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With the easing of COVID-19-related restrictions by the states, the roots of the economic recovery deepened in July 2021, says a report. The unlocking in the country has manifested itself in improving performance across various high frequency industrial and service sector indicators, mobility and toll collections in July 2021, according to a report by Icra Ratings. With the further easing of the state-wise restrictions, especially across the southern states, the roots of the economic recovery deepened in July 2021. Despite a normalising base, eight of the 15 high-frequency indicators recorded an encouraging improvement in their year-on-year (YoY) growth in July 2021, the agencys chief economist Aditi Nayar said in a report. Moreover, 10 of the 13 non-financial indicators recorded a month-on-month (MoM) uptick in July 2021, although the pace of the improvement expectedly eased from the levels seen in June 2021, when the state-wise unlocking had commenced, she said. The YoY performance of GST e-way bills, fuel consumption, electricity generation, output of Coal India Limited (CIL), vehicle registrations, domestic passenger traffic, etc. improved in July 2021 compared to June 2021. Moreover, the worsening in the YoY performance of some of the remaining indicators such as the output of passenger vehicles (PVs), scooters and motorcycles, was primarily due to the unfavourable base effect. The report, however, said the sequential momentum of growth eased in July 2021, after having recorded a sharp uptick in June 2021. While 10 of the 13 non-financial indicators displayed an increase in month-on-month terms in July 2021, the pace of the same trailed the surge in June 2021, for indicators such as vehicle registrations, generation of GST e-way bills and auto output, it said. In contrast, ports cargo traffic, diesel consumption and rail freight displayed a decline in MoM terms in July 2021, it said. Nayar said the volumes of seven of the 13 non-financial indicators (non-oil merchandise exports, GST e-way bills, electricity generation, CILs output, petrol consumption, PV output and rail freight traffic) rose above both their pre-Covid as well as April 2021 levels in July 2021. As the states started unlocking, the mobility for retail and recreation posted a sharp improvement from around 60 per cent below baseline at end-May 2021 to 23 per cent below baseline by end-July 2021 (seven-day moving average), she said. FASTag toll collections rose by 15.5 per cent to Rs 2,980 crore in July 2021, while mildly trailing the record-high of Rs 3,090 crore in March 2021, she added. The agency further said the early data for August 2021 indicates a mixed trend across the available indicators. While petrol sales of state refiners in the first half of August 2021 exceeded both the year-ago and pre-Covid levels, those for diesel continued to trail their pre-Covid performance, it said. The daily average generation of GST e-way bills remained flattish in the first half of August 2021, relative to July 2021. The YoY rail freight growth stood at a healthy 14.1 per cent during August 1-10, 2021, the agency added.
Bhartis capital raising announcement has come as a surprise to us as there is no immediate need to raise capital, in our view. A capital raise to enhance capacity in anticipation of large market share shifts from VIL could be seen positively, however any stake bought in Indus Towers may be seen negatively. While the potential capital raise will be a near-term overhang on the stock, with market share shifts set to accelerate, we maintain BUY with Rs685 PT. Bhartis capital raising announcement. Bharti Airtel has notified the exchange that its board is considering capital raising plans through equity, equity-linked and\/or debt instruments on 29th August, two days before its AGM. The quantum of the capital raise or the timing is not clear at present. Given that Bhartis standalone net debt\/Ebitda was at 3.7x in FY21, a debt capital raise maybe less likely. .comes as a surprise: This comes as a surprise given that (1) there are no near term chunky repayments coming up (2) its unlikely that Bharti would be looking to prepay its spectrum liabilities to the govt., (3) there is no visibility of 5G auctions taking place, (4) India as well as Africa operations are FCF positive and (5) in the post results call three weeks back, management had expressed that they are comfortable with current leverage levels. Thinking through the positives. As highlighted in our note (link), Bharti is benefiting more from Vodafone Ideas market share losses. If Bharti is looking to raise capital to either create capacity in anticipation of large subscriber additions from VIL, or to create buffers that can be used to acquire part of VILs spectrum at distressed valuations, then this capital raising will be seen as a positive. .and the negatives: Over the past year, Bharti Airtel has invested Rs 60 bn in acquiring 20% stake in DTH business from Warburg Pincus (link) and 5% stake in Indus Towers from Providence Partners et al. (link) Any potential increase in stake in Indus Towers funded through a capital raise will be seen negatively, given its muted growth prospects (link). Potential stock supply to be a near-term overhang: In our view, potential equity capital raise may be an overhang on Bhartis stock price. This is evident from Bhartis 6% stock fall and 30% underperformance vs. Nifty in the two months following 2.8% stake sale by promoters in May-20. However, with market share shifts set to accelerate, we maintain our positive view on the stock and see any related pullbacks as a buying opportunity. Retain BUY with Rs 685 PT.
Apple has announced the acquisition of Primephonic, an Amsterdam-based classical music streaming service. The acquisition will help the Cupertino-based tech giants classical music service. Primephonic will bring greater focus on a genre that has been left lacking due to the generalised approach Apple Music has towards streaming. Primephonic will be absorbed into Apple Musics broader platform and cease to exist as a standalone service. The service will shut down permanently on September 7. In a statement, Apple said: Apple Music plans to launch a dedicated classical music app next year combining Primephonics classical user interface that fans have grown to love with more added features. Oliver Schusser, Apple Music and Beats Vice-President, said: Together, were bringing great new classical features to Apple Music, and in the near future, well deliver a dedicated classical experience that will truly be the best in the world. Primephonic CEO Thomas Steffens said in the statement issued by Apple: Artists love the Primephonic service and what weve done in classical, and now we have the ability to join with Apple to deliver the absolute best experience to millions of listeners. We get to bring classical music to the mainstream and connect a new generation of musicians with the next generation of audience, said Steffens, also the co-founder of the service. In an interview published last year, Primephonics Chief Technical Officer Henrique Boregio had said the service had launched in 150 countries. As opposed to more generalised streaming platforms, Primephonic also caters to an older demographic. Boregio said most users of the service were above the age of 55, highly educated, and considerably well off. Apple said of Primephonic: Apple Music Classical fans will get a dedicated experience with the best features of Primephonic, including better browsing and search capabilities by composer and by repertoire, detailed displays of classical music metadata, plus new features and benefits. For now, Apple will offer existing Primephonic users a free, six-month subscription of Apple Music while it readies the new classical service.
Finance Minister Nirmala Sitharaman on Wednesday said she has requested banks to work with all state governments to push the Banks have also been requested to have interaction with export promotion agencies, chambers of commerce and industry to understand and address the requirement of exporters on a timely manner, Sitharaman said while addressing media here on Wednesday. The Finance Minister, who is on a two-day visit to the financial capital, said between public sector banks, there should be some kind of a simple approach so that exporters are not made to run between one bank to another scouting for a better offer. During the day, she met heads of public sector banks (PSBs) to review their financial performance.
Jawahar Navodaya Vidyalayas (JNVs) will reopen with upto 50 per cent capacity for classes 9-12 from August 31, officials said on Friday. JNVs are fully residential, co-educational schools affiliated to the CBSE. Navodaya Vidyalaya Samiti, an autonomous organisation under the Ministry of Education, manages these schools. From August 31, students will be permitted to attend the classes and stay in the hostel, only with parents Arrangement is also in place for providing support to ensure mental and physical health and well-being of students through proper counselling,
At the end of two decades, the US led forces formally left Afghanistan on August 31, 2021, leaving behind military equipment worth almost USD 80 billion. According to reports, the US provided Afghan forces since 2003 with more than 16,000 night-vision goggle devices, 600,000 infantry weapons including M16 assault rifles, and 162,000 pieces of communication equipment, and much more. The fear of using the Unmanned Systems as suicide drones by the terror groups is another concern, Indias concern There are more than 6 lakh small arms like rifles, machine guns, pistols, grenade launchers and RPGs. Apart from this, surveillance equipment, radio systems, drones, night vision goggles are also included in all this. In such a situation, China can get whatever weapons, aircraft and other equipment it wants according to its convenience. This is also a matter of most concern for America and can become a problem for India too. Why? According to the officer quoted above, From tanks to UAVs, fighter aircraft to aircraft carriers, helicopters like Black Hawk, China has the capability of doing reverse technology on all these weapons and platforms. There are reports that the US forces before leaving destroyed a series of equipment which was left behind rather than flying them back. Reports quoting Gen Kenneth McKenzie, the head of US Central Command, said that there are around 70 MRAPs, 27 Humvees, and 73 aircraft which have been damaged before being left behind. The US decided to leave some equipment in working condition which would be helpful getting the civilian airport in Kabul running again. These include fire trucks and the front end loaders and other related equipment required to run the airport.
By October 20, 2021, Indian shipyards are expected to respond to the Ministry of Defence These amphibious vessels are used by the Navy to transport land warfare assets like tanks, helicopters and other vessels into a war zone and also transport troops. Last week, the acquisition process was started again for the USD 3 billion LPDs under the new procurement rules. And for this acquisition RFI has been sent to registered Indian shipyards including Cochin Shipyard Limited (CSL), Garden Reach Shipbuilders and Engineers Limited (GRSE), Mazagon Dock and Shipbuilders Limited (MDL), and the private sector Larsen Toubro Shipbuilding. Attempts to procure the LPDs have been made for almost seven years now. According to the RFI, the delivery of the first vessel from the time of the agreement signed is maximum of 60 months and one vessel every 12 months. Requirements as per RFI The RFI has asked all the bidders to get technology and design from an OEM from countries like Germany, France, Russia and Spain. There is also a condition that the platform which will be built in India should have indigenous content as per the guidelines. According to the RFI that was issued on August 24, 2021 and is available in the public domain, It should have the capability to sustain operations ashore. What kind of weapons will be onboard? These four LPDs are expected to be equipped with 16 anti-ship missiles and 32 Vertical Launch Onboard there should be 6 HMGs with stabilized gun control stations\/ SRCGs, 4 x AK 630 CIWS with electro optical fire control system, and 8 MMGs. The new LPDs as and when are inducted in the Indian Navy will be undertaking Out of Area Contingencies (OOAC) and will act as Command Centre for the Commander, the Air Force Commander, Amphibious Task Force, Landing Force Commander and also undertake Disaster Relief missions and Humanitarian Assistance. These vessels will not only provide medical facilities to the battle casualties but will also be the mother ship for unmanned capability. As has been reported earlier, last October, after almost seven years the 2013 tender which was issued for building the LPDs in India was scrapped. The 2013 tender had specifications for LPDs as mentioned in 2006. The Indian Navy has one LPD, the INS Jalashwa, which is an Austin-class amphibious transport dock and it had been procured in 2007 from the US.
Markets regulator Sebi on Wednesday ordered defreezing of bank accounts as well as share and mutual fund holdings of Rana Kapoor, former MD and CEO of Yes Bank. Kapoor is currently in judicial custody after being arrested in March 2020 in the alleged Yes Bank fraud case. The regulator, in March, had attached bank accounts, share and mutual fund holdings of Kapoor to recover dues of over Rs 1 crore. The decision was 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 about the transaction to Yes Banks board of directors, Kapoor created an opaque layer between him and stakeholders and violated the provision of the LODR (Listing Obligations and Dislcosure Requirements) Regulation, Sebi had said in the order. The release order came after Supreme Court, on August 2, stayed the Securities Appellate Tribunal (SAT) order which had upheld a penalty of Rs 1 crore on Kapoor. The stay was subject to payment of Rs 50 lakh by Kapoor. In compliance of Supreme Courts interim order, he has deposited the amount, the regulator noted. Accordingly, Sebi on Wednesday asked all banks in the country and depositories – NSDL and CDSL- to release the bank accounts \/locker, demat accounts and mutual fund folios of defaulter (Kapoor) attached if any pursuant to. the notice of attachment. In February, the Securities and Exchange Board of India (Sebi) issued a demand notice to Kapoor, although he did not pay any dues. The pending dues, totalling Rs 1.04 crore, included an initial fine of Rs 1 crore and an interest of Rs 4.56 lakh and a recovery cost of Rs 1,000.
Union Minister Anupriya Patel on Tuesday invited companies from the Association of Southeast Asian Nations (ASEAN) region to invest in India, particularly in the 13 sectors that are covered under the production linked incentive scheme. The Minister of State for Commerce and Industry said that with a combined economy of about USD 5.8 trillion, there is a significant potential for enhancing trade and investment partnerships between India and ASEAN. The government has announced the Production-Linked Incentive (PLI) scheme worth USD 26 billion for 13 different sectors for enhancing Indias manufacturing capabilities and exports. The sectors include Advance Chemistry Cell (ACC) Battery; Electronic\/Technology Products; Pharmaceuticals; Telecom Networking Products; food items; speciality steel and white goods. I take this opportunity today to invite the companies from the ASEAN region to invest in India and benefit from the very large market that we have here, especially in the 13 sectors, which are covered under the PLI scheme, Patel said at EEPC India -India ASEAN Engineering Partnership Summit. On exports, the minister said as one of the largest destinations of Indian outbound shipments, ASEAN will be an important region for India, with an export target of USD 46 billion, in meeting the global export goal of USD 400 billion during the current fiscal. The government has set an export target of USD 400 billion for this fiscal and USD one trillion by 2027-28. ASEAN with over 15 per cent share in Indias global engineering shipments, is likely to be a key region of focus., she added. Speaking at the webinar, Riva Ganguly Das, Secretary (East), Ministry of External Affairs, said that an early review of the free trade pact in goods between India and ASEAN is key to realise the full potential of this pact. The ASEAN-India trade in goods agreement was signed on August 13, 2009, and entered into force on January 1, 2010. ASEAN countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
The country has already achieved a CO2 emission reduction of 28% over 2005 levels, against the target of 35% by 2030 committed in its Intended Nationally Determined Contribution (INDC) under the Paris climate change COP21 accord, Union power minister RK Singh said. Under INDC targets, India also wants to have about 40% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. To that end, India plans to have 450 GW of installed renewable energy capacity by 2030, up from the current level of 100 GW. If the 46 GW of hydroelectric power plants is included, 38.5% of India With the expected rebound in the demand for coal to meet the rising electricity requirement, carbon dioxide (CO2) emissions in the country in 2021 will be 1.4%, or 30 million tonnes, higher than the levels recorded in 2019, the International Energy Agency had said in a report in April. CO2 emissions in India in April was broadly on par with emissions in the European Union at 2.35 billion tonne, although they were two-thirds lower on a per capita basis and 60% below the global average. Emissions had dropped in 2020 as an effect of the countrywide lockdown to control the coronavirus pandemic.