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Sensex ends higher, Vodafone plunges 21%, SpiceJet down 6%

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Sensex Stock Market Update UP and Low

Mumbai, Nov 14 : Led by banking and financial sectors stocks the Indian stock markets finished in the green on Thursday despite Moody’s downward revision of India’s GDP growth forecast.

The Sensex finished at 40,286.48, higher by 170.42 points, and the Nifty gained 30 points at 11,870.45. While the BSE midcap index ended 0.14 per cent higher, the BSE SmallCap ended marginally lower.

“Trend of the market is dictated by macro releases, as WPI inflation numbers indicated weak demand in the manufacturing segment. RBI is likely to give more focus on growth, rather than rising inflation in the near term, which may influence a few more rate cuts,” said Vinod Nair, Head of Research, Geojit Financial Services.

Vodafone Idea on Thursday crashed 21 per cent on Thursday over reports that the Department of Telecommunications has asked the telecom firms to pay their revenue share dues within three months.

SpiceJet lost nearly 6 per cent to settle ay Rs 106.95 apiece after dismal Q2 numbers. The budget carrier on Wednesday reported a loss of Rs 461.22 crore for the quarter ended September.

Globally, Asian stocks were mixed on Thursday after China posted weaker than expected economic data. European stocks traded slightly lower on Thursday as trade negotiations between the US and China are understood to have hit a roadblock, said Deepak Jasani of HDFC Securities.

The October wholesale price index (WPI)-based inflation data released on Thursday at 0.16 per cent registered a 40-month low, from 5.54 per cent recorded in the same month last year.

Also on Thursday, US rating multinational Moody’s Investors Service cut India’s economic growth forecast for the current fiscal to 5.6 percent, from 5.8 percent estimated earlier, saying the country’s GDP slowdown prolonging beyond previously expected.



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V-shaped recovery unlikely for Indian economy: Survey

The package focussed broadly on saving lives and on undertaking deep structural reforms, the report said.

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New Delhi, July 12 : India is unlikely to witness a sharp turnaround in its economic growth amid the pandemic as there has been limited fiscal support from the government so far, according to a survey of economists by FICCI.

FICCI”s recent Economic Outlook Survey has shown that economists feel majority of the steps taken by the Centre and the Reserve Bank of India (RBI) address only the supply side constraints, while there have been no major moves to boost demand, which is the need of the hour.

The current round of the survey was conducted in the month of June 2020 and drew responses from leading economists representing industry, banking, and the financial services sector.

“Economists also stressed that India was unlikely to witness a sharp turnaround in economic growth given the limited fiscal support extended till now,” said the FICCI report.

The opinion of economists gain significance as many people including from the government and industry have time and again raised hope that India will see a “V-shaped” recovery.

The survey predicts a 4.5 per cent contraction in India’s GDP in the ongoing financial year.

The survey showed that participating economists were of the view that government measures in the stimulus 2.0, which is popularly called the ”Aatmanirbhar Bharat” economic package would take a long time for on-ground implementation and tangible results to be witnessed.

The package focussed broadly on saving lives and on undertaking deep structural reforms, the report said.

“They strongly felt that the package could provide more measures to boost demand conditions in the economy as reviving demand should currently hold greater importance. Therefore, a need for undertaking direct income transfers to the most vulnerable section of the population and unemployed poor was felt by a majority of the participants,” it said.

Economists were of the view that apart from pure cash transfers, the government could also consider GST reductions especially in the non essential goods segment which has the potential to drive demand. Furthermore, some sort of tax waivers could also be undertaken for low income groups.

Alongside, sector specific measures could also support recovery in a big way, the FICCI report said.

Sectors with high backward and forward linkages such as automobile, construction among others could be revived without incurring much fiscal strain, it said among other suggestions.

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77% companies face revenue drop amid Covid pandemic: Report

Businesses see challenges with regards to demand, liquidity and availability of finance with MSMEs being the hardest hit amongst all, the survey found.

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New Delhi, July 12 : Around 77 per cent business organisations have witnessed a drop in their revenue as a result of the ongoing COVID-19 crisis, according to a recent global survey.

As per a joint survey by 720 Transform of Dubai, Prophecy FZLLC-Middle East and India-based Insights3D, around 7 per cent firms in India and the Middle East have registered an upward revenue growth, while about 16 per cent of the companies remained unaffected.

Around 282 executives, including CEOs and MDs from across industry segments were interviewed for the survey.

Out of the negatively impacted companies which recorded fall in revenue, 30 per cent companies logged an over 50 per cent drop while another 30 per cent firms recorded 30-50 per cent decline.

The report said that around 30 per cent of the companies surveyed will need to undertake drastic measures such as higher levels of rationalisation, sale or merger.

Commenting on the report, Raja Marur of Prophecy FZLLC said: “Our belief that a new normal is being envisaged has been validated by the survey. Further, the impact to organizations varies by scale and level of global integration of their supply chains.”

Most leaders foresee a new normal in terms of remote working and decentralization, coupled with process automations and an increased reliance on artificial intelligence and analytics, the survey showed. However, these changes are likely to pose challenges in governance structures as also in communication lines and objective performance management.

Businesses see challenges with regards to demand, liquidity and availability of finance with MSMEs being the hardest hit amongst all, the survey found.

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Walmart to launch Amazon Prime like subscription service: Report

As per report, Amazon is valued at $1.5 trillion, while Walmart is worth $337 billion. And Amazon Prime is a big reason why.

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San Francisco, July 12 : The retail giant Walmart is reportedly planning to unveil a new subscription service called Walmart+ that will offer similar benefits to Amazon Prime.

Walmart was expected to unveil Walmart+ earlier this year before the pandemic derailed those initial plans. But now, the largest retailer in the US is set to launch the service this summer for $98 per year, news website Vox reported.

Walmart+ will include same-day grocery delivery, discounts on fuel purchases and more.

Meanwhile, Amazon Prime, which costs $119 annually, includes free two-day delivery on a huge number of items – with some products even available on the same day or next day.

Both companies struggled with soaring demand for groceries during the pandemic as people began panic shopping.

While Covid-19 panic-buying helped boost Walmart sales to record highs earlier this year, its US e-commerce presence is still only around an eighth the size of Amazon’s.

As per report, Amazon is valued at $1.5 trillion, while Walmart is worth $337 billion. And Amazon Prime is a big reason why.

Walmart is also going to unveil an online family entertainment program called CAMP by Walmart, in partnership with the retail startup CAMP and the online video technology firm Eko.

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