Sep 30, 2013, 09.23 PM IST
Vippy Spinpro has informed about the outcome of 21st Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Charms Industries: Outcome of AGM
Sep 30, 2013, 09.21 PM IST
Charms Industries has informed about the outcome of 21st Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Charms Industries: Outcome of AGM
Charms Industries has informed about the outcome of 21st Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Charms Industries: Outcome of AGM
Charms Industries has informed about the outcome of 21st Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Vax Housing Finance Corporation: Outcome of AGM
Sep 30, 2013, 09.21 PM IST
Vax Housing Finance Corporation has informed about the outcome of 19th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Vax Housing Finance Corporation: Outcome of AGM
Vax Housing Finance Corporation has informed about the outcome of 19th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Vax Housing Finance Corporation: Outcome of AGM
Vax Housing Finance Corporation has informed about the outcome of 19th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Interworld Digital: Outcome of AGM
Sep 30, 2013, 09.22 PM IST
Interworld Digital has informed about the outcome of 18th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Interworld Digital: Outcome of AGM
Interworld Digital has informed about the outcome of 18th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Interworld Digital: Outcome of AGM
Interworld Digital has informed about the outcome of 18th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Filatex Fashions: Outcome of AGM
Sep 30, 2013, 09.22 PM IST
Filatex Fashions has informed about the outcome of 19th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Filatex Fashions: Outcome of AGM
Filatex Fashions has informed about the outcome of 19th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Filatex Fashions: Outcome of AGM
Filatex Fashions has informed about the outcome of 19th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Nova Iron Steel: Updates on outcome of AGM
Sep 30, 2013, 09.22 PM IST
Nova Iron & Steel has submitted a copy of minutes of the 21st Annual General Meeting (AGM) of the Company held on September 28, 2013.
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Nova Iron & Steel: Updates on outcome of AGM
Nova Iron & Steel has submitted a copy of minutes of the 21st Annual General Meeting (AGM) of the Company held on September 28, 2013.
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Nova Iron & Steel: Updates on outcome of AGM
Nova Iron & Steel has submitted a copy of minutes of the 21st Annual General Meeting (AGM) of the Company held on September 28, 2013.
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Vidhi Dyestuffs Manufacturing: Outcome of AGM
Sep 30, 2013, 09.23 PM IST
Vidhi Dyestuffs Manufacturing has informed about the outcome of 20th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Vidhi Dyestuffs Manufacturing: Outcome of AGM
Vidhi Dyestuffs Manufacturing has informed about the outcome of 20th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Vidhi Dyestuffs Manufacturing: Outcome of AGM
Vidhi Dyestuffs Manufacturing has informed about the outcome of 20th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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IMP Powers: Outcome of AGM
Sep 30, 2013, 09.23 PM IST
IMP Powers has informed about the outcome of 51st Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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IMP Powers: Outcome of AGM
IMP Powers has informed about the outcome of 51st Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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IMP Powers: Outcome of AGM
IMP Powers has informed about the outcome of 51st Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Kaycee Industries: Outcome of AGM
Sep 30, 2013, 09.23 PM IST
Kaycee Industries has informed that the Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Kaycee Industries: Outcome of AGM
Kaycee Industries has informed that the Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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Kaycee Industries: Outcome of AGM
Kaycee Industries has informed that the Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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MCS - Outcome of AGM
Sep 30, 2013, 09.24 PM IST
MCS has informed about the outcome of 28th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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MCS - Outcome of AGM
MCS has informed about the outcome of 28th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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MCS - Outcome of AGM
MCS has informed about the outcome of 28th Annual General Meeting (AGM) of the Company was held on September 30, 2013.
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India Inc gets service tax notices of Rs 3000cr: Sources
Written By Unknown on Senin, 16 September 2013 | 23.08
Be it hospitality, tourism or the entertainment industry; no one has escaped the hawk-eye of the Service Tax Department. Big conglomerates like Tata, Reliance , and Birla are likely to come under tax department's scanner as notices to the tune of Rs 3,000 crore has been slapped at various entities, reports CNBC-TV18's Aastha Maheshwari, quoting sources.
The taxman has also frozen a few accounts which have impacted the companies' cash-flows.
Amit Kumar Sarkar, Director, Indirect taxes, says that these have occurred due to preponement of service tax payment over revised rules. Companies with credit cycle of 180 days and 12 percent liability have 80 percent of monthly sales have gotten blocked due to this. The outstanding tax is simply because the industry doesn't have enough money.
Also read: All about income tax laws related to stock valuations
Corporate India has challenged some of these demands. In some cases, it has sought further clarity on rules. For instance, Service tax liability on fees received by subsidiaries for services to group companies has come under question. It is true for groups like Tata Sons, AB Birla Group, and Reliance Industries . Taxability of fees charged by independent directors has also come under tax net.
Taxes on securitisation of transactions between banks and NBFCs have worried gold finance companies like Mannapuram, Muthoot and transport finance companies. Services provided by global reinsurance brokers with Indian offices like Lloyds or Marche is also under the taxman's lens.
The tax department has a target of Rs 1.8 lakh crore for FY14 and is currently short of its target by 18 percent. This has been cited as the reason behind the its aggression in issuing notices.
It is also banking on its Voluntary Compliance Scheme (VCS) to help achieve its target.
Sheila Sangwan, member of CBEC says that they have already received 2200 declarations amounting to Rs 660 crore and is expected to double by December.
The notices have sent corporates pleading for relief from the government, who have made representations for lower service tax rates, allowances for tax adjustment against bad debt and changes in the Goods & Services Tax (GST) regime to the government over the past few months.
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Pitti Laminatio: Outcome of AGM (Clause 35A)
Sep 16, 2013, 08.26 PM IST
Pitti Laminations has informed about the outcome of 29th Annual General Meeting (AGM) of the Company was held on September 16, 2013, pursuant to clause 35A.
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Pitti Laminatio: Outcome of AGM (Clause 35A)
Pitti Laminations has informed about the outcome of 29th Annual General Meeting (AGM) of the Company was held on September 16, 2013, pursuant to clause 35A.
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Pitti Laminatio: Outcome of AGM (Clause 35A)
Pitti Laminations has informed about the outcome of 29th Annual General Meeting (AGM) of the Company was held on September 16, 2013, pursuant to clause 35A.
HEALTHCARE: Future of Healthcare
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First Leasing: Postponement of AGM
Sep 16, 2013, 08.27 PM IST
First Leasing Company of India has informed that the 39th Annual General Meeting of the Company to be held at Sathguru Gnananandha Hall, (Narada Gana Sabha) New No. 314 (Old No. 254) T T K Road, Alwarpet, Chennai - 600 018 on September 18, 2013.
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First Leasing: Postponement of AGM
First Leasing Company of India has informed that the 39th Annual General Meeting of the Company to be held at Sathguru Gnananandha Hall, (Narada Gana Sabha) New No. 314 (Old No. 254) T T K Road, Alwarpet, Chennai - 600 018 on September 18, 2013.
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First Leasing: Postponement of AGM
First Leasing Company of India has informed that the 39th Annual General Meeting of the Company to be held at Sathguru Gnananandha Hall, (Narada Gana Sabha) New No. 314 (Old No. 254) T T K Road, Alwarpet, Chennai - 600 018 on September 18, 2013.
First Leasing Company of India Ltd has informed BSE that the 39th Annual General Meeting of the Company to be held at Sathguru Gnananandha Hall, (Narada Gana Sabha) New No. 314 (Old No. 254) T T K Road, Alwarpet, Chennai - 600 018 on September 18, 2013, has been postponed.The rescheduled date, time and venue will be communicated.Source : BSE
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Mobile Tele Communications' board meeting on Sept 24, 2013
Sep 16, 2013, 08.37 PM IST
Mobile Tele Communications board meeting will be held on September 24, 2013, to consider and approve the appointment of Additional Director, Mr. Sumit Nath and Mr. Mukund Pilankar.
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Mobile Tele Communications' board meeting on Sept 24, 2013
Mobile Tele Communications board meeting will be held on September 24, 2013, to consider and approve the appointment of Additional Director, Mr. Sumit Nath and Mr. Mukund Pilankar.
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Mobile Tele Communications' board meeting on Sept 24, 2013
Mobile Tele Communications board meeting will be held on September 24, 2013, to consider and approve the appointment of Additional Director, Mr. Sumit Nath and Mr. Mukund Pilankar.
Mobile Tele Communications Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on September 24, 2013, inter alia, to consider and approve the appointment of Additional Director, Mr. Sumit Nath and Mr. Mukund Pilankar.Source : BSE
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Choice Infra Ventures: Outcome of AGM
Sep 16, 2013, 08.37 PM IST
Choice Infra Ventures has informed about the outcome of 21st Annual General Meeting (AGM) of the Company was held on September 16, 2013.
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Choice Infra Ventures: Outcome of AGM
Choice Infra Ventures has informed about the outcome of 21st Annual General Meeting (AGM) of the Company was held on September 16, 2013.
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Choice Infra Ventures: Outcome of AGM
Choice Infra Ventures has informed about the outcome of 21st Annual General Meeting (AGM) of the Company was held on September 16, 2013.
HEALTHCARE: Future of Healthcare
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Choice International: Outcome of AGM
Sep 16, 2013, 08.37 PM IST
Choice International has informed about the outcome of 20th Annual General Meeting (AGM) of the Company was held on September 16, 2013.
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Choice International: Outcome of AGM
Choice International has informed about the outcome of 20th Annual General Meeting (AGM) of the Company was held on September 16, 2013.
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Choice International: Outcome of AGM
Choice International has informed about the outcome of 20th Annual General Meeting (AGM) of the Company was held on September 16, 2013.
HEALTHCARE: Future of Healthcare
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Heavy rain to lash many parts of the west coast
Good news lies ahead for people in Peninsular India as rains are picking up, after long. Current forecasts show, many parts of the west coast of peninsular India could have heavy rain for the next two to three days.
"We are expecting moderate to heavy rain, between 30 to 60mm in Konkan and Goa and along the Karnataka and Kerala coast from tomorrow (17th September) onwards. Rainfall would be most intense on Wednesday and lesser so on Tuesday and Thursday", says Mahesh Palawat, Head of the forecasting at Skymet Weather.
"Though, it is important for us to know that this rain is not because of a monsoon trough, as monsoon in India is now showing a declining trend. This rain is because of an offshore (coastal) trough which has become active along the west coast of south India", explains Palawat.
Further, we are told, as the trough loses its strength, rain is expected to reduce drastically after 48 to 72 hours. But till then, maximum temperatures may fall sharply by 2 to 4 degrees in coastal and interior Karnataka and many parts of Kerala. Mercury levels in Bangalore may drop down to 25 degrees Celsius tomorrow and day after.
Also, days will be windy with speeds reaching up to 40 kmph and skies will be mostly cloudy to overcast.
Rainy days and mercury levels below normal are favourable in other states of south India too. Andhra coast, north Tamil Nadu coast and Rayalseema are expected to witness scattered light to moderate showers this week, due to mixing of two air masses(dry and humid), i.e. the easterlies and westerlies. Rain is also forecast for major cities of Chennai and Hyderabad.
Photo by Bangalorenews.
By: Skymetweather.com
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All about income tax laws related to stock valuations
Subhash Lakhotia
Tax and Investment Consultant
Tax Guru: CNBC Awaaz
Tax and Investment Consultant
Tax Guru: CNBC Awaaz
Generally speaking every person carrying on business is permitted within the parameters of the Income-tax Law to adopt any system of accounting. Broadly speaking there are two systems of accounting generally followed by the business community.
Whereas the first system of accounting is known as Mercantile System of Accounting while another system of accounting is popularly known as Cash System of Accounting. Whenever a new business is started, the choice lies with the businessman to adopt the method of accounting as per his desire.
There is no compulsion by the Tax Department for keeping the accounts in a particular manner. The above are the main guidelines concerning the method of accounting to be followed by a businessman. However, the corporate tax payers are required to maintain the accounts on Mercantile basis.
Section 145 of the Income-tax Act, 1961 provides that in case the accounts are not properly maintained, in that situation the books of account can be rejected by the tax officials and the income will then be computed based on the best judgment of the Assessing Officer.
One of the most important aspects concerning maintenance of the accounts is with reference to the valuation of the closing stock of the business enterprise.
Section 145A of the Income-tax further provides that the valuation of the stock should include the amount of any debt, duty, cess or fee paid or incurred to bring the goods to the place of location on the valuation date.
Thus, due to the specific provisions to the above effect in the Income-tax Act, all tax payers must value closing stock by including the above mentioned items.
Also read: Keep a watch on details of scrutiny of tax returns
Another important pertinent question which would come in the minds of the tax payers is how to value the closing stock of the business enterprise. Well, it is really very simple to value the closing stock. The choice lies with the tax payer to adopt the system of stock valuation as he would like to do.
Generally speaking the general rule of valuation of the closing stock is to value the stock at the cost price or the market price which is lower. However, the important point is that whatever system of valuation of closing stock has been adopted by the assessee, in that situation the same should be maintained on the regular basis.
If however, the assessee desires a change in the method of valuation of the closing stock, then it is possible for the assessee to change the valuation concept of closing stock provided it is a bonafide one and is followed regularly thereafter.
This implies that one cannot change year after year the method of valuation of the closing stock. This has also been the decision of the Honourable High Court in the case of CIT v. Bharat Commerce and Industries Ltd. 240 ITR 256.
It may be noted here that keeping of the stock register is of great importance for every business enterprise because it is the stock register which is a means of verifying the assessee's accounts by having a quantitative tally as opined by the Supreme Court of India in the case of S.N.N. Chetiyar v. CIT 38 ITR 579.
However, sometimes it may happen that there is no stock register and merely because there is no stock register, the Assessing Officer cannot just presume that the account books must be false.
In the case of Pandit Brothers v. CIT 26 ITR 159 it was held that the absence of stock register cannot amount to be a material for rejection of the books of account of the assessee.
The main purpose of maintaining the stock register from the point of view of the Tax Department is to find out whether the income of the assessee can or cannot be property deducted from the method of accounting regularly employed and followed by the assessee.
This was the observation of the Supreme Court of India in the famous case of Chhabildal Das Tribhuvan Das Shah v. CIT 59 ITR 733.
The rejection of the accounts by the Tax Officer by invoking the provisions of section 145 would be justified in a situation where the raw material by the assessee is shown in terms of weight while the manufactured goods are shown in terms of the length or the number of goods.
This has been the view of the Honourable judges of the High Court in the case of Howrah Trading Company Private Limited v. CIT 67 ITR 582. The Tax Department would also be justified in rejecting the accounts of the assessee where there is no daily stock register and the yield as declared by the assessee in the accounts is comparatively low.
This view is of the Honourable judges of the High Court in the case of Punjab Trading Company Limited v. CIT 53 ITR 335. Likewise, if the stock tallies are not available with the assessee and the sales details are not recorded in the accounts with identifiable details, in that situation the accounts of the assessee can be rejected.
This has been the view in the case of Kishinchand Chellaram 114 ITR 671. It may also be noted that various High Courts have held that if no proper books of accounts are kept and no details are maintained regularly, the accounts can be rejected by the Tax Department.
Sometimes a question arises as to what happens in a situation where in the business of the assessee higher wastage takes place. This issue has been answered by the Honourable judges of the High Court in the case of R.B. Bansi Lal Abirchand Spinning and Weaving Mills 75 ITR 260 when it was held that the accounts of the Assessee cannot be rejected merely if higher percentage of wastage has been done by the assessee particularly where the particulars are maintained to the extent possible and feasible.
There may also arise a situation where the assessee maintains regular books of account as also the stock register in which case the accounts cannot be rejected. But it may be noted that sometimes the assessee gives a separate valuation to the bank in respect of the stock of goods and articles.
Now the question is whether in such a situation where inflated stock has been given to the bank, can the books of account be rejected. There have been certain decisions of the High Courts on this point wherein the High Courts have held that merely due to inflation of the stock statement which has been given to the bank, the rejection of the books of account of the assessee will not be justified.
The accounts can be rejected only based on the facts and circumstances or the peculiar situation of the assessee. It may be noted here that the valuation of stock is very very important and the Supreme Court of India long back in the case of CIT v. British Paints India Limited 188 ITR 44 opined that the importance of the stock valuation is to find out the correct determination of the profits or loss of the business enterprise.
However, a method of accounting as has been adopted by the tax payer consistently and regularly cannot be discarded by the Tax Department. This has been the firm view of the Supreme Court of India in the case of United Commercial Bank v. CIT 240 ITR 325.
Whenever the question arises of the valuation of the closing stock, the tax payers should always remember that as pointed out above, it is possible for the tax payers to adopt any system of accounting as it desires.
Similarly, the Assessee can adopt the concept of valuation of the closing stock at cost price or market price whichever is lower. But different methods of closing stock for different items is not permissible under the Income-tax Law.
Those doing business sometimes face a problem with regard to valuation of their closing stock which is old one and which is to be discarded and such other stock the value of which has gone down considerably may be because it cannot be used now by the assessee due to technological changes or due to expiry time or due to whatsoever other reason.
In such a situation it is also possible to value the stock in trade as Nil. This was the view of the Honourable judges of the High Court in the case of K. Mohammad Alam 56 ITR 360. Once in a while some of the persons engaged in business find a peculiar problem in their case.
They find that at the close of the accounting year their value of the closing stock is at a lower value because they feel that the market price of the closing stock will be lower now but later on finally when the goods were sold, they were sold at a higher price.
And this higher price was subsequently realized for the closing stock which was valued at a lower rate as on the closing date of the accounting year. In that situation also the accounts of the assessee cannot be rejected and merely because closing stock was valued at a lower figure and sold at a higher figure subsequently will be no ground to reject the books of account.
This has been the clear cut view of the Honourable judges in the case of Boltamt Transformers Limited v. CIT 217 CTR 254.
When we talk of the closing stock, it may also be noted here that all those persons who are engaged in business whether trading or manufacturing and take recourse to the system of computation of income based on the principles of presumptive income, in that situation it is immaterial whether the assessee maintains the books of account or not and whether they maintain the stock register or not.
Thus, small business people having turnover up to Rs. 60 lakhs can easily opt for tax computation based on presumptive system whereby only 8 per cent of the turnover will be treated as the income of the assessee and then there would be no hassles of even maintaining the stock register and also no hassles of having tax audit.
In conclusion we may just add here that all those engaged in business must very carefully make it a point to maintain stock carefully so that the account books of the assessee are not rejected by the Assessing Officer by invoking the provisions of section 145 of the Income-tax Act, 1961.
The author is tax & investment consultant at New Delhi for last over 40 years. He is also Director of M/s R.N. Lakhotia & Associates & The Strategy Group.
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Aris International's board meeting on Sept 19, 2013
With reference to the earlier letter dated February 18, 2013 regarding Postponement of Board Meeting, Aris International Ltd has now informed BSE that the Board Meeting for considering the scheme of arrangement is scheduled to be held on September 19, 2013.Source : BSE
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Here's how inflation will affect economy and market
The wholesale price index (WPI) inflation rose to 6.1 percent for August from 5.79 percent. CNBC-TV18's Executive Editor Latha Venkatesh explains what the data means to the economy and the market.
Q. What does the renewed spike in inflation mean?
A: It is largely because of vegetable prices. Prices of vegetables rose 15.3 percent month-on-month; onions alone rose 51 percent. This part of inflation may also reverse quickly. What isn't reversing for many months are the prices of cereals; especially rice.
Q. Should the market be worried about it?
A: Yes. The markets should worry about inflation. The high food inflation ties in with the high CPI or consumer price inflation. What's worse is, this can't be solved by interest rates. It requires a slowing down of the fiscal transfer of money in the form of NREGS (National Rural Employment Guarantee Scheme), minimum support prices (MSP) and the food security transfers.
Also, the problem can be solved only if structures are put in place to improve farm-to-fork delivery and APMC (Agricultural Produce Market Committee) rules are changed.
Q. Which is a more import indicator of inflation, wholesale or retail?
A: Both are important. Retail, is more important since it indicates how much the consumer is hurt.
Q. What is the near term trend in WPI likely to be?
A: September too may be bad, but not as bad as August. October, November, and December are usually good months for food inflation; it falls or at least plateaus. But, one cannot be too sure as we are getting averse numbers, month after month.
Q. What impact, if any, is the Fed decision likely to have on inflation trend in India near term?
A: Fed decision will impact through the rupee. If Fed stops printing more dollars, rupee could depreciate, this will increase inflation a bit. But, our inflation is driven largely by domestic factors.
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Rain continues in south India, reduces in east
Written By Unknown on Senin, 09 September 2013 | 23.08
The low pressure off Andhra Pradesh coast in westcentral Bay of Bengal will continue to bring rain in south peninsula from north Andhra Pradesh coast to north Tamil Nadu during the next 48 hours.
The weather system is well supported by a trough (region of intensified moist winds) that persists from south Orissa coast to north Tamil Nadu along the east coast.
Under the aegis of both these system, light rain will occur in south Orissa, south Chhattisgarh, Vidarbha and Telangana. North coastal Andhra Pradesh, Rayalaseema and south interior Karnataka will receive moderate rain at few places.
Along the west coast, rain will reduce over Kerala and Karnataka but is expected to increase over Maharashtra coast including Mumbai in next 24 hours.
In north India, rain will be scattered. Though, a cyclonic circulation lies over Haryana and adjoining west Uttar Pradesh, it will not have much bearance in terms of rain.
Rain is expected to reduce over the foothills of Himalayas in east Uttar Pradesh, north Bihar, sub-Himalayan West Bengal and Sikkim. It will also reduce in northeast region over Assam and Arunachal Pradesh.
South Jharkhand, Gangetic West Bengal and southern parts of northeast India will continue to receive showers.
Central India will remain very warm due as there is no weather system in the offing.
By: Skymetweather.com
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Dollar higher vs. yen on Tokyo Olympics news
Investing.com - The dollar was higher against the broadly weaker yen on Monday following strong gains in Japanese equities markets overnight as news that Tokyo won the bid to host the 2020 Olympics bolstered market sentiment.
During European morning trade, the dollar gained ground against the yen, with USD/JPY rising 0.32% to 99.43, after rising as high as 100.11 earlier.
Demand for the safe haven yen was hit as Japan's Nikkei rallied amid expectations that spending and construction activity in preparation for the 2020 Olympic Games will further help boost Japan's economic recovery in the coming years.
Risk appetite was also helped after upbeat trade data out of China added to indications that the world's second largest economy is recovering from a slowdown.
Data on Sunday showed that Chinese exports were 7.2% higher year-over-year in August, up from 5.1% in July, and imports were up 7%.
Meanwhile, data released on Monday showed that Chinese consumer price inflation was up 2.6% year-on-year in August, in line with expectations.
In Japan, revised data showed that the economy expanded by 0.9% in the second quarter, bringing the annualized rate of growth to 3.8%, compared with a preliminary reading of 2.6%. The initial estimate for quarter on quarter growth was 0.6%.
The dollar's gain were held in check after the latest U.S. nonfarm payrolls report came in below expectations on Friday, dampening expectations that the Federal Reserve could start to pull back stimulus measures later this month.
Elsewhere, the euro edged higher against the dollar, with EUR/USD rising 0.10% to 1.3195.
The euro found support after the Sentix index of euro zone investor confidence rose to a six month high of 6.5 in September, up from minus 4.9 last month. Analysts had forecast a reading of minus 2.8.
The pound was also higher against the dollar, with GBP/USD advancing 0.25% to 1.5669.
The dollar slipped lower against the Swiss franc, with USD/CHF dipping 0.07% to 0.9367.
Elsewhere, the greenback was broadly lower against its Australian, New Zealand and Canadian counterparts, with AUD/USD climbing 0.35% to 0.9221, NZD/USD edging up 0.05% to 0.8010 and USD/CAD shedding 0.27% to trade at 1.0383.
The Australian dollar remained supported by the Chinese data in the first day of trade after federal elections in Australia.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.11% to 82.09.
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Forex - USD/CHF steady after disappointing Swiss retail sales
Investing.com - The U.S. dollar was steady against the Swiss franc on Monday, after the release of disappointing Swiss retail sales data, as demand for the greenback remained under pressure following Friday's lower-than-expected U.S. jobs report.
USD/CHF hit 0.9366 during European morning trade, the session low; the pair subsequently consolidated at 0.9369, dipping 0.05%.
The pair was likely to find support at 0.9314, the low of September 2 and resistance at 0.9456, the high of September 6 and a nearly two-month high.
Official data showed that Swiss retail sales rose by an annualized rate of 0.8% in July, below expectations for a 3.2% increase, after a 2.3% rise the previous month.
Meanwhile, the greenback remained under pressure after lower-than-expected U.S. nonfarm on Friday dampened expectations that the Federal Reserve could start to pull back stimulus measures later this month.
Separately, concerns over a possible conflict in Syria persisted after Syrian President Bashar al-Assad over the weekend denied authorizing a chemical weapons attack on his own citizens.
The comments came as the U.S. government was set to vote this week on President Barack Obama's proposal to launch a missile strike.
The Swissie was steady against the euro with EUR/CHF inching up 0.02%, to hit 1.2359.
The euro found support after the Sentix index of euro zone investor confidence rose to a six month high of 6.5 in September, up from minus 4.9 last month. Analysts had forecast a reading of minus 2.8.
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Dollar higher vs. yen as China data boosts sentiment
Investing.com - The dollar was higher against the yen on Monday as news that Tokyo won the bid to host the 2020 Olympics and upbeat data out of China bolstered market sentiment.
During European late morning trade, the dollar gained ground against the yen, with USD/JPY rising 0.37% to 99.48, after rising as high as 100.11 earlier.
Demand for the safe haven yen was hit as Japan's Nikkei rallied amid expectations that spending and construction activity in preparation for the 2020 Olympic Games will further help boost Japan's economic recovery in the coming years.
Risk appetite was also helped after upbeat trade data out of China added to indications that the world's second largest economy is recovering from a slowdown.
Data on Sunday showed that Chinese exports were 7.2% higher year-over-year in August, up from 5.1% in July, and imports were up 7%.
Meanwhile, data released on Monday showed that Chinese consumer price inflation was up 2.6% year-on-year in August, in line with expectations.
In Japan, revised data showed that the economy expanded by 0.9% in the second quarter, bringing the annualized rate of growth to 3.8%, compared with a preliminary reading of 2.6%. The initial estimate for quarter on quarter growth was 0.6%.
The dollar's gains were held in check after the latest U.S. nonfarm payrolls report came in below expectations on Friday, dampening expectations that the Federal Reserve could start to pull back stimulus measures later this month.
Elsewhere, the euro edged higher against the dollar, with EUR/USD inching up 0.08% to 1.3191.
The euro found support after the Sentix index of euro zone investor confidence rose to a six month high of 6.5 in September, up from minus 4.9 last month. Analysts had forecast a reading of minus 2.8.
The pound was also higher against the dollar, with GBP/USD advancing 0.32% to 1.5680.
The dollar slipped lower against the Swiss franc, with USD/CHF dipping 0.07% to 0.9367.
Elsewhere, the greenback was broadly lower against its Australian, New Zealand and Canadian counterparts, with AUD/USD climbing 0.15% to 0.9203, NZD/USD edging up 0.03% to 0.8003 and USD/CAD shedding 0.29% to trade at 1.0381.
The Australian dollar remained supported by the Chinese data in the first day of trade after federal elections in Australia.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.07% to 82.12.
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Trai's suggestions on reserve price for spectrum auction
Trai, in its recommendations, states that the Department of Telecom (DoT) should come out with a clear roadmap indicating the quantum of spectrum, which will be made available in the future. So that licenses, which are up for renewal in 2015-2016 can make an informed decision about bidding for the spectrum in the 1,800 MHz band.
Trai says there will be no reservation of spectrum for the renewal of licencees in the 900 megahertz (MHz) or the 1,800 MHz band. No priority will be accorded to these licencees in the bidding process and all bidders should be treated alike.
Also Read: Govt asks TRAI to reconsider cap on ads on channels
The Department of Telecommunications (DoT), through its reference dated July 10, 2013, had sought Trai's recommendations on the applicable reserve price for the auction of spectrum in the 800 MHz, 900 MHz and 1800 MHz bands.
The Block size in 1800 MHz auction is 2X200 KHz. Trai also says existing licencees will have to bid for a minimum of three blocks. New entrants have to bid for a minimum of 25 blocks of 2x200Khz each.
The block size in 900 MHz auction is 2x1 MHz. As per Trai's recommendations, each bidder must bid for a minimum of five blocks in 900 MHz auction.
Trai has retained eligibility norms of November 2012 and March 2013 auctions.
Trai says spectrum trading should be permitted, which allows even private entities to sell or lease airwaves for services. The regulator was earlier of the opinion that allowing spectrum trading might result in anti-competitive conduct through hoarding of spectrum or consolidation or an incumbent may Debar newcomers from providing service by buying out the spectrum required for services. It further recommends flat spectrum usage charge.
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European stocks remain lower despite upbeat E.Z. data; Dax down 0.10%
Investing.com - European stocks remained lower on Monday, despite the release of upbeat euro zone investor confidence data, as concerns over a possible U.S. military strike against Syria continued to linger.
During European afternoon trade, the EURO STOXX 50 slid 0.32%, France's CAC 40 retreated 0.58%, while Germany's DAX 30 slipped 0.10%.
Data earlier showed that the Sentix index of euro zone investor confidence rose to a six month high of 6.5 in September, up from minus 4.9 last month. Analysts had forecast a reading of minus 2.8.
But concerns over a possible conflict in Syria persisted after Syrian President Bashar al-Assad over the weekend denied authorizing a chemical weapons attack on his own citizens.
The comments came as the U.S. government was set to vote this week on President Barack Obama's proposal to launch a missile strike.
Financial stocks remained mixed, as BNP Paribas slid 0.49% and Societe Generale advanced 0.82% in France, while Germany's Deutsche Bank rose 0.37%.
Among peripheral lenders, Spanish banks Banco Santander and BBVA declined 0.76% and 0.92% respectively, while Italy's Intesa Sanpaolo and Unicredit rallied 0.91% and 2.05%.
Elsewhere, Royal KPN edged down 0.14% after the Dutch phone carrier, subject of a takeover proposal by America Movil, said Chief Financial Officer Eric Hageman is stepping down for personal reasons.
In London, FTSE 100 shed 0.52%.
Financial stocks remained mostly higher, as shares in the Royal Bank of Scotland gained 0.64% and Barclays climbed 0.40%, while Lloyds Banking jumped 1.20%.
Meanwhile, mining stocks turned broadly upward. Glencore Xstrata and Fresnillo rallied 1.15% and 2.25% respectively, while Eurasian Natural Resources added 0.09%, erasing earlier losses.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.21% gain, S&P 500 futures signaled a 0.24% rise, while the Nasdaq 100 futures indicated a 0.44% increase.
In addition, improved trade data out of China over the weekend added to indications that the world's second largest economy is recovering from a slowdown. Data on Sunday showed that Chinese exports were 7.2% higher year-over-year in August, up from 5.1% in July, and imports were up 7%.
Data on Monday showed that Chinese consumer price inflation was up 2.6% year-on-year in August, in line with expectations.
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Rahul Khullar's candid foreword to Trai on spectrum pricing
The redoubtable Rahul Khullar has done it again. For years, this economist-bureaucrat, has been known for his ability to speak his mind and speak it plainly. One may agree or disagree with him, but one cannot but respect his confidence in stating the unpalatable truth, truth that may even go against prevailing national sentiment. And as the telecom regulator, who is known to have the Prime Minister's ear, he is doing some straight talking once again.
So, Mr Khullar has taken the opportunity of writing a candid foreword to the Telecom Regulatory Authority of India's latest report on the valuation and pricing of spectrum. While industry picks through the fine points of the recommendations, which among other things suggest a steep 40-60 percent cut in spectrum reserve prices, it is worthwhile to read the justification that Khullar has provided.
Khullar quotes Lord Keynes in the beginning and ends with Carveth Read.
No excerpts can do justice to the foreword, which must to be read in the full, but nevertheless a few mentions are equally must.
"Given that the Authority had made recommendations on spectrum prices in 2010, 2011 and 2012, it became necessary to reflect on and question the premises on which those conclusions were based. This is never an easy task for any institution. As Lord Keynes observed "The difficulty lies not in the new ideas, but in escaping from the old ones which ramify…..into every corner of our minds".
"The lament of industry over the past two years over 'policy paralysis' and the lack of critical decision making is testimony of this despair. The Authority could not but be influenced by the prevailing atmosphere. It also had to bear in mind the Honourable Supreme Court's scathing observations on the administrative allocation of licenses and spectrum. In retrospect, the Authority's recommendations of May, 2012 need to be seen in this light."
"The estimate of losses based on presumptions has, in some measure, contributed to the pernicious atmosphere leading to the decision standstill. While no one questions that there was indeed a loss, the egregious estimates of losses that were initially bandied about to sensationalize the issue no longer carry credence. Within the Government, the lurking fears that motives will be imputed for any decision have had its own fallout. And, all of this has entailed real economic losses".
"We must learn from history. As Santayana observed, "Those who cannot remember the past are condemned to repeat it." The irrational exuberance surrounding the 2010 auction has abated. India's economic prospects have lost lustre and the market's mood has become far more somber. Times have changed as has the situation."
"The Authority is of the view that it is best to candidly accept that valuation of spectrum is difficult and not infallible. The value of spectrum changes over time, a product of both evolving economic circumstances and rapid technological change. The Authority is no soothsayer; it is impossible to predict what the value (price) of spectrum would be 5 or 10 years from now, much less 20 years hence, the terminal date for a spectrum license. In fact, valuations 5 to 10 years forward may be far higher than today's estimates. Trying to estimate a price, say a 2023 valuation, for spectrum, would be foolhardy. Worse yet, even if it could be done accurately, who would be willing to buy spectrum at estimated 2023 prices in today's auction?"
"The driving consideration throughout this paper has been Carveth Read's observation that: "It is better to be vaguely right rather than exactly wrong".
For those with an interest in telecom, spectrum and even the entire economy, Khullar's plain speaking should provide further insights into what must be a subject for renewed debate.
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OVL-IOC-Petronet consortia in talks for stake in Yamal LNG
A consortium on ONGC Videsh Ltd, Indian Oil Corp (IOC) and Petronet LNG Ltd is in talks to buy about 9-10 percent stake in Russian natural-gas producer OAO Novatek's USD 20 billion Yamal LNG Project.
Also Read: Govt move to force old gas price for KG-D6 gas illegal: RIL
The Indian consortia is sending a team of officials to Russia this month for negotiations for a stake in the project that will aim to make 16.5 million tonnes of liquefied natural gas (LNG) a year and start shipments in 2016, sources with direct knowledge of the development said.
OVL-IOC-Petronet were originally interested in taking up to 15 percent stake in the Yamal project, which also requires construction of an airport and port on the Arctic Ocean. But they will have to settle for a smaller stake after Novatek last week sold a 20 percent stake in the project to China National Petroleum Corp (CNPC).
Total SA of France had in March 2011 bought 12 percent stake in the project for about USD 4 billion. Since then, it has raised the stake to 20 percent. Novatek, which is now left with 60 percent of the venture, is ready to cut its holding to 51 percent if potential partners offer markets for the gas.
Sources said Petronet, which operates two LNG import facilities in Gujarat and Kerala, has been included in the consortium so as to give the seller the comfort of buying the liquid gas.
The Indian consortia is willing to buy 5 million tonnes a year of LNG from the Arctic project. Last week, CNPC pledged to purchase at least 3 million tonnes a year of LNG from Yamal. India's natural gas demand is projected to jump to 378.06 million standard cubic metres per day in 2016-17 from 242.66 mmscmd in 2012-13. Domestic supplies in 2012-13 were about 101.1 mmscmd and 44.6 mmscmd came through imported LNG, still leaving a vast unmet demand.
Domestic supplies of 156.7 mmscmd and planned LNG imports of 143 mmscmd in 2016-17 will be short of the demand, they said. Novatek, Russia's second-largest gas producer, plans to make a final investment decision on Yamal in the third or fourth quarter of this year. The Yamal LNG project is expected to comprise three LNG trains, each with a capacity of 5.5 million tonnes a year. The first train is planned to come online in late 2016, with the second and third due in 2017 and 2018, respectively.
Yamal LNG is based on feedstock resources from the South Tambeyskoye field, which contained proven and probable reserves of 907 billion cubic meters of natural gas as of December 31, 2012.
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SC judge recuses from hearing PIL against price rise of gas
A Supreme Court judge today recused himself from hearing a plea against the Centre and Reliance Industries on government's controversial decision to raise the price of natural gas.
Also Read: Govt move to force old gas price for KG-D6 gas illegal: RIL
"Not before me," Justice HL Dattu said when a PIL, filed by civil society members including former Cabinet Secretary TSR Subramanian and ex-Naval chief Admiral L Ramdas, came up for hearing before a bench headed by him. Advocate Prashant Bhushan, appearing for the petitioner submitted that a similar matter is pending before a bench headed by the Chief Justice and pleaded that the matter be also transferred to that bench.
Justice Dattu, however, refused to pass any order and said, without giving any reason, that he cannot hear the case. Alleging "collusion between RIL and the political establishment", the petitioners sought an inquiry on why the Centre did not take any action against the company for its misconduct.
"Issue order directing a thorough investigation by an SIT or CBI under the supervision of this court, into the high level collusion between RIL and the political establishment and the corruption involved, as has been highlighted in the instant petition, including on the aspects of not taking any action against RIL for its misconduct," the petitioners said in the PIL.
The petitioners, who included former Secretary Ramaswamy Iyer and NGO Common Cause, also sought direction for a thorough audit by CAG of the working of the PSC governing KG block, gold plating by RIL, the underproduction by RIL and all related issues.
A similar petition was earlier filed by CPI MP Gurudas Dasgupta and the apex court had on July 29 issued notice to the Centre and RIL. The government recently decided to increase the price of natural gas from USD 4.2 per million British thermal unit (mbtu) to USD 8.4 mbtu from April 1, 2014. The new USD 8.4 mbtu price, which will be reviewed every three months, will apply to all the gas producers uniformly including state-owned firms like Oil India Limited (OIL) and Natural Gas Corporation (ONGC) and private companies like RIL.
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Equity NAVs surge as markets end higher
Equity Mutual Funds closed in a positive terrain as markets end higher, debt long term and debt short term fund decline.
Equity Mutual Funds advanced for the third consecutive day on Friday as markets end higher. The week was quite strong for the market with the Sensex gaining 650 points on the back of measures for banks & rupee by new RBI governor Raghuram Rajan and hopes of fuel price hike this weekend. All the funds in the equity domain advanced registering very few decline.
In the sector space, Pharma and FMCG fund advanced with no decline, while all other sector categories advanced registering very few decline.
The Sensex was up 290.30 points to close at 19270.06, continuing its upward journey for the third consecutive session. The Nifty rallied 87.45 points to 5680.40.
On the fixed income front, funds in the long term and short term category decline as the Indian government bonds slumped on Friday, falling for a second consecutive session ahead of a long weekend, as investors feared the U.S. monthly jobs data later in the day could point to the start of the monetary stimulus tapering.
Equity diversified: Top gainers
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Angel Broking: Auto monthly - August 2013
Written By Unknown on Senin, 02 September 2013 | 23.08
Sep 02, 2013, 06.03 PM IST
Angel Broking has come out with its monthly updates for August 2013. Accordng to the research firm, on a yoy basis, the sales of Hero MotoCorp grew by 3.6 percent primarily due to the base effect. Going ahead, the company expects better monsoons to revive growth during the festival season.
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Angel Broking: Auto monthly - August 2013
Angel Broking has come out with its monthly updates for August 2013. Accordng to the research firm, on a yoy basis, the sales of Hero MotoCorp grew by 3.6 percent primarily due to the base effect. Going ahead, the company expects better monsoons to revive growth during the festival season.
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Angel Broking: Auto monthly - August 2013
Angel Broking has come out with its monthly updates for August 2013. Accordng to the research firm, on a yoy basis, the sales of Hero MotoCorp grew by 3.6 percent primarily due to the base effect. Going ahead, the company expects better monsoons to revive growth during the festival season.
Angel Broking: Auto monthly - August 2013
Ashok Leyland
Ashok Leyland (AL) witnessed a steep decline of 18.3 percent mom in its total sales to 7,139 units led by the weak demand environment amidst slowdown in the economic activity. While medium and heavy commercial vehicle (MHCV) sales posted a decline of 21.1 percent mom; Dost sales too posted a decline of 11.3 percent mom during the month. On a yoy basis too, total sales declined by 24.3 percent with MHCV and Dost sales registering a decline of 25.1 percent and 22.4 percent yoy respectively.
Bajaj Auto
Bajaj Auto recorded an in-line volume growth of 11 percent mom to 312,188 units led by a 12.9 percent mom growth in the motorcycle sales primarily driven by the exports. Total exports surged sharply by 31 percent mom during the month. The three-wheeler sales however declined 2.6 percent mom as the sales continue to be impacted due to the slowdown in Egypt. Domestic sales too declined by 1.9 percent mom due to the weak demand for motorcycles. On a yoy basis, total sales posted a decline of 9.5 percent yoy following a 21.2 percent decline in domestic volumes. Exports however, registered a growth of 9.6 percent yoy. The company has launched new three-wheelers in an attempt to progressively replace the entire portfolio over the next 3-4 months. Further, the company also intends to launch new variants of Discover around the festival season.
Hero MotoCorp
Hero MotoCorp (HMCL) registered lower-than-expected volumes in August 2013 as volumes continue to be impacted by the slowdown in motorcycle demand and higher competition from Honda. Overall sales declined 5.7 percent mom to 459,996 units. However, on a yoy basis, the sales grew by 3.6 percent primarily due to the base effect. Going ahead, the company expects better monsoons to revive growth during the festival season.
Mahindra and Mahindra
Mahindra and Mahindra's (MM) tractor sales came in lower-than-expected at 14,158 units, down 23.3 percent mom as domestic sales declined by 23.8 percent mom during the month. However on a yoy basis, tractor sales grew by 7 percent yoy led by a 9.3 percent yoy growth in domestic sales driven by good monsoon and improved prospects for kharif crop. Meanwhile, the company has reached an agreement on the wage settlement issue with the workers at the Nashik plant after negotiating for almost a year. According to the media reports, the company will give an average wage hike of `9,300/ month to all its 2,950 permanent employees at the facility and the union has agreed to scale up production by 18 percent in a quid-pro-quo arrangement. The Nashik plant employs around ~4,000 workers, out of which ~1,000 are on contract basis, and produces models like Bolero, Scorpio, Xylo Quanto and Verito.
Maruti Suzuki
Maruti Suzuki (MSIL) registered a better-than-expected volume growth of 4.8 percent mom to 87,323 units driven by a strong 38.6 percent mom growth in exports. The domestic volumes though grew modestly by 1.2 percent mom and were led by a strong 25.4 percent mom growth in the compact segment. The utility vehicle sales of MSIL have slowed down considerably over the last few months due to the increasing competition from Renault and Ford and also due to the slowdown in demand for diesel vehicles post the recent hike in the fuel prices. On a yoy basis, total sales registered a growth of 61.2 percent yoy primarily due to the low base of last year. The company's sales in August 2012 were impacted due to the labor problems at the Manesar plant which had led to temporary shutdown in production.
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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03 Sep- 10:00hrs
Property Guide
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Buy Britannia Industries; target Rs 885: P Lilladher
Prabhudas Lilladher's report on Britannia Industries
"BRIT analyst meet reinforced our positive stance on the ability of the company to sustain margin expansion in the coming quarters. We believe focus on following golden triangle principle with a balance of revenue growth, market share and profit growth will enable BRIT to post 35 percent PAT CAGR over FY13-15.
Biscuit market growth has slowed down as indexed sales growth is only 35 percent of earlier levels, pace of premiumisation has also slowed down. However BRIT's premium brands straddle across price points and are not perceived as being unaffordable, thus enabling sustained growth in this environment. Bountiful monsoons and Food Security bill can boost growth rates in coming quarters.
Rural India offers huge growth opportunity as BRIT's market share in rural India is only 70 percent of its urban share (total share 33 percent). Strong brand equity, rising aspirations and pricing power can increase growth significantly; efficient and cost effective distribution remains a challenge.
BRIT plans to sustain share of own manufacturing at 50 percent from an earlier level of 30 percent backed by a capex of Rs4.5b in the past 3 years. The capex has been aimed at 1) Bigger Units (cap of 15000MT/unit) 2) multiples lines (3/unit) 3) fiscal benefits (VAT refund in Bihar and Orissa for 10 years; est. Rs180m in FY13) 4) control on production and quality 5) use of proprietary technology.
BRIT's has reduced conversion costs by 90bp and overheads by 110bp in 1QFY14. Cost reduction in freight, energy (bio mass in new units), raw material sourcing (reverse auction) and distribution (integration of dairy and bakery, low volume SKU rationalisation) has led to these savings. Mgt is aiming at simplifying the systems and processes with focus on bigger manufacturing plants, bigger innovations, lean organisation structure and better distribution which will enable further cost reduction in coming periods as well.
Volatility in input costs remains a challenge; however recent quarters show benefits of cost control measures in a stable input cost scenario. 'BUY' the stock with a target price of Rs 885, a 20 percent upside.," says Prabhudas Lilladher 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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Accumulate Bajaj Auto; target Rs 2190: Sushil Finance
Sep 02, 2013, 06.26 PM IST
Sushil Finance is bullish on Bajaj Auto (BAL) and has recommended accumulate rating on the stock with a price taget of Rs 2190 in its September 02, 2013 research report.
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Accumulate Bajaj Auto; target Rs 2190: Sushil Finance
Sushil Finance is bullish on Bajaj Auto (BAL) and has recommended accumulate rating on the stock with a price taget of Rs 2190 in its September 02, 2013 research report.
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Accumulate Bajaj Auto; target Rs 2190: Sushil Finance
Sushil Finance is bullish on Bajaj Auto (BAL) and has recommended accumulate rating on the stock with a price taget of Rs 2190 in its September 02, 2013 research report.
Sushil Finance's research report on Bajaj Auto (BAL)
"Bajaj Auto (BAL) has a strong balance sheet with cash & cash equivalents to the tune of ~Rs.66.2 bn as on FY13 which is likely to increase to ~Rs.104.4 bn by FY15E as we expect the company to generate strong cash flows to the tune of Rs.41.6 bn & Rs.39.8 bn in FY14E & FY15E respectively, thus giving it enough room to fund its entire capex plans. BAL also has healthy return ratios with ROE & ROCE pegged at 38.5% and 44.6% respectively for FY14E. We expect BAL's revenues & PAT to increase at a CAGR of 7.7% & 9.2% over FY13- 15E led by volume growth from the current levels & margin expansion."
Outlook & valuation: "Even though domestic motorcycle growth is likely to remain moderate in FY14E, BAL is betting on Discover launches, upcoming festive season and good monsoons to revive its market share. On the 3W front, issuance of new permits in Hyderabad & Maharashtra coupled with recovery in SL & new upcoming upgrades is likely to provide the growth impetus going forward. Despite factoring in muted volume growth in FY14E, we expect EBITDA margin to remain strong (20%+ in FY14E&15E) on the back of higher export realization ($740mn hedged in the range of Rs.56-Rs.66) & strong 3W export growth. Given the healthy balance sheet, strong cash generation ability & high dividend yield we find the stock attractive & thereby initiate coverage on BAL with an ACCUMULATE rating with a target of Rs.2190 (based on 17x FY15E EPS)," says Sushil Finance 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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03 Sep- 10:00hrs
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Anuj Puri,
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Boon to Textile industry
The above graph depicts the depreciation in the respective currencies from 2008 till date.
Depreciation in a currency is not always bad, as it can bring windfall gains to certain export sectors in an economy. Depreciation boosts the export competiveness in a nation thereby increasing the exports and discouraging imports.
In the graph above we have shown the depreciation in the currencies of our neighboring nations and how India stands to gain in this turmoil as the currency dropped to record low of 68.74 last week. The Pakistani Rupee has fallen 70% while the Indian Rupee has plunged 66% from 2008. On a common ground, textiles are exported to the developed nations and as such the recent depreciation will help increase our competitiveness. The labor intensive industries such as handicrafts, leather, carpet, handloom and textiles may notice a surge in their order book in coming months. Textile sector is one of the major contributors to overall exports and rise in volumes will indeed assist overall health of export industry.
Since the developed nations are showing substantial signs of recovery it is widely anticipated that our export sector might see a boom in the near future.
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IIFL Mutual Fund launches IIFL Short Term Income Fund
Sep 02, 2013, 07.58 PM IST
IIFL Mutual Fund has launched IIFL Short Term Income Fund, an open-ended income fund with an objective to seek to generate income and capital appreciation through investment in debt instruments and money market instruments and to achieve stable returns over shorter-term investment horizons.
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IIFL Mutual Fund launches IIFL Short Term Income Fund
IIFL Mutual Fund has launched IIFL Short Term Income Fund, an open-ended income fund with an objective to seek to generate income and capital appreciation through investment in debt instruments and money market instruments and to achieve stable returns over shorter-term investment horizons.
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IIFL Mutual Fund launches IIFL Short Term Income Fund
IIFL Mutual Fund has launched IIFL Short Term Income Fund, an open-ended income fund with an objective to seek to generate income and capital appreciation through investment in debt instruments and money market instruments and to achieve stable returns over shorter-term investment horizons.
IIFL Mutual Fund has launched its new fund as IIFL Short Term Income Fund, an open-ended income fund with an objective to seek to generate income and capital appreciation through investment in debt instruments and money market instruments and to achieve stable returns over shorter-term investment horizons.
The new fund offer (NFO) will open for subscription on August 22, 2013 and close on September 11, 2013. The face value of the new issue will be Rs 1000 per unit.
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Tata Balanced Fund declares dividend
Sep 02, 2013, 08.03 PM IST
Tata Mutual Fund announces dividend under Tata Balanced Fund, for which the record date is September 04, 2013
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Tata Balanced Fund declares dividend
Tata Mutual Fund announces dividend under Tata Balanced Fund, for which the record date is September 04, 2013
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Tata Balanced Fund declares dividend
Tata Mutual Fund announces dividend under Tata Balanced Fund, for which the record date is September 04, 2013
Tata Mutual Fund has announced dividend under the monthly dividend option under Plan A and Direct Plan of Tata Balanced Fund. The dividend amount on the face value of Rs 10 per unit will be Rs 0.25 per unit under for each plan.
The record date for the dividend is September 04, 2013. All Investors on record, who have opted for these options, are eligible to receive this dividend.
CHATS
03 Sep- 10:00hrs
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Anuj Puri,
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, Jones Lang LaSalle India
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Mirae Asset MF announces change in benchmark indices
Sep 02, 2013, 08.14 PM IST
Mirae Asset Mutual Fund announces change in benchmark indices of Mirae Asset Global Commodity Stocks Fund and Mirae Asset India-China Consumption Fund
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Mirae Asset MF announces change in benchmark indices
Mirae Asset Mutual Fund announces change in benchmark indices of Mirae Asset Global Commodity Stocks Fund and Mirae Asset India-China Consumption Fund
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Mirae Asset MF announces change in benchmark indices
Mirae Asset Mutual Fund announces change in benchmark indices of Mirae Asset Global Commodity Stocks Fund and Mirae Asset India-China Consumption Fund
CHATS
03 Sep- 10:00hrs
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Govt should reduce subsidy on diesel: Kirit Parikh
The government need not interfere in the fixing of diesel prices and should continue with the policy of reducing subsidy on the fuel, IRADe Chairman Kirit Parikh said today. "I do favour increase in diesel price by 50 paise... Over time, government can reduce subsidy from Rs 8 to Rs 7 to Rs 6.
"No need for government interference for fixing the prices because we really don't know one month later what will be government's ability to raise prices even by 50 paise and that uncertainty should be removed," said Parikh, Chairman, Integrated Research and Action for Development (IRADe). He was speaking on the sidelines of an event on climate change, organised by industry body CII and the Ministry of Environment and Forests.
Also read: Nomura cuts India's FY14 GDP forecast to 4.2%
Petrol price was hiked by a Rs 2.35 per litre and diesel by 50 paise last week on account of the rupee weakening against foreign currencies, especially the US dollar, making imports of the fuel making costlier.
On a proposal of shutting down petrol pumps in the night to curb demand, Parekh said it will only have a marginal impact as people will fill up their tanks early.
Personally, I believe that it will have small impact. Yes of course, it will prevent some marginal reduction but most of people will be little more proactive, will fill tanks earlier than 8'O clock. "Not likely to have much impact. Raising prices of diesel significantly will have greater impact. Certainly there is a need to cut down consumption of diesel," he added.
The Oil Ministry is planning to launch a massive fuel conservation drive from September 16 to cut fuel demand by 3 per cent and save an estimated Rs 16,000 crore or USD 2.5 billion in forex outgo. Earlier, during the event, Parikh said it is important for India to reduce the use of energy, adopt appropriate market based pricing and maximise domestic production of coal.
He said there is a need to allow private sector to make a foray into coal production and enforce Renewable Purchase obligation (RPOs) by putting in place a uniform and well calibrated RPO standards.
"India will need to adopt a multi-pronged approach spanning sectors to combat climate change and the role of policy direction in adopting these approaches is critical," he said.
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Religare to buy Macquarie stake in wealth management JV
Sep 02, 2013, 08.12 PM IST
Religare Enterprises Group CEO Shachindra Nath said: "The partnership with Macquarie has been fruitful. Macquarie has decided to exit the wealth management business from Asia including India and this has created for us the opportunity to further consolidate our financial services platform in India."
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Religare to buy Macquarie stake in wealth management JV
Religare Enterprises Group CEO Shachindra Nath said: "The partnership with Macquarie has been fruitful. Macquarie has decided to exit the wealth management business from Asia including India and this has created for us the opportunity to further consolidate our financial services platform in India."
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Religare to buy Macquarie stake in wealth management JV
Religare Enterprises Group CEO Shachindra Nath said: "The partnership with Macquarie has been fruitful. Macquarie has decided to exit the wealth management business from Asia including India and this has created for us the opportunity to further consolidate our financial services platform in India."
Religare Enterprises , a financial services company, today said it will acquire Australia-based Macquarie's stake in wealth management joint venture - Religare Macquarie Wealth Management Ltd.
The equal partnership joint venture was formed in 2007 to serve High Net Worth individuals (HNI) client base in the country. In a statement, Religare Enterprises announced its " decision to acquire Macquarie's stake in its wealth management joint venture - Religare Macquarie Wealth Management Ltd."
Also read: Need concrete govt policies; Q2 GDP to be worse saysVetri Subramaniam
After completion of the transaction and necessary formalities, the new entity would be rechristened as Religare Wealth Management Ltd and would form a part of the broader capital markets business of Religare group.
There would be no change in the management team and the team would report to Basab Mitra, CEO -Capital Markets and Wealth Management for Religare group.
Commenting on the development, Religare Enterprises Group CEO Shachindra Nath said: "The partnership with Macquarie has been fruitful. Macquarie has decided to exit the wealth management business from Asia including India and this has created for us the opportunity to further consolidate our financial services platform in India."
"We see this new structure as a great growth enabler for the business by bringing together the broader Religare ecosystem including distribution, pan- India client base and research capabilities under a common unified umbrella," he added.
As of March 31, 2013, the joint venture has close to Rs 2,800 crore assets under management serving over 4,800 clients.
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Monsoon is active over northeast
Sep 02, 2013, 09.00 PM IST
Monsoon is active over northeast
Source: Skymetweather.com
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Monsoon is active over northeast
Monsoon is active over northeast
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Monsoon is active over northeast
Monsoon is active over northeast
The eastern end of monsoon trough is passing through Bahraich, Motihari, Forbesganj, Dhubri and then eastwards to eastern Arunachal Pradesh. Due to this weather system monsoon has become active over northeast states. The weather system will fetch high amounts of air moisture from the Bay of Bengal which will cause rain at many places in this region during the next two days. Moderate to heavy rain has been predicted at a few places along the foothills of Himalayas in Assam and Arunachal Pradesh in northeast region. Another branch of monsoon trough is passing through Motihari, Bhagalpur , Behrampore, Canning and then southeastwards to north Bay of Bengal . This will increase rain in north Bihar, sub-Himalayan West Bengal in the east during the next two to three days.
By: Skymetweather.com
CHATS
03 Sep- 10:00hrs
Property Guide
Anuj Puri,
Chairman & Country Head
, Jones Lang LaSalle India
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