Moneycontrol Latest News

Manufacturing has turned; news in most sectors positive: FM

Written By Unknown on Minggu, 31 Agustus 2014 | 16.02

Jaitley expressed confidence that the Insurance Bill would be passed in the next session of Parliament and that he was hoping to see a positive attitude in some of the principal opposition parties

Moneycontrol Bureau

The manufacturing curve has turned for the better and most sectors are indicating positive news, Finance Minister Arun Jaitley said at a press conference to highlight the government's achievements in its first 100 days since being sworn in office.

India's GDP expanded 5.7 percent in the first quarter of FY15, the highest in nine quarters, against a growth of 4.6 percent in Q4 of 2013-14, and 4.7 percent in teh year-ago period.

He said inflation by and large was showing signs of moderation and while there could be some impact of deficient monsoons on food prices, there were sufficient stocks.

He also added the steep rise in food prices was a common at this time of the year.

He expressed confidence that the Insurance Bill would be passed in the next session of Parliament and that he was hoping to see a positive attitude in some of the principal opposition parties.

He said the government's ambitious Jan Dhan Yojana has been a success with over 2 crore bank accounts being opened so far till today noon. He added that banks would not bear the burden of the scheme.

Jaitley said the situation in the road sector was challenging and that the concerned ministry has been given more flexibility to deal with it.

On the issue of Goods and Services Tax, he said there have been discussions with the chief ministers of West Bengal and Rajasthan, and that the government was serious in paying central sales tax dues to the states. He said the government will take try to pay the arrears as soon as finances improved. Jaitley however said too many items could not be kept out of the GST chain.

16.02 | 0 komentar | Read More

Indian Bank to revise interest rates on FCNR (B) deposits

"For FCNR (B) deposits, in USD, the revised interest rate has been revised to 2.34 percent (from 2.36) for deposits of one year and above but less than two years", the Chennai-based bank said in a statement

Public sector Indian Bank will revise its interest rates on the foreign currency non-resident (banking) term deposits from tomorrow.

For deposits of two years and above but less than three years, interest rates have been revised to 2.71 percent from the existing 2.76 percent. Interest rates have been revised to 3.64 percent for deposits of three years and above but less than four years from the existing 3.71 percent, it said.

For deposits of four years and above but less than five years, interest rates have been revised to 4 percent from existing 4.11 percent. Interest rates have been fixed at 4.27 percent for deposits upto five years only from the existing 4.40 percent, the statement said.

Indian Bank stock price

On August 22, 2014, Indian Bank closed at Rs 136.65, down Rs 7.2, or 5.01 percent. The 52-week high of the share was Rs 198.90 and the 52-week low was Rs 60.50.

The company's trailing 12-month (TTM) EPS was at Rs 22.56 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 6.06. The latest book value of the company is Rs 298.40 per share. At current value, the price-to-book value of the company is 0.46.

16.02 | 0 komentar | Read More

India, Japan sign MoU to develop Varanasi into 'smart city'

A Partner City MoU was signed by Indian Ambassador Deepa Wadhwa and Kyoto Mayor Daisaka Kadokawa at a ceremony witnessed by Modi and his Japanese counterpart Shinzo Abe.

Varanasi, which Prime Minister Narendra Modi represents in the Lok Sabha, will be developed into a 'smart city' by using the experience of Kyoto, the 'smart city' of Japan, under a pact signed here today.

A Partner City MoU was signed by Indian Ambassador Deepa Wadhwa and Kyoto Mayor Daisaka Kadokawa at a ceremony witnessed by Modi and his Japanese counterpart Shinzo Abe.

The MoU, which was signed soon after Modi's arrival here on a five-day visit, provides for cooperation in heritage conservation, city modernisation and cooperation in the fields of art, culture and academics, External Affairs Ministry spokesman Syed Akbaruddin told reporters.

This will serve as framework for Smart heritage city programme between the two countries, he added. Kyoto, which is a heritage city with Buddhist culture, provides special symbolism to the visit as the Prime Minister has the vision of "rejuvenating" Indian cities.

16.02 | 0 komentar | Read More

India nears $2.5 bn deal for Boeing military helicopters

India has decided to acquire Boeing's Chinook and Apache helicopters, a defence ministry official said on Saturday, in a deal valued at USD 2.5 billion that could ease strained ties between New Delhi and Washington.

The new nationalist-led government of Prime Minister Narendra Modi has grand plans to vastly strengthen India's military capability, in order to play its role as a regional power and meet challenges posed by a rising China and arch rival Pakistan.

"The defence aquisition council has cleared the last hurdle for signing of the contract with the USA in respect of Apache and Chinook," the official told Reuters, while declining to be named as he was not authorised to speak to media.

The deal topped the agenda during a visit by US Defence Secretary Chuck Hagel in August and is likely to help mend ties frayed by years of trade and diplomatic disputes. Modi is due to visit the United States next month.

At a meeting on Friday, the government also approved the Indian Navy's proposal to purchase 16 multi-role helicopters, the official said. The deal could potentially benefit Sikorsky Aircraft, a unit of United Technologies Corp and European joint venture NHIndustries.

Jaitley, however, cancelled a USD 991.65 million tender to buy 197 light-utility helicopters from foreign vendors and asked local manufacturers to produce them at home, the official said .

Eurocopter, a unit of aerospace and defense company EADS, and Russian Kamov had been participating in the tender.

The government also deferred a decision on a USD 2.5 billion proposal to acquire Israeli Spike anti-tank guided missiles.

Analysts estimate that India, the world's largest arms importer, will spend USD 250 billion in the next decade to upgrade its Soviet-era military equipment and narrow the gap with China, which spends USD 120 billion a year on defence.

India's military modernization plan includes a renewed push to develop a domestic weapons industry. India insists on "offsets" from foreign vendors to ensure technology is transferred or some of the deal's value remains in the country.

The decision to scrap the troubled light helicopter tender comes weeks after Modi loosened the limit on foreign ownership in defence manufacturing to 49 percent from 26 percent to make "buy Indian" the default option for defence purchases.

"It has also been decided that the Indian Industry would be given the responsibility to produce nearly 400 Light Utility Helicopters (LUH) as per the requirement of the Indian Army and Air Force," said the official.

A slew of kickback allegations, procurement delays and a recent spate of operational accidents have marred efforts to upgrade India's armed forces.

A decision on the acquisition of light reconnaissance helicopters was deferred last year and tenders re-examined after Italian prosecutors alleged defence group Finmeccanica had paid bribes to Indian officials to win a separate $750 million deal to supply luxury helicopters for political VIPs.

New Delhi partially banned Finmeccanica this week from bidding for future contracts. Finmeccanica denies any wrongdoing.

Finmeccanica's AgustaWestland unit has a 32 percent stake in NHIndustries, which is 62.5 percent owned by EADS' helicopter unit Eurocopter, and Stork Fokker owns 5.5 percent.

16.02 | 0 komentar | Read More

Franklin Templeton MF announces Change in exit load

Written By Unknown on Sabtu, 30 Agustus 2014 | 16.03

Franklin Templeton Mutual Fund has announced change in exit load structure under Franklin India Income Opportunities Fund, Franklin India Corporate Bond Opportunities Fund, Franklin India Income Fund, Franklin India High Growth Companies Fund, Franklin Build India Fund, Franklin Infotech Fund, Franklin Asian Equity Fund, Franklin India Feeder - Franklin U.S. Opportunities Fund and Franklin India Feeder - Franklin European Growth Fund, with effect from September 01, 2014.

Accordingly the revised exit load will be:

Franklin India Income Opportunities Fund:

If redeemed within 12 months from the date of allotment of unit, the exit load will be 3%.

If redeemed after 12 months but within 18 months from the date of allotment of unit, the exit load will be 2%.

If redeemed after 18 months but within 24 months from the date of allotment of unit, the exit load will be 1%.

Franklin India Corporate Bond Opportunities Fund:

If redeemed within 12 months from the date of allotment of unit, the exit load will be 3%.

If redeemed after 12 months but within 24 months from the date of allotment of unit, the exit load will be 2%.

If redeemed after 24 months but within 36 months from the date of allotment of unit, the exit load will be 1%.

Franklin India Income Fund:

If redeemed within 12 months from the date of allotment of unit, the exit load will be 3%.

If redeemed after 12 months but within 24 months from the date of allotment of unit, the exit load will be 2%.

If redeemed after 24 months but within 36 months from the date of allotment of unit, If redeemed within 12 months from the date of allotment of unit, the exit load will be 3%.

If redeemed after 12 months but within 24 months from the date of allotment of unit, the exit load will be 2%.

If redeemed after 24 months but within 36 months from the date of allotment of unit, the exit load will be 1%.

If redeemed after 36 months but within 48 months from the date of allotment, If redeemed within 12 months from the date of allotment of unit, the exit load will be 3%.

If redeemed after 12 months but within 24 months from the date of allotment of unit, the exit load will be 2%.

If redeemed after 24 months but within 36 months from the date of allotment of unit, the exit load will be 0.50%.

Franklin India High Growth Companies Fund, Franklin Build India Fund & Franklin Infotech Fund:

If redeemed within two years from the date of allotment, the exit load will be 1%.

Franklin Asian Equity Fund, Franklin India Feeder – Franklin U.S. Opportunities Fund & Franklin India Feeder – Franklin European Growth Fund:

If redeemed within three years from the date of allotment, the exit load will be 1%.

16.03 | 0 komentar | Read More

Black pepper markets, both spot and futures, continued

Black pepper markets, both spot and futures, continued to witness sluggishness in the absence of buying support and limited activities. In the domestic market ...

Black pepper markets, both spot and futures, continued to witness sluggishness in the absence of buying support and limited activities. In the domestic market supply of indigenous black pepper remained very thin, said a trader from Kochi market. Karnataka was reportedly offering pepper at Rs 700 per kg delivered anywhere in India.By: Skymetweather.com

16.03 | 0 komentar | Read More

Emkay freak trade: SAT order may force margin rules review

Santosh Nair
moneycontrol.com

Stock exchanges may have to review their rules on the collection of margins from trading members, as the probe into the freak trade by brokerage house Emkay Global in October 2012 has shown that some brokers had put in huge buy orders without depositing adequate margin money with the NSE.

Under the current system, brokers can execute trades even after 100 percent of their margin utilized, to ensure that large orders under execution are not stopped midway due to margin shortfall. After the trade is executed, the broker can deposit additional margin with the stock exchange, with a penalty. But the penalty amounts—Rs 5000 for the first violation and Rs 10,000 for the second—are a pittance compared to risks that the system can be subject to if the trades go awry.

On October 5, 2012, a dealer at Emkay Global erroneously punched in a sell order for 17 lakh Nifty units, instead of Rs 17 lakh worth of a Nifty basket of stocks. The order sent the Nifty crashing by 15 percent and trading was suspended for 15 minutes. Emkay Global tried to reverse the faulty trade by buying an equivalent number of Nifty units, but incurred a loss of Rs 51 crore as prices moved up sharply.

During the probe into the trade, it surfaced that two counterparties to the Emkay trade—Prakash K Shah and Inventure Growth—who gained the most from the freak trade, had put in buy orders way below the prevailing market rates an without margins to back the trade.

This aggravated the problem, because the Nifty index went into a free fall of 15 percent, instead of halting at 10 percent when the first index circuit breaker is triggered.

When the index hits the 10 percent limit on either sides, the circuit breaker is triggered, but trading does not immediately come to a halt. The system stops accepting fresh orders, but ones that have already been entered before the activation of the circuit breaker, gets activated. In this case, since counterparties, which included Prakash Shah and Inventure, had placed buy orders up to 18 percent below the previous day's closing prices, the orders got executed and pulled down the Nifty by 15 percent.

Excerpts from the SAT order:

"From a practical view point, members put in margin, which is based on
their daily average trading in a day i.e. expected gross open positions and put up that much of margin upfront. However, there are problems when members do trade in excess of margin and to take care of such possibilities, system generate alerts when margin upto 70%, 80%, 90% and 95% is traded and trading system is expected to stop taking up further orders from member when margin utilization is 100%.

To stop trading on exhausting 100% margin, SEBI had instructed NSE
to have such a system in place, which will disable a member's terminal on
reaching this limit. However, NSE has interpreted this in a different way - that members have been instructed to stop trading on reaching 100% utilization of margin.

NSE is definitely not justified in passing the responsibility of stopping trading on exceeded available margin to members and should have tried to implement this in their trading systems and if it was not possible, due to some reasons, should have brought this to notice of SEBI. This was not done and to resolve this SEBI and stock exchanges should
consider what has to be done to address this problem"

16.03 | 0 komentar | Read More

Overdrive: Independence Quattro Drive

As Overdrive's 16th anniversary coincides with India's 68th anniversary of independence, a celebration of mammoth proportions was in order. Hoisting a national flag and singing the national anthem sounds like a household chore, so this time, Overdrive decided to take five very capable SUVs from Audi to the mighty Himalayas to celebrate.

16.03 | 0 komentar | Read More

Mutual Funds NAVs gain as markets end higher

Written By Unknown on Jumat, 29 Agustus 2014 | 16.03

Equity Funds closed with positive returns as the 50-share NSE Nifty ended the August series at new closing high on Thursday supported by private banking and financials, capital goods, FMCG and oil & gas stocks. High rollovers to the September series were seen today on hopes of new reforms by the Modi government going ahead. Performance wise, Small & Mid cap funds ended with mixed returns, whereas all other equity domain categories delivered stable performance registering with few decline.

Among the sector space, Banking & Finance and FMCG funds witnessed gain, while Pharma & Healthcare and technology funds ended with negative returns.

The index rose 18.30 points to 7954.35 while the 30-share BSE Sensex climbed 77.96 points to 26638.11 but the broader markets underperformed benchmarks with the BSE Midcap falling 0.3 percent.

After the 3 percent gains in August series, the market is expected to maintain northward journey in September series with continuing resurgence in midcaps, say experts, though they feel the market is overpriced.

In the fixed income space, debt funds maintained steady outlook and closed with positive returns with few decline. The government bonds ended flat on Thursday ahead of critical economic growth data, but posted their biggest monthly gain in three months on the back of strong foreign buying. The 2024 10-year bond yield, which became the benchmark this month, closed steady at 8.56 per cent. It rose 4 bps over the week, snapping a two-week
falling spree.

Check out all mutual fund gainers & losers

Here is the day's performance and the gainers and losers across categories.

Equity diversified: Top gainers

* Sahara Midcap Fund (G) up 1.04%
* Sahara R.E.A.L. Fund (G) up 0.90%
* Sahara Star Value Fund (G) up 0.88%

Equity diversified: Top losers

* Reliance Long Term Equity Fund (G) down 0.67%
* Birla Sun Life Emerging Leaders Fund - Series 2-Regular Plan (G) down 0.58%
* JPMorgan India Mid and Small Cap Fund (G) down 0.51%

Tax saving funds: Top gainers

* Sahara Tax Gain (G) up 0.86%
* Reliance Tax Saver (ELSS) Fund (G) up 0.40%
* Canara Robeco Equity Tax Saver (G) up 0.39%

Tax saving funds: Top losers

* IDFC Tax Advantage (ELSS) Fund - Regular Plan (G) down 0.31%
* IDFC Tax Saver (ELSS) Fund (G) down 0.24%
* ING Tax Saving Fund (G) down 0.15%

Sector funds: Top gainers

* JM Basic Fund (G) up 0.50%
* Religare Invesco PSU Equity Fund (G) up 0.41%
* UTI Energy Fund (G) up 0.39%

Sector funds: Top losers

* Reliance Pharma Fund (G) down 0.67%
* Reliance Media & Entertainment Fund (G) down 0.61%
* SBI Pharma Fund (G) down 0.52%

Balanced funds: Top gainers

* Reliance Regular Savings Fund - Balanced Option (G) up 0.37%
* SBI Magnum Balanced Fund (G) up 0.32%
* Birla Sun Life 95 Fund (G) up 0.21%

Balanced funds: Top losers

* HDFC Balanced Fund (G) down 0.18%
* Escorts Opportunities Fund (G) down 0.18%
* HDFC Prudence Fund (G) down 0.15%

Debt funds: Top gainers

* SBI EDGE Fund (G) up 0.10%
* LIC NOMURA MF Govt. Sec. Fund (G) up 0.09%
* Kotak Gilt Investment Plan - Regular (G) up 0.06%

Debt funds: Top losers

* DWS Gilt Fund - Regular Plan (G) down 0.31%
* JM G-Sec Fund (G) down 0.10%
* Franklin India Govt Sec - Provident Fund (G) down 0.09%

For more Mutual Fund News click here >>

16.03 | 0 komentar | Read More

A total of around 500,000 tonnes of Thai rice shipments

A total of around 500,000 tonnes of Thai rice shipments, mostly of parboiled grade for African buyers, have been delayed due to a labour shortage at ports. Tha ...

A total of around 500,000 tonnes of Thai rice shipments, mostly of parboiled grade for African buyers, have been delayed due to a labour shortage at ports. Thailand, which exported 4.7 million tonnes rice in first half of 2014, is looking to ship out 10 million tonnes this year as government gradually offloads rice from state stocks.By: Skymetweather.com

16.03 | 0 komentar | Read More

Indian sugar futures were almost flat though they witnessed

Indian sugar futures were almost flat though they witnessed some profit-taking as supplies exceeded demand in spots. Sugar prices at Vashi market were steady o ...

Indian sugar futures were almost flat though they witnessed some profit-taking as supplies exceeded demand in spots. Sugar prices at Vashi market were steady on routine demand amid ample supply. This week overall activities remained routine on back of need-based demand amid continuous supply from producers, traders said.By: Skymetweather.com

16.03 | 0 komentar | Read More

Dry weather across the Australian east coast is likely to persist

Dry weather across the Australian east coast is likely to persist for much of the rest of the year, the Australian Bureau of Meteorology said, threatening whea ...

Dry weather across the Australian east coast is likely to persist for much of the rest of the year, the Australian Bureau of Meteorology said, threatening wheat production from the world`s third-largest exporter. Wheat production in New South Wales in the 2014-15 season, which starts in September, is seen at 7.25 million tonnes.By: Skymetweather.com

16.03 | 0 komentar | Read More

Buy Motherson Sumi, Mirza Intl, Jyothy Labs: Vishal Jajoo

Written By Unknown on Kamis, 28 Agustus 2014 | 16.02

Vishal Jajoo of Nirmal Band Securities is of the view that one may buy Raymond with a target at Rs 468 and Jyothy Laboratories with a target at 229.

In CNBC-TV18's popular show Bull's Eye, Vishal Jajoo of Nirmal Band Securities shares his trading strategies for the day.

One can buy Motherson Sumi Systems with a target price at Rs 379 and stoploss of Rs 368.

One can buy Mirza International with a target price at Rs 40.9 and stoploss of Rs 36.5.

One can buy Jyothy Laboratories with a target price at 229 and stoploss of Rs 221.

One can buy Raymond with a target price at Rs 468 and stoploss of Rs 448.

16.02 | 0 komentar | Read More

Exit Prakash Industries, advises Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can get out of Prakash Industries.

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, " Prakash Industries has been in the news for all the wrong reasons. It broke its support levels. One should get out. There is no sense in staying in stocks which are being influenced by news. There are so many blue chips opportunities like banks, IT and pharmaceutical stocks, go with the big names."

At 14:04 hrs Prakash Industries was quoting at Rs 69.75, up Rs 1.60, or 2.35 percent. It has touched an intraday high of Rs 70.50 and an intraday low of Rs 67.60.

Disclosure: Analyst does not have any positions in the stock.

16.02 | 0 komentar | Read More

Govt notifies Act to empower Sebi with extra powers

Giving more teeth to Sebi to clamp down on illicit money-pooling schemes and other frauds, the government has notified a new law empowering the capital market regulator to pass orders for attachment of properties, arrest of defaulters and to access call data records.

The Securities Laws Amendment Act, which was cleared by Parliament earlier this month and amends all legislations governing capital markets, would also facilitate setting up of a special Sebi court to fast-track the investigation and prosecution process, including by granting approval for search and seizure operations in suspected cases of frauds.

The Act, which has come into force through a gazette notification dated August 25, is part of the government and regulators' efforts to tighten the noose around fraudsters in the wake of several cases of illicit money-pooling activities including by ponzi operators in various parts of the country.

The new Act has as many as 57 clauses to amend various sections of the Sebi Act and two other related legislations. The bill was passed by the Lok Sabha on August 6 and in Rajya Sabha on August 12.

The notification comes more than one year after the first ordinance was promulgated in July 2013 to grant these additional powers to Sebi. The ordinance was promulgated for the second time in September last year, followed by a third ordinance in January, as a bill could not be passed in Parliament at that time to grant permanent powers to Sebi.

The third ordinance also lapsed late last month, leaving Sebi without these extra powers which were used by the regulator in nearly 1,500 cases during their validity period. The ordinance, which had 30 clauses, was brought in against the backdrop of lakhs of small investors being duped by numerous fraudulent investment schemes across the country, like in the alleged Saradha scam in West Bengal.

With the new powers, Sebi can now act against all illegal money-pooling schemes involving Rs 100 crore or more, launch recovery proceedings, pass disgorgement orders for ill-gotten money and facilitate its return to identifiable investors, among others. The market watchdog would have powers seek call data records and other information from any person, company, bank, authority or organisation during its probes. However, these powers do not include authority to tap phones and other electronic data directly.

Under the amended law, there is a dilution from the direct powers granted to Sebi Chairman through as many as three ordinances in the past one year to authorise search and seizure operations and is being seen as a safeguard against any possible misuse of such powers by the regulator.

Now, Sebi would need to take permission from the special court for search and seizure operations. Earlier, such permissions would be required from the courts across the country with jurisdiction over the particular area where such operations were required. As there were apprehensions that such a system was time-consuming and prone to leak of information, the Ordinance brought in by the previous government granted direct powers to Sebi for any search and seizure.

"Members (of Parliament) had expressed dissatisfaction against this provision that this is too arbitrary a power... Therefore, this power had to be tapered down," Finance Minister Arun Jaitley had said in the Rajya Sabha this month, adding that the Act has been fine-tuned.

"...the new architecture of this Act is that if you have a collective investment scheme (CIS) and were not covered under the original language, a wider language has been introduced. If you are having a big scheme... you will be included in it," he had said.

16.02 | 0 komentar | Read More

GVK gets 'Green nod' to import coal from SA for Punjab unit

GVK is setting up a 2x270 MW Thermal Power Plant at Goindwal Sahib tehsil in Tarn Taran district of Punjab, and both the units have been synchronised to the grid.

GVK Power (Goindwal Sahib) Ltd, a subsidiary of GVK Power and Infrastructure , has got permission from the environment ministry to import coal from South Africa as a 'stop gap' arrangement in case the company fails to get coal from its captive mines in Tosikud North Sub-Block in Jharkhand, according to official sources. "As the Tosikud North Sub-Block mine development has been delayed due to reasons beyond control of the company, GVK proposed to use imported coal from South Africa (2.28 million tonnes per annum) as a stop gap arrangement to commission the plant operations. The EAC (Expert Appraisal Committee) has given permission to GVK to use imported coal for the plant for two years," sources said.

Also Read: GVK MIAL inks property development deal worth Rs 580 cr

GVK is setting up a 2x270 MW Thermal Power Plant at Goindwal Sahib tehsil in Tarn Taran district of Punjab, and both the units have been synchronised to the grid. A senior official of the power project developer said they have already received tapering coal linkage from Coal India to the tune of 1.5 lakh tonnes and half of it is expected soon.

"We have obtained permission from the government for the import of coal in case there is delay in production of our captive coal mine or Coal India fails to deliver (in future), then we will use the option to import coal. We are confident that our captive coal block will be operational by the end of this year and power production will also start," the GVK official told PTI.

The tapering coal linkage has been recommended by the Punjab government to the Ministries of Coal and Power, sources said. "Tosikud mines are very much on schedule this year, we will certainly we get coal. We need some clearances from railways and other departments for sliding the coal from the mines to the plant. The coal from CIL will help us run the plant for a couple of months," the official added. The Tokisud mines have 52 million tonnes of mineable reserves and are expected to cater to the requirements of 2.32 million tonnes per annum to Goindwal Sahib project.

It has also completed the construction of a bridge over Damodar river along with relief and rehabilitation colony with the commercial operations beginning, according to GVK annual report. Last year, the Ministry of Coal issued show-cause notice to GVK for not meeting the deadlines with respect to development of the mine.

GVK Power stock price

On August 28, 2014, at 14:31 hrs GVK Power & Infrastructure was quoting at Rs 13.67, up Rs 0.65, or 4.99 percent. The 52-week high of the share was Rs 20.85 and the 52-week low was Rs 6.15.

The latest book value of the company is Rs 15.69 per share. At current value, the price-to-book value of the company was 0.87.

16.02 | 0 komentar | Read More

Moneycontrol Latest News

Written By Unknown on Rabu, 27 Agustus 2014 | 16.02

Moneycontrol Latest NewsMoneycontrol LogoPrefer HCL Technologies, target Rs 1680-1700: Kunal BothraMcLeod Russel may test Rs 320: Kunal BothraVirgo Global Media: Outcome of board meetingGST rollout by Apr '15, pan-India presence unlikely: KPMGDewan Housing Finance appoints Vijaya Sampath as additional directorIn India, paddy transplantation is picking up across keyLIC Housing Finance appoints Dharmendra Bhandari as additional directorShort Just Dial, says Chandan Taparia182-Days Treasury Bills - Auction Result: Cut off91-Days Treasury Bills - Auction Result: Cut offVenus Remedies up 17% on pact for selling anti-cancer drug'JVs don't mean walking hand in hand into sunset, forever'Offshore wind mkt next key trigger for debt-ridden Suzlon?Compucom Software: Outcome of AGMSun And Shine Worldwide's AGM on September 29, 2014

Latest News from Moneycontrol.com http://www.moneycontrol.com Wed, 27 Aug 2014 14:30:04 +0530 Moneycontrol.com http://img1.moneycontrol.com/images/top2010/moneycontrol_logo.jpg http://www.moneycontrol.com Feed provided by Moneycontrol. http://www.moneycontrol.com/news/stocks-views/prefer-hcl-technologies-target-rs-1680-1700-kunal-bothra_1165077.html <img src="http://www.moneycontrol.com/news_image_files/2014/h/hcl_technologies_200.jpg" alt="Kunal Bothra" title="Kunal Bothra" border="0" width="75" height="75" align=" left" hspace="5"/> Kunal Bothra, head of advisory at LKP is of the view that one may prefer HCL Technologies with a target of Rs 1680-1700. Wed, 27 Aug 2014 14:24:28 +0530 http://www.moneycontrol.com/news/stocks-views/prefer-hcl-technologies-target-rs-1680-1700-kunal-bothra_1165077.html http://www.moneycontrol.com/news/stocks-views/mcleod-russel-may-test-rs-320-kunal-bothra_1165075.html <img src="http://www.moneycontrol.com/news_image_files/2014/t/tea_beweries_200.jpg" alt="Kunal Bothra" title="Kunal Bothra" border="0" width="75" height="75" align=" left" hspace="5"/> Kunal Bothra, head of advisory at LKP is of the view that Mcleod Russel (India) may test Rs 320. Wed, 27 Aug 2014 14:23:05 +0530 http://www.moneycontrol.com/news/stocks-views/mcleod-russel-may-test-rs-320-kunal-bothra_1165075.html http://www.moneycontrol.com/news/announcements/virgo-global-media-outcomeboard-meeting_1165088.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Virgo Global Media: Outcome of board meeting" title="Virgo Global Media: Outcome of board meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Virgo Global Media Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 27, 2014, have, decided to get approval of Registrar of Companies with regard to extension of time for conducting the Annual General Meeting of the Company for the financial year 2013-14. Wed, 27 Aug 2014 14:16:12 +0530 http://www.moneycontrol.com/news/announcements/virgo-global-media-outcomeboard-meeting_1165088.html http://www.moneycontrol.com/news/economy/gst-rollout-by-apr-15-pan-india-presence-unlikely-kpmg_1165070.html <img src="http://www.moneycontrol.com/news_image_files/2014/d/Dinesh_Kanabar_200.jpg" alt="Dinesh Kanabar" title="Dinesh Kanabar" border="0" width="75" height="75" align=" left" hspace="5"/> Dinesh Kanabar, Deputy CEO of KPMG expects GAAR to be rolled back by at least two-years. Wed, 27 Aug 2014 14:07:28 +0530 http://www.moneycontrol.com/news/economy/gst-rollout-by-apr-15-pan-india-presence-unlikely-kpmg_1165070.html http://www.moneycontrol.com/news/announcements/dewan-housing-finance-appoints-vijaya-sampath-as-additional-director_1165076.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Dewan Housing Finance appoints Vijaya Sampath as additional director" title="Dewan Housing Finance appoints Vijaya Sampath as additional director" border="0" width="75" height="75" align=" left" hspace="5"/> Dewan Housing Finance Corporation Ltd has informed BSE that the Board of Directors of the Company have appointed Ms. Vijaya Sampath as an Additional Director (Non Executive Director) of the Company with effect from August 26, 2014.<</description> Wed, 27 Aug 2014 14:02:13 +0530 http://www.moneycontrol.com/news/announcements/dewan-housing-finance-appoints-vijaya-sampath-as-additional-director_1165076.html http://www.moneycontrol.com/news/weather/in-india-paddy-transplantation-is-pickingacross-key_1165074.html <img src="http://www.moneycontrol.com/news_image_files/Paddy_190x190.jpg" alt="In India, paddy transplantation is picking up across key" title="In India, paddy transplantation is picking up across key" border="0" width="75" height="75" align=" left" hspace="5"/> In India, paddy transplantation is picking up across key producing States, sowing of kharif crops has seen a steady increase this week. First time this season, ... Wed, 27 Aug 2014 14:00:02 +0530 http://www.moneycontrol.com/news/weather/in-india-paddy-transplantation-is-pickingacross-key_1165074.html http://www.moneycontrol.com/news/announcements/lic-housing-finance-appoints-dharmendra-bhandari-as-additional-director_1165069.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="LIC Housing Finance appoints Dharmendra Bhandari as additional director" title="LIC Housing Finance appoints Dharmendra Bhandari as additional director" border="0" width="75" height="75" align=" left" hspace="5"/> LIC Housing Finance Ltd has informed BSE that Dr. Dharmendra Bhandari has been appointed as Additional Director (Independent) on the Board of the Company in its meeting held on August 19, 2014. Wed, 27 Aug 2014 13:47:06 +0530 http://www.moneycontrol.com/news/announcements/lic-housing-finance-appoints-dharmendra-bhandari-as-additional-director_1165069.html http://www.moneycontrol.com/news/stocks-views/short-just-dial-says-chandan-taparia_1165055.html <img src="http://www.moneycontrol.com/news_image_files/2012/j/Just_Dial_190.jpg" alt="Chandan Taparia" title="Chandan Taparia" border="0" width="75" height="75" align=" left" hspace="5"/> Chandan Taparia of Anand Rathi recommends shorting Just Dial as the stock may test Rs 1600. Wed, 27 Aug 2014 13:45:20 +0530 http://www.moneycontrol.com/news/stocks-views/short-just-dial-says-chandan-taparia_1165055.html http://www.moneycontrol.com/news/press-release/182-days-treasury-bills-auction-result-cut-off_1165073.html <img src="http://www.moneycontrol.com/news_image_files/rupee2.jpg" alt="182-Days Treasury Bills - Auction Result: Cut off" title="182-Days Treasury Bills - Auction Result: Cut off" border="0" width="75" height="75" align=" left" hspace="5"/> 182-Days Treasury Bills - Auction Result: Cut off Wed, 27 Aug 2014 13:45:00 +0530 http://www.moneycontrol.com/news/press-release/182-days-treasury-bills-auction-result-cut-off_1165073.html http://www.moneycontrol.com/news/press-release/91-days-treasury-bills-auction-result-cut-off_1165072.html <img src="http://www.moneycontrol.com/news_image_files/rupee2.jpg" alt="91-Days Treasury Bills - Auction Result: Cut off" title="91-Days Treasury Bills - Auction Result: Cut off" border="0" width="75" height="75" align=" left" hspace="5"/> 91-Days Treasury Bills - Auction Result: Cut off Wed, 27 Aug 2014 13:45:00 +0530 http://www.moneycontrol.com/news/press-release/91-days-treasury-bills-auction-result-cut-off_1165072.html http://www.moneycontrol.com/news/buzzing-stocks/venus-remedies17pact-for-selling-anti-cancer-drug_1165059.html <img src="http://www.moneycontrol.com/news_image_files/2014/p/Pharma200.jpg" alt="Venus Remedies up 17% on pact for selling anti-cancer drug" title="Venus Remedies up 17% on pact for selling anti-cancer drug" border="0" width="75" height="75" align=" left" hspace="5"/> Venus Remedies will be initially manufacturing the drug at the Venus Medicine Research Centre, its research unit, for assisting Teva in registrations. Wed, 27 Aug 2014 13:43:07 +0530 http://www.moneycontrol.com/news/buzzing-stocks/venus-remedies17pact-for-selling-anti-cancer-drug_1165059.html http://www.moneycontrol.com/news/business/jvs-dont-mean-walking-handhand-into-sunset-forever_1165051.html <img src="http://www.moneycontrol.com/news_image_files/2014/m/mahindra2_200_5506.jpg" alt="'JVs don't mean walking hand in hand into sunset, forever'" title="'JVs don't mean walking hand in hand into sunset, forever'" border="0" width="75" height="75" align=" left" hspace="5"/> MM had partnered with Ford between October 1995 to March 1998 to make and sell cars. With Renault it had a JV between June 2005 to August 2010 to manufacture and sell the Logan sedan. In the commercial vehicles segment, it had partnered with US firm Navistar between November 2005 to February 2013. Wed, 27 Aug 2014 13:42:05 +0530 http://www.moneycontrol.com/news/business/jvs-dont-mean-walking-handhand-into-sunset-forever_1165051.html http://www.moneycontrol.com/news/business/offshore-wind-mkt-next-key-trigger-for-debt-ridden-suzlon_1165045.html <img src="http://www.moneycontrol.com/news_image_files/2013/s/suzlon_wind_power_200.jpg" alt="Offshore wind mkt next key trigger for debt-ridden Suzlon?" title="Offshore wind mkt next key trigger for debt-ridden Suzlon?" border="0" width="75" height="75" align=" left" hspace="5"/> Suzlonâ€˜s Finance Group Head, Kirti Vagadia said that the company has order backlog of worth USD 1.2 billion in the offshore segment. From FY16 onwards revenue of 2 billion euro per megawatt is likely to start flowing into the companyâ€™s books. Wed, 27 Aug 2014 13:40:55 +0530 http://www.moneycontrol.com/news/business/offshore-wind-mkt-next-key-trigger-for-debt-ridden-suzlon_1165045.html http://www.moneycontrol.com/news/announcements/compucom-software-outcomeagm_1165058.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Compucom Software: Outcome of AGM" title="Compucom Software: Outcome of AGM" border="0" width="75" height="75" align=" left" hspace="5"/> Compucom Software Ltd has informed BSE that the 20th Annual General Meeting (AGM) of the Company was held on August 27, 2014. Wed, 27 Aug 2014 13:38:02 +0530 http://www.moneycontrol.com/news/announcements/compucom-software-outcomeagm_1165058.html http://www.moneycontrol.com/news/announcements/sun-and-shine-worldwides-agmseptember-29-2014_1165057.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Sun And Shine Worldwide's AGM on September 29, 2014" title="Sun And Shine Worldwide's AGM on September 29, 2014" border="0" width="75" height="75" align=" left" hspace="5"/> Sun And Shine Worldwide at its meeting held on August 27, 2014, has decided to convene 20th Annual General Meeting for the year 2013-14 as on September 29, 2014 at 10.00 A.M. at registered office of the Company. Wed, 27 Aug 2014 13:37:37 +0530 http://www.moneycontrol.com/news/announcements/sun-and-shine-worldwides-agmseptember-29-2014_1165057.html

16.02 | 0 komentar | Read More

Indo Count Industries: Outcome of AGM

Written By Unknown on Selasa, 26 Agustus 2014 | 16.03

Indo Count Industries Ltd has informed BSE that the 25th Annual General Meeting (AGM) of the Company was held on August 23, 2014.

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16.03 | 0 komentar | Read More

Tata Steel up 3%, brokerages see no impact of coal crisis

"Tata Steel India gets 40 percent of its coking coal needs through captive coal mines; however, all these coal mines (mainly in West Bokaro and Jharia regions) were allocated pre-1993 while JSW has no captive coal or iron ore mines in India and hence is not impacted," said Goldman Sachs.

Moneycontrol Bureau

Shares of Tata Steel and JSW Steel saw excellent rebound on Tuesday, up 2-3 percent intraday after brokerages said the Supreme Court (SC) verdict on coal block allocation case will not have any impact on these companies. However, stocks fell 4-5 percent in the previous session.

SC on Monday said all coal block allocations (except those awarded to power projects on competitive bidding for tariffs including UMPPs) post July 14, 1993, both under Screening Committee route and Government dispensation route, were arbitrary and illegal.

CLSA agreed with Goldman, saying there is no impact on Tata Steel since its captive coking coal mines were allocated pre 1993 while JSW Steel does not have any operational/upcoming coal mines in India.

The brokerage recommends buying these names if the sector sell-off intensifies further.

At 13:59 hours IST, Tata Steel scrip jumped 1.79 percent to Rs 521 while JSW Steel rose 0.72 percent to Rs 1,253 on the BSE.

Posted by Sunil Shankar Matkar

16.02 | 0 komentar | Read More

Looking to invest through SIPs? Here's help

Watch the interview of Harsh Roongta, CEO of apnapaisa.com with Ekta Batra & Reema Tendulkar on CNBC-TV18, in which he spoke about investment in mutual fund through systematic investment plan (SIP).

Watch the interview of Harsh Roongta, CEO of apnapaisa.com with Ekta Batra & Reema Tendulkar on CNBC-TV18, in which he spoke about investment in mutual fund through systematic investment plan (SIP).

16.02 | 0 komentar | Read More

Strides Arcolab receives USFDA approval for Buspirone tablets

Strides Arcolab has received approval from United State Food & Drug Administration for Buspirone Hydrochloride Tablets USP, 5 mg, 10 mg, 15 mg and 30 mg.

Strides Arcolab Ltd has informed BSE regarding a Press Release dated August 26, 2014 titled "Strides Arcolab receives US FDA approval for Buspirone Tablets". Strides Arcolab has received approval from United State Food & Drug Administration for Buspirone Hydrochloride Tablets USP, 5 mg, 10 mg, 15 mg and 30 mg.Source : BSE

Read all announcements in Strides Arcolab

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16.02 | 0 komentar | Read More

Supreme Court terms all coal block allocations illegal

Written By Unknown on Senin, 25 Agustus 2014 | 16.02

The Supreme Court has termed all coal block allocations illegal but stopped short of de-allocating the blocks. The apex court observed that the issue of de-allocation will need further hearing.

The Supreme Court has termed all coal block allocations illegal but stopped short of deallocating the blocks. The apex court observed that the issue of de-allocation will need further hearing but barred UMPPs from exploiting captive mines.

The verdict was passed after the court scrutinised coal block allottment to private parties and government-run PSUs during the UPA and NDA regimes since 1994 till 2009. The hearing itself went on for one-and-half years.

The Supreme Court noted that guidelines were breached during allocation. The conseqence of illegality will be determined on September 1.

16.02 | 0 komentar | Read More

Usha Martin Education: Updates on outcome of AGM

Usha Martin Education & Solutions Ltd has submitted to BSE a copy of the Minutes of 17th Annual General Meeting of the Company held on August 01, 2014.

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16.02 | 0 komentar | Read More

Hold Power Finance Corporation: Sharekhan

Sharekhan has recommended hold rating on Power Finance Corporation, in its research report dated August 22, 2014.

Sharekhan`s research report on Power Finance Corporation

"Power Finance Corporation (PFC) has delivered healthy profitability over the past several quarters led by a strong loan book and high net interest margin. However, the recent guidelines of the RBI allowing regulatory forbearance for banks on infrastructure financing could increase the competitiveness in the sector going ahead which may affect the company's growth and margins. The asset quality weakened in Q1FY2015, but it remains healthy with the gross NPA at 1.01% of the total loans. However, going ahead the implementation of various reforms in the power sector would be the key to the asset quality. The provisions will rise due to the provisioning requirement for restructured loans (from 2.75% in FY2015 to 5% by FY2018)."

"PFC's stock price has appreciated significantly (by 86%) since our Viewpoint report on the company on February 5, 2014 due to improved sentiment for the power sector. While the performance of the company remains healthy, further re-rating is contingent upon the implementation of reforms in the infrastructure sector (as reforms would have an impact on its asset quality). Currently, the stock is trading at 1.0x FY2016E book value, which is about 15% discount to its five-year mean valuation. We are neutral on the stock and recommend investors to partially book profit on the stock. Since infrastructure is among the priority areas for the government and positive developments are likely in the sector, long-term investors can continue to hold the stock," says Sharekhan research report.

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Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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16.02 | 0 komentar | Read More

Hold Hindalco Industries: Ventura

Ventura has recommended hold rating on Hindalco Industries, in its research report dated August 22, 2014.

Ventura`s research report on Hindalco Industries

"Hindalco Industries Ltd's Q1FY15 profit fell by 31% due to high costs while net profit, excluding those of its units, fell to Rs 327.5 crore in Q1FY15 from Rs 474.1 crore YoY. Stand-alone revenue grew by 37% to Rs 7,996.1 crore in Q1FY15, from Rs 5,837.9 crore YoY, higher volume and realization in the aluminium business that saw a ramp up in production at the Mahan smelter, boosted revenue. Of the total revenue, the aluminium business contributed Rs 3,011 crore or 38%, while the revenue from the copper business was around 62%. The smelting operations at Aditya Aluminium, Odisha were affected because of a prolonged power outage in early July due to external grid failure and torrential rain. Raw materials cost for the quarter jumped 71.7% to Rs 5,139.5 crore while power and fuel cost rose by 41% to Rs 1,136.8 crore. Finance costs more than doubled, increasing by 127% to Rs.338 in Q1FY15 from Rs.149 crore YoY. The finance cost rose due to interest on project loan being charged to the revenue on progressive capitalization of greenfield projects. Aluminium production (excluding Utkal refinery) was at 290 Kt in Q1FY15 as against 348 Kt YoY and 318 Kt QoQ impacted due to constraints posed by bauxite availability. Copper production for the quarter increased to 96 Kt from 68 Kt YoY on account of planned shutdown in Q1FY14 and maintained at the same level as in Q4FY14."

"Hindalco is probably at the bottom of its cycle and in all probability it will perform much better going forward on the back of the improvement in the economy even though the share price has run ahead of its fundamentals. The trigger for greater demand in the local market could come from higher infrastructure spend and higher demand from electrical and housing sectors. The management expects its greenfield factories progressing towards realising their potential and the robust performance in copper business also to continue. Currently, at the CMP of Rs 182, Hindalco is trading at 12.9x and 10.4x its estimated earnings for FY15E and FY16E, respectively, we believe the current valuation is slightly overstretched and recommend to HOLD the stock and 'BUY ON DECLINES'," says Ventura research report.

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16.02 | 0 komentar | Read More

Forex reserves rise by $ 43.3 m to $ 319.3 bn

Written By Unknown on Minggu, 24 Agustus 2014 | 16.03

Reserves had fallen by USD 643.3 million to USD 319.347 billion in the week to August 8, while it had dropped by USD 573.5 million to USD 319.99 billion in the week to August 1 after touching close to the life-time high of USD 321 billion in the previous week.

After falling for two consecutive weeks, foreign exchange reserves marginally rose to USD 319.39 billion, up by USD 43.3 million, for the week, driven by an increase in foreign currency assets.

Foreign currency assets (FCAs), a major constituent of overall reserves, increased by USD 54.7 million to USD 292.101 billion for the week ended August 15, the Reserve Bank of India said in its weekly statement.

FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in reserves. Gold reserves remained unchanged at USD 21.173 billion in the reporting week. The special drawing rights were down USD 8.3 million to USD 4.416 billion, and India's reserve position with the IMF dipped USD 3.1 million to USD 1.699 billion during the week, the apex bank said.

16.03 | 0 komentar | Read More

Prefer Eicher Motors for long term: Sandeep Shah

Sandeep Shah of Motilal Oswal Private Wealth Management is of the view that one may prefer Eicher Motors for long term.

Sandeep Shah of Motilal Oswal Private Wealth Management told CNBC-TV18, " Divis Laboratories has a fairly strong cramp business and they are also on the generic side as some of the lowest cost producers of certain drugs. One of the things they do is that they don't enter into conflict with multi national pharmaceuticals companies, on the generic side they will not look at Para 4 challenges nor they will look at patented drugs, they will only look at off patent drugs. So this is available at relative discount through the large caps, it has the best returns ratio in the industry, has one of the highest margins after Sun Pharmaceuticals and Sun Pharmaceuticals margins are way higher than everybody else."

He further added, " Eicher Motors is a stock that has done well but the story is still unfolding. This is one stock where earnings can grow at 45 percent or so for the next three years. It may look optically expensive at 25 times next year but given the quality of earnings growth and given the fact their strong Royal Enfield franchise has been growing when the economy has been slowing down and with the economy recovering you should see a pick turn up in both the commercial vehicle business as well as the engine export rally ramping up as well the buses business, I think these are almost sure shot for somebody who is willing to stay invested for at least two to three years."

16.03 | 0 komentar | Read More

Raghuram Rajan, Nachiket Mor deserve better

I have so far resisted commenting on other journalists and their views but this once I am violating myself given rule. The myriad articles accusing RBI governor Raghuram Rajan of bringing his school fellow and friend Nachiket Mor into the RBI as its Deputy governor or COO are outright lies.

May be these fellow journalists of mine don't intend to lie (since some of them are really nice people) but on this one, they are making some really facile conclusions with little or no evidence and based entirely on gossip.

For one thing, the decision to restructure RBI was not Rajan's baby at all. It was a job begun before he took over.

At an offsite for senior management in early 2013, two groups of CGMs and RMs put forth their views on how they would see their work and their departmental design reorganised. Both groups argued that the current 21 departments lead to RBI working in silos.

In his first interaction with senior management, the key takeaways of the offsite were presented to the new governor who asked them to go ahead and present a report on the issue. Deputy governor K C Chakarabarty contributed a great deal of his thoughts and the report was finally ready under deputy governor R Gandhi.

The report, widely contributed to by RBI senior management, aimed to bring departments doing similar functions under one DG. For instance, regulation of banks, NBFCs, and urban cooperative banks lies with different departments. The report wants them under one DG so that a change in prudential rules in one part of the financial sector is extended to other sectors, if necessary, before it gives way to regulatory arbitrage. Likewise citizen-facing departments were to be clubbed together. Monetary policy and research would be a department by itself.

The restructuring envisages one department that will look at RBI's internal housekeeping, the HR, training, transfers and promotions of RBI officials. The creating of such a department is with the following objectives: One, many staff functions need to be upgraded because their need has been felt only recently. For instance, forensic auditing, derivatives trading or IT.

The HR department is meant to identify such lacunas and plan the training. The idea is to make this department come under a 5th DG who should be called the COO considering the nature of his/her functions. This DG/COO position is meant for an RBI insider, since they are simply better placed to handle such issues. In fact, top ranking RBI officials told me other central banks too have one DG position for internal affairs so as to ensure that people from any branch - even security, press relations, or say Hindi bhasha can rise to the position of DG.

Now the point that these officials make is that by definition this 5th DG will be an RBI insider and hence journalists assuming that Rajan created this post for his class fellow Nachiket Mor is so completely laughable and fantastic. It was a demand from RBI senior management and will be filled by one of their ilk.

As I see it such a function is not even Mor's core competence or interest. Mor is a banker par excellence with extraordinary skills in treasury management, prudential rules and financial inclusion. Doing HR for RBI would not even interest him, even assuming an outsider was recruited for this, which again is most unlikely.

In any case since a fifth DG will require amending the Act, currently the revamp efforts envisage a person of ED level to head this housekeeping cum HR department. Once the Act is amended, the DG would be chosen by a government search committee, so again, getting one's class fellow into the position will not be possible. Not that Mor will even want to throw his hat in the ring.

The result of such unwarranted mud slinging and casting crony charges on the governor has been to instil fear in the minds of the unions against the revamp. While the revamp is looking at lateral hires too, seen in the context of press reports saying Mor will become the 5th DG, the unions are worried that promotions will become tough in the new revamped RBI and that newcomers may get the cream.

As two DGs, one current and one former, told me, RBI is in need of restructuring and retraining. There is a need to stop this old bureaucratic practice of transfering people every three or five years. There is a need to keep people in the same job for long so that specialised skills are developed. Rigorous performance evaluation is also needed so that knowledge gaps are identified and training provided. They pointed out that RBI is functioning in a fast changing financial world where instruments and individuals are getting smarter by the day. Rapid and constant growth of key officials is a necessity. But this entire sensible exercise has been reduced to a fanciful charge that the governor wants to favour his old school friend.

I do hope the tiny band of scribes who cover the central bank show a little more maturity rather than a cub-reporter's craze for sensational headlines.

16.03 | 0 komentar | Read More

Central and east Gujarat expected to receive rain in next 2 to 3 days

There seems some respite for the people of Gujarat observing dry weather for the last 4 to 5 days. According to Skymet Meteorology Division in India, rain is expected in central and east Gujarat in the next 2 to 3 days. Northern and western parts will still remain dry.

The month of August began on a positive note with some good widespread showers being observed in the state during the first ten days. Thereafter rain decreased and was only witnessed in the form of occasional light patchy showers. Ahmedabad recorded some rain on the 18th but there haven't been any showers since then.

The temperatures are on the rise with Ahmedabad recording 35.3 degrees Celsius as the maximum temperature on Friday, which is 3 degrees above normal. Baroda was 4 degrees above normal at 34.8 degrees Celsius, while Idar saw maximum settling 5 degrees above normal at 36.4 degrees Celsius. This clearly explains how uncomfortable the weather has been in the state in the last few days.

This spell of rain will pull down the maximum temperatures by 1to 2 degrees and provide some relief to the people for a couple of days. But the respite will be short lived as the temperature will again shoot up after decrease in rain. The region is already facing a rainfall deficit of 33%, from 1st June to 22nd August

Picture courtesy:globalgujaratnews.in

By: Skymetweather.com

16.02 | 0 komentar | Read More

Obama may seek new funds to battle Islamic State

Written By Unknown on Sabtu, 23 Agustus 2014 | 16.02

President Barack Obama could ask the US Congress in coming weeks to approve new funds for airstrikes against Islamic State targets, according to a congressional aide, following the militants' beheading of an American journalist and activities in Iraq.

A Senate Democratic aide on Friday said the Obama administration could detail by early to mid-September the amount of additional money it wants for the military operations, although the aide did not estimate the size of the possible funding request.

The administration has indicated it does not want to put combat troops into the region, although it has said it is evaluating all options on how to deal with Syria.

The request would come as some influential members of Congress call on Obama to step up U.S. military pressure against Islamic State fighters. On Thursday, Republican Senator John McCain of Arizona called for a significant increase in air strikes, including bombing missions against targets in Syria.

"You've got to dramatically increase the air strikes. And those air strikes have to be devoted to Syria as well," McCain told Reuters in a telephone interview.

Democratic Senator Bill Nelson of Florida, a senior member of the Senate Armed Services Committee, earlier this week said, "We have to continue to take the fight to ISIS, not only in Iraq but in Syria as well."

The Senate aide, who asked not to be identified, said additional funding for military operations over Iraq and Syria is likely to be one of a few unrelated spending matters Congress could debate in September, after returning from a five-week summer recess.

One year ago, Congress returned from its long summer recess having to deal with a request by Obama for the backing of U.S. air strikes against Syrian President Bashar al-Assad's forces. The request came after the United States alleged that Assad had used chemical weapons against civilians.

That effort sputtered following British opposition to air strikes and a deep lack of support among U.S. politicians.

General Martin Dempsey, chairman of the Joint Chiefs of Staff, told a Pentagon news conference on Thursday that the Pentagon would examine whether additional funds were needed for operations in Iraq in the new fiscal year that begins on Oct. 1.

"I think we're fine for fiscal year '14 and we'll have to continue to gather the data and see what it does to us in '15," Dempsey told reporters.

Aides to Senate Majority Leader Harry Reid and House Speaker John Boehner were not immediately available for comment.

Don Stewart, a spokesman for Senate Republican leader Mitch McConnell, said on Friday: "The administration still hasn't put forward a plan for dealing with the wider threat posed" by the Islamic State.

With members of Congress scattered throughout the country during the long summer break, it is difficult to gauge their sentiment for an expanded military campaign against the Islamic State.

When Congress returns to Washington on Sept. 8 it will face a series of budget challenges, including whether to provide additional funds to deal with a surge of Central American youths trying to enter the United States illegally. Congress also will try to approve temporary funds to keep the government operating in the fiscal year that begins on Oct. 1.

Any request for more military funds could be coupled with the other budget requests.

16.02 | 0 komentar | Read More

Here's Healthyworld.in, a wellness solution company

Wellness is not considered a need by most of us. With an aim to change that perspective Puru Gupta and Sreejith Moolayil developed 'Healthyworld.in', a wellness solution company which provides products and services that are healthier alternatives to your current lifestyle.

16.02 | 0 komentar | Read More

How Snapdeal became India's major e-commerce website

Aug 23, 2014, 02.19 PM IST | Source: CNBC-TV18

Here is how Rohit Bansal and Kunal Bahl completely revamped their discount coupon and vouchers website Snapdeal into India's largest e-commerce marketplace.

16.02 | 0 komentar | Read More

Here's a glimpse at what transpired at Dakshin Dare Rally

Maruti Suzuki has been at the forefront of supporting rallying activities in India and they have also been supporting the Dakshin Dare Rally down south for the past five years. Plenty of excitement, plenty of action; here is a roundup of what went on.

16.02 | 0 komentar | Read More

New Cos Act compliant gold scheme coming soon: Titan

Written By Unknown on Kamis, 21 Agustus 2014 | 16.03

Titan is banking on studded jewellery to gain marketshare going forward as it gives better margin than plain gold. In an exclusive interview to CNBC-TV18, S Subramanian, CFO of Titan said growth in studded jewellery segment has been quite encouraging in the last couple of quarters. Last year, this segment contributed about 28 percent to the overall business of the company.

He informed that the company has gained immensely from Golden Harvest — the 11+1 scheme — which will pave way for a bumper Q2. Although the scheme has to be closed down, Titan is planning to come out with another scheme which is more compliant with the New Companies Act by next quarter.

Below is the transcript of S Subramanian\\'s interview with Anuj Singhal and Sonia Shenoy on CNBC-TV18.

Sonia: Just want to put forward to you one rationale that Morgan Stanley has stated where they say that they have a conservative forecast of 170 bps improvement in your jewellery EBIT margins going ahead from now for the next two years or so, so they foresee a good amount of operational improvement in the business. Can you take us through what your own assumptions are as far as the jewellery business is concerned?

A: I will not be giving you numbers on this but I have not read this Morgan Stanley report. I don't know the basis on which these numbers have been arrived at by them but what we are seeing possibly now and hopefully in the future as well is clearly some improvement in the studded jewellery market share and share of our own business. So we have been sub-30 percent in the last year and we are seeing maybe better studded share as we go forward and as you know studded margins are much better than the plain gold margin. So from that perspective, there could be some improvement in margins.

Secondly, as growth comes back, hopefully in the not to distant future, you should start getting some positive operating leverage which should possibly get some margin improvement. So there is a possibility, I cannot go by the number that Morgan Stanley has and I haven't seen them but it is possible that there can be some improvement.

Anuj: How much incremental market share do you think you can garner over the next one year or so?

A: Market share is a very difficult thing to estimate in India because of the nature of the industry. And the size of industry itself being debated as it suggests 2.5 lakh crore or what it is but we are more interested in the studded share increasing in our own business. If that is happening then it is good. More importantly, there is growth in the studded jewellery segment itself and that has been quite encouraging in the last couple of quarters.

Sonia: So for the studded jewellery business, currently it contributes about 25 percent to the overall business, how much do you think it could contribute to going ahead? Will there be a higher contribution from the studded jewellery business in the overall jewellery segment?

A: We were 28 percent last year and you should also realise that we do have these promotions, which run in two quarters in a year, which is Q2 and Q4. So in those quarters, the ratio will be well ahead of 30 percent and then it drops in the other two quarters. This year, I think we should exceed 30 percent for a year as a whole because Q1 was itself it was 25 percent and this quarter is an activation quarter as well. So the ratio will be very good. So I would assume we should do over 30 percent this year.

Sonia: Would you not be impacted by the fall that we have seen in gold prices globally and the subdued demand?

A: Demand has not been so bad. The last quarter wasn't bad and this quarter we are also seeing something (demand). Of course there is this issue of foreclosing the Golden Harvest scheme; the 11+1 scheme that we were running and therefore you will find in a way a bumper Q2. We had to force the customers to close this so that we can come out with another scheme which is more compliant with the New Companies Act, which we expect to start next quarter. So to that extent, there will be an advancement of purchases. So the ratio for studded should be quite good.

Anuj: In terms of EPS growth, what kind of numbers would be reasonable from Titan?

A: I am not giving numbers guidance on EPS or for that matter even revenue. It is too early to say that and as I said for various reasons this quarter will be very good. We still have to wait and see how the second half is going to be.

Sonia: In the watches segment as well you are expecting good growth and what could the rate of growth be?

A: Watches has been quite satisfying as far as the growth in that segment because last quarter was quite good. We are seeing interest in the segment continuing this quarter as well. So that basically is signalling that maybe the worst is over in terms of customer spend on discretionary items. So I think that is a good sign. We are hopeful that this year will be definitely better than the last.

Titan Company stock price

On August 21, 2014, at 14:32 hrs Titan Company was quoting at Rs 366.05, up Rs 19.80, or 5.72 percent. The 52-week high of the share was Rs 369.00 and the 52-week low was Rs 203.00.

The company's trailing 12-month (TTM) EPS was at Rs 8.29 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 44.16. The latest book value of the company is Rs 28.43 per share. At current value, the price-to-book value of the company is 12.88.

16.03 | 0 komentar | Read More

Why now's the time to buy iron ore

Iron ore has taken a beating this year, with prices correcting over 30 percent from their year-to-date high of USD135 a tonne in January, but one analyst told CNBC this presents the perfect buying opportunity.

"It is time to tactically get long iron ore swaps and Fortescue Metals," Conor O`Malley of independent research firm View from the Peak said in a note.

While a weakening real estate market in China, which accounts for around two-thirds of global iron ore purchases, coupled with a flood of ore supply suggests further gloom for the market, O`Malley said this shouldn`t put investors off.

"Accepting all of the above, it is still time to buy iron ore exposure as we move into the Chinese winter," he said.

Among factors that underlie iron ore`s vicious decline this year are reports that commodities like iron ore and copper are being used as collateral for financing deals in China, raising concerns that a crackdown by authorities would dampen demand.

But View from the Peak`s O`Malley is confident that the market`s dynamics will turnaround soon: "A 30 percent correction in any commodity market will produce a supply reaction. Iron ore is no different," he said.

He pointed out that weak prices forced a number of Chinese iron ore miners offline, resulting in tighter domestic supply. This should put upward pressure on prices especially as the market heads into the harsh Northern winter which normally reduces supply, he said.

O`Malley said iron ore prices potentially have another USD 8 per tonne to fall, but noted upside potential of USD 17 from current levels, making the risk-ratio compelling.

Other analysts agreed that the price of iron ore shows signs of stabilizing around current levels of USD 93 per tonne.

"I actually feel that we are at a reasonable area. It`s at one of those points where it`s not cheap and it`s not expensive," said Jonathan Barratt, chief investment officer at Sydney-based wealth management firm Ayers Alliance.

"About two months ago I would have said we could have gone a lot lower, but now because we`ve held these levels I`m more optimistic that she should be quite stable," he added.

Barratt pointed to some other positive factors: the recent drawdown in inventories in China - which suggests appetite for buying could become stronger - and the fading of the panic over the issue of commodities being used as collateral.

"It`s been like a lot of the issues that we`ve seen come out of China where it becomes an issue and they look after it... and as time has passed it looks like that issue has been taken care of," he added.

David Lennox, market strategist at Fat Prophets, told CNBC he sees iron pries rallying to USD 100 per tonne by year-end, driven by Chinese demand as they continue to switch from lower quality/high-cost domestic iron ore to high quality/low-cost product from the likes of Rio Tinto and BHP Billiton.

"Imports into China should continue to keep quality iron ore in tight supply over the remainder of 2014 and 2015," he said.

In July, China`s iron or imports rose 11 percent on month as buyers took advantage of lower prices. Australian miners likely stand to benefit most; Australia`s share of Chinese iron ore imports was 61 percent of the total in June and 56 percent in the first half of the year compared with an average of 51 percent in 2013.

"We believe downside is limited but the risk is that China switches off the import tap and then there could be some real downside risk," he added.

16.03 | 0 komentar | Read More

Canara Bank may test Rs 420: Kunal Bothra

Kunal Bothra, Head of Advisory at LKP is of the view that Canara Bank may test Rs 420.

Kunal Bothra, Head of Advisory at LKP told CNBC-TV18, "The public sector undertakings (PSU) banks have seeing some sort of a swing breakout on the short term charts. Canara Bank is one of the few stocks which is showing some very good strength. It is forming inverse head and shoulder and it is a good sign for Canara Bank which had been dragging over the last couple of days."

"From a short term perspective one could look at a target of at least Rs 420 provided that the pattern succeeds. My sense is that Bank Nifty is playing out pretty well over the last couple of days, probably just about couple of percentage points away from breaking that 52 week
high. The overall momentum is coming back into Bank Nifty and PSU banks could probably give a short term rally," he adds.

16.03 | 0 komentar | Read More

PNB, Kotak Mah Bank, BoB, SBI top gainers; Sensex choppy

Aug 21, 2014, 02.24 PM IST | Source: Moneycontrol.com

Bank Nifty advanced over a percent as top lenders like Punjab National Bank, Bank of Baroda, Kotak Mahindra Bank, State Bank of India, Axis Bank and HDFC Bank gained 1-3 percent.

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PNB, Kotak Mah Bank, BoB, SBI top gainers; Sensex choppy

Bank Nifty advanced over a percent as top lenders like Punjab National Bank, Bank of Baroda, Kotak Mahindra Bank, State Bank of India, Axis Bank and HDFC Bank gained 1-3 percent.

14:24

Moneycontrol Bureau Equity benchmarks continued to trade higher with marginal gains amid volatility, supported by banks and auto stocks. The Sensex rose 69.79 points to 26384.08 and the Nifty climbed 17.30 points to 7892.60.

About 1534 shares have advanced, 1323 shares declined, and 107 shares are unchanged.

Bank Nifty advanced over a percent as top lenders like Punjab National Bank, Bank of Baroda, Kotak Mahindra Bank, State Bank of India, Axis Bank and HDFC Bank gained 1-3 percent.

Bajaj Auto topped the buying list in the Sensex, up 3 percent followed by Sun Pharma with 1.8 percent. However, NTPC, Dr Reddy's Labs, Hindalco Industries, Sesa Sterlite and United Spirits lost 1-2 percent.

Ferrous stocks like SAIL and Tata Steel declined after the cabinet hiked royalty rates on iron ore to 15 percent from 10 percent earlier. MOIL too was under pressure as manganese royalty rates upped to 5 percent from 4.2 percent earlier.

Zee Entertainment is all set to replace United Spirits on all NSE indices with effect from the September 19.

Global markets subdued today with the Asian equities closing in the red as China economy fears deepened after Chinese HSBC PMI fell to 3-month low of 50.3. Even Eurozone data disappointed with the manufacturing PMI sliding to 13-month low.