Subimal "Chuni" Goswami came for a routine check-up to a city hospital on Thursday morning and by evening he had suffered three cardiac arrests in 14 minutes to breathe his last and end an era, his son said.

"He had breakfast. Then we got him to the hospital. He was brought here for a routine check-up. He had lunch and even took a nap in the afternoon. But around 5 p.m., he suffered three heart attacks in 14 minutes," said a crestfallen Sudipto.

Goswami, who died at the age of 82, is survived by his wife and Sudipto.

Goswami was also battling underlying ailments, including sugar, and prostrate and nerve problems.

Goswami had to be given insulin daily and due to the COVID-19 lockdown, his medical supervisor was not able to attend to him on a regular basis.

"I don't have words at this point, feeling lonely," said Sudipto.

Goswami's biggest achievement was captaining India to the 1962 Asian Games Gold medal when India scripted a historic 2-1 victory against South Korea (Korea Republic) in the final to land India its second gold medal in Asian Games history.

Besides two editions of the Asian Games, Goswami was also part of India's Olympic squad in the Rome Olympics in 1960. He also captained India to the final of the AFC Asian Cup in Tel Aviv in 1964 and was part of India's campaign in the pre-Olympic qualification in 1959 (in Kabul), 1960 (in Kolkata and Jakarta), 1963 (in Colombo as captain), and in 1964 in (Tehran and Calcutta).

Goswami won the Arjuna Award in 1963 and was conferred the prestigious Padma Shri Award in 1983.

The versatile sportsman that he was, he also represented Bengal in the Ranji Trophy and even captained Bengal in 1968-69 season. He also played for East Zone in the Duleep Trophy. His first-class career as a cricketer ended after 46 matches and he scored 1,592 runs, including a century.

He also served the Tata Football Academy as its director and was appointed the Sheriff of Kolkata in 2005. In the same year, he was awarded the Mohun Bagan Ratna and was bestowed the Banga Bibhusan in 2013.

The Indian postal department also honoured Goswami with a commemorative stamp on his 82nd birthday earlier this year.

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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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The Spanish football league is all set to resume in June and La Liga's India managing director Jose Antonio Cachaza has revealed that they will resort to maximum testing of players to allay any fears of them contracting COVID-19.

Spain is one of the worst hit countries with around two lakh COVID-19 cases till date.

Most La Liga teams have been allowed to return to training this week after the government eased lockdown restrictions. However, the fear of contracting the Coronavirus is widespread, said Cachaza, for which a four-phase de-escalation programme is being introduced to ensure all players are free of the infection.

"The current week is only for testing of the players and preparing the grounds," Cachaza said in an online media interaction from Spain.

Jose Antonio Cachaza

"Once players are fit to play, we will disinfect the venues. All matches will be played behind closed doors with a maximum of 250 people to avoid any unwanted situation," he added.

When asked what happens if a player tests positive once the season starts, Cachaza said: "That can always be the case. If you see the Bundesliga, they are about to start their season but still have positive cases. We will be ensuring testing at regular intervals as well to keep a check on players." Unlike the English Premier League and the Bundesliga, the La Liga is yet to finalise on a date to resume the season as Cachaza said they are awaiting authorisation from the Spanish government. "We are in constant talks with the government and as of now, we have authorisation to only start with training. Next week, the players will be allowed to train on their own, with a maximum of six players on the pitch. The following week [May 18 onwards], players will be permitted to train in small groups before a return to larger team sessions,"2020-05-08 Cachaza explained.

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German professional football is going to return to action on May 16 to 18 with its first and second tier getting back underway. League association CEO Christian Seifert announced the permitted re-start is planned without games on Friday evening but contains two rounds of matches during the week. "We wanted to follow the wording in the orders of politics strictly," the 50-year-old commented, reports Xinhua news agency. All games will be run behind closed doors.

The season was interrupted mid-March due to the coronavirus crisis. Nine rounds remain plus one postponed match. German Chancellor Angela Merkel and the 16 federal state prime ministers gave the green light for a restart on Wednesday based on a comprehensive hygiene concept. Most of the 36 clubs voted for the earliest possible start. At least two sides, such as Werder Bremen and FSV Mainz 05, demanded a start one week later to gain time for additional training.

Seifert announced the season is to be continued with matchday 26, which contains the delicate derby of Borussia Dortmund against the FC Schalke 04 on Saturday. Six games are notified for Saturday, two on Sunday and one on Monday evening. All match-days contain a so-called late-game in the evening. The table leaders Bayern Munich face an away game against league newcomer Union Berlin Saturday evening.

The season's last games are planned to take place on June 27 to 28. Seifert indicated the Champions League final could be run around the end of August. The German Cup has to be rescheduled. To address parts of the demands of Bremen, their game against Bayern Leverkusen is scheduled for Monday on May 18. The federal state of Bremen was one of the last spots allowing training in smaller groups.

All 36 clubs took up full team training this Thursday. From Saturday on, all clubs attend an obligated seven-day-long quarantine. Players, staff, and family members will undergo a diverting number of tests. Referees are going to be tested by next week. Seifert said football concept could be a blueprint for other team-sports, fighting sports and athletics as well as for orchestras and theaters.

Clubs and association are in close contact with fan groups to avoid gatherings around the arenas. Therefore, negotiations take place with pay-tv broadcasters to provide certain games on free tv.

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Gold has indeed proven itself as an effective hedge against any downside risk. It has seen a sharp rise in the price rally since the first case of Novel Coronavirus was reported in November 2019.

In the beginning of March, gold prices fell marginally, however it is on the upswing and has retained its level above Rs 40,000 per 10 grams.

Graph: Gold's rising uptrend

Gold started to ascend last year when the US and China trade talks began and escalated in trade war, followed by similar trade wars of the US with other nations.

These events have proved to be favourable for the momentum of the price of Gold. It played its role of a crucial hedge and store of value when other asset classes had witnessed high volatility and posted marginal returns.

Some of the other factors that have supported gold are...

• The outbreak of COVID-19 with no evident containment yet
• Economic uncertainty and fears of a virus-led global recession
• Global GDP growth revised downwards and for across regions
• Easy monetary policy action (of reduction in interest rates and stimulus packages) and an accommodative stance adopted by the central banks across the world to support growth
• A crash in the oil markets due to lack of demand and excess supply with storage problems
• A record-high global debt-to-GDP of nearly US$ 255 trillion (over 322% of global GDP) - 40 percentage points higher than at the onset of 2008 global financial crisis according to the Institute of International Finance (IIF), as the world is fighting the COVID-19 pandemic
• The US Presidential elections later this year, in November 2020
• Increased stock market volatility
• The potential risk to the inflation trajectory.

[Read: Coronavirus Has No Antidote. Your Bad Investments Could Have.]

Besides, the lockdown brought upon due to COVID-19 pandemic is going to hurt the economy for a couple of quarters badly which will amplify the credit risk. The economic activity will slow grind to full capacity, prompting furloughs and pay cuts, and job losses across sectors, which will affect the credit line as the number of defaulters will rise because cash strapping will be seen.

Recognising the risk stemming from the bottom hit economy, where the growth projections by the IMF are almost 1.9% due to the CoVID-19, the NPAs of banks and NBFCs are expected to increase.

[Read: How the COVID-19 Extended Lockdown Has Made Investments in 'Banking Funds' Very Risky]

Until the COVID-19 pandemic is contained and economic uncertainty prevails, the spotlight will continue to be on gold owing to the financial uncertainty it brings along. Even the IMF Global Financial Stability report highlights an increase in the level of risk among multiple global metrics and, therefore, the importance of owning gold in one's portfolio.

Hence, in my view, in the current situation consider allocating some portion of your investment portfolio to gold and its equivalents. This year buying gold in a physical form from your preferred jeweller or gold merchant may not be possible amidst the COVID-19 extended lockdown. But you can always consider Gold Exchange Traded Funds, Gold Saving Funds, Sovereign Gold Bonds, and/or Digital Gold, which are smart and unconventional ways of investing in gold.

Recently the Government of India, in consultation with the Reserve Bank of India, decided to issue Sovereign Gold Bonds. The Sovereign Gold Bonds will be issued in six tranches from April 2020 to September 2020 as per the calendar specified below:

Each of the tranche is offered for a limited subscription period, having a maturity tenure of 8 years and a lock-in period of 5 years

With an initial investment amount of Rs 20,000, resident individuals, Hindu Undivided Families (HUFs), Trusts, Universities and Charitable Institutions can subscribe to SGBs. The application can be also made by the guardian on behalf of the minor. One can purchase units from the secondary market as well.

The issue price of the SGB will be Rs 50 per gram less than the nominal value when applied online and the payment against the application is made through digital mode.

On maturity, the Gold Bonds shall be redeemed in Indian Rupees and the redemption price shall be based on a simple average of the closing price of gold of 999 purity of previous 3 business days from the date of repayment, published by the India Bullion and Jewellers Association Limited.

In order to encourage passive but direct gold investment, as an alternative to purchasing physical gold, Modi led Government sanctioned a Sovereign Gold Bond Scheme in November 2015. Under this scheme, investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by the Reserve Bank on behalf of Government of India.

With the Sovereign Gold Bond Scheme, the risks and costs of physical storage are eliminated. Plus, it is free from issues like the costs of making charges and purity, as in the case of gold in jewellery form. But these bonds are held in the books of the RBI, or in demat form to eliminate even the risk of loss of scrip, etc.

Sovereign Gold Bonds will generate market returns linked to the price of gold, so there may be a risk of capital loss if the market price of gold declines. Moreover, these bonds will provide interest income at the rate of 2.50 per cent (fixed rate) per annum on the amount of initial investment to investors and will be redeemable.

The minimum investment allowed is 1 gram, while the maximum buying limit is a subscription of 4 kg for individuals, 4 kg for Hindu Undivided Family (HUF), and 20 kg for trusts and similar entities notified by the government from time to time per fiscal year (April - March).

These bonds are sold through offices or branches of Nationalised Banks, Scheduled Private Banks, Scheduled Foreign Banks, designated Post Offices, Stock Holding Corporation of India Ltd. (SHCIL), and the authorised stock exchanges, either directly or through their agents.

Do note, that the interest on the bonds is taxed as per the provisions of the Income-tax Act, 1961. If you hold the SGB till maturity the capital gains tax on redemption of SGB is exempted. But if you sold the bond in the secondary market after three years, long term capital gains (LTCGs) tax is applicable and it will be taxed at 20 per cent with indexation. And if sold before three years, a short-term capital gains (STCGs) tax will be applicable according to the income tax slab.

What should the investors do?

Defeating the Coronavirus and surviving is everyone's core focus and having liquidity, those who have an adequate contingency fund are looking for investments.

Equity and debt markets are yet to see any signs of revival despite the stimulating relief measures provided to uplift the slowing of economy but investing in gold can prove to be worthy for your portfolio.

[Read: What Could Be the Potential Impact of a Lockdown on Your Mutual Fund Portfolio? Know Here...]

Even the bond prices were at all-time lows, which are inversely proportional to gold as well. In my view allocate at least 10-15% of your entire investment portfolio to gold and hold it with a long-term investment horizon.

Remember gold offers an effective hedge during global uncertainty and a shield against inflation. Most importantly in your portfolio, it serves as a diversifier.

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.

During the COVID-19 lockdown, individuals are losing patience -- moving freely and not following the necessary social distancing. This lack of civic sense and maturity on their part is weakening our fight against the deadly contagion pathogen.

The capital markets, as a result, also has witnessed intense volatility and bears are running lose. Certain sections of investors, however, have shown tremendous maturity during these challenging times.

At a time when Foreign Portfolio Investors (FIIs) have net sold or dumped Indian equities (owing to markets worldwide falling sharply and margin calls being hit), domestic fund managers are looking for value-buying opportunities in the carnage of the markets.

It is also heartening to see retail and High Net-worth Individuals (HNIs) buying into various equity-oriented mutual funds in a lump sum as well as the SIP (Systematic Investment Plan) mode. Monthly SIP inflows have touched a record high in March 2020 and the SIP folios, too, surged to 3.12 crore.

However, in debt-oriented schemes, investors seem to be pressing the panic button. The mutual fund industry recorded a net outflow of Rs 1.95 trillion in March 2020. Barring Overnight Funds and Gilt Funds, all other sub-categories of debt mutual funds have reported an outflow in March 2020.

Advance tax payment obligations, deterioration in asset quality, potential risk of defaults in the COVID-19 lockdown, and heightened volatility in the Indian debt market are some of the key reasons for outflows from debt-oriented mutual schemes.

[Read: Why Investors Pulled Out Money from Debt Mutual Fund Schemes in March]

The massive outflows were also seen from the Liquid Funds and Arbitrage Funds.

Table 1: Action in March 2020

Unprecedented redemptions in the Arbitrage Funds and Liquid Funds, as well as the net inflows recorded by the overnight funds, suggest that investors preferred safety over returns. As you know, liquidity is a key concern as the world continues to fight the COVID-19 pandemic.

Some arbitrage schemes such as Tata Arbitrage Fund and ICICI Prudential Equity-Arbitrage Fund had stopped taking in fresh subscriptions in the third week of March 2020 for the lack of arbitrage opportunities as markets faced broad-based selling.

But now markets are finding some sort of stability and bouncing back -- rallied over 20% from March lows - although the bears continue to run loose.

So, is it a time to consider arbitrage funds again?

Yes, I think so.

Arbitrage Funds aims to exploit the price differential in two different segments (spot and futures or cash and derivatives) of the equity market. They buy stocks in the spot market and sell in the future market simultaneously thereby making gains with the price differential (called the spread).

The differential usually is in sync with the prevailing interest rates in the economy; but depending on the market volatility, it could sometimes be higher as well. That being said, these are short-term opportunities that spring up due to lack of information to a set of market participants in one of the markets.

The capital market regulator's mutual fund categorisation and rationalisation mandates that an Arbitrage Fund must strictly follow the arbitrage strategy and invest at least 65% of its total assets in equity & equity related instruments.

Since the transactions are in either direction, the positions are completely hedged. And the remaining 35% of the total asset is deployed in debt and money market instruments.

In March 2020, when the stock futures started quoting at a discount to the spot prices in the cash market, it was a concern. But now that we have seen some sharp up-moves in the Indian equity markets as the government has done relatively well in containing the spread of the deadly virus (compared to other nations) and thanks to the prompt fiscal measures also have been taken -- both by the Ministry of Finance (the Rs 1.75 trillion package) and the Reserve Bank of India (by reducing policy rates sharply, keeping monetary policy stance 'accommodative as long as it is necessary', and ensuring enough liquidity in the system) -- in my view, it would be perceived positively by the markets in times to come and enough arbitrage opportunities would be available. It is possible that Arbitrage Funds may even perform a tad better vis-a-vis Liquid Funds.

Table 2: Report Card of Arbitrage Fund, Liquid Funds and Short Duration Funds

Over the last one year, the returns generated by Arbitrage Funds have been quite satisfactory. In fact, these funds have outperformed those clocked by Liquid Funds. The 3-month returns clocked by Arbitrage Funds have been almost at par with Liquid Funds.

Do note that an Arbitrage Fund carries low risk and the returns depend on the market conditions and fund manager's ability to reap rewards from arbitrage opportunities.

Short-Term Capital Gains (i.e. realised profits within a year) on arbitrage funds are taxed at 15%, while the Long-Term Capital Gains (i.e. gains made after staying invested for more than a year) are taxed at 10% for gains above Rs 1 lakh in a financial year.

To park money for the short-term for an investment time horizon up to 1-year, you may consider investing in an Arbitrage Fund.

And if you have an extreme short-term time horizon (of 3 to 6 months), consider a Liquid Fund with high-quality debt papers, which does not have high exposure to Commercial Papers (issued by private entities).

Alternatively, if you wish to park in a much safer category, you would be better off investing in an Overnight Funds.

Happy Investing!

PS: If you wish to select worthy mutual fund schemes, I recommend you to subscribe to PersonalFN's unbiased premium research service, FundSelect.

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.

Every month, PersonalFN's FundSelect service will provide you with insightful and practical guidance on equity mutual funds and debt schemes - the ones to Buy, Hold, or Sell.

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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.

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!

PS: If you wish to select worthy mutual fund schemes, I recommend you to subscribe to PersonalFN's unbiased premium research service, FundSelect.

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.

Every month, PersonalFN's FundSelect service will provide you with insightful and practical guidance on equity mutual funds and debt schemes - the ones to Buy, Hold, or Sell.

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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.

Coronavirus or Covid-19 is showing no signs of receding. On the contrary, the number of cases is increasing by the day and the situation is rather depressing, as almost every region of the world and country is infected.

Sadly, there is no antidote or a vaccine conclusively developed to fight this deadly pathogen yet. And according to the World Health Organisation (WHO), Coronavirus will be with us for a long time. Most cases are still in the early phase of the epidemic and some countries which were affected early in the pandemic, are now seeing a resurgence in the number of cases, said the WHO Chief.

COVID-19 is truly playing havoc and may be followed with a financial crisis owing to the lockdowns imposed to contain the spread. The risk of global recession undeniably looms large. "This crisis is like no other", as what the International Monetary Fund's (IMF), Chief Economist, Ms Gita Gopinath wrote in the foreword to the World Economic Outlook, April 2020.

Graph 1: The virus has spread even to Indian equities

The graph above depicts the S&P BSE Sensex falling off the cliff and investors' wealth being eroded. Since the all-time high of the S&P BSE Sensex (42,273.87 points made on January 20, 2020), we have fallen more than -25% and overall sentiments seem downbeat and volatility has heightened.

On a year-to-date basis, Indian equity is down nearly -23.2% (as of April 27, 2020), while gold -- with uncertainty looming around the world -- has exhibited its sheen and demonstrated its trait of safe haven and an effective portfolio diversifier, clocking nearly +5.0% absolute return as of April 27, 2020.

Graph 2: YTD Performance of key asset classes

The graph above validates the importance of tactical asset allocation. The key lesson here is: all asset classes will not necessarily move in the same direction (up or down) always - over the long-term; some may even move in the opposite direction as what we have seen in the recent past (in the case of equities and gold).

As we (the world) continue to fighting COVID-19 and the aftereffects of it are conceivable, a further correction cannot be ruled out and the bottom is unknown. COVID-19 is likely to impact corporate earnings amidst a time when India is already facing slowdown blues. As people are quarantined, demand would remain muted and inflation risk will begin to surface, particularly in food prices.

So, although the current levels offer a decent value-buying opportunity, skewing your portfolio completely to equity as an asset class could endanger wealth creation. In such times you, as an investor, need to follow tactical asset allocation while you aim to generate wealth.

Tactical Asset Allocation with Quantum Multi Asset Fund of Funds

To invest sensibly in the current times, you need a Multi-Asset Fund that invests in mainly three asset classes: equity, debt and gold; and is truly balanced.

Among the plethora of Multi-Asset Funds, the Quantum Multi Asset Fund of Funds (QMAFOF) incepted on July 11, 2012, is truly balanced and holds well-diversified portfolio (across the three key asset classes: equity, debt and gold) at all the times -- unlikely many of its peers who swayed by the excess exuberance in equities, lost sense, and eroded investors wealth.

Table 1: Asset Allocation of Quantum Multi Asset Fund of Funds

The Scheme predominantly invests in the units of Equity, Debt / Money Markets and Gold schemes of Quantum Mutual Fund. Currently, the following schemes are used to gain exposure to a particular asset class:

For equity - Quantum Long Term Equity Value Fund, Quantum Nifty ETF

For debt & money market instruments - Quantum Liquid Fund, Quantum Dynamic Bond Fund

For Gold - Quantum Gold Fund (ETF)

The Units of any other Equity and Debt / Money Markets scheme launched by Quantum Mutual Fund from time to time would be eligible to be part of the above asset allocation components.

Although QMAFOF aims to invest predominantly only in the schemes launched by Quantum Mutual Fund, QMAFOF may seek to invest in the units of similar schemes of other mutual fund houses in case of any investment and regulatory constraints that arise that prevent the Scheme from increasing investments in the schemes of Quantum Mutual Fund.

The investment objective of Quantum Multi Asset Fund of Funds is, "to generate modest capital appreciation while trying to reduce risk (by diversifying risks across asset classes) from a combined portfolio of equity, debt/money markets and gold schemes of Quantum Mutual Fund"

QMAFOF benchmarks it against the Crisil Composite Bond Fund Index (40%) + S&P BSE Sensex Total Return Index (40%) + Domestic price of Gold (20%).

Being a fund of fund, this benchmark is most suitable to compare QMAFOF's performance. The unique combination clubs together the relatively risky assets with other stable asset classes in the portfolio.

Backed by an astute investment strategy, taking the 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, the two fund managers of QMAFOF, namely 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 generated respectable returns for investors.

Table 2: Report card of QMAFOF versus some of its peers

Even as the equity market is panting for breath attributable to COVID-19 and volatility has intensified, QMAFOF due to its sensible asset allocation to equity, debt and gold through its underlying portfolio, has fared relatively better than some of the peers.

ICICI Prudential Multi-Asset Fund, Axis Triple Advantage Fund, HDFC Multi-Asset Fund, and UTI Multi-Asset Fund, on the other hand, have all eroded investors wealth posting double-digit negative returns (see Table 2) in this downturn. Some of these schemes have fared well during upswings by keeping to the allocation to equities high, but on the downside, they have not managed the risk very sensibly. Investors, as a result, have experienced a roller-coaster ride in the journey of wealth creation.

A multi-asset fund, ideally, is expected to be truly balanced and sensibly allocate its assets whereby the downside risk of one asset class is compensated by the positive returns of the other asset classes.

Here are five good reasons to invest in Quantum Multi Asset Fund of Funds

1. You gain from a diversified portfolio across asset class which, in turn, reduces risk and optimizes returns.
2. You do not have to worry about portfolio rebalancing; the fund manager will astutely do it for you at regular intervals in the endeavour to achieve the set-out investment objective of the fund.
3. Portfolio tracking will be easy for you instead of tracking 10 different schemes
4. You will benefit from the lowest expense ratio in the category
5. And above all, Quantum Mutual Fund's strong research capabilities across various asset markets - equity, debt and gold, -- with robust investment processes & systems followed at the fund house.

Suitability of Quantum Multi Asset Fund of Funds

QMAFOF is a perfect fund for investors looking to tactically diversify the portfolio with a single fund across equity, debt and gold, plus leave the aspect of rebalancing to the discretion and expertise of the fund manager.

Furthermore, the fund is appropriate for investors seeking long term capital appreciation, who have a moderately high-risk appetite, and an investment time horizon of 3 to 5 years.

It is the best time to invest in the Quantum Multi Asset Fund of Funds. Valuation-wise, Indian equities look attractive and there appears to be a decent margin of safety (with a high return potential if the equity markets ascend).

Similarly, given the uncertainty surrounding the world, gold is expected to display its lustre. The economic uncertainty surrounded by the COVID-19, GDP growth rates being revised downwards, easy monetary policy action and stance followed by central bank across the world, geopolitical tensions, trade tension, and increased stock market volatility are likely to keep spotlights on gold.

Likewise, with credit risk getting amplified, it makes sense to have exposure to a pure Liquid Fund (that does not take exposure to Commercial Papers issued by private entities). Now that policy rates are already lowered by RBI to address growth concerns, it does not make much sense to take exposure to the longer end of the yield curve; it could prove less rewarding and risky (may encounter high volatility) in the foreseeable future. Deploying your hard-earned money is short-end of the maturity curve, would be far better.

By investing in Quantum Multi Asset Fund of Funds, you will be able to balance the risk better with a sensible investment strategy in place.

Just as an excess drug dosage cannot treat COVID-19, your investment portfolio, too, needs just a fair amount of diversification to clock optimal risk-adjusted returns in the journey of wealth creation.

Go ahead and consider investing in Quantum Multi Asset Fund of Funds.

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.

India tennis ace Sania Mirza celebrated her 10th wedding anniversary along with husband and veteran Pakistan all-rounder Shoaib Malik on April 12, 2020. It was an auspicious day as it was also Easter

Sania Mirza took to social media site Instagram to share a few pictures with her husband Shoaib Malik from their big day back in 2010. She also wished him a "Happy Anniversary".

Sania Mirza also showed her fans a glimpse of her humorous side as she made a tongue-in-cheek statement in her post comparing the two contrasting photos by saying "Expectations vs reality". Sania Mirza wrote: Happy Anniversary @realshoaibmalik. A decade of being married looks like this!! Expectation vs reality. Swipe right for reality." Take a look at the post below. 

 

 

 

View this post on Instagram

Happy Anniversary @realshoaibmalik 😌ðŸ¤Â— A decade of being married looks like this!! Expectation vs reality 😅😂 Swipe right for reality âž¡ï¸Â

A post shared by Sania Mirza (@mirzasaniar) onApr 12, 2020 at 3:55am PDT

Sania Mirza and Shoaib Malik tied the knot in April 2010 in Hyderabad in a grand manner. Sania Mirza gave birth to a baby boy named Izhaan in October 2018. After giving birth to her child in October 2018, Sania Mirza returned to the court in January 2020.

She clinched the women's doubles title at Hobart International, pairing up with Nadiia Kichenok, in her comeback competition.

Sania recently shared a photo of her son with a tennis racquet in hand, looking confused. "I am pretty sure he's thinking what the fuss is all about? #IzhaanMirzaMalik," Sania said in her Twitter post.

Sania last played at the Qatar Open in February. She has helped raise Rs 1.25 crore in one week which will help close to 1 lakh people in need during the 21-day lockdown to fight the coronavirus pandemic.

Inputs from IANS

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Australian tennis star Nick Kyrgios has apparently followed through on a promise to help people going hungry in the coronavirus shutdown, with social media images showing boxes of essential items prepped for delivery.

The controversial Kyrgios, infamously outspoken and known for his fiery on-court antics, said on Monday he would personally drop food on doorsteps after COVID-19 restrictions closed down entire industries, forcing huge numbers of people out of work across Australia. People queueing for welfare payments across the country have been likened to scenes from the Great Depression. "Please don't go to sleep with an empty stomach," Kyrgios, the world number 40, posted on Instagram Monday. "Don't be afraid or embarrassed to send me a private message. I will be more than happy to share whatever I have.

"Even just for a box of noodles, a loaf of bread or milk. I will drop it off at your doorstep, no questions asked!" he said in a post that attracted almost 100,000 likes. His mother, Norlaila Kyrgios, posted on Instagram over the weekend a photo of a table laden with food -- including bread, fruit and canned goods -- with the caption "dining room or food distribution centre".

Images of Canberra-based tennis star's Instagram stories shared on News Corp websites showed boxes of essentials captioned "deliveries in progress". It comes just months after the 24-year-old led a bushfire relief campaign that raised millions of dollars. Kyrgios gave Aus$200 (US$125) for every ace he hit across his home tennis summer, which ran until the end of the Australian Open. Other players and Australian Open organisers jumped on board the fundraising drive, also contributing large sums to people affected by the deadly fires.

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While sports stars across the globe are trying their hands at doing things they never got to do thanks to the Coronavirus lockdown, Bulgarian tennis star Grigor Dimitrov has revealed he will be taking up a course at the Harvard Business School soon.

In a column for the ATP Tour website, Grigor wrote: "I'm starting a course at Harvard Business School in a few weeks. It's something I've always wanted to do. I loved being in school, but haven't had the chance to experience it to the extent that I would have wanted to. Now I have the time to do something new and different."

Grigor, who is currently in California, USA, during quarantine, added: "I decided to stay on the west coast of the US once it was announced that Indian Wells was cancelled. Tennis players are creatures of habit, so I still make sure to structure my day. Go to bed on time, wake up early, be productive in the morning. I'm a crazy fanatic when it comes to laundry and have been doing that twice a day."

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With the world coming to a standstill due to the coronavirus outbreak, sporting events across the globe have either been cancelled or suspended and Indias star tennis player Sania Mirza cannot wait to go back to the tennis court.

Taking to Twitter, she wrote: "Waiting to play tennis again like." Earlier, Sania had made her displeasure known as there has been a rise in the number of 'cooking' posts that celebrities are putting out on social media as they stay indoors to fight the coronavirus outbreak. Sania feels posting such pictures in these times is unwanted.

Waiting to play tennis again like 🎾 ⏳
📸- @avigowariker pic.twitter.com/RUZaNRjHHf

— Sania Mirza (@MirzaSania) April 14, 2020

Taking to Twitter, she wrote: "Aren't we done with posting cooking videos and food pictures yet ? Just spare a thought - there are hundreds of thousands of ppl, specially in our side of the world starving to death and struggling to find food once a day if they are lucky."

After giving birth to her child in October 2018, Sania returned to the court in January this year. She clinched the women's doubles title at Hobart International, pairing up with Nadiia Kichenok, in her comeback competition.

Sania recently shared a photo of her son with a tennis racquet in hand, looking confused. "I am pretty sure he's thinking what the fuss is all about? #IzhaanMirzaMalik". Sania said in her Twitter post.

Sania last played at the Qatar Open in February. She has helped raise Rs 1.25 crore in one week which will help close to 1 lakh people in need during the 21-day lockdown to fight the coronavirus pandemic.

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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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Rafael Nadal thinks the global nature of tennis means there is little chance tournaments will go ahead any time soon as sport continues to be paralysed by the coronavirus pandemic. Novak Djokovic also anticipates a lengthy delay before tennis can be played even behind closed doors, with the world number one expecting players to have to wait a "few months". The French Open, which Nadal has won a record 12 times, has been postponed until September, shortly after the US Open, while Wimbledon was cancelled earlier this month for the first time since World War II.

But the prospect of either grand slams at Roland Garros or Flushing Meadows being played with fans appears increasingly remote. "Tennis is a global sport," Nadal told Spanish radio station Onda Cero on Wednesday night. "We go from country to country and a lot of people have to move around.
"It seems difficult to me for any big tournament to be played in the short or medium term."

Football's major leagues are preparing to play behind closed doors for several weeks to complete their seasons and avoid losing considerable sums of money from broadcasting contracts. But tennis tournaments are more reliant on fans for their income, making it more complicated to stage competitions in empty stadiums. "It is not an easy decision," Djokovic told the same programme.

"I am ready but I think we have to wait a few months." "If you could play behind closed doors, I would be delighted but I think it's very difficult," added Nadal.

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Novak Djokovic said that he, Roger Federer and Rafael Nadal are organising aid for players struggling with the paralysis of the game due to the Coronavirus pandemic. "I spoke to Roger and Rafa a few days ago," Djokovic, the World No. 1, said in an Instagram chat with friend and rival Stan Wawrinka on Saturday.

No support from federation
"We had a long conversation about the near future of tennis, what is going to happen, how we can contribute and how we can help especially lower-ranked players, who are obviously struggling the most. The majority of the players who are ranked between 200, 250 in the world, and the 700th or 1,000th do not have federation support, do not have sponsors. They are completely independent and left alone," he said. "Guys who are ranked between 200-250, especially to 700...are thinking of leaving tennis right now."

He said players, the ATP and the four Grand Slams "would all get together and will contribute to a player relief fund that ATP will distribute." "It looks, hopefully, that there will something between $3 million (2.75 million euros) and $4.5 million that is going to be distributed," he estimated. Djokovic said the cash could come from the prize money for the season-ending World Tour Finals or the final bonus pools for top players.

Lack of tournaments
"Maybe if we don't have any tournaments this season, we can take a certain percentage from our prize money from Australian Open in January," he said. "These guys are the grass roots of tennis. The future of tennis. We need to show them they still can rely on support of the top guys." According to reports in tennis media, Djokovic, as president of the ATP Players' Council, which also includes Federer and Nadal, proposed to members that players in the Top 100 for singles and the Top 20 in doubles contribute according to their rankings.

The proposed scale runs from $30,000 for a Top-5 player to $5,000 for those between 51 and 100. That would raise approximately $1 million and the ATP would make a similar contribution. On Friday, ATP chief Andrea Gaudenzi echoed the call for unity on the tour website. "Our guys are at home, obviously unable to play, unable to earn money and financially struggling, so we will try to help," he said.

"I've been quite touched by the top players who reached out, the big names expressing their desire of helping the lower-ranked players and putting those players first. We are also talking with the Grand Slams about it. They may want to join in the effort. I think it would be a great message for the sport." World tennis has been at a standstill since the beginning of March and will not resume until mid-July at the earliest following the postponement of Roland Garros and the cancellation of Wimbledon.

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Former US Davis Cup captain Patrick McEnroe, who was diagnosed with COVID-19 in March, said Saturday that he has now tested negative for the virus. "All right everyone, great news for me and my wife, Melissa, we both tested negative for COVID-19," McEnroe said in a video posted on Twitter. "We just got the tests back this morning.

The 53-year-old younger brother of seven-time Grand Slam singles champion John McEnroe, said he was tested at the same drive-up facility in suburban Westchester County, New York, where he obtained his initial test. He said the procedure was even more efficient, with more technicians testing six lines of patients instead of two. "I know we're talking a lot about testing on TV, we need more of them, we all know that. It was great to see this going so well for us and for New York state in general," said McEnroe, who quarantined at home during his illness. New York state has seen more than 12,000 deaths from COVID-19, although the state reported its lowest one-day death toll in two weeks on Saturday of 540. McEnroe said that as someone who had recovered from the virus he hoped to be able to contribute to the fight against the disease. "Now I'll try to go for the antibody test when that's available to give my blood, my plasma," he said.

Researchers are studying treatments in which coronavirus patients are given blood plasma from recovered individuals who have developed antibodies that can fight the disease. "Still thinking about everyone on the front lines," McEnroe concluded. "We've got to stay the course." McEnroe, who had first tweeted a video announcing his diagnosis from the basement of his home, was outdoors in the sunshine on Saturday. McEnroe won his only ATP singles title in 1995 at Sydney. He captured a Grand Slam doubles crown at the 1989 French Open alongside compatriot Jim Grabb. He was captain of the 2007 US Davis Cup squad that beat Russia 4-1 in the final at Portland, Oregon.

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Rafael Nadal on Monday expressed his frustration that tennis players remain unable to practise due to the coronavirus pandemic, while Roger Federer revealed he was happy with his recovery from knee surgery. The Spanish government has extended the country's state of alarm until May 9, with the entire population confined to their homes except a small number working in specific sectors, leaving Nadal perplexed as to why he can't train. "It's true I don't understand very well because we cannot play tennis when many people are going to work and even more so in our sport, where we keep at a large and safe distance and we play on opposite sides of the court," world number two Nadal said during an Instagram Live.

"But I understand that we are in a very critical situation, that the government is dealing with something unprecedented and I also understand that the last thing they think of is who can train and who cannot train. "I understand the situation and obviously there are many things that are not logical but you have to accept the rules." Nadal treated tennis fans to an Instagram Live in which he spoke to both Roger Federer and Andy Murray about their experiences during lockdown.

The men's and women's tours have been halted due to the virus, while Wimbledon was cancelled last month for the first time since World War II and Nadal's favourite Grand Slam the French Open was pushed back to September 20. "I am not playing tennis, I do not have a court at home and I miss it a little," Nadal said. "I am sticking to my physical routines.

From the gym of my academy they were able to bring me some machines when lockdown began so I try to work a little in the morning, a little in the afternoon. "It is very important to have both the head and the body focused and it is what I am trying to do at all times." Federer meanwhile gave an update on his right knee after the 20-time major winner decided to undergo surgery in February.

"I've been hitting a bit against a wall, (doing) rehab with the knee," Federer said. "It's OK, I had a really good first six weeks, then it was a bit slower, now it's getting better again but I have plenty of time. "There is no stress, no rush. If there is anything positive (about being in lockdown) that's the only thing really. I just want the knee to be good, it doesn't matter when I return."

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American tennis player Sloane Stephens has started a fundraiser for students and teachers in Haiti in association with her fiance Jozy Altidore's JA Foundation. "Can you imagine climbing 200 flights of stairs every day simply to access clean water, and education, and healthcare? The children and families in Marre-a-Coiffe, Haiti do just that. I'm taking the Hike for Haiti Challenge to raise awareness and funds to help provide students and teachers in Haiti vital support.

Jozy Altidore

From April 17 to May 17, we'll be hiking 200 flights of stairs in solidarity," Sloanne, 27, says on her fundraising page. Meanwhile, Jozy remarks: "In these times of adversity and social distancing, it's so important to find ways to virtually stay connected to others in our community, and to stay healthy and active at home. The JA Foundation will be matching funds donated to my team page up to $2,500, so your contribution will have double the impact."

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20-time Grand Slam champion Roger Federer came up with a radical proposal regarding the future of international tennis. The Swiss superstar suggested a merger between men's tennis body ATP and women's governing body WTA.

Federer believes this could be the right time for a merger between ATP and WTA for the betterment of the sport. The former World No.1 also explained that he isn't asking for competitions being merged but only the governing bodies.

"Am I the only one thinking that now is the time for men's and women's tennis to be united and come together as one?" Federer wrote on his Twitter handle.

"I am not talking about merging competition on the court, but merging the two governing bodies (ATP and WTA) that oversee the men's and women's professional tours."

"It's too confusing for the fans when there are different ranking systems, different logos, different websites, different tournament categories," he wrote further.

The entire sporting calender of the world is reeling due to Covid-19 pandemic and tennis is not different. The season has been put on hold with multiple tournaments being postponed or cancelled.

The second slam of the year, French Open, has been postponed from May to September while the Wimbledon was cancelled earlier this month in the wake of coronavirus crisis. Wimbledon had only been cancelled twice before, because of World War 1 and World War 2.

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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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Rafael Nadal said on Sunday that he was "very pessimistic" over a full resumption of the professional tennis circuit which has been halted by the coronavirus pandemic. "From my point of view, I'm very pessimistic that the circuit can resume a normal activity," said the world number two in a virtual chat origanized by the Spanish Federation of Tennis (RFET) involving the team that won last year's Davis Cup.

"In tennis, you need to travel every week, stay in hotels, go to different countries," Nadal said. "Even if it we play without an audience, to organise any event you need a lot of people involved, which cannot be ignored. At an international level I see a serious problem." Nadal said he hoped that restrictions can be relaxed gradually, but added that he was aware that the global health situation is serious. "We have had a very tough month and a half, with many irreparable losses as well as others that are less important that will still bring great suffering to society, I hope only for a few months, at the economic level," he said.

"Many people are going to lose their jobs." "These are sad moments when you see so many people dying," he said. Nadal had already told Spanish radio that he thought it would be "difficult" to stage one of the majors "in the short or medium term." Nadal has been working with his friend Pau Gasol, the Spanish basketball player, to raise funds in the fight the coronavirus. Along with other leading tennis players such as Roger Federer and Novak Djokovic, Nadal is one of the promoters of a plan to create a fund to help low-ranked players who are suffering financially.

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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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Moldovan tennis player Dmitrii Baskov has been hailed as an Indian hero after joining a campaign to feed Ahmedabad's poor, who are struggling during the COVID-19 pandemic. The Davis Cup player arrived in India in January to visit a tennis academy before the advancing pandemic prevented him from returning home. Dmitrii, 25, once a hitting partner for Wimbledon champion Simona Halep, has since been helping out by packaging food for the needy in Ahmedabad.

He is among a team packing bread, rice and other dishes at the Ace Tennis Academy, destined for the city's slums and containment zones. "My friend Pramesh Modi mentioned this [idea of feeding the poor] and I said yes, sounds great and the next day we did it and it continued day after day," said Dmitrii. "He is an Indian hero and could be a role model for a number of Indians who have not come out of their houses to even help out in one way or the other," said Mitul Parikh, who packs food alongside Dmitrii.

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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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The three-day annual "Winter Fest 2017" took off here with fanfare on Friday with the city coming alive with colourful cultural and folk performances as well as traditional sports activities for visitors and tourists. The quintessential hospitality and warmth of the local people -- that Rajasthan has been known for -- further added to the cheerful disposition of the festival, being organised by the Rajasthan Tourism Department.

Representational Pic

On Friday morning, a grand procession with various cultural and folk performances, including Ghoomar, Gair, Kacchi Ghodi and Kalbelia, to the Nakki Lake marked the start of the festival.

Events like a football match, Tug of War and Musical Chairs between the locals and tourists were held in the afternoon. The evening had a scheduled performance of the best of European bands.

On Saturday, Day 2, a Boat Race will be organised on Nakki Lake. The other programmes, such as a Kite Show, Rangoli Competition, Matka Race, Dog Show, Turban Tying Competition and Best of Rajasthani Dress Competition, are scheduled to take place in the afternoon.

In the evening, there will be a live performance of the Army Band, followed by a stunning display of the Best of Rajasthan group performances.

On the third day, December 31, a marathon race has been planned from Polo Ground to Nakki Lake. There will also be a Horse Show and Kabaddi Match in the afternoon and in the evening, there will be a Rock band performance by the "All Events Mumbai", before a display of fireworks.

On all three days, as part of the festival, there will processions of various cultural and folk performances from Toll Naka to Nakki Lake.

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This year, (fortunately or unfortunately) has shaped out to be a traveller's paradise, with over 16 long weekends coming up. There are a number of destinations, both domestic and international, that have gained popularity in the recent past as popular travel spots among tourists. Here are top 7 places you could visit in India and abroad, as per ixigo, a travel marketplace:

1. McLeod Ganj (Himachal Pradesh)
McLeod Ganj is a paramount center of Tibetan Buddhism and culture. Precisely known as Little Lhasa, the town is home to a number of monasteries, essential temples, and other ancient structures. This beautiful hill station has it all, from treks to strolls, delicious cuisines to amazing beverages, adventures to spiritual places and much more. If you are an adventure junkie, experience trekking and camping on the Triund trail.

Coorg. Pic courtesy/YouTube

2. Coorg (Karnataka)
One of the best times to experience the raw natural beauty of Coorg is during March. This month sees the blooming of tea and spice plantations which fills the valleys with fragrances, refreshing your senses to the core. Must visit places in Coorg include Abbey Falls, Nagarhole National Park, Namdroling Monastery, Burude Falls, Honnamana Kere Lake, among others.

3. Sundarbans (West Bengal)
In the pre-winter month of November, the gates of Sundarbans National Park open. This month makes traveling to the dense mangrove forests easier to navigate through the meandering rivers to spot the Royal Bengal Tigers, as they are out sunbathing by the river. With enjoyable temperatures, dense foliage, and a wondrous wildlife, Sundarbans is easily one of the best places to visit in November. Beware of crocodiles and wild boar.

4. Mount Abu (Rajasthan)
The only hill station of Rajasthan, Mount Abu is the perfect escape from the scorching heat of June. Sitting amidst green forests, it lies in the Aravalli mountain range, around 1,220 meters above sea level. Get most of your vacation here and visit places like Nakki Lake, the famous Sunset Point, Achaleshwar Mahadev Temple, Trevor¿s Tank and Toad Rock.

5. Istanbul (Turkey)
November in Istanbul is a few degrees warmer than the neighbouring countries of Europe and also provides a vigorous push of the exotic to ward off the winter blues. Quite literally the meeting ground of the East and the West, Istanbul is lined with frescoed palaces, churches, museums and art galleries. Indulge in a reviving Turkish bath, see the city from high above on a hot balloon or fill up on Baklava with Turkish tea.

6. Sri Lanka
Sri Lanka is stunningly picturesque, affordable and full of simple, smiling people. One of the most beautiful island nations of the world, its geography boasts of blissful beaches, rolling rainforests, and magnificent mountains while its culture and creative cuisine guarantee a trip most memorable.

7. Egypt
After the fierce heat of the summer months, September is pleasantly perfect to explore the ancient wonders and the endlessly spellbinding landscapes of Egypt. With peering pyramids, deserts, soaring minarets and temple ruins, this `Gift of the Nile¿ deserves a place in everyone¿s travel bucket list.

Indonesia is hoping for an "exponential" increase in tourist inflow from India and has set its visitor arrival target at seven lakh from the country in 2018, a senior official from the island nation has said. The country received 485,314 Indian visitors in 2017, which is nearly a 30 per cent rise from the year before, he noted.

With several low-cost airlines providing affordable deals between India and Indonesia, the island country is hoping to make the most of the opportunity, Pupung Thariq Fadhillah, the deputy director in the Ministry of Tourism, Indonesia, said during his recent visit to the city. "The exotic Bali island remains one of the most-favoured destinations for Indian tourists, over 50 per cent of whom enter the country through Denpasar airport in the island," senior tourism official DAL Janapriati said.

Seeking to offer 'Greater Bali' to the travellers, Fadhillah, who led a delegation from Indonesia to promote the country's tourism sector, said the country would also love to introduce ten more destinations to the Indians in the near future. Lake Toba, Tanjung Kelayang, Tanjung Lesung, Seribu Islands, the Borbodur, Bromo-Tengger-Semeru cluster are among the new hotspots in the Indonesian province, Janapriati said. "If we achieve the target of seven lakh tourist footfall from India, the country will rise to the fifth position in Indonesia's tourist footfall ranking, with Japan now at the top," she added.

New Delhi: Looking for destinations for the year 2018? Here are some reasons to why you should visit world¿s oldest and most popular natural health resort - the Dead Sea in Israel

• The Dead Sea is three million years old and the lowest point on earth at 1,388 ft below sea level.
• The lowest point on earth is also home to the lowest road on the planet, Highway 90 located 1,289 ft. below sea level on the Israeli shore.
• One of the saltiest water bodies on the planet, the Dead Sea has 10 times the salt concentration of ocean water creating the bucket list experience of floating on water.
• What if we told you that the Dead Sea isn¿t a sea at all but actually a hypersaline lake ranked as the world¿s deepest salt water lake.
• The world's first and most popular health resort, the Dead Sea was a favorite among royalty with the likes of King Herod the Great and Queen Cleopatra.
• The biggest free spa on earth, the Dead Sea region has been attracting visitors from all over the world. The mineral content in the water, mud and salt, the low content of pollen and other allergens along with low solar UV radiation, combined with the atmospheric pressure and the depth, have healing properties for various skin diseases, respiratory ailments and rheumatic pain. A unique occurrence at the Dead Sea is of large amounts of asphalt which rises to the surface of the water. Ancient Egyptians would import the asphalt from the Dead Sea region and used it to embalm mummies.
• Yes, the famous Dead Sea Scrolls were found here; hundreds of well preserved Biblical and non-biblical manuscripts that helped reshape historic views on religion.
• Evidence shows that the Dead Sea may dry up within 50 years so we recommend a quick visit in 2018!

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 Mahindra Electric on Tuesday announced its partnership with self-drive rental platform Zoomcar, as part of which the electric vehicles (EV) maker will offer 100 of its e20 plus EVs on the latter's platform in the capital.

The electric mobility arm of automobile major Mahindra & Mahindra said the agreement is aimed at promoting shared and cleaner mobility.

"Mahindra's commitment towards electric mobility continues. Our aim is to make EVs more mass adaptable in India in public transport, shared mobility and personal vehicles," Mahindra Electric Chief Executive Mahesh Babu told reporters here.

The EVs under the deal are financed as part of an agreement between Zoomcar and Mahindra Finance.

Apart the e2o plus, Mahindra also makes the e-Verito and e-Supro model EVs.

Zoomcar operates in 30 cities across India, allowing users to rent cars by the hour, day, week or month.

At the event to announce the tie-up, Niti Aayog Chief Exexcutive Amitabh Kant said a massive revolution is required to usher in shared, connected and zero waste mobility, while tackling Delhi's air pollution is not possible without private sector collaboration.

"In Niti Aayog, we have provided charging stations as the need for the government is to ensure that there are vast number of charging stations all over and we are, in fact, moving towards having all electric vehicles," he said.

While launching the National E-Mobility Programme here last month, Power Minister R.K. Singh said the government will soon unveil a policy on EVs.

According to officials, the policy will provide that charging EVs would be a service and not sale of electricity -- which requires a licence.

The policy on electric vehicle charging stations on points along identified corridors, draft of which has been finalised by the Central Electricity Authority, would provide that the price of power for charging electric vehicles be capped at the average cost of supply in the state, excluding discom transmission and distribution losses, plus 15 per cent, officials said.

This would help the tariff for charging at an economical level of below Rs 6 per unit, they added.

The governments's National Electric Mobility Mission Plan launched in 2013 aims at gradually ensuring a vehicle population of about 6-7 million electric and hybrid vehicles in India by 2020.

The vision enunciated two years ago is for India to have 100 per cent EVs by 2030.

Representational picture

Lhasa: Newly discovered cliff carvings in eastern Tibet may offer a glimpse into Buddhist art and local history from 1,200 years ago.

According to the regional cultural relics protection research institute, the discoveries dating back to the Tibetan Tubo Kingdom were found in Acur township of Qamdo city, Xinhua news agency reported.

The relics of the Buddha figure carvings were first found by construction workers who were mining for stones. The carvings are inscribed on cliffs that stretch some 10 metres in total.

Experts believe that the carvings were created in the 9th century, based on their style.

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Are you planning a long distance travel or a long vacation? Confused what to take and how to pack all your belongings? Worry not, as experts like Shikhee Agrawal, (Head - Training, The Body Shop India) and, Shubhika Jain (Founder of RAS Luxury Oils), have listed 10 must-haves for long distance travel. Also, while travelling long distances, it is best to choose products which are more multi-purpose and carry essentials in travel-size bottles. 

Here are 10 such travel essentials you just cannot do without:

1. Face mask: A face mask is one of those essential and handy things that will make you feel better instantly when you are travelling. If you don't have space in the bag to pack your sleeping creams, a mask will help you wake up with refreshed and moist skin.

2. Face elixir: A face elixir with a blend of beauty oils with rose, sandalwood, frankincense, patchouli, rosehip and vetiver nourishes your skin, ensuring your face always has a gorgeously glowing, satin complexion. After your morning/evening cleansing ritual, take 2-3 drops in the palm of your hand and rub them together to warm before pressing gently onto your face and neck to infuse into the skin. These elixirs can be used as a handy to-go multi-purpose moisturiser when in need of hydration.

3. Cleanser: Don't forget to carry your skincare routine with you especially when it comes to cleanser. They can prevent multiple problems like dust. It will even help you remove make-up and moisturise skin.

4. BB cream: This cream is not just subjected to ultra-fine glow of the face anymore but also contains optimal SPF factor and acts as the skin perfecto and primer. It's best and sensible to avoid multiple products but simply replace it with a good BB cream for the radiance with protection.

5. Eye concentrate or serum: Travelling can make your dark circles appear big due to the long journey and lack of sleep. So an eye concentrate or serum is a must to be included during your daily skincare regime. Eye creams are usually enriched with ingredients which detoxify and reduce puffiness around the tired eyes.

6. Lena perfume bottles: When you need to select a scent for your vanity, pick up one in a travel-sized package. The lean bottles easily slip into your bag and will never spill.

7. SPF enriched lip balm: Lip balm with minimum SPF 15, keeps your pout nourished and soft with moisture boosting lip balm that contains a minimum of SPF 15.

8. Hand and foot cream: A hand and foot cream is a must for keeping every part of your body moisturised, with no rough sides. Travelling while caring for your skin is a must.

9. Lavender and geranium salt polish: For exfoliation, a lavender and geranium salt polish is a good, safe and natural choice. It is a perfect way to get rid of dry, dead skin which may have resulted from a sunburn or just not enough hydration. The salt polish can also be used as bath salts.

10. Use distinct pouches: Keep similar items together and it's best to use distinct pouches for everything and pack them right in the middle of your luggage so as to form a gentle cushion over them and to make sure that they don't get squeezed accidentally.

(Edited by mid-day online desk, with inputs from PTI)

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The difference in climate, atmosphere and surroundings while you are travelling can have a major impact on your skin hence it is important to carry some of the must have skincare products while travelling to avoid damage to your skin.

Blossom Kochhar, Chairperson, Blossom Kochhar Group of companies, lists some necessary things to keep with you while travelling.

1. Sunscreen lotion: The first rule while travelling is not to forget your sunscreen while packing irrespective of what the climate is like. It not only protects your skin form the harmful UV rays of the sun but also prevents tanning and prevents premature aging. If you plan to stay out for long in the sun, opt for a sunscreen with SPF 30 or SPF 30 PA ++.

2. Face wash: Since your skin is exposed to different environments while travelling, you are bound to attract dirt and bacteria; therefore a face wash is a must in your travel kit

3. Moisturise: A moisturiser is very important while travelling especially for long haul flights as your skin becomes dry up in the air. While travelling to humid regions like a beach holiday, an oil free moisturiser with juniper berry is recommended.

4. CTOM small kit: For a glowing and healthy skin cleansing, toning, oiling and moisturising is the key. This helps in removing all the dirt from your skin, keeps it hydrated and opens up clogged pores so that your skin can breathe with ease.

5. Lip balm: Since you are unaware of how the change in climate will impact your skin, it is very essential to carry a lip balm to keep your lips hydrated and avoid flaky lips.

6. Vitamin C lightening gel: It is best to use it on clean skin after using a toner. Apply on your face and neck in gentle circular motions. It is best to use this gel before applying makeup.

7. Lavender oil: Lavender oil helps not only to keep you calm and relax your mind while on a long journey, but it also treats sun burns. It is also advisable to keep lavender oil handy while you are travelling, be it on the hills or on the beach.

Geetika Mittal Gupta, Founder and Medical Director at ISAAC, too has some inputs to share.

8. Travel skin-care kit: The one thing you need to coordinate and organise ahead of time is a travel skin-care kit so that you can avoid any skin catastrophes that might ruin your trip. Nowadays, every brand is coming out with its travel size packaging. Hence, making it easy to follow our skincare regimen even during travel.

9. Wet wipes: Wet wipes or thermal spring water are a must when one is travelling. They help in keeping the skin clean and dirt free while travelling. When we move out of our house, there are more chances of dust accumulation, hence it is very important to have them handy while you're on the go.

10. Face mists: Face mists too help to keep the skin well hydrated specially in the dry regions.

11. Moisturiser: A daily moisturiser and Rosehip Oil is a must in the travel bag as one might need it every now and then while travelling. For the lips, a lip balm with at least SPF 15. Even better if the lip balm is tinted to add that pop of colour to the lips.

12. Night cream: A nice soothing night cream and a Vitamin C rich serum is definitely something that should find space in your travel kit.

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So far, 70 Indian words have made their entry into the Oxford dictionary, including jugaad, natak and chup along with desi delicacies such as gulab jamun and keema. Last month, the Oxford Dictionaries decided to go ahead and announce its decision to include another Hindi word, this time something that resonates with 2017. It can be a word or a phrase that reflects the mood and preoccupations of the year. It called on Hindi speakers across the country to help in the task. Following suggestions from the people, the word will be chosen by the Hindi Dictionaries team at Oxford University Press (OUP) along with an advisory panel of language experts, next month. We, at Sunday mid-day, decided to do our bit, by reaching out to people connected to the language to share their top nominations.

AADHAAR
Picked by: Varun Grover,
comedian and writer of Masaan
A word that was supposed to instill faith in the citizens, has become an irritant at best, given the constant threats by banks and phone companies [to link bankc accounts,etc. to Aadhaar]. It gets worse because of the impending invasion of privacy it so arrogantly wants. What's left is us waiting for it to be linked to the atmosphere so that oxygen supply to non-complying citizens can also be cut off.

MAST
Picked by: Ishita Moitra,
dialogue writer for Noor, Half Girlfriend
I looked up the meaning of 'mast' in the Oxford dictionary and it said, a tall upright post, spar, or other structure on a ship or boat, in sailing vessels generally carrying a sail or sails. Certainly not, what Akshay Kumar had in mind when he sang to Raveena Tandon in Mohra. So I decided that mast would be my submission. It's an pan-India word. It simultaneously means cool, awesome, sexy, entertaining, and indicates a state of happiness and ecstasy. It can also be used to describe everything from Virat Kohli's shot, to the new Varun Dhawan film or a spirited aunty at a sangeet function. Originally a Persian word that means intoxicated, mast was usually used to denote a state of spiritual euphoria. Now, it is often used to signify someone who is high on life. The slowdown of the economy, censorship, the rise of extremism - 2017 has been dark, and we are in dire need of some mast-ness.

DHAAKAD
Picked by: Ian Ibex,
Hindi rapper
Dhaakad is used for someone who is powerful and strong, someone people are afraid of even. This year we have seen hordes of women take on sexual offenders. Whether it was through a Facebook or Twitter post or the #metoo campaign, there was a certain fearlessness associated with responding to sexual harassment. This bravado was the highlight of 2017.

SAAL GAYA EK, SHABD GAYE ANEK
Picked by: Dr Madan Meena,
folklorist and editor of The People's Linguistic Survey of India
I pick this phrase because I believe language dies gradually with the death of its vocabulary. Due to the imposition of dominant languages of commercial or political importance, minor languages die a lonely death. This year has witnessed growing support for Hindi to be scheduled as a national language. In contrast, I remember people like Shamshuddin Neelgar of Sawai Madhopur (Rajasthan), the dyer who passed away this year at the age of 95. With him, the names of more than two dozen colour shades and the technical words associated with his profession, in the Talheti language, are gone forever. Neither Hindi, nor any other dominant language can substitute them.

GST
Picked by: Kumud Chaware,
former political editor
Nobody, not even Hindi publications and regional newspapers, refer to it as 'vastu evam seva kar' which is the Hindi word for GST. If I look back, GST set the mood for 2017, and people began talking about it like it was a hurricane set to rip us apart. For instance, it was common to hear people say, “GST aane wala hai, yeh khareed lo; GST aane wala hai, wahan chale jao”, irrespective of whether you were aware of what it entailed. Funnily, most of us still haven't been able to wrap our head around whether this tax is beneficial or not.

TANASHAHI, ZULM AUR MANMANI
Picked by: Nadira Babbar,
theatre actor and producer of Hindi theatre This year, we saw so many arbitrary decisions taken by the government. While demonestisation was announced at the end of 2016, its effects were experienced right until now. If that wasn't enough, they rolled out GST which has disrupted the common man's life. Milk, which you earlier got for Rs 17, now costs Rs 28. We are suffering, because somebody in power has taken decisions without thinking through their consequences. This amounts to tanashahi, manmani.

JHUNJNA
Picked by: Qais Jaunpuri,
Writer and man behind popular storytelling show Aao Kahein Dil Ki Baat
The people of this country were already facing trouble because of the effects of demonetisation, but like a cherry on the cake, the government launched GST. It disrupted our lives. Moroever, cow politics took its worst form. We continue to see innocent people live in fear of violence. You never know what is coming your way, so you have be prepared for the worse and we must all be prepared to 'tackle'.

JUNOON
Picked by: Prateek Kuhad,
singer-songwriter known for bilingual lyrics
People around the world are uniting to fight racial segregation, gender inequality and support refugee rehabilitation. We still have a long way to go to entirely uproot these problems, and we find enough people on the other side of the fence disagreeing with what we say. Yet, it's inspiring to see a sizeable section of the people, of various genders, cultures, nationalities and race, come together to voice their opinion, and strive for a more evolved value system. These people are not driven by individual leaders, but by mass empathy for a cause. So, I pick the word junoon.

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Bandra Worli Sea Link

The eternal monument to love, the Taj Mahal in Agra and the Rajiv Gandhi Bandra Worli Sea Link in Mumbai figure among the Top 10 TripAdvisor's Travellers' Choice awards of 2018 for most visited and popular tourist landmarks, it was announced here on Tuesday.

The other top Indian monuments in the list of awards include: Amber Fort in Jaipur, Golden Temple of Amritsar, the Qutub Minar, Humayun's Tomb, Swaminarayan Akshardham Temple, and Gurudwara Bangla Sahib in New Delhi, Agra Fort, and Mehrangarh Fort in Jodhpur.

The award winners were decided using an algorithm that took into account the quantity and quality of reviews and ratings for landmarks worldwide over a 12-month period.

This year's TripAdvisor awards recognize 759 monuments spread in 68 countries globally, said the company's Country Manager Nikhil Ganju.

"India's landmarks as as diverse at its heritage and are among some of the most iconic structures in the world. The list presents fantastic gems ranging from poignant memorials to sheer architectural marvels that are great options for travelers," he added.

Mumbai's sole entry to the list, the RGBWSL is one of its most prominent modern landmarks and an infrastructure marvel of a cable-stayed bridge cutting through the Arabian Sea to connect Bandra with Worli.

The top 10 Travellers Choice Landmarks of Asia include: Angkor Wat in Cambodia, Taj Mahal and the Golden Temple in India, Wat Pho or Temple of Reclining Buddha in Thailand, Mutianyu Great Wall of China, Fushimi Inari-taisha Shrine of Japan, Shwedagon Pagoda in Myanmar, Petronas Twin Towers in Malaysia, and the Cu Chi Tunnels in Vietnam.

Similarly, the Top 10 landmarks worldwide are: Angkor Wat, Plaza de Espana in Spain, Sheikh Zayed Grand Mosque Centre in UAE, St. Peters Basilica of The Vatican, Mesquita Cathedral de Cordoba in Spain, Taj Mahal, Duomo di Milano in Italy, Alcatraz Island and Golden Gate Bridge both in US, and the Parliament of Hungary.

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This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

To fund future tax cuts for companies, the Russian Ministry of Finance has proposed hiking the headline value-added tax rate.

The use of technology by business and government in tax compliance is driving continued simplification and reduction in the burden of tax compliance on businesses, says Paying Taxes 2018, a report by The World Bank Group and PwC.

How one can buy cryptocurrency? What is its legal status in India ?..

EM is playing funny with its new tactic. They r creating a hype about Ankit Shah who is insider & has info on recos of all services and he will recommend best among all services. Does EM meant to make fools out of the subscribers of these services ? ..

Indian stock markets collapsed in early trade today...and while there was some recovery towards the end, we still ended deep in the red.

Here are 10 points to note...

1. The Sensex nosedived as much as 1,460 points in the first few minutes of trade. The Nifty dropped to a low of 10,827, down 442 points intra-day. The markets however trimmed some of the losses during the course of the day.

   There was a selloff across sectors along with panic selling in the smaller indices too. The BSE Midcap and BSE Smallcap indices ended down 3.4% and 2.9% respectively.

2. The Reserve Bank of India's (RBI) decision to put Yes Bank under moratorium led to the biggest ever fall in share price of the private lender. Shares of Yes Bank fell as much as 85% to Rs 5.6 before recovering towards the end of the day to end at Rs 16.2, down 56%.

   The banking regulator has also put a cap on withdrawal at Rs 50,000 for Yes Bank customers.

   The RBI took over from the board of the Yes Bank for 30 days, saying it would work on a revival plan.

3. RBI's move had a ripple effect on other banking stocks, with some falling very sharply to begin with.

   Shares of RBL Bank fell as much as 15%, while IndusInd Bank and State Bank of India (SBI) dropped 7-8%.

4. The coronavirus cases outside of China have been increasing rapidly, making inroads into US, Europe and Middle East, which made investors more worried about global growth going ahead. And more recently, India too.

   Today, the number of cases breached the 100,000 mark.

   South Korea, Italy and Iran reported highest infected cases outside of China, while cases are increasing in United States and other parts of Europe as well.

   Note that market participants are seen taking a flight to safety as stock markets see a sharp fall post the coronavirus impact.

5. Overnight the US indices had recorded sharp losses. This was yet another negative cue awaiting Indian markets on open today.

   The Dow Jones Industrial Average fell 3.6%, while the S&P 500 lost 3.4%. The Nasdaq Composite dropped 3.1%.

   During the day, as the Asian markets opened, there was further negative news... Japan's Nikkei fell more than 3%, while Hong Kong's Hang Seng, Australia's ASX 200 and South Korea's Kospi dropped over 2%.

6. Foreign investors (FIIs) are on a selling spree. Reportedly, in the last 14 sessions, FIIs have withdrawn a net Rs 183.4 billion from Indian markets. That's a lot of money...a lot more than the domestic mutual funds have been able to pump in. The intense selling pressure from the FIIs could only have contributed to this sell off.

7. The Indian rupee today slid past 74 levels against the US dollar, increasing the risk-off sentiment.

   The rupee today traded in a range of 73.69 to 74.08 against the US dollar as compared to the previous close of 73.31. A falling currency is not great news at all.

8. Even as there was negative news all around, hope emerged from oil. Oil slid on Friday as worries about demand for fuel being reduced by the global coronavirus outbreak were heightened. The fact that there was concern over non-OPEC (Organization of the Petroleum Exporting Countries) crude producers not yet having agreed to cut output further to support prices helped in the sell off.
9. With today's fall the Index has lost 9% since the start of 2020.
10. While the day ended deep in the red, some stocks stood out. Bajaj Auto, Maruti Suzuki and Asian Paints were among the few gainers.

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.

Crude oil prices crashed more than 30% on Monday.

In fact, this was the worst price dip since the 1991 Gulf War as Brent prices plunged to US$ 31 per barrel.

Here are 10 key things you need to know about the economics of falling crude oil prices:

1. Oil prices have collapsed thrice because of demand destruction: in 1979, 2008, and 2014.

   1979: The trigger for oil price increase was the Iranian Revolution and the Iran-Iraq war. Due to this, oil prices rose from US$ 50/barrel to above US$ 100/barrel between January 1979 and April 1981. Then, new production from the North Sea, Mexico, Alaska, and Siberia flooded the market. By March 1986, prices had fallen to US$ 27/barrel.

   2008: Oil touched US$ 150/barrel and was quickly followed by the financial crisis and recession which led to crash in crude oil prices as well.

   2011-2014: Oil was above of US$ 100/barrel, several years of triple-digit oil prices led to a near doubling of shale production in the US, a volume that helped trigger the crash in 2014.

2. 2016: Saudi Arabia and Russia came together to form the so-called OPEC+ alliance after oil prices plunged to US$ 30 a barrel. Since then, the two leading exporters have orchestrated supply cuts of 2.1 million barrels per day.
3. 2019: Prices went on to witness huge volatility in 2019 amid declines in US inventories and rising geopolitical tensions in the Middle East and the world's two biggest oil consumers - United States and China.
4. July 2019: The OPEC and allies sat to discuss whether to extend a deal on cutting 1.2 million barrels per day of oil production. Owing to the above geopolitical tensions, weaker demand outlook, and oversupplied market, the OPEC and allies rolled over their production cuts into March 2020. Volatility intensified further in July after US oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East.
5. March 2020: Saudi Arabia wants to increase the cuts to 3.6 million barrels per day through 2020 to check the weaker consumption. However, Russian President Vladimir Putin, refused to go along with the plan and his energy minister, Alexander Novak signaled a fierce battle to come for market share when he said countries could produce as much as they please from April 1.
6. 9^th March 2020: Crude oil prices fell 31% on Monday after Saudi Arabia launched an oil price war with Russia. Saudi Arabia slashed prices and said it is preparing for a big increase in crude oil production in April. Prices were cut by US$ 4-6 a barrel to Asia and US$ 7 to the United States for April delivery. Saudi Arabia reportedly prepares to increase its crude production above 10 million barrels per day (bpd) in April, after the current deal to curb production expires at the end of March. A major reason for these production cuts is also to arrest the swooning oil prices owing to the novel Coronavirus outbreak.
7. Worse than the Previous Crashes: The current situation is more worse than the November 2014 crash, when such a price war was started, as it comes to a head with the significant collapse in oil demand due to the Coronavirus outbreak. It also reflects the deep underlying concern of a lack of consensus among the OPEC nations regarding production cuts.
8. Impact on Indian Economy: The drop in crude oil price bodes well for India as it imports more than 80% of its oil requirements, with nearly 60% of them imported from the Middle East. Since oil imports form a large chunk of India's imports, it contributes to the country's trade deficit and a fall in prices will trim this deficit. Savings on oil imports could also arrest rising inflation and facilitate the next round of rate cuts by the Reserve Bank of India (RBI).
9. Industries to Benefit: On an industrial level, the price cut will have a beneficial impact on companies from synthetic fibre producers, tyre, paints, lubricants, plastic, and FMCG sectors that depend on crude oil as their primary raw material.
10. On the consumer level, there could be a fall in retail prices of gasoline and diesel over the next few weeks as oil companies cut retail prices to pass on the decline in crude oil prices.

Going ahead, market participants are expecting crude oil prices to remain low until OPEC+ resets oil production again.

Vijay Bhambwani, editor of Weekly Cash Alerts at Equitymaster, states that at this point in time, short selling natural gas & crude oil at significantly higher levels for the coming summer are high conviction trades. To know more about his view and positions, you can check out his recent article here: Energy Markets Get Muddy (requires subscription).

He's also shared his views on the ongoing "coronavirus" situation where he talks what's around the corner for crude oil, and how one should position oneself for potential gains. You can check this special podcast episode from Investor Hour here:

Well, then...these are some major highlights crude oil markets witnessed in the past and present and how they have been impacting crude oil prices.

With stock prices gyrating every day to coronavirus related developments, the weekend must come as a relief.

Here's a look at how deep the impact has been felt in the global financial markets:

1. Stock markets worldwide saw sharp losses on Thursday, with the benchmark indices on Wall Street and London saw their steepest daily falls since the Black Monday in 1987.
2. In the US, stocks witnessed a sharp sell-off on Thursday.
   • Thursday's dive follows the intense fall on Wall Street seen throughout the week. The S&P 500 triggered the first circuit breaker of the week on Monday after falling 7%. This fall came after the crash in crude oil prices.
   • The markets bounced back Tuesday, only to retreat on Wednesday after the World Health Organization (WHO) declared the coronavirus a pandemic.
   • At the closing bell, the Dow Jones Industrial Average finished down around 2,350 points (down 10%). The S&P 500 plunged 9.5%, while the Nasdaq Composite Index tumbled 9.4%.
   • Stocks were deep in the red the entire session, which was paused for 15 minutes early in the day. Automatic suspension was triggered after the S&P 500's losses hit 7%.
   • On Thursday, equities erased their losses briefly after the US Federal Reserve announced measures to inject an additional US$ 1.5 trillion in cash into financial markets. The announcement, which came after European markets had closed, sent shares higher, but they dropped back by the end of the day.
3. Coming to the European markets now, the main UK index dropped more than 10% yesterday in its worst day crash since 1987. Losses on the UK's FTSE 100 wiped some 160.4 billion pounds in wealth from the market.
4. Frankfurt had its worst day since 1989, the year the Berlin Wall fell, while Paris suffered its biggest one-day loss on record.
5. However, European stock markets rallied this morning. The signs of a US stimulus package helped soothe fears about an economic shock. At the time of writing, European indices were trading mixed. Shares in London were up 4.1%, while the Paris CAC gained 3.5%. However, the Frankfurt DAX crashed 9.3%.
6. Stocks in Asia also saw consistent sharp falls throughout the week. Japan's benchmark Nikkei 225 index closed 6.1% lower today.
7. Shanghai was down around 1% as the number of new cases in China shrunk and people slowly returned to work in the worst-hit areas.
8. In Asia, circuit breakers were also triggered in many exchanges including India, Japan, South Korea, Indonesia, Thailand, and the Philippines this week.
9. Indian share markets saw their biggest ever single day fall this week. The indices today hit their lower circuit limits within 15 minutes of the opening session. This was seen the first time in 12 years that trading in Indian markets had to be halted. The carnage didn't continue, however, as Indian indices recovered after major free-fall as trading resumed after 45-minute halt.
   
   From there on, it was an upward rally as markets went on to witness buying interest and saw their biggest intraday recovery ever.
10. On a year-to-date (YTD) basis, the worst fall has been witnessed by European markets. Here's a view on how the world markets have performed since January 2020.

US Markets			European Markets			Asian Markets
The Dow	Nasdaq	S&P 500	London	Paris	Germany	Hang Seng	Nikkei 225	Shanghai	Sensex
-27%	-21%	-24%	-31%	-33%	-32%	-16%	-25%	-6%	-17%

This worldwide crash has put March 2020 into the history books. Now, how markets perform in the coming days will be something to watch out.



This article (Worst Week for Global Stock Markets: Coronavirus Impact in 10 Points) is authored by Equitymaster.

Equitymaster is a leading 'independent' equity research initiative focused on providing well-researched and unbiased opinions on stocks listed on the Bombay Stock Exchange.


Full Article

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!

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!

Always eager to share his vast knowledge and experience, cricket icon Sachin Tendulkar has interacted with 12,000 doctors on sports injuries. In his over two decade long illustrious career, Tendulkar suffered many health issues, the most prominent being the tennis elbow injury.

The veteran of 200 Tests and 463 ODIs, got to know through one Dr Sudhir Warrier, an orthopaedic surgeon, that several young doctors across the country were utilising the lockdown time to effectively gain knowledge on sports injuries through live webinars. A session on sports injuries was held on Saturday and Tendulkar, knowing that his experiences will help these doctors, volunteered to be a part of it.

Tendulkar, accordingly, interacted with around 12,000 doctors, who attended the session. It is reliably leanrt that the 46-year-old legend said he was grateful to the medical fraternity for their service. During the session, the young orthopaedic doctors got to know how the requirements and treatment outcomes of athletes are different from regular patients, sources said. Dr Warrier moderated the session with Dr Nitin Patel, physiotherapist, who has worked with Indian cricket team and IPL franchise Mumbai Indians.

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Working out, washing utensils, watching movies and playing Ludo online -� these are some of the few activities which ace Indian batter Smriti Mandhana is indulging during the lockdown period in place as the country battles the coronavirus outbreak.

In a one-minute 38 second video shared by the BCCI, Mandhana has revealed her day to day activities in order to make sure how she makes the most of the lockdown period currently in place in the entire country.

WATCH📽ï¸Â: Lockdown Diaries with Smriti Mandhana 👊

Workouts, troubling her brother, Ludo & a lot more. @mandhana_smriti reveals how she is keeping herself engaged indoors🏠🏋ï¸Â‍♀ï¸ÂðŸ‘Œ

Full Video 👉 https://t.co/e7EyhdNh3h

— BCCI (@BCCI) April 13, 2020

She is working out as per the training schedule given by Team India trainer. "Staying fit is very important, so I am working out. I keep in touch with the trainer and receive the feedback. He keeps sending us (all Indian players) all the workouts that we need to follow."

"The other thing I like is spending time with my family. We love playing cards. I help my mother with cooking. I guess washing utensils has become a part of my daily routine. However, my favourite pass time is to trouble my brother," said the left-handed Indian batswoman.

"The third thing which is love is watching movies. I am a big movie buff. So, I make sure I watch two-three movies a week, not many because I don't want to get addicted. I want to spend time with my family.

"The best thing which I love doing the most at home is sleeping. I make sure I sleep for at least 10 hours to keep myself happy the entire day," she added.

The star Indian batswoman also urged people to stay indoors during the lockdown. "Stay home, stay safe and keep yourself physically and mentally fit."

India has been in lockdown since March 25, a step taken in order to stop the spread of coronavirus which has so far claimed more than 300 lives in the country. However, with an upstage in number of infected people, the lockdown is likely to be extended further after Tuesday.

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Former Indian captain and Board of Control for Cricket in India (BCCI) president Sourav Ganguly on Wednesday recalled the historic Test victory against Australia at Eden Gardens in Kolkata in 2001.

A user had shared the celebratory moments from the 2001 Test. On that post, Ganguly commented, "What a win." In that Test, India clinched a 171-run win over Australia and became the third team in the history of Test cricket to win a match after being forced to follow-on.

Australia had made 445 in their first innings, courtesy Steve Waugh's brilliant hundred. However, it was Indian spinner Harbhajan Singh who stole the show at Kolkata with his spectacular seven wickets, including the first hat-trick in India's Test history.

In its first innings, India folded for 171 runs and were asked to follow-on by Australia. The Sourav Ganguly-led side played cautiously in the second innings and lost three wickets for 115 runs. India lost Ganguly in the 67th over of the innings, with the side getting reduced to 232/4.

Rahul Dravid joined VVS Laxman in the middle. The next 104 overs were a nightmare for the Aussies as the Indian duo stitched a 376-run stand to revive the innings and helped the team stage a dramatic comeback in the match.

Dravid scored 180 runs, while Laxman slammed 281, his highest score in Test cricket. India gave a target of 384 runs to Australia. However, the Waugh-led side were not able to achieve the target and bowled out for 212, handing India a massive win.

Harbhajan was again the pick of the Indian bowlers as he scalped six wickets. The Eden Gardens Test is best remembered for India's miraculous revival in the second innings and Laxman's knock of 281 runs, which was one of the most marvellous innings played in the modern era. Laxman's stunning innings also halted Australia's record of 16 successive Test wins.

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Indian cricket team head coach Ravi Shastri on Wednesday urged people to beat coronavirus by staying at home and by maintaining social distancing. He termed the virus 'mother of all World Cups' and asked people to combat this disease together and win the World Cup of humanity.

Taking to Twitter, Shastri shared a video post where he cited cricket examples to aware people about the seriousness of the COVID-19 pandemic. "As I would know, sports teaches you life lessons that can be applied to just about anything you want to pursue in rest of your life. Today the COVID-19 has put us in a situation where we got our backs to the wall. To combat this coronavirus is like chasing a World Cup where you give your everything in trying to win it. What's staring you at the face is no ordinary World Cup. This is the mother of all World Cups where not just eleven are playing but 1.4 billion are in the playing arena and competing. Guys we can win this. For that, we have to observe the basics. You have got your Prime Minister leading from the front ahead of the curve like other countries have farmed out," Shastri said.

Stay Home, Stay Safe! 🙏#Lockdown2 #COVID19 #StayHome #IndiaFightsCorona pic.twitter.com/JQTZVib2in

— Ravi Shastri (@RaviShastriOfc) April 15, 2020

"You have to obey the orders that come from the top: be it centre, state or the frontline workers who are risking their lives. Two orders that stand out: staying home and maintaining social distancing. It is not easy but to win the game you got to go through the pain to break the chain and see the gain. Come on, guys! let's do it together. Let us get out there in a bruit force of 1.4 billion and beat this corona and get your hands on the World Cup of humanity. Let's do it," he added.

With 1,076 new COVID-19 cases reported in the last 24 hours, India's tally of coronavirus cases has risen to 11,439, said the Union Ministry of Health and Family Welfare on Wednesday.

Out of the total tally, 9,756 cases are active while 1,306 patients have been cured/discharged and migrated. With 38 new deaths reported in the last 24 hours, the death toll rises to 377.

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Indian women's cricket team has qualified for the International Cricket Council (ICC) Women's ODI World Cup 2021, the cricket governing body announced on Wednesday. "The ICC Women's Championship Technical Committee (TC) has decided that teams will share points in all three series in the ICC Women's Championship that did not take place during the competition window," the ICC said in a statement.

The series between India and Pakistan could not be played because of a 'Force Majeure' event after the Board of Control for Cricket in India (BCCI) demonstrated that it was unable to obtain the necessary government clearances to allow India to participate in the bilateral series against Pakistan that forms part of the ICC Women's Championship.

Also, the coronavirus pandemic forced the cancellation of two series. South Africa was to host Australia and Sri Lanka was to host New Zealand in the last round of matches. New Zealand, the hosts of the World Cup 2021, and four highest-placed team on the ICC Women's Championship points table, has qualified for the premier tournament.

Australia topped the table with 37 points followed by England (29), South Africa (25) and India (23). Pakistan (19), New Zealand (17), West Indies (13) and Sri Lanka (5) completed the table. The ICC Women's Cricket World Cup Qualifier is scheduled to be played from 3-19 July in Sri Lanka, this is subject to review due to the COVID-19 pandemic.

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