Manchester United midfielder Paul Pogba is bemused as to why he remains a constant source of criticism despite missing most of the campaign through injury. The 27-year-old has been restricted to just eight appearances this season due to a persistent ankle injury. Former Liverpool captain and manager Graeme Souness has been one of the most outspoken critics of Pogba since he returned to United from Juventus for a then world record £89 million ($112 million) fee in 2016.

However, Pogba claimed he did not even know who Souness was. "I didn't even know who he was, really," Pogba told the official Manchester United podcast. "I heard he was a great player and stuff like that. I know the face but (not) the name. "Like I said I'm not someone that watches a lot of (punditry), I watch a lot of football but I don't stay after the game to listen to what they say about why they did this, or why they did that. I like to focus on football." Souness - who won three European Cups, and five league titles as a player at Liverpool - responded to Pogba on Tuesday morning.

"I'm happy with that. The oldest saying in football comes to mind: 'Put your medals on the table'. I've got a big table," the former Scottish international told Sky Sports. Pogba's return to Old Trafford has failed to match the expectations of his price tag despite winning the Europa League and League Cup in his first season under Jose Mourinho. A bitter fall out with Mourinho followed in the next two seasons before the Portuguese was sacked in December 2018.

And after a brief hot streak when Ole Gunnar Solskjaer took charge, Pogba's time under the Norwegian has been beset by a lack of form and fitness. However, the French World Cup winner still believes the criticism he has received, particularly in his absence this season, is unjustified. "It's good to hear good stuff instead of bad stuff but when you play football, you know yourself. It's what your manager and team-mates want, the rest is just talk," added Pogba.

"I guess they (the critics) miss me, I don't know? I'm not someone that looks always at Sky Sports News. "When you know football, you don't need someone to tell you what's happening. "One day maybe I will meet them and ask them because I really want to know, why?"

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Manchester United midfielder Paul Pogba revealed while growing up he was an Arsenal fan. French international idolised Thierry Henry and wanted to follow the footsteps of the countryman.

"I will be honest. So, at the start, I was an Arsenal fan - obviously because of all the French players, you know. Me and my brother were but my other brother was a Manchester United fan," Pogba told United's official podcast.

"I couldn't say anything so I used to love Henry and, because of him, I was an Arsenal fan. Then I changed and went on to choose with my other brother. No Arsenal, I went with the other one, the United fan!" he added.

Pogba came through the youth ranks at Old Trafford while Sir Alex Ferguson was in charge but after only making a handful of appearances for the first team in 2011/12 he left for Juventus in the summer.

He re-joined United in 2016 from Juventus when Jose Mourinho was the manager as he saw it as an opportunity to finish what he had started.

Henry, who had left Arsenal for Barcelona by the time Pogba arrived in England, was not the only iconic Frenchman or all-time great that an energetic midfielder looked up to.

"I had Ronaldinho, Ronaldo, [Zinedine] Zidane, Thierry Henry, Djibril Cisse, Kaka," Pogba said.

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The Real Madrid superstar is one of the best players in the world and his talent is clear for all to see. But, these five facts about the Belgian aren’t as well-known.

Hazard was scoring goals before he was even born
Eden Hazard comes from a footballing family, with his younger brothers Thorgan, Kylian and Ethan all playing currently and with his father Thierry and mother Carine both playing football too when they were younger. Carine played in the Belgian women’s first division and stopped when she was three months pregnant with Eden, meaning that he was sort of a part of some of his mother’s final goals before he was born.

Zidane was Hazard's idol as he grew up
Zinedine Zidane is now Hazard’s boss and this must feel surreal every day the Belgian goes to work. As a kid, he grew up admiring Zizou and even possessed a France national team shirt with Zidane’s name and number on the back. Zidane has long been fond of Hazard too, expressing his love of the playmaker’s game long before he was signed by Real Madrid.

Hazard is the youngest Ligue 1 Player of the Year
The Ligue 1 Player of the Year prize is given out at the end of every season to the star of France’s top league and Eden Hazard won this award twice during his time with Lille, claiming it in back-to-back years for his displays in the 2010/11 and 2011/12 seasons. He was just 20 years of age when he won the first one, making him the youngest ever player to claim this award.

Hazard is a New York Knicks fan
As well as his love for football, Hazard is also a big basketball fan. He enjoys the NBA and attends matches in North America when he can. The Belgian even has a team that he supports, having declared himself a New York Knicks fan.

San Diego 1904 FC is partly owned by Hazard
Hazard still has many years of playing at the top level ahead of him, but he has already stepped into the world of football club ownership, doing so with NISA side San Diego 1904 FC. He co-founded it in 2016 along with Demba Ba and other business partners.

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The father of Paris Saint-Germain star Neymar has said that the Brazilian forward will decide his next career move for himself.

Dismissing claims that he heavily influences his son's key decisions, Neymar Santos Sr said his priority was to provide moral support for the 28-year-old, reports Xinhua news agency.

"He is always the one who chooses which path to take," Neymar Sr said in an Instagram Live video on Wednesday. "We only work administratively: to make sure he has the best contract, to put him in the best home and have the best career management."

He described Neymar's 2013 move to Barcelona as the realisation of a "childhood dream". But the 55-year-old, who has acted as Neymar's agent since 2011, denied speculation the 28-year-old could return to the Camp Nou this summer, insisting he is happy at the Parc des Princes.

In a wide-ranging conversation with Brazilian journalist Beto Saad, Neymar Sr also revealed that the former Santos prodigy was close to joining Corinthians instead of Barcelona.

"We were close to signing a deal. But I said to Neymar, 'Go (to Barcelona) first. Carve out a career there and then we'll talk about it'," he added.

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Former England footballer Rio Ferdinand's wife Kate has said that while she was initially 'anxious and stressed' with the Coronavirus-caused lockdown, she is now spending most of her time homeschooling her three children Lorenz, 13, Tate, 11, and Tia, nine. Kate, 28, in association with an online education company, has launched a free toolkit of edutainment activities for primary school children to help those homeschooling during the current lockdown.

"At the beginning of lockdown, I felt a bit anxious and stressed. I didn't have any routine but this is something to do every day. You feel like you're in a little community doing it together," Kate, 28, told Britain's MailOnline.

Speaking of the homeschooling experience, Kate said that she and hubby Rio, 41, are trying their best to make things fun: "For the first three weeks of homeschooling, I was overwhelmed. It's quite hard for us having three children and all having sessions at different times. It's about trying to get the balance of making it fun as well as doing school work and trying to manage a good family life."

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The Argentine forward is a true superstar of the game and one of the most famous players on the planet, but here are some things you might not already know about him.

1. He has scored at least seven goals against every other La Liga Santander team
All LaLiga teams naturally fear Messi when he comes up against them, with the No.10 having netted at least seven times against all 19 of the other sides currently in the top division. His favourite victim is Sevilla, against whom he has a whopping 37 goals in 38 appearances. Over his career, he has faced 40 different clubs in the Spanish top flight, with only three yet to concede against him: Cadiz, Murcia and Xerez.

2. He first played with fellow Barcelona captain Gerard Pique in 2000
Messi and his current Barcelona teammate Gerard Pique have spent most of their footballing lives together. They were both in the same team in Barcelona’s La Masia academy, along with Cesc Fàbregas – part of the so-called “generation of ‘87” and conquered almost every challenge in their path. It was clear from that early age that these players would go on to achieve great things and, although Pique spent time at Manchester United and Real Zaragoza before returning to Barcelona, they have both been in the Blaugrana first-team squad together since 2008, playing 471 matches together. Messi has only played more often alongside Sergio Busquets and Andrés Iniesta.

3. He pays tributes to his grandmother after every goal
The sight of Messi pointing towards the sky with both hands after scoring a goal has become an almost weekly occurrence in LaLiga but not many people know its meaning. It is in fact a tribute to Grandmother Celia, who Messi credits with sparking his interest in football and supporting him as he took his first steps in the game. Sadly, she passed away in 1998 and never saw him play at the top level, but his iconic celebration ensures that her spirit lives on.  

4. He could have played for Spain at international level
Messi has represented Argentina throughout his international career, but he could have been wearing the red of Spain had he accepted an offer to join the national team of the country where he has spent his entire professional career. After spending his childhood in Barcelona, he was eligible to play for the 2010 world champions, but Messi says the idea never crossed his mind. The rest, as they say, is history as he has gone on to become Argentina’s all-time top scorer with 70 goals.   

5. His footballing idol was Pablo Aimar
Many up-and-coming players consider Messi as a role model, but it’s easy to forget that he had an idol growing up too, just like any other aspiring footballer. His was fellow Argentina and former Valencia and Real Zaragoza playmaker Pablo Aimar. They faced each other in LaLiga on several occasions, including on one special night in 2004 when Aimar came up to the 17-year-old Messi, an unused sub on the night, after the game to offer him his shirt. He still treasures that jersey to this day. 

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Former England footballer Peter Crouch has plans to enter the Crufts, an international dog show held in UK, and walk away with the trophy. Peter and his model wife Abbey Clancy, who have a new Labrador named Sonny, were denied entry this March. And the football star is determined to win the coveted title with his pet dog in 2021.

In the latest episode of That Peter Crouch Podcast, Peter said: "We couldn't get into Crufts last time so we're trying to train this bad boy up."

Meanwhile, Abbey revealed: "He likes getting in the cage with the dog. The dog cage is the biggest one we could get on Amazon. And it does fit Peter and all four children and the dog. He's trying to train him for little biccies. He's a good trainer. He doesn't like to fail at anything. So after the whole Crufts episode, he said, 'I'm gonna train a dog then I'm gonna enter it into Crufts'."

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João Félix exploded onto the scene at Benfica in 2018 before a huge summer move to LaLiga with Atlético de Madrid. Here are five things you may not know about the Portuguese superstar...

1. His idol while growing up was Kaká
The similarities between the two are clear, both in playing style and appearance… brothers, anyone? But what isn’t so known is that Kaka was actually one of Joao Felix’s biggest idols growing up: the young Felix has spoken of watching YouTube video after YouTube video of the former World Player of the Year. The 20-year-old has also named Portuguese legend Rui Costa among his other inspirations while growing up.

2. Both his parents are teachers
Carlos and Carla, Joao’s parents, are both physical education teachers and he credits them with keeping him centred growing up. He has explained in interviews that his father would give him pep talks before matches and helped him stay focused during his teenage years; at the age of just 13 years he moved away from home to FC Porto’s academy, before later making the move to the capital with Benfica.

3. His first hat-trick in the Europa League was record-breaking
In April 2019, Joao hit the headlines across Europe with a stunning performance for Benfica in a Europa League match against Eintracht Frankfurt. By scoring three times in a 4-2 victory, he became the youngest ever player to score a hat-trick in the Europa League, doing so at the age of just 19 years and 152 days. That broke the previous record set by Marko Pjaca in 2014.

4. Diego Costa has taken him under his wing
From the start of pre-season, Joao and Diego Costa have forged a strong relationship. Costa is known to be a leader in the Atlético de Madrid dressing room and he quickly took the new arrival from Benfica under his wing, spending a lot of time with him and partnering with him in various drills. Both players are native Portuguese speakers, and this has helped the youngster settle in. Perhaps it’s no coincidence that it was Costa who assisted Joao’s first official goal for Atleti, against Eibar back in September.

5. His brother Hugo is also a highly rated prospect
Hugo Felix, João’s 16-year-old brother, is also highly rated and is doing well at Benfica’s academy. João was even able to celebrate goals with his brother last season, as Hugo was a ball boy at the Estádio da Luz on some matchdays. One particular goal that he scored against Vitória Setúbal ended with an emotional embrace between the siblings.

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Consider yourself a big La Liga fan? Check out this list of expressions that no true La Liga lover should be unfamiliar with.

1. “Croqueta”
A ‘croqueta’ is a way of quickly shifting the ball between a player’s feet, especially when tempting a defender into making a challenge by first slowing down and then sprinting away. The signature move of former Barcelona captain and nine-time LaLiga winner Andres Iniesta, the word literally means ‘croquette,’ that famous staple of Spanish tapa bars and granny’s cooking.

2. “Sombrero”
In Spanish Sombrero is a hat, but in Spanish football it is where a player lifts the ball over his opponent’s head and controls it as it drops to the floor, leaving his rival confused and out of the play. A famous example would be Neymar’s goal for Barcelona against Villarreal in LaLiga in 2016, which was nominated for that year’s FIFA Puskas award.

3. “Chilena”
When a player pushes himself into the air with one foot, then acrobatically volleys it with the other, often lifting his boot well over head height. Similar to a ‘bicycle kick’ in English. Although a ‘Chilena’ literally refers to someone from Chile, its most famous exponent was Mexico international Hugo Sanchez. Cristiano Ronaldo and Gareth Bale have more recently scored screamers like this.

4. “Colgarse del larguero”
Literally meaning ‘hang from the goalposts,’ the expression is used when a team brings all their players back to defend inside their own penalty area. Similar to the English phrase ‘Park the bus,’ the tactic is often used by a team defending a narrow lead or facing a much more powerful opponent and used to criticise them by managers whose team cannot find a way through.

5. “Hacer la cama”
A team thought to not be making 100% effort in games can be said to be ‘making the bed’ for their coach, which means trying – consciously or not – to get their boss fired!

6. “Zamorana”
The patented signature move of legendary 1920s and 30s Spanish goalkeeper Ricardo Zamora was to fake catch a ball, then double his arm, flex his elbow and propel the ball far up the pitch with surprising power. Besides clearing danger from his own box, the ‘Zamorana’ often helped start counter-attacks and had a highly demoralising effect on shocked opposition strikers, too.

7. “Tirarse en la piscina”
To ‘throw yourself into the swimming pool’ is a nicely poetic Spanish way of saying a player dived, or threw himself to the ground without any contact from a defender, to deceive the referee into whistling for a foul. Sometimes also described as ‘simulación’ which is closer to the English ‘simulation.’

8. “Tener flor”
A player, or more often a coach, who ‘has a flower’ is thought to have good fortune, similar to being 'charmed’ in English. The expression is also often used by defeated opposition fans or pundits as a way to avoid praising tactical or technical excellence in an opposition team.

9. “Rabona”
When a player plants one foot in front of the ball, and then sweeps his other leg around behind to spectacularly strike the ball, you have a ‘Rabona.’ One-time Barcelona winger Ricardo Quaresma is an expert, while former Villarreal midfielder Pablo Fornals scored a superb rabona against Huesca in 2019.

10. “Pase de la Muerte”
The ‘pass of death’ has a specific meaning in Spanish football. It refers to a through ball which breaks an offside trap to leave a teammate clear in front of goal. Quite a few of Barça captain Lionel Messi’s 12 LaLiga assists this season have met this description. Deadly, and very hard to defend against.

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Brit singer Perrie Edwards, 26, is enjoying every moment alongside her footballer boyfriend Alex Oxlade-Chamberlain, 26, during this Coronavirus-caused lockdown in the
United Kingdom.

"I feel like I'm really enjoying this [lockdown], I can't lie. I'm having the time of my life. I've never spent so much time with my boyfriend. I've never spent so much time in my house," Perrie, who is part of the British all-girl group Little Mix, told Los Angeles radio station KII-FM.

"It's like I've never had just so much time on my hands to do stuff that I've always wanted to, so it has been nice," added Perrie, who began dating the Liverpool star in 2016.

The couple have been regularly uploading pictures and videos, dancing together on social media, while Perrie has even performed a few songs.

Meanwhile, Alex too has been enjoying all the attention and recently said that Perrie is the "perfect wifey."

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Football superstar Cristiano Ronaldo flew back to Italy on Monday after almost two months in Coronavirus lockdown in his native Madeira, Portugal, but he is continues to help with donations during this COVID-19 pandemic.

Lokomotiv Moscow's Portuguese player Joao Mario has told British tabloid, The Sun that Cristiano is donating money to lower league players in Portugal, who are financially hit due to the pandemic.

"It's a bad situation for everyone but in these kinds of situations, it's worse. They [Portugal's lower league players] really need our help. Cristiano presented us an initiative for us all to help especially those players that are struggling, that do not have professional contracts," said Joao.

Meanwhile, Manchester City star Bernardo Silva said, "Ronaldo suggested that Portugal players should donate 50 per cent of their Euro 2020 qualification bonus towards a players's fund in the Portugal Football Federation."

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Former Manchester United defender Patrice Evra has said he received death threats following a racism row involving then-Liverpool forward Luis Suarez in 2011. Uruguay striker Suarez was banned for eight matches by the English Football Association after being found guilty of misconduct for insulting comments to Evra, which included a reference to the left-back's skin colour, at Anfield in October that year. Liverpool, however, mounted a prolonged and public defence of Suarez's conduct as the row between the rival clubs escalated.

Evra said one consequence of the backlash included letters threatening the Frenchman and his family. "Manchester United received so many threatening letters about me," Evra told the club's UTD podcast. "People said: 'We're in jail, we're Liverpool fans. When we get out, we're going to kill you and your family'." Evra said the nature of the threats meant he had to be protected by bodyguards.

"For two months, I had security everywhere I went. They were sleeping in front of my house. Everywhere I went, the security followed me. "It was a tough time, but I wasn't scared. My family were scared: my wife and brother, but I wasn't. "I couldn't understand why people hated me so much. They didn't know the truth." Evra, who saw his attempt to shake hands with Suarez before a match the following February rebuffed by the striker, said he had forgiven his old antagonist and even spoke to the now Barcelona star before the 2015 Champions League final when playing for Juventus.

But it was a very different story at the time , which saw Evra forcing himself to control his emotions after reporting the incident to match referee Andre Marriner, who said it would be dealt with after the game and that both players should continue.

"I remember, during that game, I was talking to myself saying: 'If you punch him now, people will see you as the bad one, people will forget about what he said'," recalled Evra. "I was talking to myself: 'Don't do... do it...' I wasn't focused for the game."

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Portuguese footballer Bernardo Silva has reportedly found love during the ongoing Coronavirus-caused lockdown.

The Manchester City star, who split from his French model girlfriend Alicia Verrando two years ago, is said to be in a relationship with Portuguese model Ines Tomaz.

According to a report in the Portuguese media, Bernardo has been in lockdown near Lisbon in Portugal with Ines for over a month, but the couple are not keen to rush into things.

"They've not been together for very long and they want to take things slowly," a source told Portuguese newspaper Correio da Manha.

It is learnt that Bernardo and Ines have been watching Netflix, playing the piano and even learning to cook together. Bernardo revealed last week that he was in quarantine with a group, including Ines, and had even posted a picture of the bunch on social media.

"Hey guys, it's been over a month that we're all locked down in our homes so I have decided to show you a little bit of what our quarantine looks like. This is the group of friends with whom I'm spending my quarantine," he wrote.

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From a childhood nickname to his world champion horse, these are some of the lesser-known facts about the Real Madrid captain and legend

1. His nickname as a child was Schuster
As a child, Sergio played up front and was nicknamed ‘Bernd Schuster’ after the great German goalscorer by the friends he played with on the grass outside his apartment block. He’d go on to play in defence throughout his career, at right-back and centre-back, but has maintained his brilliant goalscoring ability. Coincidentally, he was even coached by Schuster at Real Madrid between 2007 and 2008.

2. He’s only ever worn the number 4 shirt at Real Madrid, but never for Spain…
When Ramos arrived at Real Madrid, he was touted to fill the void left by the departing legend Fernando Hierro. Ramos wasn’t shy about taking on the challenge and adopted Hierro’s famous No.4 jersey from day one. That has been the number on his back during his entire decade-and-a-half career at the Santiago Bernabéu. Funnily enough though, Ramos picked a different number for when he plays with the Spanish national team: 15.

3. He has never scored for Spain at a major tournament
Sergio is Spain’s all-time record appearance holder (170) and has scored 21 goals for his country, a mightily impressive tally for a defender. Bizarrely enough, though, he’s never scored for Spain at a major tournament. Each of his 21 strikes has come in qualification rounds, in friendlies, or in the UEFA Nations League. Beyond penalty shootouts, he’s never scored at a World Cup, European Championship or even the Confederations Cup.

4. He didn’t win a Champions League knockout tie until the age of 25
Ramos has four Champions League titles to his name, winning the tournament in 2014, 2016, 2017 and 2018. He may undoubtedly be one of the all-time greats of the competition, but it’s easy to forget that he didn’t reach the competition’s quarter-final until the age of 25. He never played in the Champions League with Sevilla, then his first few years at Real Madrid coincided with a barren spell for the capital city club in which they were consistently knocked out in the first knock-out phase. Finally, in 2010/11 after the arrival of Jose Mourinho, Ramos made it to his first quarter-final, against Tottenham Hotspur. He’s certainly overcome that initial disappointment as the years have gone on.

5. His horse Yucatán de Ramos is a world champion
Like any true Andalusian, Sergio loves horses and has done since childhood. He owns stables near his hometown of Seville, and Yucatan de Ramos, his star horse, won a world championship at the 2018 Interntional PRE Horse Fair recognising it as the finest pure-bred Spanish horse in the world.

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Manchester City's Kyle Walker says he is being "harassed" after admitting he breached coronavirus lockdown rules to visit his sister and parents. The defender was forced to issue an apology last month after media reports that he had hosted a party at his home. But Walker has hit back at the latest stories, insisting that he is being targeted and that the ongoing controversy is affecting his family's health.

In a statement on his official Twitter feed, Walker wrote: "I have recently gone through one of the toughest periods of my life, which I take full responsibility for. "However, I now feel as though I am being harassed. "This is no longer solely affecting me, but affecting the health of my family and my young children too." Walker admitted contravening coronavirus regulations again by visiting Sheffield to see his sister and his parents -- for which he could be fined and cautioned by police.
"In relation to the events on Wednesday, I travelled to Sheffield to give my sister a birthday card and present, but also to speak to one of the few people I believe I can trust in my life," he said.

"She hugged me to remind me that she cares and that I am loved. What am I meant to do -- push her away? "I then travelled to my parents' house to pick up some home-cooked meals. Again, it's been an extremely tough couple of months for them." He criticised the media for invading the privacy of his family, saying he constantly felt he was being followed.

Aston Villa's Jack Grealish was forced to apologise in March after breaching lockdown rules, while Everton strongly criticised Moises Kean for hosting a party last month.

Walker said the response to his actions had been disproportionate, raising mental health concerns and saying his family had been "torn apart" by the continuing scrutiny.

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COVID-19 has started showing its impact on the mutual fund industry. Few days ago I mentioned in my article, Debt mutual funds witnessed massive outflows of Rs 1.95 trillion in the month of March.

Though we could attribute most of that outflow to corporates redeeming funds to meet their quarter end obligations, high volatility and uncertainty as consequences of the pandemic could have also played a major hand in the redemption pressure for debt schemes.

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FII have been redeeming investments heavily in equity and debt segment ever since WHO declared COVID-19 a pandemic. In March, FIIs pulled out Rs 60,375 crore from the debt market.

High redemption and lack of buying interest has made debt mutual fund schemes vulnerable, especially those with higher exposure to low rated instruments.

This instability has claimed its first casualty in debt mutual funds...

Franklin Templeton Mutual Fund (FTMF) has decided to wind down six of its debt schemes with effect from April 23, 2020 due to COVID-19 related market dislocation. This is something that is unheard of in the mutual fund industry and has perplexed many investors and advisors.

The schemes that are wound up are:

• Franklin India Low Duration Fund
• Franklin India Dynamic Accrual Fund
• Franklin India Credit Risk Fund
• Franklin India Short Term Income Plan
• Franklin India Ultra Short Bond Fund
• Franklin India Income Opportunities Fund

Together these schemes have an AUM of 30,854 crore as on March 31, 2020. Notably, these are the very schemes which in the past had to create segregated portfolio for its exposure to downgraded papers of Vodafone Idea and Yes Bank.

What led to the move?

According to a statement to investors from FTMF, "Despite several measures taken by the Reserve Bank of India (RBI), the liquidity in certain segments of the corporate bond markets has fallen-off dramatically and has remained low for an extended period. In this scenario, mutual funds are facing unprecedented liquidity challenges due to a variety of factors-rising redemption pressures due to heightened risk aversion, mark to market losses following a spike in yields and lower trading volumes in the bond markets. These factors have together caused a significant and worsening liquidity crunch for open-end mutual fund schemes investing in corporate credits across the credit rating spectrum."

The schemes had to resort to continuous borrowing to fund redemptions during this time, and were unable to repay the borrowings through sale of portfolio securities due to the prevailing market environment. The Investment manager did not believe it was prudent to continue funding redemptions through potentially increasing levels of borrowings.

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FTMF follows a high-risk high-return strategy for the above mentioned funds - Meaning a major part of its portfolio is exposed to lower rated securities (rating below AAA). The market disruption due to the virus outbreak has impacted these securities the most.

Under conditions of high redemption pressure, mutual funds sell their liquid assets to meet the demand, leaving the portfolio highly exposed to illiquid assets.

Thus, investors who choose to stay invested are at a disadvantage here.

Anticipating continued liquidity stress to the funds, the fund house thought winding up the scheme is the only viable option for the unitholders to minimize erosion of value.

Table: Details of schemes being wound up

What does it mean for investors of these schemes?

Investors of these schemes will not be able to purchase/redeem investment, switch to other schemes or do systematic transactions. In short their funds will be locked. The fund will not charge any management fees for the funds that are being wound up.

The fund house will rely on coupon payments, maturity value of underlying securities, and selling of securities at realisable value. While the fund house expects to realise most of the proceeds as per maturities, there may be some low rated securities that may even default on the due date. The fund house may create segregated portfolios for such securities and pay back as and when the money is realised.

It will be prudent to check the average maturity of portfolios of each fund and expect major repayment within that period.

What should investors in debt funds do?

Debt mutual fund Investors are not as confident, due to incidents of exposure to toxic papers in the past. This event could make them even more wary about their investment in debt schemes. As a consequence, there may be some panic selling in other debt schemes by investors worried about their funds getting locked.

However, instead of taking any hasty decisions, it would be a great idea to check your funds for the quality of assets it holds.

Choose a fund house that follows prudent investment process and stringent risk-management system. In these uncertain times, it would be wise sticking to liquid funds and overnight funds for the fixed-income part of your portfolio. Alternatively, if you prefer safety of capital, invest in Bank fixed deposits.

Our friends at Quantum Mutual Fund have highlighted the secret behind their debt management strategy which has helped them provide safety and liquidity to investors when it comes to investing in quantum funds. Don't Worry, Quantum Liquid Fund always aims for Safety and Liquidity

The way ahead...

While the fund house has done this to protect investors' interest, it has made the funds illiquid from the investors' point of view. Many investors may lose faith in debt funds for their short-term goals.

Going further, investors may have to consider liquidity risk due to AMC action, while investing in any high credit risk oriented debt funds.

It is time for the regulator to step up and clarify the illiquidity part for other debt schemes out there to investors. Moreover, it needs to provide a framework of strict guidelines to restrict fund managers from putting investors' hard-earned money at risk by exposing them to low rated securities for higher yield.

Meanwhile, AMFI has assured investors that a majority of the fixed income fund assets is invested in superior credit quality securities, and the schemes have appropriate liquidity to ensure normal operations. It further stated that the industry remains fully committed to the investors' interests and there is no need for them to panic and redeem investments.

Author: Divya Grover

This article first appeared on PersonalFN here.

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PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

Unnerving movements for debt mutual funds investors!

Just last week my colleague, Divya explained the fiasco at Franklin Templeton Mutual Fund, which took a decision to abruptly wind down six debt mutual fund schemes, namely:

• Franklin India Low Duration Fund
• Franklin India Dynamic Accrual Fund
• Franklin India Credit Risk Fund
• Franklin India Short Term Income Plan
• Franklin India Ultra Short Bond Fund
• Franklin India Income Opportunities Fund

In all, the above debt mutual fund schemes had an AUM of Rs 30,854 crore as of March 31, 2020.

The fund house cited, "severe market dislocation and illiquidity in the fixed income space" caused by the COVID-19 pandemic, as the reason behind the decision.

Investors in these schemes are now left in the lurch: they cannot sell (nor buy) these funds and will have to rely on the fund house to get back their hard-earned money. Investors will have to hold their investments in these schemes until liquidity is available to the mutual fund house by either selling securities in the fund's portfolio or receiving maturity proceeds.

Currently, a fact is, not just Franklin Templeton Mutual Fund, but debt mutual fund schemes of many other fund houses are have a remarkable exposure to stressed assets.

According to portfolios disclosed on March 31, 2020, mutual funds collectively held Rs 1.38 trillion of exposure to debt securities issued by Non-Banking Financial Companies (NBFCs). Approximately Rs 51,000 crore of the exposure in debt securities has a maturity profile of less than 3 months; and now, mutual funds fear that there will be defaults.

NBFCs and other corporate borrowers claim that they do not have enough liquidity to fulfil their obligations and have requested for additional time. Given that, rating downgrades from rating agencies look likely.

However, some companies are playing smart: they are approaching the Courts to prevent a rating downgrade, plus seeking a stay on sale of pledged shares. Of course, they are well within their right to approach the judicial authority or Courts and contest.

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But the capital market regulator, seems to be in no mood in offering them any leeway. On the contrary, the regulator is asking the mutual fund industry to act against the issuer of securities who are possibly carrying high credit risk; facing asset quality problems.

Delays in repayments would mean the creation of more side-pockets by mutual funds. And in my view, more the losses investors suffer, more frustrating it will be for mutual fund houses and their investors. Eventually retail and High Net-worth Individuals, particularly, will lose confidence and may not be keen to invest in debt funds.

If you are wondering what has gone wrong, here's everything you may like to know about liquidity, credit risk and the exposure of mutual funds to corporate debt in the present scenario.

If you remember, the capital market regulator had mandated large corporations to source at least 25% of their borrowings from the bond markets from the beginning of FY 2019. This move was expected to deepen Indian bond markets and reduces the stress on banks. Just a year later, the same move is proving fatal for companies that went to the bond markets to raise money.

Now that the COVID-19 lockdown has forced many business units to shut off temporarily or operate much below their optimal operational capacity with a skeletal staff, companies, including the large organisations that relied heavily on debt markets, are finding it difficult to honour maturity claims on Commercial Papers (CPs), Non-Convertible Debentures (NCDs), and Bonds.

They were hoping for an 'at-par treatment' with Banks when the Reserve Bank of India (RBI) offered a moratorium period to borrowers. But the RBI circular came to them as a shocker. The devil was in the details.

On March 27, 2020, the RBI issued a notification allowing a three-month moratorium on all outstanding term loans and working capital facilities on account of disruptions caused by the outbreak of coronavirus. This circular did not cover around 10 thousand NBFCs, who mainly depend on CPs, NCDs, and Bonds for their funding requirements.

As far as NBFCs are concerned, the RBI has already provided them with a liquidity facility through the banking channel. The RBI directed banks to utilise funds infused under Targeted Long Term Repo Operations (TLTRO) facility to invest in 'investment-grade' CPs, NCDs, and Bonds issued by NBFCs. Also, RBI mandated banks to allocate 50% of Rs 50,000 crore of liquidity introduced by way of TLTRO 2.0 to small and mid-size NBFCs and small finance banks.

But NBFCs seemed not too happy with just liquidity and many of them are now approaching courts to prevent rating downgrades. This is not a best practice for the industry, although fund houses may be well within their rights to contest.

Recently, Indiabulls Housing Finance was successful in receiving the interim order from Delhi High Court, throttling any coercive action against the housing finance company for its inability to repay its bondholders. The Delhi High Court will hear the case further on May 19, 2020.

This has added to the worries of mutual fund houses that now fear other NBFCs will follow the same path.

The capital market regulator, only recently (a few days ago) following the three moratorium by RBI (due to disruptions caused by COVID-19 pandemic) has relaxed the valuation norms for debt and money market instrument held by mutual funds vide a circular dated April 23, 2020, wherein it states as under:

• Based on assessment, if the valuation agencies appointed by AMFI are of the view that the delay in payment of interest/principal or extension of the maturity of a security by the issuer has arisen solely due to COVID-19 pandemic lockdown and/or in light of the moratorium permitted by Reserve Bank of India (RBI) (vide notification no. RBI/2019-20/186, dated March 27, 2020) creating temporary operational challenges in servicing debt, then valuation agencies may not consider the same as a default for the purpose of valuation of money market or debt securities held by Mutual Funds.
  
  However, in the scenario, as stated above, if there is any difference in the valuation of securities provided by two valuation agencies, the conservative valuation shall be accepted.

But then what is the point of coming up with these valuation norms as an afterthought, and not in close synchronisation when the RBI came with its notification a month ago?

The damage now is already done and companies are anyways approaching the Courts to prevent a rating downgrade.

Let's say shares of a company are pledged and to recover the proceeds -- if they cannot be sold due to a court order -- then such lending would be as good as unsecured lending.

Also, why should that not be construed as an instance of deviation from the stated fundamental attributes of a debt mutual fund scheme? After all, mutual fund investors invest in debt fund schemes taking into account a certain level of risk. Change in the risk profile of a scheme is a change in the fundamental attribute/s.

According to India Ratings, NBFCs having the asset base of Rs 500 crore to 5,000 crore, largely fall between "A" and "BBB" rating categories.

The mid-path could be a decision on payment or deferring the payment in consultation with all stakeholders, including debenture trustees. The industry will require a blanket resolution because a case-to-case resolution approach is cumbersome and may create more chaos.

Unless the RBI takes a clear stance on NBFCs and other financial institutions, mutual fund houses are likely to feel the heat of redemptions. Suppose, there's no further statement issued by the banking sector regulator; mutual funds will have to be prepared to handle large-scale defaults, which might look inevitable. After all, a majority of NBFCs' customers are retail borrowers and they enjoy a moratorium on the EMI payment for 3-months. This has been the trickiest part for NBFCs.

While COVID-19 outbreak has been the genuine reason for the potential defaults this time, asset-liability mismatches of NBFCs are well-known. Many NBFCs have gone overboard with cheap credit available during stable market conditions. Their credit underwriting has been questioned widely. The industry has also witnessed belly-up instances such as IL&FS and DHFL. Many mutual fund houses have burned their fingers badly in such defaults.

At the time of writing this piece, to ease the liquidity pressure on mutual funds, the RBI today decided to provide a special liquidity facility of Rs 50,000 crore for mutual funds. Under this facility, the RBI will conduct repo operations of 90 days tenor at the fixed repo rate. This will be on-tap and open-ended, and banks can submit their bids to avail funding on any day from Monday to Friday (excluding holidays). The scheme is available from today i.e., April 27, 2020, till May 11, 2020, or up to utilization of the allocated amount, whichever is earlier. The Reserve Bank will review the timeline and amount, depending upon market conditions.

The RBI has stated further that the liquidity support availed under the Special Liquidity Facility for Mutual Funds shall be used by banks exclusively for meeting the liquidity requirements of mutual funds by, 1) extending loans; and (2) undertaking outright purchase of and/or repos against the collateral of investment-grade corporate bonds, CPs, debentures and certificates of Deposit (CDs) held by mutual funds.

Having taken this measure, keep in mind that it does not make investing in debt mutual funds risk-free. Considering the prevailing investment environment, you should stay away from mutual fund schemes whose portfolio characteristic appears compromised. Also, avoid credit risk funds and corporate bond funds as they are likely to be more vulnerable amidst the financial crisis followed by COVID-19 pandemic.

As a thumb rule: Choose mutual fund schemes from fund houses that follow prudent judicious investment processes and stringent risk-management systems.

In these uncertain times, it would be wise sticking to liquid funds and overnight funds while considering debt funds.

Our friends at Quantum Mutual Fund have highlighted the secret behind their debt management strategy which has helped them provide safety and liquidity to investors when it comes to investing in quantum funds. Don't Worry, Quantum Liquid Fund always aims for Safety and Liquidity.

As with all financial matters, better be safe than sorry!

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Additionally, as a bonus, you get access to PersonalFN's popular debt mutual fund service, DebtSelect.

Each fund recommended under FundSelect goes through our stringent process, where they are tested on both quantitative as well as qualitative parameters.

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Author: Rounaq Neroy

This article first appeared on PersonalFN here.

PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

Despite the rally we recently witnessed, the market mood continues to be sombre due to the pandemic crisis. FPI outflows from the Indian market persisted in the current month as well, while the recent fiasco at a popular fund house also dented investor sentiments.

It is difficult to predict how this situation will unravel eventually. Though the pandemic has impacted both large and smaller sized companies, small and mid sized companies could be the most affected.

However, quality names even in these segments could perform well over the long run. Therefore, you should stick to only quality names across different market capitalisation and invest via a well managed mutual fund that focuses on growth through diversification.

HDFC Mid-cap Opportunities Fund (HMOF) is one such mid cap fund that looks to invest in mid cap stocks with sound financial strength and reasonable growth prospects.

Graph 1: Growth of Rs 10,000 if invested in HDFC Mid-cap Opportunities Fund 5 years ago

One of the most popular funds in the midcap category, HMOF's asset size is the largest as compared to its peers. However, HMOF has shown no constrain when it comes to delivering superior performance. The fund has a track record of generating above-average returns across market conditions. Over the last 5 years, HMOF has generated returns at 4.5% CAGR as compared to 1.9% CAGR generated by its benchmark Nifty Midcap 100 - TRI, thus generating an alpha of around 2.5 percentage points CAGR. The fund has made well use of diversification to mitigate downside risk and generate decent lead over the benchmark index.

Table: HDFC Mid-cap Opportunities Fund's performance vis-a-vis category peers

*Please note, this table only represents the best performing funds based solely on past returns and is NOT a recommendation. Mutual Fund investments are subject to market risks. Read all scheme related documents carefully. Past performance is not an indicator for future returns. The percentage returns shown are only for indicative purposes.

Though HMOF has trailed some of the other popular peers in the mid cap category, it stands strong in the list of mid cap funds. The fund has constantly outperformed the benchmark by a noticeable margin across time periods.

Some of the other top performers in the category are Axis Midcap Fund, Invesco India Midcap Fund, and DSP Midcap Fund.

The fund has not only demonstrated its ability to generate superior returns for its long term investors, but has been reasonable when it comes to managing volatility and curtailing down-side risks. In terms of risk-adjusted returns, HMOF has outperformed its benchmark by a significant margin and also stays ahead of most of its peers.

Investment strategy of HDFC Mid-cap Opportunities Fund

Categorized as midcap fund, HMOF is mandated to invest minimum 65% of its assets in equity and equity related instruments of mid cap companies. Accordingly, HMOF invests in stocks of predominantly mid-sized companies, which have reasonable growth prospects at acceptable valuations. The fund also holds significant exposure in smallcaps along with moderate exposure in large caps as well as cash and debt.

It follows the bottom-up approach to identify high quality businesses for the long term. The stocks are bought primarily for the strengths of company fundamentals rather than the strength of the macro-economic indicators.

The fund manager resists from following market momentum and holds each of his high conviction stock for the long term.

Graph 2: Top portfolio holdings in HDFC Mid-cap Opportunities Fund

As on March 31, 2020,HMOF held 75 stocks in its portfolio, with no individual stock having exposure of more than 5%.Popular mid cap names like Aarti Industries, Balkrishna Industries, Trent, Ipca Laboratories, and Voltas, etc. appeared in its top portfolio holdings. The top 10 stocks constitute close to 32% of its assets.

The fund's portfolio is primarily skewed towards Banking and Finance sectors which together constitute around 17% of the portfolio. Auto ancillaries, Pharma, Chemicals, and Industrial Products are the other prominent sectors with allocation of around 9-11% each.

Suitability

HMOF's performance over longer time periods has been commendable, where it has generated decent long-term returns for its investors as compared to the benchmark, though it has lagged behind some of its peers. Its focus on timely realization of growth potential of stocks at fair valuation can help it generate strong returns while also minimize the downside risk. However, its aggressive mandate makes it prone to high volatility. This makes HMOF suitable for investors with high risk appetite and a long term investment horizon.

Editor's note: The last few years have not been among the best for equity mutual funds. While most funds have underperformed or are struggling to match the returns of the benchmark, there are few funds that have the potential to constantly generate alpha for its investors. And we have identified five such high alpha generating funds, in our latest report 'The Alpha Funds Report 2020'. Do not miss our latest research finding. Get your access to this exclusive report, right here!

Note: This write up is for information purpose and does not constitute any kind of investment advice or a recommendation to Buy / Hold / Sell a fund. Returns mentioned herein are in no way a guarantee or promise of future returns. As an investor, you need to pick the right fund to meet your financial goals. If you are not sure about your risk appetite, do consult your investment consultant/advisor. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Author: Divya Grover

This article first appeared on PersonalFN here.

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PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

The Indian equity markets are on a rollercoaster with the uncertainty surrounding the COVID-19 pandemic. It's been a nerve-racking experience for investors and wealth has been eroded.

As we continue to battle COVID-19 with lockdown 3.0, on a year-to-date basis the S&P BSE Sensex is down -23.9% as of May 5, 2020, (see Table 1 below).

Table 1: Wealth erosion across market cap segments

Balanced Hybrid Funds that are supposed to be balanced and protect downside risk have gone on to erode investors' wealth by seldom maintaining a 'fair balance' and displaying unreasonable love and exuberance for equities plus for taxation reason -- to be treated as an equity-oriented fund. (see Table 2 below).

Similarly, many multi-asset funds that hold the mandate to invest with allocation across three asset classes i.e. equity, debt and gold with minimum 10% in each have posted negative returns (see Table 2 below).

Table 2: Report card of Balanced Hybrid Funds and Multi-Asset Funds

ICICI Prudential Multi-Asset Fund, HDFC Multi-Asset Fund, and UTI Multi-Asset Fund, in particular, have not lived up to the expectation and the trust evinced by investors (going by their AUM size). Not just are their recent returns amidst the outbreak of COVID-19 crisis unappealing, but even the 3-year and 5-year compounded annulaised return is nothing to vie for. This is because they haven't been able to sensibly allocate to the three key asset classes: equity, debt and gold, and play the investment strategy astutely.

On the other hand, the Quantum Multi-Asset Fund of Funds (QMAFOF) has depicted true balance backed by its sensible investment strategy arrested the downside risk and relatively fared better vis-a-vis its peers over 3-year and 5-year time periods.

The Quantum Multi-Asset under normal circumstances by maintaining 25%-65% exposure to units of equity schemes (vide Quantum Long Term Equity Value Fund, Quantum Nifty ETF); 25%-65% exposure to units of debt and money market instruments (vide Quantum Liquid Fund, Quantum Dynamic Bond Fund); 10%-20% in units of gold schemes (vide Quantum Gold ETF); and up to 5% in money market instruments, Short-term Corporate Debt securities, Tri-Party Repo, Repo/ Reverse Repo in Government securities and Treasury Bills has been able to generate modest, yet appealing returns than the rest, and mitigated the risk by diversifying across asset classes: equity, debt and gold.

Historically it is proved that all classes never move in the same direction -- up or down -- at the same time. There could be times when certain asset classes perform better than the other and/or show an inverse relation to another (see Table 3).

Table 3: Here's how various asset classes fared per calendar year

If your multi-asset fund strategically allocates between equity, debt, and gold sensing the pulse of each asset class, maintains balance, and takes calculated risk sensible wealth creation is possible.

In the on-going COVID-19 crisis, equities will remain volatile, but given the sharp correction, there are and will be, enough long-term value-buying opportunities with a decent margin of safety.

Gold in such uncertain times would continue to gain all the attention. Easy monetary policy action and accommodative stance to address growth concerns, a record-high debt-to-GDP ratio, trade war tensions, geopolitical tensions, the potential risk to the inflation trajectory mainly due to food prices, increased stock market volatility, and the U.S. Presidential election in November 2020 are some of the factors expected to work in favour of gold. The precious yellow metal will demonstrate its trait of being a portfolio diversifier, a hedge (when other asset classes fail to post alluring returns), and command a store of value.

And speaking of debt & money market instruments, with exposure to highly rated papers and predominantly government securities, will act as a stabilizer.

A unique aspect of QMAFOF is that it has always taken relative valuations between asset classes into consideration, such as:

• Price-to-Earnings relative to historical averages;
• The relationship between earning yield to bond yield relative to historical averages; and
• Macroeconomic factors prevailing globally and within India

It is this wide-ranging and sensible approach that has helped QMAFOF to protect against the downside risk and reward its investors better than many of its peers. The fund managers, Mr Chirag Mehta (MMS - Finance, M.Com, and CAIA with over 13 years' experience in research and investments) and Mr Nilesh Shetty (B.Com, MMS -Finance, and CFA with collectively 16 years in equity markets), have strategically moved in and out of the aforesaid asset classes wisely recognising their upswings and downswings.

[Read: Why Tactically Invest Across Asset Classes amidst COVID-19 with Quantum Multi-Asset Fund Of Funds]

The choice is completely yours: to stay invested in a 'Balanced Hybrid Fund'/ Multi-Asset Fund that does not show true balance and keep harming your health and wealth; or make a sensible move and switch over to Quantum Multi Asset Fund of Funds that is truly balanced and has sensibly generated wealth for investors without the shrieking experience of a rollercoaster.

Wish to invest in Quantum Multi Asset Fund of Funds? Click here.

Happy Investing!

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Author: Rounaq Neroy

This article first appeared on PersonalFN here.

PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

Wimbledon champion Simona Halep, 28, is pretty shocked to see a global lockdown due to the Coronavirus pandemic. "Not even in my worst nightmares could I think that the globe can stop in such a way. For me, it's a shock because I'm pretty young and haven't gone through too many tough times. This is something that belongs to a fantastic realm. They have stopped travelling, flight in order to avoid affecting our health and well-being. Maybe it's the best interdiction," Simona, 28, told Romanian TV show Garantat 100%.

The former World No. 1, who is currently in isolation at her Bucharest home, is taking "maximum care" to avoid contracting the virus, fearing it could affect her lungs.

"In the beginning, I had this fear but then analysed the situation and figured out that if you protect yourself, everything will be OK but I'm afraid for those with health issues. I fear this virus because even if we are healthy and have good immunity–we may resist it–but it [the virus] will leave us with a serious lung affection. That's why I have decided to take maximum care of myself. That's why I have decided to take maximum care of myself," added Simona.

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Bollywood actress and Miss Universe 2000 Lara Dutta turned 42 years old on April 16, 2020. Lara Dutta's birthday celebrations, however, were not stopped due to the COVID-19 lockdown. Lara Dutta's husband Mahesh Bhupathi was the one to bring in her birthday and host what was called a 'virtual birthday party' at their home in Mumbai.

Mahesh Bhupathi also took to Instagram to share a couple of photos and a video of Lara Dutta's birthday celebrations along with their daughter Samaira. The couple also had their close friends on a video conference to wish Lara Dutta on her birthday. Mahesh Bhupathi described how the part went and also had a fun caption to go with it. Virtual birthday party done .. Happy Birthday, Lara. May God continue to bless you with this amazing husband and incredible kid for another few decades atleast. Yes, we ate well today." Here's Mahesh Bhupathi's post on Instagram.

 

 

 

View this post on Instagram

Virtual Birthday Party done .. Happy Birthday @larabhupathi . May God Continue to Bless you with this amazing husband and incredible kid for another few decades at least 😍😍 . Ps .. yes we ate well today . Thanks for the amazing cake @hakunamatatapatisserie

A post shared by Mahesh Bhupathi (@mbhupathi) onApr 16, 2020 at 6:50am PDT

Lara Dutta made her Bollywood debut in 2002 with the superhit film Andaz alongside Akshay Kumar and Priyanka Chopra, who also made her debut. Both actresses won the Filmfare award for Best Female Debut.

Lara Dutta has since appeared in a list of Bollywood hits such as Masti, No Entry, Housefull, Partner, Bhagam Bhaag and Don 2. She also ventured into production with the film Chalo Dilli in 2010.

Mahesh Bhupathi and Lara Dutta got engaged in September 2010 and tied the knot in February 2011. In January 2012, Lara Dutta and Mahesh Bhupathi welcomed their daughter Samaira into the world.

Australia's World No. 1 tennis ace Ashleigh Barty, 24, likes to see the positives in life even in the most negative situations.

The French Open champ, currently at home Down Under due to the Coronavirus-caused lockdown, says there is no point in stressing over the uncontrollables.

"Everyone is in a unique situation, depending on what country they're from and all the governing bodies making different decisions. It's not a time to worry or stress about because it's something out of our control. There's always a silver lining, there's always something we could be grateful for, to be happy about. For me, it's being able to spend time with my family," Ashleigh told the WTA Tour website.

Meanwhile, Ashleigh has kept in touch with some of her friends on the Tour. "I spoke to Kiki [Bertens] and Jule [Goerges] and Simona [Halep] and Petra [Kvitova]. It's just to check it they and their families are fine. Firstly, it's always about health and looking after yourself and your family, and then sports is a bonus. This is a time where we can really appreciate the little things."

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Russian tennis ace Maria Sharapova has allegedly flouted the strict Coronavirus-caused lockdown rules in the US, where over 55,000 have died due to the pandemic.

According to British tabloid, The Sun, Maria, 32, recently visited some friends around Los Angeles with boyfriend Alexander Gilkes, 41, whom she has been dating since 2018.

Maria was photographed on Friday, relaxing on a balcony alongside another couple at a Manhattan beach pad.

The quartet were in clear breach of the two-metre social distancing norm that has been laid down by the authorities in LA where there have been 850 COVID-19 deaths
till date.

A few days ago, Maria had announced on Instagram that she was heading to a friend's beach house. "Last night, we took a sunset road trip along PCH, picked up lobster brioche rolls from @broadstreetoysterco drive thru and made our way to a friend's beach house," the 2004 Wimbledon champion wrote.

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Ukrainian tennis champion Elina Svitolina is keen to try new things during this Coronavirus-caused lockdown and hosting a TV show is on top of her list, according to tennisworldusa.org.

"I recently tried a completely new sphere. I have very long prepared for interviews and understand that it is not an easy job, especially for those people who are not in this area. I really liked it. Maybe in the future I want to do some TV show. It is interesting to me, and I think that now there is time to try something new," said the World No. 5 tennis ace.

Elina, 25, who is currently in lockdown with her Frennis tennis star boyfriend, Gael Monfils, 33, is also completingher online education. "I had to work hard to pull up on my French. I already know some of it, as I had learnt it before but now I'm doing an intensive mode. I am left with two tests: training on nutrition and I also want to take a course in psychology or fitness. This is what I want to do," added the 2018 WTA Finals champion.

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American tennis ace Serena Williams, a successful entrepreneur with fashion labels, handbags and jewelry lines to her name, believes her daughter Alexis Olympia, two, could grow up to be a good businesswoman.

Serena, currently in lockdown due to the COVID-19 pandemic, is busy working from home with her little girl by her side throughout—even during online meetings.

"I love being a full-time mom and not having the responsibilities to travel and play. I love to spend so much time with her but it's interesting. She's in every single call that I have, every single meeting. I feel like she's getting a little bit of it, so she's going to be a really good businesswoman when this is all over," the 23-time Grand Slam champion told USA's People magazine.

The former World No. 1 offered some valuable parental advice too. "You should schedule your day well, and always include your kids. They are the voice of the future.

It's like we're living a future history lesson and that's rare. My advice to parents is to always bring your kids in. You never know what they're going to pick up," added Serena, 38.

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Tennis legend Leander Paes, who made a guest appearance on the Education Webinar for Coaches, jointly organised by the All India Tennis Association (AITA) and the Sports Authority of India (SAI), on Monday said it is key to focus on learning new skills during the lockdown period.

The country has been under lockdown for more than a month now to curb the menace of COVID-19 pandemic.

"It is important to focus on learning new skills during the lockdown", Paes said on how to best utilise this time away from tennis action and keep yourself active and mentally fit, as quoted by AITA's official website.

The 18-time Grand Slam champion also spoke on what keeps him going even at the age of 46. "For me, the relationships that I have had through tennis are the things that I cherish the most. "Those relationships over generations are what's special.

Paes recalled old relationships and had very special words for R.K.Khanna and Anil Khanna. "When I started playing tennis, R.K Khanna was the President of the AITA. I would not be who I am today without Khanna because he actually helped me in the Juniors, as a 14 or 15 year-old.

"He helped me get into the ITF Junior team. At that point, my family could not afford all the international coaching. And then after that Anil Khanna who was the President, took over the mantle of support."

Paes also thanked others including Bishwadeep, AITA CEO for having been there over the last two decades in Davis Cup ties that Paes had played, always being there to give support.

Paes signed off from the Webinar with a message to coaches saying, "Greatest joy you can have is to see your students do well at tennis. Use the sport as a vehicle to make them good human beings."

The Webinar, now in its second week, will have a session of "Coaching Young Children and Young People" by Kawaljeet Singh and Miguel Crespo from the International Tennis Federation will join as the guest speaker.

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Novak Djokovic has apparently broke confinement rules in Spain by going back to a tennis court. Djokovic posted a video on Instagram showing him exchanging shots with another man at a tennis club in the coastal city of Marbella, where the Serb has reportedly stayed. Djokovic filmed the video while hitting shots and wrote he was "so happy to play on clay...well, just for a bit with my phone in the hands."

Spain on Monday loosened some of the lockdown measures that had been in place since mid-March because of the COVID-19 pandemic, allowing professional athletes to return to practice. But sports facilities are supposed to remain closed at least until next week in most parts of the country, with the exception of training centres for teams in professional leagues in sports such as soccer.

The Spanish tennis federation said in a statement on Monday that professional players in Spain were allowed to exercise by themselves or with a coach, but not yet on a tennis court. It said it would work on a set of guidelines to inform players and clubs about what they would be permitted to do beginning next week.
The federation's statement did not appear to be related to Djokovic's appearance on the court in Marbella.

Requests for comment made to the federation and to Djokovic's staff late on Monday were not immediately answered. It was not clear if Djokovic, the reigning Australian Open would be subjected to fines or sanctions if it was confirmed he broke the lockdown rules.

The No. 1-ranked Djokovic recently said he was against taking an anti-Coronavirus vaccination if it became mandatory to travel once the pandemic subsides, though he later said he was open to changing his mind.

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The tennis club where Novak Djokovic broke confinement rules in Spain has said it mistakenly allowed the top-ranked Serb to practice and apologized for the error. Djokovic published a video of him training on Monday in apparent violation of Spain's current rules amid the coronavirus pandemic. The video posted on Instagram showed Djokovic exchanging shots with another man at the club in the coastal city of Marbella, where the Serb has been staying for the past several weeks.

Djokovic filmed the video while hitting shots and wrote he was "so happy to play on clay .. well, just for a bit with my phone in the hands. Spain has eased some of the lockdown measures that had been in place since mid-March, allowing professional athletes to return to practice, but most training centers and sports facilities must remain closed until next week. We are sorry that our interpretation of the regulation could have been erroneous, and this could have inconvenienced Mr. Djokovic or any other citizen acting in good faith," the Puente Romano Marbella Tennis Club said in a statement.

The statement, which was relayed by Djokovic's management team, said the club received a request from the player to practice and gave him the go-ahead with the "understanding that from May 4 all professional sports players were authorized to train." The club said it therefore believed he was "permitted to train in our facilities." It said it later received a "clarification" from the Spanish tennis federation and "both parties have agreed that training should resume" only next week.

Rafael Nadal said he also went to train on a court this week, but he did it on private property because the rules weren't fully clear to him. Soccer players were among the exceptions who could start training inside sports facilities beginning this week.

Spain has been one of the countries most affected by the pandemic but it started loosening some of its restrictions on movement as the number of confirmed cases of COVID-19 started to go down recently. The nation went into a lockdown on March 14.

Djokovic recently said he was against taking a vaccine for the coronavirus if it became mandatory to travel once the pandemic subsides, though he later said he was open to changing his mind.

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Spain's tennis ace Rafael Nadal, who is in self-isolation due to the COVID-19 pandemic, is trying to remain positive but is getting affected by the suffering of the people around him.

"I am a sentimental person, who is affected by things, and to see so many people suffering so much, so many people who have lost family their members without being able to even say goodbye...," the World No. 2 was quoted as saying by Tennis World USA.

The 19-time Grand Slam champion urged his fans to keep moving forward. "In the end, being able to give your brother or sister a hug will relieve some pain, and imagine that they have not been able to do it. You have to be positive and keep moving forward. There is no other choice. I am a super lucky guy." he added.

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Google has introduced updates to its existing "Google Flights" service that will now let users book a hotel at their travel destination directly from Search. Earlier, the service helped users predict flight delays and find the cheapest fare by using machine learning capabilities.

According to Engadget, the company might introduce more integration to help users with the entire travel process.

According to Google, it also added improved price filtering, easier to find information on amenities, along with the new booking feature.

"There are some new interface features that help you check travel options on your mobile phone, too. Over the next few days, you'll see a 'Hotels' option to tap at the top of a 'Google Flight' search page," the report said.

If users want to search for hotels first, they could flip over to the 'Flights' tab as well to check prices and book air travel.

In addition, one could search by destination, then look up flights and hotels from there.

A simple tap on "More Destinations" at the top left of the search results and see more places to go.

"If you've booked travel via Google or have reservations in your Gmail, you'll be able to see it all in the new private 'Your Trips' section," the company said.

A user could also e-mail these details directly from "Your Trips". In case of offline access, the information would show up in the "Google Trips" app.

Representation pic

Scores of Indian and overseas tour operators, alongwith world travellers, will converge in New Delhi later this month to participate in an event showcasing boutique hotels, lodges, hideaways, camps and retreats in India, Nepal and Bhutan.

Brainchild of RARE India, the event, titled Très RARE, will host speakers on hospitality and related topics on the concept of experiential travel in the sub-continent.

With participation of more than 60 independent boutique hotels from India and its Himalayan neighbours Nepal and Bhutan, the event is expected to offer the first glimpse of game-changing hotel concepts, their new initiatives, and showcase a unique selection of never-treaded-before destinations.

'The demand for boutique hotels is reflective of the realigned desires of a global traveller, who is weary of the standard-fare hotels that though comfortable are unimaginatively identical around various destinations. These boutique hotels inspired us at RARE to break away from the traditional and create an intimate showcase that focuses on the niche rather than the mass and mainstream,' said Sowmya R Vijaymohan, the brain behind RARE India and Très RARE.

Select 100 Indian Destination Management Companies and 50 Foreign Operators from UK, US, France, Germany and Italy will focus on intensive one-on-one engagement,
knowledge building and innovations.

Shoba Mohan, the co-founder of RARE India and the event, said, "Boutique and experiential hotels are now a mainstay in the Indian travel industry, and there was a tangible requirement for a platform that is dedicated and designed to showcase their uniqueness." The event will be held on March 30 and 31 at the Roseate Resort.

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On the stage at the majestic Royal Opera House, artistes take their seat in a semicircle for what is an unusual gathering. At the centre is British radio and television presenter Nikki Bedi, who, along with familiarising her guests with the flow of the show is also breaking the ice between participants. They are here to record The Arts Hour, a BBC radio production that goes on a tour once a month to capture the best in arts across the world. The Mumbai edition airs today.

Actor Bhumi Pednekar (with Nikki Bedi to her right) calls out the boors behind Padmavati protests. Pics/Pic/Bipin Kokate

In the city on the evening of November 22, the researchers have picked six artistes who they feel best represent the dynamic cultural scene of the city. Flanking Bedi are film critic and director of the Mumbai Film Festival Anupama Chopra, and actor Bhumi Pednekar. Seated next to them are stand-up comedian, screenwriter and novelist Anuvab Pal, and Shamir Reuben, head of content and social media at the spoken word collective, Kommune. On either side of the stage, fine-tuning their arrangements are the popular Hindi rock ensemble Anand Bhaskar Collective and pop duo from Kolkata — with a big fan following in Mumbai — Parekh & Singh in signature fruity suits. "The show is a way of seeing a people and their culture, and understanding their politics and issues through the prism of art. Stand-up comedy and spoken word are burgeoning fields in Mumbai. There is also a sea change in the kind of subjects that Indian cinema is choosing. Issues like sanitation, erectile dysfunction and fat shaming are not just making it to film, they are also managing to attract audiences into theatres," says Bedi about why it was a good time to come to Mumbai.

Nischay Parekh readies to perform the band's hit song

For this edition's research, Bedi, who was born a Moolgaokar and has roots in Mumbai, played the fact checker for producer Nicki Paxman along with providing other insider inputs. A regular feature of the show, The Culture Cab, involves the presenter hailing a cab with an artiste who then takes her around the city to explore it like a local. Though her Mumbai guide was Pal, with whom she explored the splash of global colours at the ongoing Sassoon Docks art project and the murals of Bandra, Bedi shared her favourite part of the city with him, too — Walkeshwar's Banganga.

Throughout the recording that lasted two and a half hours, the team's homework kept the conversation alive and relevant. Bedi, a natural at hosting, puts her guests at ease. It comes across in Pednekar's candour, who minces no words when asked about the ongoing controversy around Padmavati. "You know, these are people who don't give a s**t about history," she says, a word Paxman gets politely replaced at the end of the show with the milder "damn". Bedi then moves on to ask Pal and Reuben if comedy and spoken word have become popular for similar reasons and how social media has played a part. With artistes as guests, each segment packs in a performance. While Pal's jibes about SoBo residents have the audience in splits, Reuben's poetry moves many to tears. Vocalist Nischay Parekh of Parekh & Singh shares the inspiration behind their music video with a million hits, I Love You Baby, I Love You Doll, before performing it, and Anand Bhaskar shares why all his compositions are in Hindi before segueing the show to its end with a rendition of Fanaa.

An audience member comments about the need to see more everyday people in films

Rahul Baswani, who came to know of the show through Pal's tweet, is happy to have made it in the audience. "I listen to a lot of podcasts. So, the most fascinating bit for me was towards the end when they did the retakes," he says. In the green room, mutual understanding and fandom fill the air. "At the end of the day, we are all artistes, and we could feel the synergy and a shared language throughout," says Parekh, who has just promised Pal that he'll be there for his Kolkata gig the next day, even as Pal admits that the music duo is everything he would have wanted to be as a 27-year-old.

The sound engineers at work

Chopra, on the other hand, is happy that the show recognises the power of Indian cinema and how it is evolving. "Outside India, there is a fixed notion of what Bollywood is. But there is a different language [spoken] now, which most people don't know of. I am hoping that the show will communicate that." For Reuben, it has been a platform for artistic exchange. "The beauty of tonight was people might have come to watch comedy and they learnt a bit about spoken word. Or that they wanted to hear a poem and they left with music," he says. "For the BBC to say that there is something stirring in Mumbai is a statement."

It's painfully humiliating for a 12-year-old to stand before his class during an extempore speech and fumble over words. The derision that one might invite can cripple an adolescent's confidence. But, it can also teach the child to face his demons, participate again in the same competition the next year, and then go on to win the district finals for three straight years representing his institution, which, in Siddhant Sharma's case, was a boarding school in Kurseong.

Siddhant Sharma

Ten years after that incident, Sharma has emerged as this season's winner of The Stage, a reality show that promotes western musical talent in India. This, though, was his second shot at the title, after he was unable to get past the auditions last year. Failure, in other words, seems to have been the singer's constant companion, only for him to climb every mountain that crops up in his path. "I am actually a man made of failure, so it doesn't scare me," he tells us over the phone, having just landed in Mumbai from Kolkata. He adds, "Even in life, a lot of things that I have expected haven't happened. Not all of us grow up in the greatest of situations, but the worst thing a rocker can do is give up. [Rock music] is about fighting failures. So, if I can do it in life, music and competitions are nothing for me to handle."

Those are strong words for a 22-year-old to utter. But Sharma comes across as someone who has truly internalised the rock 'n' roll philosophy of facing adversity with a show-me-what-you've-got swagger. He gives us an example of what that means when he says, "I have a friend who would party all the time and only listen to electronic music. She would never attend live concerts. After a bad phase, she started listening to Pink Floyd, and now she is more of a rocker [in persona] than I am, with all her locks chopped off. I mean, there was a guy who cheated on her, and she's like, 'You think I am going to cry? No. I don't give a f*ck about you or your existence.' That's rock."

One of the biggest adversities that Sharma himself faced was when his parents separated over a decade ago, a fact he had revealed in one of the later episodes of the competition. Talking about that difficult phase, he says, "I'm not a guy who speaks a lot and I anyway didn't want to trouble my mother with all of that. So, I ended up keeping things inside me, which wasn't a good thing since I developed serious anger issues. But art has always helped me. I was a painter and then I got into music, and that just let me be who I am."

Who he is now, having won the show, involves signing a contract with MTV and being flown around the country for concerts. The limelight is well and truly on him and yet, he keeps emphasising how failure is the clay that moulds a person's character. "Do you consider the people who have not got the trophy to be losers?" he asks us, before answering, "No, they are not. You never know, tomorrow they might be working in much bigger places and doing way better stuff than I am. The thing is, you have to be satisfied with doing what you're doing and yet keep trying to be better than who you are. That's really all."

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London: Dog owners, take note! Your pet pooch may not only comprehend the words that you speak, but also how you say them, a new study suggests.

Researchers have found that dogs have the ability to distinguish vocabulary words and the intonation of human speech through brain regions similar to those that humans use.

Representational Picture

Attila Andics from Eotvos Lorand University in Hungary said that vocabulary learning "does not appear to be a uniquely human capacity that follows from the emergence of language, but rather a more ancient function that can be exploited to link arbitrary sound sequences to meanings."

Words are the basic building blocks of human languages, but they are hardly ever found in nonhuman vocal communications.

Intonation is another way that information is conveyed through speech, where, for example, praises tend to be conveyed with higher and more varying pitch. Humans understand speech through both vocabulary and intonation.

Andics and colleagues explored whether dogs also depend on both mechanisms.

Dogs were exposed to recordings of their trainers' voices as the trainers spoke to them using multiple combinations of vocabulary and intonation, in both praising and neutral ways.

For example, trainers spoke praise words with a praising intonation, praise words with a neutral intonation, neutral words with a praising intonation, and neutral words with neutral intonation.

Researchers used functional magnetic resonance imaging (fMRI) to analyse the dogs' brain activity as the animals listened to each combination.

The results show that, regardless of intonation, dogs process vocabulary, recognising each word as distinct, and further, that they do so in a way similar to humans, using the left hemisphere of the brain.

Also like humans, the researchers found that dogs process intonation separately from vocabulary, in auditory regions in the right hemisphere of the brain.

Lastly, and also like humans, the team found that the dogs relied on both word meaning and intonation when processing the reward value of utterances.

Thus, dogs seem to understand both human words and intonation. The researchers noted that it is possible that selective forces during domestication could have supported the emergence of the brain structure underlying this capability in dogs, but, such rapid evolution of speech-related hemispheric asymmetries is unlikely.

Humans are only unique in their ability to invent words, they said. The research appears in the journal Science.

Except for the headline, the story has not been edited by mid-day online. This story is taken from a syndicated feed & is published on AS IS basis.

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Nupur Dhingra Paiva with daughters Tara, 9, and Isabelle, 6. Pic/Shadab Khan

When five-year-old Armaan walked into child psychotherapist Nupur Dhingra Paiva's clinic, her impression about the kid, whose shoulders were hunched over, was that he was "weighed down by something significant". Armaan's mother would later tell her how he felt unloved, wanted to run away from home and even shoot himself. But, it wasn't until Armaan's father joined the therapist and his wife for chat, an hour later, that Paiva noticed something alter in the child. The kid slowly crawled into his father's lap, and curled up there like a little prawn, Paiva recounted. That the child was craving for his dad's attention was a given.

Vignettes like these form the crux of Paiva's new book, Love and Rage: The Inner Worlds of Children (Yoda Press), where she breaks down conversations she has had in her healing room with both parents and children, to reiterate how love and affection is central to influencing a child's personality. "I felt an urgent need to communicate with the world that what comes into our consulting room is not crazy or bizarre -it is the stuff of ordinary life - ordinary conflicts, struggles and joys. And that mental health distress in adolescence and adulthood is almost entirely based on early life experience, from conception onwards," says the Delhi-based clinical psychologist, of why she wrote the book. "Adults who are interacting with children, as parents, teachers or carers, are sometimes far removed from the lived experience of the child. They become task focussed and outcome oriented - it becomes a lot about achievement, growth and the end result of happiness," she adds. In doing so, Paiva says that people forget "that the growth of the personality is a complex, slow process that needs nurturing".

Here, Paiva, who is also mother to two daughters, offers an "only love-not rage" guide.

>> It takes two
When a child is angry with one parent, it helps to have an available alternative. I have to add that I am not necessarily talking about the heteronormative two parents - male-female couple. Children need a diversity of responsible caregivers, someone who will take it upon themselves to keep the child's emotional needs in mind. The role of mother and father is about a mental attitude, the function they play for the child. It does not have to be a biological parent.

>> We need daddy
Often women find it difficult to let men get involved in caregiving tasks like feeding, bathing and putting to sleep. When a child has emotional access to their fathers, the diversity of experience offers them a wider range of seeing how to live in the world, because men and women live in the world quite differently. Just as an involved father gives a son a sense of someone to look up to, he gives a daughter an experience of being loved and valued - something she will carry with herself into future relationships with men.

>> Prep for school
The first couple of years of kindergarten are not about learning shapes or the alphabet, it is about learning to separate from home. It is a physical/emotional wrench, leaving safety and going to another space - one that can be fun and engaging, provided we can get over the fear of separating from the people we feel safe around. Once children are helped to adapt to this huge change, they can get on with learning. Otherwise, anxiety hampers learning for years afterwards.

Start early with picture story-books or perhaps even a visit to the school for the child to see what it looks like a month or so before the emotional temperature rises in April. Be prepared for repetition for as every parent of a young child knows, once is never enough. Stories that matter the most must be repeated endlessly, without variation so that they can sink in. The story of how everyone leaves home and goes to school is of central emotional import. In fact, it is a rite of passage.

>> Play hard
Using our bodies is a release for everything - anger, anxiety and other feelings - that get stuck in our muscles. In the emphasis on growing children's minds [or getting them to finish homework and projects], we forget about how important it is to be using their bodies. Children are calmer and more attentive, when they have had an experience of using their muscles in activity, especially free play.

>> It's okay to cry
Never tell a child not to cry. All children cry, for all sorts of things, so it is important to first figure out what the crying is trying to communicate. Simply telling a child to stop crying without first trying to understand what is under it, will damage their relationship with you. If the crying is because of sadness, then telling them to stop crying is plain selfish. We do it because we can't bear their expression of sadness. It is far healthier to accept that they are sad, and give them a hug. This kind of acceptance lets them know that while nothing can be done about it, at least their experience is being validated and acknowledged.

>> Don't ignore
Ignoring feelings teaches your child that you don't particularly care for his feelings, just his actions or his/her compliance. This only ensures that the feelings will reappear in a form that is harder to link to its source. In other words, the child will use a defence in order to deal with a feeling, and the anxiety its presence creates.

>> Keep it real
I am not advising that people deny that they also can get angry with their children. "Only love" is not a reality. My aim is to be real with my relationships, including my children. So, I freely express affection - lots of hugs and physical warmth, an hour at bedtime talking about their day and their worries. I also freely express disapproval or annoyance. I explain, and negotiate. As a result, I have very opinionated children who are expressive and open, including about their anger with me or their father. We accept it as real and engage with it as much as is possible at the time.

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Mayank Gandhi on ground at rural development projects

The Aam Admi Party (AAP) took the country by storm in 2012 and people believed they were looking at a new dawn. But "leaders are not what they seem like from far. When you go closer, you can see that they have feet of clay. What they project and what they actually are, are two different things", alleged Mayank Gandhi, former AAP leader and a founder member of the party, in an email interview, hours before his book AAP & Down: An Insider's Story of India's Most Controversial Party (Simon and Schuster India), co-authored by Shrey Shah, was released in the city yesterday.

At the book launch in Mumbai. Pic/Bipin Kokate 

Wake up, India
The tell-all was released to mark the third anniversary as the ruling party in Delhi. When we asked the Mumbai-based leader about his reasons for penning it, he said, "The primary purpose was to lay down the bare truth about what happened and how the country's citizens realised that democracy was more than just about voting during five-year elections. It is to also tell the youth who still harbour the hope of alternative politics coming from AAP that their dream is over."

In the book, besides Arvind Kejriwal and Anna Hazare, Gandhi focuses on those who worked behind the scene to shake the nation into consciousness. He elaborated, "As a young man, I had felt the pain of being betrayed when the Janata Party experiment failed, in which I had personally invested part of my life. I was insignificant then and inconsequential. Now, when the youth of the country are being betrayed all over again, I can feel their pain. And this time, I am not so inconsequential and would like to be a medium of letting the people know what happened and how."

A file photo of Arvind Kejriwal at an AAP rally in Delhi

Opportunity lost
Gandhi, who played a key role in AAP's formation, admits that writing the book was a tumultuous journey. From re-living the India Against Corruption (IAC) days to the crushing of dreams, "the only thought that came to my mind was the opportunity that we lost in transforming the nation". Gandhi believes that AAP failed because instead of maintaining the founding principles for which it received extraordinary support, the party decided to indulge in the three Cs — corruption, casteism and communalism — after it won Delhi by unprecedented margins. "This impatience and abandonment of ethics and morals was the biggest mistake it made," he said.

But despite losing focus, the IAC movement has given people the courage to assert themselves before authorities and politicians. "Counter hegemony has started appearing as people have understood the power of standing up to the wrongs," says the man who has decided to focus on development politics, and is now working for the development of rural India, starting with the Beed district in Maharashtra.

AAP & Down, which is a documentation of India's "second independence" struggle according to Gandhi, gives readers a chance to see how power changes man. "People who operate in the name of serving the poor, many a times are serving their personal ambitions and egos," the author said.

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Representational picture

A bottle gourd or dudhi as we call it is one of the healthiest vegetables. When it is fresh, the fruit has a light green smooth skin and white flesh. Doodhi is about 92 percent of water and minerals which keeps your body hydrated. The bottle gourd or doodhi has a long list of health benefits. Dr. Manoj Kutteri, Wellness Director at Atmantan Wellness Director lists some of them

• Cooked bottle gourd aids for better digestion. It is cooling, calming, diuretic and anti-bilious (reduces bile and stops indigestion). The B vitamins assist in increasing the body’s metabolic rate to better digest fats, proteins, sugar and carbohydrate.
• Like cranberries, bottle gourd supports the kidneys and the urinary system of our body by reducing burning sensation from high acidic urination. It also reduces the chances of urinary infection because it is alkalizing and has a diuretic effect. Consume if you have high creatine and uric acid.
• A nutritious vegetable for the female reproductive system.
• It is extremely popular for weight loss especially the bottle gourd juice.
• Bottle gourd is extremely popular for reducing high blood pressure and bad cholesterol in some people.
• Bottle gourd is known to combat excessive thirst in diabetic patients.
• The fiber and the minerals in the bottle gourd support healthy digestion and combats constipation, colic pain and ulcer.
• Helps to prevent premature greying and improve hair growth.
• The Vitamin C and Zinc in lauki prevent pre mature aging and wrinkles as well.
• Bottle gourd is recommended for reducing liver inflammation.
• Lauki juice taken with ginger or black pepper can help with respiratory health.
• Bottle gourd is over 90% water therefore it is easy to digest
• The vitamins, minerals and dietary fibre in lauki keep the body well-nourished and curb unnecessary appetite, especially if you drink its juice in the morning on an empty stomach.
• It also contains sodium, potassium, essential minerals and trace elements, which regulate blood pressure and prevent the risk of heart ailments.
• High in sodium and potassium, bottle gourd is also an excellent vegetable for people with hypertension.
• Mixing the juice with sesame oil provides an effective medicine for insomnia. Massage the scalp with this preparation every night.

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After killing off apps used by a minority of its userbase including the "Twitter for Mac", the micro-blogging site is shutting down its TV apps on Roku, Android TV and Xbox from May 24.

"On Thursday, May 24, Twitter for Roku, Twitter for Android TV and Twitter for Xbox will no longer be available. To get the full Twitter experience, visit https://twitter.com on your device or desktop," the microblogging website tweeted.

This is due to the dismal feedback that users gave because these Twitter apps did not allow them to tweet from their account or fully interact with the Twittersphere in general, The Verge reported.

A report in Tech Crunch, however, said that Twitter has made the decision to kill off these apps as the micro-blogging platform works towards GDPR compliance.

"In addition, neither Xbox or Roku support a standard regularly supported video player, which made them more difficult to maintain. That also came into play with this decision," the report said.

As compared to other TV apps like Netflix, Twitter lacked on the "exclusive video content" front as well.

Twitter for tvOS (Apple TV) and Twitter for Amazon Fire TV will continue to be available.

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Representational Image

While Google Duplex, which lets AI mimic a human voice to make appointments and book tables through phone calls, has mesmerised people with its capabilities and attracted flak on ethical grounds at the same time, Microsoft has showcased a similar technology it has been testing in China.

At an AI event in London on Tuesday, Microsoft CEO Satya Nadella revealed that the company's Xiaoice social chatbot has 500 million "friends" and more than 16 channels for Chinese users to interact with it through WeChat and other popular messaging services.

"Microsoft has turned Xiaoice, which is Chinese for 'little Bing', into a friendly bot that has convinced some of its users that the bot is a friend or a human being. Xiaoice has her own TV show, it writes poetry and it does many interesting things," The Verge quoted Nadella as saying.

Xiaoice interacts in text conversations but now the company has started allowing the chat bot to call people on their phones.

The bot does not work exactly like Google Duplex, which uses the Assistant to make calls on a user's behalf but it holds a phone conversation with the user.

"One of the things we started doing earlier this year is having full duplex conversations. So now Xiaoice can be conversing with you in WeChat and stop and call you. Then you can just talk to it using voice," Nadella was quoted as saying.

Humans will be humans and the latest victim of humankind was Microsoft.

Two years ago, Microsoft launched an artificial intelligence (AI)-powered bot on Twitter, named Tay, for a playful chat with people, only to silence it within 24 hours as users started sharing racist and offensive comments with the bot.

Launched as an experiment in "conversational understanding" and to engage people through "casual and playful conversation", Tay was soon bombarded with racial comments and the innocent bot repeated those comments back with her commentary to users.

Some of the tweets had Tay referring to Hitler, denying the Holocaust, and supporting Donald Trump's immigration plans, among others.

Later, a Microsoft spokesperson confirmed to TechCrunch that the company is taking Tay off Twitter as people were posting abusive comments to her.

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I want to find a way of telling my girlfriend to wear better perfume without hurting her feelings. She smells like a florist's shop, which is irritating and hard to ignore. How do I do it in a subtle manner?
If you believe her perfume doesn't suit her, you should talk about it while giving her the prerogative of continuing to wear it if she likes it. Being honest is an important part of building trust, and she should trust you enough to know that you mean well. Also get another person's opinion though. You may be the only one who thinks it excessive. Maybe you have an over-sensitive nose and everyone else thinks she smells great.

My boyfriend refuses to take anything I say seriously. He loves me a lot, but anything I say is treated with amusement, whether it is my opinion about a restaurant or anything to do with his career. He assumes only the things he and his friends say matter. I don't know if he believes I am genuinely incapable of thinking, because I sometimes feel like a child when I am around him and his friends. This affects me to such an extent that I now simply clam up when I am out with them and speak only when I am spoken to. I don't even bother contributing to any discussion or argument because they don't acknowledge my perspective. How do I get him to take me seriously?
This isn't about him taking you seriously; it's about respect. If he thinks you are incapable of thinking, or that your opinion is of no importance to him in any way, why is he with you? If he doesn't respect your perspective, why does he want a relationship with you? If this is a one-sided affair with no exchange of opinions, thoughts, likes and dislikes, what makes you think this is a substantial relationship worth wasting time on? I suggest you ask yourself, and him, these questions first.

The inbox is now open to take your most carnal and amorous queries. Send your questions on email to lovedoc@mid-day.com

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Michael Jackson

In the last few days, neurosurgeons Dr Sandeep Mohindra, Dr Manjul Tripathi and Dr Nishant S Yagnick, have all become mini celebrities at Chandigarh's Postgraduate Institute of Medical Education & Research (PGMIR). In between attending to OPD and other hospital duties, Mohindra and Yagnick have been fielding press questions, while Tripathi, currently in the UK pursuing a short course, has recorded a video to offer his version should the media approach. And, all this fuss is thanks to a 683-word paper that the trio submitted four weeks ago to The Journal of Neurosurgery which has been able to answer the question that many generations have pondered over: How did Michael Jackson manage his gravity-defying moves?

Blood on the Dance Floor
Mohindra, 45, and Tripathi, 39, have been working together for the last seven years. While Mohindra is an Additional Professor, Tripathi is an Assistant Professor and Yagnick, a registrar, has been with the institute for three years. Mohindra says the team of neurosurgeons at the institute had been reporting a lot of dance injuries — kids or amateur dancers coming in with spinal injuries from trying to copy dance moves off YouTube videos.

Dr Nishant S Yagnick and wife Shweta are amateur dancers, and regulars at contests and reallity shows

"While our textbooks have mechanisms of injury for certain sports or postures — say if you play cricket, this is the injury you are most prone to get, or this is how you will hurt yourself if you ride a bike without a helmet — not much research has been done in the field of dance. There are people turning on their heads and B-Boying, and when they come in with injuries, we wonder how they fractured these many vertebra in this specific way?"

The study began six months ago when Tripathi called in Yagnick, asking him to participate in a research to understand the bio-mechanics of certain moves. They zoomed in on MJ's anti-gravity lean which debuted in 1987.

Smooth Criminal
In the seventh minute of the video, Smooth Criminal, in which Jackson (then 29 years old), dressed in his trademark outfit, along with a group of dancers, leans forward — without bending his legs or taking any support — at an angle of 45 degrees. For the average human, this range is 20 degrees. "Medical science," says Mohindra, "fails when Jackson starts dancing."

The first thing that the trio found out was that a patent, registered under Jackson's name, made the move partially possible. "Along with fellow inventors, MJ developed a special shoe that had a slot in the heel. The triangular slot could engage a hitch member (a metallic peg, which emerged from the stage floor at just the right time), allowing the dancer to obtain the right amount of extra support to be able to lean forward beyond physiological limits. Alas, MJ's move was an illusionary trick." Yet, says Yagnick, even with this extra support, not everyone can do an MJ.

Dr Manjul Tripathi and Dr Sandeep Mohindra

Yagnick and his wife Shweta are both amateur dancers. While he has taken training in jazz and hip hop, his wife has added ballet, modern contemporary and Indian contemporary, to her repertoire. The couple regularly participates in reality shows, in fact in February they won a Punjab state-level contest. When the research idea was mooted, the couple tried to replicate the MJ lean, but realised that even with the support of the shoes, it was impossible. "We tried the angulation against the wall. Even when we held each other's feet and legs, we could not get his angulation," says Yagnick.

Speed Demon
There was then more to this. While studying various videos and trying to replicate the move, the doctors studied the muscles that come into play. To put it simply, when the human body leans forward, it's the core muscles (or the erector spinae muscles) that act like cables to support the suspended spinal column during the forward shift, preventing the body from toppling over. However, when the body leans further, the weight is transferred from the core to the to the ankle joints, "and strain is shifted to the Achilles tendon". The paper states: "This allows for a very limited degree of forward bending from the ankle joints, while keeping a stiff straight posture — unless you are Michael Jackson. Most trained dancers with strong core strength will reach a maximum of 25° to 30°..."

A] Drawings showing the "antigravity tilt" (>45° forward bend), the dance move introduced by Michael Jackson, in comparison to the normal limit of a human tilt (20° forward bend), as well as the conceptualized shoe designed by MJ and co-inventors. B] Shift of the fulcrum from the sacrum to the Achilles tendon in MJ's antigravity tilt; the pic on the right show MJ do the tilt in Smooth Criminal. Courtesy/Journal of Neurology

What then allowed Jackson to manage what few could? Several years of training and special exercises, not unlike perhaps what sprinters such as Usain Bolt perform daily. "If you see Bolt preparing for the 100 m dash, you will see the same forward bend," says Mohindra, adding, that for the most famous dancer in the world, the idea would have been to make his Achilles Tendon so strong that the two legs could hold his 60 kg weight when he shifted his weight on them. While the average tendon can hold 10k to 15 kg, for Jackson that weight almost doubled.

Heal The World
It could take months for a paper to get accepted by the Journal of Neurosurgery, but the curiosity of the gravity-defying lean is such that the journal's editor accepted it within 24 hours of submission. Not just that. Yagnick says they have been asked to continue the research with other dancers in order to understand where injuries originate and how some people, defy the spine. Hrithik Roshan, for instance, says Mohindra has scoliosis of spine i.e. an abnormal curve. "Yet, he is one of best dancers one has seen. He has, obviously trained his muscles to challenge these bio-mechanics."

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Yashodhara Dalmia with Mashe and his family in the early 1980s. Pic/Maseeh Rahman

When art historian and curator Yashodhara Dalmia first met Jivya Soma Mashe in the early 1980s, the Warli artist had just started working on paper instead of the walls on which his peers and ancestors had for generations. "I found it inventive, brave and fascinating," says Dalmia, who authored The Painted World of the Warlis: Art and Ritual of the Warli Tribes of Maharashtra in 1988.

Traditionally associated with the rituals and ceremonies of the Warli community, who reside in the Maharashtra-Gujarat border, the art form found new horizons through Mashe, who passed away on May 15 in Ganjad village, Palghar. He was 84. On his passing away, he was remembered as the artist who popularised the folk art form, rendering figures on paper smeared with cow-dung or a red background, and nudging Warli into mainstream visual culture.

Mashe's The Fish Bowl

Cultural theorist and curator Nancy Adajania says that it is a misconception that Mashe 'popularised' or 'preserved' Warli. "He did neither. He invented Warli art, as we know it today. He was a pioneer," she says. Before him, there was no "Warli art" as such. In its ritual form, it was practised in the Warli community by its women, not men, who would paint on the walls of their houses, a sacred square with the fertility goddess, surrounded by human and animal forms. "But Mashe wasn't consecrating the goddess in his paintings. He was a witness to his times, using the existing vocabulary of the ritual form and creating a new one," she says.

Cultural historian, prof Jyotindra Jain, who included Mashe in his seminal exhibition Other Masters: Five Contemporary Folk and Tribal Artists of India (1998), says the artist went far beyond the conventional themes of Warli, infusing the form with a narrative quality. "In 1998, Jivya produced an epic work comprising two large paintings on wooden boards entitled: My Life. This work relates to memory — memory of fragmentation and fear," he says.

(From left) Former gallerists Kekoo and Khorshed Gandhy with Mashe (centre) at his 1975 solo exhibition at Chemould Pic/ChemoulD Prescott Road archive

Jain's observation cuts through common misconceptions about Warli being a simplistic 'folksy' art. In My Life, a bipartite work, Jain observes that in one section, Mashe ruthlessly depicts a railway line cutting a village in two, dividing the fields, the river, the families, and the community. The second section depicts the memory of Jivya's first visit to this city, arriving at the Mumbai Central railway station filled with an ocean of people. "Despite the limited vocabulary of thin, linear humans of the Warli idiom, Jivya powerfully characterises each figure, be it a coolie carrying luggage, a policeman chasing a thief, or a monkey jumping on to a roof," he says.

In his paintings, we find signs of modernity — schools, railway junctions, as well as a depiction of the crafty moneylender, observes Adajania. His themes may find growing relevance now, as they did then, particularly through what Adajania describes as 'an environmental ethic' — an interdependence of human beings with other living things. Recalling one of his most famous and captivating works, Fisherman, she says, "A vast cosmic net held by a speck of a human being overpowers the painting. But this is not an expression of a competition with the powers of the divine; instead, Mashe is transmitting an ethic of empathetic coexistence among species, even as he asserts his own artistic agency."

The commercialisation of Warli art these days, says Adajania, is a symptom of a chronic problem faced by these artists. "They are susceptible to exploitation, because there are two unequal economies in our art world — one for the contemporary artist, the other for the so-called folk artist," she says. As a practice running parallel to other contemporary practices, as Mashe's did with the Bombay Progressives, there is the continuing need to give the art form the place it deserves. Dalmia, when she remembers that first meeting with Mashe, says he was living in poor circumstances. He would soon become the first from his community to find recognition, both Indian and international, as an artist.

Mentored by Bhaskar Kulkarni, a senior member of Crafts Board, Mashe had his first solo exhibition in 1975 at Kekoo and Khorshed Gandhy's Gallery Chemould. It was the first time that an exhibition of an artist from an indigenous community was held at a contemporary art gallery. When the gallery shifted in 2010, from Kala Ghoda to Fort, the gallerists decided to bid farewell by revisiting Mashe's works, instead of a group show of any of the other stellar Modernists. "He was not just an artist who transported the ritual tradition into a parallel contemporary form of art, but also a man of vision. He could foresee that this art would convey the daily life of his people and his own life," says Dalmia.

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Timut
At: The Clearing House, Ballard Estate

Pastry chef Husna Jumani sources timut from the Northeast. Pic/Bipin Kokate

It's not often that you come across a dessert with pepper. It's for this reason that Husna Jumani, head pastry chef at The Clearing House, decided to experiment with the timut, the popular Nepalese pepper, in their Greek yoghurt pannacota. "I had already tried using other varieties of pepper, so I thought timut would be a great addition because the flavour is pronounced. It is spicy, with hints of grapefruit," says Jumani, who sources it from the Northeast.

However, it's an ingredient that can work either way, she warns. "If used with the right combinations, it can elevate the dish like no other. Else, it will overpower the other ingredients." Apart from being a tricky ingredient, it's also an acquired flavour. "When people eat it, they might not recognise it or might not realise it's a spice. It has a spicy yet fruity undertone."

Green peppercorn and krachai
At: Izaya, Nariman Point

When restaurateur Farrokh Khambata launched Izaya last November, it wasn't just a new fine-dining address he was looking to introduce. What he also wanted to do was offer the diner an innovative range of spices. "It gets boring to cook with basil and bird eye chilies, when you are talking Thai food. I wanted to give things an overhaul," he says. He sought recourse in the aromatic, fresh green peppercorn, plucked from the Piper Nigrum vine, and the krachai or Chinese ginger, both found in Southeast Asia.

The green peppercorn is added at the end

At the restaurant, krachai finds its way into a sauce that accompanies the Australian barramundi or sea bass fillet, and the green peppercorn makes an appearance in the yakitori style-grilled chicken. Both are crushed on stone and added to the dish at the end.

Thai ginger. Pic/Bipin Kokate

"Certain spices like kadi patta require oil to bring out their essence, but not these," Khambatta adds. What gives these flavouring agents an edge is their freshness. "When it's in season, we use it fresh, which means that they have a short shelf life. But our dishes won't be the same without them."

Ajamoda
At: Olive Bar and Kitchen, Bandra

The lifecycle of the ajmoda plantsown at the restaurant. Pics/Ashish Raje

A couple of months ago, one of the chefs at Olive Bar and Kitchen, stumbled upon ajamoda or wild celery seeds on a trip to Kolkata. Curious, he decided to plant it and see what comes of it.

"It's only been four weeks since we decided to use it as a brine for the tuna jerky, because of its intense flavour," says head chef Rishim Sachdeva. A well-known Ayurvedic medicinal herb, the ajamoda belongs to the ajwain family and is native to West Bengal. The restaurant sources it from Vrindavan Farms in Palghar.

"We braise it and add it when the brine goes from warm to cold," he says. Interestingly, the guests have taken note. "Those who have tasted the dish have made it a point to tell us that there's something unique about the taste."

Pasilla Oaxaca
At: Xico, Kamala Mills

Chef Jason Hudanish with a range of spices at Xico. Pic/Bipin Kokate

Chef Jason Hudanish wanted to introduce the pasilla Oaxaca at Lower Parel's Xico for more reasons than one. "It's a dark red chill — smokey and fruity with a heat level that is sharp but not overwhelming. Also, it can be used in just about anything — soup, stew, rice or salad," he says. What works against it though, is that it's fairly expensive and not readily available unlike the more common pasilla pepper, a dried chili used in traditional Mexican mole sauces.

The pasilla Oaxaca is produced only in the hilly Oaxaca region of southern Mexico. Here, it is used to make the hearty tortilla soup and borracho salsa, their table side sauce. Apart from pasilla Oaxaca, you'll also find that the achiote, a red paste made from grinding Annatto seeds with oregano, cumin, cloves, allspice berries, black pepper and salt. "It's powerful and pungent. We use it in the slow roasted pork, but warn people before serving it," he says.

Peela Masala
At: All Elements, Khar

The peela masala has been concocted using 12 different spices. Pic/Bipin Kokate

All Elements might be a young, two-month old café, but the cooking techniques it employs are age old. In fact, the peela masala used to spice up the seafood and vegetarian appetisers, is a legacy dating back three generations.

"My grandmother, Harbans Bedi, created this spice mix using 12 ingredients that she would source from local shops in Mazgaon. For me, she's the real mistress of spices," laughs proprietor Gudiya Chadha. The ingredients include star anise, coriander seeds and clove, among others. Understandably, the flavour is strong and hits you the moment you open the lid of the container. "A pinch is all you need. Else, it will overpower the dish."

Gudiya Chadha

Sassafras powder
At: Toast and Tonic, BKC

Pic/Ashish Raje

At Toast and Tonic, most marinades and mixes are prepared in house, using indigenous ingredients. The sassafras powder, therefore, is an exception. Also called a Gumbo filé powder, it comes from a sturdy tree in Louisiana.

At the restaurant, you'll find the powder stored in glass jars. "It is popular for creole and cajun cooking. We use it for both, flavour and texture in traditional gumbo, because it not only thickens the broth, but also lends it an earthy flavour," says sous chef Chirag Makwana. Filé powder is generally added at the end of cooking, or stirred into hot gumbo right before serving. They also sprinkle a pinch on their prawn flatbread for flavour.

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Twitter became unavailable for many users after the site stopped working at about 3.20 p.m. EST on Saturday, media reported. According to Down Detector, the outages were mostly reported along the East Coast of the US and in western Europe. The Twitter outage map showed very little outages on the West Coast of the US, Newsweek reported on Saturday.

When users visited Twitter on Saturday, they were greeted with an error message -- "something is technically wrong. Thanks for noticing-we're going to fix it up and have things back to normal soon", the report said.

"Twitter doesn't work on the tablet either have to do this from my phone. Won't load my tweets but is logged into my account," one Down Detector user wrote.

"Omg why are my twitter notifications not working," another said.

Twitter appeared to be down across platforms; both for iOS and android as well as desktop and third-party sites like Tweetdeck.

Around 3.40 p.m., many users reported that Twitter started working again, the report said.

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I request you to kindly give me your advise on GST which is going to be implemented very shortly. Thanks and Regards, Varadarajan Kasturi..

In under 3 years, Yes Bank has gone from being a darling of investors to a pariah. Here's a look at the events that led to the crisis in 10 points.

1. 2017: RBI forces Yes Bank to disclose that there is big divergence in its non-performing loans of Rs 42 billion reported in the company's audited accounts for the year ended March 2016. The divergence further widened to almost Rs 64 billion a year later. To put this in perspective, the RBI audit had pegged its total gross non-performing assets (NPAs) at 5% for FY16, against the bank's own assessment of only 0.8% for the same year.
2. September 19, 2018: Not surprisingly, a year later, RBI refuses to give Yes Bank CEO Rana Kapoor an extension to his term as MD. The apex bank asks Kapoor to step down by end of January 2019. Kapoor fights back...but it always seemed like a battle he was set to lose.
3. November 27, 2018: Rating agency Moody's cuts bank's rating outlook to 'negative' from 'stable' citing concerns over corporate governance. This is a big whammy...for a bank, its credit rating is everything.
4. January 24, 2019: Yes Bank hires the head of Deutsche Bank India, Ravneet Gill, as its new CEO. There's hope...even though Gill has not run a bank of this size before. The stock price rallies 66% in the days following the appointment.
5. May 14, 2019: RBI appoints former central bank Deputy Governor R. Gandhi as additional director to Yes Bank's board - a rare move signaling an increased level of scrutiny on the lender.
   
   Yes Bank reports 91% drop in profit in 1QFY20, provisions surge and gross NPA ratio stands at 5%.
6. October 3, 2019: CEO Gill says bank is in talks with private equity firms, strategic investors and family offices to raise additional capital. Again, this appears to be good news.
7. October 31, 2019: Yes Bank gets binding investment offer of US$ 1.2 billion from a global investor. But this does not go down well as credibility of the likely largest investor is questioned in the media.
8. November 1, 2019: Yes Bank reports bigger-than-expected loss for 2QFY20, NPA to loans ratio swells to 7.4% and provisions swell to Rs 13.4 billion.
9. March 6, 2020: It's been months now and there is little progress on capital raising (other than rumours floating around). RBI takes over Yes Bank's board and imposes a month-long moratorium, imposing a limit of Rs 50,000 on withdrawals.
10. March 7, 2020: Stock price of Yes Bank crashes by nearly 60%. At it's worse the stock was down at Rs 5.7 that day. RBI shares a restructuring plan for Yes Bank...basically a bailout by SBI.

Well, then...that's the Yes Bank timeline. At the time of writing, stock price of Yes Bank was trading up by 31%.

Next time, when you think of buying a banking share...or making a deposit...be sure you understand the risk.

Coronavirus fears have spooked the investors worldwide with BSE Sensex and NSE Nifty falling over 25% this month, in line with many other global indices.

After sharp corrections in three trading sessions on March 9, March 12, and March 16 by 5.1%, 8.1% and 7.9% respectively, the Sensex crashed by an overall 22% this month.

Let's dive a bit deeper and look at how the impact has been on individual sectors...

1. While all sectoral indices are in a sea of red since the outbreak of coronavirus, here's a look at the worst hit sectors since coronavirus outbreak:

   Sector	Since 1 March (%)	Since 1 Jan (%)
   BSE Metal	-30%	-45%
   BSE Bankex	-31%	-37%
   BSE Oil & Gas	-24%	-36%
   BSE Auto	-24%	-36%
   BSE Finance	-30%	-36%
   BSE Realty	-31%	-36%
   BSE Capital Goods	-25%	-33%
   BSE Power	-22%	-32%
   BSE Basic Material	-26%	-32%
   BSE Consumer Discretionary	-24%	-28%
   BSE IT	-25%	-27%
   BSE FMCG	-18%	-22%
   BSE Consumer Durables	-24%	-20%
   BSE Healthcare	-15%	-15%
   BSE Telecom	-18%	-14%

   *Note that prices are as on 19 March 2020
2. As you can see in the table above, metal sector has been hit the worst on year-to-date (YTD) basis. Note that, the sector has been witnessing selling pressure since last two years. The coronavirus situation has only exacerbated the situation.
3. Another sector that is largely impacted is banking and NBFCs. After being the most preferred in the Indian equity indices for over half a decade, things have changed for stocks in the financial sector. In India it is a double blow for financial sector in the form of YES Bank fallout and prolonged slowdown which increased the chances of credit quality deterioration.
4. To put things into context, foreign institutional investors (FIIs) were heavily positioned in the Indian financial space, and stocks in the sector witnessed maximum inflows during good times. Downward spiral for financial sector began since IL&FS crisis.
   
   Both, BSE Bankex and BSE Finance Index have plunged over 30% since the beginning of the month.
5. Shares of most hotel, leisure and airline firms have tumbled over 60% year-to-date, as the coronavirus outbreak across the world has forced people to cancel vacation plans. India also stand to lose foreign tourists due to the entry restrictions that have been put in place. And this has meant things getting worse for hotels and airlines sector.
6. Out of the 90 stocks listed on BSE from tourism, hospitality and film distribution segments, only 15 have given positive returns YTD.
7. Another sector that's facing the brunt is the automobile sector. Coronavirus couldn't have come at a worse time for India's auto sector that is battling a prolonged slump in demand. The virus outbreak has added to the pain, hitting production and lowering the demand even further as consumer spending is unusually low. Reportedly, the correction in the auto index is now close to what was seen during the 2008 global financial crisis. BSE Auto Index is down 36% on a YTD basis.
8. The fall in other indices like FMCG, consumer durables, capital goods and IT is relatively moderate as they do not have any direct impact of the pandemic. However, they too have been witnessing selling amid the sharp correction in Indian share markets.
9. Interestingly, Indian pharma has been doing much better than the overall index. Since the beginning of March 2020, the Sensex is down by 26% while the BSE Healthcare index is down only by 15% (till 19 March 2020).
   • One factor is the rupee weakness which has weakened well beyond the Rs 75/$ mark. A weak rupee helps exporters and pharma obviously benefits.
   • Another factor is the spread of the novel coronavirus has led global investors to rush for pharmaceutical stocks recently, on back of a rise in demand for generics and branded generics leading to shortages and over-pricing for drugs.
10. However, as the markets took a breather on Friday, the sectors that rallied the most were BSE FMCG, BSE IT and BSE Oil & Gas indices, gaining over 8% each.

What do you think will be the long-term impact for these sectors? Well, you can let us know by dropping your views in the comments section below.

While most sectors have been falling, our co-head of research, Tanushree Banerjee believes in long term, Indian auto ancillaries, textiles, chemical companies, Pharma R&D contract manufacturers, will all be the major beneficiaries of what she calls the Rebirth of India megatrend.

Also, in times like these, our special report, How to Trade the Coronavirus Crash, will help you get a grip on the current market situation...and figure out ways to profit from it.

This is the most comprehensive report on how to trade the coronavirus, both from a short-term and long-term perspective. I strongly recommend you read it now. Claim your FREE copy here...

Happy Investing!

With the ongoing panic in the global as well as Indian stock markets, there is no end to foreign investors dumping Indian shares.

This wasn't the case a while back. Foreign institutional investor (FII) were making a beeline for Indian equities few months back.

How has this trend been so far this year? What has changed in recent weeks and months? And what's behind the heavy movement of foreign funds in India?

Let us look at some key points to answer these questions...

1. September 2019: FII Money Returns to India Again

   If we track the trend of FII flows in financial year 2019-20, after the Union Budget in July 2019, foreign investors began selling. They pulled out a ton of money from Indian equities.

   Why? Well, they were disappointed with the budget as it did not address the key concerns the economy was facing.

   However, the month of September was a different ballgame altogether as foreign money once again made its way into Indian equities. Not surprisingly it was also the month in which the Government made amends for its failed budget.

   This is evident in the chart below:

   September 2019: Foreign Money Returns to India Again

2. 3rd Quarter 2019-20: FIIs Keep Pouring Money in Indian Equities

   There were two reasons behind the above FII rush to Indian equities:

   1. Clarification by the FM that the tax on the super-rich was not applicable on foreign investors
   2. Cut in corporate tax rates, among other efforts, that had the potential to make Indian manufacturing globally competitive

   Both the above points strengthened the case for investing in Indian for FIIs.

   And they kept on pouring money in the following months.

   Here's how much money came by FIIs to Indian stock markets in the third quarter of FY20:

   Month	Net Investment (Rs, m)
   Oct-19	85,956
   Nov-19	129,249
   Dec-19	6,941
   Total	222,146

   Data Source: Equitymaster

3. 2019: Best FII Flows in Six Years

   Overall, in calendar year 2019, FIIs pumped in a net of more than Rs 1,000 bn (billion) in Indian stocks. This made it their best such infusion in six years. The previous high was Rs 1,130 bn in 2013.

4. 2020: The Downtrend Starts

   The buying trend, however, didn't last long. FIIs rushed out of India amid concerns of slowing economic growth and high stock valuations.

   In the month of January, they pulled out Rs 126.8 bn from Indian stock markets.

5. Feb-Mar 2020: Coronavirus Triggers FII Sell off

   The selling intensified further in February and March 2020. The major trigger was the coronavirus led panic sell-off across global financial markets.

   In February and March, Nifty and Sensex corrected sharply. It was not just Indian share markets but even global indices like the Dow Jones, NASDAQ, FTSE, DAX, CAC and the Nikkei that witnessed the brunt.

   In the Indian context, the stock market correction was exacerbated by the weak foreign investor sentiments. The real surprise was not the FII selling. It was the ferocity and the intensity of the selling in such a short span of time.

   From February 14th, the FIIs have been sellers on all days except one.

6. March FII Outflows to date to Surpass the 2008 Crisis Level

   So far in March, FIIs have sold a net of Rs 478.9 bn of Indian shares.

   And this makes the outflows of the month set to surpass the 2008 crisis level.

   While India is still better placed relative to other emerging market peers, the wipe-out has been massive.

What Should Market Participants Do?

There is no denying that FIIs play an important role in the Indian stock markets.

Strong FII participation is good from the domestic investors' point of view in the sense that it leads to enhanced liquidity and greater depth in the market.

However, in the event of FIIs pulling out on a larger scale and a free fall in the markets, the correction in valuations of fundamentally solid companies would be just temporary. It may in fact offer some lucrative value buying opportunities.

How do you zero in on these opportunities?

Our special report, How to Trade the Coronavirus Crash, has the answer. Just claim your FREE copy here...

Stock markets around the world witnessed one of the most painful correction phases in the month of March 2020.

Indian stock markets too mirrored the trend.

Here are six charts showing how Indian financial markets performed in March 2020.

1. Record Wealth Destruction
   
   

   In the month of March 2020, the Sensex fell as much as 23%.

   It is not the month where the market has fallen the most. That honor goes to October 2008 where markets tanked 23.9%, beating the 23.1% the market lost last month by a whisker.

   However, March 2020 wins hands down in wealth destruction.

   Wealth destruction of Rs 4.4 lakh crores back in 2008 pales in comparison to the Rs 14.6 lakh crores worth of wealth destroyed on the Sensex in the last month alone.

   March 2020 the Second Worst Month in History

2. Huge Selling Pressure for Individual Stocks
   
   

   Except two, all the stocks in the BSE Sensex plunged in March 2020.

   The decline was mainly led by banking stocks and financial stocks.

   Stocks such as IndusInd Bank, Bajaj Finance, and Axis Bank fell as much as 40%-70%.

   Top BSE Gainers and Losers in March 2020

3. All Sectors in a Sea of Red
   
   

   Among sectors, all the BSE indices gave negative returns in March 2020.

   BSE Realty, BSE Bankex, BSE Finance, and BSE Auto Index fell more than 30%.

   It was a double whammy for banking and finance stocks that witnessed most of the brunt on the back of coronavirus outbreak and Yes bank crisis.

   Worst Hit Sectors in March 2020

4. Crude Oil Slumps Over 50%
   
   

   Crude oil crashed over 50% in March 2020.

   The fall was seen because of oversupply amid subdued demand.

   Oil prices crashed last month in what was the worst price dip since the 1991 Gulf War with Brent prices plunging to US$ 31 per barrel.

   Oil markets faced a double whammy from the coronavirus outbreak and a price war between Saudi Arabia and Russia after OPEC and other producers failed to agree on deeper cuts to support oil prices in early March.

   Shares of oil marketing companies such as Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL), GAIL, ONGC, Indian Oil Corporation (IOC) and Indraprastha Gas were in focus in March amid record low crude oil prices.

   They witnessed buying interest and capped most losses led by the stock market crash.

   In his latest video, Ajit Dayal shares his views on the impact of the coronavirus crisis and the oil price war on the Indian economy and the stock market. You can view the same here.

   Crude Oil Continues Free Fall

5. Gold Prices Shine
   
   

   Base metals also remained under pressure as lockdown imposed in several parts of the world curbed demand, pushing stockpiles higher.

   However, gold prices rose 3% in March 2020 as demand for the safe haven asset rose with market participants bracing prolonged uncertainty in the wake of the novel coronavirus outbreak.

   To know more about gold, you can check one of Vijay Bhambwani's recent articles here: Is the Price of Gold About to Go Higher?

   Gold Witnesses Buying

6. Rupee Hits Record Low in March 2020
   
   

   Massive sell-off in equities and bonds led to a huge fall in rupee against the dollar in the month of March.

   The rupee hit a record low of 76.32 against dollar earlier this week.

   Most of the selling pressure for rupee was seen on the back of slump in equities and currencies globally. Investors were concerned that support measures from governments and central banks may be insufficient to halt the economic damage caused by the coronavirus pandemic.

   Rupee Continues Downtrend

So, that was a round-up on how Indian financial markets performed in the month of March 2020.

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Most sectors in the Indian share markets have been drowning in a sea of red due to the crash led by coronavirus outbreak. The biggest blow, however, has been felt by the banking sector.

The sector was already reeling under pressure due multiple factors for quite some time. And things started getting worse since the start of 2020.

Here's a timeline showing some major events that happened in the Indian banking sector and led to the slowdown we are witnessing in the past few months...

1. Mounting Pile of Bad Loans: Indian banks have for years worked to beat down mounting piles of bad loans of the sort that led to the Yes Bank fallout. The ratio of gross non-performing assets (NPAs) at Indian banks rose to 11% in 2018 from about 2% in 2008, before starting to ease off.
2. IL&FS Crisis Kicks Off the Downward Spiral: Foreign institutional investors (FIIs) were heavily positioned in the Indian banking and financial space, and stocks in the sector witnessed maximum inflows during good times. However, they started noticing cracks with consistent negative performance in the banking and financial sector and started moving out of them. The downward spiral for these sectors began since IL&FS crisis camec out into the open.
3. Credit Quality Deteriorates: After being the most preferred sector for over half a decade, things started changing for stocks in the banking sector since 2020. This came as the sector witnessed a double blow in the form of YES Bank fallout and prolonged economic slowdown. And all this only led to credit quality deterioration for banks.
4. YES Bank Crash: The Yes Bank crisis and the sight of Rana Kapoor being taken to court in early March came in as one of the worst months for India's banking sector.
5. Bailout for Yes Bank: To save Yes Bank, a range of Indian lenders led by the State Bank of India (SBI), infused funds in return for an equity stake. The episode came as a jolt to investors, who worried it could exacerbate vulnerabilities in the financial system.
6. Panic Selling Amid SC Order: Then came another blow. Before the dust settled on Yes Bank, the Supreme Court ruled that telecom operators must pay dues worth billions owed to the government. This caused panic-selling in bank stocks due to their heavy exposure to the telecoms sector.
7. Coronavirus Threat: The challenges now facing India's banking sector have reached another order of magnitude due to the coronavirus threat to the economy. Banking stocks have been among the hardest hit.
8. Sharp Fall for BSE Bankex: The BSE Bankex has fallen about 46% so far this year, outpacing the 32% fall in the BSE Sensex. Shares of Axis Bank and IndusInd Bank have lost the most during this period.
9. Relief Measures: Owing to all these shocks, banks have sought various relief measures. On 27 March 2020, the Reserve Bank of India (RBI) came out all guns blazing to arrest a potential slowdown caused by coronavirus (Covid-19). It did not just lower the cash reserve ratio (CRR) by 1% to 3% but also cut the repo rate by 0.75%. Also, there is a three-month moratorium on payment of loan installments.
10. PSB Merger: Then came the major announcement effective from 1 April 2020. First announced in August 2019, the government's ambitious plan to merge 10 state-owned banks into four came into effect from 1 April 2020. The move, aimed at strengthening the banking system and creating more large institutions with size and scale, has seen...
    • Oriental Bank of Commerce and United Bank of India merged into Punjab National Bank,
    • Andhra Bank and Corporation Bank merged into Union Bank of India,
    • Allahabad Bank merged with Indian Bank, and
    • Syndicate Bank amalgamated into Canara Bank

So, that were some top pointers on what the Indian banking sector has been going through amid the coronavirus led stock market crash.

I reached out to Tanushree Banerjee, who is closely tracking the banking sector in the current scenario. Here's her view on the sector...

• The Covid-19 lockdown has hit cash flows of both individual borrowers and corporates. This, in turn, will impact their loan repayment capability.
  
  The RBI's repo rate cut came as a temporary lifeline for Indian companies with debt on books. It will offer both companies and retail borrowers some breather. If banks use this phase judiciously, it may save the NPA ratios from worsening significantly.
  
  However, only the banks that have adequate capital and provisioning cushion may be able to tide over the economic crisis. Eventually, another round of consolidation in private sector banks, like the one after 2002, cannot be ruled out.

Tanushree's latest StockSelect recommendation is one such midcap bank.

You can read the entire report here (requires subscription).

Also, speaking of ongoing stock market crash, our special report, How to Trade the Coronavirus Crash, is the most comprehensive report on how to trade the coronavirus, both from a short-term and long-term perspective. You can claim your FREE copy here...

And rest assured, Equitymaster is with you all the way on this journey. To that end, we have decided to offer you two of our premium learning courses free!

From the comfort of your home, you can learn the basics of fundamental investing with Equitymaster Secrets and the ins and outs of making money using derivatives with Derivantage. Get started right away.

Happy Investing!