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[] | 2016-08-26T13:29:42 | null | 2016-08-10T00:00:00 | The theft came to light on Tuesday as four of the more than 200 wooden boxes stuffed with the cash was found ripped open when the train arrived in Chennai. | RBI cash heist: RPF attempts to narrow down site of robbery | http%3A%2F%2Fwww.rediff.com%2Fnews%2Freport%2Frbi-cash-heist-rpf-attempts-to-narrow-down-site-of-robbery%2F20160810.htm.json | http://im.rediff.com/news/2016/aug/10rewind09.jpg | en | null | RBI cash heist: RPF attempts to narrow down site of robbery | null | null | www.rediff.com | August 10, 2016 18:55 IST
Railway Protection Force is investigating whether the heist of over Rs five crore RBI money in a moving train has taken place in Salem or after it left the Salem station, a senior officials said on Wednesday.
"Engines are normally changed at Vridhachalam station. It could have happened here or after (the train left) Salem or Virudhachalam. We are investigating all angles," RPF Salem Railway Divisional Security Commissioner P Rajmohan told reporters in Salem.
He was replying to a question whether the theft could have happened in Salem Junction itself as the train was reported to have halted for five hours (after the loading of the cash) or at Vridhachalam Junction where too some delay was reported.
Rajmohan led a team of RPF personnel and inspected the railway junction in Salem looking for clues into the daring heist of Rs 5.78 crore out of Rs 340 crore cash sent to the Reserve Bank of India from here in three cargo coaches, attached to the Chennai Express.
The theft came to light on Tuesday as four of the more than 200 wooden boxes stuffed with the cash was found ripped open when the train arrived in Chennai.
"We are yet to receive the forensic report. As per the photographs received, we believe the roof of the train was opened by using large sized scissors and not a drilling machine as stated earlier," he said.
As per the initial investigations, the amount had been loaded by bank officials and not by railway officials. "So, we are collecting details of those involved in loading the cash," he said.
"As of now we have received a formal complaint from the bank officials that the money has been stolen. We are taking their statements," he said.
IMAGE: Forensic experts inspecting the roof of the train which was broken open by miscreants for robbing four boxes carrying Indian currencies at Egmore Railway Station in Chennai on Tuesday. Photograph: R Senthil Kumar/PTI | http://www.rediff.com/news/report/rbi-cash-heist-rpf-attempts-to-narrow-down-site-of-robbery/20160810.htm | en | 2016-08-10T00:00:00 | www.rediff.com/4aa24151c74a7d6d5ad0b8c99a3caa6d330fcd23b6b6b11e8d8e7877aa49e116.json |
[] | 2016-08-26T13:15:22 | null | 2016-08-24T00:00:00 | To prevent exploitation of women, especially those in rural and tribal areas, the government has prohibited foreigners from commissioning surrogacy in the country and has drafted this comprehensive legislation. | Bill to protect rights of surrogate mothers cleared | http%3A%2F%2Fwww.rediff.com%2Fnews%2Freport%2Fbill-to-protect-rights-of-surrogate-mothers-cleared%2F20160824.htm.json | http://im.rediff.com/news/2015/nov/02surrogacy1.jpg | en | null | Bill to protect rights of surrogate mothers cleared | null | null | www.rediff.com | Last updated on: August 24, 2016 21:45 IST
A bill proposing a complete ban on commercial surrogacy and allowing only legally wedded Indian couples to opt for children through it was on Wednesday approved by the government to check unethical practices.
The Union Cabinet gave its nod to the introduction of the Surrogacy (Regulation) Bill, 2016 in Parliament, seeking a bar on unmarried couples, single parents, live-in partners and homosexuals from opting for surrogacy.
The move that is aimed at curbing unethical practices in the country which was emerging as a hub of commercial surrogacy.
The bill has a provision for a jail term upto ten year and a fine of Rs 10 lakhs for violations, such as abandoning the child and opting for commercial surrogacy.
"The new bill proposes a complete ban on commercial surrogacy in the country and will allow only legally wedded Indian couples married for at least five years to have children through surrogacy.
"Foreigners as well as NRIs and PIOs who hold Overseas Citizens of India cards have been barred from opting for surrogacy," External Affairs Minister Sushma Swaraj told reporters after the meeting.
"Unmarried couples, single parents, live-in partners and homosexuals cannot opt for surrogacy as per the bill. Legally wedded couples who have been married for at least five years, can opt for surogacy," she said.
Only "close relatives" of couples seeking children will be allowed to be surrogate mothers. A woman who offers her womb for the purpose, will be able to do so only once as per the bill.
The woman wanting a child through the method will be the mother as per the proposed law. There is a provision under the measure for a contract to clear any ambiguity.
Only altruistic surrogacy will be allowed in a regulated form with some condition, the bill said.
A woman seeking a surrogate child should between 23 and 50 years in age and her husband should be between 26 and 55 years.
A surrogate child will have equal right as any other biological or adopted child over property, Swaraj said.
Moreover, the surrogate mother, who should be a close relative of the couple, should be married and have borne a healthy child.
Swaraj said with India having over 2,000 surrogacy clinics, there was need to regulate the practice and only altruisic surrogacy will be allowed as per the bill.
The bill comes in the wake of India emerging as a surrogacy hub for couples and incidents being reported on unethical practices.
It also seeks to set up national surrogacy board at the central level as well as in states and Union territories.
The bill, which will come up for consideration in Parliament during the winter session, aims to safeguard the rights of surrogate mothers and make parentage of such children legal.
Surrogacy clinics under the bill will have to maintain their record for 25 years to ensure that documents are made available in case of a legal dispute.
Swaraj said successive governments had assured Parliament on eleven occasions to bring such a bill.
Seeking to allow a broader view to prevail, the government has decided that it will be referred to Parliament's Standing Committee on Health.
The minister said the new law will be notified 10 months after it is cleared by the two Houses to allow mothers who are already pregnant then to have a surrogate baby.
Swaraj lamented that the method has become a "fashion" for couples, especially celebrities.
Referring to "big celebrities", though without naming them, Swaraj said they have opted for surrogacy and it has become a trend. She said under the bill, the procedure has been allowed for necessity and not "shauk" (fashion).
"We have several examples of big celebrities who have their own children, two children -- a boy and a girl -- still they have gone for a surrogate child," she said.
Shah Rukh Khan, Amir Khan and Tusshar Kapoor are some of the celebrities to have surrogate children. Kapoor is a single parent.
"Permission (under the bill) is for necessity, not shauk...there is no permission for cases in which the wife does not want to go through labour...you make a poor woman go through labour pain instead," she said.
There have been incidents where girl children born out of surrogacy being abandoned or children with disorders being deserted, she said.
Swaraj was of the view that the proposed bill will check exploitation of poor women especially in the rural and tribal areas and prevent "womb trade".
Under the bill, couples going for surrogacy will also have to produce a certificate to prove that one of them is medically unfit to bear a child. People already having one child cannot go for surrogacy.
Responding to a question, Swaraj said live-in partners, single parents, homosexuals and widows can go for adoption but not surrogacy. She said live in relations and homosexual relations have no legal sanctity. She said such people, including single parents, can go for adoption.
To a query as to what will couples do if they do not have close relatives, the minister said that the option then will be to go for adoption.
A Group of Ministers headed by Swaraj had recently cleared the bill and had referred it to the Union Cabinet for a final call. The GoM was constituted at the behest of the Prime Minister's Office.
Apart from Health Minister J P Nadda, Commerce Minister Nirmala Sitharaman and Food Processing Industries Minister Harsimrat Kaur Badal were among those part of the GoM.
The government had recently admitted that in the absence of a statutory mechanism to control commissioning of surrogacy at present, there have been cases of pregnancies by way of surrogacy, including in rural and tribal areas, leading to possible exploitation of women by unscrupulous elements.
To prevent exploitation of women, especially those in rural and tribal areas, the government has prohibited foreigners from commissioning surrogacy in the country and has drafted this comprehensive legislation, the sources said. | http://www.rediff.com/news/report/bill-to-protect-rights-of-surrogate-mothers-cleared/20160824.htm | en | 2016-08-24T00:00:00 | www.rediff.com/e5a350807c9f1d4b01ec2a61a86ce5cf9909c0fdb9ff536c25a01fd52af8ef0b.json |
[] | 2016-08-26T13:31:32 | null | 2016-08-08T00:00:00 | Zia-ul Haq, manager of MA Convent School in Baghara locality, was booked under the Prevention of Insults to National Honour Act and arrested | UP: School that banned national anthem is shut | http%3A%2F%2Fwww.rediff.com%2Fnews%2Freport%2Fup-school-that-banned-national-anthem-is-shut%2F20160808.htm.json | http://im.rediff.com/news/2016/aug/08lead6.jpg | en | null | UP: School that banned national anthem is shut | null | null | www.rediff.com | August 08, 2016 14:12 IST
Police has arrested the manager of a school in Allahabad who refused to allow recital of national anthem on Independence Day, while authorities on Monday began proceedings for sealing the school, which was allegedly running illegally, and stepped up security due to tension in the area.
Zia-ul Haq, manager of MA Convent School in Baghara locality, was booked under the Prevention of Insults to National Honour Act and arrested, officials said.
A magisterial inquiry has been ordered to look into how the school was allowed to run for two decades without any clearance from authorities and the allegation against the manager, they said.
The Bharatiya Janata Party had demanded action against the school while local units of the Vishwa Hindu Parishad and the Hindu Yuva Vahini had on Sunday threatened to launch an agitation if the school was not shut down within 72 hours.
"Orders for sealing the school have been issued.
"The education department has been requested to arrange shifting of nearly 300 students enrolled there to some other school so that their studies do not suffer," officiating District Magistrate of Allahabad Andra Vamsee said.
An FIR was filed by the education department in the matter which came to light when eight of the school's teachers, including its principal, resigned last week after they were denied permission to hold recital of the national anthem during the upcoming Independence Day celebrations.
Haq had defended the move, claiming that the phrase 'Bharat Bhagya Vidhata' in the national anthem's opening stanza violated the basic tenets of Islam.
The DM said, "A magisterial probe has also been ordered to look into how the school was allowed to run for two decades without any clearance from authorities. Education department officials say that recently they had even sent a notice asking them to shut down the school which was being run illegally".
"Moreover, the school's manager has reportedly said that he has never allowed recital of the national anthem ever since the school started.
"The investigation will also cover this issue and it would be probed as to whether there had been complaints in the past against the school on this count and if so what action was taken," he said.
Vamsee said that the manager was arrested when it was observed that "the controversy was creating some tension".
It could have resulted in animosity between members of different communities, he added.
Meanwhile, police and Provincial Armed Constabulary have been deployed in the vicinity of the school to prevent any untoward incident in the area, Additional SP (City) Rajesh Yadav said.
Video Grab: Courtesy ANI | http://www.rediff.com/news/report/up-school-that-banned-national-anthem-is-shut/20160808.htm | en | 2016-08-08T00:00:00 | www.rediff.com/bb776d74d74978c9c6b1898ee5b5bbd14fd2851a6c35b320463b01b1d1d12a3f.json |
[] | 2016-08-26T13:31:14 | null | 2016-08-08T00:00:00 | Catch all the latest action from the Lok Sabha and Rajya Sabha here. | WATCH LIVE: All the action from Parliament | http%3A%2F%2Fwww.rediff.com%2Fnews%2Freport%2Fwatch-live-all-the-action-from-parliament%2F20160808.htm.json | http://im.rediff.com/news/2013/aug/24lead1.jpg | en | null | WATCH LIVE: All the action from Parliament | null | null | www.rediff.com | August 08, 2016 10:56 IST
Major tax reform -- goods and services tax bill -- will be taken up by Lok Sabha on Monday, with virtually all political parties backing this legislation.
GST, the biggest economic reform since 1991, is likely to sail through smoothly in the Lower House. It will replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world's biggest single market.
Prime Minister Narendra Modi is likely to intervene during the debate on the bill in Lok Sabha. This will be his first full speech in Parliament in 2016. | http://www.rediff.com/news/report/watch-live-all-the-action-from-parliament/20160808.htm | en | 2016-08-08T00:00:00 | www.rediff.com/ab1b7171bb145296a16d7c7bb0311249a8d42cb6499b9007fffb21d7f8d47092.json |
[] | 2016-08-26T13:33:11 | null | 2016-08-07T00:00:00 | How can we call Bharat our Bhagya Vidhata? asks school manager. | 'Only Allah can be Bhagya Vidhata': Allahabad school bans national anthem | http%3A%2F%2Fwww.rediff.com%2Fnews%2Freport%2Fallahabad-school-bans-national-anthem%2F20160807.htm.json | http://im.rediff.com/news/2016/feb/18lead3.jpg | en | null | 'Only Allah can be Bhagya Vidhata': Allahabad school bans national anthem | null | null | www.rediff.com | August 07, 2016 19:34 IST
A school in Allahabad has refused to allow recital of the national anthem by students and staff members on Independence Day, claiming that its words violated the tenets of Islam, following which eight teachers, including the principal, have quit in protest against the diktat.
Authorities said that a probe has been launched against M A Convent School based in Baghara locality of the city in the matter and maintained that it was not recognised by the education department.
Zia-ul Haq, the school manager, told the teachers that singing of the national anthem could not be allowed as the phrase 'Bharat Bhagya Vidhata' in its first stanza went against the tenets of Islam, according to the teachers who resigned two days ago.
The manager said that if they were not in agreement with this "policy" of the school, they could leave.
"Most of us have been working here for not a very long time. We were shocked to learn from the management that the school has never allowed the singing of national anthem in the last 12 years.
"Since we had been asked to fall in line or leave, we chose a decision based on our conscience," Ritu Tripathi, who was the principal, said.
The school has around 300 students.
She said, "Seven of my colleagues have put in their papers in protest against this attitude of the school management".
Haq, on his part, stuck to his guns asserting "only Allah can be the Bhagya Vidhata, which means the one who decides our destiny. How can we call Bharat our Bhagya Vidhata?"
The Basic Shiksha Adhikari of Allahabad, Jaikaran Yadav, said, "We are surprised to learn that the school is still running.
"It is not duly recognized by the Basic Shiksha department and we had sent its management a notice to close the institution about a week ago."
He said a probe is on in the matter and action will be taken as per law.
"The reported refusal to allow singing of national anthem would amount to yet another offence on part of the school's management," he said.
"We have initiated a probe into the matter. If the allegations levelled against the management are found to be true, action will be taken in accordance with the law," Yadav said. | http://www.rediff.com/news/report/allahabad-school-bans-national-anthem/20160807.htm | en | 2016-08-07T00:00:00 | www.rediff.com/fa207de50390a6cdc4652cd1efe0dcb95a6e22ccd16a580b0d533cd4b67f5dd0.json |
[] | 2016-08-26T13:29:31 | null | 2016-08-11T00:00:00 | Shivdutt, the child's father, claimed his son was not given proper treatment by the nurse who gave him a wrong injection after which he died. | Baby dies due to UP hospital's 'negligence' as parents fail to pay Rs 30 bribe | http%3A%2F%2Fwww.rediff.com%2Fnews%2Freport%2Fbaby-dies-in-up-hospital-as-parents-fail-to-pay-bribe%2F20160811.htm.json | http://im.rediff.com/news/2016/aug/11baby01.jpg | en | null | Baby dies due to UP hospital's 'negligence' as parents fail to pay Rs 30 bribe | null | null | www.rediff.com | Last updated on: August 11, 2016 23:31 IST
In a shocking incident, a 10-month-old baby died in a Uttar Pradesh government hospital in Bahraich allegedly after he was not given timely treatment by the staff as his parents could not pay the bribe demanded by them, triggering an outrage that prompted Chief Minister Akhilesh Yadav to remove the chief medical superintendent.
IMAGE: The baby's family has alleged that the child was administered a wrong injection after the medical staff was not given a bribe. Photograph: ANI/Twitter
The infant's father, Shivdutt, a daily wage earner, alleged that Krishna died because the hospital staff delayed administering a crucial injection to him and wasted time demanding a bribe for providing treatment.
The victim's family also alleged that the infant was given "a wrong injection" by the nurse leading to his death on the morning of August 9 in the Bahraich district hospital, 130 km from Lucknow.
Taking serious note of the incident, the chief minister issued an order removing the CMS, an official spokesman said in Lucknow.
Akhilesh said that the government was committed to providing better medical facilities to the people and warned that stern action will be taken against insensitive doctors who ignore patients.
Taking suo motu cognizance of the incident, the National Human Rights Commission issued a notice to the UP government acting on the basis of media reports.
The NHRC notice was issued to the principal secretary of the health and family welfare department seeking a report within four weeks.
Timely treatment in this case, could have saved a precious human life, the NHRC said, adding that the incident raises serious issue of violation of right to life of poor patients, who cannot afford expensive treatment at private hospitals.
As the incident came to light, the state government swung into damage-control mode with Minister of State for Health SP Yadav directing the district magistrate to conduct an inquiry and send him the report within 24 hours.
Bahujan Samaj Party supremo Mayawati attacked the Uttar Pradesh government over the incident.
Talking to reporters in Delhi, she demanded action against the culprits.
She alleged that such incidents as well as atrocities against dalits have increased during the tenure of the Samajwadi Party government.
Shivdutt said his son was down with high fever and he had admitted him in the district hospital on August 7 for treatment after paying Rs 100 to the nurse and Rs 30 to a sweeper for securing a bed in the children's ward.
He said after a doctor asked the couple to admit the child, the nurse was allegedly the first to demand extra money to arrange the medical papers.
Next, it was the sweeper at the children's ward who asked for a bribe to place the child on the bed that was allotted to them. He also alleged that his son was not given proper treatment by the nurse who gave him a wrong injection after which he died.
The infant's mother alleged that on Tuesday morning a medical assistant asked them for money to get a crucial injection for Krishna.
"I asked him to give me some time...I promised to give him whatever amount he asked for," Sumita said.
The minister termed the incident as an isolated one.
"We will take action on the basis of the report. Whosoever is guilty...be it paramedical staff, doctor or any other employee, he or she will not be spared," Yadav said.
"It is a sad incident. At the same time it is an isolated incident. Government hospitals in the state are doing their work. Sometimes there are reports of negligence, but this is an isolated case," he said.
"Chief Medical Superintendent of the district hospital OP Pandey instituted an inquiry against nurse Asha Singh by a panel of three doctors. She has been removed from the ward," he said, adding the sweeper, who took money, has been sacked.
The chief medical superintendent, however, ruled out administration of wrong injection, saying it was an antibiotic injection and there was nothing wrong in it.
Issuing the notice, the NHRC also observed that the incident raises serious issue of violation of right to life of poor patients, who approach the government hospitals for treatment.
The government hospitals are approached by general public, especially the poor people, who cannot afford expensive treatment at private hospitals, it said.
Timely treatment in this case, could have saved a precious human life, the commission note. | http://www.rediff.com/news/report/baby-dies-in-up-hospital-as-parents-fail-to-pay-bribe/20160811.htm | en | 2016-08-11T00:00:00 | www.rediff.com/912325c9cacbdaaaa9d848fcc71da8766fac71a4611f4f4a20d3dbea968d4420.json |
[] | 2016-08-26T13:31:07 | null | 2016-08-09T00:00:00 | He was found hanging at the chief minister's official residence which he was yet to vacate. | Ex-Arunachal CM Kalikho Pul 'commits suicide' | http%3A%2F%2Fwww.rediff.com%2Fnews%2Freport%2Fex-arunachal-cm-kalikho-pul-commits-suicide%2F20160809.htm.json | http://im.rediff.com/news/2016/aug/09lead4.jpg | en | null | Ex-Arunachal CM Kalikho Pul 'commits suicide' | null | null | www.rediff.com | Last updated on: August 09, 2016 14:20 IST
Former Arunachal Pradesh Chief Minister and Congress rebel Kalikho Pul, who stepped down from the top post last month after the Supreme Court ordered removal of his government, allegedly committed suicide on Tuesday.
As soon as the news of Pul's death spread, scores of his supporters gheraoed Chief Minister Pema Khandu's bungalow in Niti Bihar area and demanded a probe into Pul's "unnatural" death. They also set on fire an under-construction building of the Deputy chief minister and damaged two official bungalows.
A top police officer said that 47-year-old Pul allegedly hanged himself from the ceiling fan in his bedroom.
One of his wives found him hanging at the Chief Minister's official residence which he was yet to vacate.
According to the doctors, the death occurred between 7 and 7:30 am.
Pul, who is survived by three wives and four children, had not met any outsider for the past seven days, according to his family.
Pul briefly served as the chief minister from February 19 replacing Nabam Tuki and remained in the post till July this year.
Soon after the news of his death, Pul's supporters gheraoed Chief Minister Pema Khandu's bungalow area. They said they would not allow Pul's body to be taken out from his bungalow at E S S sector and demanded that he be buried inside the premises.
A coffin, which was brought from outside, was damaged and set on fire by the crowd before the assembled media.
A section of the supporters headed towards the official residence of Deputy CM Chowna Mein, less than 100 metres away, damaged the outer wall and at least 10 vehicles parked in the premises.
An under-construction premises of the Deputy CM was also set on fire, police said, adding there were no casualties Protestors also damaged the official bungalow of Industries Minister Tapang Taloh.
A high-level cabinet meeting was on and police reinforcements, including state police and ITBP, were sent to the high-security VVIP zone where the ministers' residences were located.
Pul's body will be kept at his bungalow to enable the public to pay respects, official sources said.
Pul had served as CM for a brief time with the Supreme Court last month reinstating Nabam Tuki who then made way for Pema Khandu who is presently the CM.
Pul had led a group of dissident MLAs from Congress against Tuki early this year and was sworn-in as chief minister a few hours after President's Rule was revoked in the state on February 19.
Photograph Courtesy: Kalikho Pul/Twitter | http://www.rediff.com/news/report/ex-arunachal-cm-kalikho-pul-commits-suicide/20160809.htm | en | 2016-08-09T00:00:00 | www.rediff.com/76e3fc8d398f216153e6962d63caaf9ce8b5435aa4af7624756eee459174b6f5.json |
[] | 2016-08-26T13:38:28 | null | 2016-08-02T00:00:00 | The community members have decided not to lift carcasses till they were issued such identity cards to ensure their security.
| After Una incident, Dalits in Lucknow in fear of 'cow vigilantes' | http%3A%2F%2Fwww.rediff.com%2Fnews%2Freport%2Fafter-una-incident-dalits-in-lucknow-in-fear-of-cow-vigilantes%2F20160802.htm.json | http://im.rediff.com/news/2016/jul/22live2.jpg | en | null | After Una incident, Dalits in Lucknow in fear of 'cow vigilantes' | null | null | www.rediff.com | August 02, 2016 19:16 IST
After Gujarat, Dalits in Lucknow shudder to touch a dead cow to skin it for a living after ‘gau rakshaks’ (cow protectors) thrashed two of their community members on suspicion of cow slaughter in Lucknow last week.
Scared of being beaten up, some members of the community approached their contractors to take up their case with the Lucknow Municipal Corporation or other authorities after some of them were assaulted in Takrohi area in Indira Nagar in Lucknow on July 28.
"We are aware of the matter and have lodged a complaint with the police against unidentified persons," Additional Municipal Commissioner Avaneesh Saxena told PTI.
He said the Lucknow Municipal Corporation has also requested police and the district administration to provide security to them so that they can lift carcasses and skin them.
He said as an immediate precautionary measure, photo identity cards would be issued to contractual workers engaged in such task.
The community members have decided not to lift carcasses till they were issued such identity cards to ensure their security.
There have been complaints of increased attacks on the Dalit community members in the city in the past six months. They have been attacked while transporting a dead cow on the civic body's call to lift dead animals so that these do not rot in front of people's houses.
They have often complained that when they go to dispose of the carcasses after skinning them, they are attacked by cow vigilantes who charge them with slaughtering the animal.
IMAGE: A screengrab of the video showing the Dalit men being beaten up by the cow vigilantes. | http://www.rediff.com/news/report/after-una-incident-dalits-in-lucknow-in-fear-of-cow-vigilantes/20160802.htm | en | 2016-08-02T00:00:00 | www.rediff.com/354f36231d628832c56ee10b710b82f69f42d2b8c8b5dbe3a01a7c95ec01787f.json |
[] | 2016-08-26T13:33:02 | null | 2016-08-08T00:00:00 | Raising the issue during Zero Hour, Pramod Tiwari (Congress) said about 1,000 cows have died at the Jaipur Municipal Corporation's Hingonia cow rehabilitation centre, located 36 km from the state capital. | Punish cattle shelter where 1,000 cows starved to death: Cong MP to PM | http%3A%2F%2Fwww.rediff.com%2Fnews%2Freport%2Fpunish-cattle-shelter-where-1000-cows-starved-to-death-cong-mp-to-pm%2F20160808.htm.json | http://im.rediff.com/news/2015/mar/19lead1.jpg | en | null | Punish cattle shelter where 1,000 cows starved to death: Cong MP to PM | null | null | www.rediff.com | August 08, 2016 13:40 IST
A Congress Member of Parliament on Monday raised the issue of alleged death of about 1,000 cows at a Rajasthan government-run cattle shelter near Jaipur and sought action against the "killer" state government by Prime Minister Narendra Modi.
Raising the issue during Zero Hour, Pramod Tiwari (Congress) said about 1,000 cows have died at the Jaipur Municipal Corporation's Hingonia cow rehabilitation centre, located 36 km from the state capital.
Maintaining that Modi wants action to be taken against fraud 'gau rakshaks' (cow vigilantes), he said "I want to help him by providing names and addresses of the killers... Rajasthan government is responsible for the killings. Please take action against Rajasthan government."
When it comes to votes, Modi talks of protecting Dalits but no concern is expressed over minorities being killed in the name of cow protection, Tiwari said.
He charged the Rajasthan government with "killing cows in a well planned conspiracy" and sought action against it.
All 266 contractual workers at the establishment are reportedly on strike since July 21 over unpaid dues of past two months.
The bovines died due to starvation and many of them getting caught neck-deep in cow dung and fodder that had turned slushy due to rainwater seepage, Tiwari said, adding that there was five-feet deep 'daldal' (muddy puddle) at the cow shelter.
Representative Image: Reuters | http://www.rediff.com/news/report/punish-cattle-shelter-where-1000-cows-starved-to-death-cong-mp-to-pm/20160808.htm | en | 2016-08-08T00:00:00 | www.rediff.com/191fac15730f4a504d11e268eeed749832eeaab6fc7761fc310c1732e933bc5d.json |
[] | 2016-08-30T14:52:39 | null | 2022-08-30T20:19:00 | India Inc on Tuesday pressed for keeping GST at a maximum 18 per cent while e-commerce firms sought to be kept out of the new regime, as state finance ministers began consultations on deciding the rate for the unified nation-wide indirect tax. | http%3A%2F%2Fwww.mydigitalfc.com%2Fgovernment-finance%2Findustry-pitches-18-gst-exemptions-e-comm-players-216.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Industry pitches for 18% GST, exemptions for e-commerce players | null | null | www.mydigitalfc.com | India Inc on Tuesday pressed for keeping GST at a maximum 18 per cent while e-commerce firms sought to be kept out of the new regime, as state finance ministers began consultations on deciding the rate for the unified nation-wide indirect tax.
They also demanded relaxation in penal provisions while admitting that April 1, 2017, deadline will be tough as they need sufficient time to put in place the IT infrastructure.
"A lot will depend on the timing of rules and notifications. (About April 2017), it looks difficult," Ficci said.
In its first meeting after Parliament cleared the landmark goods and services tax (GST) bill earlier this month, the empowered committee of state finance ministers, headed by West Bengal finance minister Amit Mitra, discussed the issue with industry bodies, traders and chartered accountants.
"The committee is taking (feedback) in an open and transparent manner from the businesses of India, whether they are big, medium or small. Many points were made looking at GST from the other side -- those who would be paying taxes -- as against the government which would be collecting taxes," Mitra said after the meeting.
According to India Inc, a reasonable rate will generate adequate tax buoyancy without fuelling inflation.
The constitutional amendment mandates that at least half of the 29 states and two union territories should ratify the bill for its rollout. So far, 13 states have approved the legislation.
Once implemented, the national tax will subsume indirect ones like excise duty, service tax and VAT.
At Tuesday's meeting, online retailers submitted that they only provide a 'platform' to vendors and customers and do not make money out of the sales. So, companies like Flipkart, Amazon India and Snapdeal are only 'service providers' to the vendors and are liable to pay GST only on service income.
CII president Naushad Forbes said, "We believe a maximum rate of 18 per cent as the standard rate will be revenue neutral and ensure adequate tax buoyancy. Also, the Centre has agreed to a full 5-year compensation for revenue loss to states. So, 18 per cent rate will be more than adequate."
Ficci on its part suggested that the standard rate should be "reasonable" and be such that it checks inflation and tendency to evasion and ensures compliance.
"Goods fully exempted from the levy of excise duty and VAT by all the states should be categorised as exempted goods in the GST regime as well," it suggested.
As for preparedness for the GST rollout, Forbes said CII is committed to April 1 deadline and will do "everything we can to ensure we stick to the deadline".
"If we work towards that deadline and have clarity on some of the provisions as early as possible, we can ensure our own IT systems are put in place quickly so that we can go live as early as possible," Forbes said.
Assocham sought relaxations from penal and prosecution provisions during the first two years of GST launch except in the case of tax fraud or non-deposit of collected taxes.
It wanted that the Centre and states should set up a mechanism to advise traders on legal provisions arising out of the implementation.
Mitra called upon the industry to give suggestions on the quantum of penalty, saying the empowered committee and the GST Council will look at the provision of arrest and prosecutions.
The industry chambers also demanded single centralised registration of suppliers of services that operate in different states in place of multiple state-wise registrations for specific service sectors.
"The states recognised very much that certain services like telecom come under the central scheme. Under the current draft, you would need to register in each state which would make it very very cumbersome," Forbes said.
"And states were very receptive to the idea that one needs a simple, single registration. Because that won't affect revenue, it will only make a simpler and more transparent regime."
The rapidly expanding e-commerce companies made a strong pitch for keeping them out of the proposed GST ambit, but the state finance ministers appeared in no mood to oblige.
When Mitra questioned the billion dollar valuations some of the so-called online platforms command, the e-retailers said their source of revenue is advertisement on which they pay service tax.
Vendors selling goods through their portals should be liable to pay GST, they argued.
Nasscom in its representation said the sector is creating huge job opportunities and allowing small industries to sell their products.
Stating that e-commerce facilitates competition, it said one cannot avoid being in the tax bracket.
Mitra, however, said the discussions so far have concluded that the e-commerce sector is generating millions of dollar, but pay practically no taxes.
According to Mitra, consumers buying products online pay VAT, producer pays excise duty but these companies go untaxed on the pretext that the transaction is just a pass-through.
"E-commerce brings in competition, but you are also adding some value. Else how are your companies generating so much valuation?" Mitra wondered.
He felt that the issue may become a political hot potato as the end product will come under GST but the intermediary will not pay tax.
The model draft GST law has brought e-commerce under its purview. Under it, all online purchases will be taxed at the first point of transaction.
Putting e-commerce under GST is expected to solve some of the tax woes of such companies. States like Uttarakhand, Assam and Bihar recently imposed a 10 per cent entry tax on the goods sold online and there were fears that more states may follow suit.
The GST regime is seen as ending such arbitrary moves by state governments.
Mitra said he will soon meet the apex bodies in specific sectors as well as regional chambers to understand their concerns.
The inputs are being taken "in order to understand the complexities of GST from those who will be paying taxes, and what are their difficulties and hurdles, timeline and specific suggestion on model GST law".
Currently, Canada, Australia, New Zealand and Malaysia have GST and several others have VAT that is akin to GST.
"GST is perhaps the magnum reform in the world and therefore, this complexity will have to be solved. And as we proceed step by step, we will have greater clarity on the timeline," he said.
The government is planning to roll out the new indirect tax regime from April 1. While the Centre has to draft the CGST and IGST laws, the states will have to come up with an SGST law.
But before supporting legislations go to Parliament in November, the state finance ministers have to agree on a GST rate, tax slabs and exempted goods and services.
GST rate will have to be approved by the GST Council, comprising the Union Finance Minister and representatives of all the 31 states and UTs. | http://www.mydigitalfc.com/government-finance/industry-pitches-18-gst-exemptions-e-comm-players-216 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/befd142b802d4b3a5e0593e8b7492f0629cc852388b4c9393824dbc4f47599ed.json |
[
"Santanu Chakraborty"
] | 2016-08-26T18:50:07 | null | 2022-08-27T00:15:00 | Indian equities declined, led by lenders and software as investors refrained from taking fresh bets before Federal Reserve chair Janet Yellen’s speech. | http%3A%2F%2Fwww.mydigitalfc.com%2Fstock-market%2Fstocks-post-second-weekly-decline-110.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Stocks post second weekly decline | null | null | www.mydigitalfc.com | Indian equities declined, led by lenders and software as investors refrained from taking fresh bets before Federal Reserve chair Janet Yellen’s speech.
Yes Bank fell the most in a month, while State Bank of India and ICICI Bank lost about 1 per cent each. Wipro and HCL Technologies declined at least 2.4 per cent. Tata Motors, owner of Jaguar Land Rover, rallied the most in two weeks and Mahindra & Mahindra ended a four- day decline.
The S&P BSE Sensex and the NSE Nifty 50 Index slid 0.2 per cent at the close after changing direction at least 10 times. The gauges capped their second weekly decline as investors pull back risk before a speech by Yellen that may provide clues on when the US, the world’s largest economy, will raise interest rates.
Above-average stock valuations also prompting some investors to avoid taking fresh bets, according to Ambit Investment Advisors. Investors are keenly watching out for signals from the Jackson Hole event and are in a wait-and-watch mode, Vaibhav Sanghavi, managing director at Ambit Investment, said by phone from Mumbai, referring to the location of the annual gathering of central bankers in Wyoming.
“We’re are taking some profits off the table as valuations are looking stretched. We expect markets to consolidate. Odds that the US Fed will boost rates in September have jumped to 32 per cent from 18 per cent at the end of July, while traders are betting there is a 57 per cent chance of tightening in December.
Higher borrowing costs may hamper flows to emerging markets, including India. Foreign funds have bought a net $5.8 billion of local shares this year, the most in Asia after Taiwan and South Korea, as capital flows to emerging markets accelerated amid a wave of global policy easing.
That’s helped the benchmark gauges rebound at least 21 per cent from their lows in February and sent a gauge of small and midcap companies to a record.
The Nifty ended the week at 8,572.55, approaching a key support level of 8,500 from which it has bounced back three times since July 1. The gauge could fall as low as 8,250 if it falls below the 8,500 level, Kush Ghodasara, founder at Luvkush Finserve, said.
Tata Motors gained 2 per cent, paring the weekly loss to 1.2 per cent. Land Rover’s slowest growth in deliveries in three quarters dragged down profit at parent Tata Motors. Profit declined to Rs 2,240 crore ($334 million) in the three months ended June from Rs 52.3 crore a year earlier, Tata Motors said in a statement Friday. The stock has rallied 29 per cent this year. | http://www.mydigitalfc.com/stock-market/stocks-post-second-weekly-decline-110 | en | 2022-08-27T00:00:00 | www.mydigitalfc.com/ffbbe72ae0fc8866b25d447b96deb492e7d49edb59445d8f7488f3eeab69b1c8.json |
[] | 2016-08-30T10:52:46 | null | 2022-08-30T15:39:00 | The rapidly expanding e-commerce companies on Tuesday made a strong case for keeping them out of the proposed GST net but the state finance ministers appeared in no mood to oblige. | http%3A%2F%2Fwww.mydigitalfc.com%2Fit%2Fe-commerce-companies-demand-exemption-gst-208.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | E-commerce companies demand exemption from GST | null | null | www.mydigitalfc.com | The rapidly expanding e-commerce companies on Tuesday made a strong case for keeping them out of the proposed GST net but the state finance ministers appeared in no mood to oblige.
At the first meeting of the empowered committee of state finance ministers held after the Parliament approved the GST Bill, online retailers said they only provide a 'platform' to vendors and customers and do not make money out of sales made.
According to representation made at the meeting, companies like Flipkart, Amazon India and Snapdeal are only 'service providers' to the vendors and as such are liable to pay GST only on service income.
When panel chairman and West Bengal finance minister Amit Mitra questioned the billion dollar valuations some of the so-called online platforms command, the e-retailers said their source of revenue is advertisement on which they pay service tax.
Vendors selling goods through their portals should be liable to pay GST, they argued.
Nasscom in its representation said the sector is creating huge job opportunities and allowing small industries to sell their products.
Stating that e-commerce facilitates competition, it said in the sector, one cannot avoid being in tax bracket.
Mitra however said the discussions so far have concluded that the e-commerce sector is generating millions of dollar but pay practically no taxes.
According to Mitra, consumer buying products online pay VAT, producer
pays excise duty but these companies go untaxed on the pretext that the transaction is just a pass through.
But their business is $6-8 billion. “E-commerce brings in competition, but you are also adding some value. Else how are your companies generating so much valuation,” Mitra observed.
He said the issue may become a political hotpotato as the end product will come under GST but the intermediary will not pay tax.
Mitra asked the e-commerce companies to give in writing how the tax structure for such companies should be under the new GST regime, which the government proposes to roll out from April 1, 2017.
GST is to subsume most of the indirect taxes like excise duty, VAT and service tax.
The model draft GST law has brought e-commerce under its purview. Under it, all online purchases will be taxed at the first point of transaction.
Bringing e-commerce under GST is expected to solve some of the tax woes of such companies. States like Uttarakhand, Assam and Bihar recently imposed a 10 per cent entry tax on the goods sold online and there were fears that more states may follow suit.
The GST regime is seen as ending such arbitrary moves by state governments. | http://www.mydigitalfc.com/it/e-commerce-companies-demand-exemption-gst-208 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/b59095235509626d698a56adf0b1fc77da3f408ec51f0d7468146f82edab7157.json |
[] | 2016-08-29T18:52:57 | null | 2022-08-30T00:21:00 | After two extensions and numerous delays in getting access to relevant files, justice AP Shah panel, which is looking into the dispute over natural gas migration from state-owned ONGC's idle blocks in KG basin to neighbouring fields of Reliance | http%3A%2F%2Fwww.mydigitalfc.com%2Fpetroleum%2Fshah-panel-finally-set-submit-report-wednesday-194.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Shah panel finally set to submit report on Wednesday | null | null | www.mydigitalfc.com | After two extensions and numerous delays in getting access to relevant files, justice AP Shah panel, which is looking into the dispute over natural gas migration from state-owned ONGC's idle blocks in KG basin to neighbouring fields of Reliance Industries (RIL), will finally submit its report to the oil ministry on Wednesday.Justice Shah told Financial Chronicle that though the report was complete in all respects ahead of the August-end deadline, it would be would be submitted after of couple of days only as the minister is unavailable. He refused to give further details. The government constituted the Shah panel on December 15 as ordered by the Delhi High Court after hearing ONGC’s petition alleging that RIL consortium was benefiting from the gas flow. The deadline of Shah panel was earlier extended till 31 July and then again till August 31.ONGC claims RIL has benefited from gas flow between their adjacent fields during the 2009-13 period. The panel is looking into acts of omission and commission and recommend ed quantum of compensation to ONGC whose natural gas from Bay of Bengal block had flowed to adjoining fields of RIL.The trigger for the dispute was US-based consultant DeGolyer and MacNaughton (D&M), which in its final report last year stated that as much as 11.122 billion cubic meters of natural gas, worth over Rs 11,000 crore (at current gas prices), had migrated from idling Krishna Godavari fields of ONGC to adjoining KG-D6 block of RIL. This pushed ONGC to take the matter to the court. The court, however, directed the government to decide the dispute within six months of the submission of the final report of the consultant D&M.Ever since its constitution, the panel has faced difficulties in getting relevant information from parties involved in the dispute resulting in delays. RIL along with its partner (in KG D6 block) Niko Resources first decided against participating in the proceedings and at the panel's first meeting on December 31. However, the consortium’s 30 per cent partner BP of UK agreed to participate in the proceedings. RIL and Niko later had a change of heart and agreed to participate in the panel’s inquiry.As per the terms of reference of the Shah panel, it was mandated to look into legal, financial and contractual provisions to determine suitable action to be taken by the government on the matter. The committee was also asked to report any "acts of omission and commission" on part of stakeholders including RIL, ONGC, the directorate general of hydrocarbons and the government, the terms of reference of the committee states. It was also tasked to recommend action to be taken to make good the loss to ONGC/government on account of such unfair enrichment to the contractors. | http://www.mydigitalfc.com/petroleum/shah-panel-finally-set-submit-report-wednesday-194 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/7edc4ba432b8aa848ae6f9a5aabbb8bbd8dac48904d7856bdf3f214054b0cb26.json |
[] | 2016-08-29T18:51:30 | null | 2022-08-30T00:21:00 | Improving ease of doing business and harmonisation of product standards are the two areas where India and the US will work as both countries begin the second round of strategic and commercial dialogue here on Tuesday. | http%3A%2F%2Fwww.mydigitalfc.com%2Feconomy%2Findia-us-talks-ease-doing-business-begins-195.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | India, US talks on improving ease of doing business begins | null | null | www.mydigitalfc.com | Improving ease of doing business and harmonisation of product standards are the two areas where India and the US will work as both countries begin the second round of strategic and commercial dialogue here on Tuesday.“In addition to the harmonisation of product standards, India and the US will also work on improving the ease of doing business, leveraging the US experience for developing smart cities in India, and fostering innovation and entrepreneurship,” A M Kumar, an assistant secretary in US department of commerce said.Indo-US bilateral trade reached $109 billion in 2015, and that India was among the top 10 growing sources of FDI in the US in 2015, reaching $11.5 billion, he said, while speaking at a conference on standards and conformity assessment.Indo-US trade has broken every record, be it defence or agriculture, and the recent reforms in India like the GST will further push economic ties between the two nations, US ambassador in India Richard Verma said. The recent reforms like the goods and services tax (GST), bankruptcy code, national IPR policy and relaxation of FDI norms would help in further pushing the economic ties between the two countries, he said.India and the US have also made a lot of progress in areas like civil nuclear, defence and manufacturing, he said, adding that both the sides have also agreed to open consulate offices.Indo-US strategic dialogue was announced in 2009 when secretary of state was Hillary Clinton. However, prime minister Narendra Modi and president Barrack Obama in 2015 agreed to add the “commercial” track in the bilateral dialogue. The current dialogue would review the progress made so far in strengthening the agreed upon issues as well as lay down a road map for future.US secretary of state John Kerry will have bilateral meeting with external affairs minister Sushma Swaraj and NSA Ajit Doval. Kerry is also scheduled to meet Modi on Wednesday.The commercial track of S&CD will be led commerce minister Nirmala Sitharaman from Indian side and visiting secretary of commerce Penny Pritzker from the United States.At the CEO Forum, Indian side will be represented by Cyrus Mistry of Tata Sons and Dave Cote of Honeywell to represent the US.The CEO Forum will review the progress made so far on deliberations such as boosting renewable energy and defence ties and smart city project. The two sides are likely to discuss innovation and entrepreneurship, various other policies and measures to further boost the bilateral trade.Seeking US investment in the Rs 40,000-crore national investment and infrastructure fund (NIIF), finance minister Arun Jaitley said there is need to further increase bilateral trade between the two countries.In his meeting with US commerce secretary Pritzker, Jaitley said many Indian states are growing at 10-11 per cent and offer opportunity for US investment. The trade dialogue by the state chief ministers with different US authorities can be given a structured shape in order to give impetus to the bilateral trade, Pritzker said.Separately, Jaitley, while meeting UK’s secretary of state for international trade Liam Fox, told him about possibility of setting up a sub-fund by both countries under the NIIF. He said India accords high priority to investment in infrastructure, manufacturing and service sectors.The Centre has to contribute Rs 20,000 crore to the NIIF while the remaining is expected to be raised through sovereign wealth funds.The finance minister also raised the issue of Brexit implications on Indian businesses and working professionals in the UK. | http://www.mydigitalfc.com/economy/india-us-talks-ease-doing-business-begins-195 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/fe6d6648afa5ed5d813be9c285f3d7c12b06e6bc9dafcb709e298fac07b18b87.json |
[] | 2016-08-29T12:52:32 | null | 2022-08-29T18:17:00 | State Bank of Travancore Employees Union (SBTEU) has urged the Centre not to go ahead with the decision to merge SBT and other associate banks with SBI and also wants the RBI and Sebi to intervene in the matter. | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Fplea-rbi-sebi-stop-sbt-sbi-merger-171.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Plea to RBI, Sebi to intervene to stop SBT-SBI merger | null | null | www.mydigitalfc.com | State Bank of Travancore Employees Union (SBTEU) has urged the Centre not to go ahead with the decision to merge SBT and other associate banks with SBI and also wants the RBI and Sebi to intervene in the matter.
The government should desist from the merger move, taking into consideration the views of the people, Kerala Assembly, MPs from the state and stakeholders, including customers and shareholders, the union said in a statement in Thiruvananthapuram on Monday.
"It is high time RBI and Sebi intervene to stop the process," the statement said.
The Union also decided to intensify its agitation with a relay hunger strike in September last week at Delhi, Raj Bhavan march in October and Parliament Maha dhara in November.
In a resolution adopted at the end of the two day general council of the Union at Malappuram on Sunday, it was pointed that despite public interest against the merger, SBI management was trying to rush with the process violating all norms and due processes of laws and rules, transparency and good governance practices.
SBI Management has announced that close to 7,000 branches of SBI would be shut or relocated with merger, the resoultuion stated.
"In their eagerness to create a global bank, national priorities and mass banking will be altered, adversely affecting small customers and the productive sector," it said.
The Union pointed out that "such a vital issue concerning the future of the bank was broght out as a table agenda on May 17 in the Board meeting without providing any data, detail and thus not allowing any study and analysis by the Directors for making any independent application of mind".
The draft scheme of acquisition was again brought out as a table agenda on Aug 18.
Though the process needed negotiations with all stakeholders, it was not held.
For questioning deviations from rules, a Chief General Manager of the bank was transferred out of the bank, the union general secretary alleged.
The union said it would also organise a hunger strike at all district centres on September 12, the SBT foundation day and organise a peoples assembly at the Martyr's column in Thiruvananthapuram on September 6. | http://www.mydigitalfc.com/news/plea-rbi-sebi-stop-sbt-sbi-merger-171 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/438e093ce4abef550c6ae858b7afd462b91f7bce860b51e8556ef46738e5e1f1.json |
[] | 2016-08-28T18:51:22 | null | 2022-08-29T00:16:00 | Lots of non-convertible debentures (NCDs) are making their way into the market, giving investors the option of adding one more instrument to their portfolio. While NCDs have been around | http%3A%2F%2Fwww.mydigitalfc.com%2Fopinion%2Fncd-returns-and-risk-warrant-closer-look-155.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | NCD returns and risk warrant a closer look | null | null | www.mydigitalfc.com | Lots of non-convertible debentures (NCDs) are making their way into the market, giving investors the option of adding one more instrument to their portfolio. While NCDs have been around for quite a long time, investors’ interest in these instruments is again witnessing a rise. However, there are several points, including the kind of returns and risks that come along, which the investor needs to have a closer look at while deciding to go for NCDs for investment purposes.
Debt instrument
NCDs are like any other debt instrument that investors come across. These are non-convertible in the sense that they won’t be converted into equity shares but would remain debentures and redeemed as such. There’s also a specific time period for which NCDs remain in existence after which they are redeemed at the face value for the investor. This means that the returns (money) the investor gets is based on the face value of the instrument. Also, these debentures pay interest at a specific time, which is just like a regular payout for the investor. This is part of the return for the investor, who will get a regular cash flow on the money s/he has invested.
Trading on stock exchanges
The additional element associated with NCDs is that they are listed on stock exchanges and, thus, can be traded like several other debt instruments. This gives the investor the chance of selling the investment on the stock exchange in the debt segment before the time period of the instrument ends. Investors can accrue capital gains through NCDs, but for that they need to understand that there is an inverse relationship between interest rates and the prices of the debentures. If they remain ignorant of this fact, they may end up with some capital loss and also face the risk of losing the entire capital. So, it’s important to look at the interest rate on the bonds and the yield in the market: if the interest rates on the bonds are high and the interest yields in the markets have fallen from those levels, then the price of these bonds would have surged which would have given high returns for the investors over and above the interest rate.
Risk element
No investment is risk-free in nature. So, the investor needs to check out the kind of risks that accompanies the instrument which they are investing in. Apart from the capital loss arising out of trading, the risk also depends on the company that is issuing the debentures. So, ultimately the company has to be financially strong to pay back the amounts.
If the company is unable to pay back the amounts, forget about the returns, investors may not get back even the capital. At the same time, there can be delays in the payment of the interest if things spiral down in between. However, the investor can reduce the risks by ensuring that they do not invest in such instruments for a very long period of time. This will make analysis easier for the investor because trying to look ahead for a short time is possible but it is difficult to predict for a longer time period.
Taking these basic precautions can help the investor.
(The writer is a CA and a certified financial planner. This column appears every Monday) | http://www.mydigitalfc.com/opinion/ncd-returns-and-risk-warrant-closer-look-155 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/7c4e605c56194e5e4c3e5dc86102eca9d00fdbd7c2acd1b52bfa735fd160e16e.json |
[] | 2016-08-26T12:59:10 | null | 2022-08-26T18:22:00 | Enunciating his vision to rapidly transform India, prime minister Narendra Modi on Friday said there is a need to change laws, eliminate unnecessary procedures and speed up processes to go beyond "mere incremental progress". | http%3A%2F%2Fwww.mydigitalfc.com%2Fplan%2Fneed-change-laws-speed-processes-transform-india-pm-079.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Need to change laws, speed up processes to transform India: PM | null | null | www.mydigitalfc.com | Enunciating his vision to rapidly transform India, prime minister Narendra Modi on Friday said there is a need to change laws, eliminate unnecessary procedures and speed up processes to go beyond "mere incremental progress".
“If India is to meet the challenge of change, mere incremental progress is not enough. A metamorphosis is needed. That is why my vision for India is rapid transformation, not gradual evolution,” he said at the first 'Transforming India' Lecture organised by the NITI Aayog here.
Stressing on the need to bring changes through transformation of governance, Modi said it cannot happen with an administrative system of the 19th century.
“A transformation of governance cannot happen without a transformation in mindset and a transformation in mindset cannot happen without transformative ideas,” he added.
“We have to change laws, eliminate unnecessary procedures, speed up processes and adopt technology. We cannot march through the 21st century with the administrative systems of the 19th century,” he said.
With his entire cabinet in attendance, Modi said the change has to be for both external and internal reasons. Each country, he said, has its own experiences, resources and strengths.
“Thirty years ago, a country might have been able to look inward and find its own solutions. Today, countries are inter-dependent and inter-connected. No country can afford any longer to develop in isolation. Every country has to benchmark its activities to global standards, or else fall behind,” he said.
Stating that change is also necessary for internal reasons, he said the younger generation is thinking and aspiring so differently that the government can no longer afford to remain rooted in the past.
The prime minister further said that fundamental changes in administrative mindsets usually occur through sudden shocks or crisis.
With a stable democratic polity in India, special efforts will have to be made to force transformative changes, he added.
“As individuals, we may absorb new ideas by reading books or articles. Books open the windows of our minds. However, unless we brainstorm collectively, ideas remain confined to individual minds,” he said.
Modi said there was a time when development was believed to depend on the quantity of capital and labour but today it depends as much on the quality of institutions and ideas.
Early last year, a new institution was created, namely, the National Institution for Transforming India or NITI. NITI was created as an evidence-based think tank to guide India's transformation, the prime minister said.
NITI's functions, he said, include mainstreaming external ideas into government policies through collaboration with national and international experts.
It also has to be the government's link to the world, outside experts and practitioners as well as be the instrument through which ideas from outside are incorporated into policy-making, Modi said.
Stating that often new ideas are heard and understood but not act upon them, because it is beyond individual capacity, he said, "If we sit together, we will have the collective force to convert ideas into action.”
“What we need is a collective opening of our minds, to let in new, global perspectives. To do this, we have to absorb new ideas collectively rather than individually. It requires a concerted effort,” he said.
The Centre and the state governments have a long administrative tradition that combines indigenous and external ideas from the country's past, he added.
“This administrative tradition has served India well in many ways. Above all, it has preserved democracy and federalism, unity and integrity, in a country of glorious diversity. These are not small achievements. Yet, we now live in an age where change is constant and we are variables,” he said.
The prime minister said that since taking over he has been holding structured brainstorming sessions with bankers, police officers and government secretaries and any ideas emerging from them are being incorporated into policies.
“These efforts have been to tap ideas from inside. The next step is to bring in ideas from outside. Culturally, Indians have always been receptive to ideas from elsewhere,” he said.
With this in mind, the Transforming India Lecture Series is being organised, he noted.
“We will draw the best from the wisdom and knowledge of eminent persons, who changed, or influenced change in the lives of many, to make their nation a better place on the planet," he said.
The prime minister further said that "detailed and frank feedback" from all attending the lecture will help improve this process.
Seeking names of experts and panelists from inside and outside India, he said all government secretaries will conduct a follow up discussion in a week's time.
“The purpose is to convert ideas that emerge in today's session into specific action points relevant to each group. Wherever possible, I request the Ministers also to participate in these sessions,” he added. | http://www.mydigitalfc.com/plan/need-change-laws-speed-processes-transform-india-pm-079 | en | 2022-08-26T00:00:00 | www.mydigitalfc.com/f6cefa608d5d22b8e16b15d15c03dc452a895bea1d906c6cdaccee16a47fb9d2.json |
[] | 2016-08-28T16:50:37 | null | 2022-08-28T22:15:00 | Falaknaaz Syed Mumbai Bank loans for non-rated companies are likely to become expensive with the central bank increasing the amount of capital that banks have to set aside as risk weights on | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Fbank-loans-non-rated-companies-cost-more-142.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Move to increase banking sector’s capacity to endure losses | null | null | www.mydigitalfc.com | Falaknaaz SyedMumbaiBank loans for non-rated companies are likely to become expensive with the central bank increasing the amount of capital that banks have to set aside as risk weights on them.The Reserve Bank of India’s regulations last week have prescribed higher risk weight of 150 per cent compared to 100 per cent earlier on non-rated borrowers with aggregate exposure of more than Rs 200 crore from the second quarter of 2017-18.Additionally, a risk weight of 150 per cent would apply with immediate effect to a borrower (with aggregate exposure of more than Rs100 crore), which was rated earlier, but are now non-rated.According to bankers, a large number of non-rated companies, especially in the infrastructure and real estate sector, will have to pay more for bank loans.A senior official of a large public sector bank told Financial Chronicle, “There was an anomaly in risk weights which RBI has tried to correct. In case of SMEs, loans above Rs 5 crore require rating but many SMEs are not rated. We are charging non-rated entities different credit risk premium that varies from 0-3 per cent above MCLR rate and this will rise as per the new norms.”A senior official of SBI told Financial Chronicle, “Definitely the credit requirements will increase for the bank and banks will try to pass on as much cost as possible to the borrowers. Our bank has not taken any position so far as there is still some time for these regulations to come into effect.“But a lot will also depend on the kind of borrower, its financials and the competition among banks. There are many large projects that remain non-rated. In addition there are many PSU firms that are also non-rated (banks will have to set aside higher risk weights for them).”“While bank borrowings at present account for around 50 per cent of total borrowings for the larger companies, share of bank borrowings for weaker non-rated companies is significantly higher at 77 per cent. These companies would find it difficult to raise the required capital (40-50 per cent of capital needs) from non-bank sources and his could have implications on bank asset quality,” said Credit Suisse in a research report.“We believe that with this RBI has plugged the arbitrage that was available for weaker corporates/SMEs, which chose to remain non-rated and borrowed at cheaper rates. This will also have implications on capital adequacy ratios for banks as well,” added Credit Suisse.Vibha Batra, an independent analyst, told Financial Chronicle, “Among the larger companies too there are many that have non-investment grade rating, especially infrastructure and real estate companies. This is a move in the right direction as banking sector’s capacity to withstand losses will be higher. Banks will have to allocate more capital for unexpected losses, provisioning and therefore the cost of lending will increase. For some of the companies, a 2-3 per cent increase in borrowing cost may change the dynamics of the project viability especially for those in the infrastructure and real estate sector.”“But the other point is that RBI wants these companies to move to the bond market but there is no market for such companies that are non-investment grade. The bond market is for AAA rated companies. So the non-rated and lower rated companies will still come to the banks,” added Batra.In another circular, the central bank has also put out final guidelines capping incremental exposure for large borrowers from April 2017. It has introduced stiff disincentives (75 percentage points higher risk weights and 300 basis points additional provisions) for banks funding more than 50 per cent of incremental borrowings for large borrowers (fund based limits higher than Rs25,000 crore).The final norms restrict incremental large corporate exposure. RBI intends to limit share of bank lending to “specified” (sanction limits greater than Rs10,000 crore from FY19) companies, with 40-50 per cent of incremental borrowings required to be financed through market borrowings. Incremental lending to these borrowers from banks would be limited to 50 per cent | http://www.mydigitalfc.com/news/bank-loans-non-rated-companies-cost-more-142 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/a214f2f27a8257c152265037878a0226c4500ca75c884d724b5129079365c2e3.json |
[] | 2016-08-28T16:50:48 | null | 2022-08-28T22:15:00 | The time has come for cyclicals, it seems. With a pick-up in the economy, investors could turn to cyclical stocks to cash in on the India story again. | http%3A%2F%2Fwww.mydigitalfc.com%2Fstock-market%2Fcolormarooncyclicals-buzz-144.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Cyclicals in buzz | null | null | www.mydigitalfc.com | The time has come for cyclicals, it seems. With a pick-up in the economy, investors could turn to cyclical stocks to cash in on the India story again. Over the past few years, as the economy was in the doldrums, investors were largely betting on defensive stocks in sectors like pharmaceuticals, information technology (IT) and fast moving consumer goods (FMCG), shunning companies whose fortunes were tied to the local economy.As the economy is looking up, it would be a good idea to go for a portfolio reshuffle, say market experts. They say cyclical stocks could be a better bet than defensive stocks, the prime investment theme of the downturn phase.Since the 2008 market meltdown, most funds had moved into defensive stocks for their relative resilience through an economic downturn.Now, some of these defensive sectors, like pharma and IT, are facing headwinds over multiple factors. Precisely when the tide is turning for cyclical stocks, aided by good monsoon rains, brightening macro picture and rising consumption demand.The general expectation is that private consumption growth will pick up this year on the back of plenteous rains and the pay commission implementation. Though rural demand is yet to see a revival, urban consumption is improving substantially.“Given the enabling factors such as benign interest rates, renewed focus on infrastructure spending and an anticipated recovery in earnings over the next couple of years, the domestic cyclical story seems to be in a sweet spot, says Pankaj Pandey, head-research, ICICI Securities.Though the Indian economic recovery is well on track, uncertainty over the global economy looms large at this point, since the global central banks’ efforts to stimulate growth have not yielded the desired results.This has turned the focus back on domestic consumption-focused companies, which are expected to do well, while the thinking is that it is better to cash out on companies whose revenues are dependent on overseas operations.Companies in sectors like automobiles & automotive components, cement and capital goods are expected to do better in the up-cycle. “We believe sectors like auto, cement and capital goods would form a set of promising sectors, mainly led by a cyclical recovery in earnings aided by lower input costs and declining interest rates, which will provide strong operating and financial leverage,” Pandey said.But does that mean investors should exit defensives and start buying cyclicals?According analysts, pockets in the defensive sectors such as IT and pharma have had their fair share of problems in recent times such as a cautious global growth outlook and increasing scrutiny by the US food and drug administration (FDA), respectively.But a top-down take would show most experts remain positive on select pockets of both defensives and cyclicals.The reason is, the economy is still giving mixed signals, going by the recent data. Urban consumption remains healthy with sales of cars/utility vehicles and consumption of petrol growing in double-digits in July. Air passenger traffic, credit card transactions, retail loan offtake and consumer durables production rose rapidly in June. Two-wheeler and tractor sales grew at a healthy pace in July while the decline in consumer non-durables output halted in June after eight months.Also, some traction is visible in rural demand and the outlook looks favourable, given that kharif sowing has improved.However, industrial activity and investment demand did not show an encouraging trend. Most high-frequency volume indicators of industrial activity deteriorated in June-July. Commercial vehicle sales, finished steel consumption and rail freight traffic declined while growth in petroproduct consumption, electricity generation and credit offtake by industry slowed down.Among the positives, mining activity and cement production gained traction, while the RBI’s industrial outlook survey signalled a mild improvement in activity. Investment demand remains weak—new project announcements touched a 12-year low in April-June and capital goods imports continued to decline.In the corporate sector, sales of the non-finance sector picked up slightly in Q1 while lower commodity prices aided margin expansion.Domestic cyclicals such as auto, cement and capital goods are likely to be beneficiaries of a cyclical recovery in earnings aided by lower input costs and declining interest rates, which will provide them strong operating and financial leverage.However, the consumption leg of the defensives remain robust, with enabling factors such as the seventh pay commission implementation and strong monsoon rains supporting demand.“We remain positive on the consumption leg of defensives given its growth triggers. We also like selective pharma companies, which are better placed to tackle the new challenges, says Pandey.He remains positive on a couple of stocks in the cement space, which are pure domestic plays insulated from global headwinds.The big beneficiary of good monsoons and the pay panel award will be auto segments like tractors, two-wheelers and four-wheelers. These segments are expected to see a demand uptick.Another sector that could witness a change in prospects is capital goods. In this space, engineering, procurement and construction (EPC) and product-based companies, where better execution and balance sheet, are expected to drive profitability.How is market valuation looking like after the recent rally? The recent rally has been driven by global fund flows from low yield (and negative in some case) developed economies, which are finding India as an attractive investment destination with relatively stable and stronger growth prospects.In terms of valuations, the Sensex at current levels is trading at 15.4 times of estimated FY18 earnings per share (EPS). While it is at the higher end of the historical one-year forward average price-to-earnings multiple of 14-16x, it ought to be looked at in conjunction with the flat earnings that the Sensex has had in FY15 and FY16. The domestic economic scenario is now much better than before, as can be seen from the March and June quarter earnings. Monsoon, pay panel award and passage of the GST amendment bill are also aiding the market sentiments.“Going ahead, with commodities showing early signs of stabilising, we expect Sensex EPS to grow 12.1 per cent year-on-year to Rs 1,542 in FY17E and then witness growth of 17.8 per cent YoY in FY18E to Rs 1,816. We ascribe a multiple of 16.5x on Sensex EPS of FY18E and assign a one-year forward target of 30,000 for the Sensex and 9,100 for the Nifty,” says Pandey.However, VVLN Sastry, director at Firstcall India Investment Banking, is cautious. "It is basic to be cautious about the valuation you pay when putting resources into cyclical stocks. Deciding the intrinsic estimation of a cyclical stock is troublesome. All things considered, we have to search for a portion of the best or the most objective strategies for deciding the inherent estimation of a cyclical stock in light of the fact that getting valuation right on a cyclical is much more imperative than it looks. Eventually, I won't say move out of defensive stocks, yet say that, have an equalisation portfolio and include some cyclicals into the basket”. | http://www.mydigitalfc.com/stock-market/colormarooncyclicals-buzz-144 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/0537fe97d4d1ad7d8a7958f3fc3a4e11079c5c8ce43fde02183dbf79a1300efe.json |
[] | 2016-08-29T10:52:18 | null | 2022-08-29T14:59:00 | Indian shares were little changed on Monday, with Tata Motors leading gainers on key unit Jaguar Land Rover's quarterly performance, while broader sentiment was hit after US Federal Reserve chair Janet Yellen indicated an interest rate hike remains on | http%3A%2F%2Fwww.mydigitalfc.com%2Fstock-market%2Fsensex-little-changed-tata-motors-gains-jlr-show-164.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Sensex little changed, Tata Motors gains on JLR show | null | null | www.mydigitalfc.com | Indian shares were little changed on Monday, with Tata Motors leading gainers on key unit Jaguar Land Rover's quarterly performance, while broader sentiment was hit after US Federal Reserve chair Janet Yellen indicated an interest rate hike remains on the cards for this year.
Asian shares tumbled after Yellen's highly awaited comments on Friday at a gathering of policy makers in Jackson Hole, Wyoming. However, she did not give guidance on what the US central bank needs to see before raising rates.
The caution about a potential US rate hike comes as Indian shares have lost momentum after hitting their highest in more than a year on August 9 as investors worry that valuations have become too expensive.
“Valuation of stocks is overstretched as last quarter's results don't justify the high PE ratio of companies,” said RK Gupta, managing director of Taurus Asset Management.
The broader NSE Nifty was down 0.05 per cent at 8,568.20 as of 0704 GMT, while the benchmark BSE Sensex was 0.04 per cent lower at 27,770.92.
Shares of Tata Motors rose as much as 3.7 per cent, making them the biggest gainers on the Nifty, as investors took comfort from the performance of JLR and were hopeful about its outlook.
Adani Enterprises gained as much as 2.8 per cent after an Australian court dismissed a plea from activists to prevent mining at the Carmichael mine.
IT stocks were the biggest laggards on the Nifty, with HCL Technologies, Tata Consultancy Services, Wipro and Tech Mahindra the top percentage losers. | http://www.mydigitalfc.com/stock-market/sensex-little-changed-tata-motors-gains-jlr-show-164 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/4d8ad125e62745537808e419bea6a9af87eb99d34cdf6ee32196e91115da2cab.json |
[] | 2016-08-28T10:52:25 | null | 2022-08-28T15:16:00 | To make domestic capital markets more attractive, regulator Sebi has lined up wide-ranging relaxations to its norms for REITs and InvITs and an easier set of listing rules for startups. | http%3A%2F%2Fwww.mydigitalfc.com%2Fstock-market%2Fsebi-mulling-relaxed-norms-reits-invits-124.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Sebi mulling relaxed norms for REITs, InvITs | null | null | www.mydigitalfc.com | To make domestic capital markets more attractive, regulator Sebi has lined up wide-ranging relaxations to its norms for REITs and InvITs and an easier set of listing rules for startups.
Several attempts are being made to garner due attention from business houses in the country but all the efforts failed leading to Sebi reconsidering the proposal to give further relaxations.
The securities and exchange board of India (Sebi) will consider these regulations in its board meeting next month, according to sources.
A consultation process is already underway for making the InvITs (infrastructure investment trusts), REITs (real estate investment trusts) Regulations and to review the framework for institutional trading platform (ITP) for startups.
Sebi had notified the REIT and InvIT Regulations in 2014, allowing setting up and listing of such Trusts, which are very popular in some advanced markets.
However, no single Trust has been set up as yet as investors wanted further measures, including tax breaks, to make these instruments more attractive.
While the government provided for certain tax benefits in the Budget this year, Sebi has now decided to further relax the rules.
Sebi's board is expected to consider an easier set of norms on REITs and InvITs. It may allow the REITs and InvITs to have up to five sponsors, as against the current norm for maximum three.
Under the proposal for REITs, Sebi would allow up to 20 per cent investment by such trusts in under-construction projects, up from a maximum of 10 per cent allowed currently.
Besides, relaxations would be made to provisions relating to compliance of minimum public holding norms, as also for investments by the associate entities of the trustees.
Sebi also proposed to rationalise the requirements under the Related Party Transactions, under which approval of 60 per cent unitholders apart from related parties, is required for passing a related party transaction.
Further, approval is required of 75 per cent unitholders, apart from related parties, for passing special resolutions such as change in investment manager, investment strategy and delisting of units.
Under the proposal for InvITs, Sebi may allow such trusts to invest in two-level SPV (special purpose vehicle).
The regulator plans to remove the restriction on the SPV to invest in other SPVs, thus allowing InvIT to invest in a holding company which subsequently holds stake in SPVs.
Currently, InvIT holds a controlling stake in SPVs that do not invest in other SPVs. Besides, it is proposed to reduce the mandatory sponsor holding in InvIT to 10 per cent of the total units of such units on a post-issue basis for a period of three years, from the current requirement of 25 per cent.
The current requirement may limit monetisation for sponsors and reduce release of capital for them. Further, in certain circumstances, it may lead to sponsors putting money out of their own pocket in the InvIT to maintain the required 25 per cent stake.
Regarding startups, Sebi plans changes to the framework of Institutional Trading Platform (ITP), which has not seen much traction even though it was put in place in August 2015. Not a single startup has been listed on this platform till date.
The valuation concern has also discouraged startups for listing on the platform.
The rules were brought in to encourage Indian startups and entrepreneurs to remain within the country rather than go overseas for raising funds.
Sebi would consider an easier framework that allows more investor categories, relaxed shareholding norms and reduced trading lot amount. | http://www.mydigitalfc.com/stock-market/sebi-mulling-relaxed-norms-reits-invits-124 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/2a80b3c123a5ed8168f0667023a439ada07bc5e37f9f284993ffbeac46a4a147.json |
[] | 2016-08-28T18:51:01 | null | 2022-08-29T00:16:00 | Mahindra and Mahindra has announced the launch of Mahindra DiGiSense, a technology solution which will empower its owners, fleet operators, drivers, dealers and service teams to access vital information about their vehicles on a real time basis. | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Fmm-launches-tech-platform-digisense-152.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | M&M launches tech platform DiGiSense | null | null | www.mydigitalfc.com | Mahindra and Mahindra has announced the launch of Mahindra DiGiSense, a technology solution which will empower its owners, fleet operators, drivers, dealers and service teams to access vital information about their vehicles on a real time basis.The technology provides data like locating the vehicles in real time, history of the vehicle travel and reduce idling time in traffic zones with better route as well as saving in fuel cost and improve productivity.It also diagnoses potential problems with the engine remotely and reduces turnaround time during breakdown. It also has an emergency alert button to alert the nearest service centre and notify the owner. The alert notification includes over speeding and excessive idling by drivers."We have launched DiGiSense technology, which will empower customers to digitally build knowledge 24X7 about the performance and location of their mobility products and tractors,” Pawan Goenka, executive director at Mahindra & Mahindra, said.This new technology would be available in select variants of Mahindra commercial and passenger vehicles to tractors and construction equipments, costing between Rs 5,000 and Rs 10,000 per vehicle, he said.Mahindra is the first Indian OEM to have created an ecosystem of technology partners like cloud service provider, map provider, telecom network provider, hardware manufacturer and other third parties.“The launch of DiGiSense 1.0 is an effort to adopt technology to develop new ecosystems. From providing real time data, to tracking performance and productivity of the vehicles, this technology will enable customers to control their businesses," Goenka explained."This technology will initially be available in the Jeeto and Imperio in the small commercial vehicles space, the Arjun Novo in the tractor space, the Mahindra Blazo in the heavy commercial vehicles space and the Earthmaster in the construction equipment space,” Rajan Wadhera, president and chief executive – truck, power train division and head – MRV, Mahindra & Mahindra, said.He said,”Available as a subscription-based service at an affordable price, this technology would eventually be available across the entire line-up of Mahindra's vehicles.” | http://www.mydigitalfc.com/news/mm-launches-tech-platform-digisense-152 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/adf50215b24a9146c09f534aee3dfeab9cc428f8314e18dc77cf34b1ca0c3137.json |
[] | 2016-08-28T12:50:32 | null | 2022-08-28T17:51:00 | Over 100 people on board US' Southwest Airlines flight had a lucky escape when a part of the plane's engine was ripped off thousands of feet above the Gulf of Mexico with the passengers experiencing anxious moments before the jet managed to make an | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Fmid-air-horror-engine-torn-apart-us-flight-diverted-132.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Mid-air horror as engine torn apart, US flight diverted | null | null | www.mydigitalfc.com | Over 100 people on board US' Southwest Airlines flight had a lucky escape when a part of the plane's engine was ripped off thousands of feet above the Gulf of Mexico with the passengers experiencing anxious moments before the jet managed to make an emergency landing.
The Southwest Airlines flight from New Orleans to Orlando, Florida, was forced to make an emergency landing in Pensacola after one of its engines fell apart over the Gulf of Mexico, the New York Daily News reported.
Startled passengers on board Flight 3472 heard a frightening blast to the aircraft's left at an altitude of 30,700 feet. Outside their windows, they saw smoke fuming from the exposed turbine blades.
"All of a sudden, outside my window, there was a loud explosion, and then the plane started shuddering," passenger Tami Richards told KOCO-TV.
Chunks of the engine's cowling had fallen off, according to photos taken from the aircraft's window mid-flight. Another photo shows a metal object had pierced the fuselage.
"Today, the Captain of Flight #3472 from New Orleans to Orlando made the decision to divert to Pensacola due to a mechanical issue with the number one engine. The flight landed safely without incident at Pensacola International Airport at 9:40 AM," the Southwest Airlines said in a statement.
"Initial reports indicate there were no injuries among the 99 passengers and five crew members on board. We have notified the NTSB, and when authorised, we will be inspecting the aircraft to assess the damage," it said.
The Federal Aviation Administration, in a statement, said, Southwest Airlines flight 3472, a Boeing 737, from Louis Armstrong New Orleans Intentional Airport to Orlando International Airport was diverted due to an apparent engine malfunction. The flight declared an emergency and landed safely at Pensacola International Airport just before 9:45 AM. The FAA will investigate."
Richards said her three children -- and many of the 99 passengers -- were crying as the oxygen masks dropped and the Boeing 737 made its dramatic descent about 25 minutes into the flight.
"I held my kids, and one was freaking out, crying," Richards was quoted as saying.
Amid the panic, some passengers took selfies while donning the oxygen masks.
The pilots managed to stabilise the aircraft and made the quick-thinking decision to divert the flight to Pensacola with only one working engine. The plane was on the ground without any further mishap. | http://www.mydigitalfc.com/news/mid-air-horror-engine-torn-apart-us-flight-diverted-132 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/655bcfcc5f33af3b66fe6734cb54455e7b11672515125115c920ddd956b7a757.json |
[] | 2016-08-30T18:52:16 | null | 2022-08-31T00:04:00 | The Centre on Tuesday hiked the minimum wage of unskilled industrial workers from Rs 246 to Rs 350 a day, but the move failed to mollify trade unions who have called a national strike on September 2. | http%3A%2F%2Fwww.mydigitalfc.com%2Fpolicy%2Fgovt-hikes-minimum-wage-rs-350-day-strike-looms-230.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Govt hikes minimum wage to Rs 350 a day as strike looms | null | null | www.mydigitalfc.com | The Centre on Tuesday hiked the minimum wage of unskilled industrial workers from Rs 246 to Rs 350 a day, but the move failed to mollify trade unions who have called a national strike on September 2.Announcing the decision at a press conference here, finance minister Arun Jaitley said the bonus for 2014-15 and 2015-16 would be paid to central government employees based on revised norms. The Bonus Amendment Act will be implemented "strictly", he added.Jaitley assured that the government will also take necessary steps to resolve the cases on payment of bonus pending in high courts and the Supreme Court.The likely financial implications of the bonus move translate into Rs 1,920 crore per annum. "In the last one-and-a-half years, the inter-ministerial committee had meeting with central trade unions. Trade unions placed various demands. Some were labour- related and some connected to economic policy issues. The government has taken some decisions with regard to those on the basis of their recommendations," added Jaitley.Power and coal minister Piyush Goyal and labour and employment minister Bandaru Dattatreya were also present on this occasion.Jaitley said it has been decided to fix the minimum wages at Rs 350 per day for unskilled non-agricultural workers for 'C' category areas, keeping in view the modalities of fixing minimum wages.The decision was taken following deliberations at the meeting of the minimum wage advisory board under the chairmanship of the labour minister for revising the basic minimum wages in the central sphere.The registration of contract workers and their staffing agencies is mandatory and states will be advised to strictly implement the same, the finance minister said. Jaitley warned that errant contractors would face appropriate action for any violation.The issue of giving social security benefit to the unorganised sector (like Anganwadi, mid-day meal, Asha volunteers) will be examined by a committee, which will give its report at the "earliest".Asked about the strike call, Jaitley said: "I think we have responsible trade unions." On the opposition to the government's plans to merge associate banks of SBI with the parent bank, Jaitley said, "the merger is not subject of trade unions"."Their service conditions are not being hurt adversely or affected at all. There will be no impact of merger on service conditions of any employee. If the government decides that we need strong banks, then unions would have to change their approach to the whole issue," he asserted.Dattatreya has held meetings with central trade unions wherein detailed discussions were held with regard to their charter of demands. As many as 10 central trade unions have given a call for a one-day pan-India strike on September 2, to protest against the government's labour reforms and "not paying heed to their demands".Explaining further, Dattatreya said an amendment in the Minimum Wage Act is required for fixing a universal minimum wage and an initiative has been taken in this direction.Apart from increasing the minimum wage, government has also decided to pay bonus for 2014-15 and 2015-16 to central government employees based on the revised norms, which will have an annual financial implication of Rs 1,920 crore. It has also assured that the amendment in the payment of Bonus Act will be implemented strictly and it will support the cause of unions in high courts and the Supreme Court. | http://www.mydigitalfc.com/policy/govt-hikes-minimum-wage-rs-350-day-strike-looms-230 | en | 2022-08-31T00:00:00 | www.mydigitalfc.com/8d7b317eb95467bff7efb038ac8f6bf8b1a78989119c5f01148432638fd4fb52.json |
[] | 2016-08-26T18:49:40 | null | 2022-08-27T00:15:00 | Equity investment is basically investing in listed companies, and thereby acquiring part-ownership in the companies and getting a share of the profits earned. | http%3A%2F%2Fwww.mydigitalfc.com%2Fopinion%2Fbmanaging-moneyb-why-amateur-investors-need-take-mf-road-109.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Managing Money: Why amateur investors need to take the MF road | null | null | www.mydigitalfc.com | Equity investment is basically investing in listed companies, and thereby acquiring part-ownership in the companies and getting a share of the profits earned. As the only way to invest in an existing business is via purchase of shares from the stock markets, investors have to take into account market sentiments and associated risks. While markets cause short-term risks, investors have to monitor performance and prospects of the companies they have invested in to ensure long-term profitability as well as safety of their capital.“Most people invest when the market is on fire resulting in huge appreciation in capital of existing investors, which makes them greedy. They panic at the time of market correction resulting in notional loss of capital, and then out of fear exit the market booking huge losses,” says certified financial planner (CFP) Rahul Ranjan.The lay investor is busy with his daily job and finds little time to track the markets and regularly study the performance of the companies. Moreover, tracking markets and studying financial documents also demand a fair amount of expertise. So, for people, who don’t have time and expertise in the field of equity markets, it is better to enter the market through mutual funds (MF), which provides the following benefits:Mutual funds have dedicated fund managers and their teams to track the market. While MFs pay fund managers annual salaries in crores, investors get the professional services with very little expense due to the huge size of the fund and large number of investors.Mutual funds pool money from a large number of retail investors and invest it in equity and debt instruments in a cost-effective and professional way, giving the investors the benefit of economies of scale. For example, the minimum investment in treasury bills is Rs 25,000 and then in multiples of Rs 25,000. However, mutual fund investors can enjoy the benefit of the safety of treasury bills in their portfolio by investing a sum as low as Rs 500.For individuals, it is quite difficult to choose large numbers of quality stocks to ensure that their portfolio is well-diversified so as to reduce the risks. However, each mutual fund not only has a well-diversified equity portfolio but also invests in debt instruments to balance the risks.Unlike individual investors, who generally need to buy and sell stocks in minimum lots, MF investors may transact units even in decimals, which provide immense liquidity.Mutual fund trusts enjoy exemption in paying short-term capital gain tax. If an investor holds units of an equity-oriented mutual fund for more than one year, he/she doesn’t have to pay any tax despite the fact that stocks in the portfolio of the fund may have been churned several times on a daily basis to produce superior gains. But individuals, who invest directly in equity, don’t enjoy such immunity.Mutual funds have the right to inspect the books of companies they want to invest. They may cross-check figures or claims of orders from clients or investments made to other organisations, which is not always feasible for individual investors.As a huge amount of investors’ money is involved, market regulator Sebi keeps close watch on activities of mutual funds, even though the organisational structure of mutual fund houses itself make it almost impossible to take away the money.As the fortunes of a large number of investors are involved, the government is more concerned about the well-being of the mutual fund industry. For example, if a bike rider meets with an accident, there will hardly be any reaction, but in case of a train accident, the railway minister will rush to the site and the government will take steps to prevent such incidents.Unlike amateur individual investors, who generally invest in large cap funds, mutual fund investors have wider choice of investing in diversified funds, mid-cap funds, small-cap funds, balanced funds, debt funds as well as international funds.Although, mutual funds have several benefits, there are limitations like loss of control over investment decisions, higher expenses, etc. So, for individuals, who have the time and the expertise, direct investment may be a better option. Not to forget that people like Warren Buffett and Rakesh Jhunjhunwala became rich by investing directly in equity. However, both of them preach long-term investments in equity instead of daily trading.“There is nothing wrong in mutual fund or direct equity investments, but human behaviour plays a crucial role in taking right or wrong decisions,” says Ranjan.“In many cases, amateur direct investors forget that equity investments are long-term investments and get addicted to intra-day trading, and to earn quick money, they lose all their money. In case the money is invested out of easy credit provided by the broker, they may even go bankrupt,” says Ranjan.Although mutual funds come to the help of amateur investors facing constraints of time and expertise, investors should not forget that the mutual funds also invest through stock markets and hence such investments are subject to market risks. Net asset values (NAVs) of mutual funds also fluctuate along with market fluctuations and checking NAVs on a daily basis may again result into the ‘greed and fear’ factor.So, be it direct equity investment or mutual funds, it’s always better to take professional help. “Emotional attachment with one’s money makes a person more susceptible to the ‘greed and fear’ factor and can result in more mistakes. To overcome this, one needs to consult financial advisors, who would handle the investments in a professional way and would not be influenced by emotions,” says Ranjan. | http://www.mydigitalfc.com/opinion/bmanaging-moneyb-why-amateur-investors-need-take-mf-road-109 | en | 2022-08-27T00:00:00 | www.mydigitalfc.com/7e66f1f11129531fed14c9c3d89ee7f17eb4c49061f482d5d2551c660e21befb.json |
[] | 2016-08-29T18:53:40 | null | 2022-08-30T00:21:00 | Indian Oil Corporation (IOC) on Monday posted its highest ever first quarter profit of Rs 8,268.98 crore for the April-June period of this fiscal on account of inventory gains and robust petrochemical margins. The company declared a 1:1 bonus. | http%3A%2F%2Fwww.mydigitalfc.com%2Fcompanies%2Fioc-registers-highest-q1-profit-of%25E2%2580%2588rs-8269-cr-192.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | IOC registers highest Q1 profit of Rs 8,269 cr | null | null | www.mydigitalfc.com | Indian Oil Corporation (IOC) on Monday posted its highest ever first quarter profit of Rs 8,268.98 crore for the April-June period of this fiscal on account of inventory gains and robust petrochemical margins. The company declared a 1:1 bonus.
The net profit of Rs 8,268.98 crore, or Rs 34.90 a share, was 25.46 per cent higher than Rs 6,590.83 crore, or Rs 27.81 per share, in the same period a year ago, IOC director (refineries) Sanjiv Singh told reporters.
IOC increased its petrochem margin by Rs 446 crore to Rs 2,224 crore during the period under review while it reported an inventory gain of Rs 7,479 crore. It earned $ 9.98 on turning every barrel of crude oil into fuel in the April-June quarter (Q1), down from a gross refining margin of $ 10.77 a barrel a year earlier.
Shares of IOC closed 0.32 per cent down at Rs 571.95 a piece on the BSE.
While refinery thruput rose 18.7 per cent to 16.099 million tonnes, domestic fuel sales was up 5.3 per cent at 20.415 million tonnes.
Singh said its Rs 1,331.69 crore revenue loss on sale of PDS kerosene during the quarter has been reimbursed by the government.
Drop in oil price meant its revenue fell from Rs 1,14,200.24 crore for the quarter ended June 30, 2015 to Rs 1,07,670.95 crore in first quarter of current financial year.
The company, which has been buying crude from Iran, has already lifted 1 million tonnes (mt) of oil from the west Asian country. IOC is targeting buying about 5 mt of cheaper Iranian crude this year.
subhashnarayan
@mydigitalfc.com | http://www.mydigitalfc.com/companies/ioc-registers-highest-q1-profit-of%E2%80%88rs-8269-cr-192 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/ffa069acd3e0cb31be0d1032a5365657b82f641f71118f89df42390ea8e3aee3.json |
[] | 2016-08-28T18:50:50 | null | 2022-08-29T00:16:00 | Carborundum Universal (Cumi), a global player in material sciences and a part of the Murugappa group, has established a state-of-the-art research and development (R&D) centre in its industrial ceramics division in Hosur, Tamil Nadu. | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Fcumi-sets-rd-centre-ceramics-154.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Cumi sets up R&D centre for ceramics | null | null | www.mydigitalfc.com | Carborundum Universal (Cumi), a global player in material sciences and a part of the Murugappa group, has established a state-of-the-art research and development (R&D) centre in its industrial ceramics division in Hosur, Tamil Nadu.The new centre boasts of advanced equipment for material characterisation, micro-structural analysis, finished component analysis and other critical areas, supplementing the existing R&D activity of the unit. It is certified by the department of scientific and industrial research (DSIR), government of India.It will be a centre of excellence for research in technical ceramics for industrial and advanced applications, and will serve to address Cumi’s aspirations to grow in wear-resistant and technical ceramics, including metallised ceramic range of products.“We are happy to be part of the advancing technology and research in the area of material sciences. With the new R&D centre, we look forward to more activity in the areas of mining, cement, steel, colliery, paper, agro, defence and automobile, among others. We are well- poised to bring technologically advanced materials to address global market requirements, in addition to supporting the domestic industry,” said M M Murugappan, chairman, Cumi & vice chairman, Murugappa group. “Our vision is to be a leading global player in the field of advanced ceramics by 2020. We believe this new R&D centre is a very important step towards that,” said K Srinivasan, managing director, Cumi. “It has been our endeavour to bring the best of innovation and technology to our consumers. We look forward to using our capabilities and understanding of the customer requirements, to deliver better quality, cost competitive products to our customers. We will continue to focus on developing new and advanced materials for a wide range of cutting-edge applications,” he added.The company is one of the five manufacturers in the world with fully integrated operations that include mining, fusioning, wind and hydro power stations. | http://www.mydigitalfc.com/news/cumi-sets-rd-centre-ceramics-154 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/4ad031270b6c7643f292777c8d5af03b7c0d75b50d75d51207b4899e62170363.json |
[] | 2016-08-26T18:51:19 | null | 2022-08-27T00:15:00 | Multinational seed companies like Monsanto, Bayer and Dow have split the National Seed Association of India by forming their own organisation to counter the government’s measures in regulating the industry. | http%3A%2F%2Fwww.mydigitalfc.com%2Fagriculture%2Fforeign-firms-team-oppose-gm-crop-rules-114.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Foreign firms team up to oppose GM crop rules | null | null | www.mydigitalfc.com | Multinational seed companies like Monsanto, Bayer and Dow have split the National Seed Association of India by forming their own organisation to counter the government’s measures in regulating the industry.Ten seed companies led by Mahyco Monsanto Biotech (MMBL), which is a 50:50 joint venture between Monsanto and Maharashtra-based Mahyco, announced the decision without disclosing the immediate reason for the split.“Ten like-minded companies have joined hands to form the association. But others are also welcome,” said Raju Barwale, managing director of Maharashtra Hybrid Seeds Co (Mahyco). He declined to elaborate the challenges or reasons behind the split.MMBL has sub-licenced Bt cotton seed technology since 2002 to various domestic seed companies. The government in April announced a price cap on retail sales of cottonseeds as well as royalty charged by the technology developer. The matter is in court after some seed companies challenged the decision.As the government has been trying to regulate seed companies by issuing guidelines, Monsanto India on August 25 said it has informed the genetically engineering approval committee (GEAC), regulator of Bt seeds, its decision to withdraw application seeking approval for commercial release of next generation GM cotton seeds.“Our decision to suspend this introduction in India is an outcome of the uncertainty in the business and regulatory environment, which include the regulation of trait fees and introduction of the draft compulsory licensing guidelines. This decision has no impact on our current cotton portfolio being sold in India,” it said in the statement.Monsanto had earlier threatened to quit India on this issue, which government officials termed as a pressure tactic. The newly formed federation of seed industry of India (FSII) wants the government to allow the market to determine prices of GM seeds rather than any regulatory mechanism.“We believe the market should determine the prices. We are for the market-driven mechanism rather than the regulatory mechanism,” FSII president M Ramasami told reporters. He said the federation is driven by the fundamental value of respecting research and intellectual properties of each other companies. It will work to address issues affecting the growth of seed industry in India, he added.The 10 companies – Bayer, Dow Agro, Dupont Poineer, Mahyco, Metahelix, Monsanto, Namdhari, Rasi, Shriram Bioseeds and Syngenta – claim 30 per cent share in the Rs 15,000 crore Indian seed market. | http://www.mydigitalfc.com/agriculture/foreign-firms-team-oppose-gm-crop-rules-114 | en | 2022-08-27T00:00:00 | www.mydigitalfc.com/4f1194f8155c976e683fa3b0338a1b8ed8a5fa4a7ba4a07b66b52fe03c6359b1.json |
[] | 2016-08-29T12:52:21 | null | 2022-08-29T18:17:00 | The 1000 MW second unit of Kudankulam nuclear power plant (KNPP) was test synchronised with the southern power grid on Monday, marking generation of electricity from the unit and its supply to the grid, a top KNPP official said. | http%3A%2F%2Fwww.mydigitalfc.com%2Fpower%2Fknpp-unit-2-synchronised-southern-grid-172.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | KNPP Unit-2 synchronised with southern grid | null | null | www.mydigitalfc.com | The 1000 MW second unit of Kudankulam nuclear power plant (KNPP) was test synchronised with the southern power grid on Monday, marking generation of electricity from the unit and its supply to the grid, a top KNPP official said.
"Unit two of KNPP was test synchronised with the southern power grid on Monday at 1117 hours. Presently the unit is supplying 245 MW to the southern grid," KNPP Site Director R S Sundar said.
He said clearance was obtained from Atomic Energy Regulatory Board (AERB) for the first synchronisation of the unit with the southern grid.
Sundar said the unit would be shut down for mandatory inspection of turbine-generator after a few days of operation.
"The power level will be increased in phases to 50, then 75 and 90 per cent and later to 100 per cent full power after obtaining necessary regulatory clearances," he said in a statement.
Meanwhile, Unit 1 KNPP has been operating continuously for 189 days (RPT 189 days) since February 22 this year and has so far generated 11,269 Million Units of electricity from October 2013, he said.
KNPP-2 attained first criticality on July 10 this year and subsequently various reactor physics experiments were carried out at low power.
It was done under supervision of experts from Atomic Energy Regulatory Board, NPCIL and Russian specialists.
On Aug 10, prime minister Narendra Modi, Russian President Vladimir Putin and Tamil Nadu chief minister Jayalalithaa had jointly dedicated to the nation the 1000 MW Nuclear Power Plant-I.
KNPP has been set up using Russian VVER type reactors based on enriched uranium.
Completion of Unit 1 was delayed in view of strident protests by local people, who raised safety concerns, before it became operational.
Pressurised Water Reactor VVER-1000 had gone critical in July 2014 and the commercial operations started from December 31 the same year, with the unit coming to the aid of the then power starved Tamil Nadu. | http://www.mydigitalfc.com/power/knpp-unit-2-synchronised-southern-grid-172 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/4203b62f5d4f63e48cf63804d8b933c9be2429743f109d7580f68e9c0fb2f1c1.json |
[] | 2016-08-29T20:52:04 | null | 2022-08-30T00:42:00 | Despite the government’s ambitious target to make manufacturing account for 25 per cent of the GDP by 2022 from current 16 per cent, Indian industry finds that a chronic shortage of talent in the manufacturing sector can derail the Make In India | http%3A%2F%2Fwww.mydigitalfc.com%2Fpolicy%2Fcolormaroontalent-deficit-can-derail-make-india-programme-202.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Talent deficit can derail Make in India programme | null | null | www.mydigitalfc.com | Despite the government’s ambitious target to make manufacturing account for 25 per cent of the GDP by 2022 from current 16 per cent, Indian industry finds that a chronic shortage of talent in the manufacturing sector can derail the Make In India programme.The government has set a target to create 100 million jobs by 2022, centred of its “Make in India” initiative, but least estimates suggest that the manufacturing sector has created only four million jobs since 2010. This, despite 30 per cent to 40 per cent talent deficit on the shop floor that accounts for almost 80 per cent of jobs in the manufacturing sector.“This deficit can go up to 50 per cent to 60 per cent, if investments speed up in new facilities,” said Sonal Arora, vice president at hiring agency Teamlease. In India, manufacturing accounts for 11 per cent of employment against 40 per cent in China. To reach the official employment target, this must go up to at least 25 per cent, though the government has not set industry specific targets or a roadmap to achieve this.Experts say India does not face scarcity of manpower, but skilled labour, with only 2 per cent of the population comprising skilled workforce, as per government data.“Today, there is increasing automation the world over. Manufacturing requires a higher level of skill to operate sophisticated machinery. Any unskilled worker cannot get into factories, as was the case a few years ago,” said Arora. According to her, post recession, companies have been increasingly focussing on cost control and productivity. Hence, they have become selective about inducting talent.What’s worse, there are very few institutions to train people for manufacturing. The ITIs still have pedagogies that do not match up with current requirements. “The curriculum that they follow has not changed much in the past 70 years,” said Suman Rudra, India HR leader at NCR Corporation.“There are issues with regard to the talent passing out from the training institutes and colleges and this is not just specific to ITIs, but engineering colleges and management institutes as well. The teaching methodology, content and the delivery method in these institutes do contribute to mediocre output,” said Aditya Narayan Misra, CEO and director at CIEL HR Services.For sometime now, the National Skill Development Corporation (NSDC) has been preparing training modules in collaboration with industry segments, but in many cases, the requirement and skill sets would have changed by the time it identifies the requirement in a particular sector, prepares a module and trains people.This expectation and delivery mismatch is not only an issue with the industry, but also with the employees. “The job profile, ecosystem and the remuneration might not match employee expectations. As a result, at least one-third of the hired workforce drops out,” said Rudra.Of late, the industry has been shifting its reliance on talent made available by the government, with several large companies running their own training programmes.“But we too have our limitations, without the government initiating reforms in labour laws. We cannot induct too many people without changes being made in the Industrial Disputes Act or those that allow units to close due to financial loss. Several automobile and telecom companies have been in trouble due to labour problems,” said Rudra.The pay structure in the manufacturing sector too is not very attractive for people to migrate from villages to industrial hubs. “After meeting all the expenses of relocating, the job provides very less opportunity to save. Social security schemes and job guarantee schemes in the villages tempt them to stay back,” said Misra.The expectation-delivery mismatch is not limited to the jobs on the shop floor alone. “There are jobs in sales, customer service and operations. But employability and productivity expectations have gone up. A few years ago, companies used to hire three out of four candidates we sent. Now, hardly one gets hired,” said Arora.A study by Singapore-based Emeritus Institute of Management suggests that India Inc has been struggling to source the right talent even for middle managers that align with current requirements and for future growth. The companies are unable to hire, retain and upgrade existing talent to take on new roles in a competitive business environment.The study says that almost 90 per cent of the respondents in the manufacturing sector found that retaining good talent affected organisational growth.“One of the key challenges of India Inc is locate able middle management talent to lead, manage and mentor employees with varying skill sets and work experiences. Assuming a 1:10 ratio between managers and low-skilled jobs, India will still need to groom 3-8 million managers in the next 10 years. This middle management represents 30 per cent of the entire workforce,” said Ashwin Damera, the institute’s executive director.Innovation and strategic thinking is the most notable skill gap in middle management. They also lack a global mindset to take the organisation to the next level and efficiency in leading people and team.“Attrition is a problem in the industry. Retaining talent depends on how the organisation treats the employee as an asset and what he feels about the company. The manufacturing industry, especially the consumer durables and telecom sectors, is fast evolving. Manpower too has to be constantly upgraded,” said Eric Braganza, president, Haier Appliances. | http://www.mydigitalfc.com/policy/colormaroontalent-deficit-can-derail-make-india-programme-202 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/9cda85ce00426bd8aabf1f547ddfc5cc6570a4950feceb36ac46a1472353549b.json |
[] | 2016-08-30T10:53:07 | null | 2022-08-30T15:39:00 | In a major boost to bilateral strategic ties, India and the US have signed a crucial logistics defence pact that will enable their militaries to use each other's assets and | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Findia-us-sign-logistics-exchange-pact-cement-defence-ties-204.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | India, US sign logistics exchange pact to cement defence ties | null | null | www.mydigitalfc.com | In a major boost to bilateral strategic ties, India and the US have signed a crucial logistics defence pact that will enable their militaries to use each other's assets and bases for repair and replenishment of supplies, making joint operations more efficient.
Defence minister Manohar Parrikar and US defence secretary Ashton Carter signed the 'logistics exchange memorandum of agreement' (LEMOA) and said it will facilitate opportunities for "practical engagement and exchange".
LEMOA facilitates the provision of logistical support, supplies and services between the US and Indian militaries on a reimbursable basis and provides a framework to govern them.
This may include food, water, billeting, transportation, petroleum, oils, lubricants, clothing, medical services, spare parts and components,
repair and maintenance services, training services, and other logistical items and services.
“They agreed on the importance (that) this framework will provide to facilitate innovative and advanced opportunities in defence technology and trade cooperation. To this end, the US has agreed to elevate defence trade and technology sharing with India to a level commensurate with its closest allies and partners,” said a joint statement after the pact was signed.
According to the statement, the defence ties between the two countries is based on their “shared values and interests,” and their “abiding commitment to global peace and security”.
Parrikar, at a joint news conference with Carter after the two leaders held talks at the Pentagon on Monday, made it clear that “there is no provision for any base or any sort of activities to set up a base in India.”
"It (LEMOA) doesn't have anything to do with the setting up of base. It's basically logistics support to each other's fleet, like supply of fuel, supply of many other things which are required for joint operations, humanitarian assistance and many other relief operations.”
“So, it basically will ensure that both navies can be supportive of each other in the joint venture operations we do, exercises we do,” Parrikar told reporters.
LEMOA is a very substantial enabler of the two countries to work together, the US defence secretary said.
Carter said the agreement would make joint operations between their militaries logistically easier and more efficient.
“What it does is make possible and make easier operating together when we choose to. It doesn't by itself -- those agreements -- those are the things that the two governments would have to agree on a case by case basis. But when they do agree, this is an agreement that makes it all go so much more smoothly and efficiently,” Carter explained.
“It is fully mutual. In other words, we grant one another completely equal access and ease under this agreement. It's not a basing agreement of any kind, but it does make the logistics of joint operations so much easier and so much more efficient,” he said.
Parrikar also indicated that India is not in a hurry to sign two other foundational agreements which America has been pushing for the past several years.
The future of the two foundational agreements -- communications and information security memorandum of agreement (CISMOA); basic exchange and cooperation agreement (BECA) for geospatial intelligence -- are part of the four foundational agreements being pushed by the US for more than a decade now as part of its efforts to enhance defence ties with India.
Of the four agreements, general security of military information agreement (GSOMIA) was signed in 2002 while the logistics exchange memorandum of agreement (LEMOA) was signed on Monday.
LEMOA only provides an additional means to fund necessary support and requires the approval of both countries on a case-by-case basis.
For example, during a bilateral exercise with the US, the participant country's unit requires fuel for its equipment.
The unit cannot make the purchase unless it can pay directly and immediately.
A LEMOA agreement allows for the purchase by establishing a value for the purchase and the terms for payment, which could be replacement-in-kind or an equal-value exchange, Carter said.
Carter said India's designation as a 'major defence partner' would allow the US to cooperate with it -– in both strategic and technological domains -– at par with its closet and most long-standing allies.
“First of all with respect to the major defence partnership agreement, that is a very substantial change. It's an enormous change from 50 years of history. And a very substantial advance over just a few months ago,” Carter said.
In June when prime minister Narendra Modi visited US and met president
Barack Obama, the country had designated India as a 'major defence partner'.
“The Indian government sent us before our meeting today a very lengthy, detailed and we thought very constructive paper about how to implement the major defence partnership understanding. That's an excellent basis for the implementation of the major defence partnership,” Carter said.
The major defence partnership designation, has “knocked down” the previous barriers that came in the way of defence, strategic co-operation including co-production, co-development projects and exercises, he said.
Parrikar said US is one of India's primary sources of defence equipment, and while it has shared some of its cutting-edge platforms, he would like to take this forward to greater collaborative projects.
The two leaders, he said, decided to significantly expand the scope and activities of defence technology and trade initiative (DTTI).
Carter said the designation builds on the success of last year's framework for the US-India defence relationship.
"It will facilitate defence, trade and technology sharing with India on a level we reserve only for our closest friends and allies, and it will support both of what I have called the two important handshakes between our countries and our two militaries,” he said.
“The first is the strategic handshake. As the United States is reaching West in President Obama's rebalance, India is reaching East in prime minister Modi's Act East policy, which will extend India's reach further into the broader Indo-Asia-Pacific region,” Carter said.
The major defence partner designation will also tighten the second handshake between the two countries, the technological one, he said.
“Four years ago, the United States and India created the defence technology and trade initiative, DTTI, to leverage the convergence between our industrial and technological abilities in an unprecedented way. That initiative grasps hands with prime minister Modi's Make in India campaign,” he said.
“We made important progress on that technological partnership today, also. We agreed to advance a number of collaborative projects, on jet engine technology, chemical and biological protection, aircraft carriers and other systems; all by the end of the year. That collaboration will surely bring further cooperation, co-development and co-production,” he added.
“And we're working together and networking with other Asia-Pacific militaries to provide the security and to promote the principles, including freedom of navigation and overflight, that have benefited so many in the region, including India,” Carter said. | http://www.mydigitalfc.com/news/india-us-sign-logistics-exchange-pact-cement-defence-ties-204 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/bc3e20228df4a89a879538e3541f2bed5e16801d75d1082ffae0670556fb941b.json |
[] | 2016-08-30T16:52:11 | null | 2022-08-30T22:13:00 | Fiat Chrysler Automobiles, the world’s seventh largest Italian auto maker, but struggling to sell its cars in the fiercely competitive third biggest car mart of Asia, will make a new | http%3A%2F%2Fwww.mydigitalfc.com%2Fcars%2Ffiat-chrysler-manufacture-jeep-suv-indian-market-220.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Fiat Chrysler to manufacture Jeep SUV for Indian market | null | null | www.mydigitalfc.com | Fiat Chrysler Automobiles, the world’s seventh largest Italian auto maker, but struggling to sell its cars in the fiercely competitive third biggest car mart of Asia, will make a new sports utility vehicle (SUV) under its iconic Jeep brand for the Indian market in a bid to revive the fortunes of the company.“The all new Jeep SUV will be made in India in the second quarter of calendar year 2017 for the growing SUV buffs across the country,” Kevin Flynn, president and managing director, FCA India told Financial Chronicle. He said it would be an all-new product, to be rolled out of its factory at Ranjangao, near Pune.This all-new small Jeep SUV, which the maker of luxury hatchback Abarth 500 range is planning for India and the emerging economies, would also be sold globally to cash in on the popular stature of its Jeep brand.This new small Jeep SUV is at present undergoing a battery of tests. The company expects it to make a big impact in the growing premium SUV market in India. Fiat Chrysler believes that the Jeep SUV would not only eat into the market share of entry level SUV offerings from the three German luxury car makers -- Mercedes-Benz, Audi and BMW -- as well as British Jaguar Land Rover but would also impact premium car makers, including Skoda, a brand from the German auto giant Volkswagen.Asked if the new Jeep SUV would be the smallest offering from the existing Jeep brand portfolio, Flynn chose to answer only with an enigmatic smile.Fiat Chrysler would also bring to India its new Jeep Renegade, currently the smallest of the Jeep siblings.The company sees immense potential in the premium compact SUV space in the Indian market. SUVs accounted for 15 per cent of the 2.56 lakh cars sold in India in July 2016.Auto analysts said the yet-to-launch new Jeep Renegade is a result of Fiat-Chrysler’s new global manufacturing strategy. Jeep Renegade, widely acclaimed for its retro-contemporary styling and its immense off-road potential, when introduced in India, would take on Audi Q3, Mercedes-Benz GLA and the BMW X1.Admitting that Fiat has been struggling in India, Flynn said the first step in its new strategy is the debut of its flagship Jeep Grand Cherokee models -- Grand Cherokee SRT (Street & Racing Technology), Grand Cherokee Summit, Grand Cherokee Limited -- and Jeep Wrangler Unlimited which were launched in Jodhpur on Tuesday with a price tag of Rs1.12 crore, Rs 1.03 crore, Rs93.64 lakh and Rs71.59 lakh respectively, (ex-showroom Delhi). These cars will compete with the BMW X5 and the Audi Q7.Such cars, imported from the US via the completely built unit (CBU) route, attract import duties and taxes of about 170 per cent, making them very expensive.“After showcasing these premium models and establishing the DNA of Jeep brand, the next stage is to make a brand new Jeep SUV in India for India in the second quarter of next calendar year,” Flynn said.He said the company has invested $280 million in its Ranjangao factory to prepare an assembly line to produce these premium new products locally.The company aims to set up 10 exclusive dealerships in Ahmedabad, Delhi, Mumbai, Chennai and other cities by the end of December 2016. Flynn said the new strategy for growth is to bring products that are more relevant to India. “We are committed to the Indian market and it is an important market for our company for growth,” he said.Flynn also said it would offer all its products in petrol variants as well to steer clear of any future problems in selling its bigger SUVs in the country.(This correspondent was hosted by Fiat Chrysler in Jodhpur) | http://www.mydigitalfc.com/cars/fiat-chrysler-manufacture-jeep-suv-indian-market-220 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/553c40a1ec23105d6ec4e69d184039ddde6dfde5d30311a881b2b96384e50ab9.json |
[] | 2016-08-31T10:52:49 | null | 2022-08-31T15:41:00 | Chicago Federal Reserve Bank president Charles Evans on Wednesday said he is increasingly convinced that US economic growth has slowed permanently, a situation that will keep US interest rates low for a long time ahead. | http%3A%2F%2Fwww.mydigitalfc.com%2Fmonetary-policy%2Ffed-cites-slow-growth-says-low-us-rates-here-stay-241.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Fed's Evans, citing slow growth, says low US rates are here to stay | null | null | www.mydigitalfc.com | Chicago Federal Reserve Bank president Charles Evans on Wednesday said he is increasingly convinced that US economic growth has slowed permanently, a situation that will keep US interest rates low for a long time ahead.
Embracing Harvard Professor Larry Summers' so-called secular stagnation theory, Evans argued that an aging US population and slowing productivity growth mean there is little reason for interest rates to rise either fast or far.
Expectations of low growth have become so embedded in corporate and investing behavior, he said, that even if inflation rises unexpectedly and the Fed has to raise rates faster than it now anticipates, a detrimental spike in long-term interest rates is unlikely.
“Long-run expectations for policy rates provide an anchor to long-run interest rates,” Evans said, according to a detailed outline provided ahead of his remarks to the Shanghai Advanced Institute of Finance in Beijing. “So lower policy rate expectations act as a restraint on how much long-term rates could rise following a surprise over the near-term policy path.”
Fed chair Janet Yellen said last week that with the US economy near full employment and inflation showing signs of rising toward the Fed’s 2 per cent goal, the case for a US interest-rate hike has strengthened in recent months. Traders responded to those and other somewhat hawkish comments from Yellen's colleagues by adding slightly to their bets that the Fed will raise rates before the end of the year.
Evans, who does not have a vote on Fed policy this year, is known as one of the US central bank’s most outspoken doves, generally in favor of delaying rate rises as long as possible so as to encourage hiring and investment.
Although he did not express any view in his prepared remarks on when the Fed should next raise rates, his argument suggests support for patience.
If inflation rose unexpectedly, he said on Wednesday, the Fed could probably tamp it down with something far short of a spike in rates.
“If necessary, we could normalise policy much faster than currently envisioned and still keep the pace gradual enough to avoid a disorderly change in financial conditions,” Evans said. | http://www.mydigitalfc.com/monetary-policy/fed-cites-slow-growth-says-low-us-rates-here-stay-241 | en | 2022-08-31T00:00:00 | www.mydigitalfc.com/1fc7090e6916389f1499596dbeca00ca03898fa9cfce08192add4aa8a866b1b9.json |
[] | 2016-08-29T18:52:15 | null | 2022-08-30T00:21:00 | Foreign portfolio investors prefer India world’s fastest growing large economy compared to other Asian markets. But there has been profit-booking as well by India-focused offshore funds and | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Foffshore-funds-etf-witness-over-5b-net-outflows-193.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Offshore funds, ETF witness over $5b net outflows | null | null | www.mydigitalfc.com | Foreign portfolio investors prefer India, world’s fastest growing large economy, compared to other Asian markets. But there has been profit-booking as well by India-focused offshore funds and ETFs. Between July 2015 and June 2016, India-focussed offshore funds and ETFs witnessed net outflows of $5.2 billion, according to a study by Morningstar India, a part of a US-based fund research house. India, however, still remains the favourite investment destination among Asian countries, said an HSBC study.An offshore India fund is one that is not domiciled in India but invests primarily in the Indian markets. Foreign instutional investors (FIIs) continue to account for about 20 per cent of the Indian Mcap with investments in Indian equities measuring to $304 billion during the April-June quarter. For the fourth consecutive quarter, India-focussed offshore funds and ETFs recorded net outflows to the tune of $826 million. Last quarter, $1.4 billion was eroded from the category.Himanshu Srivastava, senior analyst, manager research, Morningstar Investment Adviser India, said, “The total $5.2 billion outflows in last one year could be due to foreign funds moving out of risky assets from the emerging markets and going to safe havens as there were lot of concerns around Brexit. But, outflows have slowed in the recent quarters and it will be interesting to see as to what happens to fund flows during July-September quarter.”“Despite net outflows, robust markets helped the assets of India-focussed offshore equity funds and ETFs to grow during the quarter ended June 2016 to $41.3 billion from $40.1 billion recorded at the end of the March 2016,” Srivastava said. “Positive domestic triggers of the 7th pay commission and a good monsoon forecast kept sentiments upbeat. Consequently, the S&P BSE Sensex index surged by 6.54 per cent through the quarter,” Morningstar said.India-focussed offshore equity funds witnessed higher outflows than India-focussed offshore ETFs during the quarter, the Morningstar study pointed out.The value of investment into Indian equities in foreign funds also surged to an estimated $163.2 billion against an estimated $157.3 billion during the quarter ended March 2016. | http://www.mydigitalfc.com/news/offshore-funds-etf-witness-over-5b-net-outflows-193 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/414cc2ea54c12c61914757169df848686851e6846e30eddf7831c0534f322db4.json |
[] | 2016-08-29T18:52:36 | null | 2022-08-30T00:21:00 | India and Myanmar have decided to elevate bilateral relations to a new level with partnership to bring about peace on borders, push up economic engagement and pursue trilateral road connectivity with Thailand and beyond. | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Findia-myanmar-scale-ties-chinas-shadow-196.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | India-Myanmar scale up ties in China's shadow | null | null | www.mydigitalfc.com | India and Myanmar have decided to elevate bilateral relations to a new level with partnership to bring about peace on borders, push up economic engagement and pursue trilateral road connectivity with Thailand and beyond.Talks between prime minister Narendra Modi and Myanmar’s president U Htin Kyaw on Monday also led to agreement on India’s full support in Myanmar’s internal peace and its evolution as a thriving democracy after decades of military rule.The Modi–U Htin Kyaw talks marked the fresh revival of relationship between the two South Asian neighbours, especially at a time when China has been attempting to assert its supremacy in the region.President U Htin Kyaw is on a four-day first overseas engagement after the Aung San Suu Kyi’s National League for Democracy was elected to power in the first democratic elections earlier this March.Modi promised to extend support at “every step” of Myanmar’s journey in combating terrorism and insurgent activities in the region. Four agreements were signed to boost partnership in connectivity, medicines and renewable energy, apart from banking, agriculture and energy sectors.Appearing together, both made customary statements before newspersons at the Hyderabad House. “We recognised that our security interests are closely aligned. And we agreed on the need to remain sensitive to each other’s strategic interests and concerns,” Modi said with Htin Kyaw on his side.“To this end, the president and I agreed to work together for the safety and security of our people and actively cooperate to combat the common challenges of terrorism and insurgency in our region,” Modi added.India considers Myanmar as its strategic neighbour, sharing 1,640-km-long border spread across several North Eastern states, including militancy-infested Nagaland and Manipur. The subject of some Indian militant outfits having training camps in Myanmar seem to have figured at the bilateral summit talks between the two leaders.Affirming the commitment to take Indo-Myanmar relations to new heights, Modi said, “A bright future for Myanmar is not just your objective. It is also our aspiration.” Apart from agreeing to expanded pulses trade, the two sides hinted at drawing up a broader roadmap and an agenda for cooperation.Myanmar’s president reciprocated with the country’s commitment to strengthen ties with India.As per the agreements signed on Monday, construction and upgrading of 69 bridges and the Kalewa-Yargi road on the India-Myanmar-Thailand trilateral highway project would be implemented immediately.Modi invoked Buddha and shared cultural ideals to drive home the immediate need to ensure peace and equality before law for all religions in the region.India also signaled that it was ready for larger economic cooperation with Myanmar beyond the $2 billion development assistance for infrastructure projects. The Kaladan project, port and waterway segment were scheduled for completion later this year while India committed to supply more power across the borders beyond Tamu in Myanmar. | http://www.mydigitalfc.com/news/india-myanmar-scale-ties-chinas-shadow-196 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/32cf81788069e9d9bbecc2b85f90d4fee8cd3d71d9dbc257894dcc5101e33e94.json |
[] | 2016-08-28T18:52:37 | null | 2022-08-29T00:16:00 | Foreign inflows into the Indian market could get hit following the US Federal Reserve chairperson Janet Yellen’s remark that stronger labour market had strengthened the case for raising Federal fund rate in the coming months. | http%3A%2F%2Fwww.mydigitalfc.com%2Fstock-market%2Fd-stfont-colormaroon-wait-and-watch-mode-157.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | D St. in wait and watch mode | null | null | www.mydigitalfc.com | Foreign inflows into the Indian market could get hit following the US Federal Reserve chairperson Janet Yellen’s remark that stronger labour market had strengthened the case for raising Federal fund rate in the coming months.Dalal Street is expected to open cautious today.Fund flows to India and other emerging markets rose sharply after Brexit vote in late June, due to huge flows from emerging market focused exchange traded funds or ETFs that led to sharp rise in the benchmark indices Sensex and Nifty 50 companies, as well as in select mid-cap stocks.However, over the past weeks, inflows have slowed after Rs 12,612 crore were pumped in July. Equity inflows in August moderated to Rs 7,822 crore, with foreign portfolio investors (FPIs) buying stocks worth only Rs 211.72 crore last week, as per NSDL daily data on FPI investments.Foreign inflows in March worth Rs 21,143 crore were highest in a month, so far, this calendar.Rajesh Cheruvu, head of equities at Sanctum Wealth said, "Inflows to emerging markets and India could slow dow in the short term, following Yellen's remarks reinforcing possibilities of a rate cut. Market valuations are also not looking cheap at this point, which could lead to some correction."However, the head of research at a large FPI who did not wish to be named said, “The Fed chairperson’s speech was pretty confusing, after the initial fall, markets rebounded later on. Inflows to the emerging markets are likely to continue.”Foreign portfolio investors have bought Rs 39,602 crore worth of shares net of sales, so far this year, while in the debt market, they have been net sellers worth Rs 7,149 crore. So far this month, FPIs have been net sellers worth Rs 2,425 crore in the debt market.Even domestic fund flows have slowed of late, due to stretched valuations.Mutual funds invested less in equities, with net investments after redemptions in July turning negative by Rs 33.80 crore. So far in August, they have invested Rs 698.60 crore, as per data provided by the Securities and Exchange Board of India. Yellen’s Friday speech raised chances of a Fed rate hike as early as next month. It’s open market committee (OMC) will next meet on September 20-21.Mihir Vora, director and chief investment officer at Max Life Insurance, said, “The Federal Reserve chairperson's statements reiterated the Fed's belief that the US economy is on its way to stable growth, low unemployment and moving closer to the inflation target of 2 per cent. This increases the probability of a rate hike in the next few months.“However, a lack of a hawkish bias in the commentary and the possibility of increasing the range of assets the Fed may purchase were taken positively by the markets. We see limited reaction in the global markets, as they are positioned lightly in anticipation of this event,” Vora said.In a closely followed and much awaited speech on Friday to central bankers and economists in Jackson Hole, Wyoming, USA, Yellen was quoted by Bloomberg for suggesting “continued solid performance of the labour market,” She also said that the “case for an increase in the Federal funds rate has strengthened in recent months.”Dalal Street could see some volatility today after trading in a narrow range during the past one-and-a-half months, with benchmark Sensex swaying in the range 27,700 to 28,200, with 28,000 as fulcrum and Nifty 50 in the range of 8,500 to 8,725.Last week, Sensex and Nifty traded sideways. | http://www.mydigitalfc.com/stock-market/d-stfont-colormaroon-wait-and-watch-mode-157 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/3540f774ba771893bf1d5e1d169a7a1cfc09e40a04c0166c27d1801565a35b1f.json |
[] | 2016-08-30T18:52:44 | null | 2022-08-31T00:04:00 | Promoters of real estate/civil construction and textile firms were seen unwinding their pledged shares during last one-year period, with total promoter holding pledged coming down sharply and even to nil in some companies, data provided by Prime | http%3A%2F%2Fwww.mydigitalfc.com%2Fequity%2Fpromoters-realty-textile-firms-revoke-pledged-shares-231.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Promoters of realty, textile firms revoke pledged shares | null | null | www.mydigitalfc.com | Promoters of real estate/civil construction and textile firms were seen unwinding their pledged shares during last one-year period, with total promoter holding pledged coming down sharply and even to nil in some companies, data provided by Prime Database showed.Other sectors that saw unwinding of pledged shares were agrochemicals / pesticides, breweries & distilleries, milk & dairy products and utilities.Over the past one-year, promoters of several real estate and construction companies managed to de-leverage as they reduced their holdings pledged with the lenders.For instance, in case of IL& FS Transportation Networks, promoters' pledged holding has come down from by 26.98 per cent from 98.17 per cent in June 30, 2015 to 71.19 per cent as on June 30, 2016, as per Prime Database.In case of DB Realty promoter holding as per cent of total promoter holding was down by 15.75 per cent from 84.64 per cent to 68.89 per cent. In Orbit Corporation it was down by 13.26 per cent to 63.67 per cent from 76.93 per cent; in Lanco Infratech by 12.73 per cent from 93.56 per cent to 80.83 per cent; in Omaxe by 12.20 per cent from 60.88 per cent to 48.69 per cent.In RPP Infra Projects by pledge stake has come down by 11.70 per cent from 53.39 per cent to 41.69 per cent; in GMR Infrastructure by 10.33 per cent from 83.88 per cent to 73.55 per cent; Nitesh Estates reduced promoters pledge of shares to nil from 10.03 per cent while Unitech reduced promoters pledge of shares to 80 per cent from 86.47 per cent.A very small quantity of shares was also unwounded by Prajay Engineers Syndicate, from 16.78 per cent to 13.61 per cent with fall by 3.18 per cent and in C&C Construction from 84.05 per cent to 81.04 per cent by 3.01 per cent.Prateek Pant, co-founder & head of product & Solution, Sanctum Wealth said, "Earlier promoter of real estate firms had pledged shares to buy land but now they have started to focus on execution and sales and not leveraging much through land purchase. Also institutional funding is happening now with big overseas money coming through foreign direct investments, making funding to happen in more organised way, sector continues to be in stress but promoters are not acquiring land now but executing projects."“Domestic funding is now also now happening through alternative investment funds(AIFs)/real estate funds,” Pant said.Another major sector where unwinding of pledging happened in last one-year period was textiles. Textile companies that saw unwinding of pledged shares included Indo Count Industries, from 31.78 per cent to nil; Rajvir Industries from 100 per cent to 68.36 per cent; Sumeet Industries from 25.96 per cent to nil; Century Enka 19.55 per cent to nil; Ganesha Ecosphere from 40.43 per cent to 26.20 per cent; Nandan Denim from 37.97 per cent to 26.79 per cent; Ashima from 8.98 per cent to 1.36 per cent and Filatex India from 44.81 per cent to 37.32 per cent, a reduction by 7.49 per cent.A small fall in pledged shares was witnessed in case of Nakoda, by 5.64 per cent to 4.58 per cent; in Sutlej Textles by 5.51 per cent from 12.19 per cent to 6.69 per cent; in CIL Nova Petrochem by 4.22 per cent from 47.85 per cent to 43.63 per cent and in Alok Industries from 99.76 per cent to 95.87 per cent, a fall by 3.89 per cent.Among the breweries & distilleries unwinding of promoters pledge happened in case of Radico Khaitan from 19.63 per cent to 10.28 per cent, a fall by 9.35 per cent and Tilaknagar Industries from 81.19 per cent to 73.86 per cent, a fall by 7.33 per cent.Golden Tobacco promoters completely unwounded their share pledge from 71.87 per cent to nil.Karuturi Global in floriculture sector saw promoter’s pledge fall by 18.44 per cent to 3.94 per cent from 22.39 per cent a year ago.Hatsun Agro Products in milk and dairy products business saw promoters pledge fall by 19.41 per cent from 26.48 per cent to 7.06 per cent. | http://www.mydigitalfc.com/equity/promoters-realty-textile-firms-revoke-pledged-shares-231 | en | 2022-08-31T00:00:00 | www.mydigitalfc.com/79e4754ea8e78c73857673058e538efcb117594998bdb2be0c01f8cb1e38fd42.json |
[
"Anu Zachariah",
"Managing Director",
"Ddi India"
] | 2016-08-26T18:50:24 | null | 2022-08-27T00:15:00 | When it comes to leadership, gender shouldn’t be an issue, but ironically it is a business issue. | http%3A%2F%2Fwww.mydigitalfc.com%2Fviews%2Fbanu-zachariahb-why-we-see-few-women-leaders-116.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Anu Zachariah: Why we see few women leaders | null | null | www.mydigitalfc.com | When it comes to leadership, gender shouldn’t be an issue, but ironically it is a business issue. To help answer why there are not more women in the top ranks of leadership, researchers at global leadership development consultancy Development Dimensions International (DDI), along with The Conference Board, jointly released the Global Leadership Forecast 2014 – 2015, where we specifically explored this trend. Another trend research Ready-now leaders: Cultivating women in leadership to meet tomorrow’s business challenges, looked at the following factors in detail:
# Gender diversity pays off.
# Global influencers: How countries stack up in gender diversity.
# Industrial strength: How industries stack up in gender diversity.
# How HR plays a role - Talent practices that lead to more women in leadership
# Confidence, not competence: Narrowing the gap in self-perception.
# Mentoring matters more - Initiatives aimed at women have less impact than formal talent programmes.
While I am not going to go in details of this report here, I would strongly encourage you to take a look at this global study and leverage the tips and action comments to drive the same for your respective firms.
So, what is holding women back: In all major global regions and industries, women were more likely than men to fall off the management ladder before reaching the top. One important reason is that women have not had equal access to developmental experiences that would prepare them for higher levels.
# Diversity in Hipo (high potential) group selection is another proof point. Men make up progressively larger proportions of high potentials within each management level; specifically executive and leadership levels.
Another valuable development opportunity, particularly in today’s global economy, is multinational leadership experience, which organisations could benefit from providing and enabling in the development roadmap for executives.
Another interesting learning for us was, in industries where women were the majority of first-level managers; men were still the majority at the executive level.
# Research has demonstrated that the male-female pay gap worsens over time. Lower pay for comparable work sends a very clear message: This organisation does not value the work of women like it values the work of men.
The more devalued a woman feels, the more likely she is to leave the organisation, taking with her talent that can be very difficult to replace.
Should a woman act more like a man to succeed at work?
Interestingly, a DDI study reviewed true assessment data from 10,000 global leaders and found no difference in the battle of the sexes for leadership skills.
We’ve heard considerable discussion about men being better at the “harder” side of business, while women shine in the “softer” side. But looking at the “softer” versus “harder” business drivers, there is little support for this proposition. While we found no gender differences in business driver readiness scores, we did see significant distinctions on three personality traits displayed in the “personality gaps” graphic on this page.
The research shows that men are 16 per cent more inquisitive than women, possibly fuelling their tendency to gravitate towards Stem (science, technology, engineering and mathematics) careers that reinforce inquiry. Women are interpersonally more sensitive than men (13 per cent more), which can be an advantage in cultures where leaders are valued for demeanor and interactions with others.
Men also score as more impulsive than women (11 per cent more), which could result from the reinforced “just do it” attitude where women are nurtured with the outlook “don’t do it unless you can do it right.”
What can we do to level the playing field?
Here are some of these practices, which have been shown to make a difference driving balance and fairness in harnessing a diverse talent pool.
# Ensure that an up-to-date status of leadership talent capability across the organisation is available.
# Formalise succession-planning metrics that drive diversity focus.
# Use objective processes for making executive promotion and selection (beyond boundaries of role and geography) decisions to address cognitive and/or cultural biases.
# Make sure your women leaders have high-quality development plans, democratise development.
# Enable a great support system and provide women with mentors.
# Implement a process for identifying women that are global or multinational leaders. Internationalise women’s experiences
# Incorporate formal programmes to ensure smooth leadership transitions at all levels. Equalise and enhance transition support
# Recognise performance equally
# Encourage and reward people managers who promote and optimise diversity
Call to action for women: For those of you who want to take a leap of faith and make choices that will only ignite your own impact and make you happy,
# Find your strength and the leader within you: “A woman is like a tea bag. You never know how strong she is until she gets in hot water.” — Eleanor Roosevelt
# Radiate confidence: Research clearly shows that there is no real difference between genders in terms of leadership ability. Inspire and radiate confidence.
# Identify your personal wake-up calls: It is what we do not know about how business works that also holds us back. And we can do something about that every day.
# Super power your network: Create a small networking and support group that helps you grow as professionals and also helps you navigate what will make you successful. | http://www.mydigitalfc.com/views/banu-zachariahb-why-we-see-few-women-leaders-116 | en | 2022-08-27T00:00:00 | www.mydigitalfc.com/ca6096417dd8a5136471b6f50433705331a6aebfdcf7735898ffe8fb29a0e05a.json |
[] | 2016-08-29T12:52:00 | null | 2022-08-29T18:17:00 | German luxury carmaker Audi on Monday launched A6 Matrix 35 TFSI sedan, powered by a petrol engine, priced at Rs 52.75 lakh (ex-showroom Delhi), as part of its plans to have petrol versions of all its existing models in India by the first quarter of next | http%3A%2F%2Fwww.mydigitalfc.com%2Fcars%2Faudi-launches-a6-matrix-priced-rs-5275-lakh-170.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Audi launches petrol-powered A6 Matrix priced at Rs 52.75 lakh | null | null | www.mydigitalfc.com | German luxury carmaker Audi on Monday launched A6 Matrix 35 TFSI sedan, powered by a petrol engine, priced at Rs 52.75 lakh (ex-showroom Delhi), as part of its plans to have petrol versions of all its existing models in India by the first quarter of next year.
The new model comes with various new features including seven-speed transmission and an advanced infotainment system.
"With the Audi A6 Matrix 35 TFSI, we want to reach out to India's smart luxury car buyers and also cater to customers who want a fully equipped car in petrol," Audi India Head Joe King said in a statement.
The new Audi A6 Matrix is available with a 1.8L engine, propelling the car from 0-100 kmph in 7.9 seconds. It comes with safety features like eight airbags, two of which are dedicated rear side airbags, electronic stabilisation control and tyre pressure monitoring display.
Audi already sells a diesel version of the A6 Matrix in the country.
By launching petrol versions, the company is trying to adapt to changing market demand. Currently, only Audi's entry level A3 and A8 sedans have the petrol variants. It's popular Q series SUVs are available only in diesel options.
The company sells sedan A3, A4, A6 and A8 along with SUVs Q3, Q5 and Q7 and premium sports cars like the R8.
These are priced between Rs 28 lakh and Rs 2.5 crore. | http://www.mydigitalfc.com/cars/audi-launches-a6-matrix-priced-rs-5275-lakh-170 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/f32fb84a8613fec7953670d1570e3616b4d77de4fd47f8c866860b6e49938ef9.json |
[] | 2016-08-30T12:51:55 | null | 2022-08-30T17:08:00 | To tap upbeat investor sentiment, as many as three companies will come out with their initial public offering to raise over Rs 18 crore this week. | http%3A%2F%2Fwww.mydigitalfc.com%2Fcompanies%2Fthree-sme-ipos-hit-markets-week-212.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Three SME IPOs to hit capital markets this week | null | null | www.mydigitalfc.com | To tap upbeat investor sentiment, as many as three companies will come out with their initial public offering to raise over Rs 18 crore this week.
The companies will get listed on BSEs small and medium enterprises platform.
The initial public offer (IPO) of Sprayking Agro Equipment will open for subscription from tomorrow and close on September 2, while the public issues of Narayani Steels and Spicy Entertainment & Media would open from September 1.
The initial share-sale plans of Narayani Steels and Spicy Entertainment & Media will close on September 6 and September 7, respectively.
According to draft papers, Sprayking Agro Equipment plans to mop up Rs 1.86 crore, Narayani Steels hopes to rake in Rs 11.52 crore and Spicy Entertainment and Media aims to garner Rs 4.82 crore.
Proceeds of the issues would be utilised for business expansion plans and working capital requirements among others.
Besides, Mitsu Chem Plast IPO, which has already hit the markets on August 26, is schedule to close tomorrow.
BSE MD and CEO Ashishkumar Chauhan, earlier this month, had said that exchange expects 200 listings on its platform by the fiscal-end.
The exchange launched SME platforms in March 2012 and since then, 146 companies have been listed on it. These companies together have a market capitalisation of Rs 11,944 crore. | http://www.mydigitalfc.com/companies/three-sme-ipos-hit-markets-week-212 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/12483036c4d7de5bbe76bfa1ac59cdb80b06f9028a37bf8bafc1c509d0f291cc.json |
[] | 2016-08-26T13:03:35 | null | 2022-08-26T18:22:00 | RBI’s move to allow banks to issue masala bonds will remove obstacles for lenders in accessing additional tier I (AT1) and tier II bond capital and also widen the investors pool, says Fitch. | http%3A%2F%2Fwww.mydigitalfc.com%2Fbanking%2Fmasala-bonds-ease-capital-constraints-says-fitch-082.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Masala bonds to ease capital constraints for banks, say Fitch | null | null | www.mydigitalfc.com | RBI’s move to allow banks to issue masala bonds will remove obstacles for lenders in accessing additional tier I (AT1) and tier II bond capital and also widen the investors pool, says Fitch.
Reserve Bank had on Thursday announced a series of measures related to the country's fixed-income and currency markets.
Fitch said the RBI's proposal to allow banks to issue 'masala bonds' - rupee-denominated bonds issued in offshore capital markets - would ultimately deepen the market for AT1 and tier II bond issuance.
“This measure would ease a key constraint for banks in accessing new AT1 and tier 2 capital, given the limited size of the domestic investor pool relative to the scale of the capital needed,” Fitch said in a note today.
It said masala bonds market remains in its infancy, however, with RBI's initial regulatory framework put in place in September 2015 - and the first issues, by corporates HDFC and NTPC, only completed in July and August, respectively, this year.
Fitch estimates a capital shortfall of USD 90 billion over next several years as basel III regulatory requirements build from the financial year 2017 to 2019.
The ratings agency has long maintained that the country's banks would find it challenging to raise sufficient AT1 capital through the domestic markets.
This is the case even as most of the capital needed will be required to be denominated in rupee owing to the currency structure of most banks' balance sheets, it said.
“As such, enabling banks to issue masala bonds opens a window to a much larger investment pool while simultaneously addressing the problem of currency mismatches which had existed with previous international bond issues,” the global agency said.
It, however, said the extent to which banks will be able to use the masala bonds channel to raise capital remains to be seen, and will depend to a large extent on foreign-investor risk appetite and pricing. | http://www.mydigitalfc.com/banking/masala-bonds-ease-capital-constraints-says-fitch-082 | en | 2022-08-26T00:00:00 | www.mydigitalfc.com/fccbd07ec1d00c08504a89b3d9249e0f1c6f1530fb86bb4aa4ff6151f208c70f.json |
[] | 2016-08-28T10:51:54 | null | 2022-08-28T15:16:00 | Joining a select club of nations, India on Sunday successfully test fired its futuristic Scramjet Rocket Engine using oxygen from the atmosphere that could cut the cost of the launches several fold and help in ISRO's bid to design advanced air breathing | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Findia-successfully-test-fires-scramjet-rocket-engine-122.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | India test fires Scramjet Rocket engine, joins elite club of nations | null | null | www.mydigitalfc.com | Joining a select club of nations, India on Sunday successfully test fired its futuristic Scramjet Rocket Engine using oxygen from the atmosphere that could cut the cost of the launches several fold and help in ISRO's bid to design advanced air breathing engines.
The first experimental mission of Scramjet Engine was successfully conducted from the Satish Dhawan Space Centre at Sriharikota in Andhra
Pradesh at 6 am, Indian Space Research Organisation said.
It described the mission as a “modest” yet important milestone in its bid to design and develop advanced air-breathing engines, including ones for its future space transport system.
India is the fourth country to demonstrate the flight testing of Scramjet Engine after the US, Russia and European Space Agency.
After a smooth countdown of 12 hours, the solid rocket booster advanced
technology vehicle (ATV) carrying the Scramjet Engines lifted off at 6 am and ending a 300 seconds- flight, touched down in the Bay of Bengal, about 320 kms from Sriharikota, the city-headquartered ISRO said.
The important flight events -- burn out of booster rocket stage, ignition of second stage solid rocket, functioning of Scramjet engines for 5 seconds followed by burn out of the second stage -- took place exactly as planned, ISRO said.
The vehicle was successfully tracked during its flight from the ground stations at Sriharikota.
ISRO said it was the maiden “short duration experimental test” of Scramjet engine with a hypersonic flight at Mach 6, and the ATV, an advanced sounding rocket carrying the engines engines, weighed 3277 kg at lift-off.
The space agency said with this flight, critical technologies such as ignition of air breathing engines at supersonic speed, holding the flame at supersonic speed, air intake mechanism and fuel injection systems have been successfully demonstrated.
It said Scramjet engine designed by ISRO uses Hydrogen as fuel and the Oxygen from the atmospheric air as the oxidizer.
Usually rocket engines carry both fuel and oxidiser on board for combustion, but these newly developed engines with air-breathing propulsion system will use oxygen from the atmosphere thereby reducing the lift-off mass of the vehicle. It will also help in bring down launch costs substantially.
The Scramjet engine will also be used eventually to power ISRO’s reusable launch vehicle at hypersonic speed.
ATV is a two-stage spin stabilised launcher with identical solid motors (based on Rohini RH560 sounding rocket) as the first as well as the second stage (booster and sustainer), ISRO said.
The twin Scramjet engines were mounted on the back of the second stage. Once the second stage reached the desired conditions for engine “Start-up”, necessary actions were initiated to ignite the Scramjet engines and they functioned for about 5 seconds, it said adding that today’s ATV flight operations were based on a pre-programmed sequence.
President Pranb Mukherjee, who is in Bengaluru, congratulated ISRO for the successful test.
“Hearty congratulations ISRO on successful test of futuristic scramjet rocket engine, India is proud of you,” he said in a tweet. | http://www.mydigitalfc.com/news/india-successfully-test-fires-scramjet-rocket-engine-122 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/692d42d2f3e0f703964ebf60a0261793dce5744d2123898c489c39e8101b452c.json |
[] | 2016-08-29T12:51:49 | null | 2022-08-29T18:17:00 | Seeking US investment in the Rs 40,000-crore NIIF, finance minister Arun Jaitley on Monday said there is need to further increase bilateral trade between the two countries. | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Fjaitley-wants-indo-us-trade-firmer-footing-174.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Jaitley wants Indo-US trade on firmer footing | null | null | www.mydigitalfc.com | Seeking US investment in the Rs 40,000-crore NIIF, finance minister Arun Jaitley on Monday said there is need to further increase bilateral trade between the two countries.
US secretary of commerce Penny Pritzker, in her meeting with Jaitley, too said the US wants to institutionalise the trade relations between the two countries to give it an impetus. There is "a great potential to increase the bilateral trade among the two nations", she said.
During the meeting, Jaitley drove home the point that many Indian states are growing at 10-11 per cent and offer opportunity for US investment.
"Both the leaders discussed issues relating to bilateral trade and measures to increase the trade," said a finance ministry statement.
Appreciating the passage of the goods and services tax (GST) bill by Parliament, Pritzker hoped that it will boost economic activities in India.
"The trade dialogue by the state chief ministers with different US authorities can be given a structured shape in order to give impetus to the bilateral trade," Pritzker noted.
Jaitley, on his part, expressed India's interest in increasing the bilateral trade and said most concerns between the two countries have been either resolved or narrowed down to a large extent.
CEOs of various Indian companies are in constant dialogue with their US counterparts for increased trade and investment among the two, he said.
The Indo-US trade stood at $109 billion last year.
Going further, Jaitley said the GST bill was passed by both Houses of Parliament unanimously earlier this month.
He said eight states have already approved the bill and hoped that the remaining will follow suit and the desired number of state ratifications can come in early next month.
Jaitley also spoke of the creation of the National Investment and Infrastructure Fund (NIIF) in which various US-based insurance, pension and endowment funds can invest, especially in the infrastructure sector that has great potential in India.
The government had set up the Rs 40,000-crore NIIF in December as an investment vehicle for funding commercially viable greenfield, brownfield and stalled projects. It was envisioned as a mother fund with several sectoral feeder funds.
The government is to contribute Rs 20,000 crore to the fund and the remaining Rs 20,000 crore is expected to be raised through sovereign wealth funds.
Pritzker is on a 3-day visit to India to preside over the Indo-US Strategic and Commercial Dialogue. | http://www.mydigitalfc.com/news/jaitley-wants-indo-us-trade-firmer-footing-174 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/87b258d8691ab274361e8deb7a326017efaa0270743b24eabb9bcbfc542c81df.json |
[] | 2016-08-26T20:49:21 | null | 2022-08-27T00:52:00 | India has a considerably large number of working women who drop out from jobs after taking a break, usually a maternity leave. | http%3A%2F%2Fwww.mydigitalfc.com%2Fviews%2Fbrituparna-chakrabortyb-flexi-staffing-can-get-you-dignity-117.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Rituparna Chakraborty: Flexi-staffing can get you dignity | null | null | www.mydigitalfc.com | India has a considerably large number of working women who drop out from jobs after taking a break, usually a maternity leave. Flexi-staffing gives women a chance to get back into the workforce and take up roles based on their availability of time and skills, saysin an interview with. Work-life balance may not be at the core of why women opt for a flexi job. Excerpts:As per a recent report of Indian Staffing Federation, flexi-staffing is to provide new opportunities for 8.5 million unemployed female workforce in India. Customer service, backoffice support functions, HR, retail attendants and in-shop demonstrators are some of the roles in which a large number of women are hired. The sectors include banking, e-commerce, retail, hospitality and healthcare.Flexi-staffing is a boon for all job market outsiders, particularly women, who have taken a break from their jobs or those working in the informal sector with lesser skills. Flexi-staffing gives them a chance to get back into the workforce and take up roles based on their availability of time and skills. Work life balance may not be at the core of why women opt for a flexijob. It is more of an optimisation solution than a lifestyle choice. However, unlike the options available in the informal sector, where there is no concept of work hours, there is far greater predictability in the work hours. They are also entitled to leave as per the law of the land and in most cases over and above what they are legally entitled to.On an average, a flexi job pays about Rs 15,000 a month. Of course, this could be lower, based on the nature of the job and location. Interestingly, there is practically no difference in salary between men and women for similar roles in flexi-staffing. Because it is temporary in nature, a flexijob helps as a stepping-stone for a better job or career in the future. It essentially helps create a credible opening balance, which youth can build on.To begin with, by making themselves available in the flexi-staffing market. One should contact various flexi-staffing companies and share synopsis of the skills they bring to the table and or the availability of time.It is important to choose multiple functions where their skills can be used rather than narrowing it down too much. It is important to also register oneself with various hyper local job portals and apps.One should also make use of their network of friends and family to make themselves aware of possible options and also to create a reference pool.Temporary staffing or flexi-staffing is an opportunity for women and there is no specific challenge that they need to overcome.The challenges are akin to what women face at work otherwise, irrespective of whether it is temporary or permanent in nature, which is largely related to gender bias. However, given that usually the period of employment is fixed they don’t have a long tail of effect.Flexi-staffing provides a unique platform for women to pick up new skills that make them job ready and it could also open doors for more long-term assignments. Women in India, especially at the bottom of the pyramid, are forced into informal forms of work; flexi-staffing provides them the chance to get into the formal workforce, where they are provided wage security, social security and employment security. And above all, dignity of work.In India, flexi-staffing has grown into one of the largest businesses in a very short span of time. Currently, India ranks 4th after the USA, China and Japan, with 2.1 million flexiworkers. By 2018, it is expected to grow to 2.9 million, growing at the rate of 12.3 per cent annually, and become the third largest country in terms of flexi-staffing.Flexi-staffing has shown a positive growth and has been accepted worldwide as companies across the spectrum try to adapt to structural and seasonal changes.The global penetration rate of flexi-staffing is 1.61 per cent. The USA tops the chart with 14.4 million flexi workforce, followed by China with 8.1 million and Japan with 2.5 million. | http://www.mydigitalfc.com/views/brituparna-chakrabortyb-flexi-staffing-can-get-you-dignity-117 | en | 2022-08-27T00:00:00 | www.mydigitalfc.com/6cc6d944c375b870cb0fb5937ca1878856a712bdd95f4cfa46550b30e54c15ac.json |
[] | 2016-08-29T10:51:56 | null | 2022-08-29T14:59:00 | China is hoping to cement its standing as a global power when it hosts leaders from the world’s biggest economies this weekend, but suspects the West and its allies will try to deny Beijing what it sees as its rightful place on the international stage. | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Fg20-summit-china-suspects-west-may-derail-agenda-167.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | China wants a successful G20 but suspects West may derail agenda | null | null | www.mydigitalfc.com | China is hoping to cement its standing as a global power when it hosts leaders from the world’s biggest economies this weekend, but suspects the West and its allies will try to deny Beijing what it sees as its rightful place on the international stage.
Ensuring that this does not happen will be one of President Xi Jinping's priorities, and a key mark of how successful China will judge the G20 summit to be.
Beijing wants to use the Sept 4-5 meeting in the tourist hub of Hangzhou to lay out a broad strategy for global growth, but talks are likely to be overshadowed by arguments over everything from territorial disputes to protectionism, diplomats said.
“From where China sits, it looks like the Americans are trying to encircle them,” said a senior Western envoy, describing conversations with Chinese officials ahead of G20 as being dominated by the South China Sea row and an advanced US anti-missile system to be deployed in South Korea.
In recent months, China has been incensed by a ruling against its claims in the South China Sea by an international court, a case initiated by Manila but blamed by Beijing on Washington.
While China wants to make sure its highest profile event of the year goes off successfully, Xi will be under pressure at home to ensure he is strong in the face of challenges to his authority on issues like the South China Sea, going by reports in state media.
China has already made clear it does not want such matters overshadowing the meeting, which will be attended by US president Barack Obama, Japanese prime minister Shinzo Abe, and other world leaders.
State media has given great play to the idea that G20 is for China to show leadership in shaping global governance rules and forging ahead with sustainable global growth, with the official People's Daily saying this could be one of the G20’s most fruitful ever get-togethers.
“Let’s make cooperation ever higher,” it wrote in a commentary last week.
But the state-run Study Times wrote in mid-August that Western countries were trying to deliberately exclude a rising China and deny it a proper voice on the world stage with schemes like the US-led Trans-Pacific Partnership.
“Trying to get back their right to global governance, they are forging a new 'sacred alliance', striving to establish new rules," the influential paper, published twice a week by the Central Party School, wrote in a G20 commentary. “These new rules will exclude China.”
Overseas, China has been angered by questions raised by Britain and Australia over strategic Chinese investments in their countries, saying it smacks of protectionism and paranoia.
Australia has blocked the A$10 billion ($7.7 billion) sale of the country's biggest energy grid to Chinese bidders, while Britain has delayed a $24 billion Chinese-invested nuclear project.
But Western officials have their own concerns about access for their companies in China and are increasingly not afraid to talk about it.
Joerg Wuttke, the President of the European Union chamber of commerce in China, said there has been a change in tone as European officials having been expressing more dissatisfaction with China's overcapacity problems and a lack of reciprocal market access for European companies. “It has reached the point where people are not afraid to speak up any more. They feel like they have to be tougher in front of their own constituencies,” Wuttke told Reuters.
A European official involved in trade issues with China expressed exasperation at China’s attitude on protectionism.
“The Chinese would shut you down at once if you said you wanted to buy one of their grids. You wouldn't get to the end of the sentence,” the official added. None of this will make for plain sailing at G20.
“China is angry with almost everyone at the moment,” said a second Beijing-based Western diplomat familiar with the summit.
To be sure, China does want G20 to go smoothly, said a third Western diplomat.
“It’s very important from the stance of national pride,” said the diplomat, pointing out it was not uncommon for G20s to be hijacked by issues other than economics. “It’s a minefield for China.”
Then there is Japan, a country with which China has been embroiled in disputes for much of the last decade over their wartime past and a spat over a group of uninhabited islands in the East China Sea.
Last week, China's top diplomat called on Japan to be “constructive” at G20, with the deeper fear in Beijing that Japan is angling to become involved in the South China Sea dispute as well, at the behest of its ally the United States.
Wang Youming, the head of the developing countries program at the foreign ministry-backed China Institute of International Studies, wrote in the widely-read Chinese tabloid the Global Times that the closer G20 got, the more Japan was trying to cause trouble.
“Japan is getting entangled in the South and East China Sea issues, cozying up to the Philippines, and urging China to respect the result of the so-called 'arbitration' case,” Wang wrote. “Japan is up to its old tricks, and it's hard not to think they are trying to mess things up.” | http://www.mydigitalfc.com/news/g20-summit-china-suspects-west-may-derail-agenda-167 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/0a999d64ff70a864162b3ce2c2fcad424f57643abfac1d6189435e86ae02bed2.json |
[] | 2016-08-30T14:52:18 | null | 2022-08-30T20:18:00 | Indian Oil Corp, the nation's biggest oil firm, has raised crude oil import from Iran to four fold and has cleared most of the past payments as sanctions against the Persian Gulf nation were eased. | http%3A%2F%2Fwww.mydigitalfc.com%2Fpetroleum%2Fioc-raises-oil-import-iran-5-mt-fy17-213.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | IOC raises oil import from Iran to 5 MT for FY'17 | null | null | www.mydigitalfc.com | Indian Oil Corp, the nation's biggest oil firm, has raised crude oil import from Iran to four fold and has cleared most of the past payments as sanctions against the Persian Gulf nation were eased.
"We have contracted to import 5 million tonnes (MT)of crude oil from Iran in 2016-17, up from 1.2 MT," IOC Director (Finance) A K Sharma said in New Delhi.
India has steadily raised crude oil imports from Iran after US sanctions were lifted in January this year. Iran today is India's fourth biggest crude oil supplier.
Iran, which was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11, had been relegated to 7th place in 2013-14 and 2014-15 out of the 50-odd nations India sources its crude oil from.
But with the lifting of sanctions in January this year, crude oil imports have steadily climbed. India imported 12.7 MT of crude oil in 2015-16, up from 11 MT in the previous two fiscals.
That made it 6th largest supplier of oil to India.
In April-June this year, India bought 5 MT of crude oil from Iran, making it the fourth largest supplier just a shade behind Venezuela which exported 5.2 MT.
Iran had in 2009-10 supplied 21.2 MT which came down to 18.5 MT in 2010-11 and to 18.1 MT in the year after.
Sharma said imports from Iran were going exactly in line with the plans. "Month-wise lifting is in line with the 5 MT contracted volume," he said.
IOC Director (Refineries) Sanjiv Singh said the company had paid USD 510 million out of the total outstanding of USD 621 million due to Iran in past oil dues.
Sanctions had blocked payment routes and dues had accumulated over the past couple of years.
After accounting for the exchange variations, the total outstanding due is only USD 55 million now, he said.
Iraq this year has overtaken Saudi Arabia as India's top oil exporter. It sold 11 MT of crude oil to India during April-June, higher than 10 MT sourced from Saudi Arabia.
Saudi Arabia has been India's top supplier of crude oil - selling 35 MT of oil in 2014-15 and 40.04 MT in 2015-16.
During the first three months of current fiscal, India imported 53.2 MT of crude oil, 65 per cent of which came from the volatile Middle East region.
India imports about 80 per cent of its oil needs. | http://www.mydigitalfc.com/petroleum/ioc-raises-oil-import-iran-5-mt-fy17-213 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/afcb7e413a746e1a93839d10553861784522d2b7a2d6bd4c76435e8ee4caef4f.json |
[] | 2016-08-29T18:52:25 | null | 2022-08-30T00:21:00 | The hammering suffered by IT and pharma indices in the last couple of months has brought them close to one-year low levels. IT and pharma are the only two among major sectors that could go below their one-year low with single digit fall. | http%3A%2F%2Fwww.mydigitalfc.com%2Fstock-market%2Fit-pharma-indices-hover-near-one-year-low-levels-199.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | IT, pharma indices hover near one-year low levels | null | null | www.mydigitalfc.com | The hammering suffered by IT and pharma indices in the last couple of months has brought them close to one-year low levels. IT and pharma are the only two among major sectors that could go below their one-year low with single digit fall.The Nifty IT index’s closing at 10,385 points on Monday was just 3.1 per cent away from its one-year low of 10,075 points touched on February 29 this year. The Nifty pharma index is just 9.9 per cent away from its one-year low touched on March 29.IT stocks have been falling continuously over the past three months. The Nifty IT index has recorded a steep decline of 8.9 per cent since May-end. The fall in the pharma sector index, however, has been a more recent phenomenon with the one-month return being -2.7 per cent.On Monday, the IT and pharma indices were the only two with one-year returns being negative (see chart on Page 4). Both have recorded a double-digit fall in the last one year, with Nifty IT down by 10.4 per cent and Nifty Pharma lower by 12.0 per cent.This is far worse than even the largecap index Nifty 100’s one-year return of 8.4 per cent.Siddhartha Khemka, head of equity research (wealth) at Centrum Broking, said that for IT stocks the biggest challenge was growth, given the slowdown in global economies. “IT spends of companies globally have come down compared to earlier years. Lots of contracts coming up for renewals are being re-negotiated at low levels impacting the margins of domestic IT companies,” said Khemka. He said the Brexit issue had vexed the situation considerably with European and British companies preferring postponing any big-bang digitisation and IT transformation plans.Pharma stocks, which had a consistent outperformance for three years till the end of FY15, have taken a signification beating since then. A recent JM Finanical research note on the pharma sector pointed out that as a consequence of disappointments over the past 18 months, investors had started asking fundamental questions such as a) is the heightened regulatory scrutiny materially going to impede Indian pharma companies’ ability to compete in the global generic arena? b) will Indian pharma companies be successful in tweaking their business models and move toward innovation? c) does generic pricing pressure imply a prolonged cycle of revenue decline?”There is mixed opinion among analysts whether the bear phase in these two sectors will prolong or wither away soon. “It is a case of overreacting as far as IT stocks are concerned. In pharma stocks, a lot of correction in valuations has already happened,” said VK Vijayakumar, chief investment strategist, Geojit BNP Paribas.The JM Financial research note on pharma sector noted that while a lot of near-term metrics have troughed, in the longer term, the sector is entering an accelerated phase of investments, which will imply lower capital efficiency — a fact that has deep bearing on our stock selection criterion. | http://www.mydigitalfc.com/stock-market/it-pharma-indices-hover-near-one-year-low-levels-199 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/2040bd6bc1b32ab47d99ea6cad41bdf66bc8f039839dd7d41b8330dd86544770.json |
[] | 2016-08-29T10:51:24 | null | 2022-08-29T14:59:00 | In a bid to attract Chinese investments to improve tourism infrastructure, India on Monday highlighted investment opportunities in its fast developing hospitality sector and announced to revamp its tourism office here for drawing more tourists from China. | http%3A%2F%2Fwww.mydigitalfc.com%2Fplan%2Findia-bids-chinese-investments-tourism-165.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | India bids for Chinese investments in tourism | null | null | www.mydigitalfc.com | In a bid to attract Chinese investments to improve tourism infrastructure, India on Monday highlighted investment opportunities in its fast developing hospitality sector and announced to revamp its tourism office here for drawing more tourists from China.
An official will soon be appointed to head the 'Incredible India' tourism office as the post was vacant for almost a year, tourism secretary Vinod Zutshi told PTI here from Shanghai, where he attended events conducted by his ministry along with Confederation of Indian Industry (CII) to highlight investment opportunities in India's fast developing tourism sector.
India has stepped up its campaign to attract Chinese tourists by extending e-visas facility.
Special events were organised in Shanghai to scout for Chinese investments in India's tourism sector and to campaign for more tourists' arrival specially to the Buddhist circuit which evoked considerable interest in China.
Zutshi invited Chinese investors and tourism officials to take part in the Incredible India investor tourism summit to be held from September 21-23 in which all the central and state tourism officials will take part with proposals for various projects.
Last year, over three lakh tourists visited India and officials said the numbers were steadily on the rise since the e-visa scheme was extended.
Besides looking to attract a chunk of Chinese tourists, whose numbers touched around 120 million last year, India is also looking to attract Chinese investments in the fast developing tourism infrastructure sector, Zutshi said.
Indian tourism is the fastest growing sector, registering a 10 per cent increase in foreign tourist arrivals so far this year, while the domestic tourism sector registered around 20 per cent increase, Zutshi added. | http://www.mydigitalfc.com/plan/india-bids-chinese-investments-tourism-165 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/2f1a1a5acb2631b949e981fbb909ba45215e6090812b71f07929eccb09a77b47.json |
[] | 2016-08-29T10:51:35 | null | 2022-08-29T14:59:00 | China officially launched a new multi-billion dollar jet engine conglomerate with almost 100,000 employees at the weekend, as Beijing seeks to become an aerospace power and compete with the likes of Rolls Royce and General Electric. | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Fwheels-chinas-new-aero-engine-group-169.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Wheels up for China's new aero-engine group | null | null | www.mydigitalfc.com | China officially launched a new multi-billion dollar jet engine conglomerate with almost 100,000 employees at the weekend, as Beijing seeks to become an aerospace power and compete with the likes of Rolls Royce and General Electric.
The Aero Engine Corporation of China (AECC) has registered capital of $7.5 billion, and previous reports said it would incorporate subsidiaries of a series of state-owned firms, including the Aviation Industrial Corp. Of China (AVIC).
President Xi Jinping said founding the company was a "strategic move" to make China an aviation power and modernise the military, state-run Xinhua news agency reported.
China does not make large commercial jet engines of its own and the country's narrow-body airliner, the C919, is powered by engines from CFM International, a venture between GE of the United States and France's Safran.
The best aircraft in China's air force use engines built in Russia, Xinhua said.
Beijing is looking to change that with the creation of a new national champion in the field as it seeks the prestige of having its own aviation sector.
Leaders have targeted the manufacture of high-technology products such as jet engines as a means to transform the world's second largest economy and make its firms more competitive with advanced foreign rivals in aerospace, biotechnology, alternative energy and other sectors.
Premier Li Keqiang said in written comments that making “breakthroughs” in advanced aircraft engines would have great value in strengthening the military and manufacturing ability of the country.
Xinhua cited him urging indigenous innovation to make AECC a world leader in aero-engines.
The new firm will employ 96,000 employees and be headquartered in the capital, reports said, with China's State Council, or cabinet, and the Beijing city government also investing in it.
But industry executives say it could take years for the firm to develop the engines to power big commercial jets.
Earlier this summer China's homegrown regional jet the ARJ21, made by AECC investor the Commercial Aircraft Corp of China (COMAC), made its first commercial flight after years of delays, though its quality and reliability still have to be established to win over customer and passenger confidence. | http://www.mydigitalfc.com/news/wheels-chinas-new-aero-engine-group-169 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/112f214baac545fa930f40b396ad8852d6e9c7821995c81f3ae202c099404d10.json |
[] | 2016-08-30T18:53:20 | null | 2022-08-31T00:04:00 | In an attempt to boost mineral exploration in the country, the Centre has allowed states the freedom to auction or reserve a mineral block for its entities if another state-run agency or a company explores a block. | http%3A%2F%2Fwww.mydigitalfc.com%2Fpolicy%2Fstates-can-auction-reserve-mineral-blocks-entities-229.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | States can auction, reserve mineral blocks for entities | null | null | www.mydigitalfc.com | In an attempt to boost mineral exploration in the country, the Centre has allowed states the freedom to auction or reserve a mineral block for its entities if another state-run agency or a company explores a block.The changes are expected to bring more state-run agencies into mineral exploration activities and bring some of the blocks to the mining stage quickly. This would be required if government expects to woo $15 billion of investment over five years and double mining output.“States will have freedom to carry out exploration and decide whether to auction the explored block or retain it for use by its companies. This will allow more mineral blocks to come under production,” mines secretary Balvinder Kumar told Financial Chronicle.About 100 exploration blocks has been identified by the Geological Survey of India (GSI) to take up regional and detailed exploration with participation of public and private sector.This includes 30 blocks for surficial minerals and 70 blocks for deep-seated minerals. SBI CAP has been engaged for developing bidding process and model document. “We have already decided give 30 of these blocks for exploration to the Mineral Exploration Corporation Limited (MECL) while 20 blocks would be explored within a definite timeline by GSI itself. For others, state governments have been asked suggest their agencies,” Kumar said.In order to make the exploration process faster, it has been decided that all respective agencies would be bound by timelines. Moreover, the ministry of environment and forest (MoEF) has also been asked to relax norms for exploration so that actionable blocks could be made ready early.At a meeting of central coordination-cum-empow- ered committee (CCEC) last month, several state governments have come forward with the list of their entities that would take up the exploration work.Madhya Pradesh informed that it has tied up with MOIL and NMDC for exploration and has also asked the Centre to use PSUs like NALCO for exploration. Jharkhand informed that they have the capacity to explore base metals while the Odisha Mining Corporation has been roped in by the state for exploration.Karnataka has informed that KIOCL, MECL, CMPDIL have shown interest in exploration in the state. Telangana plans to use Singareni Collieries Company and Telangana State Mineral Development Corporation for exploration and mining while Rajasthan State Mines & Mineral has shown interest in rock phosphate, gypsum and steel grade limestone exploration. | http://www.mydigitalfc.com/policy/states-can-auction-reserve-mineral-blocks-entities-229 | en | 2022-08-31T00:00:00 | www.mydigitalfc.com/d0d1baaa8ea970d6125f1620e5037dfe33a7a749cf62eada760bf8771c2d0eca.json |
[] | 2016-08-26T16:49:38 | null | 2022-08-26T22:17:00 | Questions: 1. How did the The Cuckoo’s Calling the debut detective novel by Robert Galbraith described by his publisher as “a former plain clothes Royal Military Police investigator who | http%3A%2F%2Fwww.mydigitalfc.com%2Fknowledge%2Fbitihaasb-read-between-lines-098.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Itihaas: Read between lines | null | null | www.mydigitalfc.com | Questions:
1. How did the The Cuckoo’s Calling, the debut detective novel by Robert Galbraith described by his publisher as “a former plain clothes Royal Military Police investigator who had left in 2003 to work in the civilian security industry,” itself became the subject of some detective work?
2. Erika Leonard first started writing fan fiction under the pen name Snowqueen’s Icedragon, one of which got adapted to a novel which she published under another pseudonym. Name the book?
3. The Millennium series by Swedish author Stieg Larrson is one of the best known crime series, having sold over 75 million copies. The first book in the series is The Girl with the Dragon Tattoo. What are the other two called?
4. Committed: A Skeptic Makes Peace with Marriage is a sequel to which well known book that has been turned into a movie?
5. Barrack Obama has written three books. Two of them are Dreams from My Father: A Story of Race and Inheritance and Audacity of Hope: Thoughts on Reclaiming the American Dream. Name his third book, which is a children’s book?
6. A Beautiful Mind directed by John Howard based on the schizophrenic but brilliant John Nash was a bestselling movie. Who is the author of the book on which the movie was based?
7. The title of which English work of fiction is taken from a phrase from the poem Kabul, by the 17th-century Persian poet Saib-e-Tabrizi?
8. His second novel was called Tesseract and his third novel was titled The Comma. However, his first work of fiction is his most famous book. Identify.
9. How Little Things Can Make A Big Difference is the subtitle of which influential book written in 21st century?
10. In which book, would you find four characters — two mice named Sniff and Scurry and two little people named Hem and Haw?
Answers:
1. An investigation launched by alert readers exposed the real author of the book to be JK Rowling of Harry Potter fame
2. Fifty Shades of Grey by EL James
3. The Girl Who Played With Fire and The Girl Who Kicked the Hornet’s Nest
4. Eat, Pray, Love by Elizabeth Gilbert
5. Of Thee I Sing: A Letter to my Daughters
6. Sylvia Nasar
7. A Thousand Splendid Suns by Khalid Hosseini
8. The Beach; the author is Alex Garland
9. Tipping Point by Malcolm Gladwell
10. Who Moved my Cheese by Spencer Johnson | http://www.mydigitalfc.com/knowledge/bitihaasb-read-between-lines-098 | en | 2022-08-26T00:00:00 | www.mydigitalfc.com/3560c78b8260a7c8ba771ab59f99fbdd64af7fb94e2200e29653c8e85af4e173.json |
[] | 2016-08-30T18:53:41 | null | 2022-08-31T00:04:00 | The central board of direct taxes (CBDT) has directed income tax assessing officers (AOs) to mention their email-ids and official telephone numbers in all notices issued by them to taxpayers, after several assessees complained to it that they were unable | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Ftax-notices-will-now-carry-contact-details-officials-232.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Tax notices will now carry contact details of officials | null | null | www.mydigitalfc.com | The central board of direct taxes (CBDT) has directed income tax assessing officers (AOs) to mention their email-ids and official telephone numbers in all notices issued by them to taxpayers, after several assessees complained to it that they were unable to communicate with taxmen over the internet in the absence of their contact details.
The newly launched paperless system of e-assessment of I-T cases, which is a “high priority” and flagship programme for the policy-making body of the tax department, the CBDT does not want to leave any stone unturned in ensuring that the scheme remains a hit among taxpayers and its procedures easy to comply with.
Official sources said a number of taxpayers recently informed the CBDT that AOs were not mentioning their contact details like official phone number, email-id and fax number in the notices they issue to them, so they were unable to communicate with them over the internet, thereby defeating the very purpose of the scheme.
The CBDT, in an order, said that non-furnishing of contact details causes “inconvenience” to the taxpayer in case he needs to seek any clarification from the AO.
It directed that AOs should “invariably mention their official email-ids along with official telephone numbers/fax number in all notices, letters and communications being issued by them to the taxpayers.”
“The directions should be followed strictly,” it said in a communication to all regional heads of the I-T department. It also asked the top officers to conduct “random” checks to see if the directive was being complied with. In the cases of scrutiny notices, where such details about the AO are not mentioned, these should be added and notices be re-sent to the assessees.
The CBDT had launched a pilot project for paperless scrutiny assessments last year in order to reduce taxpayers’ visit to the tax office and eliminate their interface with the taxman, thereby reducing the issue of corruption or harassment.
Under the project, the first set of e-communications was mailed to assessees in Delhi, Mumbai, Bengaluru, Ahmedabad and the Chennai region.
The finance ministry recently added Hyderabad and Kolkata after the scheme picked up well. The CBDT aims to end corruption and bring hassle-free experience for taxpayers who undergo a time-consuming scrutiny assessment procedure that entails production of a number of documents and financial statements.
The department said it had brought only about 1 per cent of cases under the said procedure.
As per official data, the department in the first five cities has completed scrutiny assessments in 1,001 cases till now, after a total of 6,481 assessees were contacted of which 1,812 responded positively.
The CBDT is also mulling seeking taxpayers’ consent to opt for the scheme at the stage of filing income tax returns (ITRs) itself. Under this procedure, the taxman will send emails, for issuing notices and summons, through the government registered ‘@incometax.gov.in’ email domain and the attached PDF document will have his or her designation and signature.
In response to such I-T notice, taxpayers will have to submit the details called for, in a portable document format (PDF) through their email-id registered with the department.
The project was launched after the CBDT had asked the I-T department to “initiate the concept of using emails for correspondence with taxpayers and sending through emails the questionnaire, notice, etc, at the time of scrutiny proceedings and getting responses from them”.
“This would eliminate the necessity of visiting the income tax offices by the taxpayers, particularly in smaller cases, involving limited issues and where taxpayer is able to provide details required by the
AO without necessitating his physical presence,” it had said. | http://www.mydigitalfc.com/news/tax-notices-will-now-carry-contact-details-officials-232 | en | 2022-08-31T00:00:00 | www.mydigitalfc.com/f9bc20a4532d8ef918ac8720ec2260722d44eff3ec565b74d002d00617735e0a.json |
[] | 2016-08-30T10:52:56 | null | 2022-08-30T15:39:00 | All central government departments have been asked to change service and recruitment rules to reflect recommendations of the seventh central pay commission. | http%3A%2F%2Fwww.mydigitalfc.com%2Fgovernance%2Fchange-rules-reflect-7th-cpc-report-govt-depts-207.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Change rules to reflect 7th CPC recommendations: govt to depts | null | null | www.mydigitalfc.com | All central government departments have been asked to change service and recruitment rules to reflect recommendations of the seventh central pay commission.
They have been asked not to make reference to the department of personnel and training (DoPT) and the union public service commission and modify the service rules on their own.
The Centre has accepted most of the recommendations of the 7th Pay commission, to be implemented from January 1, 2016.
“Consequential amendment in the existing service rules and recruitment rules shall be made by the ministries or departments by substituting the existing pay band and grade pay by the new pay structure i.e. 'level in the pay matrix' straightaway without making a reference to the department of personnel and training and Union Public Service Commission," the DoPT said in an order.
In this regard, a confirmation meeting is scheduled to be taken by the DoPT "to take stock of the latest position of amendment in service rules/recruitment rules".
The meeting will be taken with representatives of all the ministries in first week of October, it said.
All central government departments have already been asked to set up committees to look into various pay related anomalies arising out of the implementation of the Pay Commission's recommendations.
There will be two levels of Anomaly Committees — national and departmental — consisting of representatives of the official side and the staff
side of the national council and the departmental council, respectively. | http://www.mydigitalfc.com/governance/change-rules-reflect-7th-cpc-report-govt-depts-207 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/fd74eeac02c6bbd571d144a182865666ed3967d8b4ca9929b70684dfc848652d.json |
[] | 2016-08-26T14:49:10 | null | 2022-08-26T19:51:00 | Looking to boost infrastructure spending, finance minister Arun Jaitley on Friday sought investments from Singapore in the Rs 40,000 crore NIIF, a fund created for financing the sector. | http%3A%2F%2Fwww.mydigitalfc.com%2Feconomy%2Fjaitley-seeks-funding-niif-singapore-093.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Jaitley seeks funding for NIIF from Singapore | null | null | www.mydigitalfc.com | Looking to boost infrastructure spending, finance minister Arun Jaitley on Friday sought investments from Singapore in the Rs 40,000 crore NIIF, a fund created for financing the sector.
Jaitley sought investment for national investment and infrastructure fund (NIIF) at a meeting with the visiting Singapore deputy prime minister Tharman Shanmugaratnam.
Sources said investments were also sought in areas like infrastructure and manufacturing and Jaitley focused on agriculture and social sectors as well.
The government had set up the Rs 40,000 crore NIIF in December as an investment vehicle for funding commercially viable greenfield, brownfield and stalled projects. It was envisioned as a mother fund with several sectoral feeder funds.
Later, the government tweaked the NIIF model to allow sovereign wealth funds like Singapore's GIC and Abu Dhabi Investment Authority of UAE to invest directly in individual projects as well as in mother fund.
The government is to contribute Rs 20,000 crore to the fund and the remaining Rs 20,000 crore is expected to be raised through sovereign wealth funds.
On economic prospects, Jaitley said GDP can rise by 1 per cent if the monsoon is good, boosting agriculture productivity and income which in turn will boost rural expenditure.
On his part, the visiting leader promised to see whether SWFs and pension funds can invest in NIIF.
Shanmugaratnam said India has large potential to increase its exports.
He also suggested to Jaitley to keep exemptions low in the proposed GST regime. | http://www.mydigitalfc.com/economy/jaitley-seeks-funding-niif-singapore-093 | en | 2022-08-26T00:00:00 | www.mydigitalfc.com/f9984f773c0f61c9a8f650ce71f5a40a48eaf2a43b3ad9d7624ad11e0ae80b6d.json |
[] | 2016-08-29T10:52:07 | null | 2022-08-29T14:59:00 | Amid uncertainties over regulatory issues regarding diesel vehicles in India due to pollution concerns, Japanese auto major Toyota Motor Corporation is not rushing in to bring more models to the country and is taking it only “step by step”. | http%3A%2F%2Fwww.mydigitalfc.com%2Fcompanies%2Fnot-rushing-bring-more-models-india-toyota-166.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Not rushing in to bring more models to India: Toyota | null | null | www.mydigitalfc.com | Amid uncertainties over regulatory issues regarding diesel vehicles in India due to pollution concerns, Japanese auto major Toyota Motor Corporation is not rushing in to bring more models to the country and is taking it only “step by step”.
The company, which operates in India through a joint venture with the Kirloskar group, was among the worst hit by the Supreme Court ban on diesel cars and SUVs with engines of 2,000 cc and above in Delhi-NCR that lasted for eight months since December last year.
“In India we have the emissions, the regulations... we understand it is important for the health of the people. We are trying to find an amicable solution for sustainable growth. That is why I say step by step," Toyota Motor Corporation CEO Asia, West Asia & North Africa region Hiroyuki Fukui said here.
When asked about introduction of more models in India, he said: “we will try to focus more on India, to introduce more cars in India that fit Indian people. However, our resources are limited.”
“We have so many tough competitors. We will try to go step by step to be accepted by Indian consumers.”
While terming India a very “significant market” for the company, Fukui, however said: “for India we need local production. We have lots of capacity but unfortunately because of so many things we have small production right now.”
The company's Indian arm Toyota Kirloskar Motor has two manufacturing units in Bengaluru with a total annual capacity of 3.1 lakh. However, the capacity utilisation is only about 55 per cent.
Sales of the company's best selling multi purpose vehicle Innova and SUV Fortuner were hit following the ban on big diesel cars, and in Delhi-NCR market that account for around 7-8 per cent of its total sales in India.
The company sold 47,114 passenger vehicle units in the country in the April-July period, up 1.6 per cent from the same period of the previous fiscal.
Stating that Toyota would like to a be a “good citizen wherever we open”, he said: “India is one of the promising markets in Asia. Our production is only half used. We have huge potential.” | http://www.mydigitalfc.com/companies/not-rushing-bring-more-models-india-toyota-166 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/c0681a98a2116f0f19115c5875bc856f692d965d7935013740802e8316a0d043.json |
[] | 2016-08-30T16:52:56 | null | 2022-08-30T22:13:00 | After witnessing sluggish demand last year, Godrej Tyson Foods, the joint venture between Godrej Agrovet and US-based Tyson Foods, hopes to get back to its earlier growth levels this year. | http%3A%2F%2Fwww.mydigitalfc.com%2Fcompanies%2Fgodrej-tyson-readies-new-products-market-revives-224.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Godrej Tyson readies new products as market revives | null | null | www.mydigitalfc.com | After witnessing sluggish demand last year, Godrej Tyson Foods, the joint venture between Godrej Agrovet and US-based Tyson Foods, hopes to get back to its earlier growth levels this year. The company is ready with more product launches, deeper penetration of existing markets and marketing activities to push sales this year.“Godrej Tyson has been growing at a rate of 33 per cent for the past few years. Last year, however, the growth slowed down to 28 per cent. Two years of drought and high levels of food inflation made consumers cut back on discretionary spends. With just two product launches, we too made less noise in the market. However, we are optimistic about this year,’ said Arabind Das, COO, Godrej Tyson Foods.He believes that this year’s above-normal monsoons and the economic revival will be positive for discretionary spends. Food inflation too is expected to cool down with better rains and harvest.The company, on its part, is aggressively tapping the opportunities of good times. It plans to launch six new products post October this year against two last year. Along with the product launches, it will be spending well in marketing and advertisement initiatives.It plans to penetrate deeper into the existing market to increase availability of products. “We are currently present in around 85 cities. Almost 6,500 outlets in these cities are retailing our products. We will get deeper in these markets by being present in 10,000 outlets in a couple of years,” said Das.It has been working on strengthening its distribution by providing freezers in mom-and-pop stores, especially those in tier II cities. It has distributed 3,600 freezers till now. It plans to distribute 1,000 freezers this year as well as next year.“A recent report of the consumer products market has found that quality and availability were more important than brand loyalty. By increasing the depth of the market we will become more accessible to the customers,” he said.Godrej Tyson’s ready-to-eat and ready-to-cook products will also be available across different meal times. According to Das, people now eat more frequently than earlier. If they used to have four meals a day, this has gone up to eight to 10 meals with snacking in between becoming more frequent. This has evidently helped the packaged food industry, which is expected to more than double to $530 billion by 2020.While packaged products for breakfast and lunch are growing at 15-17 per cent, evening snacks as a category is growing by 29 per cent. This is forcing Godrej Tyson to focus more on this category. Evening snacks products account for 60 per cent of the value-added products. It has 36 products in the category. While more products will be launched in this category, Godrej Tyson is also planning to introduce restaurant-like products”. | http://www.mydigitalfc.com/companies/godrej-tyson-readies-new-products-market-revives-224 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/dd17dfd08dcb2d83c830d00c391a27890788ed6585bf1ec394136801aa088036.json |
[] | 2016-08-26T13:01:15 | null | 2022-08-26T18:22:00 | Gold discounts in India fell to nearly three-month lows this week while fresh buying gathered some steam elsewhere in Asia as price corrections and festive buying lifted demand for the yellow metal. | http%3A%2F%2Fwww.mydigitalfc.com%2Fstock-market%2Fgold-discounts-india-fell-nearly-3-month-lows-083.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Gold price correction boosts demand, Indian discounts fall to 3-month low | null | null | www.mydigitalfc.com | Gold discounts in India fell to nearly three-month lows this week while fresh buying gathered some steam elsewhere in Asia as price corrections and festive buying lifted demand for the yellow metal.
The safe-haven asset, which is highly sensitive to interest rates, has declined more than 1 per cent this week as upbeat US economic data boosted expectations of an interest rate hike by the Federal Reserve this year.
In India, the second-biggest gold consumer, dealers were offering discounts of up to $25 an ounce over official domestic prices, the lowest since the first week of June, and down from up to $52 last week.
“Slowly demand has been improving due to festivals and the wedding season in southern India,” said Daman Prakash Rathod, a director at MNC Bullion, a wholesaler in Chennai.
“If prices correct by another 1 or 2 per cent, then we can see a significant jump in consumption.”
Local gold prices have fallen nearly 3 per cent in three weeks.
India's gold demand may rise in the second half of 2016 after falling to the lowest in seven years in the first half as beneficial monsoon rains will spur rural demand during the peak festive season, the World Gold Council said earlier this month.
The December quarter typically accounts for about a third of India's gold sales since it includes the start of the wedding season and festivals, when buying gold is considered auspicious.
Premiums in top consumer China were at $3 an ounce to the global spot benchmark due to an upcoming mid-Autumn festival, compared with around $1.50 per ounce in the last couple of weeks.
Demand is likely to decline around mid-September as orders would drop for jewellery fabricators and retailers with the festive season coming to a close, said Zhirui Ji, an analyst with Thomson Reuters-owned metals consultancy GFMS.
China's net gold imports via main conduit Hong Kong rose 28.6 per cent in July, data from Hong Kong Census and Statistics Department showed on Thursday.
Among other gold trading centres, premiums in Singapore rose by 10 cents this week from about 50-60 cents last week.
Bullion was sold at a premium of 10 cents an ounce in Hong Kong and at a discount of 25 cents per ounce in Tokyo, both unchanged from last week. | http://www.mydigitalfc.com/stock-market/gold-discounts-india-fell-nearly-3-month-lows-083 | en | 2022-08-26T00:00:00 | www.mydigitalfc.com/a01b1e9243e311dfaab7847b2ff93d192753b78c69cba694c727337ff82e65cf.json |
[] | 2016-08-28T10:51:43 | null | 2022-08-28T15:16:00 | Eager to meet the April 1 target to roll out the landmark Goods and Services Tax (GST), the government may advance Winter Session of Parliament by a fortnight to get supporting legislations passed, leaving sufficient time for implementation of the new | http%3A%2F%2Fwww.mydigitalfc.com%2Feconomy%2Fgovt-may-advance-parliament-session-gst-approval-125.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Govt may advance Parliament session to get GST laws approved | null | null | www.mydigitalfc.com | Eager to meet the April 1 target to roll out the landmark Goods and Services Tax (GST), the government may advance Winter Session of Parliament by a fortnight to get supporting legislations passed, leaving sufficient time for implementation of the new indirect tax regime.
winter session of Parliament is normally convened in the third or fourth week of November but this year the government is looking at starting the month-long session immediately after the end of festive season.
An early winter session would help get the Central GST (CGST) and Integrated GST (IGST) legislations, that will pave way for the goods and services tax (GST), to be approved within November or latest by early December, government officials said.
The two are supporting legislations to the Constitutional amendment bill approved in the Monsoon Session of Parliament. Requiring ratification by half of the 31 states for it to become a law, the Constitution amendment bill has already been ratified by 8 state assemblies including Assam, Bihar, Chhattisgarh, Jharkhand, Himachal Pradesh, Gujarat, Delhi and Madhya Pradesh.
Maharashtra and Haryana are likely to follow suit soon and the requisite numbers may be in place by September, an official said.
“With required number of states ratifying the Bill, there is a thinking that the Winter Session should be advanced to around November 9 or 10, after the festivities, including Chhath Puja," he said.
“In doing that, a consensus with all the political parties will be needed.”
The government is of the view that once half of the state legislatures
approve the new national sales tax regime, the GST Council - comprising
Union finance minister and state finance ministers, can be nudged
to quickly approve the tax rate, slabs and exemptions for it to be
incorporated in the supporting legislations.
Parliament nod to the legislations in the winter session would give enough time to prepare for the rollout of GST from April 1, 2017. The new regime will subsume excise, service tax and other local levies including VAT, octroi.
Government is of the view that an early winter session will also be beneficial as the Budget Session is planned to be convened in the last week of January.
“Presentation of budget around end-January is under consideration and hence an early winter session also paves way for an early budget session,” the official said. The revenue department and the state finance ministers are already in discussion with the trade and industry chambers and other stakeholders over the model GST law.
The empowered committee of state finance ministers will meet industry chambers on August 30 to understand their concerns about the new indirect tax regime.
The CGST and IGST will be drafted on the basis of the model GST law. The states will draft their respective State GST (SGST) laws with minor variation incorporating state-based exemption. The IGST law would deal with inter-state movement of goods and services. | http://www.mydigitalfc.com/economy/govt-may-advance-parliament-session-gst-approval-125 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/2a5e9237f994bb4023747a8e49e43431b39145a80098d9153e3f18dd54b5f5d9.json |
[] | 2016-08-28T16:51:43 | null | 2022-08-28T22:15:00 | Nearly 10 months ago, the directorate general of anti-dumping and allied duties (DGAD) under the Union commerce ministry had initiated investigations as a step towards imposing anti-dumping duties on jute items imported from Bangladesh. | http%3A%2F%2Fwww.mydigitalfc.com%2Fcommodities%2Fcolormaroonrising-jute-imports-bangladesh-defeat-govt-moves-support-sector-140.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Rising jute imports from Bangladesh defeat govt moves to support sector | null | null | www.mydigitalfc.com | Nearly 10 months ago, the directorate general of anti-dumping and allied duties (DGAD) under the Union commerce ministry had initiated investigations as a step towards imposing anti-dumping duties on jute items imported from Bangladesh.A team of DGAD officials recently visited some factories in Bangladesh to collect information, including export prices of shipped products to India and their prices in the domestic market. India’s anti -dumping authority is probing whether local millers have exported yarn or other jute goods at prices lower than fair market prices.Even as DGAD investigations against Bangladesh jute goods makers continue, the two countries seem to have agreed to resolve complexities in the jute trade. Bangladesh commerce minister Tofail Ahmed indicated this, recently.India purchases around 12 per cent of around 815,000 tonne jute goods exported by Bangladesh every year. Of this, jute yarn accounts for majority of the imports. The jute sector in Bangladesh, which comprises around 4 million farmers and 200,000 workers, processes over 900,000 tonne of raw jute. The country produces around 1.35 million tonne of jute a year.Exports of Bangladesh’s jute products’ to India are on the rise, growing 31 per cent in the past 9 months alone, according to Bangladesh official estimates.According to analysts, the Food Corporation of India (FCI), which is the main jute sack importer, waives many requirements to allow hassle-free imports from Bangladesh. At times jute bags are also bought by traders, albeit illegally, from Nepal.Analysts say this, defeats the very purpose of the Centre’s ‘incentives’ to jute growers and protection to the industry by way of fixed raw jute price and guaranteed jute bags procurement quota for mills.Action has also been taken against some mills and raw jute dealers for hoarding the commodity to artificially jack up price and create scarcity.The Centre and its various agencies, like FCI and Jute Corporation of India (JCI), procure 65 per cent of jute bags manufactured by mills in Bengal, in compliance with the policy of compulsory packaging for 90 per cent of grain and 20 per cent of sugar in jute materials.Bengal has 60 functional jute mills that account for 90 per cent (nearly 1.25 million tonne) jute goods manufactured in the country. They employ over 250,000 workers.JCI chairman KVR Murthy recently said the corporation plans to procure four quintals of jute this year by paying the minimum support price, which has been raised to Rs 3,200 per quintal by the Centre, or commercial trade, to increase its market share. JCI has its presence in six jute growing states –Bengal, Bihar, Assam, Odisha, Andhra Pradesh and Tripura.JCI is also planning to float a jute banking scheme to extend benefits to jute growers. Through the Jute-Icare (improved cultivation and advanced rating exercise) project, in association with JCI and the national jute board, over 25,000 hectares of land have been brought under cultivation and benefits of enhanced agronomic practices have been extended to more than 40,000 farmers.Meanwhile, the Union cabinet recently decided to discontinue services of the directorate general of supplies and disposals (DGS&D) for purchase of jute bags by government agencies for packaging grain. Also, from November 1, jute bags will be procured by the jute commissioner of India, which comes under the ministry of textiles. The move is aimed at reducing the number of government organisations involved in procurement of jute bags. It also promises to strengthen the scope of work vested with jute commissioner of India. | http://www.mydigitalfc.com/commodities/colormaroonrising-jute-imports-bangladesh-defeat-govt-moves-support-sector-140 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/695300ba4f3940cf869e5c0991379051631fe260474d776548d1cb5e78a4268b.json |
[] | 2016-08-30T18:53:09 | null | 2022-08-31T00:04:00 | India and US sought closer trade, defence and energy cooperation as the two countries work to achieve their goal of expanding trade five-fold to $500 billion. | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Findia-us-eye-500b-trade-beef-defence-ties-235.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | India, US eye $500b in trade, to beef up defence ties | null | null | www.mydigitalfc.com | India and US sought closer trade, defence and energy cooperation as the two countries work to achieve their goal of expanding trade five-fold to $500 billion. US secretary of state John Kerry said that his country stands in strong partnership with India against terrorism and support New Delhi’s demand that Pakistan should providing sanctuary to terrorists operating from its soil.Kerry, who held discussions with Indian external affairs minister Sushma Swaraj under the aegis of the strategic and commercial dialogue (S&CD), said he had spoken to Pakistan’s prime minister Nawaz Sharif and army chief General Raheel Sharif in an effort to persuade that country from supporting terrorist groups.Terrorism emanating from Pakistan figured prominently in the talks between Kerry and Swaraj, who briefed him on the “continuing problem of cross-border terrorism” that India faces.At a joint press briefing with Kerry after the S&CD, Swaraj said: “We reaffirmed the urgent necessity for Pakistan to dismantle safe havens for terrorists and criminal networks, including Lashkar-e-Taiba, Jaish-e-Mohammad and D- Company.”“Secretary Kerry and I also agreed on the need for Pakistan to do more to bring the perpetrators of the 2008 Mumbai and 2016 Pathankot terrorist attacks to justice quickly,” Swaraj said. On his part, Kerry said he had made it “very clear that United States stands in strong partnership with India against all terrorism, no matter from where it comes and what form it takes. As I said there are no good terrorists or bad terrorists. Terrorism is terrorism.”“I think it is crystal clear that US and India are exactly of similar mind with respect to the issue of terror and the need to not only prevent it, but also to bring those to justice who perpetrate it,” he said.The two countries have agreed to boost counter-terrorism cooperation by enhancing intelligence sharing, screening of terrorists and exchange of information on known or suspected terrorists.Separately, India and US have also agreed to add travel and tourism sector to the strategic and commercial dialogue while American tech experts will frequent this country to interact with startups. “We agreed to make a new addition to existing work streams under the S&CD on partnership in the travel and tourism sector,” commerce minister Nirmala Seetharaman and US commerce secretary Penny Pritzker said in a joint statement.“Both sides recognise the huge potential for engagement in advancing bilateral trade in travel and tourism services and it was agreed to observe 2017 as the travel and tourism partnership year,” the joint statement said.Claiming that Indians were major “beneficiaries” of US visa, Pritzker said about 69 per cent of US H1B visas and 30 per cent of all L1 visas were issued to people from India. She said changes that have been made towards H1B and L1 visa applications are not focused on Indian nationals. However, she said, “Given the concerns expressed by Indian industry, I committed to minister (Nirmala) Sitharaman to look into this and report back.”The cooperation in the areas of best practices in tourism administration and marketing, public-private partnerships, diversification of travel and tourism expertise, niche markets and promotional activities are likely to benefit both the countries, the joint statement said.Commercial dialogue also included business cooperation in renewable energy, defence, smart city project, innovation and entrepreneurship.Both countries agreed on a programme entitled ‘Silicon Valley comes to India’, under which experts from the US will come to India to interact with startups and provide the required momentum to the Indian entrepreneurial eco-system.“We had a fruitful and productive meeting at the second strategic and commercial dialogue (S&CD) meeting,” Seetharaman said. Ties between the US and India have never been stronger before as reflected by unprecedented commercial cooperation, high levels of bilateral trade and highest ever FDI inflows to India in 2015-16 from the US, she said.Both Seetharaman and Pritzker held discussions with the US and Indian CEOs led by Dave Cote and Cyrus Mistry.India’s directorate general of supplies and disposal (DGS&D), which recently launched a portal e-market place (GeM) to deal with government procurement, will discuss with its counterpart agency in the US to look at best practices followed there on government procurement.Both countries also agreed to focus on small and medium enterprises to create a platform for sharing of best practices and technology so that issues of finance and market access are addressed. This will promote integration of SMEs into the global value chains.Work streams relating to infrastructure collaboration and smart cities, ease of doing business, innovation and entrepreneurship were also reviewed at the meeting.It was agreed that the USTDA would collaborate with the Andhra Pradesh government for facilitating an integrated master plan development.India and the US agreed to co-host the 2017 Global Entrepreneurship Summit in India, which will bring together entrepreneurs, investors, educators, government officials and business representatives from around the world, creating new opportunities for investments, partnerships and collaborations, the statement said. | http://www.mydigitalfc.com/news/india-us-eye-500b-trade-beef-defence-ties-235 | en | 2022-08-31T00:00:00 | www.mydigitalfc.com/2bea6d102eb1d6ea4482acb507ddbf04067a4e94d6557946f21798eeca59dca5.json |
[] | 2016-08-26T18:51:08 | null | 2022-08-27T00:15:00 | Engineering and construction company Larsen & Toubro on Friday said the company has set an ambitious target of almost doubling its sales to Rs 2 lakh crore by 2020-21. | http%3A%2F%2Fwww.mydigitalfc.com%2Fcompanies%2Flt-eyes-rs-2l-crore-sales-2021-112.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | L&T eyes Rs 2L crore sales by 2021 | null | null | www.mydigitalfc.com | Engineering and construction company Larsen & Toubro on Friday said the company has set an ambitious target of almost doubling its sales to Rs 2 lakh crore by 2020-21.Addressing the shareholders at the 71st annual general meeting here, L&T group executive chairman AM Naik, who will be demitting office after a five-decade long stint with the company, said, “our goal is to achieve a revenue of Rs 2 lakh by 2020-21 without compromising on our margins and achieving an order inflow in excess of Rs 2.5 lakh per annum.”The company had reported consolidated revenue of Rs 1,03,522 crore for the financial year 2016, up 12 per cent over the previous year, while its consolidated net income for the year rose just 7 per cent to Rs 5,091 crore.As part of sharpening the business focus, Naik said the company has “identified select growth businesses in L&T’s portfolio. These include IT, technology services, defence, smart world and water management.”“Our strategic plan involves re-allocation of resources - both talent and capital - to businesses with visible value creation potential. As most of these are also asset-light businesses, the initiative will be in line with our larger objective of building an asset-light organisation,” Naik said.He expressed confidence that with the economy starting to turn around this target is not unachievable provided the right strategy and on-ground execution follow with this ambitious target. “We believe that the economic conditions are now starting to turn in favour of your Company. Combined with the right strategy and ongrou nd execution, our target, though ambitious, is achi evable,” the chairman said. | http://www.mydigitalfc.com/companies/lt-eyes-rs-2l-crore-sales-2021-112 | en | 2022-08-27T00:00:00 | www.mydigitalfc.com/6f696f628d48a7cd6ff0686c873c971ecd4079a38a4b1c032480d56b8803fab6.json |
[] | 2016-08-28T16:52:47 | null | 2022-08-28T22:15:00 | It was another week of narrow, range-bound moves in Nifty. The market breadth was good in some trading sessions. But profit-booking pressure and disinterest in rolling over long positions were visible on Thursday, the day of derivatives contracts expiry. | http%3A%2F%2Fwww.mydigitalfc.com%2Ftechnical-analysis%2Fcolormarooncautious-nifty-bullish-stocks-136.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Cautious with Nifty, bullish with stocks | null | null | www.mydigitalfc.com | It was another week of narrow, range-bound moves in Nifty. The market breadth was good in some trading sessions. But profit-booking pressure and disinterest in rolling over long positions were visible on Thursday, the day of derivatives contracts expiry.Friday too saw no hurry to buy or sell. It remains to be seen whether the downtrun that started midweek was because of contracts expiry or was the start of a correction that had been impending on the charts for sometime.Domestic news flows were largely tame on the macroeconomic front, but at the micro level, an interesting piece of news was that the government was considering bringing a note that would help companies get the back money stuck with it in litigation.Some estimates say the amount so released could be to the order of Rs 1 lakh crore. If this money gets released over the next few months, it will help both the affected companies and their banks. Though this would help only a handful of companies, the move indicates that the government is doing its bit to push economic growth, and long-term international investors would factor in this as a positive to put more money into the Indian equity market.The most awaited international news last week was a statement from the US Federal Reserve chair. While her statement was not definitive, it did indicate that the Fed was pretty much satisfied with the progress of the US economy. This could have been taken as a signal that an interest rate hike was not far off, but she had also indicated that the Fed would resume its asset buying programme again if there were any signs of recession. This clearly was a confusing signal for the market, and probably the next two trading sessions in emerging markets, including India, would reflect this uncertainty.Coming to oscillator charts, most short-term indicators still indicate neutral to bearish formations, though clear sell signals are yet to emerge on most of them. The moving average and convergence divergence (MACD) on the daily charts is in the sell mode, as it keeps moving south in positive territory. If this oscillator takes support on the equilibrium line, it would be an indication that the Nifty’s current corrective move would again turn into a range-bound, corrective move, as had been happening for the last five months. However, if it moves into negative territory that will indicate the index will remain under pressure for more time. For five months now, Nifty has been moving in positive territory.The 12-day rate of change (ROC) is moving close to the equilibrium zone. This oscillator does not tend to stay in this mode for long. So, possibly, we might see a sharp directional move over the next few trading sessions.Some extreme short-term indicators have given a clear sell signal, as they move down from overbought territory and some of them have shown negative divergence, which increases the probability of a break down than a break out in the extreme short-term. But the moot point is how long the break down would last.Nifty, which now stands at 8,480 on a closing basis, is likely to find its first support at this range. If it comes under more pressure, the next support range would come at 8,330, which it should not break for the current uptrend to continue and aim at touching new highs in the coming months.As for resistance levels, since the Nifty has stayed in a range-bound mode for long, any breakout is valid only if it happens on a closing basis. Any intraday moves up and down could only lead to bearish formations on the charts. So, the first meaningful resistance to the Nifty comes at 8,730. If it crosses this range on a closing basis with positive market breadth, the next resistance range would be at 8,950 to 9,000, which could act as a psychological resistance level as well. If Nifty crosses its first resistance range, that would raise the probability of it crossing the second resistance range, since a breakout coming after such a long phase of consolidation tends to be strong.For retail investors, this is a time to move cautiously. They should be focussing more on the quality of companies as some laggards have started flying again in the market. | http://www.mydigitalfc.com/technical-analysis/colormarooncautious-nifty-bullish-stocks-136 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/f7dc052b81224d3c57ed696b32a39de6994a30ba6e44e89528ea03a56ace6d8e.json |
[] | 2016-08-30T10:53:18 | null | 2022-08-30T15:39:00 | The European Commission will rule against Ireland's tax dealings with Apple on Tuesday, sources familiar with the decision told Reuters, one of whom said Dublin would be told to recoup over 1 billion euros in back taxes. | http%3A%2F%2Fwww.mydigitalfc.com%2Fit%2Feu-hand-apple-hefty-irish-tax-bill-sources-205.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | EU to hand Apple hefty Irish tax bill: sources | null | null | www.mydigitalfc.com | The European Commission will rule against Ireland's tax dealings with Apple on Tuesday, sources familiar with the decision told Reuters, one of whom said Dublin would be told to recoup over 1 billion euros in back taxes.
Commissioner Margrethe Vestager will hold a news conference on an antitrust case at noon in Brussels. Though the subject of the case was not given, she was expected to detail her verdict on why a deal that encouraged the US tech giant to route vast profits through Ireland had breached EU state aid laws barring governments giving some firms unfair advantages.
The ruling is likely to anger Washington, which has accused Brussels of campaigning against US corporate success stories.
The European Commission accused Ireland in 2014 of dodging international tax rules by letting Apple shelter profits worth tens of billions of dollars from tax collectors in return for maintaining jobs. Apple and Ireland rejected the accusation; both have said they will appeal any adverse ruling.
The source said the Commission will recommend a figure in back taxes that it expects to be collected, but it will be up to Irish authorities to calculate exactly what is owed.
A bill in excess of $1.12 billion would be far more than the 30 million euros each the European Commission previously ordered Dutch authorities to recover from US coffee chain Starbucks and Luxembourg from Fiat Chrysler for their tax deals.
Both companies and countries have appealed those decisions.
When it opened the Apple investigation in 2014, the commission told the Irish government that tax rulings it agreed in 1991 and 2007 with the iPhone maker amounted to state aid and might have broken EU laws.
The Commission said the rulings were “reverse engineered” to ensure that Apple had a minimal Irish bill and that minutes of meetings between Apple representatives and Irish tax officials showed the company's tax treatment had been "motivated by employment considerations.”
Apple employs 5,500 workers, or about a quarter of its European-based staff in the Irish city of Cork, where it is the largest private sector employer. It has said it paid Ireland's 12.5 percent rate on all the income that it generates in the country.
Ireland's low corporate tax rate has been a cornerstone of economic policy for 20 years, drawing investors from major multinational companies whose staff account for almost one in 10 workers in Ireland.
Some opposition Irish lawmakers have urged Dublin to collect whatever tax the Commission orders it to. But the main opposition party Fianna Fail, whose support the minority administration relies on to pass laws, said it would support an appeal based on the reassurances it had been given by the government to date.
The US treasury department published a white paper last week that said the EU executive's tax investigations departed from international taxation norms and would have an outsized impact on US companies. The commission said it treated all companies equally. | http://www.mydigitalfc.com/it/eu-hand-apple-hefty-irish-tax-bill-sources-205 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/d111016e8bf5aab93b5258e5da982fde2b493a7d8ecea270ddf058e70779d6fc.json |
[] | 2016-08-28T16:52:15 | null | 2022-08-28T22:15:00 | India would be one of the key economies where improvement in GDP growth, together with earnings growth, would help drive valuations, Shibani Sircar Kurian said. | http%3A%2F%2Fwww.mydigitalfc.com%2Fviews%2Findia-no-exception-external-trends-global-economy-139.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | India no exception to external trends in a global economy | null | null | www.mydigitalfc.com | Liquidity flows are difficult to predict and India being integrated with global markets is also not insulated from such trends. One key structural shift, which could support the market and domestic liquidity, is the shift in savings from physical to financial, which we believe could continue over a period of time, said, vice-president and head of equity research, Kotak Mahindra Asset Management Company, in an interview with. India would be one of the key economies where improvement in GDP growth, together with earnings growth, would help drive valuations, she said. Excerpts:The macroeconomic parameters of the economy are on a sound footing. Data does suggest some improvement in the growth trajectory even while the pace of improvement remains slow. We estimate the real gross domestic product (GDP) growth on a gross value-added (GVA) basis at 7.6 per cent for FY17E, and expect growth to be consumption led with a lagged recovery in investment growth.The pickup in the gross fixed capital formation still remains muted and would be visible only over time. Investments in the near-term would be driven by public capex. Private capex spend would still take some time to pick up as balancesheet leverage remains on the higher side.Better monsoon leading to higher agricultural growth and rural demand could provide an upside bias to our GDP estimates. This, together with the benefits of the seventh pay commission, could provide further boost to consumption. Reforms, including implementation of goods and services tax (GST), would provide a medium-term structural boost to GDP.With monsoon being normal so far, we expect pressure on food inflation to ease towards the second half of the year. Pulses output is expected to be bumper (going by the sowing data, so far) causing sharp disinflation in the commodity. Also, international food prices, which spiked March onwards, have reversed the course. Crude oil, too, has remained stable in terms of pricing. With this backdrop, we continue to expect 25-50 basis points easing in interest rates in FY17. We must, however, remember how integrated the global economy has become and India is no exception. Therefore, the timing of the next Fed rate hike, impact of Brexit, crude oil prices and China’s mini-cycles are some factors that could have broader impact on the Indian market beyond domestic trends.While we remain structurally positive, the market is trading at the higher end of the historical valuation band. In terms of numbers, the Nifty is trading at ~19xFY17E EPS and 15.5xFY18E EPS. We are, therefore, cautious on some segments of the market wherein valuations appear stretched.India has been a beneficiary of improvement in global liquidity. Fund flows into emerging markets have caused improvement in FII inflows into India as well. India has been standing out amongst most emerging markets with improvement in the key macro parameters and stability in the currency market. Liquidity flows are difficult to predict and India being integrated with global markets is also not insulated from such trends. One key structural shift, which could support the market and domestic liquidity, is the shift in savings from physical to financial that we believe could continue over a period of time. India would be one of the key economies wherein improvement in GDP growth, together with earnings growth, would help drive valuations.While all eyes are on the macro developments, which have shown significant improvement and stability, the key driver for the Indian market from hereon will be the corporate earnings trajectory. Our focus is on identifying stock specific opportunities wherein growth is higher than the market with valuations remaining reasonable. From here on it’s difficult to see a large multiple re-rating of the market without earnings growth improvement. The key market drivers would be improvement in the corporate earnings trajectory, India’s superior growth outlook versus other economies, especially over the medium-term, and a structural shift in domestic savings from physical to financial sectors, aided by positive real interest rates as inflation moderates.Banks have not been cutting lending rates even with lower cost of borrowings in the system. As the cut in policy rates and improvement in liquidity translates into lower borrowing costs for companies, we expect the widening of return on invested capital–cost of capital gap to help support valuations for the market.I don’t invest directly in equities and stocks. Most of my investments are in mutual funds wherein I follow an asset allocation strategy across various categories of funds. Also, we have taken a voluntary pledge to invest only in our own funds. This is a demonstration of our conviction in our own schemes.Public sector banks have borne the brunt of the large overhang of non-performing assets (NPA) and the consequent impact on profitability together with loss in market share in loans and deposits. RBI and the government felt the need for urgent recognition and resolution of the banking system stress. After the asset quality review in September 2015, government and RBI are trying to find ways to not only stem the formation of new bad loans but also to aid the process of recovery. Many measures announced in the recent past, include the setting up of the bank board bureau and RBI’s new guidelines announcing the scheme for sustainable structuring of stressed assets.While the pace of incremental addition to NPLs has definitely slowed, the overall improvement in the profitability of PSBs would be long process, which would be aided by improvement in recovery of bad loans and structural improvements in governance and administration. Further, while the government has committed to infusing adequate capital into these banks, the capital requirements for banks would keep increasing as the system moves towards the Basel-III norms.Retail private banks are examples of stocks with compounding opportunities driven by superior return on equity and higher earnings growth. With the capability of these banks to adapt new technologies, the shift in market share away from PSBs in terms of loans and deposits would continue driving valuations for these banks.Time in the market is more important than timing the market. We recommend a regular and disciplined investment in equities through mutual funds, especially for retail investors. Investors should look at a mix of large and midcap funds for the three-five years horizon on systematic investment basis to maximise returns on investment. | http://www.mydigitalfc.com/views/india-no-exception-external-trends-global-economy-139 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/0d1c3679c525c84f637a31dd86da0b76f1c18b6f70802a1b2bac39ff77a41bd0.json |
[] | 2016-08-26T18:51:53 | null | 2022-08-27T00:15:00 | He has been appointed the next governor for India’s central bank and would be taking charge on September 6 for a three-year term when the incumbent Raghuram Rajan demits office. | http%3A%2F%2Fwww.mydigitalfc.com%2Fopinion%2Fbnewsmaker-weekb-wise-owl-106.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Newsmaker of the Week: The wise owl | null | null | www.mydigitalfc.com | He has been appointed the next governor for India’s central bank and would be taking charge on September 6 for a three-year term when the incumbent Raghuram Rajan demits office. The international rating and investment community, economists and think-tanks have hailed his appointment as it signals a likely continuation of the policies of the outgoing governor.Low profile, Urjit Patel, 52, is a man of few words and the world is clueless about what he stands for. Financial markets, banks and companies are anxious to know his stance on various economic issues. During his current tenure as deputy governor, Patel has not spoken at any of the summits organised by industry bodies, or any events unlike his colleagues at the RBI. He has also not given any interviews so far. The RBI website lists only one speech by Patel since he joined as the deputy governor more than three years ago.Even during the RBI’s monetary policy press conferences and interactions with researchers and analysts Patel would speak only when asked by his boss Rajan. In the third-quarter monetary review for 2013-14, when a reporter asked as to why the policy action was hawkish while the stance was dovish, governor Rajan answered the question citing an analogy by Patel. “I think Urjit had a fantastic description. We are niether hawks nor doves, we are actually owls. Urjit would you like to elaborate?" asked Rajan.“Well, an owl is traditionally a symbol of wisdom, so we are neither doves nor hawks but owls and we are vigilant when others are resting,” remarked Patel.Perhaps, besides his strong credentials, it is this habit of speaking less that made him a perfect choice for the Narendra Modi led BJP government that was embarrassed on many counts by Rajan’s frequent comments and advice on various government policies. While Rajan cautioned the government against its Make in India scheme's effort to make India a global manufacturing hub, arguing that India had missed that bus and suggested that the policy should be Make for India, Patel in stark contrast heartily appreciated the scheme. “The Make in India vision/strategy is apposite and provides a much needed ‘focal point’ to inculcate durable competitiveness in key sectors of our economy,” said Patel at an awards function.Patel was one of the four names on the table during last week's meeting between prime minister Modi and finance minister Jaitley. Patel was the first choice for Modi among the other three contenders — chief economic adviser Arvind Subramanian, former chief economic advisor and currently World Bank's chief economist Kaushik Basu, and former RBI deputy governor and now India's representative at International Monetary Fund Subir Gokarn.Patel is someone who is well-versed with the changing dynamics of Indian economy since early 1990s and has worked with various governments starting with P V Narasimha Rao in the early 1990s. Patel had caught the attention of Rao, his then finance minister Manmohan Singh and commerce minister at the time, P Chidambaram, when he was selected by the International Monetary Fund to head its India office.When in the finance ministry, in the mid 1990s, Patel drafted the first report to create the Infrastructure Finance Development Company (IDFC), monitoring its birth and later playing a key role for some years. He also led Reliance’s energy operations, a job he held for two years. He was a non-executive director on the board of Gujarat State Petroleum Corporation (GSPC) in 2005-06.In his current position as deputy governor at RBI, he was given an extension this January after he completed three years. As a deputy governor, Patel was in charge of the monetary policy and research department and headed a committee that introduced landmark changes including a switch to inflation-targeting and adopting consumer prices as the new benchmark instead of wholesale prices.His value to the government of the day can also be gauged by what the then prime minister Manmohan Singh wrote to the home ministry, “He is very important for the country,” when the Kenya-born Patel applied for an Indian passport in 2013 to become the deputy governor at RBI.However, it would be a mistake if someone considers Patel to be reticent. In January 2012 while in Brookings, Patel along with his colleague Gangadhar Darbha co-authored a hard-hitting report criticising the then governor D Subbarao and the RBI for quietly moving away from its medium-term objective of 3 per cent inflation. He criticised Subbarao for stating most of India’s inflation was supply-side driven and monetary policy had limited scope for driving it down. “This is an astonishing series of nihilistic statements — unassisted by evidence or even a hint of scientific thoroughness — from the central bank head pleading either hopelessness on account of India being a large and diverse Federal entity, or, a form of muddled eclecticism,” wrote Darbha and Patel.“What is clear is that persistence of elevated inflation is agreeable to some policy makers. The authorities want to take credit for India's growth performance but stay blameless on the price front — a case of heads I win, tails you lose," they said in the report. | http://www.mydigitalfc.com/opinion/bnewsmaker-weekb-wise-owl-106 | en | 2022-08-27T00:00:00 | www.mydigitalfc.com/c566cebba14eaaf36ea6e55845e04a39e55ab970719a16cb66b4b55891215c32.json |
[] | 2016-08-26T18:50:37 | null | 2022-08-27T00:15:00 | This is a unit linked plan. You can buy the plan offline and online too. The policy offers a loyalty additions every year from end of 6th policy year till maturity. | http%3A%2F%2Fwww.mydigitalfc.com%2Fopinion%2Fbdecodedb-pnb-metlife-mera-wealth-plan-108.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Decoded: PNB Metlife Insurance's Mera Wealth Plan | null | null | www.mydigitalfc.com | In this column, FC gives its view on new financial products launched in the market. This is a subjective view. Investors are advised to take professional help in selecting a product and not reach a decision only on the basis of these reviews.
Product Features: This is a unit linked plan. You can buy the plan offline and online too. The policy offers a loyalty additions every year from end of 6th policy year till maturity. There are six fund options to choose from. Customers can choose between self-managed or systematic transfer option based on their risk appetite.
Sum Assured: Incase of single premium plans, the minimum sum assured is 1.25 times of single premium. For regular premium, the life cover will be 10 times the annual premium.
Premium Payment & Policy Term: The premium payment options are 5 years, 10 years, regular pay or pay single premium. For single premium, the policy term options are 10 to 20 years. Those who choose 5 year premium payment, the policy term options are 10 to 20 years. For 10 years premium payment, the policy term is 11 to 30 years while a person choosing regular premium payment can choose a policy term of 10 to 30 years.
Death Benefit: In case the policyholder dies, the nominee will receive the death benefit which will be higher of the fund value or sum assured or 105 per cent of the total premiums paid excluding service tax.
Maturity Benefit: On survival of the policyholder till the end of the policy term, the total fund value is payable.
Charges: The premium allocation charge varies between 2 to 4 per cent of the premium in the premier mode but is nil if the policy is bought online. The policy administration charge is lower of Rs 6000 or (2.20 per cent of pemium increasing at 3 per cent per annum) for regular premium policies while it is lower of Rs 6000 or (Rs 850 increasing at 3 per cent per annum) for single pay policies. The fund management charges vary from 1 to 1.25 per cent depending on the fund you have chosen. In addition mortality charge will apply.
FC Verdict: The charges in this plan are higher compared to Ulip plans from other insurers. A life cover that is 10 times your annual premium is not sufficient to cover all your liabilities. As a thumb rule, you should compulsorily have a term insurance cover that is 10-12 times your annual income. Also remember a Ulip contract does not allow you to surrender or withdraw monies during the first five years while you can exit a mutual fund anytime by paying one per cent penalty. If you choose a Ulip, remember that you need to stay invested for a long term to recover all your charges and get better returns. If your intention is to save taxes then you could look at equity linked tax saving scheme that have predictable cost and come with a three-year lockin. | http://www.mydigitalfc.com/opinion/bdecodedb-pnb-metlife-mera-wealth-plan-108 | en | 2022-08-27T00:00:00 | www.mydigitalfc.com/1afb6fa3cc8a551ff9ec894507a9f50f1e858b1b715f643a353b329de79f471b.json |
[] | 2016-08-30T10:52:24 | null | 2022-08-30T15:39:00 | Fiat Chrysler Automobiles (FCA) India on Tuesday brought the Jeep brand in the country with the launch of two SUV models — Wrangler and Grand Cherokee. | http%3A%2F%2Fwww.mydigitalfc.com%2Fcompanies%2Ffiat-drives-iconic-jeep-india-2-new-models-206.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Fiat drives iconic Jeep to India with 2 models in bouquet | null | null | www.mydigitalfc.com | Fiat Chrysler Automobiles (FCA) India on Tuesday brought the Jeep brand in the country with the launch of two SUV models — Wrangler and Grand Cherokee.
While the Wrangler is priced at Rs 71.59 lakh, the Grand Cherokee, which will be available in three variants, will be priced in between Rs 93.64 lakhs and Rs 1.12 crore (ex-showroom price, Delhi).
The Italian carmaker also announced its plans to start local production at Ranjangoan plant in Pune from the second quarter of next year.
Grand Cherokee comes in three variants — The Grand Cherokee SRT (Rs 1.12 crore), the 3-litre diesel powered Summit (Rs 1.03 crore) and the 3-litre, 8-speed diesel version Limited at Rs 93.64 lakh.
The India launch marks the 75 years of the iconic Jeep from Chrysler, which incidentally is also the inventor of the SUVs in the world, FCA India president and MD Kevin Flynn said.
The company will open 10 dealerships under the Jeep Destination Store brand in nine cities by the end of this calendar year.
The first outlet is live in Ahmedabad from today while New Delhi and Chennai will come in line next month.
The Mumbai outlet will open in October, along with a second outlet in New Delhi, both before Diwali, followed by Hyderabad, Chandigarh, Kochi and Bengaluru, Flynn said.
On the two SUVs, the company will offer two-years of unlimited mileage warranty apart from a host of other services under the 'Jeep Assist' that offers a 24/7 helpline and roadside assistance programme for 24 months, a business class air ticket or a hotel stay in case of accidents and breakdowns.
“Come the second quarter of 2017, we will have these iconic models, which are imported as of now as completely built units, being manufactured at our Ranjangoan plant, which has around 2 lakh capacity, most of which is being used by Fiat now," Flynn told PTI.
He also said the company will add another premium Jeep SUV next year when local production starts. "The Jeep, which has close to seven decades of history here, pioneered the SUV segment and the concept of off-roading in the world,” Flynn said.
“Now, we are providing our Indian customers with access to what Jeep has to offer by launching the Jeep Wrangler, the most capable production 4x4 vehicle in the world and the luxurious Jeep Grand Cherokee, the most awarded SUV of all time,” he said.
According to Prince Abhimanyu Singh Alsisar of the Jodhpur royal family, The Jeep came to the country soon after the world war II, when the American army shipped a lot of them from Burma to India.
Alsisar is an avid fan of the brand and possesses six vintage Jeeps.
“We have already invested USD 280 million in Ranjangaon to mobilise our localisation strategy. We are on track with our plans to manufacture and roll out an all-new, premium Jeep SUV from our plant in 2017,” Flynn said.
The Jeep’s global vehicle line-up consists of Cherokee, Compass, Grand Cherokee, Patriot, Renegade, Wrangler and Wrangler Unlimited.
Fiat Chrysler Automobiles designs, engineers, manufactures, distributes and sells vehicles under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, Ram, SRT brands as well as luxury cars under the Maserati brand.
FCA also operates in the components sector through MagnetiMarelli and Teksid, and in the production systems sector through Comau. Its after-sales services and products come under the Mopar label across 40 countries and has commercial relationships with customers in around 150 markets. | http://www.mydigitalfc.com/companies/fiat-drives-iconic-jeep-india-2-new-models-206 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/92c90bb7e85081d84e6cd3efc1796df7e8c932bb18b4de7cfeac26fdbe3a1fd8.json |
[] | 2016-08-29T12:51:38 | null | 2022-08-29T18:17:00 | HDFC chairman Deepak Parekh on Monday said the country’s economy is in a “stronger position” and demonstrating an immense growth potential with a strong leadership at the helm bringing in key reforms. | http%3A%2F%2Fwww.mydigitalfc.com%2Feconomy%2Findia-never-been-stronger-position-today-168.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | India never been in stronger position than today: Parekh | null | null | www.mydigitalfc.com | HDFC chairman Deepak Parekh on Monday said the country’s economy is in a “stronger position” and demonstrating an immense growth potential with a strong leadership at the helm bringing in key reforms.
“India has never been in a stronger position than today from a macro-economic perspective. The country is demonstrating an immense growth potential helped by a strong leadership at the helm, driving key policy changes,” Parekh said at a risk summit organised by CII.
He noted that with the present government, largescale corruption has been weeded out.
He said India, with an expected GDP of above 7.5 per cent, stands out well in comparison to its global peers. “We in India hold a key advantage by being a major economy with tremendous growth potential,” he said.
The veteran banker said the country has benefited tremendously from lower crude oil prices.
He said the private sector capex has continued to be slow, so support has been boosted from public sector spending on infrastructure.
“Often when infrastructure projects are a work-in-progress, there tends to be a feeling that nothing is happening on the ground. But this is certainly not the case in India," he said.
Parekh said there is a flurry of activities taking place in the areas of ports and waterways, airports and smart cities.
Increased installed capacities in renewable energy have been put in place and a number of initiatives in the railways to improve service are underway.
He said the e-auctions of government tenders and bidding process are the biggest mark of credibility which the country has today.
“What the country needs at this juncture is to focus on attracting much more long-term investors looking for higher yields in their investments,” Parekh said.
Talking about risk management, he said it cannot be the sole responsibility of a company’s board of directors. “Risk management in an organisation cannot belong to an individual or a particular department or deemed to be the job of a compliance officer simply because it has to fit somewhere in an organisation,” he said.
The concept of risk management has to be driven across the entire organisation and it has to percolate to all levels.
There has to be an orientation and culture of risk mitigation in every action of all employees.
“Risk management is always a collective responsibility, it cannot be an isolated activity," he said.
Parekh said an often asked question is whether India can decouple itself from global markets, and the answer is no.
“One can prepare and insulate oneself from the known risks, yet it is the unknown risks that remains a challenge,” he said.
Parekh further said risk management systems will have to undergo unprecedented change as more organisation embrace digitisation.
Effective risk management is based on the foundation of good corporate governance and rigorous internal controls, he concluded.
He said one has to be cautious of the mixed signals coming global markets. On one hand, there is a tepid growth, continued problems with European banks, massive over-capacities in China, but on the other hand, key global stock markets have touched or are nearing all-time highs, the eminent banker added.
Parekh said in this present cycle, investors are chasing emerging markets predominately for yield. At the beginning of this year, investors had turned risk averse, causing havoc in emerging markets in January and February.
“In January and February, India saw an outflow of about $3-4 billion and the rupee came under pressure,” he said adding, however, sentiments have reserved again.
In the last week itself, equity funds have pumped in $5 billion in emerging markets, while over $20 billion has been invested in emerging market bonds.
He said emerging markets will be vulnerable, depending on how markets read the Fed Reserve expected course of action on interest rates.
“Any hint of raising interest rates in the US will result in massive capital outflows, once again resulting in unprecedented swings in currencies and stocks,” he added. | http://www.mydigitalfc.com/economy/india-never-been-stronger-position-today-168 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/b81f85b6dcf2a650dc6bd43dc636bfda0ef8323cf2a5d9f09ec6b7979f514c1b.json |
[] | 2016-08-28T16:51:21 | null | 2022-08-28T22:15:00 | After long, the expiry of derivative contracts happened on a slightly bearish note this month. Unlike in the previous four months, when bears were forced to cover their short positions on expiry, this time around, bulls were lacking in numbers, as can be | http%3A%2F%2Fwww.mydigitalfc.com%2Fderivatives%2Fremain-protected-put-options-135.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Remain protected with put options | null | null | www.mydigitalfc.com | After long, the expiry of derivative contracts happened on a slightly bearish note this month. Unlike in the previous four months, when bears were forced to cover their short positions on expiry, this time around, bulls were lacking in numbers, as can be seen from their disinterest in rolling over long positions.However, even after two days of decline, the Nifty did not break the range it had been moving in. So, it would be too early to change the stance from bullish to neutral to a less optmistic neutral to bearish. But markets don’t stay long in a range; either bears run for cover or bulls get kicked out. In a market that is yet to exhibit a clear trend, it would be wise for traders to either look for another opportunity or stay with the strategy of selling straddles at various strike prices and covering their breakeven points by buying current month options.The decline in the time value of straddles will give some return to traders and buying of out-of-the-money put options would protect them from any sharp directional movement. Even if a directional move doesn’t come about, when charts are indicating that Nifty is close to such a move, it is better for traders to buy protection rather than trying to make all the money in one go.Like Nifty, the Bank Nifty has also seen some correction, but not as strong as in Nifty. At this point, it does not appear that the Nifty Bank index could witness any strong corrective move. So, a similar strategy is advised on this too; sell straddles from far or near month series and cover the break-even points of the trade. Bank Nifty macroformations are clearer than in Nifty 50, which point to the possibility of minor correction or range-bound moves before another up-move starts. A trader should wait for a while before executing this trade on Monday. The reason is that if there is any negative reaction in emerging markets to the US Fed statement last week, it would be first felt on banking stocks. So, a correction, if at all, would start with banking stocks. So wait for Bank Nifty to settle before taking this trade.We had been suggesting that traders may look at a covered call strategy even in individual banking stocks. But after a recent phase of upmove, the chances of PSU banking stocks correcting, and traders making mark-to-market losses on their future positions, are there. So, traders may wait for this possible corrective phase before going for the covered call strategy on individual banking stocks.Also, over the next couple of weeks, traders need to keep an eye on the currency markets. Any corrective move in the equity market would be preceded by a decline in the rupee. If that were to happen, buying some put options would make sense for traders. | http://www.mydigitalfc.com/derivatives/remain-protected-put-options-135 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/2c1fa34af5f315ab513ed13ee6b4c25f09aacb2d65c01ee342ebac9cd2419f0c.json |
[] | 2016-08-29T16:51:38 | null | 2022-08-29T21:34:00 | With an aim to revolutionising vehicle coating technology, Motorcoats India has come up with a nanotechnology-based solution to maintain the gloss of vehicles. After its successful first studio | http%3A%2F%2Fwww.mydigitalfc.com%2Fcars%2Fmotorcoats-india-brings-nanotech-vehicle-coating-178.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Motorcoats India brings nanotech vehicle coating | null | null | www.mydigitalfc.com | With an aim to revolutionising vehicle coating technology, Motorcoats India has come up with a nanotechnology-based solution to maintain the gloss of vehicles.After its successful first studio launch in Hyderabad last month, Motorcoats India opened its second studio in New Delhi on Monday. The newly opened store spans over 5000 sq ft with a team of 10 professionals to handle the exterior and interior car protection services offered by the company.At present, mostly wax-based vehicle coating solutions are used in India, which makes it important to get the car checked regularly. The Delhi studio would be able to deliver 3 cars post-coating services and 10 cars post express services.Over the next 24 months, Motorcoats India has planned an investment of nearly Rs 86 crore to expand its foorprints across 36 cities by opening more studios for research and development.“Around Rs 32.5 crore would be spent to set up these studios along with Rs 53 crore of operational and R&D costs,” said Ritu Tyagi, director sales and marketing, Motorcoats India. “We expect a turnover of Rs 100 crores from this.”Conditions in the Indian subcontinent are perfect for vehicle coating technology as the regular hot sun, industrial pollution and acidic rain damages vehicles’ coating.The nanotechnology-based solution is said to create an impermeable layer of coating that is resistant to all environmental factors. At present, the technology is widely used in Europe.Ritu Tyagi said: “During our research days, we found out that there is a strong demand for car protection, which has been untapped in our country where conditions are harsh for a car. Thus we came out with this concept as India has almost 90 per cent unorganised automobile market in aftercare and since then we have received very positive response.”To instil confidence in consumers, Motorcoats has on offer a “lifetime warranty” offer, which is predicted as an economical boost for consumers. The company is offering coating in three packs, three-year warranty coating for Rs 14,000, five-year warranty coating for Rs 18,000 and lifetime warranty coating for Rs 22,000. | http://www.mydigitalfc.com/cars/motorcoats-india-brings-nanotech-vehicle-coating-178 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/8279bba585c951189a2f2ce73f85071b4fd002e2cae51d5412e1c198cb4ab0a7.json |
[] | 2016-08-28T10:52:15 | null | 2022-08-28T15:16:00 | Bharti Airtel has announced its “India with Airtel” suite of services that brings all of its telecom and connectivity solutions under one roof, to meet the needs of global companies looking to set up business in India. | http%3A%2F%2Fwww.mydigitalfc.com%2Ftelecommunication%2Fbharti-launches-%25E2%2580%2598india-airtel%25E2%2580%2599-suite-services-127.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Bharti launches ‘India with Airtel’ suite of connectivity solutions | null | null | www.mydigitalfc.com | Bharti Airtel has announced its “India with Airtel” suite of services that brings all of its telecom and connectivity solutions under one roof, to meet the needs of global companies looking to set up business in India.
‘India with Airtel' is being positioned as one-stop-shop for availing all telecom and connectivity solutions including mobile and fixed telephony, global and domestic data capacity and connectivity solutions, VSAT, Virtual Private Network, data centre and cloud solutions, value added services and payment and billing integration, machine-to-machine, and managed services.
The company believes that having all the solutions at one place will eliminate the challenge that global businesses may face -- of dealing with multiple vendors and related integration issues -- when they set up operations in the country.
“Airtel will offer global companies, particularly those in the digital space, extensive market reach through joint go to market programmes,” a company release said, adding that telecom and connectivity solutions play a critical role in the current business environment.
“Given the impetus from the government's Make in India and Digital
India initiatives, India is fast becoming a definite strategic market for multinationals across the globe," Ajay Chitkara, Director & CEO – Global Voice & Data Business, Bharti Airtel, said. | http://www.mydigitalfc.com/telecommunication/bharti-launches-%E2%80%98india-airtel%E2%80%99-suite-services-127 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/456d18075d2ff3bf0503dab135be6e31ed304335779153fe5788290c59f97000.json |
[] | 2016-08-29T18:51:53 | null | 2022-08-30T00:21:00 | Kotak Mutual Fund on Monday said its investor awareness campaign “SIP Day”, organised last Friday, saw over 30,000 people opting to invest through the systematic investment plan (SIP). | http%3A%2F%2Fwww.mydigitalfc.com%2Fmutual-funds%2Fgood-response-sip-drive-kotak-198.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Good response to SIP drive: Kotak | null | null | www.mydigitalfc.com | Kotak Mutual Fund on Monday said its investor awareness campaign “SIP Day”, organised last Friday, saw over 30,000 people opting to invest through the systematic investment plan (SIP). The event was held at the Bombay Stock Exchange where industry experts addressed concerns and queries of investors.“With over 1 million investors regularly investing through SIP, India is poised for a SIP revolution. Over 250 million people have the choice of investing in this manner, but limited awareness and education is limiting its reach,” the Kotak Mutual Fund said in a statement.Nilesh Shah, managing director, Kotak Mahindra Asset Management said, “Through this initiative, we want to significantly boost SIP investments in the country. It has become imperative for investors to invest, rather than save, for sustained wealth creation over a long period.”“Thoughtful planning and investing from an early age lets an investor enjoy the benefits of compounding interest to generate wealth. The SIP acts as a simplified financial planning tool that helps create wealth, by investing small sums of money every month, over a period of time” Shah added.During the SIP Day campaign, awareness was created about the SIP, its benefits, power of compounding, among others. Independent financial advisers (IFAs) and distributors also contributed by simplifying and decoding basic concepts to educate investors through social media platforms. | http://www.mydigitalfc.com/mutual-funds/good-response-sip-drive-kotak-198 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/28a65d5205bd83f9ece3328f93605431e1c048dde77d6ad7da73a5074cf6a165.json |
[] | 2016-08-28T18:51:12 | null | 2022-08-29T00:16:00 | A recent study on B2B companies reveals that only 41 per cent are actually using sophisticated tools for customer segmentation. This is a major barrier for most companies to create new products and innovation. | http%3A%2F%2Fwww.mydigitalfc.com%2Fopinion%2Fdriving-business-proper-customer-segmentation-151.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Driving business with proper customer segmentation | null | null | www.mydigitalfc.com | A recent study on B2B companies reveals that only 41 per cent are actually using sophisticated tools for customer segmentation. This is a major barrier for most companies to create new products and innovation. Customer segmentation helps in delivering relevant and important benefits to customer groups in a consistent manner and will drive competitive advantage. Imagine producing and delivering a one-size-fits-all product for your customers in today’s world when customisation is key.
The choices and alternatives available today for any customer are plenty. Because of these choices in features, substitute products, different price points and so on, it is difficult to command loyalty of customers even in a B2B situation. If we know the detailed needs of our key customers we will be in a position to develop and deliver products and services that appeal to them and earn their loyalty. Most marketing books teach us that segmentation is what marketing is all about. Marketing science has no relevance without it. Yet, many B2B businesses struggle in building great customer experiences and loyalty. What they lack is the ability to do proper customer segmentation. The traditional vertical based segments are common even today.
Most entities in the B2B industry have taken the easy route: play the status quo of basic segmentation that groups customers on the basis of turnover, industry vertical, the number of years in business, geographical location and so on. Such demographic segmentation is common in the consumer industry too. However, it is fast becoming irrelevant with the new media and consumption patterns. Not that there is anything wrong with such segmentations. These are easily understandable dimensions and are important for the sales and marketing plans. The issue is that this basic method will not take into account the current and future needs of the customers. It is better to have a segmentation that also considers the needs, attitudes and behaviour of the customer, which will be more helpful in driving specific product portfolio matrix and better success with customers and their long-term partnership.
B2B customer needs should be a basis for segmentation. You can become a market-oriented company from a product-oriented company in this way. And you may even become a service-oriented company. As we all know, companies should be constantly analysing what their customers need and provide products and services meeting those needs in order to sustain the growth. If you can group customers based on their needs, they could be targeted with appropriate communication and offerings.
For instance, the AIM Institute and its founder Dan Adams, that works on new product blue printing, typically helps companies identify the preferences of customers by using various techniques. This is being done in multiple levels --- unstructured interviews, one on one sessions with different stakeholders, focus groups and so on. These steps help in identifying the current and anticipated future needs in detail.
If need-based segmentation looks difficult, one can get into the intermediate behaviour-based segmentation. This can unearth unspecified requirements. As a simple example, you may have noticed that in your business, some of your clients are very loyal to you for supplies, while others keep switching back and forth between various competitors and you. Clearly, some of the loyal ones prefer long-term partnerships and are investing in it for a reason. The switching ones are constantly looking at price benefits. So it will help you to segment such customer behaviour for formulating marketing plans.
Here is another example: Some companies will go for a tender with clearly defined specs while others are open to discuss and take suggestions in getting their needs met. The one going for a tender is probably looking to benefit from the lowest prices and is okay with basic product specs while the other ones are open to recommendation and are willing to pay a higher price for the benefits they can get in terms of quality, service and value.
What after completing the segmentation based on needs or behaviour? Identifying the customer value proposition for each segment is key. This much be with recognisable differentiators and must be unique to each segment. The value proposition must be defendable and demonstrable for sure. Once this is done the next step in planning the value chain and the ways to deliver the same to your customers. You may need a tool such as Balanced Scorecard to drive this and to align all the different stakeholders from sales, supply chain, service and others. At the front end, for instance, sales people must be trained to ask the right questions to the customers to determine the segments they belong to and also to understand the benefits of doing this. At the start of the new strategy implementation, the process must be monitored and improved upon to ensure alignment and successful execution.
By serving your customer needs through these new ways of sophisticated segmentations, you will command the loyalty and sustained growth that you deserve even in a matured industry.
(The writer is CEO and MD of CustomerLab Solutions) | http://www.mydigitalfc.com/opinion/driving-business-proper-customer-segmentation-151 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/350463353409f962df315fee83711382bb9076cb22317742bbe2b61f0f8cc07d.json |
[] | 2016-08-28T10:50:28 | null | 2022-08-28T15:16:00 | Facing roadblocks in India over sale of its genetically modified products, global seeds giant Monsanto is engaging in hectic lobbying with US lawmakers to seek their support for its interest in the fast-growing Indian market. | http%3A%2F%2Fwww.mydigitalfc.com%2Fagriculture%2Fmonsanto-lobbies-us-lawmakers-indian-norms-123.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Monsanto lobbies with US lawmakers on Indian regulatory issues | null | null | www.mydigitalfc.com | Facing roadblocks in India over sale of its genetically modified products, global seeds giant Monsanto is engaging in hectic lobbying with US lawmakers to seek their support for its interest in the fast-growing Indian market.
The company's registered lobbyist Akin Gump Strauss Hauer & Feld has disclosed having being paid more than Rs 1 crore ($150,000) by Monsanto since the last quarter of 2015 for lobbying for “issues relating to the regulation of biotechnology products in India”, along with a couple of other specific issues.
As per the disclosures made by the lobbying firm, it lobbied on behalf of Monsanto Company on India-specific issues in the US Senate, the US house of representatives, the department of state, the department of commerce and the US trade representative (USTR) during the second quarter of 2016.
Its latest disclosure report for Monsanto for the quarter ended June 30 also shows that the “income relating to lobbying activities for this reporting period” was $50,000.
Similar amounts have been disclosed for each of the two previous quarters -- January-March period of 2016 and October-December period of 2015, taking the total amount to $150,000.
While lobbying is legally permitted in the US subject to detailed disclosure about the issues and offices covered and the money spent, a major controversy had broken out earlier after retail behemoth Walmart was found to be lobbying with American lawmakers on retail FDI in India.
Besides issues relating to regulations in India, Monsanto's lobbyists have also disclosed having lobbied on a few other issues in these quarters.
These include issues relating to US regulatory approval of agricultural products and those relating to biotech approvals in China and also the Defend Trade Secrets Act of the US.
As per the lobbying disclosure records, Monsanto had engaged in lobbying activities relating to India-specific issues earlier also between 2007 and 2010 -- directly or through registered lobbyists -- but the disclosed lobbying issue of "India Trade" during those periods was generic in nature and not specifically about "regulation of biotechnology products in India".
When contacted, Monsanto said the lobbying firm helps present the company's perspective on a variety of domestic US and international matters.
“Like other companies and organisations in the US, Monsanto undertakes efforts to participate constructively in the policy making processes and provide our input for legislation and policy decision making,” a company spokesperson said.
Monsanto has been facing problems on multiple fronts in India, including an anti-trust probe ordered by the Competition Commission of India. It is also facing opposition from local seeds companies, farmer bodies and also by certain sections associated with the ruling BJP.
Amid protests against allowing genetically modified mustard in the country, the government has now decided to conduct a public consultation on recommendations made by a panel on bio-safety aspects of commercial cultivation of such crops. | http://www.mydigitalfc.com/agriculture/monsanto-lobbies-us-lawmakers-indian-norms-123 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/873671ccf820a186894ebdd1bc75e92132092afe8f8a49444ab0d00e078363b3.json |
[] | 2016-08-30T10:52:17 | null | 2022-08-30T15:39:00 | Japanese auto major Toyota plans to introduce its new global architecture and latest safety technologies in future vehicles as it seeks to play a major role in bringing down fatalities in road accidents. | http%3A%2F%2Fwww.mydigitalfc.com%2Fcompanies%2Ftoyota-plans-new-safety-features-future-vehicles-210.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Toyota to introduce new safety features in future vehicles | null | null | www.mydigitalfc.com | Japanese auto major Toyota plans to introduce its new global architecture and latest safety technologies in future vehicles as it seeks to play a major role in bringing down fatalities in road accidents.
The company, which has introduced its Toyota New Global Architecture
(TNGA) in its 4th generation hybrid car Prius, plans to introduce it in its future models as well.
Besides, it is also looking to introduce pre-collision system (PCS) in vehicles from next year in Japan, Europe and the US.
“We have introduced the TNGA in the market with our 4th generation Prius. We will introduce it in vehicles following the Prius and eventually introduce it to all our products when there is a model change,” Toyota Motor Corporation assistant chief safety technology officer Seigo Kuzumaki said here.
Stating that TNGA has resulted in new collision safety body structure, he said in oblique frontal crash test, the new Prius has about 55 per cent decline in cabin deformation percentage compared to the previous 3rd generation.
The test was conducted at a speed of 90 kmph as compared to 64 kmph done in the previous generation, he added.
According to Toyota, TNGA incorporates wide reaching structural innovations that promises substantially improved basic performance and product appeal.
Commenting on the PCS, Kuzumaki said: “the plan is to introduce this technology to our vehicles in Japan, Europe and the US in 2017. Later on, it will be rolled out country wise depending on suitability.”
The PCS is a feature that helps prevent collisions using a camera and millimetre wave radar and engaging brake assistance system after warning when a driver fails to use brake.
Although the company hasn't specified a timeline for these technologies to be brought to India, it assumes significance as Indian roads account for registering the highest number of road fatalities in the world.
Deaths due to road accidents in the country increased by around 5 per cent to 1,46,000 in 2015 from the previous year.
As per WHO, fatalities due to road accidents globally were at 1.42 million people and is projected to increase to 1.85 million by 2030. | http://www.mydigitalfc.com/companies/toyota-plans-new-safety-features-future-vehicles-210 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/888c5242752f46397ac6e48cb7e3e8e7e7559dab2f8cadb1c6c196af97295e0b.json |
[] | 2016-08-29T14:51:32 | null | 2022-08-29T18:34:00 | Market benchmark Sensex on Monday reversed its two-day falling trend and ended higher by over 120 points and NSE Nifty regained the 8,600-mark, with auto and capital goods stocks leading the recovery on late-buying. | http%3A%2F%2Fwww.mydigitalfc.com%2Fstock-market%2Fsensex-logs-first-rise-3-sessions-rebounds-120-pts-177.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Sensex logs first rise in 3 sessions, rebounds 120 pts | null | null | www.mydigitalfc.com | Market benchmark Sensex on Monday reversed its two-day falling trend and ended higher by over 120 points and NSE Nifty regained the 8,600-mark, with auto and capital goods stocks leading the recovery on late-buying.
However, a lower opening in Europe and a mixed trend in Asia forced investors to adopt a cautious stance amid indications that the US Federal Reserve could increase interest rates by the end of this year. A higher rate would temper capital flows to emerging markets, including India.
The 30-share Sensex slipped in early trade as investors indulged in trimming their positions amid a weakening rupee against the dollar. However, some value-buying took the barometer to 27,902.66 at the close, up 120.41 points, or 0.43 per cent. Intra-day, it hovered between 27,698.71 and 27,952.85.
Vinod Nair, head of research, Geojit BNP Paribas Financial Services, said, "Market had started on a negative note due to the uncertainty over the timing of FED interest rate hike. Globally, European and American markets were weak. But surprisingly, Indian market rallied in the last hour by 0.7 per cent from the day's low, largely due to short-covering in sectors like auto and other stock specific action."
The 30-scrip bundle had fallen 277.69 points in the past two sessions as investors chose to stay on the sidelines awaiting cues on US rate hikes in Fed Chair Janet Yellen's speech at bankers' meet last week.
Tata Motors stayed in the lead among Sensex stocks by gaining 4.18 per cent to Rs 524.70 as investors widened their bets after its unit Jaguar Land Rover reported favorable quarterly figures on Friday.
Other gainers were RIL (2.85 per cent), Hero MotoCorp (2.81 per cent), ICICI Bank (2.06 per cent), L&T (1.99 per cent) and Adani Ports (2.31 per cent).
However, IT stocks such as Wipro and TCS were among biggest laggards and lost by up to 2.33 per cent.
The NSE Nifty gained 34.90 points, or 0.41 per cent, to 8,607.45 after shuttling between 8,543.75 and 8,622.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 341.35 crore on Friday, as per provisional data.
Of the 30-share Sensex pack, 19 ended higher and 11 other finished in negative terrain.
Among BSE sectoral and industry indices, auto stocks rose by 1.44 per cent, followed by capital goods 1.17 per cent and metal 1.07 per cent. Oil and gas rose 0.38 per cent, PSU 0.26 per cent, consumer durbales 0.26 per cent and banking 0.24 per cent.
In line with overall trends, broader markets too showed a firm trend as mid-cap and small indices gained by 0.49 per cent and 0.09 per cent, respectively.
Globally, Japan's Nikkei ended 2.30 per cent higher while Hong Kong's Hang Seng closed 0.38 per cent lower. China's Shanghai Composite shed 0.01 per cent.
European shares dropped in their early trade as analysts pondered the implications of a key speech by Federal Reserve Chief on interest rates. In Europe, Paris and Frankfurt markets were down up to 0.80 per cent. London market was shut for a bank holiday. | http://www.mydigitalfc.com/stock-market/sensex-logs-first-rise-3-sessions-rebounds-120-pts-177 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/9ae06d4e19ad2bc02ff22f68309d816324583513c68f6971da78567b6dae63af.json |
[] | 2016-08-31T10:53:34 | null | 2022-08-31T15:41:00 | US secretary of state John Kerry said Pakistan had made progress in the fight against extremism in recent months, but urged Islamabad to push harder against militants hiding within its borders as tensions with neighbourng India rise amid more violence in | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Fkerry-urges-pakistan-push-harder-against-extremists-239.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Kerry urges Pakistan to push harder against extremists | null | null | www.mydigitalfc.com | US secretary of state John Kerry said Pakistan had made progress in the fight against extremism in recent months, but urged Islamabad to push harder against militants hiding within its borders as tensions with neighbourng India rise amid more violence in the disputed region of Kashmir.
“It is clear that Pakistan has work to do in order to push harder against its indigenous groups that are engaged in extremist activities,” Kerry said on Wednesday, the second day of a visit to India.
Kerry said the United States had made it clear to Islamabad that it needs to act against groups such as the Taliban-linked Haqqani network and Lashkar-e-Taiba that are suspected of operating from Pakistan to launch attacks against its neighbours India and Afghanistan.
“In fairness, the Pakistanis have suffered greatly from terrorism in their own country,” Kerry said. “All of us need to be supportive and also understanding of how difficult it is to take it on step by step.”
Without elaborating, he added: “I believe that in the last months progress is being made and the Pakistanis are moving at a greater pace.”
The United States accuses the Pakistani intelligence agency of supporting the Haqqani militants and using them as a proxy in Afghanistan to gain leverage there against the growing influence of India there. Pakistan denies this.
Pakistan army has launched military operations in the troubled North Waziristan region, which is said to be the base of the Haqqani group.
Kerry said on Tuesday that Islamabad should not feel isolated by fresh talks that are planned between the United States, India and Afghanistan next month in New York. The last time such trilateral talks were held was in 2013. | http://www.mydigitalfc.com/news/kerry-urges-pakistan-push-harder-against-extremists-239 | en | 2022-08-31T00:00:00 | www.mydigitalfc.com/ec3bf9e9cd7d9142f17eafbe36cc3f51c5f4688a05c4a2cbcde29fdbc37aa69c.json |
[] | 2016-08-30T18:53:31 | null | 2022-08-31T00:04:00 | The rupee staged a solid recovery against the US dollar on Tuesday by rising 16 paise to end at 67.02, its highest level in a month, on heavy selling of the greenback by exporters and banks. | http%3A%2F%2Fwww.mydigitalfc.com%2Fcurrency%2Fre-jumps-1-month-high-fund-flows-equities-233.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Re jumps to 1-month high on fund flows to equities | null | null | www.mydigitalfc.com | The rupee staged a solid recovery against the US dollar on Tuesday by rising 16 paise to end at 67.02, its highest level in a month, on heavy selling of the greenback by exporters and banks.
A massive rally in domestic equities along with smooth supply of dollars on the back sustained capital inflows into equities and debt predominantly helped the upmove.
Bullish comments from the Reserve Bank of India (RBI) that near-term outlook for India seems brighter than the last fiscal and the economy is likely to expand at 7.6 per cent in 2016-17, further bolstered sentiment, a forex dealer said.
The gross domestic product (GDP) data for the June quarter and the fiscal deficit data for July will be released on Wednesday.
In the meantime, the US dollar maintained its bullish momentum to hit a two-week high against other major trading counterparts on buoyant expectations of a Federal Reserve rate rise in the midst of hawkish comments from Fed chair Janet Yellen.
The home currency opened higher at 67.13 from Monday’s closing value of 67.18 at the Interbank Foreign Exchange (forex) market and continued its ascend to close with a solid 16 paise gain, or 0.24 per cent, at 67.02 — the level not seen since July 29 this year. It had lost 12 paise to close at near one-week low of 67.18 on Monday against the dollar. The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.25 per cent at 95.78 in early trade.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 286.52 crore on Monday, as per the provisional data released by the stock exchanges. The RBI fixed the reference rate for the dollar at 67.0879 and euro at 74.9439.
In cross-currency trade, the rupee strengthened further against the euro to end at 74.84 from 75.04 and also firmed up against the Japanese yen to finish at 65.48 compared to 65.73 per 100 yens. However, the home unit held virtually steady against the pound sterling at 87.83. | http://www.mydigitalfc.com/currency/re-jumps-1-month-high-fund-flows-equities-233 | en | 2022-08-31T00:00:00 | www.mydigitalfc.com/1266cc4286f18abb18ec894cb61872b1e1e3a59ece58ff4b27e319da6555a048.json |
[] | 2016-08-29T18:53:29 | null | 2022-08-30T00:21:00 | RBI’s 2015-16 report states current inflation projections are at the upper limit of its objective and the room to cut policy rates can emerge only if inflation is projected to fall further. | http%3A%2F%2Fwww.mydigitalfc.com%2Feconomy%2Frajan-cautious-inflation-says-growth-below-potential-200.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Rajan cautious on inflation, says growth below potential | null | null | www.mydigitalfc.com | RBI’s 2015-16 report states current inflation projections are at the upper limit of its objective and the room to cut policy rates can emerge only if inflation is projected to fall further. “With RBI needing to balance savers’ desire for positive real interest rates with corporate investors’ and retail borrowers’ need for low nominal borrowing rates, the room to cut rates can emerge if inflation is projected to fall further,” said RBI governor Raghuram Rajan in his foreword to the report.“The short term macroeconomic priorities of the RBI continue to focus on bringing down inflation towards the government-set target of 4 per cent — thus far the RBI has followed a gentle glide path, aiming at 5 per cent by March 2017 after having coming below 6 per cent in January; work with the government and banks on speeding up the resolution of distressed projects and completing the clean-up of bank balancesheets; ensure banks have the capital to make provisions, support new lending, and thus, pass on future possible rate cuts,” he said.Alongside, perseverance with disinflation towards the medium-term CPI inflation goal of 4 per cent under a new monetary policy framework, anchoring states to high quality fiscal consolidation and concerted efforts to reverse the erosion of productivity and competitiveness will assume importance as the ambit of structural reforms widens, said Rajan, who will be demit office this weekend.said. He added that once the monetary policy committee is constituted, it would be entrusted with making future policy decisions and would strengthen the transparency, continuity and independence of monetary policy.Inflation, as measured by consumer price index (CPI) for 2015-16, averaged at 4.9 per cent, down from 5.8 per cent in the preceding year. CPI inflation came in at 6.1 per cent in July, above the higher limit of RBI’s target range, as food inflation rose to a 23-month high of 8.4 per cent. Higher food prices and moderating deflation in global commodity prices pushed up WPI inflation to a 23-month high of 3.5 per cent year-on-year in July from 1.6 per cent in the preceding month.NR Bhanumurthy, professor at National Institute of Public Finance and Policy, told Financial Chronicle, “Given that there is an agreement between RBI and the government, it is important for RBI to stick to the inflation target at any cost. Also, inflation expectations are not subdued in the medium term, which is making the central bank worried about containing inflation.”“It is sounding optimistic on growth, as this year’s monsoon is good after two years of drought. The demand constraints are hampering economic growth, but the implementation of the 7th pay commission and good monsoon should revive the demand for manufacturing and services, which in turn, would help in revival of private investment,” Bhanumurthy said.Rajan said that economic growth, while showing signs of picking up, is still below levels that the country is capable of. The implementation of the revised pay scales under the 7th pay commission award from August 1 (with retrospective effect from January 1) is expected to increase headline inflation with a cumulative impact of 10 basis points by March 2017.Expectations of a good monsoon coupled with more money in the hands of government servants (as a result of the implementation of the 7th pay commission recommendations) should boost consumer demand. With final demand picking up, capacity utilisation is likely to increase, and so will investment. “A virtuous cycle of growth is possible, reinforced by anticipation of the coming benefits from reforms like the recently passed goods and services tax legislation in parliament,” Rajan said.Overall, the GVA growth is, therefore, projected at 7.6 per cent in 2016-17, up from 7.2 per cent last year. A better than anticipated agricultural performance and the possibility of allowances under the 7th pay commission’s award being paid out in Q4 of 2016-17 provide upsides to this projection. On the other hand, a rise in the implicit GVA deflator, as WPI inflation hardens, will operate as a statistical downside, said the report.The report said the asset quality review initiated in early 2015-16 has improved recognition of NPAs and provisioning in banks enormously. Some banks have taken significant steps in recognising incipient stress early.“Now more focus should move to improving the operational efficiency of stressed assets, and creating the right capital structure so that all stakeholders can benefit. This implies simultaneous action on two fronts. Where necessary, new management teams have to be brought in, sometimes as owners, and where not possible, as managers.”The report stressed that creative search for new management teams, including the possible use of public sector firms or private sector agents, is necessary, as are well-structured performance incentives such as bonuses for meeting cash flow/profit benchmarks and stock options. If the existing promoter is capable and reliable, they should be retained; the capital structure should be tailored to what is reasonable as per a project’s situation.RBI said that banks can use a variety of schemes by which a more sensible capital structure can be crafted for a struggling project, but the bank should not use such schemes to postpone recognition of a loan turning bad, but because of a carefully analysed move to effect management or capital structure change.Rajan said RBI would continue monitoring to see that schemes are used as warranted.Speaking about RBI’s various medium term reform agenda, Rajan highlighted strengthening public sector banks in all aspects, including governance, cost structure and balance sheets; strengthening risk management, including cyber risk for all financial institutions, ”RBI’s supervision will look into all these aspects, and also strictly enforce penalties for non-compliance with regulations or remedial action plans.” | http://www.mydigitalfc.com/economy/rajan-cautious-inflation-says-growth-below-potential-200 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/3822cb76976acd1c6bcac90f99e9c4b241136173fb8de375e9b07652f9d59dd3.json |
[] | 2016-08-30T16:52:13 | null | 2022-08-30T22:13:00 | Woody Allen has turned 80. But his energy has not ebbed and his creativity has not dimmed. After completing Café Society, which is a movie about how people hold each other to ransom in relationships, Woody is embarking on a new experiment. He is making | http%3A%2F%2Fwww.mydigitalfc.com%2Fop-ed%2Fstreaming-indeed-has-bright-future-217.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Streaming indeed has a bright future | null | null | www.mydigitalfc.com | Woody Allen has turned 80. But his energy has not ebbed and his creativity has not dimmed. After completing Café Society, which is a movie about how people hold each other to ransom in relationships, Woody is embarking on a new experiment. He is making a TV series.
He says, “Amazon badgered and badgered me for two years, sweetening the pot until I could not afford to turn it down.” They drove an easy bargain for the resulting show, Crisis in Six Scenes: six half-hour episodes. Amazon gave him a free hand: “Shoot wherever you like; any period; any stars; don’t show us the script, just call when you’re done.” Woody responded, “I’m not going to take their money and waste it. It was a good bet – I’ve made things before.” If you thought Woody doing a TV series is the astounding piece of news, you missed the point. The real news is: Amazon is no longer a distributor. It is becoming a producer of original entertainment content.
In the near future, the fastest growing business in entertainment will be the business of online streaming. Viewers are fed up of ad breaks and want on-demand entertainment on their devices. Netflix is providing just that. It provides algorithmically-driven choice of entertainment on demand and without breaks. From zero just 10 years ago, Netflix accounts for 35 per cent of peak internet traffic in the US. Therefore, Netflix is a voracious buyer and creator of entertainment content. Its content procurement budget is $6 billion which is three times that of HBO. Many studios, producers, actors, musicians and directors are dependent on Netflix bankrolling new entertainment content creation.
If online streaming is going to be the hottest growth segment of entertainment, can Netflix remain the king of the hill perched in its solitary splendour? That would be a fairy-tale. Rivals Amazon, YouTube and Hulu are readying for battle from different fronts. Amazon is strong in cloud and distribution of books and movies through its online platform. It has a huge customer base, deep pockets and the weapons of customer analytics and algorithms to predict customer preferences. Amazon is also becoming a studio in its own right and commissioning the likes of Woody Allen to create original and proprietary content that Netflix cannot distribute. For Amazon, immediate profits from online streaming is not a do-or-die proposition. It will use its internet TV and online streaming to attract more e-commerce customers. It is also using its cash muscle to corner and outbid Netflix. It has beaten Netflix to acquire BBC Series Top Gear and streaming rights to Mr Robot. By end of calendar 2016 Amazon will have 40 million users- a formidable market share.
Hulu, on the other hand, is attacking from the content side. Hulu is a consortium consisting of The Walt Disney Company, 21st Century Fox, Comcast and Time Warner. They are some of the war heroes of the past: battle-scarred producers and distributors of entertainment content. Hulu believes it has one important advantage over its competitors: advertising. Unlike Netflix and Amazon, Hulu shows have commercial breaks and viewers typically watch three brief spots over the course of a half-hour programme. Hulu contends that it is a key business differentiator while Netflix thinks it is Hulu’s Achilles heel.
The CEO of Hulu, Mike Hopkins, says, “There’s a huge opportunity in digital advertising. There are clearly some customers who don’t like the ads and won’t subscribe because of them, but we’re constantly looking at what we can do to improve the ad experience for viewers.” With digital advertising expected to surpass on-air TV spending by 2017, Hulu is well positioned to cash in. But Hulu has a legacy of the old world and its subscriber base is 9 million compared with 40 million each of its rivals. Hulu has made two unsuccessful attempts to sell itself. When the battle hots up, it is possible that rivals like Google, Amazon or even Apple may gobble it up. On August 8, Hulu bid goodbye to its free service and is now exclusively a subscription service.
Google’s YouTube will be a fierce competitor of Hulu in the space of digital marketing and ad revenues. It has built-up an impressive library of online entertainment content but the focus is probably on building a broadband -based TV ecosystem. It is still far behind Netflix.
What is the strategy of the leader? Netflix will try to retain its leadership status. It is trying to become a production studio in its own right. It will invest more and more in original content. It will also try to plug its gaps in distribution. Netflix is weak in China, which is a large and growing market. With its $40 billion market cap, Netflix will try to buy companies in China and forge alliances.
The dark horse in this race is Apple. Apple has mountains of cash and a need to invest them in a hot business. It may emerge as a strong player. It has a user base willing to pay for content and it can afford to run the music and movie-on-demand business at a relatively low margin, while Amazon’s customer base is highly driven by saving money and Google’s true customer base is its advertisers, not its users.
It is too early to predict the winner of the race. However, there is no doubt that on-demand streaming business has already become the hottest game in town. Watch this space.
(The writer is founder and CEO of Sumantrana, a strategy advisory firm) | http://www.mydigitalfc.com/op-ed/streaming-indeed-has-bright-future-217 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/4afb3de5f2ae084d3596c4c88e4abb0111f980376e7cb88a2e648148560b81a1.json |
[
"Archana Chaudhary",
"Rajesh Kumar Singh"
] | 2016-08-28T18:51:55 | null | 2022-08-29T00:16:00 | India expects to woo $15 billion of investment over five years to double mining output and cut mineral imports. The government's goal is to fast-track exploration, including upfront payments for discovered deposits when the mines are auctioned, mines | http%3A%2F%2Fwww.mydigitalfc.com%2Feconomy%2Findia-seek-15b-double-mining-output-159.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | India to seek $15b to double mining output | null | null | www.mydigitalfc.com | India expects to woo $15 billion of investment over five years to double mining output and cut mineral imports. The government’s goal is to fast-track exploration, including upfront payments for discovered deposits when the mines are auctioned, mines minister Piyush Goyal said in an interview. The administration will invite foreign companies to participate, he said, while acknowledging challenges such as land acquisition and environmental hurdles. “We are working to change the rules of the game from doing small amounts of exploration in an incremental fashion to doing it on a fast-track, one-shot, big-picture way,” he said
There’s “easily” scope to pour Rs 5,000 crore into the search for deposits, he said. The world’s fastest-growing major economy will need to increase supplies of everything from iron ore to coal to achieve prime minister Narendra Modi’s objective of faster development powered by more manufacturing.
Rio Tinto Group and steelmaker Posco are among the foreign companies that have put Indian plans on hold because of red tape and difficulties in acquiring land, an indication of the challenges Goyal’s agenda faces.
India in 2015 embraced competitive auctions as the best long-term approach to resource allocation after bruising corruption scandals over discretionary or free allotments.
The nation auctions exploration and mining rights.
Officials earlier had worked out a policy of paying explorers a royalty over the life of a mine, rather than upfront, after critics said there was not enough incentive for companies to scour for minerals. Goyal, who is energy minister and got mining added to his portfolio when Modi reshuffled his cabinet in July, said mineral exploration in India is “nascent.”
He recommended that overseas explorers and miners consider ventures with local partners – and install largely Indian management – to increase their chances of success in the $2 trillion economy.
The minister said he is assessing the minerals being imported by India to focus the country’s exploration efforts. Imports of iron ore, for instance, may amount to about 10 million tonnes in 2016, according to the CRU Group, a commodities researcher.
Environmentalists have resisted an effort by Vedanta to mine the mineral at Niyamgiri in Odisha. Only about 13 per cent of 575,000 square km with geological potential in India has been explored in detail so far, with minimal private sector involvement, according to the Federation of Indian Mineral Industries.
It does not make sense to import what we already have in our country, said Seshagiri Rao, joint managing director at Mumbai-based JSW Steel. Raising domestic output will put pressure on prices of the commodity and make it more affordable for users. Rio Tinto Group on August 22 said it’s shutting a top class diamond deposit in India – more than a decade after its discovery – part of cost cutting.
Delays in green permits stymied development of the project. The company subsequently said it would seek to source services and equipment from India, and offered voluntary severance to 300 employees.
One of India’s priorities is to attract the top technology used by overseas companies, Goyal said. The administration will respect the environment, he said. “The wealth is below the ground. That is true wealth,” Goyal said. | http://www.mydigitalfc.com/economy/india-seek-15b-double-mining-output-159 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/44547c9cc41894d8d98950ecf9f757e33cc041ffbe90a0af3494fff3d42ab2f9.json |
[] | 2016-08-31T10:53:00 | null | 2022-08-31T15:41:00 | A European Commission order requiring Apple Inc to pay Ireland $14.5 billion in unpaid taxes on Tuesday drew swift rebukes from the Obama administration and lawmakers in Congress, while reigniting calls for US tax reform. | http%3A%2F%2Fwww.mydigitalfc.com%2Fit-enabled-services%2Feu-ruling-apple-stirs-calls-us-tax-reform-243.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | EU ruling on Apple stirs calls for US tax reform | null | null | www.mydigitalfc.com | A European Commission order requiring Apple Inc to pay Ireland $14.5 billion in unpaid taxes on Tuesday drew swift rebukes from the Obama administration and lawmakers in Congress, while reigniting calls for US tax reform.
The White House and the treasury department, which enforces federal tax policy, warned that US-EU economic relations could be affected by the European Commission’s ruling that Apple had received illegal state aid under its agreement with Ireland.
Business groups protested. The Business Roundtable, which represents US chief executives, called the decision "an act of aggression" against a law-abiding US company and a sovereign government.
Members of both parties in Congress pointed to the stunning decision as evidence that the US tax code should be rewritten to give American companies an incentive to bring home some $2.1 trillion in US corporate profits held abroad. But there was no sign that lawmakers were any closer to bridging the substantial divides that have prevented agreement up to now.
“Above all, this is yet another reason why we need to fix our tax code,” house speaker Paul Ryan, the highest-ranking elected Republican, said in a statement. “Today's decision should be a spur to action.”
Apple was found to be holding over $181 billion offshore, more than any US company, in a study published last year by two left-leaning nonprofit roups: Citizens for Tax Justice and the US Public Interest Research Group Education Fund.
“This is yet another example of why we need to reform the international tax system to ensure these revenues come home," said Senator Charles Schumer, the chamber's No 3 Democrat.
Even the European Commission voiced indirect criticism of the US tax code, suggesting that Washington could require Apple's Irish operations to pay larger amounts of money to the US parent to finance research and development, which would increase Apple’s US tax bill.
Former senator Carl Levin, a Democrat whose investigation of US corporate tax avoidance was cited by European regulators, blamed the US internal Revenue Service for failing to challenge Apple's overseas arrangements.
Republicans and Democrats in the Senate have discussed plans to encourage the repatriation of US profits abroad.
But House Republicans hope to move broader legislation next year that would cut the US corporate tax rate from 35 per cent to 20 per cent and adopt a "territorial" system that would exempt the overseas earnings of US companies from US taxation. Democrats have dismissed that as a massive tax giveaway.
Other critics in Washington warned that Tuesday's European Commission move would encroach on US government jurisdiction and ultimately add to the federal deficit.
“We are concerned about a unilateral approach ... that threaten(s) to undermine progress that we have made collaboratively with the Europeans to make the international taxation system fair,” White House spokesman Josh Earnest told reporters.
US representative Kevin Brady, Republican chairman of the House Ways and means committee, called the decision “a predatory and naked tax grab”.
Apple and Ireland said they would appeal the EU decision. But some analysts said the ruling, if upheld, could change the calculus that has kept US corporate money overseas if it means higher taxes in low-tax European countries like Ireland.
“The scheme of US multinationals parking money offshore indefinitely, taxed at zero, may be coming to an end,” said Steven Rosenthal of the Tax Policy Centre research group.
Online retailer Amazon.com Inc and fast-food company McDonald's Corp already face probes over taxes in Luxembourg, while coffee chain Starbucks Corp has been ordered to pay up to 30 million euros ($33 million) to the Dutch government. | http://www.mydigitalfc.com/it-enabled-services/eu-ruling-apple-stirs-calls-us-tax-reform-243 | en | 2022-08-31T00:00:00 | www.mydigitalfc.com/4768389c455cf6ffd1dba80b03b7127dfff0cd45d1fbad7603ee087911722f78.json |
[] | 2016-08-26T12:58:47 | null | 2022-08-26T18:22:00 | Asian stocks were largely steady on Friday, with modest losses in some markets and gains in others reflecting nervousness before a keenly anticipated speech by US Federal Reserve chair Janet Yellen. | http%3A%2F%2Fwww.mydigitalfc.com%2Fstock-market%2Fasia-stocks-wary-dollar-slips-yellen%25E2%2580%2599s-speech-087.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Asia stocks wary, dollar slips before Fed chair Yellen's speech | null | null | www.mydigitalfc.com | Asian stocks were largely steady on Friday, with modest losses in some markets and gains in others reflecting nervousness before a keenly anticipated speech by US Federal Reserve chair Janet Yellen.
European markets are also heading for a flat start, with financial spreadbetter CMC Markets expecting Britain's FTSE and Germany's DAX to open little changed, and France's CAC to begin the day down 0.1 per cent.
“The expectation surrounding (Yellen's speech) has been out of all proportion to the likely outcome, which in all probability is likely to be fairly benign,” Michael Hewson, chief market analyst at CMC Markets in London.
“Some in the markets are slowly coming to the realisation that central bankers the world over are fumbling around in the dark as they try to reinvigorate their economies,” he added.
MSCI's broadest index of Asia Pacific shares outside Japan was little changed as investors awaited some direction from Yellen on whether the Fed might raise interest rates this year. Yellen will speak at 1400 GMT at the annual gathering of global central bankers in Jackson Hole, Wyoming.
The Asia-Pacific benchmark is on track for a 0.3 per cent loss for the week, but is up nearly 9 per cent so far this year.
Japan's Nikkei extended losses to close down 1.2 per cent, bringing declines for the week to 1.1 per cent. South Korea's Kospi dropped 0.2 per cent, on track for a 0.9 per cent slide for the week.
Chinese shares, however, recouped the previous session's losses, with some traders attributing the gains to regulators' denial that insurance money is exiting the market.
The CSI 300 and Shanghai Composite indices each rose 0.2 per cent. They’re on track for declines of 1.5 per cent and 1.1 per cent, respectively.
US stocks were modestly lower on Thursday, weighed down by a drop in healthcare and consumer companies.
Investors in riskier assets are wary of Yellen hinting at a near-term interest rate hike, which could divert some of the massive liquidity that has underpinned global markets.
“After a week where most markets have barely moved from where they started, there are likely a number of traders who would relish a bit of volatility this evening,” Angus Nicholson, market analyst at IG in Melbourne, wrote in a note.
“There certainly is a fear evident in markets that Janet Yellen is going to be surprisingly hawkish and talk up a September hike.”
Hawkish comments from a slew of other Fed officials have already raised markets' expectations of a rate hike this year, though markets are not fully pricing one in till 2017.
On Thursday, several policymakers, including San Francisco Fed president John Williams and Kansas City Fed president Esther George, defended the need to raise interest rates, albeit gradually, to keep the US economy from overheating.
Those comments were roughly in line with the views expressed by Fed policymakers including vice chair Stanley Fischer earlier in the week, adding to expectations that Yellen's comments would be in a similar vein.
But uncertainty pulled the US currency lower, with the dollar index, which tracks the greenback against six major peers, slipping 0.14 per cent to 94.634. That shrank gains for the week to 0.1 per cent.
The dollar was also 0.1 per cent weaker versus the yen at 100.48 yen, having risen a modest 0.3 per cent so far this week.
The euro was treading water at $1.12920, on track to dip about 0.2 per cent on the week. The Australian dollar nudged up 0.25 per cent to $0.7637.
Oil prices pulled back from overnight gains, after Saudi Arabia's energy minister tempered expectations of strong market intervention by producers during talks next month, saying the market is already moving in the right direction.
Global benchmark Brent crude LCOc1 lost 0.4 per cent to $49.49 a barrel, eroding some of the 1.3 per cent gains posted overnight and poised for a loss of 2.75 per cent for the week.
US crude oil CLc1 slipped 0.2 per cent to $47.22 a barrel after rising 56 cents, or 1 per cent, on Thursday. It’s set to end the week 2.7 per cent lower.
Wariness ahead of Yellen's speech gave gold a leg up. Spot gold inched up 0.2 per cent to $1,323.67 an ounce, narrowing this week's losses to 1.3 per cent. | http://www.mydigitalfc.com/stock-market/asia-stocks-wary-dollar-slips-yellen%E2%80%99s-speech-087 | en | 2022-08-26T00:00:00 | www.mydigitalfc.com/e20be5bc1c52f48297f60df3111f8bcaa4a85e6e132018320e4d1491af499df3.json |
[
"Vishwajeet Parashar"
] | 2016-08-30T16:52:35 | null | 2022-08-30T22:13:00 | All of us have some dreams and goals. But are we really investing enough time and money for building the corpus required to achieve these goals? It is a | http%3A%2F%2Fwww.mydigitalfc.com%2Fopinion%2Ftake-advantage-compounding-sip-225.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Take advantage of compounding via SIP | null | null | www.mydigitalfc.com | All of us have some dreams and goals. But are we really investing enough time and money for building the corpus required to achieve these goals?
It is a time-tested fact that if one starts investing early, his/her chances of accumulating funds for desired future financial goals are higher, as compared to those who start investing very late in their lives. But before we come to the advantages of starting investing early, let’s quickly understand the term ‘SIP’ and its benefits.
A systematic investment plan (SIP) is a simple and smart mode of investing money in mutual fund schemes. A SIP allows you to invest with a pre-determined amount at a regular interval (weekly, monthly, quarterly etc) and is less risky when compared to directly investing in the stock market. This is because a SIP comes with many benefits, and one of them is “rupee cost averaging” that allows investors to protect their investments from market volatility.
Your monthly investment buys fewer units of mutual funds when the market is high and more units when the market is low, as the net asset values of mutual fund schemes rise and fall based on that. Now, let’s understand how a mutual fund SIP can actually help you achieve all your financial goals using an example.
The main aim of the example is to show that people who start investing early, even though with a small amount, are still ahead of those who start investing later. In the example, let ‘A’ be the first investor who starts investing at the age of 30, but only contributes Rs 3,000 per month to his investments for building a corpus for retirement that will happen at the age of 60.
A second investor, ‘B’, starts investing at the age of 40 with a comparatively higher contribution of Rs 5,000 per month. The assumption is that both investors earn 15 per cent returns annually.
Upon calculation, investor A is found to have accumulated over Rs 2 crore in 30 years through a monthly contribution of Rs 3,000, whereas investor B is found to have garnered only Rs 75 lakh in 20 years, despite the fact that he contributed a higher monthly amount towards his investments. The reason why investor B could not catch up with the net worth of investor A was because the latter started investing earlier and the power of compounding worked for him (investor A). Let’s understand how compounding actually works:
Compounding means that the returns on your investment themselves become part of the investment and start generating returns. The arithmetic of compounding means that investment starts generating disproportionately higher amount after some years, which makes your long-term investment more rewarding. So, even if you stop contributing in between, you could still stay ahead as a part of your investment will start generating returns for you.
Once you are done with prioritising your financial goals, know how much amount you may need to achieve those goals. Based on that, choose mutual fund schemes for your portfolio. The objective of the investment and your risk appetite lays the foundation of your mutual fund portfolio. One should always invest after assessing one’s objective and risk profile. Any investment made without a financial objective lacks in discipline and one cannot quantify it.
Before taking a step forward, do consult your adviser in order to assess your risk appetite and try keeping your mutual fund portfolio well diversified — a perfect blend of right mutual fund schemes is necessary to avoid any market risk. So give wings to your dreams and start investing in something each month to achieve your goals.
(The writer is senior vice-president and group head, marketing, Bajaj Capital) | http://www.mydigitalfc.com/opinion/take-advantage-compounding-sip-225 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/5eb84e782d00b66f6441f29aac999078a032e02e3fd3e4ef7a80cabd867a75b8.json |
[] | 2016-08-26T13:03:12 | null | 2022-08-26T18:22:00 | The government has given more time to seven SEZ developers and units including Kerala State IT Infrastructure and Telangana State Industrial Infrastructure Corporation to execute their projects. | http%3A%2F%2Fwww.mydigitalfc.com%2Findustrial-policy%2Fgovt-gives-more-time-7-sezs-implement-projects-085.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Govt gives more time to 7 SEZs to implement projects | null | null | www.mydigitalfc.com | The government has given more time to seven SEZ developers and units including Kerala State IT Infrastructure and Telangana State Industrial Infrastructure Corporation to execute their projects.
The decision was taken by the board of approval (BoA) headed by commerce secretary Rita Teaotia in its meeting on August 12.
The BoA is a 19-member inter-ministerial body that deals with SEZ-related
matters. It provides single window clearance mechanism to developers and units in these zones.
The board has granted one more year to Kerala State IT Infrastructure, which is setting up IT/ITeS SEZ in the state.
“The board after deliberations extended the validity till September 18, 2017,” the minutes of the BoA meeting said.
Telangana State Industrial Infrastructure Corporation has planned IT/ITeS special economic zone in Andhra Pradesh.
For this project, the BoA after deliberations “condoned the delay and extended the validity of the formal approval up to July 1, 2018,” it said.
SEZs are exports hubs, which contribute about 16 per cent to the country's total outbound shipments.
The commerce ministry is taking steps to revive investors' interest in these zones. It has asked the finance ministry to extend sops like rollback or reduction in the minimum alternate tax.
Exports from special economic zones (SEZs) logged a marginal growth of 0.77 per cent at Rs 4.67 lakh crore in 2015-16.
The exports from such 204 zones were Rs 4.63 lakh crore in 2014-15.
Highest number of SEZs are operational in states like Tamil Nadu, Karnataka, Telangana and Maharashtra. | http://www.mydigitalfc.com/industrial-policy/govt-gives-more-time-7-sezs-implement-projects-085 | en | 2022-08-26T00:00:00 | www.mydigitalfc.com/c5109da1393a8b02320a2c5a6e1c449f1f4dfb6708347404af0fb537932ecdd1.json |
[] | 2016-08-26T13:00:45 | null | 2022-08-26T18:22:00 | Ahead of the meeting of empowered committee of state FMs with industry chambers, Assocham on Friday said it will press for waiver of penalties on unintentional compliance errors which may occur during the initial phase of goods and services tax (GST) | http%3A%2F%2Fwww.mydigitalfc.com%2Fgovernment-finance%2Fgst-assocham-penalty-waiver-initial-phase-088.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Assocham for penalty waiver in initial phase of GST rollout | null | null | www.mydigitalfc.com | Ahead of the meeting of empowered committee of state FMs with industry chambers, Assocham on Friday said it will press for waiver of penalties on unintentional compliance errors which may occur during the initial phase of goods and services tax (GST) implementation.
The empowered committee of state finance ministers, headed by West Bengal finance minister Amit Mitra, will meet traders and industry chambers on August 30, to understand their concerns.
Seeking adequate time for preparation of the required compliance systems for the industry, Assocham in a statement said it will "bring forth before the empowered committee certain concerns and areas of uncertainties while pleading for waiver of any penalties on unintentional compliance errors which may occur during the transition period".
It said while the industry wants the GST to be introduced at the earliest in view of its benefits to all stakeholders, the government and empowered committee (EC) should give adequate time for preparation for its smooth transition.
"Considering significant increase in documentary requirement and digitisation of the entire GST process, industry has to gear up and change their accounting and computer system after the GST rules are released," Assocham president Sunil Kanoria said.
The government wants to roll out GST from April 1, 2017. The new indirect tax regime will subsume service tax, excise duty and other local levies.
It said in such a mega tax reform, there will be requirement to issue clarification on various GST provisions and hence the government at Centre and the states should gear up for such facility.
"Moreover, the penal provisions for unintended mistake during the transition phase should not be applied as was done in the case of service tax for few years," he said.
The chamber also highlighted concerns over the administrative machinery for implementation of the GST. While the tax base is same for Central GST and SGST, the administration by two authorities may lead to harassment if there is difference of opinion.
"It is recommended that there should be only one administrative authority. Centre and state can form joint team for such purpose," Assocham said.
Besides, there is also concern about the multiple audits and investigations provided in the draft GST Bill spanning over a long period of 3 to 5 years whereas the entire GST process will be fully computerised and each transaction is required to be recorded in the monthly return.
"These excessive administrative provisions need to critically examine to avoid inspector raj which may be counter-productive to the objective of GST to provide ease of doing business," it said. | http://www.mydigitalfc.com/government-finance/gst-assocham-penalty-waiver-initial-phase-088 | en | 2022-08-26T00:00:00 | www.mydigitalfc.com/f5bb4a14286cffe4c0546617b20b07eb4f932f41152333292684bfccd9dcb5e6.json |
[] | 2016-08-31T10:53:11 | null | 2022-08-31T15:41:00 | RBL Bank stock gained as much as 35.8 per cent on its market debut on Wednesday, the first listing by an Indian bank in six years, as investors bet on growth in a country where around half the population has no access to banking services. | http%3A%2F%2Fwww.mydigitalfc.com%2Fstock-market%2Frbl-bank-surges-market-debut-after-182m-ipo-244.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | RBL Bank surges on market debut after $182m IPO | null | null | www.mydigitalfc.com | RBL Bank stock gained as much as 35.8 per cent on its market debut on Wednesday, the first listing by an Indian bank in six years, as investors bet on growth in a country where around half the population has no access to banking services.
RBL’s gains augur well for other financial services firms including ICICI Prudential Life Insurance Co and PNB Housing Finance that are expected to list this year.
The stock of private sector lenders such as HDFC Bank have surged this year as they gain market share from state-run rivals that are struggling under the weight of $120 billion in distressed loans.
The gains by RBL also come as strong stock markets in India have sparked a boom in initial public offerings (IPOs), with 2016 expected to be best year for IPOs in six.
“We are positive that the bank will ... use proceeds and internal cash generation to expand geographical region network,” said Gaurang Shah, vice president at Geojit BNP Paribas Financial Services, adding he did not expect any distress in RBL’s asset quality.
RBL’s shares rose to a high of 305.50 rupees, compared with the IPO price of Rs 225. By 0654 GMT, they were trading 31.9 per cent higher at Rs 296.70.
Its IPO last week had been subscribed nearly 70 over, raising about $182 million from the sale of new stock as well as stakes held by some of its shareholders.
The 73-year old lender has been on an upward trajectory since 2010 when a new management led by former Bank of America executive Vishwavir Ahuja expanded it outside its home base in the western state of Maharashtra, where Mumbai is located.
The bank, which had assets worth about $5.9 billion as of March, now operates 201 branches across 16 provinces.
Private sector lenders are expected to benefit from the authorities' push to expand banking services across a country with a population of around 1.25 billion.
The Reserve Bank of India last year issued two new banking licenses and is creating permits for so-called payments banks and small finance banks, niche lenders that can service the less affluent.
Shares in micro lender Ujjivan Financial Services, which is setting up a small finance bank, have more than doubled in price since making their market debut in May.
Equitas Holdings, another small finance bank permit holder, has surged more than 60 per cent from its IPO price in April. | http://www.mydigitalfc.com/stock-market/rbl-bank-surges-market-debut-after-182m-ipo-244 | en | 2022-08-31T00:00:00 | www.mydigitalfc.com/fcf945a12decc7a5c2779023c53f71e7913abb71e0719ff847cafcd40695b00a.json |
[] | 2016-08-30T16:53:06 | null | 2022-08-30T22:13:00 | Reliance Communications on Tuesday introduced Reliance 4G LTE app-to-app calling — for calls anywhere in the country and worldwide. Under the plan the telecom giant will give 300 minutes | http%3A%2F%2Fwww.mydigitalfc.com%2Ftelecommunication%2Frel-comm-launches-300-min-4g-re-1-223.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Rel Comm launches 300 min 4G for Re 1 | null | null | www.mydigitalfc.com | Reliance Communications on Tuesday introduced Reliance 4G LTE app-to-app calling — for calls anywhere in the country and worldwide.Under the plan, the telecom giant will give 300 minutes of app-to-app talking, valid for 30 days at Re 1, translating into 10 minutes usage per day under the limited period offer.“Reliance 4G LTE customers will get a daily data credit of 7mb into their accounts, which can be utilised to make app-to-app HD voice calls for 10 minutes every day. Any data from this quota, if not utilised that day, will stand forfeited. If the customer uses the daily data quota for any other internet use, the app-to-app calling minutes will reduce proportionately,” said Gurdeep Singh, chief executive officer, consumer business, Reliance Communications.The company that has a customer base of over 107 million, including over 2.6 million individual overseas retail customers, is projecting the offer as a solution to the issues of call drops faced by the customers today.“Using the Reliance 4G LTE network, customers will experience high-definition quality and instant connectivity, freedom from slow internet access and blazing data speeds on the digital superhighway. Existing and new Reliance 4G LTE customers will enjoy instant and crystal clear voice at lower costs,” Singh added.RCom’s 4G LTE network in the 850-MHz spectrum band—considered worldwide as the most optimal frequency for Next-Gen voice and data services—will provide an unparalleled user experience. | http://www.mydigitalfc.com/telecommunication/rel-comm-launches-300-min-4g-re-1-223 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/5258620ea05ec00c78a787d6039db769f9919e17f2bee83e15fc7489c04cc27d.json |
[] | 2016-08-26T12:57:59 | null | 2022-08-26T18:22:00 | Welspun India on Friday said it has appointed consultancy firm Ernst & Young to look into alleged lapses in its products supply after the US-based Target Corp terminated contract with the textiles maker. | http%3A%2F%2Fwww.mydigitalfc.com%2Fcompanies%2Fwelspun-india-hires-ey-probe-us-export-lapses-081.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Welspun India hires EY to probe US export lapses | null | null | www.mydigitalfc.com | Welspun India on Friday said it has appointed consultancy firm Ernst & Young to look into alleged lapses in its products supply after the US-based Target Corp terminated contract with the textiles maker.
“The company has appointed Ernst & Young LLP to review our supply chain systems and processes," Welspun India said in a BSE filing.
Welspun India on Thursday had made announcement about appointing an external auditor 'one of the Big Four' to look into alleged lapses in its products supplied to clients.
“We are in the process of appointing an external independent 'Big Four Auditor', to audit all of our supply systems and processes to understand the root cause. The audit will give us clarity on a number of questions, including where and how the issue occurred and what steps we will need to take to tighten our processes,” Welspun India managing director Rajesh Mandawewala told analysts in a conference call.
He further said: "We have initiated dialogue with a 'Big Four' firm to start audit...We expect the audit to be completed in six to eight weeks.”
The development follows Target Corporation, which had after an extensive
investigation, confirmed that Welspun that uses Egyptian cotton to make bedsheets and pillowcases sold by the retailer, substituted another type of non-Egyptian cotton when producing these sheets between August 2014 and July 2016.
The retailer had said as soon as its investigation confirmed the substitution, it pulled all remaining product from Target stores and Target.Com.
Sales to Target Corp was approximately USD 90 million in 2015-16 for Welspun India and accounted for almost 10 per cent of its overall business.
Global retail giant Walmart is also reviewing cotton certification records of Welspun India.
Shares of Welspun India were trading at 52.05 apiece in the afternoon trade, down 4.32 per cent from the previous close on BSE. | http://www.mydigitalfc.com/companies/welspun-india-hires-ey-probe-us-export-lapses-081 | en | 2022-08-26T00:00:00 | www.mydigitalfc.com/c78554c8ba14a539a8206f380c46df5fd262ebaedebc6ba0693b282530bc3e5b.json |
[] | 2016-08-26T12:58:23 | null | 2022-08-26T18:22:00 | Worried about security risks arising out of in-flight selfies, aviation regulator DGCA may soon ask airlines to strictly enforce a ban on taking pictures inside cockpit and at other critical places, including by crew members. | http%3A%2F%2Fwww.mydigitalfc.com%2Fpolicy%2Fdgca-clamp-down-flight-selfies-089.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | DGCA may ask airlines to clamp down on in-flight selfies | null | null | www.mydigitalfc.com | Worried about security risks arising out of in-flight selfies, aviation regulator DGCA may soon ask airlines to strictly enforce a ban on taking pictures inside cockpit and at other critical places, including by crew members.
While existing rules also put some restrictions on in-flight photography, the regulator will come out with a detailed set of guidelines in a few days in the wake of certain cases coming to the light about possible security risks from clicking cockpit selfies.
With increased use of smart devices, there have been many instances of travellers as well as crew members, including pilots, clicking photographs inside flights.
Against this backdrop, the Directorate General of Civil Aviation (DGCA) is working on guidelines for airlines that would cover various aspects of photography inside an aircraft including selfies.
A senior DGCA official on Friday said the regulator would be soon coming with a circular in this regard, mostly likely next week.
"It will be a safety circular for providing guidance to airlines," the official said, even as he made it clear that there are already rules in place for "photograph at aerodromes or from aircraft in flight".
According to the official, the circular would cover issues such as whether photography is permitted in cockpit including selfies.
The aspects like at what stage of a flight can ground photography be permitted might also included in the circular, he added.
Recently, six pilots of IndiGo came under the scanner of DGCA for allegedly taking pictures in the cockpit with family members.
Under the Aircraft Rules, 1937, photography from an aircraft in flight is prohibited unless there is prior permission from authorities concerned. | http://www.mydigitalfc.com/policy/dgca-clamp-down-flight-selfies-089 | en | 2022-08-26T00:00:00 | www.mydigitalfc.com/bc72573ee325e00ba27f8eea7812a9d6db49b5c246d558fed446a469251aa0e5.json |
[] | 2016-08-29T18:53:18 | null | 2022-08-30T00:21:00 | The Indian Railways has decided to construct new lines on the extreme sides of the existing tracks to prevent encroachers occupying its land, even as the road transport ministry dropped the idea after finding it impractical for safety reasons. | http%3A%2F%2Fwww.mydigitalfc.com%2Fnews%2Frailways-plans-drive-against-encroachment-197.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Railways plans drive against encroachment | null | null | www.mydigitalfc.com | The Indian Railways has decided to construct new lines on the extreme sides of the existing tracks to prevent encroachers occupying its land, even as the road transport ministry dropped the idea after finding it impractical for safety reasons.
The decision is aimed at keeping land for captive use in future when the demand for additional infrastructure is required. It will also help the public sector entity get rid of hassles of land acquisition at higher cost.
"We have now decided that third line will be a line which will be on the side. What we will do is that it will be either extreme left or right and we will leave enough space in between so that when there is demand for fourth line it comes in-between and we do not have to go for land acquisition," railway board chairman AK Mital said.
Speaking to FC, a senior civil engineer with the railways said that once a railway track is laid, the prices of land along it go up, making land acquisition in future a very expensive affair. "Besides, once land along the railway track is illegally encroached and people make permanent settlements the re, removing them becomes big challenge," he said.
The idea to leave land in the middle of the project was first mooted by prime minister Narendra Modi in a meeting to review infrastructure development in the country. This was provided as solution to check the menace of encroachment along the rail and highway stretches. The idea, however, fell on technical parameters.
nirbhaykumar @mydigitalfc.com | http://www.mydigitalfc.com/news/railways-plans-drive-against-encroachment-197 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/87aaf1f65a5b63249a9f19063a6fc00abfda584d388e6e8ac4394ac47e3080b4.json |
[] | 2016-08-28T16:51:10 | null | 2022-08-28T22:15:00 | The telecom sector is set see some big action in the coming months, which could be game changing development. These developments include the much-awaited commercial rollout of Reliance Jio services, another round of spectrum auction and exit of some | http%3A%2F%2Fwww.mydigitalfc.com%2Fsectoral-watch%2Fplayers-gear-big-action-138.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Players gear up for big action | null | null | www.mydigitalfc.com | The telecom sector is set see some big action in the coming months, which could be game changing development. These developments include the much-awaited commercial rollout of Reliance Jio services, another round of spectrum auction and exit of some players leading to consolidation in the sector.Ahead of Reliance Jio’s 4G forays, many analysts are expecting increased activity around consolidation in the sector. Smaller players are at the risk of becoming irrelevant in the market because of lack of mobile broadband spectrum and the saturating voice market.They also face risk of spectrum renewal, starting from the upcoming auction. RCom has announced merger with Shyam Sistema (SSTL) and Aircel through share swap. The primary objective of merger is to postpone risk of spectrum renewal as SSTL and Aircel’s spectrum have longer residual right-of-use period.Bharti acquired Videocon’s airwaves through the spectrum-trading route. Telenor has also indicated possible exit from the Indian market due to lack of affordable spectrum to offer mobile broadband services.According PwC India, consolidation towards the 5+1 network market is now a reality. “Consolidation driven by expensive spectrum and depleting voice revenue share will result in the market consolidating to five private networks and one public sector player by the end of year. The consolidation can be an outright MTS-Reliance like merger or through spectrum trading/sharing deals like Idea-Videocon agreement announced recently, said PwC India in a recent report.The government is planning to start the spectrum auction in the end of September, which, many feel, will not witness aggressive bidding from players leading to the government bringing down the reserve price. The government is looking at Rs 5,00,000 crore from the sale of spectrum. Out of this, Rs 4,00,000 crore is expected from 700 mhz auction.“We believe that impending spectrum auctions will not see aggressive bidding and higher payouts,” said Emkay Global in a report. “Key differences this time are, first, no pressure of renewals, secondly enough spectrum put on sale, and finally, focus on plugging coverage gaps with 3G/4G spectrum in most of the circles, as well as limited participation from Relinace Jio,” it said.The brokerage expects that lack of participation in 700 mhz auction would force regulator/government to cut reserve price for the next round. However, if any operator, mainly Bharti or Idea, participates then it will be a huge negative, as balancesheets are already stretched.The focus of players would be on filling gaps (coverage expansion) and to add spectrum (capacity addition) to offer 3G or 4G in most circles. Further, in the low revenue contributing circles, operators like Idea may continue with intra circle roaming agreements. Focus of incumbent operators would be on purchasing 2,100 mhz either for the first time or to top up existing holding and adding 1,800 mhz spectrum.“Given the decent supply in 1,800 mhz band, we do not anticipate any price meaningful escalation there as well. Limited supply in Uttar Pradesh (east) could result in price escalation (we estimate 30 per cent over reserve price), as both Idea and Vodafone would look to buy 5 mhz spectrum that is put on sale,” Emkay Global said.All eyes are now on the entry of Reliance Jio into the fray. The country’s largest private sector player has invested around Rs 1,25,000 crore for its telecom foray.As part of parent RIL’s earnings release, RJio announced that all approvals are in place for sharing/trading RCom’s network – thus giving access to 850 mhz spectrum in all of India. The last four circles are being implemented and tested, it said.The company announced that Reliance Jio has crossed 1.5 million subscribers as of June, with 26 GB monthly data usage and 355 minutes voice usage.While the data usage is significantly higher than existing players, analysts believe high data consumption is because it’s a free data promo offer. But as the voice usage is comparable to incumbents, it is indicative of Jio being used as primary subscriber identity module (SIM) by many of the early adopters. RJio will be hitting the market with the largest network by capacity.Meanwhile, fireworks have started and allegations and counter-allegations have been exchanged between cellular operators and RJio. While the cellular operators association of India (Coai) has termed RJio’s testing of the network as a bypass of regulations, RJio reacted by saying other players are trying to block its full rollout plans.Many believe that RJio’s entry will trigger consolidation in India, which could be beneficial for the larger players. “While the market is concerned about the potential disruption, Reliance Jio’s 4G will impact top three players’ – Bharti, Idea and Vodafone – revenue/earnings. But we believe it is under-appreciating the benefit accruing from consolidation that could offset the impact of slower industry revenue growth, at least partially,” said ICICI Securities in a report.That Bharti Airtel, Vodafone and Idea continue to dominate the market share was apparent from the fact that they contributed 75.2 per cent of the industry revenues in the June quarter.Bharti Airtel, the country’s largest telecom company by subscriber base, gained the highest revenue market share in the June quarter, while Idea Cellular, the third largest player, clocked a marginal gain in revenue market share, due to its decision to hike voice tariffs, resulting in volume decline for the company.ICICI Securities believes that the likely event of Telenor exiting India would imply Rs 3,400 crore adjusted gross revenue up for grab and also revenue available due to winding up of the code division multiple access (CDMA) services in the near-term.According to ICICI Securities, the top three operators would be major beneficiaries of Telenor’s exit. The potential buyer will have an opportunity to retain entire subscribers, though all major incumbent operators will benefit from Telenor’s exit. “We believe large part of Telenor’s subscribers would be second SIM, who use Telenor for its cheaper outgoing tariffs. After Telenor’s exit, second SIM would cease to exist, thus benefiting primary SIM operator,” it said.Amongst the top three, Idea Cellular would be a major beneficiary of Telenor’s exit because it is strong number two operator in these seven circles with cumulative AGR market share of 25.4 per cent compared with Bharti’s adjusted gross revenue market share of 28 per cent and Vodafone’s 23.5 per cent. These seven circles cumulatively contribute 49.9 per cent to Idea revenue. This compares with cumulative revenue contribution from these circles at 33.8 per cent and 39.5 per cent for Bharti and Vodafone, respectively.But many analysts are cautious. For instance, foreign brokerage house JPMorgan has maintained its cautious view on the telecom sector despite talks of consolidation in the space. The foreign brokerage said India’s telecom data growth story is not intact though there is optimism that this segment will grow 25 per cent on a compounded basis till 2019-20.“The current data trends suggest that all is not hunky-dory with data growth for several reasons – cracks are beginning to emerge in the seemingly unassailable India data growth story,” it said in a note. Major concerns revolve around capex, voice growth and data pricing, JP Morgan said.The foreign brokerage believes that Idea Cellular is the strongest operational play in the India telecom sector. The company has consistently gained subscriber and revenue market share over the past several quarters. Though Idea’s current revenue market share is about 17.4 per cent, its incremental revenue market share is about 30 per cent over the last few quarters.Bharti AirtelBharti Airtel operates in 18 countries and provides GSM, 3G and 4G LTE mobile services, fixed-line broadband and voice services.The company’s sales in Q1FY17 stood at Rs 16,339.70 crore, but the net profit fell over 28 per cent to Rs 1,427.50 crore. According to an IIFL report, the government decision that spectrum usage charge will be a weighted average rate of individual rates for different bands, including 3 per cent for spectrum won in the next auction, is positive for Bharti, since telcos having 2300 mhz will benefit from the weighted average that carries just 1 per cent rate. “We cut FY17 consolidated Ebidta estimates by 1.4 per cent due to Africa operations’ sale (and cut interest outgo and debt) but increase FY18 estimates by 0.6 per cent due to SUC benefit.” ULJK Financial Services said, with strong data adoption, rising 3G penetration and adoption of 4G services, Bharti is on a strong wicket and is well positioned to counter any challenge, which could be posed by JIO.At Friday’s close, the stock traded at 17.45 times the EPS for the past four quarters.Idea CellularIdea Cellular is an integrated GSM operator offering 2G and 3G services, and has its own NLD and ILD operations and ISP licence.The company’s net profit dipped over 80 per cent to Rs 160.41 crore in Q1FY17 against Rs 821.23 crore in Q1FY16. Revenues soared over 7 per cent and stood at Rs 9,449.34 crore. According to a ICICI Direct report, Idea clamped down on promotional offers resulting in improvement in voice realised rate by 3.1 per cent QoQ from 33.3 paise in Q4 FY16 to 34.3 paise in Q1FY 17. But such a strategy has been weighing on voice traffic that fell 1.14 per cent QoQ to 199.3 billion minutes against expectations of 203 billion minutes, leading to a subdued voice revenue growth of 0.6 per cent QoQ to Rs 6,715.8 crore. “We remain wary of disruptions with the impending launch of Jio and downgrade the stock to ‘hold’ with a revised target price of Rs 100,” it said.At Friday’s close, the stock traded at 5.44 times the EPS for the past four quarters.Reliance CommunicationsReliance Communications provides CDMA, GSM mobile services, fixed-line broadband & voice services, DTH depending upon areas of operation.The company witnessed 73 per cent decline in its Q4FY16 net profit. Revenues, too, fell marginally in the quarter to Rs 2,599 crore. According to an IIFL report, “On Q4 earnings call, the firm management mentioned that DoT and high court approval for RCom-Sistema deal is likely in 2 months. Talks with Aircel’s promoters on the RCom-Aircel deal would expire soon and an announcement on this is likely after that. Tower sale would take 2 more months after that. “We cut our FY17-18 Ebitda estimates by 5 per cent each. The firm has not given guidance for FY17 capex since it will be contingent on the RCom-Aircel merger,’ it said.Price to earning ratio could not be calculated because the EPS was below zero.Tata TeleservicesTata Teleservices, a subsidiary of the Tata Group, is number 2 in terms of market share in the NCR region with a subscriber base of 5 million.The company’s net profit in Q1FY17 stood at Rs 108.7 crore, up over 4.6 per cent against the corresponding quarter a year ago. According to a Crisil report, revenue growth continues to be weak. Tata Teleservices’ revenue grew 2.4 per cent YoY, better than 1 per cent in Q1, but significantly lower than the 6 per cent of the preceding four quarters. Revenues came 2.6 per cent less than expected. “We believe the firm’s growth prospects are lower than national peers such as Bharti and Idea due to high exposure to metro markets, which are saturated and characterised by intense competition,” it said.Price to earning ratio could not be calculated because the EPS was below zero.(Compiled by Shishir Parasher) | http://www.mydigitalfc.com/sectoral-watch/players-gear-big-action-138 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/9b2a704380603e76914ac5b0956e553ea3fddf97e8f4446680b544a272dc79b3.json |
[] | 2016-08-26T16:49:04 | null | 2022-08-26T22:17:00 | Talk about small government and big governance. Last week came the news that the Modi government was in the process of setting up two committees whose job it would be to hire retired bureaucrats as consultants in various ministries and departments. | http%3A%2F%2Fwww.mydigitalfc.com%2Fopinion%2Fbfifth-columnistb-when-bigger-better-094.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Fifth Columnist: When bigger is better | null | null | www.mydigitalfc.com | Talk about small government and big governance. Last week came the news that the Modi government was in the process of setting up two committees whose job it would be to hire retired bureaucrats as consultants in various ministries and departments.
The information was duly conveyed to Parliament, which surprisingly remained calm about the development, which seemingly delivers a body blow to the concept of a small government.
Minister for personnel and PMO, Jitendra Singh told the Lok Sabha that bureaucrats and polity were two essential pillars of democracy and civil servants were tools of the government. “We can't achieve good governance with bad tools. Therefore, it sometimes become necessary to appoint retired bureaucrats. We are now planning to set up a committee with representatives of concerned ministries or departments as well as department of personnel which will select such candidates,” he said.
The minister seemed aware of the possibilities of different centres of power coming into existence, once this scheme comes into operation. While appointing retired bureaucrats as consultants, Singh said that the government's efforts were always subjective rather than objective.
“As the consultants and advisers are not to be engaged against regular posts, it is not likely to affect the morale of serving officials or employment opportunities for the youth. Moreover, they bring expertise with them which only improves overall efficiency of the government,” he was quoted as saying.
Government sources said that as per the extant rules, ministries and departments may hire external professionals, consultancy firms or consultants for a specific job, not against regular posts. Some retired senior civil servants, who have the expertise and eminence, are also appointed as advisers with a view to achieve certain specified public policy objectives.
Not just that, the government is also framing guidelines for appointment of retired bureaucrats as consultants, examining the possibility of extending the cooling off period for retired bureaucrats in taking appointment in private sector beyond one year.
The key question, therefore, is how does all this square up with the idea of a small government? The thumb rule in any administration is that small is beautiful. Among the time-tested formula of not arriving at a decision is to leave decision-making in the hands of a large number of people: it is designed to stall and prevaricate as arriving at a consensus between a large team — particularly in a democracy — is nearly impossible to achieve.
Yet, come to think of it, and contrary to common perception of India having a bloated bureaucracy, facts on ground suggest something else — India has only a fifth of as many public servants as the US relative to population and the highest ratio of public servants among the Indian states are in conflict-torn or border districts! A government survey of 2008 makes for interesting reading. It shows that India has 1,622.8 government servants for every 100,000 residents. In contrast, the US has 7,681 government servants for the same population. In other words, the central government with roughly 3.1 million employees has 257 public servants in charge of a population of 100,000 as compared with US’s 840.
This figure dips further if we take into account that approximately 45 per cent of the country’s central staff is employed with the Indian Railways. The figure then drops to an alarming 125 government servants catering to a population of 100,000. Add to it another 7.25 per cent of government employees who work for information, technology and communications services and as such, have little by way of public dealings.
Experts, in fact, suggest on the contrary that the Indian government may be too anaemic. One of the important lessons of economic history of modern nations is that the most crucial requirements of social transformation can only be delivered by public authority. A government that does not pay for skilled personnel to deliver education, health and reform is one that condemns its own people to under-development.
In this great debate, New Delhi-based Institute of Conflict Management has come up with some crucial data whose findings suggest that adequate groundwork on the number of government employees is either flawed or totally inadequate. It concluded that only a few states had centralised records of employees on their role and there remains no published estimates of staff members needed to realise new development objectives.
Even more significant, the highest ratios of public servants to population among Indian states are in conflict-torn or border regions, where the central government has made special funding available for enhancing employment in an effort to contain discontent. Thus, Mizoram has 3,950.27 public servants for a 100,000 population, Nagaland 3,920.62 and Jammu and Kashmir has 3,950.27 for the same population size. Not one state in India comes up to international levels.
Now, contrast this with India’s relatively backward states, which are also much larger in their geographical spread. Bihar has 457.60 per 100,000, MP stands at 827.47 and gigantic UP has 801.67 per 100,000 of the population. What it means is that there is little or no government staff to address provisions of health, education and social services required to deal with the worst kind of poverty. So, if the present government plans to re-induct experienced former civil servants into its fold, there is need to hail the move rather than belittle it. Big government is not necessarily bad. | http://www.mydigitalfc.com/opinion/bfifth-columnistb-when-bigger-better-094 | en | 2022-08-26T00:00:00 | www.mydigitalfc.com/02b7662faa354696016a95f96eb5ad9e58865f90bda54d6192adf1431b16c338.json |
[] | 2016-08-30T18:53:52 | null | 2022-08-31T00:04:00 | The market staged a huge rally with the Sensex surging 440 points to 52-week high, as foreign funds continued to pour cash into Indian equities. | http%3A%2F%2Fwww.mydigitalfc.com%2Fstock-market%2Fglobal-surge-lifts-d-stfont-colormaroon-sensex-peaks-year-high-236.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Global surge lifts D St. as Sensex peaks year-high | null | null | www.mydigitalfc.com | The market staged a huge rally with the Sensex surging 440 points to 52-week high, as foreign funds continued to pour cash into Indian equities. Domestic institutional investors, lead by mutual funds, too joined the broad-based rally to push both midcap and smallcap indices to new peaks.BSE Sensex hit year-high of 28,478 in intraday trading, before closing 440 points higher at 28.343, a gain of 1.58 per cent, while NSE Nifty ended 137 points or 1.59 per cent higher at 8,744.The rally was led by Bajaj Auto, Maruti Suzuki, GAIL(India), Asian Paints, HDFC Bank, Ambuja Cement, Bosch, ACC, Grasim and Eicher Motors.Market watchers said the surge comes in the wake of global markets discounting a rate hike by the US Federal Reserve.“The Indian market is moving in line with global markets. As long as global liquidity remains strong, the market will have an upward bias,” said Anup Maheshwari, president & chief investment officer at DSP Blackrock AMC.After almost 29 trading sessions on Tuesday, Nifty broke through the upper end of the channel in which it had been moving, pushed by a surge in banking stocks. Bank Nifty gained 314 points to close at 19,531. Most banking stocks that had been witnessing profit-booking for some time, witnessed buying in the cash segment, with fresh long positions added in the day’s trading. Most banking stocks have witnessed an increase in open interest, indicating build-up of long positions.The pattern indicated buying by some exchange trade fund (ETF) in both Nifty and Bank Nifty.In early morning trade, the market breadth was positive but not very good, however, by mid afternoon, more stocks joined the upward climb, as market breadth across all sectors turned positive.By close of trading, panic short covering was witnessed on the Street, as prices of out of money call options witnessed a sharp increase.“If the momentum continues, Nifty could touch 8,900-8,950 levels,” said Deven Choksey, MD, KR Choksey Securities.The strong surge, especially the rally in the midcap and smallcap stocks, caught many market watchers by surprise.“Though we are comfortable with the valuations of frontline stocks, valuations of midcaps and smallcaps look quite stretched,” Maheshwari of DSP Blackrock said.The rally in Asian and European equities was attributed to receding fear of an interest rate hike by the Fed. Most Asian markets remained firm, with Hong Kong’s Hang Seng rising 0.85 per cent.Shanghai Composite index was up 0.15 per cent, while Singapore rose 0.06 per cent. Japan’s Nikkei, however, ended a shade lower, while European indices also gained in early trade boosting sentiments in the domestic market.Anand James, chief market strategist at Geojit BNP Paribas, said, “Renewed buying interest from FIIs helped benchmark indices to break free off the excruciating range seen all through August, and this seemed to have attracted further participation from those waiting for a clearer signal.”Foreign funds, which have pumped in Rs 40,462 crore so far this year into domestic equities, are actively buying into frontline stocks.“Institutional buying from both foreign and domestic funds is driving the market. While global ETFs are buying the largecap stocks, domestic mutual funds are buying midcaps and small stocks,” Choksey said. | http://www.mydigitalfc.com/stock-market/global-surge-lifts-d-stfont-colormaroon-sensex-peaks-year-high-236 | en | 2022-08-31T00:00:00 | www.mydigitalfc.com/2c61a89ba2653d75cd86bd88e352fbca7a02df77c386bf00c8f9d40aa801b77a.json |
[] | 2016-08-29T10:51:03 | null | 2022-08-29T14:59:00 | A consortium of banks including SBI on Monday told the Supreme Court that beleaguered businessman Vijay Mallya had deliberately not made full disclosure of his assets including $40 million which he received in February from a British firm. | http%3A%2F%2Fwww.mydigitalfc.com%2Fcompanies%2Fmallya-deliberately-didn%25E2%2580%2599t-disclose-assets-banks-sc-163.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Vijay Mallya deliberately didn’t disclose full assets: Banks tell SC | null | null | www.mydigitalfc.com | A consortium of banks including SBI on Monday told the Supreme Court that beleaguered businessman Vijay Mallya had deliberately not made full disclosure of his assets including $40 million which he received in February from a British firm.
Attorney general Mukul Rohatgi, appearing for the consortium of banks, told a bench of justices Kurian Joseph and R F Nariman that Mallya has not disclosed the amount which he received in February while he had filed the reply in March.
The attorney general said that as per the Supreme Court rules, Mallya has to appear before the court after a notice has been served upon him in a contempt petition.
Rohatgi said that since Mallya had not been granted exemption from appearance, he should not be heard anymore.
Senior advocate C S Vaidyanathan, appearing for Mallya, told the bench that they have filed a petition for recall of apex court's earlier order and said that no contempt has been made.
He also said that the apex court's earlier order to disclose the assets has been complied with.
The bench then asked the attorney general to file a response to Mallya's petition for recall of its earlier order and posted the matter on September 27.
Earlier, on July 25, the apex court had issued notice to Mallya on plea of consortium of banks which alleged that he had not disclosed his full assets including $40 million received by him from a British firm.
The apex court, after noting the submissions by attorney general, had issued notice to Mallya and asked him to respond.
On July 14, Rohatgi claimed that Mallya had provided wrong details of his assets in a sealed cover to the apex court.
He further said a lot of information had also been concealed, including a cash transaction to the tune of Rs 2500 crore, which amounted to contempt of court.
Earlier, the Supreme Court had sought details of assets from Mallya in a sealed cover.
Recently, the consortium of banks had alleged that Mallya was not cooperating in the investigation of cases against him and was averse to disclosing his foreign assets.
In a rejoinder affidavit to Mallya's reply, the banks had said that disclosure of overseas assets by him and his family was significant for recovering the dues.
Rohatgi had earlier said that the beleaguered businessman has also not agreed to deposit "substantial amount" as part of of Rs 9,400 crore loan due on him to establish his bonafide".
Mallya had said the banks had no right over information regarding his overseas movable and immovable assets as he was an NRI since 1988.
He had also claimed that as an NRI, he was not obliged to disclose his overseas assets, and added that his wife and three children, all US citizens, also need not disclose their assets.
The court on April 7 had directed Mallya to disclose by April 21 the total assets owned by him and his family in India and abroad while seeking an indication from him when he would appear before it.
It had asked Mallya, who owes over Rs 9,000 crore to around 17 banks, to deposit a “substantial amount” with it to “prove his bonafide” that he was “serious” about meaningful negotiations and settlement. | http://www.mydigitalfc.com/companies/mallya-deliberately-didn%E2%80%99t-disclose-assets-banks-sc-163 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/45b4b743f4bc7aeaa715c5bfa77c6ec8456d293d4475864b002a1eb74e34c7e7.json |
[] | 2016-08-28T10:51:32 | null | 2022-08-28T15:16:00 | Government is in the process of setting up a Rs 1,500-crore fund to avoid delays in releasing viability gap funding (VGF) to solar power developers under the Jawaharlal Nehru National Solar Mission (JNNSM). | http%3A%2F%2Fwww.mydigitalfc.com%2Fpower%2Fgovt-moots-rs-15kcr-security-fund-solar-projects-128.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Govt to set up Rs1.5k cr payment security fund for solar projects | null | null | www.mydigitalfc.com | Government is in the process of setting up a Rs 1,500-crore fund to avoid delays in releasing viability gap funding (VGF) to solar power developers under the Jawaharlal Nehru National Solar Mission (JNNSM).
“State-run Solar Energy Corporation of India (SECI) will set up a Rs 1,500 crore payment security mechanism (PSM) to ensure timely payment of VGF to the developers of solar power capacities under the JNNSM,” a senior official said.
The official further said, “this fund will have a corpus to cover three months payment for the various VGF schemes approved by ministry of new & renewable energy (MNRE) from time to time.”
The fund is significant as the government has set the target of adding 100GW of solar power by 2022.
The fund will also cover delays/defaults in payments to SECI by entities (discoms/state utilities/bulk consumers), so that timely payment to developers could be ensured.
It will provide support to SECI to meet financial implications on account of regulatory/policy/legal/evacuation/ open access requirements, not foreseen at the time of approval of the schemes as well as difficulties arising during implementation of power purchase agreement or power service agreement or VGF securitisation.
SECI will open a separate flexi bank account to create and operate the fund. It will also be responsible to make the payments within scheduled timeframe as per the power purchase agreement.
Government introduced VGF mechanism while implementing JNNSM phase II, wherein solar projects developers are selected through transparent
competitive process to supply power at a pre-determined tariff.
First scheme under VGF mode for 750 MW capacity has already been implemented.
The ministry implemented second scheme for setting up of 2000 mw
of grid connected solar PV projects in August last year. Another scheme for 5000 mw through VGF support was sanctioned in February this year.
Besides these schemes, the ministry has also sanctioned several other schemes under VGF mode like solarisation of Indo-Pak Border and special scheme for high visibility areas.
The fund will also cover other solar energy schemes approved by the ministry in coming days. | http://www.mydigitalfc.com/power/govt-moots-rs-15kcr-security-fund-solar-projects-128 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/1fa0a098559e0f874ce8289e7c43e72a3fab8815f447d66afe9f55b0845846fa.json |
[] | 2016-08-28T10:52:04 | null | 2022-08-28T15:16:00 | Looking to deal with long-suspended listed companies in a swift manner, the National Stock Exchange has identified 140 such firms for delisting from its platform and the process is likely to be completed by October-end. | http%3A%2F%2Fwww.mydigitalfc.com%2Fstock-market%2Fnse-complete-delisting-process-140-firms-130.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | NSE to complete delisting process of 140 companies in two months | null | null | www.mydigitalfc.com | Looking to deal with long-suspended listed companies in a swift manner, the National Stock Exchange has identified 140 such firms for delisting from its platform and the process is likely to be completed by October-end.
Trading in these 140 companies have remained suspended for five years and more and their delisting would take place in a phased manner, a top official with the NSE told PTI.
The National Stock Exchange (NSE), which has in the last few days already announced delisting of 34 listed companies, is planning to delist another 46 firms by end of next month.
Delisting of remaining 60 companies is also likely to be completed by October-end.
“NSE will delist these companies in tranches, a total of 80 companies would be delisted by end of September, following that delisting for 60 companies would happen," NSE chief (regulations) V R Narasimhan said.
“We have so far only identified entities in which trading has been suspended for five years and more, we are not looking at initiating delisting process against companies which have been suspended for three years,” he added.
In April, NSE had named 80 companies for compulsory delisting through a public notice.
The firms, including Pyramid Saimira Theatre, had been issued show-cause notices asking why their respective equity shares “should not be delisted from the exchange”.
NSE was unable to reach these firms but following the public notice, some of them have contacted the exchange. Some are going through liquidation process.
Earlier this month, NSE had issued a notification stating that 14 companies would be delisted from August 31 as they were under liquidation.
On August 26, it had also said that 20 companies including Pyramid Saimira Theatre, would be delisted with effect from September 12.
Under compulsory delisting, these firms would cease to be listed on the exchange and would move to the dissemination board of the exchange.
The exchange's closest rival, BSE, has also delisted 194 companies on August 17. These entities have remained suspended for more than 13 years.
Trading in shares of over 1,000 firms listed on the BSE are under suspension for a period of seven years or more.
The delisting is taking place against companies whose shares are listed on the exchanges but where trading has been suspended for various non-compliance issues for long period.
Besides, there are over 3,000 companies listed on various regional stock exchanges that have become defunct. | http://www.mydigitalfc.com/stock-market/nse-complete-delisting-process-140-firms-130 | en | 2022-08-28T00:00:00 | www.mydigitalfc.com/03525c661176ef4439d7c975082d0d972410fc2743b9d56878b8474796dfe4a0.json |
[] | 2016-08-29T12:52:11 | null | 2022-08-29T18:17:00 | State-owned Indian Oil Corp (IOC) on Monday reported a 25 per cent jump in first quarter net profit, as it also declared a 1:1 bonus share. | http%3A%2F%2Fwww.mydigitalfc.com%2Fcompanies%2Fioc-q1-profit-jumps-25-issue-bonus-shares-173.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | IOC Q1 profit jumps 25% to Rs 8,269 cr, to issue bonus shares | null | null | www.mydigitalfc.com | State-owned Indian Oil Corp (IOC) on Monday reported a 25 per cent jump in first quarter net profit, as it also declared a 1:1 bonus share.
Net profit of Rs 8,268.98 crore, or Rs 34.90 a share, in April-June was 25.46 per cent higher than Rs 6,590.83 crore, or Rs 27.81 per share, net profit in the same period a year ago, the company said in a regulatory filing.
The company earned $9.98 on turning every barrel of crude oil into fuel in April-June as compared to a gross refining margin of $10.77 per barrel.
IOC said all of its Rs 1,331.69 crore revenue loss on sale of PDS kerosene during the quarter was reimbursed by the government.
Drop in oil price meant its revenue fell from Rs 1,14,200.24 crore for the quarter ended June 30, 2015 to Rs 1,07,670.95 crore in first quarter of current fiscal.
The board of directors of IOC approved a bonus shares in the ratio of 1:1 -- one equity bonus share of Rs 10 each for every one existing equity share of Rs 10 each fully paid up subject to the approval of the shareholders. | http://www.mydigitalfc.com/companies/ioc-q1-profit-jumps-25-issue-bonus-shares-173 | en | 2022-08-29T00:00:00 | www.mydigitalfc.com/d266a3e6ea42944b447739980ad692b2b59ad7899f4d0c5af794cea714a9695f.json |
[] | 2016-08-30T10:51:53 | null | 2022-08-30T15:39:00 | Reserve Bank on Tuesday made a strong case for providing more capital to public sector banks to deal with the problem of stressed assets and get back to a position | http%3A%2F%2Fwww.mydigitalfc.com%2Fmonetary-policy%2Frbi-moots-more-capital-psbs-deal-npas-211.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | Need to provide more capital to PSBs to deal with NPAs: RBI | null | null | www.mydigitalfc.com | Reserve Bank on Tuesday made a strong case for providing more capital to public sector banks to deal with the problem of stressed assets and get back to a position from where they can start generating internal accruals.
“Indian banks got into stress before implementation of Basel III and revised IFRS which provide protection against system level stresses...so we have to find more capital for supporting banks today. Of course government of India has supported entire AQR (asset quality review) exercise that we have done," RBI deputy governor NS Vishwanathan said.
“The government has been supportive and they have provided requisite capital for the public sector banks. We need to ensure that stressed asset build-up is contained so that banks get back to generate adequate internal accruals," he said.
He also said that provision coverage ratio (PCR) has witnessed a decline in the last few months.
“PCR means the difference between gross NPA and the net NPA, that much has to be covered if net NPA is zero which means assets are fully provided for. At one point of time, it used to be 70 per cent...as banks are able to generate profit they will be able to do that,” he said at an Assocham event here.
Last month, the government injected Rs 22,915 crore capital in 13 lenders including SBI and Indian Overseas Bank to revive loan growth, which hit a two-decade low, to shore up cash-strapped public sector banks.
This is the first tranche of capital infusion for the current fiscal and more funds would be provided in future depending on the performance of PSBs.
Finance minister Arun Jaitley has also promised to provide more capital to public sector banks if they require.
Overall Rs 70,000 crore in capital is to be invested over four years to contain risks in the banking industry.
Out of the Rs 22,915 crore, State Bank of India (SBI) will get Rs 7,575 crore, followed by Indian Overseas Bank Rs 3,101 crore and Punjab National Bank Rs 2,816 crore.
The infusion will boost the government's shareholdings in the banks, which have been under-capitalised compared with their private peers because of restrictions on their ability to sell equity to raise money.
The average capital adequacy ratio (CAR) -- or the ratio of a bank's capital to its risk -- for public sector banks stood at 11.6 per cent as of March 31, lower than 13.2 per cent for banking system as a whole. Basel-III regulations provide for bank to have a minimum capital ratio of 9 per cent by March 31, 2019.
RBI on retail lending
RBI on Tuesday said everything is not hunky-dory about public sector banks' retail lending and underlined the need for improving credit appraisal and monitoring.
“If you look at the credit growth you do see that there is more growth in private sector as opposed to the public sector banks and then you have problem of the public sector banks also going for retail. It is not necessary that everything is hunky dory in retail,” RBI deputy governor NS Vishwanathan said.
“And you do not want to create a leverage in household... what we need is that a proper understanding of risk and mitigation of the risk so that banks are lending to right parties... we believe that information asymmetry is the main bottleneck in some credit appraisal and strong credit monitoring,” he said.
The deputy governor also said while the RBI believes that businesses can get into financial difficulties and genuine business needs should be supported and malfeasance should be property dealt with.
“We have therefore put in place a detailed system for identifying wilful defaulters and non-cooperative borrowers with attendant consequences to the borrowers who are so declared. We also believe that frauds should be sternly dealt and have created a fraud registry,” he said.
The government has notified the amendment to the DRT and SARFAESI
Act which will speed up the debt recovery process, he said, adding, the insolvency code has already been enacted.
The government has set up a committee, with four sub-groups, to formulate detailed regulations and rules to operationalise the code within short time span, he said.
The government has also taken steps to improve the corporate governance in the public sector banks, he added. | http://www.mydigitalfc.com/monetary-policy/rbi-moots-more-capital-psbs-deal-npas-211 | en | 2022-08-30T00:00:00 | www.mydigitalfc.com/3ea03e9b5124e2bd2f351cd5b539c47c36c8e85a764f622b85930146728093dd.json |
[] | 2016-08-26T20:49:34 | null | 2022-08-27T00:52:00 | Who says it’s a fair world? India Inc? Forget it. Despite the tall claims corporate India has been making in terms of ensuring gender diversity at the workplace and being gender neutral in terms of opportunities, the depressingly simple fact is that | http%3A%2F%2Fwww.mydigitalfc.com%2Fcareers%2Fcolormaroonwomen-red-118.json | http://www.mydigitalfc.com/sites/all/files/fc_favicon.ico | en | null | WOMEN IN THE RED | null | null | www.mydigitalfc.com | Who says it’s a fair world? India Inc? Forget it. Despite the tall claims corporate India has been making in terms of ensuring gender diversity at the workplace and being gender neutral in terms of opportunities, the depressingly simple fact is that women are paid less than men.Consider some statistics that a recent study by Monster.com has put out. As far as India Inc is concerned, on an average, men earned Rs 288.7 per hour in 2015 whereas their female colleagues earned just Rs 215.5, which is 25.4 per cent lesser. This pay gap was 27 per cent in 2013 and 24 per cent in 2014, the study points out.While traditional sectors like manufacturing are still taking time to usher in the gender paradigm, surprisingly, in new-age information technology (IT), India’s trump card in its claim to economic fame, women are paid lesser than men.Gender pay gap occurs in two ways -- when men and women working at the same level get a differentiated pay as in the case of construction and healthcare sectors. In most other sectors, men and women with the same years of experience get different pay because women lag behind men while scaling up the career ladder, which offers better salaries at each step.Says Suman Rudra, India HR leader, NCR Corporation: “At the entry level, most organisations do not make a distinction between men and women in terms of pay. But over a period of time, this distinction widens as women are not able to move up in a career as fast as men, for several reasons.” Predictably, societal and familial pressures take a toll on the woman’s career at some point of time while men are left with the freedom to pursue a steady flight in their career.“Studies have shown that 25 per cent of women in the corporate sector drop out of a job after childbirth as taking care of children and other members of the family and household chores are primarily women’s responsibilities. In many cases, consciously or not, job takes a backseat. Even if a woman gets back to work, her priorities shift in favour of fulfilling family responsibilities. In the process, she is not able to give enough time at work and take up lucrative assignments, affecting promotions and increments,” says Sonal Arora, vice president, Teamlease.It leads to situations, not uncommon, when women decline a promotion when it requires relocation and extensive travelling. They are also hesitant to move organisations in search of better job prospects, being tied down to family responsibilities.Despite efforts to redress the balance, it is evident that gender can affect an individual’s earning potential. Points out Sanjay Modi, managing director, APAC and Middle East, Monster.com, “It is disappointing to note that the gender pay gap is evenly reflected across sectors in India. According to many critics, the occupational and personal choices women make explain a significant proportion of the pay gap. Women are constantly faced with tough choices to balance work and personal life. However, many forget that doing so is not her sole responsibility; rather it’s a choice that they end up making.”When it comes to salaries, women brought up in the Indian cultural milieu are trained not to ask what they need. “During promotion talks and salary negotiations, men are found to be better than women. Men are also demanding when they join new organisations. Women are taught not to be demanding and wait for things to happen in their due course. This has much to do with their cultural upbringing,” explains Arora. This is one of the reasons why women in some sectors like healthcare and construction are paid lesser than men even at the same level.There are also few sectors which prefer male to female employees, going so far as to even favouring them for promotions to supervisory positions. These sectors have traditionally been male-dominated. Many companies tend to judge performances by the hours an employee spends at the workplace. Men, who hand around for longer hours, are considered better workers compared to women who finish their work and leave early.Women too find comfort in certain jobs, the selection of which have less to do with career betterment and salary prospects and more with the comfort level they offer in striking a good work-life balance. There are a few factors that are common to women across sectors, the challenges in each one as diverse as the sectors themselves.In case of IT, a sector seen as the most progressive in terms of human resource practices, this gender gap was shockingly high at 34 per cent in 2015. In median, men earned Rs 360.9 per hour whereas women earned only Rs 239.6. While men’s wages have increased marginally between 2013 and 2015, remuneration for women has recorded a significant drop by Rs 55, finds Monster.IT is also one sector that carries less historical baggage. The companies have a global clientele and are more aware of international best practices and importance of gender diversities. Being a people-driven industry, the management of human resources too is key to the success of an organisation. The employees are largely younger compared to other sectors and the men-women ratio too is much better balanced than in other sectors.“Women, as in other sectors, face challenges when it comes to taking care of their children and family. But IT companies have always tried to get them back to work. They are proactive in taking steps to provide better work-life balance to their employees, especially women,” explains Hema Parikh, director HR, Ajuba Solutions.IT companies always claim to adopt women-friendly policies and measures to provide a better work-life balance, but it comes at the cost of pay, increments and promotions. Most companies are flexible in their timings if women have other responsibilities to meet, with some providing options like work from home. Women are also allowed to opt out of overseas assignments, odd-time projects and extensive travelling. But being a constantly evolving sector, employees have to keep pace with changes. There have been occasions when women who take a break find themselves outdated when they join back.“In IT, performance alone matters. A person who runs around, takes up additional responsibilities and assignments, is going to grow. Women are encouraged to take more responsibility at work with passion. But at the end of the day, women who seek more work-life balance will be recognised accordingly, not equivalently,” admits Parikh.That’s why, the strength of women staff tapers down as people move up the career ladder. At the junior and mid-level, the ratio between women and men is almost 40 to 50 per cent in IT. But when it comes to the top-level, it is just 10 per cent. Parikh adds: “It was four to five per cent a few years ago, but has moved up to 10 per cent now.”Says Teamlease’s Arora: “The percentage of women in leadership roles in IT is much better than the entire industry, which is around 5 per cent. But the salaries are significantly higher in the top positions in IT. When you take the weighted average, men will be earning more, as 90 per cent of the highly paid employees are men. This increases the disparity in pay between men and women and hence we are seeing such a gender pay gap in IT.”In manufacturing, where the women workforce constitutes hardly 20 per cent, the gender pay gap in 2015 was pegged at 34.9 per cent. The average hourly wage for men was Rs 259.8 and women Rs 192.5. This is a difference in wages of Rs 67.3. Men’s wages have increased slightly over the years (a yearly average of Rs 2.45), while women’s wages have slipped from 2013 to 2014, but has picked up slightly in 2015.“Manufacturing is an old-economy sector with a traditional mindset and heavily dominated by men. In most of the segments, including auto and ancillaries, power and capital goods, we would largely see men across different levels. The mindset is that women are not capable of doing heavy jobs in the sector, though most of the companies have become fully automated,” says Arora.Manufacturing also does not figure in the list of sectors traditionally preferred by women. “Women find manufacturing less attractive than services. There is a perception that women are inflexible to the needs of the sector like doing night shifts, odd hours and reaching factories away from the cities,’ adds NCR Corporation’s Rudra.In addition, labour laws for the manufacturing industry do not allow women to work in night shifts, as it is not considered safe. But women in IT and ITeS work on night shifts and odd hours and travel far to get to their offices. The industry has understandably been seeking labour reforms to change some of these archaic perceptions.Indeed, finding women on the shop floor is difficult in India. Most of them get employed in support functions like administration, finance and human resource management. Even within the manufacturing sector, women employment is different is different segments. Textiles, especially garment manufacturing, employs a lot of women. But textiles have always been driven by cheap labour and women are inadequately paid for the work they put in.Adds Rudra: “The number of women is slowly increasing in segments which need patience and fine motor skills like electronics, hardware, telecom products.”A 26 per cent gender pay gap exists in this sector, as men earned Rs 240.6 per hour in 2015, but women only Rs 178.3. In healthcare, women constitute a healthy 22 per cent of the workforce. The numbers, naturally, come down to 16 per cent in mid-level and four per cent at the top level.The bulk of this women workforce is concentrated in the role of nurses. A nurse takes home a salary, which is a pittance compared to what goes into the pocket of the doctor. In cities, a starting salary of nurses would be Rs 6,000-Rs 8,000 per month, while doctors take away Rs 1.5 to 2 lakh. While the salaries of nurses would have gone up 20 to 30 per cent in the last 10 years, that of doctors have risen by 10 to 15 times. Unfortunately, the number of women doctors in India is a lot lesser compared to men. Due to the rock-bottom salary structures, every year a large chunk of Indian nurses move out to West Asia, the US and the UK, despite scarcity back home.Points out Ashwajit Singh, managing director, IPE Global: “Nurses work long hours, do night shifts and their working conditions are far from desirable. But their pay is not even comparable to doctors. Even among nurses, male nurses are paid better than their female counterparts. Hospitals, which pay differentiated salary to male and female nurses, justify that men are made to do nursing jobs which need more strength like lifting patients and heavy equipment. Men also get easily promoted to supervisory roles.”He adds: “The differentiation is evident even among specialised doctors. Generally, women are found in specialties like gynaecology and paediatrics. Cardiology, orthopaedics and neuro surgery, which are the forte of men, are better paid than gynaecology and paediatrics in many private hospitals.”Missionary hospitals have always propagated the perception that nursing is a social service and hence looking at it as just another job and demanding salaries, is not proper. Women getting into the service are expected to be meek, never demanding salaries due to them. The absence of workers’ unions among nurses too adds to the problem.In the biotechnology and pharma sectors, which are also part of healthcare, the presence of women is strictly limited. “One has to dedicate more years to education in order to get into research and the job too requires extended hours at work. So women tend to opt out of research,” admits Teamlease’s Arora.Wage discrimination is rampant in the construction sector as well, which is also highly unorganised. Organised players account for hardly 10 to 15 per cent of the industry. Women in this sector are unskilled labourers at the worksite. For years, their wages have been at least 50 to 60 per cent lower than that of men. Wages go up for skilled labour like masonry, carpentry and plumbing, but these again, are men’s domains.In supervisory roles too, there are hardly any women. Even within construction companies, women take up support functions like finance and accounting. “Educated women hardly prefer construction-related jobs, as they are expected to deal with labour unions, liaison with government departments and on several occasions, pay a bribe as well. There are very few at leadership positions in construction companies, apart from those women who belong to the promoter family,” points out Arora.Studies indicate that only 33 per cent women in India are part of the workforce. The contribution of women to the country’s GDP is 17 per cent and India can add at least 16 per cent to the national income if women joined the labour force in proportionate measure, finds a study by Teamlease. Achieving this requires the country to recast its outdated societal outlook substantially. Outdated attitudes and beliefs perpetuated through decades of cultural sanctions and patriarchal hierarchies have set gender roles that hinder equal opportunity.Says IPE Global’s Singh: “Lower the workforce, lesser will be the salaries. We need to get more women into the workforce and this will automatically raise the pay levels.” He has a point. But typically, efforts to get more women into the workplace needs initiatives from different levels -- the government, industry and family.Extending maternity leave is one such recent initiative to encourage women to get back to work after a break. The recent Model Shops and Establishments Act allow women to work late hours in stores. It will also push up their employment in the retail sector.“The government should undertake labour reforms for the manufacturing sector, allowing women to work in night shifts. This will increase availability of labour in this sector, especially textiles. Initiatives like startup India should reserve a portion of their funds for women entrepreneurs and also help them with mentoring,” opines Rudra.Adds Singh: “The government has to fix a minimum wage structure for nurses in order to avoid exploitation by hospitals and drain of nursing talent.”A proactive industry can bring back the women workforce, which drops out after the proforma maternity break. Some IT companies are beginning to provide crèche facilities, flexibility in timing and training to keep women updated, post a break.When women too find that they are not being discriminated against for bearing a child and taking up family responsibility, they will be motivated to get back to work. Some multinational companies have been setting such examples for others to follow in the industry.Points out Vinita Shrivastava, senior director, Harman India, HR & global mobility: “There have been occasions in our office where women who had returned from maternity leave were promoted within a week. Also, there are women on our shop floor. There was a glass ceiling a few years ago, but it is breaking at least in the top cities and among companies like ours. Women account for 22 per cent of our workforce and we expect this to go up to 30 to 35 per cent in the near future.”Companies have also been conducting programmes to sensitise employees about gender diversity at the workplace. “These sensitisation programmes should also be conducted for families of the employees. If families are willing to share household responsibilities, women can dedicate more time and energy for their work,” says Arora. If all goes according to plan, hopefully, this gender-gap would get a lot less narrow than it is now. | http://www.mydigitalfc.com/careers/colormaroonwomen-red-118 | en | 2022-08-27T00:00:00 | www.mydigitalfc.com/3bf33f0762e9f546c6ecc9d64b0008621c748d823e398c64a0563c835cf3de11.json |
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