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The recovery path for several sectors is delayed due to the second wave of Covid: India Ratings

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National agency India Ratings and Research expects the overall recovery path to be delayed for most service-oriented sectors until fiscal year 22, due to a significant supply-side disruption due to the second wave of infections by COVID-19.

The agency also expects the impact of the pandemic to extend into fiscal year 23, with growth moderating due to a slowdown in consumption and investment demand prospects and smoothing of supply chain problems. .

“Although the debt restructuring has been taken advantage of by a relatively smaller number of entities in fiscal year 21, given other forms of fiscal or monetary support from the government, such as the Emergency Line of Credit Guarantee Plan, it is likely that the fiscal year 23 test the credit profiles of entities with a pre – balance sheet of existing debt or those facing ongoing cash flow stress, ”the agency said in a report.

The rating company expects an overall average growth of 6% for businesses in fiscal year 22 over fiscal year 20 and of 21.2% during fiscal year 21. This is an increase from the agency’s previous estimate of a average growth of 4.4%.

In addition, according to the agency’s assessment, discretionary spending has been the hardest hit. Realty, commercial retail is likely to be below expectations, given concerns about the impact of the pandemic on upcoming office space providers likely to struggle as office purchases may be under pressure due to the continued prevalence of working from home. culture.

“Sectors linked to consumer discretionary spending and exports are likely to experience a less than expected improvement,” the agency said. “Within these sectors, airlines, residential real estate and hotels would be the most affected and may not recover until the second half of fiscal year 22.”

Recovery paths for entities in these sectors would require continued support from fiscal and monetary authorities, otherwise the recovery could be extended further, he said.

The agency also expects corporate growth to decline 3-5% in fiscal year 21 compared to its previous estimate of a 12.2% decline.

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Stock market: long and short markets: the value has returned. Also, can you make a losing bet in this market?

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Record low interest rate regimes in all economies and the push from global governments for infrastructure may not be enough to maintain the valuation gap going forward, says Dalal Street veteran Prashant Jain. This comes after a decade of underinvestment in core or capital-intensive businesses. Read more about Prashant Jain’s take on the stock rebound, the likelihood of a losing bet in this bull market, the outlook on the small cap space and finance in this week’s ‘Long & Short of Markets’ issue. .

Shouldn’t the Fed’s rate hike matter to stocks?
Despite the Fed’s decision to change rate policy much earlier than expected, markets took a little respite before continuing their upward journey. This means that global markets are viewing this widespread rally as a recovery in the fundamentals of the economy and not just as a market buoyant on central bank-induced liquidity. According to Ajay Tyagi, equity fund manager at UTI MF, any rate hike is an endorsement of the fact that the economy is on the right track. READ MORE

The path of finance is confusing
Despite being well capitalized and provisioned to deal with the pandemic, finances can be affected by growth, says Deepak Shenoy, founder of Capital Minds. In an interview, he said, despite the Supreme Court order regarding the removal of NPAs where they restricted stating that NPAs were good news, the lack of moratoriums for companies this time may create more stressed assets. for finances in the next 6 to 8 months. READ MORE

History may not repeat itself, but it rhymes!
In terms of small cap cycles in the last decade, the small cap index has recovered about 290% twice from their respective declines. This time, the index is up 182% so far. This corresponds to some of the small caps that posted their best quarterly and annual results in the recent results call. READ MORE

Courage is back! This time for a long time …
Prashant Jain, CIO, HDFC AMC, is of the opinion that stocks have experienced stretched underperformance in recent years, and from what you’ve seen, the longer the underperformance period, the more sustained and sharp the outperformance should be. Speaking about one of the important supporting factors for value resurgence in this interview, he says that the corporate NPA cycle is clearly over for India. READ MORE

What is the probability of losing a bet in this bull market?
This bull market rally has been one of the steepest and most broad-based rallies in history, with every two out of three stocks among the 2,346 listed stocks doubling their share price in the past 12 months. But what was your probability of losing your bet in this bull market? It’s only 4.6% or one in twenty stocks that didn’t get any return! READ MORE

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Simpler dilution rules for large IPOs where post-listing m-cap exceeds Rs 1 trillion

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Easier dilution rules have come into effect for mega initial public offerings (IPOs), under which companies with a post-market capitalization of more than Rs 1 trillion are not required to dilute a minimum of 10 percent. hundred. The move to ease the dilution rules is seen as a precursor to the Life Insurance Corporation (LIC) IPO.

The government has said that companies whose market capitalization exceeds one trillion rupees will have to dilute 5 billion rupees and at least 5 percent of the market capitalization.

Experts said previous companies discouraged large companies from listing as they held a large number of shares at the time of their IPO.

In addition, companies that go back to trading after insolvency proceedings must have at least a 5 percent public stake, which should be increased to 10 percent in one year and 25 percent in three years, according to the latest notification of finance. ministry. Previously, while there was no minimum threshold for public participation at the time of acquisition, it had to be increased to 10 percent within 18 months.

The amendments to the Securities Contract Rules (Regulation) notified by experts from the Department of Economic Affairs said they would ensure the discovery of fair prices.

Previously, the shares of companies such as Ruchi Soya or Orchid Pharma had seen an astronomical rise, which experts believed was due to negligible free float.

“If the resolution plan foresees the continuity of trading, there should be liquidity so that the price remains close to fair value. There is also a reasonable time to achieve 25 percent public participation, in two tranches, ”said Manoj Kumar, partner at Corporate Professionals.

According to previous regulations, at the time of the acquisition, when the resolution plan of a listed company was approved, there was no minimum limit for the public participation of a listed company. These companies were required to have a 10% public stake within 18 months. The new rules establish a minimum public participation requirement of 5 percent, which allows the acquirer to take over a maximum participation of 95 percent.

Experts say that in the event of insolvency, the general principle is that there is no value left in the shares and therefore it is possible for an acquirer to squeeze shareholders through IBC acquisitions. “But the acquirer cannot be the sole shareholder of a company and also keep the company listed. If they want it to appear on the list, they can buy a maximum of up to 95 percent and have to leave the 5 percent in public float, ”said Anshul Jain, Partner at PwC India.

While the government has filled the loophole that allowed companies acquired through insolvency proceedings to go back to trading without virtual public participation, some gaps remain, experts said.

“This notification is applicable to listed companies acquired through CIRP, but if a similar acquisition occurs through liquidation, there is no clear rule that applies. One needs to see how the stock exchanges or SEBI would deal with such acquisitions and what would be the impact on public participation in such cases, ”Jain added.

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Emerging Paradigms of Corporate Social Responsibility

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Dr. Devesh Prakash

By Dr. Devesh Prakash

The Ministry of Corporate Affairs (MCA) has modified the Corporate Social Responsibility Rules, 2021 with the aim of strengthening compliance, promoting the fight against abuse, strengthening governance and improving transparency and flexibility. In 2014, India became the second country in the world (after Mauritius) to introduce CSR by including specific provisions through Section 135 in the Companies Act 2013. The law required companies to assume corporate social responsibility by complying with certain qualification conditions every year. According to the previous rules, the Board of Directors was only obliged to explain the reasons for the underutilization, if any, in the company’s Annual Report.

The amended rules now oblige companies to necessarily spend at least two percent of their average net earnings made during the previous three financial years. The amended rules reinforce that any unspent CSR amounts will roll over to the specified CSR funds. If a company provides funds to an NGO for a specific project, then it needs to monitor spending to ensure that the NGO spent the fund for a specific project within the financial year. In case the NGO does not spend the money, it would be considered as an unspent fund in the hands of said donor company. The unspent amount related to an ongoing project will be transferred to a separate bank account created with scheduled banks and used for the next three financial years for ongoing projects. Ongoing projects are three-year projects approved by the board. The recognition of CSR expenses in the financial statement and the period in which they must be recorded has become a tenuous topic of discussion in the industry and among accounting professionals.

The definition of CSR has been provided that includes a negative list, that is, a list of prohibited items to be considered for spending on CSR. This list includes activities in the normal course of business or activities that benefit only employees or that comply with legal obligations. In addition, sponsorship expenses to obtain marketing benefits or sponsorship of sports personnel outside India, except training of sports personnel representing any state or territory of the Union at the national level or India at the international level or political donations have been included in this negative list. Recent changes allow CSR funds to be spent on creating makeshift hospitals and temporary COVID care facilities. The objective of spending on CSR should be to provide benefits to society. The additional benefit is not prohibited for CSR. For example, the purchase of goods and services from social enterprises that directly benefit the company’s employees (such as gifts purchased from a local NGO for employees, the creation of a school for the benefit employees’ children, etc.) or the company should not be treated as a CSR expense.

Provisions that could significantly alter the way CSR was carried out are a mandatory requirement for all CSR vehicles. For example, a section 8 company that intends to undertake a CSR activity must register with the Central Government. The board of directors of a company must ensure that the CSR vehicles through which CSR activities are carried out are registered throughout the period with the appropriate authorities.

The new rules emphasize the improved role of a CSR committee in the CSR activities of a company. The rules require that a CSR committee formulate the list of CSR projects or programs, areas or themes, the manner of execution, the modalities of use of funds, the details of the needs and impact assessment and supervise the policy of CSR of the company from time to time. The new rules emphasize the obligation of the Board and the CFO to monitor, evaluate and report CSR activities by providing specific roles and responsibilities. These roles and responsibilities may include the Board to ensure that CSR activities are performed by registered CSR vehicles. In addition, they also involve the Board to ensure that the funds thus disbursed have been used for CSR activities. Similarly, the 2021 CSR Rules impose obligations on the CFO or equivalent to certify that funds disbursed under CSR have been used for approved purposes.

The rules on a company’s CSR activities have become strict. There are now both general and specific sanctions that can be imposed for non-compliance with CSR provisions. Companies will need to consider these changes holistically from a systems, processes, compliance, and reporting perspective, and may need to re-review their existing policies and procedures to ensure that their CSR policies, procedures, and systems are compliant. these changes at all times.

A stepping stone to adapting to the changing paradigms of CSR regulations includes regular monitoring and ensuring that checks and balances are in place for certain more prescriptive provisions, such as last-mile monitoring of funds spent by companies. Key steps toward preparedness by companies should include ensuring that implementing agencies are properly registered and perform due diligence including reputational checks. Companies must also update the functions of the Board, the CSR Committee, the CFO and establish new standard operating procedures that include a defined process for the use of funds, determine the applicability of the impact assessment, prepare a checklist detailed processes with the owners and deadlines and formulate an annual action plan. . They should also evaluate and finalize additional disclosures in the annual report / website. In short, companies must reconfigure their policy and governance structure around spent CSR to comply with the new set of rules.

The author is a partner, Financial Accounting Advisory Services, EY India. The opinions expressed are personal

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Gold drops exaggeratedly; Ducks fed reality

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gold

Having settled the week with an excessive 6.2% drop in 1764, gold now has a market price of only 46% of its currency debasement value (measured by StateSide’s “M2” money supply) of 3870, even when adjusted for the increase in gold supply (which is today of 201,480 tons). Gold is also not a discarded heirloom, nor will it ever be supplanted by cryptocurrencies. Gold remains humanity’s only de facto true currency, and it will be even after we are gone.

dollar

His index (by descending weight = € uro, ¥ en, Sterling, CanDollar, SweKrona and SwissFranc) gained 2.0% during the week, which of the 1,068 millennium weeks to date is ranked 44th best (at the 96th percentile) . Contextually, it was the strongest dollar period since a series of weeks during the COVID depths of March 2020, prior to which it was the + 2.3% week ending November 14, 2016. But as a valued member of our Investor Roundtable would say, “At the moment, the dollar is leading the ugly dog ​​contest.” It will not last; it never does.

Gold and dollar

Readers of The gold Update knows that Gold does not play any forex favorites. As mentioned a week ago, in 2014 on September 4, the gold so far this year was + 4.7% and the dollar + 4.4% … “How can that be?” … Just because gold tends to have a price Dollars It doesn’t mean squatting as to the price of the Doggie Dollar itself. Fleetwood Mac cue from back in ’77: “You can go your own way …” And clearly for Gold, there’s a long way to go, to hell with the dollar.

Sp

The powerful S&P 500 it just lost 2.1% of its value in four days. Millennium to date that is classified as “noise” at best; It is not even in the bottom 10th percentile of the four-day price changes. The “live” price / earnings ratio is currently at a shocking and appalling 53.5x, the yield a negligible 1,359% and the risk of ownership 100%. As we wrote in our Investor Roundtable on Thursday: “My fear of the stock market has turned into sheer terror. I used to take The Rud’s “50% correction” with a grain of salt. That now can actually be modest. It’s just about “The When.” “The stock market is still a losing game (which is why most people on Wall $ treet never make real money).

The Federal Reserve

Here’s a simple equation: Late Fed + Silly Means = Comprehensive Misconception. A time-honored and specific truth of the Federal Reverse is that it “is always behind the curve.” However, we wonder if this time the Fed, in negotiating the curve, has gone beyond the edge of adherence and skyrocketed. Last Wednesday, the Federal Open Market Committee voted unanimously not to reduce asset purchases, let alone increase its bank’s rate, to maintain the current target range of 0.00% -0.25% FedFunds.

But more incredulously (this “Common Sense Challenge Department” thing), the FOMC “decided” to raise interest rates by the end of 2023 (earlier than initially considered). Consequently, the sycophantic FinMedia, specifically FinTimes, posted: “The Fed nailed it.” Nailed what? What do you see two FedFunds rate hikes by the end of 2023? How about the end of this year? The Fed has not nailed anything: rather, avoiding reality, it is the Fed that is about to be nailed. Will the two expected rate increases therefore be 10% each? Just to catch up on inflation (er, uh, stagflation) you get; (see 1976-1980). Honestly with Pete and vice versa: if one is still in stock and not gold, there isn’t much else we can do. In fact, facts.

As for your valued readers who understand and take the History of Gold seriously, the following view of the weekly bars from a year ago to date currently doesn’t look so good. Or is it really a buying opportunity? Remember the late great Richard Russell: “This is never a bad time to buy gold”:

That being said, the parabolic long trend certainly appears poised to flip short in the following week, as the price has completely breached our 1846-1808 structural support zone. And yes, our highest forecast for this year of 2401 may be in jeopardy. OR (French word for gold): Can it seem like the hindsight forecast for the end of the year has been modest? Let’s remember 1977, 1978, 1979, 1980, 1982, 1983, 2006 and 2008. On verra, mes amis …

Looking at the short term, today’s 1764 gold is within a 1799-1755 structural support area; if that bust, the next such area (with a bit of overlap) is 1760-1677 (let’s not even go there …)

Rather, let’s take a look at the Economic Barometer. It has the beginning of that “Game Over” look good for gold:

We read last week that aggregate nonfinancial state debt is now almost half the size of the US economy (Again, let’s not even go there …) And as for our current notion that the subsequent economic boom to COVID “has already happened” as people abandon COVID time activities and replace them with more appropriate ones from “normal” times Spending data now indicates large item purchases are “out” … and that eating out is now “in fashion”.

To be sure, while May home starts, industrial production and capital utilization improved, building permits slowed as did retail sales. And for June, the New York Empire State Index, the Philadelphia Fed Index, and the National Association of Home Builders Index fell short of their May readings. Up with inflation, down with the Economic Barometer / S&P 500, and hello stagflation. (“Check … check … check …”)

Meanwhile, on this side of the pond, companies are said to have taken on so much COVID debt that “life support loans” are all the rage to combat bad debts. Of course this (and particularly after the Fed) has knocked the euro off the podium at the ongoing Ugly Dog Contest, the Zone currency suffered its biggest three-week drop since COVID actually took effect in April. a year ago. (And for those of you scoring at home with those European vacations in mind, the current level of € 1,189 seems to erode in our range to 1,173, even 1,161.) “Come on Mabel, we’re going to Rome!”

Now, two weeks ago, when we could “see” some gold pullback, even just seasonally and much less technically, maybe we should have titled that piece (instead of “Gold’s June Swoon”) instead of “Gold’s June Doom.” In fact, since the recent high for gold in 1913 on May 26, the current price is -7.8%, roughly its net change so far this year (-7.2%). And according to the chart below to the left, when Gold’s “Baby Blues” broke + 80% of the ice on June 7, it was without a doubt the true beginning of this swoon.

Note that right at Gold’s Profile for the past fortnight there has been a low volume of trading for much of the mid-19th century, which for fans of “All Gaps Are Filled” is encouraging for Gold to be retrieve (and what common sense of course says’ twill):

Silver as + 80% of the ice was broken even earlier, on May 25, as we see below left. If you don’t hold the price here, your next area of ​​structural support is a full dollar range from 25.68 to 24.68. Sister Silver’s profile at the bottom right matches well enough with that of gold, the gold / silver ratio is now 68.2 times, slightly above the millennium average to date of 66.3 times:

Phew! After a week like that (our perspective / review), we can only end up with something even more cheesy. In her testimony last week before the Senate Finance Committee, former Fed Chair Janet “Old Yeller” Yellen, in selling the Biden Administration’s $ 6 trillion budget, presented it as a step toward solving the ” climate change “and” inequality “. We can’t wait – we’re all equally poor under clear skies. “You have gold ???”

Health!

www.deMeadville.com

This Article was originally published on FX Empire

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Insolvency law changes the way society perceives business failures, says MS Sahoo

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Filled with a huge unsatisfied appetite for freedom of exit, insolvency law is changing the way society perceives business failures as it becomes a reform of, for and by stakeholders, according to IBBI president. , MS Sahoo.

Just over five years after its enactment, the Insolvency and Bankruptcy Code (IBC), which provides a limited, market-linked time frame for the resolution of stressed assets, has passed the constitutional test.

In Sahoo’s words, with each Supreme Court ruling, the Code has developed deeper and stronger roots, and probably boasts the largest body of legal cases.

In terms of value, the code has rescued 70% of distressed assets through insolvency resolution plans and released the remaining 30% of those assets through liquidations.

Sahoo, who has been at the helm of the Bankruptcy and Insolvency Board of India (IBBI) since its inception in October 2016, said the code is changing the way society perceives business failures.

IBBI is a key institution in the implementation of the Code.

According to the IBBI chief, by salvaging viable businesses through the insolvency process, closing unviable ones through liquidation, and facilitating voluntary liquidations, he is freeing entrepreneurs from honest business failures.

“Companies, which may not withstand market pressures, would have to use the code to reorganize business or for a clean and dignified exit. ‘Not succeeding’ will soon be the new mantra for budding entrepreneurs in the country. No There are days far away when we will celebrate failure, “Sahoo told PTI in an email interview.

Since the provisions of the Bankruptcy Resolution Process (CIRP) came into force on December 1, 2016, a total of 4,376 CIRPs have been initiated until the end of March of this year.

Of the total, 2,653 have been closed, including 348 CIRPs that ended with the approval of resolution plans. Up to 617 CIRPs were closed on appeal or review or resolved, while 411 were withdrawn and 1,277 ended up in liquidation orders, according to IBBI’s latest quarterly bulletin.

Citing the findings, Sahoo said a huge unsatisfied appetite for freedom of exit “made the Code a reform by, for and by stakeholders, and the ban on undesirables to seize control of a stressed company ushered in a fair relationship between debtor and creditor.

Significant improvements in the insolvency resolution score made it easier to conduct business in India and the emergence of new markets for resolution plans, interim finances and liquidation assets, among others.

While noting that six amendments and dozens of subordinate laws have kept the code relevant with changing needs and addressed implementation difficulties, Sahoo said that most importantly, “the rule of law was institutionalized in an anarchic and stressful situation when the claims of all creditors together is incompatible with the company’s available assets. ”

All that said, there are also flaws but not many.

Aside from the few missing elements, such as cross-border and group insolvency to supplement corporate insolvency, Sahoo said that while work has begun, an institutional framework is sometimes lacking to prepare a cadre of appraisers.

“Compared to the previous regime that took almost five years to complete, the process under the code that produces a resolution plan takes an average of 400 days. However, if it does not reach the expected 180/270 days,” he said.

He also noted that economic legislation is typically a skeletal structure and “judicial pronouncements give it flesh and blood” and resolve gray areas.

“While granting the legislature the freedom to experiment, the supreme court proactively resolved jurisprudence, explained various conceptual issues, resolved contentious issues, and resolved gray areas, at an unprecedented rate, providing clarity on what is permissible and what is not. It is, “he emphasized.

The Code has also helped create a cadre of 3,500 insolvency professionals, three professional insolvency agencies, 80 professional insolvency entities, 4,000 registered appraisers, 16 registered appraiser organizations, and one information company.

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India spent 2386 cr rupees in 2020 on oral cancer treatment, study finds

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Multiplying the cost per unit of early and advanced cancer based on the results of one study, India spent approximately Rs 2,386 crore in 2020 on oral cancer treatment, paid for by insurance plans, the government and the private sector, out-of-pocket costs and charitable donations or a combination of these.

This is a significant part of the health care budget allocation made by the government in 2019-20, towards a single disease. Without any cost inflation, this will result in an economic burden on the country of Rs 23,724 crore for the next ten years.

Tata Memorial Center published the first study of its kind on the cost of disease and treatment of oral cancer in India.

“This strained economic impact of oral cancer treatment strongly suggests that prevention should be one of the key mitigation strategies to address affordability,” the study said, adding that almost all oral cancers are caused by some form of tobacco and the use of areca nuts, either directly. or as a second-hand intake.

It is very important that our country take the appropriate measures to curb this threat and mitigate the economic burden caused by just one of the hundreds of diseases caused by tobacco use, he said.

“Early detection strategies leading to a reduction of only 20% in late-stage disease could save almost Rs 250 million a year.”

According to the World Health Organization (WHO), the study further said that cancer is the second leading cause of death globally, with about 70 percent of cases occurring in low- and middle-income countries.

“The cancer scene in India is fraught with oral cavity cancer being the most common among men. In fact, India accounted for almost a third of the global incidence in 2020. “

Dr. RA Badwe, Director of the Tata Memorial Center, said: “According to statistics from GLOBOCAN, the rate of newly diagnosed cases has increased by a staggering 68% in the last two decades alone, making it a true crisis of public health.

“To add to this, accessibility to health services is low, which coupled with poor health awareness results in most cases presenting with late-stage disease that is often difficult to treat.”

About 10 percent of patients have a progressive disease that makes them untreatable and can only be offered supportive care for their symptoms.

Most of those who receive some type of treatment are unemployed and become a financial burden on their friends and family. Even patients with health insurance and / or government assistance, who are generally considered immune to the cost of health care, face serious challenges as most schemes do not provide the actual amount needed for treatment.

This eventually increases their out-of-pocket expenses, pushing a significant proportion of the patients themselves and their families into a never-ending cycle of debt.

To address these issues, a team from the Tata Memorial Center, led by Dr. Pankaj Chaturvedi, set out to conduct a cost-of-disease analysis that would provide invaluable information for policymakers appropriately allocating resources to cancer.

This is the first study of its kind in India and among a few globally, the estimates of which were calculated using a bottom-up approach where data was collected prospectively for each service as it was used.

This huge collection of data has made it possible to determine the direct healthcare costs of oral cancer treatment, that is, the cost per patient borne by a healthcare provider that is directly attributable to oral cancer treatment.

Dr Arjun Singh, a researcher at Tata Memorial Hospital and lead author of the study, said the unit cost of treatment for the advanced stages (Rs 2.02,892) was found to be 42% higher than the early stages (1.17. 135 rupees).

At the same time, there was an average 11 percent reduction in unit costs, as socioeconomic status increased.

Medical equipment accounted for 97.8 percent of capital costs, with the largest contributor being radiology services that included CT, MRI, and positron emission tomography.

Variable costs including consumables for late-stage surgery were 1.4 times higher than early-stage surgery, the study said, adding that “with the addition of additional chemotherapy and radiation therapy to surgery, the average cost of treatment increased by 44.6 percent. “

“About 60-80 percent of oral cancer cases visit their specialist oncologists in advanced stages.” – IANS

rak / dpb

(Only the headline and image for this report may have been edited by Business Standard staff; other content is automatically generated from a syndicated feed.)

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Father’s Day 2021: History, date, importance of the day

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On this day, children express their gratitude to their parents and also to those with whom ties equate to parental ties. Image: IE

Father’s Day is celebrated on the third Sunday of June every year in India. That is why there is no set date to celebrate Father’s Day. This year, it is celebrated today (June 20) as it is the third Sunday of this month. As its name suggests, it is the day we celebrate fatherhood and the bond between children and their parents. Due to the Covid-19 pandemic, it is unlikely that people will be able to celebrate the day extravagantly. The celebrations are expected to be minimal, similar to last year.

Meaning
On this day, children express their gratitude to their parents and also to those, with whom ties are equal to parental ties. All of the father figures who have helped shape minds, thoughts and have been instrumental in one’s life are also honored on that day. Because all the sacrifices made by parents for their children are also recognized.

Story
After losing a mother, her father took care of a 16-year-old girl, Sonora Louise Dodd, along with her five younger siblings. Dodd’s father was a war veteran who selflessly cared for his children. To mark their efforts, Sonora drew up a petition demanding that Father’s Day be celebrated. With the means of his petition, he wanted all fathers and those who are father figures to all to be honored on the date of his father’s birthday, June 5.

While efforts to celebrate Father’s Day were unsuccessful, Sonora managed to convince local church communities to participate. The date was decided as the third Sunday of each June. Later, Dodd spent years campaigning for the efforts that parents make for their children.

Celebration
The celebrations have remained subtle since last year. Many people exchange cards, prepare hearty meals, bake cakes for their parents to mark the day. Some also bring flowers or gifts as a symbol of their gratitude and love.

People have also taken to social media to express their feelings for their bond with parents. Many have also shared their memories and images to mark the day.

This is how some netizens posted on Twitter.

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