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By , , ET Bureau | Updated: Aug 29, 2018, 09.32 AM IST
Compared to his predecessor Rajan, the number of
public appearances may be next to nothing, but
whenever the situation warranted, Patel did not hesitate
to speak his mind.
From defence to defiance: The evolution ofUrjit Patel
The decision of Philip Pirrip, or Pip, to trade
the glamour and glitz of Regency London for
the humble forge in the marshes of Kent
marked the coming of age for one of the
world’s most well-known literary characters in
Great Expectations, underscoring his innate
righteousness and strength of character.
A non-negotiable central bank order this
February to stressed lenders on asset quality
proclaimed to the world of high finance the
coming of age of incumbent Governor Urjit
Patel who, mirroring the struggles of the
protagonist in the Charles Dickens
masterpiece, had to win multiple perception battles of his own to establish his upright and
unyielding credentials. For the man succeeding Raghuram Rajan as the Mint Street boss
in September 2016, the beginning of his innings was far from comfortable.
Patel’s effusive predecessor had earned the ‘rock star’ moniker for his robust
communication with market stakeholders; by contrast, there was widespread discontent
about the newcomer’s reticence. Not only did Patel shun the media, but he also put an end
to the customary pre-policy meetings with bankers and market economists. It was clear
that communicating regularly was not Patel’s immediate priority.
Spat after the PNB scam involving jeweller Nirav Modi
“Regulators have a very important function. Regulators ultimately
decide the rules of the game and regulators have to have a third-eye,
which is to be perpetually open. But unfortunately in the Indian system,
we politicians are accountable, the regulators are not.”
-Arun Jaitley, Finance Minister
“The RBI’s legal powers to supervise and regulate PSBs are also
constrained – it cannot remove PSB directors or management, who are
appointed by the Government of India, nor can it force a merger or
trigger the liquidation of a PSB; RBI has also limited legal authority to
hold PSB boards accountable regarding strategic direction, risk profi
les, assessment of management & compensation. Legal reforms are
thus highly desirable to empower RBI to fully exercise the same
responsibilities for PSBs as now apply to pvt banks & to ensure a level
playing fi eld in supervisory enforcement”
-Urjit Patel Governor, RBI
Atmadip Ray Gayatri Nayak
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JSW Steel Stock JSW Steel JSW Steel Ltd Motilal Oswal
Bloomberg L.P.
Comments Add Your Comments
ET Bureau | Aug 30, 2018, 08.31 AM IST
Chandan Taparia, derivative analyst at
Motilal Oswal said the stock is likely to
stay above Rs 375 and can rise to Rs
425-Rs 430 level.
JSW Steel could rise 13% more: Analysts
Shares of JSW Steel could rise as much as 13 per cent in
the near term given the likely buying by index funds due to
its inclusion in the benchmark Nifty from September 28,
said analysts. Continuous rollover of long positions in JSW
Steel futures over the past few derivatives series shows
traders are bullish on the stock.
Shares of JSW Steel ended up 9 per cent at Rs 399 on the
BSE on Wednesday after hitting a lifetime high of Rs
405.40 during the session due the Nifty inclusion news.
The stock marked its biggest one-day gain in five years on
Wednesday. The total traded quantity of 1.5 crore shares was nearly 16 times its two-week
average traded quantity of shares, according to BSE.
Derivative analysts said traders are continuously carrying forward long positions in JSW
Steel. The inclusion in the index was expected for some time, and that is also likely to
have driven interest in the stock in the last few months.
“For the past four series we have seen good rollover of long positions, which suggests
upside. Index funds are likely to buy the stock as it is a newcomer in the index,” said Amit
Gupta, head of derivatives at ICICIdirect. “One can buy the stock near Rs 380. Traders
have started writing Rs 380 put option strike. The stock can move up to Rs 450,” said
Gupta.
Chandan Taparia, derivative analyst at Motilal Oswal said the stock is likely to stay above
Rs 375 and can rise to Rs 425-Rs 430 level.
Analysts tracking the company are not too gung ho about the stock’s prospects.
Bloomberg data showed that the consensus target price on the stock is Rs 367.45, which
is 8 per cent below the current market price of the stock. Prabhudas Lilladher has the
highest target price on the Street on JSW Steel at Rs 450.
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ET Bureau | Aug 29, 2018, 07.25 AM IST
Google has capability to identify a user based on
activities on the device, even if the person accesses
internet on the chrome browser in an incognito mode.
Google collects more data from users viaandroid, says study
BENGALURU: Google gathers more personal
information from users on its Android platform
than consumers know, a study by Vanderbilt
University says.
The study by Prof Douglas Schimdt of
Vanderbit University released earlier this
month points that Google collects more data
of a user on an Android device as against an
iPhone device. Google also has capability to
identify a user based on activities on the
device, even if the person accesses internet
on the chrome browser in an incognito mode.
“Google counts a large percentage of the world’s population as its direct customers, with
multiple products leading their markets globally and many surpassing 1 billion monthly
active users. These products are able to collect user data through a variety of techniques
that may not be easily graspable by a general user,” Schimdt wrote in the report published
on August 15.
A major part of Google’s data collection occurs while a user is not directly engaged with
any of its products, it said. Google is the world’s largest internet firm with over 2 billion
users globally accessing its products such as search, Android phone and applications
such as Gmail, You-Tube, Photos, Keep and calendar. In the US, Android OS, owned by
Google had 53% market share as on January. In India, Google is the dominant platform
with nine out of 10 smartphones using Android-based phones. It has also built India-
specific applications that has massive user adoption in the country.
The study said that both Android and Chrome send data to Google even in the absence of
any user interaction. “Our experiments show that a dormant, stationary Android phone
(with Chrome active in the background) communicated location information to Google 340
times during a 24 hour period, or at an average of 14 data communications per hour. In
fact, location information constituted 35% of all the data samples sent to Google,” it said.
In contrast, “a similar experiment showed that on an iOS Apple device with Safari (where
neither Android nor Chrome were used), Google could not collect any appreciable data
(location or otherwise) in the absence of a user interaction with the device.”
It also claimed that Google could de-anonymize data that could help in targeting
individuals. Google in a statement dismissed the study as misleading and blamed the
author as a witness in an ongoing litigation with Oracle. “This report is commissioned by a
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By , ET Bureau | Updated: Aug 28, 2018, 03.26 PM IST
In photo: Sanjeev Bijli Joint MD,PVR & Ajay Bijli, CMD,
PVR
A look into PVR's two-decade magical runand the challenges that lies ahead
Ajay Bijli confesses it took him six years to get
married. “I continued the dialogue hoping she
would say yes someday,” quips PVR’s swash-
buckling chairman cum managing director.
“It’s the same with M&As. You keep engaged
till the seller is emotionally ready.” If
successful mergers are like courtships and
marriages, an interplay of patience and
chemistry, then Bijli took it to heart for almost
four years while wooing the Reddy brothers –
Kiran and Swaroop, his counterparts at SPI
Cinemas – before finally acquiring their
thriving multiplex business a fortnight ago.
The years of intermittent negotiations have been fraught with political bullying and rivals
waiting for the opportune moments to counter. But Bijli’s relentless perseverance, honed
after a similarly long negotiations with the DLF family for DT Cinemas, finally paid off. It’s
no less than a box office bonanza. PVR — already India’s largest multiplex operator — will
get control over the most admired and profitable regional cinema exhibitors in the southern
market — the highest per capita movie consumer in India.
Arijit Barman
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Rupee Vs Dollar Dollar
Also Read
ETMarkets.com | Updated: Aug 29, 2018, 12.41 PM IST
Read this article in :Hindi
Rupee hits record low of 70.52 against USdollar
NEW DELHI: The rupee on Wednesday plunged to an all-
time low of 70.52 against the US dollar. The domestic unit
has emerged as the worst performing Asian currency in
2018, with a fall of 9.82 per cent YTD.
It had opened 22 paise lower at 70.32 against the US
dollar.
The domestic currency on Tuesday bounced back in tepid
fashion from record closing low, gaining 6 paise to end at
70.10, largely tracking bearish dollar cues overseas.
Official data showed foreign direct investment in India grew by 23 per cent to $12.75 billion
during the April-June quarter of 2018-19. A report said that the foreign fund inflows would
help finance the current account deficit (CAD) which is expected to widen to 2.8 per cent of
the GDP in 2018-19, PTI reported.
Commenting on the rupee rout, HDFC Bank said the currency may hit 71 against the US
dollarin the near - medium term.
Recently, Soumya Kanti Ghosh, the Group economic advisor of the State Bank of India
(SBI) said that any sudden appreciation or depreciation of the rupee was not good as it
adds volatility in the market. The rupee had experienced an orderly depreciation as it
moved from Rs 64 to a dollar to Rs 70 over a span of five to six months. Whether the
rupee touches Rs 72, it hardly matters, he said.
On the global front, oil markets were stable on Wednesday, buoyed by falling supplies from
Iran ahead of US sanctions but held in check by rising production outside the OPEC
countries, Reuters reported.
Asian share markets were left in limbo as optimism over the US-Mexico trade deal was
quickly replaced by caution ahead of a looming deadline on tariffs with China.
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dollar, moves closer to 70.50 mark
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By , , ET Bureau | Updated: Aug 29, 2018, 11.16 AM IST
In India, it was the Maharashtra FDA that first asked J&J
to find the patients and refer them for revision surgery.
Maharashtra FDA ex-chief accuses DCGI ofdelaying action against J&J
Former Maharashtra Food & Drug
Administration Commissioner Mahesh
Zagade, who first initiated investigations into
Johnson & Johnson’s faulty hip implants in
2011, has accused the office of the Drug
Controller General of India (DCGI) of dragging
its feet in taking action against the company
despite enough evidence.
In a telephonic interview to ET, Zagade also
questioned the basis on which the drug
controller’s office re-issued the import licence
for the articular surface replacement (ASR)
hip implants even though the company had voluntarily recalled the product in 2010.
Documents on the drug controller’s website show the DCGI’s office issued a recall notice
in India in December 2013, three years after the official withdrawal by the company.
The former Maharashtra FDA commissioner’s assertion comes when the health ministry
said it is “deliberating” findings of an expert committee, which found J&J had provided
misleading information about faults of its hip replacement products.
“If the product was recalled all over the world, how did the licensing authorities give the
import licence for the product in India? The government machinery was also responsible,”
said Zagade.
During several consultative meetings in 2012 and 2013, Zagade explained to the then
DCGI, GN Singh, both informally and formally, about the seriousness of the matter, which
had already led J&J to pay compensation to patients who experienced adverse effects
after the replacement.
“I told the DCGI at least patients here should be found and sent for re-surgery. But the
DIVYA RAJAGOPAL Prabha Raghavan
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Foreign brokerages have done Modi’s poll maths for
2019: Here’s what they say
Beware! At its peak, RIL = D-Mart + Flipkart +
Bharti + a media firm
Smallcaps desi fund managers love & the ones they
bought after crash
12 stock ideas that analysts say can deliver solid
gains in 3 weeks
Bandhan Bank’s bid for PNB Housing a tactical
move; some analysts cautious
More »
Sensex Stock Market Stock Recommendations IPO
Upcoming IPO Gold Rate Top Gainers
Rupee vs Dollar Share Market Silver Price Nifty 50
Nifty Bank Budget 2018 Key Highlights Budget 2018
Infosys Share Price
How the Rs 11,000 crore Niravgate will affect Indian
diamantaires
Upcoming IPO Crude Oil Price
NEXT STORY
By , ET Bureau | Updated: Aug 29, 2018, 10.18 AM IST
Although the market is trading at a
record high level, the cash turnover on
the exchanges has been consistently
coming down since January.
Related
Heavy-lifters of Nifty may continue
to gain wealth
Rs 15 lakh crore wealth created in
40 sessions on D-Street; look who
fuelled the rally
Retail investors’ portfolios often don’t reflectthe bull run highs
ET Intelligence Group: Although the market is scaling new
peaks every other day, a persistent murmur among retail
investors is that their portfolio returns do not mirror the
unprecedented rise in the benchmark indices. Retail
investors hold 7.1 per cent of shares in the BSE 200
companies and their holding value dropped to $130 billion
in June 2018 quarter from $140 billion in December 2017.
The anomaly can be attributed to the narrowing depth in
terms of trading volume and rising concentration as
reflected in the lesser number of stocks participating in the
rally.
According to Credit Suisse, the current rally in the Nifty
has been the most concentrated performance since 2015
with the top 10 contributing stocks comprising of 218 per
cent of the index performance while the bottom 10 took
away 95 per cent. The rally is turning out to be more concentrated due to investors’ quality
preference amidst lowest global appetite for equity risk since 2011.
The five index heavyweight stocks such as Reliance Industries, HDFC Bank, HDFC, TCS
and Infosys have contributed nearly 60 per cent to the Sensex gain of 14.2 per cent so far
in 2018.
A concentrated rally has added to the woes of mutual fund (MF) managers who were
underweight on these stocks. The concentration risk of institutional investors can be
gauged from the fact that despite 2,732 traded securities on the BSE, the top 40 stocks
held by foreign portfolio investors (FPIs), MFs and LIC account for 74 per cent, 63 per cent
and 83 per cent of their respective portfolios in that order.
The combined delivery volumes on the BSE and the NSE in August dropped to 33 per
Ashutosh Shyam
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ET Bureau | Updated: Aug 28, 2018, 09.06 AM IST
Supreme Court notices to WhatsApp, Indianauthorities
NEW DELHI: The Supreme Court on Monday
issued notices to WhatsApp and Indian
authorities, seeking their responses over a
petition questioning the way the messaging
service functions and its move to launch a
payments platform while not having a physical
presence in the country.
A bench comprising Justices RF Nariman and
Indu Malhotra issued notices to the ministries
of law, home affairs, electronics and IT,
finance and the Telecom Regulatory Authority
of India, along with the US company.
The petition said the telecom ministry was treating WhatsApp only as an OTT (over the
top) service, whereas for all practical purposes it was functioning like a telecom service
provider. Therefore, it said, the company must follow all conditions mandated for telecom
operators, including having a grievance redressal system and data localisation.
Both Facebook, which owns WhatsApp, and Google have appointed grievance redressal
officers, but they are based outside India, it said. The petition said this was important in the
runup to the 2019 elections when political parties would hire cyber warriors to influence
results in the 48-hour no-campaigning period.
‘MUST STORE DATA IN INDIAN SERVERS’
WhatsApp has admitted it can use artificial intelligence to prevent fake accounts and stop
a lot of the problematic content from being created, the petition said. This means the
company has the means to stop inappropriate content and therefore must be held liable for
transmission of such material on the platform, it said.
This process must start with the appointment of a grievance officer, said the PIL, filed by
Centre for Accountability and Systemic Change through lawyer Archana Pathak Dave.
Lawyer Virag Gupta argued the case for the NGO. The petition urged the court to restrain
the company from going ahead with the payments service it began testing in February,
since it did not have an India office as mandated by the Information Technology
(Intermediaries Guidelines) Rules, 2011.
“In order to provide payment services, WhatsApp must be directed to store data in Indian
servers as mandated by the RBI, and pay taxes on income caused due to its operations in
India,” it said. Kartik Ganapathy, partner at IndusLaw, said the petition “merely makes
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Supreme Court issues notice to Centre accusing
Whatsapp of violating rules
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Foreign brokerages have done Modi’s poll maths for
2019: Here’s what they say
Beware! At its peak, RIL = D-Mart + Flipkart +
Bharti + a media firm
Smallcaps desi fund managers love & the ones they
bought after crash
12 stock ideas that analysts say can deliver solid
gains in 3 weeks
Bandhan Bank’s bid for PNB Housing a tactical
move; some analysts cautious
More »
Sensex Stock Market Stock Recommendations IPO
Upcoming IPO Gold Rate Top Gainers
Rupee vs Dollar Share Market Silver Price Nifty 50
Nifty Bank Budget 2018 Key Highlights Budget 2018
Infosys Share Price
How the Rs 11,000 crore Niravgate will affect Indian
diamantaires
Upcoming IPO Crude Oil Price
NEXT STORY
ETMarkets.com | Updated: Aug 28, 2018, 03.28 PM IST
Berkshire confirms investment in Paytm;Buffett not involved
US-based Berkshire Hathaway on Monday
confirmed that it has made an investment in
Paytm’s parent firm One97 Communications,
ETNow reported.
The company led by legendary investor
Warren Buffett confirmed to the channel that
the investment has been made. Berkshire,
however, clarified that it was not a transaction
in which Warren Buffett was involved.
ET had reported this morning that Berkshire
was in talks to invest about Rs 2,000-2,500
crore in the Paytm parent firm, in what could be the first direct investment in India by the
legendary investor.
The development comes as Paytm is diversifying its business across financial services
and offline payments.
Paytm also counts Alibaba Group Holdings and SoftBank as major backers.
Todd Combs, one of Berkshire’s key fund managers and who is also seen as a potential
chief investment officer at the firm, is said to have led the transaction, ET reported.
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rebuff
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By , , ET Bureau | Aug 30, 2018, 07.34 AM IST
Royal Enfield is today the most profitable two-wheeler
maker in India with ebitda margins of over 30% and it
has a market share of 90% in the 200-500 cc space, led
by the Classic 350 model.
Royal Enfield plans range of superbikes,codenamed J, P, Q and K, to take on Harley,Triumph
MUMBAI: Global superbike makers Harley
Davidson and Triumph have announced new,
low-displacement bikes for emerging markets
that will directly aim at the portfolio of Royal
Enfield. So the Indian company that produced
Bullet has chosen to respond by making its
own range of big bikes, codenamed J, P, Q
and K.
Royal Enfield is today the most profitable two-
wheeler maker in India with ebitda margins of
over 30% and it has a market share of 90% in
the 200-500 cc space, led by the Classic 350
model. Unsurprisingly, the global majors are
targeting the mid-size segment of 250-700 cc. This will be the biggest product launch by
Royal Enfield under the ownership of Eicher Motors.
A dozen models are planned over next three to five years, offering a range of new bikes
from 350 cc to 650 cc and above. Work is going on at the company’s UK development
centre, with critical feedback from India.
Five people in the know of Royal Enfield's plans spoke to ETfor this story, all off the record.
Company spokespersons declined comment on specific plans. While the J architecture is
aimed at protecting its domestic turf against the ensuing competition with the new
generation BS-VI version of Classic, Thunderbird, Bullet, and Himalayan, the P
architecture will produce the twin cylinder bikes Continental 650 cc and Interceptor 650 cc
to help the company compete strongly against Harley and Triumph in global markets.
ACQUIRING TOP TALENT
Bigger bikes will be made on the Q and K platform post 2020-2021. The Q architecture is
aimed at Triumph Thruxton, whereas the K platform will come out with even bigger bikes
above 600-700 cc. Royal Enfield is aiming to take its market leadership in the mid-size
motorcycle space from India to the global stage. Both improved production facilities and
acquiring top talent are in focus. Shubranshu Singh was recently hired as head of global
brands. He comes with extensive experience from consumer and entertainment industries.
Enfield is also talking to Vimal Sumbly, the former head of Triumph brand in India, to lead
its Asia-Pacific business, which the company believes has the potential to be a big volume
contributor in the future. It first hired the services of ex-Harley Davidson man Rod Copes a
few years back to lead Enfield’s North American operations.
Ketan Thakkar Ashutosh R Shyam
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