Nykaa Shares Decline 11%

Posted By: Preeti Dabar Posted On: Aug 14, 2023

Shares of beauty and fashion firm FSN E-Commerce Ventures, which operates under Nykaa brand, on Monday declined as much as 11 per cent in the opening trade hitting day's low of Rs 130 apiece on the BSE. Though the company's shares have claimed back some of the lost territory, it is still (11:00 am) around 7 per cent lower than its previous close.

On Friday, August 11, Nykaa's shares had closed at Rs 146.25.

Brokerage firm Kotak Institutional Equities has downgraded Nykaa's stock to ‘add' from ‘buy' and cut its target price from Rs 210 to Rs 165 a share. Nomura Research also revised downwards the rating to ‘neutral' from ‘buy' and reduced the target price to Rs 163 from Rs 183 a share.

“Nykaa's shares are nosediving today due to two major reasons — not so encouraging Q1 results 2023 and weak stock market sentiments," said Vaibhav Kaushik, research analyst at GCL Broking, according to livemint.

He added that high-risk traders can buy Nykaa's shares maintaining stop loss at Rs 125 apiece levels. There can be sharp bounce back if the stock manages to sustain above its crucial support placed at Rs 125 levels.

According to livemint, Avinash Gorakshkar, head (research) at Profitmart Securities said, ‘Nykaa results are not too bad but due to weak global sentiments, Dalal Street is reeling under the sell off heat. We may see sharp rebound in the stock if Nifty manages to sustain above 19,250 levels."

FSN E-Commerce Ventures on Friday posted an 8 per cent increase in consolidated net profit at Rs 5.4 crore for June quarter 2023-24. The company had clocked a net profit of Rs 5 crore in the same period a year ago.

Profit attributable to equity shareholders, however, declined about 26 per cent to Rs 3.3 crore from Rs 4.5 crore in April-June 2022. Its consolidated revenue from operations increased about 24 per cent to Rs 1,421.8 crore during the quarter from Rs 1,148.4 crore in the corresponding period of 2022-23.

She said Nykaa Fashion's growth in the quarter was much ahead than the industry growth but below its long-term trajectory.

“Dot & Key has crossed an annualized GMV run rate milestone of Rs 300 crore, growing five-fold in two years while achieving profitability, demonstrating the successful model of building value with the Nykaa playbook," Nayar said.

The BSE Sensex on Monday, August 14, declined by about 460 points to 64,862 in the opening trade, owing to pessimism across the Asian indices. The NSE Nifty also declined 154.1 points to 19,274.20 in the early morning trade. The rupee fell 25 paise to 83.07 against US dollar in early trade.

Among 30 Sensex companies, 25 were in the red. Top-5 losers included JSW Steel, Tata Motors, SBI, Bajaj Finserv were Tata Steel, declining up to 2.12 per cent.

Adani group shares also declined as much as 4.20 per cent on Monday, after its auditor Deloitte resigned.

Source: News18
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As Part of Strategy

Posted By: Ramesh Sharma Posted On: Sep 30, 2023

With Assembly elections in Madhya Pradesh inching closer, the Congress is likely to release its first list of candidates after October 5 as part of its strategy, sources said on Friday. A Congress source told IANS that the preparations for the Assembly elections are in full swing and the names of the candidates have been finalised, which will be released by the party at the perfect time.

The source said that the party would release its first list of candidates after October 5 as it is expected that by then, the poll schedule will be announced by the Election Commission.

The source further said that party General Secretary Priyanka Gandhi Vadra will be in the state on October 5 to address a massive public meeting, and her feedback will be sought before the announcement of the final list.

The party has held two meetings of the Screening Committee in the national capital to shortlist the candidates for the elections.

The party has received over 3,500 requests from aspiring candidates, who want to contest in the Assembly elections on Congress ticket, the source elaborated.

Meanwhile, former party president Rahul Gandhi will address a public meeting in the Kala Pipla Assembly seat on Saturday.

The BJP has already announced two lists of candidates for the upcoming elections. In its second list, the ruling party has named three Union Ministers besides four other sitting MPs. The second list of 39 candidates was released on Monday, hours after Prime Minister Narendra Modi addressed a public meeting in Bhopal.

The list also includes the name of BJP's National General Secretary Kailash Vijayvargiya.

The three Union Ministers named in the list are Minister of State for Food Processing Industries and Jal Shakti, Prahlad Singh Patel, from Narsinghpur; Agriculture Minister and the party's state election management committee head Narendra Singh Tomar from Dimni-Morena; and Minister of State for Rural Development and Steel, Fagan Singh Kulaste from Niwas.

The four other Lok Sabha members named in the list are Ganesh Singh from Satna, Riti Pathak from Sidhi, Rakesh Singh from Jabalpur-West, and Uday Pratap Singh from Gadarwara.

The Congress has been campaigning aggressively in the state to come back to power and has already announced several guarantees on the lines of its campaign strategy in the Karnataka and Himachal Pradesh Assembly elections.

Source: News18
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Maldives' presidential poll tomorrow

Posted By: Pawan George Posted On: Sep 30, 2023
Prime Minister Narendra Modi was the chief guest at President Ibrahim Mohamed Solih swearing-in ceremony after his surprise victory in 2018. Photo: AP

Maldives, the picturesque archipelago in the Indian Ocean, will hold a high-stake run-off presidential election tomorrow – the outcome of which will not only be closely watched by its populace of 500,000 but also India and China, the two Asian powers considered to be vying for geostrategic presence in the region.

Ties with India and China is said to be weighing heavily on the postal ballot choices, experts said, as the key contestants have brought geopolitics into the centrestage of their electoral campaigns.

While incumbent President Ibrahim Mohamed Solih has strengthened the country's bonhomie with New Delhi in his five-year tenure so far, the opposition camp led by rival presidential candidate Mohamed Muizzu have sharpened their anti-India rhetoric, and hinted at restoring the strong pro-Beijing ties that existed between 2013 and 2018.

Solih, who heads the Maldivian Democratic Party (MDP), had secured 39 percent votes in the first round of polls held on September 9. Muizzu, a former mayor of capital Male who now heads the Progressive Party of Maldives (PPM), had bagged 46 percent of the electoral share.

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Since neither of the candidates could cross the 50 percent-mark, a runoff poll featuring only Solih and Muizzu in the contest was scheduled for September 30. Although the latter had a 7 percentage point lead over the sitting president, experts said that the contest will be extremely close as Maldives has only 283,000 eligible voters, and the two leaders were separated by only 15,000 votes in the first round.

What's at stake for India, China

Former Maldives president Abdulla Yameen had, during his tenure from 2013-2018, took a step away from traditional benefactor India and steered the island-nation towards China. Male become a member of Beijing's Belt and Road Initiative (BRI), signed a free trade agreement with it, and was reportedly exploring a security and strategic tie-up which could have given the Xi Jinping-led regime an edge in the region that is crucial for east-west maritime trade.

Turning towards China meant a steady stream of foreign investment inflow, as Beijing pumped in billions of dollars into the country's infrastructure. Among the marquee projects developed using Chinese funds is the $200 million bridge connecting capital Male with the international airport. The project was executed under Muizzu's watch.

The Yameen-led government, however, came under intense criticism for taking hefty loans from China. Maldivian officials who spoke to BBC said the country still owed $1.1 billion-$1.4 billion to China as of 2020.

The Chinese “debt trap", along with the accusations against Beijing of attempting to interfere in the country's governance and undermining its sovereignty, was among the factors that led to Solih's surprise victory in the 2018 polls.

Since Yameen was voted out, Maldives renewed its strong ties with India. But this came at the cost of distancing away from Beijing, analysts underline. After Sohil's victory, India had offered an assistance of $1 billion to repay a part of the Chinese debt.

India is said to have invested an estimated $2 billion in the country's infrastructure in recent years, in the form of loans and grants. Solih's defeat could nullify the efforts undertaken by New Delhi to increase its influence, and could instead propell Beijing as the country's primary benefactor, experts said.

?India first? vs ?India out?

Solih's government, however, drew flak from the opposition over his foreign policy that has been described as “India first". The policy began drawing criticism in 2021, when Maldivian defence force said about 75 Indian military personnel were located in the country to maintain and operate an aircraft that was provided as an aid in 2020.

While New Delhi maintained that the aircraft was to only be used for relief and rescue missions, and emergency evacuations, the opposition alleged a conspiracy to meddle in the security affairs of the island country. Yameen, in 2022, launched an “India out" campaign, alleging that the government had become a “puppet of a New Delhi" and was allowing the stationing of Indian military personnel on the country's soil.

Solih had banned the campaign, calling it baseless and a "threat to national security". However, the opposition succeeded in escalating the anti-India rhetoric.

Yameen could not enter the polling fray as he has been convicted in a money laundering case. Muizzu, however, is considered as his close political ally and received his backing for the presidential campaign.

According to Ahmed Shaheed, a former Maldives foreign minister, the election outcome could be a setback for India if Solih loses. Although the opposition would not snap ties with India as indicated in their sharp rhetoric, but they would try to balance the equations between New Delhi and Beijing, he suggested while speaking to The Guardian.

“Even if there is a government change, India will likely remain a very strong partner," he said. However, considering the amount of investment made by New Delhi over the past five years, “it's all for India to lose rather than China to gain."

A section of analysts, however, doubt whether Muizzu, if elected, would remain equidistant from the two Asian powers. A potential pro-China shift in foreign policy was indicated after he had, in an online meeting with Chinese Communist Party representatives last year, said his party would “script a further chapter of strong ties between our two countries" if it returns to power.

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Source: Live Mint
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TCS ends work-from-home policy

Posted By: Ramesh Sharma Posted On: Sep 30, 2023
TCS has been stressing employees to work from office for some time now.(Abhijit Bharlekar/Mint file photo)

Tata Consultancy Services or TCS has decided to discontinue its work-from-home policy, requiring all employees to return to the office for all five working days starting October 1, CNBC-TV18 reported. TCS associates, who were previously working from the office for three days a week, will now be mandated to attend the office full-time.

The decision was conveyed to the employees through an official email. "As communicated by the CEO and chief human resources officer (CHRO) in various townhalls, it is mandatory for all associates to attend office on all the working days (5 days per week if there are no holidays) starting 1 October 2023," the news portal quoted the official mail.

TCS denied to comment on the issue. "As we are in the silent period at the moment, we will not be able to comment,” the IT major said.

The work-from-home option was initially implemented as a response to the disruptions caused by the Covid-19 pandemic, and many IT companies were first to embrace it due to the nature of their work, which allowed for remote operations. However, as the situation has gradually returned to normal, companies are encouraging employees to return to the office, citing increased efficiency.

Critics argue that work-from-home results in the loss of certain intangible benefits that are only possible in a physical office environment.

ALSO READ: Is work from home ruining our mental health? Here's what an expert says

The flexibility of working in WFH has led to protests and many employees leaving organisations that enforce work-from-office.

ALSO READ- Apple's 3-day Work from Office policy upsets section of ‘employees': Report

TCS's shift in policy aligns with its long-standing emphasis on the importance of physical interactions among employees. The company's FY23 annual report highlighted the importance of employees learning from each other's behaviour and different ways of thinking through in-person interactions.

“Without those interactions, employee engagement as well as acculturation got badly impacted. All these factors led us to gradually bring back people to our offices during the year," the annual report said.

TCS, being the largest private employer in India with a workforce of over 6,00,000 people as of March 2023, this policy change will impact a significant number of employees who will now need to commute to the office.

Source: Hindustan Times
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Last day to exchange ₹2

Posted By: Anita Mamgai Posted On: Sep 30, 2023
A cashier displays the new 2000 Indian rupee banknotes inside a bank(REUTERS)

The last date for returning or exchanging the ₹2,000 denomination currency notes is today. According to the Reserve Bank of India (RBI), from October 1 onwards the banknote will cease to have its value and will be just another piece of paper. This comes four months after the central bank announced that ₹2,000 notes would be taken out of circulation.

Reportedly, while the R,2000 currency note will remain legal tender even after the September 30 deadline, they will not be accepted for transactions. Post the deadline, the notes can only be exchanged with the RBI.

Till September 30, the ₹2,000 currency notes can be exchanged at 19 regional offices of RBI or any nearest bank branches.

Notably, there is a limit of ₹20,000 in the amount of ₹2,000 notes that can be exchanged for a lower denomination at a time.

On September 1, the RBI said that about 93 percent of the currency notes have been returned to the banking system since May. According to the data received from the banks, the total value of ₹2,000 banknotes received back from circulation was ₹3.32 lakh crore up to August 31, 2023, it said in a statement.

The ₹2,000 denomination banknote was introduced in November 2016 under Section 24(1) of the Reserve Bank of India (RBI) Act, 1934, to expeditiously meet the currency requirement of the economy post-withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time. According to MoS Pankaj Chaudhary, the objective of introducing the notes was met once banknotes in other denominations became available in adequate quantities. “In view of the above and in pursuance of RBI's ‘Clean Note Policy', it was decided to withdraw the currency notes,” he said.

Source: Hindustan Times
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Govt Hikes Windfall Tax on Domestic Crude

Posted By: Vishal Maurya Posted On: Sep 30, 2023

The government on Friday hiked special additional excise duty (SAED) on crude petroleum to Rs 12,100 per tonne with effect from September 30. In the last fortnightly review on September 15, windfall tax on domestically produced crude oil was set at Rs 10,000 per tonne.

Besides, the SAED or duty on export of diesel will be cut to Rs 5 per litre, from Rs 5.50 per litre currently.

The duty on jet fuel or Aviation Turbine Fuel (ATF) will be reduced to Rs 2.5 per litre effective Saturday, from Rs 3.5 per litre currently.

The SAED on petrol will continue at nil.

India first imposed windfall profit taxes on July 1, 2022.

Source: News18
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7th Pay Commission

Posted By: Pawan George Posted On: Sep 30, 2023

7th Pay Commission: The central government is likely to announce a DA hike for its employees between Navratri and Diwali, according to reports. The DA hike, once announced, will be effective from July 1, 2023. Though earlier reports suggested a 3 per cent DA hike, the number might increase.

As per the formula for DA calculation based on the latest Consumer Price Index for Industrial Workers (CPI-IW), a 4 per cent hike is likely for central government employees, according to an ET report. After this increase, the dearness allowance will reach 46 per cent.

DA is given to government employees, while DR is given to pensioners. DA and DR are hiked twice a year — January and July. Currently, over one crore central government employees and pensioners are getting a 42 per cent dearness allowance.

In the last hike in March 2023, the DA was increased by 4 per cent to 42 per cent. Given the current inflation rate, the next DA hike is expected to be 4 per cent, as per various reports.

Recently, various state governments, including Madhya Pradesh, Odisha, Karnataka, Jharkhand and Himachal Pradesh, increased dearness allowance for their state government employees.

How Does Govt Decide On The DA Hike?

The DA and DR hike is decided based on the percentage increase in 12 monthly average of the All India Consumer Price Index (AICPI) for the period ending June 2022. Though the central government revises the allowances on January 1 and July 1 every year, the decision is generally announced in March and September.

In 2006, the central government had revised the formula to calculate the DA and DR for central government employees and pensioners.

Dearness Allowance Percentage = ((Average of All-India Consumer Price Index (Base Year 2001=100) for the past 12 months -115.76)/115.76)x100.

For Central public sector employees: Dearness Allowance Percentage = ((Average of All-India Consumer Price Index (Base Year 2001=100) for the past 3 months -126.33)/126.33)x100.

Source: News18
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Tech firms nudge staffers back to offices

Posted By: Vishal Maurya Posted On: Sep 30, 2023
After two years of work from home during pandemic, IT firms are facing resistance in getting their workforce back to offices.

Mumbai: India’s largest technology services firm Tata Consultancy Services (Ltd) has asked some of its teams to attend office five days a week, a move which may prompt rivals with a hybrid work model to follow suit.

“We got a mail few weeks ago, asking our team to come to office five days a week. Until now, it was three days a week," a TCS employee said. However, other executives said the five-day week is not company-wide, and depends on the team manager. “There are certain projects which require teams to come to office every day, while for the rest, it remains three days as of now," the executive said.

TCS said it cannot comment, citing a silent period.

The company's chief human resources officer Milind Lakkad had said in June that work-from-office leads to more collaboration among newcomers and junior management. He had pointed out that while tenured employees who are well-networked within the organization can work virtually “using the social capital built up over the years", the same can't be with more junior employees. “Workplace essentials like collaboration, mentorship and team-building suffered a lot in these two years," he had noted.

However, IT firms are facing resistance in getting workers back to offices. While Wipro Ltd has a three-day week policy, HCL Technologies Ltd has a similar policy for its senior managers. Those in the lower rungs have a more flexible work schedule. Infosys Ltd insists employees turn up at least once a week for most teams, but executives says staffers are more regular.

“We believe the future of work is hybrid, and have adopted a flexible approach in our policies, keeping the requirements of our clients and employees as our foremost priority. Collaboration and innovation through shared perspectives is the foundation of a high-performing culture. Since May, all employees are being encouraged to work from the office, any three days of their choice, in a week," said Wipro. HCL and Infosys did not respond to Mint's queries.

IT firms also ask their employees to return to office to ensure data safety and reduce moonlighting. For employees, there may not be much of an option but to head to office as job market in the tech sector is sluggish after a year of hiring frenzy.

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Source: Live Mint
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US economic growth

Posted By: Ramesh Sharma Posted On: Sep 30, 2023
S&P said the company doesn?t expect a short shutdown of a few weeks to result in credit pressures for US public finance issuers. (Representative Image)

A looming US government shutdown threatens the economy, but probably won’t challenge the country’s sovereign debt rating, said Joydeep Mukherji, managing director at S&P Global Ratings.

In contrast with the US government debt-ceiling impasse earlier this year, “a shutdown does not raise the risk of an event of default," said Mukherji in an email. “Such an outcome would affect economic activity but is not likely to have an impact on the sovereign rating." S&P released a report on the impact of the shutdown for the US public finance sector on Friday.

If a shutdown begins on Oct. 1, S&P expects “the federal government will continue to provide essential services and meet its spending commitments (including paying for debt service) that do not rely on annual budgetary appropriations from Congress," Mukherji said.

Also Read: S&P retains India's FY24 growth forecast at 6%, citing global economic slowdown, rising monsoon risks

In Friday's report, S&P said the company doesn't expect a short shutdown of a few weeks to result in credit pressures for US public finance issuers. The agency did warn that a lengthy furlough for the government “could introduce credit pressures as funding and reimbursement delays flow down to public finance entities that lack liquidity and other revenue sources."

In March as the latest debt ceiling tussle loomed, S&P Global Ratings said in a statement it “could lower the rating over the next two to three years if unexpected negative political developments weigh on the strength of American institutions and the effectiveness of long-term policymaking or jeopardize the dollar's status as the world's leading reserve currency."

Also Read: S&P Global downgrades Vedanta Resources to CCC, second rating cut this week after Moody's

At the time S&P affirmed its ‘AA ' long-term and ‘A-1 ' short-term unsolicited sovereign credit ratings on the US. The outlook on the long-term rating remained stable.

Earlier this week, Moody's, the only remaining major rating agency to retain the US as a Triple A credit signaled that any shutdown “would underscore the weakness of US institutional and governance strength relative to other Aaa-rated sovereigns."

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Source: Live Mint
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