Homebound: India's vaccine exports to dwindle

India opened up its coronavirus inoculation programme to people above 45 on Thursday as infections surge, which will delay vaccine exports from the world's biggest maker of the drug.The country, with the most number of reported COVID-19 cases after the United States and Brazil, has so far injected 64 million doses and exported nearly as many. This has raised criticism at home as India's per-capita vaccination figure is much lower than many countries.The government has previously said that people over 45 can register for inoculation from April 1.India initially focused on front-like workers, the elderly and those suffering from other health conditions, unlike some richer countries that have made all their adults eligible to get inoculated.New Delhi says it is working towards that goal, and Health Minister Harsh Vardhan tweeted that there would be no vaccine shortage in the country as it opens up the vaccination programme."Centre to continually replenish states' supplies," he said on Twitter. "Avoid overstocking and under stocking."India has already decided to delay big vaccine exports for now, including to the WHO-backed global vaccine alliance COVAX.It is currently using the AstraZeneca vaccine and a shot developed at home by Bharat Biotech, which is struggling to step up supplies. India's drug regulator is soon expected to approve Russia's Sputnik V vaccine.India has reported more than 12 million infections, including a big surge last month. Deaths stand at more than 162,400.

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3 pharma stocks to bet on: Gurmeet Chadha

Have a balanced allocation and go where there is earnings to support the lofty valuations, says Gurmeet Chadha, Co-Founder, Complete Circle Consultants. What according to you is the next big trigger for the market?The biggest trigger is going to be earnings. There will be differentiation in a lot of sectors, especially in banking. The actual NPAs will be reported and so the real picture would come out in terms of how the collection efficiencies are progressing, how the overdue is playing out, what percentage of restructuring as guided by management is being adhered to. Liquidity events are also very important. We keep blaming liquidity for the rally but liquidity essentially chases growth and the next stimulus the focus on infra to me would be very critical especially for cyclicals and commodities. I genuinely think we are in a commodity cycle and probably just the first leg has gone through. The market has virtually doubled from last March to this March -- from 7,500 to 14,800 almost 15,000 -- and so some amount of caution is warranted. There is euphoria in a lot of pockets and so hope trades and the economy-getting-reopened trades should be avoided. As far as valuation and earnings are concerned, wherever possible, margin of safety should be adhered to. Do not ignore fixed income despite rising inflation. India’s inclusion in the emerging market bond index, world bond index makes the shorter end of the yield curve pretty sweet. So have a balanced allocation and go where there is earnings to support the lofty valuations. Given the fresh spike in Covid cases, do you think any of the healthcare names are worthy of buying?Healthcare is a pretty secular story with a long-term view. The entire Nifty pharma index market cap is about Rs 7.5 lakh crore, which is less than HDFC Bank’s and it has about 4% weightage in Nifty. Compare it with any developed market. The weightage of healthcare would be 10% to 12%. We do like the API players and Divi's Labs has been a long favourite. They have done Rs 1,800 crore capex in the last two years. In the next two-three years, they look set for a nice double digit growth in the top line and may be 20% plus EPS growth. The nine-month margin for this year so far is above 40%. That tells us why it is valued at probably 15-16 times sales. We also like a smaller name in this space -- Neuland Laboratories -- which has a nice mix of GDS, CDMO and oral peptide, peptide synthesis. We like Cipla and also some of the diagnostics names. There has been some consolidation in pharma after the initial runup when the post Covid rally happened. Once the earnings come in, we should see more legs in the pharma space. What has spurred the momentum within the real estate space? Housing is a force multiplier. It is difficult to speculate but you could see more sops either in terms of extension of stamp duty cuts and related measures. RERA also has been very transformative in terms of doing consolidation in the industry. For example, the pace of project development for Godrej Properties has really gone up exemplarily. Their near term project guidance talks of 14 projects with 8.5 million square feet, one of the shortest turnaround time and they also have a nice strategy of spreading their project development across the country in Ahmedabad, Bangalore, Mumbai and NCR. Their strategy is also a little different. Other than outright buying of land, they are also tying up with landowners for joint development. They are also project managers for a few developers with 10-11% share of the revenue. We need to see whether there is any cash strain because of the number of projects they have done looks good. DLF also looks good. It is largely north bound. A couple of south bound real estate players also look good but I am more constructive on the fundamental side over the long term. Only housing and building material names, players like PolyCab, Havells, Kajaria, companies into white goods are the ones which probably will see a cleaner balance sheet, high ROEs and possibly where you can see a broader consumption playing out. What about the entire defensive pocket? Would you tilt towards IT or FMCG or believe that diversification and looking at both of these sectors would be a prudent strategy?I would not call IT defensive. It is a growth sector to be in both in the medium and long term. The deal win momentum is quite robust both in large and midcap names. Also, for Infosys, digital makes up 50% of their revenue. It is growing at about 30%. The pricing pressure on digital is not there because now it is more outcome driven and large deals initially have a bit of a stress on margin but over a period of time they become more accretive and helps get more deals. In IT, there’s opportunity in Cloud and then opportunity would come with the interconnected systems on Cloud which would generate data and which will lead to opportunities in data analytics and AI and Internet of Things. Also, some of the midcap names look good. MindTree for example, has seen both client count and employee count stabilise post their acquisition. In consumption, I like this entire food consumption space. Tata Consumer has three strong legs of growth-- beverage and tea, Tata Salt and Tata Sampann brand which is into pulses, spices and other ready to eat products. I also like city gas distributors and to me they are consumption plays. Players like Gujarat Gas look very good. It is a very secular story with rising demand both from industrial as well as households.

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Figuring out Suez Canal mess may take years

TOKYO: It took six days to prise free a giant container ship that ran aground and clogged the Suez Canal, one of the world’s most crucial shipping arteries. It could take years to sort out who will pay for the mess.Cargo companies, insurers, government authorities and a phalanx of lawyers, all with different agendas and potential assessments, will not only need to determine the total damage but also what went wrong. When they eventually finish digging through the morass, the insurers of the ship’s Japanese owner are likely to bear the brunt of the financial pain.The costs could add up quickly.There are the repairs for any physical damage to the Ever Given, the quarter-mile-long ship that got stuck in the Suez. There is the bill for the tugboats and front-end loaders that dug the beached vessel out from the mud. The authority that operates the Suez Canal has already said the crisis has cost the Egyptian government up to $90 million in lost toll revenue as hundreds of ships waited to pass through the blocked waterway or took other routes.And the stalled ship held up as much as $10 billion of cargo a day from moving through the canal, including cars, oil, livestock, laptops, sneakers, electronics and toilet paper. Companies delivering goods may have to pay customers for missed deadlines. If any agricultural goods went bad, producers may look to recoup lost revenue.All of these cascading effects could amount to insurance claims in the hundreds of millions of dollars as well as broader losses from the delays in the global supply chain.The financial mess will ensnare a multinational web of businesses, led by the Japanese owner of the ship, its Taiwanese operator and the German management agent that hired the crew, as well as myriad cargo companies that rented space in the ship’s containers and a sprawling pool of insurance firms stretching from Tokyo to London.The ultimate responsibility may fall to the insurers for the ship’s owner, Shoei Kisen Kaisha Ltd., a subsidiary of the 120-year-old privately owned Japanese shipbuilder Imabari.Teams from the German company that hired the crew and a consortium of insurers for the ship’s owner are just starting to investigate what caused the marooning of the Ever Given. Authorities in Panama, where the ship is registered, are also conducting an inquiry, as are investigators for other interested parties. Their findings, whether they align or not, will complicate questions of liability, keeping claims adjusters and lawyers busy for years as they sort through the finger-pointing.Investigators want to know “who was responsible for the disruption — was it the crew, the pilots working for the Suez Canal Authority, or is it just an act of nature or a freak accident by the wind?” said Richard Oloruntoba, an associate professor of supply chain management at the Curtin Business School in Perth, Australia.Even after inquiries are completed, Oloruntoba added, “it’s not clear-cut. It all depends on how good the lawyers are and also the contracts that were entered into.”The most straightforward aspect is the damage to the ship and the canal. In the shipping business, those costs usually fall to the insurers of the ship’s owner — in this case, a consortium led by Mitsui Sumitomo Insurance in Tokyo with Tokio Marine and Sompo Japan. Initial reports indicate the ship did not suffer much harm, and there was no pollution leak.The consortium is also likely to be on the hook for the salvage costs to free the ship, which swelled as experts and equipment were mobilized on short notice. Robert Mazzuoli, an insurance analyst at Fitch Ratings, estimated that bill could run into the tens of millions, although there are many variables.The trickier piece of the puzzle is the cargo. Companies that booked containers on the Ever Given, as well as some of the 400 ships that had to wait in line outside the canal while it was jammed, may want to file claims.But most insurance policies do not cover the economic losses for cargo delays. So companies will have to make a specific case as to why they are entitled to compensation.Such claims could reach hundreds of millions of dollars.The ships carrying the most time-sensitive cargo, such as livestock or produce, could make the strongest argument. Those vessels, though, were allowed to go through first once the waterway was cleared.For the most part, claims around cargo might be “impractical,” said Jeff N.K. Lee, a lawyer in Taipei, Taiwan, who specializes in commercial and transportation law.“While the ship is just parked there, the cargo isn’t actually being damaged,” Lee said. “The only damage is that it’s delayed.“Say I have a batch of cloth, and on top of the time it took to come to Taiwan, it got stuck for six or seven days,” he said. “It just sat there. Will it go bad? It won’t.”There is a caveat. The ship’s owner could have to pay for cargo delays if its crew is found to be at fault for the accident.Some so-called third-party claims related to delayed cargo may be covered by yet another insurer for the ship, the UK P&I Club. The same goes for any claims by the Suez Canal Authority, which operates the waterway and might file over any loss of revenue.Nick Shaw, CEO of the International Group of Protection and Indemnity Clubs, the umbrella group that includes the UK P&I Club, said the insurer would “make decisions together with the shipowner as to which ones had validity and which ones are illegitimate.”Adding to the complexity of the Suez accident are the layers upon layers of insurance. Reinsurers, companies that cover the risk of other insurance companies, come into play for claims above $100 million. Between insurance and reinsurance, the ship’s owner has coverage for those third-party claims up to $3.1 billion, although few experts believe the damages will run that high.l magnify.”The sheer size of the Ever Given makes the situation all the more labyrinthine. Aside from time of war, the Suez Canal has never been blocked quite so spectacularly or for as long a time as it was with the Ever Given, and this is the biggest ship to run aground.The ship is as long as the Empire State Building is tall, with the capacity to carry 20,000 containers stacked 12 to 14 high. The Ever Given is one of a fleet of 13 in a series designed by Imabari, part of a push to lower the costs per container and make the ships more competitive in an increasingly fierce market dominated by Chinese and South Korean shipbuilders.“The bigger the ships get, the risk is, whenever you have an incident like this, is that you are putting more of your eggs into one basket,” said Simon Heaney, senior manager of container research at Drewry UK, a shipping consultancy. “So the claims will magnify.”

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Maha: 6.5 lakh COVID-19 cases last month

Maharashtra added 6,51,513 COVID-19 cases in March this year, which accounts for 88.23 per cent of the total number of cases reported in the previous five-month period, according to official data. Between October 1 last year and February 28, 2021, the state recorded 7,38,377 cases of coronavirus. The data shows the increased pace of the viral infection in March 2021 compared to previous months. One of the main reasons for it is the people not following "COVID-appropriate behaviour", say experts. Many people are not maintaining social distance and do not wear masks, exposing themselves to the infection, they say. "There have been several discussions among state officials and ministers about increasing the fine amount for people not wearing masks. It could put some pressure, but the government does not want to use an iron fist to ensure people adhere to the guidelines," a member of the state COVID-19 task force told . However, another senior state health official said people cannot be pressurised after a certain limit. "The labour class (low income group) in the state is desperate to go out to work. Same is the situation with micro, small and medium industries. They are labour-dominated sectors and we cannot stop people from travelling," she said. Another government health official said hygiene is a "delicate and lifestyle-related issue" and its definition varies from person to person. People get irritated if you insist on washing hands every time they go out of their workplace or office, he said. "It is the case of either an utmost level of hygiene or nothing. One incident of delaying washing hands or not covering face sufficiently can lead to the coronavirus infection, the official said. But, living under such constant fear also leads to other psychological complications, another official said. "We have observed people following COVID-appropriate behaviour for one week to three weeks and later becoming careless. That is the time when they catch the infection," she said. Union Health Secretary Rajesh Bhushan in a letter to Maharashtra's chief secretary recently pointed out similar reasons. He had also expressed the need for surveillance of COVID-19 patients who do not follow home quarantine protocols. Maharashtra Health Minister Rajesh Tope recently said people should be ready for stringent measures in the coming days to curb the spread of COVID-19 and that imposing a lockdown is the last option for the state government.

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Investors cheer more cos under div payout policy

ET Intelligence Group: In a year when several large and small companies have altered their dividend policies, market regulator Sebi’s new rule extending the requirement of formulation of dividend distribution policy by the existing top 500 listed entities to the top 1,000 listed entities (based on market cap) has proved to be a timely move.Accumulated surpluses, excess liquidity with companies and limited opportunities to invest in the short-to-medium term are prompting companies to reward their shareholders handsomely.Last month, Bajaj Auto made changes to its dividend policy stipulating dividend distribution of up to 90 per cent when the surplus cash is over Rs 15,000 crore; up to 70 per cent in case of a surplus of Rs 7,500-15,000 crore and up to 50 per cent if the surplus is below Rs 7,500 crore.A month earlier, Hindalco outlined its new dividend policy of paying 8-10 per cent of its consolidated free cash flow to its shareholders, as against its earlier policy of paying out 10-30 per cent of its standalone net profit. Around the same time, small-cap company Share India Securities, specialising in a latency-based trading platform, approved a dividend distribution policy from 2020-21 onwards of making regular payment of at least 12 per cent of lower standalone or consolidated net profit. In March last year, ITC fixed its dividend payout at 80-85 per cent of its profit after tax. 81807077This is in line with the global trend of companies altering their dividend policy to dole out more dividends to their shareholders after making provisions for cutting down debt. In a difficult year, companies have thought it best to distribute surplus funds to their shareholders.Incidentally, the Reserve Bank of India altered the dividend policy for stressed businesses such as banks and non-banking financial companies (NBFCs). It asked banks not to pay dividends this year given their stretched balance sheets pummelled by the pandemic and proposed to allow only those NBFCs that meet the prescribed prudential requirements on capital and asset quality to pay dividends.Five years ago, shareholder complaints about many companies refusing to pay dividends despite having extra cash had prompted Sebi to mandate the top 500 listed companies to have a dividend distribution policy.As part of the policy, the companies were to list out the circumstances under which the shareholders may or may not expect a dividend. Besides, the policy needed to spell out the financial parameters, as also various internal and external factors, to be considered for declaring a dividend.With this requirement now becoming applicable to 500 more companies, it would help strengthen the governance and financial planning functions in the smaller companies and provide more tools for decision-making to institutional investors.

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Tata Sons revokes pledges on five group cos’ stocks

Mumbai: Tata Sons, the holding company for the Tata Group, has revoked pledged shares in five of its listed firms, including some stock of the crown jewel — Tata Consultancy Services (TCS).The pledges were revoked last week, customary filings showed.About 67 million shares of TCS, worth Rs 21,285 crore at the current market price, were pledged with Centbank Financial Services. These were released upon redemption of debentures. Currently, 12.6 million shares of TCS are pledged with the NBFC.Tata Steel said 7.56 million shares out of 14 million pledged have been released on March 25. Tata Motors, in a separate regulatory filing, said 23.7 million out of the pledged 51.7 million shares were released on March 25.On March 26, the Supreme Court upheld Tata Sons’ decision to replace Cyrus Mistry as group chairman while refusing to entertain Shapoorji Pallonji (SP) group’s plea for a fair compensation of its equity shares in Tata Sons. The court said the value of SP group shares will depend on the valuation of Tata Sons’ equities and that the SC would not get into determining what should be a fair value.Among the other companies in which Tata Sons has revoked the pledged shares include Tata Consumer and Tata Power. In Tata Consumer, about 4.83 million out of 8.67 million shares pledged to Centbank were released. In Tata Power, the promoters have revoked 17.7 million shares out of its 38.9 million pledged.

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Strict lockdowns likely if Covid nos. rise: JP Morgan

Mumbai: Indian authorities may be forced to impose lockdowns if the number of coronavirus cases continues to rise sharply, said JP Morgan.India is currently seeing a record daily surge in coronavirus cases amid the second wave of the pandemic that has plagued the world for over a year now.“The authorities have imposed some local restrictions to contain the proliferation of Covid-19, but they seem to be reluctant to impose hard lockdowns due to the economic costs,” said JP Morgan in a note. “However, if cases continue to rise sharply and medical infrastructure gets overwhelmed then the authorities may be forced to impose stringent lockdowns,” said the note.India's benchmark indices are down nearly 6 per cent from all-time high levels hit in mid-February. Rise in the US dollar, US 10-year treasury yields and a surge in coronavirus cases have been the key factors behind this fall.JP Morgan said the spike in new cases so far has been concentrated in a few states, particularly Maharashtra which accounts for 60 per cent of the daily new cases. “...the impact of second wave on economic activity remains localised for now. However, we remain concerned about further sectoral divergence in economic momentum, with contact-based services likely to suffer more due to the second Covid wave,” said JP Morgan.The brokerage said the new cases have also increased in several other states though from a low base. The firm noted that till now there does not appear to be a material impact on national mobility and activity. A ramping up of vaccination drive could effectively break the link between mobility/activity and the proliferation of Covid-19 cases, said JP Morgan.

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Josh Hazlewood opts out of IPL

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IPL 2021: Dhoni, Raina fine-tune skills in CSK's training session

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Maguire rescues England with late winner against Poland

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IPL 2021: AB de Villiers joins RCB bubble in Chennai

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TikTok Parent ByteDance Says It Is 'Bleeding' Due to India Bank Account Freeze, No Relief From Court

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Facebook News Feed Revamped to Offer More User Control

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Local curbs put bike sales in slow lane, again

Localised lockdowns in states like Maharashtra, Madhya Pradesh, Gujarat and Rajasthan have started impacting adversely sales of motorcycles and scooters the past two weeks, said a top executive at the country’s second largest two-wheeler maker Honda Motorcycle & Scooter India (HMSI), adding demand should stabilise as the vaccination drive gains pace from April 1.Currently, 10% of HMSI’s distribution network in the western part of the country is closed on account of the restriction imposed by state governments to check the spread of the pandemic.“There is an impact on economic activity (due to the localised lockdowns). Earlier there were only night curfews. Now in many parts of Maharshtra, some parts of Madhya Pradesh, Gujarat, Rajasthan, there are day time restrictions. Our network is closed in these places which is affecting sales”, said Yadvinder Singh Guleria, director (marketing and sales) at HMSI. Guleria did not specify the quantum of the impact on sales.81811677With retail sales hit, the company’s inventory have increased in the range of 5-7 days in affected areas. Guleria informed HMSI has decided to curb dispatches to such places so as to not increase stock burden of dealers. “With new lockdowns, dealer inventory has witnessed a 5-7 uptick in few pockets, but this is manageable and not worrisome as we are now maintaining lower inventory levels at our network compared to pre-covid levels”, said Guleria.But even as uncertainties persist, HMSI is cautiously optimistic two-wheeler sales in the local market will grow in high-double digits in the new fiscal year, albeit on a low base. The upcoming marriage season is expected to accelerate buying due to many marriages postponed last year. The great Indian vaccination drive is further expected to bolster customer sentiments.Guleria added, “Already 60 million people have been vaccinated. The drive will gain momentum from April 1 when everyone aged above 45 years can get vaccinated. People will get more confident about the efficacy of the vaccine, which will be positive for overall market sentiment.”

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More Indian cos could make Sputnik vaccine

India is poised to become a manufacturing hub for Russia’s Covid-19 vaccine, Sputnik V, as it inches towards getting an approval from India’s drug regulator.“Russians have swept up unused manufacturing capacity. Many companies will be using their unused biological capacity to manufacture Sputnik V,” said a company insider, on the condition of anonymity. While 100 million doses can come immediately from Dr Reddy’s, this can go up sharply as Sputnik has signed agreements with companies like Gland, Virchow, Strides and Hetero, insiders said. The subject expert committee under the drug regulator is likely to take up an application of Dr Reddy's Laboratories to market Sputnik V on Thursday.It is indicative that companies like Serum Institute of India (SII), Panacea Biotec and Biocon may also get into manufacturing Sputnik, not immediately but down the line, a source said. “These companies have expressed interest and are exploring the making of Russian vaccine in India,” he added.Last week, Virchow Biotech of Hyderabad became the fourth company to join hands with Russia’s sovereign fund RDIF (Russian Direct Investment Fund). Vichrow will produce up to 200 million doses per year of vaccine Sputnik V in the country. Prior to this, Hetero Group signed an agreement with RDIF to make 100 million doses. The other two are with Gland Pharma (252 million doses) and Stelis Biopharma (200 million doses).With Dr Reddy’s Laboratories, RDIF partnered in September 2020 for the clinical trials as well as distribution of the vaccines in the country. Once it gets an approval, Sputnik Vis likely to be imported initially.“So many companies have tied up and hence the combined capacities will be much larger than any one vaccine manufacturing company in India. More companies are tying up. It is essentially using the capacities which are available in India. The companies are incentivised to take it by provision of technology transfer,” the company insider added.The easy tech transfer by RDIF has played a crucial role. “Their tech transfer is open source. They have not restricted anybody. They have given it without agreement,” added a source. However, these companies will have to conduct a bridging trial once Sputnik V gets an approval from the drug regulator.“They may be asked to conduct a bridging study. They will need to test the Indian version of vaccine. But that decision will be taken once it gets an approval. To start with, Dr Reddy’s will import it. The companies are serious about introducing huge quantities in India,” said the source.

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Home appliances, smartphone sales continue to surge

The post-lockdown surge in purchases of home appliances and smartphones continued in the January to March quarter with many brands seeing high double-digit growth in sales. However, most companies are cautious about the June quarter, fearing wider curbs amid rising Covid-19 infections.Top white goods brands such as LG, Bosch, Siemens, Voltas, Panasonic, Lloyd and Godrej said their sales went up by up to 40% in the March quarter over the same period in 2019. In comparison to 2020 March quarter, sales growth was even higher for most brands since the national lockdown was enforced in March last year.In smartphones, market researcher Counterpoint said the January to March shipments in India will hit a new high for this period at about 34-36 million, growing by 13-16% over 2019 same quarter. If new 5G handset launches is driving smartphone sales, consumers are also upgrading their home appliances and automating daily chores as they are spending more time at home. Pent-up demand and rising temperature are pushing demand for ACs and refrigerators. 81810502Companies said the 3-7% price hike that brands undertook in the quarter had no major impact on demand.Some including LG India and Bosch Siemens said they posted their highest ever revenue and sales growth in March quarter.“In January and February, we have grown by 41% and 28% over the same period last year,” said Vijay Babu, vice president at LG India, the country’s largest home appliances maker. “In March, we grew by 98% over 2020 and 35% over 2019. The pent-up demand continued, including for premium products,” he said.As per researcher GfK India, which tracks actual sales, washing machine sales went up by 26% in January over last year, refrigerator by 22% and AC by 58%. Sales figures for February and March are still not available. Nikhil Mathur, MD of GfK India, said there are continued positive sentiments from the October-December quarter.“However, there is cautious optimism given the interplay of variables of supply, pricing and changing Covid-19 situation in the country.”Counterpoint’s associate director Tarun Pathak said a part of the smartphone demand shifted from 2020 towards 2021 aided by new 5G launches.“However, there is still a component shortage across industry, the impact of which will be visible more in the April-June quarter and hopefully get better from there onwards,” he said. Neeraj Bahl, managing director of BSH Household Appliances India that sells under the Bosch and Siemens brands, said while consumers did not mind the price hike, there has been some slowdown from mid-March in some markets where Covid-19 infection and restrictions are high. Lloyd CEO Shashi Arora too said there is uncertainty going forward due to the second wave. Godrej Appliances business head Kamal Nandi said the growth rate came down in March due to the second wave. “The biggest worry now is the continuing rise in commodity prices and whether more restrictions come due to the second wave. However, if summer temperature goes up, it will offset some of these challenges,” he said. Still, appliances makers expect pent-up demand to surge in summer since last year's season was lost due to lockdown, provided Covid-19 restrictions are not severe. Pradeep Bakshi, CEO and managing director of Voltas, said the Tata Group company is likely to post around 40% growth in January-March over 2019 same quarter. “We will recover business which was lost last year,” he said. “Due to work from home, consumers are adding more AC to their homes, boosting the already existing pent-up demand.”Panasonic India MD Manish Sharma too said sales in March was the highest ever for air-conditioners in that month.

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Why is expense ratio important for MFs?

What is the expense ratio in a mutual fund scheme? This is a ratio that measures per unit cost of managing a fund. It is calculated by dividing the fund’s total expenses by its assets under management. There are various costs an AMC incurs that form part of the expense ratio. For example, the AMC has a fund management team that tracks companies in the portfolio. They make decisions to buy and sell securities to meet the objectives of the scheme. The fund house also incurs expenses, such as for transfer and registrar, custodian, legal, audit fees, and fees to be paid for marketing and distribution of its products. All such costs are recovered from its unit holders on a daily basis. The daily net asset values (NAVs) of a fund scheme are reported after deducting such expenses. Why is expense ratio higher for regular plans as compared with a direct plan? In a direct plan of a mutual fund scheme, you buy directly from the mutual fund company, whereas in a regular plan, you buy through a distributor (intermediary). In this regular plan, the mutual fund company pays commission to the intermediary, which is then recovered as an expense ratio from the plan. Hence, the expense ratio is higher in a regular plan. What are the regulatory ceilings for expense ratio? Market regulator the Securities and Exchange Board of India has set a ceiling for the expense ratio. It has created various slabs based on assets under management for open-ended equity-oriented mutual fund schemes. For the first 500 crore, they can charge 2.25%, for 500-750 crore, 2%, for 750-2,000 crore, 1.75%, 2,000 to 5,000 crore, 1.6%, 5,000 to 10,000 crore 1.5%, for 10,000 to 50,000 crore reduction of 0.05% for every increase of 5,000 crore and for AUM greater than 50,000 crore, 1.05%. Does the expense ratio impact fund returns? Expense ratio indicates how much the fund charges in terms of percentage annually to manage your investment portfolio. If you invest`10,000 in a fund which has an expense ratio of 2%, then it means that you need to pay `200 to the fund in order to manage your money. So if a fund earns 12% return and has an expense ratio of 2%, then you would earn a return equal to 10%. A lower ratio can increase your profitability and a higher ratio means less profitability. Although a high expense ratio impacts the fund returns, it is not necessary that a high expense ratio will always give low returns. Investors need to keep track of a host of other factors while choosing their scheme.

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Auditors ask cos to change software to rule out fraud

Auditors have asked companies using bespoke and standalone accounting software to shift to applications that wouldn’t allow them to change or delete any accounting entries, because auditors are now responsible for any such anomalies.Auditors are required to flag any transaction that is changed, tweaked or deleted by companies they audit as per new regulations applicable from April 1. Auditors will also be responsible for investigating and flagging certain accounting entries where companies may be dealing with related entities or individuals, according to the regulations notified by the Ministry of Corporate Affairs (MCA).Many companies in India tend to delete old accounting entries and insert new ones as they come close to the end of a quarter. While often this is done for technical reasons, many suspect that some companies may be indulging in manipulating financial statements.81809951The government has said that from April, companies can only use an accounting system which has the feature of an audit trail that records all the changes done. This would mean that no accounting entry should be deleted and only a rectification entry can be passed with an explanation.“Most large companies that work on ERP systems do have controls whereby they can make sure that an audit trail of accounting entries and a log is available (to check if they made any correction),” said Sudhir Soni, partner at SR Batliboi, an audit firm. “The challenges may be on standalone or bespoke applications and for medium and small companies that may be using software without such features enabled or available. Auditors will need to use technology skills to make sure that companies follow these guidelines,” he said.

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IPL 2021: Punjab Kings promise a 'more aggressive' KL Rahul

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Naomi Osaka upset by Maria Sakkari in Miami Open quarters

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Griezmann strikes again as France labour to 1-0 win in Bosnia

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2nd phase polling in WB, Assam: Important details

The second round of polling in 2021 state elections in Assam (39 seats) and West Bengal (30 seats) will be held Thursday. The high point of this round in West Bengal is the contest between CM Mamata Banerjee and ex-colleague Suvendu Adhikari for the Nandigram seat. While TMC and BJP are contesting in all the 30 seats, CPM is in the fray in 15 and its alliance partners of Sanjukta Morcha, the Congress and ISF, are competing in nine and two seats, respectively. In Assam, there is a direct contest between the NDA and the Congress alliance in 25 constituencies, while the rest are witnessing triangular fights. 81806709 81806734

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Elon Musk’s satellite net plan in India hits a bump

Elon Musk-founded SpaceX Technologies’ bid for an initial India foray into satellite broadband faces its first challenge.An industry body representing the likes of Amazon, Hughes, Google, Microsoft and Facebook has written to the Telecom Regulatory Authority of India (Trai) and the Indian Space Research Organisation (Isro) asking them to stop SpaceX from pre-selling the beta version of its Starlink satellite internet services in India. It claimed SpaceX didn’t have licence or authorisation from the government to offer such services in the country.“We request you to urgently intervene to protect fair competition and adherence to existing policy and regulatory norms,” Broadband India Forum president TV Ramachandran said in the letters, seen by ET.Trai to Look into IssueA senior Trai official said that the matter would be examined.SpaceX, which is set to compete in the global satcom space with Jeff Bezos-led Amazon’s Project Kuiper and Bharti Group-backed OneWeb, has started offering the beta version of its satellite-based internet service on pre-orders in India for a fully refundable deposit of $99 (above Rs 7,000).81806288The company, which already offers such services in the US, Canada and UK, expects to start offering internet connectivity to Indian users in 2022 through satellites that it will launch into orbit.The company’s website says “orders would be fulfilled on a first-come, first-served basis as availability is limited”.OneWeb — co-owned by Bharti Global and the UK government — too plans to launch fast satellite broadband services in remote areas of India in the middle of 2022.According to the broadband forum, SpaceX-backed Starlink did not have either its own ground/earth stations in India, nor a satellite frequency authorisation from the Department of Telecommunications (DoT) and Isro for providing such (beta) services. Accordingly, SpaceX’s Starlink service, it said, “appeared to be non-compliant to the existing guidelines for testing of a communication service,” which stipulated that while in the testing phase, no commercial launch can take place.At press time, SpaceX did not reply to ET’s queries.A maker of advanced rockets and spacecraft, SpaceX has developed the Starlink constellation of satellites to provide high-speed broadband globally.While the likes of OneWeb are aiming to provide broadband in deserts, mountains or forests where internet access is unreliable, expensive or unavailable, SpaceX’s beta programme is offering broadband connectivity even in urban areas, such as the Delhi-Noida Direct Flyway or Delhi-Jaipur Expressway, as per its website.

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PayPal Launches Cryptocurrency Checkout Service in US

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TikTok Parent ByteDance’s Bank Accounts Said to Be Blocked by India for Alleged Tax Evasion

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SpaceX Starship SN11 Rocket Fails to Land Safely After Test Launch

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WWDC 2021: Apple to Host Annual Developers Conference in Online-Only Format Again as COVID-19 Cases Surge

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Link PAN-Aadhaar today to avoid paying penalty

Today, i.e., March 31, 2021, is the last date to link PAN with Aadhaar. If you do not link your PAN with your Aadhaar number by the end of the day today, it will cost you. Not only will your PAN become inoperative, but you will also have to shell out a penalty amount of up to Rs 1,000 if you link the two any day on or after April 1. This is as per a new section 234H added to the Income-tax Act, 1961, by the government at the time of passing of the Finance Act, 2021 in the lower house of the Parliament on March 23, 2021. As per section 234H, if an individual having PAN and Aadhaar does not link the same before the notified due date (currently March 31, 2021), then linking the same after the expiry of the due date will invite a fee. Do keep in mind that the government is yet to prescribe the actual fee that will be levied on linking of PAN and Aadhaar after the expiry of the due date, however, the maximum amount cannot exceed Rs 1,000. The new law will come into effect from April 1, 2021. Therefore, unless the government extends the deadline, if your PAN is not linked with your Aadhaar number by today, then tomorrow you will be liable to pay a penalty for linking the same.Earlier, there was no provision of a penalty in the rules. The law only stated that non-linking of the two IDs would lead to one's PAN becoming inoperative due to which the individual would not be able to conduct financial transactions wherever quoting of PAN is mandatory. So, if you have an inoperative PAN, you will not be able to file your income tax return, open a bank account, and you will be liable pay to a higher amount of TDS. Further, a penalty of Rs 10,000 may be levied as per section 272B of the Income-tax Act in case PAN is not quoted/furnished as required by the law. As per section 139AA of the Income-tax Act, every individual who has been allotted a PAN as on July 1, 2017, and eligible to obtain Aadhaar number has to link his/her PAN with Aadhaar. If the PAN is not linked with Aadhaar before the expiry of the due date, then the PAN will become inoperative. Further, it is mandatory to quote the Aadhaar number at the time of filing an income tax return and also at the time of applying for a new PAN under section 139AA.

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Cyclicals are the way to go: Chakri Lokapriya

All the growth companies which are available at low valuations -- both financials and industrials -- will tend to do well, says Chakri Lokapriya, CIO & MD, TCG AMC. Where is all this bearish narrative which came in the market when bond yields started going above 1.2-1.3%. Right now, bond yields are at 1.7% and nobody is worried. Is this complacency or is the market telling us that growth is back and inflation will not come back?When the yields first started moving up, then the market had to figure out whether the growth in earnings of companies will outpace the rise in yields. As long as the differential between the growth rate of earnings is higher than that of the growth rate of the yields, markets tend to do well and in this case, the rise in yield has come because of expectation of a return to inflation. As far as the developed markets are concerned, that is a good thing because they have been fighting to move away from the zero interest rate mark. Now, with a $3-trillion stimulus coming from the US, the amount of infrastructure push and growth stimulus that they are going to give will clearly reinvigorate growth. It is a similar story in the case of India. With all the various initiatives by the government and the PLI schemes, manufacturing has come back to an extent after the lockdown. Still it is not where it was and the services like hotels, airlines, etc are still not completely normalised. There is room for earnings to accelerate further and if that is the case, then all the value type of stocks, i.e., growth companies which are at low valuations -- both financials and industrials -- tend to do well. How are you aligning your portfolio? Are you still of the view that the good old pharma, IT is the way to go or do you think it is time to reorient portfolios in favour of cyclicals? Do you think the rotation in the market has started?The rotation has indeed started, one of the reasons being that if you just take the valuations, Tata Steel, JSW Steel or even Jindal Steel and Power all these companies are still trading at only about six times EV/EBITDA. That is a very decent number in terms of valuation and especially in an environment now where the growth is accelerating both domestically and also globally. The Indian steel companies are well placed both from domestic volume growth and at export volume growth perspective. Also pre-Covid, they were deleveraging. Their balance sheets are far better today. So six times leaves adequate room for further upside. Cyclicals are the way to go. L&T for instance, at the end of the day, trades at about 16-17 times. This is the largest infra company in this nation and clearly can grow its earnings much faster. Therefore valuations will re-rate. What is the expectation from some of the IT bellwethers whether it comes to earnings? This quarter will see some amount of earnings upgrades in IT bellwethers. Most of the geographies that they focus on -- the US and Europe -- have gone for various stimulus packages aimed at specific sectors and all these sectors whether it is retail or banking or even defence and infrastructure, are all very high users of technology and digitisation is something which all these companies have been accelerating. If you look at their IT spends, the Budget that they set aside all these various sectors have been increasing. The outlook for IT companies will be steady with good earnings visibility and upgrades in the coming quarter. What do you make of what is happening in the IPO market? There was disappointment over Kalyan Jewellers and the much hyped Nazara Tech for that matter. While it had listed with a bang, it has mostly been locked in the lower circuit.It is a very company specific story. In the case of Kalyan Jewellers, the valuation was an issue. Nazara is a great company. Gaming as an industry will grow. The revenue is still very small. It will grow. But again valuations was an issue but this company will do well. It was not priced cheap. It was priced through the market. So some amount of money is being taken off the table but Nazara as a company and a stock price will do well in the coming months.

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I'm sure Rishabh Pant will be a talismanic leader: Raina

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2nd Test: Sri Lanka make steady progress after Windies' 354

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NCA to interview 'potential' coaches but questions remain

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Ashleigh Barty, Daniil Medvedev march on in Miami Open

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Aleksandar Mitrovic double gives Serbia 2-1 win at Azerbaijan

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Why the world’s container ships grew so big

The traffic jam at the Suez Canal will soon begin easing, but behemoth container ships such as the one that blocked that crucial passageway for almost a week and caused headaches for shippers around the world aren’t going anywhere.Global supply chains were already under pressure when the Ever Given, a ship longer than the height of the Empire State Building and capable of carrying furnishings for 20,000 apartments, wedged itself between the banks of the Suez Canal last week. It was freed Monday, but it left behind “disruptions and backlogs in global shipping that could take weeks, possibly months, to unravel,” according to A.P. Moller-Maersk, the world’s largest shipping company.The crisis was short, but it was also years in the making.For decades, shipping lines have been making bigger and bigger vessels, driven by an expanding global appetite for electronics, clothes, toys and other goods. The growth in ship size, which sped up in recent years, often made economic sense: Bigger vessels are generally cheaper to build and operate on a per-container basis. But the largest ships can come with their own set of problems, not only for the canals and ports that have to handle them, but for the companies that build them.“They did what they thought was most efficient for themselves — make the ships big — and they didn’t pay much attention at all to the rest of the world,” said Marc Levinson, an economist and author of “Outside the Box,” a history of globalization. “But it turns out that these really big ships are not as efficient as the shipping lines had imagined.”Despite the risks they pose, however, massive vessels still dominate global shipping. According to Alphaliner, a shipping-data firm, the global fleet of container ships includes 133 of the largest ship type — those that can carry 18,000 to 24,000 containers. Another 53 ships are on order.The world’s first commercially successful container trip took place in 1956 aboard a converted steamship, which transported a few dozen containers from New Jersey to Texas. The industry has grown steadily in the decades since, but as global trade accelerated in the 1980s, so did the growth of the shipping industry — and ship size.In that decade, the average capacity of a container ship grew by 28%, according to the International Transport Forum, a unit of the Organization for Economic Cooperation and Development. Container-ship capacity grew again by 36% in the 1990s. Then, in 2006, Maersk introduced a massive new vessel, the Emma Maersk, which could hold about 15,000 containers, almost 70% more than any other vessel.“Instead of this pattern of small increases in capacity over time, all of a sudden we had a quantum leap and that really set off an arms race,” Levinson said.Today, the largest ships can hold as many as 24,000 containers — a standard 20-foot box can hold a pair of midsize SUVs or enough produce to fill one to two aisles in a grocery store.The growth of the shipping industry and ship size has played a central role in creating the modern economy, helping to make China a manufacturing powerhouse and facilitating the rise of everything from e-commerce to retailers such as Ikea and Amazon. To the container lines, building bigger made sense: Larger ships allowed them to squeeze out savings on construction, fuel and staffing.“Ultra Large Container Vessels (ULCV) are extremely efficient when it is about transporting large quantities of goods around the globe,” Tim Seifert, a spokesman for Hapag-Lloyd, a large shipping company, said in a statement. “We also doubt that it would make shipping safer or more environmentally friendly if there would be more- or less-efficient vessels on the oceans or in the canals.”A.P. Moller-Maersk said it was premature to blame Ever Given’s size for what happened in the Suez. Ultralarge ships “have existed for many years and have sailed through the Suez Canal without issues,” company chief technical officer Palle Brodsgaard Laursen said in a statement Tuesday.But the growth in ship size has come at a cost. It has effectively pitted port against port, canal against canal. To make way for bigger ships, for example, the Panama Canal expanded in 2016 at a cost of more than $5 billion.That set off a race among ports along the East Coast of the United States to attract the larger ships coming through the canal. Several ports, including those in Baltimore, Miami and Norfolk, Virginia, began dredging projects to deepen their harbors. The Port Authority of New York and New Jersey spearheaded a $1.7 billion project to raise the Bayonne Bridge to accommodate mammoth ships laden with cargo from Asia and elsewhere.The race to accommodate ever-larger ships also pushed ports and terminal operators to buy new equipment. This month, for example, the Port of Oakland, California, erected three 1,600-ton cranes that would, in the words of one port executive, allow it to “receive the biggest ships.”But while ports incurred costs for accommodating larger ships, they didn’t reap all of the benefits, according to Jan Tiedemann, a senior analyst at Alphaliner.“The savings are almost exclusively on the side of the carrier, so there was an argument that the carriers have been in the driving seat and have just pushed through with this big tonnage, while terminal operators, ports and, in some cases, the taxpayer, has footed the bill,” he said.The shift to bigger ships also coincided with and contributed to industry consolidation that has both limited competition among shipping giants and made the world more vulnerable to supply disruptions. Buying and maintaining large vessels is expensive, and shippers who couldn’t afford those costs had to find ways to become bigger themselves. Some firms merged, and others joined alliances that allowed them to pool their ships to offer more-frequent service.Those trends aren’t necessarily all bad. The alliances allow shippers to offer expanded service and help keep costs low for customers. And the fact that bigger ships cut fuel costs has helped the industry make the case that it is doing its part to reduce planet-warming emissions.But the argument for even bigger ships may finally be fading, even for container lines themselves — a concept known in economics as the law of diminishing returns.For one, the benefits of building bigger tend to shrink with each successive round of growth, according to Olaf Merk, lead author of a 2015 International Transport Forum report on very big ships. According to the report, the savings from moving to ships that can carry 19,000 containers were four to six times smaller than those realized by the previous expansion of ship size. And most of the savings came from more efficient ship engines than the size of the ship.“There’s still economies of scale, but less and less as the ships become bigger,” Merk said.The bigger vessels can also call on fewer ports and navigate through fewer tight waterways. They are also harder to fill, cost more to insure and pose a greater threat to supply chains when things go wrong, such as Ever Given’s beaching in the Suez Canal. Giant ships are also designed for a world in which trade is growing rapidly, which is far from guaranteed these days given high geopolitical and economic tensions between the United States and China, between Britain and the European Union and between other large trading partners.

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2 triggers that can take this bull mkt up: Murarka

The broader hypothesis of the bull market still remains pretty strong and resilient. India’s growth is going to accelerate next year and we will probably see one of the sharpest earnings growth in a very long period of time, says Pankaj Murarka, Founder, Renaissance Investment Managers. At the moment there clearly seems to be no worries about a potential second lockdown. We have seen a pretty stellar move in this truncated week. What are you watching out for by way of momentum for the markets? What could be potential triggers?Some of the more advanced economies have also gone through the second phase of the Covid and while it does have an impact on a very near term basis, I do not think we need to exaggerate its implications and probably it is the part of the process of evolution of the virus. So there will be some impact on business performance and on the economy in the short term over the next month or so. But beyond that, we will probably surpass the peak of the second wave as well. More importantly what everyone is looking forward to is probably a more normalised economy towards the later part of this year as we increase vaccinations. As far as markets are concerned, my view continues to be that we remain in a very strong bull market. We are still in the early phase of a bull market. Some of the early gains in this bull markets have already been made or the low hanging fruits have been captured, Now the valuations which were extremely cheap a year back, have normalised. From here on, returns in markets will be driven by earnings growth and sector specific moves. What is the right way of looking at this market? Is it getting complacent?We are in a bull market and this bull market is climbing walls of worries. Bull markets tend to have volatility and their share of pullbacks and corrections. This is one such correction we have witnessed for the last few weeks. But the broader hypothesis of the bull market still remains pretty strong and resilient, which is that India’s growth is going to accelerate next year and also probably we will see one of the sharpest earnings growth in a very long period of time. And the expectation is we will see significant resurgence in demand across industrial and consumer stocks. The low hanging fruits in the bull market had taken off and so the extremely cheap valuations that existed in the early part of this bull markets have been normalised. So from here on returns in equities will be more driven by growth rather than valuation catch up. So that being the case I think the bull market should sustain. Do you track Nazara?Yes we had a look at it very closely before the IPO. It is early days. It just got listed today, so let us see how it plays out. The space is pretty exciting and probably India will become one of the large gaming markets globally. This space is very exciting. They have a promising bouquet of products and games in their portfolio but it is early days for us from our perspective because it just got listed.Will Nazara be like InfoEdge? The reason why I am asking this is because Nazara has started picking up stakes in some smaller gaming companies. Is Nazara trying to do that, replicate the same model in the gaming business? Since we have discussed InfoEdge and Naukri for a long period of time I must caution you while Naukri has built an extremely successful model around acquisitions, they have had over 50% failure in the acquisitions that they have made. Out of the balance 50%, some of them have turned out to be extremely successful. So this whole acquisition or M&A driven business model has its own flip side in terms of failures which are given and which will happen. So as far as Nazara is concerned, they have just got listed. We have a limited history of them. I think we need to watch it for some time in terms of their track record and performance before we take a longer term call. But I must say that while acquisition sounds very interesting to start with, they always have the flip side where a lot of these acquisitions actually do not work. Where do you stand when it comes to the capital goods sector? Do you think L&T would be one of the keepers within this space or would you venture out and delve into smaller names?Larsen & Toubro is the bellwether when it comes to capital goods sector in India because they are very well diversified across all segments in India -- be it infrastructure, be it engineering, be it oil and gas or the manufacturing sector. They have international diversification also. Given the size and scale of L&T and more importantly with their capabilities cutting across so many industries including defence, it is a perfect play in revival of India’s investment cycle or revival of capex in the private as well as the public sector. We are in the early stages of recovery of the investment cycle. As the cycle gains slightly more prominence, I am sure there are many more companies across the sector which will also be significant beneficiaries of the cycles -- right from Thermax to Bharat Forge when it comes to defence or infra and some of the names like KEC and Kalpataru as well. As the investment cycle gathers momentum, there are a lot more very good companies which will benefit from the cycle.

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Making sense of the decreasing debt fund returns

In the last few weeks, you would have suddenly noticed that some of your debt mutual funds have given slight negative returns. The extent of negative returns would be different based on the category of funds you are invested in. Nevertheless, there is a good chance that you are beginning to worry as to what is happening. Now, before you jump the gun and take some hasty decisions, let me try and help you make sense of what is happening. Once you understand the reasons, you can make an informed decision.Two Key Drivers of Debt Fund ReturnsDebt fund returns should be anchored to Net YTMs and not past returns. If interest rates go up, the returns will be lower and vice versa. The extent of impact due to interest rate changes depends on the modified duration of the fund – the higher the modified duration higher the impact on NAVs. If interest rates go down, we will end up with higher returns and everyone is happy.But if interest rates go up, returns come down sharply in the near term especially for funds with higher modified duration. This is the context that we must be aware of. Interest rates as seen from history move through cycles i.e they have periods where they go up followed by a period where they come down and this keeps repeating. While the duration and magnitude of these cycles are difficult to predict, we need to have an approximate view of where we are in the interest rate cycle to make sure that our debt fund portfolios are appropriately positioned.When interest rates are expected to come down, it makes sense to go for funds with slightly higher modified durationWhen interest rates are expected to go up, it makes sense to go for funds with a low modified duration.So here comes the million-dollar question: Right now, where are we in the interest rate cycle?In our view, the ‘declining yields’ phase is behind us and we must prepare for a rising yield environment going forward. What this means for us is that funds with higher modified duration (which also had great returns in the past when yields were falling) may exhibit higher volatility (read as negative returns) in the short run. The returns from these funds may be back-ended and will require longer investment time frames.We are in a ‘rising yield’ environment and we expect yields to gradually inch up over the next year albeit in a gradual & not-so-sudden manner. The rate cut cycle is behind us (read as the period of excess returns from debt funds) and you will have to prepare for relatively higher volatility in your debt fund portfolios over the next 1 year. The extent of volatility will be dependent on the modified duration profile of your funds. Higher the modified duration, the higher the volatility to be expected. Debt mutual fund portfolios must be positioned for the rising yields environmentWhy do we think you must prepare for a ‘rising yield’ environment over the coming quarters?Higher-Than-Expected Government BorrowingAnnounced in the recent budget – led by higher Fiscal Deficit – 9.5% of GDP in FY21 and 6.8% of GDP in FY22Gross Market Borrowing for FY22 at Rs 12 lakh crs – To put this in perspective, FY21 gross market borrowing estimate of the centre government before the pandemic was ~Rs 7.8 lakh crsRs 80,000 cr additional borrowing for FY 21Given the extended fiscal glide path government’s market borrowing is likely to remain elevated for longer periodHigher expected borrowing from State GovernmentsPause in Rate CutsGradual Normalization of Liquidity measures undertaken by RBI during the Covid CrisisPossible Inflation Pressures due to Economic Recovery and Commodity Price increase (especially crude)Bond Yields near decadal lowsGlobal Yields inching up in recent timesWhy do we expect the rise in yields to be gradual and non-disruptive?In the monetary policy statement on Feb 05, the RBI reiterated its commitment to support the bond market and promised an ‘orderly completion of the government’s market borrowing program in a non-disruptive manner’A sudden sharp increase in interest rates willincrease the cost for the government’s large upcoming borrowing programimpact the economic recoveryRBI will want to avoid this scenario and will attempt to keep the yields in a narrow range We expect RBI to continue using OMOs and other tools (at least in this calendar year) to ensure that yields do not suddenly move up sharplyOur view is that yields are expected to gradually inch up but in a gradual and non-disruptive mannerHow do you position your debt portfolios for a rising yield environment?Going forward, we prefer funds with lower modified duration (1 year or less) as these funds are well suited for a rising yield environment. They exhibit much lower volatility when yields increase and quickly reset to the higher yields thus improving future return potential. With the broad objective of striking a reasonable balance between near-term volatility and long-term portfolio returns, here is our debt fund portfolio construction approach.81771316(The author is the head of research, Funds India.)

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Covishield has shelf life of nine months: DCGI

India has extended the shelf life of Covishield for up to nine months from its manufacturing date, a move which will help governments plan the Covid-19 vaccination drive efficiently. The Drug Controller General of India (DCGI) has extended the shelf life from the earlier prescribed six months, a senior government official said. The decision was taken based on the stability data presented by Serum Institute of India, the Pune-based maker of the vaccine.“The company proved that the vaccine is stable for the period by undertaking the stability studies,” the official said. It is a usual practice adopted by companies, the official said. “The shelf life can be extended further, if the stability data support it. The companies have to prove it by undertaking stability studies.”The move could help African countries that have only until the middle of next month to use up more than a million doses of Covishield based on the six-month shelf life.Covaxin, the other vaccine manufactured indigenously by Hyderabad-based Bharat Biotech, could be the next one approaching the drug regulator for the extension of its shelf life, the official said. “The first step is to give it for six months, it keeps extending depending on the stability data.” The move, according to the official, will help reduce vaccine wastage. Starting April 1, India has extended the vaccination drive for all above 45 years of age. The government is expecting an uptake in the vaccination drive.The Centre has asked states to utilise the private sector capacity in ramping up vaccination. Private facilities in some states such as Haryana, Meghalaya and Uttarakhand account for less than 20% of total Covid vaccinations.

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FPIs seek clarity on taxation on interest from REITs

Mumbai: Foreign portfolio investors have sought clarity from the government on the taxation of interest income from their investments in real estate investment trusts and infrastructure investment trusts.After the definition of securities was changed in the budget, the investors are apprehensive that interest income from investments in REITs and InvITs would attract up to 20% tax.With the government allowing FPIs entry into India’s debt finance sector, many FPIs are upbeat about investing in REITs and InvITs, where they hope to earn relatively secure interest income.However, the budget also changed the definition of securities. For FPIs, income from securities is taxed at 20%. This would mean that interest earned from REITs or InvITs would be taxed at 20% instead of 5%.“It seems that the intention might not have been to increase tax on interest earned by FPIs on REITs and InVITs from 5% to 20%. Rather, the inclusion of units in the definition of securities must have been made with the object of boosting debt investments by FPIs in REITs and InVITs, as announced in the budget,” said Rajesh H Gandhi, a partner at Deloitte India. 81767188According to a presentation made by FPIs to the government, they want to invest in REITs and InvITs but the huge tax burden could potentially diminish their returns.Until now, units of business trusts were not included in the definition of securities. Interest income from business trust units to an FPI was taxable at 5% and withholding tax on such income was prescribed at 5%, according to the presentation made to the government.The FPIs said that following the changes in the regulations, interest income from REIT and InvITs would be taxed as dividend, royalty and technical fees under section 115A(1)(i)(A) of the Income Tax Act.Tax experts said that since there is no consequent amendment proposed to carve out taxability of interest income arising to an FPI from units and other instruments issued by a business trust, an FPI would be subject to 20% tax on such interest income instead of the current rate of 5%.“FPI funding in REITs and InVITs is very significant and so it is crucial that the concessional rate of 5% on interest is restored. FPIs would be expecting that this anomaly should be clarified by way of an amendment in law,” said Gandhi.The government is trying to attract foreign capital to debt financing in India. The proposal to push REITs and InvITs has had a lukewarm response so far due to several regulatory hurdles.

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BPCL buyer may launch open offers for IGL, PLL

New Delhi: The acquirer of the government’s majority stake in Bharat Petroleum Corp. Ltd (BPCL) may have to launch two open offers apart from the one it will have to compulsorily make to shareholders of the company. BPCL is one of the promoters of joint ventures Petronet LNG (PLL) and Indraprastha Gas Ltd (IGL)--holding 12.5% and 22.5% of these companies, respectively.The entity that takes over BPCL as part of the privatisation plan will get indirect control of IGL and PLL, which could trigger a mandatory open offer to the public, people familiar with the matter said, as there will be a change in promoter ownership.The government has approached the Securities and Exchange Board of India (Sebi), the market regulator, seeking clarity on whether the acquirer could be exempted from open offers in the case of IGL and PLL, said the people cited above. The government is concerned that the BPCL acquirer would be able to get a dominant shareholding in these two companies, something that it wants to avoid, they said.If Sebi does not grant exemption, the government may direct BPCL to sell its shares in PLL to other public sector units (PSUs) to retain control over the company, regarded as critical to India’s plans for a gas-based economy, they added.BPCL, ONGC, Indian oil, and GAIL own equal stakes of 12.5% each and are promoters of Petronet LNG, the board of which is chaired by the petroleum secretary. BPCL owns 22.5% of IGL and is a promoter along with state-run GAIL, which owns an equal stake. The government owns another 5% stake in IGL but is not a promoter. PLL and IGL are not public sector enterprises but are largely guided by the government. The government may permit an open offer in the case of IGL, said the people cited above. 81770644Acquisition Costs to RiseThe government may permit an open offer in the case of IGL if GAIL offers to buy out BPCL’s shares.If Sebi grants exemption, the acquirer may become co-promoter in both IGL and PLL without making an open offer – a less likely event, said those cited above.Another possibility under consideration is that BPCL declares itself a non-promoter before the sale of the government stake, which can probably help the acquirer escape the open offer obligations for PLL and IGL, an industry executive said. IGL, which operates city gas distribution networks in Delhi and other cities, is valued at Rs 36,000 crore while Petronet LNG, the country’s largest natural gas importer, is valued at Rs 34,000 crore. The combined market value of the two companies is three-fourths of BPCL’s Rs 94,000 crore.At current prices, the government’s 53% share in BPCL would cost Rs 50,000 crore and an open offer for acquiring an additional 26% would cost another Rs 24,000 crore. On top of this, if the acquirer has to make an open offer for both IGL and PLL, it would have to shell out about Rs 18,000 crore more.The open offers for both IGL and PLL will raise acquisition costs for the BPCL buyer but Rs 18,000 crore for control of two highly profitable gas-based businesses would be an attractive option, the executive said. Natural gas is cleaner than oil and is therefore predicted to have a bigger influence on future energy mix globally as well as in India.

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HNIs lose out on Wabco OFS, some move Sebi

Mumbai: High net worth investors (HNIs) seeking to make quick returns on Wabco India’s offer for sale (OFS) last week were in for a rude shock when more than half a million shares were auctioned on Tuesday. HNIs, who sold them at a higher price last Thursday in hope of buying at a lower price through OFS, did not get the allotment.On March 24, Wabco India said that ZF International UK, one of the promoters, will sell 1.717 million shares or 9.05 per cent stake in Wabco India through an OFS on March 25-26 with a green shoe option of another 1.717 million shares or 9.05 per cent of the total equity. The floor price for the sale was fixed at Rs 5,450 per share.On March 25, Wabco India shares rallied almost 5 per cent from the opening price to touch a high of Rs 5,944.90. Sensing the arbitrage opportunity, some of the HNIs short sold a few lakh shares between Rs 5,700 and Rs 5,900 apiece, assuming that they can buy them through OFS at Rs 5,500-5,600 per share. However, to their surprise, a large bid came at over Rs 6,000 per share at the last minute and the OFS price fixed at Rs 5,662 per share as against the floor price of Rs 5,450. As a result, none of the HNIs got the allotment, according to market participants.On Tuesday, 4.5 lakh shares were auctioned on NSE at an average price of Rs 7,469 while around 93,000 shares were auctioned on BSE at Rs 7,456 per share. HNIs had to pay a differential amount between the short sale price and the auction price of Rs 1,700-1,800 per share during the auction on Tuesday, causing them an overall loss of up to Rs 100 crore, said dealers.On Thursday, the OFS received bids for 7.254 million shares from non-retail shareholders as against offered size of 1.546 million shares or a total of 3.092 million shares including green shoe option.

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ICC investigation: Governing body to ask Sawhney to quit as CEO

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IPL teams told to abide by revised playing conditions

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Cristiano Ronaldo helps Portugal past Luxembourg

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Covid-19: Centre calls for district action plans

The Centre sounded the alarm over the spike in Covid-19 cases, telling states that the current surge has the potential of “overwhelming healthcare systems” and warning against complacency. The health ministry has asked states to vaccinate all those 45 and above within two weeks in districts where infections are climbing rapidly."After having successfully brought down the number of new Covid-19 cases from mid-September 2020 to February 2021, India is now witnessing a rapid rise in cases," health secretary Rajesh Bhushan said in a note to state chief secretaries. “The current rise in cases is of concern and has the potential of overwhelming healthcare systems, unless checked right now.”The Centre has directed all states to frame district-specific action plans, which should include the establishment of an emergency operations centre to monitor the spread 24x7, formation of containment zones and tracking the positivity rate.‘Situation Turning from Bad to Worse’“All districts with high case load and fast growth of cases must ensure 100% saturation vaccination of the priority age group of 45 years and above, in the coming two weeks,” Bhushan told the states. "Any complacency at this stage…will have heavy costs."This was echoed by VK Paul, NITI Aayog member, health.“The Covid-19 situation is turning from bad to worse,” he said. “In the last few weeks, especially in some states, it is a huge cause for worry. No state, no part of the country should be complacent.”The health secretary ruled out door-to-door vaccinations. “For decades, India has conducted universal immunisation programmes but has never offered an injectable vaccine going door-to-door. Only polio drops have been given through door-to-door strategy,” he said. "The Covid-19 immunisation programme is an adult vaccination programme where there is a possibility of AEFIs (adverse events following immunisation). This is why these need to be monitored in healthcare settings.” Officials also said that taking vaccinations door-to-door could mean increasing the chance of contamination.

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Offshore India derivative bets face heat

Mumbai: Holders of offshore derivative instruments (ODIs) used to bet on Indian stocks are facing heat from losses incurred by global investment banks in the Archegos Capital blowup. The banks are asking hedge funds with exposure to local markets through these derivatives to bolster margins for positions, said three people with direct knowledge of the matter. This means the hedge fund needs to provide additional security in the form of cash or collateral to these brokers, failing which they can liquidate client positions.The trigger for the fresh demand for more security is the debacle at Archegos. Margin calls on the hedge fund resulted in banks such as Nomura, Credit Suisse, Goldman Sachs dumping shares worth $20 billion held by the investment manager, causing losses to many of them. The default has sharpened market volatility with several large banks reevaluating risk-management practices and cutting their losses.“Lots of hedge funds with exposure to Asia are getting demands for more margins from their brokers. This has certainly caught the hedge fund industry off guard," said a senior official with a Hong Kong-based fund. "The problem is it is impossible to ascertain the potential impact since there is little public data on the subject.”Over-the-counter TradesIn normal cash and derivative market transactions, the investor buys the securities directly but offshore derivative instruments (ODIs) operate differently. Foreign banks buy securities on their books and then issue ODIs such as participatory notes (P-notes) against such securities to investors. This allows the third-party investors to take on exposure in India without having to seek regulatory approvals or licences.A portion of such synthetic exposure to India is reported under the P-note regime. Market participants said a large part of ODI transactions are over-the-counter (OTC) or bilateral trades. While the underlying rationale behind these bets is common, the terms are tailormade.At the crux of the matter is highly leveraged trades made by hedge funds. Foreign banks are worried that the crisis at Archegos could spread and trigger further defaults.“The risk of default by a hedge fund is significantly higher currently than what it was say two weeks back and hence banks have no other option but to enhance the margins or offload the positions,” said a top executive at a leading P-note issuer in India.81770239

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The road to stronger investment decisions

In some of my last few columns in these pages, I had been on a sort of Buffett-and-Munger roll, quoting and expounding on the wisdom on offer in a recent video and letter. The video is the annual shareholders’ meet of a small company named Daily Journal and the letter is of course the annual letter to the shareholders of Berkshire Hathaway from Chairman Buffett.This time, I have a gem from Charlie Munger which is about business school curricula but which applies even more so to individual investors trying to understand companies and businesses in general.Munger was asked: You’ve said several times that the best way to learn about business is to study the multi-decade financial results of great companies. You’ve even said business schools that don’t adopt this method are doing their students a disservice.Munger answered: Well, here’s what I meant. By the way, the Harvard Business School, when it started out way early, started out with a history of the business. They’d take you through the building of the canals and the building of the railroads and so on and so on. You saw the ebb and flow of industry and the creative destruction of the economic changes and so on. It was a background that helped everybody... If you stop to think about it, business success long term is a lot like biology. And in biology, what happens is the individuals all die, and eventually, so do all the species. Capitalism is almost as brutal as that. Think of what’s died in my lifetime. Just think of the things that were once prosperous that are now in failure or gone. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt? You know, it’s just, it’s incredible what’s happened in terms of the destruction. It sounds like a very strange idea but since this is one of the great investors speaking, let’s see what he means. Imagine you’re looking into a couple of companies as investments. Normally (by which I mean the settled way) would be to read a few broker reports and look into what the last 3-4 years’ numbers have been and what people say (guess) about what will happen over the next 4-5 years. Then some ratios etc and then some rumours and you’re done with your research. This is what a GOOD investor does. Most do not even do this.So what is Munger recommending? Let’s say you’re wondering whether to invest in a private bank’s stock. For this, you should spend a few days understanding the history of banking, first in general and then in India. No specific reason— it’s just good to know. Then, you should go through (at least) the last 10 years’ annual reports of the company, and all the news and information archives you can find. Again, you’re not trying to look for anything specific. So why should you do this? All you’re doing is absorbing background knowledge about businesses. All businesses are a progression, a story and knowing what happened in the past helps you understand not just that business but all other businesses. It’s a vague idea and it’s hard to point out a single instance of any particular kind of information you will find.However, people like Munger, as well as many lesser investors have experienced over the years that the more you know, the better decisions you take. People develop a feel for business and investing when they read and learn a lot about it.It’s the same for anything in life really. Would you rather eat a dish made by someone who has been cooking for years or someone who has just bought a book of recipes? It’s an easy choice to make.(The writer is CEO, Value Research)

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Harmanpreet Kaur tests positive for COVID-19

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Redmi Note 10 Goes on Sale in India Today via Amazon, Mi.com: Price, Specifications

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Visa Moves to Allow Payment Settlements Using Cryptocurrency

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A costly lesson in the vulnerabilities of sea trade

SUEZ: For six days, billions of dollars’ worth of international commerce sat paralyzed at either end of the Suez Canal, stalled thanks to a single giant container ship apparently knocked sideways by a powerful southerly wind.The ship’s insurers and the canal authorities summoned the largest tugboats in the canal, then two even larger ones from farther afield. They deployed diggers, front-end loaders and specialized dredgers to guzzle sand and mud from where the ship was lodged at both ends. They called in eight of the world’s most respected salvage experts from the Netherlands.Day and night, with international pressure bearing down, the dredgers dredged and the tugboats tugged.But not until the seventh day, after the confluence of the full moon and the sun conjured an unusually high tide, did the ship wriggle free with one last heave shortly after 3 p.m., allowing the first of the nearly 400 ships waiting to resume their journeys by Monday evening.In the aftermath of one of the most consequential shipping accidents in history, the global supply chain industry will have a cascade of costly delays to contend with and much to assess: the size of container ships, the width of the Suez Canal, the wisdom of relying on just-in-time manufacturing to satisfy consumer demand around the world, and the role, if any, of human error.But some things were out of anyone’s hands: If the wind and the tide might not be deemed acts of God by the insurance companies, they were a reminder that 21st-century commerce remains subject to random acts of nature.“We’ve all seen the pictures and thought, ‘How on earth does that happen?’” said Emily Hannah Stausboll, a shipping analyst at BIMCO, a large international shipping association. “People in the industry are asking: Could it happen again? And if so, what do we do to avoid it happening for another week next time?”How it happened will be the province of teams of inspectors and investigators who were set to begin work after the now-unstuck container ship, the Ever Given, motored under its own power Monday evening into the Great Bitter Lake, north of where it had been marooned since running aground amid a sandstorm last Tuesday morning.Because the ship sails under a Panamanian flag, Panama will handle the investigation unless Egypt exercises its right to take over, though international pressure for a more thorough accounting could result in the U.S. National Transportation Safety Board stepping in, said Capt. John Konrad, who founded gCaptain.com, a maritime news site.The Egyptians have already reached one conclusion, investigation or no.“The Suez Canal is not at fault,” Lt. Gen. Osama Rabie, the head of the canal authority, said at a news conference on Monday night. “We have been harmed by the incident.”Early on, the ship’s owner and operator blamed the wind, and maritime experts agreed that it had been a factor, perhaps the deciding one, as gusts pushed against the vertical wall of containers piled high atop the Ever Given as if against a sail. But Rabie also suggested over the weekend that human or technical error may have come into play.Under standard procedures, two Egyptian canal pilots would have boarded the ship before it entered the canal to help it navigate, experts said, though the ship’s captain would have retained final authority.A reconstruction of the ship’s movements through the narrow section of the canal north of the port of Suez shows the Ever Given weaving back and forth from one side of the canal to the other almost as soon as it entered the channel, gathering speed until the 224,000-ton ship topped 13 knots (about 15 mph).While it is not yet known what caused the Ever Given to start bouncing around the waterway, once it did, it succumbed to what is known in seafaring as the bank effect. That is a phenomenon in which the stern of a ship tends to swing toward one bank while its bow is pushed away from it, said Capt. Paul Foran, a maritime consultant who as a ship’s captain navigated the Suez Canal 18 times.Foran said that whoever was giving orders most likely tried to regain control over the ship by putting on speed. But that decision would have made matters worse, robbing the crew of its usual maneuvering tools. Bow thrusters that could push the bow left or right stop working at high speeds; the faster a ship goes, the lower the pressure beneath the hull, sinking the vessel dangerously low in the water.“The faster you go, the less control you have,” he said, “and on a ship that size, once she gets out of control like that, it gets even more difficult to bring her under control.”Investigators will use audio from the ship’s voice recorder and tracking data to piece together what combination of commands, and by whom, spelled ruin. But the result was clear: a ship the length of four football fields, wedged diagonally across a vital canal much narrower than four football fields, at a time when global shipping could ill afford further disruption after a year of havoc brought on by the pandemic.81752602As analysts warned that the Ever Given was blocking nearly $10 billion in consumer goods per day, the queue of waiting ships grew and the internet memes about the epic traffic jam piled up, the Suez Canal Authority and the ship’s owner and insurer scrambled tugboats and dredging equipment to the scene. By the day after the grounding, they had called in a highly regarded team of salvage experts from Smit Salvage, a Dutch company.“The time pressure to complete this operation was evident and unprecedented,” Peter Berdowski, chief executive of Royal Boskalis Westminster, Smit’s parent company, said in a statement on Monday.Working day and night as the tugboats pulled on the ship, the dredgers cleared away about 30,000 cubic meters of sand and mud from around the ship’s bow and stern, Boskalis said. There was also talk of removing containers from the ship to lighten it, an operation that would have required the extra headache of cranes on barges and possibly heavy-duty helicopters, but that proved unnecessary in the end.Salvage crews kept a schedule largely dictated by the tides: working to make progress during the six hours it would take for the water to rise from low point to high.A full moon on Sunday, culminating in a spring tide on Monday, gave the crews an especially promising 24-hour window to work in, with a few extra inches of water providing the assist. By Monday morning’s high tide, the ship was partially floating again, its stern freed.Until then, the ship’s belly was sagging between its pinned-up bow and stern, causing analysts to worry that its hull would crack under the stress. When the stern swung free without incident, Konrad said, it relieved the pressure on the center, raising the odds the ship would go on to float again without further complications.“It’s miraculous they did it with no pollution and no injuries,” he said. “Everything kind of went to plan.”But it was several more hours of anticipation and conflicting reports — the Dutch cautious, the Egyptians prematurely triumphant — before the ship was wrenched loose.Horns blared in celebration as images emerged on social media of the ship, for so long diagonal, once again parallel with the canal.Then even the Dutch exulted.“We pulled it off!” Berdowski said.President Abdel-Fattah el-Sissi of Egypt celebrated the moment on Twitter, writing that “Egyptians have succeeded today in ending the crisis of the stuck ship in the Suez Canal despite the great complexities surrounding this situation in every aspect.”Stausboll said that the authorities’ often overly rosy projections during the past week left many shipowners confused about what to believe. “A lot in the shipping community would wish there had been more clarity about what was going on in Egypt from the authorities,” she said. “It does harm your reputation.”In the absence of a faster, cheaper option, however, the Suez Canal will remain a key artery for shippers, she said. And she pointed out that most ships, including large ones, have navigated the canal without incident in the past.Shippers have, in any case, a more pressing concern: how to resolve the chain reaction of delays that may ripple out for weeks or months even after the Suez backlog clears, as it was beginning to do by Monday night.The first ship to pass through the canal after the Ever Given got out of the way was the YM Wish, a 1,207-foot-long Hong Kong-flagged container ship that exited the canal at about 9:15 p.m.If there is schadenfreude among ships, the YM Wish was perhaps not feeling it. VesselFinder.com reported the YM Wish ran aground in the Elbe River in Germany only six years ago. In its case, however, it took less than a day to float again.

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Suez issue ends, but Indian crew may charges

HYDERABAD: With the container ship ‘Ever Given’ that had blocked the Suez Canal since March 23 wrenched free from the sandy bank by tug boats on Monday, the next big concern for its crew comprising 25 Indians is how the Suez Canal Authority will treat them.Both the Indian government and the seafarers’ organisations are concerned about the legal issues that the crew may face, including the possibility of criminal charges.According to sources in the shipping industry, one of the possibilities is that the captain and some of the crew may be restrained from travelling further. They could be placed under house arrest until investigation is completed into the cause of the accident. The ship management, however, has not explained anything about the legal procedures the crew will have to go through.“There is a clear danger that the crew will be made scapegoats,” a senior person associated with the shipping industry said.Captain Sanjay Prashar, member, National Shipping Board (NSB), told TOI, “Firstly, it has to be ascertained as to how the giant ship ran aground. Facts can be checked by examining and listening to conversation in the ship voyage data recorder and one can come to an understanding as to what caused the mishap.”‘Ever Given’ got stuck in the crucial Suez Canal on March 23, leading to a massive traffic jam. This resulted in more than 350 vessels — carrying everything from cattle, clothes to crude oil and furniture — getting stranded on both sides.While Berhard Schulte Ship Management (BSSM) did not reveal the names of the 25 Indian seafarers, it said: “All the 25 crew members are safe and accounted for and they remain in good health. They are working closely with all parties involved to refloat the vessel. The hard work and tireless professionalism of the master and crew are greatly appreciated.”Despite the appreciation that has come in the way of the Indian seafarers, a legal wrangle is what will inevitably follow.Meanwhile, the National Union of Seafarers of India (NUSI) based in Mumbai has expressed solidarity with the Indian seafarers.“The NUSI has promised solidarity with all Indian seafarers on board ‘Ever Given’. I got in touch with them. The seafarers are fine but stressed. They are not alone and we will support them whenever required and in whatever manner required,” NUSI general secretary Abdulgani Serang tweeted.

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Present Indian Test team best in history of Indian cricket: Gavaskar

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Naomi Osaka advances to Miami Open quarter-finals

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FACTBOX-Manchester City striker Sergio Aguero

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Not much love for COVID-19 vaccine at Miami Open

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Spain World Cup qualifier against Kosovo overshadowed by diplomatic row

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Govt sprucing up CoWin for larger vaccine drive

The centre is augmenting the Covid-19 vaccine registration portal (CoWin) to process as many as 10 to 20 million registrations a day as it prepares for a sharp increase in usage with an aggressive expansion of the nationwide vaccination drive from next month, officials said.User interface on the platform has been spruced up while existing features have been further simplified to cater to a larger proportion of the population expected to pre-register in the next phase drive that opens for those above the age of 45.“We are expecting 4-5 million daily vaccinations in a week’s time and about 25-30% should happen through the CoWin platform,” a senior official told ET. “There will be a lot of rush from April 1 with more people going for the vaccine since it has been opened for anyone above 45 years of age,” said the person adding that pre-registering on Cowin will make the process faster for both citizens and health authorities. At present, daily vaccination in the country is estimated to be between 2.5 million to 3 million with only a tenth of those being vaccinated having pre-registered on the CoWin platform according to official estimates. Bookings on the platform are reckoned to be low as more people have , so far, chosen the walk-in option at local health centres and hospitals. But this could change as the number of people seeking vaccinations rises exponentially in the coming weeks , as those requiring a second dose also begin to seek appointments.Government officials are of the view that pre-registering on the CoWin platform will help people beat the queue and hasten the process as identification details required for authentication will already be keyed in. Official data shows that, so far, the highest vaccination in a day was registered on March 22 when close to 2.75 million people got the first dose while three lakh people were administered the second dose. India has so far vaccinated over six crorepeople countrywide since January 15 when it first began vaccinating healthcare and other frontline workers.To ensure more people opt for online booking, several features have been simplified such as visibility on slots available for users within their locality as well as log-in and registration prompt through the same OTP, officials said. The software is also being modified to do away with the need to upload a comorbidity certificate at the time of online registration and onsite registration. It has also dropped the automatic booking of slots for the second dosage of the vaccine and is leaving it to people to register for it within 6-8 weeks of their first dose. The government has also introduced an hourly monitoring mechanism to track the progress of vaccination drives, this will provide real time information on authorised centres that are not providing slots or offer visibility on other operational snags.Such feedback will be directly monitored by the health secretaries in the state on an hourly basis through a dashboard. Regular emailers will also be sent to the health officials as well as the hospitals so that functionality of such centres can be reviewed, union government officials said.In the initial days of its launch, the CoWin platform that was jointly developed by the ministry of health and ministry of electronics and IT faced several glitches including citizens not being able to register, the interface crashing and users not receiving text messages about appointment schedules. The government termed these as teething troubles in a vaccination drive, which is considered to be the largest in the world. The government is also working on a communication drive to explain to people how they can register and book slots on the platform to drive up the numbers. "The digital infrastructure, CoWin developed by RS Sharma is amazing. My friend in Seattle got his vaccination certificate scribbled on a piece of paper. My vaccination certificate was digitally sent and was QR coded, I got it on my phone within 2 minutes of my vaccination," Infosys chairman Nandan Nilekani said at a clubhouse session organised by Blume Ventures last week.

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