil demand recovery appears to be full of obstacles as the world continues to fight the COVID-19 pandemic," said Bjornar Tonhaugen, head of oil markets at Rystad Energy.

"Oil prices are declining again on Tuesday, proving that last week's correction was not deep enough and that the market had been trading lately with an excessively bullish sentiment, overlooking the pandemic's risk."

Finance Bill gives relief on digital tax, provident fund threshold

 Tax breaks for DFIs; way for LIC listing cleared

Parliament on Tuesday cleared changes to the finance Bill 2021, doubling the minimum limit of employee contribution to the provident fund to over Rs 5 lakh for the purpose of taxation with some riders, paving the way for the listing of Life Insurance Corporation (LIC), exempting Indian-owned assets sold on digital platforms from equalization levy, and giving tax holidays for the proposed development finance institutions (DFIs).

However, the employee provident fund (EPF) relaxation may benefit only government employees who contribute to statutory provident fund and central provident fund, some experts said.

Now, an employee getting interested on his contribution to the EPF or similar funds of over Rs 5 lakh a year will have to pay tax in case there is no contribution from the employer, according to the amendments proposed by Finance Minister Nirmala Sitharaman and passed by the Lok Sabha. The Rajya Sabha does not have the power to make changes to the Bill.

In the Budget presented last month, the finance minister had proposed to tax interest earned on EPF contributions of more than Rs 2.5 lakh annually. However, in the cases where employers contribute, the limit will remain Rs 2.5 lakh only, but the employers' contribution will not be counted.

"While private-sector employees earning interest on provident fund on annual contribution exceeding Rs 2.5 lakh would be required to pay tax on interest accruing on the excess contribution, for government employees, the monetary ceiling will be Rs 5 lakh," said Neha Malhotra, director at Nangia Andersen LLP.

Bosses are clueless that workers miserable and looking to leave: Survey

 A total of 46 per cent of respondents said they are planning to move to a new location this year

A Microsoft Corp survey of global workers found the majority feel they are struggling or just surviving in pandemic work conditions and a large percentage are considering leaving their employer this year. Meanwhile, most business leaders polled said they are “thriving.”

A total of 46 percent of respondents said they are planning to move to a new location this year, a reflection of the greater flexibility to work from home. And 41 percent of those surveyed said they're mulling leaving their jobs, according to Microsoft's Work Trend Index released Monday, which polled 30,000 people from a variety of companies in 31 countries and used trillions of data points around labor and productivity from Microsoft's 365 software and LinkedIn network.

The data found burnout is widespread — 54 percent of workers said they are overworked, 39 percent said exhausted. But the struggles of employees in the midst of the upheaval that has sent many out of their offices to work remotely are being overlooked by their managers and company leaders, who were the only group polled in which a majority said they are thriving. Gen Z workers, those 18 to 25 years old, are faring among the worst — the researchers theorize that their feelings of isolation are higher because they are more likely to be early in their careers and single. While the leaders who are doing well are mostly male, the survey found women, frontline workers, and new employees also reported challenges.

“Leaders are out of touch,” said Microsoft Vice President Jared Spataro. “Sixty-one percent say they are thriving — that's 23 percent higher than the average worker, so there is a disconnect there. They’re like ‘this is great!’”

While the study showed the use of Microsoft’s Teams chat and teleconference product is going up, it also flagged that this unstinting growth is draining for workers. Time spent in Teams meetings has more than doubled and keeps rising, meetings are 10 minutes longer on average and the typical Teams user is sending 45 percent more chats a week, with 42 percent more of them after typical work hours.
“There's this feeling that all of a sudden the boundaries are gone — ‘my boss somehow thinks he can wake me up at seven and keep pinging me at seven or eight or nine pm,’” Spataro said. “We think it's important for people to recognize, ‘look humans perform better on a schedule.’’

Bank stocks lift indices after Supreme Court order on loan moratorium

 Reversing last session's losses, the 30-share BSE Sensex ended 280.15 points or 0.56 percent higher at 50,051.44

Equity indices regained their footing on Tuesday, propelled by banking stocks which surged after the Supreme Court declined to extend the loan moratorium period and said complete waiver of interest is not possible.

Reversing last session's losses, the 30-share BSE Sensex ended 280.15 points or 0.56 percent higher at 50,051.44. Similarly, the broader NSE Nifty advanced 78.35 points or 0.53 percent to close at 14,814.75.

UltraTech Cement was the top gainer in the Sensex pack, rising 3.06 percent, followed by IndusInd Bank, ICICI Bank, HDFC Bank, Titan, Axis Bank, SBI, and Reliance Industries.

ONGC, PowerGrid, ITC, NTPC, M&M, and HDFC were among the laggards, shedding up to 2.28 percent.

The apex court on Tuesday refused to interfere with the Centre’s and the RBI’s decision to not extend the loan moratorium beyond August 31 last year. A Bench headed by Justice Ashok Bhushan said the court cannot do a judicial review of the Centre's financial policy decision unless it is malafide and arbitrary.

It also directed no compound or penal interest to be charged during the six-month moratorium period but added complete waiver of interest is not possible as it will have huge financial implications.

“Domestic market ended the day on a strong footing supported by a rally in banking stocks amid weak cues from global markets. Sentiments in the banking stocks were lifted post-Supreme Court’s order against granting interest waiver and extension of moratorium period,” said Vinod Nair, Head of Research at Geojit Financial Services. “Its decision to not charge compound interest added a minor concern in the banking space.”

Why another lockdown may not be a solution to rising Covid numbers in India

 Experts point out that lockdowns will once again destroy livelihoods and squeeze the economy. Instead, they say, India must double down on genomic sequencing to spot new variants

With the festivals of Holi and the Mahakumbh in Haridwar just round the corner, and five states in the midst of a hectic election season, India's 'second wave' is firmly upon us, data indicate.

"A second wave of Covid-19 in India is very clear from the data now," said Rijo John, a health economist and adjunct professor at Rajagiri College of Social Sciences, Kerala.

This rise comes along with the presence of new variants of the SARS-CoV-2 virus, and scientists are still trying to figure out how these variants behave. Is another lockdown the answer, or is it somehow getting individuals, communities, businesses and administrators to behave with Covid-19 precautions?

Experts point out that lockdowns will once again destroy livelihoods and squeeze the economy. Instead, they say, India must double down on genomic sequencing to spot new variants, the pace of vaccination must pick up, and Covid-19 precautions must continue apace.

The numbers

"When Covid-19 cases began to fall in early 2021, people began to feel like the pandemic was behind us," said Srinath Reddy, president of the Public Health Foundation of India. "With greater mobility and mingling, we gave the SARS-CoV-2 virus an additional chance to surge through."

India's confirmed cases of Covid-19 had reached its peak on September 16, 2021, at 97,860 cases confirmed in a single day. From this high point, India's Covid-19 numbers came down to a low of just 8,579 cases confirmed on February 1, 2021.

Twitter boss Jack Dorsey's first tweet sold for $2.9 million as an NFT

 By Elizabeth Howcroft

LONDON (Reuters) - Twitter boss Jack Dorsey sold his first tweet as an NFT for just over $2.9 million dollars on Monday.

The tweet is in the form of a non-fungible token (NFT) - a kind of unique digital asset that has exploded in popularity so far in 2021.

Each NFT has its own blockchain-based digital signature, which serves as a public ledger, allowing anyone to verify the asset's authenticity and ownership.

The tweet - "just setting up my twitter" - was Dorsey's first tweet, made on March 21, 2006.

The NFT was sold via auction on a platform called Valuables, which is owned by the U.S.-based company Cent.

It was bought using the cryptocurrency Ether, for 1630.5825601 ETH, which was worth $2,915,835.47 at the time of sale, Cameron Hejazi, the CEO and co-founder of Cent confirmed.

Cent confirmed the buyer is Sina Estavi. Estavi's Twitter profile, @sinaEstavi, says he is based in Malaysia and is CEO of the blockchain company Bridge Oracle. Estavi told Reuters he was "thankful" when asked for comment about the purchase.

On March 6, Dorsey, who is a bitcoin enthusiast, tweeted a link to the website where the NFT was listed for sale. He then said in another tweet on March 9 that he would convert the proceeds from the auction into bitcoin and donate them to people impacted by COVID-19 in Africa.

Samsung to lead premium TV sales globally in 2021, says Report

 Although global TV sales are expected to decline slightly this year, shipments of premium TVs will grow which will be led by Samsung, a report said on Tuesday.

Although global TV sales are expected to decline slightly this year, shipments of premium TVs will grow which will be led by Samsung, a report said on Tuesday.

The sales of QLED TVs, anchored by the world's largest TV maker Samsung, is likely to surpass 12 million units this year, up 26 per cent from a year ago.

Samsung last year sold 7.79 million QLED TVs, accounting for more than 81 per cent of global QLED TV sales.

Global TV shipments are projected to reach 223.09 million units in 2021, according to market researcher Omdia, which is down 1 per cent from last year's 225.35 million units.

The latest figure is also down from Omdia's previous estimate of 224.22 million units late last year.

The robust TV sales propelled by the pandemic-induced stay-at-home economy will continue through the first half of 2021.

However, it expected TV sales in the second half of the year to decline from a year earlier, reports Yonhap news agency.

Although the overall TV market may shrink slightly, industry observers said South Korea's two largest TV makers -- Samsung and LG -- may not suffer big damage as premium TV sales are expected to increase.

The data showed that global OLED TV sales, led by LG, are expected to reach 5.6 million units in 2021, up 200,000 units from its previous estimate. It is also a 60 percent increase from last year's shipments of 3.54 million units.

Analysts said increased supply of OLED panels from LG Display's plant in China will help sales of OLED TVs that are also manufactured by global players like Sony and Panasonic.

NFT digital artwork by humanoid robot Sophia goes up for auction

 Sophia, who was unveiled in 2016, produced her art in collaboration with Italian digital artist Andrea Bonaceto, known for colourful portraits, some of which depict famous people, such as Elon Musk

Robot artist Sophia, whose first artwork goes up for auction on Wednesday, says she draws inspiration for her work from people and is open to future creative partnerships with humans.

A digital artwork by the Hong Kong-based Hanson Robotics humanoid, in the form of a Non-Fungible Token (NFT), is to be auctioned in the first sale of such pieces created jointly with artificial intelligence (AI).

NFTs, a digital signature saved on blockchain ledgers that allows anyone to verify the ownership and authenticity of items, have become the latest investment craze, with one artwork selling this month for nearly $70 million.

“I hope the people like my work, and the humans and I can collaborate in new and exciting ways going forward,” Sophia said in her studio, speaking in a flat voice.

She wore a silver-coloured dress and held a pen.

Sophia, who was unveiled in 2016, produced her art in collaboration with 31-year-old Italian digital artist Andrea Bonaceto, known for colourful portraits, some of which depict famous people, such as Tesla’s chief executive, Elon Musk.

The robot has combined elements from Bonaceto’s works, art history, and her own physical drawings on various surfaces mul­tiple times in a process her creator David Han­son describes as “iterative loops of evolution”.

“We use transformer networks and genetic algorithms in my art, and other kinds of computational creativity,” Sophia added. “My algorithms output unique patterns that never existed in the world before. So I think the machines can be creative.”

Called “Sophia Instantiation”, the digital work is a 12-second MP4 file showing the evolution of Bonaceto’s portrait into Sophia’s digital painting, and is accompanied by a physical artwork, painted by Sophia on a printout of her self-portrait.

Gaja Capital to raise $400 mn for new fund, IFC planning to commit $25 mn

 The fund is domiciled in India and will look to make equity investments in India

Gaja Capital is planning to raise $400 million for its new fund, which will target mid-size companies in education, healthcare, and other areas. International Finance Corporation (IFC) is planning to commit around $25 million equity in the new fund.

The fund is targeting $400 million in commitments to invest in 12-15 mid-sized companies, with an enterprise value of up to $150 million, in the education, healthcare, financial services, consumer, and SaaS sectors.

The fund will continue to replicate the strategy of its predecessors along with a high-touch engagement model to drive scale and transformation in investees, said the World Bank's investment arm, IFC.

IFC’s proposed commitment is rupee equivalent of up to $25 million in the equity with an equivalent amount of co-investment envelope, subject to IFC’s investment not being more than 10 percent of the aggregate commitment to Gaja Capital India Fund 2020 (Fund or Gaja 2020), a scheme of Gaja Trustee Company Private Limited, at final close.

The fund is domiciled in India and will look to make equity investments in India. It will be managed by Gaja Advisors Private Limited, an independent fund manager. It was founded in 2005 and is led by Gopal Jain, Ranjit Shah, and Imran Jafar, who have been working together since 2005.

IFC said that the fund will lead to increased access to private equity capital, value creation for small to mid-cap companies in India, and improved access to digital services for individuals, and enhanced productivity growth and cost savings for businesses through digital solutions.

Fuel prices stable as tax collection on petrol, diesel jumps 300% in 6 yrs

 The collections on petrol and diesel rose to Rs 2.94 trillion in the first 10 months of the current fiscal

Fuel prices in the country remained steady on Tuesday maintaining a three week period of unchanged prices as softening crude and upcoming assembly elections in a few states have kept Oil companies from revising the retail prices.

Accordingly, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the capital. Fuel prices have not been revised now for over 21 days. Across the country as well, petrol and diesel prices remain unchanged. But the pause has not helped in bringing down petrol prices that have crossed Rs 100 per litre-mark in several parts of the country.

Prices have stabilised amid an outcry over record-high fuel prices, which have been witnessing an upswing since January, leading to demands for a cut in excise duty. Petrol and diesel prices are revised daily in line with benchmark international price and foreign exchange rates.

Meanwhile, the central government's tax collections on petrol and diesel have jumped over 300 per cent in the last six years as excise duty on the two fuels was hiked, the Lok Sabha was informed on Monday. The central government collected Rs 29,279 crore from excise duty on petrol and Rs 42,881 crore on diesel in 2014-15 -- the first year of office of the Modi government.

The collections on petrol and diesel rose to Rs 2.94 trillion in the first 10 months of the current fiscal (2020-21), according to information furnished by Minister of State Anurag Singh Thakur in a written reply to a question in the Lok Sabha.

Together with excise duty on natural gas, the central government in 2014-15 collected Rs 74,158 crore which has gone up to Rs 2.95 trillion in April 2020 to January 2021 period.

He said taxes collected on petrol, diesel and natural gas as a percentage of total revenue have gone up from 5.4 per cent in 2014-15 to 12.2 per cent this fiscal.

Excise duty on petrol has been raised from Rs 9.48 per litre in 2014 to Rs 32.90 a litre now while the same on diesel has gone up from Rs 3.56 a litre to Rs 31.80.

Reliance affiliate picks 3/4th of gas from own CBM block at $6 price

 Reliance Industries Ltd has sold three-fourth of the gas from coal seams in Madhya Pradesh to an affiliate of the company at a price of just over USD 6 at current oil prices.

Reliance Industries Ltd has sold three-fourth of the gas from coal seams in Madhya Pradesh to an affiliate of the company at a price of just over $6 at current oil prices.

India Gas Solutions Private Limited, a 50: 50 joint venture of RIL and UK's bp, bought 0.62 million standard cubic meters per day out of 0.82 mmscmd gas bid out in an auction last week, three people with knowledge of the matter said.

State-owned gas utility GAIL India Ltd cornered 0.17 mmscmd while 0.03 mmscmd was picked by Reliance Gas Pipeline - the entity that transports gas from the coal-bed methane (CBM) blocks in Madhya Pradesh to consumers.

The price bid was 9.2 percent of the prevailing rate of Brent crude oil price, which translated into a rate of over $6 per million British thermal units at current oil prices, they said.

An email sent to Reliance for comments remained unanswered.

Reliance had last month bids for 0.82 mmscmd of coal gas from the Sohagpur coal-bed methane (CBM) block for one year beginning April 1, 2021, according to a notice inviting offer (NIO).

Users were asked to quote a percentage of Brent crude oil price they will be willing to pay for the gas. Reliance initially set 9.5 per cent of Brent rate as the base or minimum price and asked bidders to "enter bids that are higher than or equal to it." It later lowered the base price to 8.7 per cent of Brent.

At the current $67 per barrel Brent crude oil price, the price of gas produced from coal seams, called CBM, comes to $6.1 per million British thermal unit (mmBtu).

"A bidder shall be required to quote the variable denoted as 'V' in percentage terms as a positive number" of the Dated Brent price, the notice said.

Gas price will be "higher of (V per cent) x Dated Brent; or PPAC Price," it said.

India retail: A nearly $900 billion market dominated by mom-and-pop stores

 India's retail landscape is changing, with global and domestic consumer and retail behemoths fighting tooth and nail to woo shoppers, as many choose large, clean supermarkets overcrowded local stores

India's expanding retail landscape is changing fast, with global and domestic consumer and retail behemoths fighting tooth and nail to woo shoppers, as many choose large, clean supermarkets overcrowded local stores, and ordering online.

Data from Forrester Research shows India's retail market was worth an estimated $883 billion last year, of which grocery retail accounted for $608 billion. By 2024, the market is expected to grow to $1.3 trillion.

India - a population of 1.3 billion - has over the years become a sought-after retail destination with a growing base of young and affluent shoppers. The sector contributes 10% to India's gross domestic product and accounts for 8% of India's employment, according to Invest India, the country's investment promotion arm.

MOM-AND-POP STORES & 'KIRANAS'
India's mom-and-pop stores sell everything from clothes and footwear to groceries and electronics. Most of India's grocery retail happens at kiranas - small- and mid-sized mom-and-pop outlets which account for 75-78% of the consumer goods market, Ambit Capital estimates.

Store owners typically have a strong and regular customer base in their neighborhood, with home delivery and taking orders on the phone a common phenomenon.

Hundreds of household items are crammed inside the wall-to-wall glass or wooden shelves, or in the open, at such stores. Many outlets are so small and cramped that customers don't set foot inside - products are handed over by store staff who stand behind a counter.

Many of these shops also offer staples - such as pulses, rice, and flour - in loose or unbranded form. They typically operate from early morning till late evening.