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The value of outstanding loans to large industries shrank for the 11th straight month in July 2021, showed data released by the Reserve Bank of India (RBI). Much of incremental growth in bank credit has been led by the retail segment as a trend of deleveraging among corporates continues. Analysts have attributed the shrinkage in credit to large industry to lower utilisation of sanctioned limits and reduction in exposures by banks. In a report on Wednesday, ICICI Securities said under-utilisation of limits, a modest demand outlook and rundown of exposure in few sectors have resulted in a fall in bank credit to industry. Last month, State Bank of India (SBI) chairman Dinesh Khara said sanctioned limits are still under-utilised to the extent of 25%. Similarly, banks with a significant presence in corporate lending, such as Bank of Baroda (BoB), have admitted to consciously running down some low-margin loans. Sanjiv Chadha, MD CEO of BoB, told FE in August that an abundance of liquidity has resulted in pricing pressure on the corporate side. Despite a low-interest rate environment, bank lending to corporates has not seen much traction. There may be an improvement in corporate lending trends in the months ahead, though. ICICI Securities said the demand prospects are improving. Pricing trends, too, are likely to improve, according to BoB Brownfield expansion is also going on, he said. A steep decline in bond market rates till July 2020 had led to a narrowing of the spread between bank funding and bond rates, but bond yields seem to be trending upwards now, KIE analysts wrote in a report.
Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 closed the day with gains amid positive global cues. SP BSE Sensex ended the day 403 points or 0.73% higher at 55,958 points while the NSE Nifty zoomed 0.78% to close at 16,624. Bank Nifty marched higher today, gaining 1.67% to end at 35,712 points. The overall market momentum was positive with broader markets participating in the up-move after days of underperformance. India VIX closed with losses. Bajaj Finserv was the top Sensex gainer, jumping 7.9%, followed by Tata Steel, Tech Mahindra, and Bajaj Finance. Nestle India was down 1.34%, as the only Sensex stock to fall over 1% on Tuesday. This was followed by Infosys, HDFC, and HCL Technologies.
Coimbatore-based automotive components manufacturer Pricol Ltd. has entered into a strategic alliance with human-machine interface (HMI) tool provider Candera. The partnership will allow Pricol to work on the next-generation connected driver information systems (DIS) for a wide range of vehicles. As vehicles become smarter by the day and the landscape is shifting towards EVs, the need for a clear and concise interface between man and machine is more apparent. Pricol has been working towards adopting the next-generation technologies and systems like powerful multi-core processors, larger displays, CGI studio, ASPICE, AUTOSAR, ISO26262, and Over the Air (OTA) updated, vehicle tracking, remote diagnostics, predictive maintenance and more. Pricol has years of expertise in making DIS and Sensors, Pumps and Allied Products, Telematics and Wiping Systems while Candera has a capable GUI software that works with both 2D and 3D elements. Commenting on the alliance, Vikram Mohan, managing director, Pricol Limited said, Our DIS products have immensely seen advancements in through their visually impactful Graphics (2D) content, high demand in customer convenience and ease of understanding information. Pricol had been looking for a suitable partner to design and develop HMI solutions collaboratively. Candera brings in CGI Studio and a HMI solution tool which supports in designing 2D \/ 2.5D \/ 3D graphics and assists the HMI designer with WYSIWYG (What You See Is What You Get), thus easing the graphics design tasks. We are delighted to be partnering with Candera to enhance our capability to deliver Next-Generation Connected High-End Thin Film Transistor (TFT) based Digital Information Archiving System (DIAS) (single and multi-display) that meet our customers ever evolving technological needs. This MoU now takes our alliance to the next level and we
Eminent Bengali writer Buddhadeb Guha, author of many notable works such as `Madhukari (Honey Gatherer), died on Sunday. He was 85. Guha, died of post-covid complications at a private hospital here on Sunday at 11:25 pm after a massive cardiac arrest, his family said. The writer, whose works of fiction reflected his closeness to nature and forests of eastern India, was suffering from post-Covid complications and had been hospitalised earlier this month after complaining of breathlessness and urinary infection, his family said. He had earlier suffered from Covid-19 in April and had been hospitalised for 33 days. Guha was predeceased by wife, eminent Rabindra Sangeet exponent Ritu Guha in 2001, leaves behind two daughters. Born on June 29, 1936 in Kolkata, Guha had spent his childhood in Rangpur and Barisal districts of East Bengal (now Bangladesh). His childhood experiences and travels left a deep imprint on him , which were reflected in his works later on. His novels and short stories have been highly acclaimed by critics, winning him fans across the sub-continent and several awards including Ananda Purashkar in 1976, Shiroman Purashkar and Sharat Puraskar. His important works besides `Madhukari, include `Koeler Kachhe (Near the Koel bird) and `Sobinoy Nibedon (Humble Offering). An award-winning Bengali film Dictionary was made based on two of his works – `Baba Howa (Being a Father) and `Swami Howa (Being a Husband). He was also a popular childrens writer creating the fictional character Rijuda, a hunter-turned-conservationist and his side-kick Rudra. Said Rupa Majumdar, Editor of Nabakallol and Shuktara magazines and director of publishing house Dev Sahitya Kutir, whose magazine recently serialised Guhas childhood memories in story form He was a colossus, a literary star people used to come just to watch him when he would visit our stall at any book fair. His books, some of which we published, were all best-sellers. Added Sabitendranath Roy, author, publisher and a friend of Guha He was a great writer and good friend. We used to enjoy his `addas (conversations). Whenever we met our chats always ended with his singing . he was god-gifted in many ways. Majumdar said it was the duty of the publishing world and his heirs to have his works translated into other languages including English so that the world at large realises his genius, which is so well recognised in Bengali literature. A successful charted accountant, Guha was also noted classical singer and a proficient illustrator. Buddhadev Guha is no more. He was blessed as to be one with the Divine on the night of Janmashtami (Lord Krishnas birthday) 2021. Do join his family and friends in celebrating his life, his elder daughter Maleni B Guhaa posted in social media.
Amazon is planning to hire more than 8,000 direct workforce across 35 cities in the country this year across corporate, technology, customer service and operations roles, according to a top company official. We have more than 8,000 direct job openings across 35 cities in the country, including cities like Bengaluru, Hyderabad, Chennai, Gurgaon, Mumbai, Kolkata, Noida, Amritsar, Ahmedabad, Bhopal, Coimbatore, Jaipur, Kanpur, Ludhiana, Pune, Surat. These job opportunities are spread across corporate, technology, customer service, and operations roles, Amazon HR Leader – Corporate, APAC, and MENA Deepti Varma told PTI. She further noted that were also hiring for machine learning applied sciences. We are hiring in support functions like HR, finance, legal. quite a lot of them, which are there, she added. She said the company aims for 20 lakh job openings, both direct and indirect, by 2025, and has already created 10 lakh direct and indirect jobs in India. Even during the pandemic, Amazon gave jobs to 3 lakh people, both direct and indirect, and made the entire hiring process virtual, she stated. Meanwhile, as Amazon is growing in India and has plans to hire in big numbers, the company plans to showcase itself as an exciting place to work through its first-ever Career Day in India on September 16. This virtual and interactive event will bring together Amazon leadership and employees to share what makes Amazon an exciting workplace, what it is like to work here and how the company is steadfast in its commitment to help India unleash its true potential in the 21st century, Varma said. Besides, she said, the multiple global and India-focused sessions in the event, 140 Amazon recruiters will conduct 2,000 free, one-on-one career coaching sessions with job seekers across the country. The recruiters will offer advice on how to approach the job search process effectively, resume-building skills, and interview tips that will help candidates in their search for right jobs, she said. Currently, Amazon employs over 1 lakh professionals across diverse areas like engineering, applied sciences, business management, supply chain, operations, finance, HR to analytics, content creation and acquisition, marketing, real estate, corporate security, video, music and many more, Varma said. India is the second-largest technology hub for Amazon with Indian talent innovating for not just India, but also globally, noted Varma. We are just getting started, and we are seeking passionate builders out there to join us in this once-in-a-lifetime opportunity to digitally transform India. This Career Day, we look forward to sharing our long-term commitment to tapping into Indias potential in the 21st century, and career opportunities to empower and enable this legacy, Amazon India Global Senior Vice President and Country Head Amit Agarwal added in a statement.
As festive season began with Onam, so has the advertising blitzkrieg, add to that the upcoming second leg of the Indian Premier League (IPL) in UAE and ICC T20 Cricket World Cup. In all, advertisers are expected to spend anywhere in the range of Rs 27,500 – Rs 34,500 crore, this is a 10-15% increase from the last festive season. Sporting events, elections, coupled with big ticket properties such as Kaun Banega Crorepati (KBC), Bigg Boss, Saregama, among others, will enable growth of the TV medium. Meanwhile, OTT platforms will be the key driver for the growth of digital as many shows are being launched on these platforms first, However, last year was a tad different. The lockdown between March to June, last year forced advertisers to shift the spending to the second half of the year. This resulted in 55-60% of the overall budget being spent during the second half of 2020. This year too, the second half will see anywhere around 60% of the overall ad spends for the year, Dwibedy said, adding that advertisers from telecom, food, e-commerce, e-pharma, edtech, fintech, and digital wallet payments are expected to up their spending. Interestingly, BARC India To give perspective, June 2021 registered six percent growth in ad volumes over June 2019 with a total of 1,839 advertisers and 3,074 brands advertising on television. H1,2021 too witnessed higher growth with 12% and 37% increase in ad volumes when compared to 2019 and 2020, respectively. Last year, post the first wave, the ad revival was primarily driven by the large FMCG clients, however this time around it Also with the pricing holding strong, I expect ad revenues to grow in strong double digits while volume growth would be in mid single digit, Compared to 2019 For Shashi Sinha, CEO, IPG Mediabrands, broadcasters will benefit if they start selling TV and OTT together. As for digital, when compared with Onam last year, this year ad insertions have grown by 44%. As per industry experts, digital ad spends are estimated to see a rise of anywhere between 25-30% on the back of IPL, ICC T20 World Cup as well as the OTT first premium properties. The equity driven campaigns largely ride on premium properties such as IPL and Bigg Boss OTT while the sales driven advertisers will opt for e-commerce space such as Amazon, Flipkart, Currently, e-commerce commands close to 25-30% of total digital spends but during the festive season it is likely to increase to 40-45%. The rest will be directed towards video platforms including social media platforms. From a broader perspective, e-commerce and video platforms will account for 80% of the total digital ad spends while the remaining 20% will be spent towards content or display ads. Read Also: Beauty e-commerce platforms and brands take the next step towards digital transformation; posts a rise in sales Follow us on Twitter,Instagram,LinkedIn,Facebook
The Assam government on Tuesday signed a memorandum of understanding (MoU) with microfinance lenders for implementation of the microfinance relief scheme for the microloan borrowers in the state. Chief minister Himanta Biswa Sarma on June 18 announced the special relief for microfinance customers and shared the broad contours of the scheme. Speaking on the MoU signing occasion in Guwahati on Tuesday, Sarma said the scheme, Assam Micro Finance Incentive and Relief Scheme (AMFIRS), 2021, would involve Rs 12,000 crore credit portfolio, out of which the state government would be required to expend around Rs 7,200 crore. There were 14 lakh microfinance borrowers in the state upto June, 2021, he informed, according to a release issued by the Chief Minister According to a release from microfinance industry body MFIN, as many as 37 microfinance lenders signed the MoU with the Assam government for joint implementation of the relief scheme. The MoU laid down duties and responsibilities of the two parties After the special relief announced on June 18, lenders had welcomed it as it is a one-time relief to the stressed customers and not a debt waiver. The scheme will provide incentive to clients who are regular in repayments and help overdue clients become regular. Speaking on the development, Alok Misra, CEO and director, MFIN, said, Significantly, although collection efficiency for microloans has been improving on pan-India basis amid Covid-19 pandemic, Assam is still lagging behind.
Darjeeling Himalayan Railways: Pride moment for Indian Railways! Recently, the United Nations Educational, Scientific and Cultural Organization (UNESCO) has launched a stamp on the Darjeeling Himalayan Railway. Among a few world heritage sites, the iconic Indian Railways Darjeeling Himalayan Railway (DHR) attracts tourists from all over the world. The national transporter has resumed Darjeeling Toy Train services from 25 August 2021 (Wednesday). According to the Northeast Frontier Railways, Train Number 52541\/52540 New Jalpaiguri – Darjeeling – New Jalpaiguri consist of three coaches including, one FCZ, one VS and one Parcel Van. The train runs daily as per following schedule: Train Number 52541 departs from New Jalpaiguri at 10:00 AM, halts at Siliguri Junction railway station at 10:25 AM, halts at Sukna station at 11:00 AM, Rangtong railway station at 11:34 AM, Tindharia railway station at 12:40 PM, halts at Gayabari railway station at 1:13 PM, Mahanadi station at 1:41 PM, Kurseong railway station at 2:20 PM, Tung station at 3:00 PM, Sonada railway station at 3:45 PM, Ghum at 4:35 PM, and arrives at Darjeeling station at 5:20 PM. Train Number 52540 departs from Darjeeling railway station at 8:00 AM, halts at Ghum railway station at 8:30 PM, halts at Sonada railway station at 9:15 AM, Tung station at 9:54 AM, halts at Kurseong railway station at 10:30 AM, Mahanadi railway station at 11:10 AM, Gayabari station at 11:41 AM, halts at Tindharia railway station at 12:17 PM, Rangtong station at 1:25 PM, Sukna station at 2:00 PM, Siliguri Junction railway station at 2:32 PM, New Jalpaiguri at 3:15 PM. A few days ago, the national transporter resumed Darjeeling Himalayan Railway Joy ride services between Darjeeling and Ghum for tourists and passengers.
Shiprocket, the tech-enabled logistics and fulfillment platform, has announced the appointment of Atul Mehta as its chief operating officer (COO). In this role, Mehta will be heading Shiprocket Outside these core responsibilities, he will work with the founding team to drive innovation and build long-term strategies, the company said in a statement. Having joined Shiprocket in July 2021, Mehta has over 16 years of experience across PL management, brand ownership, category management, operations, product, sales, and marketing. He moves to Shiprocket after a four year stint at Amazon where he served as the head of strategic partnerships and new business initiatives and played a pivotal role in scaling the Amazon Pantry from one city to a PAN India program. Prior to this, he has served in a senior leadership role at the multinational consumer goods company Unilever where he led the toothpaste brand Pepsodent for India. Shiprocket The next decade belongs to millions of entrepreneurs – D2C brands and SMB sellers. We have an opportunity to be the core engine that is driving this entrepreneurship. This will require a mix of innovation, people leadership, and high-quality execution. Given Atul I look forward to a long-lasting stint and driving the company towards greater heights, Read Also: 22% of customers expect brands to send marketing emails every fortnight: Report Follow us on Twitter,Instagram,LinkedIn,Facebook
Microsoft has warned that it would withhold Windows 11 updates and even security patches from users who instal an ISO file to upgrade to the latest version of Windows, The tech giant had previously said it would not block millions of users with older CPUs from installing Windows 11, and had suggested downloading and manually installing the ISO file. While the company did not mention the caveat during its original briefing, Microsoft has since told It The company has often extended support, including free patches, even after shelving an operating system. It is likely that Microsoft is discouraging people from thinking that it would offer warranty and technical support for every PC configuration in order to avoid legal challenges in the future. The refusal of Microsoft to issue a clarification suggests it is happy for users to take its The business side of the threat also cannot be discarded. After all, Microsoft is a multinational company with a ubiquitous presence in the personal computer space. It would want as many users to upgrade their systems to make use of the new operating system. Microsoft floated the idea of a loophole to placate some of its vocal users who are unwilling to surrender their old hardware. However, if that loophole got in the way of the company making a handsome profit, it is within its rights to make that loophole less attractive.