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All the absurdities in the stock market

<ul><li>White Oak Capital’s wholly owned subsidiary GPL Finance and Investments had acquired YES Asset Management Company last year.</li><li>On Thursday, the subsidiary received the nod from regulator <keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword> to become the sponsor of YES MF.</li><li>With this, India will now have four new fund houses coming up soon -- Groww, Zerodha, Samco MF and White Oak Capital.</li></ul>Wealth management firm White Oak Capital has received approval from India’s market regulator to get started with the <keyword id="598742" type="General" weightage="20" keywordseo="mutual-fund-business" source="Orion">mutual fund business</keyword> after it acquired YES Mutual Fund (MF) last year. In September 2020, the investment management firm had bought YES MF from YES Bank, which was struggling with bad loans and raising fresh capital. The transaction will be completed in the next few weeks. GPL Finance and Investments, White Oak Capital’s wholly owned subsidiary, received Securities and Exchange Board of India’s nod to become the sponsor to the newly owned AMC. Sponsor can be seen as the promoter of the associate company. YES MF is the smallest amongst the 44 fund houses in the ₹36 trillion industry with ₹81.45 crore average assets under management (AUM) as of June quarter, according to the Association of Mutual Funds in India. Commenting on the development, <keyword id="1603586" type="General" weightage="20" keywordseo="prashant-khemka" source="Orion">Prashant Khemka</keyword>, founder at White Oak Capital said, “We have instituted a performance-first culture at our firm, earning the confidence of investors globally who have entrusted us with assets of over ₹40,000 crores in the past four years. We are excited about offering our investment expertise to retail investors across the country.” Khemka is the former chief investment officer (CIO) and lead portfolio manager at Goldman Sachs Asset Management. Aashish P Somaiyaa, who will be taking over as chief executive officer of the AMC said, “We continue to build a seasoned team of industry professionals to provide best in class investment products to retail investors. We will look forward to covering India well beyond the metro cities including B30 locations, to achieve higher inclusivity through omni-channel presence across physical, virtual and digital channels.” B30 cities include tier II and tier III cities. Last week, Samco MF, an online discount broker, announced its entry into the mutual fund business. With this, India will now have four new fund houses coming up soon -- Groww, Zerodha, Samco MF and White Oak Capital. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ipo-bound-pine-labs-raises-another-100-million/articleshow/86262592.cms">IPO-bound Pine Labs raises another $100 million</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/indias-bad-bank-get-government-nod-green-lights-narcl-with-30600-crore-guarantee/articleshow/86262155.cms">India's bad bank get government nod — green lights NARCL with ₹30,600 crore guarantee</a>

Wealth management firm White Oak Capital gets SEBI’s nod to enter mutual fund business

A $4.5 billion fund manager talks about investments in PSU banks

<ul><li>In uncertain times like today, consumer habits are changing. With more people staying under a lockdown, the overall <keyword id="6035542" type="UNKNOWN" weightage="20" keywordseo="advertising-pie">advertising pie</keyword> will shrink.</li><li>Many mediums have already been impacted, and the effects might take this entire year to wear off.</li><li>As Coronavirus-fueled uncertainty further rolls through the global economy, we speak to the heads of Indian media agencies to find out the impact the outbreak could have on the advertising industry and what to expect in the next few quarters. </li></ul>As Coronavirus cases continued to go up across the globe as well as in India, and Prime Minister Narendra Modi announced a 21-day complete lockdown of the country, its effects on the advertising industry could be massive. Media agencies are keeping a close watch on how things are playing out, even though one thing is for certain, the effects will definitely be felt in the industry for the next few quarters, if not more. While people staying at home in an attempt to self-isolate could mean they will spend more time on the internet, on gaming and OTT platforms, which could directly lead to more ad spends on these platforms, it could also lead to a significant decrease in spends on mediums like OOH and Experiential. A lot of mediums are already feeling the heat. Various industry bodies from the Experiential, Radio, Print and News Broadcast have already asked the government to intervene and help them out in the next few quarters with waivers and moratoriums. Moreover, as the virus continues sweeping across the country, people might not even be interested in watching ads anymore. So, what impact do media agency heads think will the pandemic have on our AdEx this year? And how are media agencies working around the uncertainties that the current situation is presenting? While it is difficult to predict the exact impact of the current situation on Adex in terms of numbers, it is obvious that the overall advertising pie will shrink. And this is going to have a long-term, pervasive impact on all mediums, albeit some mediums will be affected more than the others. Whenever things go south, advertising budgets are the first to be slashed. And considering how things have been progressing, <keyword id="248051" type="PERSON" weightage="20" keywordseo="Ashish-Bhasin">Ashish Bhasin</keyword>, CEO APAC and Chairman India at <keyword id="6368370" type="ORGANIZATION" weightage="20" keywordseo="dentsu-aegis-network">Dentsu Aegis Network</keyword> Asia Pacific, admitted that no industry will be ‘left unscathed’. Bhasin said, “There is going to be a severe and immediate impact of the <keyword id="8595403" type="UNKNOWN" weightage="20" keywordseo="Coronavirus-outbreak">Coronavirus outbreak</keyword> on advertising. Some of it is already being felt. For example, the events industry has already come down to near zero. Other sectors like hotels, airlines, etc, are also dramatically impacted already. Nothing is going to be left unscathed. There's going to be an overall significant decrease in advertising expense from what was originally projected. The health issue will hopefully get sorted out at some stage. Things will probably get worse before getting better but hopefully the Covid-19 infections will come under control soon." Bhasin further said that while all mediums will be impacted, some mediums like Digital and online gaming could be impacted less. However, the overall slump in the economy will bring everything down, the effects of which might be felt throughout the year. He added, “The scary bit is, its going to leave our economy pretty badly damaged. Advertising is very sensitive to economic growth. When growth is good, advertising booms and when growth is negative, it is one of the first expenses that brands cut down on. So overall advertising pie will decrease and all media will get impacted. Some mediums like digital and gaming might get impacted lesser because consumption has increased. But when the pie itself is reduced, the total money available will be less. I'm hopeful that the government will announce some stimulus package because people who are at the bottom of the pyramid like daily wage earners etc, are really feeling the heat. And this is going to impact everybody, from the richest to the poorest man in India. Also, with almost the entire country under lockdown, consumption is going to come down significantly. Nobody is going to buy a car or a washing machine or anything other than essentials at this point in time. Even after the infection is handled, the economy is going to take a long, long time to come back. When production is closed, factories are shut and the labor has gone back to the villages, you can’t just expect things to go back to normal in a day. So I think there are dark clouds ahead for advertising and we have to be ready for the worst. I don't think the effects of this will wear out this year." <keyword id="138476" type="PERSON" weightage="20" keywordseo="Mohit-Joshi">Mohit Joshi</keyword>, Managing Director, <keyword id="2778410" type="PERSON" weightage="20" keywordseo="Havas-Media-Group">Havas Media Group</keyword>, India, opined that the audience currently is more interested in the minute-by-minute updates on what is happening in the world and resultantly, are left with no room for consuming ads. He said, “Yes, it’s an unprecedented situation. It sounds surreal at times. Content consumption is shifting for sure. Digital is definitely getting consumed more, however people are also latched onto news, current affairs and information around what is happening rather than spending long hours consuming entertainment content. Currently most of the advertisers are assessing the situation. With a complete lockdown, advertising itself will be impacted in the short-run. OTTs in the long run will gain. It’s too early to predict. It is all very uncertain at this stage. As somebody rightfully said, we will have to look at our strategies in 2 frames BC (Before Corona) and AD (After Disaster).” <keyword id="205405" type="PERSON" weightage="20" keywordseo="Navin-Khemka">Navin Khemka</keyword>, CEO, <keyword id="6567625" type="ORGANIZATION" weightage="20" keywordseo="mediacom-south-asia">MediaCom South Asia</keyword>, also said that there is barely any appetite for advertisements at the moment, painting not a very encouraging picture. “This is not the time for building sales. With most of India under lockdown, there is sales pressure everywhere. A good time for brand building with increased time spent but people are not in the right frame with so much negative news around. I would say that we are looking at a period of increased time spent on media but decrease in overall spends. This is a tough year. The next 2 weeks will decide.” So considering the uncertainty around everything, how difficult is a media planner's job right now? Bhasin said, "Not very difficult because nothing is happening. Everybody's cutting down their budgets and the difficulty lies in issuing cancellations. It is difficult because the budgets are under tremendous pressure right now."

Here’s how the Coronavirus outbreak could impact ad spends, according to experts

At a time, when we see food delivery start ups being born every other day and most of them providing the same service, the only difference being the amount of free order limit for new users, there is a start up that promises something very different. <keyword id="2902294" type="UNKNOWN" weightage="20" keywordseo="Foodcloud">Foodcloud</keyword>, launched two and a half years back by <keyword id="2782801" type="UNKNOWN" weightage="20" keywordseo="Vedant-Kanoi">Vedant Kanoi</keyword> and <keyword id="2782800" type="PERSON" weightage="20" keywordseo="Shamit-Khemka">Shamit Khemka</keyword> offers home-cooked food. Well, it’s as exciting as it sounds. <a href="http://www.businessinsider.in/Meet-the-Mumbai-couple-who-started-a-company-to-sell-their-mothershomemade-pickles/articleshow/55031657.cms">Also read: Meet the Mumbai couple who started a company to sell their mother's homemade pickles</a> 
 
This is an online portal that connects foodies with home chefs and caterers in <a href="http://www.businessinsider.in/Meet-the-Mumbai-couple-who-started-a-company-to-sell-their-mothershomemade-pickles/articleshow/55031657.cms">Delhi-NCR</a>. It is the best place for you to find and order delicious home-cooked food made with love! With more than 200 chefs on board, you can choose from a variety of 6000 cuisines and menus and have many mouth-watering treats get delivered to your doorstep! 
 
Having being inducted in the government’s ‘Start up India programme’, <a href="http://www.businessinsider.in/Meet-the-Mumbai-couple-who-started-a-company-to-sell-their-mothershomemade-pickles/articleshow/55031657.cms">Foodcloud </a>has received the first phase of funding worth Rs 3.5 crore. The whole idea is to disrupt the food delivery start up ecosystem with a pinch of strong flavour. If you are an amateur chef and love to cook or a homemaker with a knack of churning out deliciousness out of mundane dal and cabbage, it’s time to stop limiting yourself to <keyword id="3742751" type="UNKNOWN" weightage="20" keywordseo="facebook-and-instagram">Facebook and Instagram</keyword>. You just won’t be making people happy with <a href="http://www.businessinsider.in/Meet-the-Mumbai-couple-who-started-a-company-to-sell-their-mothershomemade-pickles/articleshow/55031657.cms">Goan Fish curry</a> and <keyword id="3908802" type="UNKNOWN" weightage="20" keywordseo="karela-bharta">Karela Bharta</keyword>, but you would be counted as an entrepreneur making money from cooking. 
 
So how does one enrol him/herself as a chef on the Foodcloud platform? 
 “All he needs to do is join as a chef on our website (www.foodcloud.in) and register himself. Post that we arrange a tasting session for him where his food is judged on parameters like quality, hygiene, presentation etc. After the approval, we sign a contract with the chef and help him upload his menu on the website. Once the formalities are over, we immediately make him live on our portal,” the founder Vedant Kanoi told <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword>. 
 
And guess what? You don’t even need any sort of qualifications in hospitality. “We came to the market with an all new idea of engaging the home chefs in the business and give them the chance to portray their talent and make money following their passion,” added Kanoi. 
So, anyone who can cook tasty, hygienic, healthy, homelike, authentic or gourmet meals is welcomed to join Foodcloud. However the chefs are encouraged to register with <a href="http://www.businessinsider.in/Meet-the-Mumbai-couple-who-started-a-company-to-sell-their-mothershomemade-pickles/articleshow/55031657.cms">FSSAI </a>for better. 
 
 
 
The chef enrollment process goes like: 
- Join as a chef on www.foodcloud.in 
- Verify your email ID 
- Tasting session is scheduled 
- Contract signing 
- Menu upload 
- Live on the website 
- Receive orders 
 
The chef decides the pricing himself but it is always suggested to set a competitive pricing to receive maximum orders. So your part time job for the weekend is sorted and it’s just like any other work from home job, just that you are chasing your dream. 
 Meanwhile you can take inspirations from the leading chefs in Delhi-NCR who are sitting at home, making people happy with food and earning money. They include, <keyword id="3842724" type="UNKNOWN" weightage="20" keywordseo="gauri-kaushish">Gauri Kaushish</keyword> for Cakes and Cookies, <keyword id="3908799" type="UNKNOWN" weightage="20" keywordseo="rashi-dewan">Rashi Dewan</keyword> for Pasta and Ravioli, Sangeeta Mathur for Rajasthani Thali and Dal Baati, Somita Sharma for Kebabs and Tikkas, Nupur Srivastava for <keyword id="3908804" type="UNKNOWN" weightage="20" keywordseo="mattar-kulcha">Mattar Kulcha</keyword> and Baked Achari Mathi and <keyword id="1290" type="CITY" weightage="20" keywordseo="Maya">Maya</keyword> for <keyword id="6354427" type="CITY" weightage="20" keywordseo="Apple">Apple</keyword> <a href="http://www.businessinsider.in/Meet-the-Mumbai-couple-who-started-a-company-to-sell-their-mothershomemade-pickles/articleshow/55031657.cms">Strudel and Chicken Wienerschnitzel</a> .

This food start up is letting amateur chefs like you and me
to cook and become a food entrepreneur

IAS officer <keyword id="124047" type="PERSON" weightage="20" keywordseo="Ashok-Khemka">Ashok Khemka</keyword>, who came into limelight over the controversial DLF-Robert Vadra Deal, has said that two pages from the files pertaining to the deal are missing. He also demanded registration of an FIR in this case. This came to light after an RTI filed by him revealed that two pages from the files related to the controversial deal are missing. 
 
Chief Secretary PK Gupta accepted that the pages are indeed missing. He also said that an inquiry has been ordered and officials are trying to “reconstruct the file.” 
 "The file noting is a very important piece of record which would establish that the three members were specifically appointed to an illegally constituted Committee by the then political executive, where the only remedy to an aggrieved party was to file a writ petition in High Court, with the pre-determined objective to accord clean chit to black-marketing of colony license by M/s Skylight Hospitality, a company belonging to <keyword id="12593" type="PERSON" weightage="20" keywordseo="Robert-Vadra">Robert Vadra</keyword>, and to discredit my action of cancelling the land mutation from M/s Skylight Hospitality to M/s <keyword id="6362997" type="CITY" weightage="20" keywordseo="DLF">DLF</keyword>," Khemka alleged in a letter written to the Haryana’s chief secretary. 
 
The chief secretary said, "This is a fact that one page of the file is missing, which is two numbers - 1 and 2. I have seen this filed on Friday itself and this page is missing. For this we are instituting an inquiry...if somebody is guilty, we will take action." 
 
"We are trying to reconstruct the file because I think it was six-seven months back somebody asked for information under RTI, somebody other than Khemka. He had asked for information and that information was given to him...We are approaching the Information Commissioner's office to see if a copy of that is available with that office," he said. 
 
"This is serious, now there can be no scrutiny of the matter as to how Krishna Mohan, KK Jalan and Rajan Gupta became members, what were the terms of reference and what occasioned the constitution of the committee when the parties were not aggrieved against my orders and the only remedy against the order was to approach the High Court," Khemka wrote. 
 The previous <keyword id="117981" type="PERSON" weightage="20" keywordseo="Bhupinder-Singh">Bhupinder Singh</keyword> Hooda-led <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> government in Haryana had set up a committee to look into the controversial deal after Khemka cancelled mutation of the land deal. IAS officers Krishna Mohan, KK Jalan and Rajan Gupta were part of the committee. Krishna Mohan has now retired.

DLF-Vadra Land Deal: Foul Play Suspected As Two Pages From Deal Files Reported Missing

1997 marked the ascent of Robert Vadra—that was the year when he became a part of the Gandhi family through his hushed-up marriage with <keyword id="12587" type="PERSON" weightage="60" keywordseo="Priyanka-Gandhi">Priyanka Gandhi</keyword>. Exactly 15 years later, 2012 marked the beginning of his possible downfall—the year when <keyword id="124047" type="PERSON" weightage="80" keywordseo="Ashok-Khemka">Ashok Khemka</keyword>, a senior Haryana IAS officer, kicked up a political storm by alleging irregularities in the land dealings between Vadra and <keyword id="6362997" type="CITY" weightage="80" keywordseo="DLF">DLF</keyword>, the country’s largest realtor by market capitalisation, in the state. Khemka’s accusation led to a cascade of media reports detailing his dubious property deals, including one by The Wall Street Journal, probes and negative campaign against the Gandhi family and the <keyword id="1575" type="ORGANIZATION" weightage="40" keywordseo="Congress">Congress</keyword> which is said to have augmented the fall of Congress, headed by Vadra’a mother-in-law Sonia Gandhi, in the last Lok Sabha elections. 
 
Vadra, born in 1969 to Rajendra and Maureen Vadra (whose family originally hailed from Scotland), has one among the crores of anonymous Delhiites till 1991 when Priyanka met him at a party arranged by Gandhi family’s Italian friends. His father Rajendra Vadra, who belonged to Moradabad in UP and whose family originally hailed from Pakistan (they moved to India at the time of partition), ran a business involving exports of brass and wood handicraft. Following his father’s footsteps, Robert Vadra—whose two siblings Richard and Michelle are no more (his sister Michelle died in a car accident in 2001, while brother Richard committed suicide in 2006)—was running a lesser-known costume jewellery export firm in Delhi when he met Priyanka. Their six-year-long courtship resulting in a cloistered marriage attended by hardly 150 guests opened a whole new chapter in Vadra’s life. 
 
Vadra, who is known to be a fan of dance and music, kept himself busy even since, dabbling between his diverse roles as Priyanka’s hubby, Congress president’s son-in-law, father of his children Raihan and Miraya and promoter of growing business interests. He also hogged the limelight in two other more intriguing avatars—as a fitness freak and a car and bike enthusiast. Vadra, who used to run a fitness bulletin on his Facebook page, boasts of working out hard to trim 20 kgs in five years. He gleefully owns Mercedes, BMW, Land Rover and Jaguar, besides his Rs 15 lakh 1800 cc cruise bike Suzuki Intruder. 
 
The string of events that sent him on a downward trail began in 2009, when he started buying tracts of arid agricultural land around Kolayat, a small town in Rajasthan. Soon after this, the central government announced plans to promote land-intensive solar-energy production for which the pieces of land Vadra purchase were suited, leading to a six-fold spike in the value of the land he bought within a few years. This was in addition to the realty assets he purchased in Haryana, including the deals between him and DLF which triggered Khemka’s allegations. According to The Wall Street Journal, as of the end of 2012 Vadra sold property worth more than $12 million and the value of realty assets he still possessed was about $42 million. 
 
During the run-up to the Lok Sabha elections Narendra Modi used every opportunity to take a dig at the Gandhi family by referring to Vadra’s questionable land deals. Now that Modi is in power and Congress’ fortunes are on a sharp downward spiral, Vadra has been winding up a clutch of his companies; six among them—Lifeline Agrotech, Greenwave Agro, Rightline Agriculture, Future Infra Agro, Best Seasons Agro and Primetime Agro—have already been dissolved or are getting dissolved. However, it is early to ascertain if a frantic attempt to shed firms and assets will help Vadra escape the scrutiny of law enforcement agencies, media and public, and turn around his fortunes; and in the process stop supplying ammunition to the acidic baiters of Sonia Gandhi and Congress.

The Curious Case Of Robert Vadra

As the results season kicks in, the <keyword id="20097634" type="General" weightage="20" keywordseo="quarterly-earnings" source="keywords">quarterly earnings</keyword> numbers of several <keyword id="22405488" type="General" weightage="20" keywordseo="blue-chip-firms" source="keywords">blue-chip firms</keyword> — such as <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> and Reliance Industries — along with <keyword id="20837523" type="General" weightage="20" keywordseo="global-trends" source="keywords">global trends</keyword> and <keyword id="20223116" type="General" weightage="100" keywordseo="trading-activity" source="keywords">trading activity</keyword> of foreign investors, will determine <keyword id="22405487" type="General" weightage="20" keywordseo="equity-market-movement" source="keywords">equity market movement</keyword> in the holiday-shortened week ahead, according to analysts. The domestic <keyword id="22405489" type="General" weightage="20" keywordseo="WPI-inflation-data" source="keywords">WPI inflation data</keyword> for June — scheduled to be announced on Monday — will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram. Among major quarterly earnings to be tracked this week are from HDFC Life Insurance Company, Bajaj Auto, BPCL, JSW Steel, Asian Paints, Infosys, and Reliance Industries. "Q1 earnings will be a key focus this week as numerous companies, including heavyweights Infosys, and Reliance, are set to release their results. Additionally, <keyword id="22194639" type="General" weightage="20" keywordseo="pre-Budget-discussions" source="keywords">pre-Budget discussions</keyword> are expected to contribute to market volatility," Santosh Meena, Head of Research, Swastika Investmart Ltd, said. On the global front, a significant focus will be on China. The country is scheduled to announce its GDP and Industrial Production (IIP) numbers, Meena said. "Other global factors to watch include the speech by the US Federal Reserve Chairman, US retail sales figures, and macroeconomic data from Japan," he added. Meanwhile, IT services company HCL Tech on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution. "On Monday, markets will react to India's inflation data. Key results this week include Jio Financial Services, HDFC Life, Asian Paints, LTIMindtree, Infosys, Wipro, JSW Steel, Paytm, etc. Also globally, investors will take cues from China's GDP numbers, US core retail sales data, and ECB (European Central Bank) interest rate decision," Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services Ltd, said. Retail inflation increased to four-month high of 5.08 per cent in June as food items, including vegetables, became dearer, according to government data released on Friday. Vinod Nair, Head of Research, Geojit Financial Services, said, "We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook." In the week ahead, economic data like China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech will be watched by investors to get cues on market momentum, Nair added. On a weekly basis, the BSE benchmark jumped 522.74 points, or 0.65 per cent, while the Nifty climbed 178.3 points, or 0.73 per cent. The 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to settle at a record closing level of 80,519.34 on Friday. During the day, it zoomed 996.17 points, or 1.24 per cent, to hit an all-time high of 80,893.51. The NSE Nifty surged 186.20 points, or 0.77 per cent, to settle at a record closing high of 24,502.15. Intra-day, it jumped 276.25 points, or 1.13 per cent, to hit a new lifetime peak of 24,592.20.

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