Airlines are removing seats to make space for gadgets and seafood. Cargo, one of the least glamorous aspects of flying, is proving a rare ray of light for airlines amid the coronavirus gloom.
The grounding of passenger planes at a time of increased demand for everything from medical supplies to iPhones has boosted freight rates. With much of the world’s population house-bound and shopping online instead of hitting the malls, analysts see no let up in demand, particularly as the peak year-end holiday season approaches. “Airfreight is going to be a bright spot for carriers at least for this year because while borders are closed that doesn’t mean people aren’t buying,” said Um Kyung-a, an airline analyst at Shinyoung Securities Co. in Seoul.
“That trend is likely to continue as cargo capacity remains limited.” The sort of goods moving along this global conveyor belt 30,000 feet in the sky also track the pandemic’s unfurling. Under normal circumstances, about 60% of air cargo globally is flown in the belly hold of passenger flights. PM's personal Twitter account hacked, company says investigation underway. Prime Minister Narendra Modi's account on the micro-blogging website Twitter was hacked briefly.
The social media giant confirmed the compromise and said "active investigation" was underway. The hack appears to have happened during the wee hours of Thursday and the hacker group John Wick posted tweets appeared urging followers to make donations to 'PM National Relief Fund for COVID-19' through cryptocurrency. The account is linked to Modi's personal website narendramodi.in and has around 2.5 million followers since it was created in May 2011. "We're aware of this activity and have taken steps to secure the compromised account.
We are actively investigating the situation. The development comes weeks after the accounts of several popular personalities' personal accounts were hacked in July. John Wick, a hacker group that claimed responsibility to the event, is a notorious hacking group or actor who broke into multiple India companies, and collected ransoms from various organisations. No global offers, but highest domestic pay up 35% in IIM-A's PGPX placement.
While it may not have bagged any international job offers this year, the Indian Institute of Management (IIM) Ahmedabad's one year MBA programme for executives has seen a 35 per cent jump in the highest domestic package.
Known as the full-time Post Graduate Programme in Management for Executives (PGPX) at IIM Ahmedabad, the final placement process for the programme saw the highest domestic maximum earning potential (MEP) being offered at Rs 81 lakh, as against Rs 60 lakh last year, according to the B-school's audited placement report. MEP is the sum of total guaranteed cash component, maximum possible-linked variable pay and all other components of salary that are a part of the offer which can include long term compensation such as PF, gratuity and other perks as well. At 41.8, services PMI continues to show contraction for 6th month in Aug. Activities in services, the biggest sector of India's economy, fell for the sixth month in August even as the rate of contraction came down compared to July's reading as the process of unlocking intensified, according to widely-tracked IHS purchasing managers' index (PMI).
This forced companies to continue laying off workers, though the rate here also came down from July's. PMI for services rose to 41.8 in August compared to 34.2 in July. Fifty is the point that separates contraction (below 50) from growth (above 50). This means that the services sector was still some eight points below the growth path. However, the reading was the highest since March when the lockdown was imposed towards the last week of the month due to the outbreak of Covid-19. The trend is different from the manufacturing sector which grew for the first time in six months. PMI, the manufacturing and services sector activities in the economy continued to contract in August. The Indian services sector. Mamata asks PM to intervene in GST impasse, joins non-BJP CMs in 'protest' West Bengal Chief Minister Mamata Banerjee has sought Prime Minister Narendra Modi’s intervention in the goods and services tax (GST) compensation impasse.
In a letter to Prime Minister Modi, Banerjee said the Centre must borrow to meet the GST shortfall at this critical hour of Covid-19 pandemic. “I am sure that the states will reciprocate in supporting a resolution that cess collection continues beyond the five years till the entire debt of the Centre is totally liquidated, along with the entire interest payment cost,” she said.
Banerjee also pointed that the government of India had the power to monetise its debt while the states do not. ALSO READ: The GST is at a crossroads, it needs a political fix, not a legal one “Also, government of India gets a much lower interest on such borrowings by state would be much higher. ONGC gains 3% post June quarter earnings; should you buy, sell or hold? Shares of state-run ONGC (Oil and Natural Gas Corporation) jumped 3 per cent to hit an intra-day high of Rs 81.70 on the BSE on Wednesday after the company's standalone earnings before interest, tax, depreciation, and amortisation (EBITDA) came in at Rs 5,900 crore, beating Street estimates.
This was mainly due to lower other expenses (down 51 per cent sequentially and 16 per cent YoY) owing to lesser provisioning. It's bottomline, however, missed estimates. Standalone gross revenue came in at Rs 13,011 crore, down 51 per cent YoY from Rs 26,555 crore posted in Q1FY20. Net profit, meanwhile, stood at Rs 496 crore, down a whopping 92 per cent YoY from Rs 5,980 crore. Why Premjis, Ambanis and Nadars beat professionally run companies. The return generated by family-owned businesses have been higher than the non-family owned ones since 2006, finds a study from Credit Suisse.
Using its proprietary ‘Family 1000’ database of over 1,000 publicly listed family or founder-owned companies, the Credit Suisse analysis suggests that since 2006, the overall ‘Family 1000’ universe has outperformed non-family-owned companies by an annual average of 370 basis points (bps). The research house classifies a family-owned company where either the founder / family owns at least 20 per cent of the company’s share capital or where the founder / family controls at least 20 per cent of the company’s voting rights. “Reasons for this include superior revenue growth and cash flow returns. Vodafone Idea shares zoom 14% as board to consider fundraising. Shares of Vodafone Idea (VIL) leaped 14 per cent to Rs 10.1 on the BSE on Wednesday after the telecom services provider announced that its board will meet on Friday to consider fund-raising plans.
“A meeting of the board of directors of the Company is scheduled to be held on September 4, 2020 to consider and evaluate any and all proposals for raising of funds in one or more tranches by way of a public issue, preferential allotment, private placement, including a qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate, by way of issue of equity shares or by way of issue of any instruments or securities,” VIL said in a exchange filing.
READ THE FILING HERE. CG Power up 5% on additional Rs 100 crore investment by Tube Investments. Shares of CG Power and Industrial Solutions (CG Power) were locked in 5 per cent upper circuit at Rs 22.60 on the BSE on Wednesday after Tube Investments of India (TII) decided to invest an additional Rs 100 crore in the company.
The stock bounced back 10 per cent from intra-day’s low of Rs 20.50 on the BSE. A combined 13.3 million equity shares had changed hands on the NSE and BSE till 11:55 am. There were pending buy orders for a combined 1.17 million shares, the exchange data shows. HSBC values Info Edge's stake in Zomato at $1.1 billion; stock jumps 5% Info Edge shares advanced 4.8 per cent to hit a high of Rs 3,462 per share on the BSE on Wednesday after a HSBC report said it valued the company's share in food delivery app Zomato at $1.1 billion.
Besides, in a blue-sky scenario, India food delivery could be valued at $30 billion in the long term, implying Info Edge’s share in Zomato at $3.5 billion. "Among all the potential positive triggers for the IE’s share, Zomato is the most critical. SBI Life rises 3% after Motilal Oswal initiates coverage with 'Buy' rating. Shares of SBI Life Insurance rose 3 per cent on the BSE on Wednesday after the global brokerage firm Motilal Oswal Financial Services (MOFSL) initiated the coverage on the stock with a 'BUY' rating. The target price has been set at Rs 1,000 - up 20 per cent against Tuesday's close of Rs 836.30. At 11:43 AM, the stock was trading nearly 3 per cent higher at Rs 861 on the BSE as compared to a 0.11 per cent rise in the S&P BSE Sensex.
Shares of SBI Life had hit a 52-week high of Rs 1,030 on September 30, 2019, while its 52-week low level stands at Rs 520, hit on March 19, 2020. Adani Green Energy in focus; shares advance 7% to hit a fresh record high. Shares of Adani Green Energy ((AGEL) surged over 7 per cent to hit an all-time high of Rs 531.95 apiece on the BSE on Wednesday. The company on Tuesday informed that Mercom Capital has ranked the Adani Group as the number 1 global solar power generation asset owner in terms of operating, under construction, and awarded solar projects. Adani’s renewable energy portfolio exceeds the total capacity installed by the entire United States solar industry in 2019 and will displace over 1.4 billion tons of carbon dioxide over the life of its assets, the press release added.
Bajaj Auto dips over 3% after reporting 9% YoY fall in August sales. Shares of Bajaj Auto dipped 3.8 per cent to Rs 2,845 on the BSE on Wednesday after the company reported a 9 per cent fall in its total vehicle sales at 3,56,199 units in August.The Pune-based automaker had sold a total of 390,206 vehicles in August 2019. Total domestic sales in August stood at 1,85,879 units as compared to 2,08,109 units in the same month of 2019, a drop of 11 per cent, Bajaj Auto said in a regulatory filing. Total two-wheeler sales declined 1 per cent to 3,21,058 units as against 3,25,300 units in August 2019. Total commercial vehicles sales also plunged 46 per cent in the previous month to 35,141 units as compared to 64,726 vehicles sold in August 2019, it said.
At 1:25 PM, the stock was trading 3.31 per cent lower at Rs 2,860.75 as compared to a flt benchmark S&P BSE Sensex. A total of 13.8 lakh shares have changed hands on the NSE and BSE so far. The company’s overall volumes (including exports) fell 64 per cent to 443,103 units over the corresponding period. Bharti Airtel rallies 9% in two days after SC's verdict on AGR dues. Shares of Bharti Airtel climbed 2 per cent to Rs 559 on the BSE on Wednesday, rallying 9 per cent in the past two trading days after the Supreme Court allowed staggered payments towards settlement of Adjusted Gross Revenue (AGR) dues.
The court, on Tuesday, allowed staggered payments towards settlement of AGR dues over 10 years period, starting April 1, 2021. Also, the telcos are asked to pay 10 per cent of AGR associated dues by March 31, 2021. The decision on AGR dues has come after several rounds of hearings by the Supreme Court. “The industry will need higher ARPUs from the current level to pay the AGR dues in the 10 year timeline. The industry average revenue per user (ARPU) is estimated to have stood at Rs 82 in the June 2020 quarter. Motilal Oswal Securities believes that with the Smartphone market largely settled and prevailing low ARPUs, there is a strong case for a price hike.
GST compensation cess mop-up rises for first time in five months. Goods and services tax (GST) collections slumped to a three-month low in August, and came in 12 per cent lower year-on-year (YoY), indicating slower recovery in economic activity. However, compensation cess collections rose for the first time in five months, and 6 per cent YoY, amid the tussle between the Centre and states. The overall mop-up remained well below the Rs 1-trillion mark for the sixth straight month owing to the pandemic, even as unlocking began in June.
GST collections stood at Rs 86,449 crore in August, compared to Rs 87,422 crore in July, according to finance ministry data. It was at 88 per cent of August 2019 collections. A large portion of the fall could be attributed to imports, which were down 23 per cent YoY, while domestic transactions were down just 8 per cent YoY. One of the world's richest petrostates, Kuwait is running out of cash. What's holding coronavirus vaccine front-runner back: A China-Canada spat. One of the world’s fastest-moving efforts to develop a Covid-19 vaccine is falling behind rivals, its advance appearing to be stymied by political tensions between China and Canada and concerns its shot may not work as well as others. CanSino Biologics Inc., the Chinese company which in March started the world’s first human tests on an experimental coronavirus shot, has yet to kick off critical final-stage trials on the vaccine it developed with the Chinese military.
Best of BS Opinion: AGR uncertainty ends, rising Covid-19 cases & more. If the pandemic is too fearful or bothersome, take refuge in the rarefied world of art. To soften Covid-19 blow, India plans to extend MGNREGA to the cities. Raters see India's GDP contracting more in FY21 than projected earlier. Future Retail hits 10% lower circuit after rallying 38% in 3 sessions. Bharti Infratel zooms 5% as Board okays Indus Tower merger; Voda Idea up 8% HAL extends decline after govt's 15% stake sale; stock tanks 26% in 4 days.
Economic contraction: India paid the price of lockdown for little reward. The troubles keep piling up for India, feted not long ago as a would-be commercial superpower. Economic data show the country is in far worse shape than previously thought, while it has overtaken Mexico to become the world’s third-largest tally of coronavirus cases. SC gives telcos 10 yrs to pay AGR dues, says 10% to be paid upfront. The Supreme Court on Tuesday allowed the companies to clear their adjusted gross revenue (AGR) dues in ten years and begin by making an upfront payment of 10 per cent of the total dues. Ladakh standoff: Latest India-China border row points to long-term conflict. India and China relations have entered a critical new phase following fresh conflict along their disputed Himalayan border, after multiple rounds of high-level military talks failed to end the months-long standoff.
Slowdown: India's Gen Z risks getting left out of formal jobs, says study. Coronavirus LIVE: 65,081 Covid-19 recoveries in India in last 24 hours. Decoded: Why Sebi's new margin pledge norms have rattled brokerages. August manufacturing activity hits growth after 4 months, PMI rises to 52. Economic contraction: India paid the price of lockdown for little reward. 10 years to pay AGR dues puts a question mark on Vodafone Idea's survival. Maruti Suzuki car sales recover in August; up 20% YoY to 116,704 units. MARKETS: Sensex up 500 pts; Voda Idea tanks 20%, PSBs dip after AGR verdict. SC gives telcos 10 yrs to clear AGR dues, NCLT to decide on spectrum sale. Animal spirits stir: Economic indicators hint at slow recovery for India. Reliance Jio offering JioFiber free for 30 days, announces tariff plan.
Traffic, power generation and others weekly economic indicator insights. Core sector output shrinks for fifth straight month in July, down 9.6% Sensex tumbles 839 pts on broad-based sell-off; Nifty Bank declines over 3% Wockhardt freezes at 5% lower circuit post weak operating performance in Q1. NMDC stock declines 10%; ICICI Securities downgrades it to "Reduce" Aveek Sarkar of ABP group elected new Press Trust of India chairman. Supreme Court dismisses Vijay Mallya's review plea against 2017 conviction. Coronavirus LIVE: 43% Covid-19 cases from Maharashtra, Andhra, Karnataka. US election provides New Delhi narrow window for trade deal with Washington. MARKET LIVE: Sensex plunges 1,000 points on broad-based sell-off. LIVE: Prashant Bhushan fined Re 1 for contempt of court; presser at 4 pm. Chinese troops violate agreement in Pangong Tso, Indian Army pre-empts move. What to expect from Q1 GDP data today? Here's what key indicators suggest. Adani Group acquires 74 per cent stake in Mumbai International Airport.
Chinese troops violate agreement in Pangong Tso, Indian Army pre-empts move. Adani Group acquires 74 per cent stake in Mumbai International Airport. Female fund managers beat men at stock picks: Goldman Sachs Group. What to expect from Q1 GDP data today? Here's what key indicators suggest. US election provides New Delhi narrow window for trade deal with Washington. Iran to fight US suit to seize $1.7 billion held by Deutsche Boerse unit. Iran to fight US suit to seize $1.7 billion held by Deutsche Boerse unit. Qatar raises minimum wage by 25%, lifts restrictions on changing jobs. Donald Trump unleashes Twitter storm after Portland protest death.
Mutated coronavirus strain found in Indonesia as cases jump: Report. Cheaper diamonds bring life into the hidden world of gem trading. Latest LIVE: 17 killed, over 10,000 houses affected due to flood in Odisha. Govt should not be running airports and airlines, says Hardeep Singh Puri. FM Sitharaman to hold review meeting with lenders on loan recast scheme. Second blow for BoB as RBI rejects plan to send Anil Ambani firms to NCLT.
Telecom firms await SC verdict on AGR dues; judgment likely this week. Refund charges taken since Jan 1 on UPI, RuPay payments: Tax dept to banks. Chennai Petroleum to invest Rs 1,850 cr in BS VI auto fuel quality upgrade. 156 terrorists neutralised by Jammu and Kashmir security forces this year. 'The Big Short 2.0': How hedge funds profited off the pain of malls. Latest News LIVE: India has talent, ability to become a toy hub, says PM. China's new tech export controls could give Beijing a say in TikTok sale. Diagnostics too sensitive: Your Covid test is positive. Should it be? In China, where the Covid pandemic began, life is starting to look normal. As IPO looms, all you need to know about billionaire Jack Ma's Ant Group.
Coronavirus LIVE: India's recoveries cross 2.7 mn, fatality rate at 1.79% Not one concern raised in our letter addressed in CWC meeting: Kapil Sibal. ED says crackdown on online betting websites found Chinese involvement. Let the games begin: In latest Mann Ki Baat, PM Modi gets vocal about toys. Future goes to RIL: Biyani, pioneer of retail, bows to winds of change. FM Sitharaman to hold review meeting with lenders on loan recast scheme.
Surat reports 258 new coronavirus cases, tally crosses 20,000-mark. India has one of the lowest global Covid-19 fatality rates: Harsh Vardhan. No lockdown in Odisha for 12 days to facilitate JEE, NEET examinees. Indices gain for 6th day as financials zoom; Sensex ends 354 pts higher. Unlock 4: Delhi Metro to re-start services from Sept 7 in a graded manner. ED says crackdown on online betting websites found Chinese involvement. Unlock 4: Metro services from Sept 7; schools, colleges to remain closed. States to bear interest burden for borrowing Rs 2.35 trn shortfall in GST. Reliance Retail to buy Future group's retail business for Rs 24,713 cr. India will play leading role in future global political framework: MoS Home. Financial experts express mixed feelings on RBI's restructuring package.
Maharashtra stamp duty cut will do little in boosting demand: Ind-Ra. Corporate coup: How a Nissan insider tore apart Carlos Ghosn's legacy. J-K: 3 unidentified terrorists killed in Pulwama encounter, search underway. Coca-Cola to cut thousands of jobs, reduce biz units as Covid-19 hits sales. Despite Covid-19, Hyundai expects to cross yearly domestic growth threshold. Brokerages turn bullish on SBI on attractive valuation; see 20-44% upside. Extend easier FPI compliance norms by three months, custodians tell Sebi.