Representational Image

Bariatric surgery, a weight loss operation, is associated with a 61 percent decrease in the risk of developing malignant skin cancer, according to a study.

Melanoma is a deadly form of skin cancer, most closely associated with excessive sun exposure. Obesity is an established risk factor for cancer and some studies indicate that intentional weight loss sometimes reduces the risk.

However, evidence for a link between obesity, weight loss and malignant melanoma is limited.

The new findings showed that bariatric surgery led to a 42 percent reduced risk of skin cancer in general compared to controls given usual obesity care.

The study "supports the idea that obesity is a melanoma risk factor and indicates that weight loss in individuals with obesity can reduce the risk of bariatric surgery that has increased steadily in many countries over several decades", said lead author Magdalena Taube from the University of Gothenburg in Sweden.

The results were presented at the 2018 European Congress on Obesity in Vienna, Austria.

The protective effect of bariatric surgery on skin cancer was observed in a group of 2,007 obese participants who were then followed for a median of 18 years.

These were compared with a control group consisting of 2,040 individuals who matched with the participants who underwent surgery on sex, age, anthropometric measurements, cardiovascular risk factors, psychosocial variables and personality traits.

To analyse malignant melanoma incidence, statistical tests were used to compare time to first melanoma cancer diagnosis between the surgery and control groups.

In additional analyses, risk ratios between the surgery and control groups were compared.

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In line with its efforts to help users identify original sources and authentic information on Twitter, the microblogging site plans to add new labels to the campaign accounts of political candidates, starting with those running in the 2018 US midterm general election.

The legitimate accounts of the candidates will be clearly identifiable with a small icon of a government building, Twitter said on Wednesday.

The label will appear on the Twitter Profile page of the candidate and alongside all tweets sent or retweeted by the account, Bridget Coyne, Senior Public Policy Manager at Twitter, said in a blog post.

Twitter is partnering with Ballotpedia, a non-profit, civic organisation that publishes nonpartisan information on federal, state and local politics to help identify the campaign Twitter accounts of candidates once they qualify for the general election ballot for an applicable office.

Labels will begin to appear after May 30 on the campaign Twitter accounts of candidates who have already qualified for the general election ballot for an applicable office, and provided Twitter with consent to apply the label, Twitter said.

Candidates running for state Governor or for the US Senate or US House of Representatives during the 2018 US midterm general election will qualify for the US election labels.

"This will continue on a rolling basis as states continue to hold primary elections and candidates officially qualify for the general election ballot," Coyne added.

"Providing the public with authentic, trustworthy information is crucial to the democratic process, and we are committed to furthering that goal through the tools we continue to build," Coyne said.

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Representational Image

Brain areas that are traditionally not associated with learning science can become active when people are confronted with solving physics problems, finds a study. This shows that the brain's activity can be modified by different forms of instruction.

"The neurobiological processes that underpin learning are complex and not always directly connected to what we think it means to learn," said lead author Eric Brewe, Associate Professor at Drexel University in Pennsylvania, US.

The findings, published in the journal Frontiers in ICT, showed that newer brain regions associated with attention, working memory and problem solving -- the lateral prefrontal cortex and parietal cortex, sometimes called the brain's "central executive network" - showed activity when dealing with such problems.

Another area that became active was the posterior cingulate cortex, which is linked to episodic memory and self-referential thought.

"These changes in brain activity may be related to more complex behavioural changes in how students reason through physics questions post- relative to pre-instruction," Brewe noted.

"These might include shifts in strategy or an increased access to physics knowledge and problem-solving resources," he said.

Using fMRI (functional magnetic resonance imaging) to measure blood flow in the brain, the researchers looked to map what areas become active when completing a physics reasoning task, both before a course on the concepts and after.

A small group of students were taught a physics course that utilised "Modeling Instruction," a style of teaching which encourages students to be active participants in their learning.

"This suggests that learning physics is an imaginative process, which is not typically how people think of it," Brewe said, in reference to the study which aimed to further explore how students use their own mental models to understand new concepts.

"The idea of mental models is something that people who research learning love to talk about, but have no evidence of what is happening inside brains other than what people say or do," Brewe said.

"We are actually looking for evidence from inside the brain."

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Ameya Davda and Devak Davda at the Sewri facility. Pic/Datta Kumbhar

If there is one problem that most of us perennially face in our daily lives, it is the lack of storage space. But, one man's problem could well be another man's opportunity. Entrepreneurs Ameya Davda and Devak Davda's startup, Space Valet, is a case in point. Their recently launched service aims to be a one-stop storage solution that offers private, lockable and secure self-storage units of various sizes to stash your belongings.

Home away from home
"Think of it as the sophisticated spare closet or stock room you've always longed for in Mumbai," says Davda who along with his cousin Devak came up with this idea when they returned to India after completing their studies abroad. "I was in California and Devak in London, and while we were there, we learnt how popular cell storage is among people. It's a 60-year- old concept and almost a 40-billion dollar industry," he adds. On returning to Mumbai, Davda teamed up with his cousin to launch the startup which they felt would be a good fit in an overcrowded city. They then conducted a survey to find out if people would avail of a service like this. "People are always on the lookout for additional storage space, more so in Mumbai," he says. The top reasons for self-storage rental, he observed, was the lack of storage space at home, temporary storage while moving, and storing things people don't want or need. The most popular things being stored are wedding outfits and furniture.

A walk-in closet

How it works
The process is simple. You either call up the facility or browse the website and find a suitable storage plan. You then order as many boxes as you need, and then pack and label your belongings. "You don't need to move a finger. Our tie up with Movers and Packers ensures a pick-up facility. When you want your stuff back, go online and click on the tab to recall the boxes," he explains. The plan starts from R299 a month and goes up to R11,000. Storage options range from boxes to a large store room. The key to the storage lies with the customer only. Cleanliness and security are common concerns among customers, according to the results of their survey. The facility, therefore, has a designated person to solely look after the cleanliness of the storage space. There's also a 24x7 security and surveillance to keep the goods safe. "We maintain the right kind of environment so that your possessions don't deteriorate over time," he says. Now, the big challenge for the duo is to popularise the concept. "We want to educate people that this is a viable solution to your space crunch."

Where: www.spacevalet.in
Price: Rs 299 onward
Call: 9930832832

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Swaminathan

Born to a long line of musical heritage, V Selvaganesh first brush with music maestros was at home itself. His father, TH Vinayakam, fondly known as Vikku Vinayakam is a Grammy winning ghatam player, while his grandfather TR Harihara Sharma was among the pioneers of percussion in India. "I believe that I am blessed to be a part of a heritage that has made music its tradition rather than just a profession," says Selvaganesh, who is touted as the 'kanjira king'. He along with his son Swaminathan will be in the city to match beats in what promises to be a fun concert.

Speaking of his son, Selvaganesh says, "To perform alongside your child on one stage is a feeling that cannot be described. Swaminathan is an amazing son and a musician and most of the credit goes to my father. He is the one under whom Swami has trained." This father-son duo entirely relies on the magic of spontaneity when it comes to performing. "Our performances are not planned or rehearsed because everything is about that moment. It's like we play question and answers in the language of music. I throw questions at him and he responds. So, if you have to expect anything from this concert, that would be nothing. Everything will happen in that moment and you have to be there to witness it," he says.

Swaminathan will be playing the Kanjira with his father Selvaganesh

His first instrument of choice was the mridangam. But, despite that his grandfather would urge him to play the kanjira. "He made me understand that very few people are keen on playing the instrument, and fewer are good at it. When I realised it, I took up this instrument and weaved my career around it. Today, to have an entire album revolving around this instrument is a very proud feeling," says Selvaganesh.

When: 9 pm, June 1
Where: The Quarter
Entry: Rs 749-Rs 1,499
Log on to: insider.in

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Ojas Adhiya, Nandini Shankar and Abhishek Borkar are poised to strike a chord with young urban listeners in Mumbai

For most youngsters, unfamiliar with Hindustani classical music, 'serious', 'formal' and 'boring' are popular adjectives used to define the genre. For as long as we can remember, Hindustani classical, that has given the world several legends, has been performed in sprawling auditoriums — there's not just discipline in the music, but in the attire and in environment as a whole. How would it be then, to see classical being performed in casuals? Turns out, that's not an outrageous thought anymore. First Edition Arts, a Mumbai-based performing arts company is poised to topple status quo with the sole aim of gathering more young, urban listeners. Under a musical series called Come Together, three young Hindustani classical musicians, will slip into casuals and perform for an audience gathered at Cafe Zoe. Starting June 10, this will be a regular series, one in every quarter. While the setting is all-new, the music won't take the fusion route. The first series will feature Abhishek Borkar on the sarod, Nandini Shankar on the violin and Ojas Adhiya on the tabla. The trio will present an instrumental concert in both solo and duet sets.

Catch them young
"When younger musicians try to strike a rapport with young listeners they take the fusion route. We are saying, you don't have to. This music is so exciting on its own, that the young can be hooked," says Devina Dutt, director, First Edition Arts. Six months ago, they had organised something similar at antiSOCIAL at Khar as an experiment, and they were sold out. "We weren't sure of what to expect. But it was a success." That gave them the impetus to take the idea on a larger scale. "The first two sets will be the sarod and tabla. In the third set, Abhishek will invite Nandini to jam with them on stage. The concert will span a little over an hour — not the standard two-and-a-half-hour performance. Young people haven't even heard classical music and they have discarded it. All we are trying to do, is give them a sense of how exciting and rigorous it is. But, in a short dose," Dutt says.

Abhishek Borkar

The protocols will be relaxed too. The bar will be open before and after the concert, and for 20 minutes during the interval. Food and drink services will be terminated during the performance, but, once served, guests can continue with their meal at their tables. "There was no sense in locating it in a space like this and sticking to the rigidity. But, at the same time the character of the music does require attention, it's not the kind that you can hear in the background," she adds.

Break the rules
Ever since the posters of the concert went out, a lot of Shankar's friends and followers on social media have shown interest. The posters, with their vibrant colours and friendly fonts, could well be mistaken for one for a standup gig. "Any new genre is an acquired taste. Over the last couple of years, I have noticed an increase in my young audience. Young listeners are always looking for something new and because most of them have not heard classical music, it is novel to them. If they are exposed to it, they will enjoy it," says the eighth generation violinist. The set-up, she believes, needs to change because "it is important that it appeals to you at first go. That's why the colourful posters. We need to speak the language they understand," adds the 25-year-old. After the concert, the audience can interact with the artists as well. "The milieu becomes more relatable, it's like hanging out with friends. That becomes easier when the age groups are similar. We want to connect on a personal level. In fact, that's the bit I am really looking forward to," adds Shankar.

Nandini Shankar

Tabla ace Adhiya would love to do a Q & A with the audience as well. "That way we can reach out to them and explain what classical music is all about. If they know a few things, they can enjoy it more. And it will all be done in an informal manner," says the 30-year-old who made it to the Limca Book of World Records as the youngest tabla player at the age of 4. Borkar points out that traditionally, Hindustani classical has always been somewhat "intimidating".

"It can appear too proper, rigid and posh, with its sherwanis and bandhgalas. Sometimes I feel even the artists themselves enjoy this air of exclusivity that further distances them from the audience," says the 25-year-old sarod player, adding that he was thrilled about the prospect of performing in casuals. "That's what I wear when I practice or record in a studio. So, why not at a concert? We are even thinking of getting some people to sit on stage if possible," he adds.

Distraction not a concern
The trio believes that the music will be enough to keep people from getting distracted. "It's a new thing for them too, to experience this kind of music in the given setup. And if someone is quietly eating and drinking at their table, that should not bother me. In the olden days, there would be baithaks in people's homes, where classical concerts would be performed. It's the same concept," Adhiya says. Spontaneity will be the key on D-day; the artists will reach the venue, gauge the crowd and accordingly choose the raagas. Borkar says, "I love getting people interested in an instrument they have not seen or heard before. The idea is that if they don't come to our concerts, why don't we go where they hang out? And just because it's unusual that doesn't mean it's wrong."

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

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

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

Mashe's The Fish Bowl

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

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

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

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

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

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

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

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A still from the short film Ahalya (2015)

We have all done it at some point in our lives. Watched a film or a documentary and played detective with it. Why does Anakin Skywalker get seduced by the dark side to become Darth Vader? Or, what is that makes Kareena Kapoor's character so confident and self-assured in Jab We Met? Or, what's the allure of the amoral Ma Anand Sheela in Wild Wild Country?

We love deducing human behaviour and motivations, especially those characters that seem to suggest one thing on the surface, and something else if you dig deeper. Which is why a recent screening of Ahalya, a short Bengali film made by Sujoy Ghosh, found nearly 120 takers at G5A Foundation in Mahalaxmi. A free screening by the Psychoanalytic Therapy and Research Centre (PTRC), the film was followed by a discussion through the lens of psychoanalysis.

Instead of looking at the film-making aspects, the psychological and emotional motives of the characters were the focus. Leading the discussion were psychoanalysts Nuzhat Khan and Micky Bhatia, faculty members at PTRC. "A great deal of our work and training, right from our students days, has got to do with mental illnesses, but there is a lot that we do which is not related to this. At seminars, we watched films, gaining a much deeper understanding of the characters," says Khan, recounting sessions where they have broken down films such as Black Swan, known for their obvious psychological depth, and also those such as Sanjay Leela Bhansali's Devdas.

PTRC's monthly screening followed by a psychoanalytic discussion. Pic/PTRC

Ghosh's film made headlines when it was streamed on YouTube in 2015, for its gripping plot that revisits the tale in The Ramayana. While you can look up the film online, Khan says that the discussion after the screening showed that there were several layers to the characters. One reading took on the young police inspector Indra's 'castration anxiety', one of Sigmund Freud's earliest psychoanalytic theories. Fearing punishment by Ahalya's husband, old enough to be his father, Indra tries to restrain his evident interest in Ahalya.

However, after he gets intimate with Ahalya, he is turned into a figurine — that's castration, symbolically, by the elderly husband showing the younger man who's boss. And, for that matter, Ahalya pretends to be an ingénue, while in fact she is a seductress. Once you explore these layers, says Khan, you will realise that there are no true villains in the film. "Had the filmmaker been there, he would have been aghast hearing our analysis," she laughs, adding, "Filmmakers, like other artists, express their subconscious or unconscious through their works. They are only semi-conscious of what they are doing. If they fully knew why, they may never make a film or any work of art.

"PTRC, a charitable trust, has been working in Mumbai for more than 40 years, almost quietly, to provide mental health services and also train professionals in the area. Given the rising interest in mental well-being, we use terms such as "repress" and "Oedipus complex" in our day-to-day lives. Banu Ismail, a child analyst and psychoanalyst with PTRC, says that at their film screenings, they open up discussions with the public to encourage different perspectives. "Psychoanalysis doesn't happen only in the consultation room. That said, there are several misconceptions about the area, and these events help clarify those," says Ismail, who will helm the next discussion of Gautam Vaze's Marathi short film, Aai Shapat on June 6 at G5A, focusing on anxiety guilt. The free screenings are followed by a lecture on another day, for which there is a registration charge.

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Nidhi Tiwari (in orange) with her crew

I have always felt that mobility is key to empowerment — especially where women are concerned," says Nidhi Tiwari, an extreme terrain driver. Let us explain her job profile by outlining a few of her achievements — she is the first Indian woman to drive from Delhi to London in 2015, and became the first Indian to drive to the Pole of Cold in North Eastern Siberia in 2016. She also founded Women Beyond Boundaries (WBB) in 2015, which focuses on undertaking extreme overland journeys. Recently, Tiwari led a crew of five female drivers to Upper Mustang in Northern Nepal, and they became the first crew of women drivers to reach Lo Manthang (the erstwhile capital of the Kingdom of Mustang).

With an average height of around 13,000 feet, the area hosts two of the higher peaks in the Greater Himalayas that stand above 8,000 metres — the Dhaulagiri and Annapurna. "No women drivers from anywhere in the world had ever driven up the treacherous road to Lo Manthang. But then, every journey is about pushing boundaries," says the 37-year-old, who has been now driving for 13 years. The women drove from Delhi and entered Nepal via Gorakhpur to reach Pokhara in two days, from where started the off-road section into the Mustang Valley. Mustang is infamous for its non-existent and challenging roads punctuated by numerous streams and nallah crossings. A particular section between Muktinath and Tsarang, though only 36 km, took them eight hours. And then they headed to Lo Manthang, which is located just 50 km short of the Chinese border.

Five women drove the cars to Mustang

Delhi-based Tiwari may have been be well equipped with what such a journey entails but as they drove, major challenges cropped up. Most of the crew were city drivers and they were all learning on the go. "It was a very steep terrain, with plenty of blind corners," she describes. For example, one had to be very careful where they placed the wheel — there were instances where the road had a gorge on one side, and a river bed on the other. "But the way they adapted to the terrain — that transformation was a very big high for me," says Tiwari of her team. This could do with the kind of training Tiwari is known to provide. Her WBB workshops aim to make women self-sufficient as far as driving goes. "It's all about self-maintenance. A woman has to be ready to fix tyres."

Tiwari also chose her crew with care, making sure she had a varied bunch on the trip. There was an academician, a physiotherapist, an IT professional, and an e-commerce expert. "Extreme terrain is seen as a man's forte. We have broken that misconception. It threw the spotlight on some critical gender questions that have hovered around driving, expeditioning and the extreme terrain overlanding space. Along with being the first women to get there, we are also the second set of Indian vehicles to get there. Isn't that something?"

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Andheri West
Roses in oil
Oil Painting is considered the master medium for painting for centuries and was the medium of choice for masters such as Leonardo Da Vinci. Today, you will learn the techniques of getting that rose just right.

When: 11 AM
Where: Doolally Taproom, Near Fun Republic Mall, Andheri West
Entry: Rs 2,150
Call: 7400171674

Beach Candy
Van Gogh's Starry Night
Mesmerised by this 1889 classic? Artist Snehal Patil will help you make your own version that you can proudly hang up in your own room.

When: 4 PM
Where: The Bombay Bronx,
Cumballa Hill
Entry: Rs 1850

Powai
An autumn morning
Wonder what that is considering Mumbai's heat? Artist Chrisann Rodr-igues will help you imagine it on canvas.

When: 3 PM
Where: Neel Indian Kitchen and Bar, Powai
Entry: Rs 1750
Call: 49455555

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Detroit: Become Human is driven by a melodramatic story set in the US city of Detroit in 2038. The story is told through exploring the day-to-day lives of three androids Kara, Markus and Conrad. How the story unfolds and where it progresses to is all determined by the choices you make while playing these characters. Actions performed affect the people around you and, in turn, affect your interaction with them. There are no wrong or right choices in the game. No matter what you choose, there are people who are going to get disappointed in you.

The story is divided into tiny slices where you play one of the three characters. At the end of the slice you get a story-tree where you can see where the choices you made changes the story and multiple branches where the story could have ended up. The good news is you can replay the game and explore all the different choices. The characters are all-player by actual actors and, needless to say, this game looks amazing, its as close to a real human as a game can probably be right now. The facial movements in the game are well constructed. The world too is carefully crafted with elements of the past integrated with something modern.

It's the way things are now modern integrated with older structures. The three characters you play are also very distinctive and come from different strata of society, giving you a peek of how life might be in the future. Kara for example is an android owned by a violent unemployed man who is bitter about the way his life has turned out, while Markus starts out with a well caring owner that treats him as an equal and Conner is an employee of Cyberlife, the company that makes and sells the Androids and is investigating why the androids are turning into deviants.

The plot is the oldest in the book, which is sad. But the way it plays out and the options you have to make along the way make it more than intriguing. Your choices at times will hurt your soul and that is the object of the game, to make you connect and feel for the choices you make and its consequences. Even the menu narrator doesn't spare you from the emotional drama.

When you start the game, you are greeted by a Cyberlife android that is constantly on screen talking to you. It will make you fill a survey and will slowly and steadily make you feel for it. As mentioned, the core of the game is the story, but there are a few puzzles, some timed single button combat situations also thrown in. But most of the time, especially at the start, you are doing menial tasks: press this to open the door, twist this to wash the dishes and more boring instructions. Even though it was slow and boring, it gave us a window in the life of a robot slave. We wish, however, along with the upgrade in the emotional status they were allowed to do more than just walking to places and activating things.

If we really had to complain about anything, it would probably be the dialogue. It's not bad by any standard, but if it was better, this game could have been something else. Most of the dialogue and reactions are what you would expect someone who just got in to script writing to write. The lines are not crisp and fail to provide a punch, you couldn't or rather wouldn't want to quote any of the characters in the game. If you are looking for a movie experience like no other, Detroit Become Human is perfect for you. It is jam packed with twists turns and is an emotional roller-coaster. Much like a binge worthy series you will want to play this in one go and then repeat till you have explored all options and it doesn't hurt that it looks so good.

Detroit: Become Human
Rating: 4.5/5
Developer: Quantic Dream
Publisher: Sony
Platform: PlayStation 4
Price: Rs 3,999

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Enjoy a traditional roast lunch

12 PM - 4 PM: Spend your Sunday enjoying a traditional English roast lunch at British Brewing Company. The Sunday roast is a tradition in the UK where families sit down to enjoy roast beef accompanied by Yorkshire puddings, roast potatoes and baked vegetables. In the absence of the B-word, you can treat yourself to grilled lamb chop in cranberry demiglaze sauce, chermoula fish steak, wasabi chicken wings and eggplant parmigiana accompanied by offers
on beer.
Where: British Brewing Company, Times Square building, Andheri East
Call: 39698190

Head to a film fest
9.30 AM - 10 PM: It's the last day of Kashish, South Asia's biggest LGBTQ film festival, now in its ninth edition with a strong jury selection of films. Held at an iconic theatre in South Mumbai, the festival's line-up today includes short films, feature films (Evening Shadows and Fathers), and also a panel discussion with filmmakers. Refer to the website for the full schedule.
Where: Liberty Carnival Cinema, Marine Lines
Free
Visit: www.mumbaiqueerfest.com/kashish-2018-film-schedule/

Rock to Parvaaz
9.30 PM: Parvaaz is a Bengaluru-based rock group who sing mostly in Kashmiri and Urdu. If this rocks your boat, attend their gig this evening. Featuring, Khalid Ahamed (vocals), Mir Kashif Iqbal (guitars), Sachin Banandur (drums) and Fidel D'Souza (bass), the members have assimilated several psychedelic rock influences while keeping their roots intact.
Where: Todi Mill Social, Lower Parel
Entry: Rs 400
Call: 7506394240

Laugh out in Gujarati
7.30 PM: So laughter may not have a language, but jokes certainly do. Attend, Hass Ne Baka, a one-of-its-kind Gujarati stand-up comedy event. If you have been in Mumbai for a few years at least, you probably would have picked some words from the language. If not, this is a good chance to learn.
Where: The Cuckoo Club, Bandra West
Entry: Rs 250
Call: 9619962969

Savour the T20 finale
7 PM: The T20 draws to a close today with the big final match this evening. Nurse your cricket fever with unlimited beer, meant to keep you company till the last over. So, whether you are supporting Chennai or Hyderabad, round up your friends for an evening of fun.
Where: Drinkery 51, opposite Trident Hotel, BKC
Price: Rs 999 per head
Call: 40141100

Recall funny instances
8 PM: Embarrassing instances make for good stories in subsequent years. Attend an event where comedian Sumit Anand and his like-minded friends will regale you with hilarious stories from their personal lives. The edition will feature Vaibhav Sethia and Deep Chhabria, among others.
Where: The Square, Powai
Price: Rs 250
Log on to: insider.in

Shop organic from a farmer's market
8 AM – 1 PM: How about making it a 'fruitful' morning in South Mumbai? Head to an organic market organised by Better Foods and Harshita Narwekar, trustee of My Dream Colaba, for a chance to pick from stalls offering chemical-free produce to lead a healthier life. Think you can't make it this Sunday? The market will pop up again every Sunday until July 1, so mark your calendars.
Where: Lane behind Taj President, next to Mehr Naz, Cuffe Parade
Free
Call: 9010143322

Enjoy a evening of ghazals
7 PM: Don't relegate ghazals to the past. The night for the genre is still young. This evening head to Sun Beach Resort, to get mesmerised in this form of poetry that originated in 7th century Arabia. Your singer tonight is Ranjan Debnath. There's a special kids' zone too.
Where: Sun Beach Resort, Manori
Entry: Rs 1,000-Rs 1,500
Call: 8108750767

Relish a picnic platter
Gateway Taproom has curated an indoor experience to recreate the feel of a picnic. Three special craft beers will be on offer along with freshly baked flatbreads with a variety of toppings. The Valencia Orange Wheat comes with citrusy notes while the 'Mangonificent Flatbread' is made of mango, arugula pesto and feta, while the 'Appley Ever After' is a sum of apple, goat cheese, jaggery and walnut candy. Try pepper pig, a topping which is a mix of chorizo, mozzarella and red bell peppers. There's also a blend of grilled eggplant, pomegranate, feta and pine nuts.
When: 12 pm to 1.30 am, till May 30
Where: Gateway Taproom, Godrej BKC Building, Bandra East
Call: 26534748

Watch Farhan rock the stage
Farhan Akhtar, who has time again made himself heard on various social causes, has joined hands with the Cancer Patients Aid Association (CPAA), for a special concert. The aim of the concert is to raise awareness about the ill-effects of tobacco, to mark the occasion of World No-Tobacco Day. The show is titled Love for Life Begins with Music. CPAA is a registered charitable organisation working towards the cause of cancer patients for 49 years.
When: 7 pm, May 31
Where: Rangsharda Auditorium, Bandra Reclamation, Bandra West
Free
Call: 9821078882

Join a jashn
Go for a panel discussion on Urdu culture and how the Internet is helping the revival of the language. Urdu Culture Now, an initiative by Godrej Culture Labs, seeks to explore the state of Urdu culture in Mumbai. There will be art exhibits by Zeenat Kulavoor and Nasheet Shadani and a Soundzone with a specially curated playlist. Actor and storyteller Danish Husain will take centrestage with a Quissebaazi performance and Winit Tikoo will be performing a set of Urdu tunes. There will also be a pop-up bookstore and some authentic Lucknowi and Hyderabadi cuisine.
When: 5.30 pm, June 8
Where: Auditorium, 1st floor, Godrej One, Vikhroli East
Free
Call: 9167077830

Experience Indo-Greek art
Rekha Rana's exhibition Indus Streams and Delphi Hills has been in the making for nearly four years. The works give viewers a glimpse into the Indo-Greek era, drawing parallels between European and Indian art. The technique she has used for this show is mixed media on canvas. She has re-imagined Greek goddess Athena, wearing the headgear of Hippolyta, the queen of the tribe of the Amazons in Greek mythology. Rana has studied closely the influence of Western art on India and selected certain elements in her works.
When: 11 am to 7 pm, May 29 to June 4
Where: Jehangir Art Gallery, MG Road, Kala Ghoda
Call: 9930300064

A love story, or a game of manipulation?
Vrushali Telang's new fiction, Prime Time Crime (Vishwakarma Publications), has all the makings of a fast-paced, sensational thriller. Set against the backdrop of the Mumbai Underworld in 1999, Prime Time Crime tells the story of a young intern reporter, Ritika Khanolker and a gritty gangster, AT Pradhan. It all begins when Ritika wins his unwavering attention at the sessions courts after she asks him a strange question. Soon enough, she lands an exclusive TV interview with him. What follows is a torrid chemistry with both finding it difficult to stay away from each other. But, is the gangster manipulating circumstances and using her as a pawn, or is Ritika playing along so that she can catapult her career and become a star reporter. This love story gets only murkier, as you turn the pages of Telang's book. Telang's well etched out characters, racy plot and lucid writing, makes this one a brilliant page turner.

Pedal into the week
10.30 pm onwards: Want to cycle but the Mumbai summers won't let you? Try cruising on the roads on a midnight
electric cycle ride. Also, if you have been contemplating buying an electric cycle, this ride can serve as a trial. The trail covers 35 kilometres starting at Shivaji Park, on to Worli Seaface, Peddar Road, Girgaon Chowpatty, Nariman Point, before ending at Gateway of India, with a bite at Bade Miya.
28 Monday
Where: Meet at Shivaji Park Gymkhana, Dadar West
Entry: Rs 750
Log on to: instamojo.com

Learn some magic
1 pm onwards: You may have watched enough Penn and Teller and now you want to try and master a few tricks of your own. This session should get you started. Magic is not just about sleight of hand, there's also the fine art of performance that goes along with it. This workshop will teach you a few magic tricks, and along with it, the art of theatre that will add the final flourish.
29 Tuesday
Where: Quistic Learning Centre, opposite Oshiwara Police Station, Andheri West
Entry: Rs 5,000
Log on to: eventshigh.com

Watch Indian Ocean live
9 pm onwards: Formed in the early 90s, the Indian Ocean is one rock band that has managed to stand the test of time. Not only have they spearheaded rock music in the country, they have also held their own in an industry rife with remixes and fusion. Their sound has stayed consistently inimitable despite shuffles in the band lineup. From Sufism, politics, philosophy to religion, the words are as deep as their tune haunting.
30 Wednesday
Where: Flyp at MTV, Kamala Mills, Lower Parel
Entry: Rs 499
Log on to: insider.in

Meet a French Cinderella
6 pm onwards: Massenet's enchanting opera Cendrillon, based on the Cinderella story, had premiered at the MET. It features Joyce DiDonato as Cinderella, Kathleen Kim as the fairy godmother, Alice Coote as Prince Charming, Stephanie Blythe as evil stepmother Madame de la Haltiere, and Laurent Naouri as Pandolfe. This production was first performed at Santa Fe in 2006. The screening will provide English subtitles.
31 Thursday
Where: Dance Theatre Godrej, NCPA, Nariman Point
Entry: Rs 768
Log on to: bookmyshow.com

See a rare kind of jewellery
6 pm to 9 pm: Patola jewellery designed under the guidance of art revivalist Bela Shanghvi is a step towards bringing alive, the lost forms of Indian art. Her Nana Chowk store has been devoted towards preserving the craft heritage across 28 states and villages. While Patola saris are well known, this time one will get to see some rare jewellery from the region that would strike a perfect match with the elegant weaves.
1 Friday
Where: True Tramm Trunk, VL Mehta Road, JVPD Scheme, Juhu
Call: 7738993360

Learn to style your food
3 pm: Step into the world of food photography and food styling in an interactive workshop with the renowned food photographer Assad Daddan and food stylist Amrita Kaur. The hands-on session will include training on lighting, composition, exposure triangle, food styling and post processing. The styling session will involve learning finer nuances of food styling.
2 Saturday
Where: Palate Culinary Academy, Saffron Building, Linking Road,
Khar West
Entry: Rs 5,000-Rs 10,000
Log on to: insider.in

Catch up on all the latest Mumbai news, crime news, current affairs, and also a complete guide on Mumbai from food to things to do and events across the city here. Also download the new mid-day Android and iOS apps to get latest updates

Anand Ahuja and Sonam Kapoor

Remember when a "candid" photograph at a wedding meant pictures of the couple and guests stuffing their faces with food? Well, thank God, that seems to have changed. If the recent celebrity weddings — Sonam Kapoor and Anand Ahuja's, or Virat Kohli and Anushka Sharma's, or even Meghan Markle's with Prince Harry — are anything to go by, awww-inducing candids are here to stay. Did we all not drool on those candids from #everydayphenomenal, as the Kapoor-Ahuja wedding was branded on Instagram? We spoke to three photographers who explain the art behind the perfect candid.

'Never doctor a moment'
Anand Rathi, who along with his team at Reels & Frames, is the one who showed us perfect moments from #Sonamkishaadi. Rathi has won several awards globally, and is seen as one of the pioneers of 360-degree wedding films. He says that the photographer has to learn the art of being invisible, and still be omnipresent. "The toughest part is to not stand out but still roam around freely. So we stick to the dress code of the wedding," he tells us, adding that he never likes to over-dose on flash.

Anand Rathi

"You can't doctor a moment. If you missed that perfect moment when the bride smiled at the groom, it's okay. Just be ready to capture the next one." His favourite moment from the Kapoor-Ahuja wedding was when Anand kissed Sonam on the cheek. "Nobody asked them to do that!" In the end, Rathi says that photographer needs to be ready with his equipment, but also a smile. "People always respond to friendly faces."

Log on to reelsandframes.in

'It's not our job to gather people'
THE most important thing to do is get comfortable with the bride and groom. You need to understand them, but even they should know that when they are hiring me, they will get an artistic style, and they need to be okay with that," says Monisha Ajgaonkar, founder and director, The Photo Diary.

The photographer, who has been popular on the on the wedding circuit for a while now, is known for her edgy and different pictures. The JJ graduate started out by shooting a concert she attended to impress a girl she had a crush on, and then diversified when she photographed a friend's wedding.

Monisha Ajgaonkar

"We get all the main shots as candids; we don't really do the 'posey' pictures — a we are not there to gather people around. That's not candid!" Her favourite shot in recent times was when she shot a bride dressed in a Cindrella gown in Kodaikanal. "She was just walking, and I said stop. And, it was perfect!"

Log on to thephotodiary.net

'It's like catching a fish — A hit or miss'
Nikhil B of Tell-A-Tale Studios feels that a good candid is a culmination of many points. "You need to know fashion photography, and also be well-versed with a documentary style. You need to have knowledge of product shots, and how light works. It all looks effortless but a lot of work goes behind it."

Tell-A-Tale was founded by Nikhil and photographer Mamta Kalambe, both visual artists who specialise in wedding photography along with making food videos. Nikhil says that taking the perfect candid is like going fishing — you may get a great picture or you may end up with nothing.

Nikhil B

"It's a hit or miss. The main thing is to remain aware at all times, keep watching without intruding. It's like ice hockey terminology — always have your sticks on the ice. Be ready." His favourite shots are taken usually during the time of varmala, because as he says, he loves "capturing the emotion and excitement that comes when the garlands
are exchanged."

Log on to tell-a-tale.in

Representational Image

Google has rewarded an Uruguayan teenager a "bug bounty" of more than $36,000 for disclosing a severe security flaw. Ezequiel Pereira's sporadic poking around has finally paid off in a big way: Google just awarded the Uruguayan teenager $36,337 for finding a vulnerability that would have allowed him to make changes to internal company systems, CNBC reported on Saturday.

"I found something almost immediately that was worth $500 and it just felt so amazing. So I decided to just keep trying ever since then," Pereira was quoted as saying by CNBC.

"It feels really good - I'm glad that I found something that was so important," he added.

Although, Pereira found the bug earlier this year, he only just got permission to write about how he discovered it this week, after Google confirmed that it had fixed the issue, the report said.

It marks Pereira's fifth accepted bug, but it's by far his most lucrative.

Pereira was about a month shy of 17 when he first got paid for exposing a Google security flaw through its bug bounty programme.

Pereira got his first computer when he was 10, took an initial programming class when he was 11 and then spent years teaching himself different coding languages and techniques.

In 2016, Google flew him to its California headquarters after he won a coding contest.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

Dr Shilpa Agrawal

In Poland, women on their period were once asked to refrain from having sexual intercourse for fear that they would inadvertently kill their partners. Italian women had to steer clear of all contact with water, while Bolivian women were taught to avoid cradling babies so they wouldn't make them sick. The superstitions surrounding menstrual health are many, as this 2017 study conducted by Clue, a menstrual cycle-tracking app, indicates. The opinions become that much more vociferous when it comes to exercising while on your period. Whether for sanitary or health considerations, women have often been advised to lie low and take it easy during that time of the month.

"For ages, women have been shamed into silence about their periods, which breeds misconceptions. Many also suffer from cramps, migraines, nausea and bloating during their period, and are concerned that working out could harm their health. The truth, however, is that smart exercise plans and correct nutrition can go a long way in promoting menstrual health," says Arpita Boyd, certified fitness trainer and specialist in pre- and post-natal fitness. "Regular exercise is beneficial for women, especially those suffering from polycystic ovarian syndrome (PCOS), a hormonal condition that affects up to 18 percent women around the world," says Dr Shilpa Agrawal, high-risk pregnancy and foetal medicine specialist at Jaslok Hospital and Research Centre. Regular exercise has been found to boost fertility, reduce insulin resistance, increase the body's metabolic rate and improve its composition, she says.

Munazza Habibulla

Fitness pros share tips on exercising during menstruation.

Swimming
"Women are often asked to refrain from swimming or water-related activities while on their period, ostensibly for sanitary reasons. However, swimming offers a number of benefits during those few days," says Munazza Habibulla of Swimming Matters. "The natural buoyancy of water prevents bleeding and also ensures that tampons stay in place," she elaborates.

Nisha Millet

Former Olympian Nisha Millet adds, "Competitive swimmers cannot afford to lose four days of training in a row. Women can safely enter the pool with a tampon — choose a size that works well for you — or a menstrual cup. Sanitary pads and panty liners, however, are strict no-nos." The only time when swimming should be avoided is when you are experiencing severe cramps, aches and pains.

Arpita Boyd

Weight training
The key to a successful weight training regimen during your cycle lies in understanding how your body reacts during the various phases, says Arpita Boyd. "The first 14 days are the follicular phase, during which women can achieve greater strength and produce more power. They are also likely to feel less pain and recover faster," she explains. The next fortnight is the luteal phase, during which your body's oestrogen and progesterone levels surge. Exercise may feel harder during this time due to bodily changes. To manage these, she recommends staying hydrated, avoiding foods rich in nitric oxide (spinach, beets, pomegranate), and increasing your protein intake. This, combined with the right stretches can ease symptoms and allow you to lift weights.

Sheetal Shah

Pilates
Sheetal Shah, founder of Core Pilates Studio, believes that the exercise form can greatly alleviate PMS symptoms such as bloating and cramping. "Pilates helps to stretch and open up the body, and also strengthens your deep abdominal muscles. Focusing on your breathing during these workouts can help alleviate tension in the body and promotes relaxation. Pilates also promotes the release of endorphins — the body's natural painkillers — which is another important reason why it works so well during your menstrual cycle," she says. Further, Pilates can help build lean long muscle and reduce the body's fat percentage, which normalises hormone levels and improves reproductive health, she adds.

Ishita Malaviya

Surfing
Ishita Malaviya is India's first female professional surfer and a big believer in not letting your periods get in your way of enjoying the surf. "I can surf just fine with a tampon, and always make sure to change frequently to prevent rashes and infections," she says. She claims to have never missed a day of surfing, even on the first day of her menstrual cycle.

Smiley Suri

Zumba
Zumba workouts offer many benefits to women on their cycle. Sucheta Pal, global brand ambassador for Zumba, shares, "The workouts focus on the hips and pelvic region, increasing core and trunk strength. Exercise also releases endorphins, which make regular workouts a must for women like me who suffer premenstrual hormone-induced mood swings." Pal often trains for several sessions at a stretch while on her period. "[According to gynaecologists] you lose only about four tbsp of blood during your entire cycle, which isn't that big a deal. You must learn to understand your body and modify your movements accordingly," she adds.

Sucheta Pal

Pole dancing
Pole dancer and trainer Smiley Suri found that pole fitness played a major role in managing her PCOS and thyroid condition, while also helping regularise her menstrual cycle. She recalls her instructor asking her to get on the pole on the first day of her cycle, even though she was experiencing cramps and felt bloated. "I was surprised at how much better I felt after the session," she admits. Although many instructors ask women to avoid inversions during their period, Suri believes that these can actually increase your flow and reduces cramps. She emphasises the importance of hygiene during this time.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

The European Commission has hailed victory in a World Trade Organisation case concerning Russian anti-dumping duties on certain light commercial vehicles from Germany and Italy.

Russia has requested World Trade Organisation dispute consultations with the EU in a case involving EU anti-dumping duties on certain steel products.

The Minerals Council of Australia has published a report it says confirms that the country's high company tax rate is damaging mining firms' ability to compete internationally for capital investment.

Over 100 foreign providers of electronically supplied goods and services to Russian consumers have registered to pay value-added tax on their supplies at 18 percent.

The Department of Commerce has initiated a wide-ranging antidumping duty and countervailing duty investigation into imports of carbon and alloy steel wire rod from ten countries.

The EU has said that, as a result of dispute proceedings it launched in 2014, Russia has lowered tariffs on certain paper, refrigerators, and palm oil products.

China has made a number of announcements on anti-dumping duty orders, including to launch an investigation into US, Korean, and Taiwanese exports of styrene, which is used to manufacture plastics and resins.

Swiss Federal Councillor Johann N Schneider-Ammann will this month travel to Russia, Indonesia, Saudi Arabia, and the US, with the aim of further developing Switzerland's bilateral trade relations with each country.

The European Commission has announced the imposition of new anti-dumping duties on imports of hot rolled flat steel products from four countries.

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.

New EU trade defence legislation entered into force on December 20, changing the way the EU deals with dumped and subsidized imports.

Legislation has been tabled in Russia's lower house of parliament, the Duma, to introduce a two-rate personal income tax regime, in place of the current flat tax regime.

The OECD has published new transfer pricing country profiles for Australia, China, Estonia, France, Georgia, Hungary, India, Israel, Liechtenstein, Norway, Poland, Portugal, Sweden, and Uruguay, bringing the number of such overviews published by the OECD to 44.

The Swiss Federal Tax Administration has confirmed that it has transmitted its first spontaneous information reports on advance tax rulings to exchange of information partner states.

The Russian Government is reportedly considering the introduction of a number of new taxes, including a tax on hotel stays.

In a letter dated August 8, 2019, the Russian Federal Tax Service amended the rules for non-resident holding companies to be considered as the beneficial owner of Russia-sourced income.

To the team of Equitymaster , I became a member in January 2016 and am very impressed by your website and the ideals you stand for. Making profit or loss is a different issue altogether. Taking calculated risks and playing Russian Roulette are two differe..

I have been a subscriber of various EM services for a few years now. Of late, in the last 6 to 8 months, I have noticed a very high number of emails soliciting subscription to their services..old & new..coming to my mailbox on a daily basis. To me, th..

(this is continuation of the title): Why is the daylight robber being rewarded instead of punished or fired BEFORE he proves he has value ?! Your proposed role for him doesn't seem to offer any value to us. I saw the mails about Ankit stealing research id..

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 ? ..

Helloi want to compare the various investment avenues using risk and return as the two parameters. Please tell me the methods that can be used for comparison...

I am quite frankly disappointed with EMs services. I am a EM reserve member and I feel cheated. Day after day I see promotion / marketing mails. Full of absurdities and sounds dramatic as a soap opera. First there was the Rouge Analyst, then some drama ab..

Mr. Vivek Kaul once again interpret numbers like a politician - Don't see any difference between him and our politicians - be it ministers in govt. or opposition. I think he has forgotten economics in his eagerness to score political brownie points. Recen..

A former defense and trade minister, Nirmala Sitharaman became the first woman finance minister of India after Indira Gandhi.

She has inherited an economy facing a number of risks.

She faces immense challenges as finance minister. India's economy is starting to splutter on the back of a slow-down in consumption and private investment.

Fixing this and jump-starting the economy are the first order of business.

The data released on Friday was disappointing at different levels.

Lower growth in GDP, stagnant growth in core sector in April 2019, and the government just about managing the 3.4% deficit number in FY19 pose puzzles for the new Cabinet which assumes responsibility of kick-starting the economy.

A look at key macroeconomic indicators presents a gloomy picture.

Sinking GDP Growth Means FM Nirmala Sitharaman has to Push for Sweeping Reforms

According to the data released by the Central Statistics Office on Friday, gross domestic product (GDP) grew by only 5.8% in the last quarter of financial year 2019 (FY19), between January and March.

GDP Growth Slips to 5-Year Low

The data demonstrates GDP growth slowing steadily, from 8 to 7 to 6.6% in the first three quarters of FY19.

The signs of slowdown are visible throughout the economy.

Growth of Core Sector Industries Remained Flat

India's core economy grew at 4.3% in FY19, its second slowest pace in the past 5 years, down from 4.9% in FY15, according to latest data by the ministry of commerce and industry.

The 8 core industries include Coal, Crude Oil, Natural Gas, Refinery, Fertilisers, Steel, Cement, and Electricity.

8 Core Sectors Report Flat Growth in FY19

The growth rate is also flat since fiscal FY18 which had also recorded a 4.3% growth.

Manufacturing and Services Sector Activity Decelerates

Core sector growth will have a direct impact on the Index of Industrial Production (IIP) as these sectors account for a major chunk of total factory output.

Worries Rise as Factory Output Shrinks in March

The Index of Industrial Production (IIP) and the Manufacturing Purchasing Managers' Index (PMI) are used to gauge the level of activity in the manufacturing sector.

What Does the PMI Say?

The country's manufacturing sector performance fell to an eight-month low in April as new business growth moderated, curbed by the elections and a challenging economic environment.

The Nikkei India Manufacturing Purchasing Managers' Index declined from 52.6 in March to 51.8 in April, reflecting weakest improvement in business conditions since August 2018.

However, this was the 21st consecutive month that the manufacturing PMI remained above the 50-point mark.

In PMI parlance, a number above 50 means expansion, while a score below that denotes contraction.

The April PMI data indicated a softer increase in new orders had restricted growth of output, employment, and business sentiment.

Further, the Indian service sector lost momentum in April, with rates of new business and output growth both cooling to seven-month lows.

Indian Service Sector Loses Momentum Too

Falling from 52.0 in March to 51.0 at the start of FY19, the seasonally adjusted Nikkei India Services Business Activity Index pointed to the weakest upturn in output since last September.

Besides these, there are many other indicators of a slowdown.

A decline in consumer demand, a slowdown in government spending, and weak private investment have likely impacted India's growth in the fourth quarter.

One such high frequency indicator is automobile sales.

What do these numbers indicate?

Vehicle sales are a very important economic indicator about how the people of India feel about their economic prospects.

After all, no one is forcing anyone to buy a car and given that if a consumer buys a car, he chooses to make a down payment and/or take on an EMI.

This is only possible if the consumer is feeling positive about his future economic prospects.

Automobile Sales Skid as Demand Remains Sluggish

On Saturday, India's largest carmaker, Maruti Suzuki, reported a 22% decline in sales in May, the lowest in seven years.

Other auto-makers such as Tata Motors, Eicher Motors, and Hero Moto Corp reported declines in sales too.

All these economic indicators basically provide evidence of the Indian economy slowing down further since January 2019.

Another major area that needs immediate attention by the government, is job creation.

According to a CMIE survey, the unemployment number stands at 41 million people. That is too big a number to be ignored.

Now, job creation at such a mass level won't be a walk in the park. To set the wheels in motion, the government will have to look at infrastructure spending.

Capacity expansion in new projects has seen a gradual slowdown in the past few years.

Infra Capacity Expansion Likely to Be the Key Focus of the Modi Government

From Rs 3.3 trillion in June 2018, the number has come down sharply to Rs 2.1 trillion as of March 2019.

Co-head of research, Tanushree Banerjee believes this is first area the government will look to focus on.

Apart from creating jobs in the infrastructure sector, it opens a lot of other avenues.

Here's an excerpt of what she wrote in The 5Minute WrapUp:

• Better infrastructure will mean better connectivity to non-metros. This will attract manufacturing companies to set shop in these towns. It will give a boost to the urbanisation of the population.
  
  This is a trend I see clearly playing out in the coming years.
  
  Infrastructure spending -> Improved roads -> Increased two-wheeler sales.
  
  It is just one of the 50 irreversible trends I believe will carry the Sensex to 1,00,000.

Typically, when the capacity utilisation rises, it prompts companies to expand their capacities. If this gradual pick-up sustains, it could lead to a pick-up in private sector investment.

Thus, a revival in the investment cycle could be underway despite the current economic slowdown.

And, as far as equity markets are concerned, participants were expecting a weak fourth quarter growth data.

As such, the now published data may not weigh on the market but will raise expectations from the government and the RBI.

The pressure points in the form of finance, tax rates, infra expenditure, specific sector-related policies etc, must be addressed.

While the weak GDP data will be an important input for the Union Budget.

Most investors are now keen to know what's in store in the first week of July.

Warm regards,
Rini Mehta

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!

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

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

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

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

1. September 2019: FII Money Returns to India Again

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

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

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

   This is evident in the chart below:

   September 2019: Foreign Money Returns to India Again

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

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

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

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

   And they kept on pouring money in the following months.

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

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

   Data Source: Equitymaster

3. 2019: Best FII Flows in Six Years

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

4. 2020: The Downtrend Starts

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

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

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

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

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

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

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

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

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

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

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

What Should Market Participants Do?

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

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

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

How do you zero in on these opportunities?

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

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

Indian stock markets too mirrored the trend.

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

1. Record Wealth Destruction
   
   

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

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

   However, March 2020 wins hands down in wealth destruction.

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

   March 2020 the Second Worst Month in History

2. Huge Selling Pressure for Individual Stocks
   
   

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

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

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

   Top BSE Gainers and Losers in March 2020

3. All Sectors in a Sea of Red
   
   

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

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

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

   Worst Hit Sectors in March 2020

4. Crude Oil Slumps Over 50%
   
   

   Crude oil crashed over 50% in March 2020.

   The fall was seen because of oversupply amid subdued demand.

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

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

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

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

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

   Crude Oil Continues Free Fall

5. Gold Prices Shine
   
   

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

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

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

   Gold Witnesses Buying

6. Rupee Hits Record Low in March 2020
   
   

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

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

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

   Rupee Continues Downtrend

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

At times like these, while we must do everything we can to guard against the coronavirus, we must not ignore our money.

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...

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!

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!

As the Coronavirus pandemic continues to haunt the global financial markets, the rupee has been hit badly.

The domestic currency has been continuing its downtrend and hit its record low level against the dollar last week.

Here's a timeline showing how the Indian rupee has performed lately and the factors behind it...

1. Rupee in 2018:
   
   

   The Indian rupee was the worst performer in Asia in 2018. As can be seen from the chart below, it fell by around 12% against the US dollar. This was seen due to a strong dollar and high oil prices in 2018. Similarly, the spill-over from the emerging-market turmoil in Argentina and Turkey weighed on the rupee in 2018.

   Indian Rupee: The Worst Performing Currency in Asia in 2018

2. Rupee in 2019:
   
   

   The rupee traded on a volatile note last calendar year. However, for most of 2019, it traded on a negative note against the US dollar.

   While it started the year at 69.71 against the US dollar and also witnessed some uptrend from April 2019 to August 2019, it went on to depreciate during the end of the year. On December 2019, it ended at 71.31 against the US dollar.

   Rupee Trades was Volatile in 2019

3. Rupee in 2020 So Far:
   
   

   On a year-to-date (YTD) basis, the rupee has depreciated sharply against the US dollar. While it started the calendar year 2020 at 71.28 against the US dollar, it is currently trading at 76.27 against the US dollar. This translates to a depreciation of around 7% for the domestic currency.

   YTD Performance of the USD/INR

4. Downtrend in March 2020:
   
   

   The massive sell-off in equities and bonds led to a huge fall in rupee against the dollar in the month of March 2020. Most of the selling pressure was due to the slump in equities and currencies globally.

   Investors were concerned that support measures from governments and central banks may be insufficient to halt the economic damage caused by the coronavirus pandemic.

   Here's how the currency performed in the month of March:

   Huge Depreciation of the Rupee in March 2020

5. Rupee Hits Record Low in April 2020:
   
   

   The rupee fell to a new record low of 76.55 against the US dollar on 9th April, 2020.

   This was seen as a rise in coronavirus cases fanned fears of the government extending the lockdown to contain the pandemic.

6. Factors Behind the Rupee's Fall:
   
   

   Some major factors behind the recent fall in rupee are...

   • Weak sentiments in the currency markets due to global risk aversion
   • Sharp fall in the Indian stock markets
   • Sharp fall in global financial markets due to coronavirus fears
   • Strengthening dollar
   • Thin liquidity due to reduced participation

These are some top pointers on how the Indian rupee has been performing in recent years and amid the coronavirus led stock market crash.

I reached out to Vijay Bhambwani, editor of Weekly Cash Alerts, who is closely tracking the Indian rupee in the current scenario. Here's what he has to say...

The onset of Corona virus has not been kind to the INR.

The Rupee futures (USDINR ) opened in March at 72.36 and have closed at 76.61 on April 09 2020. That is a decline of 5.87% in 6 short weeks.

The implications of the same will be widespread. India is a net importing Country. Everything that we import will now be more expensive. Approximately two thirds of all our imports are fossil fuels. Fuels are what we call multiplier effect commodities. If fuel prices rise at the petrol pumps, everything from fruits, vegetables, grains to dairy and poultry products get expensive.

That impact will be felt at a later date. I expect the trickle down effect to start appearing in prices after the April-June quarter is over.

I have already factored in this aspect in my statistical data model and plan to identify such events to generate profitable trading opportunities for my WCA plan subscribers.

Vijay has also talked about the Indian currency in a special edition podcast from Investor Hour. He shares what's around the corner for Indian rupee and how to should position oneself for potential gains.

You can listen the entire episode here...

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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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Former Sri Lanka captain Kumar Sangakkara on Sunday said someone must answer to the questions which are still unanswered in regards to the Sri Lanka Easter bombing last year.

"A year on we all share the pain of the families grieving lives lost, we stand with you and for you. We remember. So many questions still unanswered, but answer them someone must," Sangakkara tweeted as people across the world celebrated Easter on Sunday.

Sri Lanka celebrated a quiet Easter Sunday amid the coronavirus lockdown, while remembering the victims of the terror attacks that killed at least 270 people on the resurrection day last year. People largely stayed indoors and offered prayers from home with the Archbishop of Colombo, Cardinal Malcolm Ranjith, leading an Easter mass from a TV studio because of the pandemic.

The attacks wounded over 500 and deepened communal tensions in Sri Lanka. The bombings, carried out by local Islamist extremists with suspected foreign ties, was claimed by the Islamic State. Police said that they have killed or arrested all suspects in various counter-terror operations carried out in the days after the mayhem.

Catch up on all the latest sports news and updates here. Also download the new mid-day Android and iOS apps to get latest updates.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

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