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Passing the test! Coal Bill passed in Rajya Sabha, after MMDR bill
The Coal bill got a nod from the Rajya Sabha (RS) members, making it the second bill to be passed today as MMDR bill was passed by RS earlier.
This will conclude the very successful day of the Narendra Modi goverment at the Rajya Sabha, where it is in minority. Select Panel on Coal Chairperson Anil Dave had experessed confidence that Coal Bill will get support from opposition parties. The Select Committee on coal had proposed that Coal Bill is to be passed by Rajya Sabha without modifications.
The report was prepared after six rounds of discussions by the 19-member panel in the last six days. Coal bill, along with the land acquisition bill has been a big bone of contention between the government and the opposition parties.
Coal bill has seen dissent note from the Congress as well as CPI (M). The report of the Select Committee was tabled in the Rajya Sabha on March 18th. "We have incorporated most suggestions made by parties in the panel report and have made observations regarding labourers' rights protection", Dave said.
Rajya Sabha passes MMDR Bill
In a move that will provide some respite to the Narendra Modi Government, Rajya Sabha has passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2015.
Earlier, the CPM had moved motion to send the select panel's mining report back to the panel for more changes, which was rejected by RS members. Several members of the house had questioned the bill, as mining is a state subject and the Center's taking up the bill is seen as a move to reduce the autonomy of the states. A select committee of 19 members has approved the Mines and Minerals Development and Regulation (MMDR) Amendment Bill, 2015, with two amendments, while four members in the panel moved a note of dissent.
The panel, headed by Bharatiya Janata Party (BJP) Member of Parliament Bhupender Yadav. "The Committee, in view of limited ambit of amending Bill under its consideration, is of the opinion that these issues are of utmost significance that warrant serious consideration by the government. The Committee, therefore, recommends that the Ministry should consider these issues to be incorporated subsequently in the MMDR Act, 1957 at an appropriate stage as well as in the relevant rules/regulations required to be framed there under," it said.
Spectrum auction: Govt raises Rs 1.09 trillion on Day 14
The government on Thursday said that it has raised revenues of Rs 1.09 trillion from the spectrum auction at the end of the 14th day of bidding, according to a media report.
The Department of Telecommunications (DoT) said that the auction will continue on Friday.
The government has put 380.75 MHz of spectrum in the 800-MHz, 900-MHz and 1,800-MHz bands, and five MHz in the 2,100-MHz band across 17 of the 22 circles on offer for commercial use. The government has raised Rs 1.08 trillion from the ongoing mobile airwave auctions till Wednesday.
World looking to India to lead the path to higher, sustainable, and inclusive growth: IMF
It is indeed a privilege to share the stage with Dr.
Rajan, one of the worlds most highly regarded financial economists, one whom the Fund is fortunate enough to have had as its Economic Counselor. Raghu certainly has been very busy since he took over Governor of the RBI in September 2013. He has deftly steered the Indian economy to safer waters after it was hit by the market turmoil following the "taper tantrum" episode of mid-2013a point I will come back to shortly. More recently, India has introduced flexible inflation targeting as the new regime for conducting monetary policya very welcome step.
As Indias monetary policy rests in good hands, let me talk about a topic that I know has been as important a concern for this central bankas it has been for your colleagues in other emerging market countries. I am referring, of course, to the unconventional monetary easing in the large advanced economies following the global financial crisis.
We are perhaps approaching the point where, for the first time since 2006, the United States will raise short term interest rates later this year, as the first country to start the process of normalizing its monetary policy.
Even if this process is well managed, the likely volatility in financial markets could give rise to potential stability risks. Let us think today about the risks of such monetary policy "spillovers" as we have called them and what can be done to minimize their potentially adverse consequences...Read More
Feds patience for rate hike drops causing global oil prices to soar
The offset data shared by the Federal Reserve statement throws light on the upsurged crude inventories of the US.
This has created a spring in the crude inventories of the United States, as per a report by the Hindu Business Line.
The prices took a leap after Fed released the 1800 GMT statement, which said the momentum of the US economic growth has abated since the month of January, as stated in the report.
Post stooping down to a new six-year low, West Texas Intermediate which is also regarded as the benchmark for US gained $ 1.20 to $ 44.66 a barrel.
While this is the case for US, Brent Oil which is the European benchmark increased by $ 2.40 to $ 55.91 a barrel, says the report.
Fed would no longer continue to be patient on raising the interest rates which could mean a rate hike in the funds mid-year, something which stuck to the zero level for more than six years, says the report. However, reports also mention that another language in the statement tells the Fed was in no hurry to increase the interest rates.
Commenting on the scenario, Gene McGillian, a broker and analyst at Tradition Energy said. It looks like there's a little hesitation on when the Fed is going to raise rates,in the HBL report.
US crude stocks jumped 9.6 million barrels for the week ending March 13, taking inventories to the highest level in at least the last 80 years,?
states the data from the US Department of Energy, as told by the report. John Kilduff, founding partner at Again Capital stated there should be supply response at some point but they have not reached there as of now, as mentioned in the report.
WPI inflation stands at -2.06% in Feb
The annual rate of inflation, based on monthly WPI, stood at -2.06% (provisional) for the month of February, 2015 (over February, 2014) as compared to -0.39% (provisional) for the previous month and 5.03% during the corresponding month of the previous year.
Build up inflation rate in the financial year so far was -2.50% compared to a build up rate of 5.53% in the corresponding period of the previous year.
Inflation for important commodities / commodity groups is indicated in Annex-1 and Annex-II... Read more
Know more about Sukanya Samriddhi Yojana: A tax-free saving scheme for a girl child
Our noted Prime Minister, Narendra Modi had recently talked about the "Beti Bachao, Beti Padhao" when he launched the Sukanya Samriddhi Yojana, which was eligible for exemption under 80C.
In the recent budget speech, the Finance Minster proposed to make the interest component as well as the maturity proceeds as tax-free. To think of it, this scheme has now become the best small savings scheme available to investors who are otherwise conservative while investing. But is this scheme even better than our good old Public Provident Fund (PPF)?
Lets see what this scheme has to offer and compare the two.
Opening of SSY scheme
Now, Sukanya Samriddhi Yojana is a small savings scheme which can be opened by the parents or a legal guardian of a girl child in any post office or authorised branches of some of the commercial banks like State Bank of India, Bank of Baroda, Canara Bank and so on.
Here, the girl child is termed as the "Account Holder" and the guardian is the "Depositor". Any parent or legal guardian of a girl child who is 10 years or below can open this account in the name of the child.
In a bid to make this scheme operational, a one year grace period of 11 years has been announced. This means that a parent or legal guardian of any girl child who is born between December 2, 2003 and December 1, 2004, can open an account, with validity being December 1, 2015. You will need the birth certificate of the girl child, along with an identity proof and residence proof while opening an account under this scheme.
In case you have two daughters, you can open two accounts but the total amount invested cannot exceed Rs 1, 50,000 per annum...Read More
How to choose a first job and on what parameters?
Your first break or the first career move you make is very critical as it can define the path to your entire career.
Your future job prospects are based on your previous job and the skills you picked up from it. First time job seekers often tend to make the mistake of taking up the first job they find and later regret it as it doesnt match upto what they wish to do over a long term.
Theories about the job environment learnt in textbooks and the actual professional sphere are very different and hence often lead to a not so smooth transition for an individual who is just out of college and is thrust in to the corporate jungle. Instead of dealing with anxiety and making decisions out of desperation, one must concentrate on doing a fair bit of groundwork to avoid facing disappointment later.
Here are a few guidelines that can give you a heads up when scanning the job scenario in your preferred field.
Match your skills and personality to each different role you are evaluating.
Dont be tempted to take up what is on offer simply because it has come to you on a platter and looks promising on the surface. Do your research and explore the position you are being asked to fill. Evaluate if your skills, personality, temperament suit the profile you will be serving. In addition, on a primarily level, ask yourself if you have the physical and mental strength to adhere to the requirements of the job description. Remember, that the first step taken wrong may hound you throughout your career...Read More
Must-Do things while quitting a job
After a certain point of time, the growth in a corporate job comes to a standstill, which fails to yearn an ambitious individual.
The lackluster and limited opportunity in the private sector is compelling more and more people to start their own business venture or attain something higher. But, one should not forget that such decisions need advance preparations. So, here are the must-do things before one decides to quit a job.
Check if the decision is not impulsive: Many a times the decision to quit a job is taken impulsively, as a reaction to negative circumstances at the workplace.
It might be possible that a person is thinking about starting a business, but a heated argument, with the boss or unfair compensation could have forced to walk hastily out of a job. If such are the situations, then one must give time for a business idea to shape into reality.
It is recommended that a person does not quit a job until and unless he has learnt everything possible about the intended business.
Life modifications: Starting a business venture is a big decision, which needs capital investment. Hence, it is extremely critical for a person to commit adequate funds to the business. Apart from taking loans, one must embrace lifestyle changes to equip oneself, with this transition.
Also, one must trim down credit card use as there will no longer be fixed salary receipts in your account.
Think about insurance: While a person should have proper life and health insurance in place irrespective of employer-provided benefit, but the clause becomes mandatory for those quitting jobs. There would be no employer-provided benefits, and hence the insurance costs have to be incurred by an individual himself...Read More
Will Ratan Tata be the 'knight in shining armour' for Indian railways?
Owing to the promise made in his maiden rail budget in February this year, Suresh Prabhu, Railway Minister has set up two committees.
One is Innovation Council 'Kaya Kalp' headed by former Tata Group chairman Ratan Tata while the other being under the supervision of Ajay Shankar, Former DIPP secretary. While the objective behind Kaya Kalp is to heal the ailing organization, the other committee has been set up to increase private investment by refurbishing Public Private Partnership cell of the ministry, said the report.
Getting Tatas association is being regarded as a major accomplishment and Prabhu had already introduced him to the subject even before the budget, though it was yet to be confirmed, as stated in the report.
Funding new projects is becoming a hard nut to crack, but is it is also essential for the growth of the Indian railways. Hence, PPP is directed to meet that requirement. And, the former professional association of Ajay Shankar with Suresh Prabhu in power ministry as joint secretary and earlier additional secretary may help the matter.
Shankar had played a key role in preparation and enactment of the Electricity Act, 2003. He had formulated the rules and policies under the Act and also conceived rural electrification project when Prabhu headed the power ministry in Vajpayee government". Reports also say that the Railway Minister has roped in Vinod Rai, former Comptroller and Auditor General (CAG) to ensure complete integrity within all department of the railways, specifically finances.
The committees which have been put up are expected to provide innovative suggestions, as Prabhu is anticipating. It would be easier to implement the suggestive measures rather than taking inputs from within railways, where the ideas are more likely to be impeded by the bureaucratic processes, states a government official in the report.
Are you financially Diabetic?
Sedentary and stressful lives are leading to an increased risk of Diabetes in India.
The dreaded disease has many repercussions, and a diabetic individual might have just to cut down on everything he eats to contain the sugar levels. As diabetes has become a common phenomenon in Indian households resulting in higher medical costs, it is important to check if we have not become financially diabetic too.
Here are some of the monitoring tools that help to identify that out financial health is hale and hearty. Emergency Fund or Liquidity Ratio - This ratio is arrived at by checking how long your cash and bank balances will last to pay your monthly living expenses.
Cash + Bank/ Monthly Expenses. If the ratio is in between 3-6, then it is a comfortable level that implies you have adequate money to pay off your monthly expenses.
Debt Service Ratio - Calculated as (All EMIs & other debt payments) / (Family Gross Monthly Income), the ratio indicates a person's ability to pay off monthly EMIs.
It reflects the percentage of income spent on paying debt, which should ideally be not more than 40% of your income. Solvency Ratio - The ratio is meant to find out a person's ability in paying off the debts. It compares the total assets with total liabilities as (Financial Assets) / (Total Liabilities). Though the ideal ratio may differ person to person and is based on age and income, but 50% debt of financial assets is an acceptable level.
If the ratio comes above 100%, then it should ring an alarm. If any of these ratios fall below the ideal line, then it signals that the person is diabetic, and he might have to cut on his spending, reduce debt and increase savings.
Jobs, jobs, jobs! Hiring activity sees 10% yoy growth in Feb
Naukri Job Speak Index for the month of February 2015 was at 1639, recording a 10% increase in hiring activity over February 2014. The sectors which recorded maximum increase were Banking and Finance Services (BFSI) and IT at 77% and 76% year-on-year (YoY) increase in February 2015.
Geographically, Pune and Hyderabad were leading the tally and registered a yoy growth of 36% and 24% in February 2015 as reflected by the Naukri Job Speak Index. V. Suresh, Executive Vice President and Chief Sales Officer, Naukri.com said, "After a flat growth in January 2015, looks like the job market is getting on track. With economy showing signs of positive growth and with the appraisal season round the corner, we can expect the job market to gain further momentum in the coming months." Industry Sector Analysis: An in depth analysis revealed that while IT, BFSI and the Textile sectors recorded growth, whereas few sectors such as the Insurance, Auto, Agriculture and as well as the Construction and Engineering sector saw a year on year decline of 20%, 9%, 8% and 4% respectively in the index in February15.
The Telecom and Pharma sectors witnessed a spike of 14% and 12% growth respectively in the same period as compared to February 2014...Read More
Range Rover Autobiography: 21 Years of rewriting luxury
This year marks the 21st anniversary of Land Rovers introduction of the Autobiography designation then and now the pinnacle of the Range Rover model line-up. Across two decades Autobiography has denoted the ultimate combination of Land Rover design and luxury, adapting with changing customer tastes and preferences to remain a benchmark in the premium SUV market.
The Autobiography was first announced at the London motor show in late 1993 and introduced to customers the following year.
The responsibility for these models has always been the work of a dedicated team using finely honed skills and attention to detail.
The earliest Autobiography Range Rovers were wholly bespoke, offering customers the opportunity to indulge their tastes in limitless varieties of paintwork colours and interior finishes. Demand was so high, Land Rover was prompted to adopt Autobiography as a limited edition version of its Range Rover, featuring the larger engine from the long-wheelbase LSE models and distinctive interior and exterior colour-ways. Just 25 were built, securing their highly prized status among connoisseurs of the marque.
To maintain exclusivity and customer appeal, Land Rover has ensured its Autobiography models remain at the cutting edge of technology features.
The original publicity made much of the fact the rear console could accommodate a fax machine; since then Range Rover Autobiography has continued to set the pace with adoption of satellite navigation, television and video systems from as early as 1997.
Moving into the third generation Range Rover from 2002, Land Rover addressed increasingly sophisticated customer infotainment tastes with the introduction of concert hall-quality audio packages and a multi-play DVD system. Customers could specify myriad details, from the colour of the sheepskin rugs to type of wood used for cabin trims. Anyone who wanted something more exclusive only had to ask and many did...Read More
Make In India should not be assembling in India but real manufacturing: Soon Kwon
'Make in India' is a good initiative but requires a lot of support to match China, said Soon Kwon, MD of LG in India.
Speaking with the Economic Times, Kwon said that there are a lot of enablers needed to place India as a global manufacturing hub. He added that the government should scale up the suppliers' ecosystem to encourage highly efficient manufacturing, which should go hand in hand, with infrastructure development. Kwon said that enhancing roads, railways, and ports will strengthen logistics and be cost effective.
Hub for global businesses
As the government place greater emphasis on 'Make in India', Kwon said that LG already has a strong manufacturing base through its two operating plants in India.
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He told ET that LG invests on an average Rs. 1,200 crore annually, where the 50% of the investments are earmarked for research and development and boosting manufacturing activities. Kwon said that they would increase investments when required. Meanwhile, he said that the government should not limit the 'Make in India' campaign to local manufacturers but should extend it to global businesses.
India could not be successful unless it becomes a manufacturing hub for global businesses...Read More
Agricultural sector unlikely to see any growth: Dr. Abhijit Sen
Abhijit Sen, Professor JNU discussed agricultural GDP growth outlook and how abrupt rains across the country could leave an impact on food prices. Sen said that while it will be too early to comment on agricultural GDP but it appears that the sector will not report any growth at all this year.
He fears that the growth may become marginally negative. He said that the country is moving towards zero agricultural growth, plus/minus one.
Sen's comments came on the back of doubts raised by those corporates, who have a presence in the rural markets. There has been growing concern that unseasonal rains over the last few days may put pressure on the rural markets.
Fruits and vegetables prices to go up
Sen said that the latest Wholesale Price Index (WPI) indicates that the prices of fruits and vegetables are already high. He added that the Cereal prices have not turned up higher and are at appropriate price levels as per expectations.
Sen projected that cash crops and majorly cotton may witness a dramatic price drop over the coming days...Read More
Will inflation targeting really boost the Indian economy?
The Union Budget 2015-2016 proposed inflation targeting for the RBI, which means the central bank would have to bear consequences if the objective is not met.
However, this proposal looks more like an emulated move from the developed countries, as per an HBL report. Going in retrospection, deflation in developed countries has been notorious for inducing unemployment in their respective regions, which is why they have a fixed inflation target to achieve, said the report.
This however is not the case with India, where both deflation and disinflation are not considered to be ominous, looking at the soaring prices of fruits, vegetables, goods, services, real estate and others, stated the report. It was formally declared in RBI periodic policy reviews that the rate of inflation targeting would be at 5%, with a mid-term target of 3%, as per a report. Although the government is yet to take any formal action in this direction, careful consideration is required since RBI would be able to justify its role in this arena depending on the level of autonomy it holds at the moment, mentions the report.
Governments fiscal control and current account deficits would also be functional in determining how articulately the central bank is able to meet the target, said the report. If the market prices fall adding to the inflation, it would be a blessing to the farmers who would not be affected adversely but can then spend on non-food items like clothing, stated the report...Read More
Indian economy to grow 7.7% in 2015: OECD
Low oil prices and monetary easing are boosting growth in the worlds major economies, but the near-term pace of expansion remains modest, with abnormally low inflation and interest rates pointing to risks of financial instability, according to the OECDs latest Interim Economic Assessment.
Strong domestic demand is driving growth in the United States, which, combined with dollar appreciation, is adding to demand in the rest of the world. The euro area should benefit from low oil prices, monetary stimulus and euro depreciation, which combine to offer the chance to escape from stagnation.
In Japan, monetary and fiscal stimulus provide the impetus for faster near-term growth, but longer-term challenges remain. A gradual slowdown in China, towards the new official growth target, is expected to continue.
India is expected to be the fastest-growing major economy over the coming two years, while the outlook is likely to worsen for many commodity-exporting nations, with Brazil falling into recession.
"Lower oil prices and widespread monetary easing have brought the world economy to a turning point, with the potential for the acceleration of growth that has been needed in many countries," said OECD Chief Economist Catherine L. Mann. "There is no room for complacency, however, as excessive reliance on monetary policy alone is building-up financial risks, while not yet reviving business investment.
A more balanced policy approach is needed, making full use of fiscal and structural reforms, as well as monetary policy, to ensure sustainable growth and public finances over the longer term."...Read More
Amtek Auto acquires Germany based Scholz Edelstahl GmbH
Amtek Auto has acquired German based Scholz Edelstahl GmbH (referred to as Scholz) through its 100% Singapore based subsidiary Amtek Precision Engineering.
Scholz is a leading high quality hot die forgings manufacturer for the auto and non-auto component industries. It is also engaged in the special steel trading business which will enable backward integration with all of Amtek Group's international business.
Hyundai launches i20 Active in India
Hyundai Motor India Ltd, the country?s leading premium vehicle manufacturer and the largest passenger car exporter today launched the much awaited sport styled i20 Active.
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The launch marks the global debut of i20 Active in India. The i20 Active possesses stylish design and advanced technology to further redefine Hyundai?s automotive excellence in India. The i20 Active is developed for the aspirational, metropolitan, enthusiastic and value-seeking, young risers who have an active lifestyle.
The vehicle is priced at Rs. 6.38 lakh for the petrol version 1.2, Rs. 7.09 lakh for the petrol version 1.2S, while the diesel variant costs Rs.
8.89 lakh for the 1.4 SX version. All the prices are ex-showroom, Delhi.
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Tata Motors plans to launch 6 utility vehicles
Tata Motors is planning to make a strong comeback into the sport utility vehicle, according to a media report. The carmaker plans to launch six utility vehicles across segments around four years, the report added. - See more
Force Motors promoters increases stake in firm to over 60%
Force Motors Ltd has announced that the Promoters of the Company, viz.
Jaya Hind Investments Private Limited, have acquired 1,00,200 equity shares of Rs.
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10 each (in demat form) from the Market on March 13, 2015. The necessary disclosures as per the applicable regulations in respect of these acquisitions of the Promoter Group have been received.- See more
TVS & Sons appoints Suresh Krishna as Chairman
T V Sundram Iyengar & Sons Ltd., (TVS & Sons) the holding company of the $ 6.5 bn TVS group, today announced the appointment of Mr.
Suresh Krishna as its Chairman with effect from 18th March, 2015. Mr. R. Ramachandran was the last Chairman of TVS & Sons. - See more
Tata Motors Group global wholesales at 83,951 in February 2015
The Tata Motors Group global wholesales in February 2015, including Jaguar Land Rover, at 83,951 nos., grew by 5%, over February 2014.
Cumulative wholesales for this fiscal were at 877,968 nos., lower by 4%, over last fiscal. - See more
Ola plans to seal funding of Rs 2,500 crore: Reports
The Bengaluru-based startup taxi Ola is planning to seal funding round of Rs 2,500 crore led by Russian billionaire Yuri Milner's DST Global, according to reports.
A report said that the Singapore's GIC is also likely to participate in the latest round. - See more
20,000 BharatBenz trucks: Daimler reaches sales milestone in India
Daimler India Commercial Vehicles (DICV), a 100% wholly owned subsidiary of Daimler AG, Stuttgart, Germany, announced that sales for BharatBenz trucks has surpassed 20,000 units since its market launch in September 2012. Sales of BharatBenz trucks registered a growth of 72% in the first two months of 2015 as compared to same period last year.
BharatBenz trucks have been fulfilling the aspirations of the Indian truck market with a robust product portfolio from 9 to 49 tonnes. See more
Tata Motors launches Tata PRIMA in UAE and Oman
Tata Motors, India?s largest automobile manufacturer recently launched a range of next-generation Tata Prima heavy commercial vehicles in UAE and OMAN. The launch of the Tata PRIMA in UAE and Oman, marks the introduction of a new range of next-generation commercial vehicles with a series of applications in both the countries.
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Hatchbacks constitute 57% of cars resold across top cities in India: Quikr Report
Quikr, India's number one online classifieds platform, released the second edition of the Quikr Online Classifieds Used Cars Report, highlighting significant trends from the online used cars market in India. The report reveals that the demand for hatchback cars bought and sold the highest compared to any other type of car listed on the platform. Amongst other findings, the report also states that premium cars such as Aston Martin and Lamborghinis are bought and sold twice as fast as other economy cars.
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Meru Cabs plans to raise Rs 627 crore: Reports
Meru Cabs is in talks with hedge funds Valiant Capital Partners and Falcon Edge Capital to raise Rs 627 crore ($100 million), says report.. We are talking to set of investors including Hong Kong and US-based hedge funds to raise $100 mn at a valuation of $350 mn," quoted Meru CEO Siddhartha Pahwa.
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Yamaha Motor India receives various recognitions at J. D. Power Asia Pacific Awards 2015
Yamaha Motor India Sales Pvt. Ltd is proud to receive the J.D. Power Asia Pacific Awards 2015 for its offerings across ?Upper Executive Motorcycle? and ?Executive Scooter? categories. Yamaha received the J.D.
Power Asia Pacific awards based on the results of its inaugural Indian Two-Wheeler Initial Quality Study and Two-wheeler Automotive Performance, Execution and Layout Study. - See more
Nitin Gadkari plans 10-member task force for technology initiatives
According to reports, Transport minister Nitin Gadkari is planning special 10-member task force, which includes former Infosys CFO Mohandas Pai, to help drive new technology initiatives for roads, highways and ports.
The task force will work on strategies under four-year plan to ensure that technology remains at the core of every major road and transporT initiative. - See more
Carzonrent launches MYLES Franchise Program
Carzonrent, the Urban Mobility Solutions Provider in the country today has launched MYLES Franchise Program ? a one of its kind franchise program across 23 cities in India.
This is a unique program which will get together Entrepreneurial Individuals and Car Enthusiasts to grow the Myles Car sharing network. - See more
GM India launches updated version of SUV Captiva
US auto giant General Motors' Indian operations have launched an updated version of its sports utility vehicle Captiva, priced up to Rs 27.36 lakh (ex-showroom Delhi).
The model comes with both manual (MT) and automatic (AT) versions, priced at Rs. 25,13,528 and Rs. 27,36,192 respectively.
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Bajaj Auto pays advance tax of Rs. 230 cr in Q4 FY15
Bajaj Auto paid advance tax of Rs. 230 crore in Q4 March 2015 over Q4 March 2014, according to a media report.
Bajaj Auto paid advance tax of Rs. 330 crore in Q4 March 2014. - See more
Regal Raptor to set up motorcycles manufacturing plant in Telangana
Fabulous and Beyond Motors India (FAB Motors), a recently-floated subsidiary of Hyderabad-based, over Rs 600-crore diversified business group Fabulous and Beyond Motors introduced three new range of bikes. These include DD 350 E, Daytona, Bobber. The price of the same is Rs 2.96lakh, 3.22 lakh and 3.33 lakh respectively.
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Rise of the Elite! Luxury cars to reach 100,00 units by 2020
Just like the big guns in luxury car market such as Brazil, Mexico and Russia, Indian luxury car market too has tremendous growth performance than the mass market segment. In past seven years, India's luxury car market has grown eight times from 4,000 units to 33,000 units. Further more, luxury car experts estimate the number of luxury to reach a height of 100,00 units by 2020, according to the reports.
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JLR in a soup! Chinese News Agency accuses JLR of faulty gearbox
According to the reports, Tata Motors owned Land Rover has been accused of putting faulty gearboxes in its SUV brand Evoque cars in China.
Owners of Evoque cars reported problems like sudden stop of car, faulty reverse gears, etc. As per the state-run Xinhua news agency, a CCTV consumer protection show broadcast a show, pointing out that earlier the Land Rover 4S stores has changed the defective gearboxes with new once for free, but the problems in the car has not eliminated. - See more
Tata Motors bags order of 4,000 buses
Tata Motors, the second-largest bus manufacturer by volume in world, has recently bagged order of 4,000 buses from states transport authorities.
The order is given under the second phase of the union government's national urban renewal mission, according to media reports.
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A Rs 1.4 trillion consumption kicker looms, says Crisil
With real returns on savings only marginally rising, falling fuel prices and inflation, along with improving income growth should invoke the best spending spirit seen in India for a while.
CRISIL Research estimates household spending power will increase by Rs 1.4 trillion in fiscal 2016 because of low fuel prices, benign food inflation and steadily improving income growth. Measured in nominal terms, the increase is close to 2% of the annual spending of households.
These converging tailwinds, we believe, will lend the Indian economy a reasonably good consumption kicker?, a recent report by Crisil added.
No Cheeni Kum here! Sugar production may touch 26.5 MT in 2014-15
The Food Ministry has estimated that Indias sugar production would touch 26.5 million tonne (MT) in the current marketing year through September, according to media report.
The ministry has revised its estimate of sugar production for 2014-15 from 25-25.5MT to 26.5MT in the current market year, the report added. The ministry expects higher production of sugar from the states of Uttar Pradesh and Maharashtra, the report added. India had produced 24.3 million tonne in 2013-14 and 25.2 million tonne a year before.
Will food inflation prevail again due to unseasonal rains?
Areas like Nashik, Aurangabad, Solapur, Konkan and many others in Maharashtra experienced unseasonal rains accompanied by hailstorms and thunderstorms.
This is likely to bring about a scarcity of onions, grapes, pomegranates and mangoes in the coming season, as per reports. Apart from the fruits and vegetables, a lot of crops have been marred by the unseasonal showers and an abated supply of all these items could witness a hike in prices by 5-20%, say reports. The total damage to crops due to non-conducive weather has been unofficially estimated at Rs 10,000 crore, says a TOI report... Read more
Agriculture bears major brunt of disaster impacts, new report says
Nearly a quarter of damages wrought by natural disasters on the developing world are borne by the agricultural sector according to initial results from a new FAO study released at the UN World Conference for Disaster Risk Reduction.
The Organization also announced the launch of a special facility aimed at helping countries better equip their food production sectors to reduce risk exposure, limit impacts, and be better prepared to cope with disasters... Read more
Industrial production is likely to pick up in next fiscal: Deloitte
The headline IIP print springs a positive surprise as underlying sub-index performance has been muted.
The mainstay of IIP numbers over the past few months has been electricity followed by mining and manufacturing. It is of concern that electricity trajectory is on a downswing having come in at 2.7%, Anis Chakravarty, Senior Director, Deloitte- India, said. However, with increasing thrust by the government on the sector and recent announcements in the budget, we believe a turnaround may be expected in the next fiscal.
On the use based classification, IIP numbers have been positive primarily due to a spurt in the volatile capital goods segment which came in higher than expected at 12.8%. However, such numbers are unlikely to sustain, Chakravarty said. There is a review necessary on how such numbers are accounted and this needs to be brought in sync with the current GDP computational methodology. It is also a matter of concern that consumer demand still remains muted with another negative number for consumer durables, he added.
Axis Bank plans to launch bonds globally
Axis Bank is planning to enter offshore investment banking business as it aims to market bonds globally, according to a media report. The bank may also tie up with some international players on the distribution side, the report added.
The bank is expected to be in the process of appointing a consultant to secure an overview of different overseas debt capital markets, the report further said. During the year, India bond issuances increased 13% to Rs 2.90 lakh crore compared with around Rs 2.58 lakh crore in 2013.
Cos raise Rs. 9,050 crore via NCDs so far in FY15
Fund raising by Indian companies via NCDs has been less in the current fiscal 2015 compared to the previous fiscal. Indian companies have raised over Rs.
9,050 crore via retail issuance of non-convertible debentures (NCDs) through 22 issues till March 16 in the current fiscal, according to data from Securities and Exchange Board of India. In 2013-14, the companies had collectively raised funds worth Rs 42,383 crore via 35 issues, the data added. Individually, Shriram Transport Finance Company raised Rs.
1,975 crore; IFCI garnered in Rs. 1,209 crore; ECL Finance mopped up Rs. 790 crore and IFCI raised in about Rs. 742 crore.
ICICI Bank, Sovcombank conclude sale deal
ICICI Bank said that it has concluded the sale agreement of the banks non-material wholly-owned banking subsidiary in Russia, to Sovcombank. In December, the board of ICICI Bank had approved the sale of banks shareholding in its Russian subsidiary ICICI Bank Eurasia, to a third party Sovcombank.
ICICI Bank Ltd said that "the sale has concluded on March 17, 2015", the Mumbai-based bank said in a filing to BSE.
RBL Bank invests in Trifecta Fund
RBL Bank said that it would be the anchor investor in Trifecta Capitals Venture Debt Fund, an alternative investment fund (AIF) in India. This move provides RBL Bank the opportunity to support the emerging venture debt market in India, debt fund said.
The fund will focus on providing structured debt to high-growth start-ups that have raised Series-A or Series-B rounds of equity funding. The Fund plans to deploy venture debt of around Rs125 crore per annum.
Andhra Bank to raise capital worth Rs. 120 crore
Andhra Bank on Monday said that it has received the approval of its shareholders to raise Rs 120 crore in additional equity by issuing shares to the government.
The bank will issue 1,32,31,888 equity shares of face value Rs 10 each for cash at Rs 90.69 to the government, Andhra Bank said in a filing to BSE.
RBI, Bank of Uganda sign MoU for exchange of supervisory information
The Reserve Bank of India, signed a Memorandum of Understanding (MoU) on "Supervisory Cooperation and Exchange of Supervisory Information" with Bank of Uganda (BoU). The MoU was inked by Prof Emmanuel Tumusiime-Mutebile, Governor, Bank of Uganda and Dr.
Raghuram Rajan, Governor, Reserve Bank of India. The Reserve Bank has been signing the Memorandum of Understanding/Exchange of Letters (EoL)/Statement of Co-operation (SoC) with supervisors of other countries to promote greater co-operation and sharing of supervisory information among the authorities.
With this RBI has signed 24 such MoUs, one Letter for Supervisory Co-operation and one Statement of Co-operation, with overseas regulators/supervisors.
RBI seeks comments on card payment
The Reserve Bank of India said it is willing to relax the norms only for 'card present' transactions where near-field communication (NFC) technology is used.
It said the ATM transactions where the card is not present will continue to require the additional factor of authentication, a PIN or one-time password. "It has been decided to relax the extant instructions relating to the need for additional factor of authentication requirements for small value card present transactions only using contact-less card payments using NFC," RBI said in the draft circular...
RBI directs banks on refund of overpayment of pension to govt a/c
The RBI has directed banks that whenever any excess payment of government pension is detected, the entire amount should be credited to the government account immediately.
However, this must be a time bound exercise, and the government authoritys acknowledgement to this effect must be kept on the banks record, the RBI said in a notification on Friday.
The banks may take up such cases with government departments without reference to RBI, it added. In all other cases, where the excess payment has arisen on account of mistakes committed by the bank, the amount paid in excess should be credited back to government account in lump sum immediately, the RBI added.
Loans to differently-abled persons will be treated as priority sector
The RBI (Reserve Bank of India) on Friday said that bank loans to differently-abled persons will be treated as weaker section loans within the priority sector ambit.
"It has been decided that priority sector loans to persons with disabilities will be eligible for classification under weaker sections category," RBI said in a notification to commercial banks excluding regional rural banks.
Union Bank receives shareholders' approval to raise funds
The United Bank of India (UBI) has on Friday obtained its shareholders approval in order to raise capital. The shareholders obtained approval for preferential allotment of up to 35.67 crore equity shares of Rs. 10 each, at a price of Rs. 42.75 per share, to the Central government, according to a press release by the UBI... Read more
Yes Bank's advance tax payment rises 30% in Q4 FY15
Yes Bank said that its advance tax payment rose 30% to Rs.
260 million in Q4 March 2015 over Q4 March 2014. The private sector lender paid advance tax of Rs. 200 million in Q4 March 2014. Yes Bank is one of the leading private sector banks in India.
43% investors consider India as the most favourite equity market: BofA-ML
India is in a structural bull market.
However, the speed of economic recovery and earnings growth will disappoint both domestic and global investors in the short term, BofA-ML (Bank of America-Merrill Lynch) said in a report on Tuesday. BofA-ML said that the Indian equity benchmark S&P BSE Sensex is likely to touch 54,000 by end-2018. The report highlighted that most global investors are overweight on India...
New PSU bank board to be set up in next few months
The proposed public sector bank board, which would be independent in nature, is likely to oversee the functioning of lenders, according to a media report. The board, which is expected to be set up in the next few months, would closely work with boards of various state owned banks, the report added.
Finance minister Arun Jaitley had announced the setting up of the board in his budget speech. Jaitley had said that to improve the governance of public sector banks, the Government intends to set up an autonomous Bank Board Bureau. The Bureau will search and select heads of public sector banks and help them in developing differentiated strategies and capital raising plans through innovative financial methods and instruments.
This would be an interim step towards establishing a holding and investment company for banks.
IDBI Bank to sell stake in NSE in next fiscal
IDBI Bank plans to sell its entire 5 per cent stake in NSE in the next fiscal, according to a media report. In a public notice earlier, IDBI Capital had announced, "Invitation for Expression of Interest (EoI) for sale of equity shares upto 5% of the paid-up equity share capital of the NSE." The notice further said, "IDBI Bank, a client, of IDBI Capital Market Services intends to sell the shares held in NSE." Interested parties were required to submit the EoI by January 20.
IDBI Banks capital adequacy ratio as on December 31 stood at 12.2 per cent. At the end of quarter ending September 2014, IDBI Bank held nearly 23 lakh shares of NSE representing 5 per cent stake in the exchange.
Insurers to face Rs 1 cr fine for violations by agents: IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) has issued final guidelines on appointment of insurance agents.
These guidelines shall be called "Guidelines on Appointment of Insurance Agents, 2015, IRDAI said in a statment. An applicant seeking appointment as an Insurance Agent of an Insurer shall submit an application in Form I-A to the Designated Official of the Insurer. An applicant seeking appointment as a Composite Insurance Agent shall make separate application to the Designated Official of respective life, general, health insurer or mono line insurer as the case may be, in the Composite Agency Application Form I-B.
The Designated Official of the respective insurers shall deal with the application in the manner and procedure outlined in Clause IV. Only candidates who have qualified in the Insurance Agency Examination as mentioned above and who hold a valid pass certificate issued by the Examination Body shall be eligible to be considered for appointment as agents...
Cashing in gains! ULIP holders book profit in rising equity market
Private life insurers have seen massive redemption in ULIPs (unit-linked insurance plans) in the past few weeks, according to a media report.
With the equity markets at all time high, ULIP policyholders are booking profits and redeeming their investments, the report added. The equity market has given a return of more than 30 per cent in the past one year, while five major insurers have made surrender payouts of Rs 236.67 billion of which a considerable portion accounts for ULIP, the report further said. A ULIP is a life insurance plan which combines both insurance cover and investment.
Simply put, ULIP provides financial protection along with investment opportunities. The premium in ULIP after the deductions is invested in equity or debt market. In ULIP the investment risk is borne by the investor.
Insurance Bill: A decade of hope turns into reality
The long-pending Insurance Bill was cleared in the upper house of the Parliament. Key features of the bill ?as per a recent Axis Capital report . Foreign holding increased to 49% from current 26%: The passage of this bill paves the way for foreign holders to increase their stake to 49% from current 26%.
The inclusion of FIIs will make IPOs more beneficial for insurance companies. However, the key impediment is that if a foreign partner increases its stake to 49% then there will be no room for other FIIs (limiting shareholding).
In-line with FDI guidance, even with increase in stake, control of business will remain with the Indian management. Amongst larger players, we believe HDFC Life should opt for IPO first.
New instruments to raise capital: The bill also paves way for insurance companies to raise capital using other instruments, as specified and approved by IRDA; however, voting rights would be restricted to equity shareholders... Read more
SpiceJet continues to add more aircraft in H2
The Delhi High Court on March 19, 2015 pronounced SpiceJet judgement relating to de-registration of six aircraft belonging to two lessors. These cases originated when the airline was in financial crisis in December 2014, before change of ownership and the infusion of fresh funding. In parallel with the court proceedings, discussions have been ongoing with the lessors for an amicable settlement.
SpiceJet fully expects the matter will be resolved shortly and positively with the lessors, and there will be no grounding of aircraft or disruption of operations. SpiceJet has in fact reached in-principle understanding with one of the two lessors already, and is in advanced discussions with the other lessor.
Meanwhile, SpiceJet is exploring all legal remedies to safeguard its interest to maintain continuity of operations. SpiceJet would like to assure its partners and customers that the situation of the airline is very different from what it was in late 2014, and that it has received its first tranche of funding already and is in the process of paying off creditors in a phased manner.
Govt tightens norms for new airlines to fly abroad
Government has made stricter norms for allowing new airlines to fly abroad, according to reports.
Report said that the ministry proposed new airlines keen to fly abroad gain a minimum 300 DFCs before they start flights on long-haul routes. The airlines is seeking two weeks time to respond to the ministrys proposal.The ministry will send proposal to the Union Cabinet by early April, report says.There are reports that proposed DFC rule will help old airlines such as IndiGo, SpiceJet and Jet Airways to further expand international operations.
Earlier in January, the Union civil aviation ministry had proposed a domestic flying credits (DFC) system replace the current 5/20 rule to help new airlines such as Vistara and AirAsia India start international operations.
Indigo plans to launch Rs 2,500 crore IPO
Indigo, is planning to launch an initial public offer (IPO) of at least $400 mn or Rs 2,500 crore in first quarter (April-June) of the next financial year (2015-16), according to reports.
A report said that the company is planning to fund its ambitious expansion plan as it has placed orders for 530 Airbus A 320s worth $48 bn.
Thomas Cook mulling options for funding
Thomas Cook (India) Ltd has announced that the Board of Directors of the Company at its meeting held on March 18, 2015, noted that at an earlier convened Board Meeting of Quess Corp Limited [formerly IKYA Human Capital Solutions Limited a subsidiary of Thomas Cook (India) Limited] on March 17, 2015, various options pertaining to the long term funding needs of Quess Corp Limited were discussed, including the initiation of a process to evaluate an Initial Public Offering (IPO).
Need more financial innovations for infrastructure finance: Rangarajan
Former RBI Governor C Rangarajan said that the policy makers need to strike a balance between innovation and regulation in the financial system.
In order to achieve economic development, financial innovation and regulation should go hand in hand, the former PMEAC chairman further said. Launching the book, The Economics of Derivatives, in Chennai on Sunday, Rangarajan said innovations are needed for promoting growth. We need more financial innovations to widen infrastructure finance. We also need to draw the appropriate lessons, Rangarajan said.
NBFCs to appoint officials for ensuring PMLA compliance: RBI
The RBI on Monday asked NBFCs to appoint a senior person for ensuring compliance with the obligations under the prevention of money laundering regulations.
NBFCs were advised to nominate a senior person to ensure compliance with the obligations under the Prevention of Money Laundering (Amendment) Act (PMLA), 2012, RBI said in a notification. They can also designate a person who holds the position of senior management or equivalent as a "designated director". "However, in no case, the principal officer should be nominated as the designated director," it said... Read more
Govt to reduce holding in public sector banks: Jayant Sinha
To ensure that the capital needs of banks are met, the government has decided to reduce its holding in public sector banks to 52%, Parliament was informed on Tuesday.
The government holding in these banks would be reduced in a phased manner. "The government will continue to support those banks with alternative strategies which will still not be able to raise capital," Minister of State for Finance Jayant Sinha said in a written reply to the Rajya Sabha. The government has been using different criteria in various years for infusion of capital in PSBs, he said.
L&T bags orders worth Rs.
L&T Construction has bagged Orders worth Rs. 1255 Crores. The construction arm of L&T has won orders worth Rs 1255 crores across various business segments in March 2015. Buildings & Factories Business: The Business has secured a major order worth Rs 825 crores from a premium developer in Bengaluru. The project encompasses design and construction of a residential building complex. The scope involves civil & structural works for 16 towers (10 towers of 27 floors each and 6 nos.
of 14-floor towers).
SC allows Reliance Group to charge higher fares for Mumbai Metro
The Supreme Court has allowed Anil Ambani-led Reliance Group, to continue charging higher fares on condition that it deposits 50% of the fare differential with the top court's registry, according to reports.
Report said that amount will be used to create a fund for the welfare of commuters. The Mumbai Metro raised charges to Rs 20-40 for 11 km from Rs 10-20 on January 8.
BEL plans to set up weapon system facility in AP
As per the media report, BEL is planning to set up Rs. 500 crore Greenfield weapon systems facility at Lepakshi in Andhra Pradesh. The new facility will focus on design, development and production of all kinds of weapon systems such as fire control, missile systems and other weapon upgrade programmes. Report said the plant is expected to be ready in two years.
Yesterday the has paid an interim dividend of Rs. 36 crore to the Centre for the year 2014-15. SK Sharma, CMD, presented the cheque to the Defence Minister, Manohar Parrikar.
The company has declared 60 per cent interim dividend to its shareholders for the year 2014-15.
Ashoka Buildcon plans to raise Rs 500 crore via QIP: Reports
Ashoka Buildcon is planning to raise Rs 500 crore via qualified institutional placement (QIP), according to reports. "The funds will be used for bidding new projects and developing few existing projects," Satish Parakh, managing director, Ashoka Buildcon reported.
Sunil Hitech bags order of Rs. 122.02 cr in Karnataka
Sunil Hitech Engineers Limited (SHEL), a leading EPC company focused on infrastructure projects, today announced that the company bagged a order of Rs. 122.02 cr from the Ministry of Road Transport and Highways - Government of India for Rehabilitation and Upgrading to 2 lanes/2 lane with Paved shoulders configuration and strengthening of Madhugiri Chikkaballapura Mulbagal Section Road in the State of Karnataka.
The order was bagged by Company as the lead member in the M/s SHEL Assignia (JV) and the work is expected to be executed in around 24 months.
This is the first major project that the company has received in the road EPC space and is in line with the companys future philosophy to be an active player in the road sector on the EPC front. This order further showcases the steps the company is taking to step up business in other Infrastructure verticals such as building construction, roads, etc.
apart from power related work on the way to become an Infrastructure conglomerate.
Infosys plans $500-700 mn acquisitions: Reports
Indias second-largest IT services exporter Infosys is planning $500-700 million acquisitions, according to reports.
Report said that the company is focusing on certain business verticals. The company also plans to expand its reach in the US business segment. The company has a cash reserves of $5.5 bn as of December 2014.
Wipro acquires stake in Drivestream
Wipro Limited and Drivestream Inc. announced that they have signed an agreement to enter into a strategic partnership to build an integrated Cloud Solutions stack for customers.
As part of this arrangement, Wipro is investing USD 5 mn in Drivestream Inc., a leading Oracle cloud applications systems integrator. This is part of Wipros strategic drive to actively participate in the external innovation eco-system, for which the company has set up Wipro Ventures, a USD 100 Million fund focused on investing in disruptive start-ups.
Software-as-a-service represents an unprecedented opportunity for business value creation.This investment will further extend Wipros leadership in the Oracle application servicesspace particularly in cloud applications, which is poised to see high growth with its disruptive value proposition.
This partnership gives Wipro and Drivestreams customers the ability to benefit from Drivestreams market leading Oracle cloud HCM and Oracle cloud ERP solutions and Wipros end-to-end Oracle services. Wipros global customer base in the enterprise market coupled with Drivestreams established credentials in successful cloud implementations will offer unparalleled value to the customers.
TCS expands Singapore Operations
Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions organization, today announced that it has expanded its presence in Singapore with the opening of the new 1000-person TCS Singapore Banking and Financial Services (BFS) Center.
The facility will provide a range of Application Development, Digital and IT Services to leading global banks in the Asia Pacific region. The new Center was inaugurated by TCS CEO N. Chandrasekaran. TCS BFS business has grown substantially in Singapore, and is a recognized leader in the sector. The new TCS Singapore BFS Center replaces a 500-seat centre opened in 2011 and will offer a broader range of services, with a major focus on Digital offerings.
Revenues for Q4FY15 will be flat: KPIT Technologies
KPIT Technologies today updated outlook for Q4FY15 and FY15.
The revenues for the fourth quarter of FY15 will be flat as compared to revenue of Q3FY15 in reported USD number. There will be marginal growth in PAT for FY15 as compared to PAT for FY14. The company remains positive about the growth prospects for FY16 and beyond.
Wipro can save taxes paid in the US
Wipro has won legal victory as Karnataka High Court allowed to save a significant amount in taxes from its overseas operations, according to reports.
A report said that the this move is likely to have an impact on Indian companies that have overseas operations. In a ruling on Thursday, the High Court said that Wipro can take credit for taxes it paid in the US out of revenues it earned from its operations there. Earlier, Wipro was denied tax credit since the Indian operations came under the tax holiday ambit.
Wipro appoints IBM, TCS veteran Natarajan Srinivasan: Reports
Wipro has hired IBM and TCS veteran Natarajan Srinivasan as its global head of SAP, says report.
A report said that Srinivasan will be based in Bengaluru and report to newly elevated president Bhanumurthy BM. Wipro can confirm that Natarajan Srinivasan joined Wipro in January this year as a vice president and global SAP practice head, company reportedly said. Earlier this week, Wipro hired former TCS veteran Abid Ali Neemuchwala as its chief operating officer.
Wipro selected by Greater Cincinnati Water to transform its CRM, Billing and Service Bureau Ops
a leading global information technology, consulting and business process services company today announced that it has been selected by the United States-based utility company, Greater Cincinnati Water Works (GCWW) as its IT partner to transform the utilitys CRM, Billing and Service Bureau operations.
Greater Cincinnati Water Works provides about 133 million gallons of water a day to over 1 million people across the states of Ohio and Kentucky in the United States. Wipro will design, build, host and deploy a Customer Information System (CIS) for Greater Cincinnati Water Works in a Platform as a Service (PaaS) model.
The company will also maintain the solution for Greater Cincinnati Water Works for a period of five years after the initial implementation.
Unlike conventional capex-heavy commercial models, Wipros solution is being offered in an Opex-based, pay-per-use pricing model, which is linked to the actual volume of customers served by Greater Cincinnati Water Works.
TCS unveils teaching resources to help reduce UK digital skills gap
Tata Consultancy Services, a leading IT services, consulting and business solutions organisation, has unveiled a new initiative designed to help encourage more young people into digital careers.
The company, in conjunction with The Tech Partnership and MyKindaCrowd, has created a resource pack to help teachers educate young people about possible roles in the IT industry, and the steps they need to take to achieve that ambition. Currently, there are no teaching resource packs of this kind available for this topic.
The TechFutures Teachers: Careers Resources Pack has been developed based on the findings of a research project conducted by MyKindaCrowd. The research, which assessed the challenges and issues that schools currently face when teaching pupils about careers in IT, found that although young people are well-versed in using technology, there is a lack of knowledge of how that technology is created and little understanding of the breadth of technology career opportunities available.
Bringing together industry insights, practical lesson guides and activities, The TechFutures materials are designed to address this deficit.
Teachers are provided with lesson plans, example job descriptions and group exercises to help educate students about the variety of industries that require digital skills, the different types of career paths available within IT and the steps that can be taken to pursue them.
SAIL undertakes expansion of 5 steel plants
SAIL (Steel Authority of India Ltd) has undertaken modernisation and expansion at five of its steel plants to augment its crude steel production capacity to 21.4 MTPA, Minister of State for Steel and Mines Vishnu Deo Sai said in a written reply to Rajya Sabha.
The five integrated steel plants are at Bhilai, Bokaro, Rourkela, Durgapur and Burnpur and a special steel plant at Salem, Minister added.
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The investment for the current phase of expansion is expected to be Rs. 61,870 crore... Read more
Govt to revoke ban on Goa mining: Report
The ministry of environment on Tuesday has revoked a three-year-old order that resulted in a ban on mining in Goa, according to a media report. The objective of lifting the ban is to resume iron ore extraction in the coastal state, the report further said.
In 2012, then environment minister Jayanthi Natarajan had suspended environmental clearances for 93 mining leases in Goa after receiving a report from ex-Supreme Court justice M.B. Shah. The M.B. Shah committee report highlighted a rampant illegal extraction of the raw material in Goa.
The move brought iron ore mining to a halt in the state. It also resulted in unemployment and loss of income. Environment minister Prakash Javadekar said that it has been decided to lift the suspension on mines in Goa, following all Supreme Court directives. He further said that the Goa government will have to decide the ore extraction limits for individual miners so that total mining does not exceed the cap of 20 million tonnes (mt) set by the Supreme court for all output in Goa, the report said.
RBI asks banks not to sell imported gold to jewellers on outright basis
The Reserve Bank of India has asked the banks not to sell gold imported on consignment basis to jewellers on outright basis.
On 18th February, the central bank allowed banks to import gold on consignment basis and also allowed them to provide gold metal loans to jewellers. However, banks were found importing gold on consignment basis and selling that to jewellers against full payment. Now RBI has said that gold imported on consignment basis, where payment is to be made after realisation of money after sale, can be used only for providing gold metal loans to jewellers. The loan is for a tenure of 180 days.
ULIP holders book profit in rising equity market
Private life insurers have seen massive redemption in ULIPs (unit-linked insurance plans) in the past few weeks, according to a media report.
With the equity markets at all time high, ULIP policyholders are booking profits and redeeming their investments, the report added. The equity market has given a return of more than 30 per cent in the past one year, while five major insurers have made surrender payouts of Rs 236.67 billion of which a considerable portion accounts for ULIP, the report further said.
A ULIP is a life insurance plan which combines both insurance cover and investment. Simply put, ULIP provides financial protection along with investment opportunities. The premium in ULIP after the deductions is invested in equity or debt market.
In ULIP the investment risk is borne by the investor.
Dublin calling! UTI MF to raise US$300 mn in April
UTI Mutual Fund is reportedly gearing to raise $300 million in Dublin in April. "We are launching offshore equity fund in Dublin to raise $300 million. The approval process is going on and it would likely be launched in April," Leo Puri, Managing Director of UTI, was quoted as saying by PTI.
"The government has laid out the agenda for the next three years which will undoubtedly bring back the capital investment into the country and create opportunities for foreign investors," Puri reportedly said.
Most investors optimistic on India, says Arun Jaitley
Finance Minister Arun Jaitley said that it is good time for us to take Indias growth to new level.
The minister further said that most investors optimistic on India at this point. At present, the central government supports 23% of the schemes fully, Jaitley added.
The minister further said that states get 62% of total taxes collected by both GoI & states. Jaitley pointed out that allocation to states will be Rs.1.35 trillion more than last year.
Downstream oil refining cos sustained large inventory losses in Q3 FY15: ICRA
ICRA Research notes that downstream oil refining companies sustained large inventory losses (Rs 300 billion for R&M companies) in Q3 FY15 owing to about 40% decline in international crude oil prices during the quarter.
With international crude oil prices remaining significantly lower than those prevailing at the beginning of the fiscal year 2014-15 i.e. US$ 106/bbl as on March 2014 end the refining companies are expected to close the fiscal year with large inventory losses. According to Mr. K. Ravichandran, Senior Vice-President and Co-Head, Corporate Ratings, ICRA, "If the prices remain soft until the end of Q4 FY15, international crude oil prices would be much below the beginning of the year prices which would lead to large inventory valuation losses for the downstream companies.
Consequently GRMs are expected to remain subdued in FY15 on account of large inventory valuation losses, though partly offset by higher crack spreads witnessed during the second half of the year for several products. Moreover exchange losses are also expected to be sizeable due to depreciating INR vs USD".
ICRA Research projects gross under-recoveries (GURs) of OMCs to decrease to Rs. 440 billion for FY16 (from an estimated Rs.
750 billion for FY15) at Indian basket crude oil price of US$ 60/bbl and INR/US$ of 63. Assuming 50% sharing of GURs by the GoI, the fuel subsidy burden on GoI is expected to be Rs.
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~220 billion in FY16. Further, carry-over of fuel subsidy could be at Rs. ~83 billion for Q4 FY15 (materially lower than carry-over in the past few years: Rs. ~302 billion in Q4 FY14 and Rs.
~450 billion in Q4 FY13).
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Thus, the budgetary provision for fuel subsidy of Rs. ~300 billion for FY16 could be adequate for full FY16 and carry-over of Q4 FY15 if crude oil prices remain lower than US$ 65-70 /bbl.
ONGC has formulated a Perspective Plan 2030: Dharmendra Pradhan
The Minister of State (I/C) for Petroleum & Natural Gas Dharmendra Pradhan informed the Lok Sabha in a written reply today that ONGC has formulated a Perspective Plan 2030 which draws a road-map for increase of ONGC Videshs (OVL) annual production to 20 Million Metric Tonne of Oil Equivalent (MMTOE) by 2018 and 60 MMTOE by 2030.
OVL has 13 producing assets and 4 developing assets
The producing assets are located in Vietnam, Sudan, South Sudan, Russia, Columbia, Syria, Venezuela, Brazil and Azerbaijan.
All producing assets are under production except Syria and South Sudan. In Syria, there is at present no production due to Force Majeure like situation since December, 2011. In South Sudan, due to the geopolitical situation, the production has stopped from December, 2013. No intervention is possible at this stage. The developing assets are located in Syria, Venezuela and Mozambique.
Of these, production has been started in Venezuela.
ONGC Videsh scouting for E&P opportunities
The Exchange had sought clarification from Oil & Natural Gas Corporation Ltd with respect to news article appearing in Financial Chronicle on March 12, 2015 titled "OVL in talks to buy stake in two Siberia oilfields" Oil & Natural Gas Corporation Ltd replied stating "ONGC Videsh, the overseas arm and 100% subsidiary of Oil and Natural Gas Corporation Limited (ONGC), is regularly in the process of scouting for E&P opportunities worldwide and, as a part of these efforts, is routinely engaged with many overseas E&P companies, including Russian companies.
Accordingly, ONGC Videsh was in preliminary discussions with a Russian Oil Company for possible acquisition of Participating Interest in two Siberian oil fields. Intimation to Stock Exchanges in terms of Clause 36 of the Listing Agreement would be submitted upon finalization of the transactions, if any.
At this stage, media has picked up the news from statement of the Hon. Minister in the Parliament in reply to a parliament question."
Sun Pharma-Ranbaxy deal gets FIPB approval
According to reports, the government has approved Sun Pharmaceuticals' acquisition of Ranbaxy Laboratories. Ranbaxy shareholders will receive 0.8 share of Sun Pharma for each share of Ranbaxy. FIPB has sent HDFC Bank's proposal for further approval of the cabinet committee on economic affairs (CCEA), says report.
The Bank is seeking government's permission to raise foreign investment limit from 49% to 67.55%.The deal requires the approval of the Competition Commission of India.
Piramal Enterprises may acquire Apollo's Health Super Hi-Way
Piramal Enterprises is in talks with the Reddys of Apollo Hospitals to buy healthcare software venture Health Super Hi-Way, according to reports.
Apollo patriarch Prathap C Reddy and his four daughters are planning to sell their majority stake in the company to Piramal, says report.Report said that the company is also expected to pick up an initial 5% stake for Rs 5-8 crore. HiWay specialises in patient data mined from hospitals.
Rakesh Jhunjhunwala to sell 23% stake in Concord Biotech
Rakesh Jhunjhunwala is reportedly planning to sell 23% stake in Concord Biotech.
Report said that Jhunjhunwala's RARE Enterprises is expecting to raise around Rs 500 cr for its 23% stake in Concord Biotech. Jhunjhunwala is in the process of mandating an investment bank for the stake sale process, says report. Concord Biotech is an unlisted company which is into the manufacturing of bulk drug.
Earlier Rakesh Jhunjhunwala bought nearly one percentage point stake in the Fortis Healthcare via a bulk deal.
Lupin completes acquistion of Pharma Dynamics in South Africa
Pharmaceutical Major Lupin announced that it has entered into an agreement to acquire the balance 40% equity stake in South African generics major, Pharma Dynamics(PD) from its founders. As per the agreement, the founders will exercise their put option before March 31, 2015, for the 40% equity stake it currently holds.
On completion of this transaction, PD will become a wholly owned subsidiary of Lupin, subject to closing conditions.
Suven Life bags 2 product patents for NCEs in US & New Zealand
Suven Life Sciences Ltd (Suven) announced that they secured patents in USA and New Zealand to one of their New Chemical Entity (NCE) for CNS therapy through new mechanism of action H3 Inverse agonist and these patents are valid until 2030 and 2031 respectively.
The granted claims of the patent include the class of selective H3 ligands discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders.
JLL: Getting intuitive about Smart Cities in India
The smart cities concept may not be a novel one, but in the Indian context it is definitely an idea whose relevance couldnt have been better timed.
The government has provided the thrust towards development of such cities, and needs to be now backed by a holistic concept. It aims to take in to account not only the infrastructure development and associated real estate growth but the assimilation of technology to increase the efficiency of the public service systems as well. Three critical elements are essential to act as enablers for creation of smart cities.
These are Smart Technology, Smart Users and Smart Governance.
Necessity For Improved Local Governance
Creation and management of a smart city perhaps lies in local (city) agency domain since local governance is their mandate and it is in their hands to demonstrate smart governance. This means that development and long-term vision regarding technology-driven public utilities and their acceptance by the public becomes the responsibility of the local government agencies.
The current municipal operations need to undergo a systemic overhaul to get around creating a sustained smart city architecture.
This requires not only acceptance of technology as a means to regulate public services and city infrastructure but also requires a sustained investment environment in to such technological platforms.
Satra Group to invest Rs. 1000 cr in Mumbai in 5 years
Satra Group has announced an initial investment of Rs 1000 crore towards developing real-estate in Mumbai. With the increasing demand for luxury housing in South and Western Mumbai, the company has launched its ultra-luxurious residential project Limited Edition 88 near Bandra-WorliSea Link, involving an investment to the tune of Rs 250 crore.
The building is slated to serve 81 distinguished families on completion. Located in the heart of the Mumbai suburb, Bandra, LE88 is a 26-storey marvelous edifice of excellence comprising of 4 BHK apartments ranging from 382 sq. meters (4116 sq. ft.) to 405 sq. meters (4364 sq. ft.). It has the potential to generate revenue of about Rs 550 crore over a period of 2-3 years on consolidation basis.
Vodafone to pay back Reliance Jio
After Reliance Jio Infocomm pushed Vodafone India, Bharti Airtel and Idea Cellular into a bidding war for the 900 MHz band, Vodafone India is planning to pay back Jio as the spectrum auction enters its last leg, according to a media report.
The overall bids reached Rs. 107,709 crore as auctions entered the last leg, the report added. Earlier, Jio had pushed Vodafone, Airtel & Idea into a bidding war for 900 MHz airwaves, the report further said.
Now, Vodafone with the support of its UK-based parent is using the same strategy against Jio. It has pushed up prices of 800MHz band sought by Jio to deploy 4G.
RCOM appoints Srinivas M as Circle Business head
Reliance Communications announced the strengthening of its senior management team with the appointment of Srinivas M the Companys Circle Business Head, Wireless Business, Tamil Nadu & Kerala.
Srinivas will be based out of RCOMs Chennai office and will report to Ramesh Menon, RCOMs National Head for GSM Operations. Prior to joining Reliance Communications, Srinivas was working with Idea Cellular as Chief Operating Officer, managing the National Pre-paid & Distribution Business of the telco, based out of the Corporate Office in Mumbai, for a period of 10 years. Srinivas has also worked with Agro Tech Foods, Wrigleys, Data Access and Madura Coats.
Debt burden: GTL Infra seeking buyer
Manoj Tirodkar, chairman of the debt ridden company GTL Infrastructure, is planning to exit the beleaguered business altogether, according to reports.
The company was planning to create Indias largest telecom towers firm. Report said that the company's tower tenancy ratio of 1.50 is lower than Viom Networks 2.25, Bharti Infratels 1.93 and Indus Towers 2.0. Earlier in 2011, Global Holding Corporation approached the corporate debt restructuring (CDR) cell to recast its loan burden of Rs 16,200 crore.
GTLs lenders reportedly said that they are unaware of any move to bring external investors on board.
Who will be buying JP Morgan India business?
Joining the race of Pinebridge and Morgan Stanley, JP Morgan Asset Management is said to sell its mutual fund business in India, according to a media report. JP Morgan has begun discussions for a possible sale of its Indian mutual fund arm, the report further said.
JP Morgan received SEBI's approval to start MF business in India in February 2007. It has average AUM of Rs 14,123 crore at the end of December 2014. The fund house has its satellite office spread across Delhi, Kolkatta, Chennai, Ahmedabad, Pune and Bengaluru. The total asset base of Indian mutual fund business crossed Rs. 12 trillion last month. At present, there are nearly 45 players in the Indian mutual fund industry with most of them scattered and having small businesses.
Since 2013, four foreign fund houses have exited their MF business in India. These include:
- Kotak Mahindra Asset Management Company acquired PineBridge Mutual Fund.
- Birla Sun Life Asset Management Company acquired the mutual fund schemes and portfolio management services of ING Investment Management (India), part of the Dutch financial services company ING.
- HDFC Asset Management acquired all eight MF schemes of Morgan Stanley Investment Management Ltd in India.
- Cos raise Rs.
9,050 crore via NCDs so far in FY15
- Fund raising by Indian companies via NCDs has been less in the current fiscal 2015 compared to the previous fiscal.
- Indian companies have raised over Rs.
9,050 crore via retail issuance of non-convertible debentures (NCDs) through 22 issues till March 16 in the current fiscal, according to data from Securities and Exchange Board of India.
- In 2013-14, the companies had collectively raised funds worth Rs 42,383 crore via 35 issues, the data added.
- Individually, Shriram Transport Finance Company raised Rs.
1,975 crore; IFCI garnered in Rs. 1,209 crore; ECL Finance mopped up Rs. 790 crore and IFCI raised in about Rs. 742 crore.
US Jan jobless rates down in 24 states, up in 8
Regional and state unemployment rates were little changed in January. Twenty-four states had unemployment rate decreases from December, 8 states had increases, and 18 states and the District of Columbia had no change, the U.S.
Bureau of Labor Statistics reported today. Forty-five states and the District of Columbia had unemployment rate decreases from a year earlier, three states had increases, and two states had no change. The national jobless rate was little changed from December at 5.7 percent but was 0.9 percentage point lower than in January 2014.
In January 2015, nonfarm payroll employment increased in 39 states, decreased in 10 states and the District of Columbia, and was unchanged in North Carolina.
The largest over-the-month increases in employment occurred in California (+67,300), Ohio (+25,100), and Michigan (+24,200).
The largest over-the-month decrease in employment occurred in Virginia (-10,900), followed by Minnesota (-7,900) and Louisiana (-7,500). The largest over-the-month percentage increase in employment occurred in Idaho (+1.4 percent), followed by Hawaii (+0.9 percent) and Utah (+0.7 percent). The largest over-the-month percentage decline in employment occurred in Maine (-0.6 percent), followed by Louisiana and New Hampshire (-0.4 percent each).
Over the year, nonfarm employment increased in 49 states and the District of Columbia and decreased in Maine (-0.1 percent).
The largest over-the-year percentage increase occurred in North Dakota (+4.3 percent), followed by Utah (+4.0 percent) and Florida and Nevada (+3.6 percent each)...Read More
ECB's Quantative easing unable to stop decline in February's high yield issuance: Moody's
High-yield bond volumes of $6 billion were down from $16 billion in January, and $11 billion in February 2014 as larger M&A-driven activity subsided, despite the announcement of quantitative easing in Europe, says Moody's Investors Service in the March edition of its "High Yield Interest -- European Edition" publication.
In addition, Moody's downgraded 16 Russian corporates following the sovereign action, causing the downgrade-to-upgrade ratio to increase in the region. "Although high-yield markets have seen renewed capital inflows that improve market liquidity, capital inflows did not translate into increased primary activity in February", says Peter Firth, Moody's Associate Managing Director.
"However, the pipeline for mid-March has begun to fill with a number of sizeable refinancing-driven deals", added Mr Firth. The downgrade-to-upgrade ratio rose in February 2015 following a large number of negative rating actions on Russian corporates, but Moody's does not expect a broad weakening of aggregate credit quality among EMEA corporates in 2015...Read More
Global devices shipments to grow 2.8% in 2015: Gartner
Worldwide combined shipments of devices (PCs, tablets, ultramobiles and mobile phones) are estimated to reach 2.5 billion units in 2015, an increase of 2.8% over 2014 (see Table 1) according to Gartner, Inc.
In spending terms, the global computing devices market (PCs and ultramobiles) is on pace to reach $226 billion, a 7.2% decline in current U.S. dollars (see Table 2).
Crisil upgrades Air Works rating
Stripping out the impact of exchange-rate movements (constant U.S. dollars), the global computing devices spending will decrease 3.1% in 2015. The global PC market is on pace to total 306 million units in 2015, a 2.4% decrease over 2014. "The fall in PC purchases is primarily due to expected price increases by vendors in Europe and other regions, which is forced by local currency depreciation against the dollar," said Ranjit Atwal, research director at Gartner.
"The currency squeeze is forcing PC vendors to increase their prices in order to remain profitable and, as result, it is suppressing purchases. We expect businesses will delay purchases of new PCs, and consumers will delay or 'de-feature' their purchases. However, this reduction in purchasing is not a downturn, it is a reshaping of the market driven by currency."
ManageEngine announces Cloud Control to Firewall Analytics Software