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Women haven’t been given their due in business: President Kovind

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New Delhi: President Ram Nath Kovind on Thursday said it was regrettable that women have not been given their due in the business arena, and asked India Inc to take determined steps towards creating gender-sensitive supply chains.
Delivering the keynote address at the annual session of FICCI Ladies Organisation (FLO) here, the President said that women constitute half our country.
They contribute to our economy at work and at home, in many diverse ways. Yet, when it comes to business, it is regrettable that they have not been given their due.
Author-entrepreneur Twinkle Khanna, producer Ekta Kapoor and scientist Tessy Thomas are among the nine extraordinary women achievers who received the FLO Icon award at a function graced by the President here.
“We need to create conditions for more and more of our daughters and sisters to come into the workforce. We need to push harder to ensure appropriate, encouraging and safe conditions at home, in society and at the work-place to enhance the percentage of working women,” Kovind said.
He stated that the corporate sector must take determined steps towards creating women-friendly and gender-sensitive supply chains to empower women in our economy, rather than just accommodate them.
The President said that if more women become part of the workforce, both household incomes and our GDP will rise. We will become a more prosperous nation.
Much greater than that, we will become a more equal society, he said. He stressed that we need to take the magic of entrepreneurship to (and facilitate the start-ups of) our sisters and daughters at the bottom of the pyramid.
The President said that the government has taken decisive steps to promote a culture of enterprise among ordinary citizens, especially women.
The Stand-Up India initiative was launched in April 2016 to encourage entrepreneurship among women, SCs and STs. About 45,000 loans have been disbursed, mainly to sole proprietors.
“Almost 39,000 of these have gone to women โ€“ an overwhelming proportion. Under the MUDRA scheme, over the past three financial years, about 117 million loans have been sanctioned,” Kovind said.
Close to 88 million of these loans have gone to women entrepreneurs and he was happy to note that, as of December 2017, the number of NPAs in the MUDRA scheme is less than eight per cent of the loans sanctioned.
The President urged the members of FLO to see how they can make these businesses โ€“ largely run by women โ€“ integral to their value chains. How they can partner these start-ups โ€“ as vendors, ancillaries, suppliers, distributors or in any other form.
The President said that this is a moment of enormous opportunities for India. If our institutions and our society can be true to both the letter of the law and the spirit of justice, we can help every Indian realise her potential. And we can construct a developed India.
“There may be disagreement, but there must be respect for the other person’s dignity. Dignity and civility; order and rule of law; fairness and justice; entrepreneurship and aspirations โ€“ we have to achieve all of these. We cannot pick and choose,” Kovind said.


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Sensex sheds 298.82 to close at 38,811; Nifty shrinks to 11,650

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Mumbai: The benchmark BSE Sensex erased early gains to end 299 points lower Thursday as investors booked profits after stocks soared to record highs after BJP’s strong showing in the Lok Sabha polls.

Sensex and NSE Nifty went on to record highs even as Lok Sabha election results showed that PM Modi-led NDA leading on over 300 seats. However after the euphoria during the morning session, Sensex shed 298.82 to close at 38,811 and Nifty shrank to 11,650 on the closing bell.

During the day, the Sensex hit the 40,000 mark while the Nifty crossed the 12,000-level for the first time ever. However, the indices succumbed to profit booking towards the fag-end of the session.

 

The 30-share Sensex tumbled 298.82 points, or 0.76 per cent, to close at 38,811.39. Similarly, the broader NSE Nifty settled 80.85 points, or 0.69 per cent, lower at 11,657.05.

IndusInd Bank was the biggest gainer in the Sensex pack, rallying 5.23 per cent, followed by Hero MotoCorp, Coal India, Yes Bank, PowerGrid, ICICI Bank, HCL Tech, L&T, Kotak Bank and Bharti Airtel, rising up to 1.56 per cent. On the other hand, Vedanta, ITC, Tata Motors, HDFC twins, Bajaj Finance, Sun Pharma, Tata Steel, TCS, ONGC and Infosys fell up to 5.53 per cent.

Riding on a massive Modi wave sweeping through most parts of India, the BJP was set to return to power Thursday as it led in 298 seats while the Congress trailed far behind with 52, according to trends released by the Election Commission for all 542 seats that went to polls.

“Markets were initially enthused to see the election results falling in line with the exit polls. However, the run up to the D-day was so sharp that it turned out to be a sell on news phenomenon,” said Devang Mehta, Head โ€“ Equity Advisory, Centrum Wealth Management.

Participants would now be keen to know the future course of action for bringing the economy back on track, solution to the liquidity situation, the union budget, onset and progress of monsoon in June and most importantly the earnings trajectory, he added.

According to traders, weak cues from other global markets and a depreciating rupee also weighed on investor sentiment. The rupee depreciated 37 paise to 70.04 against the US dollar in afternoon trade. Globally, bourses in Asia ended in the red.

Indices in Europe were also trading on a negative note in early deals. Brent crude, the global oil benchmark, was trading 1.79 per cent lower at USD 69.72 per barrel.

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Silver up on increased offtake; gold steady

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New Delhi: Silver prices rallied by Rs 200 to Rs 37,400 per kg in the national capital on Thursday, while gold held steady, according to the All India Sarafa Association.

Traders said silver prices rose on pick-up in offtake by industrial units and coin makers at the local spot market. Globally, spot gold was trading marginally higher at USD 1,276 an ounce, while silver was slightly up at USD 14.53 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 10 each to Rs 32,670 per ten 10 gram and Rs 32,500 per 10 gram. Sovereign gold, however, held steady at Rs 26,500 per eight gram.

 

Silver ready surged Rs 200 to Rs 37,400 per kg, while weekly-based delivery fell by Rs 66 to Rs 36,234 per kg. Silver coins held flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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India PC mkt declines 8.3 per cent to 2.15 mn units in Jan-Mar qarter

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New Delhi: Personal Computer (PC) shipment in India fell by 8.3 per cent in the January-March quarter of 2019 to 2.15 million units, registering a year-on-year decline for the third consecutive quarter, according to research firm International Data Corporation (IDC).

Besides, big commercial deals, market remained weak due to weak consumer demand, high inventory from previous quarters, and supply issues for Intel chips.

Shipments in the consumer segment saw a 26.5 per cent dip in the said quarter compared to the year-ago period. The commercial PC market saw a total shipment of 1.35 million units in the said quarter, a growth of 7.3 per cent over last year.

 

“The announcement of central elections on March 10, 2019 resulted in the model code of conduct coming into immediate effect further resulting in a delay in execution of government projects and impacting the commercial segment,” IDC said in a statement.

However, IDC expects the overall PC market in India to witness a growth in the second quarter. The commercial market is expected to pick up post new government formation in May, while the consumer market is expected to pick up largely driven by back to school campaign by vendors and online sales.

HP maintained its leadership position with an overall market share of 28.1 per cent in the first quarter of 2019, followed by Dell (25.9 per cent), Lenovo (25.2 per cent) and Acer (11.7 per cent).

The notebook PC (laptop) category accounted for 61.4 per cent of the shipment and witnessed a 9.8 per cent year-on-year decline.

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