Google marks India's 71st Republic Day with a doodle depicting country's rich cultural heritage

Agencies
January 26, 2020

New Delhi, Jan 26: Google on Sunday marked India's 71st Republic Day by dedicating a doodle illustrating the country's rich cultural heritage that permeates and unites the diverse nation.

From its world-famous landmarks like the Taj Mahal and India Gate, to the wide array of fauna such as its national bird (the Indian peafowl), to classical arts, textiles, and dances, the doodle, designed by Singapore-based artist Meroo Seth, brings together the rich cultural heritage of the country.

Republic Day marks the completion of India's transition towards becoming an independent republic after its constitution came into effect. The governing document had taken nearly three years of careful deliberation to finalise, and its eventual enactment was joyfully celebrated across the country.

While the Constitution was adopted by the Indian Constituent Assembly on 26 November 1949, it came into effect on January 26 -- a day when Declaration of Indian Independence (Purna Swaraj) was proclaimed by the Indian National Congress back in 1929, as opposed to the Dominion status offered by the British Regime.

Festivities embody the essence of diversity found in one of the world's most populous nations, celebrated over a three-day period with cultural events displaying national pride.

Last year's doodle on Republic Day, designed by artist Reshidev RK, had featured Rashtrapati Bhavan in the background along with a display of the country's iconic monuments and heritage.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
September 14,2020

Bytedance, the Chinese owner of TikTok, has reportedly chosen Cloud major Oracle over Microsoft to run its US operations as a ‘trusted tech partner’, multiple media reports revealed on Monday while an official announcement was still awaited.

According to The New York Times, ByteDance rejected the acquisition offer from Microsoft. However, it was unclear whether TikTok's choice of Oracle as a technology partner would mean that "Oracle would also take a majority ownership stake of the social media app".

This is different from an outright sale and appears to suggest Oracle will help run TikTok's US operations with its Cloud technologies.

In an official statement, Microsoft said its bid for TikTok operations in the US was rejected.

"ByteDance let us know today they would not be selling TikTok's US operations to Microsoft. We are confident our proposal would have been good for TikTok's users, while protecting national security interests," Microsoft said.

"To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combating disinformation, and we made these principles clear in our August statement. We look forward to seeing how the service evolves in these important areas," the tech giant added.

ByteDance has reportedly decided not to sell or transfer the algorithm that is behind TikTok to any other company. This was reported by South China Morning Post quoting sources as saying that while ByteDance will not give its source code to any bidder in the US, its tech team can develop a new algorithm in the US. The company has reportedly informed the same to authorities and potential bidders in the US.

After TikTok was banned in India in June, along with 58 other Chinese apps, the Donald Trump administration in the US increased pressure on the ByteDance-owned platform to sell its US operations by mid-September or face a ban.

According to NYT, Oracle has cultivated close ties with the Trump administration.

"Its founder, Larry Ellison, hosted a fund-raiser for Trump this year, and its chief executive, Safra Catz, served on the president's transition team and has frequently visited the White House".

Trump said last month that he would support Oracle buying TikTok.

"I think that Oracle would be certainly somebody that could handle it," he told reporters. Trump maintained there will be "no extension of the TikTok deadline".

Riding on new customer wins in both Cloud applications and infrastructure businesses, Oracle posted better than expected results for its FY21 first quarter results last week, generating $9.4 billion in revenue which was up 2 per cent compared to the same period last year.

Meanwhile, China said the Trump administration's deadline for TikTok sale is tantamount to "coercive robbery".

"The tricks of economic bullying and political manipulation that the US played on non-American companies are tantamount to coercive robbery," said a Chinese Foreign Ministry spokesperson over the weekend.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
September 15,2020

stocks.png

Mumbai, Sept 15: The small cap index posted its biggest single day gain in over six years on Monday after the SEBI circular on multi cap mutual funds triggered buying.

The estimates by analysts and brokerage houses indicate that the net inflow from large caps would be around Rs 27,000 crore into the small caps and around Rs 13,000 crore into the mid caps following the SEBI circular to invest 25 per cent each of assets of multi cap funds into large, mid and small cap stocks.

The huge rally in small cap stocks has come even after fund managers asked investors not to rush to buy small cap stocks in haste and there were clarifications that mutual funds have several options apart from rebalancing their schemes including a merger of schemes to comply with the circular.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services said mid-cap and small cap stocks gained sharply.

He said investors were attracted towards Mid/small caps due to the SEBI mandate to Multicap mutual funds to invest a minimum of 25 per cent each in large, mid and small cap stocks. Small Cap Index posted its biggest 1-day gain in over six years.

Deepak Jasani, Head of Retail Research, HDFC Securities said that the recent SEBI circular on allocation by Multicap schemes spurred buying in a lot of small and midcaps in anticipation of fund buying that could emerge later to adhere to the new regulation. The Nifty midcap index ended 2.6 per cent higher while the smallcap index gained 5.6 per cent - the most since May 2014.

Nifty has ended the first day of the week in the negative while the broader market has reacted positively to the latest SEBI circular, he added.

In a note to investors, Sage One has said that SEBI had done a big re-categorization of mutual funds (MFs) in early 2018 which triggered initial rotation from small/midcaps to large caps, and the falling prices created their own snowball effect resulting in the small cap universe correcting by 40-60 per cent. During this period the large cap indices delivered positive returns. In the latest re-categorization of multi-cap MFs, a small part of the 2018 action has been reversed.

As per the note, institutional shareholding (SH) in large cap space is currently 20 per cent above the December 2017 levels whereas it's 41 per cent lower for the small cap space.

The total institutional holding has increased by 10 per cent during this period. Small cap companies make up 10% of the total market capitalization, but the institutional holding is only at 5.3 per cent of their total holding. In December 2017 small cap companies made 16 per cent of the total market capitalization. The biggest contribution in the market drop was the forced selling by the domestic institutions. As prices dropped, it forces other investors to move out and seek performing asset classes such as the large caps, the note said.

The note said that whether MFs actually do the entire re-allocation or whether they merge their multi cap schemes into the large cap schemes is an unknown.

"Irrespective of the amount that actually gets re-allocated, just the anticipation could bring in fresh capital in small/mid cap schemes under MFs, PMS' and AIFs. It doesn't take much inflow to move stocks in this universe," the note said.

The research notes that the impact cost of actual exits was as high as 15 times in the small cap space. This means that if one was to invest fresh capital of Rs 1,000 crore in the small cap companies, on an average their market cap would go up by Rs 15,000 crore. There will not be enough sellers available when the expectation is that this space would do well in presence of forced buyers.

"Even if we assume that only half (Rs 13,500 crore) the capital would be re-allocated by the MFs and assume that there will be no fresh inflows in the small cap companies by other investors and in addition even if we assume that the buying impact would be half (7.5x), the increase in the market cap of the small cap universe would be more than Rs 1 lakh which is around 36% increase in total market cap (currently Rs 2.80 lakh crore) of the small cap companies," the research said.

This step would benefit more than 1000 companies compared to just 100 companies that benefited by the 2018 circular. In an environment when debt raising is multiple times difficult for the smaller companies, this SEBI triggered change would help equity raising capability of these companies.

HDFC Securities said in a note that given the size of multicap funds and higher allocation especially to smallcap stocks; some concerns have been raised about achieving the prescribed investment limits without creating a bubble in small and midcap stocks.

The AUM of smallcap stocks across equity categories (excluding sectoral) as on July 2020 is Rs 68,109 crore – compare this with Rs 28,000 crore worth fresh buying required.

"These stocks have less free float availability, relatively lower volumes, corporate governance issues and higher impact cost (both at the time of getting in and getting out). Also, liquidity issues in smallcap stocks could get compounded in bear markets when these funds face redemption pressure and are required to sell small cap stocks where impact costs could be large," it said.

Schemes requiring the least reshuffling include multicap funds from Invesco, IDFC and Nippon, while schemes requiring the most reshuffling include Kotak Standard, HDFC Equity, Motilal Multicap 35, Axis and Canara Robeco Eq diversified fund, HFDC Securities said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Media Release
September 11,2020

hosp.jpg

Nagpur: American Oncology Institute (AOI) at Nangia Specialty Hospital has launched a new Breast Cancer Clinic to provide quality care with an affordable treatment plan. This service helps and support patients with any breast-related queries and ensures awareness of comprehensive breast cancer screening.

“Breast cancer is the most common cancer in women worldwide. Our clinic ensures, people understand the importance of regular cancer screening and benefit the state-of-the-art cancer treatment at an affordable cost. This will help us to treat patients sooner and with greater precision", says Dr. Amit Dhawan, Regional Director, American Oncology Institute, Nagpur.

As an introductory package, the Hospital is offering “Beat Breast Cancer Package”, which includes Clinical and Diagnostic examination (FNAC or biopsy, mammography or USG) for Rs 2000/- with free doctor consultation till September 30, 2020.

A strong team of doctors comprising of Surgical, Medical and Radiation oncologists, along with group of trained nurses ensures the patient receives the best medical care possible.

About American Oncology Institute:

American Oncology Institute is the leading cancer care provider across South Asia operating a chain of cancer hospitals in multiple cities across South Asia. AOI today is a wholly owned subsidiary of Varian Medical Systems (NYSE: VAR).

The team of clinical, paraclinical and healthcare operations experts pride themselves with the aim of closing the gap between standards of cancer care in South Asia and the developed cancer hospitals in the West. AOI provides comprehensive cancer management that is powered by clinical excellence, world class technology as well as best in class clinical pathways and protocols for treatment planning and execution, providing best in-class quality in cancer care across South Asia.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.