<p class="x_x_p1"><span class="x_x_s1">The word ‘sperm’ was considered taboo in Hindi movies until 2012. Then came VICKY DONOR - the story of a sperm donor - and it made the term very common and acceptable. Seven years later - after this path-breaking film - yet another Hindi movie takes to tell a genuinely hatke story - GOOD NEWWZ.</span></p> <img class="aligncenter wp-image-1056213 size-full" title="Movie Review: Good Newwz" src="https://www.bollywoodhungama.com/wp-content/uploads/2019/12/Good-Newwz-2-6.jpg" alt="Movie Review: Good Newwz" width="720" height="450" /> <p class="x_x_p1"><span class="x_x_s1">GOOD NEWWZ has generated tremendous excitement thanks to its subject mainly, besides its eye catching star cast. The trailers have also done the trick. The question is, does the film deliver in totality?</span><span class="x_x_s1"> </span></p> <p class="x_x_p1"><span class="x_x_s1">The plot line *without* revealing the spoilers... GOOD NEWWZ is the story of a goof-up of epic proportions. Varun Batra [Akshay Kumar] works in an automobile showroom in Mumbai. He is married to Deepti aka Deepu [Kareena Kapoor Khan], a journalist, since seven years. They are keen to start a family, but aren’t able to do so.</span></p> <p class="x_x_p1"><span class="x_x_s1">At the insistence of Varun's sister [Anjana Sukhani], both decide to visit a fertility clinic run by a reputed doctor, Dr Joshi [Adil Hussain]. Dr Joshi suggests that they opt for IVF. Varun and Deepu give their go ahead.</span></p> <p class="x_x_p1"><span class="x_x_s1">Honey Batra [Diljit Dosanjh] and Monika [Kiara Advani], a Chandigarh-based couple, also visit Dr Joshi. Their last names leads to a confusion and subsequently, a big goof-up.</span><span class="x_x_s1"> </span></p> <p class="x_x_p1"><span class="x_x_s1">GOOD NEWWZ has an interesting plot, but most importantly, it boasts of a smart and engaging screenplay. The writers juxtapose drama, emotions, romance and humour seamlessly in the narrative, which makes this one an enjoyable ride from commencement to conclusion.</span></p> <p class="x_x_p1"><span class="x_x_s1">The writers come to the point at the very start of the film, while the goof-up is well integrated in the screenplay. There’s hardly any dull moment, frankly. Sure, the film could’ve done without a song or two, but these are minor glitches in an otherwise watertight script. While the drama keeps you hooked, the dialogue only heighten the impact of several sequences.</span><span class="x_x_s1"> </span></p> <span style="text-decoration: underline;"><strong>Good Newwz | Public Review | Akshay Kumar | Kareena Kapoor Khan | Diljit Dosanjh | Kiara Advani | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/good-newwz-public-review-akshay-kumar-kareena-kapoor-khan-diljit-dosanjh-kiara-advani-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> <p class="x_x_p1"><span class="x_x_s1">Raj Mehta [GOOD NEWWZ marks his directorial debut] is in total command of the situation. This is a damn difficult subject to handle when you are a first-timer, but he deserves brownie points for doing complete justice to the written material.</span></p> <p class="x_x_p1"><span class="x_x_s1">The director handles the second hour most admirably. A number of sequences are maturely handled, especially when Kareena and Kiara bond over paani puri or the sequence in the hospital when Akshay breaks down.</span><span class="x_x_s1"> </span></p> <p class="x_x_p1"><span class="x_x_s1">GOOD NEWWZ is embellished with sincere and noteworthy performances. Akshay Kumar is in terrific form. His emotional portions in particular are remarkable. It’s a delight to watch Kareena Kapoor Khan after a hiatus. She’s excellent. Also, she looks stunning. Diljit Dosanjh arrives late in the film, but once he does, he takes the film to another level. He’s top notch. Kiara Advani doesn’t have much to do in the first half, but post interval, she makes sure she scores in several sequences.</span></p> <p class="x_x_p1"><span class="x_x_s1">Adil Hussain has his moments. Tisca Chopra is wonderful. Anjana Sukhani and the actor playing her husband are dependable.</span></p> <p class="x_x_p1"><span class="x_x_s1">The soundtrack is in sync with the film. At least two songs stand out - ‘Sauda Khara Khara' and 'Chandigarh’. The DoP captures the mood as well as the emotions well.</span><span class="x_x_s1"> </span></p> <p class="x_x_p1"><span class="x_x_s1">On the whole, GOOD NEWWZ is a sure-fire hit. Smart writing, fantastic humour and heartfelt emotions are the three pillars of this well-made film. The fourth pillar being the performances of its principal cast. At the boxoffice, 2019 is sure to conclude with a big winner, bringing cheer and joy in this festive season. GOOD NEWWZ will live up to its title and bring good news for its investors.</span></p>

Bollywood is already drooling over the elder Kaushal brother. Vicky Kaushal, from a humble debut with MASAAN, is now the dark horse that filmmakers look up to. In that light, here’s Sunny Kaushal, who hasn’t exactly made it big yet, but looks consistent with his efforts. After his debut stint SUNSHINE MUSIC TOURS AND TRAVELS which didn’t quite hit the gold spot and a brief appearance in GOLD, here’s he, with his third outing, a dance drama. Does BHANGRA PAA LE turn out to be the game-changer, or does it not? <img class="aligncenter size-full wp-image-1058602" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/01/Movie-Review-Bhangra-Paa-Le-1.jpg" alt="" width="750" height="450" /> BHANGRA PAA LE revolves around Jaggi (Sunny Kaushal), a Punjabi lad and a vehement Bhangra enthusiast. He gets through to an international competitive platform and needs to win it over other contestants to exhibit the dance form to a larger audience. However, Jaggi isn’t your regular Bhangra guy. He is also trying to transcend beyond a set dance form and bring flavours of fusion by merging Bhangra with several Western dance forms. Parallel to this runs a story of Jaggi's grandfather Kaptaan Singh (Sunny Kaushal), a warrior fighting the World War II. As it sounds, it is also about how different generations are bound together in the essence of evergreen music and dance. Then comes Simi (Rukshar Dhillon), not as Sunny’s dreamy romantic companion but as his rival. A feisty Punjabi girl with a strong grip of Punjabi folk steps, she is the daughter of a single mother. Will Jaggi manage to win the competition, will his passion for bhangra rub off on the audience is what the rest of the film is? The story (Dheeraj Rattan) shuttles between two different time periods, trying to strike a chord with similar kinds of love, loss and agony. However, the depiction is rather forced. As a soldier who wants to come back home to his ladylove, Sunny is relatably nice. As a college guy who is unable to accept his defeat, he doesn’t impact us much. While the idea of an enthusiastic dancer upholding his art sounds good, the script, in reality, is entangled. It slips off its pace at times, and seems to focus too much on the dance part, therefore not maintaining its compactness. Also, if you are someone who has watched LOVE AAJ KAL, you will probably end up finding a gallon of similarities! BHANGRA PAA LE marks the directorial debut for Sneha Taurani, who has earlier assisted filmmakers such as Ayan Mukerji and Mohit Suri. Her approach towards the story is fresh, but the product turns out to be mundane in many parts. It’s one thing that BHANGRA PAA LE has no extraordinary plots to offer you, but Sneha’s attempt of spinning a predictable story could result in better things. Coming to performances, while the box office wasn’t kind to him in his first film SUNSHINE MUSIC TOURS AND TRAVEL, Sunny Kaushal's got the mettle. You can say that, looking at how he assimilates the energy, passion and determination that his character demands him to show. Adding to that, he has certainly put in noticeable efforts to master his steps. Rukshar is great to look at when she grooves, but she yet has a long way to go in terms of acting. Rukshar and Sunny’s chemistry doesn’t cook up either. Shriya Pilgaonkar has a brief part to play, and with her sober self. <img class="aligncenter size-full wp-image-1058601" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/01/Movie-Review-Bhangra-Paa-Le-2.jpg" alt="" width="750" height="450" /> The music has been worked upon, by young, off beat and talented composers such as A Bazz, Rishi Rich and Yash Narvekar. But, 10 songs in 2 hours felt like an overdose, and none of the songs really stay with you. Rather, the background score is neat and situational, and complements the moods. The cinematography (Jitan Harmeet Singh) is clean but adds no special value to the film. However, editing (Antara Lahiri) has saved the film to a large extent. If the time lapses went wrong, we’d probably be left confused as to who was doing what. On the whole, BHANGRA PAA LE is strictly average one-time watch with no remarkable performances. At the box office, it will go largely unrecognised.

Cinegoers and trade experts were surprised when the trailer of the film SHIMLA MIRCHI dropped on the internet on December 26, 2019 without any intimation. The film, directed by SHOLAY director Ramesh Sippy is a long delayed romcom that is releasing five years after its making. Ramesh Sippy made the film in 2014 and it was meant to be a small and sweet romantic story set in Shimla. It is yet unclear as to why the film was delayed. However, the film which was made on a small budget is now set to release in theatres on January 3. <img class="aligncenter size-full wp-image-1058604" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/01/Movie-Review-Shimla-Mirchi.jpg" alt="" width="750" height="450" /> Without giving any spoilers, the film is about Avi (Rajkummar Rao) who visits Shimla during his holiday and falls in love with Naina (Rakul Preet Singh). Avi takes up a job in the hills to act on his love for Naina. However, his only weakness is that he is never able to confess his feelings for the woman he loves. Avi, on the advice of his friend writes a love letter, which lands in the hand of Naina’s mother Rukmani (Hema Malini). Rukmani is a woman who is struggling from low self-esteem after her husband left her for another woman and comes to the conclusion that Avi is her secret admirer. Naina who is aware of the situation plays up to this to keep her mother sane. Talking about the film, there are no surprises when it comes to the script of SHIMLA MIRCHI. However, the script (Ramesh Sippy, Kausar Munir, Rishi Virmani and Vipul Binjola) is tight and comes straight to the point. What stands out the most, and lights up the film are the characters and dialogues in the otherwise tried and tested genre. The dialogues are good and play a huge part in keeping the audience engaged. The stark commentary on the love life of the lead actors is sure to generate some laughs. The film marks Ramesh Sippy's return to direction after a long time — while he returned to direction after 20 years, he will see his directorial venture release only after 25 years. Ramesh Sippy focuses completely on the central characters and does not care to indulge much into the external environment of these characters. Sippy has a great hold over the plot and at no point does he deviate from the central topic. Coming to the performances, at the time of filming, Rajkummar Rao was fairly new to the industry and has still managed to win our hearts with his performance. Those unaware of Rakul Preet Singh’s work down south will be in for a treat to watch Rakul as the beautiful small town girl who has a thousand responsibilities to attend to. However, her constant need to take charge over her mother's life under the garb of care might get to your nerves. She does come across over the top at times because of her energy but when she shares screen with the calm natured Rajkummar Rao, it balances out well. Hema Malini is at the top of her game and puts life into the film with her infectious and vibrant screen presence. Shakti Kapoor as Captain Uncle does a great job. Though not much is revealed about his character, he will be remembered for his situational poetry. The music by Meet Bros Anjjan sets the tone for a small town romance. The lyrics penned by Kumaar beautifully capture the mood of the film. This is also the last collaboration by Meet Bros Anjjan who are behind successful songs like ‘<em>Chittiyan Kalaiyyan’</em> and ‘<em>Baby Doll’</em>. The film is largely set in the backdrop of a house and a cafe. Cinematographer Jitan Harmeet Singh gives this romantic journey a dreamy affect by capturing the moods of the characters with close-ups. The editing (Vijay Venkataramanan) is very crisp except for the climax, where the audience could easily do with one less song. On the whole, SHIMLA MIRCHI makes for a decent small town romance with impressive performances. At the box office, the low buzz and lack of promotions will ensure that the movie will fizzle out eventually.

The number of acid attacks that have occurred over the years is alarming. What’s even more shocking is the lackadaisical attitude of the authorities in preventing such attacks and prevention of sale of dangerous substances. After all, such an act can destroy lives as it damages the face permanently. Bollywood has been attempting some brave films on various topics but this was one issue that was largely ignored. Director Meghna Gulzar, who has found respect and admiration after the back-to-back success of TALVAR [2015] and RAAZI [2018] now comes up with CHHAPAAK, that attempts to address these aspects. The film has been in the news since the time the makers revealed the look of its lead actress Deepika Padukone, while it was being filmed. So does CHHAPAAK manage to entertain and shock viewers? Or does it fail in its endeavour? Let’s analyse. <img class="aligncenter size-full wp-image-1060759" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/01/Movie-Review-Chhapaak-IMG.jpg" alt="Movie Review: Chhapaak" width="750" height="450" /> CHHAPAAK is the story of an acid attack survivor. The year is 2005. Malti (Deepika Padukone) is a 19 year old girl who gets attacked by acid on a street in Delhi. A good Samaritan takes her to the hospital. Her face is irreparably burnt, with no chance of it getting back to its original form. Malti however is determined to get the perpetrator behind the bars. Despite difficulty in speaking at the time of the tragedy, she manages to tell the cops that the attacker is Basheer Shaikh aka Babbu (Vishal Dahiya) and her sister Parveen. The cops arrest both and Babbu confesses that he indeed got the acid thrown on Malti. Shockingly, Babbu was a family friend of Malti's and even made the rounds of the hospital to visit her, post the attack. In the court, Malti’s lawyer Archana Bajaj (Madhurjeet Sarghi) gives a tough fight but Babbu manages to seek bail on some grounds or the other. Archana stresses on maximum punishment though the law is not clear on acid attacks specifically. This prompts Malti to also file a PIL, asking for ban on the easy availability of acids. What happens next forms the rest of the film. CHAAPAAK’s story is mostly based on real-life incidents and is quite hard-hitting. It also turns out to be an eye-opener as many wouldn’t be aware of the seriousness of the situation and that acid is so easily available in India. Atika Chohan and Meghna Gulzar's screenplay however is inconsistent. There are scenes where the film really captivates you and moves you. But in places, the writing is not polished well while the emotional connect is missing and this affects the overall impact. Atika Chohan and Meghna Gulzar's dialogues are sharp. Meghna Gulzar's direction is strictly okay. Both TALVAR and RAAZI worked so well as they didn’t just have a good story, but also great execution. But in case of CHHAPAAK, Meghna doesn’t seem to be in top form. The idea to start the film from the middle of the narrative didn’t quite work. Malti’s struggle is moving but only till an extent. A lot could have been done here but Meghna simply rushes through some key scenes. This is especially evident in the courtroom sequence. Also, an important track is that of Malti’s brother (Delzad Hivale) but hardly any time is spent on this episode. Nothing is explained later as to what happened to the brother and also Malti’s father (Manohar Teli). If Meghna had indeed given her best here, then considering the potential of the story, CHHAPAAK could have gone beyond what's on screen. CHHAPAAK begins on a very dry note and in a non-linear fashion. For the first 10-15 minutes, the audiences might not get engrossed. It’s only when the flashback portions commence that the film picks up. Some of the most impactful scenes of the first half are Malti seeing her face in the mirror, after the attack, for the first time, and Archana urging Malti to wake up and fight the battle. The courtroom scene keeps one hooked but one wishes it had more drama. In the second half, the romantic track doesn’t work much. Also, there comes a point when one doesn’t really know where the film is going. Meghna reserves another round of flashback in the climax and here, the film picks up again. Also, one understands the dynamic between the characters and what led to the acid attack in the first place. <span style="text-decoration: underline;"><strong>Chhapaak | Public Review | Deepika Padukone | Vikrant Massey | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/chhapaak-public-review-deepika-padukone-vikrant-massey-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> Deepika Padukone carries the difficult part with rare subtlety. She underplays her part well and in scenes where acid is splashed on her face and she comes to terms with it, the actress does a good job. But in most scenes, she doesn’t emote much and is merely the observer. One wishes she had done something in these sequences, which could have added to her performance. Vikrant Massey looks great and gives a genuinely fine performance. Sadly, he is let down by the writing. Madhurjeet Sarghi has a crucial part and plays it with élan. She looks quite confident in the courtroom scenes. Vishal Dahiya delivers a splendid performance. Delzad Hivale is wasted. Payal Nair (Shiraz) and Vaibhavi Upadhyay (Minakshi) are okay. Manohar Teli is fine and is endearing in the scene where he’s secretly having alcohol. The actor playing Parveen is damn good in the courtroom scene. Shankar Ehsaan Loy's music isn’t memorable. The title track is well inserted in an important scene. <em>'Nok Jhok'</em> and <em>'Khul Ne Do'</em> are average. Shankar Ehsaan Loy and Tubby's background score is slightly better. Malay Prakash's cinematography is appropriate. Subrata Chakraborty and Amit Ray's production design is neat. Abhilasha Sharma's costumes are realistic, especially the ones worn by Deepika. Shrikant Desai's hair and make-up is splendid and the prosthetic also is very well done. Nitin Baid's editing is incoherent. On the whole, CHHAPAAK is a brave attempt at highlighting an issue and the crime that exists in our society. At the box office, it will have a difficult journey since it is not a commercial entertainer. Its business will be restricted to a tiny section of the multiplex frequenting audience.

Off late, Bollywood has been making period dramas, focusing on the brave warriors of the medieval and early modern history of India. While films like MANIKARNIKA – THE QUEEN OF JHANSI and PANIPAT focused on the somewhat known chapters of history, the Akshay Kumar starrer KESARI was based on an incident that wasn’t known to many. Now another film joins this latter category – TANHAJI: THE UNSUNG WARRIOR. It depicts the bravery of Tanhaji Malusare, a legend in Maharashtra, but largely unknown elsewhere. The film is mounted on a huge scale and moreover, has a terrific star cast, both of which have contributed to its hype. So does TANHAJI: THE UNSUNG WARRIOR manage to give a great time to the viewers? Or does it disappoint? Let’s analyse. <img class="aligncenter size-full wp-image-1060929" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/01/Tanhaji-–-The-Unsung-Warrior-Review-IMG.jpg" alt="Tanhaji – The Unsung Warrior Review IMG" width="720" height="450" /> TANHAJI: THE UNSUNG WARRIOR is the story of one of the greatest warriors of India. The year is 1664. Chhatrapati Shivaji Maharaj (Sharad Kelkar) has given a tough fight to the Mughals, headed by Emperor Aurangzeb (Luke Kenny), in the Deccan region. However, when things get tough for the Marathas, Shivaji Maharaj decides to sign a treaty. As part of this agreement, he hands over some 23 forts to the Mughals, including the strategic Kondhana Fort. A few years later, Chhatrapati Shivaji Maharaj expresses his desire to recapture Kondhana. This is especially when he finds out that Aurangzeb has sent Udaybhan Rathod (Saif Ali Khan), an evil military officer, to control the fort. Chhatrapati Shivaji Maharaj realizes that his brave Subedar Tanhaji Malusare (Ajay Devgn) is the best man to get the fort back. But Chhatrapati Shivaji Maharaj refuses to even let Tanhaji know about this operation. This is because Tanhaji is busy with the marriage of his son. However, Tanhaji finds out about the plan. He persuades Chhatrapati Shivaji Maharaj to let him go for it. The Maharaj agrees and hence, Tanhaji keeps his son’s marriage on hold. He then begins to plan how to recapture the fort and thereby create history. What happens next forms the rest of the film. Prakash Kapadia and Om Raut's story is excellent and well-researched. It talks about a landmark moment in India’s history and at the same time, it has enough entertainment and drama. Prakash Kapadia and Om Raut's screenplay does justice to the plot in hand. The script is peppered with dramatic and massy moments that keep the interest going. However, the film drops a bit in the middle of the second half. Also, the first half could have had more hard-hitting moments. Prakash Kapadia's dialogues are simple but also sharp-worded as per the requirement. Om Raut's direction is quite praiseworthy and he handles the film like a pro. He does full justice to the scale and grandeur of the film. He also keeps the narrative uncomplicated and very simple to understand. And his biggest achievement is that he doesn’t make TANHAJI: THE UNSUNG WARRIOR look like the recent period films, especially the ones of Sanjay Leela Bhansali. Bhansali's films have become a genre in itself, hence when it comes to period flicks many recent ones looked like clones of his movies. TANHAJI: THE UNSUNG WARRIOR, however, stands out. And moreover, he adds enough <em>masala</em>, especially in the climax, which takes the film to a high. See it to believe it! TANHAJI: THE UNSUNG WARRIOR begins with the childhood sequence of Tanhaji and the background of the Maratha Empire. The film moves too quickly here but no complaints as the impact is made. The entry of adult Tanhaji is too good and viewers would welcome it with claps and whistles. Even Udaybhan’s introduction makes for a great watch. From here on till the intermission, the film keeps one engaged but the film here lacks action and a punch, which one might expect after the action scene in the start. But the intermission point is fine and it indicates that the second half will be better. And thankfully, the post-interval portion has a lot more entertainment. The sequence where Tanhaji and Udaybhan come face to face is electrifying. Also Tanhaji urging the Maratha soldiers to fight for him is a scene to watch out for. The film then drops again but the makers reserve the best for the finale. The climax battle is incredible and single screen audiences especially will go in frenzy! <span style="text-decoration: underline;"><strong>Tanhaji – The Unsung Warrior | Public Review | Ajay Devgn | Kajol | Saif Ali Khan | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/tanhaji-the-unsung-warrior-public-review-ajay-devgn-kajol-saif-ali-khan-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> TANHAJI: THE UNSUNG WARRIOR belongs to Ajay Devgn and Saif Ali Khan. Ajay is perfect for the part and adds a lot through his body language and expressions. Also his dialogue delivery in confrontational scenes is spot-on. But he goes into another mode in the climax fight and viewers would surely lap it up. Also, he deserves kudos for putting together this mammoth project and ensuring that it looks like a great cinematic product, at par with international standards. Saif Ali Khan is superb in the villainous role. He is menacing but also has a goofy side and the balance is very nicely done. In one scene dipped with black humour in the second half, he gets his act totally right! Kajol (Savitri) doesn’t have much to do but her presence adds a lot to the film. Her scenes with Ajay are endearing. Sharad Kelkar stands out as Shivaji Maharaj. His personality, build and baritone voice was just right for such an important historical character. Padmavathi Rao (Rajmata Jija aau) has a fine screen presence. Luke Kenny fits the role and one wishes he had more screen time. Neha Sharma (Kamla) is decent in a supporting role. Kailash Waghmare (Chultiya) and Hardik Bharat Sangani (Gidya) are over the top but that works for their respective characters. The other actors who do well are Shashank Mahadeo Shende (Shelar Mama), Ajinkya Ramesh Deo (Pisal), Vipul Kumar Gupta (Jagat Singh), Deodatta Gajanan Nage (Suryaji), Yuri Suri (Mirza Raje Jai Singh), Nissar Khan (Beshak Khan), Arush Nand (Raiba; Tanaji's son), Prasanna Vidyadhar Ketkar (Ghesarnaik) and Niranjan Jadhao (Trimbak Rao; spy). The music is situational and not of chartbuster variety. <em>'Ghamand Kar'</em> is the theme song of the film and is quite exhilarating. <em>'Shankara Re Shankara'</em> comes at a great juncture. <em>'Maay Bhavani'</em> is average while <em>'Tinak Tinak'</em> is moving. Sandeep Shirodkar's background score adds to the drama heavily. Keiko Nakahara's cinematography is of superior quality. Despite so much of action and fights happening, the camerawork ensures that all is captured well.. Sujeet Subhash Sawant and Sriram Kannan Iyengar's production design is straight out of the bygone era. The sets are authentic and not needlessly grand, considering that the film focuses on the life of the Maratha soldiers and their houses can’t resemble palaces. But while depicting Aurangzeb’s residence, the designers have gone all out, rightfully so. Ramzan Bulut and R P Yadav's action is a bit gory but is controlled and visually looks great. Vikram Gaikwad's make-up is neat. Nachiket Barve and Mahesh Sherla's costumes are realistic. NY VFXWaala's VFX is splendid and there’s not a single moment where the effects look tacky. Also, the 3D is not done for the heck of it and it actually complements the narrative. Dharmendra Sharma's editing is slick. On the whole, TANHAJI: THE UNSUNG WARRIOR is an entertaining and a paisa-vasool film that would be loved by the masses as well as classes. At the box office, it can run riot in Maharashtra and other mass centres and could turn out to be the first Rs. 100 crore grosser of 2020. Highly Recommended!

Filmmaker Luv Ranjan has launched quite a few actors, most notable among them being Kartik Aaryan. He casts them repeatedly and few of them have hit the bullseye at the box office as well. He turned producer with the 2018 super-hit flick, SONU KE TITU KI SWEETY, also directed by him. He had another hit film in 2019 in the form of DE DE PYAAR DE. In 2020, his banner Luv Films will be releasing as many as 3 films, and the first one to come out is JAI MUMMY DI. It is a long-delayed film but looks fresh and has the Delhi flavour in abundance, which gives it a chance to excel in North India. So does JAI MUMMY DI manage to be as entertaining as other Luv Ranjan films? Or does it fail to entice? Let’s analyse. <img class="aligncenter wp-image-1063970 size-full" title="Movie Review: Jai Mummy Di" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/01/Movie-Review-Jai-Mummy-Di.jpg" alt="Movie Review: Jai Mummy Di" width="720" height="450" /> JAI MUMMY DI is the story of two lovers whose mothers are sworn enemies of each other. Delhi-based engineering students, Puneet Khanna (Sunny Singh) and Saanjh Bhalla (Sonnalli Seygall), are in love with each other. Saanjh proposes to Puneet but the latter declines. He too wants to settle down with Saanjh but is afraid of his mother. That’s because Puneet’s mother Laali (Supriya Pathak) and Saanjh’s mother Pinky (Poonam Dhillon) hate each other a lot. Interestingly, they were the best of friends at one point and moreover, they reside next to each other. But they can’t stand each other’s sight. And Puneet is too scared to break the news that he’s in love with the daughter of her ‘enemy’. In anger, Saanjh breaks up with Puneet. She starts looking for suitable groom for marriage and even approves of Dev (Bhuvan Arora). Their marriage is fixed for October 16 at Diamond Hall in Noida. When Puneet’s mother Laali finds out that Pinky has managed to lock her daughter’s wedding, she feels jealous. Not wanting to be left behind, she quickly selects a girl for Puneet, Sakshi. What’s more, Puneet and Sakshi’s marriage is also set on October 16 and that too in Diamond. Meanwhile, Puneet and Saanjh realize that they won’t be able to stay happy with anyone else but each other. Hence, they patch up and think of ways to bring their respective mothers together. When nothing works, they decide to elope and get married. What happens next forms the rest of the film. Navjot Gulati's story rests on waferthin plot. But it’s a great idea and could have made for a fine entertainer. But Navjot Gulati's screenplay plays spoilsport in a major way. The film is laced with poorly written sequences and not-so-funny moments. Also, the flow of scenes is not smooth. Navjot Gulati's dialogues also add to the negative impact. Barring a few one-liners, the rest of it doesn't have the desired impact. Navjot Gulati's direction is terrible. With the script, he already made a mess, but he could have covered it up with his direction. Sadly, even his execution is very bad. The film never goes on a high or goes into the funny zone, which it ideally should have. And it’s really fortunate since the concept had the promise to go all out. And the climax sadly is very <em>thanda</em> as one expects some major confrontation and eventual patch up. The worst is reserved for the very final scene and it totally takes the film down. JAI MUMMY DI begins on a very awkward note, to explain the enmity between the two women. The scene may have looked interesting on paper but translates poorly on screen. The song <em>'Mummy Nu Pasand'</em> ups the interest but it goes downhill in no time. A few scenes are bewildering. For instance, why Pinky also follows suit and shifts to Ghaziabad, that too next to Laali’s residence. The humour quotient in the film is very less and half of whatever is there doesn’t work. Ideally, any other worthy director or writer would have shown the lovers going to insane lengths to bring their mothers together and how it causes madness in the process. Here, the lovebirds hardly do anything of that sort. The intermission point tries to be dramatic but doesn’t work. Post-interval, the film keeps getting repetitive and it tests the patience of the viewers. This is despite the 105 minutes of runtime. One can’t just wait for the mothers to find out the truth and patch up. Finally, it happens in the end but ideally, it should have taken the film to a high. But nothing of that sort happens. The most disappointing bit of the film however is the reason why Laali and Pinky started fighting in the first place. <span style="text-decoration: underline;"><strong>PAISA VASOOL: Sunny Singh Nijjar v/s Sonnalli Seygall – Bollywood ‘ROM-COM’ Quiz | Jai Mummy Di</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/celeb-interviews/paisa-vasool-sunny-singh-v-s-sonnalli-seygall-bollywood-rom-com-quiz-jai-mummy-di/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> Talking of performances, Sunny Singh suits the part. His acting is nothing great but he manages to pull through the role nicely. Sonnalli Seygall gets to show her acting chops. In PYAAR KA PUNCHNAMA 2 [2015], she got overshadowed by other actors. But here, the focus is majorly on her, especially in the first half, and she does fine. Supriya Pathak and Poonam Dhillon are strictly okay. Shockingly, the film ideally should have revolved around them but they don’t get the screen space that they deserve. Rajendra Sethi (Trilochan Khanna) and Danish Husain (Gurpal Bhalla) are nothing great. Veer Rajwant Singh (Vineet) is however good as Puneet’s brother. Alok Nath (Sanjog Luthra) is wasted. It’s bewildering why he was even there in the film. Bhuvan Arora is the funniest part of the film. The actor playing Sakhi is passable. Neeraj Sood (Jasbir Bhullar) is good as always. Nushrat Bharucha, Ishita Raj and Varun Sharma do well but their cameos come at a time when the viewers are tired of the film already. Songs are forgettable, except <em>'Mummy Nu Pasand'</em>, which is catchy. <em>'Manney Ignore Kar Rahi'</em> comes immediately after this track and doesn’t work<em>. 'Dariyaganj'</em>, <em>'Ishq Da Band'</em> and the title track also don’t manage to register. <em>'Lamborghini'</em> is played in the end credits. Hitesh Sonik’s background score is entertaining but it doesn’t complement the scenes. Sanket Shah's cinematography and Tarpan Shrivastava's production design are appropriate. Jia Bhagia, Arun J Chauhan and Mallika Chauhan's costumes are appealing, especially the ones worn by the lead actors in the various marriage scenes of the film. Dev Rao Jadhav and Chetan M Solanki’s editing is haphazard at places and is not organic. On the whole, JAI MUMMY DI is a poor fare owing to the weak script, lazy direction and lack of humour. At the box office, it won’t have a long run and just has this one week window to score.

Dance films have been a rage in the West and in Bollywood, this genre got an establishment thanks to ABCD – ANY BODY CAN DANCE [2013]. Directed by Remo Dsouza, it starred unknown faces and yet fetched a decent opening and did good business at the box office. The series got a boost as the second part, ABCD – ANY BODY CAN DANCE – 2 [2015] starred Varun Dhawan and Shraddha Kapoor and was a Rs. 100 crore grosser and the first such film for both the actors. Now Varun, Shraddha and Remo join hands once again for STREET DANCER 3D, which is also in the same zone as the ABCD films. This time, they promise to take the dance and madness many notches higher. So does STREET DANCER 3D manage to fulfil the expectations? Or does it fail to impress? Let’s analyse. <img class="aligncenter size-full wp-image-1066172" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/01/Movie-Review-Street-Dancer-3D.jpg" alt="Movie Review: Street Dancer 3D" width="720" height="450" /> STREET DANCER 3D is the story of two warring groups uniting for a larger cause with the backdrop of dance. Sahej (Varun Dhawan) is an Indian origin British resident based in London with his family. He and his brother Inder (Punit J Pathak) are a part of a dance group called Street Dancers. Inder had participated in a globally reputed dance performance called Ground Zero. Sadly, in the final act of his dance performance, he gets injured and breaks his knee. Two years later, Sahej travels to Punjab, India for a wedding. He returns with lot of money which he uses to buy a dance studio. He tells Inder that he got this money by performing back home. Sahej reunites the Street Dancers gang and they begin their street dance performances. In the same locality, another dance group resides called Rule Breakers. They are of Pakistani origin and comprise of Inayat (Shraddha Kapoor), Zayn (Salman Yusuff Khan) among others. Their dance is quite superior and both groups often get into tussles. Sahej realizes that Street Dancer group has to get their dance moves right. He takes the help of Nora (Nora Fatehi), a dancer in a British dance group called The Royals and also his girlfriend. She improves the dance of the group. Street Dancers and Rule Breakers often assemble at a restaurant run by Prabhu Anna (Prabhudheva) to watch the India vs Pakistan cricket match. One such time, they get into a fight and attack each other with food. They stop only when a cop (Murli Sharma) intervenes. While leaving from there, Inayat notices suspicious looking men entering from the back door of the restaurant. During her next visit, she again witnesses it and this time, she enters the same entrance and confronts Prabhu. At this, Prabhu reveals that these men are illegal immigrants from the Indian subcontinent and that he gives them leftover food. Not just that, he packs all the leftover dishes and distributes them to a colony housing illegal immigrants. Inayat is moved with this gesture. Meanwhile, the Ground Zero competition is announced again and the prize money is staggering. Inayat informs the Rule Breakers about the plight of the immigrants. They all decide that if they win Ground Zero, they’ll use the prize money to help these people return back to their country. Street Dancers too decide to participate in Ground Zero. Prabhu Anna advises both the groups to unite as that’ll help them win. What happens next forms the rest of the film. Remo Dsouza's story is not novel. A few developments are fine but predictable. However, Tushar Hiranandani's screenplay (additional screenplay by Jagdeep Sidhu) is quite entertaining and very simple. It’s easy to comprehend what’s going on despite so many characters and so much of dance happening. A few dramatic sequences especially are well scripted. Farhad Samji's dialogues (addtional dialogues by Jagdeep Sidhu) work well but one expects a lot from this talented writer especially some witty one-liners. Remo Dsouza's direction works for most parts. The dance sequences, obviously, are handled well. He excels especially in the confrontational sequences be it Mac (Francis Roughly) assaulting Poddy, Poddy-Sahej’s fallout, Sahej’s emotional moment with his brother Inder in the second half and Sahej’s speech in front of Inayat’s family. On the flipside, the film is a bit too long at 143 minutes. The first half, particularly, could have been shorter. Also, one wishes if some of the developments were backed by logic. It is bewildering why Amrinder (Aparshakti Khurana) and his friends blame Sahej for their bad experience in London. It was Amrinder and his pals who were behind Sahej in Punjab and they literally forced him to take them to London. So Sahej should not have felt responsible and guilty for their miserable condition. A similar illogical development can be seen in the climax. Thankfully, the film has many other plusses that compensate for these minuses. STREET DANCER 3D begins on a visually stunning note. The introduction piece is well shot and thought of and instantly sets the mood. The introduction of Inayat is quite fun while Nora’s entry will surely soar the temperatures in this cold weather. Nothing much then happens till a point. It’s only when Sahej narrates his Punjab experience to Poddy (Raghav Juyal) that the interest lifts again. The intermission comes at a fine juncture. Post-interval, the film drops again but a nice plot point is added here when Sahej breaks off from Street Dancers. This track works well. The immigration bit is touching but logically flawed and that affects some impact. But the film has lot more to impress. The semi-final sequence is sure to be greeted with claps and whistles. The climax has enough drama and entertainment to keep viewers hooked. The film ends on a touching note with a montage of the SWAT (Sikh Welfare &amp; Awareness Team) and their noble work in London. <span style="text-decoration: underline;"><strong>Street Dancer 3D | Public Review | Varun Dhawan | Shraddha Kapoor | Nora Fatehi | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/street-dancer-3d-public-review-varun-dhawan-shraddha-kapoor-nora-fatehi-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> Talking of performances, Varun Dhawan as always is quite entertaining and has a terrific screen presence. And he looks dashing. Shockingly, in comparison to Shraddha Kapoor and Nora Fatehi, he pales when it comes to dance. Shraddha Kapoor looks like a million bucks and is a treat to watch. Her screen time is a bit limited however in the second half. Also, one wished to see some sort of romance between the two as that would have made their fans happy. Nora Fatehi has a very small role but it’s very crucial and it’s bigger than her part in BATLA HOUSE. She is smoking hot and her entry scene is the best out of all actors! Aparshakti Khurana is great and makes sure that he doesn’t go overboard. Prabhudheva is effortless. His dance part appears late but once it does, it takes the film to a high! Punit J Pathak is memorable. The rest of the actors playing the dancers like Salman Yusuff Khan, Raghav Juyal, Dharmesh Yelonde (D), Sushant Pujari (Shushi), Caroline Wilde (Alisha) etc do well. The rest of them are also quite good and dance well but don’t get registered much. Francis Roughly is fine in a sort of villainous role. Zarina Wahab (Amarinder’s mother), Murli Sharma and Manoj Pahwa (Chabda) are passable. Others are good. There are almost 10-11 songs in the film and most of them thankfully are well choreographed and make an impact. <em>'Muqabla'</em> is the best of the lot and single-screen cinemas especially will go in a frenzy! <em>'Mile Sur Mera Tumhara'</em> comes next best followed <em>by 'Bezubaan Kab Se', 'Pind'</em> and <em>'Garmi'. 'Gann Deva'</em> seemed forced while <em>'Suno Gaur Se Duniya Walo'</em> is missing in the film. <em>'Dua Karo' </em>is moving and is well shot. <em>'Illegal Weapon 2.0', 'Lagdi Lahore Di'</em> and <em>'Nachi Nachi'</em> are okay.  Sachin-Jigar's background score is a bit loud but is in sync with the film’s mood. Kruti Mahesh, Rahul Shetty and Tashan Muir's choreography is one of the highpoints. Each and every dance piece is novel and visual treat. Vijay Kumar Arora's cinematography (Punjab schedule shot by Tushar Kanti Ray) is sans complaints and the dance scenes especially are beautifully captured. Tanvi Leena Patil's production design is appealing. Costumes are quite sexy especially the ones worn by Varun (Aki Narula), Shraddha (Tanya Ghavri) and Nora Fatehi (Jerry Dsouza). Post House Studios' VFX has played a major role here. The slow motion and light effects especially enhance the impact. Even the 3D is a treat to the eyes. Manan Ajay Sagar's editing is good for most parts but could have been more tighter. On the whole, STREET DANCER 3D is a terrific combination of rich visuals, amazing choreography and strong emotions. At the box office, it will appeal to its target audience - the youth and is most likely to enter the 100 crore club.

A small track in Priyanka Chopra-starrer MARY KOM [2014] dealt with the protagonist returning back to boxing after motherhood. It gave a nice insight of what women go through when they make a comeback in sports after giving birth and how it’s tough for them not just physically but more so, mentally. Now Ashwiny Iyer Tiwari, of NIL BATTEY SANNATA [2016] and BAREILLY KI BARFI [2017] fame, takes this aspect as a central idea for her next film, PANGA, starring Kangana Ranaut in the leading role. So does PANGA manage to touch as well as entertain? Or does it fail to entice? Let’s analyse. <img class="aligncenter wp-image-1066622 size-full" title="Movie Review: Panga" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/01/Movie-Review-Panga-2.jpg" alt="Movie Review: Panga" width="720" height="450" /> PANGA is the story of a mother trying to fulfil her dreams. Jaya Nigam (Kangana Ranaut) is a pro at Kabaddi. She slowly rises and also becomes the captain of the Indian Kabaddi team. She is meanwhile married to Prashant (Jassie Gill) and gets pregnant just before she is to go for a major tournament. She still assures her seniors that she’ll be back soon. However, her son is born prematurely and with a very weak immune system. The doctor informs that they’ll have to take care of the baby tremendously and only then will he have a normal growth. Jaya hence gives up her dream. She takes up a job in the railways and divides her time between her work and raising her son Adi (Yagya Bhasin). 7 years pass. Jaya is finding it difficult to fulfil the responsibilities expected from her. Moreover, she meets Meenu (Richa Chadha), who was in Jaya's team and still plays Kabaddi. One day, Adi suggests that his mother should make a comeback in Kabaddi. He persuades Prashant and both begin nag Jaya. Jaya is unsure as she feels she has grown old and is not that fit. Prashant suggests that Jaya should pretend to make comeback and a month later, she can claim that she didn’t get selected. Jaya hence begins her practice. At first, it’s difficult for her but soon, she gets enthusiastic about the whole process. After a long time, she realises she is finally living her life. Two months pass and one day, she tells Prashant that she wants to continue practicing and try to get into the Indian team. What happens next forms the rest of the film. Divya Rao's research and concept is fairly nice and simple. The story has a lot of potential and also it’s a bit unique. We have had sports films in the past but a film on a mother making a comeback hasn’t been tackled as a main plot. Nikhil Mehrotra and Ashwiny Iyer Tiwari's screenplay (additional screenplay by Nitesh Tiwari) also retains the simplicity and relatability. The writing is peppered with some entertaining moments that keep the interest going. On the flipside, it could have been tighter, especially towards the second half. Also, the film gives a heavy déjà vu of DANGAL [2016]. Nikhil Mehrotra and Ashwiny Iyer Tiwari's dialogues (additional dialogues by Nitesh Tiwari) are one of the highpoints. Some of the one-liners, especially the ones uttered by the child actor, will bring the house down. Ashwiny Iyer Tiwari's direction is good. It’s evident that her own personal experiences have also seeped in the film. A few sequences are very deftly handled. The finale especially is too good and would be greeted with claps and whistles. The beauty of it is that you know what’s going to happen and yet, you can’t help but feel exhilarated when it unfolds. Also, to see the way Jaya gets the support of her husband, her son, her mother, her bestie and even her neighbour is quite heartwarming and would be loved by female audiences especially. On the flipside, except for the ending, the predictability of the script does affect the impact along with the long length. Jaya’s flashback doesn’t really make it clear that she had achieved such heights of stardom. Also, Prashant seemed sad when Jaya announces her plan to do a comeback but it wasn’t the case, as revealed later on. This bit was bewildering and could have been done away with or handled better. <img class="aligncenter size-full wp-image-1066623" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/01/Movie-Review-Panga-1.jpg" alt="" width="720" height="450" /> PANGA has a fine commencement showing the small town life with the focus on Jaya's family and their day to day activities. A lot happens in the first half – Meenu coming back into her life, Jaya missing the sports day, Jaya getting reprimanded by Adi, Jaya's flashback and Jaya’s practise session. The first half surprisingly is just 51 minutes long. The post interval portion, however, is almost 1 hour 18 minutes in duration and could have been shorter. It’s touching to see how Jaya balances between her passion and her family and also the politics that happens over the selection of the team. But the pace of the film is slow here and also, the training session is stretched. Jaya not getting to play for most of the matches also gets a bit repetitive. Thankfully, the climax is powerful which helps the film end on a high note. PANGA rests on Kangana Ranaut majorly, though others also do well. The actress, as always, delivers a smashing performance and not even for a single second, does she go off character. As Jaya the mother, she’s quite adorable and convincing. And even as Jaya the player, she is effortless. Jassie Gill lends able support and his character will be loved. But he grins a bit too much, especially in the flashback portions, and it makes him look a bit of a caricature. Yagya Bhasin is a rockstar. He gets to play a great part and he uplifts the mood of the film in many places. Richa Chadha is credited as a special appearance part but she has a major role to play. She too contributes a lot to the film, not just in terms of comedy, but also in terms of much-needed moral support to Jaya. Megha Burman (Nisha Das) has a late entry but leaves a huge mark. Neena Gupta (Jaya’s mother) is passable. Rajesh Tailang (Indian national coach) is good and is an actor to watch out for. Smita Dwivedi (Smita Tambe, team captain), Kusum Shastri (Jaya’s neighbour), Sudhanva Deshpande (Indian Railway coach) and Shantanu Das (Eastern Railway coach) are decent. Shankar-Ehsaan-Loy's music is soulful but is not memorable at all. <em>'Bibby Song'</em>, the title track and <em>'Jugnu'</em> are okay while <em>'Dil Ne Kaha'</em> and <em>'Wahi Hain Raste'</em> are forgettable. Sanchit Balhara and Ankit Balhara's background score is subtle but rightfully loud in the scene where Adi tells Prashant that Jaya should make a comeback. Jai I Patel's cinematography is fine in the crucial Kabaddi scenes but in a few scenes, its quite in-the-face. Sandeep Meher's production design is straight out of life. Rushi Sharma, Manoshi Nath and Bhagyashree Rajurkar's costumes also add to the authenticity. Special mention should also go to Sunita Vishwas Rao (Kabaddi co-ordinator), Gauri Wadekar (Kabaddi Coach and choreographer) and Abdul Salam Ansari (Kabaddi action director) for making the Kabaddi scenes look so rich and real. Ballu Saluja's editing should have been slick. On the whole, PANGA is a progressive and touching sports drama that works thanks to its plot, execution, some fine moments and of course the superlative performance of Kangana Ranaut. At the box office, it faces tough competition from STREET DANCER 3D and also the holdover release TANHAJI: THE UNSUNG WARRIOR and hence it’ll need a strong word of mouth to succeed.

Saif Ali Khan excels in all kinds of roles but his role of a cool dude in light-themed films has been a favourite for many moviegoers. He played such characters in several memorable films like HUM TUM [2004], SALAAM NAMASTE [2005], LOVE AAJ KAL [2009] and got immense praise. Now the actor is back in this space after a hiatus with JAWAANI JAANEMAN. It’s a special flick as it’s the first production under his new banner, Black Knight Films. So does JAWAANI JAANEMAN emerge as a fine piece of entertainer? Or does it fail to impress? Let’s analyse. <img class="aligncenter wp-image-1069154 size-full" title="Movie Review: Jawaani Jaaneman" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/01/Movie-Review-Jawaani-Jaaneman.jpg" alt="Movie Review: Jawaani Jaaneman" width="720" height="450" /> JAWAANI JAANEMAN is the story of a 40-year-old playboy whose life suddenly turns upside down. Jassi aka Jazz (Saif Ali Khan) is in his 40s and is based in London. He's single and in no mood to commit. By profession, he's a real estate broker and works with his brother Dimpu (Kumud Mishra). But he spends most of his time partying and getting involved with girls. He is also about to seal a redevelopment deal that will make him the biggest broker in London. Life is going great for him until one day he meets Tiya (Alaya F). At first he flirts with her, with the ultimate aim to take her to bed. However, she drops the bomb that she might be his daughter! To make matters worse, the DNA test confirms that they are related. And that's not all. It also comes to light that Tiya is pregnant! So Jazz finds out that he's not just someone's father but also to-be grandfather! What happens next forms the rest of the film. JAWAANI JAANEMAN is a remake of an Italian film. The plot is promising and could have made for a hilarious and touching entertainer. The screenplay however is inconsistent and weak at many places. Only some scenes work and provide laughs. Hussain Dalal and Abbas Dalal's dialogues are witty and try their best to enhance the impact. Nitin Kakkar's direction is average. He doesn’t keep the flow of the film organic. Some developments happen suddenly, be it Jazz developing feelings for Rhea (Kubbra Sait) or Jazz asking Tiya to shift in his house. These scenes are still digestible. But a scene in the second half where a local randomly accuses Jazz of cheating him in a property deal comes out of nowhere. Till now, viewers knew Jazz as a lazy worker but not someone who is deceitful. Hence, this revelation seems bizarre. On the positive side, he gets the emotion and humour right in some scenes. Also, he keeps the duration in check (119 minutes). JAWAANI JAANEMAN starts off on an okay note as the viewers get introduced to Jazz and his playboy lifestyle. The film gets interesting once he gets Tiya home and she reveals the truth. It makes for a hilarious watch. Another memorable scene in the first half is when Jazz and Tiya meet Dr. Kriplani (Kiku Sharda). One expects lot more to happen but story just doesn’t move then. The intermission point is a bit awkward. Post interval thankfully there’s some movement in the story. But now the film drags. Also, the impact is weakened by property deal track. What brings some respite is the track of Ananya (Tabu) but even that loses fizz soon. The final scene of the film is heartwarming. <span style="text-decoration: underline;"><strong>Jawaani Jaaneman | Public Review | Saif Ali Khan | Alaya Furniturewalla | Tabu | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/jawaani-jaaneman-public-review-saif-ali-khan-alaya-furniturewalla-tabu-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> Saif Ali Khan is completely in his element and entertains thoroughly. Such kind of a role suits him to the T and he constantly tries to rise above the script. Alaya F makes an excellent debut and puts up a confident act. She looks gorgeous and is the only actor who moves viewers to an extent. She has a promising career ahead. Tabu has a late entry but raises loads of laughs. But her character has no emotional arc. Chunky Panday (Rocky) doesn’t have much to do initially. He has a crucial scene in the second half in the hospital but it doesn’t work. Kubbra Sait is adorable and one wishes to see more of her. Kumud Mishra is dependable. Kiku Sharda is funny. Dante Alexander (Rohan) is over the top, as per the character’s requirement. Rameet Sandhu (Tanvi) leaves a mark. Farida Jalal (Jazz’s mother), Shivendra Singh Mahal (Jazz’s father) and Diljohn Singh (Grover) are okay. Songs are all forgettable. <em>'Ole Ole 2.0'</em> gets registered a bit as it’s a popular tune. <em>'Gallan Kardi'</em>, <em>'Bandhu Tu Mera'</em> and <em>'Mere Baabula'</em> don’t work. <em>‘Jinhe Mera Dil Luteya’</em> is played in the end credits.  Ketan Sodha's background score is sans complaints. Manoj Kumar Khatoi's cinematography is pleasing. The locales of London are well captured. Urvi Ashar Kakkar and Shipra Rawal's production design is superior. Sanam Ratansi's costumes are quite glamorous and all the actors in the film look great. Sachinder Vats's editing (additional editing by Chandan Arora) jumps at places. On the whole, JAWAANI JAANEMAN boasts of fine performances by Saif Ali Khan and newcomer Alaya F. But the direction is weak and emotionally, the film doesn’t work. At the box office, it will be a tough ride for the flick considering the lack of buzz.

The tiny state of Goa has been a great destination for our filmmakers over the years. Rohit Shetty has shot and based most of his films there. Besides, there have been films where Goa played an indispensable part like HONEYMOON TRAVELS PVT LTD [2007], DIL CHAHTA HAI [2001], KABHI HAAN KABHI NAA [1994], GO GOA GONE [2013], FINDING FANNY [2014] etc. Then there was DUM MAARO DUM [2011] which talked about the dark side and the drug mafia of this beach state. Now Mohit Suri futher explores this idea with loads of madness and romance in his style in his latest flick, MALANG. So does MALANG manage to entertain and appeal to its target youth audience? Or does it fail to impress? Let’s analyse. <img class="aligncenter size-full wp-image-1071329" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/02/Movie-Review-Malang.jpg" alt="" width="750" height="450" /> MALANG is the story of love and revenge. Two tracks run simultaneously in the film. The flashback track shows Advait (Aditya Roy Kapur), with a disturbing family history, going to Goa for some fun. Here he bumps into Sara (Disha Patani) who has come to Goa from abroad to conquer her fears. Over drugs and running away from the police, they fall for each other. At first they decide to keep their relationship casual but things get serious. In the present day track, five years later, Advait has just got released from the jail. He's now a killing machine with rage in his eyes. As soon as he's out, he calls Inspector Anjaane Agashe (Anil Kapoor) and informs him that he's about to commit a murder. Agashe takes it lightly at first but in no time, Advait kills a person, that too a police inspector named Victor (Vatsal Seth). Few hours later, he kills two more cops – Nitin Salgaonkar (Keith Sequeira) and Deven Jadhav (Prasad Jawade). All three work under Inspector Michael (Kunal Kemmu). He's married to Teresa (Amruta Khanvilkar) and his marriage is on the rocks. He believes in following the law and faces trouble in solving the case with Agashe, who relies on committing encounters on the spot. Both get to work before Advait can kill anyone else. In the course of his investigation, Michael begins to follow Jessie (Elli AvrRam) who he believes is connected with the case. Meanwhile, Agashe comes face to face with Advait. The latter had the opportunity to escape but he doesn't. He wilfully surrenders. What happens next forms the rest of the film. Aseem Arrora's story is decent. But it is a <em>bhel puri</em> of various films like EK VILLAIN [2014], MURDER 2 [2011], MARJAAVAAN [2019], RACE [2008] etc. Aniruddha Guha's screenplay ensures most scenes don’t give a strong déjà vu of any film. There’s a lot happening in the film and the script is written in such a way that it does not bore the audience. Aseem Arrora's dialogues are subtle but sharp and don’t go over the top in most places. Mohit Suri's direction is good. There’s a marked improvement from his previous films. There’s a lot of style in his execution that gives the film a fresh and a nice touch. There are lot of characters and subplots but he joins them seamlessly. Also, often, filmmakers go the psychedelic way while showing the effects of drugs on protagonists. This has become quite clichéd now and surprisingly, Mohit doesn’t go that route at all. A few scenes are very well handled, especially the present-day scenes. But on the flipside, some developments don’t work as intended whether it’s the love story or Michael’s dilemma. Even the backstory of Advait and Sara seems half-baked. MALANG begins on a massy note. The one-take action scene is quite entertaining. The film then goes on a flashback mode showcasing Advait and Sara’s romance. It is interspersed with the present-day thrilling portions. A few portions here stand out like Agashe interrogating the African drug dealer (this is sure to raise tons of laughs), Agashe finding Nitin Salgaonkar and of course the intermission point. Post-interval, the flashback slows down the film a bit as one is more curious to see what happens once Advait is in the clutches of the cops. There’s a solid twist in the tale and though it comes as a shocker, it is also a bit convenient. <span style="text-decoration: underline;"><strong>Malang | Public Review | Aditya Roy Kapur | Disha Patani | Anil Kapoor | Kunal Khemu | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/malang-public-review-aditya-roy-kapur-disha-patani-anil-kapoor-kunal-khemu-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> Speaking of performances, each and every actor does fine. Aditya Roy Kapur is in great form. He looks very convincing as a fearless man with a vengeance who can take on dozens of goons. His acting in some crucial scenes could have been better but he manages. Disha Patani probably gets the most screen time ever. She looks gorgeous and delivers a heartwarming performance. Anil Kapoor provides the humour quotient. But his character is a lot more than just a funny man and the talented actor gets it just right. And he looks dashing! Kunal Kemmu’s character too has a lot of shades and he rocks the show. Elli AvrRam is decent at best. Her dialogue delivery could have been a bit better. Vatsal Seth, Keith Sequeira and Prasad Jawade are okay. Devika Vatsa (Vani Agashe) leaves a huge mark in a cameo. The music of the film weak and a film like this ought to have super-hit music. The title track and <em>'Hui Malang'</em> are the best of the lot and are well shot. <em>'Chal Ghar Chalen', 'Bande Elahi', 'Humraah'</em> and <em>'Phir Na Milen Kabhi'</em> lack repeat value. Raju Singh's background score is dramatic. Vikas Sivaraman's cinematography is stunning and one of the best in recent times. Notice how the first scene (the long one-take shot) is captured and how sufficient care is taken not to show Aditya Roy Kapur’s face until the right time. Even the scenes of Goa and Mauritius are captured with perfection. Vintee Bansal and Sidhant Malhotra's production design is a bit theatrical but works. Ayesha Dasgupta's costumes are super stylish, especially the ones worn by Aditya Roy Kapur, Disha Patani and Anil Kapoor. The manner in which Anil wears his police shirt on a T-shirt and keeps it unbuttoned makes a unique style statement. Aejaz Gulab's action is not too gory and seems realistic. NY VFXwaala's VFX is fine. Devendra Murdeshwar's editing is simplistic. On the whole, MALANG is high on style with good performances and thrilling moments but has an average storyline. At the box office, it only has the advantage of a clear one-week window and will therefore do average business.

11 years ago, Imtiaz Ali, fresh out of the super-success of JAB WE MET [2007], presented his next, LOVE AAJ KAL [2009]. It was a unique film for that time as it focused on not one, but two love stories, set in different eras. Also, lead actor Saif Ali Khan played the lover boy in both the tracks and that also ensured the film stood out. Director Imtiaz Ali now uses this idea once again in a film, which is also titled LOVE AAJ KAL. It features Kartik Aaryan and Sara Ali Khan and their chemistry has already become a talking point. So does LOVE AAJ KAL manage to be as excellent as its predecessor? Or does it fail? Let’s analyse. <img class="aligncenter size-full wp-image-1074192" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/02/Love-Aaj-Kal-Review.jpeg" alt="" width="720" height="450" /> LOVE AAJ KAL is the story that tackles the ever-changing dynamic of being in and finding love. Veer (Kartik Aaryan) and Zoe (Sara Ali Khan) are based in Delhi and they meet one night at a nightclub. Both attempt to get intimate but Veer backs off at the last minute. Veer however realises Zoe is special to him. He finds out that she works from a co-working space. He also lands up there. Zoe is at first irritated with him but she’s interested in him. Meanwhile, Raj (Randeep Hooda), the owner of the co-working space, witnesses their love blossoming in front of his eyes. Zoe shares her views with Raj that she wants to have a casual relationship and doesn’t want to get into a serious relationship so soon. At this, Raj begins to narrate his own story. This is a time when he was Raghu (Kartik Aaryan) and was a school kid in Udaipur. He is crazily in love with Leena (Arushi Sharma). She too falls for him and one day, both get caught. Her family asks her to move to Delhi. Raghu, madly in love, follows her to the capital city. He starts to work as a waiter. Zoe is enchanted to hear about Raj's story. She decides to give love a chance. She gets a job offer from Dubai and she deletes the mail as she doesn’t want to be away from Veer. However, this is when Raj drops the bomb. He reveals to Zoe that Raghu breaks up with Leena as he turns into a playboy. This and her mother’s (Simone Singh) constant reminder that she shouldn’t sacrifice career for love gives her a jolt. What happens next forms the rest of the film. Imtiaz Ali's story is decent. The basic plot makes an interesting comment and if handled well, it could have made for a great romantic film. Imtiaz Ali's screenplay however doesn’t do complete justice. A few scenes are very relatable as it talks about the complexities of today’s times. But on the flipside, it’s also quite unconvincing. Dialogues are a bit philosophical and could have been simpler yet meaningful. Imtiaz Ali's direction is not upto the mark. He gets a few things right. The use of graffiti on the walls and parallels being drawn between the two stories does impress. A few scenes are very well handled and bear his stamp. But there are times when one does wonder where the film is going. Some scenes don’t have the desired impact and even end up being unintentionally funny. He also leaves loose ends and a few subplots don’t get the logical conclusion. Imtiaz also doesn’t focus on backstories of his characters. This was something seen even with Shah Rukh Khan’s character in JAB HARRY MET SEJAL [2017]. In the case of LOVE AAJ KAL, Veer seems socially awkward and one doesn’t understand why that’s so. LOVE AAJ KAL begins on a fine note as the characters of both eras get established. Yes, things do seem a bit off especially some dialogues and Veer's behaviour and his body language. However the 90s track has a charm and keeps the interest going. One of the best scenes here is when Raghu and Leena have a romantic moment in the train. The twist in Raghu's tale comes as a bolt from the blue. This bit particularly works because till now, it looks like a clone of Rishi Kapoor's track from the old LOVE AAJ KAL. As a result, audience won’t see it coming. Trouble however starts from the interval point. Zoe's outburst is weird. Post interval, the film does pick up when Veer comes to pick up Zoe. Also, the culmination of Raghu's story is poignant. However, Zoe’s actions take the film down. The final scene is just okay. <strong><span style="text-decoration: underline;">Love Aaj Kal | Public Review | Kartik Aaryan | Sara Ali Khan | First Day First Show</span></strong> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/love-aaj-kal-public-review-kartik-aaryan-sara-ali-khan-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> Talking of performances, both Kartik Aaryan and Sara Ali Khan give their best shot. Kartik gets to do something different and excels. In a few scenes, he ups the humour quotient as well. His intense look is watchable. Sara too follows her director’s instructions to the T and in a few scenes, you do see her brilliance. However, her character is so weird that despite her best efforts, it comes across as a caricature. Randeep Hooda is dependable. But few of his scenes get repetitive after a point. Arushi Sharma is sweet and has a fine screen presence. Simone Singh is fair. Others do well. Pritam Chakraborty's music won’t stand the test of time like the previous LOVE AAJ KAL. <em>'Haan Main Galat'</em> is catchy but played in the end credits. <em>'Parmeswara</em>' is wacky but audiences won’t be able to connect. <em>'Dhak Dhak', 'Aur Tanha'</em> and <em>'Shayad'</em> are fine. Ishaan Chhabra's background score gels well with the film. Amit Roy's cinematography is quite great in some sequences. But in some close up shots, it is not upto the mark. Suman Roy Mahapatra's production design is quite stylish, especially in present day portions. Aki Narula's costumes are quite appealing, especially the ones worn by Sara and by Kartik in present day track. Aarti Bajaj's editing is sans complaints. On the whole, LOVE AAJ KAL is strictly for the youth and romantic at heart. At the box office, it will start on a positive note on the account of its novel cast and the festive (Valentine’s Day) period. The business will be decent across urban multiplexes while business at single screens may remain average.

The horror genre has taken giant strides in the West and newer concepts have been experimented with to keep the interest going in the genre. Bollywood, however, has lagged behind. Most horror films still follow the template set by the game-changer RAAZ [2002]. But now, Karan Johar’s Dharma Productions is all set to present BHOOT: PART ONE – THE HAUNTED SHIP, and it promises to be a one-of-its-kind horror flick. Moreover, it stars Vicky Kaushal who has become extremely popular following the blockbuster success of his last film, URI: THE SURGICAL STRIKE [2019]. So does BHOOT: PART ONE – THE HAUNTED SHIP manage to scare the daylights of the viewers? Or does it fail to impress? Let’s analyse. <img class="aligncenter size-full wp-image-1076932" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/02/BHOOT-Review.jpg" alt="" width="750" height="450" /> BHOOT: PART ONE – THE HAUNTED SHIP is the story of a man facing a scary situation while fighting the horrors of his past. The year is 2012. Prithvi (Vicky Kaushal) is a widower who has lost his wife Sapna (Bhumi Pednekar) and daughter Megha in a freak accident. He is depressed and is avoiding medication. In the midst of all this, an abandoned ship named Sea Bird gets stranded at Mumbai’s Juhu Beach. Prithvi works for a shipping company that is asked to take this ship back to the sea at the earliest. On his first visit to the ship, strange things occur and it makes him feel that the ship is inhabited. However he passes it off as his hallucinations and side effect of his state of mind. The subsequent visits however makes him sure that all this is not a figment of his imagination. During the third visit, he spots a girl at the hull of the ship. He also comes across log books and some video tapes dating back to the year 2001. As he sees the tapes, he realises that the captain’s wife (Meher Vij) and daughter Meera were also present on the ship. Gradually, Prithvi realises that the girl he encountered on the ship is Meera. He goes again to the ship and this time he comes face to face with Meera. But this time, she’s in a ghostly avatar. What happens next forms the rest of the film. Bhanu Pratap Singh's story is decent and could have made for a gripping scarefest. Bhanu Pratap Singh's screenplay however is unimpressive overall. He gets the scare quotient right only in few scenes. Even in the main story, things are barely convincing. Bhanu Pratap Singh's dialogues are passable. Bhanu Pratap Singh's direction is nothing great. He makes good use of his knowledge in creating a scary atmosphere. A few scenes are well executed. But most of the scenes fail to impress. Trouble begins in the first 15 minutes itself when a random couple is shown venturing into the massive ship undetected and playing hide and seek. The ship is ten storeys tall and this information is given by the makers themselves just few minutes before this scene. But no explanation is given how the lovers manage to climb atop the deck which is at such a height. This scene actually gave a clear indication that logic and common sense are not going to be the strong points of this film. And sure enough, the absurdities continue in the second half, especially the climax. Many questions are left unanswered and it is sure to baffle viewers when they come out of theatres. BHOOT: PART ONE – THE HAUNTED SHIP begins on a fair note as Prithvi's past and glimpses of the happenings on the ship in 2001 is depicted. The first half doesn’t have much of a story as such but it keeps you intrigued as the scary atmosphere is well created. A few jump scares also serve the purpose. The interval comes at a great point. Post interval, there’s some movement in the story and you actually get to know where the film is headed. Still, a few unwanted scenes are there, like Prithvi imagining that he’s talking to his dead daughter at the bank of a river. On the positive side, the scene in the church is excellent and one expects the film to go on a high from here. Sadly the climax is riddled with clichés and flawed developments that kill the joy completely. <span style="text-decoration: underline;"><strong>BHOOT – Part One The Haunted Ship | Public Review | Vicky Kaushal | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/bhoot-part-one-the-haunted-ship-public-review-vicky-kaushal-bhumi-pednekar-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> Talking of performances, Vicky Kaushal is in good form. He looks very dashing and gets his act right, without going overboard in any scene. Bhumi Pednekar is decent in a cameo. Ashutosh Rana (Professor Joshi) is fine and gives one a déjà vu of his earlier performance in RAAZ. His character sadly gets a raw deal in the end. Akash Dhar (Riyaz) plays Prithvi's best friend and has an important role. He is decent but again, he doesn’t have much to do later. Meher Vij has a superb screen presence but her performance suffers on account of bad writing. Sanjay Gurbaxani (Agnihotri) is average. The actor playing Amar looks a bit creepy which works well. The actors playing Meera and Megha do very well. Akhil Sachdeva's music has no scope. <em>'Channa Ve'</em> is played in the opening credits. Ketan Sodha's background score is horrifying and works. Pushkar Singh's cinematography captures the mood very well. Aditya Kanwar's production design is top-notch. The abandoned ship especially is well designed. Natashcha Charak and Nikita Raheja Mohanty's costumes are realistic. Vikram Dahiya's action is filmy and takes away the authenticity. Redefine's VFX is first rate and adds to the horror factor. Bodhaditya Banerjee's editing is dragging and could have been crisper. Ideally, this film shouldn’t have been more than 90 minutes long. On the whole, BHOOT: PART ONE – THE HAUNTED SHIP suffers from a half-baked plot and a flawed narrative which leaves viewers confused. The end result is completely unconvincing, barring a few scenes that provide some chills. At the box office, it will be rejected by the audience. Disappointing!

Over the last three decades, Bollywood has come up with quite a few films on homosexuality like FIRE [1996], MY BROTHER NIKHIL [2005], EK LADKI KO DEKHA TOH AISA LAGA [2019], ALIGARH [2016], MARGARITA WITH A STRAW [2015] etc. Aanand L Rai and T-Series are now all set to bring SHUBH MANGAL ZYADA SAAVDHAN and unlike other gay-themed films, this one is light-hearted and looks quite commercial. Moreover, it stars Ayushmann Khurrana, who has become a brand in himself. So does SHUBH MANGAL ZYADA SAAVDHAN manage to entertain? Will it succeed in becoming the first legitimate LGBT-themed hit film of Bollywood? Or does it fail to succeed? Let’s analyse. <img class="aligncenter size-full wp-image-1077035" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/02/Shubh-Mangal-Zyada-Saavdhan-1-26.jpg" alt="" width="720" height="450" /> SHUBH MANGAL ZYADA SAAVDHAN is the story of two men in love in Section 377 era. Aman Tripathi (Jitendra Kumar) is the son of Shankar Tripathi (Gajraj Rao) and Sunaina (Neena Gupta), who are based in Allahabad. Aman works in Delhi and unknown to his family, he's a gay and is living in with Kartik (Ayushmann Khurrana). Jitendra's cousin sister Goggle (Maanvi Gagroo) is getting married and Neena calls Aman to come back to attend her marriage. Aman at first refuses but then gives in. Kartik also joins him and they meet the entire Tripathi family in a marriage special train called Vivah Express. In the train, Aman and Kartik kiss when they assume that no one is looking. Sadly for them, Shankar sees them and he gets the shock of his life. He doesn't tell anyone about it out of shame. At Goggle's marriage, Aman, in front of everyone, kisses Kartik, thus astonishing the Tripathi family. Thanks to this development, Goggle's to be husband refuses to get married. In anger, Goggle runs away. Kartik is asked to leave and Shankar's brother and Goggle's father Chaman (Manurishi Chadha) drops him off to Allahabad station. At the railway station, Kartik bumps into Goggle and stops her from ending her life. She tells Kartik that he shouldn't run away and that he should fight for his love. This motivates Kartik and he decides to return to win over not just Jitendra but the entire Tripathi family. What happens next forms the rest of the film. Hitesh Kewalya's story is decent and had the potential to be a game-changer. Hitesh Kewalya's screenplay however is a big culprit. Under the pretext of making situations funny, he resorts to too many difficult-to-digest situations. This was prevalent in SHUBH MANGAL SAAVDHAN as well but there, they kept a nice balance. Here, the balance is just not there. The first half is still decent. But in the second half, it all goes downhill. Hitesh Kewalya's dialogues are witty but some of them are just over the top. It won’t be wrong to say that even the one-liners, which are supposed to be funny, take away the realism from the film. Hitesh Kewalya's direction is weak. The film has lot of subplots but he doesn’t put it together well. A major chunk of the film is about rift within the family and during such times, the principle homosexuality angle takes a backseat. Also, he should have succeeded completely in two aspects – comedy and messaging. Sadly in both these areas, he doesn’t do justice. Even the black cauliflower angle that provided laughs initially proved to be the biggest downer of the film in the climax. It gave a bad déjà vu of the ‘kala bandar’ angle of DELHI-6 [2009]. On the positive side, he handles few scenes with élan and some scenes genuinely raise laughs. SHUBH MANGAL ZYADA SAAVDHAN’s starts off on a funny note and the subplot of black cauliflower appears hilarious. Devika's (Bhumi Pednekar) scene too adds to the fun. The scene where Shankar Tripathi catches the lovers kissing brings the house down. Scenes like Aman kissing Kartik in full public view and Aman talking to his parents about dopamine and other such stuff keep the interest going. Post interval however, the film drops. The scenes are supposed to be funny but don't make you laugh. Also it becomes too preachy and unconvincing. The makers try their best to make things interesting but it doesn't work. <span style="text-decoration: underline;"><strong>Shubh Mangal Zyada Saavdhan | Public Review | Ayushmann Khurrana | Jitendra Kumar | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/shubh-mangal-zyada-saavdhan-public-review-ayushmann-khurrana-jitendra-kumar-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> Ayushmann Khurrana shockingly is not in his usual form. He has always played the victim but here, he plays the instigator and an actor of his calibre should have hit the ball out of park. Shockingly, he goes overboard. The other bigger shocker is that his screen time is very limited. Believe it or not, Gajraj Rao has the maximum screen time followed by Jitendra and then comes Ayushmann! Gajraj Rao however is too good as always and performs as per the script. Jitendra Kumar fits the role to the T and few of his scenes in the first half are great. Neena Gupta is average. Manurishi Chadha and Sunita Rajwar (Champa) do justice to their respective parts. Pankhuri Awasthy (Kusum) is quite funny. Maanvi Gagroo raises few laughs. Neeraj Singh (Keshav) is decent. Bhumi Pednekar is passable while Gopal Dutt (Doctor in the train) is okay. Music is peppy and gels with the film. <em>'Pyaar Tenu Karda Gabru'</em> is the best followed by <em>'Arey Pyaar Kar Le'</em>, which is played in the end credits. <em>'Ooh La La'</em> comes at a great point while <em>'Mere Liye Tum Kaafi Ho'</em> is forgettable. The recreated version of <em>'Kya Karte The Saajna'</em> sounds great but is not utilised well. Karan Kulkarni's background score adds to the quirkiness of the film. Chirantan Das's cinematography is appropriate. Ravi Srivastava's production design is in sync with the film’s setting. Ankita Jha's costumes are realistic and special mention should go to Ayushmann’s look. Ninad Khanolkar's editing is sans complaints. On the whole, SHUBH MANGAL ZYADA SAAVDHAN is a decent attempt and makes an interesting comment on homophobia which exists in our country. At the box office, it has the chance to work with the urban audiences, especially the youth. However, it will be a challenge to bring in family audiences and the audiences from small towns and cities. The presence of Ayushmann Khurrana may give a boost to its collections.

We are in the year 2020 but still, a lot of objectionable trends are sadly quite common. Violence against women, especially, continues despite progress of our country and growth in education and standard of living. Anubhav Sinha, whose 2.0 avatar has given us films on Hindu-Muslim unity [MULK; 2018] and caste discrimination [ARTICLE 15; 2019] now takes up this topic for his latest hard-hitting flick, THAPPAD. The trailer has already intrigued viewers because of its storyline and the association of Taapsee Pannu and Anubhav with this project. So does THAPPAD manage to be as impactful as Anubhav’s last two films? Or does it disappoint? Let’s analyse. <img class="aligncenter size-full wp-image-1078610" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/02/Thapped-5.jpg" alt="" width="720" height="450" /> THAPPAD is the story of a woman fighting a tough battle. Amrita (Taapsee Pannu) is a housewife and is happily married to Vikram (Pavail Gulati) in Delhi. Vikram works in a reputed company and is desperately looking forward to an opportunity which will take him to London for work purposes. Amrita knows how much this means to Vikram. She loves him with all her heart and her entire life revolves around him and in attending to his mother, Sulochana (Tanvi Azmi). Thankfully for Vikram, he’s selected for the London stint. The same night, he throws a party in his house. All is going well until he gets a call from his superior, Thapar. He informs Vikram that he won’t be getting the desired profile that he’s looking for in London and that he’ll have to report to an authority there. This is not something that Vikram was initially assured. He confronts Rajhans, another superior of Vikram and who is present in the party. Things heat up between them and Amrita tries to pacify him. In the process, Vikram slaps Amrita. Her whole world comes crashing down. She tries to move on but is just not able to. Vikram shows regret when he realizes that Amrita has been hurt by his actions. He tries to console her but it doesn’t work for her. Amrita hence shifts to the house of her parents (Kumud Mishra and Ratna Pathak Shah). Vikram stops her and later even comes to take her back. But she doesn’t budge. Vikram then sends a legal notice to her. Swati (Naila Grewal), the girlfriend of Amrita’s brother Karan (Ankur Rathee), suggests that Amrita should show this letter to Nethra (Maya Sarao), a reputed lawyer and Swati’s boss. Nethra suggests that Amrita should solve this issue amicably. Amrita however doesn’t want to and she insists on a divorce. What happens next forms the rest of the film. Anubhav Sushila Sinha and Mrunmayee Lagoo Waikul's story is superb and applause-worthy. In a society where repeated acts of violence committed by husbands on their wives is fairly common, it requires guts to pull off a film where the woman has been hit just once by the husband and yet make it seem convincing. Anubhav Sushila Sinha and Mrunmayee Lagoo Waikul's screenplay (script consultant: Anjum Rajabali) helps a lot in ensuring that the audiences get persuaded to agree with the vision of the team. They very well put out the situation and how patriarchy is deeply ingrained in our psyche, not just in case of men but also women. Anubhav Sushila Sinha and Mrunmayee Lagoo Waikul's dialogues are acidic and sharp and add to the impact. Some of them simplify the proceedings but that goes in favour of the film. There are lot of one-liners that will surely hit viewers and make them reflect on their own wrongdoings. Anubhav Sushila Sinha's direction is superlative. He has not just penned a great script but he has even executed it very well. The world and mood is drastically different when compared to MULK and ARTICLE 15 but he understands it and does justice. Amrita’s predicament is well established and one is bound to get moved by her struggle, especially when even her family members fail to support her. There are also several subplots and most of them are well helmed and add to the principle plot nicely. There are a few scenes where he does a fine job like Shivani (Dia Mirza) hugging Amrita, Sulochana ignoring the slap and insisting that Amrita should attend to the guests, Amrita’s father scolding his son for misbehaving with Swati, Amrita’s mother Sandhya chiding for not getting support to continue her singing career, the confrontation between the lawyers etc. On the flipside, the second half seems dragging. The makers could have done away with the track of Sulochana living separately as it just added to the subplots needlessly. Additionally, they could have fine-tuned the track of the lawyer cheating on her husband. A section of audience might find the entire bit of Vikram not apologizing to Amrita difficult to digest. It’s strange that no one from his circle suggested that he should say sorry. It’s only in the pre-climax that this issue is raised in front of him. <span style="text-decoration: underline;"><strong>Thappad | Public Review | Taapsee Pannu | Anubhav Sinha | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/thappad-public-review-taapsee-pannu-anubhav-sinha-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span></iframe> THAPPAD has an impressive beginning where all the supporting characters are introduced and the commonality is them having an ice-cream. Amrita’s introduction is superbly down. It does give one a déjà vu of Nishikant Kamat’s classic Marathi film DOMBIVALI FAST [2004] but it works very well here to depict what her day looks like. The highpoint is definitely the party sequence and the slap. After this scene, it might feel that the film is stagnating but those scenes are important to explain how Amrita’s life has changed drastically post the slap. The intermission point is great. Post-interval, the interest is maintained but this is where the film drags. One expects <em>dhamaka</em> when the parties come face-to-face but nothing of that sort happens. The confrontation is there and though it is sync with the film’s plot and mood, it might seem mild, especially those expecting some entertainment here. The film ends on a justified note. THAPPAD has several excellent actors but it belongs to Taapsee Pannu without a shred of doubt. She has delivered several memorable performances and this one will surely be one of her most accomplished acts! She gets completely into the skin of character, making viewers forget of her earlier performances. You forget its Taapsee when you see her dutifully performing her housewife duties. Pavail Gulati makes a fantastic debut. He looks dashing and completely suits the part. Kumud Mishra is terrific. Anubhav Sinha always extracts a fine performance from him and THAPPAD is no exception. Ratna Pathak Shah is quite subtle and makes an impact. Same with Tanvi Azmi – her dialogue in the finale sums up the film in a way. Maya Sarao is a powerhouse of talent and is an actor to watch out for. She gets her act totally right, especially her body language. Geetika Vidya (Sunita) gets to play a memorable part and she kills it. Dia Mirza has limited screen time but it works. Gracy Goswami (Sania; Shivani’s daughter) has a fine screen presence and she dances nicely. Naila Grewal, Manav Kaul (Rohit Jaisingh), Ram Kapoor (Advocate Gujral) and Ankur Rathee are fair. Harssh A Singh (Thapar), Santanu Ghatak (Vikram’s colleague Subodh), Rohan Khurana (Nethra's love interest), Sushil Dahiya (Vikram's father), Siddhant Karnick (Vikram's brother), Nidhi Uttam (Vikram's sister-in-law) and the actor playing Rajhans also do a good job. Anurag Dipali Saikia's music doesn’t have much scope. <em>'Ek Tukda Dhoop'</em> however has a nice, lingering effect. Mangesh Urmila Dhakde's background score is magnificent. The initial sequences have a jazz style music that gives a nice touch. Soumik Sarmila Mukherjee's cinematography is top-class. Vishakha Vidya Kullarwar's costumes are appealing, especially the saree worn by Taapsee in the party. Jyotika Mirpuri Aroura's make-up and hair is appropriate. Nikhil Kshipra Kovale's production design is rich. Yashpa Pushpa Ramchandani's editing could have been a tighter, but overall he has done a commendable job. On the whole, THAPPAD makes a strong statement on patriarchy and violence against women and is laced with a powerful performance by Taapsee Pannu. At the box office, it will be loved and adored by its target audience – the womenfolk.

Tiger Shroff has been in the industry since just six years but he has already become a force to reckon with thanks to his stylised and risky action stunts and a cool style. His fans have particularly loved him in the BAAGHI franchise. The first part, released in 2016, was a runaway success from day 1. BAAGHI 2 [2018] was an even bigger success, embarking upon a terrific opening [Rs. 25.10 crore] and lifetime total [Rs. 164.38 crore]. Hence, the expectations are tremendous from BAAGHI 3 where the action and scale has gone many notches higher. Interestingly, this time, Tiger’s character Ronnie is all set to battle an entire country! So does BAAGHI 3 manage to entertain and give the audiences a gala time? Or does it fail to impress? Let’s analyse. <img class="aligncenter size-full wp-image-1081397" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/03/Movie-Review-Baaghi-3.jpg" alt="" width="720" height="450" /> BAAGHI 3 is the story of a man against a terrorist organization. Ronnie (Tiger Shroff) is the younger brother of Vikram (Riteish Deshmukh). Their father was a cop, Charan Chaturvedi (Jackie Shroff), who had died when both were young. Charan knew that Ronnie is braver out of the two and hence he made Ronnie promise that he'll take care of Vikram. When they grow up, Vikram joins the police force at Lohamandi Police Station, Agra. On his first day of joining, a goon named Bajwa sets a person on fire inside Lohamandi Police Station premises. Bajwa's senior IPL (Jaideep Ahlawat) comes to the rescue and the cops don't press any charges. This is because IPL is a feared criminal by locals as well as the police. IPL's main business is into kidnapping the entire families but he never asks for ransom. This has always baffled the cops. What the police doesn't know is that IPL works for Abu Jalal Gaza, the leader of Jaish-E-Lashkar, the biggest terrorist organisation of the world. They operate out of Syria and have almost taken over the country. Back in Agra, the Lohamandi Police Station gets a kidnapping complaint. Knowing that it's committed by IPL, they fear taking action. Hence, they decide to send Vikram as scapegoat. Vikram is terrified and he asks Ronnie for help. Ronnie accompanies Vikram at IPL's factory, where the kidnapped people are held. Ronnie bashes up IPL's goons by shutting off the lights. Everyone assumes that Vikram is the one responsible for beating them and for rescuing the hostages. He becomes an overnight hero. Vikram meanwhile gets married to Ruchi (Ankita Lokhande). Her sister is Siya (Shraddha Kapoor) and she starts dating Ronnie. Life is going good until the Ministry Of External Affairs sends Vikram to Syria. He's given the responsibility of getting IPL arrested and facilitate his extradition process. It seems like a fairly easy task. Vikram reaches there and this is when he gets abducted by Abu's men. With no other option, Ronnie now decides to go to Syria to rescue Ronnie. What happens next forms the rest of the film. BAAGHI 3 is partly inspired from the 2012 Tamil hit film, VETTAI. Sajid Nadiadwala's story adaptation is entertaining but stands on a weak plot. Farhad Samji's screenplay (additional screenplay by Sparsh Khetarpal, Tasha Bhambra, Madhur Sharma) is only effective in the first half. There's also a bit of novelty in terms of action and situations and that keeps the interest going. Farhad Samji's dialogues are very entertaining and witty. Ahmed Khan's direction is average. He handles the scale and grandeur with panache. BAAGHI 2 focused more on nationalism but that isn't the case here. There’s also a nice comment made on India-Pakistan brotherhood instead. Khan keeps the pace in control to ensure the film never drags. His direction is passable in the first half but in the second half, he slips. The biggest problem is that it doesn't seem like Ronnie is against a country. Also, it wasn't really a country that he is against. It is a township at best which the makers want audiences to believe is a 'country'. BAAGHI 3 begins on a bit awkward note. To show a kid Ronnie bashing up older kids violently, in a heroic style, doesn't seem convincing. However, Chaturvedi's death scene makes for a nice emotional moment. The entry of Siya is hilarious while that of adult Ronnie is too good and would be lapped up by fans. The scenes of Abu Jalal Gaza seem superficial but thankfully, the focus in the first half is on madness happening in Agra. And this makes for an entertaining watch especially how Ronnie is doing the bashing while Vikram taking the credit. The humour quotient is also nicely maintained. The scene where IPL's men abduct Ronnie and the way the latter pretends to be scared is hilarious. And then there's also an emotionally fulfilling scene involving Vikram and Tripathi (Virendra Saxena). The intermission point is when Vikram is taken away. One expects the film to go many notches higher especially with Ronnie reaches Syria. The introduction of Akhtar Lahori (Vijay Varma) also adds to the film. But from here, things get quite unconvincing especially the way Ronnie easily defeats the whole army of Abu Jalal. Zaidi seems tough but gets eliminated so easily and also foolishly. The climax has a twist that might be enjoyed by viewers. <span style="text-decoration: underline;"><strong>Baaghi 3 | Public Review | Tiger Shroff | Shraddha Kapoor | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/baaghi-3-public-review-tiger-shroff-shraddha-kapoor-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> Talking of performances, BAAGHI 3 rests on the tough shoulders of Tiger Shroff and he pulls it off like a pro, as expected. The same also goes for his comic timing. And of course, his action is simply out of the world and in that regards, his fans will surely get their money’s worth. Shraddha Kapoor looks gorgeous and gives a decent performance. She goes a bit overboard in a scene or two but overall, she seems convincing as a foul-mouthed person. However, her screen time is very limited. Also, she plays an aggressive character and ideally, she should have been given a chance to indulge in action. Riteish Deshmukh plays his part well and also adds to the fun and madness. He would be loved in the climax. Interestingly, he did a similar role in his Marathi production MAULI [2018] as well which was also a partial remake of VETTAI. Ankita Lokhande gets limited scope but has a fine screen presence. Vijay Varma is highly entertaining. Jaideep Ahlawat suits the part and has a crucial role in the pre-climax. Jameel Khoury is okay as the villain but could have been more menacing. Shifuji Shaurya Bharadwaj (Mishra) is wasted. Virendra Saxena is dependable as always. Satish Kaushik (Commissioner Chatora) and Farhad Samji (Man in toilet) raise laughs. Manav Gohil (Asif), Shriswara (Hafeeza), Danish Bhat (Bilal), Ivan Kostadinov (Abu’s henchman), Sunit Morarjee (Sharad Kute), Amit Sharma (Bajwa) and Karan Singh (Zaidi) are fair. Jackie Shroff’s cameo contributes well to the film. Disha Patani is sizzling. The music of BAAGHI 3 is decent. <em>'Dus Bahane 2.0'</em> is a great remix and is played in the end credits. <em>'Bhankas'</em> is well picturised. <em>'Do You Love Me'</em> is passable; the situation demanded a fast-paced dance song. <em>'Get Ready To Fight - Reloaded'</em> is played during action scenes. <em>'Tere Jaisa Yaar Kahaan'</em> doesn’t work. Julius Packiam's background score however elevates impact. Santhana Krishnan Ravichandran's cinematography is stunning not just in capturing Syria but also the action scenes.  Ahmed Khan's action design and Ram Chella, Laxman Chella, Kecha Khamphakdee's action choreography is splendid and keeps viewers engaged. The action gets a bit gory but a limit is maintained and visually looks great. Manini Mishra's production design is topnotch. One can see that a lot of money has been spent in ensuring that the film looks like a top-class product. Aki Narula, Karishma Gulati and Ashish Sharma's costumes (with styling by Tanya Ghavri) is appealing. Redefine, NY VFXWaala, Resonance Digital and Red Chillies.VFX's VFX is more or less fine. Rameshwar S Bhagat's editing is slick but in some places, it is needlessly jerky. On the whole, BAAGHI 3 has a terrific combination of Tiger Shroff’s powerful performance, superlative action and stunning visuals. At the box office, it will surely appeal to its target audience - the Tiger Shroff fans and the audience in smaller town and cities who relish action entertainers.

Education-based films might not seem like profitable ventures but over the past few years, several such films have tasted enormous success like SUPER 30 [2019], CHHICHHORE [2019] and HICHKI [2018]. And the film that started this trend in recent times was HINDI MEDIUM [2017]. The film was a runaway success thanks to its message, realism, humour and performances. And now producer Dinesh Vijan is back with a second part of this franchise, titled ANGREZI MEDIUM. The film has been awaited keenly mainly because it’s a comeback of sorts for Irrfan Khan, after he was diagnosed with a neuroendocrine tumour. So does ANGREZI MEDIUM manage to entertain and impress as much as HINDI MEDIUM? Or does it fail to impress? Let’s analyse. <img class="aligncenter size-full wp-image-1082858" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/03/Angrezi-Medium-Review-1.jpg" alt="" width="720" height="450" /> ANGREZI MEDIUM is the story of unconditional love between a father and daughter. Champak (Irrfan Khan) is a single parent of Tarika (Radhika Madan) and is based in Udaipur. His brother is Gopi (Deepak Dobriyal) and though both have lot of love for each other, they are also involved in a legal tussle. Both run a shop named Ghasiteram Sweets and both claim to be the original shop running since generations. The matter reaches court where Justice Chheda (Zakir Hussain) gives a verdict in favour of Gopi. In a drunken state, Gopi later reveals that he bribed the judge which is why he won the case. Gajju (Kiku Sharda), a friend of the brothers, records this statement. Tarika, meanwhile, is an average student and wishes to win the scholarship offered by her school that will take her to London. She works quite hard and manages to get 85% and it makes her eligible for UK scholarship. A felicitation ceremony is held for this occasion. The chief guest here is none other than Justice Chheda. Champak, in anger, informs the crowd of the nefarious activities of Chheda, not realising that Chheda is the husband of the Principal of the school (Meghna Malik). The Principal, in anger, cancels Tarika's scholarship. Champak promises Tarika that come what may, he’ll get her admission done, that too in the college of her choice in London. Sadly, Tarika fails to get the admission from other quotas. Gopi suggests Champak that they contact Bablu (Ranvir Shorey), their childhood friend who is settled in London. Bablu comes to Udaipur on a plane ticket sponsored by Champak. He tells Champak that he can help him get British citizenship after which Tarika can get admission easily. Champak, Gopi and Tarika reach London airport. Here, Champak and Gopi are mistaken for drug dealers. They are deported back to India while Tarika is stranded in London. What happens next forms the rest of the film. Bhavesh Mandalia, Gaurav Shukla, Vinay Chhawall and Sara Bodinar's story sounds interesting on paper. Their screenplay, however, doesn’t live up to the expectations. While the writers get the father-daughter bond right, the other tracks aren’t convincing and arguably, not even necessary. Bhavesh Mandalia, Gaurav Shukla, Vinay Chhawall and Sara Bodinar's dialogues are decent and a few one-liners are witty. Homi Adajania's direction is decent. He gets brownie points for the scenes involving Champak and Gopi as these scenes and their performances elevate the impact. Also the scenes of Champak and Tarika at some places will be loved. The Indian audiences, especially the middle aged and senior citizens, would connect with the message of children often leaving them after turning adults. On the flipside, the film has too many subplots that are difficult to digest. Audiences will find it strange that Champak and Gopi are business rivals and even fighting it out in the court. But at the same time, they even drink and hang out together like best of buddies. Not just that, Gopi doesn’t even mind when Champak leaks his video where the latter brags that he bribed the judge! The manner in which Champak and Gopi get deported over a misunderstanding seems stupid. Tarika, meanwhile, gets settled in London and finds a job and house, even before her admission is done. She doesn’t ask Champak even once how they’ll manage to procure funds. Also the track of Naina and her mother Mrs. Kohli (Dimple Kapadia) seem totally unwanted. Audiences never come to know why they are at loggerheads. ANGREZI MEDIUM starts on an average note, depicting the life of Champak and Tarika, and also the feud between Champak and Gopi. The latter part seems bewildering though as their love-hate relationship. A few scenes here stand out like a drunken Tarika accusing Champak of being intoxicated, the madness at the court and at the school ceremony. The father-daughter bond touches viewers. The intermission point is unconvincing. Post-interval, the film drops at places thanks to too many confusing developments and too many subplots. Thankfully, a few genuinely novel moments stand out here like Tarika turning her T-shirt into a crop top to fit in among her new London friends, Gopi tying Champak to his bed and Champak and Gopi rescuing Mrs. Kohli and later singing Happy Birthday song for her. Also the finale might leave viewers teary eyed. <span style="text-decoration: underline;"><strong>Angrezi Medium | Public Review | Irrfan Khan, Kareena Kapoor Khan, Radhika Madan | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/angrezi-medium-public-review-irrfan-khan-kareena-kapoor-khan-radhika-madan-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> Talking of performances, Irrfan Khan delivers a top-notch performance. He seems completely in form and ensures that he makes audiences laugh and moist eyed. Deepak Dobriyal too is superb and his chemistry with Irrfan saves the film to a huge extent. Radhika Madan has a fine screen presence and gives a fine performance. Her dialogue delivery, however, is difficult to comprehend at few places. Kareena Kapoor Khan looks great but is underutilised and same goes for Dimple Kapadia. Ranvir Shorey gets some scope in the second half and excels. Pankaj Tripathi (Tony) tries too hard but manages to raise laughs. Kiku Sharda is dependable. Zakir Hussain, Meghna Malik, Manu Rishi (Bheluram), Ankit Bisht (Anmol) and Manish Gandhi (Advait) are fine. Tillotama Shome (Counsellor) leaves a mark and deserved more screen time. Sachin-Jigar's music is disappointing. <em>'Ek</em> <em>Zindagi'</em> works well as per the situation. The rest of the songs are forgettable. Sachin-Jigar's background score is however quite better. Anil Mehta's cinematography is appropriate. Smriti Chauhan's costumes are real and the transformation of Radhika once she moves to London is effective. Bindiya Chhabria's production design is quite good. A Sreekar Prasad's editing is nothing great and suffers because of loopholes in the script. On the whole, ANGREZI MEDIUM works only because of Irrfan Khan and Deepak Dobriyal's chemistry and also due to some touching moments. At the box office, HINDI MEDIUM’s goodwill and Irrfan's comeback will ensure decent footfalls for the movie over the weekend.

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

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

Graph: Gold's rising uptrend

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

What should the investors do?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 1: Action in March 2020

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

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

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

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

Yes, I think so.

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

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

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

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

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

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

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

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

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

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

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

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

Happy Investing!

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

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

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

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

If you are serious about investing in a rewarding mutual fund scheme, Subscribe now!

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Author: Rounaq Neroy

This article first appeared on PersonalFN here.

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

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

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

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

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

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

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

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

The schemes that are wound up are:

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

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

What led to the move?

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

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

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

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

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

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

Table: Details of schemes being wound up

What does it mean for investors of these schemes?

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

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

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

What should investors in debt funds do?

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

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

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

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

The way ahead...

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

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

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

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

Author: Divya Grover

This article first appeared on PersonalFN here.

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

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

Unnerving movements for debt mutual funds investors!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If you are serious about investing in a rewarding mutual fund scheme, Subscribe now!

Join Now: PersonalFN is now on Telegram. Join FREE Today to get 'Daily Wealth Letter' and Exclusive Updates on Mutual Funds

Author: Rounaq Neroy

This article first appeared on PersonalFN here.

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

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

Last month, SEBI had asked credit rating agencies not to consider any delay in payment of interest or principal loan amount arisen solely due to the nationwide lockdown conditions as a default.

The stress in the Indian mutual fund industry due to the pandemic impact deepened after Franklin Templeton MF decided to wind down six of its debt schemes. The lack of liquidity and redemption pressure compelled FTMF to take the extreme step.

In this economic environment, Mutual Fund houses are concerned about companies that are likely to delay and default in payments. Many companies have sought deferment/rescheduling of payment due to COVID-19 related disruptions. In order to minimize the resultant damage, market regulator SEBI recently provided temporary relaxation in valuation norms for instruments mutual funds hold.

SEBI has asked valuation agencies to avoid treating delays in payment of interest/principal or extension of maturity of a security as default for the purpose of valuation of money market or debt securities held by Mutual Funds, if it has been caused solely due to COVID-19 pandemic lockdown and/or in light of the moratorium permitted by RBI.

[Read: Will Mutual Fund Houses Act Against Companies Approaching Courts To Prevent Rating Downgrade Amidst COVID-19?]

"In view of the nationwide lockdown and the three-month moratorium/ deferment on payment permitted by RBI, a differentiation in treatment of default, on a case to case basis, needs to be made as to whether such default occurred solely due to the lockdown or loan moratorium", SEBI circular said.

SEBI has stated that in the above mentioned scenario, if there is any difference in the valuation of securities provided by two valuation agencies, the conservative valuation shall be accepted. This revised norm will be in effect until the RBI's period of moratorium.

However, AMCs shall continue to be responsible for true and fairness of valuation of securities.

Mutual fund houses have to mark the value of their assets based on valuations provided by valuation agencies appointed by AMFI.

At present, a debt or money market security is classified as 'Default' if the interest and/or principal amount has not been received on the day such amount was due; or when such security has been downgraded to 'Default' grade by a credit rating agency. Default denoted that the security is below investment grade.

This leads to mark down of the respective security and thereby impacts NAV of the scheme.

SEBI's move provides some relief in this regard. It will ensure that all fund houses follow a uniform approach while dealing with defaults/delay due to COVID-19.

Will it make investment in debt fund safe?

SEBI has not yet provided any moratorium on commercial paper and corporate bond repayment. According to a report published in Livemint, Rs 1.5 trillion worth of commercial paper and corporate bonds will be maturing in the first quarter.

As mentioned earlier, AMCs shall continue to be responsible for true and fairness of valuation of securities. But in the absence of rating downgrade from valuation agencies, fund houses cannot side-pocket their exposure to a defaulting company. Therefore, we may still see some write-offs if the AMC finds recovery to be difficult even after the relaxation period.

COVID-19 has impacted businesses across sectors. Some sectors such as NBFCs were under stress even before the pandemic. The default risk has thus amplified.

The relaxation of valuation would delay the issue, but downgrades would arise subsequently. Spike in number of side pockets (by fund houses) may thus become imminent.

My colleague, Rounaq, rightly mentioned yesterday, losses the investors suffer will be directly proportionate to the stress, pressure mutual fund houses and their investors will face. Eventually retail and High Net-worth Individuals, particularly, will lose confidence and may not be keen to invest in debt funds.

What should investors do?

In these uncertain times, it would be wise sticking to liquid funds and overnight funds for the fixed-income part of your portfolio and avoid funds that take higher credit risk. Alternatively, if you prefer safety of capital, invest in Bank fixed deposits.

Choose a fund house that follows prudent investment process and stringent risk-management system.

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

SEBI has time and again taken steps to tighten norms for debt funds. As an investor, if you take portfolio risks, align it with your own risk appetite and financial objective.

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

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

If you are serious about investing in a rewarding mutual fund scheme, Subscribe now!

Author: Divya Grover

This article first appeared on PersonalFN here.

Join Now: PersonalFN is now on Telegram. Join FREE Today to get 'Daily Wealth Letter' and Exclusive Updates on Mutual Funds

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

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

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

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

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

Graph 1: The virus has spread even to Indian equities

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

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

Graph 2: YTD Performance of key asset classes

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

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

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

Tactical Asset Allocation with Quantum Multi Asset Fund of Funds

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

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

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

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

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

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

For Gold - Quantum Gold Fund (ETF)

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

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

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

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

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

Backed by an astute investment strategy, taking the relative valuations between asset classes into consideration such as Price-to-Earnings relative to historical averages; the relationship between earning yield to bond yield relative to historical averages; and macroeconomic factors prevailing globally and within India, the two fund managers of QMAFOF, namely Mr Chirag Mehta (MMS - Finance, M.Com, and CAIA with over 13 years' experience in research and investments) and Mr Nilesh Shetty (B.Com, MMS -Finance, and CFA with collectively 16 years in equity markets), have generated respectable returns for investors.

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

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

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

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

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

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

Suitability of Quantum Multi Asset Fund of Funds

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

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

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

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

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

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

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

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

Happy Investing!

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Author: Rounaq Neroy

This article first appeared on PersonalFN here.

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

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

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

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

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

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

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

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

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

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

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

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

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

Investment strategy of HDFC Mid-cap Opportunities Fund

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

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

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

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

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

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

Suitability

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

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

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

Author: Divya Grover

This article first appeared on PersonalFN here.

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

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

Last week the mutual fund industry was jolted by the news of Franklin Templeton MF winding down six of its debt schemes. The fund houses cited high redemption pressure and lack of liquidity due to COVID-19 as the reason behind the move.

There has been a rush of redemption in the debt market due to high volatility and uncertainty caused by the outbreak of pandemic. The stress is more evident in high-risk category of securities where liquidity has dried up. Notably, the schemes that were wound up belonged to the high credit risk category.

The recent FTMF fiasco led RBI to take note of the situation and step up to build confidence in the capital market.

On April 27, 2020, RBI announced the opening of a special liquidity facility (SLF-MF) worth Rs 50,000 crore to ease liquidity pressure on mutual funds.

Under SLF-MF, RBI will conduct repo operation of 90 days tenor at the fixed repo rate. Banks can avail funds under this facility between April 27, 2020 and May 11, 2020 or up to utilization of the allocated amount, whichever is earlier. RBI will review the timeline and amount, depending upon market conditions.

Banks have to utilise the funds availed under this exclusively for meeting the liquidity requirements of MFs by:

• Extending loans, and
• Undertaking outright purchase of and/or repos against the collateral of investment grade corporate bonds, commercial papers (CPs), debentures and certificates of Deposit (CDs) held by MFs.

The liquidity support under this would be eligible to be classified as held to maturity (HTM) even if it goes beyond the 25% limit of total investment in the HTM portfolio.

Will banks come to the aid?

For banks, availing funds at a lower rate (repo rate) and using it to purchase investment grade, which generally carry higher interest, and holding them till maturity seems like a good opportunity, but they may not be as enthusiastic to come to the aid of MFs.

You may recall that few days ago, RBI came out with a similar liquidity window worth Rs 50,000 for NBFCs. Of these, 50% of funds had to be dedicated towards investment in investment grade bonds, commercial paper, and non-convertible debentures small and mid-sized NBFCs and MFIs.

NBFCs who have been dealing with liquidity crunch for quite some time now is one of the worst affected sectors with rising risk of bad loans amid the COVID-19 outbreak.

As a result, the first tranche of the operation worth Rs 25,000 crore conducted few days ago received bids for just Rs 12,850 crore.

Similarly, the stress in debt mutual fund segment is not new - some categories of debt funds have been facing redemption pressure ever since the IL&FS debacle came to light. Banks may be reluctant to lend to mutual funds with higher exposure to lower quality papers, which have been lacking in liquidity.

If banks do lend to MFs it may be limited to those with good quality papers. This will not serve the intended purpose of the facility.

Many mutual funds investing in credit-risk grade securities may have offloaded good quality papers to meet the high redemption and may be now left with only lower quality papers. Risk aversion in banks has magnified due to rising fear of bad loan pile up. Hence, banks may not be keen to accept lower quality papers as collateral.

Besides, some mutual funds may already have high borrowing rate availed to fund redemptions and further borrowing may not be a viable option for them.

Thus, if redemption pressure continues, liquidity strain will continue in schemes carrying higher exposure to lower rated securities. Hence, RBI may have to come out with alternative steps to deal with issue that would infuse liquidity directly to mutual funds rather than relying on banks.

Word of caution for investors in debt funds

RBI and AMFI have assured investors that stress in capital market is confined to the high-risk debt MF segment at this stage; the larger industry remains liquid.

In the current market volatile and uncertain environment, it would be advisable to stay away from credit risk schemes. However, do not resort to panic selling. Doing that will have an exponentially negative effect on funds, primarily those having exposure to moderate and low rated assets.

Redemption pressure may force the fund managers to sell good quality papers in the portfolio in the secondary market and pile up exposure to low rated assets because it will be difficult to liquidate at fair value.

Keep in mind that debt funds are not risk-free. Investment in debt funds carry various risks relating to liquidity, credit quality, and interest rate. Therefore, before investing in debt funds understand the various risks involved and invest in schemes where the portfolio risk aligns with your own risk appetite and financial objective.

Moreover, choose a fund house that follows prudent investment process and stringent risk-management systems.

In these uncertain times, it would be wise to stick with liquid funds and overnight funds for the debt part of your portfolio as they are highly liquid and carry lower risk.

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

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

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

If you are serious about investing in a rewarding mutual fund scheme, Subscribe now!

Author: Divya Grover

This article first appeared on PersonalFN here.

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

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

Many investors park their surplus money in debt schemes in an attempt to earn higher returns than Bank FDs. However the recent incident of Franklin Templeton MF winding down six of its debt schemes has dented investor sentiment and sparked speculation about the safety of their investments.

The news came as a shocker to the investors because the six schemes, the fund house, and the fund manager had a good performance record. Investors in the wound up debt schemes of FTMF are now left with no choice but to wait for the fund house make repayments.

If you are one of them, surely you want to know about the timeline of payouts from the respective schemes.

Here is what you should know first...

Before returning the money to unitholders, the fund will have to repay the borrowings by the respective schemes that was taken to fund the heightened level of redemptions. Keep in mind that the repayment of borrowings does not impact the value of money to be returned to the unit holders, though it can delay the start of pay out to unitholders.

The repayment of the borrowings that the fund has taken, along with the cash flows it receives in the respective schemes based on the maturity of the underlying securities in the portfolio as well as coupon receipts will determine the payout to the unitholders.

Moreover, the fund will seek pre-payment from issuers of the underlying securities and will look to sell portfolio holdings in secondary market at fair value.

Table 1: Maturity profile of wound up FTMF schemes

Franklin India Ultra Short Bond Fund (FIUBF) and Franklin India Low Duration Fund (FILDF) are the schemes with shorter maturity. If you are an investor in this scheme, you may expect a significant payout within 2-3 years. However, to recover the entire amount you may have to wait up to 5 years.

If you are wondering why a scheme with average maturity of just 0.44 years and 1.45 years will take around 5 years to repay the entire amount?

This is because the maturity of some underlying securities is much longer (around 4-5 years), even though the schemes belong to low duration category. Additionally, the schemes have borrowings in the range of 6.5% and 8.5% respectively, which have to be repaid first.

Whereas, if you are an investor in Franklin India Dynamic Accrual Fund (FIDA), Franklin India Short Term Income Fund (FISTIP), Franklin India Credit Risk Fund (FICRF), and Franklin India Income Opportunities Fund (FIIOF) your wait will be longer. These schemes primarily invest in medium to long duration securities.

These funds had to sell a number of their short term and liquid securities in the portfolio to meet redemptions. Hence, to get a significant payout from these schemes you will have to wait at least 4-5 years. The year wise expected cumulative cash flows is given in the table below.

Notably, FIIOF is the longest duration fund from among the six funds that have been wound up. It will only be able to repay a very small portion (5%) in the next two years.

Another key reason that could delay the payout from these schemes is the high borrowing rate. FISTIP has 28% of its assets as borrowings, FIIOF has 26%; while FICRF also has significant 16% as borrowings. Furthermore, factors such as credit issues or payment delays faced by any of the investee companies could negatively impact cash flows.

Table 2: Cash flows expected by FTMF across different time period

Many of the securities with longer maturities have regular interim cash flows and features such as interest rate resets or call/ put options, which significantly reduce the effective maturity and the same has been factored into the calculation of the Macaulay Duration.

FTMF said that it would actively explore opportunities with a goal to facilitate repayment prior to the maturity of the portfolio investments. To do this it will seek prepayment from the issuers of the underlying securities and look to sell the securities in the secondary market.

However, the current market scenario is rife with risk aversion and illiquidity. The fact that wound up schemes have high holding of lower rated securities, FTMF will have to wait for the market conditions to go back to normal to liquidate the portfolio at the earliest, without causing value erosion for investors.

[Read: RBI Steps in to Take Some Pain Off Mutual Funds. Will It Help?]

Way ahead for debt fund investors

Keep in mind that debt funds are not risk-free. Investment in debt funds carry various risks relating to liquidity, credit quality, and interest rate. Therefore, before investing in debt funds understand the various risks involved and invest in schemes where the portfolio risk aligns with your own risk appetite and financial objective.

In this market environment, it would be preferable to invest in instruments issued by government and public sector enterprises, and stay away from those having high exposure to private issuers.

At PersonalFN, we arrive at top rated funds using our SMART Score Model. If you wish to select worthy mutual fund schemes, I recommend you to subscribe to PersonalFN's unbiased premium research service, FundSelect.

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

If you are serious about investing in a rewarding mutual fund scheme, Subscribe now!

Author: Divya Grover

This article first appeared on PersonalFN here.

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

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

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

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

Table 1: Wealth erosion across market cap segments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Happy Investing!

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Author: Rounaq Neroy

This article first appeared on PersonalFN here.

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

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

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

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

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

 

 

 

View this post on Instagram

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

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

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

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

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

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

Inputs from IANS

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

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

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

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

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

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

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

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Canadian tennis ace Eugenie Bouchard, 26, has agreed to go on a date with a random online fan for a charitable cause. The fan will pay her an amount which she will donate to feed hospital staff battling the Coronavirus pandemic.

After Genie put out a message on Twitter that she felt like "quarantine would be a lot more fun with a boyfriend," she received many messages from fans.

So, in an Instagram Live chat with sportscaster Allie LaForce, she decided to pick a viewer named Bob, who initially offered to pay GBP 400 (approx Rs 36,000) for the date.

LaForce however, upped the stakes further, demanding GBP 2,410 (approx R2 lakh), the expenditure to feed hospital staff on the tennis player's behalf. Bob agreed and Genie said yes. Interestingly, Genie asked Bob to get some toilet rolls along, to which, Bob agreed but offered an extra GBP 800 (approx Rs 72,000) if she spoke in a British accent.

An embarrassed Genie replied: "Why are you doing this to me, Bob? I'm going to say yes but I have no skill whatsoever in imitating accents."

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

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

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

— Sania Mirza (@MirzaSania) April 14, 2020

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

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

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

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

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

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

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

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British tennis star Jamie Murray, 33, believes that he's the most fashionable person in his family. Jamie, the elder brother of former British No. 1 Andy Murray, 32, recently signed on as the brand ambassador for Edinburgh-based Andrew Brookes Tailoring.

Jamie hailed England football legend David Beckham's fashion sense. "David Beckham is my style icon. He always has his game face on. I'm sure a lot of effort goes into making sure he looks on point," said Jamie in an interview to The Herald Scotland.

About his own style, Jamie said: "[My style is] Pretty casual. With travelling so much, there's a limit to what you can take in your suitcase. I tend to keep it quite simple with jeans and sneakers, some t-shirts and hoodies."

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

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

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

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

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

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

 

 

 

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

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

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

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

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

Russian tennis beauty Maria Sharapova turns 33 on Sunday, but the celebrations already began for the former World No. 1, a day earlier. On Saturday, she shared this picture of a cake with her four million Instagram followers and captioned it: "This little piece of cake goodness arrived at our doorstep this morning [happy early birthday to meeee] and didn't make it past noon."

 

 

 

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A post shared by Maria Sharapova (@mariasharapova) onApr 17, 2020 at 5:18pm PDT

Originally known as a German tree cake, the Japanese got some skin in the game and crafted several versions of their own. It's one of my favourite morning coffee indulgences. Thank you, Yutaka!!"

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

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

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

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

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

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

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

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

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

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Former Danish tennis star Caroline Wozniacki has turned to baking during weekends during the Coronavirus lockdown.

On Sunday, the former World No. 1 Instagrammed this picture to her 1.4 million followers, of a red velvet cake she baked and wrote: "Weekdays are for fitness. Weekends are for baking [and eating]. First time baking a layered red velvet cake with homemade vanilla cream cheese frosting! I think it was a success!" To this, her NBA star hubby David Lee replied: "Definitely a success! Two pieces in and I'm ready for a nap."

 

 

 

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Weekdays are for fitness🏃🏼‍♀ï¸ÂðŸ‹ðŸ¼‍♀ï¸Â, weekends are for baking👩🏼‍🍳 (and eating😋) - first time baking a layered red velvet cake with homemade vanilla cream cheese frosting! I think it was a success! 😍

A post shared by Caroline Wozniacki (@carowozniacki) onApr 18, 2020 at 12:24pm PDT

Caroline Wozniacki is the first female from a Scandinavian country to be the number one player in WTA rankings. Wozniacki has won a total of 30 singles titles in her entire career. Wozniacki's highest point in her tennis career came when she won the 2019 Australian Open. Her career statistics are 635-264 with a winning percentage of 70.6.

Caroline Wozniacki is married to NBA champion David Lee. They tied the knot in June 2019.

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

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

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

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

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

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Canadian tennis ace Eugenie Bouchard's tendency to pick dates online is set to become the theme of an upcoming Hollywood romantic comedy.

According to report in The Canadian Press, a script based on Eugenie's date with one of her Twitter followers, John Goehrke, who won a bet on the 2017 Super Bowl, is already being worked upon.

The couple continued to meet thereafter for more dates. However, this story has an update with Eugenie, 26, recently deciding to go on another random date with an online fan.

During an Instagram chat last week, Eugenie, agreed to go on a date with a fan named Bob, who donated GBP 3,210 (Rs 2.7 lakh) to help feed hospital staff battling the Coronavirus pandemic.

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

Jozy Altidore

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

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The ATP and WTA, along with the International Tennis Federation and organisers of the four Grand Slams (Tennis Australia, the Federation Francaise de Tennis, All England Club and United States Tennis Association) are planning create a 'Player Relief Programme' to provide assistance to the coronavirus-impacted players.

"With so much uncertainty around when it will be safe to restart the professional tennis tours, the international governing bodies of world tennis can confirm they are in discussions to create a Player Relief Programme to provide much-needed assistance to the players who are particularly affected during this time of the coronavirus (COVID-19) crisis," ITF said in a statement on Tuesday.

"These discussions have been progressing well and details are being finalised with an announcement expected in the near future. Already agreed is that the ATP and the WTA will administer the Player Relief Programme and all seven stakeholders will make a significant contribution," the statement added. IFT further said: "We know that for our players, as well as for so many people worldwide, there is the need for financial support for those who need it most and we look forward to finalising and sharing the further details of a plan in due course."

The London-based governing body has also announced the creation of player panels for those competing on its World Tennis Tour. "The panel will provide a forum for players to provide their input and have their say on how the tour is run and will be a further opportunity for the ITF to engage with the player community," ITF said. The men's and women's players will each elect a panel of seven current player members, who will have voting rights.

Men's players with an ATP ranking of below 350 and women's tennis players with a WTA ranking not higher than 151 will be allowed to nominate a fellow player or stand in the election.

All professional tennis activities remain suspended till July 13 due to coronavirus outbreak which has so far claimed more 1.7 lives across the world.

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

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

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

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

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

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

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

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WTA founder Billie Jean King joined Roger Federer and Rafael Nadal on Wednesday in suggesting now is the time to merge the men's ATP and women's body into one umbrella organisation to oversee the two professional tennis tours. Federer, holder of the men's record of 20 Grand Slams, was the first to raise the notion on Twitter, triggering an overwhelmingly enthusiastic response from King and Nadal.

"Just wondering...am I the only one thinking that now is the time for men's and women's tennis to be united and come together as one?" Federer said. "I am not talking about merging competition on the court, but merging the two governing bodies [ATP and WTA] that oversee the men's and women's professional tours." Trailblazer King, who was a part of establishing the WTA in 1973 and was one of the 'Original 9' on the tour, said her support for the idea dates back decades.

Common voice needed

"I agree, and have been saying so since the early 1970s. One voice, women and men together, has long been my vision for tennis. The WTA on its own was always Plan B. I'm glad we are on the same page. Let's make it happen. #OneVoice," she tweeted. Nadal, who has 19 Grand Slam titles, supported his long-time rival's proposition. "Hey @rogerfederer as you know per our discussions I completely agree that it would be great to get out of this world crisis with the union of men's and women's tennis in one only organisation," he said.

Federer and Nadal argued by a merger tennis could emerge stronger from the Coronavirus lockdown which has seen the sport shut down, with Wimbledon cancelled for the first time since World War II and the French Open pushed back to the end of September. "It probably should have happened a long time ago, but maybe now is really the time. These are tough times in every sport and we can come out of this with two weakened bodies or one stronger body," Federer wrote. He said the current system was "too confusing for the fans when there are different ranking systems, different logos, different websites, different tournament categories".

Talks underway: Wawrinka

Later, three-time Grand Slam winner Stanislas Wawrinka claimed discussions are underway regarding the move with the ATP's chairman Andrea Gaudenzi. "It was not just a comment like that, there is more talk behind that. Gaudenzi at the ATP was already talking about it," he said during an Instagram Live with 18-time Grand Slam champion Chris Evert. Australian star Nick Kyrgios and two-time women's Grand Slam champion Simona Halep also said they were behind the idea.

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The U.S. Tennis Association is warning folks: "No Bryan Brothers chest bumps." That was among the suggestions from the USTA on Wednesday, when it offered return-to-play guidelines to help players and people running tennis facilities know when " and how " the sport should resume at the amateur level as coronavirus lockdown restrictions ease.

The USTA thinks it will be safe to again play tennis "in some cities and states sooner than in others." One of the recommendations is to maintain social distancing by staying 6 feet apart from other people " and, therefore, to avoiding playing doubles, because it "could lead to incidental contact and unwanted proximity." The group that runs the U.S. Open went on to add: "If you do play doubles, avoid all incidental contact, no Bryan Brothers chest bumps and no whispering to each other from a close distance to strategize."

American twins Bob and Mike Bryan have won 16 Grand Slam titles in men's doubles together and celebrate wins by jumping simultaneously and bumping chests. All professional tennis has been suspended at least until mid-July. The U.S. Open is still scheduled to begin main-draw play in New York on Aug. 31.

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It is said that a friend in need is a friend indeed, and tennis champion Serena Williams is happy to be just that. Recently, when she was asked in an online interview by model Naomi Campbell to speak about good friend Meghan Markle (wife of Prince Harry), Serena sidestepped a question to protect her friend from any possible negative publicity.

In February, Meghan and Harry parted ways with the British Royal family and moved to USA, making global headlines. "Are you happy that your girlfriend Meghan Markle has moved to America," Naomi asked Serena. "Don't know what you're talking about," Serena replied. Naomi persisted: "They're on the West Coast. It's a big deal!" But Serena stuck to her stand: "Never heard of her, don't know her."

Serena and Meghan's friendship dates baack to 2010 when they first met at a Super Bowl party. She also attended her royal wedding in 2018 and even hosted Meghan's baby shower. However, the tennis champ has always worried about the negative press surrounding Meghan.

At a Wimbledon press conference last year, Serena had said: "There's negative media out there. Any time I see her [Meghan] name attached to anything, I don't read it. She couldn't be a better friend to me. Low moments, high moments, she's always there, and that's all I want to be to her."

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Former tennis champion and convicted child rapist Bob Hewitt on Friday walked out of jail after he was granted parole, the South African correctional services ministry said. Australia-born Hewitt was convicted in May 2015 of raping two girls aged 12 and 13 in the early 1980s, and of indecently assaulting a 17-year-old girl in 1994. He was sentenced to six years imprisonment and has been incarcerated at a jail in the coastal Eastern Cape province.

Hewitt, 80, served the minimum sentence period required before he was considered for parole. "We can confirm the parole placement and the parolee is now home," the ministry spokesperson Singabakho Nxumalo told AFP. The disgraced former tennis star's previous attempts to get his sentence reduced were thrown out by the Supreme Court and the Constitutional Court in 2016.

Born in Australia, Hewitt has lived in South Africa for most of his life. The former multiple Gram Slam doubles champion's name was removed from the International Tennis Hall of Fame after a series of sexual abuse allegations against him surfaced in 2013.

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Former Slovak tennis star Daniela Hantuchova has launched her own podcast, The Real DNA, where she plans to have people who have inspired her, as guests on her show. After retiring in 2017, Daniela, 37, has been a tennis commentator for the past couple of years.

"The reason behind launching a podcast was that I love to communicate and learn from all the inspiring people I have in my life. I thought it would be nice to able to share their stories and their real DNA with our listeners. At the end of the day, one of the things I cherish the most in life is being able to sit down and have a cup of coffee with people I love, my family, friends, and people I admire, and listen to their stories and their experiences in life," she was quoted as saying by Tennis World USA.

"I believe the most inspiring people I've encountered in life share certain core values as humans that have helped get them where they are, whether in sports or somewhere else. I want my listeners to get to know these people and understand those core values," she added.

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

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

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

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

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