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Domestic equity benchmarks ended flat with a positive bias on the expiry session of August FO contracts. SP BSE Sensex closed the day at 55,949 while the NSE Nifty 50 ended at 16,637 – both gaining 0.01%. Reliance Industries was the top Sensex gainer, helping the index stay afloat in the green. RIL jumped 1.29%, followed by MM, HCL Technologies, Axis Bank, and ICICI Bank. On the other end, Bharti Airtel was the worst performer of the day, falling 4.18%. It was followed by Maruti Suzuki India, SBI, and Power Grid. Bank Nifty surged 0.09% to end at 35,617. India VIX gained marginally to end at 13.54. Broader markets, except Nifty Midcap 50, outperformed the benchmarks for the second day straight. Nifty has once again started to form flat closes day after day, like it did in Aug 05-11 period. However post Aug 11, the Nifty broke upwards of the range closes. Advance decline ratio fell compared to the previous day but is still at 1:1, suggesting some deterioration in the broader market sentiments. As long as Nifty is not able to post healthy day on day gain, the broader market will struggle to bounce up. 16712-16603 is the band for Nifty for the near term and any breach either way could take the Nifty in that direction. On technical charts, Nifty has formed a double top formation. The narrow range activity near the 16700 resistance level indicates indecisiveness between the bulls and bears. For the traders, 16680 could be the immediate hurdle. However, we can expect a quick uptrend rally up to 16725-16775 levels if the index succeeds to clear the intraday resistance of 16680. Below the same, the correction wave could continue up to 16560-16520 levels. However, its good that we are still trading above 16600. This allows the Nifty to scale higher to 16800-16850. Until 16400 does not break on a closing basis, the trend of the market continues to remain bullish and traders can use choppy or bearish sessions to accumulate long positions. Renewed tension between China and US along with the fear of rise in the Delta variant capped the gains in the Asian market. Investors globally are awaiting the Fed Reserve The range is quite narrow for the short term wherein 16700 is a clear resistance whereas 16500 is immediate support and a breakout on either side can lead to a further trending move. The short term momentum indicators are absolutely in favour of the bulls hence the probability of an upside breakout is quite high. The Nifty bank too has been trading sideways and the range of the same is 35400-36000 and a breakout on either side will lead to a further trend.\u201d
When Justice Sanjay Kishan Kaul of the Delhi High Court threw out the obscenity case against MF Husain in 2008 after a long drawn legal battle, he quoted Pablo Picasso to prove his point: Art is never chaste. Where it is chaste, it is not art. Thirteen years after the high-profile case against the celebrated artist for insulting Mother India in his nude painting, artists continue to be dragged to court for alleged offences such as obscenity, hurting public sentiments, disrespecting gods and causing enmity between communities. For decades, it has been an uphill task for artists to fight court cases single-handedly in different cities and jurisdictions, often driving them out of their studios and even jobs. In Husains case, there were a mindboggling 3,000 cases against him in various courts, forcing him to go into self-exile in Dubai and later in London, where he died without fulfilling his dream to return to India. If Husain had to leave India, Tamil author Perumal Murugan was forced to move from Namakkal district of Tamil Nadu to Chennai for fighting a case in the Madras High Court against his 2010 novel, One Part Woman. Murugan, a famous Dalit writer, also briefly quit writing exasperated by the protests against his literary work. Coming together Now finally, help may be at hand for those artists, filmmakers and writers who are driven to the wall while facing suits against them. A beginning was made earlier this month with the launch of an online resource centre to aid the creative community in equipping themselves with knowledge of the countrys current legal framework and past cases that could come handy in legal fights. Unmute (www.unmute.help), the virtual resource centre, functions as a guide to laws, rights and networks, and offers an opportunity for speaking up about individual cases and seeking support. Lots of people across generations who think that the time has come to bring forth arts and the law into mainstream discussion topics have come together to create Unmute, says arts activist and dance scholar Arshiya Sethi. The discourse around the arts resulted in new issues coming to the forefront like limits on the arts, abuse of power and ethics of art spaces, and they demanded us to start talking about sexual harassment, copyright, plagiarism and the rights of artists, which frankly, the pandemic brought under threat in a more focused manner, A collaborative effort of artists, art managers, activists and lawyers, the online resource centre will be initially tuned for performing artists with an array of information on laws and rights, examples of past cases and judgments, discussions and details of partner networks. It is primarily for performing artists, but there is material for others too, says Manipuri dancer Samabha Bandopadhyay, also a founding member of Unmute. There are laws, but only when we apply them properly, artists will be able to benefit from them, says Bandhopadhyay, a trained lawyer. The initiative has been welcomed by both artists and lawyers as a timely intervention when many in the artist community believe that artistic freedom is under threat from society and institutions, as well as the government. Several artists have been hauled to the courts in recent years for their works. Cartoonist Rachita Taneja, the creator of web comic Sanitary Panels, is facing contempt of court for posts criticising the Supreme Court. Others like comedians Tanmay Bhatt and Kunal Kamra have also come under fire. Recently, the Bombay High Court quashed a nine-year-old case against ceramic artist Vineet Kacker, who had angered some sections of society by painting images of gods and goddesses on ceramic slippers. Fighting harassment The only unfettered freedom that we truly enjoy is the freedom of thought, says Supreme Court lawyer Akhil Sibal. What concerns me is that we have (been) I worry that it has, and continues to have, a chilling effect on artists. And the day that artists decide to play it safe and to sanitise their artistic expression, we will be a society diminished, and its already happening, he adds. Sibal, who represented Husain in his obscenity case, says it is necessary to preserve creativity and push the envelope, which artistic expression must continue to do. Artists are meant to push boundaries, challenge the status quo. They are meant to provoke us to improve and grow. They can only do that if, to some extent, they have the right to offend, he adds. Nobody wants to go into court cases unless required, says contemporary dancer Paramita Saha, a Global Fellow of International Society of Performing Arts, and founding member of Unmute. It is not only about laws, but which law and which time, and also which is the best law in a given situation, adds Saha, referring to the utility of a resource centre that would help in creating awareness about laws and rights concerning artists. Unmute, which is available currently in English and Bengali, will have a Hindi version soon, says Kolkata-based Saha. The pandemic has exposed the existing toxic atmosphere of abuses within the artist community, especially abuse of power and sexual harassment. Artists have silently suffered in the hundreds of dance companies and dance schools across the country, most of them unable or unwilling to break from the guru-shishya tradition that offers protection to the perpetrators of sexual and emotional abuse. Abuse of power is the biggest problem, says Saha. You are always meant to follow the people in powerful positions, the guru-shishya positions, and never raise your voice. It is a huge problem and there needs to be a space for raising your voice, she adds. Months before the pandemic there was fightback against sexual harassment by powerful people within the performing arts community when several students of Dhrupad Sansthan Though the school has since been closed temporarily, the artist community feels there has been little justice for the survivors of sexual abuse. Legal framework Kavita Singh, assistant professor of criminology and victimology at West Bengal National University of Juridical Sciences, Kolkata, says there are several provisions in the Indian Penal Code that come to play in cases of sexual harassment against artists. Artists from specific communities like LGBTQ, artists living with trauma and disabilities, all need the protection of law, says Professor Singh, a member of Unmutes advisory committee. Laws like Sexual Harassment of Women at Workplace Act 2013, Protection of Women from Domestic Violence Act 2005 and Rights of Persons with Disabilities Act 2016 are available to help victims in the field of arts, she adds. Other legal provisions such as the Indian Copyright Act 1957 Now, with the pandemic proving to be a boon for digital art in the country, there is a growing concern among artists about illegal distribution of digital works. However, new blockchain-powered platforms launched recently in the country discount any such possibilities by ensuring authenticity of artworks through Non-Fungible Tokens (NFTs). NFTs, created using token standards, enable users to link their collectibles, digital or physical, to a unique token, with ownership of that token residing with the person who mints or creates it, says Aparajita Jain, founder of Terrain-art, a blockchain-powered online platform in the Indian art market. Ours is a platform where artworks can be registered and assigned a digital token, and made available for sale on the marketplace, providing collectors a transparent, secure, and tamper-proof method of adding to their artwork collection, adds Jain. Complicated rules Famed artist and Kochi Biennale Foundation president Bose Krishnamachari says there are many aspects of laws dealing with art, all of them complicated. There are laws, but most of us artists are not aware of them, he says. There are laws dealing with art transportation and insurance. Also, import and export of artworks. There is a high customs duty on importing artworks. Once I brought artwork from London for an exhibition and had to pay `80 lakh as bank guarantee. Even after the work went back, it took a long time to get the money back from the bank. The laws that stipulate artworks older than a particular period cant go outside the country, those laws are okay, he adds. Well-known art and antiquities lawyer Siddharth Mehta, who often delivers lectures on art law across the country, considers the legal framework concerning art in India as a confluence of contract, intellectual property rights and antiquities. We dont have a consolidated art law in our country. Most other countries dont, but some have created multiple verticals with overlaps, while we just have intellectual property rights laws, says Mumbai-based Mehta. Art laws come into work, for example, mainly in identifying works, disputes in connection with works, commercial purchases and collateral securities, says Mehta, managing partner of the law firm Mehta Padamsey. There is the whole litany of rights. The body of rights continues to be with the author of a work even after it is sold. But what are your rights as an artist? You may own the painting, but can you make a copy of it? It is not a natural yes or no question. Also, you can have copyright without owning a work. Then there are the moral rights held by the author, adds Mehta. We need to make it clear not just for artists, but also for judiciary, for increased awareness of the difference in forms. Involvement of an artist in the creation of an artwork and the life of an artwork itself needs to be examined because the life of an artwork goes beyond the artist. We have to move towards examining a work of art, perhaps as an individual having a life of its own. We have to look at artists and owners as trustees or guardians. The rising cases of intolerance against artists and their works alarm many in the art community. Art has always been a soft target of physical attack and creative restrictions to express ideological superiority, says curator and art critic Premjish Achari. This also happened because the attackers had realised the power of images. This has been going on since ancient times. Attacks against artworks are not only the result of vandalism, but also executed through censorship and erasure, he adds. We do not have strong laws to protect artworks and the artist against public sentiment. What we have in the legal framework currently is not adequate enough to understand the cultural significance of both the artwork and the artist. I wonder if it will ever be possible to grant that immunity to cultural expression. Also, what we need to realise is that, in contemporary times, the excessive consumption and production of images have reconfigured the nature of the artwork. New laws will have to consider the changing dynamics and the ontological nature of the artwork, says Achari. Mehta says members of the art community dont have any choice but to create forums and associations to protect themselves. If the law had already provided adequate protection and awareness, these organisations wouldnt exist. We have seen it play out in the West where they have associations for artists, architects and musicians. You are going to see more such in India, particularly in the visual arts field. You will also see organisations from gallerists. What will become more interesting is how one group will start interacting with other groups, he says. Legal framework for the arts – Indian Copyright Act 1957 – Patents Act 1970 – Designs Act 2000 – Trade Marks Act 1999 – Copyright Amendment Act, 2012 – Antiquities and Art Treasures Act 1972 – Insurance Act 1938 – Central Excise Act 1944 TALKING HEADS Several people across generations think the time has come to bring forth arts and the law into mainstream discussion They are meant to provoke us to improve and grow We have to look at artists and owners as trustees or guardians \u2014Siddharth Mehta, art and antiquities lawyer Faizal Khan is a freelancer
By Gokul Krishnamoorthy Malabar Gold Diamonds | #MakeWayForTheBride | A Very Special This video captures how a young woman, who happens to be quite unwell, reached out to the brand after seeing the video, wondering if she too could be part of a shoot wearing some of the jewellery on show. The brand complied, and this is how things unfolded. The spunk of the original video finds a match in the heart of this unscripted Could it have been written better or shorter? It would be a crime to dissect this heartwarming gesture. Bison Panel | From Mountaintop Shelters To False Ceilings (Ladakh) The brand started this series in Kerala and told us that the panels are used to make anything from houseboats in Kerala to the cabinets in your home. This edition articulates the promise as From shelters in the snow capped mountaintops of Ladakh, to the false ceilings in your office, it is evident that the Bison Panel indeed has many uses. From houseboats to shelters in Ladakh, the choices also imply the robust quality of the panels. It is heartening to see the series continue without lowering the bar, even if the element of surprise that followed the boat ride in the first film is missing. That said, one wonders what the next location is and hopes to see the next edition soon. This is too good an idea to stop here. Firstcry.com | #FussyIsFantastic This adorable ode to mothers celebrates their obsession when it comes to their kids sans compromise. The different facets of that obsession captured here make for not just an engaging watch but also an emotional one. HDFC Mutual Fund | #BarniSeAzadi It This is an excellent analogy to take a dig at what one could call The idea hook, calming narration, soothing music and accompanying visuals makes this watchable until the end. Cult.Fit | #FitnessIsNotAnOption A spoof done well can work wonders and one done badly can make the spoof the subject of ridicule. This one dares to try and spoof an iconic scene from DDLJ and pulls it off rather well. The brand fitment with the chosen scenes is bang on. The execution will put a smile on the viewer Setu Eye Max – Your #AankhonKaInsurance The story is perfectly aligned with the product proposition. The relatable plot about a rare boss who offers to do his colleague The key message hits you at a point where you can OPPO After Sales Expert | Quick Service Did OPPO just change the game a bit with this after-sales pitch? I When product parity prevails, the post-purchase experience could be a compelling reason for choice. When the cost of ownership in a category is high enough for it to be driven by EMI purchases for a large segment of people, the cost and ease of maintenance do matter. The films make their points loudly and clearly. Sebamed India | Baby Care | Pratham Snan Se Way over the top, but that gets your attention. And the message is clear. Vivel | Ab Samjhauta Nahin | #RespectWorkForHome There aren Taking nothing away from Though there have been initiatives to put a monetary value to their contribution, I believe it It Sunfeast Dark Fantasy | Din Khathm Fantasy Shuru At the end of the day, literally, the brand is egging you to indulge and bite into a Dark Fantasy like Alia Bhatt does here. A nice balance of personal and professional pain points and their human carriers simply melt away. Excellently visualised and executed to perfection. Future Generali Presents The brand uses a familiar star face to drive home Honda Amaze | Unke Liye Jo #JeeteHainShaanSe Honda Amaze has clearly articulated its premise in the past with work like the one featuring a giant-sized car asking people to make a This time too it creates some differentiated and noticeable work around Zomato | Har Customer Hai Star The commitment of the delivery partners to deliver on time takes centrestage in these two films featuring a Bollywood star each. That it has run into social media criticism is not surprising, given the nature of the category and its challenges in partner engagement. Let Whether it is cab aggregators or food delivery apps, challenges remain and it should be the endeavour of the brand to spell out its intent through its communication. That is what the brand has done here. With social media criticism, you don The last thing the brand should do is give in and pull out. The argument that the brand needs to pay its delivery partners more instead of paying celebrities could well be followed up by another saying that it should pay partners more instead of spending on advertising. By all means, address the issues Daawat | Banega Toh Fark Dikhega Showing the effort that goes behind making each packet of Daawat rice could have been quite a boring exercise. But the brand manages to infuse life into that story from godown to home with star power and a simple script. Licious | Ready To Cook | FasterChef After fresh meat comes a ready-to-cook range of offerings from the brand. Smart wordplay gives us the brand Familiar faces with acting talent make an otherwise ordinary exchange watchable. Sunfeast Bounce | Kya Aap Ke Cream Biscuit Main Glucose Hai? It may seem familiar, but it Th execution and casting seem to have done the trick. You can Bingo No Rulz Masala Curlz | Masti Ke Time Pe No Rulz Bingo seems to have taken over from the Mentos-Sprite school of smartness and crafts an interesting exchange between brothers. Club Mahindra | Jaana Kahaan Hai This is quite the conversation starter currently in several gatherings The star couple without the starry airs is one we can relate to. Enlisting destinations where Club Mahindra has a presence through the characters in conversation works like a charm. Dunzo Daily | Tareekh Pe Tareekh I outsourced this in part to someone who grew up on Hindi cinema of the One assumes that is the age group the brand is trying to woo. If yes, it seems to have struck gold with the The root of course is in the pain point that Dunzo promises to eliminate by virtue of not being locked in with one store. (Curated by ClutterCutters.in. Exclusive to FE BrandWagon Online. To feature campaigns or add credits, kindly email: [email protected]) Read Also: The Indian OTT space has 353 million users and 96 million active paid subscribers: Ormax Report Follow us on Twitter,Instagram,LinkedIn,Facebook
With the country getting ready to tackle the third wave of the pandemic, organisations are fast adopting hybrid business models that are more inclusive of their workforce Remote hiring via video has transformed recruiting and onboarding. Initially, video was used because of government mandated lockdowns and, therefore, there was no alternative; but as the pandemic continued, more companies became comfortable with both remote interviewing and hiring without actually physically meeting the person. Unfortunately though, for most of the pandemic, we were forced to use video conferencing tools like Zoom, Teams, Skype or Webex to interview, and although we may have become more comfortable with the concept of remote hiring, these tools have felt like a poor substitute for in-person interviewing. Fortunately for us, new technology has emerged that has introduced platforms like HireLogic (you This platform allows the hiring team to first build a position profile that is specifically designed for remote hiring, and then hold your hand through virtual interviews ensuring that the process is no longer a substitute for in-person processes, but an actual improvement on it. The best part of the platform is how it is designed to make hiring decisions that takes into account the recommendations of all the interviewers and helps them collectively make a structured, unbiased decision. This platform dramatically mitigates the risk of a bad hire, saving organisations significant time and money. In an exclusive conversation with the Financial Express Online Excerpts: What are the biggest trends emerging in C-suite hiring in India? With the technology impact increasing across all industries, organizations are addressing security issues resulting from increased technology use. As a result, we are seeing an increased demand for security personnel. Although there haven In addition, diversity will not be a mere wish but a must. Companies that adopt diverse and inclusive leaders, who are flexible, agile, and embrace change, will emerge as the winners. This is being brought about by both media and activist investors. Which sectors have seen a rise in executive hiring? Healthcare, Online Retail and Technology. What kind of skills or roles are in demand? Chief Information Security Officer: The role of the chief information security has evolved dramatically. Data protection has become a priority with people working remotely or as a part of a more hybrid business model. The CFO will continue to be a Hot Job in 2021. The need for a combination of operational and financial leadership is paramount. As geographical regions get more parochial and there is a backlash to globalization, financial officers with a more regional focus have begun to get more recruiter calls. CHROs have been called the frontline workers of the global humanitarian crisis. While the earlier role of the CHRO oversaw all aspects of human resource management and operations for an organization, the pandemic has evolved the role to a more strategic, empathetic, adaptive, and futuristic position. There is also an added focus on ESG (Environment, Social, and Governance), particularly in healthcare and wellness, food and agriculture, energy, and sustainability verticals. Such efforts to increase awareness have resulted in new titles like Any specific leadership skills for a post-COVID-19 workplace? Agility. Tech know-how. Adaptive. Empathetic. Strategic. Inclusive. Experience with having dealt with natural calamities, geo-political disturbances, etc., as they are better suited to deal with the after effects of the pandemic. The new leaders in this post-pandemic world need to be: (look at order below) – Empathetic – Fast and Agile – Energetic and Passionate – Flexible – Inclusive What role is technology playing in remote hiring? What started as a substitute in March 2020 has become the norm. Video interviewing is here to stay even after we achieve herd immunity. The reason being is that people have realized that not only is it cost-effective and efficient, but it is also effective. It is no longer a substitute; it is actually better than the in-person interview. Finalists will still take place in person, but with most of the interviews being conducted before the finalist is identified, video interviewing will remain the most efficient and effective way of getting to those finalist candidates. How is your company aiding its client in executive search as companies transform to remote hiring? Organizations need to start looking into using video interviewing software, not just video conferencing software. The difference is that on the interviewer side, you are going to have questions, ratings, and the ability to get transcripts of your interview so that you are thorough and efficient. Using video interviewing software, you can bring together all hiring stakeholders to make an objective hiring decision digitally, especially in a world where even the leaders who make that decision may not be in the same physical room. However, it is simple to pull them all together into a digital room. We have spun off a video interviewing software company -HireLogic
Defence Minister Rajnath Singh on Friday said that if India achieves advancement in technology, it can become a superpower. He said this while addressing students and researchers here at the Defence Institute of Advanced Technology (DIAT), a deemed university of the Defence Research and Development Organisation (DRDO). Singh said that Prime Minister Narendra Modi is committed to taking the country on the path of progress in research and innovation. Some initiatives have been started by the defence ministry to make progress in research and innovation through collective efforts from armed forces, industries and academia and it can happen only through mutual understanding and by sharing knowledge and best practices, he said. Singh said that the defence ministry has created a platform called iDEX (innovation for defense excellence) to engage and attract new talent and to get field experience and inputs from the armed forces personnel from the field as it has got security importance. He added that the Centre has allocated Rs 1,000 crore for iDEX. Besides that the government has also allocated Rs 500 crore to push research and innovation in aerospace and defence by supporting 300 startups, he added. Talking about his recent visit to Nagpur and giving example of successful delivery of one lakh hand grenades produced by a private player to the Indian Army in five months, Singh said that the firm had exported similar hand grenades to Indonesia at a higher cost. The Indian cost for each hand grenade is Rs 3,400 and the company exported similar grenades to Indonesia at over Rs 7,000 apiece, he said. My point is that if we achieve advancement in technology, India can become a superpower. It can become a super economic power, he said. Singh also appreciated the efforts of the institutes for taking nine patents in the COVID research area.
Medical infrastructure being ramped up and 37,000 beds in total dedicated for COVID-19 patients are being set up to tackle the anticipated third wave of the pandemic in the city, Delhi health minister Satyendar Jain said on Tuesday. He also underlined that though the positivity rate has shown a downward trend and the number of fatalities has been zero in the past few days, the Delhi government is not dropping its guard. Jain on Tuesday inspected the healthcare facilities to see preparations being done for the prevailing COVID-19 situation in the national capital. The positivity rate in the capital stood at a low of 0.04 per cent on Monday with 17 Covid cases and no deaths being reported for the past three days, he said. On Tuesday too, no fresh death was reported, according to the latest health bulletin. He said 37,000 beds, including 12,000 ICU beds, dedicated for COVID-19 patients are being prepared and medical oxygen capacity along with essential drugs supply are also being Special arrangements are being made for children and the elderly as well, and the Delhi government is monitoring the COVID-19 situation closely, he was quoted as saying in the statement issued by the health department. Even though the positivity rate is very low, the Delhi government has not dropped its guard and is consistently working to avoid a possible outbreak of the third COVID-19 wave in Delhi, he said. The Kejriwal government is concerned about the health and safety of children and elderly. We are constantly monitoring the COVID-19 situation in Delhi and also observing the situation of other states that have reopened schools, he added. The Delhi government is determined to provide a safe and healthy environment to the people of Delhi, he asserted. The second wave swept the city during April-May period. However, vaccination is the prime key to make the situation better. With each passing day, the supply of vaccines should be increased and vaccinations should be done expeditiously to make the prevailing COVID-19 situation better in Delhi, He also said the Kejriwal government has asked the manufacturers to boost manufacturing of drugs being used for the treatment of COVID-19, and that no company should charge an extra amount for any drug. We are working on all fronts, but our primary focus is to ensure that a third wave doesn Delhi had reeled under the brutal second wave of the pandemic that swept the country recently, claiming a massive number of lives daily, and the oxygen supply shortage issue at various hospitals had added to the woes.
Volvo Buses India, a part of VE Commercial Vehicles (VECV) is now the first manufacturer to launch a 13.5-metre 4×2 coach in India.5-metre 6×2 configurations. The brand claims that the newly launched rear-engine Volvo B8R 13.5m coach maintains industry-leading fuel economy, safety, performance, and passenger comfort that Volvo Bus operators and passengers expect in Volvo buses. The company says that the fully built buses delivered from VECV Aggarwal further stated that he is happy to highlight this development as the first fruit from the companys synergized way of working. Akash Passey, President, Bus Division, VECV said that the newly launched Volvo 9400 B8R 13.5m 4×2 coach is part of the brands pioneering track record of offering market-leading bus-based mobility solutions in the country.
Union Finance Minister Nirmala Sitharaman on Wednesday said it is too early to say if there is a lack of demand for credit and announced a district-wise outreach to be undertaken by banks to help credit growth from October. A push to credit growth from such outreach efforts will also help the momentum set by the stimulus packages, which have been extended by the government since the onset of the pandemic. It can be noted that in late 2019, banks had conducted the loan melas in 400 districts to push up sagging credit growth. Even now, the credit growth is stuttering at around 6 per cent. I think it is too early to conclude whether there is a lack of demand I dont think it is time yet to conclude that there is no credit pick-up. Even without awaiting indications, we have taken steps to ramp up credit,Sitharaman told reporters here. She noted that over Rs 4.94 lakh crore was disbursed by the banks between October 2019 and March 2021 through the outreach initiatives undertaken by them. This year too sometime in October, there will be a credit outreach in every district of the country, she said. Sitharaman added that the government had announced that credit up to Rs 1.5 lakh will be given to borrowers through NBFC-MFIs. In order to keep up the momentum of stimulus that we are periodically giving, we have also asked banks to go out and give credit, she said. Meanwhile, Sitharaman said there is a need to ramp up credit growth in the eastern pockets of the country in states like Jharkhand, West Bengal, and Odisha, where the populations are displaying a higher propensity to deposit money in current and savings accounts. Banks have also been asked to create state-wise plans for northeastern states to help the logistics sector and exporters. Apart from that, Sitharaman, who took a review meeting with the chiefs of all the 12 state-run lenders, said banks have been asked to reach out to exporters at the district level to help push the one district, one export message of Prime Minister Narendra Modi. Besides, the finance minister said banks have also been asked to look into the demands of the fintech sector.
Grasim VSF business continues to benefit from strong demand led higher prices whereas chemical margins have started recovering from record lows. Grasim Standalone business is well poised to become net debt free by FY2022e with divestment of the fertiliser business. We increase our Fair Value to Rs 1,675 (from Rs 1,520) on roll over. Maintain Add. Q1FY226 bn (+94% y-o-y, -14% q-o-q), Ebitda of Rs 7.4 bn (-611% y-o-y, -9% q-o-q) and net profit of Rs 4.5 bn (-311% y-o-y, -8% q-o-q), against our estimates of Rs 43 bn,Rs 7.2 bn and Rs 3.5 bn, respectively. VSF Higher exports at 31% (11% in Q4FY21) aided volumes when domestic demand slumped due to Covid-19. However, we see headwinds to margins with rising pulp costs and moderation in VSF prices in China. Chemicals Ebitda\/ton increased q-o-q at `11,555\/ton (+289% y-o-y, +67% q-o-q) on higher caustic soda prices. Caustic prices remain on an uptrend due to temporary supply outages. Management expects prices to directionally move up with modest improvement in demand. Capacity expansions and sale of non-core assets to strengthen balance sheet Grasim VSF capacity would increase by 31% and chemicals by 27%. Divestment of its fertiliser business for `26 bn by Q2FY22e would further help deleverage. We estimate standalone net cash of Rs 8 bn in FY2022e versus net debt of Rs 8 bn in FY2021. Organic investments to reduce capital allocation concerns and holdco discount; maintain ADD Growing standalone business, debt free balance sheet and disciplined capital allocation should contract holdco discount (spot at 55% versus 40-45% historically). We have increased standalone Ebitda by 10%\/5% for FY2022\/23e on stronger VSF margins. We revise Fair Value to Rs 1,675 (from Rs 1,520) on higher market value of subsidiaries and roll over to September 2023e. Maintain Add.
ISRO said it successfully conducted the first hot test of the System Demonstration Model (SDM) of the Gaganyaan Service Module Propulsion System for a duration of 450 seconds at the test facility of Propulsion Complex (IPRC), Mahendragiri, Tamil Nadu, on Saturday. The system performance met the test objectives and there was a close match with the pre-test predictions, the Bengaluru-headquartered space agency said in a statement. Further, a series of hot tests are planned to simulate various mission conditions as well as off-nominal conditions, it said. On August 28, 2021, ISRO successfully conducted the first hot test of the System Demonstration Model (SDM) of the Gaganyaan Service Module Propulsion System at the test facility of ISRO Propulsion Complex (IPRC), Mahendragiri, Tamil Nadu. pic.twitter.com\/gCZyNGoIoO The SM Propulsion System consists of a unified bipropellant system consisting of five numbers of 440 N thrust engines and 16 numbers of 100 N Reaction Control system (RCS) thrusters with MON-3 and MMH as Oxidizer and Fuel respectively. The SDM, consisting of five numbers of 440 N engines and eight numbers of 100 N thrusters, was realised to qualify the propulsion system performance in ground. A new test facility is established at IPRC, Mahendragiri for testing the SDM, the statement added.