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Mumbai, The <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> on Tuesday barred <keyword id="20838865" type="General" weightage="20" keywordseo="jm-financial-products-ltd" source="keywords">JM Financial Products Ltd</keyword> from providing any form of financing against shares and debentures, including sanction and disbursal of loans against <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword>, with immediate effect. The company can, however, continue to service its existing loan accounts through the usual collection and recovery process, the Reserve Bank said in a statement. <keyword id="20838864" type="General" weightage="20" keywordseo="jm-financial-products" source="keywords">JM Financial Products</keyword> has been directed to cease and desist, with immediate effect, from doing any form of financing against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares as well as against subscription to debentures. RBI said the action is necessitated due to certain serious deficiencies observed with respect to loans sanctioned by the company for IPO financing as well as NCD subscriptions. The RBI carried out a limited review of the books of the company on the basis of the information shared by the <keyword id="19901204" type="General" weightage="20" keywordseo="securities-and-exchange-board-of-india" source="keywords">Securities and Exchange Board of India</keyword> (SEBI). The business restrictions imposed will be reviewed upon the completion of a special audit to be instituted by the RBI and after rectification of the deficiencies to the satisfaction of RBI.

RBI bars JM Financial Products from financing against shares, debentures

<ul><li><keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">Gold prices</keyword> zoomed as the US <keyword id="19900043" type="General" weightage="20" keywordseo="fed" source="keywords">Fed</keyword> maintained a soft monetary policy outlook, driving a fall in the dollar.</li><li>Experts however sound caution as the metal hits a fresh high for the second time this March.</li><li>Fresh buys can wait and some profit booking can be done at these levels, say experts. </li></ul>Gold prices hit another high on Thursday to ₹66,778 per 10 grams on the <keyword id="19925779" type="General" weightage="20" keywordseo="mcx" source="keywords">MCX</keyword> on Thursday morning trade. As it hit a fresh high for the second time this March, the yellow metal might see profit taking, believe experts. The metal’s prices zoomed as the US Fed maintained its outlook for a soft monetary policy, indicating three rate cuts this year. The yellow metal’s spike was supported by a sell-off in the US dollar after the <keyword id="19904332" type="General" weightage="20" keywordseo="federal-reserve" source="keywords">Federal Reserve</keyword> decision. “Markets are now pricing in a greater chance, around 70%, that the Fed will begin cutting interest rates at the June policy meeting, up from 55% before the Fed policy. The US Dollar declined, and international gold prices touched new highs in response to this dovish hold,” said Ghazal <keyword id="19950697" type="General" weightage="20" keywordseo="jain" source="keywords">Jain</keyword> Fund Manager- Alternative Investments, <keyword id="20391056" type="General" weightage="20" keywordseo="quantum-amc" source="keywords">Quantum AMC</keyword>. Book profits, re-enter at a lower price, say experts Experts however sound caution as the metal hits staggering heights. It was trading close to $2,225 per ounce in the international markets. Gold futures also increased 2.12% to $2,228.60 per ounce in New York. In India, contracts for April delivery rose 1.54% at ₹66,764 per 10 grams as investors built fresh positions. “We see some signs of caution, as well as their (Fed’s) projections, show an upward revision in economic growth to 2%, core-PCE inflation at 2.6% and an unemployment rate of 4% by year-end, which would make their rate cut task a little difficult,” observes <keyword id="21039523" type="General" weightage="20" keywordseo="pranav-mer" source="keywords">Pranav Mer</keyword>, VP, EBG - commodity &amp; currency research at <keyword id="20197853" type="General" weightage="20" keywordseo="jm-financial-services" source="keywords">JM Financial Services</keyword>. So much so, that a few even advise investors to book some profits at these prices. “While the fundamental backdrop of lower interest rates and geopolitical uncertainty looks supportive for gold, some profit-taking can be done at these levels. Fresh buys can wait for price dips,” says Jain. Agrees Mer, “Although we still maintain a positive in gold, we do expect some profit-booking, which can give us an opportunity to enter at a lower level.” Most analysts peg gold’s support levels at around ₹66,000/10 gm, though they believe that it has long-term potential to hit anywhere between ₹67,450-₹67,900.

Gold could see profit taking as it hits another new lifetime high

New Delhi, Global electrification, previously driven by strong electric vehicle sales, is now showing signs of growth moderation despite supply chain normalisation and price reductions by OEMs, as per a report by <keyword id="20309623" type="General" weightage="20" keywordseo="jm-financial-institutional-securities" source="keywords">JM Financial Institutional Securities</keyword>. Global automakers like <keyword id="19911527" type="General" weightage="20" keywordseo="mercedes" source="keywords">Mercedes</keyword>, Ford, GM, VW are scaling back EV investments and turning towards <keyword id="19906936" type="General" weightage="20" keywordseo="hybrids" source="keywords">hybrids</keyword> due to shifting consumer preferences and challenges like inadequacy and slow pace of charging infrastructure expansion. We believe the situation is no different in India, the analysts said. <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> reduced its EV sales estimate and prices recently to boost adoption, citing similar hurdles. MSIL, with its tech-agnostic approach (Hybrids, EVs, CNG, Flex-fuel, etc.), is well-positioned (&amp; hedged) amidst slowing pace of electrification, the report said. Reports indicate of MSIL's strong Hybrid model launch pipeline going forward (five models in next 2-3 years). Tax rationalisation on hybrids could act as a fillip and shift consumer preference towards this choice of powertrain, it added. Till last year, global electric vehicle sales continued to outpace supplies (partially owing to semiconductor shortages) with OEs' orderbook piling to record levels. However, despite normalisation of supply chain, pace of electrification seems to have moderated. Reduction in EV prices (by <keyword id="19895433" type="General" weightage="20" keywordseo="tesla" source="keywords">Tesla</keyword>, Ford etc.) to drive wider adoption also isn't helping. Global automakers like Mercedes, Ford, GM, VW have deferred EV related investments, reduced their EV sales guidance indicating moderation in EV growth going ahead, the research said. Few of these auto OEMs are turning their focus back to Hybrids amidst shifting consumer preference. Domestic demand scenario for electric PVs is no different. Recently, Tata Motors (market leader with 73% share) reduced its FY24 EV sales estimate by 20% (to 75-80K units) and also cut prices by upto Rs 125K/vehicle to drive wider adoption. Lack of adequate charging infra and hesitant customers (to pay premium over ICE vehicles) are the primary reasons for slower EV adoption, the report said. Currently, MSIL is working on multiple technologies (Hybrids, EVs, Flex-fuel and Bio-gas in addition to ICE/CNG) as the company believes multiple technologies can co-exist in the medium-to-long term. Its current tech-agnostic approach is again a well thought-out approach against committing resources to a single technology, the report said.

Global automakers scale back electric vehicles, turn towards hybrids

New Delhi, Feb 4 (IANS) Focus on the rural economy in the budget has been waning over the years and in such a scenario a revival of the rural economy would take time, <keyword id="45949" type="General" weightage="100" keywordseo="jm-financial" source="Orion">JM Financial</keyword> said in a report. In the absence of a specific focus on the rural economy in the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword> for 2023-24, analysts don't see immediate triggers for revival in the rural economy. Moreover in the absence of specific or enhancement of allocation towards the rural economy, we believe that the rural environment would have to revive on its own. Hence we would view businesses dealing with price sensitive low ticket items as less likely to benefit, JM Financial said. An attempt is made to make the new tax regime more attractive after getting a low response in FY23, however we believe the benefits in the form of tax saving on enhanced no-tax limit (INR 0.2mn) is unlikely to spur demand in a meaningful manner, JM Financial said in a report. Unlike the anticipation by a section of the market, rural focus was missing in the budget announcements. The expectations of a populist budget was linked to 9 state elections in 2023, moreover with FY24 being the last full year budget before the general elections in CY24. However, we believe that the schemes relating to empowerment of women <keyword id="75772" type="General" weightage="50" keywordseo="self-help-groups" source="Orion">Self Help Groups</keyword>, artisans and setting up of digital infra for agriculture and farmer centric solutions would provide opportunities in the rural economy to improve their livelihood, JM Financial said. Moreover, the budgetary allocation towards rural centric schemes like <keyword id="6361863" type="General" weightage="50" keywordseo="mgnrega" source="Orion">MGNREGA</keyword> and PM <keyword id="865803" type="General" weightage="50" keywordseo="gram-sadak-yojana" source="Orion">Gram Sadak Yojana</keyword> has been declining ever since FY22. Even the sentiments as collated by CMIE show a declining trend in the rural economy ever since June '22 whereas the sentiments in the urban economy seem to be holding up well, JM Financial said. In the absence of a specific focus on the rural economy, we don't see immediate triggers for revival in the rural economy, the report said. The latest rabi sowing has been progressing well even on a higher base of last year, except in the case of wheat. Subsidy burden has been the major pain point in India's fiscal, led by rising fertilizer and food prices. Fertilizer subsidy was increased by INR 1.1tn in FY23 over and above the budgeted figures of INR 1.05tn. Allocation towards fertilizer subsidy has been made to the extent of INR 1.75tn in FY24. We believe with easing inflationary pressures, the government could have limited the allocation to INR 1.4tn, as fertilizer prices have moderated by 40% from its peak. However, the geo-political situation is still in a flux and the government's higher allocation seems prudent at this juncture. Food subsidy has been pegged at INR 1.97tn (vs INR 2.9tn FY23RE), as the outlay would be reduced with the discontinuance of the PM Garib Kalyan Yojana. On an overall level, subsidies form 1.2% of GDP vs 1.9% in FY23RE. Past data indicates that the exuberance or otherwise relating to the budget day normalizes within a month in the equity markets. Moreover, a substantial positive performance in Nifty was witnessed in the week following the budget day only during FY16, FY20 and FY21. The personal income tax changes in the Union Budget affect many but the impact is low, Credit Suisse said in a report. The split of salary income by income groups shows that while the number of filings is mostly by low-income groups, the bulk of the taxes come from high income. 56% of the filers belong to the low-income group but they add to just 2% of the tax collected. People earning more than Rs 10mn are less than 1%, but they add to 10% of the tax collected, the report said. Inflows from small savings deposits have shrunk considerably. Small saving deposits for government have been declining, and at the current pace, can be 20% YoY lower for FY23. This may still be marginally better than budgeted, though these flows are generally larger nearer to the year-end. While bank deposit rates have risen considerably, NSSF rates remained low for most of FY23, were raised in Jan-2023. The Centre continues to remain dependent on small savings flows to fund the deficit, Credit Suisse said.

Revival of rural economy to take time in the absence of triggers: JM Financial

<ul><li>Prime time shows have over 60% of ‘co-viewing instances’ with families watching TV together. </li><li>TV in India has an unparalleled position as a family entertainment platform, both in terms of price as well as reach, said a <keyword id="45949" type="General" weightage="80" keywordseo="jm-financial" source="Orion">JM Financial</keyword> report. </li><li>Growth in <keyword id="1245953" type="General" weightage="20" keywordseo="ott" source="Orion">OTT</keyword> has expanded the overall video consumption, and has not come at the expense of <keyword id="1632453" type="General" weightage="80" keywordseo="linear-tv" source="Orion">linear TV</keyword>. </li><li>Urban youth with access to wired broadband and proclivity to watch international content are likely to shift exclusively to <keyword id="5293670" type="General" weightage="20" keywordseo="ott-platforms" source="Orion">OTT platforms</keyword>, the report said. </li><li>Low cost of pay TV and low wired broadband penetration can work against cord-cutting, the report said. </li></ul>For families across India, prime time is mostly spent in front of their television sets. According to JM Financial, prime time shows have over 60% of ‘co-viewing instances’ – and this is what will keep TVs running in India in spite of the proliferation of OTT, as per the report. In addition to the fact that 98% of Indian homes only have a single TV, low proliferation of wired broadband is also keeping people from making the total shift exclusively to OTT. While India has over 650 million mobile broadband users, it has only 18 million wired broadband connections. “Note, these 18 million connections include small and medium enterprises as well, leaving even lower connections for households. We believe these trends and facts suggest TV screens - and linear TV - will remain the mainstay of India’s family entertainment,” said the report named ‘In the eye of the storm’. It also said that growth in OTT has expanded the overall video consumption, and has not come at the expense of linear TV. Pay TV vs OTT vs Free Dish The cost of pay TV – that’s subscription-based TV viewing – is around $3 per month. In comparison, OTT subscription cost is at least 2.5 times that of pay TV. “TV in India has an unparalleled position as a family entertainment platform, both in terms of price as well as reach,” the report said. In the US, however, where subscribers are shifting away from pay TV to OTT – it’s the exact opposite. While pay TV is at around $100 a month, Netflix subscription plans start at $10 per month. Added to that, wired broadband penetration in the US is at 95%. In spite of the fundamentals that support the long-term prospects of linear TV, it is being hurt by many factors. The usual suspect is OTT, which has been chipping away the top-of-the-pyramid user base off pay TV, who are the best spenders. This is reflected in the 6% decline in pay TV subscribers between 2019 to 2021. During the same period, broadcasters’ subscription revenue declined by 13% and ad revenue too went down by 12% – hurt by lowered FMCG ad spends and pandemic-led troubles. FMCG contributes to 50% of TV ad spends. On the other end of the spectrum, the government's DD Free Dish, a free-to-air <keyword id="6411255" type="General" weightage="50" keywordseo="dth" source="Orion">DTH</keyword>, too has pulled away millions of subscribers. Against cord-cutting The JM Financial report, however, believes that there is reason to be sanguine. “TV screen’s dominance during prime time coupled with pay-TV’s low ARPU and wired broadband’s lower penetration in India work against cord-cutting,” the report said. Broadcasters have been withdrawing General Entertainment Channels or GECs from DD Free Dish. That could stem the migration of viewers from pay TV. Moreover, it also expects that receding raw material cost inflation and buoyant festive demand could boost ad-revenue growth starting in the second half of the current financial year. “Unlike the general perception, our analysis indicates TV has held on to its share of ad spend while digital has gained at the expense of other media. TV’s wider reach and India’s low ad-spend-to-GDP ratio mean significant headroom for both TV and digital ad-spend to grow,” the report said. Moreover, India still has close to 100 million non-TV households, which provides a long runway for growth. Where are ad volumes going? Ad volumes have been falling differently across channel genres. Free commercial time (FCT) in genres such as English movies and English niche fell sharply even over 2019-21— reflecting the impact of OTT on select genres. The ad volumes of English movie channels declined the steepest at 45% while English niche went down by 29% and that of music channels went down 19%. “Urban youth, the viewership base of English channels on TV, appear to have shifted to OTT with global, on-demand content. Following the same logic, there seems to be a small impact on Hindi GEC (-3% FCT over 2019-21) while <keyword id="42771" type="General" weightage="20" keywordseo="regional" source="Orion">regional</keyword> genres seem largely unaffected, as of now,” the report said. On the other hand, ad volumes grew in genres like news, Hindi movies, Marathi channels, Tamil channels, Kannada, Bengali and Malayalam. However, ad volume fall in English channels have little effect on overall growth in TV as it constitutes only 1% of overall TV viewership. Even as the urban youth with access to wired broadband, higher spending capacity, and proclivity to watch international and niche content are likely to cut the cords and shift exclusively to OTT platforms, there is a lot of juice left in the linear TV market. “With around 300 million households, a sprawling regional language market, and a diverse cultural background, India offers significant opportunities for all forms of entertainment to co-exist. We believe OTT, pay TV, and free-to-air channels will all co-exist in the country,” the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/prime-videos-four-more-shots-please-season-three-to-debut-on-october-21/articleshow/94701251.cms">Prime Video's 'Four More Shots Please!' season three to debut on October 21</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/flipkart-group-leads-e-commerce-festive-sales-meesho-is-second-largest-contributor-in-order-volume-redseer/articleshow/94701015.cms">Flipkart group leads e-commerce festive sales, Meesho is second largest contributor in order volume: Redseer</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/instagram-is-developing-a-nudity-protection-feature-to-block-unsolicited-nude-photos-in-dms/articleshow/94697784.cms">Instagram is developing a ‘Nudity Protection’ feature to block unsolicited nude photos in DMs</a>

Indians stick to TV for prime time and that's keeping them from cutting the 'cord'

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s <keyword id="312455" type="General" weightage="20" keywordseo="EXTERNAL-DEBT" source="Orion">external debt</keyword> rose by 8.2 per cent to stand at $620.7 billion on March 31, 2022, compared to $573.7 billon on March 31, 2021. Out of this, 53.2 per cent of external debt was denominated in US dollars, the Indian rupee denominated debt was estimated at 31.2 per cent and was the second largest, according to the status report on India's external debt 2021-22, released by the <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> on Monday. According to the report, external debt, as a ratio to GDP, fell marginally to 19.9 per cent as on March 2022 compared to 21.2 per cent of the year ago period. Foreign currency reserves, as a ratio to external debt, stood slightly lower at 97.8 per cent as on March 2022, compared to 100.6 per cent of the year- ago period. The long-term debt estimated at $499.1 billion, formed the largest chunk of 80.4 per cent, while the short-term debt, at $ 121.7 billion, accounted for 19.6 per cent of the total external debt amount. The short-term trade credit was predominantly in the form of trade credit (96 per cent) financing imports, the report added further. Commercial borrowings, <keyword id="11904949" type="General" weightage="80" keywordseo="nri" source="Orion">NRI</keyword>s deposits, short-term trade credit and multilateral loans, all accounted for 90 per cent of the total external debt. While NRI deposits marginally contracted during end-March 2021 and end-March 2022, commercial borrowings, short-term trade credit and multilateral loans, on the other hand, expanded during the same period. The rise in commercial borrowings, short-term trade credit and multilateral loans together was significantly larger than the contraction in NRI deposits, the report further said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/marriage-is-a-sacrament-says-centre-to-sc-in-restitution-of-conjugal-rights-case/articleshow/94017818.cms">Marriage is a sacrament says Centre to SC in restitution of conjugal rights case</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ondc-is-a-population-scale-initiative-to-democratize-e-commerce-jm-financial/articleshow/94017558.cms">ONDC is a population-scale initiative to democratize e-commerce: JM Financial</a>

India's external debt rose 8.2% in 2021-22 to $620 billion

<keyword id="14907483" type="General" weightage="20" keywordseo="jm-financial-institutional-securities-ltd-" source="Orion">JM Financial Institutional Securities Ltd.</keyword> has released its report on Open Network for <keyword id="1664180" type="General" weightage="50" keywordseo="digital-commerce" source="Orion">Digital Commerce</keyword> (<keyword id="5862596" type="General" weightage="100" keywordseo="ondc" source="Orion">ONDC</keyword>) terming the company a population-scale initiative to democratise e-commerce, the detailed report concludes that it has the potential to create a win-win scenario for incumbents as well as new entrants. The report also terms extreme operational complexity as the roadblocks for ONDC. "With its primary focus of enabling e-commerce for small retailers and MSMEs, ONDC has the potential to enhance retail digital penetration in the country at an even faster pace than what was seen during the COVID lockdowns. The network will enable a wider customer catchment to small retailers and direct customer access to MSMEs, creating millions of million-dollar businesses," said the report. Using an open source protocol, ONDC switches the approach from closed platforms to a network that creates interoperability across all on boarded applications, says the report. "This interoperability enables unbundling, which allows all participants to play to their strengths -- a banking app with millions of consumers focuses on boarding/engaging consumers while a SaaS provider for online sellers handholds the sellers. Further, the buyers get to stick to their app of choice for accessing a broad selection while sellers do not need to spend time and capital in working with multiple platforms in silos. Overall, this can drive capital efficiency for the players, helping them achieve profitability," said the report. As per the report, the roadblocks to success of ONDC include solving the chicken and egg situation between supplier and buyer on boarding, customer complaints redressal (as a fragmented process also creates gaps for the process to fall through), competition issues in case the large incumbents or massive brands are on boarded as well as those related to data privacy and ownership. "Looking at <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword> evolution, ONDC might also need to decide on its positioning as a non-regulatory authority or becoming a rule-setting body in order to ensure that the network remains fairly attuned for the small retailer to not get marginalised," said the report. Open Network for Digital Commerce (ONDC) has been incubated with the primary purpose of supporting grassroots-level entrepreneurship and digitising small, local retailers by making them a participant in India's e-commerce revolution. ONDC is pursuing an open protocol approach that drives interoperability between all onboarded platforms and, hence, lowering the entry barrier for a retailer to sell online. This allows a consumer on any app of his/her choice to buy from any seller across the network even if the seller might not be onboarded on the app that the customer is using. "We appreciate this move by the Indian government to take the digital revolution across the nook and corner of the country and believe that this could be a massive driver in taking India's digital penetration in retail from the current 5-7 per cent to almost 20 per cent in the next 5 years (current IBEF estimate is of 19 per cent by 2030)," said the report. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ril-acquires-california-based-solar-software-developer-sensehawk-for-32-million/articleshow/94016174.cms">RIL acquires California-based solar software developer SenseHawk for $32 million</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-has-held-its-own-despite-sharp-depreciation-in-other-currencies-rbi-governor/articleshow/94015738.cms">Rupee has held its own despite sharp depreciation in other currencies: RBI Governor</a>

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RBI bars JM Financial Products from financing against shares, debentures

PTI

Gold could see profit taking as it hits another new lifetime high

Katya Naidu

Global automakers scale back electric vehicles, turn towards hybrids

IANS

Revival of rural economy to take time in the absence of triggers: JM Financial

IANS

Indians stick to TV for prime time and that's keeping them from cutting the 'cord'

Katya Naidu

India's external debt rose 8.2% in 2021-22 to $620 billion

IANS

ONDC is a population-scale initiative to democratize e-commerce: JM Financial

IANS

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