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Karnataka CM Bommai to open Infosys facility at Jayadeva heart institute on November 17

Chief Minister Basavaraj Bommai will open a 350-bed Infosys Foundation Block at the government-run Sri Jayadeva Institute of Cardiovascular Sciences & Research in Bengaluru on November 17.

The CSR arm of the software giant Infosys has spent Rs 103 crore on the project. The Foundation has also provided critical cardiac equipment in the new facility.

The cardiology institute is the most sought-after by patients, especially those from low-income groups. “We dedicate this facility to the poor people of our nation,” said an invite from Sudha Murty, chairperson at Infosys Foundation.

Society needs to think cleaning Ganga is its responsibility not just govt’s job: Jal Shakti minister

The society needs to consider cleaning the Ganga river as its responsibility and not see it as just the government’s job, Jal Shakti minister Gajendra Singh Shekhawat said on Wednesday. Addressing the valedictory function of the Ganga Utsav, he said everyone should think of themselves as the custodian of the environment.

“We have the role of custodian of this environment. We need to make it better and pass on to the next generation and not deteriorate it further. The society needs to think that cleaning the Ganga river is its responsibility and not just the government’s job,” he said.

Union minister Kiren Rijiju said a lot of work towards cleaning the Ganga needs to be done.

“In the next three to four years, I am confident that the clean Ganga mission will be successful. As an Indian, I believe rejuvenating and cleaning the Ganga is the most crucial programme in the country.

“Namami Gange (National Mission for Clean Ganga) is not just general government work but a mission and the work done under it inspires us,” he said.

The government celebrated the three-day ‘Ganga Utsav-The River Festival 2021’ with a focus on encouraging stakeholder engagement and public participation towards the rejuvenation of the Ganga river. PTI UZM NSD NSD NSD

Sales of smartphones and electronics grew 15-20% from early October to Dhanteras-Diwali

Sales of smartphones and electronics grew 15-20% during the month-long period from early October to DhanterasDiwali from the year-earlier festive season led by higher demand for mid-to-premium products and price increases. Retailers and malls said apparel and lifestyle products sales surged to exceed 2019’s pre-Covid festive season levels.

Electronics and smartphones would have done even better if supplies hadn’t been constrained, taking a toll on volumes, which went up in low single digits from last year’s record surge.

However, companies said consumer sentiment and demand were better than last year, driving higher ticket sizes, aided by improvements in income, employment stability, overall economic outlook and low Covid infection rates.

“Festive season growth has been steady but could have been better if supplies of premium products were consistent, since consumer sentiments have been extremely buoyant,” said Deepak Bansal, vice president, LG

Electronics India

.

Consumer sentiment is at an all-time high for festive buying, said Samsung India senior VP Raju Pullan.

LG and Samsung expanded festive revenue by over 20% from last year. Smartphone maker Realme’s sales grew by over 40% with an 11% surge in average selling prices, indicating greater purchase of premium products. Panasonic grew sales by 42%.

Madhav Sheth, president of Realme’s international business and CEO of Realme India, said festive sales are expected to extend through the weekend, and actual sales would have been significantly higher if the supply chain gap could have been closed. He said this festive season, there is amazing growth in sales from both online and offline channels.

All top brands including Samsung, Apple, LG, Xiaomi and Bosch have faced supply issues during this year’s festive season due to shortage of semiconductor chips and other components due to a fractured global supply chain.

Demand has been higher for mid-to-premium end products with consumers preferring to upgrade, including in smaller towns, said Eric Braganza, president of the Consumer Electronics and Appliances Manufacturers Association.

Companies said while ecommerce marketplaces such as Amazon and Flipkart gave the initial boost to this year’s festive sales by kicking things off a few days before Navratri and running promotions consistently for a month, footfalls in malls and brick-and-mortar too improved, aided by high vaccination numbers.

“Both sales and footfalls were higher across categories compared to the 2019 level and we are experiencing the best sales performance since the pandemic,” said Rajendra Kalkar, president, west, Phoenix Mills, which operates more than half a dozen malls in Mumbai, Pune and Bengaluru. “Categories such as jewellery and ethnic are growing at the fastest pace, indicating a positive consumer sentiment and festive mindset.”

Puma India managing director Abhishek Ganguly said sales grew 40% at stores and nearly 70% online from last year.

“Even compared with 2019 levels, the growth is substantially high and we expect the momentum to continue,” he said. “Unlike last year when shopping was very inpidualistic, this time we are seeing friends and families shopping together.”

Retailers like Vijay Sales, Sangeetha Mobiles and Great Eastern Retail reported over 15-20% growth in sales with business spiking during Dussehra and Dhanteras. Brands said sales on Amazon and Flipkart grew at double-digit pace with the online shopper base having expanded 20% this festive season from last year.

Panasonic India president Manish Sharma said ecommerce further drove sales in smaller towns this year, including for high-value products.

Even small retailers and neighbourhood markets across the country reported a surge in footfalls. The Confederation of All India Traders lobby group said Wednesday that nationwide Diwali sales have revived after two years and are likely to touch Rs 1 lakh crore, while jewellery worth Rs 7,500 crore was sold on Dhanteras alone.

The industry expects this momentum to continue due to the early onset of marriage season this year with multiple auspicious dates in November and a consistent improvement in mall traffic.

Uncertainty about extension of stock limit on pulses prevails

The pulses trading industry is unsure whether the stock holding limit on pulses–imposed by the government in July to tame inflation in food prices–will be extended. The order on stock holding limit was valid till October 31.

Stock limit on pulses and cooking oils was one of several policy measures taken by the government to tame inflation in the prices of food commodities.

Some of the major price control policy measures taken by the central government, such as ban on trading of chana on the NCDEX, opening of import and the imposition of stock limit have a bearing on prices of pulses. Stock limit was imposed on tur, chana, urad and masur till October 31.

“Barring lentils, prices of all other pulses are ruling around the MSP or below MSP,” said Vivek Agarwal, director, JLV Agro.

The price control measures did affect overall demand and price movement during the festival season. The processing industry saw good demand for chana dal, which is used for making a variety of Diwali sweets and savouries, while demand for tur dal was slow.

“Festival demand lasted only for about a fortnight and volumes have been considerably down. Everyone, including the retail consumers, are buying hand to mouth,” said Nitin Kalantry, a pulses processor from Latur in Maharashtra. “The trade participants are disappointed and not in a mood to trade.”

With Assembly election due in Uttar Pradesh, trade participants think the government may continue with price control measures. On November 2, the central food secretary has advised the Uttar Pradesh government “to study and revise the order of the state government so that the supply chain is not disturbed, and no shortage of oil is created”.

“The food ministry had been receiving representations from various stakeholders regarding the stock limit laid down by the state governments, which appear to be insufficient,” wrote Sudhanshu Pandey, secretary (food) in a letter to the chief secretary of Uttar Pradesh.

With supply of pulses in the market being steady, their prices are expected to remain under pressure. “The supply side is good, which may keep prices stable at current levels during the next few months,” said Agarwal.

President Ram Nath Kovind may visit Dhaka in December for Vijay Diwas celebrations

President Ram Nath Kovind is expected to visit Dhaka around December 16-17 to take part in the Vijay Diwas celebrations coinciding with 50 years of the Indo-Pak war and the Liberation War that created Bangladesh.

If Kovind undertakes the visit, it will be his maiden trip abroad since the pandemic and the second big visit from Delhi to Dhaka this year. The details of the visit are being fine-tuned, ET has learnt.

Kovind’s visit, following Prime Minister Narendra Modi’s trip to Dhaka in March, will further expand ties between Bangladesh and India across sectors — from defence to connectivity to trade and investments. India has relaunched vaccine exports to Bangladesh to combat Covid-19.

In March, Modi visited Dhaka to celebrate ‘Mujib Borsho’, the birth centenary of Sheikh Mujibur Rahman, the golden jubilee of diplomatic ties between India and Bangladesh, and the 50th year of the Bangladesh Liberation War.

The visit, which was the Modi’s maiden foreign visit since the pandemic, expanded bilateral security and connectivity partnership.

India and Bangladesh, during Modi’s visit, decided to explore sub-regional connectivity initiatives that could not only lead to higher volumes of trade between eastern and north-eastern India, Bangladesh, Nepal and Bhutan, but also strengthen the Indo-Pacific construct.

At their bilateral Summit in Dhaka in March, Prime Minister Sheikh Hasina requested her Indian counterpart for additional road and railway connectivity links to Nepal as well as rail links to Bhutan via India. Modi, on his part, sought cooperation in establishing connectivity between Guwahati and Chattogram Port that would boost Assam’s connectivity with the Asean and beyond.

India also decided to expand its participation in Bangladesh’s Roopur nuclear power plant.

Ashok Leyland hands over first batch of Ultra Low Floor CNG BSVI buses to IndiGo

Hinduja Group flagship Ashok Leyland on Wednesday said it has handed over the first batch of 12 M Ultra Low Floor BS VI CNG buses to IndiGo airlines for operation at the New Delhi airport. Ashok Leyland said 10 units of CNG tarmac coaches equipped with iGen6 BSVI technology with 216 hp ‘H’ Series engine would deliver improved safety, comfort and lower total cost of ownership, city-based Ashok Leyland said in a statement.

“IndiGo has been our long-term valued customer and we are glad that we have delivered consistently to them on the performance of our vehicles”, Ashok Leyland, Medium and Heavy Commercial Vehicle, Head, Sanjeev Kumar said.

These 12M Ultra Low Floor BS VI CNG buses with automatic transmission and full air suspension are a part of our expanding alternative fuels product range and has been developed by our in-house research and development team, he said.

“We will continue to roll out more such innovative products and solutions in line with market demand, which will help us in our journey to achieve our vision of being Top10 CV makers in the world”, Kumar said.

An IndiGo spokesperson said, “Ashok Leyland has been our trusted partner for our domestic tarmac buses catering to our mobility needs.”

“We are pleased to induct these CNG buses for our operations at the Delhi airport. This will further strengthen our relationship and we look forward to the continued performance, quality and service support delivered by Ashok Leyland”, the spokesperson said.

Buy The Ramco Cements, target price Rs 1110: Edelweiss

Edelweiss has buy call on The

Ramco Cements

Ltd. with a target price of Rs 1110. The current market price of The Ramco Cements is Rs 1067.85.

Time period given by analyst is Intra Day when The Ramco Cements Ltd. price can reach defined target.
The Ramco Cements Ltd., incorporated in the year 1957, is a Large Cap company (having a market cap of Rs 25188.68 Crore) operating in Cement sector.

Stock Analysis – Know before investing

Stock score of Ramco Cements Ltd moved up by 2 in a week on a 10-point scale.

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Stock Analysis

Stock score of Ramco Cements Ltd is 8 on a scale of 10. View Stock Analysis »

The Ramco Cements Ltd. key Products/Revenue Segments include Cement, Power, Dry Mortar Mix, Scrap, Ready Mix Concrete and Other Operating Revenue for the year ending 31-Mar-2021.

Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 1510.33 Crore, up 21.80 % from last quarter Total Income of Rs 1239.99 Crore and up 18.60 % from last year same quarter Total Income of Rs 1273.47 Crore. Company reported net profit after tax of Rs 519.12 Crore in latest quarter.

Investment Rationale
Ramco Cement has formed a triple bottom pattern at levels of 920.

Promoter/FII Holdings
Promoters held 42.52 per cent stake in the company as of 30-Sep-2021, while FIIs owned 8.71 per cent, DIIs 31.68 per cent.

ICICI Pru Life rises 0.27% as Sensex slides

Shares of ICICI Prudential Life Insurance Company Ltd. traded at Rs 627.95 on BSE at 01:00PM (IST) on Tuesday, up 0.27 per cent from previous close.

The scrip quoted a 52-week low price of Rs 399.4 and a high of Rs 724.5.

Earlier, the stock saw a gap up opening in the morning.

A total of 14,172 lakh shares changed hands on the counter till 01:00PM (IST).

The stock of ICICI Prudential Life Insurance Company Ltd. commanded a market value of Rs 90215.28 crore, according to BSE.

The stock traded at a price-to-earning (P/E) multiple of 143.85, while the price-to-book value ratio stood at 5.28. Return on equity (ROE) was at 7.9 per cent, according to exchange data.

In the BSE500 pack, 322 stocks traded in the green, while 178 stocks were in the red.

The stock’s beta value, which measures volatility in relation to the broader market, stood at 1.14.

Promotor/FII Holding
Promoters held 51.33 per cent in ICICI Prudential Life Insurance Company Ltd. as of 30-Sep-2021 while overseas and domestic institutional investors owned 17.17 per cent and 3.5 per cent, respectively.

Moving averages
The 200-DMA of the stock stood at 572.36 on November 02, while the 50-DMA was at 666.08. If a stock trades below 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades below 50-DMA and 200-DMA, it is considered as bearish trend and if trades between 50-DMA and 200-DMA, then it suggests the stock can go either way.

DCW issues notice to Delhi Police over threats to Virat Kohli’s daughter

The Delhi Commission for Women has said that it has taken suo motu cognisance of online threats being issued to Virat Kohli’s nine-month old daughter.

“DCW has issued a notice to police over a threat made on Twitter to rape Virat Kohli and Anushka Sharma’s daughter. Our chairperson Swati Maliwal has called this ‘shameful,’ and called for immediate arrest of the accused,” DCW said on Twitter.

The DCW said, in its note to the police, that it sought to be informed on the following counts: Copy of FIR registered in the matter, details of accused identified and arrested, details of steps taken to arrest the accused if no arrest made thus far, and detailed action taken report.

In Video: DCW issues notice to Delhi Police over alleged rape threats to Virat Kohli’s daughter

Stock market holidays: BSE, NSE closed for two days for Diwali

NEW DELHI: Equity, currency and derivatives markets will be closed for trading on Friday, November 5, as the Street and the nation will observe Diwali Balipratipada festival. Commodity markets will be closed for the morning session but will open in the evening.

Normal trading will also be shut on Thursday, November 4. Instead, exchanges will hold a short ceremonial Muhurat trading in the evening at 6.15 pm.

Meanwhile, the market has turned volatile ahead of the Federal Reserve policy meeting outcome. The committee is set to announce its decision on Wednesday, which traders will keep in mind ahead of the Muhurat trading.

Many expect the Fed will begin to unwind its $120 billion in monthly bond purchases and end the program entirely by the middle of next year. The quantum of monthly bond purchases is expected to be at a rate of $15 billion a month for hereon.

“Fed Chairman Jerome Powell’s comments will be closely watched for any adjustment in his thinking on inflation which shall drive interest rate expectations. Worries over inflation have prompted traders to bring forward their expectations around the timing and pace of the Fed interest rate increases,” said Heena Naik, Research Analyst – Currency, Angel One.

“Apparently, traders are pricing in as many as three interest rate hikes next year, but in the latest Fed forecast, only half of central bank officials agreed there should be even one.”