DC vs LSG Preview: Delhi eye collective batting effort, Lucknow aim to shake off overdependence on KL Rahul

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Butter has gone away from Maruti’s ‘bread and butter’ segment, small cars: RC Bhargava

The small car market, which is the ‘bread and butter’ for Maruti Suzuki India, is shrinking and the ‘butter’ from the segment has gone away with only bread left now, Chairman of the country’s largest carmaker RC Bhargava said on Friday.

With the rising cost of vehicles due to various factors, including new regulations, high taxes, and a rise in commodity prices making entry-level cars more expensive, Bhargava said a set of customers at a certain end of the market is getting squeezed out because of higher costs.

This, he said, is making the company “adjust to the market conditions and do what we can, to the best of our abilities in the circumstances which exist.” Addressing a virtual earnings call conference, Bhargava said over the last three years the market at the lower end, for people who either use two-wheeler or use entry-level hatchbacks for commuting, has been shrinking significantly.

Terming the trend as “worrying” he pointed out that in 2021-22, the hatchback segment clocked the sales of 11.5 lakh units as compared to 15.5 lakh units sold in 2018-19, down by over 25 percent. “What has happened is that the small cars used to be the bread and butter (but) I am afraid, the butter has gone away, now it’s only bread. There’s no butter left in the small car market anymore,” Bhargava said. There seems no likelihood of this part of the market reversing substantially in the near future, he added.

When asked about the company’s plans to overcome the challenge, he said, “We have to take note of what the customer wants and what the market is doing. As you are aware, we are launching vehicles in other segments and the bigger segments, also including the SUVs.” With the company’s market share going down to 43.4 percent in FY22 as a result of the decline in small car sales, Bhargava, however, asserted that Maruti Suzuki “will again strive to get out 50 percent market share, but we will have to change some things in our product strategy and we are doing that and will continue to do that.” Explaining the reasons behind the shrinking of the small car market, Bhargava said, “I think that there is no doubt that because of regulatory changes, taxes by state governments, increase in prices of commodities, the prices on the lower end of the market have increased.” A lot of consumers in this segment are now unable to afford personal transportation, he added.

On being asked if the decline in small car sales was not a case of customers upgrading and opting for bigger vehicles as seen in the increase in the number of SUV sales, he replied in the negative.

“Only the SUV segment has gone up but other segments have not gone up… but the (sales of) sedans have gone down. It is not as if there are more customers in the market. The people with money are able to buy cars because they can pay the higher prices. The people with limited incomes are not able to buy even a two-wheeler that’s the reality today,” he asserted.

In fact, he added, the overall passenger vehicle sales in 2021-22 in the domestic market were still lower than what they were in 2018-19 “because the hatchback segment has declined” although the sales of SUVs have gone up.

Stating that policymakers and others need to take note of what is happening at the lower end of the market, Bhargava said there is a question on whether people with low income would be able to get personal transportation or would they have to give it up “and personal transport should now move up only to the people in the ‘have’ category.” “So these are issues that needs to be debated,” he added.

On the steps needed to reverse the decline in the small car segment, he said it would depend on whether state governments recognize the importance of this segment or not, and make adjustments to their tax policies for small cars, and also on the Centre doing the same thing in regard to this matter.

“It depends on how the commodity prices move, which can lead to a reduction in the cost of small cars. It also depends on Maruti Suzuki, as to how well we are able to make changes and improvements which will lead to a reduction in the cost of production of small cars to some extent. All of us have to work together if this segment is to grow,” he said, adding it requires concerted action by all.

On electric vehicles, Bhargava said the segment is still nascent and when Maruti Suzuki enters it by 2025 it is “coming in probably at the right time for this product, by which the technologies will be a little bit more assured and reliable and some of the problems that EVs are having at present hopefully will disappear by then.” When asked if the company’s EV would be priced below Rs 10 lakh, he declined to give a straight answer but added “I do not think you are going to get EVs coming in under Rs 10 lakhs in a hurry.” 

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In a Cold War throwback, Russia’s movie theaters are turning to pirate screenings.

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Neetu Kapoor, Riddhima Kapoor remember Rishi Kapoor on second death anniversary: ‘It was difficult and painful’

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PM bats of use of local languages in courts

Prime Minister Narendra Modi on Saturday made a strong pitch for use of local languages in courts, contending that it will increase the confidence of common citizens in the justicse system and they will feel more connected to it.

“We need to encourage local languages in courts. This will not only increase the confidence of common citizens in the justice system but they will feel more connected to it,” Modi said addressing a joint conference of chief ministers and chief justices of high courts here. The prime minister also appealed to chief ministers to repeal outdated laws to make delivery of justice easier.

“In 2015, we identified about 1,800 laws which had become irrelevant. Out of these, 1,450 such laws of the Centre were abolished. But, only 75 such laws have been abolished by the states,” he said.

Prime Minister Modi said as India celebrates the 75th anniversary of Independence, focus should be on creation of a judicial system where justice is easily available, is quick and for everyone.

“In our country, while the role of the judiciary is that of the guardian of the Constitution, the legislature represents the aspirations of citizens. I believe that the confluence of these two will prepare the roadmap for an effective and time-bound judicial system in the country,” he said

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South Africa’s latest Covid-19 surge blamed on omicron mutant

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‘Ye cheez badi hai Musk, Musk’: Amul reacts to Twitter deal with new doodle

The world can’t stop talking about Elon Musk taking over the popular social networking site Twitter and so is Amul. The dairy brand is known for its creative graphics and wordplay over important socio-political events, and trending issues didn’t miss out on the biggest news of the business world this week too. This time the subject is a business magnate and the richest man on earth, Elon Musk, and his $44 billion deal.

Amul took to the micro-blogging site and Instagram to share a witty topical doodle on Musk’s acquisition on Twitter. The doodle shows Musk sitting on a chair with a laptop bearing the Tesla logo, while feeding the Twitter bird with a spoon, resembling it is all his now.  The topical is titled, “Ye cheez badi hai Musk, Musk,” referring to the popular Bollywood song, ‘Tu cheez badi hai mast, mast.’ Alongside this, the text inside the doodle read “Share it, don’t have it Elon.” Amul said “Billionaire buys Twitter for $44 billion!” along with the post.

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A post shared by Amul – The Taste of India (@amul_india)

Since being posted the post gathered more than 50 thousand likes on Instagram and several retweets as well. One of the users commented, “Don’t give him ideas he will buy Amul and make Amul Muska”

This is not the first time Amul reacted to Elon Musk and his fascination with Twitter with doodles. Earlier this month, when the rumors of Musk acquiring Twitter were rife, Amul shared a topical where a figure resembling Musk is trying to woo the Twitter blue bird to get inside a cage, with the texts reading “Elon flexes his Muskles?” and “Amul takes over bread daily.”

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Twitter confirmed the sale of the company to Tesla and SpaceX CEO Elon Musk for USD 44 billion on Monday. Twitter CEO Parag Agrawal in his statement said “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”

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All organisations must report cybersecurity breaches within 6 hours: CERT-In

CERT-In has asked all government and private agencies, including internet service providers, social media platforms and data centres, to mandatorily report cyber security breach incidents to it within six hours of noticing them.

The new circular, issued by the Indian Computer Emergency Response Team (CERT-In), mandates all service providers, intermediaries, data centres, corporates and government organisations to mandatorily enable logs of all their ICT (Information and Communication Technology) systems and maintain them securely for a rolling period of 180 days, and the same shall be maintained within the Indian jurisdiction.

The log should be provided to CERT-In along with reporting of any incident or when directed by the computer emergency response team.

The move will help in fighting cyber crime more effectively, minister of state for electronics and IT Rajeev Chandrasekhar said in a tweet, asking all companies and enterprises “must mandatorily report cyber incidents to IndianCERT”.

CERT-In is empowered under section 70B of the Information Technology Act to collect, analyse and disseminate information on cyber security incidents.

CERT-In said that during the course of handling cyber incidents and interactions with the constituency, it has identified certain gaps causing hindrance in the analysis of breach incidents.

“To address the identified gaps and issues so as to facilitate incident response measures, CERT-In has issued directions relating to information security practices, procedure, prevention, response and reporting of cyber incidents under the provisions of sub-section (6) of section 70B of the Information Technology Act, 2000. These directions will become effective after 60 days,” Cert-In said.

According to the latest order, data centres, virtual private server (VPS) providers, cloud service providers and virtual private network service (VPN Service) providers need to register the accurate information related to subscriber names, customer hiring the services, ownership pattern of the subscribers etc, and maintain them for five years or longer duration as mandated by the law.

“Many times during LEA (Law Enforcement Agency) requests and investigations, we have seen cases of non-storage or availability of data and proper records with intermediaries and service providers. These guidelines will streamline the date records to be maintained and proper reporting of security incidents to CERT-In,” said Jiten Jain, Voyager Infosec director of digital lab.

There have been several incidents of data breach in Indian entities that have led to leak of personal data of crores of individuals. Some companies continued to ignore alerts by cyber security researchers and acted only after the data was made public.

“End-user has the right to know if their data is loaded so that an individual can protect himself from fraud transactions, fake loans, ID misuse etc. Government should also force companies to inform their users within 24 hours of the incident. Neither CERT-In nor companies inform users. We saw a lot of data breaches last year. None of them informed their users. As a result, cyber crime, financial frauds and ID misuse have spiked,” cyber security researcher Rajshekhar Rajaharia said.

He said that users are still unaware if their KYC (Know Your Customer) and financial data is safe or not.

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Kamal Nath quits as CLP leader in Madhya Pradesh, Congress replaces him with Govind Singh

Senior Congress leader Kamal Nath resigned as the Congress Legislature Party (CLP) leader in Madhya Pradesh on Thursday, with Govind Singh succeeding him in the post. Nath’s resignation was accepted by party president Sonia Gandhi keeping in view the party’s ‘one person-one post’ policy.

The senior Congress leader will, however, continue to be the president of the Pradesh Congress Committee in Madhya Pradesh. Nath has been a former chief minister of Madhya Pradesh and a former union minister.

“The Congress president has accepted your resignation from the post of Leader, Congress Legislature Party (CLP), Madhya Pradesh with immediate effect. The party wholeheartedly appreciates your contribution as the CLP leader, Madhya Pradesh,” a communication from AICC general secretary K C Venugopal said.

“The Congress president has also approved the proposal to appoint Dr Govind Singh as the leader of Congress Legislature Party, Madhya Pradesh,” the statement further said.

Singh is the MLA from Lahar in Bhind district of the state. Assembly elections in Madhya Pradesh are slated for 2023. The Congress has initiated changes in many state units.

It revamped its Haryana unit on Wednesday by appointing Udai Bhan, a loyalist of former chief minister Bhupinder Singh Hooda, as state unit president, besides four working presidents.

Prior to that, the party restructured its Himachal Pradesh unit by appointing its Mandi Lok Sabha MP Pratibha Virbhadra Singh, wife of former chief minister Virbhadra Singh, as the new president, along with four working presidents.

(With PTI inputs)

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Arvind Kejriwal lauds Atishi for UNGA speech, says world looking at Delhi for solutions in urban governance

After AAP leader Atishi addressed the United Nations General Assembly (UNGA), Chief Minister Arvind Kejriwal praised her on Friday and said the world is looking at Delhi for solutions in many areas of urban governance.

In her address, Atishi, who is an Oxford graduate, highlighted the governance model of the Aam Aadmi Party (AAP). “A moment of pride for India. Delhi and AAP make Indians proud. The world is now looking up to Delhi for solutions in many areas of urban governance. We all will learn from each other to make world a better place,” Kejriwal said in a tweet while re-tweeting a post by Atishi containing her speech at the UNGA. Kejriwal, who is the national convenor of the AAP, also congratulated Atishi for the feat.

“Well done Atishi. This is a very proud moment. Many congratulations on making the world aware of the potential of the country, including the sentiments of the people of Delhi and the nation on such a big international platform. The nation wants such progressive thinking. India now wants to move forward,” he said in another tweet in Hindi.

Previously too, the AAP government’s mohalla clinic initiative and reforms in school education had earned accolades internationally. Atishi shared the video of her speech at the UNGA on Twitter and said the “Delhi model” can offer insights for solving problems.

“An honour to present the transformation brought about in Delhi, by the @ArvindKejriwal govt, before the @UN General Assembly. I believe that the ‘Delhi Model’ can provide insights for solving problems faced by many countries across the world,” the Kalkaji MLA said in a tweet.

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F&O expiry: Nifty daily time frame chart forms ‘triangle’, may soon hit 17450; Bank Nifty support at 35500

By Sameet Chavan

The global markets did extremely well last night and early this morning as well. As a result, our markets started the day with a strong bump up almost at the 17200 mark. However, without wasting much of a time, NSE Nifty 50 came back to its equilibrium to match with what SGX Nifty was indicating. The Nifty almost corrected nearly 100 points from opening high and almost tested 17050. The mighty bulls pounced on this opportunity and grabbed it with both hands. Markets took a U-turn thereafter and with the help of a broad-based buying in the latter half, Nifty hastened towards 17300. Eventually, with some expiry adjustments, Nifty ended the April series on a promising note around the 17250 mark.

In the last week and a half, our markets have shown some resilience in comparison with most of the global peers. This is an indication of the inherent strength and hence, the moment we see some relief globally, our markets would be the first one to take a leap. We continue to remain hopeful as long as 16900 – 16800 are defended successfully. Now with the last two weeks of range bound movement, the daily time frame chart exhibits a ‘Triangle’ pattern and prices are inching closer to its apex point. Hence, the breakout in either direction is imminent.

As of now, we expect it to happen in the northward direction where 17400 – 17450 are the levels to watch out for. The moment we surpass this, we could see a lot of individual stocks participating in the next leg of the rally. For Bank Nifty, the levels to watch out for would be 36700 – 37000 on the higher side and the sacrosanct support zone is placed at 36000 – 35500.

During the series, we observed some short formation, but it seems most of them are out of the system now. Rollover in Nifty and Bank Nifty stood at 78% and 85% respectively, which is on the lower side if compared with three-month average. Stronger hands added bearish bets throughout the series and have rolled over these positions. Their ‘Long Short Ratio’ is at 35%, which clearly hints they are oversold now. Going ahead, it would be very interesting to see their action, any covering shall be a very encouraging sign.

Most of the key indices are placed at a crucial juncture and they are waiting for some trigger to make a move. We hope to witness a much-awaited breakout in the early part of May series which will certainly bring back the wider smile in traders’ fraternity.

(Sameet Chavan is a Chief Analyst-Technical and Derivatives at Angel One. Views expressed are the author’s own. Please consult your financial advisor before investing.)

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James Corden Announces He’s Leaving Late Night

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An Art That Has ‘Always Been Here’

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‘That’s how to battle climate change’: Anand Mahindra appreciates India’s first ‘carbon neutral panchayat’

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Cash-strapped Nepal bans imports of cars

Nepal banned imports of cars, alcohol, tobacco and other luxury items Wednesday and shortened its workweek to help conserve its dwindling supply of foreign exchange.

A notice published in the government gazette said only emergency vehicles can be imported. No imports of any type of alcohol or tobacco products, large-engine motorcycles and mobile phones costing over $600 dollars will be allowed.

The ban, in effect until the end of the fiscal year in mid-July, also forbids imports of toys, playing cards and diamonds.

Without such drastic measures, the foreign currency reserves needed to import almost everything will last only a few more months, officials said.

Nepal’s main sources of foreign currency are tourism, remittances from overseas workers and foreign aid.

Hundreds of thousands of foreign tourists usually visit the Himalayan country every year, but the number of visitors plunged during the coronavirus pandemic.

Rising prices for oil have added to pressure on Nepal’s foreign reserves. So to conserve fuel, Information Minister Gyanendra Karki announced Wednesday that the government would reduce the work week from five and a half days to five.

However the crisis is already easing, he said, as tourists resume visits and more Nepalese go overseas to work, sending their earnings home.

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Spelling Bee Forum

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Amid Congress show of strength, Alka Lamba appears before cops

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Bengaluru records highest growth in office rental values; Delhi-NCR becomes 9th most expensive market

Knight Frank, in its recent edition of the Asia-Pacific Prime Office Rental Index for Q1 2022 noted that amongst all cities of the region, Bengaluru saw the highest growth in rental values in the first quarter at 5.8 per cent in Q1 2022 as compared to the previous quarter.

The APAC regional index registered an increase of 0.8 per cent quarter-on-quarter (QoQ), rising by 0.3 per cent in the preceding quarter, as most countries in the region are now opening up for global business leading to stability in economic activities. The overall index is up 0.2 per cent year-on-year.

Of the 23 cities tracked by Knight Frank’s Asia-Pacific Prime Office Rental Index, 21 cities recorded stable or increasing rents in Q1 2022, as compared to 13 in the previous quarter.
 
Hong- Kong SAR continued to be Asia’s most expensive office market with a cost at US$ 186/sq ft/year.

Delhi-NCR was the 9th most expensive market at US$ 60/sq ft/year (Rs 376/sq ft/month).

While Mumbai at US$ 50.9/sq ft/year Rs318/sq ft/month) and Bengaluru at US$ 26.7/sq ft/year Rs167/sq ft/month) held positions of 15th and 21st positions in terms of most expensive office locations respectively.

This is despite a turbulent Q1 with accelerating inflation and the Russian invasion of Ukraine weighing down on market sentiment. Vacancy rate, declined for the second consecutive quarter, is at 13.1 per cent in Q1 2022 for the APAC region. This should start to reduce further as more Asia-Pacific markets start to open their economies and employees steadily return to work in the CBDs.

Bengaluru

With an increase of 5.8 per cent, Bengaluru was the best performing prime office market in the APAC region in terms of rental growth in the last quarter. According to APAC Prime Office Rental Index, the current occupancy cost for prime office in Bengaluru was stated to be US$ 26.7/sq ft/year.

With the change in the COVID – 19 protocols, which are now leading more and more companies to call back their employees, there has been an uptick in transaction activities in the city. Adding to that, new completions have been deliberately kept low, keeping the values intact in the city. The city is expected to see an upward trend in its rental value over the next 12 months. Bengaluru currently has an office inventory of 17.5 mn sqm with a vacancy level of 12.6 per cent.
 
Delhi-NCR

The prime office market of Delhi-NCR witnessed no change in rental values in Q1 2022 over the previous quarter, however recording an annual rental value growth of 1 per cent in Q1 2022. According to APAC Prime Office Rental Index, the current occupancy cost for prime office space in Delhi-NCR was stated to be US$ 60.1/sq ft/year (Rs 376/sq ft/month). The rental value is expected to remain stable over the next 12 months. Delhi-NCR currently has an office inventory of 16.3 mn sqm with a vacancy level of 14.7 per cent.
 
Mumbai Metropolitan Region (MMR)

The prime office market of the MMR witnessed a de-growth of 1.9 per cent in Q1 2022 on an annual comparison. The rental values remained stable over the previous quarter in Q1 2022. According to APAC Prime Office Rental Index, the current occupancy cost for prime office market of MMR was stated to be US$ 50.9/sq ft/year (318/sq ft/month). The rental value is expected to remain stable over the next 12 months. MMR currently has prime office inventory of 14.6 mn sqm with a vacancy level of 20.6 per cent.

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Singapore Executes Drug Smuggler Despite Concerns Over Mental Disability

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High oil prices behind inflation in India, monetary tightening needed: IMF

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Heatwave in Delhi: National capital braces for extreme heat, yellow alert issued

On the precipice of another punishing heatwave spell, Delhi is predicted to see a jump of two to three degrees Celsius in the maximum temperature on Wednesday. The Safdarjung Observatory — Delhi’s base station — had recorded a maximum temperature of 40.8 degrees Celsius on Tuesday. It is expected to breach the 42-degree mark on Wednesday and soar to 44 degrees Celsius by Thursday, according to the India Meteorological Department (IMD).

The maximum temperature may even leap to 46 degrees Celsius in parts of Delhi, a Met department official said. The capital had recorded a maximum temperature of 43.2 degrees Celsius on April 21, 2017. The all-time high maximum temperature for the month was 45.6 degrees Celsius on April 29, 1941.Northwest India has been recording higher than normal temperatures since March last week, with weather experts attributing it to absence of active Western Disturbances over north India and any major system over south India.

The region had got some respite last week due to cloudy weather due to the influence of a Western Disturbance over Afghanistan.A yellow alert warning of a heatwave spell in the national capital starting April 28 has been issued.The India Meteorological Department (IMD) uses four colour codes for weather warnings — green (no action needed), yellow (watch and stay updated), orange (be prepared) and red (take action).

The IMD said the heatwave could lead to “moderate” health concerns for vulnerable people — infants, elderly, people with chronic diseases — in affected areas. “Hence people of these regions should avoid heat exposure, wear lightweight, light-coloured, loose, cotton clothes and cover the head by use of cloth, hat or umbrella etc,” it said.

The city has recorded eight heatwave days in April this year, the maximum since 11 such days witnessed in the month in 2010.Delhi may see a partly cloudy sky, light rain, and a dust storm with winds gusting up to 50 kmph on Friday, which may provide a temporary respite.For the plains, a heatwave is declared when the maximum temperature is over 40 degrees Celsius and at least 4.5 notches above normal.

A severe heatwave is declared if the departure from normal temperature is more than 6.4 notches, according to the IMD.The weather department had earlier said that northwest India and adjoining parts of central India are likely to see more intense and frequent heatwave conditions in April.India recorded its warmest March in 122 years with a severe heatwave scorching large swathes of the country during the month. Parts of the country are also seeing wheat yields drop by up to 35 percent due to the unseasonal heat.

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Word of the Day: magnum opus

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A Twitter user urged Elon Musk to buy the company in 2017. Now he is feeling ‘not great’

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Unvaccinated kids up to 18 not to be allowed to attend in-person classes in UT from May 4

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Maharashtra: Tiger spotted in Radhanagari wildlife sanctuary, fourth time in a decade

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Hyundai to launch IONIQ 5 BEV in India during 2022 second half

Hyundai Motor India today announced the introduction of the IONIQ5 in India this year. The recently crowned World Car of the Year (WCOTY) 2022 winner – IONIQ 5 will mark the beginning of Hyundai’s BEV expansion plans in India.

Commenting on the announcement, Unsoo Kim, MD & CEO, Hyundai Motor India Limited, said, “As a customer-centric brand, Hyundai is focusing very strongly on electric mobility across its businesses and product range for a progressive and sustainable future. Hyundai is proud to receive the World Car of the Year 2022 for the IONIQ 5 as this award is a true testament to our vision and efforts in driving the adoption of BEVs globally.”

He added, “Hyundai Motor India has already committed to the expansion of our BEV line-up to 6 models by 2028 and today, with great pride we are announcing the introduction of IONIQ5 in CY 22 in India. Powering up a new era of electric mobility, IONIQ 5 is all set to redefine the aspirations of customers with solutions that exceed in every sphere, elevating their mobility experiences beyond the conventional.”

“IONIQ5 will epitomize the innovative application of intelligent technology in mobility. With our 25-year journey of togetherness in India, Hyundai is happy to partner with this great nation on a new quest to charge up the adoption of EVs at scale,” added Unsoo Kim.

The term IONIQ is a fusion of “ion” and “unique”, that was announced as a long-term research and development project focusing on sustainable mobility. IONIQ is the ideal representation of Hyundai’s commitment to sustainable and innovative mobility solutions.

The IONIQ brand was conceived to fuse life-changing mobility with environmental performance and will usher in a balance of clean mobility that synchronizes eco-positive solutions within a lifestyle centric eco-system.

IONIQ 5 is built on Hyundai Motor Group’s Electric Global Modular Platform (E-GMP), a system that was exclusively developed for next-generation battery electric vehicles and will usher in a new era of clean mobility for Hyundai.

Under the aegis of Beyond Mobility, IONIQ 5 will set new benchmarks in the electric mobility segment in India with intelligent technology, sustainability, and innovation.

Through the modularity ingrained by Hyundai’s E-GMP platform, the IONIQ5 will feature an innovative interior and exterior design; while interiors feature eco-friendly materials at multiple touchpoints, the exteriors of this all-electric CUV present a refreshing appeal.

E-GMP has been developed on 4 Key Pillars — modularity, reliability, usability, and performance. One platform that can facilitate many body types, featuring a flat floor and flexible seating layout as well as more interior space, with better handling, performance and a larger battery.

Speaking of power, the  IONIQ 5 has two variants. One with a 58 kWh battery that drives the rear wheels, which is expected to be launched here, while the other uses a bigger 72.6 kWh battery with AWD.

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El Twitter de Elon Musk será un lugar aterrador

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Major glitch in Padgha distribution centre leads to blackouts in Mumbai, Thane, Kalyan

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WhatsApp now supports 32 people in a group voice call

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True Nord – How OnePlus changed the mid-segment of the phone market

In 2014, OnePlus surprised the tech world when it released its first phone. At a time when high-end hardware, eye-catching design and smooth software were considered the preserve of expensive and premium devices, OnePlus showed that you could all these at surprisingly affordable prices as well. With no compromises. The first OnePlus phone made the term “flagship killer” a household name and literally invented the concept of the budget flagship. The years that passed saw OnePlus carve a niche for itself in the extremely competitive smartphone world, and even move up from being a flagship killer to becoming a flagship in its own right. For many brands, that would have been more than enough. But this was OnePlus, a brand committed to Never Settling.

Half a dozen years after the first OnePlus phone changed the concept of flagships, a new OnePlus brand changed the mid-segment phone as we all knew it. This was the OnePlus Nord. The word “Nord” was derived from “North”, the direction a compass always points towards, which makes it represent growth and success, as well as integrity (“True North”). And just as the first OnePlus phone showed the world that flagship phones need not cost the earth, the OnePlus Nord proved that a mid-segment phone could deliver near flagship level performance.

The first OnePlus Nord was released in 2020, and came with a feature set that had not been seen at its price point of Rs 24,999 – a high refresh rate AMOLED display, a powerful Qualcomm Snapdragon 765 processor, lots of RAM and storage, dual front cameras and a main rear camera with OIS, a fast charging battery, and support for 5G (even way back in 2020). It ran on the same bloatware free clean OxygenOS that made using premium OnePlus devices a smooth experience.

All of these came inside a frame that reflected the premium, classy design language of OnePlus, complete with a trademark blue shade, which was the official colour of the Nord brand. The tech world had seen nothing like it. Until the Nord came along, the mid-segment of the phone market had been all about compromises – you might get a good processor, but the display might be dull; if you got a good display, there was a chance that the cameras would not be the greatest, and so on. The OnePlus Nord however, gave you everything that you needed without any compromises. It was “pretty much everything you could ask for,” in OnePlus’ own words.

Not surprisingly, the OnePlus Nord was a staggering success. So much so that a new term was coined to define its segment – “the premium mid-segment.” Barely had the world got used to this concept than OnePlus shook the mid-segment phone tree again, this time in mid-2021, with the OnePlus Nord CE, where CE stood for “Core Experience.” If the Nord had shown everyone that mid-segment phones could provide a near flagship experience, the Nord CE redefined what was a basic mid-segment phone experience. “A little more than you’d expect” was the line used to promote it, and at Rs 22,999, it offered features that no one expected at the price – a good AMOLED display, 5G connectivity, OxygenOS, good cameras, a fast charging battery, and even a 3.5 mm audio jack, a feature other brands were dropping. Once again, the design was premium. If the Nord was premium mid-segment, the Nord CE was mid-segment. And both phones delivered fantastic performances, well beyond what was expected at their price.

OnePlus has been building the Nord legacy with the bestselling Nord 2 and the OnePlus Nord CE 2, proving that with lower prices does not come lower-level performance. The brand even launched a play-worthy version of the Nord 2, the OnePlus Nord 2 PAC-MAN edition, showcasing its design acumen. Most brands come out with special editions of their premium flagships. OnePlus, however, picked its mid-segment flagship to pay tribute to one of the world’s greatest ever games. The brand has made the mid-segment synonymous with cool and stylish and not the resort of those who could not afford premium phones.

A new chapter will be added to the OnePlus Nord story at the “More Power to You” event on April 28. OnePlus will be releasing a new Nord phone and in a whole new price category. The phone, called the OnePlus Nord CE 2 Lite, will come with everything you would expect from a OnePlus device – great cameras with a 64 MP main sensor, a large 5000 mAh battery (the biggest seen on a OnePlus) with 33W fast charging, Oxygen OS, 5G (a OnePlus staple!) and a beautiful Blue Tide design. And it is expected to be even more affordable than its other Nord siblings, once again redefining the mid-segment of the phone market as we know it. The event will also see the launch of the OnePlus Nord Buds, which will add a new product category to the Nord brand, laying the foundation of a Nord eco-system.

Come 7pm on April 28, and a Nord device will once again show the mid-segment where true North is. You can catch the next phase in the proud legacy of the Nord series live at https://www.oneplus.in/launch?tab=oneplus-nord-ce-2-lite-5g.

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E-Mobility – A Boost for India’s Workforce System

By: Raj Mehta Founder, Greta Electric Scooters

According, to a report, out of the 1.39 billion population of India, only 400 million people are employed in the Job sector.

Despite being a country on the cusp of explosive growth with numerous fast-growing sectors, such as technology, architecture, healthcare, industrial goods, agricultural commodities, online platforms, etc., the opportunities created fall short on two accounts sheer numbers and the gap between the skill available & skill required.

To counter this and create an environment that nurtures an environment of creating fresh job opportunities has been the force behind the Government’s effort to create a Start-up ecosystem.  

The start-up India action plan designed to encourage, promote, and provide start-ups with the right ecosystem to start a venture has created job opportunities. At the same time, be the space for new ideas and services to come alive.

E-Mobility is one sector that has taken the lead in changing the face and helping the industry pivot at an unforeseeable pace. Backed up by the Worldwide goal of zero-emission, it has found acceptability at a much more rapid rate than anticipated causing the need to create an entire infrastructure and ancillary set up, creating opportunities for the market that are mind-boggling.

How Is E-Mobility Boosting India’s Workforce System?

Getting more & more e-vehicles on the road is the Government’s first step to reducing emissions. By 2030 India aims for hybrid-electric or electric vehicles to be 30% of the vehicles on the road, which is ten crore electric vehicles on the road.

With this high anticipation of demand, production will need to keep pace, resulting in new or expanded production capabilities that would mean more job opportunities. 

E-Mobility comes with the requirement of its very own ecosystem comprising of a reliable trail of components and charging infrastructure.

As per the Ministry of Skill Development and Entrepreneurship estimation, the electric vehicle market can affect the requirement of more than one crore jobs by the year 2030.

Moreover, every direct job related to the electric vehicle market will possibly create 4-5 indirect jobs. According to this calculation, the Electric mobility market can alone give rise to a job requirement of more than five crores in this short period. 

Can EV Start-ups Lead India to A Path of Sufficient Employment?

The question on the table is, will EV companies deliver on the promise of creating the above mentioned job opportunities or will they put forward fresh challenges?

EV is a sunrise industry poised for exponential growth.

To truly take advantage of the segment’s opportunity, it is crucial to understand EVs and take stock of what is needed.

Experts have repeatedly opinionated on the EV’s exceptional potential and its likely impact on the Indian economy; here is my take on the industry’s expected impact on the employment market.  

E-mobility has an impact on various sectors of the market. Whether it is energy storage or electric component manufacturing sector or ancillary automobile industry or Electric infrastructure provider, every industry benefits from E-mobility. 

With the advent of E-mobility in India, the demand for fast charging Li-ion batteries will explode. The chargers, stable power supply, and grid stability will increase. The requirement of charging points to charging stations across the country will require electrical infrastructural teams to scale up operations creating new job opportunities.   

As industries that need to fuel EV manufacturing scale up their operations, job opportunities will be in plenty. The key challenge here will be getting the right skills in the market to match the requirement.

Hence all traditional organizations moving to support or manufacture Electric Vehicles will need to pivot their learning and development programs. The skill training institutes will need to upgrade their programs to incorporate the proper training to get the skilled pool into the market, making a perfect match between jobs and job seekers. 

E-mobility is slowly becoming another name for smart vehicles. Smart vehicles will require constant R&D, and feature enhancements will be a way of life. The changing features would impact the component requirement or a total change in components. 

The skills required to fill the jobs in the market will be different from what has been demanded and required for ICE Market.

Ways in Which the Workforce Of India Can Benefit From The Opportunity Of E- Mobility?

For India to truly reap the benefits from the exponentially Growing EV market is to reduce dependence on imports. Even today significant section of the components used are imported. Indian Government needs to create an environment that makes ‘Make in India’ a viable option.

The Government has taken the first step through schemes such as the FAME II & PLI; state governments have introduced additional complementary schemes to encourage investment in this sector. While these initiatives are a significant step forward, they will need to be beefed-up.

Proper Training and Knowledge 
For the benefits to flow through to the employment market, another set of initiatives requires initiation—job seekers’ skills. The changing industry requirements will need a different set of skills. Reskilling is critical for both the current employees and the job seekers. 

The Government must encourage education institutes and skilling organizations to understand the demands of the industry to incorporate the proper training in their curriculum for getting the workforce with the right skills in the market.

As traditional automotive companies pivot to accommodate e-vehicles in their line-up, they too need to undertake aggressive reskilling initiatives. 

Spread Awareness about the Opportunities 

All schemes and incentives introduced by the Government need to reach its audience to yield results.

Whether the schemes/benefits are for the business community or the end customer, no stones should be left unturned to get the message across. 

The requirement of efforts to spread awareness about e-mobility and the role it is likely to play in economic growth; creation of urgency amongst the training and education institutes to adapt their curriculum to accommodate the new skills is the need of the hour.

Spreading awareness on the EV industry and the Government’s focus on it and the opportunities it is bringing forth is mandatory for everything to fall in place.  

It needs to start in earnest, and the time for it is now.

Disclaimer: The views and opinions expressed in this article are solely those of the original author. These views and opinions do not represent those of The Indian Express Group or its employees.

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Education in institutes should not be based on political ideology, says Gadkari

Education in institutions should be free from politics and it should not be based on the political ideology followed by the founders of such institutes irrespective of which party they belong to, said Union minister Nitin Gadkari on Sunday.While speaking in 95th All India Marathi Literary meet (Akhil Bhartiya Marathi Sahitya Sammelan) at Udgir in Maharashtra’s Latur district, Gadkari said that  writers, historians and journalists play a key role in bringing about a positive change in the mindset of people.

“Literature is very important in politics, but politics should not be played on the platform of literature. Great literature can do the work of nation-building and nation development. But the problem nowadays is that there are good and bad things in every field. Many educational institutes belong to politicians, but the education imparted through such centres should not be based on the ideology followed by their founders,” he said.

The minister was speaking at the concluding ceremony of the three-day 95th All India Marathi Literary meet (Akhil Bhartiya Marathi Sahitya Sammelan) at Udgir in Maharashtra’s Latur district.

“No matter which political party the founder of an educational institute belongs to, the education being imparted in his institutes should be free from politics,” Gadkari added.

Giving an example of “Taare Zameen Par”, a Hindi movie starring Aamir Khan, saying the film teaches us how an ideal teacher should be.

Gadkari has also said that if we want to be the number one country in the world, we have to study literature, poetry, music and history. There is a need for socio-economic reforms in the country. A man is superior by his quality and not by his caste. He has further added that there is a need to raise the agriculture growth rate and the per capita income to go up. Farmers in the country should not just be food providers, but should also become energy providers, the minister added.

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Cyient stock falls 3% after co agrees to buy Citec in Rs 770 crore deal; largest acquisition deal for Cyient

Cyient said Monday it plans to acquire Finland-based plant and product engineering services firm Citec for 94 million euros, nearly Rs 776 crore, in an all-cash deal. This will be the largest outbound acquisition by an Indian engineering services company and Cyient’s largest acquisition to date, according to a company filing to the stock exchanges. Shares of Cyient fell nearly 3 per cent to Rs 891 a piece in intraday trading. Brokerages are bullish on the Cyient stock so far and see an upside of up to 34 per cent going forward.

“This acquisition will allow us to take our combined Plant Engineering and Digital Solutions portfolio to a new set of customers who have extensive manufacturing facilities globally. Citec’s strong brand value and talent pool, especially in the Nordic region, will be integral to Cyient gaining a strong foothold in the region and accelerating our future growth,”  Krishna Bodanapu, Managing Director and CEO of Cyient said in the statement.

Cyient enters Nordic markets

The BSE and NSE listed firm will be able to reach European markets, specifically the Nordic region, where the company did not have a presence so far. Of the $157 million revenue the company reported in Q4, $39 million or about a quarter of the revenue was contributed by the Europe and Middle East region. 

The company said the acquisition is expected to be complete in the first half of this year indicatively by 10 May, 2022. Through the deal, the combined portfolios of Cyient and Citec will be one of the largest independent plant engineering capabilities globally. The combined entity will offer services and offerings such as Plant Engineering, Digital Solutions, Product Engineering, Consulting, and Technical Documentation, it added.

Brokerages bullish on Cyient after muted revenue in Q4 earnings

Last week, the engineering services firm reported its quarterly results and recorded a 17 per cent rise in profits for the quarter ended March 2022, however, it reported a soft quarter in terms of revenue, which was down 0.4% quarter-on-quarter. Services segment growth was muted (up 1.6% Q-o-Q), while DLM segment was soft (down 9.3% Q-o-Q).

Brokerage firm Motilal Oswal said it is bullish on the stock and sees a target price of Rs 1000 per unit, a 20 per cent upside. HDFC Securities on the other hand sees a 34 per cent potential rally at Rs 1,120 a piece. ICICI Securities sees a target price of Rs 1025 apiece, which represents an upside of 24 per cent. All three brokerages have a Buy rating for the stock. 

Read more: Cyient share price jumps 8% after in-line profit growth in Q4; should you buy, hold or sell? What analysts say

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Havas Media Group launches global e-commerce vertical Havas Market in India

Havas Media Group India has launched Havas Market aiming to empower consumers in their shopping journey, providing meaningful e-retail experiences and generating incremental business for brands. Globally, Havas Market was launched in October 2020. To lead this division, the company has appointed Sharukh Lakhani as lead, Havas Market. He will closely work with Provit Chemmani, who leads the e-commerce expansion globally for Havas Group along with Rohan Chincholi, head, digital services, Havas Media Group India and a team of specialists across research, insights, performance media, content and analytics. 

For Rana Barua, group CEO, Havas Group India, with the launch of Havas Market, India is poised to become a leader in creating meaningful shopping experiences. “The division will give clients access to real-time market intel to help them form better decisions on the back of data and technology. I’m looking forward to the group’s plans, forging into new avenues, that not only strengthen our capabilities, but also ensure upskilling of our people and processes, thereby providing a seamless and integrated experience to our clients,” he stated. 

With over 11 years of experience across various segments in the e-commerce space, Lakhani has knowledge of the brand, retailer and agency sides of the ecosystem. From start-ups such as CouponDunia to established brands such as Unilever and GNC, he has been instrumental in building e-commerce businesses on the back of strong partnerships with key platforms such as Amazon, Flipkart, 1mg, and Healthkart. Lakhani joins from Wavemaker where he led the e-commerce media strategy for clients such as Mondelez and Sun Pharma.

The current e-retail landscape in India is very competitive and complicated for the consumer, Mohit Joshi, CEO, Havas Media Group India, said. “From fashion, beauty, electronics and mobile, to food, healthcare and entertainment, each product category has witnessed a significant growth in e-commerce spends. India already has close to 200 million online transacting users. Given Havas Media Group India’s diversified client portfolio, we identified an opportunity to develop an in-house e-commerce practice. With Havas Market, we want to become the go-to-market entity in the industry, offering an end-to-end solution and optimising clients’ e-retail business,” he added. 

For Rohan Chincholi, consumers today are constantly on the lookout for ease and convenience in their purchase journey. “Havas Market will help brands rethink the retail journey and, in turn, reach an engaged audience. The approach will be guided by Havas Media Group’s converged data partnership and Mx process that uses connection, context and content to create the most meaningful experience for consumers,” he highlighted.

According to the company, Havas Market will provide comprehensive understanding and analysis across all sales channels, including more than 50 marketplaces, social commerce, direct to consumer, and digital to retail, using a methodology that goes beyond media. Additionally, it will include capabilities ranging from insights and research, retail and content management, paid media, sales analytics and more. With India experiencing tremendous e-commerce growth fuelled by pandemic-accelerated digital adoption and a rapid expansion in internet services, Havas Market provides a competitive edge from its ability to deliver one-stop e-commerce solutions to manage brands’ economies of scale.

Read Also: The FIFS fallout: Why MPL, MyTeam11 and My11Circle left the industry body

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Jon Stewart, Who Revolutionized Political Satire, Wins Humor Award

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For Alabama’s Only Gay Lawmaker, a Political Defeat Was Deeply Personal

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Spelling Bee Forum

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Here’s what you need to know about the elections.

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Macron dons boxing gloves as Le Pen still nips at his heels.

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‘The Daily’ explores what’s at stake in the runoff election.

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Explained: Julian Assange extradition order and charges against the Wikileaks founder

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Beijing goes on high alert to curb COVID clusters; Shanghai reports 39 deaths in a day

China’s capital Beijing has gone on high alert as the situation turned “grim” following the emergence of clusters of COVID-19, while the country’s financial hub Shanghai reported 39 more deaths due to the virus, the highest in a day so far during the current outbreak since last month.

The Chinese mainland on Saturday reported 21,796 cases, including 1,566 positive cases and the rest asymptomatic cases mostly in Shanghai, China’s National Health Commission reported on Sunday. Beijing, the seat of China’s top leadership, went on high COVID-19 alert as the city braced to test some sections of the population after the city recorded 22 new community cases on Saturday.

The city went on high alert after 10 middle school students tested positive for COVID-19 on Friday following which city officials suspended classes in the school for a week.

Pang Xinghuo, deputy director of the Beijing Centre for Disease Prevention and Control, said undetected local transmissions started in the city about a week ago, and involved schools, tour groups and families.

“There were hidden transmissions for a week and the infected people came from different backgrounds and a wide range of activities,” Pang was quoted as saying by the Hong Kong-based South China Morning Post.

Mass testing will be conducted on senior citizens who had been on tour groups, construction workers and the people working at the school where the cluster was identified, Pang said. On Friday, Beijing Communist Party boss Cai Qi, mayor Chen Jining and other city leaders met twice to organise control efforts.

“The meeting pointed out that our city [Beijing] had suddenly recorded some cases and many transmission chains were involved. The risk of further hidden transmission is high. The situation is urgent and grim,” state-run Beijing Daily reported.
Shanghai continued to be the epicentre of the Omicron variant of the virus.

Apart from Shanghai, 16 other provincial-level regions on the mainland saw new local COVID-19 cases, including 60 in Jilin, 26 in Heilongjiang, and 22 in Beijing, the report said. Also, 29,531 people were undergoing treatment for the coronavirus across the country, the report said. On Saturday, Shanghai reported 23,370 new cases, taking the city’s total to about 466,000 since March 1.

The city of 26 million people on Saturday reported 39 deaths from COVID-19, bringing the death toll to 87 so far in the city since it went into lockdown at the end of last month following the emergence of the Omicron virus. With this, China’s overall death toll due to coronavirus, ever since it first emerged in Wuhan in 2019 December, rose to 4,725.

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Stephen King’s microwave salmon recipe leaves netizens shuddering; here are some reactions

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UGC, AICTE issues joint advisory, warning Indian students against enrolling in Pak institutes

United Grants Commission (UGC) and All India Council for Technical Education (AICTE) has warned Indian students not to enrol themselves in any Pakistan college or educational institution, failing which they will not be eligible to find a job or pursue higher education in this country.

The joint advisory issued by UGC and AICTE comes within a month of the higher education regulator warning Indian students planning to pursue higher studies in China, saying it does not recognise ‘degree courses done only in online mode without prior approval’.

The advisory against travelling to China for education came after the Chinese government suspended all visas since November 2020 because of COVID-19.

“All concerned are advised not to travel to Pakistan for pursuing higher education. Any Indian national or Overseas Citizen of India who intends to take admission to any degree college or educational institution of Pakistan shall not be eligible for seeking employment or higher studies in India on the basis of such educational qualifications (in any subject) acquired in Pakistan,” the advisory stated.

“However, migrants and their children who have acquired higher education degrees in Pakistan and have been awarded citizenship by India would be eligible for seeking employment in India after obtaining security clearance from the Ministry of Home Affairs,” it added.

According to AICTE Chairman Anil Sahasrabudhe, Indian students need to be advised to which institutions and countries they should travel for education so that they don’t land up with a degree without parity with Indian regulations.

“UGC and AICTE issue such public notices in the interest of Indian students who would like to pursue higher studies outside the country. In the recent past, we have seen how our students had to face difficulties because they could not go back to the foreign countries to continue their studies,” UGC Chairman Jagadesh Kumar said.

The UGC had issued an advisory in 2019 against studying in institutes in Pakistan-occupied Kashmir.

With inputs from PTI.

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Spelling Bee Forum

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Prior approval needed for protests, DU reminds students

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Covid LIVE: India reports sharp spike in active cases; Delhi’s R-value reaches 2.1

Coronavirus April 23 Latest News: India logged 2,527 new Covid-19 infections and 33 deaths on Saturday, the official health bulletin said. One of the major cause of concern was the massive spike in the active coronavirus cases across the country. In the last 24 hours, India has recorded nearly 838 active Covid cases. With this, India’s active cases tally stands at 15,079. Meanwhile, an IIT-Madras research shows that in this week, National Capital Delhi’s R-value has reached the worrying 2.1. The R-value is the key factor that shows the level of spread of the virus in the region. Anything above 1 is considered critical.

Here are the latest coronavirus-related news from India and around the globe:

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10 things to know about new credit card rules to be effective from July 1, 2022

Using credit cards and debit cards could become more secure than before. Many people get unsolicited cards which they did not apply for or sometimes the cards get upgraded without an explicit consent by them. The new credit card rules aim to reduce such concerns and make usage of cards more fruitful.

Reserve Bank of India (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022 have been issued which will be effective from July 01, 2022. The directions clearly state the steps that need to be taken by the card issuers to avoid people receiving unsolicited Credit Cards. An Unsolicited Credit Card is a credit card issued without a specific written or digital request.

Here are ten things to know about the new credit card rules.

1. The issue of unsolicited cards or upgradation is strictly prohibited. In case, an unsolicited card is issued or an existing card upgraded and activated without the explicit consent of the recipient and the latter is billed for the same, the card-issuer shall not only reverse the charges forthwith, but also pay a penalty without demur to the recipient amounting to twice the value of the charges reversed.

2. The person in whose name the card is issued can also approach the RBI Ombudsman who would determine the amount of compensation payable by the card-issuer to the recipient of the unsolicited card as per the provisions of the Ombudsman Scheme, i.e., for loss of complainant’s time, expenses incurred, harassment and mental anguish suffered by him/her.

3. The consent for the cards issued or the other products/services offered along with the card shall be explicit and shall not be implied. In other words, the written consent of the applicant shall be required before issuing a credit card. Alternatively, card-issuers may use other digital modes with multifactor authentication to obtain explicit customer consent. Such alternative digital modes, if any used by the card-issuer, shall be communicated to the Department of Regulation, Reserve Bank of India.

4. There have been instances where unsolicited/applied-for cards have been misused before reaching the persons in whose names these have been issued. It is emphasised that any loss arising out of misuse of such unsolicited cards shall be the responsibility of the card-issuer only and the person in whose name the card has been issued shall not be held responsible for the same.

5. Card-issuers shall seek One Time Password (OTP) based consent from the cardholder for activating a credit card, if the same has not been activated by the customer for more than 30 days from the date of issuance. If no consent is received for activating the card, card-issuers shall close the credit card account without any cost to the customer within seven working days from date of seeking confirmation from the customer. In case of a renewed or replaced card, the closure of an inactivated card shall be subject to payment of all dues by the cardholder.

6. Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, quantum of charges, among others. In case of rejection of a credit card application, the card-issuer shall convey in writing the specific reason which led to the rejection of the application.

7. The Most Important Terms and Conditions (MITC) should be highlighted and sent separately to the customers, at the acceptance stage (welcome kit) and in important subsequent communications. The MITC shall be provided to the customer at the time of onboarding and each time, a condition is modified with notice to the customer.

8. Card-issuers may consider introducing, at the option of the customers, an insurance cover to take care of the liabilities arising out of lost cards, card frauds, etc. In cases where the card-issuers are offering any insurance cover to their cardholders, in tie-up with insurance companies, the card-issuers shall obtain explicit consent in writing or in digital mode from the cardholders along with the details of nominees.

9. No card-issuer shall report any credit information relating to a new credit card account to Credit Information Companies prior to activation of the card. Any credit information relating to such inactivated credit cards already reported to Credit Information Companies shall be withdrawn immediately; under no circumstances it shall take more than 30 days from the effective date of these directions.

10. Card-issuers shall ensure that the telemarketers they engage, comply with directions issued by the Telecom Regulatory Authority of India (TRAI) from time to time. The card-issuer’s representatives shall contact the customers only between 10:00 hrs and 19:00 hrs.

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As tensions rose this week, Gaza militants and Israel’s armed forces exchanged fire.

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SC rejects bail plea of Maharashtra Minister Nawab Malik in money laundering case

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Old presentation mooting ‘non-Gandhi’ party chief goes viral amid buzz over Prashant Kishor’s Congress entry

Amid the growing buzz over the Congress willing to bring Prashant Kishor on board in its revival bid ahead of 2024 Lok Sabha elections, The Indian Express reports that the poll strategist had proposed to the party leadership last year that a non-Gandhi Congress president would have a “high” impact although the “visibility” of such an option is “difficult”. 

The suggestion was reportedly part of a 85-page representation doing rounds on social media amid a renewed round of talks between Kishor and the Congress leadership on a revival roadmap for the party.

Kishor, however, told The Indian Express that it was n old/fake presentation (and) has nothing to do with the ongoing discussion.”

The Congress officially did not comment on it. A party leader, on condition of anonymity, said: “We have not seen any such presentation.” Another leader said “it can either be old or fake, it cannot be both.”

The purported presentation by Kishor suggests that the party leadership should take five “strategic decisions”: fix the leadership issue; solve the alliance conundrum; reclaim the party’s founding tenets; create an army of grassroots leaders and foot-soldiers; and an ecosystem of supportive media and digital propagation.  

A senior leader told The Indian Express that this was a presentation Kishor had made to the Congress leadership last year and his current one is a version of this “with many additions and some deletions”. Sources said it does not have “anything like a non-Gandhi as party president.”

On the other hand, several other Congress leaders said that Kishor had, in private conversations, pitched the idea of a non-Gandhi as Congress president and Rahul Gandhi as leader of the party in Lok Sabha. 

In the recent days, Kishor has held a series of meetings with Congress president Sonia Gandhi and other top party leaders, giving presentations on how to bring the party out of the crisis amid the unabated poll debacles and infightings in its state units, while focusing on resolving the issue of leadership vacuum. 

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Jimmy Fallon Mocks Rudy Giuliani’s ‘Masked Singer’ Appearance

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Quotation of the Day: The Power and Shock of the Buzz Cut

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‘Endangered & a massive female’: This narrow-headed softshell turtle was rescued. Watch video

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William Ackman pulls out from Netflix; registers $400 million loss as shares tumble

Billionaire investor William Ackman liquidated a $1.1 billion bet on Netflix on Wednesday, locking in a loss of more than $400 million as the streaming service’s stock plunged following news that it lost subscribers for the first time in a decade.

Ackman’s hedge fund Pershing Square Capital Management made an abrupt U-turn, selling the 3.1 million shares it had bought just three months ago as Netflix’ shares tumbled 35% to $226.19.

In January, the investor funneled over $1 billion into the streaming service just days after a disappointing forecast for subscriptions pushed the share price lower. Now a second bout of negative news about subscribers – the company said it had lost 200,000 – prompted the fund manager to turn his back on a company he had showered with praise only weeks before.

In a brief statement announcing the move, Ackman said proposed business model changes, including incorporating advertising and going after non-paying customers, made sense but would make the company too unpredictable in the short term.

“While Netflix’s business is fundamentally simple to understand, in light of recent events, we have lost confidence in our ability to predict the company’s future prospects with a sufficient degree of certainty,” he wrote.

Pershing Square, which now invests $21.5 billion, buys shares in only about a dozen companies at a time and needs a “high degree of predictability” in its portfolio companies, Ackman said.

Rather than wait around for things to improve at Netflix, Ackman locked in losses that are calculated to be more than $400 million, people familiar with the portfolio said. After the sale, Pershing Square’s portfolios are off roughly two percent for the year, Ackman said.

Netflix said it had lost 200,000 subscribers in its first quarter, falling well short of its modest predictions that it would add 2.5 million subscribers. Its decision in early March to suspend service in Russia after it invaded Ukraine resulted in the loss of 700,000 members.

Profitable hedges helped Pershing Square survive the early days of the pandemic in 2020 and then again in recent months as interest rates began to rise. The last three years have been among the best in the hedge fund’s lifetime, including a 70.2% gain in 2020.

But Ackman also acknowledged in his statement on Wednesday that he had learned from leaner times when his fund backed Valeant Pharmaceuticals, a disastrous bet that cost the hedge fund billions in losses.

“One of our learnings from past mistakes is to act promptly when we discover new information about an investment that is inconsistent with our original thesis. That is why we did so here,” he wrote.

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Gold price today, 20 April 2022: Gold gets cheaper on weak global cues; price may fall to Rs 52100

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India fell on Wednesday, following global trends. On MCX, gold June futures were trading Rs 304 or 0.6 per cent down at Rs 52,445 per 10 gram as against the previous close of Rs 52,749. Silver May futures were down by Rs 545 or 0.8 per cent to Rs 68,225 per kg on Multi Commodity Exchange. Globally, yellow metal prices eased following a sharp drop in the previous session, as elevated U.S. Treasury yields continued to pull investors away from zero-yield bullion, according to Reuters. Spot gold was down 0.2% at $1,946.04 per ounce, while U.S. gold futures fell 0.5% to $1,949.50.

Jigar Trivedi is Manager – Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers

On Tuesday, spot gold declined sharply to $ 1,949.7 an ounce, down by $28.9 or 1.46% low as a stronger US dollar and rising Treasury yields overshadowed safe-haven inflows into bullion. Gold may fall as Treasury yields surged on expectations for faster monetary tightening in the US. The precious metal edged lower after tumbling 1.5% in the previous session. Yields on U.S. 10-year government bonds are getting close to 3% and real yields, which take inflation into account, have just turned positive for the first time in more than two years. The improving returns on debt typically damp demand for non-interest bearing bullion. The Fed’s most hawkish official, James Bullard, opened the door to discussing the first 75 basis-point rate hike since 1994. MCX Gold June futures may fall to Rs. 52,100 per 10 gram.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

COMEX gold trades modestly lower near $1950/oz weighed down by persistent rise in US dollar and bond yields as Fed officials maintained hawkish stance while economic data and corporate earnings results showed stability in the economy. Gold is also pressurized by some recovery in the US equity market as market players geared for the earnings season. However, supporting price is Russia-Ukraine fighting, inflation concerns and concerns about the Chinese economy. ETF flows also show strong investor interest. Gold rallied sharply in the last few days which fizzled out near $2000/oz level and we are now seeing some correction which may extend further amid persistent strength in US dollar and stability in equities.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold prices continue to trade lower, after touching $2000 level at the start of the week, as elevated U.S. Treasury yields and hawkish statements from Fed officials which continued to pull investors away from zero-yield bullion. U.S. Treasury yields continue to be a matter of concern as U.S. 10Y in the previous session was seen hovering around 2.9% level surging to multi-year highs as investors prepared for the Fed to aggressively raise rates as the central bank tries to stem soaring inflation. Fed officials like Bullard, Evans has set an aggressive tone this week w.r.t. to the interest rate for this year. Market participants are anticipating some fireworks in the May meet, whose pressure can be seen in metal prices. Broader trend on COMEX could be in the range of $1925-1970 and on domestic front prices could hover in the range of Rs 52,300- 52,900.

Pritam Patnaik, Head – Commodities, HNI & NRI Acquisitions, Axis Securities

Gold price came under pressure yesterday owing to a surging dollar index, which breached the 101 mark, and rising US yields, which rose stronger than expected US home construction data. Treasury yields surged to 2.942%, the highest since December 2018.  Further, Fed member Jim Bullard said that the Fed needs to move quickly to raise interest rates to 3.5% by end of this year, and a 75bp hike should not be ruled out. The direction that the Fed will take will be made clear on Thursday when Fed chair Jerome Powell speaks. It’s widely expected that the Fed will raise interest rates by 50 basis points. This has ensured further pressure on gold prices. The fundamentals are still supportive of a gold bull run in the long term. Factors like stubborn inflation, the onset of stagflation, geopolitical uncertainties, and slow growth will be supportive of gold prices and will help create a vision for any fall. In the short term, there could be a correction to the levels of $1920-25, which could be a good level to enter into gold.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

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L&T Infotech stock falls as earnings and dividend fail to entice investors; time to buy, sell, or hold?

Larsen & Toubro Infotech share price fell 4% on Wednesday morning, a day after the company reported a weak set of quarterly earnings that disappointed investors. L&T Infotech reported a net profit of Rs 637.5 crore, up 16.8% from the same period last year. The company also announced a dividend of Rs 30 per equity share of face value Re 1. Analysts have downgraded the share, trimmed target prices, and are advising investors to sell L&T Infotech shares after the company’s dismal quarterly earnings. The stock price was trading at Rs 5,230 per share on Wednesday. It is down 23% so far in 2022.

L&T Infotech reported that its consolidated revenue from operations rose 3.96% to Rs 4,301.6 crore from Rs 4,137.6 crore in the previous quarter. Revenue was up 31.57% from the year-ago period. EBIT margin came in at 17.3%, down 205 basis points from the previous year. The company announced four large deals with a net-new TCV of over $80 million.

Should you buy?

ICICI Securities: Downgrade to Reduce

Analysts at ICICI Securities believe that L&T Infotech disappointed with a weak set of January-March quarter earnings on various fronts. Revenues were way below estimates and similar to Infosys and TCS the company saw softening of BFS growth. The brokerage firm sees potential for growth in L&T Infotech but remains concerned about valuations. “Our view on the business is unchanged and the company is well-positioned to gain market share with its strong business model but valuations of 38x/31x on FY23/24 EPS look expensive to us in the current macro environment and given likely slowdown in revenue/earnings momentum ahead,” they said. The target price has been brought lower to Rs 4,986 per share from Rs 5,921 apiece earlier.

Kotak Securities: Reduce

L&T Infotech’s quarterly earnings were below estimates pinned by Kotak Securities. However, the company has a good deal pipeline and the management is aiming for industry-leading growth in the current fiscal year. “The deal pipeline is reasonably good with 50% of pipeline in late-stage and four large deals in the contracting phase. After delivering 25.8% revenue growth in FY2022, the management believes it can deliver industry-leading growth in FY2023E,” Kotak Securities said. L&T has maintained a net profit guidance band of 14-15%. Analysts, however, remain wary of expensive valuations. “We cut Fair Value to Rs 5,500, valuing the stock at 29X FY2024E EPS. We like LTI’s scalable business model attributes but find that current valuations of 29X FY2024E EPS do not offer any upside,” they added.

Reliance Securities: HOLD

With a Hold rating on the stock, analysts at Reliance Securities said that L&T Infotech underperformed against their revenue and margin expectations with a modest beat on net profit. “We are positive on medium-term revenue growth resiliency but expect accelerated pressure on near term EBIT margin due to supply-side concerns.  We believe the company to report industry-leading double-digit revenue growth rate over FY22-24E,” The brokerage firm said. With a Hold rating, the target price has been set at Rs 7,095, valuing the stock at 38x FY24E EPS.

Motilal Oswal: Neutral

The brokerage firm has cut EPS estimates for FY22 and FY23 by ~2% due to slower growth. “Our margin estimates remain in line with the management’s guidance. As Digital turns mainstream, we expect LTI to benefit from continued investments in its Digital capabilities, strong client additions, and mining abilities,” they added. The brokerage firm remains cautious on valuations but believes industry-leading growth may defend it. The target price has been set at Rs 5,710 per share.

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Hyva Appoints Pankaj Kapoor As Vice President And MD

Hyva, a provider of transport solutions for the commercial vehicle and environmental service industries, has appointed Pankaj Kapoor as Vice President and Managing Director of India.

Having held various senior business leadership positions at Tenneco Automotive India, Omax Autos, Motherson Sumi Systems, Federal-Mogul Powertrain, Uno Minda and more recently at AMR as CEO and Group Head Strategy, Pankaj brings with him an experience of more than 25 years in the business.

He has strong General Management credentials, both commercially (B2B & B2C) and in Operations, and a strong track record of business growth.

Pankaj is a Mechanical Engineer from Arya Bhatt Institute of Technology and holds an MBA in Sales and Marketing from AIMA. He has also undergone an Advance Management ADP from The University of Chicago, Booth School of Business.

“I am very pleased to announce the appointment of Pankaj Kapoor as VP & Managing Director of Hyva in India, He has a wealth of business experience and we look forward to Pankaj’s leadership as we continue to expand our business in India. He is going to be an asset to Hyva India. We welcome him to the Hyva family and wish him all success” said Alex Tan, CEO, Hyva.

Commenting on his new assignment, Pankaj Kapoor, VP & MD – Hyva, India said, “I am excited to join and represent such an iconic brand, Hyva who Pioneered the tipping systems in India and blessed to have such a competent and capable team as I take on this new responsibility and look forward to taking the company to the next level both in terms of growth and success.”

He added, “Having considerable industry experience, I am confident that I will be able to develop Hyva India to the next level and shall reach even greater heights”.

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