Research suggests Islamist, far-right ideas resonating with UK youth

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Research suggests Islamist, far-right ideas resonating with UK youth

A research which compared beliefs held by British Muslims and white non-Muslims, showed that Islamist and far-right ideas were resonating with young people in the UK, and one in five young white non-Muslims believe British culture is “under threat from invasion”.

Polling conducted by Savanta ComRes, a market research consultancy headquartered in London and operating internationally, found that one in five young people in both the groups think there is an “unresolvable conflict between Islam and the west”, and white non-Muslims are feeling threatened and Muslims feeling victimised.

Thirteen per cent of both groups (Muslims and white non-Muslims) said violent action was sometimes justified to achieve change.

Fifteen per cent of Muslims and 9 per cent of white non-Muslims agreed that “people should be prepared to go out to fight to defend their religion or culture with force”.

Fourteen per cent of white non-Muslims were found to believe that Islam promotes violence.

Author, Cristina Ariza, who is a research analyst at Tony Blair institute for Global Change, told The Independent newspaper that the Covid pandemic, the Black Lives Matter (BLM) movement, and rising English Channel crossings may have caused “shifts” in opinions.

“We have new groups emerging and mobilising as a response to BLM but it takes time for those views to permeate through the public. The anti-Muslim branch of the far right has been banging the drum on this for a decade,” Ariza added.

Around a quarter of both groups agreed that democracy was “broken” and the government should be boycotted.

One in 10 Muslim respondents said engaging with non-Muslim institutions like UK politics, “undermines the Muslim community”.

Nine per cent said Muslims who did engage were not true believers or were “traitors to Islam”.

The report also criticised government strategy to counter extremism, saying Brexit had “made progress difficult”, and called for an updated government counter-extremism strategy.

Savanta ComRes conducted a poll of 1,011 Muslims and 1,011 white non-Muslims aged 18 to 30 in May 2019, then convened two online research groups with 57 participants in total last October.

Responding to the report, a government spokesperson said it was “committed to confronting extremism in all its forms, including strengthening communities so they can resist extremist narratives and protecting vulnerable people from being drawn into terrorism”.

Ex-UK PMs urge to reject controversial market bill

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Ex-UK PMs urge to reject controversial market bill

Former UK Prime Ministers Tony Blair and John Major have urged MPs to reject incumbent premier Boris Johnson’s “shameful” attempt to override parts of the Brexit Withdrawal Agreement, it was reported on Sunday.

The Internal Market Bill, which will be formally debated in the House of Commons for the first time on Monday, addresses the Northern Ireland Protocol – the part of the Brexit Withdrawal Agreement designed to prevent a hard border returning to the island of Ireland, the BBC reported.

If it becomes a law it would give UK ministers powers to modify or “disapply” rules relating to the movement of goods between Britain and Northern Ireland that will come into force from January 1, if the UK and European Union (EU) are unable to strike a trade deal.

The EU has warned the UK it could face legal action if it does not ditch controversial elements of the Internal Market Bill by the end of the month.

But the government has argued that the measures in the bill were needed to protect the integrity of the UK and the peace process in Northern Ireland.

Writing in the Sunday Times, Major and Blair said the Johnson-led government’s actions were “irresponsible, wrong in principle and dangerous in practice”.

“It raises questions that go far beyond the impact on Ireland, the peace process and negotiations for a trade deal – crucial though they are.

“It questions the very integrity of our nation,” they said.

The former leaders, both vehement opponents of Brexit, said that respecting treaty obligations was “just as important” as domestic law, and called for MPs to reject the legislation.

“As the world looks on aghast at the UK – the word of which was once accepted as inviolable – this government’s action is shaming itself and embarrassing our nation,” BBC quoted the former Prime Ministers as saying.

On Friday, Johnson urged Conservative MPs to back the bill during a Zoom call, while Cabinet Office minister Michael Gove insisted that the proposals were a means of protecting the “integrity” of the UK.

But opposition Labour Party leader Keir Starmer has accused Johnson of “reigniting old rows” by working to override his own Withdrawal Agreement.

MoH issues new guidelines for post-Covid care

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MoH issues new guidelines for post-Covid care

The Ministry of Health and Family Welfare stressed on ayurvedic intervention to manage post-COVID conditions in its latest guidelines issued on Sunday for recovered patients, including use of chyawanprash and AYUSH medicines.

In the guidelines, the Ministry recommended the use of immunity-boosting medicines like Ayush Kwath and Samshamani Vati on a daily basis, for effective recovery from post-COVID health conditions.

“In the clinical practice, chyawanprash is believed to be effective in post-recovery period,” a Ministry advisory said while listing yoga, pranayama and daily walks among the other suggestions.

At the individual level, the Ministry advised people to strictly follow protocols like wearing face masks, washing hands, maintaining social distance, and other respiratory hygiene.

It also suggested involvement in regular household chores, if health permitted. “Professional work should be resumed in a graded manner,” the Ministry advisory added.

Stressing the need to self-monitor one’s health at home, the Ministry advised recuperating persons to check body temperatures and blood pressure on a regular basis. It also asked them to take oxygen readings on pulse oximeters on the advice of doctors. “Look for early warning signs like high-grade fever, breathlessness, unexplained chest pain, onset of confusion, and focal weakness,” it said.

At the community level, the Ministry advised for spread of awareness by recuperating persons about coronavirus by sharing experiences with friends and relatives and through the social media. “The sharing of these experiences on the social media will help create public awareness, dispel myths, and stigma,” the advisory read.

Besides, the Ministry advised for mental health support, if needed. “Seek psycho-social support from peers, community health workers, and counsellor. If required, seek mental health support service. Take support of community-based self-help groups, civil society organisations, and qualified professionals for the recovery and rehabilitation process (medical, social, occupational, livelihood),” it said.

IPL good preparation for Indians, Australians for Test series: Chappell

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IPL good preparation for Indians, Australians for Test series: Chappell

The Indian Premier League (IPL) is a good way for Indian and Australian players to warm-up for their upcoming Test series at the end of the year, commentator and former Australia captain Ian Chappell said on Sunday. The IPL is set to start on September 19 and while the Indian players will be playing in it from the beginning, Australia and England players are expected to join slightly later in the season following the conclusion of the ongoing ODI series between the two sides.

“In the case of the Indian players, and some of the Australians, they will at least have some challenging IPL cricket in the lead-up to the December series,” Chappell wrote in his column for ESPNCricinfo.

“While this may not seem like ideal preparation for a tough Test series in Australia, it’s worth recalling the thoughts of former England batsman Ravi Bopara in 2009.

“After a stint in the IPL, Bopara was asked on return to England if this was appropriate preparation for a Test match. He responded by saying that “looking to score at every opportunity gets your feet moving positively”. He proved his point emphatically by scoring back-to-back centuries against West Indies.”

Bopara scored 138 runs in the five matches he played for the Kings XI Punjab in the 2009 season before withdrawing from the team to join England for their series against the West Indies. The hosts enjoyed innings victories in the two Test matches with Bopara scoring a centuries (143 in first Test and 108 in second Test) in both the innings that he batted in.

“The Indian players could well adopt this attitude for a series in Australia that will impact the Border-Gavaskar trophy, the World Test Championship, and their personal pride,” said Chappell.

“It’s unlikely India will have the luxury of lead-up matches against tough opposition. More likely it will be intra-squad games, which can be helpful if selection is judicious and pits good bowlers against equally talented batsmen. The downside is the fast bowlers are often wary of injuring their own players.”

Russians vote in local elections

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Russians vote in local elections

Russians on Sunday headed to polling stations to cast their ballots in the local elections, which are being seen as a big test for the ruling United Russia Party.

While almost 160,000 candidates are vying for seats in local Parliaments, Governors are also being elected in many regions, the BBC reported.

Russia’s electoral commission allowed early voting on September 11-12 because of the coronavirus pandemic.

But Sunday is the main day for tens of millions of voters across 11 time zones, with more than 56,000 polling stations prepared.

These are the first elections since controversial constitutional reforms were approved in a July referendum allowing President Vladimir Putin to stay in power until 2036.

Huawei patents smartphone with 5 rear cameras: Report

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Huawei patents smartphone with 5 rear cameras: Report

Chinese smartphone maker Huawei has patented a new smartphone with a five camera set up at the back while the front features an under-screen selfie shooter.

The tech giant filed for the design patents with the CNIPA (China National Intellectual Property Administration), reports LetsGoDigital.

The patent also contains 24 product sketches and was published recently. The overall design of the smartphone was quite futuristic as well.

In terms of design on the left, the device was completely bare while the right houses the volume rockers and power button as well.

The bottom has a USB Type-C charging port flanked by a lone speaker grill while the top features a 3.5 mm headphone jack and a microphone.

Recently, Huawei also filed a patent for smartphones with an all-screen fingerprint unlock technology.

The firm disclosed that the new full-screen fingerprint technology will allow the users to respond to text messages without the need to unlock the phone.

The users will still have the option to “activate sensors in a chosen area on the screen while deactivating the rest on the screen space”.

California’s largest-ever wildfire grows to 750,000 acres

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California’s largest-ever wildfire grows to 750,000 acres

The August Complex Fire, which became California’s largest ever wildfire this week, has merged with several other blazes and grew to 746,607 acres, up from 471,185 a day earlier, authorities said.

In a statement on Friday, the California Department of Forestry and Fire Protection (Cal Fire) said the blaze was 25 per cent contained, reports Xinhua news agency.

According to Cal Fire, five of the 20 largest fires in California’s history are currently raging across the state.

The SCU and LNU lightning complex fires, largely contained in the San Francisco Bay Area, are the third and fourth largest, respectively.

Two other ongoing blazes in the top 20 are the North Complex, which has been burning since August 18 in Plumas County, at the ninth position, and the Creek Fire in Fresno and Madera counties at number 16.

Twenty-nine major wildfires were still burning across California as of Friday, with approximately 14,000 firefighters battling them, Cal Fire reported.

The National Park Service announced the closure of Muir Woods, Alcatraz and Fort Point in the San Francisco Bay Area due to unhealthy air quality throughout the region.

The executive director of San Francisco’s Department of Emergency Management, Mary Ellen Carroll, advised residents Friday that with smoke making the air unhealthy to breathe, people should stay inside with doors and windows closed.

“If you are able to stay home, we encourage you to stay home,” she was quoted as saying in a San Francisco Chronicle report.

The state’s death toll has also continued to rise.

Authorities in Butte County, north of the capital Sacramento, said 10 bodies have been found in the last two days, while another 16 people are reported as missing.

The overall death toll in California currently stood at 20 since August 15, when the first series of blazes began.

Petrol, diesel get cheaper as crude falls

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Petrol, diesel get cheaper as crude falls

Petrol and diesel prices in the country have fallen again in the wake of softening in global oil prices as extended run of Covid-19 depressed demands and created in glut in the market.

On Saturday, the pump price of petrol and diesel fell by 13 and 12 paisa per litre, respectively in the national capital. Accordingly, petrol is now at Rs 81.86 a litre and diesel Rs 72.93 a litre in Delhi.

This is the second fall in petrol prices and fifth reduction in diesel prices this month. Prior to this month while petrol prices had risen, diesel prices remained steady or fell on a few days.

The latest changes in retail prices of auto fuel is in line with the global price movement of the product. In the international market, crude prices have also shed 15 per cent gains in the last few days reaching below $40 a barrel from the level of $45 a barrel and rising just in the previous month.

Brazil practically winning battle against Covid-19: Prez

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Brazil practically winning battle against Covid-19: Prez

Brazilian President Jair Bolsonaro said that the country was “practically winning” the battle against the coronavirus pandemic due to a reduction in the number of single-day deaths over the last week.

“We are practically winning (the battle against) the pandemic. The government has done everything possible to minimize its negative effects, either through emergency aid, which has reached 65 million people or with help for micro and small companies, through credit,” Xinhua news agency quoted Bolsonaro as saying at an event on Friday.

“It is already beginning to appear, especially in the media outside the country, that Brazil was one of the countries that suffered the least from the pandemic due to the measures taken by the federal government,” he said.

The corona-skeptic Bolsonaro, who was infected with the virus in July, made the remarks at a time when Brazil has recorded nearly 130,000 Covid deaths and currently has more than 4.2 million cases.

As of Saturday, the total number of cases in the country increased to 4,238,446, the third highest in the world after the US and India, while the death toll stood at 129,522.

Brazil is also the country with the maximum amount of infections and fatalities in Latin America.

Sao Paulo, the most populated state in the country and the epicentre of the pandemic, has registered over 883,000 confirmed cases and 32,338 deaths, followed by Bahia, Minas Gerais, Rio de Janeiro and Ceara.

New documentary captures 12 self-shot perspectives of lockdown

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New documentary captures 12 self-shot perspectives of lockdown

A self-shot documentary capturing everyday life during lockdown, through the lens of 12 individuals from different walks of life, is a reminder of hope and being part of a global community in these grim times. Titled ‘United by Hope’, it features personalities like actors Richa Chadha and Kubbra Sait, and sportspeople like Dinesh Karthik and Bhaichung Bhutia, among several others.

Shot entirely on the OnePlus smartphones, and produced by VICE Media, the 38-minute film comes as an ode to the community with the aim of highlighting how the collective strength and compassion of a community can help overcome any adversity. The makers observed that despite the range of differences in their backgrounds and lifestyles, a common emotion empowers every individual to navigate through their respective challenges: the emotion of ‘Hope’, which served as the invisible link of connection amongst the individuals despite the distance and their differences.

Richa Chadha, who features in the film, shared: “2020 was supposed to be a big year for me, both personally and professionally. With everything coming to a standstill, I had a lot of time at hand to pursue my hobbies and enjoy the finer things in life. This is exactly when I was approached to be a part of ‘United By Hope’ and I didn’t have to think twice before taking it on. The filming was very authentic and the fact that it was all done on a OnePlus phone, made the process very easy for me. It was completely new for me to have to do everything by myself – from my makeup, to framing, to finally filming each frame, As someone who has always been at the other end of the camera, I truly enjoyed every step of this fun journey.”

Turning the cast into crew as well, the making of the documentary was an act of bringing together people through technology – something also being witnessed worldwide during the ongoing pandemic.

Shubham Dharamsktu shared: “As a traveler and travel content creator, I have always found my passion and solace in traveling. For me, traveling is meant to always provide a truly positive learning experience. Therefore, when the pandemic struck, and we heard about the several travelers who were stranded in India desperately looking for help, I knew I had to find a means to help them and offer a source of hope and positivity. On that note, when I was given the opportunity to film my daily life for United by Hope documentary, this to me was also a medium to show people how the most random acts of kindness and support towards your larger community can truly serve them with lasting optimism. It was a humbling experience to see that these foreign travelers who I was able to offer help to, eventually felt like they were a part of a close-knit community that supported each other despite the adversity.

“In the wake of a pandemic that led to the world adapting to a sudden change of life, we often heard from our community across the globe on how it was impacting them leading to experiences which can be termed as humanity’s greatest pause. This led us to embark on an experimental project and gage the range of emotions at play during the lockdown and how individuals from different walks of life dealt with this change in their daily lives,” Siddhant Narayan, Head of Marketing – India, OnePlus, told IANSlife.

Adding, “After we finalised the concept, we identified and chose 12 individuals from diverse backgrounds, ranging from athletes and artists, to popular gamer as well as frontline workers and individuals who went out of their way to serve the community in these challenging times. As we continued documenting the lives of each individual, our creative effort went on to showcase how the true strength of a united community prevails in these challenging times.”

The documentary is an interesting watch and is available on OnePlus India’s YouTube and social media channels.

Telangana Assembly passes bills for landmark land reforms

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Telangana Assembly passes bills for landmark land reforms

The Telangana Assembly on Friday passed various Bills to bring major reforms in the state’s Revenue Department by reducing human interface for land transactions.

The government has scrapped the posts of Village Revenue Officers (VROs) and Village Revenue Assistants (VRAs).

With the new enactments, record of rights relating to lands will be maintained in electronic form in the Telangana Land Records Management System for ensuring hassle-free revenue administration.

Following a debate, the Assembly passed The Telangana Abolition of the Posts of VROs Bill, 2020, The Telangana Rights in Land and Pattadar Passbooks Bill, 2020 and other Bills.

Stating that it is the first step towards a new revenue system, Chief Minister K. Chandrashekhar Rao said it would address almost all land-related issues.

KCR, as the Chief Minister is popularly known, said the new legislation will eliminate the problems faced by the people, farmers and poorer sections in particular, in registering their land.

The new Revenue Act will remove discretionary powers vested with the officials at different levels and ensure transparent and corruption-free land dealings.

Under the new Revenue Act, land mutation or change of land title ownership will be done online via the Dharani portal. This will also allow people to access records of agricultural and non-agricultural land online.

The Chief Minister said the new Act was necessary to replace several redundant and irrelevant revenue and land legislations and rules.

KCR said a land survey will be undertaken across the state soon covering every inch of available land.

The survey has been contemplated to prepare a digitised map of the state covering every nook and corner.

The government has decided to conduct the exercise using the latest technologies so that latitudinal and longitudinal coordinates are given to all the survey numbers and the lands located in them.

The Chief Minister said the government is bringing an IT-based alternative to the existing system to make it corruption-free and transparent.

Dharani portal will be the one-stop solution for land related issues of both agriculture and non-agriculture land. The Forest Department has been allotted a separate column on the portal.

The portal could be accessed from anywhere by those interested and they could get the entire information pertaining to a particular land, including the encumbrance certificates and the latest mutations. He said while copies of the land documents can be downloaded from anywhere, the data cannot be tinkered with.

The portal will have the details of the prohibited lands, including those of the state and Central governments, with auto-lock feature. Whenever any entry is made relating to registration of prohibited lands, the software will reject it, thus preventing encroachment of government lands.

The Chief Minister revealed that 87,000 acre endowment land and 55,000 acre Waqf land are under encroachment.

On a demand by All India Majlis-e-Ittehadul Muslimeen (AIMIM) leader Akbaruddin Owaisi, he announced that registration of Waqf land will be stopped from Saturday.

He promised to protect both endowment and Waqf lands.

KCR said his government will not make a false promise of distributing lands as the government has no land to distribute.

He said under the new Revenue Act, no official will have discretionary power.

Tehsildars and Revenue Divisional Officers (RDOs) would continue to function but they would not have powers like in the past.

The revenue courts presided over by tehsildars, RDOs and joint collectors will be abolished and people will need to approach civil courts for resolution of disputes.

The government will constitute 16 fast track tribunals to dispose of 16,135 pending cases.

Accordingly, tehsildars would be made joint sub registrars and would be asked to deal with agricultural land. Registrations pertaining to the non-agricultural lands would be dealt with by sub-registrars in 141 offices spread across the state.

Gujarat records 1,344 new Covid cases, 16 more deaths

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Gujarat records 1,344 new Covid cases, 16 more deaths

Gujarat on Friday recorded 1,344 new coronavirus cases, taking its tally to 1,10,971, while the death toll rose to 3,183 as 16 more patients succumbed.

In September so far, Gujarat has added 14,536 cases with a daily average of 1,321.

Meanwhile, 1,240 patients were discharged on Friday, taking the total to 91,470, while there are 16,318 active cases, out of which 94 critical patients are on ventilator.

Of the new cases, Surat led with 275, followed by Ahmedabad with 174, Rajkot with 150, Vadodara with 132 and Jamnagar with 116.

Bhavnagar registered 45 new cases, Gandhinagar 40, Junagadh 35, Patan 30, Morbi and Panchmahals 29 each, Amreli 26, Bharuch and Kutch 25 each, Mehsana 24, Surendranagar 22, Dahod 20, Banaskantha 19, Anand and Mahisagar 16 each, Gir-Somnath and Sabarkantha 13 each, Narmada 10, Kheda and Tapi nine each, Botad, Chotta Udepur and Navsari eight each, Aravalli six, Devbhumi Dwarka five, Valsad four, Porbandar two and Dang one.

Of Friday’s deaths, five occurred in Surat, three in Ahmedabad, two each in Bhavnagar, Rajkot, and Vadodara while one each died in Gandhinagar and Banaskantha.

Ahmedabad has so far recorded 1,751 deaths, followed by 681 in Surat, 145 in Vadodara, 110 in Rajkot, 62 in Gandhinagar, 49 in Bhavnagar, 39 in Patan, 31 in Kutch, 29 each in Mehsana and Junagadh, 29 in Jamnagar, 24 in Aravalli, 21 in Amreli, 20 in Banaskantha, 17 in Panchmahals, 16 each in Kheda and Anand, 15 each in Morbi and Gir-Somnath, 12 in Bharuch, 11 in Surendranagar and 10 in Valsad.

A total of 31,45,202 RT-PCR tests have been conducted, while the state has 7,41,223 people under quarantine – 7,40,763 at home and 460 in government facilities.

Active Covid cases in K’taka below 1L as recoveries increase

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Active Covid cases in K’taka below 1L as recoveries increase

The number of active Covid cases in Karnataka dipped below the 1 lakh-mark as 12,545 patients recovered and were discharged from the hospital and Covid care centres on Friday, the health department said.

With 9,464 positive cases getting reported from across the state in the last 24 hours, the total number of active cases in the state presently stands at 98,326, while the overall Covid tally of Karnataka mounted to 4,40,411. The total number of discharges in the state stands at 3,34,999.

In the last 10 days, the average number of patients recovered and discharged from hospitals and Covid care centres were 6,000 to 8,000.

Previously, the highest number of patients (9,575) recovered and discharged was reported on September 6 while the lowest number (5,159) was reported on September 1.

According to the health department, the death toll reached 7,067 with 130 more deaths due to Covid in the state.

Bengaluru Urban topped the list with 3,426 positive cases and 30 deaths. 13 deaths were reported in Mysuru followed by Dharwad and Belagavi (9 each) and Ballary and Shivamogga (8 each).

So far, 36,50,819 samples have been tested of which 64,669 were tested on Friday.

Small cap stocks to gain big as Sebi restructures asset allocations for MFs (Ld)

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Small cap stocks to gain big as Sebi restructures asset allocations for MFs (Ld)

Small caps are set for major inflows as markets regulator Securities and Exchange Board of India (Sebi) has prescribed that a minimum of 25 percent each be invested in large, mid, and small-cap companies.

The minimum investment in equity and equity-related instruments will be divided in 75 percent of total assets. The minimum investment in equity and equity-related instruments of large-cap companies will be 25 percent of total assets. Similarly, for mid-cap and small-cap companies, 25 percent each of the total assets will be allocated.

All MFs have to ensure compliance by the first week of February 2021. AMFI will publish the next list of stocks according to market capitalization criteria in January the first week and the compliance has to be within one month of that.

According to a note by Sushil Finance, it is important to note that almost all multi-cap funds are heavy on large caps only.

“This will open up fresh buying in small caps based on data ending August 2020. A staggering 27,000 crore worth of shares needs to be bought in the small-cap space. From Kotak Standard Multi-Cap Fund itself, a mind-boggling 7000 crore worth of small-cap needs to be added,” the research note said.

In the mid-cap space, Rs 12,249 crore of mid-caps will have to be bought.

As per this research, Kotak Standard Multi-Cap needs to add Rs 2,004 crore in mid-caps and Rs 7,077 crore in small caps, while HDFC Equity needs to add Rs 3,288 crore and Rs 4,170 crore, respectively, Motilal Oswal needs to add Rs 2,266 and Rs 2,286 in both these categories, respectively.

In addition, Aditya Birla SL Equity needs to add Rs 127 crore in mid-cap and Rs 2,118 crore in small-cap, UTI Equity Fund needs to pare Rs 227 crore in mid-cap and add Rs 2,145 crore in small-cap, SBI Magnum Multi-Cap Fund needs to add Rs Rs 665 crore and Rs 1,763 crore, and Franklin India Equity needs to add Rs 1,152 crore and Rs 1,557 crore in mid-cap and small-cap, respectively.

JM Financial said in a note, “Based on our analysis of the existing asset allocation of multi-cap schemes (total AUM of Rs 1.4 trillion), 74.2 percent of the total assets were invested in large-cap companies and only 15.8 percent and 5.3 percent were invested in mid-cap and small-cap companies, respectively, as of July.”

Multi cap schemes have time till January 2021 to comply with these revised asset allocation guidelines.

“In our view, multi cap schemes have two options, rebalance existing portfolio which could lead to potential inflows of Rs 131 billion and Rs 280 billion in mid cap and small cap companies, respectively, and merge the existing multi cap schemes with existing large cap/focussed funds and launch a new multi cap scheme.

Market expert Madhusudan Kela said in a tweet, “This is a FANTASTIC move from SEBI and a truly defining moment for the Multi Cap category funds. It will immensely help broad base the current MF holdings and give due recognition to lot of deserving small/mid cap companies.”

“In a fast growing country like India, this will help smaller size companies to tap equity markets for growth funding. Lot of small companies are trading at extremely cheap valuations compared to their true potential,” Kela said.

“Finally, this will bring enormous benefits to lot of small investors who have invested in smaller sized companies and holding for long period in anticipation of true price discovery,” he added.

The move is expected to be help small investors and small companies to get better valuations.

Reacting to the Sebi move, Joseph Thomas, Head of Research, Emkay Wealth Management, said, “At present, the multi cap funds have almost 70 per cent of their allocation to large cap stocks and the balance to mid cap and small cap stocks. The new regulation will make it mandatory that any market cap may have a minimum allocation of 25 per cent, and therefore, to the extent of the excess allocation to large cap mutual funds will have to reduce the allocation, that is, 20 per cent, and move into mid caps and small caps.

“An amount equivalent to Rs 35,000 crore will move out of large caps and will move into mid and small caps. This move will help mid cap and small cap stocks to move up on the light of their share going up in terms of allocation.”

Currently, as of August-end, the multi cap funds have assets under management of Rs 1.46 lakh crore. Experts say that these funds will have to be moved out from large cap stocks where currently the fund holdings are concentrated. It is expected that anywhere between Rs 25,000 crore and Rs 35,000 crore can flow into mid cap and small cap companies.

Most of the multi cap funds are more than 70-80 percent concentrated into large cap stocks.

SEBI proposes changes in listing, disclosure norms

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SEBI proposes changes in listing, disclosure norms

The Securities and Exchange Board of India (SEBI) has proposed amendments to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 to strengthen corporate governance practices and disclosure requirements.

The market regulator also aims to ease the compliance burden on listed entities, harmonize with the Companies Act, 2013, and maintain consistency within the LODR Regulations.

Under the proposed changes, SEBI has mulled the insertion of a new sub-regulation, as per which the provisions of the regulations which become applicable to listed entities on the basis of market capitalization criteria will continue to apply to such entities even if they fall below such thresholds.

The report noted that certain provisions of the LODR are applicable to a defined set – top 100, 500, 1000, 2000 — of listed entities on the basis of market capitalization.

Since market capitalization is dynamic, entities which form part of the defined set may vary due to change in market capitalization, and stock exchanges have observed instances wherein listed entities complying with specific regulations had stopped complying with the requirements once their market capitalization decreased and they fell out of the top m-cap category, as per the report.

“In the interest of good corporate governance, it is proposed that provisions that become applicable to a listed entity on the basis of market capitalization, shall continue to apply irrespective of change in the market capitalization,” it said.

Further, SEBI also noted that corporate governance provisions specified in regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of regulation 46 and paragraph C, D and E of Schedule V are applicable to listed entities with paid-up capital of more than 10 crore and net worth above 25 crores.

Among other proposals, it has now proposed to insert a new proviso, which provides that once these regulations become applicable to a listed entity, they shall continue to remain applicable irrespective of subsequent changes in equity share capital or net-worth of such entity.

SEBI has sought public comments on the proposals by October 11, 2020.

Startup Ranking: Gujarat named as best performer among states

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Startup Ranking: Gujarat named as best performer among states

The Centre on Friday named Gujarat as the best-performing state in terms of implementing policies for uplifting the startup ecosystem.

Besides, Andaman & Nicobar Islands was adjudged as the best performer amongst Union Territory and North Eastern states.

The ‘Startup Ranking’ framework 2019 judged states and Union Territories on seven broad reform area, consisting of 30 action points.

“To establish uniformity and ensure standardization in the ranking process, ‘States and UTs’ have been divided into two groups,” the Ministry of Commerce and Industry said in a statement.

“While UTs except for Delhi and all States in North East India except Assam are placed in Category ‘Y’. All other States and UT of Delhi are in Category ‘X’.”

While releasing the result of the second edition of ‘Ranking of States on Support to Startup Ecosystems’ through a virtual felicitation ceremony, Commerce and Industry Minister Piyush Goyal called upon the high net worth individuals, venture capitalists to finance ‘Startups’.

The Minister recommended that ‘Startups’ should come up with imaginative, relevant and innovative products, undertake reengineering and reform of processes, and orient their ideas to be people-centric.

He said that Covid pandemic should not be seen as a problem or challenge but as an opportunity to reimagine and reinvigorate India.

Animal study proved Covid vaccine’s efficacy: Bharat Biotech

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Animal study proved Covid vaccine’s efficacy: Bharat Biotech

Vaccine maker Bharat Biotech on Friday announced that the animal trials of its Covid-19 vaccine candidate Covaxin were successful.

It said the results demonstrated the protective efficacy of the vaccine in a live viral challenge model.

“Bharat Biotech proudly announces the animal study results of COVAXIN – These results demonstrate the protective efficacy in a live viral challenge model,” tweeted the Hyderabad-based firm.

It said the data from the study on primates substantiate the immunogenicity of the vaccine candidate.

According to a detailed statement attached to the tweet, Bharat Biotech developed and assessed the protective efficacy and immunogenicity of an inactivated SARS-CoV-2 vaccine (BBV152) or Covaxin in rhesus macaques (Macaca mulata). Twenty macaques were divided into four groups of five animals each.

“One group was administered a placebo while three groups were immunised with three different vaccine candidates at 0 and 14 days. All the macaques were challenged with SARS-CoV-2 14 days after the second dose. The protective response was observed with increasing SARS-CoV-2 specific IgG and neutralising antibody titres from third week post-immunisation,” it said.

“Viral clearance was observed from bronchoalveolar lavage fluid, nasal swab, throat swab, and lung tissues at 7 days post-infection in the vaccinated groups. No evidence of pneumonia was observed by histopathological examination in vaccinated groups, unlike the placebo group which showed features of interstitial pneumonia and localisation of viral antigen in the alveolar epithelium and macrophages by immunohistochemistry.”

“To summarize, the vaccine candidate was found to generate robust immune responses. Thus, preventing infection and disease in the primates upon high amounts of exposure to live SARS-CoV-2 virus,” it added.

The vaccine is being evaluated in Phase-I clinical trials in India.

The vaccine maker early this month received approval from the Central Drugs Standard Control Organisation to conduct the Phase-II trials.

Bharat Biotech had announced on June 29 that it successfully developed Covaxin in collaboration with the Indian Council of Medical Research (ICMR) and the National Institute of Virology (NIV).

The SARS-CoV-2 strain was isolated in NIV, Pune and transferred to Bharat Biotech. The indigenous, inactivated vaccine candidate has been developed and manufactured in Bharat Biotech’s high containment facility located in Genome Valley, Hyderabad.

Sushant death not a poll issue in Bihar, says Fadnavis

Telugu Bullet
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Sushant death not a poll issue in Bihar, says Fadnavis

Former Maharashtra Chief Minister Devendra Fadnavis on Friday said that the death of actor Sushant Singh Rajput is not a poll issue in the upcoming Bihar Assembly elections but the BJP wants a fair investigation and justice to his family.

In Patna on Monday along with BJP President J.P. Nadda, he also said that the destruction of actress Kangana Ranaut’s office in Mumbai was “politically motivated”.

“The act of the Maharashtra government looked like it was taking revenge with Kangana for her vocal approach post the mysterious death of Sushant Singh Rajput. Such things have not happened in the history of Maharashtra,” he said.

Fadnavis, who is in charge of the Bihar Assembly election for the BJP, stressed that the National Democratic Alliance is united in Bihar under the leadership of Chief Minister Nitish Kumar, and expressed confidence that the rift between the Janata Dal-United and the Lok Janshakti Party will be sorted out soon.

“Every political party has its own ideology and ambition. They are different from each other on ideological fronts but they are united under the umbrella of the NDA. The LJP is not going anywhere. Despite the LJP having some differences with the JD-U, it will fight as a coalition partner,” he said.

“Our Prime Minister has given a vision of self-dependent India and the NDA government has moved on in direction of a self-dependent Bihar,” he added.

Rhea, Showik, 4 others may move HC next week

TB Team
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Rhea, Showik, 4 others may move HC next week

A Mumbai Special NDPS Court on Friday rejected the bail applications of actress Rhea Chakraborty, her brother Showik and four others accused in the drugs case filed by Narcotics Control Bureau, advocate Satish Maneshinde said.

All the six accused – including Samuel Miranda, Dipesh Swant, Abdul Basit, and Zaid Vilatra – are likely to move the Bombay High Court for bail, he added shortly after the ruling.

“Once we get a copy of the NDPS Special Court Order, we will decide next week on the course of action about approaching the Bombay High Court,” Maneshinde told mediapersons.

Until she gets further relief, Rhea, 28 – who was arrested on Sep. 8 and sent to judicial custody till Sep. 22 – will remain in the Byculla Jail.

The other accused, Miranda – home manager of the late actor Sushant Singh Rajput, house help Sawant, and two drug peddlers – are also in judicial custody.

In the bail plea, Maneshinde forcefully argued that there is nothing on record to suggest that Rhea was in any way involved with the financing of illicit drug traffic or harboring offenders in relation to any narcotic drugs or psychotropic substances.

He pointed out to Special Judge G. B. Gurao that the NCB was silent on the quantum of drugs, the type of drugs allegedly procured and financed by her, the quantum of the narcotics.

“The case against her is that she coordinated the delivery of drugs for her boyfriend (Sushant) and occasionally even made the payment for it…These allegations make for an offense that is bailable,” Maneshinde contended.

Rhea, in her bail plea, has alleged that she was “coerced” into making “self-incrimating confessions” during her interrogations by NCB for three days this week, and maintained that she has not committed any crime whatsoever but was being falsely framed in the case.

Retracting her “self-incriminating confessions”, she termed her arrest as “unwarranted, without any justification,” “arbitrarily curtailed her liberty”, she faced death and rape threats and there were no female officers present during her interrogation, which took place on Sep. 6,7, and 8, with her arrest coming on the final day.

Opposing the plea, the Special Public Prosecutor Atul Sarpande argued that she could influence the witnesses or tamper with evidence with her money power and must not be enlarged on bail.

Rejecting the defendents’ plea, Special Judge Gurao rejected their bail applications and all the accused will continue to remain in custody till any relief is granted by the Bombay High Court.

Kerala Financial Corporation to tap bond market for Rs 250 cr

TB Team
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Kerala Financial Corporation to tap bond market for Rs 250 cr

The state’s leading financial institution, Kerala Financial Corporation (KFC) hit the BSE electronic bidding platform on Friday to raise Rs 250 crore from the debt market by issuing non-SLR bonds of Rs 100 crore, with a greenshoe option of Rs 150 crore, on private placement basis.

The bonds, rated AA (SO) by two RBI and SEBI approved rating agencies with a stable outlook for investment, would have a tenure of ten years bearing a coupon rate payable semi-annually and be redeemable from the sixth year.

Tomin J Thachankary, CMD of KFC, said they have been issuing bonds since 2011 and this is the seventh such launch.

“KFC is the only PSU under Kerala Government and the only SFC in the country raising funds without government guarantee. We are going to the market based on the strength of our financials,” said Thachankary.

The KFC has raised Rs 1600 crore so far from the bond market in seven issues of which Rs 415 crore has been redeemed.

Initially, KFC was raising bonds with a state government guarantee, where they had to pay a Guarantee Commission of 0.75 percent plus GST thereby increasing the cost by one percent.

Since 2016, KFC has been raising funds without a government guarantee, based on the strength of its balance sheet.

“The bond market has been volatile due to various reasons and there is extremely less liquidity for bonds, less than AAA credit rating now. Most of the similar rated issues were bid above eight percent coupon rate and we are expecting rates less than eight percent,” added Thachankary.

KFC aims to build the loan portfolio to a level of Rs 4000 crore by the end of this fiscal from the present level of Rs 3300 crore and is mulling another bond issue by the end of this year.

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