Name: Markets witness 600 points swing, midcaps underperform
Uploaded: 2018-12-26T04:45:44.fff+05:30
Duration: T00M17S
Channel: editorji
Description: Markets made a smart recovery at closing after dropping over 400 points in trade. HDFC twins and Reliance helped the benchmark indices reverse their day's losses dragged by the IT heavyweights. However, the market breadth remained in favour of declines.

Markets made a smart recovery at closing after dropping over 400 points in trade. HDFC twins and Reliance helped the benchmark indices reverse their day's losses dragge

Markets witness 600 points swing, midcaps underperform

Markets made a smart recovery at closing after dropping over 400 points in trade. HDFC twins and Reliance helped the benchmark indices reverse their day's losses dragged by the IT heavyweights. However, the market breadth remained in favour of declines.

Family members are eligible to claim insurance from the Provident Fund if an employed member passes away due to Covid 19. Here is what you need to know -: Who i

Family members are eligible to claim insurance from the Provident Fund if an employed member passes away due to Covid-19. Here is what you need to know -:
<ul>
<li>Who is eligible? - If deceased was in employment for a continuous period of 12 months preceding the month of death irrespective of change of establishment</li>
<li>The membership of EDLI&nbsp;scheme is automatically provided to those covered in EPF.&nbsp;</li>
<li>How much is the claim amount -&nbsp;It is linked to the average of the provident fund account balance of an employee, minimum of ₹2.5 lakh&nbsp;to maximum of ₹7 lakh&nbsp;</li>
<li>Who can apply - Nominees (members of the family) designated under the EPF Scheme</li>
<li>&nbsp;</li>
</ul>
How to apply for the claim?
<ul>
<li>Nominees, family members, and legal heirs can fill out PF Form 5 IF to seek insurance benefits after the death of an active EPFO member.</li>
<li>
There is no online option for form filling.&nbsp;Only the offline method can be used to fill out the form. Download the form from here&nbsp;<a href="https://www.epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/Form5IF.pdf Read more at: https://www.goodreturns.in/personal-finance/planning/epf-covid-claim-nominee-can-claim-epf-insurance-upto-rs-7-lakh-form-v-if/articlecontent-pf19023-1209286.html" target="_blank">Download EPF Form 15</a>
</li>
<li>
To ensure that all benefits under the Schemes are processed, the form should be submitted with Form 20 (for claiming Provident Fund dues) and Form 10 D/10C (for Pension/Withdrawal Benefit as applicable).
</li>
<li>
The last employer must attest the&nbsp;application.
</li>
<li>Documents required: Death certificate, Guardian certificate if nominee is not natural guardian or in case of a minor, Copy of a canceled/blank cheque of the bank account in which payment is opted.
&nbsp;
</li>
</ul>

Veteran business journalist Sunil Jain died on Saturday evening due to Covid-related complications. He had been hospitalised at AIIMS for the past few weeks w

Veteran business journalist Sunil&nbsp;Jain died on Saturday evening due to Covid-related complications. He had been hospitalised at AIIMS&nbsp;for the past few weeks where he suffered two cardiac arrests on Saturday. He was 58 years old.&nbsp;
A Delhi School of Economics alumnus, Jain was managing editor of the Financial Express and had worked with Business Standard, Indian Express and India Today earlier.&nbsp;
Prime Minister Narendra&nbsp;Modi&nbsp;tweeted condolences, he said, he would miss reading his columns and hearing his frank as well as insightful views on diverse matters.

The Maharaja has got caught in the line of fire between the Govt and Cairn Energy in the $1.2 billion tax award tussle. Reuters reports that energy giant Cairn has

The Maharaja&nbsp;has got caught in the line of fire between the Govt and Cairn Energy in the $1.2 billion tax award tussle. Reuters reports that energy giant Cairn has sued Air India in a US District Court in New York&nbsp;to enforce a $1.2 billion&nbsp;arbitration&nbsp;award that it won in a tax dispute against India. Cairn since the start of 2021 had begun taking steps to identify Indian assets overseas against which it could enforce the award including bank accounts, aircraft and even ships. Reports indicated that the govt had alerted PSU&nbsp;banks to reduce cash holdings in overseas accounts
In February, Cairn filed a separate case in a US court to recognise and confirm the&nbsp;arbitration&nbsp;award, including payments due since 2014, it approached courts in 6 other countries as well for the same.&nbsp;

Creator of cryptocurrency Ethereum, Vitalik Buterin has donated more than 50 trillion Shiba Inu coins ($1 billion) into Covid Relief Fund for India but the q

Creator of &nbsp;cryptocurrency Ethereum,&nbsp;Vitalik Buterin has donated more than 50 trillion Shiba Inu coins ($1 billion) into Covid Relief Fund for India but the question is how will it be utilised in a country that still has no laws and many critics of the digital tokens?
Sandeep Nailwal, who founded the&nbsp;Covid Crypto Relief Fund said that he &nbsp;has already identified an entity to convert the donations into rupees, and an aid-receiver compliant with India&rsquo;s Foreign Contribution Regulation Act. The conversion however wil have to be gradual to protect pricing on cryptocurrency and also be compliant with norms set by the RBI.
The central bank for one has made it&rsquo;s displeasure with cryptocurrencies quiet clear,&nbsp;The Reserve Bank of India (RBI) in 2018 had forbidden banks from dealing in all transactions related to bitcoin and other such assets. That diktat over was overturned by the apex court as the Supreme Court in March 2020 &nbsp;ruled that lenders could infact lend to cryptoexchanges. Recent reports indicate that RBI has again directed lenders to&nbsp;re-consider ties with crypto exchanges, traders.&nbsp;
The finance ministry may be forced to put the issue back into the spotlight of decision making with $1 billion looking to redeem itself from the Crypto Relief Fund. The finance minister herself had softened her stand from 2018 as she was quoted as saying&nbsp;&ldquo;&nbsp;"From our side, we are very clear that we are not shutting all options. We will allow certain windows for people to do experiments on the blockchain, bitcoins or cryptocurrency.&rdquo;
With are over 10 million crypto investors in India with total holdings of over $1.36 billion, according to industry estimates it doesnt seem like this industry can remain &lsquo;unregulated&rsquo; for very much longer.&nbsp;

Move over Remdesivir the drug spotlight has moved to black fungus treatment drug Amphotericin B as raging demand has created severe shortages across mark

Move over Remdesivir&nbsp;the drug spotlight has moved to black fungus treatment drug&nbsp;Amphotericin B&nbsp;as raging demand has created severe shortages across markets.&nbsp; With over 2000 cases of&nbsp;mucormycosis&nbsp;in Maharashtra&nbsp;demand for the drugs is soaring to treat the fungal infection.&nbsp;The number of doses per day ranging from 4-6 depending on the weight of the patient and for some the treatment could last for 21 days. Amphotericin B which costs close Rs 7000/dose is largely manufactured by Mylan&nbsp;Labs with a few domestic firms&nbsp;Abbot India, Bharat Serum.&nbsp;
Genetek Lifesciences of Wardha, which also started to produce Remdesivir&nbsp;has received FDA approval to make Amphotericin B injection during the COVID-19 period, a statement issued by Union Minister Nitin&nbsp;Gadkari's&nbsp;office said. Its production will begin in the next 15 days at its Wardha plant.&nbsp; Genetek&nbsp;hopes to bring the price down for&nbsp;Amphotericin B injection by 75% to Rs 1500/dose.&nbsp;

Just as it filed it’s papers for an IPO Wadia Group owned Go Air rebranded itself after 15 years of operations as "Go First”.Go Airlines is looking to

Just as it filed it&rsquo;s papers for an IPO Wadia Group owned Go&nbsp;Air rebranded itself after 15 years of operations as "Go First&rdquo;. Go Airlines is looking to raise Rs 3600 cr &nbsp;and has filed a draft red herring prospectus (DRHP) for an initial public offer (IPO) &nbsp;through issuance of fresh equity shares.&nbsp;The Wadia group owns 73.33% in the carrier which had faced a loss of&nbsp;Rs 1,270 cr for the year ending March 30, 2021.&nbsp; Pandemic blues are continuing for this budget airline that has been total passengers carried in March fall by a whopping 47% vs February, this was steep in comparison to Indigo&rsquo;s 29% drop.&nbsp; Rebranding may not take Go Air's legacy issues and concerns away. with three CEO changes in just three years investors may need more safety instructions from the top brass before taking off with this IPO.

While Russia's Sputnik V vaccine is already available in India, Dr Reddys Laboratories CEO Deepak Sapra has said that his company is now trying to s

Dr Reddy's&nbsp;Laboratories CEO&nbsp;Deepak&nbsp;Sapra&nbsp;has said that his company is trying to seek regulatory approval for the single-dose Sputnik V Light vaccine in India. &nbsp;Sapra&nbsp;who confirmed that the Clinical trials of the single-dose vaccine are being conducted in Russia&nbsp;added&nbsp;that Sputnik Light's single shot will be able to give 80% efficacy. He further said that Sputnik Light will be a shot in the arm for the country's vaccination program.&nbsp;NITI Aayog's&nbsp;Dr VK Paul said at a press conference earlier this month that they are investigating&nbsp;Russian Direct Investment Fund's (RDIF) claim that the first dose of Sputnik Light is enough.

The legal roadblock for the popular Pfizer vaccine may soon be removed. Reports indicate that the govt and vaccine manufacturer Pfizer are close to resolving tussl

The legal roadblock for the popular Pfizer vaccine may soon be removed. Reports indicate that the govt and vaccine manufacturer&nbsp;Pfizer are close to resolving tussle on the indemnity clause.&nbsp;
ET reports citing sources that the govt is agreeable to grant conditional indemnity to Pfizer.The pharma&nbsp;major has had insisted on&nbsp;the clause which absolves the company from paying any legal cost in case of an adverse event. Pfizer has signed an indemnity clause with most countries that are using its vaccine.&nbsp; The decision likely in a few days would lead to Pfizer first importing jabs to India and then also exploring the possibility of setting up manufacturing facilities in the country.

Businesses are joining in to add to the iconic show Friends' reunion frenzy. Booking.com is offering a night's stay at Monica and Rachel's New York apartment for just u

Businesses are joining in to add to the iconic show Friends' reunion frenzy. Booking.com is offering a night's stay at Monica and Rachel's New York apartment for just under $20/night.&nbsp; Listed as the "The Ultimate Sleepover at The FRIENDS Experience", Booking.com is offering guests&nbsp;to sleep over in the set re-creation of Monica and Rachel&rsquo;s apartment, featuring a private 1-bedroom accommodations, a FRIENDS&trade;-themed scavenger hunt with coffee and breakfast at Central Perk - just like the gang would.&nbsp;
Booking.com is taking reservations on May 21, the apartment is available for just two nights, May 23 and May 24 in New York city. On Friday, HBO Max dropped the first teaser of the Friends reunion special&nbsp;the highly-anticipated special of the iconic series is set to premiere on May 27

Tech titans helped US markets rebound in Friday's trade , tech index Nasdaq Composite, the drag for the week, snapped back by 2.3%. 30 stock Dow Jones climbed 1.1%

Tech titans helped US markets rebound in Friday's trade , tech index&nbsp;Nasdaq Composite, the drag for the week, snapped back by 2.3%. 30 stock Dow Jones climbed 1.1%, to 34,382 and the broader gauge of&nbsp;S&amp;P 500 gained 1.5%. It was been a roller-coaster ride for the US markets this week as it sunk over 5% in the first three days of the week to recover moderately on Thursday and Friday.&nbsp;The Dow and the S&amp;P 500 fell more than 1% each this week, while tech stocks got hit especially hard, pulling the Nasdaq down over 2.3% for the week. This is the worst weekly drop for US markets in nearly 3 months .&nbsp;

Big hike in petrol and diesel prices up by 29 paisa and 34 paisa per litre. Fuel prices have now been raised 8 times since the start of May. Petrol prices are up by Rs

Big hike in petrol and diesel prices up by 29 paisa and 34 paisa per litre. Fuel prices have now been raised 8 times since the start of May. Petrol prices are up by Rs 1.79 a litre in May, diesel prices have risen by Rs 2.22 per litre.&nbsp; Petrol prices in some states including Rajasthan, Madhya Pradesh and in some places in Maharastra have breached the Rs 100 per litre mark. It's not just auto fuel, even airline companies are feeling the heat, jet fuel&nbsp;prices have been raised by 6.7% this month.&nbsp;
&nbsp;

It's Akshaya Tritiya on Friday and yes, its one of those auspicious days when you buy gold! So, how can you invest in the safe haven without stepping out

It's Akshaya&nbsp;Tritiya&nbsp;on Friday&nbsp;and yes, its one of those auspicious days when you buy gold! So, how can you invest in the safe haven without stepping out of your house especially when its all locked-down? editorji&nbsp;tells you five options:
1. Digital gold: There are multiple fintech&nbsp;platforms offering you to buy gold online for as little as ₹1. Just like jewellers, these platforms allow anyone to buy or sell gold but digitally. However, some also offer to take physical delivery. You can try Paytm, Google pay, PhonePe, etc.
2. Gold ETFs: These are gold-backed exchange-traded funds. Gold ETFs&nbsp;invest your money in gold and they are listed on stock exchanges. Anyone with a demat account can invest in Gold ETFs&nbsp;through their regular broker.
3. Gold Mutual Funds: Just like equity mutual funds, gold mutual funds park your money in the commodity. They intend to give you better returns than conventional gold.
4. Gold Bonds: One can invest in Sovereign Gold bonds through the Reserve Bank of India. Gold bonds provide 2-3% annual return on investment along with the appreciation in the value of the underlying commodity.
5. Monthly Investment Plan: Many local jewellers offer a monthly investment plan under which you can invest a small amount over a period of time and at the end of it you get gold jewellery of the aggregate value. With restrictions in most of the cities, a lot of local jewellers are accepting online payments as well.

Vitalik Buterin, one of the co-founders of the cryptocurrency Ethereum, has donated over $1 billion to a Covid relief fund in India. Buterin donate

Vitalik&nbsp;Buterin, one of the co-founders of the cryptocurrency&nbsp;Ethereum, has donated over $1 billion to a Covid&nbsp;relief fund in India.
Buterin&nbsp;donated&nbsp;more than 50 trillion Shiba&nbsp;Inu&nbsp;coins on May 12 to India Covid&nbsp;Relief Fund set up by&nbsp;Indian tech entrepreneur Sandeep Nailwal.&nbsp;Earlier in April, Buterin donated about $600,000 in Ethereum and Maker (MKR) tokens to the fund.
The transaction, however, sparked panic among some investors as they fear a huge liquidation, leading to an over 35% drop in SHIB&rsquo;s price&nbsp;in the past 24 hours. Although,&nbsp;Sandeep Nailwal&nbsp;relieved meme-coin-investors saying the fund will act responsibly.

Vaccine manufacturers Serum and Bharat Biotech told the central govt that they are looking to ramp up production to 10 crore and 7.8 crore doses res

Vaccine manufacturers&nbsp;Serum and Bharat&nbsp;Biotech&nbsp;told the central govt that they are looking to&nbsp;ramp up production to 10 crore and 7.8 crore doses respectively by August.&nbsp; Amid a severe vaccine shortage across states , Union Health Ministry and the office of Drugs Controller General of India had sought from both the firms their production plan for June, July, August and September, sources told&nbsp;PTI.&nbsp;

Billionaire and Bitcoin backer Elon Musk backtracked from his commitment towards the cryptocurrency as he tweeted that Tesla will stop accepting the digital a

Billionaire and Bitcoin&nbsp;backer Elon&nbsp;Musk backtracked from his commitment towards the cryptocurrency as he tweeted that Tesla will stop accepting the digital asset as payment. Musk cited environmental&nbsp;concerns rising from excessive Bitcoin&nbsp;mining.&nbsp; "We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk said in a statement on twitter. &nbsp; Technoking of Tesla, however reassured that the company would not be selling any of its bitcoin and intends "to use it for transactions as soon as mining transitions to more sustainable energy." The value of bitcoin declined sharply after Musk's tweet, dropping from about $54,700 per coin to about $52,000 in less than an hour.

Wall Street cracked as higher than expected reading of inflation spooked investors across the board. Inflation rose at its fastest pace in 13 years last month with

Wall Street cracked as higher than expected reading of inflation spooked investors across the board.&nbsp;Inflation rose at its fastest pace in 13 years last month with the Consumer Price Index spiking to 4.2% from a year ago.&nbsp; 30 stock Dow Jones Industrial Average fell 681.50 points, or 2% posting its worst day since January. The S&amp;P 500 lost 2.1% while the tech-heavy Nasdaq Composite slid 2.7% clocking in weekly decline to more than 5%.

India’s oldest music label Saregama has announced a 151% year-on-year growth in its net profits at ₹37.2 crore for the quarter ended March 31. Prof

India&rsquo;s oldest music label&nbsp;Saregama&nbsp;has&nbsp;announced a 151% year-on-year growth in its net profits at ₹37.2 crore for the quarter ended March 31. Profit after tax or PAT also rose 19% sequentially.&nbsp;
Its FY21 PAT stood at ₹113.5 crore, which is is 161% higher than the FY20 bottomline of ₹43.5 crore.
Digitisation and low cost of data in India remain the primary growth drivers of content consumption, the company said in a release. This is further fuelled by the increase in smartphones, the rising popularity of OTT and social media apps, it added.

Retail inflation for the month of April clocked in at 4.29%, this is the lowest CPI number in 3 months. Food price inflation remained benign with just a 2% rise an

Retail inflation for the month of April clocked in at 4.29%, this is the lowest CPI&nbsp;number in 3 months. Food price inflation remained benign with just a 2% rise and vegetable prices seeing a 3% downtick&nbsp;on year-on-year basis.&nbsp; India's Industrial production soared to 22% for March after two months of contraction. But one should not find cheer in this number as last year for the same period data collection was not feasible due to the national lockdown&nbsp;in March 2020.&nbsp; All eyes will now move to the wholesale price index (WPI) to be released on Friday as commodity and fuel prices that have been on fire and has a much larger weightage&nbsp;on that index.&nbsp;

To deal with personal and professional burnout companies across the board are reworking office hours and leave schedule. The latest is hospitality firm OYO that has ann

To deal with personal and professional burnout companies across the board are reworking office hours and leave schedule. The latest is hospitality firm OYO that has announced a 4-day week for the month of May&nbsp;and 'no reasons asked'&nbsp;infinite paid leaves&nbsp;for its employees till July.
Earlier this month, food delivery platform Swiggy also transitioned to a four-day workweek for all its employees amid partial lockdowns in most urban centres.&nbsp; Consulting firm Deloitte India has create a &ldquo;holiday pool&rdquo; that employees can use to avail holidays over and above allocated leaves.&nbsp;PwC has also created a holiday pool for its employees and also announced extended personal time off which allows workers to take three paid offs during the month of May

Govt owned banks are looking to appoint a nodal officer to safeguard their deposits that could be linked in the $1.2 bn arbitration award involving Cairn Energy an

Govt owned banks are looking to appoint a nodal officer to safeguard their deposits that could be linked in the $1.2 bn&nbsp;arbitration award involving Cairn Energy and the Centre.&nbsp; ET reports that the govt has written a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director &ndash; banking operations, if they receive &lsquo;any intimation/notice/letter&rsquo; from Cairn Energy Plc and its subsidiary Cairn UK Holdings. Reports also suggest that banks have been asked to reduce cash holdings in overseas accounts.&nbsp;

Business

Family to get up to ₹7 lakh if employee dies of Covid-19 through PF scheme, all you need to know

Sunil Jain, veteran business journalist dies of Covid, PM sends condolences

Cairn gets ready to seize Air India's planes, sues the aircraft to claim $1.2 bn award

$1 billion in Cryptocurrency donations, raises the question again...can it be used in India?

Pharma's most wanted list: Black fungus treatment drug Amphotericin B

Go Air becomes “Go First”, files IPO papers

Working with regulators to bring Sputnik Light to India: Dr. Reddy's

Pfizer finally, legal block for India may be resolved

Booking.com offers Monica and Rachel's 'Friends' apartment

All's well that ends well, Big Tech helps US markets rebounds

Fuel on fire, Petrol and Diesel prices hiked for 8th time this month

How to buy gold this Akshaya Tritiya

Crypto Relief for Covid: Ethereum founder donates $1 billion to India Relief Fund

Serum Institute, Bharat Biotech to increase vaccine production by August

Musk backtracks on Bitcoin, Tesla stops accepting cryptocurrency payments

US markets crack, see biggest drop in 4 months as inflation spooks investors

Saregama's March quarter profit jumps 151%

Headline inflation eases, IIP soars but too early to cheer

4 day weeks to unlimited leaves, firms rework norms to ease pandemic stress

The billion-dollar worry for PSU banks as legal tussle with Cairn heats up

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