Karnataka Here is the Karnataka government Institutional quarantine Karnataka re-imposed institutional quarantine for those arriving from Kerala following recommendations by the Covid-19 Technical Advisory Committee. According to the order, the state has observed employees and students from Kerala are repeatedly testing positive for Covid-19 despite carrying negative RT-PCR reports. Such cases are considerably high in Udupi and Dakshina Kannada. The decision was taken to keep in check the spread of Covid-19, especially following the surge in Kerala after Onam. Quarantine rules The quarantine guidelines, issued by Jawaid Akhtar, Additional Chief Secretary of the Health and Family Welfare Department, apply to all travellers from Kerala. However, only employees and students need to quarantine at institutional facilities for a week, while others are allowed to quarantine at home for the same period. RT-PCR reports The order issued on September 1 says that all employees and students from Kerala will need to furnish a negative RT-PCR report no older than 72 hours. The report is mandatory regardless of their vaccination status. The certificates will be valid for a week, which they will spend in institutional quarantine. The government has asked principals and administrators of educational institutions to make arrangements to quarantine students. Offices and companies have been directed to the same. The order said such persons should not be permitted to remain in home quarantine under no circumstance. The employees and employees will remain under strict supervision for a week, and their swabs sent for RT-PCR tests. Those spending quarantine at institutional facilities will be allowed to leave only after they return a negative RT-PCR report. Protocol for symptoms while in quarantine The government has asked employees and students in quarantine to self-assess and get an RT-PCR test done. They have also been directed to seek medical advice in case they experience symptoms. If a person in institutional quarantine tests positive, they would be shifted to a Covid Care Centre on a compulsory basis. People who had been in contact with the infected person undergo RT-PCR tests. Exemptions All those who are neither employees nor students working or studying in the state will be allowed to quarantine at home for a week after they arrive from Kerala. However, a negative RT-PCR test report is mandatory for everyone. Other exemptions – Short-term travellers leaving within a maximum three days – Students arriving for examinations with a parent each (returning within three days) – Transit passengers to and from Kerala – Healthcare professionals, constitutional functionaries, and their spouses – Emergency situations (death in family, treatment) – Children below 2 years
Jaipur-based AU Small Finance Bank (AU Bank) on Wednesday tried to allay concerns of investors and depositors with regard to top-level resignations in recent months, saying that it is a simple HR issue that the company management is trying to resolve. Concerns were raised over transparency issues as there has been a lag on part of the bank to make disclosure about the top-level resignations. In an early morning investor call, MD CEO Sanjay Agarwal said the bank has nothing to hide and there is nothing on the governance issue, and rather it was a simple HR issue that the management of the company is trying to resolve. On Tuesday, the bank had said that its Chief Audit Officer Sumit Dhir has expressed his desire to move back to his hometown Delhi, due to changes in his personal circumstances following the COVID second wave. Shares of the company witnessed a sharp decline of 12.64 per cent on Tuesday even as the broader market ended with significant gains. Shares of AU Bank were trading at Rs 1,156.65 apiece on BSE, up 2.29 per cent from previous close on Wednesday. However, the bank said Dhir continues to be on its rolls and is in discussion with him for a possible retention. Dhir was appointed as the Chief Audit Officer (Internal Auditor) of the bank for a period of three years from May 14, 2021 in place of Nitin Gupta. Gupta had resigned on March 3, 2021 from the post of Chief Audit Officer, the disclosure about which was made on April 30, 2021. Banks Chief Risk Officer Alok Gupta has also resigned from the bank. Earlier on August 28, the board of the bank approved the appointment of its Chief Operating Officer Deepak Jain as the Chief Risk Officer for three years, following the resignation of Alok Gupta. Alok resigned due to personal reasons, the bank said. In case of Alok, we started talking in the second week of July and for close to one month, we were in discussion with him about his retention and whatever we could do for him, and he (Alok) was also involved (in this). And then we decided that he cant stay on because of all sorts of reasons. I strongly believe that AU has a lot of talent, Agarwal said in the investor call this morning. He added that Aloks exit from the bank is in October, without putting a specific date to it. About Sumit, the MD CEO of the bank said that AU Bank has not yet accepted his resignation. On the disclosure part, Agarwal said: In my sense, we have done absolute compliance to regulatory disclosure. He said the foremost attempt of the bank is to retain talent and it would not be right to make the disclosures amidst such talks. We categorically want to confirm that there is not a single other resignation in the top-50 senior management team or the board of directors. The senior management team (top-50 has an average vintage of nearly 6.5 years with AU, the bank said. Meanwhile, domestic brokerage firm Emkay Global Financial Services in a note on AU Small Finance Bank said the bank needs to arrest top-level churn and bring more transparency. In our view, steadily rising asset quality concerns amid the COVID induced disruption, the series of resignations in the audit\/risk functions and delayed disclosure of these resignations have irked investors. We believe the resignations in audit\/risk functions may raise concerns about the sanctity of the books\/risk management practices, Emkay said. However, the management has tried to allay such concerns and indicated there were no red flags by the Reserve Bank of India (RBI) in its recently completed audit, it said further. A prospective investor during the call raked up the RBI audit issue and said that there was no disclosure on part of the bank about it. Agarwal said: As per the RBI regulation, we disclose anything within 24 hours if there is anything. We have already completed three years of our audit from the RBI and if we havent published anything, you are rest assured that there was nothing really alarming or material to be disclosed, for that is governed by the regulation. Banks gross non-performing assets (NPAs) or the bad loans were 4.3 per cent of the gross advances as on June 30, 2021. The net NPAs were at 2.3 per cent. The lender had posted a net profit of Rs 203 crore in the first quarter ended June of the current fiscal year 2021-22, up 15 per cent from a year ago. AU Small Finance Bank begun its operations from mid-April 2017, after converting itself from a Non-Banking Financial Company (NBFC) to a small finance bank (SFB).
Homegrown micro-blogging app Koo has crossed 10 million downloads since its launch in March 2020. The platform now has people from all walks of life The brainchild of serial entrepreneurs Aprameya Radhakrishna and Mayank Bidawatka, Koo has an India-first approach to building the platform. It has introduced a slew of technological features that enable more Indians to engage in online conversations, empowering them to express themselves freely through the platform. The social media platform is committed to thinking India-first and releases several features catering to Indians over the next few months. A Koo We have achieved 1 crore downloads now. Our growth in the future will be at an even faster pace than what we We are both humbled and excited to pave the way for homegrown digital companies to go global as India aspires to make the The Twitter rival has several prominent people on the platform and is now host to a plethora of Government departments and individuals who use it to showcase developments and share updates with people in Indian languages. The app facilitates active conversations as creators can express themselves and users can follow creators of their choice to create a customised feed. It is a one-of-a-kind, multi-lingual India-first platform. It has received appreciation from all quarters, having won the Aatmanirbhar App Innovation Challenge in 2020 held by the Indian government. It was also named Google PlayStore
Domestic steel giant Tata Steel will invest Rs 8,000 crore in capital expenditure on its India operations during the current financial year, the companys CEO and Managing Director T V Narendran said. The amount will be spent mainly towards completion of the expansion of the Kalinganagar plant, and expansion of mining operations and recycling business, he told PTI replying to a question related to Tata Steels plans for India business in the financial year 2022. This is in addition to the Rs 3,000 crore the company will spend on its European operations to make the business strong, sustainable and enhance product mix. Our capex will be broadly Rs 8,000 crore for India. We stand by that guidance. A lot of it will be going towards Kalinganagar expansion. We will also be spending on our raw material because we continue to expand our iron ore mining capabilities to support the Kalainganagar expansion. So, in raw material and Kalinganagar.we will cover this Rs 8,000 crore, Narendran said. Tata Steel is in the process to expand the capacity of its plant in Kalinganagar, Odisha, by five million tonne per annum (MTPA) to eight MTPA. Recently, the CEO informed that Tata Steel has outlaid a capital expenditure of Rs 3,000 crore for its operations in Europe. When asked if Tata Steel will explore markets to set up recycling plants and part of the Rs 8,000-crore capex will be utilised for the same, he said the company follows a different business model in scrap. It is in partnership, he added. Whatever we need to spend, it will be part of that; but we also have a different model operating in scrap. There are partners dealing to set up the facilities. They will set up, we will manage the quality and sell the steel. It will be a partnership model, he said. Narendran also said Tata Steel is looking at western and southern regions as more scrap is available there. We have to set up these facilities where more scrap is available. The work is being done by the team, he said. On August 18, Tata Steel announced commissioning its first steel recycling plant in Rohtak, Haryana. The plant, having an annual capacity of 0.5 MTPA, has been set up in collaboration with Aarti Green Tech Ltd as a build-own-operate partner.
RIL share price hit a fresh record high of Rs 2,383.80 apiece on BSE intraday on Friday, after the companys subsidiary Reliance Retail Ventures (RRVL) took the sole control of Just Dial with effect from September 1, 2021. Now, RRVL holds 40.98 per cent of the local search engine. Moreover, the oil-to-telecom conglomerate is scheduled to launch the JioPhone Next smartphone on Ganesh Chaturthi, 10 September 2021. Mukesh Ambanis Reliance Industries Ltd shares crossed the previous high of Rs 2,368.80, touched on 16 September 2020. In the past five days, RIL share price has surged 5.42 per cent, while it has rallied 14 per cent in one month. So far in the calendar year 2021, RIL share price has soared 19.71 per cent. In the last five years, RIL stock has delivered whopping 360 per cent returns to the investors. Reliance has reclaimed its record high after consolidating in a range for nearly a year. Analysts see RIL stock upbeat to carry this momentum. We suggest investors to hold their existing positions for the positional target of 2700+. For fresh short term buying, we recommend maintaining stop loss at 2250, Ajit Mishra, VP In traded volume terms, 4.20 lakh shares have exchanged hands on BSE, while 5.85 lakh units traded on NSE so far in the day. Analysts suggest investors to invest in RIL with a stop loss below Rs 2180, and a target of 2600+ in the next couple of quarters. Those who are already holding it can continue to hold it. Even averaging at this level is possible with said stop loss, Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express Online. Also read: Reliance aims at 100 GW renewable energy by 2030, bring hydrogen cost under $1, says Mukesh Ambani Technical analysts said that RIL stock is now in uncharted territory and grossly overbought. There can be two things. Short-term traders can use this up move to book profits and exit; or keep a trailing SL as they ride the momentum, Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research Advisory Services, told Financial Express Online. Vaishnav also added that medium-term investors can buy with a revised SL of Rs 2,250. On Friday, Mukesh Ambani at the International Climate Summit 2021 reiterated his commitment to invest Rs 75,000 crore over the next three years in green energy initiatives, including the Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres in Jamnagar. This will be amongst the largest integrated renewable energy manufacturing facilities in the world. (The stock recommendations in this story are by the respective research analysts and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)
The initial public offer of Vijaya Diagnostic Centre was subscribed 30 per cent on the first day of subscription on Wednesday. The three-day IPO received bids for 74,79,864 shares against 2,50,26,646 shares on offer, according to an update on the NSE. The portion meant for Qualified Institutional Buyers(QIBs) was subscribed 23 per cent, while those for non-institutional investors 1 per cent and Retail Individual Investors(RIIs) 46 per cent. The initial public offer (IPO) is entirely an offer for sale of up to 3,56,88,064 equity shares. The offer is in a price range of Rs 522-531 per share. Healthcare chain Vijaya Diagnostic Centre on Tuesday said it has raised a little over Rs 566 crore from anchor investors. At the upper end of the price band, the initial share sale is expected to fetch about Rs 1,895 crore. Vijaya Diagnostic Centre offers a one-stop solution for pathology and radiology testing services to customers through its extensive network, which consists of 80 diagnostic centres and 11 reference laboratories across 13 cities and towns in the states of Telangana and Andhra Pradesh, and the National Capital Region and Kolkata. ICICI Securities, Edelweiss Financial Services and Kotak Mahindra Capital Company are the managers of the offer.
Homebuyers are increasingly turning to reputed and listed developers with an established record to purchase their dream home, resulting in the market share of the top nine listed developers growing to more than 16% in FY21 from just 6% in FY17, credit ratings agency Icra said on Thursday. The long-term trend of consolidation in the market, which has been a result of evolving consumer preferences and a sustained increase in market share of large developers among recent launches, is likely to continue, it said. As the larger developers resume their launch of new projects, which had been temporarily impacted in Q1 FY2022, their share of sales is expected to continue to improve within the overall residential real estate sales, Icra said housing sales across the top eight cities fell 19% q-o-q to 68.5 million sq ft (MSF) in Q1 FY2022 due to the second wave of Covid-19 infections. The sequential drop comes on a high base of Q4 FY2021 (87.4 MSF), the second-highest sales since FY2012. However, residential sales more than doubled when compared to 33.7 MSF sales recorded in Q1 FY2021. With increased focus on vaccination and quicker reopening of economy, unlike last year, sales are likely to recover to the earlier levels in the short-to-medium term. This is due to the fact that despite significant disruptions in Q1 FY2022, the underlying demand trend has remained intact, driven by factors like multi-year low interest rates, demand for more residential space on account of shift to hybrid working models and pent-up demand, the agency said. These factors support healthy recovery in sales during H2 FY2022, with recovery aided to some extent by concessions on stamp duties and other incentives provided by certain state governments. Banga said the impact of the second wave has been lower than the first wave, due to factors like many salaried employees continuing to work from home, localised lockdown restrictions and a higher degree of certainty regarding future income levels and stability. The preference for bigger and better homes is also supporting second-home purchases which had remained low in the previous years. Though the second wave has dented the market following a good recovery curve in H2 FY2021, a similar recovery curve is expected in the second half of FY2022 as well,
In a significant step towards making the journey of passengers more comfortable and seamless, Delhi International Airport will offer excess baggage delivery service to the passengers. The Delhi International Airport Limited (DIAL) has recently launched the excess baggage delivery service called Avaan Excess to facilitate seamless movement of excess luggage to the desired location across the country, the Indian Express reported. The facility will help the passengers to deliver the excess baggage at an economical rate to the desired location across the country. How will Avaan Excess service work? Passengers can avail the service at the Avaan Excess service counter at terminal 3 of the international airport and get their excess baggage booked for delivery to its desired location. Passengers have also been provided two options for the delivery of the baggage. Passengers can either book the air transport route that will deliver the package within 72 hours or they can opt for the road transport delivery option that will deliver the baggage within four to seven days from the date of booking. While passengers who want to deliver some perishable item or who want instant delivery can opt for the air route, passengers who are in no hurry can opt for the road route which is cheaper than the former. Cost of Avaan Excess service If one has opted for the road route, one will need to shell out Rs 101 per kilogram of baggage(up to 7 kg) and Rs 67 per kilogram (up to 15 kg). The delivery charges via air route are slightly high with Rs 236 per kg (up to 7 kg) and Rs 183 per kg(up to 15 kg). With the launch of the Avaan Excess service passengers who are encumbered with their heavy luggage and ruining their sleep over it will be able to enjoy their journey in a hassle-free manner. So far as the safety of the excess package is concerned, the concessionaire providing the service is taking full responsibility for the safe delivery of the package and has also insured the same for the passengers. A DIAL spokesperson was quoted as saying that the Avaan Excess service will be provided by GATI, a premium logistics company which will also insure the baggage to enhance its safety.
Pensioners body Bharatiya Pensioners Manch has urged Prime Minister Narendra Modi to exempt pension from income tax to provide relief to the senior citizens in the country. In a letter shot off to the prime minister on August 25 this year, the body argued that if the pensions of the Members of Parliament and Members of Legislative Assemblies are not taxable, then why does the government levy income tax on the pension of retired employees. Every retired person is paid pension as a superannuation fund for his\/her livelihood on account of serving the nation for so many years. Now, the question is raised why the income tax is levied on pension (of retired employees). This is not an income for any service or work. If MPs and MLAs pension is not taxable, why our pension is taxed? the body stated in the letter. The body in its first all-India conference held at Shirdi (Maharashtra) on July 23, 2018 has resolved that pension should be exempted from income tax. Since then, this issue is continuously being raised by this organisation with the finance minister, but there is no response from the ministry, it stated. In the letter to the PM, the body added, Bharatiya Pensioners Manch urges upon you to kindly intervene into the matter and direct the Ministry of Finance to consider this long pending genuine demand of pensioners. An early and immediate action with a line of reply to this organisation will be highly appreciated. The body also stated that it wrote to the Minister of Finance on the issue on August 23, 2018, on December 14, 2018 and on February 25, 2021. Referring to their earlier letters written to the Minister of Finance, the body said, We are sorry to say that nothing has been done so far in this regard. The body also referred to an apex court order where the Supreme Court had held that pension is valuable right vested in a government servant and that the right to receive pension is a property under Article 31 of the Constitution. If it is denied to an employee, a writ of mandamus could be issued to the state to properly consider the claim of the pensioner for payment of pension according to law, it added referring to the SC ruling.
The Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvlTs) collect a large pool of funds from investors and invest the same in the realty\/infrastructure projects to generate income. So, their functioning is almost similar to mutual funds in India. How REITs InvlTs work REITs own and operate completed or under-construction properties which have the potential to generate income. The properties can be residential or commercial such as apartments, warehouses, offices, etc. Investors get regular income as well as long-term capital appreciation. The Securities and Exchange Board of India (Sebi) mandates REITs to invest at least 80% of their assets in completed and income-generating properties. The REITs are required to distribute 90% of their cash flow to shareholders and investors. REITs can also be placed into two categories The InvITs, on the other hand, own and operate huge infrastructure assets like bridges, highways, roads, pipelines, power plants, etc. and 80% of their assets are compulsorily invested in completed and revenue-generating projects. The InvITs also need to distribute 90% of their income to their investors Benefits of REITs and InvlTs By choosing REITs and InvITs, investors can participate in growing sectors like real estate and infrastructure without worrying about maintenance, title, stamp duty, and other expenses. These are new-age investment instruments helping investors to diversify their portfolios. These can generate a source of regular income through dividends and have the potential to provide attractive capital appreciation. Their ticket sizes are small, and the liquidity is much higher than a direct investment in the realty market or infrastructure project. Plus, Sebi regulates REITs and InvITs; therefore, the chances of fraud are lesser. As 80% of the corpus is invested in income-generating and completed projects, it also lowers the investment risk. Risks of investing in REITs\/ InvlTs Listed REITs and InvITs are market-linked instruments, so they can be highly volatile at times. As 90% of the income generated by the REITs is returned to the investors, reinvestments are lower which could weaken the prospects of capital appreciation. Moreover, an investment in the InvlTs involves greater risk as expected returns are based on predictions. The underlying projects also involve political or regulatory risks, and changes in the regulations may result in hurdles for the project. Many also prefer investments in REITs over InvlTs as the former are more liquid because of lower unit price, and investors are usually more familiar with the real estate sector compared to infrastructure. The 2021-22 Union Budget has made investing in REITs and InvITs easier. Sebi has also reduced the minimum application value. Earlier minimum application size for REITs and InvITs was Rs 50,000 and Rs 1 lakh, respectively. Now, it has been reduced to Rs 10,000- Rs 15,000, bringing them at par with equity IPO applications. Also, the reduced lot size has made them easily tradable on stock exchanges. The returns on REITs when the investment period is less than one year are considered short-term capital gains (STCG) and more than one year period are considered as long-term capital gains (LTCG). The STCG is taxed at 15%, whereas LTCG over and above Rs 1 lakh is taxed at a 10% rate. Apart from direct investments in REITs through the stock market, you can also invest in them through mutual fund schemes. If you think you have the required risk appetite and investing in REITs\/InvITs can help you achieve your financial goals, they can offer you a good option to diversify your portfolio. However, you should not hesitate to speak to your financial consultant about investing in this innovative asset class. You should also choose AAA-rated REITs and InvlTs and carefully evaluate the sponsors corporate profile and market standing before finalising your investment decision. The writer is CEO, BankBazaar.com