In the broader market, the S&P BSE MidCap and SmallCap indexes ended 0.05 per cent and 0.04 per cent higher, respectively. (Photo: Kamlesh Pednekar)
The Indian markets ended flat with a positive bias on Wednesday, lifted mainly by HDFC Bank, HDFC, and FMCG stocks.
Among the headline indices, the S&P BSE Sensex settled 95 points, or 0.25 per cent higher at 38,068 levels, and the Nifty50 index ended at 11,226.5 levels, up 4 points, or 0.04 per cent. Tech Mahindra (up nearly 3 per cent), Titan (up nearly 3 per cent), Nestle India, and Hindustan Unilever (both up 2 per cent) were the top Sensex gainers.
Shares of Reliance Industries rose 1 per cent in early deals after the company said that General Atlantic, a leading global growth equity firm, will invest Rs 3,675 cr in Reliance Retail Ventures Limited. The stock, however, ended 0.49 per cent lower at Rs 2,233.75 on the BSE. READ MORE
The trend among Nifty sectoral indices was mixed, with the Nifty FMCG index, up over 1 per cent, leading the list of gainers.
In the broader market, the S&P BSE MidCap and SmallCap indexes ended 0.05 per cent and 0.04 per cent higher, respectively.
World stocks fell and safer assets, such as the yen and dollar, found buyers on Wednesday after a chaotic first US presidential debate and rising Covid-19 cases turned investors cautious, though strong factory surveys boosted China’s markets.
MSCI’s broadest index of world shares which tracks nearly 50 countries dropped 0.2 per cent for a 4 per cent September loss. In Europe, the pan-European STOXX 600 index fell 0.4 per cent tracking Wall Street futures lower.
In commodities, oil prices extended losses as rising Covid-19 cases fuelled demand concerns.
(With inputs from Reuters)
3:43 PM IST
3:42 PM IST
3:36 PM IST
The S&P BSE Sensex gained 95 points or 0.25 per cent to 38,068 levels while NSE's Nifty ended at 11,226.50, up 4 points or 0.04 per cent.
3:26 PM IST
3:17 PM IST
3:07 PM IST
3:06 PM IST Prices in the international market are still elevated as there was a $300 per ounce spurt in July and the subsequent fall was a little over $200 per ounce. This fall, however, is being seen as an opportunity to buy for those investors who missed out on the earlier rally. READ MORE
2:56 PM IST Via BSE filing
2:49 PM IST
2:47 PM IST The priorities are clear. One, ensure that the bank is run well on a day to day basis. Second, develop strategies to improve the financials; and third, raise capital through various measures. We will carry the capital raising process to its logical end. READ MORE
Shakti Sinha, director on board of LVB
2:42 PM IST
52 WK HIGH
APL APOLLO TUBES
» More on 52 Week High
MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex
The S&P BSE Sensex gained 95 points or 0.25 per cent to 38,068 levels while NSE's Nifty ended at 11,226.50, up 4 points or 0.04 per cent.
Garden Reach Shipbuilders jumps 13%
Heatmap: S&P BSE Sensex gainers and losers at this hour
Planning to buy gold? Fall in price opens up window for investors
Prices in the international market are still elevated as there was a $300 per ounce spurt in July and the subsequent fall was a little over $200 per ounce. This fall, however, is being seen as an opportunity to buy for those investors who missed out on the earlier rally. READ MORE
NEWS ALERT :: Airtel launches Airtel Secure to help businesses tide over rising cyber threats
Lakshmi Vilas Bank crisis: Working on a back-up plan, says Shakti Sinha
The priorities are clear. One, ensure that the bank is run well on a day to day basis. Second, develop strategies to improve the financials; and third, raise capital through various measures. We will carry the capital raising process to its logical end. READ MORE
MARKET UPDATE:: Broader indices underperform benchmarks
BROKERAGE VIEW | Centrum Broking on ITC
RATING: BUY | TARGET PRICE: Rs 353
We believe ITC’s cigarette business will undoubtedly continue to remain the cash cow; however, it’s actually the food business that will trigger re-rating for the company. We expect FMCG segment revenue to increase to 12.3% by FY23E and reiterate our Buy rating with DCF based 2 years TP of Rs 353 (implying 23.6x FY23E EPS). Key risks are a sharp increase in any form of taxation, higher leaf tobacco prices, and prolonged/ intermittent local lockdowns by states.
BROKERAGE VIEW :: Anand Rathi on Sudarshan Chemicals
Target price: Rs 585 | Reco: Buy
>> One of the largest pigment manufacturers in its home market (with a 35% market share) and the fourth-largest globally, Sudarshan’s strong brand equity, leading position, regular capacity additions and focus on high-margin products have been its key strengths. We believe that the exit of global players (BASF, Clariant), coming capex (Rs8bn over FY20-23), product launches and focus on the global market will be its future growth drivers. We initiate coverage on Sudarshan Chemicals with a Buy at a TP of Rs585 (22.3x FY23e EPS). The auto-sector slowdown and ban on single-use plastic would trim its short-term performance.
Rupee settles at 73.77 per US dollar vs Tuesday's close of 73.85/$
Ramco Systems freezes at 5% upper circuit on order win from logistics major
Shares of Ramco Systems were locked in the upper circuit limit of 5 per cent at Rs 426 on the BSE on Wednesday after the company said it has signed up an agreement with a "Global top 5 logistics major" for modernising and transforming its multi-country Payroll operations on the company’s global payroll platform. READ MORE
HDFC twins, HUL top contributors to Sensex's gain
NEWS ALERT :: Current Account Surplus for April-June period in FY21 stands at $19.8 bn, says RBI
Tech Mahindra up 2.6%
IPO ALERT :: UTI AMC IPO subscribed 43% so far on Day 2 till 1:30 pm
European indices trade largely lower in early deals
CV financiers: Favourable valuations, but unpredictable fundamentals
Analysts at Prabhudas Lilladher indicate that collection efficiencies have rebounded to 80 per cent in September compared to 65 per cent last month. Consequently, there is a 15 per cent month-on-month improvement in disbursements as well, though 70 per cent of these disbursements are largely towards existing customers. Fresh loans disbursed could help customers meet intermittent working capital needs crucial to restart their business hit by lockdown. READ MORE
Nifty FMCG index up 1.7%
IPO ALERT :: Mazagon Dock IPO subscribed 3.4x so far on Day 2 till 12:45 pm
NEWS ALERT :: EU may levy tariff on steel import from India, reports Bloomberg
HUL trades over 2.5% higher
Hind Zinc may use NCD funds as dividends to help Vedanta delist: analysts
Hindustan Zinc Ltd (HZL), a subsidiary of Vedanta Limited, has raised Rs 3,520 crore through issuance of non-convertible debentures (NCDs) which analysts feel could indirectly fund the delisting of Anil Agarwal-led metal and mining company. “HZL being a listed entity cannot raise funds and use it for its parent. It is against regulations. READ MORE
BROKERAGE VIEW | Emkay Global Financial Services on IndusInd Bank
RATING: HOLD | TARGET PRICE: Rs 550
We believe that the impact of Covid-19 on retail/SME asset quality is inevitable, but its stance to build high credit reserves even at the cost of near-term earnings is a right step. We trim FY21E earnings by 22% due to up-fronting of provisions factoring in high LLP and raise FY23 estimates by 5%. We have also factored in recent capital infusion of Rs 32.8bn. We retain Hold with a TP of Rs 550, rolling forward on 0.9x Sep’22E ABV.
Advanced Enzyme extends rally, zooms 45% in 1 week after FPI hikes stake
Shares of Advanced Enzyme Technologies hit a fresh 52-week high of Rs 332, ralling 13 per cent on the National Stock Exchange (NSE) on Wednesday, on the back of heavy volumes in an otherwise subdued market. In the past one week, stock of the agricultural products company has zoomed 45 per cent after foreign portfolio investors (FPIs) bought nearly 4 per cent stake in the company via open market. In comparison, the Nifty50 index was up 1 per cent during the period. READ MORE
Top gainers on the BSE at this hour
Expert View :: Jyoti Roy - DVP- Equity Strategist at Angel Broking on RIL-General Atlantic deal
Reliance Industries Ltd. has announced that General Atlantic will invest Rs 3,675 crore into Reliance Retail Ventures Ltd. which is the retail arm of RIL for a further 0.84% stake in the company. This investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore and marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year. We expect more such investments by strategic and financial investors in Reliance Retail in the future. We maintain our positive view on Reliance industries Ltd. and expect that the digital and the retail business will be the future growth drivers for the company. We continue to maintain our buy rating on reliance Industries with a target of Rs 2,543.
After 29% rally H1FY21, best in a decade, analysts turn cautious on markets
The first half of the current fiscal (H1FY21) started on a somber note for the economy and markets with a nation-wide lockdown to stem the spread of Covid-19 pandemic that lasted a little over two months. Yet equity markets gained handsomely, with the frontline indices – the S&P BSE Sensex and the Nifty50 – rising 29 per cent and 31 per cent, respectively during this period. The rise in the first half has been the sharpest since 2008-09 (H1FY09) when both these indices had surged 76 per cent and 68 per cent, respectively. READ MORE
BPCL, HPCL, IOC: Here's how to trade oil-marketing companies' stocks
Shares of oil marketing companies (OMCs) were trading in the negative territory in the morning deals on Wednesday. While Bharat Petroleum Corporation (BPCL) traded 6 per cent lower, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) were down 1.5 per cent and 4 per cent, respectively. According to reports, oil majors Rosneft and Saudi Aramco are unlikely to bid in the privatisation of BPCL. Stocks of OMCs have come under pressure since late July over concerns on demand, inventory losses led by soft crude prices, and weak refining margins. READ MORE
BPCL tanks 6% as govt extends deadline to submit EoI to November 16
Shares of Bharat Petroleum Corporation Limited (BPCL) slipped 6 per cent to Rs 363 on the BSE in the intra-day trade on Wednesday after the government extended the deadline to submit expression of interest (EoI) for the company's privatisation to November 16, 2020. The government on March 7, 2020, had issued a Preliminary Information Memorandum document (PIM) for inviting Expression of Interest (EOI) for strategic disinvestment of BPCL. READ MORE
US elections: Investors react to first Trump-Biden presidential debate
Republican President Donald Trump and Democratic rival Joe Biden sparred on stage for the first time on Tuesday in a pivotal debate ahead of the Nov. 3 U.S. presidential election. S&P 500 index futures dropped 0.5 per cent after the heated and chaotic debate ended, erasing earlier gains of 0.7 per cent. With more than a million Americans already casting early ballots, the debates kick off as investors worry about prolonged uncertainty if Trump were to lose, after his refusal to commit to accepting the election outcome. READ MORE
Vedanta delisting fate to be known next week, price likely at Rs 160-170
The promoter holding in Vedanta is currently at 50.14 per cent. Under Sebi’s delisting regulation, the promoter will have to acquire at least 39.86 per cent stake (1.48 billion shares) from public shareholders to ensure that the delisting bid is successful. READ MORE
Lakshmi Vilas Bank slips 5% amid concerns over Clix Capital deal
Shares of Lakshmi Vilas Bank (LVB) slipped 5 per cent to Rs 19.15 on the BSE in the intra-day trade on Wednesday on concerns Clix Capital’s proposed deal may not materialise after a large section of the bank’s shareholders voted against the reappointment of the top brass. According to a report by business daily Mint, Clix Capital, which was in advanced talks with LVB for a potential merger, may approach the Reserve Bank of India (RBI) for clarity on the future of the deal after the bank’s shareholders voted out seven board members, including its managing director. READ MORE
Investors should wait for a better entry point in Kajaria Ceramics
The stock of Kajaria Ceramics is up 26 per cent over the past month on expectations of better-than-expected earnings growth — led by volume recovery, steady prices, and falling costs. Brokerages had cut their revenue and earnings estimates after the June quarter results, which saw volumes and revenue fall over 60 per cent. READ MORE
KPIT Tech rallies 30% in 2 weeks, hits record high as promoters hike stake
The IT consulting & services company's stock has rallied 30 per cent in the past two weeks after promoters bought shares of the company through open market. In comparison, the S&P BSE Sensex was down 3.5 per cent during the same period. The stock surpassed its previous high of Rs 118.90, touched on September 21, 2020. READ MORE
MARKET CHECK :: Indices stage recovery
NEWS ALERT :: Govt extends deadline to submit EoI for BPCL's privatisation to Nov 16
Alert: Last date to submit EoI bid was today
ALERT :: Dow Jones Futures sink 200 pts after first US Presidential debate
BROKERAGE VIEW | ICICI Securities on Prestige Estates Projects
RATING: BUY | TARGET PRICE: Rs 291
While Covid-19 has impacted operations in H1FY21 across segments, with gradual improvement expected from H2FY21, we remain bullish on the company’s long-term prospects. We believe that PEPL can clock rental income of Rs11.6bn in FY23E (estimated EV of Rs127bn) which acts as a cushion to consolidated FY22E net debt levels of Rs88bn. We upgrade our rating on PEPL to BUY from ADD with a revised target price of Rs 291/share (earlier Rs 250) as we roll forward to March 2022 DCF based NAV. Any potential stake sale to fully or partially reduce debt in its rental/hotels business is a key trigger for the stock.
BROKERAGE VIEW | Edelweiss Securities on India Grid
RATING: BUY | TARGET PRICE: Rs 115
The stock is likely to do well in the near to medium term due to lower G-sec yield arbitrage and is a safe-haven play with potentially strong growth prospects. Hence,
we maintain ‘BUY’ with TP of Rs 115. Our estimates now incorporate Jhajjar acquisition. The stock is available at the internal rate of return (IRR) of nearly 10.6 per cent (with framework assets).
Panacea Biotec locked in 5% lower circuit on receiving warning letter from US FDA
BROKERAGE VIEW | Edelweiss Securities on Prince Pipes
RATING: BUY | TARGET PRICE: Rs 281
PPFL is poised for higher growth spurred by robust agri demand, government’s infra push, demand shift to organised players and healthy rural & semi-urban demand. We also perceive strong rerating potential led by rising market share, brand & distribution heft, healthy cash flow, debt reduction, easing corporate governance issues along with recent tie-up with global leader Lubrizol.
Despite being among the top-5 players, the huge valuation discount (nearly 40% to Supreme, nearly 70% to Astral) compared to leaders entails re-rating potential riding strong FCF (FY21-22E: Rs 2bn) and balance sheet (D/E: 0.3x in FY20). We reiterate 'BUY’ with TP of Rs 281 based on 24x FY22E EPS (nearly 20% discount to industry leader— SIL).
OMC stocks come under pressure over muted demand, weak refining margins
Stocks of domestic oil marketing companies (OMCs) have come under pressure since late July over concerns on demand, inventory losses led by soft crude prices, and weak refining margins. Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and Indian Oil (IOC) have corrected up to 22 per cent since their highs of July, while the Sensex has risen over five per cent in this period. READ MORE
VA Tech Wabag soars 7% on allotment of 5 mn shares to Rekha Jhunjhunwala
Shares of VA Tech Wabag surged 7 per cent to Rs 204.65 on the BSE in the intra-day trade on Wednesday after the company allotted 5 million equity shares to Rekha Rakesh Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala on preferential basis. READ MORE
Shares of Welspun Corp hit an upper circuit limit of 5 per cent at Rs 113.70 apiece on the BSE on Wednesday, a day after the company announced it has received multiple orders of approximately 147 kilometre-tonne (KMT) valuing close to Rs 1,400 crore. "These orders would be executed from India and will help boost the mill utilisation for our India facilities. The inflow of orders is not only from the domestic Oil & Gas (O&G) and Water business but also from exports. This indicates our strong positioning in all the markets," Welspun Corp said in the press release. READ MORE
Rupee opens at 73.81 per US dollar vs Tuesday's close of 73.85/$
MARKET UPDATE:: Sensex dips 100 points
RIL gains 1% as General Atlantic to invest Rs 3,675 cr in Reliance Retail
Shares of Reliance Industries (RIL) advanced 1 per cent ato Rs 2,268 on the BSE in the early morning trade on Wednesday after General Atlantic, a leading global growth equity firm, said it will invest Rs 3,675 crore in Reliance Retail Ventures Limited (RRVL) for 0.84 per cent equity stake. The stock of RIL was trading higher for the fourth straight day and has gained 4 per cent during the period. It hit a record high of Rs 2,368.80 on September 16, 2020. READ MORE
Nifty Bank index dips 1%; IndusInd, PNB, ICICI Bank slip up to 2.5%
MARKET CHECK :: Sensex at day's low
VA Tech Wabag jumps around 6%
>> The company's board has considered and approved the issue and allotment of 75,00,000 equity shares of the face value of Rs 2 each, for cash, at a price of Rs 160 apiece aggregating Rs 120 crore by way of preferential issue. The list of proposed investors includes Rekha Rakesh Jhunjhunwala (50,00,000 equity shares).
Sumitomo Chemical tanks 4%
>> The promoters of Sumitomo Chemical Company weere expected to offload 3.3 per cent take (16.5 million shares) in the company on Wednesday through the offer for sale (OFS) route.
Lakshmi Vilas Bank slides in early deals
PNB dips over 1% on report RBI may ask it to take-over LVB
>> he Reserve Bank of India (RBI) is learned to have told state-owned Punjab National Bank to get ready to take over Lakshmi Vilas Bank (LVB) in case the beleaguered lender’s proposed transaction with Clix Capital does not materialise.
Indiabulls Housing Finance gains 2%
>> The country’s third largest mortgage lender, Indiabulls Housing Finance (IHF), has sold a part of its stake in the UK-based OakNorth Bank to TEMF Limited, a fund managed by Toscafund Asset Management, for approximately Rs 630 crores.
Reliance Ind trades at day's high on General Atlantic investment
Sectoral trends at Open
Sensex Heatmap at Open
China's factory activity accelerates in Sept on boost from overseas demand
China's factory activity expanded at a faster pace in September helped by a return to exports growth after several months of shrinking sales, bolstering a steady recovery for the economy as it rebounds from the coronavirus shock.
The official manufacturing Purchasing Manager's Index (PMI) rose to 51.5 in September from 51.0 in August, data from the National Bureau of Statistics (NBS) showed on Wednesday, and remained above the 50-point mark that separates growth from contraction. READ MORE
Top gainers and losers on the S&P BSE Sensex at Pre-open
Markets at Pre-open
Markets at Pre-open
BROKERAGE VIEW :: Kotak Institutional Equities on Tech Mahindra
CMP: Rs 768 | Fair Value: Rs 845 | Reco: Buy
>> We hosted investor calls with CP Gurnani, CEO of TechM and Manoj Bhat, CFO. The company expects to match the industry on growth and achieve 15% EBIT margin in the medium term. TechM has set up transformation offices to improve growth and profitability. Some of the measures taken up are (1) expanding the portfolio of offerings, (2) improving revenue per client via cross-sell and client rationalization, (3) increasing exposure to developed markets and (4) cost optimization and operational efficiencies being adopted on a war footing. BUY.
BROKERAGE VIEW :: Kotak Institutional Equities on Asian Paints
APNT has launched its own range of furniture, furnishing and decorative lighting and unveiled ‘Beautiful Homes’ as its omni-channel identity in home décor (HD); this development is in line with its long-standing vision to offer complete HD solutions. We believe APNT has the potential to build a large HD business in the long-term; capital commitment will determine the pace of progress. We like LT volume-led growth potential with stable margin profile offered by decorative paints; HD and waterproofing segments offer optionality; await a better entry price.
BROKERAGE VIEW :: MOFSL on KNR Constructions
CMP: Rs 253 | TP: Rs 310 (+23%) | Reco: Buy
>> KNR has completed the sale of the Walayar road project to Cube Highways at an enterprise value of INR5.1b. Debt on the project stands at INR1.3b. Thus, the deal’s equity value is estimated to be ~INR3.8b or P/Inv of ~1x. While this is almost in line with the announced deal value in Jan’20, part of the proceeds is subject to the fulfillment of certain conditions. In lieu of an equity value of INR3.8b, KNR is likely to immediately realize a payment of INR3.1b, while the remaining INR0.7b would flow in over the next two years. Further NHAI claims and other governmental instrumentalities amount to INR1.7b – a pass-through to KNR as and when realized. We are yet to factor in any arbitration proceeds in our model. Any such realization could further boost the balance sheet.
>> We increase our FY21/FY22E EPS by 6%/4% on account of the early realization of asset monetization, leading to lower interest costs. We forecast a revenue/EBITDA/PAT CAGR of 18%/12%/25% over FY20–22E. Despite the recent increase in receivables, we believe KNR’s strong balance sheet gives it a key competitive advantage v/s peers: (a) in bidding for newer projects and (b) in terms of strong execution despite financing challenges in the sector – as the dependency on bank financing is minimal. We maintain our Buy rating, with higher TP of INR310 (prior: INR295), based on: (a) unchanged 12x Mar’22E EPS to the EPC business and (b) the book value of road assets
BROKERAGE VIEW :: MOFSL on Vedanta
CMP: Rs 140 | TP: Rs 148 (+6%) | Reco: Neutral
>> Vedanta Resources Ltd (VRL) and other promoter group companies have received stock exchange approval for delisting the shares of Vedanta Ltd. The reverse book-building process for public shareholders to tender their shares would take place over Oct 5–9, which would result in the discovery of the final offer price.
>> Excluding ADRs, the promoter group holds 52.33% of the total issued paidup capital and public shareholders hold 47.67% of the same. In order to delist, promoters would have to raise their shareholding to 90%, implying that public shareholders would have to tender ~79% of their holding.
>> We have factored in the post-COVID recovery in commodity prices in our estimates. VEDL’s cost reduction in Aluminum, completion of capacity expansion in Zinc, and expected ramp-up in Oil & Gas should also support earnings growth in FY22. Over FY20–22E, we estimate an 11% CAGR in EBITDA and 32% CAGR in
>> We value Vedanta on an SOTP basis to arrive at TP of INR148
BROKERAGE VIEW :: MOFSL on Oil and Gas sector
>> The Petroleum and Natural Gas Board (PNGRB) has published yet another draft notification, this time for determining the natural gas pipeline unified tariff.
>> PNGRB has asked stakeholders for their views on determining the tariff for zone one – which shall be a percentage of the second tariff zone. The Open House to be conducted on 23rd Oct, post which the final notification would be released.
>> In various instances, PNGRB has reiterated that it is working toward streamlining the tariff regulation for trunk pipelines in the country.
>> As a general guidance, PNGRB has shown the order of magnitude for unified tariff based on FY20 data as per the excel sheet uploaded on its website. Following the same workings, our preliminary calculations suggest that the unified tariff of INR56.8/mmbtu is higher by 15%/48% to implied tariff of GAIL/GSPL respectively.
>> We maintain Buy on GSPL and GAIL.
Sept Auto Sales :: MOFSL expects M&M to post 46% MoM growth
Stocks to watch out for today
RIL: Reliance Industries and Reliance Retail Ventures Limited announced that General Atlantic, a leading global growth equity firm, will invest Rs 3,675 crore into RRVL, a subsidiary of Reliance Industries. That apart, Abu Dhabi state fund Mubadala Investment Co is in advanced talks to invest up to $1 billion in the retail division of the compny, two sources told Reuters.
Lakshmi Vilas Bank, PNB: The Reserve Bank of India (RBI) is learned to have told state-owned Punjab National Bank to get ready to take over Lakshmi Vilas Bank (LVB) in case the beleaguered lender’s proposed transaction with Clix Capital does not materialise. Apart from PNB, another public sector bank has been asked to look into the books of LVB. READ MORE
Weekly stock recommendations by Religare Broking
Sun Pharmaceutical Industries Limited
Sun Pharma has been witnessing profit taking for the last two months, after a strong rally from roughly 310 to 560+ levels. It has reached the support zone of major moving averages on multiple time frames and they all coincide closer to 485 levels. Indications are in the favor of gradual recovery from hereon thus we advise creating fresh longs in the given range. READ MORE
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.