More grief for Franklin Templeton investors as FoFs see sharp drop in value


investors may have to brace for another blow, with six of the fund house’s debt schemes having seen erosions of between six per cent and 25 per cent in their net asset values (NAVs). The six are so-called fund of fund (FoF) schemes, which invest in a basket of other mutual funds. The FoFs had varying degrees of exposure to the Franklin schemes that the fund house wound up, citing heavy redemption pressure amid illiquid market conditions.


Franklin Life Stage FoF 50s Plus has seen the deepest drop in NAV at 25.2 per cent, followed by Franklin Multi-Asset Solution Fund at 22 per cent and Franklin Life Stage at 17.8 per cent. The asset under management (AUM) of five of the six FOFs is less than Rs 25 crore. Franklin Dyanmic Asset Allocation FOF, which had an AUM of Rs 878 crore, has seen nearly 17 per cent drop in NAV.


“Pursuant to decision to wind up Franklin India Short Term Income Plan and Franklin India Dynamic Accrual Fund, announced on April 23, 2020, the investments by the Fund of Fund Schemes in the above-mentioned underlying schemes that are wound up were

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HCL Technologies, Tamil Nadu govt join hands to improve Covid-19 response


The has partnered with to set up a disaster management – to strengthen the State’s disaster management efforts in the face of the ongoing Covid-19 pandemic.


HCL is also helping improve and expand the state’s disaster management helpline (1070) through technological upgrades, manpower assistance and effective reporting mechanisms, the company said in a statement on Friday.


The Disaster Management of the Government of Tamil Nadu (in Ezhilagam Building, Chepauk, Chennai) is responsible for the overall management of disasters across the state. The Disaster Management-Centre, housed at the premises will help capture data trends from across all districts of Tamil Nadu in real time and display them live to inform the Government’s future decisions on the degree of response needed for each district and also for graded relaxation of the current lockdown to resume economic activities.


ALSO READ: ANMI seeks Sebi, FinMin intervention as Franklin closes 6 MF schemes



The operates a call centre (helpline 1070) which is accessible to people across the state and delivers the first level of response in any emergency. Given the increased call

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We’ll come out stronger from this situation: Infosys CEO Salil Parekh


will come out “stronger” in the post-COVID-19 world on the back of strong operating metrics and client focus, CEO said.


COVID-19 has disrupted businesses globally and impacted operations for Indian IT firms as well. There are concerns in the industry around budget cuts by clients and layoffs, as enterprises grapple with reduced earnings amid lockdowns across various parts of the globe.



Speaking to PTI, Parekh said while there is uncertainty in the near-term, the company is confident of its strengths that will help it navigate this period and emerge stronger from it.


“Last year, we had 9.8 per cent growth and the year before 9 per cent growth. We’ve had a really extremely successful business over the last couple of years, a very strong operating margin and expansion in earnings per share, USD 9 billion in large deals,” he said.


“So all of our metrics, I think already were industry leading. In the near term, there will be some concerns in the business from an overall economic perspective,” he added.


Parekh said that as the situation improves, the company is “extremely comfortable

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ACC’s strong operating performance lifts sentiment amid Covid-19 lockdown


Even as the volume pressure was evident on ACC’s March quarter performance and realisations disappointed, cost controls pulled up the company’s operating performance. With both, operating and net profit ahead of estimates, the stock gained more than 8 per cent on Wednesday.


With the lockdown in progress, cement sales volume at 6.56 million tonne (MT) declined 12 per cent year-on-year and 16 per cent sequentially, in March quarter (Q1, for the company follows January-December accounting year). Realisations at Rs 4,702 per tonne improved marginally by 0.9 per cent sequentially helped by price hikes taken by cement players at the start of the March quarter (prior to Covid-19 led disruption), but were still down by 0.3 per cent on year-on-year basis. “The reported realisation were Rs 70 per tonne lower than our estimates,” said Binod Modi at Thus, net sales at Rs 3,433 crore declined almost 10 per cent year-on-year in Q1.


ACC, however, did well on the cost front. Pet coke and diesel prices have continued softening, and helped lower transportation and energy expenses, the two key costs for cement makers. The increase in premium cement sales and cost optimisations helped.

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Covid-19 impact may drive firms to think ‘workforce optimisation’: Survey


Amid increasing concern over COVID-19, in India expect negative impact on their business in the next 12 months, and for some the adverse impact may last longer, driving organisations to consider “workforce optimisation”, a survey said on Tuesday.


According to the Willis Towers Watson survey, 57 per cent of organisations in India expect a “moderate-to-large” negative impact on their business in the next six months, while 46 per cent expect this to last over a 12-months period.


The survey titled, COVID-19 India Readiness Survey, noted that 19 per cent expect an adverse impact to last over a two-year period, while only 5 per cent of organisations expect a positive business impact within the next 12 to 24 months.


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“The tough economic conditions and anticipated business impact could drive organisations to consider workforce optimisation,” said Rohit Jain, Head of India, Willis Towers Watson.


As per the survey, almost one in three respondents anticipate that their 2020 annual bonus for executives and employees will be impacted, while 17 per cent expect an impact on

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All that glitters is on video: Tanishq finds a way for gold customers


Jewellery brand plans to promote video-based selling of ornaments to avoid crowds at stores when the lockdown to contain the ends, said Ajoy Chawla, Chief Executive Officer of Titan’s jewellery business which owns the brand.


Speaking at a video-conference organised by the Gems and Jewellery Export Promotion Council (GJEPC), here on Monday, Chawla said, “We will accommodate only a few customers on walk in basis. Arrange chairs in our stores in a way that customers’ service is not impacted. At the same time, we will prioritise appointment based selling or ornaments.”



Titan which sells brand gold and diamond jewellery, operates over 350 retail stores across the counter. Apart from it’s retail store presence, the company also sells huge quantity of its products online.


will encourage online selection of products.


Tanishq has devised three-pronged strategy to deal with the scenario that has emerged after the pandemic.


Firstly, it will sanitise retail stores before opening. The company will also take care of its employees and sales staff at the store with adequate care to meet the challenges post lockdown.


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