Analysts highlight that on a sequential basis, headwinds are in the form of wage revision for Infosys, TCS and Tech Mahindra; increase in travel costs across all companies and visa costs for many; and decline in utilisation, as companies crank up fresher hiring to meet demand. Attrition is expected to remain high at over 20% across companies as they deal with talent crunch in a buoyant demand environment. “Companies are expanding talent pools largely through freshers, though they take time before they get into production. In the interim, mid-cycle compensation revision and retention bonuses are common. Onsite attrition is also high across companies,” analysts at KIE said. In terms of pricing, companies have secured some revision though not enough to offset wage inflation. “For now, a more reasonable assumption will be stable pricing rather than a view of pricing increase,” they said. Companies will also face cross-currency headwinds emanating from 5%, 6.6% and 1.7% appreciation of the dollar against the euro, pound and Australian dollar, respectively. Cross-currency headwinds are expected to be between 120 and 200 basis points. “Optically, rupee depreciation may appear as a tailwind; however cross-currency headwinds have ensured only a marginal tailwind for the quarter,” they said. IT companies are also expected to report robust new deal wins, with a strong demand pipeline and no material change in their decision-making cycle. Also, analysts expect a divergent performance across companies sequentially due to seasonal factors, while the year-on-year growth is expected to remain strong. “On a sequential basis, performance will vary depending on seasonal factors and a certain amount of portfolio stress. We believe Infosys will lead the way with growth of 4.5%, followed by TCS at 3.6%,” analysts said. However, seasonal weakness is expected to impact the growth of Tech Mahindra at 2.6% in cross-currency (CC) terms, Wipro at 2.8% in CC terms and 2.1% organic, and HCL Technologies at 2.4% in CC terms. “Mphasis will report a weak quarter due to a likely decline in the BPO business linked to mortgage origination and refinancing. LTI (L&T Infotech) will report modest 3.1% growth due to lower pass-through revenues. Mindtree will lead the way on growth among mid-tier companies,” they said. Meanwhile, the year-on-year performance is expected to remain strong across the board and range from 2-4.5% for the Tier 1 and 3-5% for the mid-tier category. The earnings seasons starts from July 8, with TCS reporting its financial numbers for the April-June quarter. Source: The Financial Express

Ahead of the International Day of Yoga the Embassy of India, Muscat, organized an eye-catching Yoga performance under 'Muscat Yog Mahotsav- 75 days, 75 events'. The performance organized by Indemb_Muscat, informed Indian Minister of State for External Affairs, V. Muraleedharan, in a tweet. "Do watch the breathtaking view of Yoga being performed at the giant incense burner overlooking iconic Fort Mutrah and the Corniche in Muscat, Oman," he added, continuing the thread. The yoga was performed at the giant incense burner overlooking iconic fort Mutrah in Muscat, Oman. The Muscat Yog Mahotsav is a festival of peace, health, and wellbeing held in association with Yoga organizations in Oman as a run-up to the 8th International Day of Yoga. The Yog Mahotsav will feature over 75 curated Yoga events all across Oman in the coming 75 days till 21 June 2022 as part of celebrations of Azadi Ka Amrit Mahotsav. "Azadi Ka Amrit Mahotsav" is being celebrated in the country in commemoration of 75 years of independence of India, and the glorious history of its people, culture and achievements. It's a celebration of our collective achievements as a 75-year-old independent country with a legacy of 5000+ years of ancient history. The celebration rests on five pillars outlined by the Indian Prime Minister i.e. Freedom struggle, Ideas at 75, Achievements at 75, Actions at 75 and Resolves at 75 as guiding force for moving forward and Keeping dreams and duties as inspiration. On the eighth International Day of Yoga which will be celebrated on June 21, Prime Minister Narendra Modi will perform Yoga at Mysore Palace in Karnataka, while 75 Ministers from his cabinet will do Yoga at 75 historical and cultural sites in the country. External Affairs Minister S Jaishankar will perform Yoga at Delhi's Lotus Temple. International Day of Yoga over the years has not only boosted Yoga's popularity but also expanded its geographical presence by inspiring its adoption in several new territories. June 21 is observed as the International Yoga Day, recognising the benefits of the ancient Indian practice of Yoga. Source: ANI

Bangladesh's performance appeared better in containing price of essentials compared to its neighbours despite a worldwide inflation, largely caused by the global political crisis, a situation that emerged when the COVID-19 pandemic slowed down the economic growth across the globe. The South Asian countries like most nations elsewhere currently witnessing an uptrend of prices as well as supply crunch of major commodities like rice, edible oil, sugar, potato, flour and onion against the backdrop of the Russia-Ukraine conflict. A visibly stricter government vigil kept the prices of most of those items comparatively lower in Bangladesh though experts and financial analysts feared to the Ukraine crisis to aggravate further market situation in South Asia. A comparative analysis based on official data of the countries in the region suggest that the prices of the most of these items in Bangladesh remained lower than that of India, Pakistan, Sri Lanka and Bhutan. According to the latest exchange rate, Bangladesh's Taka 1 equals to India's Rs 0.84, Pakistan's Rs 2.22, Sri Lanka's Rs 3.76, Nepal's Rs 1.33 and Bhutanese ngultrum (Nu) 0.84. Rice is the staple food in these countries while average price of this item went up throughout the region compared to the same period of the last year. According to latest official data, the price of per KG coarse rice in India reached an average of 36.41 rupee which is Taka 43 for per KG Aman and Boro coarse rice in Bangladesh. In Sri Lanka, the price of per KG rice is now hovering around 280 rupees which skyrocketed to almost 500 rupees two months back. In Pakistan, per KG rice (IRRI) has been registered at Rs 64.81 (64 rupees in Rawalpindi and 65.62 rupees in Multan). In case of wheat and flour, all these countries are faced with a supply crunch to some extent due to the ongoing Russia-Ukraine war as these two countries are major suppliers of wheat to the global community. The price of per kg flour (packaged) has been registered at Taka 47 in Bangladesh which is RS 33.85 in India and Rs 64.69 in Pakistan (63.75 rupees at Multan and 65.63 rupees at Faisalabad). The edible oil price soared in this region as Indonesia, the major palm oil producer, slapped a ban on its export directly affecting India, Pakistan, Bangladesh and Sri Lanka in recent time. Jakarta, however, decided to withdraw the ban in fag-end of May stabilizing its domestic supply. According to the latest media reports, cooking oil is more expensive in India, Pakistan and Nepal than Bangladesh. The current price of per liter loose soybean oil is Taka 182 in Bangladesh, which is 169.06 rupees in India. However, the price of coconut oil, mostly used as edible oil in Sri Lanka, soared to 741 rupees per liter. Prices of other cooking oils including sunflower, peanut oil and canola have raised 50-70 percent during the post-COVID period while the traders attributed the escalation to ongoing geopolitical tension. In Pakistan, the newly formed government has abruptly increased the prices of edible oil and ghee by an unprecedented Rs 208 and Rs 213 to an all-time high of Rs 555 per kg and Rs 605 per litter. The Nepalese people now need to spend around Rs 197.15 to 214.75 for a litter of bottled soybean oil. The commonly consumed sugar is flying high in Sri Lanka with Rs 320 per KG which is around 83 rupees in Pakistan, Taka 80 in Bangladesh and 41.84 rupees in India. The potato price in Bangladesh is comparatively much lower as it is being sold at Taka 22 per KG which is Rs 25.08 in India, Rs 48.50 at Lahore in Pakistan, Rs 400 rupees in Sri Lanka and 44.18 Bhutanese ngultrum. On the other hand, tomatoes are also being sold at comparatively lower price in Bangladesh with Taka 54 per KG which is 52.49 rupees in India, 79.75 Bhutanese ngultrum, 70.50 rupees in Pakistan and 555 to 800 rupees in Sri Lanka. Bangladesh has to rely heavily on imported onion, but its price is now stable, hovering around Taka 35 per KG, while it is Rs 24.07 in India, 53.1 Bhutanese ngultrum, Rs 61 at Lahore in Pakistan, and Rs 200 in Sri Lanka. All price related data have been collected from the Department of Agriculture Marketing (DAM) of Bangladesh and Trading Corporation of Bangladesh (TCB), Department of Consumer Affairs, Price Monitoring Division of India, Statistics Department of the Central Bank of Sri Lanka, Agriculture Marketing Information Service of Pakistan, and Agriculture Market Information System under the Department of Agricultural Marketing and Cooperatives of Bhutan. Since, Russia and Ukraine combined have a significant share of global supplies of oil, gas and other commodities, so their conflict hugely impacted the global market. Even before the crisis, inflation in South Asian economies was rising relative to competitors in global markets while, it impacted South Asia because of their reliance for grains on both the conflicting nations. Analysts say the additional shock in commodity prices would widen further the gap - increasing the relative cost of production in the region - and erode the competitiveness of cheap labour and energy-intensive industries. Director General of Directorate of National Consumers Right Protection (DNCRP) AHM Shafiquzzaman said his office was continuing its drive to keep the prices of commodities under control. "We are continuing our drives to refrain the traders from excessive profit. We are also motivating the traders to maintain their prices under tolerable level," he told BSS. TCB spokesman Md Humayun Kabir said the state-run corporation took an initiative to sell three essential items at subsidised rates from June 22 to some one crore low-income group families ahead of the forthcoming Eid-ul-Azha. "TCB will sell three essential items - edible oil, sugar, and lentil in low price. The state-run organisation regularly takes such initiatives to keep the market price of daily commodities affordable," he added. Source: BSS AH

Though being a non-permanent member of the UN Security Council, performance of India indicates that the world needs new delhi to be at the horseshoe table permanently, the country's envoy to the United Nations TS Tirumurti has said. "India took its place in the Security Council for the eighth time as an elected member - The highlight of our presence in the Security Council so far has been our presidency in August," Mr Tirumurti, who is India's Permanent Representative to the UN, said in a video. India's Permanent Mission to the UN posted the special video highlighting the several achievements by India as its first year in the UN Security Council draws to a close. The video chronicles India's journey as a non-permanent UNSC member in 2021 including its Presidency of the 15-nation Council in August, on combatting terrorism, UN peacekeeping, Afghanistan, Myanmar, Africa, Middle East and Climate action. "Our performance again indicates that the world needs India to be at the horseshoe table permanently," Mr Tirumurti said, as he underscored the need for New Delhi to have a seat at the UN Security Council as a permanent veto-welding member. Narendra Modi also became the first Indian Prime Minister to preside over a UN Security Council Open Debate as he chaired the high-level session on 'Enhancing Maritime Security - A Case for International Cooperation' on August 9. For the first time, the Security Council adopted a presidential statement on maritime security. The visit of the Indian Prime Minister to the United Nations and to address the UN General Assembly was "certainly a high point this year", he said. It was during India's August presidency of the Council that the situation in Afghanistan rapidly deteriorated, requiring the Security Council to act without any delay, Mr Tirumurti said, adding that Resolution 2593 on Afghanistan was adopted under India's presidency, which demands assurances that Afghan soil will not be used for terrorism against other countries and that the authorities in Kabul will act against all terrorists, including those designated by the 1267 Sanctions Committee. Significantly, India firmly opposed the attempt by countries to bring the issue of climate change into the Security Council. Mr Tirumurti had said at the Council meeting earlier this month that "India is second to none when it comes to climate action and climate justice. But the Security Council is not the place to discuss either issue. In fact, the attempt to do so appears to be motivated by a desire to evade responsibility in the appropriate forum." At the flag installation ceremony in the beginning of the year for the incoming UNSC members, Mr Tirumurti had highlighted that India comes into the Security Council "as a largest democracy, representing 1/6 of humanity and a very strong commitment to reformed multilateralism, rule of law, a fair and equitable international system and to peace, security and development." Mr Tirumurti also said in the video that India has been consistent in its support for transition to democracy, whether in Myanmar or in Africa and on issues affecting the developing world, India has been a strong voice to protect their interests."Our steadfast commitment to safeguarding the interests of the developing world is reflected in our performance," he said. Further, given its predominant role in UN peacekeeping, India gave UN peacekeeping a strong focus in the last one year, including during its August Presidency.During a meeting in August, External Affairs Minister S Jaishankar had said that peacekeeping continues to play a crucial role in India's vision of ensuring international peace and security and providing greater clarity, direction and professionalism in UN peacekeeping operations is at the heart of the vision. After nearly five decades, India piloted a resolution on 'Protecting the Protectors', calling for accountability for crimes against peacekeepers. India also gifted 200,000 COVID vaccines to cover every peacekeeper in every peacekeeping mission throughout the world. Indian forerign minister Jaishankar had also chaired a briefing on ISIL Daesh during India's presidency and New Delhi helped shape the Global Counterterrorism Strategy in the UN General Assembly. During the year, India also sought to bring the necessary balance to the debates relating to Africa, Mr Tirumurti said adding that India made its views clear on the issue of burdening African countries with unrealistic benchmarks on their sanctions regime and called for greater commitment from the international community to assist Africa fight terrorism. India chaired the Taliban Sanctions Committee and the Libya Sanctions Committee this year and will chair the Counter-terrorism Committee next year. In a historic decision, the UN General Assembly granted observer status to the International Solar Alliance. Source: NDTV

Union Minister of State (MoS) for Finance Dr Bhagwat Kishanrao Karad lauded the banks for their performance in higher credit delivery under various government-sponsored and self-employment schemes and urged them to exert more to enable ushering in of digital ecosystem as well as financial inclusion in Jammu and Kashmir. Dr Karad made these remarks while chairing the 4th Meeting of the Jammu and Kashmir Union Territory Level Bankers' Committee (J-K UTLBC) held at Mini Secretariat in Ganderbal. While hailing the UT as the crown of the country, MoS Finance stated that Jammu and Kashmir has a unique significance for the country and that the central government will always support the J-K government in its endeavours to improve the lives of its people. Dr Karad expressed satisfaction over the amount of Non-performing Assets (NPAs) under MUDRA and other government-sponsored schemes in a predominantly retail economy like J-K, which he said was very low in comparison to other states and UTs across the country. Stressing upon the bankers for 100 per cent coverage of villages under financial inclusion programmes of Finance Ministry and RBI, Dr Karad urged banks to make all-out efforts to cover all the unbanked villages. Dr AK Mehta, Chief Secretary, informed that all government payments in UT of J-K are transacted digitally. Mehta stated that the government is committed to provide gainful employment to one lakh youth in J-K through various schemes and urged the departments and banks to synergise their efforts to achieve the target. While elaborating, he informed that 50,000 youth under the "Mission Youth" Programme shall be provided self-employment opportunities during the current financial year. Besides, steps are also afoot to create 20,000 jobs in the government. He stated that the government has begun the process of creating employment opportunities both in the public and private sector to reduce the unemployment rate to 5 per cent. Dr Mehta informed that banks for the most part maintained business continuity during the pandemic in the UT. Overall banks are doing well but need to improve greatly in certain schemes like Stand UP India, SC, ST and OBC. While stating that he was following credit delivery under CGTSME closely, he informed that there was a huge potential to create employment by suitably tapping the insurance coverage under CGTMSE, the statements issued state, "We have a robust financial inclusion mechanism in place, however the CD ratio of private banks is not encouraging and their performance in priority sector lending also leaves a lot to be desired, " Dr Mehta observed. Earlier, while outlining the role of the financial sector in J-K during Covid-19 Pandemic, Chairman and MD J-K Bank, RK Chhibber said that banks in J-K responded proactively by providing uninterrupted banking services to the people of the Union Territory besides adhering to COVID- 19 SOPs Chhibber said that the targets assigned by J&K Government under 'Back to Village' programme have been achieved by disbursing an amount of Rs.337 Crore in favour of 20,000 Beneficiaries. It was informed that the banks operating in Jammu and Kashmir have extended a total credit of Rs 7,296.58 crore in favour of 3,29,370 beneficiaries registering an achievement of 16 per cent in financial terms and 22 per cent in physical terms during the first quarter of FY 2021-22; against the Annual Credit Plan of Rs.44,980.57 crore for 14,97,700 beneficiaries. Against the target of Rs.780.53 Crore spread over 38,560 beneficiaries for FY 2021-22, banks operating in UT of J-K have disbursed Rs.239.29 Crore in favour of 11,023 beneficiaries during the period from April 1 to August 38 under four major Government Sponsored Schemes. Under the KCC scheme, the Minister was informed that more than 9.50 lakh borrowers have been covered under the scheme in UT of J-K and the NPA under the scheme was as low as 4.14 per cent. Source: ANI Rtv

James Cameron says the amazing box office performance of Avengers: Endgame gives him hope about the future of cinema as it proves that people are still interested in going to theatres to watch movies. The superhero film became the world’s highest grossing movie by earning USD 2.796 billion at the box office, breaking the long standing record set by Cameron’s films Titanic and Avatar. “It gives me a lot of hope. Avengers: Endgame is demonstrable proof that people will still go to movie theaters. The thing that scared me most about making Avatar 2 and Avatar 3 was that the market might have shifted so much that it simply was no longer possible to get people that excited about going and sitting in a dark room with a bunch of strangers to watch something,” Cameron told the Deadline. Cameron is hopeful that if Endgame could earn record-breaking money at the box office, his long-delayed Avatar sequels could to do the same. “Will Avatar 2 and 3 be able to create that kind of success in the zeitgeist? Who knows. We’re trying. Maybe we do, maybe we don’t, but the point is, it’s still possible. I’m happy to see it, as opposed to an alternate scenario where, with the rapid availability (of) custom-designed experience(s) that everybody can create for themselves with streaming services and all the different platforms, that might not have existed anymore,” he said. Avatar released in 2009 at the beginning of the 3D technology and became a box office sensation thanks to its visuals. But the major concern for the director, known for his trademark big budget spectacles, would be the delay in the first Avatar and its sequels. The second Avatar film will be released by Disney on December 17, 2021, with Avatar 3 arriving on December 22, 2023. There are other sequels in the pipeline provided these two movies work at the box office. Source: UNB AH