To know what is making news in the world of auto, watch Motoring News of Overdrive.
To know what is making news in the world of auto, watch Motoring News of Overdrive.
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Motoring News: Everything that's making news in auto world
Written By Unknown on Sabtu, 11 April 2015 | 23.24
Transgression by China into Indian territory has reduced
"The border dispute with China is not new. It has been existing right from the time of India's Independence. It is an imaginary line and there are some issues which are related to perception," Parrikar told Media, ahead of Prime Minister Narendra Modi's scheduled visit to China next month.
Instances of transgression by China into the Indian territory have reduced in the last one year owing to confidence building measures between the two sides, Defence Minister Manohar Parrikar said on Saturday.
"The border dispute with China is not new. It has been existing right from the time of India's Independence. It is an imaginary line and there are some issues which are related to perception," Parrikar told Media, ahead of Prime Minister Narendra Modi's scheduled visit to China next month.
"In last few years we have taken certain steps. We have built confidence and the dispute has frozen. Compared to last year, this year the (instances of) transgression is less," he said.
"Their army walks into the territory which we consider as ours. But these confusion areas have reduced, the number is also less during last one year," he said.
Responding to a question whether Modi would take up the border dispute issue during his visit, Parrikar said, "I think when Modi goes there, he can sort out some issues".
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Gold regains Rs 27K level on global cues
Besides, increased buying by jewellers to meet wedding season demand helped the precious metal to recapture the crucial level. Silver also advanced by Rs 150 at Rs 36,900 per kg on increased offtake by industrial units and coin makers.
Gold prices rose for the second straight day and reclaimed the psychologically important Rs 27,000-mark, surging by Rs 280 to trade at Rs 27,080 per 10 grams at the bullion market on Saturday amid a firming global trend.
Besides, increased buying by jewellers to meet wedding season demand helped the precious metal to recapture the crucial level. Silver also advanced by Rs 150 at Rs 36,900 per kg on increased offtake by industrial units and coin makers.
Bullion traders said besides a firming trend overseas, increased buying by jewellers mainly led to the rise in gold prices.
Gold in New York, which normally sets price trend on the domestic front, shot up by 1.16 percent to USD 1,207.30 an ounce and silver by 2.07 percent to USD 16.49 an ounce in yesterday's trade.
In the national capital, gold of 99.9 and 99.5 percent purity rose by Rs 280 each to Rs 27,080 and Rs 26,930 per 10 grams, respectively.
It had gained Rs 50 yesterday. However, Sovereign remained flat at Rs 23,700 per piece of eight grams in scattered deals. In a similar fashion, silver ready rose further by Rs 150 at Rs 36,900 per kg and weekly-based delivery by Rs 310 at Rs 36,710 per kg.
On the other hand, silver coins, however, traded at last level of Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces.
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Apple CEO Cook: Orders are 'great' for Apple Watch
The hyped watch became available for pre-order early Friday morning and sold out online within hours. Buyers of some models won't receive their devices until May, while others will have to wait until July.
Consumer enthusiasm for the Apple Watch has impressed Tim Cook.
While visiting an Apple store in California on Friday, the tech behemoth's CEO told CNBC that reaction to the smartwatch has been "extraordinary."
"Customers have been giving us great feedback and orders have been great, as well," Cook said.
Surrounded by a crowd outside the Palo Alto store, Cook also showed off his watch of choice, a stainless steel model with a white band.
By midmorning Friday, "Apple Watch" listings surfaced on eBay.
Despite customer enthusiasm and mostly positive reviews for the watch, Apple stock has reacted sluggishly. Shares in the company were 0.4 percent higher Friday afternoon.
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Q4 nos may not be good; pharma stocks costly now: Expert
Independent market expert Ratnesh Kumar believes it is a long-term bull market now and so, in between there will be ups and downs. According to him, the basic challenge now is the earnings growth and March quarter is unlikely to end with very exciting numbers.
In an interview to CNBC-TV18, Kumar said most pharmaceutical companies are quite expensive now and therefore, it would be tough to increase allocation there.
Below is verbatim transcript of the interview:
Q: Do you think market is back on the path of taking all time out and has the bull market resumed or do you think some more correction is left in the market?
A: We are in a long-term bull market and so, in between you will have ups and downs in the market. There has been a rally based on the amount of growth recovery, faith in the new government and policies but you yet to see the numbers come through, be in terms of corporate earning or macro and there is struggle that keeps happening and from time to time we get corrections.
There could be triggers but broadly that is the story which is that we have come this far, now there needs to be delivery on certain fronts and till the time it doesn't happen, you will have back and forth in the market.
Q: One peculiar trend this week was that lot of non-performers started to participate whether it was Reliance Industries which went up 9 percent or Coal India , some of the metal names like Tata Steel , Sesa Sterlite rallied. In the next leg of this upmove when we do resume it, where do you think the leadership will come from?
A: The basic challenge you have in the market is earnings growth and to that extent this year March quarter is going to end with not very exciting numbers, which will come out and FY16 right now you are 17-19 percent consensus earning growth which has come down from 20 percent.
Therefore, when you are talking about leadership in the market essentially so far what the market has done in the last couple of quarters is wherever there are earnings, they are more visible those stocks have rallied, so a lot of defensive, consumers, pharmaceuticals have rallied. Those stocks are already expensive and in the consumption side you have the additional variable of rural consumption slowing down.
In that situation the market will look at value opportunities where valuations are evident and also where growth is better relative to the overall market because 16-18 percent consensus earnings growth for FY16 is potentially at risk or at least the market thinks so. If that is at risk then market will look at other areas that might have fallen too much where the value is more emerging or there could be other triggers.
Q: Where do you see value emerging now?
A: There is still value in the economy cyclical – that is where a lot of value hunting will go on because those sectors have not performed. If the overall belief is right which is what I have that ultimately you will get numbers coming through, you will have economic recovery coming through, it may take one or two years and you will have earnings coming through, it may take couple of quarters. On that hope and on that basis the market will look to find value in economy cyclical be it industrials, infrastructure or construction or even bank every time there is a dip.
Q: Some of these stocks have run up quite a bit especially in the construction space, in the infrastructure space and the market is now playing a balance sheet repair story or interest rate story but the Governor's statement tells us that maybe we will have one more rate cut at best for this calendar year or this financial year. Do you think some of these stocks may have run up a bit too much?
A: Not really. If you do get the investment cycle recovery, ultimately which will happen, it is taking time, it is taking more time than the market may like but turning around an investment cycle always takes time, there are lot of variables, lots of factors that come into play.
If that eventually happens over the next one or two years then the operating leverage that these companies have in their profit and loss (P&L) as and when the business cycle is better is substantial.
The valuation will not be much of an issue there, more pertinent question is when and how much does the investment cycle turn. If the investment cycle is indeed turning then I wouldn't be worried about the valuation aspect of it. I will buy the right story.
Q: Apart from that, this has been a bottoms-up market now for last three months or so? Last year was easy in terms of getting the sector calls right, any particular theme that looks interesting to you where you think investors can make a lot of money?
A: One theme on the negative side to watch out for is the rural consumption slowdown. You have had a segment of the market especially consumer sector, which has performed especially in an environment where market was struggling to find good numbers or good earnings growth and so, that is one area where we should be cautious and avoid.
On the positive side, the thematic play I would still have is that the government is doing a lot of things, there are lots of policies.
As of now, they are not reflected on the numbers but will eventually, whether it takes two quarters or four quarters. So from an investor's point of view, economy cyclicals, economy sensitive sectors regardless of how much rate cut is there because whether there is another 50 bps rate cut or another 75 bps rate cut for the rest of the calendar year, I don't think that will be a determining factor on investment cycle.
Other things will determine the investment cycle and if that turns then economy sensitive infrastructure, construction, it will remain a good thing and related to that good banks. Every time you have an economy which is going into a better phase, the banking sector always performs well.
Q: What would you do with something like pharmaceuticals? That has been the big pocket of strength in the last many weeks, would you increase allocation or recommend increasing allocation there?
A: That is being somewhat of a favourite place to hide for the market, little scarcity value premium which the market is giving. At this point, I find most pharmaceutical companies quite expensive and it would be tough to increase allocation there.
Q: Any pockets of value in the midcap space because midcaps have been outperforming now for the last many days and there are sunrise sectors that people are investing into whether it is defence, some people continue to be bullish on auto ancillaries, any specific pockets that you like now?
A: No, I think in midcaps it is hard to pin down a theme. Each midcap would have to be a particular story and one goes company by company. Historically, we found themes working in largecaps, bigger sector thematics but in midcaps, once in a while you can catch a particular theme where everything runs.
When you have the technology boom or when you had other phases of boom but otherwise in this kind of a market where you have a bit of rangebound activity for another one-two quarters before it breaks out to the next phase, during this phase as far as midcap space is concerned, one has to go company by company, what is the story and there are some excellent stories always there in midcaps and that is why you see them run.
Especially, the acceptability and the interest in the Indian market from all classes of investors be it the domestic investors or the foreign investors is very strong. You have flows coming in, so ultimately those flows will try to go one step or two steps lower in the marketcap index and look at midcaps.
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Overdrive: Red Bull F1 show run in Hyderabad
Formula 1 has decided to give India amiss but that hasn't stopped Red Bull from bringing down its championship winning Formula1 car to the streets of Hyderabad piloted by a former Formula1 driver David Coulthard
Formula 1 has decided to give India amiss but that hasn't stopped Red Bull from bringing down its championship winning Formula1 car to the streets of Hyderabad piloted by a former Formula1 driver David Coulthard. Watch accompanying video for more.
Also watch, Bertrand D'souza drives the Audi S5 in extreme winter conditions in Finland.
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RBI caution on 'All Bank Balance Enquiry' App
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Delhi CM to visit rain-hit villages, to announce relief
Arvind Kejriwal is scheduled to address a public meeting at Mundka in West Delhi later on Saturday. A delegation of farmers had met Kejriwal on Friday and urged him for a survey of crop losses due to untimely rains and compensation according to its findings.
Delhi Chief Minister Arvind Kejriwal will visit few rain-hit villages to estimate the damage incurred to the crops and is expected to announce relief for the farmers.
"Farmers have suffered huge losses due to recent rains. Will visit a few villages n meet them to see how govt can help them," he said in a Tweet this morning.
Kejriwal is scheduled to address a public meeting at Mundka in West Delhi later on Saturday. A delegation of farmers had met Kejriwal on Friday and urged him for a survey of crop losses due to untimely rains and compensation according to its findings.
The chief minister had assured all possible help to the affected farmers.
"The government will do more than what the farmers expected from the government. We will fulfill all the promises made. Some might take time, while some would be announced very soon," he had told the farmers delegation.
The compensation for farmers was also demanded during the Budget session of Delhi Assembly by AAP MLAs Devendra Sehrawat and Naresh Balyan.
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Airbus supports Modi's 'Make in India' initiative
In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.
Expressing support to 'Make in India' initiative, aircraft manufacturer Airbus on Saturday said it is ready to manufacture in India, as Prime Minister Narendra Modi visited its facility here.
Modi took the tour of the facility where planes are manufactured. He was given a briefing by officials on the functioning.
Airbus Group CEO Tom Enders, who received the Indian leader, said: "We are honoured to host Prime Minister Modi in Toulouse and convey to him our desire to forge a stronger industrial bond with India. India already takes a centre-stage role in our international activities and we want to even increase its contribution to our products".
"We support Prime Minister Modi's 'Make in India' call and we are ready to manufacture in India, for India and the world," he added.
In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.
The group's senior representative conveyed their decision to expand these centres so that they can take on comprehensive design responsibilities for future Airbus group programmes.
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Why the euro could fall even further
It's been a one-way euro trip lower. The common currency has fallen every day this week, and is now near the lowest levels in 12 years.
Now, currency traders are keenly watching American economic data, as better news about the economy could lead the euro drop to intensify.
It all comes down to expectations about the Federal Reserve's next move. Most market participants believe the Fed will raise short-term rate targets this year. That should help the US dollar and hurt the euro, as it means that holding dollars will produce greater returns than holding euros, increasing demand for the greenback.
Expectations about a June Fed move have been tamped down due to a bevy of soft economic readings, most conspicuously the March jobs number. But this week, the Fed minutes and hawkish words from William Dudley have told investors that a June hike is still on the table, according to Boris Schlossberg of BK Asset Management.
Dudley, the generally dovish New York Fed president, told Reuters on Wednesday that depending on how the data develops, a June move could be "still in play."
Read More: American stocks are the world's worst this year
In the week ahead, Schlossberg says the biggest data point he will watch is Tuesday's retail sales report. If it indicates that "the US consumer finally started to spend, then dollar bulls run wild, and we may see 1.0500 break" on the euro, which is currently a bit below 1.0600 per dollar.
That's because better data could serve to convince traders that the much-awaited Fed move will come sooner than previously anticipated.
However, some traders say the move is overdone.
"This short-term move is technical, so I expect to see the euro bounce and the dollar pull back off of the recent move," said David Seaburg, head of equity sales trading with Cowen and Co.
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