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Think Ahead with EZWealth – 10 Nov 2021
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COP26: India expresses ‘deep disappointment’ over climate financing
Blaming the developed world for not meeting the climate financing targets, India has expressed “deep disappointment” over the allocation of resources. “We record our deep disappointment with the deliberations in COP26 so far. Developed countries must accept the historical responsibility and provide the financial resources to the developing countries,” it said in a statement at the first ‘High Level Ministerial Dialogue on Climate Finance’.
India, which has been pushing for the fulfilment of the climate financing commitment from the developed world, said global action on climate change was contingent on the delivery of timely and adequate finance. “Developed countries had taken a commitment in 2009 to mobilise $100 billion per year by 2020 for climate action by developing countries. The promise has not been met. Scaling up mobilisation is pertinent given the huge gap between the requirement and extent of mobilisation,” said the statement.
Developed economies, led by the US, pledged $100 billion climate financing at COP15 in 2009 for the developing countries to shift to a low-carbon future and fund their climate mitigation and adaptability plans. However, no country has made any significant announcement till now to support the climate action plans of developing countries. In addition to it, developing countries have also pushed for an ‘adaptation fund’, but there has not been any major commitment.
Hiring demand up 9% YoY in Oct, dips sequentially: Monster Employment Index
Hiring demand for the month of October 2021, witnessed a dip of 3 per cent, as compared to September 2021. However, job demand grew 9 per cent sequentially in the past six months showing an optimistic outlook to recovery, said the Monster Employment Index. There has also been a strong year-on-year recovery with a 9 per cent uptick in October 2021 (Oct 2021 vs Oct 2020). October 2021 saw industries such as Office Equipment/Automation (up 30 per cent) show remarkable improvement on account of back-to-office trends. Travel and Tourism (7 per cent) also witnessed considerable monthly growth with a major uptick in cities such as Chandigarh, Jaipur, and Kochi.
Hiring of professionals in hospitality and travel roles saw the highest month-on-month growth, indicating an overall promising recovery for the Travel sector in the months to come (Oct 2021 vs Sept 2021). There has also been an improvement in industries such as Education and Retail, as compared to the previous months. As compared to October 2020, the Banking, Financial Services, Insurance (46 per cent) and IT-hardware, software (37 per cent) industries led in e-recruitment activity, marking the highest growth in metro cities which continue to dominate year-on-year hiring trends. The demand for entry-level professionals notably witnessed a yearly incline of 3 per cent (Oct 2021 vs Oct 2020).
RBI lifts curbs on Diners Club after data compliance
The Reserve Bank of India (RBI) on Tuesday lifted restrictions on global card network Diners Club International Ltd, allowing it to enlist new customers after it demonstrated “satisfactory compliance”. On 23 April, Diners Club and American Express Banking Corp. were restricted from issuing fresh cards, citing non-compliance of local payment data storage norms. RBI is yet to lift the curbs on American Express.
The ban on adding of new customers was effective 1 May. RBI also restricted Mastercard from on-boarding new customers from 22 July for similar reasons. That is also in effect at the moment. RBI had directed all payment system providers in 2018 to ensure that their entire data on payment systems is stored in India alone. They were to report compliance to RBI and submit a board-approved system audit report within specified timelines—comply with the regulations within six months and report compliance by 15 October 2018. The data to be stored exclusively in India includes complete end-to-end transaction details; and information collected, carried and processed as part of the message or payment instruction.
India set to achieve services export goal of $1 trn by 2030: Piyush Goyal
India is poised to achieve an ambitious services export target of $1 trillion by 2030, commerce and industry minister Piyush Goyal said on Tuesday. Speaking at the Services Export Promotion Council-Global Services Conclave 2021, the minister said that the opening up of the domestic legal services sector will benefit Indian lawyers as they would get huge opportunities in countries such as Europe, Australia and America. However, there is a need to get Indian lawyers on board on this issue.
“I personally believe that opening up legal services in India will actually be a net gain for lawyers of India because no lawyer is going to come from America or Europe and practise at Indian rates. But Indian lawyers will get huge opportunities in Europe and Australia, in America, in all of the world actually, with the kind of skills that our lawyers have,” the minister said.
Goyal further said that at a time when services trade remained depressed in other countries due to the disruption caused by covid, India’s services sector showed immense resilience . “Sectors like tourism, hospitality, etc. which suffered due to Covid-19, showing revival signs,” he added. The services sector is a key driver of India’s economic growth, providing employment to nearly 26 million and contributing about 40 per cent to India’s total global exports. The services trade surplus was $89 billion in FY21.
Mark Mobius bets on ’50-year rally’ in Indian stocks as China slows down
Veteran investor Mark Mobius has allocated almost half of his emerging-markets fund to India and Taiwan to help offset a slide in China shares that has dragged down returns from developing nations as a whole. “India is on a 50-year rally,” even if there are short bouts of bear markets, Mobius said in an interview on Bloomberg Television. “India is maybe where China used to be 10 years ago,” he said, adding the government policies of unifying rules across states will help the country in the long run.
Mobius’ bullish view on India clashes with those of analysts at Morgan Stanley and Nomura Holdings Inc., who have downgraded the stock market after the benchmark S&P BSE Sensex Index more than doubled from a March 2020 low. Emerging-market equities have trailed behind their developed-nation peers this year, held back by losses in China as the government has roiled markets with a widespread regulatory crackdown.
The Mobius Emerging Markets Fund has a combined 45% of its portfolio allocated to India and Taiwan, with tech hardware and software the biggest holdings in these markets. Indian software services provider Persistent Systems Ltd. and eMemory Technology Inc., a Taiwanese chip technology provider, were among its biggest stakes as of end-September. The stocks have both more than doubled this year.[/vc_column_text][vc_column_text css=”.vc_custom_1636511129534{border-top-width: 1px !important;border-right-width: 1px !important;border-bottom-width: 1px !important;border-left-width: 1px !important;background-color: #f4f4f4 !important;border-left-color: #dd0000 !important;border-left-style: solid !important;border-right-color: #dd0000 !important;border-right-style: solid !important;border-top-color: #dd0000 !important;border-top-style: solid !important;border-bottom-color: #dd0000 !important;border-bottom-style: solid !important;border-radius: 1px !important;}”]
Stocks in the news
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Results on November 10: Bank of Baroda, Zomato, Affle India, Berger Paints, Glenmark Life Sciences, India Cements, Krishna Institute of Medical Sciences, Mazagon Dock Shipbuilders, Metropolis Healthcare, Nuvoco Vistas Corporation, Oil India, Pidilite Industries and Tata Teleservices are among 268 companies that will release September quarter earnings on November 10.
Reliance Jio has opposed a move under consideration by the government to fragment the crucial millimetre wave band (mmWave) for 5G services in order to meet the claims of satellite communications’ service players. The proposal being considered is to offer for auction only the spectrum between 24.5 – 28.5 GHZ in the mmWave band for 5G mobile operators, instead of the 3GPP standardized band which is up to 29.5 GHz and is being used globally for 5G in Japan, South Korea, Norway, and Taiwan, among others. The total spectrum availability for mobile opeartors for 5G in the mmWave band will be substantially reduced.
FSN E-commerce Ventures: The parents company of onmilchannel Nykaa will list make its Dalal Street debut on Wednesday. The company’s IPO was open between Ocotober 28-November 1 in the price range of Rs 1,085-1,125. It was commaniding a premium of Rs 800 in the grey market ahead of listing.
Petronet LNG: The company reported lower consolidated net profit at Rs 817.6 crore Q2FY22 against Rs 919.5 crore in Q2FY21, revenue jumped to Rs 10,813 crore from Rs 6,235.8 crore YoY.
Power Grid Corporation Of India: The company reported higher consolidated profit at Rs 3,376.4 crore in Q2FY22 against Rs 3,094.1 crore in Q2FY21; revenue increased to Rs 10,266.98 crore from Rs 9,529.68 crore YoY.
BHEL: The company posted consolidated loss of Rs 46.5 crore in Q2FY22 against loss of Rs 552.4 crore in Q2FY21. Revenue shot up to Rs 5,112.2 crore from Rs 3,696 crore YoY.
CreditAccess Grameen: The company reported lower standalone profit at Rs 71.99 crore in Q2FY22 against Rs 78.17 crore in Q2FY21; revenue from operations increased to Rs 509.91 crore from Rs 470.67 crore YoY.
ITC: The company’s Hotels announced the launch of ‘Mementos’ with signing up the first property Ekaaya in Udaipur under the luxury brand. With its “asset right” strategy, the launch of the niche brand will help the group expand its footprint across the country through management contracts.
Cipla: The homegrown drug maker and the US-based biopharmaceutical company Pulmatrix Incsaid it has sorted out a funding dispute with Cipla regarding Pumazole, an underdevelopment medication for asthma.
IRB Infrastructure Developers: The construction player will soon start construction work of the 27.5 kilometre-long Gandeva-Ena hybrid annuity project on the upcoming Vadodara-Mumbai Expressway, as it has completed all the formalities, including financial closure.
AstraZeneca Pharma India: The drug firm reported a 54.65 per cent decline in its net profit to Rs 11.94 crore for the quarter ended September 30, 2021. The company had posted a net profit of Rs 26.33 crore for the corresponding period of the previous financial year.
Indraprastha Gas: The CNG retailer in the national capital and adjoining cities reported 30 per cent jump in its second quarter net profit on the back of higher sales volumes. Net profit of Rs 400.54 crore in July-September 2021-22 is compared with Rs 307.94 crore net earning in the same period a year back.
Hindustan Copper: The copper producer reported a seven-fold rise in consolidated profit after tax (PAT) to Rs 67.53 crore for the quarter ended September. The company had posted a consolidated profit after tax and share of profit of JV/Associates of Rs 9.12 crore in the year-ago period.
Indiabulls Real Estate: The real estate player announced appointment of Kulumani Gopalratnam Krishnamurthy as its non-executive chairman with effect from February next year.
Indian Hotels: The Tata group hospitality firm said it has fixed the rights issue price at Rs 150 per share to raise a total of Rs 1,982.10 crore from the eligible shareholders. Last month, the company’s board had given nod to raise Rs 4,000 crore, against Rs 3,000 crore approved earlier in August this year
Kesoram Industries: The BK Birla Group flagship company reported a consolidated loss of Rs 12 crore in the second quarter of the current fiscal on account of high interest cost and other expenses. The Kolkata-headquartered company posted a net profit of Rs 6 crore in the year-ago period.
Manali Petrochemicals: The part of Singapore’s AM International reported Profit After Tax at Rs 119.62 crore for the quarter ending September 30, 2021. The company had registered a standalone PAT at Rs 17.88 crore in the corresponding quarter the previous year.
Kennametal India: The Bengaluru based company posted an over two-fold jump in its consolidated net profit to Rs 28.3 crore for the first quarter ended September 30, mainly on account of higher income. Its “net profit for the period” in the year-ago quarter had stood at Rs 13.2 crore.
Zee Media Corporation: The media player said its board will consider issuing equity-linked securities to its promoters following a proposal from a promoter group entity to invest further in the company.
Jet Airways: The grounded airlines ecorded a standalone net loss of Rs 305.76 crore in the three months ended September. In the latest quarter under review, the company had a total income of Rs 45.01 crore.[/vc_column_text][vc_separator][vc_column_text]
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