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New Takeover Code 2011: New Era Or Damp Squib?

Written By Unknown on Sabtu, 29 Maret 2014 | 23.24

Published on Sat, Mar 29,2014 | 18:18, Updated at Sat, Mar 29 at 18:47Source : Moneycontrol.com |   Watch Video :

The 2011 Takeover Code significantly overhauled its 1997 predecessor and changed the life of Indian companies and global players looking to India. The 2011 Code has also been extolled for simplifying the open offer and disclosure regimes in India, while incorporating best practices from international jurisdictions. However, almost two years after it was introduced, industry is still grappling with issues surrounding control and negative control, SEBI's maverick (and often discordant) interpretation of the Code, and the sketchy manner in which SEBI has been handling its interface with other regulators. At the IBA M&A Conference 2014, VS Sundaresan of SEBI, Adam Emmerich of Wachtell Lipton, Somasekhar Sundaresan of J Sagar Associates, Raj Balakrishnan of Merrill Lynch, Daniela Favoccia of Hengeler Mueller & Sridhar Gorthi of Trilegal discussed the latest developments in relation to the Takeover Code, including the impact of the Supreme Court's surprising decision in Subhkam and how they see the Indian takeover regime evolving.


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Avoid midcap stocks for 2-3 trading sessions: Bhamre

Siddharth Bhamre of Angel Broking is of the view that one may avoid midcap stocks for 2-3 trading sessions and advises holding on to largecap stocks.

Siddharth Bhamre of Angel Broking told CNBC-TV18, "We continue to maintain our long positions. Technically this market has not corrected or not shown any meaningful dips. When I say meaningful dips I am just talking of 50-60 points, that is less than 0.50 percent since last one and a half months. Approximately around February 14-15 this market started rallying. We are waiting for dips to buy. Those dips have not come. One can categorise domestic participants into two categories, one who was bearish and second one who was bullish but did not participate. It is only FIIs who are participating in this market."

"Now also people are getting frustrated because there is no dip. PSU banks and midcap stocks have gone up by 10-20 percent in a week's time, infact midcap stocks going up 10-15 percent in a days time. This is a frustrating rally by people who have not participated. Today most of the large caps were sedate. What we are expecting for next couple of trading sessions is that this market would now probably take a pause or show 60-70 points correction in next two trading sessions – Monday or Tuesday. In this 60-70 points correction which does not change our view on the overall trend is that we are positive on markets. People who have missed out on big rally from 6150 to 6700 would get trapped in midcap stocks which they have gone long. In this 70-80 point correction midcap stocks may correct significantly, I am talking about 8-10 percent which would certainly trigger their stop losses because even if they have gone up 10-12 percent in a single days time frame, people have not got in when they were one or two percent up. They have got in when stocks were already 7-8 percent up. So, market remains in a positive trend. The dip may come in next 2-3 trading sessions. However that dip may not come in large cap, they would come in midcaps where people are long," he said.

"So, continue to hold on to long positions in Nifty, Bank Nifty and large caps. Avoid midcaps for 2-3 trading sessions. That would be our advice for the coming week."


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Where ZF India sees auto ancillary industry heading

This episode of Overdrive puts spotlight on auto ancillary industry; the backbone of the automotive industry. Jamshed Patel caught up with Piyush Munot, the man who heads ZF India's operations to get an outlook on the sector.

This episode of Overdrive puts spotlight on auto ancillary industry; the backbone of the automotive industry. Jamshed Patel caught up with Piyush Munot, the man who heads ZF India's operations to get an outlook on the sector.


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Truth and dare: An analysis of Congress manifesto

R Jagannathan
Firstpost.com

The Congress election manifesto, released on March 26, has been quickly rubbished by the BJP as a "document of deceit". This is a bit rich, for all manifestos - without exception - are "documents of deceit". They are about presenting the voter with a sumptuous menu card, but without the right hand column - the price list. The regional parties have already presented their "documents of deceit", and the BJP will surely present one deceitful enough to compete with the document presented by Rahul Gandhi and Sonia. (Read the full manifesto here , and critiques here and here ).

The Congress manifesto offers more promises than any government can reasonably hope to fulfil. It promises more rights and entitlements than any sane government should (homesteads, health), given the precarious fiscal situation. It claims more achievements than what squares with reality (high growth, but fairly jobless growth, a slowing economy with built-in inflation boosters, and a weak climate for economic optimism).

However, once we get away from the deceitfulness, or otherwise, of the manifesto, the Rahul Gandhi vision cannot be clearer. The manifesto is beautifully crafted and forms a comprehensive political package that intellectually and philosophically presents a coherent and consistent Left-wing approach - with a few phrases thrown in about growth and business-friendliness. The manifesto would be entirely believable if offered by any party other than the Congress, which has been in power for 10 years and shown us what it can or cannot do. We know where these policies can lead - to slowdown and fiscal bankruptcy - and so may not work for the Congress itself this time.

It would have worked quite well for, say, the Aam Aadmi Party, which is as yet relatively untainted by failure and scandal.

However, that said, the manifesto offers a huge, huge challenge to the economic and political Right (read: the BJP) that has so far been unable to come up with a counter-narrative and ideology. The Congress manifesto's Left tilt will be difficult to counter in a one-man-one-vote consumerist democracy where the wares offered are tantalisingly visible but the price tags are not.

The Right can offer capitalism, free markets, fiscal discipline, higher growth and trickle-down economics as rewards for the poor, but these come later and are less visible to the voter. What we all can see, in 70 mm screens and with Dolby sound to boot, is that the rich will get richer first and inequalities will widen before the poor get any less poor. This is why the Congress did better in 2004, and this is what it is hoping will do the trick this time too. The BJP looks like a party for the haves, not the have-nots.

To be sure, this explains the dilemmas facing all Right-wing parties anywhere, and especially in a country with a numerically large population of the poor or near poor.

The Right, if it remains true to its ideological roots, can merely offer a path to better outcomes in future while the Left can offer a visible buffet to today's hungry planet. The Right can offer economic virtue while the Left can offer instant vice.

It is difficult to sell Right-wing fidelity and virtue if the Lefties next door have opened a raucous porn shop.

Before an election, even a bankrupt Left-wing party can offer redistributive ideas that no one can oppose while the Right is left carping and nitpicking about some minor detail or the other in the Congress manifesto. So far, the Indian Right has found it difficult to come up with electorally attractive ideas that are also economically sound and constitute a viable and differentiated alternative.

The Congress manifesto, with an extreme focus on rights, entitlements, freebies and sugar-coated goodies, will appeal for the simple reason that it offers everyone everything. The Right is stuck with offering the same things - but with a vague promise that it will be fiscally more faithful and celibate.

If we look at the Right-wing stance in the recent past, this is exactly what happened.

In the last one year, the Congress has pushed all its Left-wing legislation - food security, land bill, etc – even without a viable parliamentary majority. The BJP was left frothing at the mouth, offering irrelevant objections, and unable to set the agenda. If Salman Khurshid's evocative phrase - napunsak - has to be applied appropriately, it is to the situation where the BJP proved impotent to oppose even bad legislation. It was reduced to claiming that's its version of these bills would have been even more generous - exactly the opposite of what its alleged Right-wing ideology would call for. The BJP even went along with the idea of reservations in promotions in the Lok Sabha and was saved from ignominy in the Rajya Sabha by the Congress' inability - or unwillingness - to find the numbers.
The BJP's ideological dilemma suggests that in India there can be only Left-wing parties and Leftist politics. The difference is in the shade of red you espouse. We can start with the regional parties that are populist and moderately Left. We then have the Aam Aadmi Party to the Left of the regional parties, followed by the Congress (as evidenced by its manifesto) to the Left of AAP; then we have the traditional Left (CPM, etc), which are to the Left of the Congress; finally we have the various Maoist groups that are to the Left of the Left. If we have any more parties that want to go even further Left, they will surely fall off the map.

The party left out in the cold is the BJP, which now has to pretend it is Lefter-than-thou to combat the Congress, even while throwing some right-of-centre lollipops to its core middle and upper class constituencies. In any other country the BJP would be considered a mildly confused centrist party whose heart is somewhat Right-wing, but the mind is pulling Left for electoral reasons.

The only thing that distinguishes the economic ideology of the BJP from that of the rest of the Left is the expectation that in government it will indeed be deceitful: promise a Left moon while delivering a more Right-of-centre economic policy in practice.

This is what Vajpayee did. After promising Gandhian socialism - whatever that means - he gave us moderate reforms, even deregulation and (wonders or wonders) some privatisation. He gave us a reforming fiscal balance, low inflation, more elbow room for private sector growth, and a vision of smaller government.

If you notice what Modi has been saying on economic policy - he has actually been saying very little. Beyond promising "less government, more governance" his political speeches have talked more about the poor, the farmers, jobs, unemployment and inflation. Good things to talk about, but meaningless without a prescription or roadmap on how to get there. He has also been talking urban politics, but so have the others.

The best one can hope for from a BJP manifesto is more of the same: deceitful, but hinting at something else.

The big question to ask is: is there real scope for Right-wing economics in India? I hope to address this question in another article, hopefully once the BJP puts out its own document of deceit.

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


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10 shades of elections 2014: Campaigns that are painting India red

SLIDESHOW

Sat, Mar 29, 2014 at 16:55

| Source: Moneycontrol.com

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.


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Go long in Tata Global Beverage: Siddharth Bhamre

Siddharth Bhamre of Angel Broking recommends going long in Tata Global Beverage as the stock may test Rs 159.

Siddharth Bhamre of Angel Broking told CNBC-TV18, " Tata Global Beverage is something which is looking very attractive. It has been consolidating since nine weeks and we are expecting a upside move over here. Breakout is there and good long positions are added in the stock. So, expect Rs 159 and fix a stoploss of Rs 143 and go long."

The share touched its 52-week high Rs 170.20 and 52-week low Rs 128.95 on 03 November, 2013 and 28 March, 2013, respectively. Currently, it is trading 13.01 percent below its 52-week high and 14.81 percent above its 52-week low. Market capitalisation stands at Rs 9,155.39 crore.


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Short Maruti Suzuki, advises Siddharth Bhamre

Siddharth Bhamre of Angel Broking recommends shorting Maruti Suzuki India at current levels as the stock may shed 90-100 points and test Rs 1844.

Siddharth Bhamre of Angel Broking told CNBC-TV18, "The built-up in Maruti Suzuki India  is very huge in the last series. Price action no doubt is the biggest outperformer in this sector with huge addition of long positions, the rollover was also high. In today's market scenario when midcaps did well, large cap were also fine."

"In the last two trading sessions Maruti has been showing a downward tick. I am not expecting this stock to crash but what I am expecting is because of this long unwinding, the stock can show a dip of 90-100 points and we want to capitalise on this. That is the reason we are shorting Maruti. Our target is around Rs 1844 which is like 90 points from current levels. Fix a stoploss somewhere around Rs 1970 and go short in Maruti," he said.

Also Read:  See better sales in Mar; will launch Ciaz in Q2FY15: Maruti


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Short Wipro, advises Siddharth Bhamre

According to Siddharth Bhamre of Angel Broking, one may short Wipro as the stock may shed 6-7 percent from current levels and test Rs 511-512.

Siddharth Bhamre of Angel Broking told CNBC-TV18, "If somebody is going in short in IT or pharma it means that person is bullish on the market. I am bullish on market and that is the reason I am talking about shorting Wipro ."

"Technically Tata Consultancy Services  and Infosys  are all trading below the short term averages at this point of time. Wipro is slightly above the averages. If one looks at the rollover data, all of the IT counters have corrected because of unwinding of long positions because lot of people were hiding in last series in IT and pharma. Wipro is the only stock which added short positions," he said.

"We believe that from the current juncture, Wipro may correct not very significantly, we are expecting a target price of around Rs 511-512 which is 6-7 percent from current levels and which is in line with what is happening to currency. So, fix the stoploss somewhere around Rs 562-563 and go short in Wipro."


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The Future Of MA

Published on Sat, Mar 29,2014 | 18:02, Updated at Sat, Mar 29 at 18:02Source : CNBC-TV18 |   Watch Video :

The hottest deals, the biggest challenges, the best dealmakers! In this special edition of The Firm, we discuss the future of M&A with Adam Emmerich, Partner, Wachtell Lipton; Christopher Saul, Senior Partner, Slaughter and May; Janet Hui, Partner, Jun He; Sergio Sánchez Solé, Partner, Garrigues; Marc Reysen, ‎Partner, O'Melveny & Myers and Cyril Shroff, Managing Partner, Amarchand Mangaldas.

2.21 trillion dollars of deals done; yet 2013 clocked lower global M&A activity than 2012 and was the slowest year since 2010. But 2014 has begun with a bang. 700 billion dollars in deals already done, that's 54% more than last year. Half of those were deals worth 5 billion dollars and more. At 45 billion dollars, COMCAST's deal to buy Time Warner Cable is the year's biggest so far – but the award for most breathtaking goes to Facebook's acquisition of Whatapp – 19 billion dollars for a 5 year old company with just 20 million dollars in annual revenue but a global user base of 450 million.


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Weather in Allahabad and Kanpur in the coming months

Being situated at the confluence of the three rivers Ganga, Yamuna and Saraswati, the ancient city of Allahabad welcomes a lot of tourists throughout the year. But the coming months are extremely uncomfortable for the residents of this place and the nearby city of Kanpur. Let's find out the reasons.

Weather in Allahabad

Allahabad is an ancient city with aspects of modernity but the city very well holds onto its roots. Here taxis and busses are available but the main transport still remains rickshaws and tongas.

According to the latest weather update by Skymet Meteorology Division in India, pre-monsoon showers are generally accompanied by strong dust and hail storms, which impair visibility in the region. The month April could experience a couple of them and its intensity increases in June and July.

The monsoon trough passes from the metropolitan city of Allahabad and the variation of weather conditions is more here. This city of Uttar Pradesh will observe a huge variation in temperature, humidity and winds in the coming months. The average temperature rises from 33.3°C in the month of March to 39.4°C, the next month. The monthly average for May peaks at 41.6°C. Hot and humid conditions prevail till the end of the 1st week as the monsoon current reaches the city between 10th and 15th of June. The average temperature for the month is still very high at 39.6°C, as the temperatures drop only after mid-June.

June is the most uncomfortable month for this city, also known as Prayag simply meaning 'place of offerings'. In the next month, day temperatures remain at a comfortable range with a mean average of 34.2°C.

Weather in Kanpur

Kanpur lies just 100 kms northwest of Allahabad and experiences similar weather conditions. The temperatures in Kanpur are just a shade lesser with mean average maximum for March and April being 32.3°C and 38.3°C. In May average maximum rises to 40.7°C and comes down to 39°C in July.

In both the cities, maximums drop considerably in July with an average of 34.2°C in Allahabad and 33.8°C in Kanpur. Monsoon withdraws by the end of September in these cities.

picture courtesy- maa rukmani travels

By: Skymetweather.com


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Time to add cyclicals; capex cycle turning: BlackRidge

Written By Unknown on Sabtu, 22 Maret 2014 | 23.24

Even as defensive stocks like IT and pharma have outperformed since the crash of 2008, thanks to their resilience in a weak economy, a turning around in the investment cycle may warrant a closer look by investors, believes Arindam Ghosh.

Ghosh is the MD and CEO of BlackRidge Capital Advisors, which offers financial services offering advisory, capital markets, alternate investment and wealth management to its institutional, corporate, HNI and family-office clients. He spoke with CNBC-TV18 for its weekend show, Taking Stock.

"In addition to the export-led companies, one should look at adding cyclicals," he said. "Many of the quality, high-beta stocks should be looked at but investors should stick to the frontline cyclical names before sliding down to the lower-quality or midcap names."

Also read: Intermediate trend for Nifty is up; stay put: Sukhani

Anu Jain, director Equities, IIFL Private Wealth Management, and an expert in technical analysis, seconded the view.

Discussing her short-term trading ideas, she said she was positive on stocks such as capital goods stocks such as  Crompton Greaves and Voltas , tyre stocks  MRF and Apollo and metal stocks  Jindal Steel and Hindalco .

"For the week ahead, traders could go long Maruti , which could see a 3-4 percent upside and United Spirits , which could rise to Rs 2,780-Rs 2,820 levels," she said. Amtek India , which has about doubled to Rs 140 in the past one month, can be bought on a dip for a target of Rs 200, she said.

Below is the interview of Arindam Ghosh, MD & CEO of Blackridge Capital Advisors and Anu Jain, Director-Equities of IIFL Private Wealth Management with Latha Venkatesh and Sonia Shenoy on CNBC-TV18.

Sonia: It has been days of consolidation that this markets have witnessed which is generally the nature of a bull market but going ahead as we head into the elections, would you still maintain your long bias in the market?

A: We would not like to qualify this as a bull market as yet. Clearly, what we have seen so far is that the economy has been running on three legs. One is the distinct improvement that we have seen in the overall macroeconomic fundamentals.

The second is the relative underperformance of the other emerging markets clearly China, Brazil and Russia in particular and more importantly I think it has been election and the possibility of stable government.

So I think market has been moving on a clear uptrend largely on account of these three factors but we need to bear in mind that whilst the risk reward is definitely favourable as of now, we need to be also mindful that expectation built up has been tremendous and that is where I think there is a clear risk, which is getting built in.

That would definitely moderated as we get beyond the elections and into the results and we have a new government settling down, a lot will depend on what kind of economic agenda is going to get pursued and then you will have the dynamics of inflation growth, interest rates all of that playing up. So we would have these intermittent periods of profit booking and consolidation but the overall trend would continue to remain positive.

Latha: What are the Nifty charts telling you, will you be able to draw in the blue skies up until mid-May?

A: The fact of the matter is that the charts are definitely on a much more positive note that you have seen over the last two-three years as long as I can remember. We are sustaining over the 6,350 so your breakout took place between that 6,320 and 6,350.

The fact that you sustained so many sessions over that, you panned up to 6,560, closer to 6,600 and then obviously there is a consolidation, the breakout is intact, you are intact for about 6,700 at a bear minimum going closer to 6,900-7,000, yes you will have consolidation period, it is a very nominal saying that every dip in this market is a buying opportunity, so whether it is for a 50 point or 100 point, I think it is a point to get into the market for people who are underinvested of what they haven't bought as yet. So I would definitely say it is a positive time to enter the market.

Latha: From what you are saying at least 5 percent more is left on the Nifty. What is the Bank Nifty, is it 10 percent more because it has been outperforming?

A: That is the dicey part. We have seen it outperformed over the last one month. It has done fabulously but obviously with results around the corner that is where you can see 5 percent cut or a 5 percent hike.

That is the only dicey place but what is giving Nifty legs is oil and gas and other sectors, which can take it irrespective of whether Bank Nifty makes it or not. So there maybe a clash in the Bank Nifty but the other sectors would definitely make up for it.


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Air Asia's 1st Airbus A320 from France arrives in Chennai

With the first aircraft arriving in Chennai, AirAsia will take further add nine more A320 aircraft. It may be noted that Director General of Civil Aviation had dismissed all the 20 objects from Federation of Indian Airlines to grant license to AirAsia.

At a time when it is waiting to receive the Air operating permit to fly, AirAsia India received its first aircraft today at Kamaraj airport, Chennai at 9:25 am on Saturday.So ,finally, the pristine, state-of- art Airbus A320 made its opulent entry in the city.

The aircraft arrived from the Airbus factory in Toulouse, France and is the first one to be delivered to AirAsia India. Powered by CFM engines, the aircraft is configured in an all economy layout with 180 seats.

Also read:  Govt says AirAsia doesn't need EC nod for flying permit

Mittu Chandilya, CEO, AirAsia India said "AirAsia India family takes immense pride in welcoming home its first aircraft which has just rolled of the manufacturing line from Toulouse. It is overwhelming to see the AllStar spirit of our employees as they strive towards our dream of offering world-class high-quality, safe, reliable and affordable air travel to everyone on India.

The arrival of our first A320 signifies that we are a step closer to our dream to create a new benchmark in the low-cost air travel category. The Indian aviation industry will soon witness a prodigious overhaul with the entry of AirAsia India. As I mentioned in my final pre-flight address to our Ferry Flight crew of Pilots and Engineers "with this plane you bring home the hopes of all AirAsia India's AllStars and the promise to revolutionize Indian Aviation. Take pride in that honor and safe journey back".

Tony Fernandes, CEO, AirAsia on Twitter said, "AirAsia India first aircraft arrives in Chennai, India. Wow. Still a bit to do bit on the final straight though." With the first aircraft arriving in Chennai, AirAsia will take further add nine more A320 aircraft. It may be noted that Director General of Civil Aviation had dismissed all the 20 objects from Federation of Indian Airlines to grant license to AirAsia.

AirAsia India is a joint venture, partnering AirAsia, Tata Sons Limited and Arun Bathia of Telestra Tradeplace Pvt. Ltd. Currently, AirAsia India is awaiting AOP to start flying commercially.


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See Sadbhav Engg at Rs 106 in 12 months: Mayuresh Joshi

Mayuresh Joshi, VP- Institution at Angel Broking is of the view that Sadbhav Engineering may test Rs 106 over the next 12 months.

Mayuresh Joshi, VP-Institution at Angel Broking told CNBC-TV18, " Sadbhav Engineering is poised to deliver greater execution capacities in the coming quarters. The order book of Rs 9,326 crore is 4.1 times of a trailing revenues for Sadbhav and clearly the undergoing projects that Sadbhav is executing at the current point of time, the Check Post projects, the Palesner project, the Chhindwara project, all these will be value additions in terms of toll collections."

"Our revenue expectations are around Rs 2,900 crore coming in from Sadbhav over the next fiscal. Our own expectation is that the stock will touch levels of Rs 106 over the next 12 months," he added.


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Keep stoploss at Rs 1850 in Maruti Suzuki: Jitendra Panda

According to, Jitendra Panda, MD & CEO at Peerless Securities, one may keep stoploss at Rs 1850 in Maruti Suzuki.

Jitendra Panda, MD & CEO at Peerless Securities told CNBC-TV18, "In  Maruti Suzuki a lot of things happening and fundamentally also people are very positive about the Celerio. The entry of automatic car could be a big kicker for them."

"People are saying around Rs 2,000 level in the April series and positions are getting built up. You can see actions there, but having said that, you need to keep your stop loss very close to Rs 1,850 level and any trade below Rs 1,840 could see further correction," he added.


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YES Bank may touch Rs 375-380: Jitendra Panda

Jitendra Panda, MD & CEO at Peerless Securities feels that YES Bank may touch Rs 375-380.

Jitendra Panda, MD & CEO at Peerless Securities told CNBC-TV18, "In Bank Nifty, we are looking at expiry closer to 12,300. Although  Axis Bank has performed with huge volumes and we have seen April positions also building up there in Axis Bank, but our pick will be YES Bank . From current levels, we see YES Bank moving up to Rs 375-380 levels and any break above Rs 375, we would see Rs 395."

He further added, " SBI certainly is looking at Rs 1,720, but we do not see it crossing Rs 1,720 in this month because it has done well and it has outperformed. We believe Rs 1,720 is the highest price, but anything below Rs 1,680, it can crack further."


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Dipan Mehta positive on media space

Dipan Mehta, Member of BSE & NSE is positive on media space. "The elections coming up, they will have that typical upswing in profits and revenues on account of political advertisements taking place," he reasoned.

Dipan Mehta, Member of BSE & NSE told CNBC-TV18, "We saw a good movement in  Zee Entertainment Enterprises yesterday and that also was quite interesting if we were to exclude the losses coming from the sports business. The core broadcasting business did extremely well for the December quarter."

He further added, "Within the media, if you look at print media those companies is also doing exceedingly well as well as the radio companies that is the Entertainment Network , so by and large positive on media. The elections coming up, they will have that typical upswing in profits and revenues on account of political advertisements taking place."

"It's a play on rising domestic consumption and improving consumer sentiment, so lot of companies which have been putting their advertising on hold may come through after the elections. I would say that this year and next year seems to be pretty good for media but one need to be bit selective as to which company one be invested in," Mehta said.


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Road premium deferment to aid SPVs' credit profile: Sadbhav

There have been reports that several highway projects of Sadbhav Engineering have become eligible for deferment of premium payments. CNBC-TV18's Latha Venkatesh and Sonia Shenoy spoke with Nitin Patel, ED, Sadbhav Engineering to understand the development.

It will also give a big relief to almost all [road] developers in terms of working capital.

Nitin Patel

ED

Sadbhav Engineering

There have been reports that several highway projects of  Sadbhav Engineering have become eligible for deferment of premium payments.

Premiums are payments road developers pay to the government in lieu of the right to develop a road and levy tolls.

CNBC-TV18's Latha Venkatesh and Sonia Shenoy spoke with Nitin Patel, ED, Sadbhav Engineering to understand the development.

Also read: 21 projects will benefit due to premium rescheduling: NHAI

Below are the excerpts from the interview:

Q: What does this mean for you? And what is the amount of projects that have become eligible for deferred payment?

A: It is almost between Rs 2500-2600 crore, total value of these three project.

Q: And what is the advantage? They become eligible in 2015. You don't have to pay, and will there be some working capital relief for you in 2015 itself?

A: As per the terms and conditions of agreement and waterfall mechanism prescribed by National Highways Authority of India (NHAI), whatever revenue accrues first, payments will go towards statutory dues, then operational maintenance costs and premiums to NHAI. Whatever balance is left would be paid to lenders of the project.

Now, with this change, the government of India given precedence to lenders over the premium payment to NHAI and the premium has also been allowed to be deferred by the developers one year before the end of the consistent year period.

Obviously it will give a big relief to almost all developers in terms of working capital. Credit quality of all special purpose vehicles (SPVs) will also improve over the period of time.

Q: Credit quality will improve but whatever money you would have paid as premium now you have to pay the lenders, correct?

A: Premium is to be paid to the NHAI

Q: The money you can pay much late in the concession period. Therefore, the money that you save by not paying premium immediately, you have to pay to lenders?

A: Lenders have to be paid, so lenders have got the precedence over the premium payments.

Sadbhav Engg stock price

On February 24, 2014, Sadbhav Engineering closed at Rs 90.05, down Rs 0.55, or 0.61 percent. The 52-week high of the share was Rs 129.00 and the 52-week low was Rs 52.00.


The company's trailing 12-month (TTM) EPS was at Rs 5.39 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 16.71. The latest book value of the company is Rs 54.90 per share. At current value, the price-to-book value of the company is 1.64.


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Somany sees Rs 20-30 cr Q4 revenue hit from Morbi lockout

In an interview with CNBC-TV18, Somany Ceramics' Abhishek discussed the impact of the shutdown and how he sees the business for the company panning out ahead.

We are on track for what we had predicted: which is approximately a 20 percent growth for the year that might be shade off a little bit because of this hangover.

Abhishek Somany

JMD

Somany Ceramics

After ceramic units in Morbi, Gujarat, went on a one-month strike to protest various issues including state gas price hike, the impact will be felt in the current quarter results of various ceramic companies.

In an interview with CNBC-TV18's Latha Venkatesh and Sonia Shenoy,  Somany Ceramics' Joint MD Abhishek discussed the impact of the shutdown and how he sees the business for the company panning out ahead.

Also read: Q3 revenues to take 10% hit; optimistic on FY15: Kajaria

Below is the edited transcript of the interview.

Q: Last quarter the company has suffered from some production loss. What is the prognosis for this quarter and the quarters to come in terms of whether there will be any spillover effect and also what your revenue could look like?

A: The production loss was account of the shutdown we faced in the Morbi region, which is where about 600 units were concentrated in India and that was one of those very freakish moments where Morbi shut down completely.

There is going to be a spillover of about Rs 20-30 crore in this quarter because there is a backlog and we just don't have material to supply. The order book looks extremely strong but with the complete shutdown of Morbi, there is a little bit of hangover there reeling in this quarter.

Having said that, we are pretty much on track of what we have predicted, which is approximately a 20 percent growth for the year that might be shade off a little bit because of this hangover.

Q: When does this problem in Morbi ebb?

A: It has already ebbed. The shutdown was between the November 25 and December 25 and it's behind us. Going forward, things look extremely bright.

Q: You raised money by selling shares preferentially to Latinia Ltd. How much did you raise and what will that be put use to?

A: We raised about USD 8 million and that's going to be used for an aggressive acquisition and also some greenfield projects to fuel 20 percent plus compound annual growth rate (CAGR) growth for the next three years.

Somany Ceramics stock price

On February 24, 2014, Somany Ceramics closed at Rs 136.60, down Rs 1.4, or 1.01 percent. The 52-week high of the share was Rs 155.50 and the 52-week low was Rs 61.00.


The company's trailing 12-month (TTM) EPS was at Rs 6.95 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 19.65. The latest book value of the company is Rs 39.03 per share. At current value, the price-to-book value of the company is 3.50.


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Congress VP Rahul Gandhi reaches out to tribal women in MP

The Congress leader told the women that he has come to listen to their problems and not to give any speech.

Facing a tough election, Congress Vice-President Rahul Gandhi today reached out to the tribal women engaged in collection of tendu leaves, and patiently heard the problems being faced by them.

The interaction, organised as a 'chaupal' (open public space in rural areas) like gathering under a tree, was held at village Patpatpara here in tribal-dominated Mandla district.

Also Read: BJP's Tamil pact 'a show of momentum': Rajdeep

Before the start of the session, Rahul spent about 30 minutes in nearby jungles where tendu leaves (used for wrapping bidis) are found. The non-wood forest produce is a key source of livelihood for tribals in the country.

The Congress leader told the women that he has come to listen to their problems and not to give any speech. "These days leaders come to a place, deliver their speech and return. In contrast to this, I have come to listen to your problems and not to deliver any speech," the Amethi MP told the gathering. One of the women, Ansuya Choudhary, told Rahul that tendu leaves collection was a tough and strenuous task which often led to neglect of children and family.

A woman complained about non-availability of water in the village. Another participant, Lamili Bai, said she gets work under the National Rural Employment Guarantee Scheme, but the wages are often less than what is prescribed under the Government-sponsored programme.

The Congress Vice-President said he was happy to note that women at the 'chaupal' were speaking without any fear. Madhya Pradesh Congress President Arun Yadav and Leader of Opposition in the State Assembly Satyadev Katare accompanied Rahul, who later left for Jabalpur.

People in large numbers had gathered on both sides of the road leading to a nearby helipad to get a glimpse of the young leader. Over the past few months, Rahul has had such interactive sessions with students and members of fishing community, among others.


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Weather conditions in Bhopal and Jabalpur during pre-monsoon season

In the transition period of March, Madhya Pradesh experiences weather induced by systems occurring in both North and Peninsular India.

In the month of March, the Western Disturbances originating in the higher reaches of North India are usually strong enough to reach till parts of Madhya Pradesh. On the other hand, any discontinuity of winds in South India also travels up to Central India, affecting the temperature and rain profile of the region.

To understand the weather conditions in this region, we will take into consideration the two cities of Bhopal and Jabalpur. Though these places are situated 200 kms apart, they experience similar weather conditions, according to latest weather update by Skymet Meteorology Division in India.

Bhopal and Jabalpur could be referred to as the rainbow cities and seven meteorological factors dominate weather here.

Slackened Pressure Gradient- In the coming days, the pressure pattern is going to change here and it will come under the low pressure belt. In April, only a single isobar and very low pressure gradient could be observed. Light wind field- The winds are predominately light during this time and might pick up at times only due to any local thunderstorms or the like. Humidity- The humidity remains less, proving some comfort in extremely hot conditions. With temperatures shooting up, it would have been unbearable if the humidity levels were high. Western Disturbance- As already mentioned, the induced low pressure of the Western Disturbance is generally strong enough to affect these cities. Discontinuity of winds- weather systems like discontinuity of winds in South India affects weather in Bhopal and Jabalpur. However, they remain aloof from any impact of systems arising in the north or south. Cyclonic circulations- At times cyclonic circulations develop in the region, giving rise to thunderstorms. Good visibility conditions- Madhya Pradesh being on the southern latitudes is not affected by the deserts of Rajasthan and visibility conditions remain fairly good. Local pollutants might affect visibility and the impact on environment is only anthropogenic and not meteorological.  Rain and temperature

Bhopal- The average maximum for the month of March in Bhopal is 33.5 but the maximum might reach 40°C. The all-time high was 40.7°C, recorded on 29th of March, 1996.  The average maximum rises to 38.4°C in April and further to 40.7°C in May.

Jabalpur- The mean average for March here is 33.6°C. The highest maximum in the last 10 years was 36.3°C, recorded on 30th of March, 2010. The temperature profile here is very similar to Bhopal and the average maximum for the month of April and May are 38.9°C and 41.4°C, respectively.

Rain in both the cities remains minimal and occasional thunderstorm activity might not bring rain always.

picture courtesy- deccanchronicle

By: Skymetweather.com


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Dynamics of Indian indices: Motivators dampeners

Written By Unknown on Sabtu, 15 Maret 2014 | 23.24

Prashant Sharma
Max Life Insurance

India's equity markets have witnessed extreme volatility in the last six months. While flows and sentiments deteriorated during the first half of this fiscal, a slew of measures announced by RBI governor Dr. Raghuram Rajan, positive performance of China's economy and deferment of QE tapering by the US Fed raised investor sentiment in later months. However, the sharp market rally in a relatively short period of time is more based on sentiments and hope.

Domestic Dynamics
India is among the five largest economies on the basis of purchasing power parity. Its economy is much more integrated with the world economy than in the past and it is no longer possible to remain insulated from developments in the global market. Most countries – developed nations of Europe or emerging economies like China are facing slowdown in their economic growth rates. All these developments have adversely affected India too. Indian economic growth hit a low of 5% in the financial year ended March 31, 2013 and further slowed in the first quarter of FY14. Inspite of that, India has the highest growth rate after China among the large economies.

Key risks to India's economy are high inflation, high interest rates, and lower economic growth. Inflation is particularly high in agricultural commodities owing to factors such as structural changes, supply-side issues and higher aspirations.

Apart from agriculture, core inflationary levels are within the RBI's comfort zone and we expect the trajectory to move downwards in the short-term. A key positive in the second half of FY14 would be  pick-up in rural economy due to increased agricultural production aided by good monsoons which will also help in lowering agricultural inflation. With the rupee stabilizing and RBI's recent actions, India's macro-economic environment is showing some signs of recovery. In the immediate term, slowdown risks could come from the Government contracting spending to contain its fiscal deficit and a lack of pick up in Industrial and service sectors.

While the measures announced by the RBI are intended to achieve the dual objectives of economic growth and inflation control, it will take some time before we can see some tangible results.

External Cues
The Federal Reserve deferred QE tapering, which has caused a rally in risky assets including emerging markets equity. Flows from Foreign Institutional Investors (FIIs) have improved substantially following the deferment of tapering. FIIs have invested USD 2 billion each in September and October 2013. A large proportion of these flows are consequent to their increased allocations in emerging markets ETF investments.

Whenever the US Fed decides to taper, investors will be less worried about the consequences as India's foreign vulnerability has reduced since July 2013 as current account deficit (CAD) has significantly contracted and foreign exchange reserves have been boosted through FCNRB swaps and other instruments.

Future Upbeat
Long term prospects of Indian economy remain strong. Stock markets however are susceptible to volatility in the run-up to the general elections in May 2014. Although markets and investors are party-agnostic, a stable political landscape lends itself to optimal performance. If the upcoming elections are successful in achieving this objective, we can expect increased inflows from institutional investors, both foreign and domestic.

Economic activity is forecasted to pick-up in the second half of the financial year owing to better agricultural output. The macro-economic environment is recuperating against the backdrop of improved global cues. We see value in selective IT, infrastructure and media stocks and are underweight on FMCG stocks.

(Prashant Sharma is Chief Investment Officer Max Life Insurance; the views expressed by the author are his own and do not in any way reflect the views of the company)


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Audi claims to save millions of litres of fuel

Testing is still being carried out in several cities including Berlin where 25 Audi customers are driving cars which are fitted with its Online traffic light system.

Audi has showcased its production ready online traffic light recognition system at the Consumer Electronics Show this year in an A6 sedan. This system can be integrated with Audi Connect. Audi now says that the system reduces emissions by 15 per cent and can save 900 million litres of fuel if enforced in Germany.

Audi traffic integration system

Testing is still being carried out in several cities including Berlin where 25 Audi customers are driving cars which are fitted with this systemThe Audi online traffic light information system makes use of the cars internet by connecting to the traffic light network through the central traffic computer in the city. It understands the traffic light signal pattern in the area beforehand and when the driver approaches a particular signal the system informs the driver about the average speed required to cross the signal while the lights are still green. This data is conveyed to the driver through a driver information system (DIS) located on the central console and is emphasized by way of visual aids in the easily recognizable red, green and amber colours.

Audi-connect

The system informs the driver about the average speed required to cross a signalIf the driver has stopped at a red signal, the Audi Connect system will show how much time is left for the lights to turn green via a countdown timer on the DIS. The system also interacts with the vehicles Stop & Start function to switch on the engine five seconds before the light turns green.Testing is still being carried out in several cities including Berlin where 25 Audi customers are driving cars which are fitted with this system. Audi says that the system is fully production ready and can be implemented in all its models once the government approves of it.


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SsangYong to get a new brand identity by 2016

This will be the companys fourth rebranding since its inception in 1954 as Ha Dong-hwan Motor Co.

Mahindra & Mahindra owned Korean car maker SsangYong is undergoing a rebranding exercise and will change its logo by 2016 which is a year earlier than its planned entry in to U.S SUV market in 2017. This will be the companys fourth rebranding since its inception in 1954 as Ha Dong-hwan Motor Co.The rebranding is coming after nearly 30 years and aims to provide a fresh appeal to the brand which has a history of labour disputes and frequent change of owners. Mahindra will offer full support to the rebranding process but will not include the Mahindra in the new name said a company source. The Korean company has already started to take opinion from employees and is conducting surveys at its overseas facilities. A public participation exercise is also likely though no particular plans have been revealed about how it will be executed.

SsangYong-XLV_001

SsangYong XLV ConceptEarlier this year, Pawan Goenka, president of M&M said that SsangYong brand is under the scanner by Mahindra for a rebranding. He also said that there are many negative connotations with the company especially after its history of poor financial performance and strikes. Then there is also the difficult to pronounce and spell name- SsangYong.SsangYong has set itself a target called Promise 2016 in which it aims to sell three lakh units annually, double its 2013 sales figure of 145,649 units. Yoo-il, president & CEO of SsangYong has commented that the U.S market is a must if his company is to achieve the ambitious sales figure.


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Vento diesel to be launched with DSG automatic gearbox

The auto box will be the same unit seen in the Polo and Vento TSI models and will be mated this time to the torquey 1.6-litre TDI motor currently used in the Vento diesel.

Diesel C-segment cars are selling like hot cakes in India but have lacked an automatic transmission variant. The Hyundai Verna has so far been the only diesel car in its segment to offer an auto box in the form of a 4-speed torque convertor. Now Volkswagen plans to introduce the more advanced twin-cluth, DSG automatic transmission in the Vento diesel. The auto box will be the same unit seen in the Polo and Vento TSI models and will be mated this time to the torquey 1.6-litre TDI motor currently used in the Vento diesel. Volkswagen plan to introduce the car by middle of this year. If you are looking out for an automatic diesel C-sedan, we suggest you hang on a few more months.

Volkswagen-Vento-TDI

Both the Vento and Polo are Volkswagen's bread and butter models in the Indian market. The German company has been constantly updating these cars over the years. Just last year, the Polo range received a major revamp with the introduction of the GT TSI, TDI and Cross variants. This year, the company plans to launch the recently showcased Polo facelift with new engines.


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Bengal picture: Muslims aren't looking for Didis in burqas

R Jagannathan
Firstpost.com

One of the reasons Mamata Banerjee won big in West Bengal in 2011 was the shift in the Muslim vote from the Left Front to her Trinamool Congress. When the Left laid siege to Nandigram in 2007 and then "recaptured" the village – which had a significant Muslim population - from those protesting against land acquisition, Muslim opinion started moving towards Banerjee.

But it seems Banerjee is proceeding along the same path of buying the Muslim vote with symbolic gestures rather than substance. The same tokenism that has marked "secular politics" in the rest of India is now visible in West Bengal, so much so that many in the majority community are concerned and even the minority community is accusing her of "vote bank politics.

An Indian Express report (14 March 2014) quotes an unnamed government official as saying: "Steps like allowances for Muslims clerics, the images of Didi wearing a burqa and offering namaaz, and a slew of projects and schemes targeted at the minority Muslims have only enhanced the polarisation." When Banerjee went to Delhi to address a rally with Anna Hazare, a Muslim cleric warned her not to share the platform with the RSS-backed Anna , and Anna anyway failed to turn up.

Worse, as the Express report shows, there has been a sudden spike – a near quadrupling – in communal clashes in the state. Statistics show that between 2008 and 2012, communal incidents averaged around 25 a year. In 2013, the number soared to 106 – a more than four-fold jump from the average over the preceding five years. Mamata's Bengal is looking like Mulayam Singh's Uttar Pradesh, with a rising trend in communal tensions. In 2013, UP topped the list of states with the highest number of communal incidents . Some 95 out of the 143 deaths resulting from communal incidents were in UP, thanks to the Muzaffarnagar and other riots.

To be sure, one cannot lay all the blame on Mamata-didi for the deterioration in Bengal. Thanks to continuing migration from Bangladesh, many constituencies near the porous border now have either Muslim majorities or near-majorities, or have a Muslim voter share of 25-30 percent. They will thus decide the winner. This demographic shift is creating both social tension and a new assertiveness among Muslims who don't see the need for the "secular" parties to mediate between them and the "majority".

In fact, Muslim netas even within secular parties are "revolting" against the existing orthodoxy. The CPI(M) , which has arrogated to itself the role of issuing certificates of secularism to others, recently expelled Abdur Rezzak Mollah from the party for his outspoken attacks on its leadership. Among the nicer things he said about the party's politburo is that they are "dalals" not grassroots people .

Mollah, who hasn't lost an assembly election since 1972, has now floated a Social Justice Manch for Muslims, Dalits and the scheduled tribes – a grouping he calls the majority, an Indian Express report in February noted. He believes the present CPI(M) leadership is too Brahminical in its approach.

This could be an effort to ultimately form a political party, but other fledgling Muslim political parties are already flexing their muscles and abandoning the umbrella of the regional or national parties.

In Bengal, at least two Muslim parties made their presence felt in the 2012 parliamentary byelection to the Jangipur constituency, which was vacated by Pranab Mukherjee and allotted to his son Abhijit. The Welfare Party of India and the Social Democratic Party of India (SDPI) polled 41,620 and 24,691 votes, almost robbing Abhijit of victory.

He squeaked through with a wafer thin margin of just around 2,500 votes. The next time, he may not be so lucky – as there could be a withering of the Muslim vote bank, even as a new Hindu minority vote develops in this Muslim majority constituency. In the 2012 contest, the BJP got 85,000 votes – more than the two Muslim parties put together.

More Muslim competition is on the way in Bengal. Apart from the Welfare Party and the SDPI, Badruddin Azmal's All India United Democratic Front, which has a solid base amongst Muslims in Assam, is planning a foray into West Bengal by fielding at least 10 Lok Sabha candidates.

The Welfare Party will field 18 candidates, and the Express quotes party president Raisuddin Baidya as saying: "We are a new party. But our party did well in the Jangipur byelection in Murshidabad in 2012. We are fielding candidates in 18 seats and believe that the time has come for Muslims to be a part of the parliamentary system."

With so many Muslim parties flexing their muscles in Bengal separately, it is possible that the Muslim vote in elections 2014 will get split – enabling Didi to get a lot more seats.

But the writing on the wall is clear. It is only a matter of time before Muslims will abandon tokenism from the main regional and national parties and demand a real share of power.

This could be one reason why Bengal is seeing so many communal incidents. Muslims are not looking for Didis in burqas and Mulayams in a fez. They want a share of the spoils – of both power and development .

Either the secular parties will have to become truly secular and not just symbolically so, or they will end up communalising the state. Mamata Banerjee is presiding over a Bengal which may be inching towards increasing polarisation.

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


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Kejriwal's case a media love story gone bad

R Jagannathan
Firstpost.com

If you've just got a learner's licence and still manage to crash your car, do you humbly go back to training harder or blame the city for placing lamp-posts in the wrong places?

Well, if you are Arvind Kejriwal, you will think nothing of blaming everybody but yourself for the wreckage. His is a case of a media love story gone bad and, far from realising his mistakes, he is in self-destruct mode. By claiming yesterday (14 March) that the whole of the media is paid and that he will send some of them to jail if he comes to power , he is teetering on the brink of becoming a failed politician and, worse, leader. The Aam Aadmi Party's journalists spent more time yesterday trying to justify his stand than making course corrections.

I do not for a moment believe that Kejriwal is a tyrant and will actually send any journo to jail - even though some of them may well deserve it - if he comes to power. But it seems he can completely lose it when he doesn't get his way on something. Right now, the media has seen too much publicity-seeking behaviour to keep falling for it. Kejriwal is up against the law of diminishing returns.

The boss of the Aam Aadmi Party seems to think that the world should run according to his rules. It won't. Even if he wants to change the game of politics he still has to follow some of the existing rules. The lamp-post will not be removed to some distant corner just because Kejriwal's driving skills are not good enough. The purpose of having lamp-posts and street lights is to illuminate the road (which is also the media's role), not to thwart the ambitions of the driver.

If Kejriwal has any sense, he should apologise to the media and get back to his political driving classes. Here are some lessons he needs to learn if he is to make a good politician – and a clean one.

First, don't let paranoia drive you. The world may not agree with you, but that does not make all of them crooks or enemies out to get you. Kejriwal went to Gujarat and then expressed surprise that he wasn't killed in an encounter. He got criticised in the media and now believes everybody is out to show him in bad light. He should remember that the media has no permanent heroes. It discovered Anna in 2011 and dumped him in 2012. It discovered Modi in early 2013 and gave full coverage to his speeches. Now it gives only edited versions. The media raised Kejriwal sky-high after December 2013, and is now tiring of his antics. Some are wondering if they have been sold a dud. The best way to win back the media's favour is to focus on doing something positive. The media will come back at some point of time. For 12 years, Modi was a pariah. He remains that for some. But there is also grudging acceptance that he may have done something right.

Second, don't confuse tactics with strategy. Kejriwal has been a master tactician so far – but there is no strategy behind what he does. All his gains have been tactical, not strategic. He used the social media in 2011 to drum up support for the Anna fasts against corruption. After he broke up with Anna, he managed to keep himself in the news by holding press conferences every week claiming he will expose someone big. It worked for a while. He then created a political party that hit a gold mine in Delhi by tapping enthusiastic volunteers with a clear message. His tactics, of constantly seeking media coverage, have worked so far and paid him rich dividends. But attracting the media does not amount to a strategy. To attract the voter, the media is useful, but not central. A strategy calls for identifying your potential voter base, creating programmes to fulfil them, and using opportunities in power to execute the strategy. This is exactly what he has not done. Tactics got him the limelight and the CM's gaddi; only strategy will get him further.

Third, negativity will not work forever. To know the truth of this, he needs to look no further than the BJP's tactics while in opposition. For nine years, the BJP's leaders were presented with scam after scam, opportunity after opportunity. The BJP's men and women of straw sat in TV studios and made a nuisance of themselves in Parliament. They got nowhere. Their job was to go to the people and convince them that they could do a better job than the Congress. But the BJP's leaders used the scams to promote themselves – exactly what Kejriwal is doing now – and all their negative campaigning did not win them any additional constituency. It was only the arrival of Narendra Modi with his Gujarat model – however flawed you may think the model is – that finally injected positivity into the BJP's campaigning. But Kejriwal is still out there, blaming the lamp-post, blaming the past. Modi is out there wooing the people with promises about the future.

Fourth, don't mistake luck for performance. Don't assume your good looks and brilliance alone got you here. The world is full of lucky people who merely happened to be in the right place at the right time and benefited from it. But they then went on to assume that success is their birth-right – and made mistakes and failed. The corporate world is full of former successes who have now lost it all (Enron, WorldCom), or are about to (Nokia, Blackberry, etc). Kejriwal is lucky that the mood of the Delhi electorate matched his tactics in 2013. He gambled all and won. He stood against Sheila Dikshit and defeated her. But to keep winning, he has to keep working on his strengths and eliminating his weaknesses, and do some hard work. But he simply ran away from it after 49 days. You may be unlucky despite hard work; but when you are lucky beyond your wildest dreams, it is time to work harder, not assume that you can win without effort. (Google's primary claim to success is search; it is using this lucky success to build other successes. Microsoft's success came from owning the desktop; but it has not found too much success anywhere else despite making efforts.) The moral: don't confuse luck with genuine success.

Fifth, focus on the customer, not the competition. In Delhi, Kejriwal focused on key concerns of the voter and got a reasonable mandate. But that lucky success appears to have gone to his head and given him visions of instant political growth all over the country. He is hoping to make it big by throwing mud at his rivals rather than running the race himself. This may keep him in the media's sights for a while, but is ultimately a losing strategy. When you are in a race, you focus on the winning post, not who is next to you and how to trip him. Having got the Delhi voter, he abandoned her. Now he presumes Delhi is already in the bag. He wants every voter to fall for his charm when he is trying to tar his opponents. This is the surest way to defeat. It is better to pretty up your own face than tarring the opponent – however tempting that is.

Sixth, don't keep changing the goalposts. Kejriwal's claim to fame is the anti-corruption movement. Now, of course, nothing is left of this USP. Some time ago, he said communalism is worse than corruption, when no one – not even the BJP – is talking communalism today. The battle against corruption is far from won, but Kejriwal wants new windmills to tilt against. He started out criticising the UPA's big scams, but now these scams don't seem to matter at all to him. This is the main reason for his recent loss of credibility. Modi has not lost track of his goals – Congress-mukt Bharat and development – but Kejriwal is changing his colours and enemies by the hour.


Seventh, consolidate before you go forward. The right strategy for Kejriwal is the one adopted by Kanshi Ram to build the BSP. Kanshi Ram's initial plan was not to win seats, but increase his vote share till it reached critical mass. With every succeeding election, he came closer and closer to power. In Kejriwal's case, even before he has built a wide voter base, he is rushing all over. Delhi has not even been permanently converted to his cause, but he wants to fight 400 Lok Sabha seats – without a strategy, without an organisation, without a vision - beyond staying in the news.

Eighth, morality is no substitute for clarity of vision and hard work. The fight against corruption is not only good versus bad, white versus black, but lighter grey versus dark grey. At one level, corruption is not a morality play at all: it is about changing the rules of the game steadily so that corruption becomes less of a paying proposition over time. Corruption is rampant because we have created an ecosystem where both rich and poor feel they have no option but to be corrupt. Also, the corruption ecosystem has created a parallel economy which also supports livelihoods. From traffic cops to train ticket checkers to RTO inspectors to people who man octroi check nakas, the chain of corruption feeds millions of people and households. Corruption is what is greasing the wheels of the India story even today.

You cannot reduce corruption by pretending that the livelihoods of millions of people do not matter. The battle against corruption will thus be slow and hard – changing rules, reducing arbitrary power, improving transparency, etc. Over time, people will shift from the illegitimate economy to the real one. Morality is important at the personal level, but it is not a good enough weapon against systemic corruption – which is not about individuals but all of us. Maybe that is why Kejriwal has abandoned anti-corruption as his goal and begun targeting individuals instead. It is easier to make villains of individuals than the system. He will fail.

Last, nobody can be fooled forever. Kejriwal had the media eating out of his hands for all of December, but the mood started changing once he went on his infamous dharna and when his law minister went chasing African women on some moral cause. After that, the media started seeing the warts on his face – even behind the muffler. He still continued to get a good press, given his willingness to give the media regular access, but he took this for granted. At the best of times, the media is a fickle animal. But it is not completely unable to see the difference between make-believe and reality.

Kejriwal has to grow up. He has a good message to give, but he also has hard work to do to convince the people that he means business. Right now, his media tactics are up against the law of diminishing returns.

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


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Review: Should you buy into Kotak 50 plan?

Mar 15, 2014, 04.54 PM IST | Source: Moneycontrol.com

The fund seeks to generate returns through investments in 50 to 59 companies in the equity space. This is also the flagship fund of the mutual fund house. At the end of August 2012 banks were the top sector in the portfolio with a share of 17 percent.

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Review: Should you buy into Kotak 50 plan?

The fund seeks to generate returns through investments in 50 to 59 companies in the equity space. This is also the flagship fund of the mutual fund house. At the end of August 2012 banks were the top sector in the portfolio with a share of 17 percent.

Nature: equity oriented open ended

Inception: December 1998

Assets under Management: Rs 684 crore at the end of January 2014

Fund Manager: Harish Krishnan

Analysis

  • The fund seeks to generate returns through investments in 50 to 59 companies in the equity space. This is also the flagship fund of the mutual fund house. At the end of August 2012 banks were the top sector in the portfolio with a share of 17 per cent. Petroleum products, software and Pharma were some of the other areas that had an exposure of more than 10 per cent. Reliance Industries was the top holding and the company along with Infosys had an exposure equal to 9 per cent of the portfolio. HDFC Bank, ICICI Bank, ITC, Power Grid, Coal India and Bharti Airtel were some of the other leading stocks in the portfolio. The portfolio turnover ratio was a high 200 per cent plus figure. The CNX Nifty was the benchmark index and the fund was an outperformer over the one and the three year time periods ended June 2012.
  • There was a slight consolidation in the portfolio with the share of banks rising to 18 per cent by the end of February 2013. Petroleum products, Pharma and software were some of the other leading sectors in the portfolio. ICICI Bank was now the top individual holding though the share of this was less than 8 per cent in the portfolio. Reliance Industries, HDFC bank, Bharti Airtel, HDFC, ITC and Infosys were some other leading stocks in the portfolio. The portfolio turnover ratio remained above 200 per cent. The fund was an underperformer over the one year period but an outperformer over the three year period ended December 2012
  • Six month later banks still remained the top sector but the share here was a massive 25 per cent. Software, petroleum products and consumer non durables were some of the other leading sectors in the portfolio. Reliance Industries was once again the top holding in the fund with Infosys, ICICI bank, ITC, HDFC Bank, Bharti Airtel and HCL Tech being some of the other top names in the portfolio. The portfolio turnover ratio had dropped below 150 per cent and the fund was an outperformer over the one year time period and virtually similar to the benchmark over the three year one ended June 2013
  • By the end of January 2014 banks was still the top sector though software was just marginally behind. Auto, consumer non durables and Pharma were some other top sectors. Infosys was the top individual holding with a share of nearly 10 per cent in the portfolio. ITC, HDFC Bank, TCS, ICICI Bank, Reliance Industries, HDFC and Bharti Airtel were some leading stocks in the portfolio. The funds turnover ratio had climbed again and it was an underperformer over the one and three year time periods ended December 2013 
  • The fund has a good track record but it has seen its performance slip in recent times and investors can wait for some time to see whether there is an improvement on this front before making any investment.

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Finer points for deduction for specific medical expenses

The figure rises to Rs 60,000 if the person undergoing the treatment is a senior citizen and hence the changed figure would have to be considered. In the midst of all this there are several other points that need attention because of the fact that this is important to enable the benefit to be taken.

Arnav Pandya

There is a tax deduction that is available to an individual when they make an expense in respect of medical treatment for specified causes. The list for the various types of diseases is specified and if there is an amount spent here then a sum of Rs 40,000 or the actual amount that is spent whichever is lower would be allowed as a deduction. The figure rises to Rs 60,000 if the person undergoing the treatment is a senior citizen and hence the changed figure would have to be considered. In the midst of all this there are several other points that need attention because of the fact that this is important to enable the benefit to be taken.

Individual
When it comes to the question of the individual who can take the benefit under this specific section (Section 80DDB) then it has to be a resident individual. The main point here being that the conditions for being a resident have to be fulfilled. A non resident individual would thus not be able to get the deduction for the same expense that they would have made and hence this is something that has to be kept in mind by the person making the expense.

Actual expenditure
The second condition that comes along with the resident condition is that there has to be actual expenditure that has to be incurred on the treatment of specified diseases. The actual expenditure needs to have happened and just suffering from the specific disease is not enough to be able to get the benefit of the deduction. This is the reason why the benefit is restricted to the actual amount that has been spent or Rs 40,000 or Rs 60,000 as the case may be depending upon the person who is getting the treatment.

Persons covered
In terms of the people whose treatment would be covered this would cover the individual or wholly/mainly dependent husband or wife. Others who would also get the benefit include the children of the individual plus parents, brothers and sisters of the individual. Looking at this list it is quite clear that the scope of coverage is quite wide as there are several people who would be included in the whole list and hence claiming the benefit for any of them would be possible.

Insurance
There can also be a condition wherein after the treatment is taken by the individual there is an insurance claim that is possible and this is made for the treatment. If this is the case then the deduction would have to be reduced by the amount received from the insurance company. Even if the amount is received from the employer then the amount would have to be reduced. This quite clearly states that any recovery would go on to reduce the deduction and hence the total transaction has to be considered.

Other conditions
There are also some other related conditions that need to be kept in mind by the individual while they are making the claim. The first thing is that there has to be a certificate in the prescribed form that needs to be obtained. This would have to be done from a specified doctor who is a specialist in the area where the expense is being allowed so this also needs to be undertaken. At the same time this has to be from a doctor working in a government hospital. The term here is working and not an employee and hence the term is quite wide in the context of its implementation and understanding which the individual needs to keep in mind.


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How the week was for commodity markets?

Later in the week, Fed will further taper USD 10 billion from its stimulus and likely offer fresh guidance on when it may raise interest rates. Gold prices could jump higher and cross the USD 1400 level if risk aversion continues and we would advise against searching for selling opportunities.

Navneet Damani
Motilal Oswal

Precious metals continued their spectacular run last week as persistent worries about the situation in Ukraine and worries about corporate defaults in China pushed prices higher. Gold is now near its six month highs and is up more than 14% so far this year. Also a wave of risk aversion globally pushed safe haven assets like the yen and gold higher and pulled equities lower. Next week is going to be very eventful for precious metals as investors will focus on Ukraine and the FOMC. A vote is planned for Sunday on whether Ukraine's Crimea should join Russia. Russia has shipped more troops into Crimea and if the situation worsens, it is likely lead to big spikes in gold and silver. Later in the week, Fed will further taper USD 10 billion from its stimulus and  likely offer fresh guidance on when it may raise interest rates. Gold prices could jump higher and cross the USD 1400 level if risk aversion continues and we would advise against searching for selling opportunities. 

Crude oil prices declined sharply last week as supply side factors started to weigh on prices and growth concerns from China further added to the selling pressure. Additionally a test sale of 5 million barrels from the U.S Strategic Petroleum Reserve triggered a sharp selloff in crude oil prices. Crude oil inventories also rose sharply last week adding to supply side pressure even as the OPEC and IEA raised their demand forecasts for this year. Natural gas prices meanwhile declined almost 4% last week on reports of moderating weather and a sharp fall in consumption. The markets will keenly eye the developments in Ukraine over the weekend and any uptick in geopolitical risks could potentially trigger a rally in oil prices as well. Surprisingly, the oil markets have still not reacted to the Russia-Ukraine concerns but there is a risk of this happening if the conflict results in sanctions related to oil and gas from Russia. 

Last week was a mournful one for copper bulls, as copper prices tumbled down to touch a four-year low of USD 6376 levels. What was sparked by China's first bond default is likely to deteriorate further once the butterfly effect of the first default starts to manifest in the markets. The economic numbers from China last week did not offer reprieve either, nor did data from the US. In other metals, aluminum continues to be well supported with the dollar strength and consumer buying. Nickel was again the standout performer last week as all other base metal prices fell but nickel climbed. The Indonesian ban on exports of unprocessed ores has coincided with a rise in demand from stainless steel manufacturers as melt rates improve. In the week ahead, markets will majorly concentrate on the FOMC meeting which will likely see another cut in the monthly-stimulus funded by the US Central bank. Until there is more clarity on Russia-Ukraine, geopolitical concerns will continue to be a headline risk for all industrial metals. Concerns over China's credit risk will continue to be under focus next week, until there is some assurity given by the Chinese government which seems unlikely after the first default. On the price front, we expect copper prices to see some relief rally before some the next round of selling begins. We expect 395 to act as a strong support on the downside, whereas pullback could extend towards 412-415 in coming days.

Oilseeds markets shown divergent trend. Soybean futures recovered on bargain hunting and tightness in physical market. Delivery period is going on and front month March contract is traded in premium and further tightness is expected. Seed quality beans are in extreme scare supply. Seed quality beans are quoted at Rs 4450 for Tikamagadh. April Soybean may face resistance at 4280-4330 while 4170 is strong support. Bias is mild positive. RM seed edged lower as arrivals increased. If temperature rises above 35 degree and stay above 30, arrivals may rise. Crop damage story is now losing momentum subject to no further hailstorms. Soy oil ruled choppy and random. We prefer to stay sideline for a while.


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India welcomes the spring festival with rising temperatures

Holi is the most vibrant of all the festivals celebrated in India. Filled with fun and frolic, the joy of this Hindu festival of colour knows no bound. Holi marks the beginning of the spring season and is famous as Basant Utsav in rural India. Winter has receded from most parts of the country and with temperatures soaring, it wouldn`t be cruel to get your loved ones soaked in a pool of coloured water. The weather will remain dry and thus, not dampen the spirits of people.

The spirit of Holi is remarkable across the country and brings an essence of enthusiasm among people of all ages. Let's find out how this festival is celebrated in different parts of the country and the weather in India during Holi.

Celebrations in Delhi

Dilwalon ki Dilli rules the roost when it comes to Holi. It is a boisterous affair in the national capital and be prepared to get hit by few water balloons even few days before Holi. It's worth going for the Holi Cow festival held in periphery of Delhi. It's special because only non-toxic colours are provided in this festival. This year the organisers promise a bigger, better and louder party with exciting disc jockeys, lots of food and maybe evenbhang.

According to the latest weather update by Skymet Meteorology Division in India, winter has receded here as well and you could expect the day temperature to reach 32°C on the 17th of March. We cannot rule out the possibility of someisolated rain but only towards late evening.

Celebrations in Goa

The lively people of Goa do not lag behind in celebrating the spring festival called Shigmo. The festival is celebrated with vibrant colours of gulal and followed by epic enactment of mythology. The Shigmotsav Samiti also parades and the various temples also engage in preparations for more than a week for Holi celebrations.

It's worth visiting Panaji, Mapusa, Vasco Da Gama and Margao during this time if the soaring temperatures with maximums hovering around 37°C, is not a cause of concern for you.

Celebrations in Kolkata

This festival has a different charm in West Bengal. Nobel Laureate Rabindranath Tagore started the celebration of Basanta Utsav in the Vishva Bharati University of Shantiniketan. This Small town near Bolpur is approximately 180 kilometres north of Kolkata. Students here organise cultural programs and it is a treat to watch them perform Rabindra Nitya on his songs. It is followed by playing with abeer. Rain is not likely in this part of the country during this annual function.

picture courtesy- festivals advices

By: Skymetweather.com


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Gulf airlines defend female cabin crew policies

Written By Unknown on Sabtu, 08 Maret 2014 | 23.24

Qatar Airways and Emirates Airline have defended their policies on pregnancy and marriage for cabin crew after the Qatar carrier came under fire over its working conditions.

Also Read: Google commits $1mn to bring more women into tech sector

The International Transport Workers' Federation (ITF) is running a campaign against Qatar Airways over its monitoring of staff and rules preventing women from becoming pregnant and getting married.

It has called on women across the globe to speak out against the airline on Saturday, International Women's Day.

"The treatment of workers at Qatar Airways goes further than cultural differences. They are the worst for women's rights among airlines," Gabriel Mocho, civil aviation secretary at the international grouping of transport unions, told Reuters.

A Swedish newspaper last year published a report entitled "The truth about the luxury of Qatar Airways", which described restrictions imposed on cabin crew.

At the ITB travel fair in Berlin, Qatar Airways Chief Executive Akbar al Baker reacted furiously to questions about the article and said people were attacking Qatar because it had won the right to host the 2022 soccer World Cup.

Qatar has been criticised for its treatment of migrant workers helping build facilities for the World Cup.

"All this was a big sensational (effort) to target my country because of 2022, saying people have no human rights. It is not true," he told reporters.

Qatar Airways contracts forbid any member of the cabin crew, the vast majority of whom are female, from marrying during the first five years of their employment with the firm.

"You know they have come there to do a job and we make sure that they are doing a job, that they give us a good return on our investment," Al Baker said.

EMPLOYEE BENEFITS

He said because local regulations prevented pregnant cabin crew from flying and the company did not have many ground jobs available for them, pregnant women must often leave.

"We are not in the business where we can guarantee ground jobs or let people stay away ... and don't do anything for the airline," he said.

Cabin crew across the world may not work on board airplanes once pregnant due to health concerns, although some countries allow them to work for up to three months into the pregnancy.

Most airlines then find them work on the ground or put them on maternity leave. In Europe, pregnant women are protected from being fired or made redundant.

Emirates said it has a policy whereby female cabin crew that become pregnant in the first three years have to leave.

"If you are hired by Emirates as a cabin crew, during the first three years we expect from you to fly," Chief Commercial Officer Thierry Antinori said.

Cabin crew who have been employed for more than three years have the option of taking paid maternity leave.

Antinori and Al Baker highlighted the other benefits offered to employees, such as tax-free income and paid-for accommodation. Antinori, a French native who previously worked for German carrier Lufthansa , also said Emirates offered profit-sharing schemes.

"Last year, we had 129,000 applications for cabin crew at Emirates. I do not think these are conditions that are making people reluctant to work for us," he said.

Al Baker said Qatar Airways was recruiting 250 to 300 cabin crew every month and that each open recruitment session saw around 800 and 2,500 candidates.

Back in the 1970s and 1980s, sexism in the industry was a common issue, especially towards cabin crew, but the ITF said such times were long past.

"You can't see that deep level of sexism anywhere now except at these airlines in the Gulf," Mocho said.

International Women's Day has been observed for just over 100 years. According to the United Nations, it is a day when women are recognised for their achievements without regard to nationality, ethnicity, language, economics or politics.


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Western Disturbance to bring rain in North India, pre-monsoon showers continue in South

A fresh Western Disturbance at present lies over Afghanistan and adjoining Pakistan area. The system will take another two days to enter the Indian sub-continent and affect weather conditions here.

The system will bring rain in Jammu & Kashmir, Himachal Pradesh, Punjab, Haryana, Delhi/NCR and west Uttar Pradesh. Hailstorm is also likely during this period at some places. Today, Haryana, Punjab and Jummu & Kashmir could receive light rain. The rain belt will gradually shift towards west Uttar Pradesh. Delhi, north west Uttar Pradesh, Madhya Pradesh, Vidarbha and Madhya Maharashtra could receive good showers on the 11th of March.

Weather in South India

Meanwhile, Maharashtra continues to receive moisture from both the Bay of Bengal and the Arabian Sea. The discontinuity of winds from Tamil Nadu to Maharashtra is also a reason for continuous pre-monsoon showers in peninsular India.

According to the latest weather update by Skymet Meteorology Division in India, in the last 24 hours Maharashtra, Telangana, interiors of Karnataka and Kerala received light rain.

Akola in Maharashtra received 0.2 mm of rain. Rain was widespread in Karnataka, where several stations recorded some rain. Bellary received 14 mm, Chitradurga 8 mm, Mysore 4 mm, Cochin 2 mm, Bijapur 2 mm, Raichur 1 mm, Bangalore and Gulbarga both 0.7 mm of rain. Minicoy, also known as Maliku in the archipelago of Lakshadweep, received 11 mm of rain. Udhagamandalam, better known as Ooty in Tamil Nadu received 5 mm of rain.

This region has been receiving pre-monsoon showers since the past one week. Parts of Kerala, Andhra Pradesh and Maharashtra have already recorded around 40 mm of rain in the month of March. Though the intensity has reduced for the time being, it is likely to pick up once again as the Western Disturbance starts affecting weather in North India.

By: Skymetweather.com


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Autoselector: What kept motown busy this week

Autoselector with Bertrand D'Souza & the motoring news this week.

Autoselector with Bertrand D'Souza & the motoring news this week.


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Indigo plane catches fire after landing, no one hurt

The no-frills airline said its flight 6E031 with 175 passengers, one infant and six crew members made a normal landing this afternoon at Tribhuwan International airport.

An Indigo plane from Delhi with 182 people on board today caught fire after it landed at Kathmandu airport but no one was hurt.

All passengers and crew were safely evacuated from emergency doors soon after the ground engineers observed fire from the right brake assembly of the Airbus 320, officials and the airlines said, adding the fire was immediately brought under control.

The no-frills airline said its flight 6E031 with 175 passengers, one infant and six crew members made a normal landing this afternoon at Tribhuwan International airport.

The ground engineer observed smoke and fire from the right brake assembly and advised evacuation of all passengers and crew, it said.

The airline said 171 passengers were evacuated by the flight chutes and remaining passengers and crew left the plane from the forward step ladder during the evacuation process that lasted 81 seconds.

According to a preliminary inquiry, the sparks occurred due to heavy braking during landing, which could have led to a hydraulic leak, DGCA sources said.

The Directorate General of Civil Aviation will be conducting a full fledged inquiry into the matter. The airlines is likely to operate a special flight to bring back the passengers who were supposed to come on the same aircraft.

Indigo Chief of Safety has been rushed to Kathmandu.

"Safety of all passengers and crew is of utmost importance to Indigo and there is absolutely no compromise on safety," Indigo said.


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First take: GO for Datsun

Datsun GO, a hatchback that has been creating a lot of buzz since it was unveiled in the capital last year. Overdrive talked about its looks, its potential price points. Rohit Paradkar of Overdrive managed to get his hands on the wheel and here is his opinion on first drive.

Datsun GO, a hatchback that has been creating a lot of buzz since it was unveiled in the capital last year. Overdrive talked about its looks, its potential price points. Rohit Paradkar of Overdrive managed to get his hands on the wheel and here is his opinion on first drive.


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Power generation suspended from second unit of Vallur plant

Tamil Nadu is the major beneficiary of power generated from this facility while some of it is supplied to Andhra Pradesh, Karnataka, Kerala, Puducherry.

Generation from one of the three units of the Vallur Power plant, jointly set up by NTPC  and Tamil Nadu government, near here has been suspended due to shortage of coal, official sources said.

Also Read: High-powered committee for banks to comply Basel III norms

"Power generation has been suspended from the second unit for the last two days. It is mainly due to coal shortage," an official told PTI.

"Power has been generated to about 400MW from the first unit and due to the shortage of coal, work has been suspended from the second unit," he said. Asked about the third unit, he said it was working.

It was expected that the second unit would resume operations soon.

Early in January, both the units of power plant achieved record generation of 24.09 million units of electricity.

National Thermal Power Corporation and state electricity board Tamil Nadu Generation and Distribution Company (TANGEDCO) formed a joint venture to form "NTPC Tamil Nadu Energy Company" which has three 500MW units at Athipatti village, Vallur near Chennai.

Tamil Nadu is the major beneficiary of power generated from this facility while some of it is supplied to Andhra Pradesh, Karnataka, Kerala, Puducherry.

NTPC stock price

On March 07, 2014, NTPC closed at Rs 116.25, down Rs 0.45, or 0.39 percent. The 52-week high of the share was Rs 162.80 and the 52-week low was Rs 110.90.


The company's trailing 12-month (TTM) EPS was at Rs 14.87 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 7.82. The latest book value of the company is Rs 97.49 per share. At current value, the price-to-book value of the company is 1.19.


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ICICI to more than double loans to women SGHs next fiscal

The country's largest private sector lender  ICICI Bank today said it is targeting to more than double its cumulative disbursements to women self help groups (SHGs) to Rs 2,500 crore by the end of the next fiscal.

"We started lending to SHGs 30 months ago and have disbursed around Rs 1,000 crore till now. We are targeting to take the cumulative disbursements under the programme to Rs 2,500 crore by March 2015," said Chanda Kochhar, Managing Director and Chief Exective, ICICI.

Over 70,000 SHGs across 164 districts in seven states have borrowed from the bank till now, which has directly helped 1 million women, she said, adding the number of beneficiaries will rise to 2 million by the end of FY15.

The bank lends at 14 percent per annum to SHGs for one to three years, and the average ticket size of such loans is Rs 1.6 lakh, she said.

It disbursed Rs 330 crore in last fiscal (FY13), which is expected to rise further to Rs 850 crore by the end of this fiscal, Kochhar said, announcing that the initiative will be rolled out in three new states in the next year.

The bank already has a presence in Maharashtra, Gujarat, Tamil Nadu, MP, Rajasthan, Karnataka and Kerala, while Chhattisgarh, Bengal and Orrissa will be added.

When asked for the business details, Kochhar refused to call the vertical either as a profit centre nor did she say that it is part of its CSR efforts. It is an "initiative" which has wide impact on the society, she added.

She said the bank drives the initiative internally, without the help of any third party agents and has dedicated staff strength of 550 people devoted for the initiative.

She said it is able to compress costs as the employees reach out to the borrowers at their doorsteps, hence not requiring heavy investments at the branches, and also through the use of best of technology.

A SHG gets formed when 8-20 women from a particular area come together and start saving. After carrying out this exercise, they approach a bank for a loan which will ultimately support livelihoods like buying sewing machines, working capital for a kirana store, etc.

Also read: After CSR,India Inc starts Individual Social Responsibility

ICICI Bank stock price

On March 07, 2014, ICICI Bank closed at Rs 1201.30, up Rs 67.65, or 5.97 percent. The 52-week high of the share was Rs 1236.90 and the 52-week low was Rs 758.80.


The company's trailing 12-month (TTM) EPS was at Rs 81.94 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 14.66. The latest book value of the company is Rs 577.59 per share. At current value, the price-to-book value of the company is 2.08.


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Russia sticks to its demands in Ukraine crisis

The peace deal on February 21 between now-deposed President Viktor Yanukovich and leaders of what were then opposition parties foresaw the creation of a national unity government and an investigation into the deaths of protesters in Kiev.

Russian Foreign Minister Sergei Lavrov said on Saturday the new Ukrainian government should stick to an agreement signed by the ousted president, signalling no change in Moscow's position over the Crimea crisis.

The peace deal on February 21 between now-deposed President Viktor Yanukovich and leaders of what were then opposition parties foresaw the creation of a national unity government and an investigation into the deaths of protesters in Kiev.

"This document is not being adhered to in terms of the obligations which these people undertook," Lavrov told a news conference in Moscow.

Yanukovich was backed by Moscow, which is worried by the new Ukrainian government's plans to forge closer ties with the European Union in a geopolitical battle between East and West over the fate of the former Soviet republic.

Lavrov said Moscow was ready for dialogue but accused the government in Kiev of taking orders from people he described as extremists and denied Moscow had any direct role in the crisis in Ukraine's Crimea peninsula.

Russian forces in uniforms with no markings have surrounded Ukrainian bases on the peninsula since they took control of it last week, and the region's pro-Russia separatist leadership has ordered the Ukrainians to surrender.

"The interim government... is not independent. It depends, unfortunately, on radical nationalists who carried out an armed coup," Lavrov said.


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