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<ul><li>Investors rushed to Zerodha as two exciting IPOs⁠— from IRFC and Indigo Paints⁠— were open for subscription.</li><li>CEO Nithin reportedly admitted that the systems were down for a bit, but not completely crashed.</li><li>Zerodha has nearly 3 million users, <a href="https://www.businessinsider.in/business/corporates/news/interview-angel-broking-ceo-believes-the-600-crore-ipo-will-ride-the-digital-euphoria/articleshow/78235409.cms">as per data</a> in September 2020, and is the largest institutional broker in the country.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>India's largest institutional broking firm Zerodha’s platform crashed during the peak market hours on Wednesday, as users rushed to place orders for the two hot initial public offers in the market — Indian Railway Finance Corporation and Indigo Paints. Furious investors complained on Twitter as the website restricted them from applying for the IPOs. Zerodha currently owns the largest share of the pie in the institutional broking industry and has nearly 3 million users, <a href="https://www.businessinsider.in/business/corporates/news/interview-angel-broking-ceo-believes-the-600-crore-ipo-will-ride-the-digital-euphoria/articleshow/78235409.cms">as per data</a> in September 2020. Zerodha’s CEO Nithin Kamath <a href="https://economictimes.indiatimes.com/tech/tech-bytes/users-complain-of-zerodha-outage-as-indigo-paints-ipo-opens/articleshow/80362725.cms">told ET</a> that the systems were down for a bit, but not completely crashed. “Multiple tries would have worked. The IPO has a lot of people trying to apply at the same time. It is slow, but working,” he added. Business Insider reached out to Zerodha for comments but we are yet to receive a response. <div type="twitter" handle="real_manikant" handlename="Manikant" image="http://pbs.twimg.com/profile_images/1348894458952130561/HZ-T19JA_normal.jpg" favoritecount="66" retweetcount="6" status="Come on #zerodha. This is not the first time it's happening. Since morning the Console is down. What are you guys d… https://t.co/3gXgQomop8" createdat="1611128077000" id="1351795251791319041"></div> <div type="twitter" handle="1Riteshgupta_" handlename="Ritesh" image="http://pbs.twimg.com/profile_images/1285920568768737280/v3_ytfeX_normal.jpg" favoritecount="1" retweetcount="0" status="@Nithin0dha @zerodhaonline why I can't buy / trade in bank nifty 33000 strike this week option contract. Very bad e… https://t.co/H4RShEBgre" createdat="1611137187000" id="1351833460512493568"></div> <div type="twitter" handle="Kishore64653096" handlename="Kishore K" image="http://pbs.twimg.com/profile_images/1193798534308364290/KCbNIV_i_normal.jpg" favoritecount="3" retweetcount="1" status="#zerodha completely disappointing on emergency situations. Not for the first time https://t.co/vrA29M2XPe" createdat="1611142108000" id="1351854099558330370"></div> According to the <a href="https://downdetector.in/status/zerodha/">Down Detector website</a>, the outage peaked around 11:15 am and normalised around 5 pm, when the market closed for IPO subscription. Hot bets — IRFC and Indigo Paints The investors have been going crazy as the IPO bonanza has lit up the street once again. The <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-have-to-say-about-the-4634-crore-indian-railway-finance-corporation-irfc-ipo/articleshow/80323479.cms">IRFC’s ₹4,634 crore IPO </a>concluded today with a subscription of a little over 3 times the offer value, and at the same time, Indigo Paints’ ₹1000 crore IPO opened for public subscription — the issue was subscribed fully within a few hours. Both the IPO received top recommendations from nearly all brokerages based on various factors from strong valuation to robust business growth and healthy financials. The<a href="https://www.businessinsider.in/stock-market/news/indigo-paints-1000-crore-ipo-to-open-on-january-20-in-india/articleshow/80248736.cms"> Indigo Paints’ IPO was hot in the grey market</a>, even before opening for public subscription. The grey market data showed that people were ready to pay a premium of ₹800-810 over the set price band of ₹1480 - ₹1490 per share. SEE ALSO: <a href="https://www.businessinsider.in/international/news/jack-ma-the-billionaire-founder-of-alibaba-and-ant-group-resurfaced-after-he-went-missing-in-china/articleshow/80360004.cms" data-type="tilCustomLink">Jack Ma resurfaces – Alibaba founder makes his first public appearance after he was feared to be “missing” for nearly two months</a> <a href="https://www.businessinsider.in/stock-market/news/why-indigo-paints-1000-crore-ipo-is-a-hit-even-before-it-opened-for-subscription/articleshow/80357759.cms" data-type="tilCustomLink">Indigo Paints’ ₹1,000 crore IPO is a hit even before it opened⁠ for subscription— here’s why</a>

Two smoking hot IPOs choke India's largest broking site Zerodha

<ul><li>In the past two months, <keyword id="759851" type="COMPANY" weightage="20" keywordseo="Zerodha">Zerodha</keyword> has seen a 100% increase in terms of new accounts opening, trades per day in comparison to pre-corona days.</li><li>On Wednesday morning, Sensex zoomed over 1400 points as domestic investor sentiment got a boost from PM Modi’s announcement.</li><li>Zerodha clarified with Business Insider that it wasn’t a crash but customers saw a delay in placing orders.</li></ul>On Wednesday (May 13) morning, stock brokerage startup Zerodha saw its ‘most active trading day’, as the founder and Chief Executive Officer (CEO) described it, as users rushed to place orders. Sensex zoomed over 1400 points as domestic investor sentiment got a boost from PM Modi’s announcement. After Indian Prime Minister Narendra Modi announced the <a href="https://www.businessinsider.in/india/news/pm-modi-today-announced-a-stimulus-package-of-20-lakh-crore-to-revive-the-indian-economy/articleshow/75701569.cms">₹20 lakh crore financial stimulus</a> to revive the economy from the COVID-19 crash. <div type="Article" hostid="261" msid="75708813" title="Modi's stimulus package gets Indian markets excited — Sensex zooms over 1,400 points" mstype="2" mssubtype="0"></div> The rush was severe that the 10-year old Zerodha’s servers crashed for two minutes as stocks were about to open, sending the users into a fit of fury. <div type="twitter" handle="zerodhaonline" handlename="Zerodha" image="http://pbs.twimg.com/profile_images/878157243958480896/02ktQOXf_normal.jpg" favoritecount="639" retweetcount="36" status="Today is our most active trading day till date. Apart from a delay in order execution for the first two minutes for… https://t.co/te3aQEHOSX" createdat="1589350399000" id="1260453049782452230"></div> The CEO’s take However, Zerodha clarified with Business Insider that the impact was only on a few users. “For two minutes, a certain group of customers faced a delay in ordering. There was no crash as such. Because of the volatility in the market, the issue is that right at the opening of the day, there is a sudden rush of orders for every broker in the country right now. But that’s only till 9.15-9.17 am,” Nithin Kamath, founder and CEO, Zerodha told Business Insider. In the past two months, Zerodha has seen a 100% increase in terms of new accounts opening, trades per day in comparison to pre-corona days. “Within the last two months, today was incrementally one of the most active days. But then again, that’s for all brokers,” said Kamath. Zerodha has 2.5 million customers and 1.3 million active customers. Today, right at the opening one of the leased lines had a disconnection which is why there was a delay. “What happens is once you place an order and then you try to place another before the other is executed, you get some rejections, which is what some of the users have posted,” said Kamath. Zerodha is aware of the volatility in the market and has already been working on solutions to keep the servers from crashing even when there is a sudden influx of orders. “The challenge of scaling during the coronavirus pandemic is you can’t add lease lines or servers. We are ready for scale, but in the last two-three months, because of the work from home initiatives, people are a lot more active. Last week, we added a new data centre with the exact same capacity as our primary data centre to handle the load. We are trying to add more lease lines but because of the pandemic it’s getting difficult,” said Kamath. See Also: <a href="https://www.businessinsider.in/india/news/pm-modi-today-announced-a-stimulus-package-of-20-lakh-crore-to-revive-the-indian-economy/articleshow/75701569.cms">India’s stock market gets the stimulus package it was craving for ⁠— but it still has to wait for the details</a> <a href="https://www.businessinsider.in/policy/economy/news/breaking-down-modi-20-lakh-crore-stimulus-rbi-and-finance-ministry-steps-land-and-labour-laws/articleshow/75709001.cms">RBI and Finance Ministry have already spent nearly half of Narendra Modi’s $270 billion stimulus⁠— watch out for changes to land and labour laws</a>

Zerodha crashes briefly as Modi’s stimulus package sparks a crazy rush for stocks ⁠— CEO describes it as ‘the most active trading day’

Ahead of <keyword id="3169059" type="General" weightage="100" keywordseo="openai" source="Orion">OpenAI</keyword>'s first-ever developer conference, a significant <keyword id="15681942" type="General" weightage="20" keywordseo="chatgpt" source="Orion">ChatGPT</keyword> update has leaked, revealing a custom chatbot creator. As per leaked screenshots and videos, a custom chatbot creator has several features already available in ChatGPT using GPT-4, like web browsing and data analysis, reports 'The Verge'. The news was first reported by 'The <keyword id="1323134" type="General" weightage="50" keywordseo="decoder" source="Orion">Decoder</keyword>'. According to the report, OpenAI will also have a new marketplace where users can share their chatbots or browse those created by others. Moreover, an SEO tools developer, Tibor Blaho, also shared a video of the UI for the feature in action, displaying a GPT Builder option that allows users to submit a prompt -- for example, "make a creative who helps generate visuals for new products" -- to develop a chatbot. As shown in the video, there are options to select a default language, tone, and writing style for the bot on the "Create" tab. Then, on the "Configure" page, there are fields for naming, describing, and giving instructions to the bot on what it can and cannot do. A user called <keyword id="128333" type="General" weightage="80" keywordseo="choi" source="Orion">Choi</keyword>, who initially posted a summary of the rumoured updates a few days ago on X, also claimed that OpenAI is planning to release an enterprise 'Team' subscription plan with 'Flexible' and 'Annual' options. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/reliance-jio-launches-jiomotive-a-vehicle-tracking-and-diagnostics-device/articleshow/105006068.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/reliance-jio-launches-jiomotive-a-vehicle-tracking-and-diagnostics-device/articleshow/105006068.cms" target="_blank">Reliance Jio launches JioMotive, a vehicle tracking and diagnostics device</a><a href="https://www.businessinsider.in/tech/news/zerodha-app-goes-down-company-acknowledges-issue-as-users-complain-on-social-media/articleshow/104999575.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/zerodha-app-goes-down-company-acknowledges-issue-as-users-complain-on-social-media/articleshow/104999575.cms" target="_blank">Zerodha acknowledges app crash after users complain on social media</a><a href="https://www.businessinsider.in/stock-market/news/honasa-ipo-how-to-check-allotment-status-of-mamaearth-ipo/articleshow/104945253.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/honasa-ipo-how-to-check-allotment-status-of-mamaearth-ipo/articleshow/104945253.cms" target="_blank">Honasa IPO – How to check Mamaearth allotment, GMP, listing date and more</a>

OpenAI may release 'GPT builder' option for ChatGPT subscribers soon

<ul><li>Funding winter of 2022-2023 is a stark reminder that growth at all costs, without the backbone of profitability, is a path to ruin.</li><li>The industry also witnessed unethical practices like circular trading, further complicating the landscape.</li><li>By mid-2024, the market should stabilize, presenting opportunities for investors with cleansed portfolios and profitable ventures. </li></ul>In 1999, amidst the dot-com frenzy, Warren Buffett's prophetic words at the Allen-Sunny Valley Conference foresaw the bubble's burst. I witnessed this, my first tech bubble-bust, firsthand as a 16-year-old trader in my dad’s office. At that time, companies, merely by donning a “tech” or “soft” label, saw their valuations soar. This pattern, a rollercoaster of tech stock highs and lows, has been a recurring theme in the two-plus decades since and is especially pronounced in India. The 2021-22 period, a time marked by soaring valuations and new paradigms for appraising tech companies, was no exception. Deep down, we knew this hyper-growth was unsustainable. The subsequent 'funding winter' of 2022- 2023 is a stark reminder that growth at all costs, without the backbone of profitability, is a path to ruin. The recent downturn reiterates a lesson we've seen repeatedly over the years: the frenzy around valuation and growth must be tempered by a return to fundamental business principles. As I've observed in my 24 years of investing, this boom and bust cycle is an old story, teaching us the same lesson each time. In the late 90s, eyeballs and clicks were the valuation cornerstone, mirroring the recent era where 'scale' overshadowed real profitability. The trend of scaling at all costs, ignoring the fundamentals of Lifetime Value (LTV) to Customer Acquisition Cost (CAC) ratios, led to inflated valuations. I saw companies claiming large revenues, but after stripping away GST, discounts, and direct costs, what remained was merely 'foam'—insubstantial. Investors, caught in a frenzy, were willing to pay exorbitant multiples on inflated revenues. A company claiming ₹24 crore in annual revenue, in reality, had just ₹9 crore, yet it fetched valuations of ₹240 crore. This discrepancy was exaggerated by a period of low-cost money due to global quantitative easing. However, as interest rates rose, these overvalued, cash-burning ventures crumbled, unable to sustain their business models without cheap capital. As the cost of capital has skyrocketed, the focus has rightfully shifted back to profitability, a lesson reiterated in each market cycle. The bottom line after taxes, not inflated revenue figures, truly determines a business's value. While burning cash may be viable temporarily, a clear path to profitability is essential, regardless of the industry. Let's not absolve investors, either. Many lowered their standards in their race to be seen as dynamic and founder-friendly. They prioritized deal-winning over diligence, forgoing governance and oversight. This approach turned them into mere brokers, seeking higher valuations for their investments rather than actual returns. This corrupted ecosystem was primed for a crash, and deservedly so. During the investment frenzy, there were ventures with strong, viable business models that didn’t initially catch investors' eyes. These businesses, grounded in consumer loyalty and solid financials, were overshadowed by cashburning counterparts. Many founders, under the sway of investor expectations, pivoted from profit-generating models to cash-intensive operations. However, ventures like Physicswallah, Zerodha, and Everest Fleet, which stayed true to their profitable roots, eventually took center stage. This shift wasn't easy, especially for businesses ingrained in a culture of heavy spending. Reducing marketing and operational costs, essential in leaner times, led to revenue dips for many. The industry also witnessed unethical practices like circular trading, further complicating the landscape. Looking towards 2024, I foresee a challenging first half for businesses reliant on high valuations. We'll likely witness mergers, substantial down rounds, or pivots to more sustainable models. By mid-2024, the market should stabilize, presenting opportunities for investors with cleansed portfolios and profitable ventures. Sectors like space tech, fintech infrastructure, RegTech, and enterprise SaaS are poised for growth, driven by strong problem-solving capabilities and profitability potential. This shift back to business fundamentals underscores a crucial lesson: innovation can't override the need for a profitable bottom line. No matter how groundbreaking the technology, its existence is questionable if it doesn't lead to a sustainable business model. As we embrace this evolution, 2024 might end on a high, heralding a new era of rational, value-driven investments. In conclusion, 2024 will be an exciting year for investing. As a favourite saying from one of my beloved Batman movies goes, "The night is darkest just before the dawn." In these funding winters, long-term winning investments can be found, separating the hay from the chaff. In these markets, winning investments are discovered, and unique businesses are at fantastic valuations. Think about the wealth creation Amazon and Infosys have had since their lows of 2000 or Microsoft and HDFC since their lows of 2010. Investors who have been prudent, sitting on cash, waiting for the market to return to normalcy, will find exceptional opportunities at fantastic prices. I expect 2024 to end on a very high note. Investors will get opportunities to buy out positions or to get into companies that are doing great work but have chosen the wrong path to gaining investor eyeballs, which would require capital to mend the errors. All of these will find opportunities in 2024. So, I expect 2024 to be a fantastic year for investing. I'm supremely excited. Here’s to a fantastic 2024, and seeing you in the cap tables of 2024’s success stories. (The author is the managing partner at Artha Venture Fund.)

Startups in 2024: Innovation can't override a profitable bottom line

<ul><li>Many traders complained of equity prices not getting updated on <keyword id="6354646" type="General" weightage="20" keywordseo="nse" source="Orion">NSE</keyword>.</li><li>Later NSE tweeted that the ‘broadcast has resumed in all indices’.</li><li>The development comes when the Indian equity market has crashed and witnessed huge sell-off by investors.</li></ul>In the early hours of the trade on Monday, many traders complained of equity prices not getting updated on India’s National Stock Exchange (NSE). Following this, brokerage firm Zerodha and ICICI Securities had addressed the glitches on Twitter saying there is an issue with data feeds for NSE stocks from the exchange across all members. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div>“Trading in all segments is functioning normally. However, NIFTY and BANKNIFTY indices are intermittently not getting broadcasted. The Exchange is working on resolving the issue and shall keep the members informed,” NSE had said in a tweet. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div>Basically, investors faced problems with viewing the live equity price as it was not getting updated on NSE. However, NSE later claimed that the technical glitches have been resolved and the broadcast has been working properly. The development came at a time when Sensex and Nifty 50 slipped nearly 3% on Monday morning following negative global cues on heightened concerns related to the Russia-Ukraine war. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/equity-markets-plunge-more-as-investors-continue-the-big-sell-off-on-the-fear-of-rising-global-uncertainties/articleshow/90044025.cms">Sensex and Nifty take a nosedive as investors continue the big sell-off fearing rising global uncertainties</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/credavenue-an-online-lending-startup-is-the-latest-unicorn-of-india/slidelist/90044586.cms">Meet India’s latest unicorn – CredAvenue, an online lending startup</a>

Traders complain about technical glitches on NSE website in early hours; NSE says it is resolved now

<ul><li><keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> is currently navigating turbulent airwaves, and it needs a liquidity boost to help it come out of its troubles.</li><li>The airline has reportedly grounded several of its Boeing 737 aircraft over non-payment of GST dues.</li><li>However, this could just be a tip of the iceberg, and here’s what we know so far.</li></ul>Ajay Singh took over SpiceJet from Dayanidhi Maran, of Sun Group, in 2015, with some reports suggesting that he paid just ₹2 per share for his 58.5% stake, being <a href="https://www.livemint.com/Companies/t9wGYNXBYet9YoTWcZ8asI/Ajay-Singh-The-turnaround-man.html">hailed</a> as the “turnaround man” of the Indian aviation industry. However, his airline has been facing turbulence for a while now, with the list of problems now including the taxman. SpiceJet, one of the two listed airlines in India, has reported losses consecutively for the past six quarters, and there could be more trouble brewing for the company. The airline barely has enough cash to pay off its GST dues, reported to be up to ₹285 crore, while its cash reserves were around ₹320 crore. This, according to a<a href="https://www.business-standard.com/article/companies/aircraft-leasing-companies-hit-tax-air-pocket-over-spicejet-dues-121110800037_1.html"> Business Standard</a> report, has prevented SpiceJet from sending back 13 Boeing 737 aircraft to its lessors. Due to non-payment of tax dues, the tax authorities have refused to grant a ‘no objection certificate’ to SpiceJet to give back the leased aircraft to its lessors. <cmsannotation type="cmsannotation" annotationid="What’s holding SpiceJet back from returning the aircraft?" comment="subhead" text="What’s holding SpiceJet back from returning the aircraft?">What’s holding SpiceJet back from returning the aircraft?</cmsannotation> At the core of the issue is a tax demand by the tax authorities under the Goods and Services Tax (GST) regime – the report stated that SpiceJet failed to pay GST dues worth ₹285 crore. According to the company’s financial results as of March, 2021, SpiceJet had ₹320 crore in the form of cash and cash equivalents. The liquidity crunch seems to be an immediate and critical issue for the company. In comparison, its rival IndiGo had a balance of ₹509 crore as of March 2021, and ₹1,366 crore as of September, 2021. <div type="image" title="SpiceJet revenue_profit - 2019- June 2021." msid="87583217" hostid="261" caption="&amp;lt;p&amp;gt;Spicejet revenue and profit.&amp;lt;/p&amp;gt;"></div> The airline filed a petition in the courts to allow it to pay the dues in 10 installments, which was countered by the tax authorities stating that there is no provision in the GST Act that allows payment in instalments. As such, the non-payment of GST dues is now preventing SpiceJet from trimming its operating costs. For an airline, lease rentals on aircrafts are one of the core operating costs. But there’s more to SpiceJet’s troubles than just tax dues. <cmsannotation type="cmsannotation" annotationid="Lease liabilities account for ₹3 out of ₹4 of SpiceJet’s balance sheet" comment="subhead" text="Lease liabilities account for ₹3 out of ₹4 of SpiceJet’s balance sheet">Lease liabilities account for ₹3 out of ₹4 of SpiceJet’s balance sheet</cmsannotation> Lease liabilities are one of the biggest dues on SpiceJet’s balance sheet – nearly every ₹3 out of ₹4 is towards the airline’s lessors. The company’s lease liability as on March 31, 2021 was over ₹8,446.3 crore, while the total liabilities stood at ₹11,376 crore. In comparison, its rival IndiGo’s lease liabilities stood at a close 70% in the same period. <cmsannotation type="cmsannotation" annotationid="Lease rentals balloon" comment="subhead" text="Lease rentals balloon">Lease rentals balloon</cmsannotation> As of June 2021, lease rentals accounted for over 10% of SpiceJet’s total operating costs, increasing by more than six times when compared to the same period last year. SpiceJet’s total fleet stood at 100 at the end of March, 2021, falling from 114 a year ago. This is still a third more than the 75 aircraft it had in its fleet in 2019, though. Analysts at Centrum Institutional Research estimate that this number will come down to 90 next year, and with it, the lease rentals should come down proportionately, too. <cmsannotation type="cmsannotation" annotationid="Delay in Boeing 737 Max settlement adding to SpiceJet’s troubles" comment="subhead" text="Delay in Boeing 737 Max settlement adding to SpiceJet’s troubles">Delay in Boeing 737 Max settlement adding to SpiceJet’s troubles</cmsannotation> The Boeing 737 Max safety issues resulted in SpiceJet grounding the aircraft in India from March 2019. The aircraft was grounded around the world following two fatal crashes, and SpiceJet is the only airline to use it in India. As a result of this, SpiceJet claimed more than ₹1,200 crore in compensation from Boeing. It has yet to receive a ‘substantial’ part of this compensation, according to media <a href="https://www.hindustantimes.com/business/spicejet-woes-may-continue-even-after-737-max-return-101630287222382.html'">reports</a>. <cmsannotation type="cmsannotation" annotationid="Rising fuel costs another major worry" comment="subhead" text="Rising fuel costs another major worry">Rising fuel costs another major worry</cmsannotation> Another cause of concern for SpiceJet – among other airlines – is the increase in fuel costs. Aviation turbine fuel (ATF) prices have nearly doubled in the preceding 12 months. Given that these costs <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/atf-price-hike-set-to-hurt-aviation-travel-rebound/articleshow/87476903.cms">account</a> for up to 40% of an airline’s total operating costs, this is a major cause of concern for the ailing SpiceJet. <cmsannotation type="cmsannotation" annotationid="Fundraising could help SpiceJet in the short term" comment="subhead" text="Fundraising could help SpiceJet in the short term">Fundraising could help SpiceJet in the short term</cmsannotation> Earlier this year, SpiceJet confirmed that it has received shareholder approval to raise up to ₹2,500 crore via a qualified institutional placement of eligible securities, either bonds or other instruments. Apart from this, the airline has also received approval to hive off its cargo business to its subsidiary, <keyword id="6866514" type="General" weightage="20" keywordseo="spicexpress" source="Orion">SpiceXpress</keyword>, which would result in a one-time gain of ₹2,500 crore. Analysts at Prabhudas Lilladher say this could “go a long way in alleviating [its] liquidity constraints”. Business Insider has reached out to SpiceJet for a statement and will update the story if and when we receive a response. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/subscribe-to-paytm-ipo-experts-are-not-fully-convinced/articleshow/87578255.cms">India's biggest IPO is here — here's what analysts have to say</a> <a href="https://www.businessinsider.in/finance/banks/news/what-is-an-evergreening-loan-and-why-is-it-hurting-indusind-banks-investors/articleshow/87581103.cms">What is Evergreening and why is it hurting IndusInd Bank’s investors today?</a> <a href="https://www.businessinsider.in/business/startups/news/how-to-subscribe-to-paytm-ipo-on-zerodha-paytm-money-banks/articleshow/87510232.cms">Paytm IPO will open today — here is how to apply via bank and apps like Zerodha, Paytm Money</a>

There are several problems ailing SpiceJet and the taxman knocking on its doors is just one of them

<ul><li><keyword id="6400891" type="COMPANY" weightage="20" keywordseo="havells">Havells</keyword> shares climbed almost 6% on May 13 — all thanks to the Indian government’s <a href="https://www.businessinsider.in/india/news/pm-modi-today-announced-a-stimulus-package-of-20-lakh-crore-to-revive-the-indian-economy/articleshow/75701569.cms">₹20 lakh crore stimulus package</a>.</li><li>The share price has lost nearly a quarter of its value since the beginning of 2020. </li><li>Lockdown being in the peak season is the major reason for the impact on the sales of the quarter ended in March. </li></ul><keyword id="116610" type="CITY" weightage="20" keywordseo="Havells-India">Havells India</keyword> shares climbed almost 6% on May 13. It wasn’t entirely because of the earnings ⁠— the revenue fell by a fifth and the profit over 10% in the Jan-March period⁠— but the investors were cheering the Indian government’s <a href="https://www.businessinsider.in/india/news/pm-modi-today-announced-a-stimulus-package-of-20-lakh-crore-to-revive-the-indian-economy/articleshow/75701569.cms">₹20 lakh crore stimulus package</a>, declared by Prime Minister Narendra Modi, hoping that it would revive the prospects consumer goods companies. The reality got starker a day after (May 14) and the stock lost 2.34% in early trade. "Havells’ loss of revenues in April-June would be significantly higher than the previous quarter on account of loss of the most lucrative period of sales for cooling products (fans and ACs). Cables/wires/lighting businesses have exposure to construction/real estate/government projects, which may take a longer time to recover," said Kotak Institutional Equities in a report which the EPS estimate for the next financial year by nearly half and the target price for the stock by 8% to ₹475. <keyword id="6288467" type="COMPANY" weightage="20" keywordseo="Havells-share-price">Havells share price</keyword> has lost nearly a quarter of its value since the beginning of this year. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2374184" data-url="https://flo.uri.sh/visualisation/2374184/embed"></div>]]></cdata></div> <div type="Article" hostid="261" msid="75709001" title="RBI and Finance Ministry have already spent nearly half of Narendra Modi’s $270 billion stimulus⁠— watch out for changes to land and labour laws" mstype="2" mssubtype="0"></div> Although the coronavirus lockdown period was just for one week in the quarter ended on March 31, But, Havells reported a 10.69% decline in its consolidated net profit to ₹177.73 crore. Its operational revenue was down 19.50% from ₹2,754.77 crore a year ago to ₹2,217.44 crore. “The loss in the last 15 days had a crippling effect. It seems if the disruption had not occurred, Q4 would have grown at 9%,” said Chairman and Managing Director <keyword id="9214090" type="PERSON" weightage="20" keywordseo="anil-roy-gupta">Anil Roy Gupta</keyword> said in a conference call with analysts. “Environment continues to be challenging” Unfortunately for Havells, the ongoing lockdown has come in during summer, the peak season for one of its biggest products - fans. For Havells “February and March are the months where the dealer starts picking up pretty well over the year-end closure. But this time, major sales happened during the last ten days,” said Gupta. Going forward, buyers may also postpone purchases of other electrical goods too, given the rising uncertainty around the economy, businesses, jobs, and salaries. The lockdown in the last quarter lasted a week, but in the second quarter i.e. April to June, Havells like other companies, has lost six weeks of business. <div type="Article" hostid="261" msid="75691813" title="Asian Paints’ shareholders had a fear that Goldman Sachs just confirmed— Indians will not rush to do up their homes" mstype="2" mssubtype="0"></div> Most big cities, the biggest market for consumer goods, remain in the <a href="https://www.businessinsider.in/india/news/india-red-green-and-orange-zones-have-been-designed-wrong-say-experts/articleshow/75620266.cms">red zones, where businesses aren’t allowed to operate</a>. “Urban areas are contributing somewhere between 35-40% of the sales right now. In the red zones, 35-40% sales points are open in the orange and green zone most of the shops are open but a very limited activity — just about 30-40% activity,” said Gupta. SEE ALSO:<a href="https://www.businessinsider.in/policy/news/india-chief-economic-advisor-krishnamurthy-subramanian-on-labour-law-changes/articleshow/75709571.cms" data-type="tilCustomLink"> India’s Chief Economic Advisor uses the word ‘squatters’ to describe India’s ‘formal’ workforce while pushing for controversial labour law changes</a> <a href="https://www.businessinsider.in/business/startups/news/zerodha-crashes-as-modi-stimulus-sparks-a-rush-for-nifty-stocks/articleshow/75713084.cms" data-type="tilCustomLink">Zerodha crashes briefly as Modi’s stimulus package sparks a crazy rush for stocks ⁠— CEO describes it as ‘the most active trading day’</a>

Havells earnings estimate just got cut by half as it loses the best time to sell fans and ACs

New Delhi, From the depths of despair to an adrenaline-pumping ascent, <keyword id="6422161" type="UNKNOWN" weightage="20" keywordseo="equity-investors">equity investors</keyword> traversed the whole gamut of emotions in 2020 as a once-in-a-lifetime pandemic followed by equally unprecedented stimulus measures whiplashed <keyword id="156526" type="PERSON" weightage="20" keywordseo="Global-stock-markets">global stock markets</keyword>, upended conventional wisdom and blurred the lines between investing and speculation. Dalal Street witnessed gut-churning fluctuations, with the BSE <keyword id="6484188" type="COMPANY" weightage="20" keywordseo="sensex">Sensex</keyword> swinging between historic losses and eye-popping gains, sometimes in the same session, and confounded veterans and rookies alike. No one had anticipated that the Sensex and Nifty would be bludgeoned in late March, or that they will stage a remarkable recovery almost immediately and soar to all-time highs by the end of the year. But, 2020 has been a year full of events outside the realm of imagination. The year started off on an ominous note for financial markets when on January 3 top Iranian commander Qasem Soleimani was killed in a US drone strike in Iraq, ratcheting up tensions in the Middle East. The Sensex tumbled more than 900 points over two sessions but resumed its upward march to hit life highs later that month. Equities largely shrugged off initial reports of a coronavirus outbreak in China, in tandem with the global bourses, and looked ahead to the Budget. However, the Sensex logged one of its biggest single-day declines on February 1 after the Union Budget failed to live up to market expectations of growth-boosting measures and fiscal discipline. The real test, alas, was ahead. From mid-February, world stocks started getting skittish as it became clear that the COVID-19 crisis would not be limited to China. To add to the woes, Yes Bank was placed under a moratorium in a rare move, triggering a crisis of confidence in the domestic banking sector. The explosive cocktail of a global market meltdown and domestic troubles proved too much to take for Dalal Street. Four of the biggest single-day declines in the history of BSE Sensex came in March 2020, leaving participants shell-shocked. Its biggest-ever plunge (in absolute terms) was on March 23, when the benchmark crashed 3,934.72 points or 13.15%. Astonishingly, March also saw some of the index's biggest up-moves amid the RBI stepping in with emergency liquidity support. The Sensex's largest-ever single-session gain came a little later on April 7, when it zoomed 2,476.26 points as investors wagered on more stimulus measures from the government to battle the economic fallout of the pandemic. The turbulence on the domestic bourses also mirrored global market turmoil. The Dow Jones suffered its worst fall, emerging market assets were routed and in a mind-boggling moment, US oil futures turned negative for the first time in history. For a while, the world stopped making any sense. With the world economy comatose and governments overwhelmed by a cataclysmic health crisis, the task of propping up the financial markets and restoring investor confidence fell to the global central banks. "2020 will probably go down in history as a year when global central bankers injected close to USD 11 trillion as stimuli to combat the COVID pandemic," said S Ranganathan, Head of Research at LKP Securities. The massive money printing by the US Federal Reserve and its peers sparked a breathtaking turnaround in global stock markets. Never bet against the Fed, as the saying goes. Flush with funds, foreign portfolio investors (FPIs) poured in billions of dollars into emerging markets, with India topping the chart in Asia. FPI net inflows into Indian equity markets have crossed ₹1.5 lakh crore (over USD 20 billion) this year -- a lifetime peak. The Sensex erased its 2020 losses on November 5, while global investors monitored the results of the tightly-contested US elections. The next booster dose for world markets came over the following few days as companies like Pfizer, Moderna and AstraZeneca began announcing positive results from their COVID-19 vaccine trials. Human innovation once again triumphed against all odds, setting off a record-shattering relief rally in equities. From November 9 to December 18, the Sensex hit fresh record highs in 22 out of the 29 sessions. For the calendar year (till December 24), the Sensex has gained 13.86%, while the Nifty has delivered returns of 12.99%. Compared to the March lows, both the indices are up by a hefty 80%. <keyword id="595023" type="PERSON" weightage="20" keywordseo="Benchmarks">Benchmarks</keyword> had another engine propelling them higher this year - <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> (RIL), which became the first Indian company to reach a market capitalisation of ₹15 lakh crore (USD 200 billion) in September. Beginning April, the Mukesh Ambani-led conglomerate announced a slew of deals to sell minority stakes in its telecom and retail arms to marquee investors like Facebook, Google, Silver Lake, KKR, Mubadala, and Public Investment Fund of Saudi Arabia. The company has raised around USD 25 billion so far this year as it seeks to ramp up its consumer-facing businesses. For a good part of the year, RIL almost single-handedly drove the domestic benchmarks higher in the absence of any buying triggers. The COVID-19 crisis also forced investors to take a relook at their sectoral allocations. "From the lows, markets started stabilising and pandemic sectors like FMCG, IT, pharma and chemicals benefitted. As the economy further opened up, growth and cyclical sectors reversed positively," said Vinod Nair, Head of Research at Geojit Financial Services. However, while stocks seem to have found their animal spirits back, there are also some murmurs of discontent. Analysts say world stock markets have developed a dangerous addiction to endless money printing by central banks, and show withdrawal symptoms of a junkie at the slightest indication of a moderation in monetary stimulus. Back home too, around half of the government's ₹20.97 lakh crore economic stimulus package comprised RBI's liquidity measures. This glut of global liquidity has pushed markets so far ahead of economic fundamentals that some are beginning to question whether the real economy matters in equity investing at all. For example, no one would be able to tell looking at the Sensex chart that the Indian economy shrank 23.9% in the first three months of FY21, and 7.5% the next quarter. Globally too, markets have been on a manic upswing even as millions have lost their jobs, small businesses are battling for survival and entire industries have been decimated. While the real economy has been ravaged by the pandemic, most financial market indicators are ruling at stratospheric levels. The BSE Sensex is currently trading at a price-to-earnings (PE) ratio of 32.89, the highest on record. To put it differently, investors are paying ₹32.89 for every rupee of future earnings of the 30 Sensex firms, compared to the previous 20-year average of around ₹19. Global market capitalisation -- the value of all the listed stocks in the world - topped USD 100 trillion for the first time ever in December. And in a classic sign of market mania, there's a rush of first-time investors eager to make a quick buck. A record 68 lakh new dematerialised (or demat) accounts were opened in India between April and October 2020, compared to nearly 49 lakh in the entire FY20, which was the highest in a decade. Experts attribute this trend to factors like increased time at home due to the lockdown, efforts to make up for lost jobs or incomes, and also FOMO, or the fear of missing out on this rally. This is also reflected in the growing popularity of discount broking apps like Zerodha and Upstox, which have dislodged traditional broking houses in terms of active clients. Like the Robinhood app in the US, such platforms have attracted the tech-savvy crowd with their slick interface and mobile-first approach which has 'gamified' the once-stodgy field of stock market investing. With Fed and FOMO playing in tandem, many questioned technicalities like PE and PB ratios. But, some analysts also maintain that 2020 was an outlier in terms of corporate earnings and hence valuation metrics like PE ratios this year are not strictly comparable to historical averages. However, even they agree that every segment of the economy would have to stage a synchronous and sensational comeback to catch up with the market projections. And if that comes to pass, 2021 would be an even more incredible year for the bourses. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-food-ipo-investors-saw-their-money-double-on-listing-day/articleshow/79934860.cms">Mrs Bector’s Food IPO investors saw their money double on listing day</a> <a href="https://www.businessinsider.in/thelife/personalities/news/from-taking-on-yahoo-to-being-tamed-by-chinas-communist-party-its-been-a-roller-coaster-decade-for-jack-ma/slidelist/79935613.cms">From taking on Yahoo to being tamed by China’s Communist Party— it’s been a roller coaster decade for Jack Ma</a> <a href="https://www.businessinsider.in/careers/news/ey-is-looking-to-hire-9000-techies-in-2021-to-boost-its-digital-services/articleshow/79936576.cms">EY is looking to hire 9,000 techies in 2021 to boost its digital services</a>

Virus, vaccines and volatility: Stock market takes a wild ride in 2020

<ul><li>Prime Minister Narendra Modi made a promise of a massive stimulus package to revive Indian economy from the damage caused by the COVID-19 coronavirus.</li><li>The stimulus has been designed keeping in mind all factors – land, labour, liquidity and laws, Modi said in his address– with the promise to make India 'self reliant'.</li><li>These are the top highlights from the details of the stimulus package unveiled by <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword>. </li></ul>Indian Finance Minister Nirmala Sitharaman unveiled the details of the massive stimulus package, promised by Prime Minister Narendra Modi, to revive Indian economy from the damage caused by the COVID-19 coronavirus. There were 15 measures, out of which six will be fore micro, small, and medium enterprises, 2 relate to the employee provident funds, 2 relate to financial sector, one each for real estate and power distribution companies, aside from three tax-related measures. The top highlights from the details of the stimulus package unveiled by Finance Minister Nirmala Sitharaman: Stimulus measures for micro, small, and medium enterprises (MSME): <ul><li>₹3 lakh crore collateral-free automatic loans for businesses, including MSMEs. - 4-year tenure, 12-month moratorium available till October 31, 2020. This will be fully credit guarantee cover for lenders (both banks and non-banking finance companies) on both principal and interest. This is an emergency credit line for small businesses </li><li>Subordinate debt ₹20,000 crore for stressed MSMEs. They have a problem of equity. 2 lakh MSMEs that are either NPA or stressed will be eligible for it. A credit guarantee trust will give partial cover and the government will allocate ₹</li><li>A ₹10,000 crore fund of funds for MSMEs that want to grow and, may be, even get listed eventually. </li><li>The definition of MSMEs is getting changed to allow for benefits to continue even if they grow beyond a certain size. The investment limit (to qualify as an MSME) has been raised, the criteria to be called MSME will now include turnover, and the differentiation between the manufacturing and services MSME. </li><li>For global tenders of government procurement of less than ₹200 crore will be limited to local MSMEs; they won't be global tenders at all. "Small units can now participate in the government purchases," the Finance Minister said. </li><li>E-market linkage to be provided across the board as trade fairs etc. will get rarer in the post-COVID world. All the pending dues from the government or government-owned companies will be cleared in the next 45 days. </li></ul> Steps taken for employee provident fund (EPF): <ul><li>EPF contribution will be paid by the government, which will provide liquidity support of ₹2,500 crore and 7.2 million employees will benefit from it.</li><li>The statutory PF contribution is being reduced to 10% from 12% so that employers will have some more money in their hands. However, for PSUs we will continue to pay the 12% for the next three months. </li></ul>Steps taken for financial sector: <ul><li>The government will buy investment-grade (not high-quality) debt of non-banking finance companies to the tune of ₹30,000 crore. It will be a special liquidity scheme, fully guaranteed by the government, that will keep them afloat and it will benefit housing sector.</li><li>The government will expand the scope of an existing partial credit guarantee scheme with an outlay of ₹45,000 crore. The government will bear the the first 20% loss on unpaid debt (AA-rated or below).</li></ul>Steps for the power distributors: <ul><li>A ₹90,000 crore cash injection: Power Finance Corp and Rural Electrification Corp will give loans to power distribution companies (on guarantee from state governments), against the receivables on the books on the distributions companies.</li></ul> Steps for infrastructure contractors: <ul><li>A maximum extension of six months for committed milestones for projects underway. Government agencies will partially release guarantee.</li></ul>Steps for real estate: <ul><li>Using the force majeure clause, the registration and completion date can extended by six months for those projects that were due after March 25, 2020. Urban development ministry will issue advisory to states/ Union Territories.</li></ul>Steps for taxation: <ul><li>Tax deducted at source for non-salaried payments like commission, brokerage, etc. can be reduced by 25%. This will release ₹50,000 crore into the economy. </li><li>All pending refunds for charitable trusts, non-corporate businesses, professionals, cooperatives, propreitors, partnerships, LLP, etc. will be released immediately. </li><li>Due date for tax returns deferred to Nov 30, 2020. Tax audits deadline deferred to October 31, 2020 from September 30. </li><li>Tax assessments getting barred on Sep 30, 2020 will be extended to Dec 31, 2020. Those getting barred on March 31, 2021, will be extended to September 30, 2020.</li></ul> Sensex zoomed over 1400 points on May 13 as investors had been waiting for this booster shot from the government. <div type="image" title="sensex last one month may 13." msid="75715436" hostid="261" caption="&amp;lt;p&amp;gt;Sensex has gained nearly 4% in the last one month as investors hoped for a stimulus from the Modi government to revive the economy.&amp;lt;/p&amp;gt;"></div> However, while Modi promised to spend about 10% of India's nearly $2.8 trillion gross domestic product (GDP), nearly half of that has <a href="https://www.businessinsider.in/policy/economy/news/breaking-down-modi-20-lakh-crore-stimulus-rbi-and-finance-ministry-steps-land-and-labour-laws/articleshow/75709001.cms" data-type="tilCustomLink" target="_blank">already been spent by the Reserve Bank of India and the Finance Ministry</a> since the coronavirus crisis exploded in mid-March 2020. <table style="width: 482pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:173pt">Stimulus</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 76pt;">Amount</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 233pt;">Big announcements</td> </tr> <tr> <td class="xl66" style="height: 30pt; border-top-width: initial; border-top-style: none;">Modi's anouncement on May 12</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹20 lakh crore</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 233pt;">The focus will be on all factors "land, labour, liquidity and laws"</td> </tr> <tr> <td class="xl67" style="height: 45pt; border-top-width: initial; border-top-style: none; width: 173pt;">Already announced: Finance Ministry on March 26</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹1.7 lakh crore </td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 233pt;">Support for the poor: Cooking gas, free foodgrains, medical insurance for frontline workers etc.</td> </tr> <tr> <td class="xl67" style="height: 45pt; border-top-width: initial; border-top-style: none; width: 173pt;">Already announced: RBI on March 27</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹5.7 lakh crore </td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 233pt;">Liquidity: Cut in both repo rate, reverse repo rate, cash reserve ratio, moratorium on loan repayments etc.</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 173pt;">Already announced: RBI on April 20</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">1.5 lakh crore</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 233pt;">Long-term repo operations and cheaper loan refinancing facilities </td> </tr> <tr> <td class="xl65" style="height: 30pt; border-top-width: initial; border-top-style: none;">Remaining</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹11.1 lakh crore</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 233pt;">Liquidity done - land, labour and other legal reforms are likely</td> </tr></tbody></table> These are the stimulus measures announced by the Modi government so far (before May 13). <table style="width: 558pt;"> </colgroup> <tbody><tr> <td class="xl66" style="height:45.0pt;width:213pt">Stimulus measure</td> <td class="xl66" style="border-left-width: initial; border-left-style: none; width: 120pt;">Amount announced</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 95pt;">Additional government expense</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 130pt;">Reason for NIL impact on government</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Cash transfer to women</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹30,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹30,000 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Additional pension payments</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹9,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹9,000 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Cash transfer to rural labourers</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹10,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹10,000 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 30pt; border-top-width: initial; border-top-style: none;">Income support for small farmers</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹17,400 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> -</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 130pt;">It's an existing scheme that has been expedited</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Additional food subsidy</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹30,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹30,000 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Free cooking gas</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹10,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹10,000 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Contribution to pension fund</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹5,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹5,000 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Life insurance for health workers etc.</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹1,500 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹1,500 crore</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr> <tr> <td class="xl63" style="height: 30pt; border-top-width: initial; border-top-style: none;">Building worker fund</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹31,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> -</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 130pt;">Existing fund is getting reused</td> </tr> <tr> <td class="xl63" style="height: 30pt; border-top-width: initial; border-top-style: none;">District mineral fund</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹25,000 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 130pt;">Existing fund is getting reused</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">Total</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹1.69 lakh crore</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹95,500 crore</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> </td> </tr></tbody></table> The stimulus has been designed keeping in mind all factors – land, labour, liquidity and laws– with the promise to make India 'self reliant', Modi had said. He also promised support for the poor and migrant workers but the measures to help the poor and to boost money supply, have already been taken, leaving the possibility of land and labour reforms on the table. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zerodha-crashes-as-modi-stimulus-sparks-a-rush-for-nifty-stocks/articleshow/75713084.cms" data-type="tilCustomLink" target="_blank">Zerodha crashes briefly as Modi’s stimulus package sparks the crazy rush for stocks ⁠— CEO describes it as ‘the most active trading day’</a> <a href="https://www.businessinsider.in/india/news/india-will-see-multiple-waves-of-covid-19-infections-every-few-months-but-thats-not-a-reason-to-panic/articleshow/75707889.cms" data-type="tilCustomLink" target="_blank">India will see multiple waves of COVID-19 infections every few months — but that's not a reason to panic</a> <a href="https://www.businessinsider.in/india/news/modis-self-reliance-and-local-thrust-looks-like-a-jab-at-china-sounds-like-rss-swadeshi/articleshow/75701230.cms" data-type="tilCustomLink" target="_blank">Modi's 'self-reliance' and 'local thrust' looks like a jab at China, sounds like RSS' 'swadeshi' ⁠— and it will be music to Baba Ramdev's ears</a>

You Searched For "zerodha crash" and got 9 results

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