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Written By Unknown on Sabtu, 27 April 2013 | 23.24

Moneycontrol Latest NewsMoneycontrol LogoBuy Axis Bank; target of Rs 1635: AnandRathiBuy Petronet LNG; target of Rs 185: PLilladherBuy Mahindra Holidays; target of Rs 332: PLilladherBuy United Phosphorous; target of Rs 185: PLilladherRaymond: 88th Annual General Meeting to be held on June 72 workmen killed in explosion at Gulf Oil's Hyderabad factoryCinemax Properties: Rashmi Shah resigns as company secretary compliance officerRaymond recommends dividend of Re 1/shWockhardt redeems preference sharesState Bank of Travancore declares final dividend of Rs 3/shRushil Decor to consider final dividend on May 7Associated Finlease to consider change in object clause of MoA on May 3Polaris recommends final dividend of Rs 5/shPNB Gilts: P K Chhokra resigns from directorshipNagarjuna Agrichem approves bonus issue

Latest News from Moneycontrol.com http://www.moneycontrol.com Sat, 27 Apr 2013 21:50:01 +0530 Moneycontrol.com http://img1.moneycontrol.com/images/top2010/moneycontrol_logo.jpg http://www.moneycontrol.com Feed provided by Moneycontrol. http://www.moneycontrol.com/news/recommendations/buy-axis-bank-targetrs-1635-anandrathi_860484.html <img src="http://www.moneycontrol.com/news_image_files/2012/i/india_axis_bank_16_190_190.jpg" alt="Buy Axis Bank; target of Rs 1635: AnandRathi" title="Buy Axis Bank; target of Rs 1635: AnandRathi" border="0" width="75" height="75" align=" left" hspace="5"/> AnandRathi is bullish on Axis Bank and has retained buy rating on the stock with a target of Rs 1635 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:18:26 +0530 http://www.moneycontrol.com/news/recommendations/buy-axis-bank-targetrs-1635-anandrathi_860484.html http://www.moneycontrol.com/news/recommendations/buy-petronet-lng-targetrs-185-plilladher_860485.html <img src="http://www.moneycontrol.com/news_image_files/Petronet-LNG-190.jpg" alt="Buy Petronet LNG; target of Rs 185: PLilladher" title="Buy Petronet LNG; target of Rs 185: PLilladher" border="0" width="75" height="75" align=" left" hspace="5"/> Prabhudas Lilladher is bullish on Petronet LNG and has recommended buy rating on the stock with a target of Rs 185 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:16:45 +0530 http://www.moneycontrol.com/news/recommendations/buy-petronet-lng-targetrs-185-plilladher_860485.html http://www.moneycontrol.com/news/recommendations/buy-mahindra-holidays-targetrs-332-plilladher_860486.html <img src="http://www.moneycontrol.com/news_image_files/mahindra_holiday_190.jpg" alt="Buy Mahindra Holidays; target of Rs 332: PLilladher" title="Buy Mahindra Holidays; target of Rs 332: PLilladher" border="0" width="75" height="75" align=" left" hspace="5"/> Prabhudas Lilladher is bullish on Mahindra Holidays and Resorts India and has recommended a buy rating on the stock with a target of Rs 332 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:15:45 +0530 http://www.moneycontrol.com/news/recommendations/buy-mahindra-holidays-targetrs-332-plilladher_860486.html http://www.moneycontrol.com/news/recommendations/buy-united-phosphorous-targetrs-185-plilladher_860490.html <img src="http://www.moneycontrol.com/news_image_files/Fertilisers_new1_190.jpg" alt="Buy United Phosphorous; target of Rs 185: PLilladher" title="Buy United Phosphorous; target of Rs 185: PLilladher" border="0" width="75" height="75" align=" left" hspace="5"/> Prabhudas Lilladher is bullish on United Phosphorous and has recommended a buy rating on the stock with a target of Rs 185 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:14:41 +0530 http://www.moneycontrol.com/news/recommendations/buy-united-phosphorous-targetrs-185-plilladher_860490.html http://www.moneycontrol.com/news/announcements/raymond-88th-annual-general-meeting-to-be-heldjune-7_860645.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Raymond: 88th Annual General Meeting to be held on June 7" title="Raymond: 88th Annual General Meeting to be held on June 7" border="0" width="75" height="75" align=" left" hspace="5"/> Raymond Ltd has informed BSE that the 88th Annual General Meeting (AGM) of the Company will be held on June 07, 2013 at the Registered Office of the Company. Sat, 27 Apr 2013 19:12:21 +0530 http://www.moneycontrol.com/news/announcements/raymond-88th-annual-general-meeting-to-be-heldjune-7_860645.html http://www.moneycontrol.com/news/announcements/2-workmen-killedexplosion-at-gulf-oils-hyderabad-factory_860644.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="2 workmen killed in explosion at Gulf Oil's Hyderabad factory" title="2 workmen killed in explosion at Gulf Oil's Hyderabad factory" border="0" width="75" height="75" align=" left" hspace="5"/> Gulf Oil said in explosion at Hyderabad factory killed 2 workmen on April 25 and other operations in factory continued normally Sat, 27 Apr 2013 19:12:19 +0530 http://www.moneycontrol.com/news/announcements/2-workmen-killedexplosion-at-gulf-oils-hyderabad-factory_860644.html http://www.moneycontrol.com/news/announcements/cinemax-properties-rashmi-shah-resigns-as-company-secretarycompliance-officer_860643.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Cinemax Properties: Rashmi Shah resigns as company secretary compliance officer" title="Cinemax Properties: Rashmi Shah resigns as company secretary compliance officer" border="0" width="75" height="75" align=" left" hspace="5"/> Cinemax Properties Ltd has informed BSE that Mrs. Rashmi Shah has resigned from the post of Company Secretary Compliance Officer from the close of working hours of April 19, 2013. Sat, 27 Apr 2013 19:12:17 +0530 http://www.moneycontrol.com/news/announcements/cinemax-properties-rashmi-shah-resigns-as-company-secretarycompliance-officer_860643.html http://www.moneycontrol.com/news/announcements/raymond-recommends-dividendre-1sh_860642.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Raymond recommends dividend of Re 1/sh" title="Raymond recommends dividend of Re 1/sh" border="0" width="75" height="75" align=" left" hspace="5"/> Raymond Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 26, 2013, has recommended a dividend 10% (Re. 1.00 per share) on the Equity Share Capital for the year 2012-13. The dividend if approved by the shareholders, will be paid on or after June 08, 2013. Sat, 27 Apr 2013 19:12:15 +0530 http://www.moneycontrol.com/news/announcements/raymond-recommends-dividendre-1sh_860642.html http://www.moneycontrol.com/news/announcements/wockhardt-redeems-preference-shares_860641.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Wockhardt redeems preference shares" title="Wockhardt redeems preference shares" border="0" width="75" height="75" align=" left" hspace="5"/> Wockhardt Ltd has informed BSE that the Company had issued OCCRPS - 2, which were optionally convertible on or after July 4, 2016 and if not converted were to be redeemed on December 31, 2018.

Pursuant to the modification in the terms of the said OCCRPS- 2, the Company has redeemed 116,539,748 OCCRPS -2. Sat, 27 Apr 2013 19:12:13 +0530 http://www.moneycontrol.com/news/announcements/wockhardt-redeems-preference-shares_860641.html http://www.moneycontrol.com/news/announcements/state-banktravancore-declares-final-dividendrs-3sh_860640.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="State Bank of Travancore declares final dividend of Rs 3/sh" title="State Bank of Travancore declares final dividend of Rs 3/sh" border="0" width="75" height="75" align=" left" hspace="5"/> State Bank of Travancore has informed BSE that the Board of Directors of the Bank at its meeting held on April 26, 2013, inter alia, has declared a final dividend of Rs. 3/- per share (Face Value of Rs. 10/-) for the year 2012-13, in addition to the interim dividend of Rs. 17/- per share declared in March 2013. Sat, 27 Apr 2013 19:12:10 +0530 http://www.moneycontrol.com/news/announcements/state-banktravancore-declares-final-dividendrs-3sh_860640.html http://www.moneycontrol.com/news/announcements/rushil-decor-to-consider-final-dividendmay-7_860622.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Rushil Decor to consider final dividend on May 7" title="Rushil Decor to consider final dividend on May 7" border="0" width="75" height="75" align=" left" hspace="5"/> Rushil Decor Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 07, 2013, for the purpose of recommendation of final dividend, if any, for the financial year ending March 31, 2013; and consideration and taking on record the Audited Financial Results for Quarter and Financial Year ended March 31, 2013 Sat, 27 Apr 2013 19:00:05 +0530 http://www.moneycontrol.com/news/announcements/rushil-decor-to-consider-final-dividendmay-7_860622.html http://www.moneycontrol.com/news/announcements/associated-finlease-to-consider-changeobject-clausemoamay-3_860621.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Associated Finlease to consider change in object clause of MoA on May 3" title="Associated Finlease to consider change in object clause of MoA on May 3" border="0" width="75" height="75" align=" left" hspace="5"/> Associated Finlease has informed BSE that a meeting of the Board of Directors of the Company will be held on May 03, 2013, to consider and approve the following: To Alter the object clause of the Memorandum of Association of the Company. 2. To consider other business if any. Sat, 27 Apr 2013 19:00:04 +0530 http://www.moneycontrol.com/news/announcements/associated-finlease-to-consider-changeobject-clausemoamay-3_860621.html http://www.moneycontrol.com/news/announcements/polaris-recommends-final-dividendrs-5sh_860620.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Polaris recommends final dividend of Rs 5/sh" title="Polaris recommends final dividend of Rs 5/sh" border="0" width="75" height="75" align=" left" hspace="5"/> Polaris Financial Technology Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 27, 2013, inter alia, has recommended a final dividend of Rs. 5 per share to its share holders inducted Mr. V. Balaraman as additional director to the board. Sat, 27 Apr 2013 19:00:01 +0530 http://www.moneycontrol.com/news/announcements/polaris-recommends-final-dividendrs-5sh_860620.html http://www.moneycontrol.com/news/announcements/pnb-gilts-p-k-chhokra-resignsdirectorship-_860619.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="PNB Gilts: P K Chhokra resigns from directorship " title="PNB Gilts: P K Chhokra resigns from directorship " border="0" width="75" height="75" align=" left" hspace="5"/> PNB Gilts Ltd has informed BSE that Shri P. K. Chhokra has resigned from the Directorship of the Company effective from March 31, 2013. The said resignation has been accepted by the Board of Directors in its meeting held on April 27, 2013. Sat, 27 Apr 2013 18:59:59 +0530 http://www.moneycontrol.com/news/announcements/pnb-gilts-p-k-chhokra-resignsdirectorship-_860619.html http://www.moneycontrol.com/news/announcements/nagarjuna-agrichem-approves-bonus-issue_860618.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Nagarjuna Agrichem approves bonus issue" title="Nagarjuna Agrichem approves bonus issue" border="0" width="75" height="75" align=" left" hspace="5"/> Nagarjuna Agrichem decided to issue bonus shares in the ratio of 3 equity shares for every 14 shares held by public shareholders in the company on the record date to be determined by the share committee /managing director of the company, for the purpose. Sat, 27 Apr 2013 18:59:57 +0530 http://www.moneycontrol.com/news/announcements/nagarjuna-agrichem-approves-bonus-issue_860618.html

Moneycontrol Latest NewsMoneycontrol LogoBuy Axis Bank; target of Rs 1635: AnandRathiBuy Petronet LNG; target of Rs 185: PLilladherBuy Mahindra Holidays; target of Rs 332: PLilladherBuy United Phosphorous; target of Rs 185: PLilladherRaymond: 88th Annual General Meeting to be held on June 72 workmen killed in explosion at Gulf Oil's Hyderabad factoryCinemax Properties: Rashmi Shah resigns as company secretary compliance officerRaymond recommends dividend of Re 1/shWockhardt redeems preference sharesState Bank of Travancore declares final dividend of Rs 3/shRushil Decor to consider final dividend on May 7Associated Finlease to consider change in object clause of MoA on May 3Polaris recommends final dividend of Rs 5/shPNB Gilts: P K Chhokra resigns from directorshipNagarjuna Agrichem approves bonus issue

Latest News from Moneycontrol.com http://www.moneycontrol.com Sat, 27 Apr 2013 21:50:01 +0530 Moneycontrol.com http://img1.moneycontrol.com/images/top2010/moneycontrol_logo.jpg http://www.moneycontrol.com Feed provided by Moneycontrol. http://www.moneycontrol.com/news/recommendations/buy-axis-bank-targetrs-1635-anandrathi_860484.html <img src="http://www.moneycontrol.com/news_image_files/2012/i/india_axis_bank_16_190_190.jpg" alt="Buy Axis Bank; target of Rs 1635: AnandRathi" title="Buy Axis Bank; target of Rs 1635: AnandRathi" border="0" width="75" height="75" align=" left" hspace="5"/> AnandRathi is bullish on Axis Bank and has retained buy rating on the stock with a target of Rs 1635 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:18:26 +0530 http://www.moneycontrol.com/news/recommendations/buy-axis-bank-targetrs-1635-anandrathi_860484.html http://www.moneycontrol.com/news/recommendations/buy-petronet-lng-targetrs-185-plilladher_860485.html <img src="http://www.moneycontrol.com/news_image_files/Petronet-LNG-190.jpg" alt="Buy Petronet LNG; target of Rs 185: PLilladher" title="Buy Petronet LNG; target of Rs 185: PLilladher" border="0" width="75" height="75" align=" left" hspace="5"/> Prabhudas Lilladher is bullish on Petronet LNG and has recommended buy rating on the stock with a target of Rs 185 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:16:45 +0530 http://www.moneycontrol.com/news/recommendations/buy-petronet-lng-targetrs-185-plilladher_860485.html http://www.moneycontrol.com/news/recommendations/buy-mahindra-holidays-targetrs-332-plilladher_860486.html <img src="http://www.moneycontrol.com/news_image_files/mahindra_holiday_190.jpg" alt="Buy Mahindra Holidays; target of Rs 332: PLilladher" title="Buy Mahindra Holidays; target of Rs 332: PLilladher" border="0" width="75" height="75" align=" left" hspace="5"/> Prabhudas Lilladher is bullish on Mahindra Holidays and Resorts India and has recommended a buy rating on the stock with a target of Rs 332 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:15:45 +0530 http://www.moneycontrol.com/news/recommendations/buy-mahindra-holidays-targetrs-332-plilladher_860486.html http://www.moneycontrol.com/news/recommendations/buy-united-phosphorous-targetrs-185-plilladher_860490.html <img src="http://www.moneycontrol.com/news_image_files/Fertilisers_new1_190.jpg" alt="Buy United Phosphorous; target of Rs 185: PLilladher" title="Buy United Phosphorous; target of Rs 185: PLilladher" border="0" width="75" height="75" align=" left" hspace="5"/> Prabhudas Lilladher is bullish on United Phosphorous and has recommended a buy rating on the stock with a target of Rs 185 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:14:41 +0530 http://www.moneycontrol.com/news/recommendations/buy-united-phosphorous-targetrs-185-plilladher_860490.html http://www.moneycontrol.com/news/announcements/raymond-88th-annual-general-meeting-to-be-heldjune-7_860645.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Raymond: 88th Annual General Meeting to be held on June 7" title="Raymond: 88th Annual General Meeting to be held on June 7" border="0" width="75" height="75" align=" left" hspace="5"/> Raymond Ltd has informed BSE that the 88th Annual General Meeting (AGM) of the Company will be held on June 07, 2013 at the Registered Office of the Company. Sat, 27 Apr 2013 19:12:21 +0530 http://www.moneycontrol.com/news/announcements/raymond-88th-annual-general-meeting-to-be-heldjune-7_860645.html http://www.moneycontrol.com/news/announcements/2-workmen-killedexplosion-at-gulf-oils-hyderabad-factory_860644.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="2 workmen killed in explosion at Gulf Oil's Hyderabad factory" title="2 workmen killed in explosion at Gulf Oil's Hyderabad factory" border="0" width="75" height="75" align=" left" hspace="5"/> Gulf Oil said in explosion at Hyderabad factory killed 2 workmen on April 25 and other operations in factory continued normally Sat, 27 Apr 2013 19:12:19 +0530 http://www.moneycontrol.com/news/announcements/2-workmen-killedexplosion-at-gulf-oils-hyderabad-factory_860644.html http://www.moneycontrol.com/news/announcements/cinemax-properties-rashmi-shah-resigns-as-company-secretarycompliance-officer_860643.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Cinemax Properties: Rashmi Shah resigns as company secretary compliance officer" title="Cinemax Properties: Rashmi Shah resigns as company secretary compliance officer" border="0" width="75" height="75" align=" left" hspace="5"/> Cinemax Properties Ltd has informed BSE that Mrs. Rashmi Shah has resigned from the post of Company Secretary Compliance Officer from the close of working hours of April 19, 2013. Sat, 27 Apr 2013 19:12:17 +0530 http://www.moneycontrol.com/news/announcements/cinemax-properties-rashmi-shah-resigns-as-company-secretarycompliance-officer_860643.html http://www.moneycontrol.com/news/announcements/raymond-recommends-dividendre-1sh_860642.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Raymond recommends dividend of Re 1/sh" title="Raymond recommends dividend of Re 1/sh" border="0" width="75" height="75" align=" left" hspace="5"/> Raymond Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 26, 2013, has recommended a dividend 10% (Re. 1.00 per share) on the Equity Share Capital for the year 2012-13. The dividend if approved by the shareholders, will be paid on or after June 08, 2013. Sat, 27 Apr 2013 19:12:15 +0530 http://www.moneycontrol.com/news/announcements/raymond-recommends-dividendre-1sh_860642.html http://www.moneycontrol.com/news/announcements/wockhardt-redeems-preference-shares_860641.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Wockhardt redeems preference shares" title="Wockhardt redeems preference shares" border="0" width="75" height="75" align=" left" hspace="5"/> Wockhardt Ltd has informed BSE that the Company had issued OCCRPS - 2, which were optionally convertible on or after July 4, 2016 and if not converted were to be redeemed on December 31, 2018.

Pursuant to the modification in the terms of the said OCCRPS- 2, the Company has redeemed 116,539,748 OCCRPS -2. Sat, 27 Apr 2013 19:12:13 +0530 http://www.moneycontrol.com/news/announcements/wockhardt-redeems-preference-shares_860641.html http://www.moneycontrol.com/news/announcements/state-banktravancore-declares-final-dividendrs-3sh_860640.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="State Bank of Travancore declares final dividend of Rs 3/sh" title="State Bank of Travancore declares final dividend of Rs 3/sh" border="0" width="75" height="75" align=" left" hspace="5"/> State Bank of Travancore has informed BSE that the Board of Directors of the Bank at its meeting held on April 26, 2013, inter alia, has declared a final dividend of Rs. 3/- per share (Face Value of Rs. 10/-) for the year 2012-13, in addition to the interim dividend of Rs. 17/- per share declared in March 2013. Sat, 27 Apr 2013 19:12:10 +0530 http://www.moneycontrol.com/news/announcements/state-banktravancore-declares-final-dividendrs-3sh_860640.html http://www.moneycontrol.com/news/announcements/rushil-decor-to-consider-final-dividendmay-7_860622.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Rushil Decor to consider final dividend on May 7" title="Rushil Decor to consider final dividend on May 7" border="0" width="75" height="75" align=" left" hspace="5"/> Rushil Decor Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 07, 2013, for the purpose of recommendation of final dividend, if any, for the financial year ending March 31, 2013; and consideration and taking on record the Audited Financial Results for Quarter and Financial Year ended March 31, 2013 Sat, 27 Apr 2013 19:00:05 +0530 http://www.moneycontrol.com/news/announcements/rushil-decor-to-consider-final-dividendmay-7_860622.html http://www.moneycontrol.com/news/announcements/associated-finlease-to-consider-changeobject-clausemoamay-3_860621.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Associated Finlease to consider change in object clause of MoA on May 3" title="Associated Finlease to consider change in object clause of MoA on May 3" border="0" width="75" height="75" align=" left" hspace="5"/> Associated Finlease has informed BSE that a meeting of the Board of Directors of the Company will be held on May 03, 2013, to consider and approve the following: To Alter the object clause of the Memorandum of Association of the Company. 2. To consider other business if any. Sat, 27 Apr 2013 19:00:04 +0530 http://www.moneycontrol.com/news/announcements/associated-finlease-to-consider-changeobject-clausemoamay-3_860621.html http://www.moneycontrol.com/news/announcements/polaris-recommends-final-dividendrs-5sh_860620.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Polaris recommends final dividend of Rs 5/sh" title="Polaris recommends final dividend of Rs 5/sh" border="0" width="75" height="75" align=" left" hspace="5"/> Polaris Financial Technology Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 27, 2013, inter alia, has recommended a final dividend of Rs. 5 per share to its share holders inducted Mr. V. Balaraman as additional director to the board. Sat, 27 Apr 2013 19:00:01 +0530 http://www.moneycontrol.com/news/announcements/polaris-recommends-final-dividendrs-5sh_860620.html http://www.moneycontrol.com/news/announcements/pnb-gilts-p-k-chhokra-resignsdirectorship-_860619.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="PNB Gilts: P K Chhokra resigns from directorship " title="PNB Gilts: P K Chhokra resigns from directorship " border="0" width="75" height="75" align=" left" hspace="5"/> PNB Gilts Ltd has informed BSE that Shri P. K. Chhokra has resigned from the Directorship of the Company effective from March 31, 2013. The said resignation has been accepted by the Board of Directors in its meeting held on April 27, 2013. Sat, 27 Apr 2013 18:59:59 +0530 http://www.moneycontrol.com/news/announcements/pnb-gilts-p-k-chhokra-resignsdirectorship-_860619.html http://www.moneycontrol.com/news/announcements/nagarjuna-agrichem-approves-bonus-issue_860618.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Nagarjuna Agrichem approves bonus issue" title="Nagarjuna Agrichem approves bonus issue" border="0" width="75" height="75" align=" left" hspace="5"/> Nagarjuna Agrichem decided to issue bonus shares in the ratio of 3 equity shares for every 14 shares held by public shareholders in the company on the record date to be determined by the share committee /managing director of the company, for the purpose. Sat, 27 Apr 2013 18:59:57 +0530 http://www.moneycontrol.com/news/announcements/nagarjuna-agrichem-approves-bonus-issue_860618.html


23.24 | 0 komentar | Read More

Why property is biggest con-job on investors

Written By Unknown on Sabtu, 13 April 2013 | 23.24

R Jagannathan
Firstpost.com

A real estate exhibition underway right now in Mumbai dubs itself as "India's biggest property expo" and promises "properties across all budgets". It will flop, as many of the previous ones did, for the reality is that property in Mumbai has completely detached itself from the fundamentals of affordability and economic value.

People will come to gawk at the pictures and brochures on display and then swallow hard when they see the extortionate prices mentioned for property situated at non-commutable distances and which will anyway be delivered years later. The ones who actually end up booking or buying will often do so for the wrong reasons.

And what is true for Mumbai property is equally true for Delhi, Bangalore, Hyderabad, Chennai or even tier-2 cities and towns.

Indian property is a bubble waiting to burst, and the only reason why it has not burst already is the artificial constriction on its supply by the politician-builder-criminal nexus.

Prices are high not because of genuine demand, but because our netas and babus and businessmen do not want to let the supply of cheap land rise for fear of destroying the value of their own benami assets.

If you are not convinced, ask yourself: why is it that when property prices are so high their shares have performed so poorly?

Every politician, from the highest to the lowest, is invested in land and property for some reason or the other usually personal gain. We know Sonia Gandhi and her son got possession of a Rs 1,600 crore Herald House in Delhi through a trust they personally control. They even used the Congress party to fund it. We know Sonia's son-in-law Robert Vadra is a big property speculator. We know why BS Yeddyurappa had to lose his job in Karnataka for dubious property deals and for letting the mining lobby run riot. We know why Nitin Gadkari had to give up the BJP's presidentship.

We know that politicians such as Sharad Pawar and Jagan Reddy of YSR Congress are neckdeep in property deals. The buzz in Hyderabad is that Telangana is not happening because several Andhra politicians have bought benami land in and around Hyderabad, which will be the capital of Telangana, when created. If the state is announced before they can encash the land, politicians in Telangana will have the upper hand on pricing.

The short point is this: politicians have a vested interest in keeping property prices high. This is why they want interest rates to be lower, so that more people can buy property; this is why they want to allow FDI in retail, so that more Wal-Marts can buy land in urban areas; this is why they want a Land Acquisition Bill that will artificially boost rural land prices four-fold, and land near the urban periphery two-fold from already high current market prices. This is why the rural development ministry is talking of a Right to Homesteads which sounds like a pro-aam aadmi move, but will end up pushing land prices unaffordably high even in rural areas.

If you don't believe me, ask yourself: what stops city municipal corporations from raising the floor space index (FSI)? Urban land may be limited, but construction can surely be vertical. In Singapore, they construct not only upwards but downwards: they build several stories underground and not just overground. If the normal FSI is one, raising it to two would double the available land. If we raise it to five or 10, as in parts of New York, the land available in urban areas would rise five-fold or 10-fold, and prices would drop like a stone.

So it is a myth to believe that property prices will keep rising in urban areas just because land is scarce. Land is not scarce, it is made artificially scarce.

When every other resource involved in constructing property limestone, cement, glass or steel is subject to the laws of demand and supply, only land has been artificially inflated by politicians and builders because that is where their wealth lies.

This is why they try to foster the myth that property prices have only one way to go: up. If we stop believing this, we won't buy houses we don't need, and pay prices we can't afford.

Here are the usual reasons we trot out to ourselves while buying a home:

#1: Property prices in the city are unaffordable so let me buy something somewhere, even if I never intend to live there. When the price appreciates, maybe I can sell it and buy something more livable. This is why Bangalore's techies buy property near the airport 33 km away as a form of investment.

#2: I already have a home. So let me invest in something that looks cheap today, even if it is 50 km away from my workplace. I may keep it vacant, but surely I will make a neat profit when the price appreciates. This is why Mumbai's propertied classes buy second homes in hill areas of the state, or even in deep suburbs. This is why Delhi's middle classes invest in property along the Yamuna Expressway though they know it is an extraordinarily long commute if they even went to live there.

#3: I already own a small home in the city. If I flip it and buy a larger home half way to Mahabalipuram from Chennai, I can stay there when I retire some time in the distant future, grow potted plants, play golf and live the good life. This logic entices many people, even though they know there is no water supply, or good infrastructure in the place where they are buying cheap property. "Cheap" property is not cheap without a reason.

#4: When interest rates fall, my EMIs will become more affordable. So let me grit my teeth and buy something I simply cannot afford right now. This is a super-flawed argument: interest rates are not your main cost; the price of the property is. When I bought my flat, interest rates were a high 14-15 percent. But low prices were what enabled me to buy.

#5: Living in a rented property is never a viable proposition. I have to buy a house at any cost. When rentals are 1-2 percent of property costs, it makes better sense to rent than buy. Your EMIs will usually be at least two to three times the rent.

Assuming you are not rolling in money or are an expert realtor who knows when to buy or sell property, I would like to suggest that many of the above arguments just don't wash.

The only good reasons to buy property are these: you want to live in it, and have the necessary income to pay the loan bills every month. If you buy for any other reason, you are indirectly supporting the politician-builder nexus.

If you are still not convinced, let me bust the implicit assumption that property prices can never fall. The truth is property prices have both risen and fallen in all countries which run a free market. Even in India they have fallen, but we don't want to believe the evidence.

Take Mumbai's southern tip of Nariman Point. At one stage a decade or two ago, prices for commercial space were upwards of Rs 40,000 per square foot. Today's average is Rs 25,000 per sq ft though the actual price may vary from building to building, from Rs 20,000 to Rs 35,000 per sq ft.

This is not only a steep 37 percent fall, but adjusted for inflation, the fall would be more than 70 percent from the peak.

But, you may point out, residential prices are not following the same trend. Possibly true. The reason why this trend is more apparent in commercial property than residential is simple: commercial property is bought and sold without emotion by beady-eyed finance professionals who weigh the opportunity cost of the money they invest; residential properties are often bought for emotional reasons ("I need somewhere to stay") and pure greed ("Let's buy a second home and make money from the appreciation.")

To be sure, even residential prices do fall, but we tend not to notice it. I remember I had bought a home in Thane (a satellite city of Mumbai) in 1997, and for the next few years not only did the price not rise, it actually fell 20 percent. It was only after six to eight years that the price stabilised and started rising consistently. Now, despite what builders tell us, prices are again levelling off.

If I had bought my small flat just for appreciation, I would have lost money in the initial years. Even a bank fixed deposit would have doubled my money in those six to eight years.

The point I wish to make is this: don't buy property in the belief that it will keep rising. Buy it only if you want to stay in it, unless you are a specialist speculator and know the ins and outs of property buying. The fact that property has risen for the last 10 years first on the basis of real demand and later on artificial steroids is no guarantee that it will rise for the next 10. Sooner or later, the laws of demand and supply will catch up with the reality of unaffordability.

Don't be fooled.

The writer is editor-in-chief, digital and publishing, Network18 Group



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Fuel availability vital for industrial turnaround: CRISIL

CRISIL Research has come out with its report on IIP data for January 2013. According to the research firm, India's core industries, the economy's lifeline, are slipping badly. February IIP data shows a decline in electricity output compared to the same month last year.

Coal and gas shortages are partly to blame for this fall in power generation for the first time in several years (as reflected in IIP). This, along with the fact that mining output has contracted in 18 out of past 20 months leaves us with a key question can we reverse industrial decline without rebuilding India's core industries? The answer is clearly no.

For sustainable industrial revival, India needs to push infrastructure and industrial investments. The turnaround in the investment scenario critically depends on assured fuel availability. In addition, India needs to create a competitive business environment by solving issues related to procedural delays, to attract foreign direct investment as well as spur investments from Indian companies. These would, in turn, help create jobs, improve incomes, and raise household consumption. In 2013-14 normal monsoons, pre-election government spending and a marginal reduction in the lending rates could, at best, provide a temporary respite to consumption.

Industrial output grew by only 0.6 per cent in February 2013 compared to a year ago. Only manufacturing output grew by 2.2 per cent, while mining and quarrying, and electricity output contacted by 8.1 and 3.2 per cent respectively. Both the sectors posted their worst performance in several years.

Consumer goods output grew, aided by a growth in output of consumer non-durables. Consumer durables' output, in contrast, continued to decline for the third consecutive month, suggesting a weak household demand.

Output the eight core infra industries, having nearly 38 per cent weight in IIP, contracted by 2.5 per cent in February compared to 3.1 per cent growth in the previous month. A decline in electricity generation and a fall in production of crude oil, coal, natural gas and fertilisers adversely impacted overall IIP.

Disclaimer: CRISIL Limited has taken due care and caution in preparing this Report. Information has been obtained by CRISIL from sources, which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. CRISIL Limited has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this Report. The Centre for Economic Research, CRISIL (C-CER) operates independently of and does not have access to information obtained by CRISIL's Ratings Division, which may in its regular operations obtain information of a confidential nature that is not available to C-CER. No part of this Report may be published / reproduced in any form without CRISIL's prior written approval.

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



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Gold prices suffer biggest ever loss on global cues

Crash-like conditions developed on the bullion market today as gold prices recorded the biggest ever fall of Rs 1,250 per ten gram to hit one-year low on frantic selling by stockists amid a steep fall in overseas markets.

The gold, which had been on rolling down mode this week and traded below Rs 30,000, fell further sharply by 1,250 to Rs 28,350 per ten gram, a level last seen on April 7 last year following a steepest fall of 84 dollar to 1,477 dollar an ounce in global markets.

"The gold suffering such a biggest single day fall of Rs 1,250 is never seen before and may lose more ground in coming days mostly influenced by speculative selling in futures markets,' said All India Sarafa Bazar Vice president Surender Jain.

He said the market was mostly driven by global markets and futures trade, while there was hardly any physical buying.

The gold in New york, which normally sets price trend on the domestic front, tumbled to the lowest since July 2011 on signs that investors are favouring the dollar and equities as the global economy recovers. Market experts said despite the ongoing Navratras festival, an auspicious week in hindu mythology for purchasing precious metals, retailers remained on sidelines on expectations of more correction in the prices.

Meanwhile, gold in futures trading dipped below Rs 28,000 on the Multi Commodity Exchange of India today as speculators remained net sellers. Silver also recorded a steep fall of Rs 2,500 at Rs 50,100 per kg on falling demand among industrial units and coin makers in the face of stockists selling driven by a hefty fall of 6.54 per cent to 25.85 dollar an ounce in New Uork.

On the domestic front, gold of 99.9 and 99.5 per cent purity suffered a whopping loss of Rs 1,250 each at Rs 28,350 and Rs 28,150 per ten grams respectively. Sovereign followed suit and lost Rs 300 at Rs 24,800 per piece of eight gram. In a similar fashion, silver ready nosedived by Rs 2,500 to Rs 50,100 per kg and weekly-based delivery by Rs 2,745 to Rs 48,780 per kg. Silver coins also dropped by Rs 2,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.



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Outlook positive for pharma companies: ICRA

Painting a favourable picture for the Indian pharmaceutical companies, leading credit rating agency, ICRA said these companies will continue to benefit from recovery in the domestic market (though pricing policy would have near-term impact), strong growth potential in generics market in developed countries and increasing geographic footprint; overall, investments in R&D and manufacturing capabilities are likely to remain buoyant over the medium term.

ICRA in its report on pharmaceutical sector said balance sheets of major pharmaceutical companies remain strong and provide adequate room for fund raising if required.

Aided by strong growth from U.S. generics business, increasing footprint in new territories and currency tailwinds, ICRA's coverage group comprising of 23 companies with diverse business models witnessed a growth of 22 percent in revenues during the first nine months of the fiscal and relatively stable EBITDA margins.

Overall, according to the ICRA report, margin pressures were limited to a few companies and lack of new product introductions in the U.S. (resulting in lower gross margins), higher R&D costs and one-time charge related GDUFA pay-out were the most common factors. Though a positive, INR depreciation impacted earnings of companies with debt profile skewed in favor of foreign exchange borrowings (i.e. MTM losses). In addition, most companies also provided for higher tax provisioning (due to conclusion of tax holidays at many locations and revised policies on taxation of partnerships), which shaved-off part of the earnings growth.

However, as the industry steps closer to a new pricing policy, it is finding itself in the midst of uncertainties as some of the nuances of the policy remain blurred. While price control remains a near-term challenge, ICRA says that it believes that the industry should revert to a growth of 13-14 percent over the medium-term as structural growth drivers remain intact.

The Government's pro-generic initiatives may not impact the industry structure at least in the medium-term as challenges in its execution, budgetary constraints, lack of resources to effectively monitor quality across manufacturing chain and more importantly a market that is predominantly self-paying in nature and largely physician-influenced, make a meaningful shift in favour of 'pure generics' unlikely according to the ICRA report. However, as the industry prepares for these challenges, focus is expected to shift in favour of niche segments (i.e. combined dosages, novel drug delivery areas), in-licensing (with innovators), building OTC business and capturing growth in tier II/III cities. Some of these initiatives may exert pressure on cost structure, especially in form of higher promotional spend (to market new products) and field force productivity, resulting in moderation in profitability indicators, which have otherwise been the best among other segments, the report stated. 

U.S. Generics: Patent expirations will continue to underpin growth; focus on complex generics and attempts to diversify positive for long-run
The growth prospects for Indian companies would benefit from a) sizeable generic opportunity (drugs with brand value of ~USD 80 billion are expected to face generic competition over the next 4-5 years), b) strong pipeline of ANDAs pending approval, with high proportion of complex generics incrementally and c) market share improvement given the relatively small base (share of leading Indian companies is less than 10 percent in the U.S. generics space). Acquisitions to gain technical capabilities and focus on strengthening branded business (albeit on a small scale) are gaining momentum as companies feel the need to diversify.

Europe: Growth opportunities marred by pricing pressure and changing market dynamics Pricing pressures in wake of healthcare reforms and changing market dynamics have largely offset the impact of expanding product portfolio and geographic footprint for companies in Europe. A relook at business strategies appears to be therefore a common theme with focus on expanding presence in relatively underpenetrated markets (i.e. France, Spain & Italy), branded generic markets in East Europe and niche areas like complex generics, OTCs etc.

Emerging Markets: Offer promising growth opportunities but with caveats Apart from U.S. generics, Emerging markets present one of the most promising growth opportunities for Indian pharmaceutical Companies Amongst new frontiers, evolving generic market in Japan (world's second-largest pharmaceutical market with only 23 percent generic penetration) and biosimilars provide long-term growth prospects for Indian companies. While product filings and approvals will be gradual in Japan, hurdles in biosimilars could be multi-fold, stemming from higher R&D outlay for clinical trials and uncertainties related to pathway for regulatory approvals.

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



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YT Awards: Recognizing finest Indian social entrepreneurs

Young Turks, over the past eight years, showcased entrepreneurs attempting to address real problems in education, healthcare, skills development and access to finance through innovative models. The show partnered with the World Economic Forum and the Schwab Foundation to recognize social change agents via the India Social Entrepreneur Awards for the last eight years.

This year YT join hands with the Sankalp Forum and Intellecap Initiative. Sankalp recognises and supports innovative, sustainable, high impact social enterprises. Over the last four years, it has mentored 100's of social entrepreneurs and facilitated over USD 120 million in equity investments in more than 30 enterprises.

The Sankalp Social Enterprise Awards were organized to recognise the best social enterprise models in five major categories. They are agriculture, food and rural business, clean energy technology, education, vocational training, healthcare, water and sanitisation and technology for development.

The applications for the fifth edition of these awards came in from across the country. The finalists competed to win funding worth Rs 5 crore and a cash price of USD 40,000 as part of the Sankalp-Artha Grand Prize. The finest were vetted through a rigorous three month process by a panel of global investors. Around 21 companies made it to the finals and the winners will be announced on the April 18.

Some of the young finalists of the 2013 Sankalp Social Enterprise Awards are mationed below:

Dialogue in the Dark

Dialogue in the Dark (DID) traces back its journey to Germany in 1988. It has so far reached at 10 million visitors across 23 countries, while also providing employment to more than 8,000 visually impaired candidates. Once, when SV Krishnan tumbled on to one such exhibit, thanks to a delayed flight in Atlanta, it left a lasting and profound impression. Determined to introduce Indian audiences to such an experience, he along with cofounder Sudha Krishnan started an exhibit centre of Ace DID in Hyderabad in 2011.

The concept of Dialogue in the Dark is simple. Visitors are led by blind guides in groups into an area of pitch darkness forcing them to experience what it is like to live life without the ability to see and orient them to a world without pictures. The tour lasts about an hour but the impact Krishnan says is for life.

"We have had more than 25,000 school children coming to Dialogue in the Dark and experiencing darkness and taking back a message on social inclusion and divest education" says SV Krishnan, Co-Founder, Ace Experiences Asia. DID goes to colleges and corporates as well.

The only venture in the world that uses entertainment to educate people on socially relevant themes, Dialogue in the Dark also generates revenues through exhibition ticket sales, its restaurant Taste of Darkness and corporate workshops. DID has grown 80 percent per annum and Krishnan says has grossed revenues of Rs 2.5 crore. After the success of Dialogue in the Dark in Hyderabad, Ace Experiences Asia now wants to create 35 miniatures makeshift versions of Dialogue in the Dark to take the initiative pan India over the next five years.

Institute for Quality Skill Training

Around 80 percent of India's skill development means are at the bottom of the Pyramid. A 39 year old, Aditya Baran Mallik wants to address that market. Founded in 2009, Aditya's Brain Child, the Institute for Quality Skill Training helps skill youth from low income homes investment gold in Jharkhand to ensure a better livelihood. It has trained and placed nearly 10,000 candidates since inception.

Aditya Baran Mallik, founder says, "around the end of 2008, I came up with the idea that maybe we should have a specific model of vocational education, which would enable livelihood for all through skill training. That's how we developed this concept". In January of 2009, he started this company. The idea was to provide the easiest, fastest, cheapest and safest option for livelihoods through skilled training to everyone in the society specifically the disadvantaged.

Aditya and his team of over 100 plan to set up training centers in 13 states of India over the next three years to reach a training capacity of 50,000 students annually. With a turnover of Rs 2.5 crore, Institute for Quality Skill Training has been funded by Kitendo Capital. It is a Switzerland based angel impact investment fund. Aditya is currently working towards a second round of funding through mix of equity and debt.

Hippocampus Learning Centres

It was founded in 2010 by former Infosys employee, Umesh Malhotra. Hippocampus Learning Center provides affordable education to children living in rural India. The venture has established education centers in villages offering a full day kindergarten program and after school primary education as well.

Charging between Rs 1,200-3,000 a year, Hippocampus Learning Centres have taught over 3,000 students across 78 villages in Karnataka. Now it plans to reach three lakh students by 2018. Umesh and team have roped in 220 teachers so far with the emphasis being on training women from within the local communities.

Umesh Malhotra the founder feels that if looking at competition, the government schooling starts at class one. So, for many children, they actually do not have access to any kindergarten in the formal environment. At the same time, the government offers anganwadi. "These anganwadis are free, but they are largely run as day care centers. Therefore, even these centers do not offer pre-primary education to children", he added.

Having received funds from Unitus Seed Fund, the Acumen Fund and Lok capital, Umesh has allocated the money to fuel expansion plans and also provide scholarships to children who cannot afford the fee. It is hoping to clock a turnover of Rs 84 lakh this year. Umesh is now working on expanding Hippocampus's geographical reach.



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Viral Tumblr blog exposes innocent users of stolen laptop

Apr 13, 2013, 06.50 PM IST

Source: Tech2.com

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Viral Tumblr blog exposes innocent users of stolen laptop

A month after losing his laptop to theft, London-based Dom Deltorto was surprised when the tracking software on his laptop tracked it in Tehran, Iran...

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Viral Tumblr blog exposes innocent users of stolen laptop

A month after losing his laptop to theft, London-based Dom Deltorto was surprised when the tracking software on his laptop tracked it in Tehran, Iran...

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A month after losing his laptop to theft, London-based Dom Deltorto was surprised when the tracking software on his laptop tracked it in Tehran, Iran. And much to his surprise, the laptop even began sending back images of the family who it seems purchased his laptop and were now using it . 

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Plan your complete vacation using a smartphone

Apr 13, 2013, 06.20 PM IST

Source: Tech2.com

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Plan your complete vacation using a smartphone

Planning a summer vacation? You can now easily plan your entire vacation using your smartphone

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Plan your complete vacation using a smartphone

Planning a summer vacation? You can now easily plan your entire vacation using your smartphone

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Planning a summer vacation? You can now easily plan your entire vacation using your smartphone. There are numerous travel apps out there that will help you plan every stage of your vacation – right from browsing for locations to making travel arrangements, booking hotels, cabs, planning your itinerary, and more. Furthermore, you can even check-in at the airport using your smartphone by opting for the electronic boarding pass; similarly, the virtual reservation message sent on your phone by the railways will act as a valid ticket. 

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Tags: Plan your travel on smartphone, book tickets on mobile, book hotels on mobile, book cabs on mobile, plan trip on mobile, plan vacation on smartphone, travel apps, best travel apps, best android travel apps, best travel apps for iOS, Tripit, makemytrip, cleartrip, IRCTC, Expedia

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Rovio preparing springtime update for Angry Birds Season

Apr 13, 2013, 06.20 PM IST

Source: Tech2.com

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Rovio preparing springtime update for Angry Birds Season

Looks like Rovio is preparing a new episode for one of the most popular mobile games of all times. An Angry Birds Seasons update teaser was sent by the Finnish

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Rovio preparing springtime update for Angry Birds Season

Looks like Rovio is preparing a new episode for one of the most popular mobile games of all times. An Angry Birds Seasons update teaser was sent by the Finnish

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Looks like Rovio is preparing a new episode for one of the most popular mobile games of all times. An Angry Birds Seasons update teaser was sent by the Finnish company to Angry Birds Nest, giving us a hint or two about the forthcoming update. Just in time for the beginning of spring, the update could in fact be for that season and there are a couple of clues in the picture sent by Rovio. Firstly, the backdrop for the image is a starry sky, which indicates that the levels might take place in the spring night. Then the text, 'The new season update is...' is getting sucked into some kind of a black hole or a portal. This hints at some of the mechanics for the new game

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Tags: Angry Birds, Rovio games, Angry Birds Seasons, Angry Birds Seasons update, Angry Birds Star Wars, Angry Birds Space, Angry Birds games, The Croods, Bad Piggies, Amazing Alex, Rovio mobile games

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Sweetcouch, the latest online window shopping destination

Apr 13, 2013, 06.40 PM IST

Source: Tech2.com

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Sweetcouch, the latest online window shopping destination

Though online shopping has indefinite advantages, many users still miss wandering around and indulging in window shopping...

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Sweetcouch, the latest online window shopping destination

Though online shopping has indefinite advantages, many users still miss wandering around and indulging in window shopping...

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Though online shopping has indefinite advantages, many users still miss wandering around and indulging in "window shopping". We were approached by one such site called Sweetcouch.com that aims at providing a "window shopping" experience right at the comfort of your couch. In an attempt to create a window shopping place, the site comes with a Pinterest-like interface (similar to TheFancy.com), showing large image thumbnails of several products. Just hover over the product image and you will see options to buy it instantly or add it to your wishlist of products that you plan to buy later. Sweetcouch has been live for the past six months, but it was launched in January for public. And in the past one month, approximately 2.5 million products were viewed on Sweetcouch, claims the site.

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BlackBerry refutes reports claiming Z10s being returned by buyers

Apr 13, 2013, 06.55 PM IST

Source: Tech2.com

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BlackBerry refutes reports claiming Z10s being returned by buyers

BlackBerry has reacted sharply to claims by an investment housethat the Z10 is being returned by buyers at an alarming rate...

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BlackBerry refutes reports claiming Z10s being returned by buyers

BlackBerry has reacted sharply to claims by an investment housethat the Z10 is being returned by buyers at an alarming rate...

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BlackBerry has reacted strongly to claims by an investment house that the company's brand new Z10 handset is being turned back in by buyers after being dissatisfied with its performance. Issued earlier this week, the report by Detwiler Fenton & Company in Boston, USA, says that the BlackBerry Z10 phone is being returned by buyers at an above-average rate. However, the Waterloo, Ontario-based company has refuted these claims and has suggested that the report is an attempt to manipulate the company's share price. Going one step further, BlackBerry has even said that it would ask the Securities and Exchange Commission to investigate Detwiler Fenton's report. BlackBerry claims that Detwiler Fenton refused to hand over the report to BlackBerry's investors or the methodology behind it to the Canadian company, even after they were said to be "absolutely false."

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Tags: BB10, BlackBerry 10, BlackBerry 10 OS, BB10 OS, BlackBerry Z10, BlackBerry Z10 sales, BlackBerry Z10 sales figures, BlackBerry Z10 returns, refurbished BlackBerry Z10, second-hand BlackBerry Z10, BlackBerry Z10 sales in US, BlackBerry Z10 sales in India, BlackBerry Z10 price in India, BlackBerry Z10 performance, BlackBerry Z10 vs iPhone, BlackBerry Z10 vs Android smartphones

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Company of Heroes 2 up for pre-order on Steam

Written By Unknown on Sabtu, 06 April 2013 | 23.24

Apr 06, 2013, 05.55 PM IST

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Company of Heroes 2 up for pre-order on Steam

Relic's next big gameCompany of Heroes 2is up for pre-ordering on digital distribution platform Steam. The game can be pre-ordered for $59.99...

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Company of Heroes 2 up for pre-order on Steam

Relic's next big gameCompany of Heroes 2is up for pre-ordering on digital distribution platform Steam. The game can be pre-ordered for $59.99...

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Relic's next big game—Company of Heroes 2—is up for pre-ordering on digital distribution platform Steam. The game can be pre-ordered for $59.99, which roughly converts to Rs 3,280. Pre-ordering the game gets you a bunch of bonuses, including a Theatre of War Mini Pack and some skins, such as the Winter Ambush skin and the Woronezh Front skin. The game will be out on June 25. Apart from the pre-order bonuses, buying it now also gets you the ability to get access to the game's beta.Theatre of War is a mini-campaign of sorts that lets players experience a new single player story from events happening in different parts of the world. concurrently to the events happening in the actual single-player campaign.Players will also get new multiplayer commanders, which will further help customise their armies. The German army gets the Joint Operations Doctrine, which specialises in artillery strikes and the Offensive Spearhead Doctrine for players who prefer using heavy armour and airstrikes to defeat opponents.

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Tags: Company of Heroes, Company of Heroes 2, Company of Heroes Sequel, CoH 2, Relic Entertainment, Sega, Relic, THQ, Gaming, Games, PC Gaming, PC Games, Strategy Games

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I am risk-averse banker: Tripathi, author, Shiva Trilogy

Amish Tripathi's decision to ditch his corporate career to take a shot of writing has given India its latest publishing poster boy. The author of the best-selling Shiva Trilogy is a man who managed to reinvent himself in his late 30s. Tripathi now gears up to woo the masses with his latest, the Oath of the Vayuputras. Shereen Bhan of CNBC-TV18 reports. 

Also read:  Bombay Talkies: An ode to 100 glorious years of Bollywood

The one big risk that this banker did take of putting pen to paper has reaped rich dividends. According to Amish's Chennai-based publisher Westland, his debut novel the Shiva Trilogy has become the fastest-selling book series in the history of Indian publishing with 1.5 million copies being sold within a short period of three years. It grossed over Rs 40 crore in sales. While Amish is the toast of the publishing world today, his start was the typical struggling-writer story albeit minus the real struggle of having to worry about putting food on the table.

Tripathi says, "I do not come from a wealthy family, so I cannot afford to be irresponsible. I need to be responsible as far as my career decisions are concerned. I resigned only once I realised that my royalty cheque is probably enough for me to meet my responsibilities. So I am a risk-averse banker."
Initially, his books were rejected by every single publisher.

"I stopped counting at 20. We must have sent it to almost every single publisher in India. I was told that apparently publishing is a very factious industry. If you put 10 publishers in one room you will get 11 opinions, but on my book there was rare unanimity."

Every single person thought there is no way this book can sell, because their assumption was that it is a religious book, and the youth are not really interested in religion. Tripathi was told that he should write love stories or something like that because that is what will sell. But this is the story he was committed to.

Now, Westland is laughing all the way to the bank. It has just signed up Amish for a whopping Rs 5 crore for his next series. This is the highest advance paid to an Indian author by an Indian publishing house so far.

It is easy extending the brand when it is a success, so the trilogy is now being marketed across different platforms to make more money and give it a longer shelf life. Amish has roped in friend and adman Sangram Surve to promote the book using music.



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FY13 revenue target met, fiscal deficit lower than 5.2%: FM

Finance minister P Chidambaram on Saturday said the fiscal deficit for 2012-13 will be better than 5.2 percent as tax-collection target of over Rs 10.38 lakh crore has been achieved.

"As always there will be some savings (on expenditure) So what does it mean ... if we reach the revenue target an if there are some savings, the fiscal deficit will be bette than 5.2 percent that I have projected," Chidambaram said. He, however, did not "hazard a guess" on the actual fiscal deficit number for 2012-13.

On revenue collections, Chidambaram said while there wa a slippage on direct taxes front, the indirect tax mop up has exceeded the revised estimates. "The indirect-tax collection was excess over the target. In direct taxes, there was a shortfall. But overall, we have achieved the target of over Rs 10.38 lakh crore," he said, adding that the revenue growth in 2012-13 was 16.7 percent.

He said this revenue growth is "commendable" in the "difficult year" of 2012-13 when the economic growth is expected to be 5 per cent or a shade above it. The revised estimates was to collect over Rs 5.65 lakh crore from direct taxes and Rs 4.69 lakh crore from indirect taxes.

Total expenditure was pegged at Rs 14.30 lakh crore. With savings in expenditure, the fiscal deficit is expected to be lower than 5.2 percent as projected in revised estimates. As per government's fiscal consolidation road map, the gap between revenue and expenditure is to be brought down to 4.8 percent by 2013-14 and 3 percent by 2016-17.

The finance minister also exuded confidence that the revenue target for 2013-14 financial year would be achieved as the GDP growth is likely to be over 6 percent.

"Revenue target of 2013-14 is achievable ... because we believe GDP will grow by 6 per cent or above 6 percent," he said. When asked about the results of the over one lakh letters sent by income-tax department to non-filers, Chidambaram said he was happy that the approach was paying dividends.

"I think our non-adversarial and tax-payer friendly approach is paying off. These very kind and loving letters are paying off and people are filing returns. I am telling my officers this is the approach to take ... Tell them (non-filer or stop filers) we have the information about you, why don't you file your return. It is paying dividend," a smiling finance minister said.

Detailing the results of I-T letters, he said the number of e-returns filed in 2012-13 have increased by over 50 lakh to more than 2.14 crore against the previous fiscal. To a query on the record high current account deficit
(CAD) in the October-December quarter of 2012-13, he said the final numbers for the financial year would be more tolerable.

He further said exports would have to be increased and unnecessary imports needs to the curbed to bring down the CAD. The CAD, which reflects the gap between outflow and inflow of foreign currency, touched a historic high of 6.7 percent in the third quarter on account of higher imports of oil and gold and slowdown in exports.

"The fourth quarter data, whatever RBI has been able to capture, will be much smaller and number for the whole year will be more acceptable, more tolerable. If you are surprised by the largeness of the third quarter data, perhaps you will be surprised by the smallness of the annual figure," he said. He further said gold imports are taking place because of inflation. "We have to contain inflation," Chidambaram said.

Asked about Vodafone tax dispute , he said the amendments to the I-T Act would be moved in Parliament after a way to resolve the issue is found. He said it is unlikely that the amendments would be moved in the ongoing Budget Session. The British telecom major, facing a Rs 11,200-crore tax demand, has sought conciliation with the Indian government.

"The Union Cabinet will take a final decision whether to go for conciliation," he said.



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China's big banks 'faking' micro loans: Study

China's big banks are not delivering on their promise to lend more to the smallest firms and are instead "faking" their micro loans, a researcher said on Saturday, suggesting a government drive to increase micro-lending is struggling.

Also read: China output offsetting slower growth elsewhere: HSBC

Ba Shusong, a researcher from the Development Research Center, a think-tank that advises China's cabinet, said the biggest Chinese banks are still setting tough collateral standards for small firms, who often cannot meet the demands.

This leaves 60 percent of small Chinese firms without bank financing, Ba said, citing a study that he led on funding conditions for small and micro-sized firms. China wants to increase financing for its small businesses and has ordered its state-controlled banks to step up lending to them to avoid a repeat of a 2011 cash crunch, which some analysts had worried could destabilise the banking system.

"Everyone right now talks about financing for small and micro sized firms," Ba said. "There is a portion of big banks who are faking their lending to small and micro-sized firms," he told a forum in Boao in southern China, without further details.

The study that surveyed 1,000 small and micro-sized Chinese firms across a dozen sectors showed only 40 percent of companies have loans from banks right now. And despite China's central bank cutting interest rates twice by a total of 50 basis points last year to spur a domestic economy trapped in its worst downturn in 13 years, the study said 66 percent of firms have not seen their funding costs fall.

Instead, 40 percent of firms said they pay interest rates of over 10 percent, while the rest have financing costs of between 6 percent and 10 percent. A third of companies said financing costs are their biggest cost

China's one-year benchmark interest rate, targeted by the People's Bank of China when it changes monetary policy, stands at 6 percent. "The lack of appropriate collateral is one of the basic sources of financial difficulty for small and micro businesses," the study said.

Banks often demand companies to stump up property as a collateral or a guarantee before they get a loan, it said, even though the survey showed 83 percent of businesses do not own their own factory space. The study recommended that banks expand their pool of acceptable collateral to include orders, warehouse warrants, equity and intellectual property.

Though modest in size, small businesses punch above their weight in China, accounting for three of every four jobs and 60 percent of the nation's output. But they are often turned away by banks who favour big, state-owned companies.

Small businesses took a beating in 2011 when a succession of rate hikes by China's central bank slowed the Chinese economy and dramatically raised their borrowing costs in the kerb market to over 30 percent for some.



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Blackstone heading to Texas to firm up Dell strategy

Blackstone Group will visit Dell Inc's headquarters on Monday to begin an in-depth analysis of the company, sources said, a strong sign the buyout firm is proceeding with an offer that could upset founder Michael Dell's USD 24.4 billion buyout bid. Blackstone and billionaire investor Carl Icahn separately made preliminary proposals in late March that, if finalized, could be superior to the offer on the table from Michael Dell and private equity firm Silver Lake Partners LP.

Also read: Dell concerned with Blackstone buyout offer : Sources

The outcome of the auction would determine the future of Dell as well as chief executive Michael Dell, who founded the company in a dorm room in 1984 and turned it into the world's No 3 personal computer maker.

In its first step toward firming up a bid, Blackstone is working closely with Michael Dell in putting together a new business plan and actively talking to him about staying on in his current role as CEO, two people familiar with the matter said.

If Michael Dell gets on board with Blackstone's still-developing strategy for Dell, he would be Blackstone's preferred choice running the new company, the sources said. But the buyout firm also is putting an alternative executive plan in place.

Blackstone has hired an executive consulting firm that has reached out to about half a dozen high profile industry executives to help evaluate Dell's businesses and provide advice around strategy, the sources said.

The New York-based private equity firm and its consultant are also talking to a few of the executives for potentially running Dell, while some others are being considered for board positions, the sources said.

The executives that have been contacted by the executive reference firm include Cisco Systems Inc director Michael Capellas, former IBM Corp services head Michael Daniels, Oracle Corp President Mark Hurd and Hewlett-Packard Co's PC boss Todd Bradley, the sources said.

Hurd, who sources previously have said was being pursued for a CEO job, has said he is happy at Oracle. Representatives for Capellas and Daniels did not return calls seeking comment. Bradley said in an email he was not contacted for a CEO position.

The leading external candidate for the Dell CEO job is Capellas, who has been in extensive discussions with Blackstone in recent weeks brainstorming on strategy for Dell and evaluating the industry, the sources said.

Capellas, best known as CEO and Chairman of PC maker Compaq, that he sold to Hewlett-Packard in 2002 for $25 billion, has been spotted entering and leaving Blackstone's Park Avenue headquarters several times over the past few weeks.

In recent years, Capellas served as Chairman and CEO of VCE, a collaboration between EMC Corp , Cisco and VMware Inc . He no longer holds those posts.

"No one knows who will ultimately sign on yet," one of the sources said. "(Blackstone) is exploring options with those people."

Executives from the private equity firm and its consultants will head to the Round Rock, Texas, Dell's headquarters on Monday, to kick off the due diligence that is expected to last about four weeks, people close to the matter said.

"What Blackstone is trying to do is develop a smarter structure that provides more options than what Michael Dell and Silver Lake seem to be doing," another said, adding that the firm is trying to figure out a different way for Dell going forward.

All the sources asked not to be named because the discussions are confidential. Spokesmen for Blackstone and Silver Lake declined to comment. A spokesman for Michael Dell was not available for comment.

Blackstone's team leaders for the bid include Dell's former head of strategy, Dave Johnson, currently a senior managing director at Blackstone. In the past, Johnson and Michael Dell have not seen eye-to-eye over a strategy that would take Dell forward, the sources said.

Johnson is working with Chinh Chu, one of Blackstone's most experienced partners, who has been carrying out transactions for the firm since 1990.

Michael Dell and Silver Lake envision Dell as an integrated company, with the No. 3 PC-maker continuing to focus on a diverse offering that includes enterprise software, servers, PCs and financial services.

Johnson's strategy, if Blackstone acquires Dell, would be to focus the company on enterprise software and accelerate the effort to bring together all the acquisitions made in this space, a source close to Johnson said.

In addition, under Johnson's plan, the company would exit its finance business, the source said, adding that Johnson also wants to make the company less Texas-centric and more global to attract more talented employees.

During Johnson's three years at Dell, he oversaw an aggressive acquisition strategy with some 18 to 20 deals, including the 2009 purchase of Perot Systems Corp, which catapulted Dell into the technology services market alongside IBM and HP.

But one of the sources cautioned that the due diligence process is still in the early stages, and that Blackstone is just starting to put together a business plan.



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Bear attack: Nearly 30% BSE stocks trading below 2008 lows

Riken Mehta
Moneycontrol.com

This is turning out to be a nasty bear phase; in fact worse than the meltdown during the global financial crisis of 2008.

According to data analysed by moneycontrol.com, 697 out of 2400 actively traded stocks on the BSE are trading below the lows seen in late 2008. Back then, most of the stocks managed to recoup a good chunk of the losses as the market rallied dramatically. Two events changed sentiment for the better; one was the UPA coalition returning to power without the support of the Left parties, and the other was the stimulus package that helped sustained the growth momentum in the economy.

Today, the situation is equally bad if not worse. The economy has stalled, corporate earnings are weak, and political turmoil is holding the government back from taking any major reform measures.

But the key difference between 2008 and now is that many of the problems are company-specific, than having to do with the broader economy. In many of the midcaps and small caps which have fallen 50-80 percent, investors are more worried about accounting policies and corporate governance standards than the earnings growth rate.

For full list, Click on the attachment


Index Below 2008 Lows Total Scrips
Sensex 1 30
Nifty 2 50
BSE 100 9 100
BSE 200 17 200
BSE 500 63 500
MIDCAP 20 249
SMLCAP 75 514
 

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China keen on investing USD 3bn in new Mumbai metro project

The Chinese government is ready to pump in upto USD 3 billion into a proposed metro project connecting Colaba in south Mumbai to Santacruz in the northern fringe of the megapolis, a top government official said on Saturday.

The Chinese are also keen on participating in other infrastructure projects apart from those in the agriculture sector in the country, the official said. "We are keen to bring our technology for the new metro project in Mumbai. We are also ready invest in technology upgrade for the textiles sector, infrastructure and agriculture projects in the country," Chinese Consul-General in Mumbai Liu Youfa told PTI.

He said they are "willing to invest USD 3 billion in the metro project through foreign investments along with latest technology." The feasibility study on the proposed Colaba-SEEPZ (Santacruz Electronic Export Processing Zone at Andheri) metro project is ready and the Maharashtra government is looking for technology and funding for the venture.

Liu claimed China was already providing magnetic and bullet-train technology to over 30 countries. Indian Merchants Chamber president Niranjan Hiranandani, who was also present at the event, said the industry body will do everything to help attract Chinese investment into the infrastructure projects in Mumbai.

"We need to work on two-way investment which will reduce the trade deficit on Indian side and create more jobs," Liu said. The trade between the two Asian giants stood at USD 73.9 billion in 2011 and dropped marginally to USD 70 billion in 2012 due to economic slowdown, he said.

The Consul General, an economist by training, spoke on further developing relations between India and China. "Together, the two countries comprise 37 percent of the world's population. If we both come together, nobody can stop our growth. However, if one of us focuses individually on growth, it's going to hinder the other," Liu said and called for for more bilateral trade and investment.



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Right to food or right to re-election? UPA's empty gun

R Jagannathan
Firstpost.com

One of the big theme-songs of the UPA has been to convert every good intention into a fundamental right. Hence, we have the right to information (RTI), the right to food (the Food Security Bill), the right to identity (Aadhaar UID), the right to work (NREGA), the right to education (RTE) and, now, even the right to housing (National Right to Homestead Bill.

In mid-March, the Union cabinet cleared the right to food law even over the objections of Agriculture Minister Sharad Pawar and the finance minister . It is effectively sending the message that rights need have no connection to reality or the responsibility to deliver. Put another way, the Congress party's rights-and-entitlement based legislation are probably more linked to its right to be -re-elected, not the rights contained in the laws.

The reason why none of the rights-based laws are working, or will work, as intended is simple: a right cannot be delivered on the basis of laws alone for it addresses only one side of the equation the demand for a public service or good; it has to be enabled through governance and reforms on the supply side, which includes the ability of the state to fund it.

Even more so, no right can be delivered if it is not continuously monitored for compliance and consistently improved. Or else, it can be abused and become a wrong.

Take the case of the anti-rape ordinance. Women activists are insisting on this provision or that (based on the Verma Committee report), but let us be clear that not even half the intent will be delivered. What we will have is a tough law without any supporting infrastructure. The law will become yet another instrument to harass people, both women and men, and will deliver very little justice. The government is happy to legislate all kinds of things and fool people into believing that it has done its duty.

You can't deliver better safety for women in public places without police reform. You can't prevent marital rape or child abuse by relatives without rethinking social education, gender sensitisation, providing support for better parenting and schooling, and focusing on the right development inputs for bringing up boys, not to speak of creating an infrastructure for counselling and support for both genders, victims and victimisers.

The bald point is this: more than law, more than rights, what we need is to focus on implementation, on nurturing individual and collective responsibility as the other side of the rights equation.

A quick look at how the wave of legislated rights has worked (or rather not worked) tells us why these initiatives are sinking in the sands.

RTI: The Right to Information Act, one of the UPA's much-celebrated early legislations, is now meandering into meaninglessness. Even as the demand for RTI-based information soars, the bureaucracy has managed to erect a wall by allowing almost every query to go into appeal, and by delays that can't be remedied.

The reason why the RTI gets too many queries is simple: the bureaucracy treats even basic information that every citizen is entitled to as state secrets. RTI will work the minute all public data especially data relating to a citizen's personal information needs like status of applications for birth and death certificates, ration cards, etc are available to all through websites. Once this supply side problem is licked, the RTI will not be abused for personal information.

The courts have also latched on to the RTI as an avenue of employment for retired judges. The Supreme Court has said that all information commissioners must work in benches of two , with one being a former high court or Supreme Court judge. There is a problem in finding enough judges of calibre for the huge needs of central and state information commissions. Now, of course, the RTI will run into a wall: not enough judges, another supply side problem.

Right to Work (NREGA): What has NREGA, which gives every rural household the right to 100 days of paid employment at a certain inflation-indexed minimum wage, achieved?

First, it has pushed up wages in general, forcing farmers to mechanise more, thus reducing the available pool of rural jobs. It has also priced women out of regular work on farms and driven them to NREGA. And worse, NREGA is largely work that is useless. Very little assets have been created under it.

What one should also consider is whether NREGA has contributed (among other factors) to destroying the economy's real job creating potential substantially. The last decade has seen jobless growth . Between 2004-05 and 2009-10, the economy created all of 2 million jobs despite high growth. In the previous five-year period, when there was no NREGA, the economy created 92 million jobs despite slower growth. Why?

The real problem with NREGA is that it creates useless work. Rural Development Minister Jairam Ramesh was himself quoted as questioning the utility of NREGA work. The Indian Express quoted him from an interview to Yuvadesh, an e-magazine of the Youth Congress, thus: "Kitna mazdoori aap karoge? Kitna gaddha khodoge? Kitne talaab ka punarnirman karoge? Kitna vriksharopan karoge? To ek seema bhi hoti hai na (How much work will you do? How many ditches will you dig? How many ponds will you rebuild? How much forestation will you do? There has to be a limit). We will have to see in one-two years whether 100 days (of work) will continue."

KS Gopal, a former member of the Central Employment Guarantee Council, was quoted by Business Standard as saying that NREGA's problem is not a "demand problem but a supply problem. It is not that the NREGA worker's demands for work are not being registered. It is that work is not being provided. Merely issuing fiats from Delhi won't help."

One would have thought that this is elementary: before you guarantee work, you have to build your pipeline of worthwhile jobs. Right to Work has to follow the creation of the conditions for work, not the other way around. If this does not exist, why not call NREGA an unemployment allowance and be done with it?

Right to Education: The Supreme Court has upheld the Right to Education Act (RTE) inasmuch as it applies to private schools, but the RTE is, once again, an effort to create demand for education without enhancing supply of the right quantity and quality.

The RTE tries to force private schools to take on 25 percent more students from the poorer and disadvantaged sections. Good thought, but private schools account for only 7-10 percent of the total, and the real problem is the 90 percent of the population that wants schools and will still need to go to poor-quality government schools. The RTE tries to shift the burden of the state to the private sector without fixing the 90 percent that needs to be fixed.

Abhijit Banerjee, an MIT professor who has worked on real-life issues faced by governments in addressing poverty, has nothing but abuse for the scheme. At a recent seminar in Kolkata, he said the programme lacked sense, reports Business Standard . "It is simply for the teachers, by the teachers, and of the teachers. It ensures the livelihood of school teachers." The real issue was the right to learn, and that needs a different approach from the RTE.

He said: "Before 2009, the education level was flat. But there has been a perceptible decline after the RTE came into force. In RTE, there is a lot of emphasis on the teacher-student ratio, the teacher's salary and physical infrastructure. Studies have shown no correlation between these factors and improvement in learning. On the other hand, it may force many schools to shut, as they cannot afford high salaries or huge infrastructure."

Once again, rights created out of thin air are not the answer to any social issue. Banerjee is saying the RTE will end up closing schools instead of expanding their capability. Once again, a supply problem.

We can same the same about the next few rights that are coming up.

The Right to Food will ruin the market for grain and distort food economics as it involves buying grain at Rs 12-15 a kg and selling it at Rs 1-3 a kg. The bulk of the subsidies will go to keep rice, wheat and coarse grains farmers in business when demand is moving away to proteins milk, vegetables, fruits, eggs, etc.

Supplies of protein foods, the main drivers of food inflation in the recent past, are not rising commensurately. The right to food will thus be addressing a hunger problem that is either not there or may exist only in pockets of India.

As Firstpost noted in an earlier report , "The National Sample Survey (NSS, 66th Round) on Perceived Adequacy of Food Consumption in Indian Households shows that the proportion of rural households saying they are getting two square meals a day throughout the year has increased from 94.5 percent to 98.9 percent between 1993-94 and 2009-10. The proportion of urban households saying the same increased from 98.1 percent to 99.6 percent."

If acute hunger is reducing, why have a national food security law?

The Right to Housing, being dreamt up by Jairam Ramesh even when NREGA remains messed up, will guarantee 10 cents of land (one-hundredth of an acre) to the rural homeless. Where is he going to rustle up the needed land, and who will pay for it?

All the rights being legislated by the UPA under Congress tutelage point to one truth: there is a big market for bad ideas. Or is it that these Rights are intended as a cover to ensure that one family has the Right to Rule forever?

The writer is editor-in-chief, digital and publishing, Network18 Group



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Budget to give blueprint for growth:Obama

Asserting that half a million jobs have been created this year and 6.5 million new ones in the last three years, the US President Barack Obama on Saturday said his annual budget to be sent to the Congress next week would be a fiscally responsible blue print for the middle-class jobs and growth.

"If we want to keep rebuilding this economy on a stronger,sturdier foundation for growth - growth that creates good, middle-class jobs - we need to make smarter choices. "This week, I'll send the budget to Congress that will help do just that - a fiscally-responsible blueprint for middle-class jobs and growth," Obama said in his weekly radio and web address to the nation. Noting that for years, an argument in Washington has raged between reducing the country's deficits at all costs, and making the investments needed to grow the economy, Obama said his budget puts that argument to rest. "Because we don't have to choose between these goals - we can do both.

After all, as we saw in the 1990s, nothing reduces deficits faster than a growing economy," he said. "My budget will reduce our deficits not with aimless, reckless spending cuts that hurt students and seniors and middle-class families - but through the balanced approach that the American people prefer, and the investments that a growing economy demands," he said. "Now, the truth is, our deficits are already shrinking. That's a fact. I've already signed more than USD 2.5 trillion in deficit reduction into law, and my budget will reduce our deficits by nearly USD 2 trillion more, without harming the recovery. That surpasses the goal of USD 4 trillion in deficit reduction that many economists believe will stabilise our finances," Obama added.



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Judge approves BofA $2.43-bn settlement over Merrill

Bank of America Corp on Friday won a federal judge's approval for a USD 2.43-billion settlement with investors who said the lender hid crucial information when it bought Merrill Lynch & Co.

The accord, among the largest investor settlements stemming from the recent global financial crisis, was approved by US District Judge Kevin Castel in Manhattan.

Castel called the settlement "fair, reasonable and adequate," and said it culminated an "extraordinarily hard-fought litigation."

Bank of America had agreed to buy Merrill in an all-stock deal initially valued at USD 50 billion on September 15, 2008, the same day that Lehman Brothers Holdings Inc went bankrupt.

But Merrill ended up losing USD 15.84 billion in that year's fourth quarter, even as it awarded USD 3.62 billion of bonuses to employees. Bank of America ultimately obtained a federal bailout, since repaid, to absorb Merrill.

Shareholders including the state teachers retirement system of Ohio and the teachers retirement system of Texas said Merrill's mounting losses and bonus plans should have been disclosed before investors voted on the merger in December 2008.

The accord with the second-largest US bank was announced in September, and won preliminary court approval in December.

"We are very proud of this result," Max Berger, a lawyer for the plaintiffs, said at the hearing.

Bank of America denied the plaintiffs' allegations, but chief executive Brian Moynihan has said the settlement would remove uncertainty for the Charlotte, North Carolina-based bank.

Daniel Kramer, a lawyer for the bank, declined to comment at the hearing. A spokeswoman, Jessica Oppenheim, did not immediately respond to requests for comment after the hearing.

Since buying mortgage lender Countrywide Financial Corp in July 2008 and Merrill six months later, Bank of America has incurred more than USD 40 billion of extra costs for litigation, writedowns and mortgage buybacks, analysts have said.

The company still faces a variety of litigation over its mortgage operations, which have shrunk significantly in size, and over its underwriting of mortgage securities.

Bank of America is among 17 banks and lenders facing lawsuits by the Federal Housing Finance Agency over losses suffered by Fannie Mae and Freddie Mac on mortgage securities.

The FHFA has sued Bank of America over USD 57.5 billion of securities, more than any other bank, that Fannie Mae and Freddie Mac bought, and which were sponsored or underwritten by Bank of America, Countrywide or Merrill.

Bank of America shares closed up 3 cents at USD 11.97 on the New York Stock Exchange on Friday.

Castel also awarded three law firms representing the plaintiffs about USD 160.5 million, including USD 152.4 million in fees."The lawyers did a very fine job of keeping their eye on the job," he said.



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