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Why is there a growing unease between the govt and Big Tech in India?

7. July 2022 sandeep Stock Market Research (0)

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India is seeing yet another showdown between Twitter and regulators. The microblogging site has challenged the government's directives asking it to take down certain posts. Why is this growing unease?

The confrontation between big tech companies and the Indian government over the country’s new IT rules escalated on Tuesday after Twitter moved the Karnataka High Court challenging the IT ministry’s order to remove content and block multiple accounts on the US microblogging platform.

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According to the writ petition, which has been seen by Business Standard, Twitter contended that many of the blocking orders issued under section 69A of the Information Technology Act, 2000, were “overbroad, arbitrary and disproportionate”, and failed to give notice to authors of the content.

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It also said that some were related to political content posted by official handles of political parties, the blocking of which amounted to violation of freedom of speech. Twitter further argued that the content at issue does not have any apparent proximate relationship to the grounds under Section 69A.

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Hours after the petition was filed, Minister of State for IT Rajeev Chandrasekhar said all foreign internet platforms have a right to approach the courts, but they also have an unambiguous obligation to comply with local laws and rules.

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Twitter would risk losing its safe harbour protection under the intermediary rules if it refuses to comply with the blocking order while its executives could face jail terms of up to seven years.

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Under the IT rules that took effect in February last year, Twitter’s Chief Compliance Officer faces criminal liability for Twitter’s non-compliance under Section 69A. Another provision requires strict confidentiality on all blocking requests from the government and actions taken by an intermediary.

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[Byte of Avimukt Dar, Founding Partner, INDUSLAW]

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Twitter is not the first tech company to take the government to court over the IT rules. Meta-owned messaging platform WhatsApp had approached the Delhi High Court in May last year requesting it to quash a provision that mandated companies to divulge the “first originator of information”.

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WhatsApp said the traceability rule would break the very guarantees that end-to-end encryption provides and undermines peoples’ right to privacy.

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The government says that the right to privacy is not “absolute” and it is “subject to reasonable restrictions”. WhatsApp claims 500 million users in India whereas for Twitter, India is its third biggest market although estimates of its users in the country vary from 24 million to 48 million.

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Regulations shouldn’t just be fair, their enforcement must also appear to be fair. With that in mind, won’t the appearance of arbitrariness or bias in enforcement only weaken the government’s efforts to regulate big tech?

Centre amends wheat flour export policy, panel to decide from July 12

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While no restrictions have been imposed on the export of wheat flour, an inter-ministerial committee will make recommendations on the same.

India has tweaked its export policy for wheat flour, and an inter-ministerial committee will take a call on outbound shipments from July 12.

In a notification dated July 6, the government said no restrictions were being imposed on the export of wheat flour, maida, semolina and wholemeal atta.

The government said that supply disruptions in wheat and wheat flour have created many new players, leading to prices fluctuations and potential quality issues.

"Therefore, it is imperative to maintain the quality of wheat flour exports from India," it said.

Meanwhile, wheat flour exports between July 6 until July 12 will be allowed in case loading of the shipments has commenced before the issue of the notification and if the consignment has been handed over to the customs authority and registered by them.

The Russia-Ukraine war has disrupted global food and commodities supplies, including that of wheat.

India banned wheat exports on May 13 to ensure domestic availability but has been allowing shipments to select countries as assistance.

Zimbabwe to introduce gold coins as local currency tumbles

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The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, U.S. dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.

Zimbabwe's central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency.

The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, U.S. dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.

The "Mosi-oa-tunya" coin, named after Victoria falls, can be converted into cash and be traded locally and internationally, the central bank said.

The gold coin will contain one troy ounce of gold and will be sold by Fidelity Gold Refinery, Aurex and local banks, it added.

Gold coins are used by investors internationally to hedge against inflation and wars.

Last week, Zimbabwe more than doubled its policy rate to 200% from 80% and outlined plans to make the U.S. dollar legal tender for the next five years to boost confidence.

Soaring inflation in the southern African country has been piling pressure on a population already struggling with shortages and stirring memories of economic chaos years ago under veteran leader Robert Mugabe’s near four-decade rule.

Last week, Zimbabwe more than doubled its policy rate to 200% from 80% and outlined plans to make the U.S. dollar legal tender for the next five years to boost confidence.

Soaring inflation in the southern African country has been piling pressure on a population already struggling with shortages and stirring memories of economic chaos years ago under veteran leader Robert Mugabe’s near four-decade rule.

Alternative to SWIFT: NPCI plans to take the UPI system to 32 million NRIs

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Indians overseas remitted $87 billion last year, the biggest inflow for any country tracked by the World Bank

The company that built India’s digital payments backbone plans to make it cheaper and easier for the nation’s 32 million expatriates to bring their money home.

Indians overseas remitted $87 billion last year, the biggest inflow for any country tracked by the World Bank. The remittances market, where it costs $13 on average to send $200 across borders, is ripe for disruption, according to Ritesh Shukla, chief executive officer of NPCI International Payments Ltd.

“We have displaced cash in India to a large extent and are now looking to repeat the success in cross-border corridors,” said Shukla. “Overseas Indians can use our rails to remit money inwards straightway into their bank accounts, and for the markets where Indians travel frequently, we will build acceptance for our instruments.”

Successful overseas forays by NPCI would give India a home-grown alternative to SWIFT, the Belgium-based cross-border payment system operator, though Shukla stressed that the objective was not to displace existing platforms. About 330 banks and 25 apps -- including

Alphabet Inc.’s Google Pay and Meta Platform Inc.’s WhatsApp -- share NPCI’s unified payment interface, which has helped make instantaneous digital transactions a $3 trillion market in India.

Alternative to SWIFT: NPCI plans to take the UPI system to 32 million NRIs

NPCI is in the process of connecting the UPI platform to systems in other countries to replicate its domestic success. It is negotiating collaborations with governments, fintech companies and service providers around the world, aiming to reduce transaction costs and enable more small-ticket transactions, Shukla said.

Cutting Costs

“This is going to take the payments world by storm,” said Mayank Goyal, CEO of moneyHop, a cross-border banking app that lets users make international remittances through the SWIFT network. The company will seek to integrate UPI rails into the app as it makes cross-border payments easier, Goyal said.

UPI’s linkage with overseas nations will further anchor trade, travel and remittance flows between the countries and lower the cost of cross-border remittances, the Reserve Bank of India said in a report.

Alternative to SWIFT: NPCI plans to take the UPI system to 32 million NRIs

The Reserve Bank of India set up NPCI along with the country’s lenders to make retail payments faster, more accessible, and cost-efficient. A user just needs a virtual payment address to instantly transact with vendors and exchange cash between friends or family members.

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Fuel Prices on July 6: Check petrol, diesel rates in Delhi, Mumbai and other cities

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The duty cut brought down the petrol price in Delhi by Rs 9.5 and Rs 7 for diesel. Petrol in Delhi costs Rs 96.72 and diesel Rs 89.62 a litre.

Petrol and diesel prices will remain steady on July 6, the latest price notification issued by fuel retailers shows, with prices staying unchanged for more than a month after the government on May 21 cut the excise duty on petrol by Rs 8 a litre and on diesel Rs 6 a litre.

The duty cut brought down the petrol price in Delhi by Rs 9.5 and Rs 7 for diesel. Petrol in Delhi costs Rs 96.72 and diesel Rs 89.62 a litre.

In Mumbai, petrol is selling at Rs 111.35 and diesel at Rs 97.28. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai, while in Kolkata, petrol is at Rs 106.03 and diesel at Rs 92.76.

Oil marketing companies are incurring a loss of Rs 13.08 a litre on petrol and Rs 24.09 on diesel even as they pass on the excise duty cut to consumers in the country. India meets 80 percent of its fuel needs through imports.

The Centre has proposed to allow primary agriculture credit societies (PACS) to undertake activities like dealership of petroleum products, running PDS shops, and developing hospital and educational institutions, in addition to their regular functions. In this regard, the Ministry of Cooperation has floated a draft 'Model By-laws of PACS' on which it has invited suggestions from the state governments and other stakeholders by July 19.

The existing framework does not allow PACS to diversify in other areas apart from their core business. The draft model by-laws propose that PACS should be allowed to work as Bank Mitras and common service centres (CSCs), provide cold storage and godown facilities, set up PDS shops besides enabling them to work in dairy, fishery, irrigation and green energy sectors.

Share Market Closing Note

4. July 2022 sandeep Stock Market Research (0)

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Share Market Closing Note

Nifty ends above 15,800, Sensex gains 300 pts; FMCG gains, metals drag.

Among sectors, FMCG, bank and capital goods indices rose 1-2 percent, while Metal index shed 1.5 percent.

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Topic :- Time:3.10 PM

Nifty spot if manages to trade and close above 15800 level then expect some quick upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can follow in the market. Avoid open sell positions for tomorrow.

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Topic :- Time:2.30 PM

NATURALGAS Trading View:

NG is trading at 448.90.If it breaks and trade below 446.50 level then expect some decline in it and if it manages to trade and sustain above 449.20 level then some further upmove can follow in it.

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 52105.If it breaks and trade below 52100 level then expect some decline in it and if it manages to trade and sustain above 52140 level then some upmove can follow in it.

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Topic :- Time:1.15 PM

Just In:

Popular thyroid drug under a shadow for quality standards:

Abbott says it neither manufactured nor marketed the Thyronorm sample that was tested by authorities.

Abbott says sample tested by Telangana drug controller has been confirmed to be counterfeit

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Topic :- Time:1.00 PM

Nifty spot is trading at 15790.If it manages to trade and sustain above 15800 level then expect some upmove in the market and if it breaks and trade below 15770-15760 levels then some decline can be seen. Trade as per market trend and avoid big trades today.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 672.50.If it breaks and trade below 672 level then expect some decline in it and if it manages to trade and sustain above 673.20 level then some upmove can be seen in Copper.

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Topic :- Time:12.15 PM

Just In:

ITC shares rally continues as stock surges to 3-year high

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Topic :- Time:12.00 PM

Nifty is trading flat. Nifty spot if manages to trade and sustain above 15780 level then expect some further upmove in the market and if it breaks and trade below 15740 level then some decline can follow in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex, Nifty flat; metals, auto weak; PSBs, FMCG defy trend

2. Premium Content Jobs for 18-21 age group not so easy to get any more, shows data

3. Govt plans to make GST e-invoicing must for companies with Rs 5-cr turnover

4. Over 50% IndiGo flights delayed as crew members go for job interviews. Stock falls 4%

5. Heavy to very heavy rainfall in most parts of India during next 4 days: IMD

6. DGCA seeks clarification from IndiGo on flight delay; shares fall 4%

7. Automotive Axles surges 8%, hits record high on healthy business outlook

8. ONGC, Oil India extend fall; tank up to 20% in two days on windfall tax

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Topic :- Stocks in News

Hemisphere Properties India: Tata Sons Pvt Ltd has sold 59.85 lakh equity shares or 2.1 percent stake in the company via open market transactions during June 28-29. With this, Tata Sons shareholding in the company reduced to 11.97 percent, down from 14.07 percent earlier.

Glenmark Pharmaceuticals: The USFDA has issued Form 483 with one observation after an inspection at the companys formulation manufacturing facility based out of Aurangabad, India between June 27 and July 1, 2022.

Hero MotoCorp: The leading two-wheeler maker sold 4.85 lakh units of motorcycles and scooters in June 2022, a growth of 3.3% over 4.69 lakh units sold in the corresponding month of the previous fiscal. During the quarter ended June 2022, it sold 13.90 lakh units, a robust double-digit growth of 35.7 percent over 10.25 lakh units sold in same period last year.

CSB Bank: The private sector lender recorded a 16.16% year-on-year growth in gross advances at Rs 16,332.8 crore for the quarter ended June 2022 and total deposits grew by 8.65% to Rs 20,266.8 crore during the same period. Advances against gold & gold jewellery at Rs 7,099.33 crore, which is 43% of total advances, increased by 26.37 percent YoY in Q1FY23.

Eicher Motors: The company sold 61,407 units of Royal Enfield in June 2022, a growth of 43 percent over 43,048 units sold in same month last year, which included exports of 11,142 units that grew by 54% YoY. During the quarter, Eicher sold 1,87,205 units of Royal Enfield, up 51 percent over 1,23,640 units sold in same quarter previous year.

Ashoka Buildcon: The joint venture led by Ashoka Buildcon emerged as the lowest bidder for construction and maintenance of Rajiv Gandhi Fintech Digital Institute, Jodhpur. The project cost is Rs 611 crore and construction period is 18 months from commencement date. The company has a joint venture with Cube Construction Engineering, wherein it holds 65 percent stake.

TVS Motor Company: The company registered a growth of 22 percent in June 2022 with sales of 3,08,501 units as against 2,51,886 units in June 2021, including two-wheelers sales of 23 percent YoY at 2,93,715 units in June 2022. Total exports grew by 8 percent YoY to 1,14,449 units in June 2022.

Mahindra & Mahindra: The automotive company sold 54,096 vehicles in June 2022, a growth of 64 percent over 32,964 vehicles sold in same month last year, while exports for the month were at 2,777 vehicles, increasing by 7 percent YoY. In June 2022, it sold 41,848 tractors, a fall of 13 percent compared to 48,222 units sold in corresponding month last year.

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Topic :- Investors Meetings on July 4

Nazara Technologies: Officials of the company will meet analysts and institutional investors in a non-deal roadshow organised by CLSA>

EKI Energy Services: Officials of the company will be participating and meeting with 10 investors through roadshow from July 4 till July 7 in Singapore.

Astrazeneca Pharma: Officials of the company will meet investors and analysts.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 04 July,2022:

Nifty is likely to remain volatile. Global cues and results will be guiding force.

Nifty spot if manages to trade and sustain above 15800 level then expect some more short covering in the market and if it breaks and trade below 15700 level then some decline can follow in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.