Frontline indices ended the session near record highs on Thursday as investors went on Christmas holiday in a festive mood. Reports that Britain and the European Union have closed in on a free-trade deal, while short covering in banking counters back home lifted the indices.
That apart, hopes for more fiscal spending and expectations that coronavirus vaccines will become more available next year also supported global sentiment.
The S&P BSE Sensex gained 529 points, or 1.14 per cent, to settle the day at 46,973.5 levels. Sun Pharmaceuticals, Axis Bank, Reliance Industries, HDFC, and Bajaj Finance, up between 2 per cent and 3 per cent, closed the day as top gainers on the Sensex. On the downside, profit-booking in IT and FMCG stocks resulted in Infosys, Nestle, and HCL Tech ending the day as top drags.
The broader Nifty50 closed at 13,749-mark, up 148 points or 1 per cent.
Among other sectoral indices on the NSE, Nifty Bank and Nifty Financial indices ended Thursday's session nearly 2 per cent higher each, while Nifty Pharma was up 1 per cent at close. Nifty IT index closed 0.65 per cent down.
Markets will remain shut on Friday on account of Christmas.
Investors cheered news that Britain and the European Union were on the cusp of striking a narrow trade deal on Thursday that would help them avoid a turbulent economic rupture on New Year’s Day.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.45 per cent, Australian stocks ended 0.33 per cent higher, while Tokyo shares rose 0.45 per cent.
Chinese stocks, however, fell 0.28 per cent dragged by Alibaba Group Holding Ltd whose shares slumped 8.13 per cent, their biggest daily drop in six weeks, after China's market regulator said it will investigate the tech giant for suspected monopolistic behaviour.
In Europe, FTSE 100 rose 0.07 per cent while the more domestically-focused British mid-cap FTSE 250 index hit its highest levels since February, and UK small caps a record high. The STOXX 50 added 0.17 per cent while Germany's DAX gained 1.26 per cent.
MARKET CLOSING COMMENT :: Dr. Joseph Thomas, Head of Research - Emkay Wealth Management
The frontline indexes closed strong this week, a shade above the 1 % mark in today’s session. Almost all the major sectors participated in this up-move except for IT and Tech and Capital goods. Banking , Healthcare , and Consumer Durables displayed immense amount of exuberance, and the overall sentiment reflected what is happening in the Eastern markets and early Europe. Markets may be looking for positive cues from global markets in the coming days, as they re-open after a fairly long weekend after Christmas
MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services
Governments plan to set logistics ready to vaccinate frontline health workers in the first phase boosted investor sentiments. Momentum in European markets on hopes of Brexit deal also helped Indian indices to trade higher, financials and pharma sector contributed in the rally. Volatility noticed at the start of the week vanished by the end of the week as concern over new strain of virus reduced, development on the US stimulus and vaccination
TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities
Index maintain the bullish momentum for the third consecutive session and closed a day at 13,749 with gains of more than one per cent forming inside bar kind of candle pattern on the daily chart. Now index has reached to its upper band of resistance which was at 13,775 going forward if index managed to sustain above-said level then we may see the extension in rally otherwise we may see some profit booking in the index, support for nifty is coming near 13,680-13,600 zone
TECH VIEW :: Ashis Biswas, Head of Technical Research, CapitalVia Global Research
The market witnessed the continuation of the strong pullback rally after a big correction that occurred on Monday. While sustaining above 13,750 is the key factor from a short-term perspective, A decisive breakout above the zone of 13,760-13,780 could open the gate for a movement till 13,990. The momentum indicators like RSI, MACD indicating a positive outlook to continue and market breadth to improve further after the decisive level breakout of the resistance zone.
MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities
Ahead of a long weekend and a tranche of expected Rural Stimulus, Bulls were in complete control buoyed by a stellar listing of Bector Foods. Financials & Pharmaceuticals led the rally while investors bought into Insurers & Consumer Durable names across the broader market
Market stats :: Market breadth remains 1:1
Firstsource Solutions ends at over 12-yr high among smallcaps; S&P BSE SmallCap index closes 0.5% up
S&P BSE MidCap index underperforms, ends flat
Sectoral trends on NSE at Close :: Nifty IT index snaps 2-day gaining streak
Sensex Heatmap :: IT, auto stocks see profit-booking
>> The S&P BSE Sensex gained 529 points, or 1.14 per cent, to settle the day at 46,973.5 levels.
>> The broader Nifty50 closed at 13,749-mark, up 148 points or 1 per cent.
WPIL jumps 36% in 2 days on bagging Rs 851 crore order from MP Jal Nigam
"WPIL has received a letter of intent from Madhya Pradesh Jal Nigam for two projects for an aggregate amount of Rs 851.31 crore to be executed over 30 months," the company said in a BSE filing on Wednesday. READ MORE
Recovery in core portfolio, international biz boost Marico's share price
Continued recovery in Marico’s core portfolio, scaling up of its foods business and improvement in international business have driven shares of the Parachute and Nihar hair oil maker to all time high. The stock touched Rs 420.50 this month, and is currently around Rs 405 levels. READ MORE
ITDC, BEML surge up to 17% on report govt may invite EoI for divestment
Shares of state-owned hotel company India Tourism Development Corporation (ITDC) and defence firm BEML rallied up to 17 per cent on the BSE in Thursday's session on the back of heavy volumes following a report that the government could invite expression of interest (EoI) for divestment in these public sector companies. READ MORE
STOCK TIP :: Yash Gupta Equity Research Associate at Angel Broking on Vedanta
Vedanta Ltd stock up by 8% on promoter launch offer to buy upto 4.9%. Vedanta promoter group to raise stake by 5% via block deal with indicative price of 160. After Vedanta ltd promoter had failed to delist Vedanta ltd in October 2020 as not able to receive requisite quantity of share at cutoff price. At the time of delisting the promoter group fixed cutoff price at 87.5 and now via block deal as per the indicative price of 160 which is more than 82% of cut off price. We expect stock to consolidate at these levels, upside will be very limited from current market price as all positive news has been factored in.
After Sebi mandate on multicap funds, Axis MF moves scheme to new category
Peeved at fund houses allocating a bulk of multicap fund investments in large cap stocks, capital markets regulator Securities and Exchange Board of India (Sebi) had in September asked fund houses to ensure at least 25 per cent of the assets under management are invested in small cap, mid cap and large cap stocks to ensure proper nomenclature. READ MORE
MARKET CHECK :: Nifty nears record peak of 13,777
Sensex contributors :: RIL, private banks do the heavy lifting
Market Watch :: Sensex hovers near day's high, up 450 points
MARKET COMMENT :: Rusmik Oza, executive Vice President, Head of Fundamental Research at Kotak Securities
This has been a short but eventful week with wide gyration in stock prices. After the sharp correction seen on Monday prices have recovered in the last three days. Monthly expiry has also contributed to the higher volatility. Nifty’s closing near the previous week high indicates strong rollovers on the back of healthy FII flows seen this month. IT stocks have again come into limelight because of the large mega deals announced by Infosys and Wipro this week. Some of the old economy stocks from oil & gas, automobile and metals & mining have come under selling pressure this week. This week has seen moderation in flows from both FIIs and DIIs. We can expect muted FII activity in the next week also due to year end phenomenon but expect activity to pick up sharply from the first week of January. Most probably Nifty should take support at 13,000 levels with likely break out above the 14,000 level sometime in January
BUZZING STOCK:: Reliance Industries up 2%
MARKET CHECK :: Sensex trades near's day high
SECTOR WATCH:: Nifty Bank index up over 500 points
This Rakesh Jhunjhunwala-owned stock hits 12-year high; nears record peak
Shares of Firstsource Solutions rose 11 per cent and hit an over decade-high of Rs 88.70 on the BSE on Thursday, surging 24 per cent in the past three days, after the firm acquired PatientMatters, a healthcare Revenue Cycle Management (RCM) solutions provider. The stock was trading at its highest level since January 2008. Besides, it is 5 per cent away from its all-time level of Rs 93, touched on May 15, 2007. READ MORE
On cusp of Brexit trade deal, European Union and UK hash out final details
Britain and the European Union were on the cusp of striking a narrow trade deal on Thursday, swerving away from a chaotic finale to a Brexit split that has shaken the 70-year project to forge European unity from the ruins of World War Two. While a last-minute deal would avoid the most acrimonious ending to the Brexit divorce, the United Kingdom is heading for a much more distant relationship with its biggest trade partner than almost anyone expected at the time of the 2016 Brexit vote. READ MORE
SpiceJet ties up with GMR Hyderabad Air Cargo for storage, delivery of Covid-19 vaccine
Low cost carrier SpiceJet on Thursdayannounced that it has signed an MoU with GMR Hyderabad Air Cargo (GHAC), a GMR group company,for providing a seamless service to all vaccine manufacturers in the region. As part of this association, SpiceXpress the cargo arm of SpiceJet envisions to provide efficient, speedy and reliable solutions for vaccine delivery, while also creating a sustainable cold chain network. (Text Source: PTI)
BUZZING IN TRADE :: Godfrey Phillips shares advance 7%
Investors worldwide have been re-evaluating their portfolios based on environmental, social, and governance (ESG) parameters in the aftermath of the pandemic, with institutional players, wealth management clients, and millennials driving the change, a research note put out by EY India observed. READ MORE
NEWS ALERT :: India Ratings revises FY21 GDP forecast to -7.8% from -11.8%
>> Although the headwinds emanating from COVID-19 related challenges are unlikely to go away till mass vaccination becomes a reality, perhaps the economic agents and economic activities not only have learnt to live with it but also are adjusting swiftly to the post COVID-19 world. Ind-Ra now expects 3QFY21 GDP growth to come in at -0.8% and 4QFY21 GDP growth to turn positive at 0.3% as against its earlier expectation it turning positive in 4QFY22. The agency expects FY22 growth to be 9.6%, mainly due to the favourable/weak base of FY21.
Economy recovering faster than expected, inflation needs to be tackled: RBI
Indian economy is recovering faster than expected and may post minor positive growth in the third quarter, but efforts need to be redoubled to fight inflation so that it doesn’t hurt the incipient growth impulses, according to the State of the Economy report in the December Bulletin of the Reserve Bank of India (RBI). “Indian economy is pulling out of Covid-19’s deep abyss and is reflating at a pace that beats most predictions," the report said. Although there are headwinds, “steadfast efforts by all stakeholders could put India on a faster growth trajectory,” the report said. READ MORE
ALERT | Adani's Power's agreement with AES OPGC Holding and AES India stands cancelled
>> Adani's Power's agreement with AES OPGC Holding and AES India for acquisition of 49% stake in Odisha Power Gen is cancelled as Odisha Govt, which holds 52% stake, exercises right of first refusal.
Tata Comm surges 9% on acquisition of majority stake in France's Oasis
Shares of Tata Communications surged 9 per cent to Rs 1,140 on the BSE on Thursday after the company announced the acquisition of majority stake in France-based embedded-SIM (eSIM) technology provider, Oasis Smart SIM Europe SAS (Oasis). The Tata Group company's stock hit a record high in intra-day today, surpassing its previous high of Rs 1,103, touched on November 25, 2020. In the past six months, the stock has zoomed 90 per cent, as compared to 34 per cent rise in the S&P BSE Sensex. READ MORE
Xiaomi's market value tops $100 billion, reaching 2018 IPO goal
Xiaomi Corp. founder Lei Jun can finally rejoice after the Chinese smartphone maker’s market value swelled past the $100 billion mark, a figure his company fell far short of when it listed two years ago.
The firm’s stock rallied as much as 9.1% Wednesday to a fresh record in Hong Kong, making it the 13th stock in the city’s benchmark Hang Seng Index to have a market capitalization above $100 billion. It ended the day 7.6% higher with a market value of HK$802 billion ($103 billion). READ MORE
Only nine of 187 closed-end schemes outdid their benchmarks this year
The Covid-19 pandemic and attendant market volatility have taken a toll on closed-end schemes maturing in 2020-21. A Business Standard analysis of 187 such schemes across asset classes showed only nine had given higher returns than indices against whom their performances are measured over the last one year. All others had given lower returns, some with double-digit underperformance compared to their benchmarks. READ MORE
S&P affirms Indian Bank's 'BBB-' rating, removes from CreditWatch
Rating agency Standard and Poor’s (S&P) has affirmed ratings for Indian Bank at “BBB-” on expectation of ability to absorb a moderate deterioration in its asset quality over the next 12 months. The Chennai-based public sector lender is expected to benefit from faster-than-expected economic recovery in India. Shares were trading over 1 per cent higher at Rs 86.60 on BSE. READ MORE
RBI BULLETIN :: Bankers’ sentiments on lending conditions have improved
As regards, Services and Infrastructure Outlook, RBI says:
>> The expectations expressed are in general higher than the assessments exhibiting optimism bias in business expectations.
>> Industry reported constant input cost pressures till 2019-20. With improved perceptions on input costs subsequently, the selling prices also showed a declining trend.
>> The overall sentiments of the companies remained optimistic, though gradually moderated before the severe impact of Covid-19 pandemic was felt in Q1:2020-21. Business sentiments have moved to recovery path subsequently but are yet to reach the pre-pandemic levels.
RBI BULLETIN :: Centre and states' counter-cyclical fiscal support is necessary to sustain recovery.
>> The impact of economic downturn has been severe on the revenue side, while expenditure has largely held up. The silver lining is that the impact seems to have bottomed out in Q1:2020-21 with signs of recovery in Q2.
>> General Government (Centre plus states) fiscal deficit has seen a sharper than usual build-up in the first half of the current year.
>> Going forward, with the severest impact of COVID-19 on government finances already realised in Q1
RBI BULLETIN :: Evidences show that the Indian economy is pulling out of Covid-19’s deep abyss
>> Economy is reflating at a pace that beats most predictions
>> Economic conditions continued to improve through November 2020 on the back of the uptick in agriculture and manufacturing activity
>> Although headwinds blow, steadfast efforts by all stakeholders could put India on a faster growth trajectory.
Stock Idea by Geojit Financial: Dabur India
In Q2FY21, Revenue rose 13.7% YoY driven by healthy growth in the domestic and international market through the launch of new products and increase in demand. EBITDA margin stood at 22.6% (+50bps YoY) helped by cost reduction initiatives i.e. Samriddhi project. New product launches, pickup in economy post lockdown, efficient supply chain, and cost reduction initiatives will boost financials in medium to long term. Hence, we upgrade our rating to BUY on the stock with a revised target price of Rs. 584 based on 53x FY22E adj. EPS.
Bajaj Auto hits 52-week high on signing pact to set up factory in Chakan
Bajaj Auto, on Tuesday, signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to set up a manufacturing facility on a proposed investment of Rs 650 crore in Chakan, Maharashtra. READ MORE
Bollinger Bands, ATR: Volatility indicators and how to use them
It is true that volatility can have an adverse impact on one's trading behaviour, and yet, acknowledging and managing the risk can, on the other hand, can provide significant returns. It is crucial to identify volatile sessions and trade according to the trend. Some well-known indicators like Average True Range, Bollinger Band, and Standard Deviation can assist in this regard. READ MORE
Cabinet approves 100% FDI in DTH sector; should you buy related stocks?
Shares of Direct-to-home (DTH) service providers came under investor radar on Thursday, a day after the Union Cabinet approved changes to allow 100 per cent FDI in the DTH broadcasting services sector. It also said that licences will now be issued for 20 years with a renewal provision after every 10 years. On the BSE, shares of Hathway Cable and Datacom, Den Networks, and GTPL Hathway zoomed between 5.4 per cent and 6.6 per cent in the early morning deals. Shares of Dish TV, however, were down around 4.5 per cent. How do these stocks look on charts? READ HERE
BSE Metals index best sectoral performer; Vedanta top gainer
Ambuja, ACC rally up to 10% on renewal of tech fees agreement with Holcim
Shares of Holcim-promoted cement companies – Ambuja Cements and ACC – rallied up to 10 per cent on the BSE on Thursday after the companies received board approval for paying technology fees to their parent company, Holcim Ltd. The TKH fees with the foreign promoter Holcim has been kept at 1 per cent of net sales every year for two years with effect from January 1, 2021. Among individual stocks, Ambuja Cements has rallied 10 per cent to Rs 261, while ACC jumped 7 per cent to Rs 1,692 on the BSE in intra-day trade. READ MORE
Mrs Bectors Food jumps 2x against issue price
Shares of Mrs. Bectors Food Specialities made a strong debut at the bourses on Thursday with stock of the biscuit and bread manufacturer listing at Rs 501, a 74 per cent premium against its issue price of Rs 288 per share on the BSE on Thursday. A minute into the debut, the stock surged to its maximum upper limit of 20 per cent at Rs 601.20, rising more-than-double the issue price on the BSE. READ MORE
Sensex extends rally, jumps 400 points on gains in HDFC duo, RIL
Top India stock fund shuns 'trash' value rally ahead of vaccine rollout
In a year when unprecedented moves in equity markets have whipsawed investors around the world, Ajay Tyagi says a rule that he has been sticking to in his two-decade investing career has served him well: focus on quality stocks. The $1.8 billion UTI Equity Fund managed by him has returned 26% this year to be the top performer among Indian stock funds with at least $1 billion in assets. READ MORE
News Flash :: India challenges Vodafone arbitration ruling in Singapore
A BS report earlier said the unfavourable verdict in a tax dispute with Cairn Energy Plc may prompt the Centre to challenge the Vodafone order before a Singapore court, according to tax officers. The award of over Rs 8,800 crore in favour of Cairn Energy will mean a considerable hit in the government's finances. READ MORE
Mrs Bectors shares hit 20% upper price band of Rs 601 after listing at Rs 501
Vedanta surges 8% after promoters buy additional stake via open market
Reports on Wednesday said that the Vedanta promoters will launch an offer to buy 185 million shares of Vedanta i.e. about 4.9 per cent stake of total equity through block deal. The promoters have fixed the price range between Rs 150 and Rs 160 per share for the offer. With this transaction, promoter’s stake in the company will likely to increase from 50.14 per cent to 55.04 per cent. READ MORE
NEWS ALERT | Govt begins investigation into anti- dumping imports of stainless steel: TV report
>> According to a CNBC TV18 report, investigations have begun from a total of 15 countries including China, Korea, EU, Japan, US.
Bumper Listing Expected:: Mrs Bectors Food quotes at Rs 500 in pre-open vs issue price of Rs 288/sh
INDEX CHECK :: Nifty tops 13,700
Hathway Cable up nearly 5% on 100% FDI approval
Orient Bell rallies 14%
>> Equity Intelligence India and Porinju Veliyath increased shareholding in the company to 5.02 percent from 4.91 percent earlier.
BUZZING STOCK :: Ambuja Cements soars over 6%
Bharat Forge declines 2%
>> Auto component major Bharat Forge on Wednesday said its three Germany-based subsidiaries have reached a settlement with the European country's national competition regulator in connection with two separate proceedings. "In the said matter, the German Subsidiaries have reached settlement in an aggregate amount of Euro 32 million (around Rs 287 crore) to be paid over the next five years.
Aurobindo Pharma up around a per cent
>> The company has signed exclusive agreement with COVAXX to develop & commercialise COVID vaccine UB-612 for India & UNICEF
ITDC leaps over 13% on divestment buzz
BEML hits Rs 1,000-mark in intra-day deals
Vedanta surges over 6% post block deal
>> Promoters of Vedanta Limited plan to launch an offer to qualified institutional buyers (QIBs) to buy up to 4.98 per cent stake in the India-listed base metals to crude oil producer through accelerated bookbuild purchase of equity shares (block deals) on Thursday.
Bharti Airtel up 2% post Trai data
>> Trai data released on Wednesday that showed Bharti Airtel pipped Reliace Jio in mobile customer addition in October. This is the second consecutive month when Airtel added highest number of subscribers with 3.67 million new customers
Sectoral trends on NSE:: Metal, PSB stocks gain traction
Sensex Heatmap :: IT stocks take a breather; Infy down 1% at open
Opening Bell :: Nifty holds 13,650
Opening Bell :: Sensex gains over 200 pts
News Flash | Vedanta has 24.9 lakh shares change hands in pre-market trade: Agencies
Promoters of Vedanta Limited plan to launch an offer to qualified institutional buyers (QIBs) to buy up to 4.98 per cent stake in the India-listed base metals to crude oil producer through accelerated bookbuild purchase of equity shares (block deals) on Thursday.
Top gainers and losers on S&P BSE Sensex at Pre-open
Markets at Pre-open
Markets at Pre-open
BROKERAGE VIEW :: Antique Broking on ACC and Ambuja Cement
ACC | CMP: Rs 1580 | TP: Rs 1,980 | Reco: Buy
Ambuja | CMP: Rs 237 | TP: 295 | Reco: Buy
In the last month, ACC/Ambuja price performance underperformed peers, with stocks falling 8-8.5% vs peers Ultratech/Shree Cement move of +3%/-2% - largely attributable to speculation around the anticipated change in fees to parent. With this overhang behind, the investors' focus would again shift to core business and earnings of the two Companies. While there is softness in Industry volumes and pricing in December, we expect Utilization & pricing to pick up in 4Q with the setting in of busy construction season. Showcase of cost savings and recent improvement in profit trends for both ACC and Ambuja have driven traction in the stock. We continue to maintain BUY on both ACC (PT: INR1,980) and Ambuja (PT: INR295), with preference for Ambuja.
News Flash | Anupam Rasayan files DHRP with regulator for Rs 760 crore IPO
BROKERAGE VIEW :: Antique Broking on Hindalco Industries
CMP: Rs 236 | TP: Rs 282 | Reco: Buy
Higher automotive shipments and firm aluminium prices would aid Novelis in meeting the management EBITDA guidance of USD480-500 per tonne. We raise our EBITDA per tonne assumptions at Novelis by 7-8% over FY21-FY23 leading to a higher SoTP-based target price of INR 282 per share as compared to INR228 earlier. We maintain our BUY rating on the stock, considering the balanced business portfolio, integrated aluminium business model and improvement in profitability from the value-added product capacity expansion in the domestic market.
BROKERAGE VIEW :: Kotak Institutional Equities on Telecom
TRAI’s subscriber data for October 2020 indicates—(1) Bharti sustained its lead on net additions for the third straight month, adding 3.7 mn subs, (2) Jio disappointed again on wireless front with net additions of 2.2 mn and VLR addition of just 1.1 mn, albeit it gained some traction on FTTH and (3) VIL continued to grapple with subscriber loss, at 2.7 mn. We continue to like Bharti, finding it best placed to gain from potential recovery in sector economics.
BROKERAGE VIEW :: Kotak Institutional Equities on GAIL
CMP: Rs 118 | TP: Rs 140 | Reco: Buy
We expect GAIL to benefit from an improvement in outlook for—(1) gas marketing segment led by a recovery in spot and crude-linked LNG prices, (2) petchem segment led by robust rise in PE margins, (3) LPG segment led by recovery in prices and reduction in input gas cost and (4) transmission segment led by growth in gas consumption. We prefer GAIL as a crude hedge over upstream PSUs and reiterate BUY with a revised Fair Value of Rs140 (Rs120 earlier).
Top stocks to watch today
Mrs Bectors: Mrs Bectors Food shares will debut at the stock bourses today. The IPO with 198 times bid is the most subscribed issue of CY 2020.
DTH service providers: The stocks of DTH service providers such as Dish TV, Hathaway Cables, Den Networks will be in focus today after the Union Cabinet approved changes to the guidelines for providing Direct to Home (DTH) services to bring it in line with the existing policy that allows 100 per cent FDI in the DTH broadcasting services sector. It also said that licences will now be issued for 20 years with a renewal provision after every 10 years. READ MORE
>> We maintain a Neutral rating on the stock from a one-year perspective on account of expensive valuations (68x FY22 EPS) and uncertain near-term recovery, especially in the B2B part of the business (~15% of sales). However, initiatives to expand the Growth and Pioneer categories could go a long way in revitalizing medium-term sales and earnings growth, which have dropped significantly in the past four years. We maintain Neutral, with TP of INR1,605 (55x Dec’22E EPS)
Trading strategies for Crude oil and Zinc
Oil rally, fueled by vaccine progress, is running out of steam. With fresh lockdown from the UK and more lockdown appearing in European countries, demand for crude is likely to take hit during Christmas season which usually is peak demand season for crude. Flights have been out of commission and travelling is also getting banned. API news agency reported higher-than-expected inventory which sent crude prices down. READ MORE
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