Ravi Dharamshi on how to bet on digital wave

We are a little underweight on the financials but that is because they haven’t reached a stage where the capex cycle begins and probably is still four to six quarters away. But that could be changing going forward, says Ravi Dharamshi, Founder & CIO, ValueQuest Investment. Why is there no financial name in your top five holdings?Yes, we are a little underweight on the financials but that is because I do not think we have reached a stage where the capex cycle begins. Some of the consumers in India are still facing the brunt of the Covid and the spending is getting redirected towards other things. MSMEs are also suffering because of Covid. So, there is a little bit of tension on that front. Also the capex cycle has not yet begun and probably is still four to six quarters away is why we are underweight. But that could be changing going forward. I would like to just put that caveat in. How can one bet on the entire digital wave and bet on a beneficiary because ultimately the benefits will also be captured by the beneficiary or a company which is adopting digital and enabling platforms or services or customer experience using the digital platform?Absolutely. In the adoption curve, usually it is the shovel sellers that benefit first and for sure the eventual benefit of the technology might be realised by the consumer at some point of time. When I say consumer, I am talking about the companies that are consuming the technology. That benefit will take some time to percolate down to the shareholder wealth creation. At this point of time, we have to look at companies that are enablers and who are riding this wave at the crest. So, we have to go after the shovel sellers or the enablers of this opportunity because the opportunity is still unfolding, the technology is still evolving and the winners are not yet very clearly known in each and every space. They are much better formed in shape and size than they were probably 10 years back but it is a very fast evolving space in terms of technology and in terms of business model. The good thing for us as an Indian shareholders or Indian investors is that we can see those trends unfolding in other geographies -- be it the US or China -- and see that a similar kind of trend is going to pan out over here. We have some benchmarks. It becomes easier. We just have to look for companies that are emulating them and one can have a good winner there. Let us talk about your portfolio companies with a disclosure that you have vested interest in them. You have a large investment in Laurus Labs. What excites you as an investor about Laurus Labs?I would also like to add that we are likely to be acting contrary to whatever gets spoken over here. This discussion is purely for illustration purpose. The decision about Laurus Labs we took almost a year back. What got us excited was that it had invested ahead of the curve. It had leveraged itself, the company and the promoter both were leveraged and it had created the capacities and the costs had been borne but the fruits had yet to come. Now it just happens to be luck that Covid struck and that just accelerated the opportunity for them. Besides, they are the largest ARV API company and there was a big shift happening in the ARV market where the treatment was moving away from the last gen to the next gen -- from TLD to DTG, Dolutegravir and they were very beautifully positioned to take advantage of that. So that was the immediate trigger/ Besides that, we always admire Dr Satya in terms of his technical and his risk taking abilities. So, here was a company that was really positioned to take advantage of the coming wave and the market was very sceptical about it and was not giving any valuation. It was giving low multiples to a very subdued P&L and balance sheet. That is why the returns have been so big because suddenly the P&L as well as the balance sheet has improved dramatically in the last four to six quarters. Route Mobile is another portfolio company. You have been an investor in Route Mobile right from the IPO day. What gives you the conviction of being invested in a tech company which is a disruptor and where you have the likes of Google and Amazon which are just changing the rules of the game?Unlike most of the tech companies, Route Mobile does not burn cash and that was the first thing that attracted us. In fact, the company has been set up with barely Rs 6 lakh capital. So, it is a profitable model. The unit economics is very attractive and the strategy was to bolster their balance sheet and try and go for scale. We can never be very sure which way the technology is panning and the twists and turns of technology can end up disrupting the disrupter as well; at this point of time, we are trying to gauge how successfully we are riding this wave. Based on the management interaction of Natco and Route Mobile which are part of your top holdings, how much of your top five holdings are likely to change in the next two to three years?I really wish I knew myself. I am going to let it pan out. At this point of time, there is no intention to change this. It will happen as we progress and we will let the fundamentals dictate it rather than trying to anticipate anything. That is an honest answer. I have no idea. I am not looking to sell any of them with a three to five year view but as fundamentals change we will keep changing our view.

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Delta pushes up Covid numbers in Asia

The Olympics host city Tokyo, as well as Thailand and Malaysia, announced record Covid-19 infections on Saturday, mostly driven by the highly transmissible Delta variant of the disease.Cases surged in Sydney as well, where police cordoned off the central business district to prevent a protest against a strict lockdown that will last until the end of August.Police in Sydney closed train stations, banned taxis from dropping passengers off downtown and deployed 1,000 officers to set up checkpoints and to disperse groups.The government of New South Wales reported 210 new infections in Sydney and surrounding areas from the Delta variant outbreak.Tokyo's metropolitan government announced a record number of 4,058 infections in the past 24 hours.21 New Covid Cases Related to OlympicsOlympics organisers reported 21 new Covid-19 cases related to the Games, bringing the total to 241 since July 1.A day earlier Japan extended its state of emergency for Tokyo to the end of August and expanded it to three prefectures near Tokyo and to the western prefecture of Osaka. Olympics organisers said on Saturday they had revoked accreditation of a Games-related person or people for leaving the athletes' village for sightseeing, a violation of measures imposed to hold the Olympics safely amid the pandemic. The organisers did not disclose how many people were involved, if the person or people were athletes, or when the violation took place.Malaysia, one of the hotspots of the disease, reported 17,786 coronavirus cases on Saturday, a record high.More than 100 people gathered in the centre of the capital Kuala Lumpur, expressing dissatisfaction with the government's handling of the pandemic and calling on Prime Minister Muhyiddin Yassin to quit. Protesters carried black flags and held up placards that read "Kerajaan Gagal" (failed government) – a hashtag that has been popular on social media for months.Thailand also reported a daily record high of 18,912 new coronavirus infections, bringing its total cases to 597,287. The country also reported 178 new deaths, also a daily record, taking total fatalities to 4,857.The government said the Delta variant accounted for more than 60% of the cases in the country and 80% of the cases in Bangkok. The Delta variant is not necessarily more lethal than other variants, but much more transmissible, Supakit Sirilak, the director-general of Thailand's Department of Medical Sciences, said.China is battling an outbreak of the Delta variant in the eastern city of Nanjing which has been traced to airport workers who cleaned a plane which had arrived from Russia.

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Only 18 hours of work done in Monsoon session

Parliament disruptions and frequent adjournments since the monsoon session began on July 19 have meant the two Houses functioned for only 18 hours of the scheduled 107, leading to a loss of more than `133 crore of taxpayers’ money.Government sources said the Lok Sabha has been allowed to function for about seven hours out of 53 hours in these nine working days. Rajya Sabha has a slightly better record with 11 hours out of 53. This adds up to 18 hours out of a possible 107 hours and a wastage of 89 hours of working time.If the taxpayers’ money spent on convening Parliament is calculated for this period, it would mean a total loss of more than Rs 133 Crore.In Rajya Sabha productivity was pulled down to 21% in the second week. Four Bills were passed in an hour and a half with only seven members participating in the debates.The Bills passed so far are The Marine Aids to Navigation Bill, 2021; The Juvenile Justice Amendment Bill, 2021; The Factoring Regulation (Amendment) Bill, 2021 and The Coconut Development Board (Amendment) Bill, 2021.Congress and TMC have been raising the unauthorized phone tapping through the Pegasus spyware of leaders like Rahul Gandhi and Abhishek Banerjee as well as several journalists and people from civil society. The Opposition has also been demanding repeal of the three farm laws.While the government has tried to reach out to the Opposition to end the impasse, the latter have stuck to their position that a debate on Pegasus be held first, and Home Minister Amit Shah give a reply. Efforts by Leader of the House in Rajya Sabha Piyush Goyal and Parliamentary Affairs Minister Pralhad Joshi have had little effect. Defence Minister Rajnath Singh is expected to now hold discussions with various political parties.

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Netflix India August 2021 Releases: Navarasa, The Kissing Booth 3, Sweet Girl, and More

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Olympics: Boxer Satish's campaign in doubt after cut and stitches

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Olympics: World No. 1 boxer Amit Panghal makes sorry exit

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2nd T20I: Pakistan defy rampant Pooran to edge West Indies by seven runs

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Tokyo Olympics: India gear up for tricky British challenge

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'This gold is for Federer' - Bencic reveals message from Swiss great inspired her

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Emma McKeon wins gold in women's 50m freestyle

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Tokyo 2020: Caeleb Dressel wins gold in men's 50m freestyle

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Atanu Das crashes out as archers end another disappointing outing

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New-age cos aim to start up recruitment again

With the second wave of Covid-19 having tapered off, a host of startups are looking to grow headcount. Many are looking to set up new verticals, expand territory and invest in rapid growth seen over the past months.New-age companies such as HomeLane, NoBroker, CashKaro, Meesho, slice, Droom, Clovia and Cashfree are aggressively ramping up technology and product teams, with a majority of hiring to be lateral. In demand will be front- and back-end developers, data analysts and operations managers, while roles in marketing, growth, supply chain and customer service are also up for grabs.NoBroker is looking to hire 500 people in the next six months for its technology, product, data science and customer service teams. “Our revenue doubled in the past year and we grew heavily in terms of numbers of customers and properties,” said Amit Agarwal, cofounder of the Bengaluru-based startup. “With the second wave of Covid ending, we have seen a jump in customer interactions. In the next six months, we will see pent-up demand in our favour.”HomeLane, another Bengaluru-based startup, is looking to grow its team size by 800, focusing on increasing diversity and enabling women to rejoin the workforce. This increase in hiring is driven by a shift in consumer behaviour, such as a rise in time spent at home, increasing the need for home improvement services. Customers are looking for more organised players in the home interiors market, said cofounder Tanuj Choudhry.84938239 While hiring will be predominantly in tech and product functions, HomeLane is also looking to ramp up its sales, customer service, supply chain, marketing and interior design teams.While Meesho intends to onboard about 150 new employees for its technology team over the next year and a half, CashKaro will recruit about 75 people across technology, assisted ecommerce, influencer marketing, data analysis and design verticals.“One of our major hiring projects will be building the team for our new fintech vertical,” said Swati Bhargava, cofounder, CashKaro and EarnKaro. The company is also looking to fill up some senior positions, such as data and product heads, among others.Fintech firm Cashfree is looking to hire about 100 employees over the next six months, across roles in marketing, growth, engineering, product design and software architecture.International Expansion“Our bulk disbursal product, Payouts, surged over 200% in FY21, compared to FY20. We are also actively looking at expansion into international markets,” said Sapna Sukumar, HR vice-president at Cashfree.Slice is looking to hire about 300 employees for its product, analytics, design and technology teams. “We plan to achieve a GTV (gross transactions value) run rate of $1 billion in FY22. There are also plans to introduce some products that will transform and elevate the whole fintech space for millennials and GenZ,” Rajan Bajaj, founder of slice, told ET.Droom is also looking to hire 100-odd employees for its product, engineering, loan and insurance, last-mile delivery and inspection services teams. “We are looking forward to international hiring as we are aggressively planning to continue our expansion in South East Asian countries,” said founder Sandeep Aggarwal.Others looking to increase their tech and product teams in coming months include Clovia, BharatPe and RateGain, which are collectively planning to hire 200-odd people.

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Olympics Live: PV Sindhu, men's hockey team eye history in Tokyo

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Discus thrower Kamalpreet silences critics by making final

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Olympics: Tai proves too good for Sindhu in the semis

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Olympics: Vandana first Indian woman to score Olympic hat-trick

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Over 97% students clear UP board exams

Over 97 per cent students, who appeared for the 2021 Uttar Pradesh board examination, have cleared it, the state government said on Saturday. The overall pass percentage for class 10 was 99.53, while it was 97.88 for class 12, it said in a statement. The pass percentage of boys stood at 97.47 per cent, while that of the girls was 98.40 per cent in class 12, the state government said. In class 10, the pass percentage of the boys was 99.52, while that of the girls was 99.55, it said. Director of Uttar Pradesh Secondary Education Council Vinay Kumar Pandey said that in all 56,06,278 students appeared for the examination. This includes 29,96,031 students in class 10, and 26,10,247 students in class 12. Pandey informed that of the 29,96,031 students who appeared for the class 10 board examination, as many as 29,82,055 cleared it. This includes 16,68,868 boys and 13,13,187 girls, he said. In class 12, out of 26,10,247 students, as many as 25,54,813 students cleared the examination. This includes 14,37,033 boys and 11,17,780 girls, Pandey said. Deputy Chief Minister Dinesh Sharma congratulated the students who cleared the examination. In a statement issued here, Sharma said, "Our students worked hard during the difficult COVID-19 time, and today's result bears testimony to this fact." "The students will make the state and the country proud by their talent and skills. At a time during the COVID-19 pandemic, when the entire world came to a standstill, the efforts of the state government kept the education system moving," he said. Sharma also claimed that Uttar Pradesh has become an example for different states as far as conducting "cheating-free" examinations was concerned.

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India says no to fresh targets to cut emissions

India has made no commitment to submit fresh targets for cutting greenhouse gas emissions, a senior official from the environment ministry said on Saturday while dismissing reports that the country has missed the deadline set by the UN climate change agency to provide an update. A foreign news agency has reported that India and China have missed the deadline of July 30 set by the United Nations (UN) to provide an update on their plans for curbing the release of planet-warming gases. Dismissing the report, Environment Secretary R P Gupta said, "India has no such commitment of making and declaring fresh targets. We have not signed any such agreement." According to the report, UN climate chief Patricia Espinosa welcomed that 110 signatories of the United Nations Framework Convention on Climate Change met the cut-off date, which was extended from the end of 2020 due to the COVID-19 pandemic. But she said it was "far from satisfactory" that only 58 per cent of the signatories had submitted their new targets in time, the report said. Saudi Arabia, South Africa, Syria and 82 other nations also failed to update their nationally-determined contributions (NDCs) for the UN to include the input in a report it is preparing for an international climate change conference in November, the report claimed. "Espinosa noted that a previous report found countries were doing too little to meet the goal of keeping global warming below 2 degrees Celsius (3.6 Fahrenheit) by the end of the century compared with pre-industrial times. The more ambitious target of capping warming at 1.5C (2.7F) is far out of reach," the report said.

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Odisha: Malls, cinema halls to reopen from Aug 1

With an improvement in the COVID-19 situation, the Odisha government on Saturday announced reopening of shopping malls, parks and cinema halls among several relaxations in all the districts, barring three cities where coronavirus caseload is relatively high. The administration granted the relaxations for a month starting from 6 am on Sunday, Special Relief Commissioner (SRC) P K Jena said, adding that the existing 10-hour night curfew from 8 pm will be in place in all the districts. "The new guidelines will be enforced for a month till 6 am on September 1," he said. The SRC also said the unlock measures will not be implemented in Bhubaneswar, Cuttack and Puri where the pandemic situation is worrisome. The weekend shutdown will remain in force in the three cities. "There has been a significant improvement in the COVID situation in 27 districts, though Khurda Cuttack and Puri are reporting more than 100 cases every day," he said. Khurda district comprises the state capital Bhubaneswar. All weekly and monthly markets, shopping malls and parks are allowed to reopen across the state from Sunday but the restrictions on social and political gatherings are not withdrawn. Offices, both government and private, are also permitted to function with half the manpower, the SRC said. The state government asked the district administrations to decide on the reopening of religious places, except Shree Jagannath temple in Puri and Shree Lingaraj temple in Bhubaneswar, he said. Malls, restaurants, roadside eateries, bars, theatres and cinema halls are also allowed to operate with 50 per cent seating capacity and strict adherence to COVID-19 protocols. People have been allowed to only take away food from eateries till Sunday and were not permitted to avail of dining facilities. "Those who have received both doses of the COVID vaccine will be allowed to enter these facilities in Bhubaneswar, Cuttack and Puri," he said, adding that authorities of shopping malls, restaurants and theatres will have to ensure enforcement of health safety protocols on their premises. An official notification said educational institutions, including coaching centres, museums, tourist places, zoos and archaeological monuments across the state will reopen with adherence to COVID protocols. Bus operators are also permitted to resume services, allowing passengers only up to seating capacity, it said. The public transport authorities have decided to restart bus services across Bhubaneswar from Monday. Capital Region Urban Transport general manager DiMahapatro said the 'Mo Bus' (My bus) services will be available on 25 routes from 7 am to 7 pm on weekdays. The authorities will run 194 buses, she said, adding that the service will continue to remain suspended on the weekends.Indoor or outdoor shootings for films are also granted, Jena said, adding that home delivery by e-commerce companies is also allowed. He, however, said there is "no relaxation" in marriages and funeral functions. Marriages will be permitted with the maximum limit of 25 guests, and the number of people participating in thread ceremonies and funerals should not exceed 20, he said. All official meetings will be allowed with a maximum of 100 participants but the highest number of 30 people will be permitted to take part in programmes such as inauguration and laying of the foundation stone of projects, Jena said.

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View: Let’s fail the Hicklin Test!

As a keen follower of women’s beach volleyball, I was watching Brazil take on Canada in the Olympics, when the doorbell rang. ‘Good morning, sir, good time?’ said the young man who looked like a young Anna Hazare. I mumbled something, and let him in while Eduarda ‘Duda’ Santos Lisboa passed a signal behind her bikinied back to her teammate on my TV screen.‘Sir, we’re conducting Hicklin tests in the area. It will take only 15 minutes,’ the Hazaresque said. I told him I had taken my two Covid shots and had also come up negative in my RT-PCR a week back. ‘No, sir, not a Covid test, but a Hicklin test.’He went on to tell me there would be no poking down my nostrils or throat. Not even questions. He would just quietly observe me for 15 minutes while I went about own business. That sounded odd. But fearing that non-compliance would mean health ministry officials breaking down my door, I returned to watching beach volleyball. Exactly 15 minutes later, the chap straightened his back, thanked me and left. I was intrigued. What was this Hicklin test?It turns out to be a ‘psycho-legal test’ named after a 1868 case in England. A chap was caught reselling copies of a pamphlet, ‘The Confessional Unmasked: Shewing the Depravity of the Romish Priesthood, the Iniquity of the Confessional, and the Questions Put to Females in Confession’ — a sort of 19th century Letters to Penthouse. The pamphlet was deemed obscene and was ordered to be destroyed. The accused appealed, and the case came to the court of a Benjamin Hicklin.Hicklin revoked the order, saying that the intention was not to ‘corrupt morals’ but to expose unpleasant truths inside the Catholic Church. But his order was challenged, and the highest court charged the accused under the Obscene Publications Act, allowing any publication to be banned if it has the ‘tendency… to deprave and corrupt those whose minds are open to such immoral influences’. The intention of the work could go self-fornicate. That’s when the paisa dropped! The man had come to test what I may find ‘lascivious’. Thankfully for me — and unfortunately for Raj Kundra and Co. — the Indecent Representation of Women (Prohibition) Act, 1986, and Section 67 of the Information Technology Act, 2000 that finds ‘any material which is lascivious or appeals to the prurient interest, or if its effect is such as to tend to deprave and corrupt persons’ don’t punish the consumer of obscenity, but only its producers. Poor Shilpa Shetty has even gone to theological lengths to prove that her husband’s adult films were ‘erotica,’ not ‘porn’ — when she should be really saying, ‘Yes, it’s smut. So?’Indian law is still ruled by the 1964 Supreme Court ruling in the ‘Ranjit D Udeshi vs State of Maharashtra’ case, which had it that unless the obscenity has a ‘preponderating social purpose or profit,’ it would appeal to ‘the carnal side of human nature and no longer come under the constitutional protection of free speech and expression’. (‘Obscenity with a social purpose’ is my new life goal.)And whenever Public India, even in 2021, hears the words ‘appeals to the carnal side of human nature’, it conjures up thought-bubbles of rape, real-life Shakti Kapoors, ‘ma-behen,’ ‘izaat’ — the whole jingbang that 19th century western Orientalists would fantasise about us: a people incapable of real pleasure, but only capable of engaging in ‘filth’.Watching pornography, like having a good meal, is a sensory pleasure that we can jolly well partake of without having to explain ourselves. Dragging up Kama Sutra and Khajuraho as ‘defence’, or hairsplitting over how Prabuddha Dasgupta’s nude photos are art, 50 Shades of Grey is erotica, and anybunny.tv is smut just adds to the confusion of what grown-up Indians can and can’t watch for their legit, sexual pleasure.And if all of us can watch porn legally, without blubbering like schoolboys or MPs caught watching a vintage Sunny Leone 14-minuter on their phones, then producing porn must be made legal. Enough of ‘We actually didn’t mean it that way’, and ‘It’s art, not obscenity’. Make smut, consume smut, responsibly. Am I worried about flunking my Hicklin test? Not at all. If anyone flunks it, it’ll be the channel broadcasting a fine, gruelling game of women’s beach volleyball. And how lascivious would the authorities be even if they think that.Views expressed are author's own

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CBI to probe Dhanbad judge death case

Jharkhand Chief Minister Hemant Soren on Saturday decided to hand over the probe into hit-and-run case of Dhanbad judge to the Central Bureau of Investigation. An official spokesman said that the chief minister has recommended handing over the probe in the death of District and Sessions court judge Uttam Anand to the premier investigating agency. The 50-year-old judge was allegedly mowed down by a heavy autorickshaw while he was on morning jog on July 28 morning in Dhanbad. The Jharkhand government had set up a Special Investigation Team (SIT) to crack the judge death case.

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Haryana extends lockdown till August 9

The Haryana government Saturday extended the COVID-19 lockdown in the state by another week till August 9, according to an official communication. However, the current lockdown relaxations with respect to the reopening of shops, malls, restaurants, religious places and corporate offices will continue. "The Mahamari Alert-Surakshit Haryana (coronavirus lockdown) is extended for another week, that is from August 2 (5 am onwards) to August 9 (till 5 am) in the state of Haryana," according to an order issued by Chief Secretary Vijai Vardhan. The order was issued under provisions of the Disaster Management Act, 2005. According to the order, Anganwadi centres and creches run by women and child development department shall remain closed till August 15 in the state. It further said that vice chancellors of universities are advised to plan reopening of universities from the next academic session and share the programme of the same with the departments concerned of the state government. Immediate action may be initiated by the university administration to fully vaccinate all the hostel students, day scholars, faculty and staff including the outsourced ones, it said. The state government has termed the lockdown "Mahamari Alert-Surakshit Haryana (Epidemic Alert-Safe Haryana)".

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Kamalpreet finishes 2nd in discus qualification to make finals

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Tokyo 2020: Indian archery campaign ends without a medal

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Tokyo 2020: US gymnast Simone Biles out of two more finals

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Tokyo 2020: Sizzling PV Sindhu sets up Tai Tzu-Ying date

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Kumar Sangakkara sympathises with Ben Stokes over mental health break

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Britain smash world record to win inaugural Olympic mixed 4x100m relay gold

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Tokyo Olympics: Nigerian sprinter Okagbare banned after failing drugs test

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Caeleb Dressel shatters world record to win Olympic 100m butterfly gold medal

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Tokyo Olympics: Britain win first-ever Triathlon mixed-relay gold

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Australia's McKeown wins women's Olympic 200m backstroke gold

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Olympics: Indian men's hockey team up against GB in QFs

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Hold Covid vax drive for destitute: Centre to states

The Centre has asked state governments to expand Covid-19 vaccination drive to include the most vulnerable groups like beggars, nomads and destitute.The ministry of health and family welfare has asked states to run special drives with the help of non-governmental organisations to ensure most vulnerable groups are included in the public immunisation drive against Covid-19. “There is a need to keep the focus of Covid vaccination on the most vulnerable groups to ensure vaccination is equitable and accessible to all. The vaccination of destitute and vagabonds who may not have access to self-registration and lack resources for vaccination need to be facilitated. State/ UTs may adopt a targeted approach to cover this group,” Rajesh Bhushan, secretary (health and family welfare) wrote in a letter addressed to chief secretaries of all states.Earlier the government had given directions to facilitate Covid vaccination of people who did not have the requisite identity cards such as Aadhar and voter id card. “The ministry has already advised all States/ UTs for providing Covid vaccination to such group of people like beggars, nomads, people residing in rehabilitation camps, etc. while sharing the SOPs regarding vaccination of persons who do not possess prescribed identity card. You are, therefore, requested to direct the concerned departments of social justice and empowerment and health in your state to work together to facilitate vaccination of destitute,” the Centre has advised in the letter.

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Talks for Gogra, Hot Springs disengagement today

India and China will discuss the next steps for disengagement of troops along the Line of Actual Control in Eastern Ladakh on Saturday in the 12th round of Corps Commander level talks between the two sides.The talks, which will take place at China’s Moldo camp, are expected to pave the way for disengagement from the friction points of Hot Springs and Gogra Heights. If there is progress, it would mark easing of border tensions since February, when both sides decided to withdraw troops from Pangong Tso area.Sources said that the talks are expected to commence at 10:30 am and could take the entire day, given the complexity of discussions and going by past experience of negotiations. The two flashpoints to be discussed are the last remaining problem areas that emerged during the border crisis last year, when PLA shifted thousands of troops taking part in an army exercise to the LAC.84912216As part of its aggressive border actions, the PLA last year occupied the Finger Area at Pangong Tso, moved in troops into the Galwan valley and deployed soldiers and armoured vehicles at Hot Springs and Gogra. Out of these areas, only Pangong Tso had been a recurring border irritant, with India being surprised on the opening up of new fronts by the PLA. Both Galwan and Pangong Tso have seen troop withdrawal by both sides since then.The situation at Depsang Plains, north of the other friction points, is being dealt with separately, given that disagreements and faceoffs have been occurring there since 2013. Both armies have been blocking the other’s patrols at Depsang for several years, with the last Indian patrol across a crucial feature named bottleneck being conducted in February last year. A minor issue also exists at the Charding Nalla at Demchok in the south over two tents pitched by so called civilians on disputed territory since 2018.

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Convenience factor drives online sales

Online sales of smartphones crossed the halfway mark of total shipments for the first time in India in the April-June quarter, when a number of consumer goods too witnessed a steep increase in volumes through the ecommerce channel, driven by the convenience factor during the pandemic.The contribution of online to total sales more than doubled for large fast moving consumer goods (FMCG) companies such as Hindustan Unilever (HUL), ITC, Nestle and Parle Products in the past quarter as compared with a year earlier.On a sequential basis, ecommerce contribution surged by 50% from the January-March period, as per the earnings release of these FMCG companies.While the second wave of Covid-19 was a contributor to this surge as consumers largely avoided venturing out and most physical stores were closed, the trend also indicates that many people are no longer viewing online as just a place for discounts. Madhav Sheth, smartphone maker Realme's chief executive for India and Europe, said Covid-19 has impacted consumer buying behaviour with many moving towards purchasing online.Consumers are preferring value-for-money products with a strong focus on price-to-specs ratio and which are readily available and transparent on online platforms, he said, adding that offline stores usually push high-margin products, which together may also have triggered this shift.As per latest figures from mobile phone sales tracker Counterpoint Technology Market Research, the share of online smartphone shipment crossed 50% in the June quarter, surpassing the previous high of nearly 49% in the October-December quarter of 2020.The researcher said brands like Samsung have also pivoted to the online channel whereby its online centric models accounted for 60% of the shipments in the quarter, while Oppo launched an e-store during the period. In fact, according to Counterpoint, offline-centric brands were more affected during the lockdown April and May during the second Covid wave as consumers were buying online. 84912737"The online surge is largely led by the pandemic-driven stay-at-home orders and e-learning. Even in May when offline was impacted the most, online operations were still happening. Going forward, we expect offline to recover a bit but the trend is largely to remain in favour of online channels," said Tarun Pathak, research director at Counterpoint.Industry executives said this shift got accelerated due to the second wave since April when most states shut down malls and stores or restricted shopping hours. However, some states allowed ecommerce and home delivery to function as usual. FMCG companies reported their best ever online sales during the June quarter. For HUL, the contribution of ecommerce rose to 6% of total sales, up from 3% a year back. For ITC, ecommerce accounted for 8% of sales from 5% in the previous quarter, while for Nestle it grew to 6.4% from 3.8% sequentially.

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Olympics: Disappointing end to Rahi and Manu's campaign

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Lovlina in Tokyo: Wonder jab nails second medal for India

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Olympics: Wanted to prove to myself I could win, says Lovlina

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Lovlina's story is one of hardship and immense sacrifice

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Tokyo Olympics Live: PV Sindhu, Atanu Das headline Day 9 for India

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Olympics: With a bronze in the bag, Lovlina sets sights higher

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View: India’s earliest smart city

The eerie spectacle of a full moon rising over the silent ruins of Dholavira is an unforgettable experience — silent, but as though pregnant with the mystery of their long-forgotten memories. Some 4,500 years ago, its massive fortifications resonated with the hustle and bustle of rulers, traders, administrators, engineers, craftspeople, public ceremonies and noisy markets.On July 27, Unesco inscribed this Harappan city in its World Heritage List, making it India’s 32nd cultural site and 40th overall site on the list. Located on Khadir Island in Gujarat’s Great Rann of Kachchh, near the sleepy village of Dholavira, its ruins are locally known as ‘Kotada’ (walled city). The site was discovered by Jagat Pati Joshi in 1968 and excavated by R S Bisht, both from the Archaeological Survey of India (ASI), for 13 field seasons from 1989 to 2005.Well-preserved owing to its extensive use of stone, Dholavira is one of the six largest Harappan cities of the 3rd millennium BCE, along with Mohenjo-daro, Lakhanjo-daro, Harappa, Ganweriwala (all four in Pakistan) and Rakhigarhi (in Haryana). Dholavira witnessed a long occupation between 3000 BCE and 1500 BCE, expanding to a full-blown city in about 2600 BCE. By 1900 BCE, like many other Harappan cities, it had started declining — it was briefly deserted, shrank in size, survived for a couple of centuries and, after a longer desertion, was finally reoccupied by fully deurbanised people.ASI’s findings transformed our understanding of the Harappan, or Indus, civilisation, revealing a meticulous planning with strict ratios and proportions, multipartite fortified occupational units (the so-called Castle, Bailey, Middle and Lower Towns), a sophisticated water management system consisting of series of reservoirs on the south and east of the Castle, whose imposing gates displayed exquisitely polished pillar members, quarried 3 km away.These pillar members were also exported to distant Mohenjo-daro and Harappa, probably through a navigable Rann and upstream the Indus River. A highly secured Ceremonial Ground to the north of Castle and Bailey must have witnessed markets, craft activities, festivals and melas. Craftspeople worked stone, shell, copper, gold, silver and lead into bangles, beads, inlay pieces and other ornaments, ladles, weights and metal implements, thus contributing to the city’s vibrant economic life.4,500 Years YoungEvidence for trade contacts with West Asia is present in the form of a specific type of ceramics known as ‘black-slipped jar,’ often 1.5 m in height and with a pointed base to be fitted in a ship, agate-carnelian beads, often decorated with white patterns, and circular Indus seals, among others.Thus, Dholavira was strategically located to harness Gujarat’s mineral resources (copper, limestones, steatite, agate-carnelian, several types of jasper, amazonite and shell from Kachchh’s coast), controlling a huge hinterland engaged in commercial activities, which included important Harappan settlements such as Bagasra, Shikarpur, Surkotada, Nagwada, Kanmer and Lothal. The city was a manufacturing hub, procuring and redistributing both raw and finished materials. But let us not forget that it developed a reliable subsistence regime of agro-pastoral activities.The Dholavirans, if we may call them so, followed distinct funerary traditions, mostly erecting memorial burials using locally available stone slabs. But, probably to commemorate members of their elites, they also created earthen tumuli, the largest of them reaching 30 m in diameter and rising to a height of 2 m.ASI and IIT Gandhinagar’s Archaeological Sciences Centre have researched several aspects of this bygone city. R S Bisht submitted a preliminary report on the excavations as early as in 2008. A more elaborate one in 2015 documenting all the important findings was prepared with the assistance of this article’s first author. A revised version of the 2015 report was submitted in 2017, adding scientific studies on ceramics and other materials. Post-excavation research is a continuous process and more projects are under way, or on the anvil.Dholavira has been on Unesco’s Tentative List since 2014. In January 2020, ASI submitted its nomination dossier. The nomination process for final inclusion in World Heritage List follows the submission of a detailed dossier by the ‘State Party’, justifying either cultural or natural criteria, and scrutinised by the International Council on Monuments and Sites (Icomos) for cultural properties, or the International Union for Conservation of Nature (IUCN) for natural properties, besides onsite evaluation and desk reviews.Eventually, Unesco granted the inscription on the basis of two of its listed 10 selection criteria: the third, ‘a unique, or at least exceptional, testimony to a cultural tradition or to a civilisation which is living or which has disappeared’; and the fourth, ‘an outstanding example of a type of building, architectural or technological ensemble or landscape which illustrates (a) significant stage(s) in human history’.Do You Dig Me?The status of World Heritage List comes with some obligations — international principles of conservation, preservation and management strategies are to be followed, a buffer zone must be maintained around the inscribed property to safeguard it from future threats, and developmental activities should be regulated and in consonance with ancient remains.Ultimately, it is up to ASI and all stakeholders to make the best of this opportunity and ensure that this precious piece of Indian heritage is properly highlighted and carefully conserved for posterity.

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French FM's phone investigated in Pegasus case

The phone of France's finance minister Bruno Le Maire is currently being investigated to determine whether it has been infected by a spyware known as Pegasus."We are in an investigation phase, and that includes my own device," Bruno Le Maire told France Inter radio on Friday. He refused to elaborate on the investigation.The Pegasus spyware, a product developed by Israeli company NSO Group, was used in attempted and successful hacks of smartphones belonging to journalists, government officials and human rights activists around the world, according to an investigation by 17 media organizations.

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Tokyo Olympics: What PV Sindhu should do to beat Tai Tzu Ying

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Kim stresses military prep ahead of US-SKorea drills

North Korea said Friday that leader Kim Jong Un called for stronger capability to cope with any foreign provocation as he met with military officers ahead of annual drills next month between South Korea and the United States that Pyongyang views as an invasion rehearsal.Earlier this week, Kim reopened suspended communication channels with rival South Korea, raising hopes of reduced animosities on the Korean Peninsula. But some experts say Pyongyang could conduct missile tests or take other tension-raising actions in response to the drills, which Seoul and Washington have altered in past years to support diplomacy.The official Korean Central News Agency said Kim held the workshop of military commanders and political officers from July 24-27 to discuss ways to enhance the North's military strength. It said it was the first such meeting since North Korea's military was founded.During the meeting, Kim “stressed that commanders and political officers should focus all efforts on completing preparations for actively and offensively coping with any military provocation of enemies,” KCNA said.Kim accused “the hostile forces,” an apparent reference to the US and South Korea, of bolstering their capabilities for making a preemptive attack and intensifying "all sorts of frantic and persistent war drills for aggression.” Kim ordered the workshop attendees to put greater efforts to boost their units' combat efficiency, KCNA said.Kim's speech carried by KCNA didn't mention his nuclear program and didn't contain any fiery rhetoric against the United States or South Korea.In the past few years, South Korean and US militaries have cancelled or scaled back some of their regular military exercises to support the now-stalled diplomacy on North Korea's nuclear program or due to the COVID-19 pandemic.Asked over a possibility for next month's drills being cancelled or downsized, Boo Seung-Chan, a spokesman at South Korea's Defense Ministry, told a briefing Thursday that Seoul and Washington were reviewing factors like the pandemic's current status, efforts to achieve denucleariSation on the Korean Peninsula and their combined military readiness.Some experts say North Korea could test-fire powerful missiles if the United States and South Korea conduct the drills in a full-fledged manner.US-led diplomatic efforts to convince North Korea to abandon its nuclear program remain stalled for about 2 ½ years due to disputes over international sanctions on the North. During the diplomatic impasse, Kim has threatened to build up his nuclear arsenal if Washington doesn't withdraw policies it considers hostile to North Korea.

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Dipan Mehta on what to buy in IT large & midcaps

Within largecap IT, our top pick remains HCL Tech followed by Infosys but for building a portfolio in midcap IT, one should consider the likes of Mphasis, BFL, Coforge, MindTree and the L&T twins, says Dipan Mehta, Director, Elixir Equities. What have you made of the Q1 numbers so far and while the picture may be a bit distorted because of the base effect what do you think is in store for India Inc next given the commentary that we have heard?This is a very confusing earnings season and although optically companies are reporting 50-70%, even doubling of profits, but you cannot consider that because last quarter year on year was a complete washout. And when you compare it with the March quarter, quarter-on-quarter is also not comparable because March is a very typical quarter where a lot of companies tend to bunch up their sales and report excellent performance in the last quarter of the year. So whatever numbers have come in this particular earnings season, we need to take it with a pinch of salt and do a further analysis as to what is happening in the underlying business. By and large, I am not that enthused by the earnings which have come so far. There have been a few good numbers from the technology space, the software companies. But apart from that, one cannot say with great conviction that this has been a superb earnings season so far and that from this point on we should see significant improvement. All eyes have to be on how normalcy returns and how the lockdown relaxation takes place and whether there would be a third wave or not. So far there is no indication of that. My sense is that once the investors, companies, consumers know that there is going to be no third wave, then perhaps one major risk factor would be out of the market and we could see the resumption of the bull market. What is your take then on IT, the most resilient sector? What about mid and smallcap IT? Do you think that we could see attrition pressures and labour cost pressures hit names beyond TCS, Tech M and Infy?Yes, you are right. But midcap IT has shown solid performance and because of their size and their niche position and their exposure to certain select high growth verticals within the IT industry, they were able to grow significantly higher than last year. All these companies have been around for a long time. The likes of Coforge, LTI, LTTS, Mphasis and MindTree have been around for a long time and they know how to manage these HR related issues. So rather than buying stocks like TCS, Infosys, one should make fresh investment in the high performing midcap stocks. We saw the numbers from Tata Elxsi, Coforge, Infosys and were very impressed with what they have delivered. My sense is that in the next six to 12 months, these companies will go from strength to strength. If you buy a basket of midcap IT, I am pretty certain that it will do much better than the TCSs or even Infosys for that matter. But for investors who want to have slightly safer approach, then within the largecap IT, Infosys and HCL Tech are poised to outperform their peer group, more so HCL Tech because its valuations are very attractive. If they are able to report a couple of good quarters or so, their PEs will get rerated higher. So within largecap IT, our top pick remains HCL Tech followed by Infosys but for building a portfolio in midcap IT, one should consider the likes of Mphasis, BFL, Coforge, MindTree and the L&T twins. All of these companies have performed significantly well over the past several quarters even when IT was not doing as well as it is doing just now. Now that the environment has changed for the better, these companies will accelerate their growth rates over the next few quarters.

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Don't exit Maruti; add on dips: Sandip Sabharwal

People should not look at exiting Maruti now because vis-à-vis the rest of the market, it still has reasonable value, says Sandip Sabharwal, analyst, asksandipsabharwal.com.Do you think Maruti has hit the break and the massive runup we had seen between 2017 and 2018 is going to be hard to repeat?Companies which are giving cautious outlook are getting punished by the market, Companies and managements which are coming out and giving a bullish outlook while operating in the same ecosystem are getting rewarded. So, that might not always be good for the long run. If this correction in Maruti continues, it will be an opportunity to get into it. Currently we are not holding Maruti but I am looking at it very closely and would look to buy it on further dips. People should not look at exiting now because vis-à-vis the rest of the market, it still has reasonable value.We saw a meltdown in Bitcoin, but it did not have any impact on other asset classes. We have seen colossal damage in some of the Chinese internet stocks and yet no other asset class or no other stock or ETF is feeling the pain. How do you explain this?When the entire cryptocurrency basket corrected significantly almost half from the top, I also felt that it would have a ripple effect on the other asset classes. But it hardly created a wave. As for the Chinese meltdown, the emerging markets index yesterday bounced 3% for this year just because of the kind of collapse we have seen in China. Indian markets are up 14-15% odd. So that is the scenario in which we are operating in today. Many of the Chinese internet companies have gone from multi year highs to multi year lows in a period of 15-20 days and that is the sheer volatility of the market. That happened because of the kind of liquidity that exists in this market and the liquidity generation has not stopped. The US Fed and the ECB and Bank of Japan keep creating further liquidity. At some stage, the economic marginal benefits of incremental money printing will not be felt and it could be a negative given the inflationary data. One part of negativity is already getting built up which is not yet reflected in many of the asset classes but might get reflected over the next few months.

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True Beacon CEO detests WFH

Richard Pattle LVO, Co-founder and CEO, True Beacon was meant to be on a short visit to Bangalore in March last year, at the time of the initial lockdown. "I was very fortunate to be staying at my favourite hotel in the city - The Oberoi - and thought I would be staying for a few weeks. Five months later, I finally checked out. Like all families separated during the lockdown, we relied upon technology to link up my family in the US and UK. I was already a committed Zoomer, but we managed to keep connected despite the time zones," he shares. Skill SetPattle admits he detests working from home (or hotel) - he is one of these people who needs in-person interaction to thrive. "So, it was a relief for me (if not my team) when offices opened in India. On the one hand, as an ex-military guy I love routine in my life - everything from getting up at the same time each day, to what I eat. On the other hand, I love adventure. My ultimate stressbuster is a run around Cubbon Park in Bangalore. The lockdown has meant I have had more sustained time in India and, once the lockdown eased, I was able to explore the south of the country a little on my prized Royal Enfield motorbike," he says.Got JabbedPattle was fortunate to be vaccinated on the first day he became eligible in India - 1st April. "It was very well organised and seamless. I still find it more difficult to lead in two dimensions over a Zoom, but I’ve had to adapt my style to find more frequent touch points with each of the True Beacon Team. Not a working day has gone by in the last 16 months when we have not had a brief True Beacon Team meeting, which has served to cement the team," he says.Pattle has always been a huge global traveller in his different chapters in the military, working for the British Royal Family and as Vice Chairman of Standard Chartered Private Bank. "I long for the freedom to jump on an aircraft at a couple of hours’ notices. Staying at the Oberoi with a handful of guests and a remarkable team looking after me, I do not feel I can complain. It makes you realise how little ‘stuff’ you need in life," he says.Challenge ChartPattle's teenage children in London started a ‘Pandemic Planks’ fitness initiative in April last year to raise money for Oxford University’s Covid vaccine research. "I was roped in and used to do a virtual competition with them even though they are much fitter and would beat me daily. I am looking forward to seeing my family and friends more than anything else. I have come to realise that these are the key things that sustain you in life - and lack of freedom to travel has been so inhibiting," he says.For the first time in the last 15 years, Pattle has had a routine, in the same place, which has meant working out is easier and better. "I still need a trainer to motivate me and, of course, make sure I do not explore the delicious Oberoi menu too much," he ends.

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Will Neeraj Chopra fetch India’s first Olympic athletics medal?

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IND vs SL: Bowlers clinch T20I series for Sri Lanka

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Sable betters own national record but misses steeplechase final

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Ministerial aspirants in K'taka BJP begin lobbying

Ministerial aspirants in Karnataka BJP have begun intense lobbying to get a berth in the new regime as chief minister Basavaraj Bommai gears up to expand his Cabinet in about a week. Bommai announced at Hubballi airport that he will visit Delhi on Friday to meet Prime Minister Narendra Modi, home minister Amit Shah, defence minister Rajnath Singh and BJP president JP Nadda to seek their blessings. He said he will not discuss the Cabinet expansion as this will be his first visit to Delhi as CM. He will, instead, seek time in two-three days to discuss the exercise.Since Bommai always identified himself with former CM BS Yediyurappa, a number of MLAs have been flocking to his house requesting his intervention, some of them even showing a desperation to make it this time. They are vying with each other to be seen with the CM so that he remembers them while drawing up the list. Speculation that the Bommai ministry will not have many of the old faces has given jitters to some, especially the turncoat team members with whose support Yediyurappa formed the government two years ago. They have now regrouped, projecting themselves as one bloc, and are trying to bring collective pressure on both Yediyurappa and Bommai to secure their places in the Cabinet. BJP members, however, said the CM may induct only some of them in view of compulsions to strike a balance region-wise and caste-wise. In this context, Bengaluru’s share in the new ministry may come down a bit. Some of the leaders in the CM’s race before such as R Ashoka, Murugesh Nirani and Aravind Bellad are trying for a Cabinet position. Ashoka is said to be lobbying hard for deputy CM’s post and Nirani for a comeback as minister.Industries minister in the previous regime Jagadish Shettar has said he does not want to be a member of the Cabinet. Shettar, a former CM, and Bommai come from the same region, and both had even fought each other in an assembly election in which Shettar won.

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Fearing frauds, auditors hire forensic investigators

Auditors are roping in forensic investigators to check authenticity of key documents, trail emails and also scrutinise certain inter-group overseas transactions as they suspect fraud, round tripping and other corporate governance issues spiked during the Covid-19 crisis. During the Covid pandemic and on and off lockdowns, auditors are finding it increasingly difficult to verify bank statements, third-party sales orders and other documents on which sales, profits and general health of a company is determined.With several regulators already coming down hard on audit firms, the fear is also that if they do not raise enough red flags, they could be stranded with a fraud situation.Industry trackers say in the last few months, investigators are being roped in more and more for audits.“There have been instances when an auditor feels something is amiss, either in documents or transactions, forensic and even cyber security teams are being roped in,” said Vinayak Padwal, senior partner with an audit firm. “In most cases, these are in-house teams that a firm has, but if there’s a suspicion of money laundering or other regulatory issues, then an in-depth probe is also being done in certain cases.”84879078 Forensic investigators have even stumbled upon several frauds involving some employees and, in some cases, senior executives and promoters.“Verifying authenticity of the documents is a huge concern for auditors and, in many cases, forensic experts are being roped in when a question related to the veracity arises,” said Gaganpreet Puri, leader — risk and regulatory, A&M India. “But auditors have to consider a fine line around the nature, extent and timing of these procedures as their remit is audit and not investigation. These extended procedures have to be in line with audit responsibilities and not go beyond their remit.” In a recent incident, an audit partner in a large firm found something suspicious while auditing a certain automobile component company. The auditor somehow found something fishy in the way sale had happened — large sales orders placed in a span of 30 minutes by five different companies — few days before the quarter ended.A cyber security team was roped in and it was found that all the five orders came from the same IP address. The audit partner suspects this was a desperate attempt to placate lenders for the time being.In another incident, an Indian audit firm found that an infrastructure company had recently entered into some agreements with an unknown company. The contract was done through a UAE-based subsidiary. The Indian auditor doesn’t have access to the UAE-subsidiary’s accounts as it was audited by a separate auditor, but the consolidated accounts need to have a clear picture. The auditor roped in his forensic team and it was found that this could be a case of round-tripping or siphoning of funds. The investigators traced back the ultimate ownership of the unknown company to a holding trust in the UK and it was concluded that it could be a front for one of the promoters.

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Danish Siddiqui was executed by Taliban: Report

Pulitzer Prize-winning Indian photojournalist Danish Siddiqui was not simply killed in a crossfire in Afghanistan, nor was he simply collateral damage, but was "brutally murdered" by the Taliban after verifying his identity, according to a report published in a US-based magazine on Thursday.Siddiqui, 38, was on assignment in Afghanistan when he died. The award-winning journalist was killed while covering clashes between Afghan troops and the Taliban in Spin Boldak district of Kandahar city.According to the Washington Examiner report, Siddiqui travelled with an Afghan National Army team to the Spin Boldak region to cover fighting between Afghan forces and the Taliban to control the lucrative border crossing with Pakistan.When they got to within one-third of a mile of the customs post, a Taliban attack split the team, with the commander and a few men separated from Siddiqui, who remained with three other Afghan troops.During this assault, shrapnel hit Siddiqui, and so he and his team went to a local mosque where he received first aid. As word spread, however, that a journalist was in the mosque, the Taliban attacked. The local investigation suggests the Taliban attacked the mosque only because of Siddiqui's presence there, the report said.“Siddiqui was alive when the Taliban captured him. The Taliban verified Siddiqui's identity and then executed him, as well as those with him. The commander and the remainder of his team died as they tried to rescue him,” it said.“While a widely circulated public photograph shows Siddiqui's face recognizable, I reviewed other photographs and a video of Siddiqui's body provided to me by a source in the Indian government that show the Taliban beat Siddiqui around the head and then riddled his body with bullets,” wrote the writer Micheal Rubin, who is a senior fellow at the American Enterprise Institute.The Taliban's decision to hunt down, execute Siddiqui, and then mutilate his corpse shows that they do not respect the rules of war or conventions that govern the behaviour of the global community., the report said.Siddiqui won the Pulitzer Prize in 2018 as part of the Reuters team for their coverage of the Rohingya crisis. He had extensively covered the Afghanistan conflict, the Hong Kong protests and other major events in Asia, Middle East, and Europe.Siddiqui was laid to rest at the Jamia Millia Islamia graveyard where a sea of mourners gathered to pay their last respects.His body arrived at the Delhi airport in the evening of July 18 and was later brought to his residence in Jamia Nagar where a huge crowd, including his family and friends, had gathered.

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Olympics: No team doctor to attend to Indian boxers’ injuries

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Olympics: Deepika ousts former world champ to enter quarters

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Domino's: Mirabai eats the pizza & has a deal too!

It began with Mirabai Chanu’s comment after winning a weightlifting silver at the Tokyo Olympics that she would love some pizza. That spawned a tweet which went viral and has eventually led to a commercial deal. Domino’s, India’s largest organised food services brand, has inked a digital activation pact with Chanu. It’s the first brand deal the 26-year-old weightlifter has signed after getting on the podium at Tokyo. It will involve Chanu associating with the brand on social and digital media platforms such as Twitter, where she now has about 190,000 followers. Domino’s had offered the Manipur-based athlete free lifetime pizza through a tweet after she said last Saturday that the first thing she wanted to do was have pizza after winning the medal. Hundreds of Twitter users noted that Domino’s latched on to Chanu’s comment with alacrity, and then wondered whether the athlete had benefitted in any way.“We have entered into a commercial engagement with Domino’s, for associations with Mirabai Chanu on digital platforms. It is a digital activation deal,” said IOS Sports & Entertainment managing director Neerav Tomar. IOS represents Chanu’s commercial and endorsement businesses. Jubilant FoodWorks, the India franchisee for Domino’s, didn’t respond to queries.“Being an athlete, she didn’t want to sign a regular endorsement deal with a pizza brand, because it isn't considered healthy. However, Domino’s will most certainly benefit from the association with Chanu, even if this is not a conventional endorsement deal,” said another executive aware of the development.84878759‘Digital-only Associations Here to Stay’Given cricket’s dominance, any deals with those pursuing other sports should be supported.“As far as non-cricket athletes are concerned, they usually have a small window of commercial opportunities such as these,” said brand specialist and social commentator Santosh Desai. “More brands need to come up and support athletes like Chanu, who come from humble backgrounds and prove themselves."Industry executives said there is an increasing trend for large brands to sign popular talent or influencers for digital-only, tactical endorsements, given the traction platforms such as Twitter and Instagram have, especially among younger consumers.“Digital-only associations are absolutely here to stay. These neither need to be very long term, nor have to involve expensive shoots, and can get immediate short-term traction,” said Vinita Bangard, founder of Krossover Entertainment, which has worked on deals with Priyanka Chopra Jonas, among others.“While the conventional endorsements with the big celebs continue to have their place, there is a rapidly increasing parallel trend among brands, specially those with a youth-focus, startups and direct-to-consumer ones, to sign deals for digital and social-only engagement,” Bangard said.Tomar said talks are on with other brands for endorsements, appearances or digital associations as well, but declined to mention specifics since these are still being finalised.Before the Tokyo Olympics, Chanu has had endorsement deals with Adidas and Mobil Oil.

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Panel approves study on mixing Covishield & Covaxin

A government panel on Thursday gave its go-ahead for conducting a trial that will involve mixing Covishield and Covaxin vaccines.The Subject Expert Committee (SEC) under India’s drug regulator allowed CMC-Vellore to conduct a study to test how mixing Covishield and Covaxin will work. “The expert panel discussed a study protocol by CMC-Vellore for interchangeability of Covaxin and Covishield vaccines and gave its green signal,” said a senior government official. The study will be conducted on two groups. The first group will first be given Covishield as the first dose and Covaxin as the second. In the second group, the first dose will be of Covaxin and second will be of Covishield.Some public health experts believe it is not a good idea to mix Covaxin and Covishield. According to an expert, the two have been made differently and the result may not be favourable. Some countries have, however, been testing the vaccine-mixing approach. In several countries, studies are being undertaken to understand whether mixing two Covid-19 vaccines can result in developing stronger and longer-lasting immunity against the infection. 84873861

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Olympics: Hopes rise as India reach quarters in men's hockey

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Colombian shatters Mary Kom's dreams in her Olympics swansong

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Tokyo Olympics LIVE: Rahi, Manu will be in action in 25m Pistol Women's Qualification Rapid at 5.30 am

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Microsoft invests in Oyo at $9 billion valuation

Microsoft has finalised a strategic investment for an undisclosed amount in SoftBank-backed Oyo Hotels & Homes, valuing the hospitality company around $9 billion, industry sources familiar with the matter told ET. Investment bankers said Oyo could be looking at adding more marquee strategic investors ahead of its initial public offering (IPO), which would follow last week’s bumper local listing by food services platform Zomato.Sources told ET that the global technology major will initially buy a small stake, but it has the option to raise ownership later. Oyo did not respond to ET’s mailed queries. Microsoft said it had no comments to offer on the matter.Microsoft’s proposed strategic investment follows the hospitality company’s move to raise $660 million in term loan B (TLB) funding from global institutional investors earlier this month. This round was oversubscribed 1.7 times. Oyo is currently backed by investors such as SoftBank Vision Fund, Sequoia Capital, Lightspeed Ventures, Airbnb and Hero Enterprise.Sources privy to the development said Oyo is likely to use the funding to scale up its technology play and grab more market share at a time when the hospitality industry is trying to clamber out of the Covid sinkhole that has drowned several competitors, potentially lowering competitive intensity and triggering consolidation.Earlier this year, HT Media Ventures reportedly invested $7.31 million in Oyo in a series F1 funding round.Zomato listed its shares on July 23 and was the first start-up in India to reach a market value in excess of Rs 1 lakh crore on debut. It had raised Rs 4,196 crore from several anchor investors ahead of its much awaited IPO in July.The development also comes at a time when Microsoft has shown interest in making strategic investments in technology disruptors from emerging markets such as India.In June last year, Microsoft opened its venture fund office M12 in India in Bengaluru, its fifth M12 office in the world. The company has reportedly been keen on pursuing investment opportunities in the B2B software startup space, with a focus on artificial intelligence (AI), business applications, infrastructure, security, and vanguard technologies.Following the TLB funding, Abhishek Gupta, Oyo’s group chief financial officer, had told ET earlier this month that the funds will be used for retiring previous debts, strengthening the balance sheet and enhancing product technology investments.Gupta had said the company saw a healthy recovery with a vaccination rate of over 40% of the total population in Europe. He had said India is three to four months from that rate and once India reaches that threshold, the recovery would gather pace. He had said Oyo is ‘well capitalized’ and on the path of achieving profitability.The hospitality sector is seeing some initial signs of recovery led by returning interest in leisure travel with declining Covid-19 cases in the country. Hotel occupancies in all the major cities witnessed a month on month increase with the revival in leisure travel in June, according to HVS Anarock's latest Hotels & Hospitality Overview report.Oyo became the first Indian startup to be rated by international ratings agency Moody’s and Fitch ahead of the TLB funding. It had also said earlier that its India business became EBITDA positive just before the onset of the second wave.In 2017, Microsoft had invested in India’s e-commerce major Flipkart and as per media reports, the company is also in talks with the Telangana government to set up a $2-billion data center. In August 2019, Reliance Industries subsidiary Reliance Jio Infocomm announced a 10-year partnership with Microsoft, aimed at ‘accelerating digital transformation’ in India.Citing Venture Intelligence, ET reported earlier this month that Indian startups raised $12.1 billion from venture capitalists and private equity firms in the first six months of this year, beating last calendar year’s overall funding by $1 billion. The continued inflow of funds helped propel a record number of start-ups into the unicorn club.

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View: Our athletes deserve more sensitivity

Soon after American Olympic gold-winning gymnast Simone Biles had withdrawn from the finals of the team competition on account of mental health issues, there was a lot of support for her not just from across the world, but also from India. The general refrain was that Biles was not simply a prime-time commodity to be consumed on television. That she could break and snap, and have mental health issues makes her human.Such sensitivity, rare among Indian social media users — never mind those following sports — was refreshing. And it did not stop here. When Japanese tennis player and four-time Grand Slam champion Naomi Osaka suffered a shock defeat in straight sets in the third round this week in Tokyo, the sporting fraternity was behind the Japanese star. The argument was: these things happen.Things changed dramatically, however, when it came to our very own Manu Bhaker after she lost in 10 m air pistol qualifications. Bhaker was viciously trolled for her failure and roundly abused for ‘letting the nation down’. A gun malfunction, which can cause the athlete enormous stress, was labelled an ‘excuse’ and her reaction as ‘drama’ and ‘theatrics’.Such discriminatory treatment from Indian sports enthusiasts has always been puzzling, to say the least. And if anyone tries to point this out, most of these critics (sic) will digress and come up with the usual line with variations of their own — ‘If Fiji can win an Olympic gold, why can’t India?’While there is every reason to be constructively critical of our athletes, there is also reason to be sensitive. We need to deep dive to understand the reasons for the failure, and not simply castigate them, never mind turn abusive.In cricket, too, India hasn’t won anything of significance in the last eight years. The last ICC Trophy won was in 2013. That, however, doesn’t make Virat Kohli’s team a bad one. Reacting to trolls lashing out against swimmers Maana Patel and Srihari Nataraj failing to qualify in Sunday’s women’s and men’s 100 m backstroke respectively, former Olympian swimmer Virdhawal Khade made a similar point when he tweeted whether BCCI ever considered dropping Sachin Tendulkar or Virat Kohli each time they ‘don’t score a 100’.Coming back specifically to India’s failure in shooting, let us put things in context. Another troll victim, Saurabh Chaudhary shot 586 in the qualification round of the 10 m air pistol in a very strong field of 60 shooters and topped the charts to make the final. One can only notch up such a score if one is at one’s peak.Second, he can only shoot 23 consecutive tens if he is good enough at the highest level. Chaudhary, thereafter, had a poor final by his own standards. The usually deadpan shooter looked distraught at the end of the first series when he had shot a poor 47.2. What are we to make of this performance? Is he not good enough? Or would it be fair to suggest that he needs to do some more work on his mental fortitude when he shoots at major finals?‘In a world cup, the thought is that we have another chance in two months,’ said one of India’s coaches. ‘At the Olympics, the thought is that we might never again have a chance.’ Is it this realisation that adds to the pressure on many Indian athletes resulting in their underperforming? And if that’s the case, shouldn’t we look towards a solution rather than damning these athletes?If the world — and India — can be sensitive to Biles and her issues with mental health, why are our athletes treated any different? In Tokyo, table tennis players Manika Batra and Sharath Kamal who didn’t ‘make it’ were great. Back home, though, all the news was about how Batra had ‘refused’ to let the national coach sit in her corner and that she should be show-caused. Why not have a quiet word with her first and understand the real issue? Why label the athlete guilty before even trying to figure things out? If Biles could walk out of the final — which cost US a gymnastics gold — and yet be supported, why can’t our athletes, who aren’t as accomplished or successful, be shown encouragement and the same kind of support?We, in India, need more restraint. A decade earlier, we would come to the Olympics to simply make up the numbers. Now we come to win medals. When we don’t win, criticism is not just welcome but necessary. But we must remember that from being also-rans to becoming contenders is a major road travelled — and that needs to be further travelled. More sensitivity and support would make this journey quicker and easier.

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3rd T20I: Hasaranga stars as Sri Lanka beat India to clinch series 2-1

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India rejects Kashmir reference in Pak statement

India on Thursday strongly rejected references made to Jammu and Kashmir in a recent joint press statement by Pakistan and China and asserted that the union territory as well as Ladakh have been and will remain its integral and inalienable part. External Affairs Ministry spokesperson Arindam Bagchi also objected to reference made to the so-called China-Pakistan Economic Corridor in the statement, saying it is in Indian territory that has been illegally occupied by Pakistan. "As in the past, India categorically rejects any reference to Jammu and Kashmir. The union territory of Jammu and Kashmir and the union territory of Ladakh has been and will remain an integral and inalienable part of India," Bagchi said at a media briefing. On reference to the CPEC in the joint press statement, the spokesperson said India has consistently conveyed to both China and Pakistan that the so-called CPEC is in India's territory. "We resolutely oppose any attempts by other countries to change the status quo in areas illegally occupied by Pakistan as also to Pakistan bringing up any material change in Indian territories under its illegal occupation. We call upon parties concerned to cease such actions," he said. The CPEC is part of China's ambitious Belt and Road Initiative (BRI). India has been severely critical of the BRI as the USD 50 billion corridor passes through Pakistan-occupied Kashmir (PoK). The Pakistan-China press statement was issued last Saturday following talks between Chinese Foreign Minister Wang Yi and his Pakistani counterpart Shah Mahmood Qureshi at Chengdu in Sichuan province in China. It said the Pakistani side briefed China side on the "deterioration of the situation" in Jammu and Kashmir. Pakistan has been making concerted efforts to internationalise the Kashmir issue. The neighbouring country stepped up an anti-India campaign after New Delhi announced in August 2019 its decision to withdraw the special powers of Jammu and Kashmir and bifurcate the state into two union territories. India has told Pakistan that it desires normal neighbourly relations with Islamabad in an environment free of terror, hostility, and violence. India has said the onus is on Pakistan to create an environment free of terror and hostility.

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Kingfisher Airlines case: Mallya mocks banks

With reports of IDBI Bank fully recovering its dues from now-defunct Kingfisher Airlines, fugitive businessman Vijay Mallya on Thursday mocked banks for saying he still owed them money.Posting on twitter a clipping of a news item that reported that IDBI Bank has recovered its entire dues totalling Rs 753 crore from the airlines, Mallya said, "And the Banks say I owe them money!".His tweet comes after a British court on Monday granted a bankruptcy order against him, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by Kingfisher Airlines.The same day Mallya, wanted in India on fraud and money laundering charges, had also tweeted, "ED attach my assets worth (Rs) 14K crores at behest of Govt Banks against debt of (Rs) 6.2K (sic) crores. They restore assets to Banks who recover 9K crores in cash and retain security over 5K crores more. Banks ask Court to make me Bankrupt as they may have to return money to the ED. Incredible."The 65-year-old businessman remains on bail in the UK while a "confidential" legal matter, believed to be related to an asylum application, is resolved in connection with the unrelated extradition proceedings.Mallya, who fled to the UK in March 2016, is wanted in India over a default of Rs 9,000 crore that was loaned to Kingfisher Airlines (KFA) by several banks.India has been seeking his extradition from the UK. He had in the past offered to repay 100 per cent of "public money" but accused the banks and government of refusing his offer.

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Delta drives virus spread to three China provinces

China Thursday reported small coronavirus outbreaks driven by the Delta variant in three provinces as a cluster linked to an eastern airport spreads despite mass testing and a vaccination drive.The flare-up, which began after nine workers at the Nanjing airport tested positive on July 20, has seen 171 cases detected in Jiangsu province, while infections have spread to at least four other provinces.It is geographically the largest spread for several months, challenging China's aggressive containment efforts which have relied on mass testing, lockdowns and swift contact tracing.The virus first emerged in the central city of Wuhan, but China has extolled its success in largely extinguishing the pandemic inside its borders, allowing the economy to rebound.The new outbreak, coupled with cases seeping over the porous border with Myanmar, is threatening that record.Officials in Jiangsu have locked down hundreds of thousands of residents, Lu Jing, a member of the epidemic prevention taskforce, told reporters Thursday."Internet cafes, gyms, cinemas and karaoke bars and even libraries in Nanjing have been shut down," he said.The city has tested all 9.2 million residents twice, he said, adding that the highly contagious Delta variant is posing challenges to containment efforts.The southwestern province of Sichuan reported three new cases Thursday while Beijing reported two locally transmitted infections, the first in six months.The Beijing patients -- a married couple -- living on the outskirts of the Chinese capital, tested positive after returning from a tourist hotspot in central China, a health official said.More than 650 close contacts have since been identified and quarantines imposed."It is currently the summer vacation, a peak period of tourism, travel and gatherings... There should be no slack in prevention and control of the epidemic," Pang Xinghuo, deputy director of the city's centre for disease control, told reporters.A high-end hotel in downtown Beijing has been locked down after media reported an imported case was found among the guests.Police and workers wearing PPE suits were seen outside the Legendale Hotel on Thursday.Most of the patients testing positive in the latest outbreak have already been vaccinated, raising concerns about the efficacy of vaccines against new variants.China is racing to vaccinate at least 65 percent of its 1.4-billion population by the end of the year.The country had administered 1.6 billion doses of the vaccine as of Wednesday, the National Health Commission said, without offering details on the number of people fully inoculated.

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Dell Stops Some US Gaming PC Shipments Over New Energy Efficiency Rules

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Flipkart Big Saving Days 2021 Sale Ends Tonight: Best Offers on Mobile Phones, Laptops, TVs, Electronics

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Facebook Rides Advertising Surge to Post Over $10-Billion Profit as CEO Mark Zuckerberg Exalts the 'Metaverse'

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Samsung Rides COVID-19 Pandemic-Led Demand for Chips to Report Over 70 Percent Surge in Profits

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Rowers Arjun and Arvind finish 11th in lightweight double sculls

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Proud of my boys for good fight, says Shikhar Dhawan

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3 auto & pharma stocks to bet on: Bandyopadhyay

The loan books need to grow at a much faster pace for both HDFC and Kotak to keep pace with the multiples which they have been given by the market, says Sudip Bandyopadhyay, Group Chairman, Inditrade Capital On the auto packThe challenges are different in different buckets of four-wheelers. As far as Tata Motors is concerned, it is pretty well known that the company has declared that the chip shortage is going to affect the luxury vehicle production and that is across the board for all the luxury manufacturers. Tata Motors predominantly is dependent on JLR for its profitability and top line. So we will have to be careful about Tata Motors at this stage. As far as Maruti is concerned, I will be a little cautious. The first quarter was a washout with significant challenges due to the lockdown. The second quarter has begun on a right note but there are multiple challenges ahead. Consumption has not yet picked up that much. There is competition in multiple segments including the SUVs where the sales numbers are picking up. Maruti is an excellent company but at this stage I am not recommending a buy. Mahindra looks pretty good. Tractor sales are expected to be improving. Rural India has probably come out of the challenges of the second wave and rural consumption is again picking up. The FMCG numbers are demonstrating that and we believe on the back of the monsoon which has now recovered, tractor demands will keep moving up. So, Mahindra has a good runway ahead and at current level, Mahindra can be definitely bought by investors with a one-year time horizon and a target of around Rs 1,000. On the pharmaceutical pack The challenges in pharma today are on the back of competition and the price pressure in the US. Companies which have a significant portion of their income coming from the US are facing price pressures, margin pressures and these challenges are bogging them down. Dr Reddy’s is a case in point. Most of the companies which are large US businesses will have similar kinds of challenges. I would rather focus on businesses or companies which have a significant India component. Torrent Pharma is one we are looking at. The results have come out. There were challenges but this is one company which I will definitely look at. I will also look at API focussed companies which has good prospects going forward. Granules can be looked at even at current levels also. Also, some of the interesting pharma names which are planning to come out with IPOs can be looked at. One company which did an IPO and moved up quite a bit is Gland Pharma. It can still move up from current level. The business is solid and you know their track record as far as the regulatory compliance have been exemplary. So, Gland is a definite bet. On corporate and the PSU banksI had a bit of a concern regarding the valuations at which HDFC Bank and Kotak Mahindra Bank were quoting for some time. These are fantastic banks with a great balance sheet but at some stage, PE multiples are given for growth and if the growth is not happening in the loan book, how long will those PE multiples be allowed by the market was the question and that is the reason why these banks are showing a bit of a sell off. Having said that, fundamentally there is nothing wrong. It is just that the loan books need to grow at a much faster pace for both HDFC and Kotak to keep pace with the multiples which they have been given by the market. As far as ICICI and IndusInd are concerned, it is exactly the opposite. They have started growing aggressively. The economy is opening up and showing signs of demand for private capex after a long time. There is demand for money from the banks and the banks which keep pace with that demand in a controlled and calibrated manner will definitely be rewarded. However, to judge a bank by this quarter’s numbers will be incorrect. We went through one of the worst lockdowns and health hazards with the second wave and the banks definitely have a little bit of a challenge on the asset quality, loan book growth etc. This quarter, subdued results were pretty much expected from many banks and financial institutions and that is getting played out. But unless the loan book grows, the high PE multiples cannot continue for an indefinite period. Somewhere the correction is bound to happen and probably that is what is playing out for both Kotak as well as HDFC.

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TRP case: Fresh trouble for Anil Deshmukh

In what could spell fresh trouble for former Maharashtra home minister, Anil Deshmukh, the Central Bureau of Investigation (CBI) is now probing the Nationalist Congress Party (NCP) leader’s alleged role in the television rating point (TRP) manipulation case, source privy to the development told ET.This after, the agency found that a payment of Rs 25 lakh was allegedly made by Broadcast Audience Research Council (BARC) to dismissed Mumbai police officer, Sachin Vaze, for stopping harassment of its executives in the televion ratings points (TRP) case being probed by the city police.The disclosure, as per the sources cited, has been made by BARC officials in their statements to the federal agency. The CBI has also been able to find evidence of money trail and sources say investigation in the matter is at an advanced stage.“Somewhere in November when Vaze was heading the probe into the TRP matter, BARC agreed to pay the amount to stop the police harassment. The bribe was paid on the outskirts of Mumbai and collected by an officer part of Vaze’s team. He was asked to collect certain documents by Vaze. As directed he collected a bag. It was only later when Vaze opened the bag and took out the cash, he realised that certain payment was made,” said an official privy to the development.“While BARC officials have claimed so in their statements, the money trail is being studied and prima facie the allegation seemed to be true,” added the official. “The focus will be whether this was collected by Vaze on the behest of Deshmukh,” the official further added.The Enforcement Directorate (ED) which is probing a money laundering case in the said matter is said to be pursuing a theory that BARC routed the payment through certain shell companies by showing the ampount as cost incurred in a construction project.“Details of their probe have been sought from the ED,” said another official. Sources added that the CBI is likely to question Vaze who has been arrested by the NIA in the Antilla bomb hoax and Mansukh Hiren murder case again in the said matter on Deshmukh’s alleged role.“Once the chain is established, action against Deshmukh will be as per procedure including recording his statement,” added the official.BARC did not respond to the queries sent by ET. Deshmukh wasn’t immediately available for comment. The CBI is already probing Deshmukh in a Rs 100 crore corruption case.

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Claims of Rs 1.6 L Cr filed by RPs of cos gone bankrupt

Resolution professionals (RPs) of 700 bankrupt companies have filed claims for recovery of Rs 1.6 lakh crore at the National Company Law Tribunal (NCLT) alleging ‘unlawful’ transactions entered into by the companies prior to their admission into Insolvency and Bankruptcy Code (IBC) proceedings, according to a government official.The list of companies whose RPs have filed such claims is said to include Aircel, Videocon, Reliance Communications, Jaypee Infratech, LancoInfratech, Bhushan Power and Steel, Bhushan Steel and Educomp Infra, among others.The IBC stipulates that RPs carry out an audit of all transactions undertaken by a company up to two years prior to the company’s admission into bankruptcy proceedings.The audit is supposed to identify if there are any unlawful transactions that have taken place and the RP of the bankrupt company is supposed to report the transactions to NCLT.These transactions are termed as ‘avoidance transactions’ in IBC parlance. Examples of such transactions could include preferential payments made to certain parties such as related entities of the promoter group without the knowledge of the creditors or the bankers of the company thereby causing wrongful loss to the creditors. RPs of the above mentioned companies declined to comment, citing confidentiality reasons when contacted.In many of the cases where such claims are pending adjudication by NCLT, the claims for recovery have been filed against connected entities of the past promoters of these companies who received undue gains or against creditors who benefited at the expense of others because they received out-of-turn payments. If the legal claims result in successful outcomes for the companies, the creditors could see their recoveries rise as the money would have to come back to the company. However, experts identified certain loopholes in the law governing recovery of such claims.“The law places the onus on the resolution professional to petition the courts for avoidance transactions. However, the law is not clear on who will take the litigation process forward once the resolution process is over and the resolution professional moves on. In that case, who is to continue the litigation process?” asked Ashish Chhawchharia, resolution professional and partner, Grant Thornton Bharat.

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Twitter Closes Re-Opened US Offices, Big Tech Firms Make COVID-19 Vaccination Mandatory as Delta Cases Surge

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Tokyo 2020: India beat Argentina 3-1 to seal quarterfinal berth

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Tokyo Olympics: PV Sindhu storms into quarterfinals

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Wrestlers Ravi and Deepak leave for Tokyo sans second dose

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