Ocean Agro India has informed BSE that Anup Shah has been appointed as Chief Financial Officer, pursuant to Section 203 of the Companies Act, 2013 by the Board in its meeting held on May 30, 2014.
Ocean Agro India Ltd has informed BSE that Mr. Anup Shah has been appointed as Chief Financial Officer, pursuant toSection 203 of the Companies Act, 2013 by the Board in its meeting held on May 30, 2014.Source : BSE
Read all announcements in Ocean Agro
Zydus Pharmaceuticals USA, a unit of the company, is recalling 10,200 bottles of promethazine hydrochloride tablets that contain foreign tablets, according to information on the US Food and Drug Administration (FDA) website.
Cadila Healthcare is recalling over 10,000 bottles of an anti-allergy drug in the US because of a mix-up in tablets.
Zydus Pharmaceuticals USA, a unit of the company, is recalling 10,200 bottles of promethazine hydrochloride tablets that contain foreign tablets, according to information on the US Food and Drug Administration (FDA) website.
The recall is due to the "presence of atenolol 25 mg tablet mixed into promethazine 25 mg tablet bottles," the FDA said. The nationwide recall was initiated on May 8. The 25-mg tablets in 100-count bottles were manufactured by Cadila Healthcare and distributed in the US market by Zydus Pharmaceuticals, it added.
The withdrawal was classified as a Class-II recall, which the FDA defines as "a situation in which use of or exposure to a violative product may cause temporary or medically
reversible adverse health consequences or where the probability of serious adverse health consequences is remote."
Comments from Cadila Healthcare could not immediately be obtained.
Cadila Healthcare shares today closed at Rs 931.40 on the BSE, up 0.37 per cent.
Cadila Health stock price
On May 30, 2014, Cadila Healthcare closed at Rs 931.40, up Rs 1.40, or 0.15 percent. The 52-week high of the share was Rs 1079.00 and the 52-week low was Rs 631.00.
The company's trailing 12-month (TTM) EPS was at Rs 43.13 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 21.6. The latest book value of the company is Rs 186.33 per share. At current value, the price-to-book value of the company is 5.00.
We have HSBC India Manufacturing PMI on Monday (April reading 51.3) and on Wednesday we have both the HSBC India Services PMI (April reading 48.5) and HSBC India Composite PMI (April reading 49.5).
The key event, however, would be the RBI Credit Policy Review on Tuesday. I believe that RBI would maintain the status quo as far as repo rates are concerned and would also not temper with liquidity parameters as the over-night rates in the recent past have indicated ample liquidity in the system.
Other reasons apart, RBI may pursue with the hawkish policy also because of 60 percent probability of El Nino striking India this monsoon season which, when it struck India last time in 2009, led to an increase of some 2.5 percent in inflation parameters.
Nevertheless, the tone and language of the RBI Governor Rajan is to be keenly watched in a sense, that due to recent change in the government which has its agenda skewed towards growth, how does Rajan wish to pursue his agenda on controlling inflation as his primary priority and balance his views between his priority of controlling inflation and the newly elected governments' priority of growth.
As far as the markets are concerned, I believe they have bottomed out and we may see a fair chance of markets moving up in the week ahead. There is a huge interest within the FII community for India after Modi getting elected as the leader – India being termed now as part of "Fabulous Five" instead of being in "Fragile Five" just a month back. Second, although the budget, expected sometime in July, is a key trigger, but I believe we would keep on hearing upon reformist announcements and policies continuously especially with the 100-day agenda of Modi government.
The other key event for the week would be Thursday's meeting of ECB in which there are high expectations that Draghi would cut the interest rates as well as resort to some sort of broad based asset buying, the QE, a hint of which he has been throwing around in the recent past.
Such expectations from ECB have also increased because of the success of far right parties in the recently concluded European parliamentary elections and Draghi would like to act before the elected members of the far right parties start exerting their influence.
Other key marking moving global events are: China – Sunday: Chinese Manufacturing PMI; Tuesday: China HSBC Manufacturing PMI / U.S. - Monday: ISM Manufacturing PMI; Wednesday – ADP Nonfarm Employment Change, ISM Non-Manufacturing PMI; Friday – Nonfarm Payrolls, Unemployment Rate.
Aviral Gupta, Investment Strategist, Mynte Advisors)
Surya Roshni says the board of directors of the company has approved the following: Appointed Shri Surender Singh Khurana as an additional director of the company. Further, he will act as non-executive; independent director, Appointed Shri Sudhanshu Kumar Awasthi as an Additional Director of the Company.
Surya Roshni Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2014, has approved the following:1. Appointed Shri Surender Singh Khurana as an Additional Director of the Company. He is holding NIL Shares of the Company. Further, he will act as Non-executive; Independent Director as per Clause 49(IA)(ii) & (iii) of the Listing Agreement and according to section 149 of the Companies Act, 2013.2. Appointed Shri Sudhanshu Kumar Awasthi as an Additional Director of the Company. He is holding NIL Shares of the Company. Further, he will act as Non-executive; Independent Director as per Clause 49(IA)(ii) & (iii) of the Listing Agreement and according to section 149 of the Companies Act, 2013.Source : BSE
Read all announcements in Surya Roshni
BLB says board of directors of the company has considered and decided the following businesses: The board has decided to explore possibility of delisting of its equity shares from BSE as the shares are already listed at National Stock Exchange (NSE) which has nationwide trading terminals.
BLB Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2014, inter alia, have considered and decided the following businesses:1. The Board did not declare and recommend any Dividend for the year ended March 31, 2014.2. The Board has decided to explore possibility of delisting of its equity shares from BSE Limited as the shares are already listed at National Stock Exchange (NSE) which has nationwide trading terminals.Source : BSE
Read all announcements in BLB
Suditi Industries says the promoters have waived their entitlement of receiving dividend in order to support the business activities of the Company. The annual general meeting of the Company shall be held on September 12, 2014.
Suditi Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2014, inter alia, has recommended a dividend of Rs. 0.50 per share exclusively on the share capital held by the public for the year ended March 31, 2014. The Promoters have waived their entitlement of receiving dividend in order to support the business activities of the Company. The annual general meeting of the Company shall be held on September 12, 2014.Source : BSE
Read all announcements in Suditi Ind
Ruchi Infrastructure Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2014, inter alia, has recommended a dividend of 6% (Re. 0.06 per equity share of face value Re. 1/-) on Equity Share Capital of Rs. 20,52,39,942.
Ruchi Infrastructure Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2014, inter alia, has recommended a dividend of 6% (Re. 0.06 per equity share of face value Re. 1/-) on Equity Share Capital of Rs. 20,52,39,942.Source : BSE
Read all announcements in Ruchinfra
The buzzing social media network that allows only 140 characters per tweet is practically the world's town square, says Twitter India hear, Rishi Jaitly.
Speaking to CNBC-TV18, Jaitly says India witnessed its first Twitter elections this year.
"Our biggest contribution in this space, first of all television, it was very difficult to watch television coverage during the election and not feel the impact of Twitter. Twitter is now the second screen for TV in India," he adds.
Also read: Modi most mentioned politician in 2014 poll-related tweets
And this couldnt be farther from truth. There were more than 58 million tweets on the Indian election this year. BJP leaders like Sushma Swaraj and Mukhtar Abbas Naqvi chose Twitter to express dissent with the party, while Prime Minister Narendra Modi used the micro blogging site to announce his victory.
Below is the edited transcript of the interview.
Q: Let me start by asking you this, that from verifying celebrity accounts to dodging political curve balls describe to me a day in Rishi Jaitly's life?
A: I wake up and I check Twitter. My day is full of evangelizing this service, that is Tweeting across partners, whether you are in the media business, the mobile business, entrepreneurs, brands and others and the day of course ends with Twitter. Before I go to bed I am usually checking Twitter, tweeting back to people.
Q: Is it difficult, you follow about 900 accounts?
A: I have vowed that I will not follow more than 1000 people. So, if you follow me on Twitter you see that I am always hovering in the 990s.
Q: Unlike your larger social networking rivals you have entered India just two years ago. You are now competing with the likes of Facebook and Google in this very fierce competitive advertising space and you are the managing director and your role is to basically turn India into Twitters largest market. How are you planning to do that?
A: I researched the history of Twitter in India. Lot of people talk about the 26/11 attacks in Mumbai as one of the first times they heard of Twitter. You can still find tweets of people tweeting from Colaba saying I am trapped at the Inox theatre, what is happening? All the way through the protests in Delhi in 2012, India's victory in the World Cup in 2011, the state elections last year, IPL, this Lok Sabha election, what we are trying to do is drive growth. So, what we are doing is immersing ourselves in India's media business. We are working with television broadcasters, public figures, news organizations, political parties, government agencies, cricket federations, cricketers and helping everybody in the audience business understand that Twitter can be your mobile microphone. It can be your way to connect with in real time your fans and your audiences.
Q: Talking about the general elections what according to you are the top three things that would not have happened if there was no Twitter?
A: It is safe to say this was a Twitter election. It was India's first Twitter election. Our biggest contribution in this space, first of all television, it was very difficult to watch television coverage during the election and not feel the impact of Twitter. Twitter is now the second screen for TV in India. It is indispensible when you are watching TV to have Twitter open, so, whether it was Arnab Goswami reading tweets on air, Rajdeep Sardesai saying #AskRajdeep, Rahul Kanwal hosting a Twitter debate show every Friday night at 9 pm or Barkha Dutt on Counting day saying tweet to us and we will give you the election results, things like that. Twitter SMS, both Narendra Modi and the Congress party used Twitter SMS. You could actually dial a phone number and leave a missed call and you would receive their tweets via SMS.
So, we made Twitter more accessible and then finally news broke on Twitter. We all know that first thing Narendra Modi did was tweet then sought his mothers blessings. When we was deciding where to contest from the first thing he did was tweet. We now see him engaging in diplomacy with world leaders. Tweeting with Prime Ministers and Presidents. So, those are some of our contributions.
Watch videos for more.
The GDP numbers for last year were as bad as expected but will they move the inflation-hunting RBI governor Raghuram Rajan to give a rate cut.
Rajan will formally roll out his red carpet for the new Modi government as he announces the Credit Policy on June 3. Expectations are that the governor may keep it simple this time.
Also Read: RBI rate decision key for shares
A CNBC-TV18 poll of bankers and economists show that 90 percent of bankers and economists expect RBI to keep repo rate unchanged at 8 percent and only 10 percent expect a 25 basis points cut. However, the market is divided over the future policy changes.
While 50 percent expect RBI to hold rates for the rest of the year, 20 percent see a hike and another 30 percent a rate cut before the year ends.
On growth, the Street is in consensus with RBI's FY15 guidance of 5-6 percent. Eighty percent of the bankers and economists expect GDP growth at 5-5.5 percent, while the remaining 20 percent see it between 5 percent and 6 percent.
On inflation, the market is in line with RBI's glide path of 8 percent by March 2015. Again, 80 percent of those polled see CPI inflation at 8 percent or below and the remaining 20 percent expect it to be above 8 percent.
While only 50 percent expect RBI to sound hawkish in the policy, the other half see the central bank to strike a neutral tone. But the market is all ears for any indication of RBI softening its hawkish stance and its position on inflation targeting.
V Srinivasan, ED, Axis Bank , said Budget will be the key event as it will show how exactly the new government is approaching the finances in the fiscal deficit situation.
"Clearly, I would think the externals sector situation is broadly under control. We need to see how the government looks at finances and because there is a question in terms of when the capex cycle is going to start, who is going to kick start it and what role will the government play. Post this, you can take a call in terms of exactly what will happen to interest rates," he said.
Srinivasan thinks interest rates will stay stable for the next quarter or so.
Soumya Kanti Ghosh, Chief Economic Advisor, SBI , doesn't see a softening in the policy rates this year.
"Our hope is RBI will very minutely watch movements in rainfall pattern. It has already indicated that CPI numbers could head down because of possibility from the base effect. That has been taken into consideration. If economic growth picks up, there are possibilities that there is a little softening of the rates at the mandi market. But as such we don't see a change in policy rates this year, " he said.
Jayesh Mehta, MD & Treasurer, BoFA-ML India, too doesn't expect much change from the April 1 policy.
"I think the governor's theme on inflation will remain, that's the priority at this juncture. Though we don't expect hawkishness or rate hikes. there is some probable built-in expectation that it might be a little bit more dovish than April 1. Maybe after Budget, the August 1 policy could be more dovish. The June policy will be a non-event," he added.
Just as temperatures drop a little in parts of Rajasthan, Madhya Pradesh and Vidarbha snatched its position of the hottest region. On Friday thunderstorm activity was observed over north Rajasthan, Punjab, Haryana, Delhi and parts of west Uttar Pradesh.
According to the latest weather update by Skymet Meteorology Division in India, moisture laden south westerly winds favoured the abating of heat wave from most parts of Rajasthan but such conditions prevailed at a few places over Gujarat, Rajasthan, east Uttar Pradesh, Madhya Pradesh and Vidarbha.
Maximum temperature of 46°C or more has been recorded at several places including Nowgong, Chandrapur, Kota, Damoh, Khajuraho, Wardha and Brahmapuri.
Weather in Northeast India and West Bengal
Meanwhile, West Bengal and Northeast India continues to remain cool and comfortable with maximums hovering around 32°C. Silchar in Assam received 14 mm, while Cherrapunji received 21 mm of rain on Friday.
In West Bengal, Bankura received 34.4 mm of rain, Asansol received 10.6 mm, Burdwan 33 mm, Sriniketan 28 mm, Bahrampur 21 mm, Malda 24 mm of rain. In most of the places temperatures have come down to comfortable levels. Thundershowers will continue in the state and Northeast India for the next 48 hours.
According to the latest weather update by Skymet Meteorology Division in India, the cyclonic circulation over Gangetic West Bengal and a trough extending from the system up to Telangana is responsible for bringing such heavy showers.
By: Skymetweather.com
Aam Aadmi Party leader Shazia Ilmi quit the party on Saturday and blamed it on lack of democracy within the party. "There is no internal democracy in the party. AAP did not follow swaraj in the party itself. There is no collective decision making in the party," she said.
Also Read: Capt Gopinath quits AAP, hits out at Kejriwal
Here is the full text of her letter:
After much thought and deliberation I have decided to give up my membership of the Aam Aadm Party (AAP) and resign from all positions within the party.
This is a difficult decision for me and I continue to believe that AAP could have done a lot to change the political discourse for the better in the country. A lot of the mistakes that the party has made can be excused by the fact that it is a new party committed to a corruption-free India.
But my decision to leave the party is triggered by the lack of inner-party Democracy, specially from a party that constantly talks of Swaraj.
I deny whisper campaigns that my resignation has to do with being fielded from Ghaziabad- I wouldn't have valiantly fought from a seat I didn't personally opt for.
Cronyism: We fight against cronyism but we have a crony clique who runs the party and take impulsive decisions which we learn about later. I find it amazing that we cannot follow the principles of Swaraj within our own party When a brilliant person like Arvind, who espoused the concept of Swaraj, of collective decision making is unable to follow it personally within the party, then doesn't it become incumbent to point out the same?
The perpetuation of sensationalism: Granted it may have helped us make our point initially but continue to use it as a norm defeats the exercise of trust reposed in us by the publia are naming some corporate houses and politicians continuously enough? The country has gone through trauma. We played a great role in galvanizing public opinion. Even converting it into political party. But when we became a political party, it needed to evolve and not just assume the garb of agitation.
I would rather now agitate against this for the sake of the party.
Arvind has shot the messenger. For the last 4 years I fought like an obedient soldier for the movement and later the party for political transformation in India. However, now I have been systematically marginalised because I offer a voice of dissent and constructive criticism.
I still have the greatest respect for Arvind and the selfless volunteers who are the backbone of the party.
One strongly believes that instead of wasting our collective energy in this bail-jail imbroglio Arvind should actually be spending time with cadres, candidates, volunteers, critics et al. I felt it incumbent to communicate to you all.
The failure of AAP would be the failure of the one most significant experiments in Indian democracy. I hope my leaving the party would usher in the new era of openness, introspection and transparency within the decision making processes.
I will continue my fight against corruption, crime against women and social inequity in the realm of public service.
My best wishes are with AAP and all its endeavours,
JAI HIND
Shazia Ilmi
Dolat Capital is bearish on State Bank of India (SBI) and has recommended reduce rating on the stock with a target of Rs 2805 in its May 23, 2014 research report.
"SBI delivered better than expected profitability and asset quality performance. Fresh NPL formations reduced QoQ, while the additions to restructured loans increased. The sharp improvement in NPL recoveries and upgrade aided in bringing down the gross NPLs, which declined QoQ both in absolute amounts as well as on percent basis. The bank's fresh NL formations at Rs 79.5bn was noticeably lower QoQ. The slippages were mostly concentrated in the mid corporate segment. NPLs in the large corporate and the SME segments was significantly lower QoQ. Overall delinquency rates (including restructured loans) was lower QoQ at 5 percent and the total stressed asset portfolio also saw an improvement to 8.4 percent v/s 9.1 percent in Q3FY14. The management indicated a pipeline of Rs 37bn for restructuring under CDR. The bank sold loans worth Rs 36bn to asset reconstruction companies. The management has indicated that the banks intends to write-off and sell loans to ARCs on a consistent basis rather than in the last quarter. The asset quality in SME, retail and agriculture segment is under control and the management believes that they have to be watchful on the mid corporate segment. Coverage ratio also saw an improvement QoQ to 63 percent. NIM at 3.17 percent was almost stable QoQ, with domestic NIM at 3.49 percent."
"The bank has shown a sharp improvement in asset quality this quarter, aided by both lower slippages and also improved recoveries and upgradations. We believe that the pace of slippages should trend downwards over the next few quarters, howvere; the pace of decline is unlikely to be as sharp. Also it would be difficult for the bank to match the recoveries performance over the short term (couple of quarters). We remain positive on the stock, we believe the stock can re-rate further if the bank is able to show consistency in NPL recoveries and the pace of slippages reduces meaningfully. However, given the sharp upmoves in the price over the past couple of days, the potential upside has got reduced; hence we have to assign a Reduce rating with SOTP based target price of Rs 2805," says Dolat Capital research report.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Watch the interview of Manish Sonthalia, Motilal Oswal AMC with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he shared his reading and outlook on specific stocks and sectors.
Watch the interview of Manish Sonthalia, Motilal Oswal AMC with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he shared his reading and outlook on specific stocks and sectors.
SLIDESHOW
Sat, May 24, 2014 at 16:36
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For the year ending March 31, 2014, the net loss stood at Rs 303.85 crore as against a net loss of Rs 1,766.84 crore registered during the same period of the previous year.
Chennai Petroleum Corporation Ltd , an IndianOil Group company, has reported a net profit of Rs 49.81 crore for the fourth quarter ended March 31, 2014. The Chennai-based company had reported a net loss of Rs 392.23 crore during the corresponding period of the previous year, CPCL said in a BSE filing.
For the year ending March 31, 2014, the net loss stood at Rs 303.85 crore as against a net loss of Rs 1,766.84 crore registered during the same period of the previous year. For the three months ended March 31, 2014, total income from operations rose to Rs 13,339.68 crore from Rs 12,459.26 crore registered during the same period a year ago.
Total income from operations for the full year ended March 31, 2014, grew to Rs 49,342.63 crore from Rs 42,883.29 crore registered a year earlier, it said.
Also Read: Oil cos to pay $11.4 bn fuel subsidy for 2013-14, says Source
Candidates in Ukraine's presidential election stayed out of the public eye on Saturday, observing a ban on campaigning on the eve of a vote that Kiev hopes can help end a bitter confrontation with Russia.
On Friday, armed pro-Russian separatists and a Ukrainian militia group clashed in the east of Ukraine, leaving at least two dead. An attack on Ukrainian troops a day earlier killed 17 soldiers, officials have said.
Kiev's pro-Western leaders hope Sunday's poll will stabilise the former Soviet republic after street protests toppled Moscow-backed president Viktor Yanukovich and pro-Russian separatists responded by seizing Crimea and parts of eastern Ukraine.
Also Read: Ukraine crisis: Putin says sanctions will boomerang on West
European leaders will consider steps against Russia on Tuesday if they decide Moscow has hampered the election, ranging from restrictions on luxury goods imports to an oil and gas ban, although some are wary due to close trade ties.
The Ukrainian authorities have promised a suspension of anti-separatist operations on the day of the election, billed as the most important in 23 years of independence from Moscow, but Friday's clash suggested violence may mar the event.
A Reuters correspondent saw two dead bodies after the three- hour firefight in the morning between Ukrainian self-defence fighters and separatists manning a checkpoint in countryside west of the big industrial city of Donetsk.
The pro-Kiev fighters issued a Facebook statement saying four of their men were killed and nine wounded. Allied to billionaire Igor Kolomoisky, they are at the forefront of Kiev's efforts to prevent the country splitting.
"We are determined that honest and transparent elections will take place," interim Prime Minister Arseny Yatseniuk declared in talks with two European Union foreign ministers as the bloc's foreign policy chief Catherine Ashton voiced support for Kiev and its election.
Yatseniuk added that, despite separatist plans to disrupt the poll in eastern areas they control, he believed the majority of people there opposed the "terrorists".
But Russian President Vladimir Putin, speaking in St Petersburg, said Ukraine was already in effect in the grip of civil war. "A civil war is raging through Ukraine. But why are we the ones who are being blamed for this?" he asked at an international business forum.
After Yanukovich's overthrow in February, Russia annexed Ukraine's Crimea region and stationed thousands of troops in combat readiness near the border with Ukraine as armed pro-Russian rebels took over strategic buildings in the east.
It looks askance at Kiev's leaders and their pro-Europe policies, which could take the former Soviet republic out of Moscow's orbit and denies Kiev's charges that it has fomented the separatist rebellions in the Russian-speaking eastern areas.
On Friday, Moscow said it would pull back all forces from its border with Ukraine "within a few days", a move that, if carried out, could ease tensions around the election.
The United States said it was not yet convinced: "We have actually seen the movement of some units away from the border region, apparently back to what we would consider garrison, their home base. But it's not in great number right now," said Rear Admiral John Kirby, a Pentagon spokesman.
BIG OBSERVER TEAM
While Germany's Angela Merkel appealed to Russia to accept the Organisation for Security and Cooperation in Europe's (OSCE) verdict on the vote, Putin sent mixed messages, saying he would work with the winner and wanted better ties with the West but fiercely criticising U.S. policy on Ukraine.
The OSCE watchdog has sent a team of more than 1,000 observers to monitor an election in which Ukraine's leaders say they expect a huge turnout that will offset the loss of voters in annexed Crimea and separatist-controlled parts of the east.
The man tipped to win, confectionery magnate Petro Poroshenko, has urged voters to hand him an outright victory, suggesting that Ukraine's deteriorating security situation might otherwise derail the election before a second round can be held.
If no candidate wins more than 50 percent of the vote on Sunday, a run-off will be held on June 15, in all likelihood pitting Poroshenko against ex-prime minister Yulia Tymoshenko.
Voting begins at 8 a.m. Exit polls should indicate the result when it ends at 8 p.m. (1700 GMT). Full results will not be announced till Monday, when OSCE observers will give their verdict on the poll's intergrity.
The fierce firefight in the eastern Ukraine settlement of Karlovka underlined the fragility of the security situation.
"The main threat to the elections is the illegal carrying of weapons and the moving around of people. We do not see an end to this illegal activity," state security chief Valentyn Nalivaychenko told journalists.
Underlining the logistical challenges of staging this poll, Konstantin Hivrenko of Ukraine's Central Election Commission said voters from five of 12 electoral districts in Donetsk now blocked by separatists would instead be able to travel to the city airport to cast their ballots as security there was good.
Friday's clash did not involve the army but pitted armed groups operating under various flags against each other. Pro-Russian separatists, calling themselves the "Patriotic forces of Donbass", were manning a checkpoint, one of many set up by the rebels who have proclaimed two "people's republics".
They clashed with self-defence fighters from a pro-Ukrainian militia called the Donbass battalion. It was unclear who attacked first. But the firefight, in which the pro-Ukrainian militia said separatists used grenade launchers and machine guns, lasted more than three hours, residents said.
BODIES
A Reuters correspondent who visited the scene soon after saw two dead men, both wearing black battle fatigues. One lay on his back by the roadside, the other lay some way away near a burned-out warehouse. He had a gunshot wound in his head. Another fighter, dressed also in battle fatigues, was clenching his fists in pain as paramedics tended his leg wounds. "A small unit was on the road doing reconnaissance and it ran into a roadblock where there were many more separatists than us. They opened sniper fire, they had armoured personnel carriers and machineguns," said Semen Semenchenko, commander of the pro-Ukrainian militia force.
He said the separatists included at least 15 Chechen fighters from Russia's formerly rebel region of Chechnya.
But the separatists said the pro-Ukrainian force, backed by members of a Ukrainian ultra-nationalist group, opened fire first. Locals, who mostly stayed indoors once the shooting began in the early morning, had contrasting views of who was to blame.
A 52-year-old woman who gave only her first name, Valentina, laid the blame at the door of Kiev, which is using the Ukrainian army in an "anti-terrorist operation" against the separatists.
"Why do they (the Kiev authorities) do this? Why is Europe silent? Everybody was living normally but now everyone is interfering".
Asked if she would vote on Sunday, Valentina said: "Who should I vote for - for people who are killing us and shooting at us? The answer is No!".
Alexei, in nearby Krasnomaisk, voiced an opposite view as he brought petrol to pro-Ukrainian self-defence fighters.
"All this is because these idiot separatists want to undermine the elections. But we will vote anyway. Out of 25 kids in my son's school, only seven are for Ukraine, the others call my son 'Banderovets'," he said, using a pejorative label for Ukrainian ultra-nationalists.
ICICIdirect.com has recommended a hold rating on Sobha Developers with a target price of Rs 467 per share in its May 23, 2014 research report.
"Sobha Developers' topline grew 6.8 percent YoY to Rs 625.4 crore (our estimate: Rs 670.1 crore) in Q4FY14. While construction & manufacturing revenues grew 51.8 percent YoY to Rs 215.8 crore, real estate revenues declined 7.3 percent YoY to Rs 410.9 crore given the lower revenue recognition during the quarter. The net profit at Rs 70.2 crore was lower than our estimate of Rs 79.4 crore mainly on account of the topline miss. The sales volume declined 14 percent YoY to 0.92 msf in Q4FY14. In terms of sales value, it declined 10.3 percent to Rs 605 crore. Going ahead, the management guided that its sales volume will grow 11.5 percent YoY to 4.0 mn sq ft in FY15E."
"Sobha's sales volume in Bengaluru has seen 64.3 percent CAGR at 2.4 mn sq ft during FY09-13 on the back of strong absorption by buoyant IT industry professionals and NRI offtake due to currency tailwind. Consequently, its overall sales volumes grew robust at 43.9 percent CAGR to 3.8 mn sq ft during FY09-13. However, Sobha's sales volumes declined 4.5 percent YoY to 3.6 mn sq ft in FY14 due to the large ticket size of unsold inventory of 7.3 mn sq ft (particularly in the NCR market where sales volumes declined 74 percent YoY to 0.1 mn sq ft). While Sobha is in the process of rejigging its project specifications into smaller units, going ahead, to keep the ticket size at much affordable levels, we have built in moderate sales volume of 3.9 mn sq ft in FY15E and 3.8 mn sq ft in FY16E."
"Currently, the stock is trading at 1.8x FY15 P/BV and 0.7x its NAV (after adjusting the construction business valuation). We maintain our HOLD recommendation on the stock with a target price of Rs 467 (RE business - Rs 417/share at 0.7x its NAV and construction business - Rs 49/share). We would like to see a ramp up in OCF & FCF before upgrading our call," says ICICIdirect.com research report.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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ICICIdirect.com has recommended a hold rating on Jyothy Laboratories with a target price of Rs 188 per share in its May 23, 2014 research report.
"Jyothy Laboratories reported higher-than-expected revenue growth of 21.2 percent YoY to Rs 329.9 crore (I-direct estimate: Rs 311.4 crore) with volume growth of ~15 percent during the quarter. Margins, however, declined ~240 bps YoY to 10 percent on the back of higher employee cost and marketing expenses. In spite of lower margins, PAT posted robust growth of ~147 percent YoY to Rs 29.2 crore following savings in interest cost of ~Rs 13 crore."
"Leveraging on its strong brand equity of Ujala (fabric whitener & detergents) Jyothy Laboratories (JLL) diversified from a single brand and single product into a multiproduct company. Having built strong brands of its own until FY11, Maxo (mosquito repellent) and Exo (dishwash), JLL extended its footprint to the FMCG market through acquisition of Henkel India in FY12. The acquisition added to the company's kitty with brands like Henko, Mr. White, Chek, Pril, Margo, Neem and Fa. The acquisition also provided the company with a larger geographical presence (north & east India) against JLL's dominant presence largely in south India. Post Henkel's acquisition, JLL has carved out six 'Power' brands (Ujala, Henko, Maxo, Pril, Exo and Margo) for itself, which would be the key focus points for the company to drive innovation and revenues, going ahead. We believe that led by the company's clear strategy for its brands, strong innovation pipeline, re-launch of existing brands and an able management team at helm, JLL's revenues would continue to grow at a healthy pace of 15.2 percent CAGR (FY13-16E)."
"We believe that though earnings growth would remain strong at 32.7 percent CAGR in FY13-16E, growth in operating margins is limited. Further, with JLL's presence in highly competitive segments where market leaders are already leading a tough fight, we remain cautious on JLL's ability to transform the stagnating segments (whitener, soaps and detergents) and translate it into a strong performance. We value the stock at 20x FY16E (~10 percent discount to historical two-year forward multiple of 22x) arriving at a target price of Rs 188 and maintain a HOLD rating," says ICICIdirect.com research report.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Modi along with his Cabinet ministers will sworn in at 6 PM on May 26 and about 3,000 people are expected to be present in the Rashtrapati Bhawan forecourt for the ceremony.
Congress President Sonia Gandhi and party Vice President Rahul Gandhi will attend Prime Minister-designate Narendra Modi's swearing-in ceremony on Monday. The ceremony will take place at Rashtrapati Bhawan on May 26 at 6 PM.
Sonia had earlier sent a letter to Modi congratulating him for scripting the stunning victory of BJP-led NDA on May 20 just hours after he was elected the BJP Parliamentary Party leader, paving the way for him to become the first non-Congress Prime Minister of India whose party had secured majority on its own in the Lok Sabha.
Modi along with his Cabinet ministers will sworn in at 6 PM on May 26 and about 3,000 people are expected to be present in the Rashtrapati Bhawan forecourt for the ceremony.
Outgoing Prime Minister Manmohan Singh and some of his Cabinet colleagues are also attending the oath-taking which will mark the end of 10 years of Congress-led United Progressive Alliance rule at the Centre.
Meanwhile, leaders of all the eight neighbouring countries invited for the swearing-in ceremony have confirmed their participation.
Narendra Modi-led BJP-NDA won 335 seats in the 543-member Lok Sabha in the recent elections.
Sonia is also the Chairperson of the Congress-led UPA while Rahul had led the party in the Lok Sabha elections.
According to the latest weather update by Skymet Meteorology Division in India, Day temperature in Delhi will drop marginally due to partly cloudy sky. The weather in Kolkata will become comfortable as there are chances of rain. Bangalore could witness light rain in some areas. Hyderabad and Chennai will also be very hot and humid for the next 24 hours. Here is the weather forecast for major Indian cities on Sunday:
Cities Maximum Temperature Minimum Temperature Conditions Delhi 39°C 26°C Morning hours to remain pleasant. Day will be relatively less warm. Sky will remain partly cloudy. Mumbai 33°C 26°C Morning and evening hours will continue to be pleasant. Day will be relatively less warm. Sky will remain mainly clear. Kolkata 32°C 28°C Sky will be partly cloudy. Rain or thunderstorm will bring down maximum significantly. Chennai 41°C 29°C Thundery activity could take place in some areas of the city. Sky will be cloudy with chances of light rain. Bangalore 36°C 24°C Morning will be pleasant but day will be warm and humid. There are chances of thundery build up. Light rain may occur in some areas. Hyderabad 42°C 28°C A hot afternoon amid rising temperatures. Sky will remain partly cloudy.
By: Skymetweather.com
The spectacular showing of the NDA, which could end up with 335-340 seats in the Lok Sabha, indicates that Narendra Modi will be able to overcome his legislative hurdle in the Rajya Sabha – both by working with new allies, and by projecting the NDA's collective might in a joint sitting of both houses.
The fear so far was not that the BJP won't win, but that it would not be able to bring in major legislation, or modify some of the UPA's retrograde laws, because it lacks a majority in the Rajya Sabha. So, even if the BJP can get a law passed in the Lok Sabha, it would flounder in the Rajya Sabha.
While money bills, like the budget, can be passed by the Lok Sabha even if the Rajya Sabha rejects them, in the case of laws that do not relate to constitutional amendments, the assent of both the houses is mandatory. With the NDA having just 64 members in the Rajya Sabha, the chances of getting any contentious bill passed is zero.
However, there are now two reasons why the BJP can overcome the Rajya Sabha hurdle – if it wants to.
First, the decimation of the Congress means that some regional parties can be brought around to support NDA legislation with some kind of bargaining. In the current Rajya Sabha, the BJP has 46 seats , Shiv Sena three, TDP six, ADMK 10, BJD six, SAD three, RPI one, LJP 1, INLD 2 and NCP six. Then there are a whole range of single-MP parties and independents. Together they add up to quite a few floating numbers.
The implacable anti-BJP numbers are Congress (68), Left (11), RJD (1), BSP (14), DMK (4) and SP (9). But that's just 107 seats in a house of 250, including 12 nominated members. Clearly, by offering party-specific deals and effective floor coordination, the BJP can clearly get the required numbers in the Rajya Sabha if it really wants one.
Second, the sweeping victory in the Lok Sabha for the NDA – where it could get 335-340 seats - will give it a majority in case the Rajya Sabha rejects any law, and a joint session of parliament has to be called to break the logjam.
Under article 118 of the constitution, the president can call a joint session of both the houses to pass any bill that is not a constitutional amendment bill. This means bills like the Food Security Bill, the Land Acquisition Bill, or other such UPA rights legislations can be overturned or amended – assuming this is something the BJP wants to do.
In a joint sitting, the total number of members (LS plus RS) would be 795 – 545 from the Lok Sabha, including two nominated members, and 250 Rajya Sabha members in its full strength, including 12 nominated ones.
With 340 seats in the Lok Sabha, the BJP needs only 60 votes from the Rajya Sabha in a joint setting.
The BJP has effectively broken the Rajya Sabha jinx that has bedeviled the Congress and other governments before it.
The writer is editor-in-chief, digital and publishing, Network18 Group
BJP's senior party leader, who lost to Congress' Amarinder Singh in Amritsar said he does not subscribe to the theory of Shiromani Akali Dal working against them.
Senior Bharatiya Janata Party leader Arun Jaitley on Saturday said that his loss in Amritsar was nothing in front of his party's overall landslide victory in the Lok Sabha elections. "One would have always preferred to win. But my own personal experience dilutes as compared to the huge win of the party," said Jaitley, who lost the Amritsar seat against Congress's Captain Amarinder Singh.
Also Read: BJP Parliamentary Party to meet on May 20 to elect Modi
When asked by IBN18 Editor-in-Chief Rajdeep Sardesai as to whether the Shiromani Akali Dal was responsible for his loss in Amritsar, Jaitley said, "I cannot attribute my loss to the Akali Dal. Local factors had gone against us. We could not remove them during the campaign."
When asked whether not winning makes it difficult for him to get a Cabinet berth in the Narendra Modi government, he said that the party will decide what his job will be. "Losing an election is not a very pleasant experience. My loss is an irrelevant consideration for me. I will not be cowed down just because I lost the election. What I have to do for the party is for the party to decide," Jaitley said.
Jaitley also denied any differences in the party. "Some media reports have been unfair to my senior colleagues. They have participated in the campaign and won. There is no disgruntlement among party leaders," Jaitley said.
But at the same time when asked whether this was the most memorable election for him, Jaitley said, "The happiest moment in my political life was 1977 when we won the elections and saved the democracy."
Talking about exit polls and whether the BJP had expected the landslide win, Jaitley said, "Exit polls have lately been directionally correct but have underestimated the frontrunner. It happened with the Congress in 2009 and this time with us as well. There was a huge anti-incumbency trend and a positive message of hope in the shape of Modi and Modi-led BJP. We too had expected to win about 250 seats for us, but the frontrunner party gets an advantage," Jaitley said.
Several party leaders and workers were angry with the Bihar chief minister for breaking away from BJP.
Nitish Kumar, the chief minister of Bihar, resigned on Saturday after the humiliating defeat suffered in Lok Sabha Elections 2014. Crushed by unprecedented Modi wave, Janata Dal United could win just 2 seats.
Nitish Kumar went to Bihar governor Dr Dnyandeo Yashwantrao Patil to tender his resignation. He recommended the dissolution of Bihar Assembly.
After his split from the BJP - post Narendra Modi being declared as NDA's prime ministerial candidate – Nitish's government in Bihar was surviving on the support of Congress, CPI and independent MLAs.
Several party leaders and workers were angry with the Bihar chief minister for breaking away from BJP.
Nitish Kumar will hold a press conference at 5 PM today to perhaps talk about his resignation and the reasons behind the party's poor performance.
Wheels India , steel wheel maker for passenger cars and utility vehicles, has reported a 64.11 percent jump in net profit at Rs 8.78 crore for the fourth quarter ended March 31, 2014.
The city-based TVS Group company had reported a net profit of Rs 5.35 crore in the year-ago period.
The revenues of the company increased to Rs 485 crore in the January-March 2014 quarter from Rs 467 crore in the year-ago period, Wheels India said in a statement.
Also read: Auto sector hopes Modi-led govt will bring in reforms
However, for the full year ended March 31, 2014, the company reported a 10.8 percent decline in net profit at Rs 28.41 crore as against Rs 31.88 crore in 2012-13.
The company's revenues also dipped to Rs 1,825 crore in 2013-14 from Rs 1,927 crore registered during the previous year.
The company's board of directors has recommended a final dividend of Rs 4.20 per share on the enhanced capital for the year 2013-14 subject to approval.
"The truck industry had its second successive year of negative growth that affected utilisation levels and growth in last fiscal," Wheels India Ltd MD Srivats Ram said.
For the year 2014-15, about Rs 70 crore has been earmarked towards capital expenditure, he said. On the outlook for 2014-15, he said, "We expect increased investments in infrastructure projects and that should drive growth in the auto segment this year".
"On the back of overall economic recovery, we are targeting to achieve moderate growth in financial year 2014-15, both in domestic as well as exports business," he said.
The automotive industry registered a negative growth last year not only in the truck segment but also passenger car segment, he said.
Twenty-six percent of the company's revenue was contributed from wheels for the commercial vehicle segment, while 27 percent from the passenger car segment, 23 percent from agriculture sector, 15 percent from construction equipment and mining industry and five percent from air suspension systems.
Exports formed almost 20 percent of the revenues, he said.
"Margin did expand on exports business. We are looking to add new customers in the overseas market in all the segments that we are in. We are looking to enhance the range of products," he said.
Addressing the media after submitting his resignation to Governor DY Patil, Nitish Kumar said he respects the people's verdict and takes full responsibility for defeat in the Lok Sabha elections.
Following a humiliating defeat in the Lok Sabha elections, Bihar chief minister Nitish Kumar on Saturday tendered his resignation on moral grounds, accepting full responsibility of the debacle.
Janata Dal (U), which snapped ties with BJP after the party announced Narendra Modi as the prime ministerial candidate, was reduced to only two seats after the final tally came in.
JDU MLA from Barh Gyanendra Singh Gyanu, who had questioned Nitish Kumar's decision to break the 17-year-old alliance with the BJP in June 2013, said several party leaders and workers were angry with the CM for breaking away from the BJP. He said JDU MLAs would have won all 40 seats in Bihar had the party not split with BJP.
Party leader KC Tyagi said they will seek a fresh mandate. The JDU Legislative Party Meet has been called at 4 pm tomorrow.
Addressing the media after submitting his resignation to Governor DY Patil, Nitish Kumar said he respects the people's verdict and takes full responsibility for defeat in the Lok Sabha elections.
He said he expects the new government to be able to fulfil the promises and the dreams that it has given to the youth of the country, like that of a job creation. "I sincerely hope that the people of the country do see achche din (good days), as they have been told."
Kumar said he will continue to work for the party and the people, adding that he chose to resign despite having a majority in the assembly. "I have not asked to dissolve the Bihar Legislative Assembly," he said.
Kumar said any coalition is welcome to form the government in Bihar.
He said the election result in the state shows an unprecedented level of communal polarization.
On his decision of split from BJP, Kumar said the move was a well thought one. He said the reason for snapping the ties were ideological differences. "I chose development over communalism while breaking ties with BJP."
The new bench comprising justices TS Thakur and AK Sikri was set up after JS Khehar recused himself from hearing the matter.
A new bench has been constituted in the Supreme Court to hear the Sahara case which will take up the matter on May 19. The new bench comprising justices TS Thakur and AK Sikri was set up after JS Khehar recused himself from hearing the matter .
The entire case was earlier being heard by a bench of Justice KS Radhakrishnan and Justice Khehar since 2012. But the Chief Justice of India RM Lodha constituted a new bench after Justice Radhakrishnan retired on May 14 and Justice Khehar recused from the case.
At a farewell ceremony for him, Radhakrishnan had said he and family members were under "unimaginable pressure and tension" while hearing the case. Justices Radhakrishnan and Khehar in its May 6 judgement had upheld its order jailing Sahara chief Subrata Roy and rejected his claim that rules of natural justice were not followed in the case.
65-year-old Roy, who has been in jail since March 4 for non-refund of over Rs 20,000 crore to depositors, was asked by the court to make a fresh proposal for paying Rs 10,000 crore to get bail. The court had passed the order on a petition filed by Roy challenging constitutional validity of its order passed on March 4 by which he was sent to jail for not complying with its order to deposit around Rs 20,000 crore of investors money with SEBI. The bench in a strongly-worded judgement had come down heavily on the Group for "systematically" frustrating and flouting all its orders with impunity on refunding investors' money.
It had said the Group "adopted a demeanour of defiance constituting a rebellious behaviour, not amenable to the rule of law" and justified its decision to send Roy along with two promoters of two Sahara companies to jail.
Nath also admitted that the Congress didn't expect such a support for the BJP.
After being reduced to just 44 MPs in the 16th Lok Sabha, Congress leaders have come out in the support of Rahul Gandhi and are shielding him by taking collective responsibility for the party's debacle. In an exclusive interview to CNN-IBN, former Union minister Kamal Nath said, "If the government cannot convey its perception to people, than Rahul cannot be held responsible. I don't see any reason that they (Sonia, Rahul) should resign. They have accepted the responsibility."
Also Read: Rahul's 'advisers' face heat as Cong searches for answers
He played down demands that Rahul should resign as the party vice president taking the responsibility. "It is the party which can remove Rahul Gandhi. The party is not removing him, it is the party that made him the vice president. It's the party which is asking Rahul Gandhi to represent it. The Congress failed in communicating to the people. This is an organisational issue," said Nath.
Nath also added that the Congress didn't expect such a support for the BJP. "These results were unexpected. Politics have changed but we never expected this," said Nath.
However, he added that the politics of the BJP would not work in the long run. "Congress campaign is based on its history, people will understand that the BJP politics is not going to work," he said.
He added, "Inflation was an issue and BJP was able to make it an issue. It was perceived that UPA-2 could not create jobs, also corruption was a huge issue," he added.
While accepting the party's failure to connect with the people, Nath added, "The structure of Congress Working Committee needs to be looked at and the state organisations should get more autonomy."
According to the latest weather update by Skymet Meteorology Division in India, a fresh Western Disturbance over Afghanistan and adjoining North Pakistan will shift eastwards during the next 24 hours. The affect of this weather system will remain limited to Jammu & Kashmir as it is tracking in higher latitudes and is unlikely to come down southern latitudes. Jammu & Kashmir will get good amounts of showers in the next 48 hours due to this weather system.
A cyclonic circulation associated with this weather system lies over Central Pakistan and adjoining parts of Northwest Rajasthan but it will follow a northeast path to escape the northwest plains, keeping moist winds away from the region. According to the latest weather update by Skymet Meteorology Division in India, day temperatures will not rise significantly in the region as winds will be coming in from the areas that have received rain in the past two days.
The westerly to northwest winds would also reach over Central India making it warmer than the last two days. Due to this, day temperatures in places like Gwalior, Bhopal, Indore and Jabalpur could rise. Maximums in these places have been below normal under the influence of a cyclonic circulation that existed over Gujarat and adjoining areas and gave rain and cloud cover. Heat wave like conditions will sustain over Odisha during the next 24 hours. While day temperatures in Chhattisgarh will also rise in this period.
There will not be any respite from westerly winds also known as `loo` over east Uttar Pradesh, Bihar, Gangetic West Bengal. Day temperatures are significantly higher than the normal in the region and Skymet Meteorology Division warns that heat wave like conditions are unlikely to recede as there is no weather system in the offing which could make the wind conditions change.
Due to a wind discontinuity in Peninsular India, northerly to northwesterly winds are colliding with moist winds from the Bay of Bengal and this could give rain over south Karnataka, Kerala and Tamil Nadu. Day temperatures in Andhra Pradesh will continue to remain in lower forties during the next two days.
By: Skymetweather.com
Accompanied by party president Rajnath Singh, close aide Amit Shah and party UP chief Lakshmikant Bajpai, Modi offered prayers at the famous Kashi Vishwanath temple. He also participated in the 'Ganga aarti' at Dashashwamedh Ghat.
A day after the BJP created history nationwide, and sweeping 72 seats in Uttar Pradesh, Narendra Modi visited Varanasi, one of the constituencies from where he contested.
Modi had a landslide victory in Varanasi, trumping his nearest rival Arvind Kejriwal of Aam Aadmi Party and Congress's Ajai Rai.
Accompanied by party president Rajnath Singh, close aide Amit Shah and party UP chief Lakshmikant Bajpai, Modi offered prayers at the famous Kashi Vishwanath temple. He also participated in the 'Ganga aarti' at Dashashwamedh Ghat.
Also Read: BJP's guide to tackle Rajya Sabha challenge
Thanking the people of Varanasi for playing a major role in the formation of a BJP-led NDA government at the Centre, Modi said the support came even without asking. He said he was barred from speaking to his voters, but despite that the people of Varanasi came out and supported him.
Promising to clean his "mother Ganga", Modi asked the people of Varanasi to be a part of his cleanliness drive. He vowed to make Kashi a clean city.
He also praised Rajnath Singh and called him the most successful BJP president.
"We would play a big role in the interest of the people," Banerjee told reporters at the party headquarter here, dedicating the massive win in the state to the people. The TMC supremo said "34 out of 42 is a clear-cut mandate", specially fighting on our own.
West Bengal chief Minister Mamata Banerjee today asserted that Trinamool Congress' 34-seat tally in the state was a massive triumph and said her party will play a big role in the 16th Lok Sabha in the interest of the people.
"We would play a big role in the interest of the people," Banerjee told reporters at the party headquarter here, dedicating the massive win in the state to the people. The TMC supremo said "34 out of 42 is a clear-cut mandate", specially fighting on our own.
Also Read: Modi-Mamata: Does it have some heartburn in store?
"It is the people who opposed the maligning campaign against us and gave their verdict," the Chief Minister said. Indicating that it was a tough battle over the gruelling five-phase polls in the state, she said "it was a five-six cornered fight, there were several parties. Banerjee said despite a large section of media opposed the party, "people kept their faith in Trinamool Congress".
Claiming that a section of the media had underplayed 'Bengal's triumph', Banerjee said that all party MPs would go to Delhi on May 25 to take oath in the Lok Sabha. Stating that out of 34 members, 33 percent were women while the national figure was 11 per cent out of the 543, Banerjee said "In that way it is historic. Many talk about women's reservation in the Lok Sabha, but do not do much."
According to the latest weather update by Skymet Meteorology Division in India, here are the latest weather alerts for different parts of the country:
Weather alert for Haryana issued at 17:40 Hrs
Light to moderate dust storm and thundershowers are likely at some places over Bhiwani, Fatehabad, Jind, Mahendragarh, Rohtak, Sirsa and Sonipat districts of Haryana with strong winds ranging between 60 kmph and 110 kmph during the next 2 to 6 hours.
Weather alert for Rajasthan issued at 15:44 Hrs
Light to moderate dust storm and thundershowers are likely over Ajmer, Alwar, Bikaner, Churu, Hanumangarh, Jaipur, Jhunjhunu, Jodhpur, Nagaur, Pali, Sikar and Sri Ganganagar districts of Rajasthan with strong average winds of 50 kmph gusting at 80 kmph during the next 2 to 6 hours.
Weather alert for Punjab issued at 15:35 Hrs
Light to moderate rain and thundershowers are likely over Chandigarh, Hoshiarpur, Jalandhar, Ludhiana and Rupnagar districts of Punjab with strong average winds of 50 kmph gusting at 80 kmph during the next 2 to 6 hours.
Weather alert for Punjab issued at 15 Hrs
Light to moderate dust storm and thundershowers are likely over Delhi/NCR with strong winds ranging between 50 kmph and 80 kmph during the next 2 to 6 hours.
By: Skymetweather.com
Four students of Manav Rachna International University in Faridabad developed an app for patients suffering from Asthma.
This week, we bring you one of the finalists of the Microsoft Imagine Cup 2014 in the innovation category-- team RespireON.
Four students of Manav Rachna International University in Faridabad developed an application for patients suffering from Asthma.
This app provides services like reminding the patient when to take medication, expiry date alerts and also has a panic button.
Here is a round up of all the entrepreneurial headlines on YT Newsfeed.
Here is a round up of all the entrepreneurial headlines on YT Newsfeed.
With a plethora of e-commerce websites, online shopping is not just a click away experience anymore. Especially, if you are a bargain hunter.
So, if you are a victim of too many options and want to find the best deals online at a quick pace, buyhatke.com is a venture that you should checkout.
The state-owned bank had posted a profit of Rs 169.15 crore in the January-March quarter of 2012-13, according to a filing to the BSE.
Central Bank of India recorded a 4 per cent decline in net profit to Rs 162.44 crore in the fourth quarter ended March 31.
The state-owned bank had posted a profit of Rs 169.15 crore in the January-March quarter of 2012-13, according to a filing to the BSE.
Total income increased to Rs 6,961.67 crore from Rs 6,403.57 crore. For 2013-14, the bank made a loss of Rs 1,262.84 crore, compared with a profit of Rs 1,014.96 crore in the previous financial year, due to higher provisioning.
Total income in 2013-14 rose to Rs 26,350.13 crore from Rs 23,527.98 crore in 2012-l3. Provisions, other than tax, and contingencies surged to Rs 4,232.57 crore in FY14 compared with Rs 1,852.81 crore in FY13.
The bank's gross non-performing assets (NPAs), or bad loans, as a percentage of total advances, rose to 6.27 per cent from 4.8 per cent in the same quarter a year ago.
Net NPAs increased to 3.75 per cent from 2.9 per cent at the end of March 2013.
The state-owned bank had posted a profit of Rs 125.67 crore in the January-March quarter of 2012-13, according to a filing to the BSE. Total income increased to Rs 2,866.78 crore from Rs 2,539.74 crore.
Dena Bank today reported a 49 per cent jump in net profit to Rs 187.28 crore in the fourth quarter ended March 31.
The state-owned bank had posted a profit of Rs 125.67 crore in the January-March quarter of 2012-13, according to a filing to the BSE. Total income increased to Rs 2,866.78 crore from Rs 2,539.74 crore.
For 2013-14, the bank recorded a 32 decline in profit to Rs 551.66 crore from Rs 810.38 crore in the previous financial year. Total income in 2013-14 rose to Rs 10,895.20 crore from Rs 9,554.85 crore in 2012-l3.
The bank's gross non-performing assets (NPAs), or bad loans, as a percentage of total advances, rose to 3.33 per cent from 2.19 per cent in the same quarter a year ago.
Net NPAs increased to 2.35 per cent from 1.39 per cent at the end of March 2013.
FTIL was ordered to reduce its stake in Multi Commodity Exchange of India (MCX) after the Forward Markets Commission, the regulator, declared it unfit to run any exchanges in December last year.
Jignesh Shah-led FTIL, which is divesting its stake in MCX , today said the board has given an additional two weeks to shortlisted investors to submit their final bids.
"The board deliberated on the divestment process and decided further time needs to be given in the light of the developments that have come on May 9," Financial Technologies (India) Ltd (FTIL) said in a filing to the BSE.
Yesterday, the MCX decided to amend its articles of association to comply with the regulator's new shareholding norms for Indian commodity exchanges. The guidelines include a requirement for entities declared unfit to run an exchange to divest their entire stake immediately.
"The board decided to give two weeks time to complete the discussions and negotiations with the bidders and attain the final bid," it said.
The board said all shortlisted bidders continue to be interested in the divestment. The next board meeting is scheduled on May 24, it added.
FTIL was ordered to reduce its stake in Multi Commodity Exchange of India (MCX) after the Forward Markets Commission, the regulator, declared it unfit to run any exchanges in December last year.
The company was required to pare its stake to 2 per cent from the existing 26 per cent following the Rs 5,600 crore payment crisis at the National Spot Exchange Ltd.
FTIL owns a 99.9 per cent stake in NSEL, which suspended spot trading in commodities and has been unable to settle payment of dues to investors.
The sale of stake in MCX has been delayed because bidders sought more time in view of a PwC audit report on related-party transactions between the commodity exchange and FTIL group firms.
FTIL said the board also took note of developments of the past few weeks, including the sharing of the executive summary of the PwC audit report and the separate clarifications issued by both FTIL and MCX on the report.
The FTIL board deliberated on the resignation of MCX Managing Director and CEO Manoj Vaish and discussed the revised shareholding norms issued recently by the FMC for national commodity bourses.
Shah and former MCX head Shreekant Javalgekar were arrested on May 7 in the NSEL case, seven months after an FIR was lodged.
Financial Tech stock price
On April 17, 2014, Financial Technologies closed at Rs 356.90, down Rs 2.3, or 0.64 percent. The 52-week high of the share was Rs 870.30 and the 52-week low was Rs 102.05.
The company's trailing 12-month (TTM) EPS was at Rs 50.03 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 7.13. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company is 0.61.
Reliance is currently selling gas at USD 4.2/mmbtu; the Cabinet's decision to allow a higher gas price had to be deferred because of the Election Commission's model code of conduct.
Reliance Industries , along with BP and Niko, have sent an arbitration notice to the government seeking higher gas prices under the 'Domestic Natural Gas Pricing Guideline 2014' notified in January this year.
Reliance is currently selling gas at USD 4.2/mmbtu; the Cabinet's decision to allow doubling of gas price had to be deferred because of the Election Commission's model code of conduct.
"The continuing delay on part of the Government of India in notifying the price in accordance with the approved formula for the gas to be sold has left the Parties with no other option but to pursue this course of action," said the Reliance Industries press release.
(RIL's arbitration notice to govt: Experts analyse implications)
"Without this clarity, the Parties are unable to sanction planned investments of close to $4 billion this year. In addition, this will also delay the ability of the Parties to appraise and develop other significant discoveries made last year," the released.
In an interview to CNBC-TV18, Reliance's lawyer Harish Salve said that his client had to protect its commercial interests and could not wait till the next government took charge.
"God knows when the government will be formed, who the government will be, what they will do, they will take their own time," he said.
He said he was hopeful that the government would agree to a middle-ground solution.
The current government has barely 10 more days of office.
Salve said his client was forced to take this extreme step since repeated letters to the government has not yielded any results. He said the company was now in a litigation mode after having exhausted all means for an amicable settlement. There would be no more talks with the government, and the ball was now in the government's court, said Salve.
He said he was meeting RIL representatives next week to decide on the next step.
Salve refused to comment on what price RIL would supply gas to user industries from Monday.
Next page: Transcript of Harish Salve's interview on CNBC-TV18
Reliance stock price
On May 09, 2014, Reliance Industries closed at Rs 997.35, up Rs 37.70, or 3.93 percent. The 52-week high of the share was Rs 999.00 and the 52-week low was Rs 765.00.
The company's trailing 12-month (TTM) EPS was at Rs 68.01 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 14.66. The latest book value of the company is Rs 556.88 per share. At current value, the price-to-book value of the company is 1.79.
In an interview to CNBC-TV18, Prashant Bhushan, Advocate, SC; SP Tulsian of sptulsian.com; Soli Sorabjee, Former Attorney General and Gopal Jain, Senior Advocate, SC gave their reading of Reliance Industries ' arbitrage notice to the government over delay in effecting new gas prices.
Below is a verbatim transcript of the interview
Shereen: Reliance Industries has served an arbitration notice to the government to include gas pricing in it, your first reaction?
Sorabjee: I don't know the terms of the contract between the government and Reliance. The only thing I can say is if they have served a notice they will have to go through the arbitration route. That's all that it implies in India.
Shereen: What do you make of the fact that this matter is currently being heard in the Supreme Court? Reliance, in fact, has just last week if my memory serves me correctly concluded its arguments in Supreme Court on the issue of gas pricing and now the decision to actually serve the government with an arbitration notice. What do you make of this?
Sorabjee: It was absolutely bad court management. The matter was argued at length and thereafter because of the remaining days being very few, 2 or 3 days and one of the judges now retiring or being appointed to other tribunal, the whole thing will have to be heard again. Therefore another bench. That is rather sorry state of affairs. As is aid that is bad court management.
Shereen: This seems to be an instance of bad court management in a way. However going back again to the point that Harish Salve was making that we have got a time bound process. Here at the top of his head he said 90 days and then we will go ahead and appoint. If the government doesn't appoint one but do you really see this moving at the clip that Harish Salve seems to suggest because look at what has happened to the previous arbitration proceedings?
Jain: In most cases this doesn't go at a T20 speed. It goes at its own speed because the government decision making process is slow. Given the importance of the issue and its implications across not just Reliance and government but several other parties may be this moves at a faster pace but all that will really depend with the change of government, the importance that they give it. Nobody wants to have such an issue left uncertain and open ended. So, may be given that issue and its larger implications we see some faster decision making process in this case.
Shereen: Reliance Industries, BP and Niko have issued an arbitration notice to the government and have now included the gas price issue in the arbitration which is exactly what Harish Salve the Reliance counsel had been arguing in the Supreme Court, your first reaction?
Bhushan: We have already been saying, we have pointed out that this arbitration is a collusive affair between Reliance and the government which has been colluding with them. They colluded with them first in allowing them to retain fields which they ought to have relinquished. Then they colluded with them to allow them to increase their capital expenditure from USD 2.4 billion to 8.8 billion.
Then they colluded with them by allowing them to drop their production from the promised 80 mmcd to now 8 mmcd and did not penalize them. Eventually when Jaipal Reddy started penalizing them for that he was unceremoniously removed and a pliant minister Veerappa Moily was brought in. So, all that is the subject matter.
Nayantara: So, we will continue to see USD 4.2 maybe till the new arbitration...
Salve: I am just saying we do things step at a time. The media wants answers of what is going to happen in 2015 today; that is not possible.
Nayantara: The last time you slapped an arbitration notice against the government if my memory serves me right was in November 23, 2011. That arbitration still has not started, we saw plenty of back and forth on deciding the three arbitrators. Is gas pricing going before the same arbitration panel or again are we likely to see a lot of back and forth?
Salve: I can assure you this time I have advised the clients - first of all we have invited the government that let the same tribunal hear this case also. That is most cost efficient, most time efficient and most sensible. There are timelines in the contract.
Shereen: What kind of timelines if you can specify that for us, if you can give us details because as Nayantara was pointing out the last arbitration notice that you served was in 2011 and look where we are today?
Salve: Sensible contractors doing business in a country don't go running to the court at the drop of hat. You keep writing letters to the government trying to persuade them. That situation now may not be, now if they don't appoint I think 90 days is the deadline. I am talking at the top of my head, some such figure. If they don't appoint we will move the court immediately and under the contract if we move to court and the government has not made an appointment the court will have to appoint a non-Indian national as the government representative. That is the specific provision in the contract.
Anuj: You still have not answered the point that come next Monday at what price would the domestic companies get gas.
Salve: I don't know. We will decide. Let us see how the government reacts.
Anuj: What happens to the bank guarantee that - there were reports last week that government has returned the bank guarantee that Reliance had given. There is some part of bank guarantee which still had to be given, what happens to that?
Salve: All these decisions now will be taken in a meeting which I will have with the clients and I am afraid I can't share the details of what we discuss with you because now we are in litigation mode.
Nayantara: If you are in litigation mode can you tell us a little bit more of what the client is thinking. For example is it going to continue doing the cpaex at the KG-D6 for development wells?
Salve: Once you are in litigation mode you don't talk and that is going to be my advice to the client.
Shereen: You are saying that your advice your clients is going to be not to talk but you could give us some sense of whether any further investments are likely to be made at the KG-D6, production levels will remain where they are?
Salve: No idea. We have to take stock, decide. If they decide to invest at an appropriate time the media will be told. There are a lot of complex decisions to be taken. I am in London, they are going to come here next week. We will meet and decide what to do.
Shereen: You are saying you are going to be meeting the clients next week to take a decision on what happens to production levels at the KG-D6?
Salve: No, I am not saying that. I am saying I have to meet the clients and we decide the way forward. You can speculate about what all we will do.
Anuj: We have seen a big rally in Reliance stock, what happens Monday morning, is this a recipe for big fall in stock price or not quite?
Tulsian: I see this arbitration notice to have been issued in haste. If you see three events this has been clearly saying that new government which has already notified the pricing formula should decide the price within that pricing formula.
All along I have been hearing Harish Salve, Shereen, and everyone that means one thing is certain that Rangarajan Committee formula has been accepted by the Reliance Industries also. So, let's not jump for the price of USD 13 and all that. It cannot exceed to a rate beyond USD 8.
We have been talking on so many issues, now take three situations which has prohibited for the contractor to go ahead with the increased price. First is the EC embargo, that will come to an end maybe on Monday or maybe on May 16; take the situation I don't know the technicality.
Then second is the Supreme Court, again reconstitution of the bench because one judge has retired. Now, that matter also can get thrashed out by June end when the courts will open because that matter has already been taken on priority by Supreme Court. Third is taken up by the government. I don't understand that arbitration proceedings can really precede all these three events and can get concluded maybe in couple of months or so. So, what is the hurry?
EC has already gone out of the way that\'s what I presume because they put again embargo or they put a stay there is no stay from Supreme Court in respect to this. So, ultimately the ball will be moving back in the court.
We have already seen fate of the arbitration proceedings in respect to the penalty. There the arbitrators are not getting the appointed, same thing and same exercise and same problem can be faced here also. How can you expect that the arbitrators will get so quickly appointed? The arbitration proceedings and hearings will go on quickly and just in one month things will be decide because this is not the alone Reliance Industries, which is affected. There are other party GSPC, ONGC, Oil India. So many other upstream companies are involved. So, arbitration proceedings cannot be taken in isolation.
Reliance Industries is here as contractor. They are not going to lose the money because whatever ultimately the investments will get probably the recovery may get delayed. So, honestly I don't find any substance in the issuance of this arbitration notice by the company on the government.
Now, coming to the effect on the share price, honestly, I don't think that this will have any kind of effect. In fact Reliance Jio, the kind of directions issued or maybe the matter now having gone in Supreme Court, if we would have discussed that probably that may be having a negative effect were Prashant Bhushan is challenged of the unified licenses or given it for Rs 1600 crore based on the pricing of 2001 which has been quashed by 2012 Supreme Court order. So, that seems to be more significant then this arbitration proceedings. I honestly see premature and having no effect.
Is the world efficient about what we grow, how we grow and where we grow? Agriculture is the backbone of survival and one hardly considers agriculture as a potential threat to the environment. But the truth is that few agricultural practices impact Global warming and prove detrimental for the planet Earth. We definitely picture cars and smokestacks but not our platter of food when we hear about Global warming.
It turns out that Agriculture is one of the greatest contributors to global warming, which emits much more greenhouse gases than big trucks, cars, trains and even airplanes combined.
Culprits of agriculture
The main culprits of agriculture are nitrous oxide coming from fertilized fields, increased carbon dioxide due to cutting of rain forests to grow crops or raise livestock and methane gas released by cattle and rice farms.
Farming consumes most of our precious water supplies and also serves as the major water polluter, thanks to runoff from fertilizers, chemical and pesticides. Manures also pollute water bodies and coastal ecosystems across the globe.
Agriculture also accelerates the loss of biodiversity by replacing forests with farm lands and leading to loss of crucial habitat of wildlife.
Few sustainable ways to feed the generations to come
Thus we see that agriculture poses critical environmental challenges and they are increasingly become more pressing as humans worldwide desperately try to meet the growing need for food.
Globally, an area approximately the size of South America has already been cleared to grow crops and roughly one more mid-sized continent to raise livestock till date. The loss of prairies ecosystems of North America and the Atlantic forest of Brazil could be attributed to agriculture. The situation now no longer allows the world to increase food production through agricultural expansion.
Here are few ways to solve the world's food dilemma.
Stop deforestation as trading tropical forests for farmland is the most destructive things we could possibly do. The practice should be to grow more on the already available farms. The world should now focus on increasing yields on less productive farmlands by using improved and hi-tech farming practices. Organic farming is also a good way to boost yields. It facilitates judicious use water and chemicals as it incorporates cover crops, mulches, and compost to improve soil quality and use less water. Commercial farming is good bet as it uses innovative ways to better target the application of fertilizers and pesticides. Computerized tractors equipped with advanced sensors and GPS help in this process. It's likely that there will be two billion more mouths to feed by the middle of this century. Moreover, with the increasing prosperity there is a rise in demand for meat and dairy products and thus, boosting the growth of corn and soybeans to feed the cattle. This could well necessitate doubling the amount of crops grown by the year 2050. Developed countries should take steps to reduce wastage by serving smaller portions and eating leftovers. Food joints, restaurants and supermarkets should effectively take measures to eradicate wastage .
picture courtesy- Louis Daria
By: Skymetweather.com
In another incident, seven people were killed by suspected militants in Kokrajhar which saw large scale ethnic violence between Bodos and Muslims two years ago.
The Bharatiya Janata Party (BJP) on Saturday hit out at the Congress for "failing to protect the minorities" in Assam, after 32 people were killed in just over 24 hours in the districts of Kokrajhar, Baksa and Chirang. "In Assam, ... people have been killed. The life of minorities is not safe under Congress rule in Assam," Shahnawaz Hussain said. He demanded that the Congress reply to "what has happened in Assam today".
On Thursday, suspected Bodo militants killed 10 people in two separate incidents in Baksa and Kokrajhar. In the first incident, the militants shot dead three members of a family, including two women, and seriously injured an infant in the Baksa district on Thursday night.
In another incident, seven people were killed by suspected militants in Kokrajhar which saw large scale ethnic violence between Bodos and Muslims two years ago.
Also Read: Ahmed Patel fumes as Modi calls him his 'good friend'
By Saturday morning, the toll had risen to 23, when nine more bodies were recovered, taking the death count to 32.
RTI activist Akhil Gogoi slammed the state government for inaction. "Assam is again heading for another ethnic cleansing. The Chief Minister has failed. The DGP should be removed," he said.
BJP leader Venkaiah Naidu asked, "Why is the PM silent on the issue? Why has the Congress president not gone there to visit them?"
The Congress remained guarded in its reaction, asking the state government to act swiftly. "The state government must act immediately. The affected families should be offered compensation. The government should heighten security in other areas," spokesperson Meem Afzal said.
The PM later condemned the attacks, saying these were "cowardly attempts to spread fear and terror among our citizens".
The Assam Chief Minister Tarun Gogoi has now demanded an NIA probe into the attacks.
SLIDESHOW
Sat, May 03, 2014 at 16:37
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According to the latest weather update by Skymet Meteorology Division in India, here are the weather alerts across the country issued on 3rd of May:
Weather alert for Kerala issued at 16:15 hours
Light to moderate rain and thundershowers at a few places are likely over Alappuzha, Idukki, Kollam, Pathanamthitta and Thiruvananthapuram districts of Kerala with strong average winds of 30 kmph gusting at 50 kmph during the next 2 to 4 hours.
Weather alert for Tamil Nadu issued at 16:09 hours
Light to good amounts of rain and thundershowers are likely at a few places over Ariyalur, Kanchipuram, Perambalur, Salem, Tiruchirappalli, Tiruvannamalai and Villupuram districts of Tamil Nadu with strong average winds of 40 kmph gusting at 70 kmph during the next 2 to 4 hours.
Weather alert for Odisha issued at 16:02 hours
Light to good amounts of rain and thundershowers are likely at a few places over Angul, Kendujhar and Mayurbhanj districts of Odisha with strong average winds of 40 kmph gusting at 70 kmph during the next 2 to 4 hours.
Weather alert for Jharkhand issued at 15:58 hours
Light to good amounts of rain and thundershowers are likely over Chaibasa, East Singhbhum and West Singbhum districts of Jharkhand with strong average winds of 50 kmph gusting at 80 kmph during the next 2 to 4 hours.
Weather alert for Meghalaya issued at 14:23 hours
Light to good amounts of rain and thundershowers at some places are likely over Jaintia Hills district of Meghalaya with strong average winds of 50 kmph gusting at 70 kmph during the next 2 to 6 hours.
Weather alert for Andhra Pradesh issued at 14:19 hours
Light to good amounts of rain and thundershowers are likely over Hyderabad, Mahbubnagar and Rangareddy districts of Andhra Pradesh with strong average winds of 50 kmph gusting at 70 kmph during the next 2 to 6 hours.
By: Skymetweather.com
Pfizer announced its fourth quarter earnings on May 2, with revenue for the period standing at Rs 251.69 crore, compared to Rs 252.19 crore year-on-year.
Pfizer announced its fourth quarter earnings with revenue for the period standing at Rs 251.69 crore, compared to Rs 252.19 crore year-on-year.
For full year FY14, revenues stood at Rs 1004.27 crore, compared to Rs 947.98 crore in FY13.
Profit before tax and exceptional items grew by 21 percent to Rs 339.58 crore, from 279.65 crore last year. Net profit stood at Rs 56 crore versus Rs 58 crore, year-on-year.
The company had paid an interim dividend of Rs 360 per equity share during the year and has not declared any fresh dividend.
Also read: AstraZeneca rejects Pfizer's renewed USD 106 billion bid
In an interview to CNBC-TV18's Udayan Mukerjee and Mitali Mukerjee, Sanjay Dutt of
Quantum Securities shared strategies on how one should play the market ahead of the big event - election result on May 16.
Below are excerpts from the interview:
Udayan: How are you feeling approaching this big event, bullish or conservative?
A: Conservative because ran up quite a bit, uncertainty looms large because I don't think one can take the mandate for granted as what the market is believing it to be which is Narendra Modi led Bharatiya Janata Party (BJP) government. BJP would be the largest party. I want Narendra Modi to be the prime minister for the benefits of the markets, for the benefits of the business community at large as what is expected. But, there is going to be many a slip between the cup and the lip.
Udayan: Would you bet on some kind of disappoint for the markets post elections and would you be bracing yourself to buy that dip rather than seeing a massive explosion post elections?
A: Irrespective of what kind of a formation or what kind of a government comes in with Modi or without Modi, market is definitely on a higher trajectory that we would get a panic kind of a dip in case what I said comes true. But thereafter, we will once again start going up after a week or 10 days or maybe a month's break or so when market digest what has happened because to me more than what the outcome of the domestic elections global factors are going to play an important role particularly the money flow into the emerging markets, particularly the interest that's coming out, in fact the money that's coming out of the developed markets and how the developed markets are in the upper end of the range.
Emerging markets, as we have seen, in the last few weeks, last few months selectively have benefited a lot and Russia and China have got their own set of problems and Russia particularly after what's happened in Ukraine and particularly Russia also increased its interest rates just about a week ago. So, Russia has got its own set of problems, Russia is totally resource driven economy, China has got its major set of problems in terms of slowdown and managing, what it is dealing with.
India would get substantial flows in the next 12-18 month irrespective of the election outcome because in last four-five years valuations had turned attractive and we would attract capital because things are started to do better in the economy as compared to what they were about two years back, one year back.
Mitali: There has been a lot of analysis about the foreign institutional investors (FII) ownership issue and there are a lot of stocks look over owned or over crowded. When we just pick up three of them which at this point are under owned Reliance Industries Ltd ( RIL ), State Bank of India ( SBI ), Larsen and Toubro ( L&T ) which one would you have the highest conviction to buy right now?
A: Banks have been completely written off in India as something like what it was pre-Lehman or immediately post-Lehman in the US and I don't think the problem is as bad as what European banks and American banks have faced in that crisis. So State Bank of India (SBI) looks to be the best bet at this point in time.
I would bet on banks because to me Reliance would still have to live with the uncertainty plaguing it in terms of gas, in terms of other issues. So out of Reliance Industries Ltd (RIL), SBI and Larsen and Toubro (L&T), SBI would be the best bet.
Mitali: The one that has done well for itself as an umbrella space is the midcap space and the smallcap space below that. You have tracked many sectors like media, which has actually done quite well. Have you been buying anything over there or do you think better price points will come in somewhere in the second half of the year?
A: Better points will definitely come in because markets are going to be choppy, there will be opportunities. We should not feel that we have lost out 1,000 points or so. Individual sector, individual stocks would still give opportunities.
India will continue to be a roller coaster once in 6-9 months you get that panic for whatever reason and that's the good time to load up because thereafter three-five years are going to be pretty good for equity markets in India both from the standpoint even the main street will do well because company will start performing better, problem relating to economy will start getting solved irrespective of what the government formation is, the pace of fiscal monetary action, both policy action would be in the right direction and we have seen that.
Even in coalition government in the late 90s, I do remember that once BJP government got elected in the late 1990s and 2000 people were panicking as to what would BJP do and I do remember the India Shining and how people thought that they would come back and that's the best thing on the earth for India but when Congress came back and Manmohan Singh became the prime minister how things went on. So, India has got its own growth trajectory. The excesses of 2004-2008 have all got corrected and things are definitely looking much better than what they were about 6-9 months back.
Udayan: If your view is that it will not be a cakewalk for the NDA to get to more than 250. Do you see a buying opportunity below the previous high say 6,400 Nifty either in the run up to the election result in the next couple of weeks or immediately after that? Do you think that you will get an option to buy below 6,400 again?
A: Yes, definitely one would get in the next about 16 years or so for whatever reason, I don't know what the reason might be, I would buy and vice versa if suppose my predictions are wrong and we do have a Modi salute of 7,200 Nifty or 7,400 whatever that may be, I will be selling into because there is no magic wand that's available with any government that should justify another 10-15 percent rise from the current levels.
We would need to take a reality check on most of the Nifty companies. They have got their own set of problems in terms of debt, debt restructuring of companies. So, we must realize that the mountain of debt the companies are sitting on with issues related to earnings before interest, tax and amortization (EBITA) growth, those needs to be sorted out with fresh equity raising, with the selling of unproductive assets, we need massive corporate restructuring that needs to happen for all this to get solved.
