Sensex falls 562 points dragged by metal, financial stocks; Nifty ends below 14,750 – Times of India

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NEW DELHI: Equity indices plunged for the fourth straight session on Wednesday with benchmark BSE sensex falling over 550 points dragged by banking, metal and financial stocks.
The 30-share BSE index fell 562 points or 1.12 per cent to close at 49,802; while the broader NSE Nifty settled 189 points or 1.27 per cent to finish at 14,721.
Top losers in the sensex pack included ONGC, Sun Pharma, SBI, NTPC, Bajaj Auto and IndusInd Bank with their shares falling as much as 4.78 per cent.
While ITC, Infosys, HDFC and TCS were the only stocks that finished up to 1.20 per cent higher.
On the NSE platform, sub-indices Nifty PSU Bank, Realty and Metal falling up to 3.77 per cent.
According to experts, investors turned cautious tracking tepid global cues ahead of the US Federal Reserve’s policy outcome.
“Clearly, mounting concerns with regards to higher inflation, bond yields and a recent spike in new Covid-19 cases in select states have weighed on investors’ sentiments,” Binod Modi Head-Strategy at Reliance Securities told news agency PTI.
“Outcome of Fed policy meeting will equally be important for domestic markets in the near term as this can potentially influence FPIs flows into equities and INR. However, India continues to remain as the most preferred destination for investors on better growth prospects,” he added.
Besides, India is also dealing with a fresh surge in Covid-19 cases, with daily infections jumping by 28,903 on Wednesday, the highest increase since December 13 last year.
A rise in bond yields has also limited gains for the domestic indices this month to about 3 per cent, compared to a 6.6 per cent jump in February.
“The RBI may have to do a fine balancing act to keep the bond yields at lower levels while managing the government’s borrowing program,” Rahul Sharma, market strategist and head of research at Equity99 told news agency Reuters.
Globally, US equities finished marginally lower ahead of the FOMC meeting outcome.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital market on Tuesday as they bought shares worth Rs 1,692.31 crore, as per exchange data.
(With inputs from agencies)

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Subscribers under NPS, APY schemes rise 22% to 4.15 crore at February-end – Times of India

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NEW DELHI: The subscribers under the flagship NPS and APY pension schemes grew by nearly 22 per cent to 4.15 crore at February-end 2021, government data showed on Wednesday.
“The number of subscribers in various schemes rose to 414.70 lakh by end-February 2021 from 340.34 lakh in February 2020, showing a year- on- year increase of 21.85 per cent,” PFRDA said in a release.
The subscribers under National Pension System (NPS) and Atal Pension Yojana (APY) were over 3.43 crore a year ago.
As of February 28, 2021, total pension assets under management stood at Rs 5,59,594 crore, showing a year-on-year growth of 33.09 per cent, PFRDA said.
The NPS is for the government, autonomous bodies and corporate sector. APY mainly targets the unorganised sector in the country to cater to their old-age pension needs.

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Banks Not Liable to Pay if You Have Fallen for Fraud or Scams

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Witnessing a rise in the rate of frauds and scams, several advertisements and cautions are being provided by the banks in order to make customers aware of safe banking practices and cautioning them against sharing sensitive personal details including bank account numbers, OTPs, PIN, etc over the phone call with unknown people.

Individuals need to take such warnings seriously as avoiding them can lead to huge monetary losses and they might not even be compensated for the same by the banks. As happened recently with a man in Gujarat.

According to a recent judgement by a Gujarat consumer court (Consumer Dispute Redressal Commission in Amreli district), a victim of bank fraud is not liable for any compensation from the bank.

As per a TOI report, The order was passed in a case where a retired teacher named Kurji Javia, who is now practicing law, fell victim to a fraudulent call in the month of April 2018. He had shared ATM card details with a fraudster, who stated to be a State Bank of India (SBI) manager. After he provided the details, a sum of Rs 41,500 was withdrawn from his account a day later.

As the transaction happened, Javia tried connecting with the SBI Nagnath branch immediately, however, he did not get any response. The money withdrawn from his account was later used for online shopping.

Shocked by the fraud, Javia sued SBI and demanded additional compensation along with the entire amount he lost claiming that the bank could have prevented his loss by being proactive.

Rejecting his complaint the consumer court said that he had not followed the caution and safe transaction guidelines provided by the bank against such fake calls and fraudsters. Passing the order, the court also said that the fraud took place because of Javia’s own negligence as banks never ask for personal details over a phone call.

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India readies Saudi oil import cut as stand-off escalates: Report – Times of India

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NEW DELHI: Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, in an escalating stand-off with Riyadh following decision by Organization of Petroleum Exporting Countries (Opec) to ignore calls from New Delhi to help the global economy with higher supply.
Two sources familiar with the discussions said the move was part of the government’s drive to cut dependence on crude from the Middle East.
Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd are preparing to lift about 10.8 million barrels in May, the sources said on condition of anonymity.
State refiners, which control about 60% of India’s 5 million barrels per day (bpd) refining capacity, together import an average 14.7-14.8 million barrels of Saudi oil in a month, the sources said.
India, the world’s third-biggest oil importer and consumer, imports more than 80% of its oil needs and relies heavily on the Middle East.
Hit hard by rising oil prices, oil minister Dharmendra Pradhan has repeatedly called on the Opec and its allies, known as Opec+, to ease supply curbs.
He has blamed Saudi’s voluntary cuts for contributing to a spike in global oil prices.
Opec+ decided this month to extend most cuts into April. Responding to Pradhan’s request, Saudi energy minister Prince Abdulaziz bin Salman suggested India dip into strategic reserves filled with cheaper oil bought last year.
The oil ministry responded by asking refiners to speed up their diversification of crude sources and reduce reliance on the Middle East.
Indian refiners could not cut April oil imports from Saudi Arabia as nominations were placed before the Opec+ decision in early March, the sources said, adding that plans for May were preliminary and final May nominations would be known in early April.
Saudi Arabia has cut April oil supplies for some Asian refiners but has maintained average monthly volumes for Indian refiners. The Kingdom has, however, rejected demand from companies for extra supplies.
The Middle East’s share of India’s overall imports has already plunged to a 22-month low in February.
In February, the United States emerged as the second biggest supplier to India after Iraq, while Saudi Arabia, which has consistently been one of India’s top two suppliers, slipped to No. 4 for the first time since at least January 2006.
Two Indian refiners -IOC and MRPL – have also issued tenders seeking oil for delivery in May.
“The oil companies take their own decision regarding purchase of crude,” the oil ministry told Reuters. The state refiners did not respond to a Reuters request for comment.

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Baby delivered mid-air IndiGo Bengaluru-Jaipur flight – Times of India

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MUMBAI: When an IndiGo flight departed from Bengaluru early on Wednesday morning there were 116 passengers on board, but two hours it landed in Jaipur with an extra passenger on board — a baby girl, who decided to begin her journey of life mid-air onboard the A320 aircraft, that is.
The ticketless passenger onboard IndiGo flight 6E 460 and her mother are both currently stable, said an IndiGo spokesperson.
“The baby was delivered with the help of the IndiGo crew, effectively assisted by Dr Subahana Nazir, travelling with us on the same flight,” the spokesperson said.
“Jaipur airport was immediately informed to arrange for a doctor and an ambulance on arrival,” the airline said adding that Dr Nazir, who helped deliver the baby, was welcomed into the arrival hall and a ‘Thank You card’ was handed over by the IndiGo Jaipur staff.

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First case: Four flyers handed over to cops for not wearing mask on flight – Times of India

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NEW DELHI: In a first, four passengers have been booked for not adhering to Covid norms on board an Alliance Air flight on Tuesday.
All four travellers have been handed over to security agencies on arrival in Delhi.
The airline has initiated action against them under ‘unruly’ flyer rules. This could mean a ban on their flying on at least Alliance Air for some time.
According to sources, four passengers on 9I-614 Jammu-Delhi refused to wear masks despite being repeatedly being asked to do so by the pilots and cabin crew.
“Four passengers who were seated on 14B, 14C, 15C and 15D were not wearing their masks on this flight. Repeated instructions were made by the crew including the pilot in command (Captain Vikas Tomer) through public announcement system. They were not following the Covid-19 related protocols despite the repeated instructions. These four passengers were treated as unruly passengers (as per DGCA rules) and all the recommended procedures were followed by the crew. All the four unruly passengers were handed over to security agencies on arrival at Delhi airport,” said sources.
Alliance Air, a subsidiary of Air India, has reported the matter to the Directorate General of Civil Aviation (DGCA). Comments have been sought from the airline and are awaited.
Earlier this week, the DGCA had directed airlines to provide passengers a digital copy of its circular issued on March 13 — that laid down pandemic travel protocols, emphasising on social distancing and wearing masks properly at all times — “along with ticket and also with electronic or normal boarding card, as applicable”.

The regulator had also directed airlines to make passengers aware of the travel protocol, ensure their strict compliance and consequences for willfully violating them.
Airlines have been asked to sensitise passengers of these steps through frequent boarding gate and onboard announcements. Airports have also been asked to display the protocol prominently.
The DGCA action follows an order by the Delhi high court on March 8 after Justice C Hari Shankar observed an “alarming situation” — a blatant violation of Covid protocol by passengers — while travelling on an Air India flight from Kolkata to Delhi on March 5.

“…constrained to pass the present order because of (that) alarming situation,” Justice Shankar said while passing a landmark judgment three days later to ensure passengers follow all Covid protocols.
The cabin crew of that flight had told him that while they directed all passengers to wear masks properly, “but were helpless in case they did not comply”.
The high court order said: “In-flight crew shall carry out periodical checks of the aircraft, in order to ensure that all passengers are complying with the protocol to be followed by them in flight, especially regarding wearing of masks. It is made clear that masks should be worn as directed by governmental instructions, covering the nose and mouth, and not worn merely covering the mouth or below the chin.”
“In the event of any passenger being unwilling to follow this protocol prior to the flight taking off, the passenger should be offloaded without delay. If a passenger, despite being reminded more than once in flight, refuses to follow this protocol, action should be taken against the passenger in accordance with (DGCA) guidelines, including placing the passenger on a ‘no-fly’ regimen, either permanently or for a stipulated, sufficiently long, period,” the order added.
The court also directed all concerned authorities “to accord adequate publicity to these guidelines, so that there is strict compliance therewith.”
Following this order, the DGCA issued a string of directives last Saturday. It directed security agencies not to allow airport entry to passengers who are not wearing masks; asked airlines to deboard passengers who refuse to wear masks properly before take off and begin action under unruly flyer rules for those do not wear a mask properly inflight.
Once classified as unruly, a person can be barred for flying for anywhere up to a lifetime depending on the gravity of violation of safety norms by him or her.
“In case, any passenger is not following Covid-19 protocol (that includes nor wearing masks properly or not following social distancing norms), they should be handed over to security agencies after proper warnings. If required, they may be dealt as per law,” DGCA’s last Saturday order to all airlines, airport operators and security agencies to ensure “strict compliance of Covid-19 protocol during air travel,” said.

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Lok Sabha panel ticks off Sebi chief – Times of India

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NEW DELHI: The Lok Sabha’s committee on petitions on Tuesday pulled up Sebi chairman Ajay Tyagi for his failure to appear before the panel on two previous occasions.
Tyagi appeared before the committee on Tuesday after being summoned on the issue of returning over Rs 41,400 crore to the investors of PACL.
“The committee was upset over the officer’s failure to appear earlier and the message was conveyed to him in strong words that the committee is meant for the issues of special public interests and he will have to make himself available whenever summoned in future,” a source said.
An investor, Gaurav Soni, had petitioned the committee alleging that millions of people had invested in PACL, which was not returning investors’ money. As the Sebi has detailed information about the company, the committee had summoned Tyagi to understand the whole issue.
The panel, which is headed by BJP MP Virender Kumar, reminded the Sebi chairman that he had refused to appear before the committee on two previous occasions in 2019 on the Sahara India issue.
“If any officer fails to appear before the committee, it will be a breach of privilege of the committee leading to action against the person,” committee members are learnt to have told the Sebi chairman.

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Google cuts Play Store fees by half – Times of India

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BENGALURU: Google has slashed commissions it takes from Android developers that sell in-app digital goods and services on the Play Store. Effective July, Google Play is reducing the service fee it receives to 15% from 30% for the first $1 million of revenue every developer earns each year.
“With this change, 99% of developers globally that sell digital goods and services with Play will see a 50% reduction in fees. These are funds that can help developers scale up at a critical phase of their growth by hiring more engineers, adding to their marketing staff, increasing server capacity, and more,” Google said in a blogpost on Tuesday.
Research firm Sensor Tower’s data showed Google Play earned $38.6 billion in revenue in 2020.
“For the thousands of developers in India that are already using Play to sell digital goods, they can start receiving the benefit of this change as soon as it goes into effect in July,” Google said.
Google said these investments are most critical when developers are in the earlier stages of growth, scaling an app doesn’t stop once a partner has reached $1million in revenue.
“We’ve heard from our partners making $2 million, $5 million and even $10 million a year that their services are still on a path to self-sustaining orbit. Therefore, we are making this reduced fee on the first $1 million of total revenue earned each year available to every Play developer that uses the Play billing system, regardless of size,” it said.
Once developers confirm some basic information to help google understand any associated accounts they have and ensure we apply the 15% properly, this discount will automatically renew each year.
Last year, Google clarified the requirements of Google Play’s Payments policy, where it explained that the service fee for Google Play is only applicable to developers who offer in-app sale of digital goods and services. More than 97% of apps globally do not sell digital goods, and therefore do not pay any service fee.

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Merc tries to keep pace with post-Covid demand – Times of India

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NEW DELHI: After a massive crash in 2020 due to Covid woes, Mercedes-Benz — the top luxury car seller in India — expects sales to bounce back strongly this year. The company is looking to sell over 10,000 cars at a growth of nearly 25% as it plans to drive in as many as 15 new cars.
Mercedes-Benz India, which saw a 43% decline in 2020 on sales of 7,893 units, said that inquiry levels for cars have “already crossed the pre-Covid numbers” and added that many models are currently stocked out as supplies remain a challenge.
“The market has come back strongly, and the pace of recovery has even taken us by surprise. We are expecting a high double-digit growth this year, something in the range of 25% or more,” Mercedes-Benz India director (sales & marketing) Santosh Iyer told TOI.
The company leads the luxury market in India, but the loss of business during the Covid lockdown and the subsequent pressure meant that a full recovery remains a task.

“The demand has been strong, and we had under-estimated the pace of recovery. We have a back-log of customer deliveries at this point, and models such as the GLE and GLS SUVs are having a waiting period of over two months, while the EQC electric is sold out till May.”
The market for luxury cars in India is still to mature to levels seen in the developed countries of the Western world and China, despite the presence of brands such as Mercedes, BMW, Audi, Volvo and Jaguar Land Rover.
The contribution of luxury to overall car sales fell to under 1% in 2020, with estimated industry volumes at around 21,000 units — a 37% decline over the near-34,000 units sold in 2019. This number for the luxury players is the lowest since 2010 when the companies had cumulatively sold 15,280 vehicles, according to numbers sourced from the industry.
Iyer said that the government should consider softening the taxes on larger cars to give an impetus to demand, and added that the GST rates should be relooked at. The company also drove in the new version of its E-Class sedan, pricing the model between Rs 63.6 lakh and Rs 81 lakh (ex-showroom).
Mercedes-Benz India MD & CEO Martin Schwenk said the E-Class remains the company’s largest-selling model with more than 46,000 units on the road. “Sedans remain a key focus for us even as we continue to strengthen our SUV portfolio,” Schwenk said.

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New movies help boost multiplex occupancy – Times of India

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NEW DELHI: Multiplexes, one of the hardest-hit industries by the pandemic, are gradually picking up steam with occupancy rate back to around 20%.
A weekly occupancy rate of 30-35% has traditionally been considered “very good” by these multiplex operators, said a senior executive at one of the largest chains in India. “There is a strong pent-up demand among consumers to watch movies on the big screen owing to the gap when consumers were away from multiplexes,” said Gautam Dutta, CEO at PVR.
The success of some of the recently released films in theatres after multiplexes started screening movies in November is being dangled as a teaser to what lies ahead for the industry.
The current roadblock is the 50% occupancy restriction in four states, including two major markets — Mumbai and Rajasthan.
“Before ‘Master’, occupancy rates were around 5-10% and that was only possible due to low-budget regional movies that agreed to open with us,” said a senior executive at a large multiplex chain. “Master was the first sign that movie goers are willing to come back to theatres.”
Going ahead, top multiplex chains, such as PVR and Inox, are betting on fresh content to lure footfalls. Around 50 regional films, 12 Hollywood movies, along with 50 Bollywood releases are set to hit theatres this year, according to a roster of one of the multiplex chains that TOI has reviewed. “Every month, a Rs 50-100 crore movie is slated to be released,” said the executive. This year will see the maximum number of big-budgeted, multi-language films releasing at cinemas, said PVR’s Dutta.
Multiplex chain operators have been suffering from the lack of fresh content and footfalls. While Inox reported losses of Rs 102 crore for the quarter ended December 2020, PVR reported losses of Rs 49 crore. During the same period in 2019, both companies had posted profits of Rs 35 crore and Rs 36 crore, respectively.

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