'India’s biggest shopping season wasn’t all that big'

News Network
November 6, 2019

Nov 6: The festival of Diwali is supposed to herald India’s biggest shopping season of the year. Purchases did happen, but not a lot, according to a Bank of America Merrill Lynch report.

More than 90% of storekeepers indicated footfalls were lower than the last year’s festival period, according to the report, based on analysts’ visits to more than 120 retail outlets in the financial capital of Mumbai in the week leading to Diwali, the country’s equivalent to Christmas.

“Despite the festive season, we observed several empty shelves and early store closures,” said Sanjay Mookim, an equity strategist at the bank. “Mumbai is not India, and our sample is arguably small. Yet, we think our conversations help create a useful reference for recent festive season demand trends.”

India is witnessing a sharp slowdown due to waning consumption and businesses had pinned their hopes on Diwali for a revival in sales. Purchasing managers surveys on manufacturing and services activity for October indicate that demand in the economy is still pretty weak.

India is set for another quarter of weak growth following the 5% expansion seen in the April-June period -- its slowest pace in six years. Gross domestic product data for the quarter ended September is due Nov. 29 and will probably show the economy grew 5.5%, mainly flattered by a low base last year.

The BofAML report said about 70% of retailers suggested revenues were lower year-on-year and given the low expectations, about 35% were satisfied with sales this year. Many retailers reported they were losing out to online sales and branded stores in popular malls.

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News Network
March 6,2020

New Delhi, Mar 6: As panicky depositors rushed to withdraw money from Yes Bank whose control was seized by the RBI in a dramatic late-night move, Finance Minister Nirmala Sitharaman on Friday assured depositors that their money is safe and said the central bank was working for an early resolution of the crisis.

The Reserve Bank of India (RBI) on Thursday evening capped withdrawals at Rs 50,000 for the next one month and imposed strict limits on operations at the country's fourth-largest private lender that faced "regular outflow of liquidity" after an effort to raise new capital failed.

"I am in continuous interaction with the RBI. The RBI is fully seized of the matter and has assured they will give a quick resolution," Sitharaman said here.

She said no depositor will lose his or her money and insisted that the immediate priority is to ensure Yes Bank customers are able to withdraw money within the stipulated cap.

"I want to assure every depositor that their money shall be safe. Their monies are safe," she said. "I am constantly in contact with the RBI and the steps that are taken are taken in the interest of depositors, banks and economy. We are fully seized of the development."

She was talking to reporters after meeting State Bank of India (SBI) Chairman Rajnish Kumar. On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.

"So I repeat, the depositors can be assured that their money is safe," she said.

Soon after the RBI takeover, depositors thronged Yes Bank ATMs to withdraw money and police had to be deployed in some places to control the crowds.

Yes Bank has 1,000 branches across the country.

Refusing to elaborate on her meeting with the SBI chairman, the minister said that "was on a completely different matter".

"RBI governor has given me assurance that there will be an appropriate resolution soon. No depositor will lose (money)," she said. "Reserve Bank has taken cognizance of the problem."

The central bank, she said, has gone through the "process over and over again to find out an amicable solution".

"And that has been over the last couple of months. So it is not as if they have come in suddenly now. We have been monitoring the situation," she said adding the RBI has appointed an administrator who previously was with the SBI.

"Both the RBI and the government are looking at this with all the details before them, not just today. I have personally monitored the situation over the last couple of months with the RBI. Therefore we have taken a course which will be in everybody's interest," she added.

Yes Bank had been seeking new capital since last year to bolster its ratios and quell questions about its stability due to its exposure to the non-banking finance industry entangled in a prolonged crunch in the local credit market.

The SBI chairman said the resolution to the Yes Bank crisis will come "very shortly".

"This is not a sectoral problem. It is a bank-specific problem," he said. "The RBI will take all steps to ensure financial stability."

On SBI picking up a stake in Yes Bank, he said the lender already has an in-principle approval for doing so.

"If SBI has to pick up a stake in Yes Bank, we have an in-principle approval for that," he said.

Commenting on the crisis at Yes Bank, Alka Anbarasu, Vice President – Senior Credit Officer, Financial Institutions, Moody's Investors Service, said: "RBI's moratorium on Yes Bank is credit negative as it affects timely repayment of bank depositors and creditors."

"While Moody's expects Indian authorities will take steps to prevent the weakness in the bank's viability from significantly impacting its depositors and senior creditors, the lack of a coordinated and timely action highlights continued uncertainty around bank resolutions in India," she said.

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News Network
March 31,2020

Hyderabad, Mar 31: Six people from Telangana who attended a religious congregation in Delhi's Nizamuddin died due to the novel coronavirus, the state government said on Monday.

"Coronavirus has spread among some of those who attended a religious prayer meeting from March 13 to 15 at Markaz in Nizamuddin area in Delhi," according to an official release. "Among those who attended were some persons from Telangana."

Two of the six died at the Gandhi Hospital, one each in two private hospitals, and one each in Nizamabad and Gadwal towns, the statement said, without mentioning the time of their deaths.

The special teams under the collectors have identified the persons who came in contact with the deceased and they are shifted to the hospitals, it said.

Police and paramilitary personnel cordoned off a major area in Nizamuddin West in south Delhi on Monday and over 200 people have been kept in isolation in hospitals after several people who took part in a religious congregation there showed symptoms of coronavirus.

The Telagana government asked those who participated in the prayers to inform the authorities. It will conduct tests and offer treatment to them free of cost, according to the release.

The government also requested the people to alert if they come to know about those who participated in the prayers.

Earlier a separate government release said a person died of COVID-19 in Telangana, taking the toll to two and the total number touched 77 after six fresh cases were reported on Monday.

As many as 13 patients who underwent treatment for the virus were discharged on Monday, a media bulletin on COVID-19 issued by the state government said.

A techie, the first COVID-19 case in Telangana, has been discharged recently. The state now has 61 active cases, the bulletin said.

Chief Minister K Chandrashekar Rao had on Sunday said barring a 76-year-old person, who had other ailments, the other patients were doing well.

Rao had said 25,937 people were under surveillance and being watched by 5,746 teams and they would be out of watch after completing their mandated 14-day quarantine period. He had said all those who are under observation would be out of vigil by April 7 if there are no fresh suspected cases.

"From March 30, their time is nearing completion. After that, they do not need to be under any surveillance. By April 7, we will have a situation of zero... We pray God that we should not get new cases,"

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Agencies
March 15,2020

New Delhi, Mar 15: Dozens of Hindu activists held a cow urine party in New Delhi on Saturday to protect themselves from the new coronavirus, as countries around the world struggle to control the deadly pandemic.

Members and supporters of the All India Hindu Mahasabha staged fire rituals and drank from earthen cups to fight the Covid-19 virus at the gathering in New Delhi dubbed a "gaumutra (cow urine) party".

"Whoever drinks cow urine will be cured and protected," Hari Shankar Kumar, a volunteer at the event, said as he served the remedy in brown clay cups.

Governments and scientists have said no medicine or vaccine is available to protect or cure people of the infection that has killed more than 5,400 people and infected nearly 150,000 across six continents.

Two people have died in India while more than 80 have fallen ill, and the government has ordered the closure of some land routes into the country and cancelled all visas to stop the spread of the virus in the world's second most populous country.

Members draped in saffron clothes chanted Hindu hymns at the fire ritual as devotees sang paeans for the sacred animal.

"We have gathered here and prayed for world peace and we will make an offering to the corona (virus) to calm it," Chakrapani Maharaj, the group's leader, told reporters before gulping down a cup of urine.

He then offered a glass to a devil-shaped caricature of the virus to "pacify" it.

He urged people to adopt the "tried and tested" practice of drinking cow urine to ward off diseases, and desist from killing animals and eating meat.

"The coronavirus is also a bacteria and cow urine is effective against all forms of bacteria that harm us," claimed Om Prakash, a participant from the neighbouring state of Uttar Pradesh.

One legislator from the BJP last week suggested use of the urine as well as cow dung can cure the coronavirus.

Comments

PK
 - 
Sunday, 15 Mar 2020

A Waste is a Waste.... God has created a system in our body and animals to throw out the excess wastage from our body... Guys please stay away from drinking the wastage and putting the wastage inside the body again . U will be a loser health wise and mentally. 

 

 

Cows will surely think by seeing these people that human beings are stupid to drink our wastage... Drink its milk which is beneficial drink that God has given us.

 

Fairman
 - 
Sunday, 15 Mar 2020

If your faith is scientific, simply go to Corona infected patients and cure it.

 

If you are successful, Not only India the whole world will be Hindus. 

 

If you cant, you will never do it with cow urine or any other urine. People will losse faith on your type of Hinduism.

 

 

Kumaran
 - 
Sunday, 15 Mar 2020

wrost of worst human being..

when you worship the devil, the god will make you to dring urine, shit etc..and root in helll forver

 

Hindu regilion was very pure before now it become very ugly by so called hindu protector.

 

 

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