Gateway Distriparks has informed that the Record Date for the Interim Dividend, if declared, will be August 12, 2014 and the date of payment will be August 19, 2014.
Gateway Distriparks Ltd has informed BSE that the Record Date for the Interim Dividend, if declared, will be August 12, 2014 and the date of payment will be August 19, 2014.Source : BSE
Read all announcements in Gateway Distri
Gujarat Carbon & Industries has informed that Shri K. Mukhopadhyay has resigned from the directorship of the Company on personal grounds with immediate effect.
Gujarat Carbon & Industries Ltd has informed BSE that Shri K. Mukhopadhyay has resigned from the directorship of the Company on personal grounds with immediate effect.Source : BSE
Read all announcements in Guj Carbon
Zensar Technologies has informed that the Board of Directors at its Meeting held on July 24, 2014,has appointed Ms. Madhabi Buch as Additional Director on the Board of Director of the Company. Ms. Madhabi Buch shall be an Independent & Non-Executive Director on the Board of the Company.
Zensar Technologies Ltd has informed BSE that the Board of Directors at its Meeting held on July 24, 2014,has appointed Ms. Madhabi Buch as Additional Director on the Board of Director of the Company.Ms. Madhabi Buch shall be an Independent & Non-Executive Director on the Board of the Company.The Appointment will be effective from September 30, 2014.Source : BSE
Read all announcements in Zensar Tech
ADC India Communications has informed that at the Meeting of the Board of Directors of the Company held on July 28, 2014, the Board has approved the appointment of Mr. Rakesh Kishore Bhanushali as the Chief Financial Officer of the Company.
ADC India Communications Ltd has informed BSE that at the Meeting of the Board of Directors of the Company held on July 28, 2014, the Board has approved the appointment of Mr. Rakesh Kishore Bhanushali as the Chief Financial Officer of the Company.Source : BSE
Read all announcements in ADC India Comm
Anjani Dham Industries' board meeting will be held on July 31, 2014, the transact to consider and discuss the matter regarding voluntary de-listing of Equity Shares of the Company from Ahmedabad Stock Exchange Limited (ASEL).
Anjani Dham Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 31, 2014, inter alia, the transact the following business:- To consider and discuss the matter regarding voluntary de-listing of Equity Shares of the Company from Ahmedabad Stock Exchange Limited (ASEL).Source : BSE
Read all announcements in Anjani Dham Ind
Steel Authority of India board meeting will be held on August 11, 2014, to take on record the Un-Audited Accounts for the Quarter ended June 30, 2014 (Q1).
Steel Authority of India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on August 11, 2014, to take on record the Un-Audited Accounts for the Quarter ended June 30, 2014 (Q1).Source : BSE
Read all announcements in SAIL
Tamil Nadu Newsprint & Papers has informed that Thiru V. Sivakumar, an Associate Member of the Institute of Company Secretaries of India has been appointed as Company Secretary with effect from July 16, 2014. Hitherto, the post of Company Secretary was also held by Thiru A. Velliangiri, Dy. Managing Director.
Tamil Nadu Newsprint & Papers Ltd has informed BSE that Thiru V. Sivakumar, an Associate Member of the Institute of Company Secretaries of India has been appointed as Company Secretary with effect from July 16, 2014. Hitherto, the post of Company Secretary was also held by Thiru A. Velliangiri, Dy. Managing Director.Further, Thiru V. Sivakumar, Company Secretary is also nominated as Compliance Officer.Source : BSE
Read all announcements in Tamil Newsprint
Finolex Industries has informed that the Audit Committee and the Board of Directors of the Company at their meetings held on July 26, 2014 have considered and appointed Mr. Anil Whabi as the Chief Financial Officer of the Company effective August 11, 2014.
Finolex Industries Ltd has informed BSE that the Audit Committee and the Board of Directors of the Company at their meetings held on July 26, 2014 have considered and appointed Mr. Anil Whabi as the Chief Financial Officer of the Company effective August 11, 2014.Source : BSE
Read all announcements in Finolex Ind
Aditya Birla Money in its meeting held on July 28, 2014, has passed and approved issue of 27,70,000 new equity share of Rs. 1/- each, in one or more tranches, of the Company to eligible persons as stock options under a Scheme to be formulated under Securities and Exchange Board of India.
Aditya Birla Money Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 28, 2014, inter alia, has passed the following resolutions:1. Approved issue of 27,70,000 new equity share of Rs. 1/- each, in one or more tranches, of the Company to eligible persons as stock options under a Scheme to be formulated under Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.2. Approved constitution of the Compensation Committee consisting of Mr. P. Sudhir Rao, Independent Director, Mr. G. Vijayaraghavan, Independent Director and Mr. Gopi Krishna Tulsian, Director for composition and implementation of the stock options scheme.Source : BSE
Read all announcements in Aditya Birla
DS Kulkarni Developers has informed that the Register of Members & Share Transfer Books of the Company will remain closed from September 25, 2014 to September 26, 2014 (both days inclusive) for the purpose of Payment of Dividend & Annual General Meeting (AGM) of the Company to be held on September 30, 2014.
DS Kulkarni Developers Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 25, 2014 to September 26, 2014 (both days inclusive) for the purpose of Payment of Dividend & Annual General Meeting (AGM) of the Company to be held on September 30, 2014.Source : BSE
Read all announcements in DS Kulkarni
Helios and Matheson Information Technology board meeting will be held on July 25, 2014, to consider raising of long term funds through issue of FCCBs GDRs and issue of equity related securities to Qualified Institutional Buyers in accordance with existing statutory guidelines and increase of authorized share capital .
Helios and Matheson Information Technology Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2014, inter alia :1. to consider raising of long term funds through issue of FCCBs, GDRs and issue of equity related securities to Qualified Institutional Buyers in accordance with existing statutory guidelines and increase of authorized share capital (and consequent amendment to Memorandum and Articles of Association), subject to approval of members to be obtained through postal ballot exercise.The Trading Window for dealing in the shares of the Company by the directors and employees shall remain closed during the period from July 21, 2014 to July 26 2014 (both days inclusive). Accordingly, all the Directors and Employees of the Company have been advised not to trade in shares of the Company during the period of closure of Trading Window as stated above.Source : BSE
Read all announcements in Helios and Mat
The net debt for Idea Cellular has gone down by Rs 5200 crore due to proceeds of QIP and Rs 223 crore cash profit, said MD & CEO, Himanshu Kapania.
Idea Cellular believes that there is a significant telecom growth opportunity in the country. We are committed to execute the Prime Minister's vision of building 'i-ways'
Himanshu Kapania
MD
Idea Cellular
Idea Cellular , one of the largest telecom operators in India, beat street expectations on every front with the consolidated net profit rising 23.4 percent sequentially to Rs 728 crore in April-June quarter aided by strong operational performance and topline despite higher tax rate.
Commenting on the company's stellar performance, Himanshu Kapania, MD & CEO said the net debt has gone down by Rs 5200 crore due to proceeds of QIP and Rs 223 crore cash profit, he added.
Talking of the capex plans, he said the guidance on expenditure front remains at Rs 3500 crore for the year.
Below is the transcript of Himanshu Kapania's interview with CNBC-TV18's Kritika Saxena.
Q: Could you tell us more about the net debt for Idea?
Kapania: This quarter first and foremost our EBITDA has grown to Rs 2500 crore which has helped us to get cash flows from our operations of nearly Rs 2200 crore.
We also did a QIP in June 2014 which contributed to Rs 3000 crore. So, we have been able to reduce our net debt this quarter by Rs 5200 crore.
We are at a comfortable net debt levels of less than Rs 14000 crore. Going forward we believe that the operations flow will continue.
Q: TRAI has given a set of recommendations for spectrum sharing for 3G and 4G? Your quick comments on the recommendations?
Kapania: Idea Cellular believes that there is a significant telecom growth opportunity in the country. We are committed to execute the Prime Minister's vision of building 'i-ways'.
We also believe that only 7.5 percent of our existing subscribers use 3G. Only 20 percent of our existing subscribers use mobile data. Going forward almost all our existing 140 million subscribers will use data. So, the data volume is going to explode.
We will be able to handles this explosion of data volume only with a larger quantum of spectrum. So, given this as a background it is important for government of India to release large quantum of spectrum both in the space of 3G at 2100 Mhz, as well as release quantum of spectrum which is blocked in 1800 Mhz and 900 Mhz with the defence and other users.
The Finance bill, whose passage signals the end of the budgetary exercise, is coming up for discussion in the Lok Sabha on July 24 and 25, said Minister of State for Parliamentary Affairs Prakash Javadekar.
Fast tracking the budgetary exercise, Parliament is expected to pass the Finance Bill by July 28.
The Finance bill, whose passage signals the end of the budgetary exercise, is coming up for discussion in the Lok Sabha on July 24 and 25, Minister of State for Parliamentary Affairs Prakash Javadekar told reporters.
He said that after that the Finance bill would go to Rajya Sabha where the exercise will be completed by July 28. In the Lok Sabha, the demands for Ministry of Environment and Forest will be taken up for discussion tomorrow and that of Surface Transport Ministry a day after for scrutiny.
The Union Budget 2014-15 was presented in the Lok Sabha on July 10 . Today, the Lok Sabha suspended a rule of procedure and conduct of business to take up the discussion. The rule suspended was one relating to sending the demands for grants to the concerned Standing Committees as they have not yet been constituted.
The Budget has to be cleared before July-end as the Votes-on-Account taken before Lok Sabha elections will expire by July-end.
Atlanta has informed that the Register of Members & Share Transfer Books of the Company will remain closed from August 02, 2014 to August 09, 2014 (both days inclusive) for the purpose of Payment of Dividend & Annual General Meeting (AGM) of the Company to be held on August 09, 2014.
Atlanta Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from August 02, 2014 to August 09, 2014 (both days inclusive) for the purpose of Payment of Dividend & Annual General Meeting (AGM) of the Company to be held on August 09, 2014.The e-voting portal will remain open from 9.00 a.m. on August 04, 2014 to 5:00 p.m. on August 06, 2014. The e-voting module will be disabled on August 06, 2014 at 5.00 p.m.Source : BSE
Read all announcements in Atlanta
S. Kumars Nationwide at their meeting held on July 19, 2014 have considered and approved a Scheme of Arrangement with the Creditors of the Company pursuant to section 391 of the Companies Act, 1956/section 230 of the Companies Act, 2013.
S. Kumars Nationwide Ltd has informed BSE that the Board of Directors of the Company at their meeting held on July 19, 2014 have considered and approved a Scheme of Arrangement with the Creditors of the Company pursuant to section 391 of the Companies Act, 1956/section 230 of the Companies Act, 2013 (the "Scheme") under discussion and subject to the approval of its lenders and other statutory authorities as per the requirement of Law.Source : BSE
Read all announcements in S Kumars Nation
Texmaco Rail & Engineering at its meeting held on July 21, 2014, has approved further issue of securities of the Company at such premium as may be approved by the Board and subject to the approval of the shareholders of the Company in accordance with the Companies Act, 2013.
Texmaco Rail & Engineering Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 21, 2014, has approved further issue of securities of the Company at such premium as may be approved by the Board and subject to the approval of the shareholders of the Company in accordance with the Companies Act, 2013, including, without limitation, Sections 41, 42, 54, 55, 62, 63 and 71 thereof, and also including any relevant provisions of the Companies Act, 1956, through one or more public issue and/or on a private placement basis and/or preferential issue and/or any other kind of issue and/or placement as may be permitted under applicable law from time to time, for an aggregate amount not exceeding Rs. 300 Crore (Rupees Three Hundred Crore).Further, the Company has informed that the Company is currently in the process of merging Kalindee Rail Nirman (Engineers) Limited into the Company by way of a scheme of amalgamation, and in case any change in the scheme of amalgamation is deemed necessary pursuant to the proposed further issue of securities, the revised documents / information shall be shared with the exchanges subsequently.Source : BSE
Read all announcements in Texmaco Rail
Credit Analysis and Research has informed that a meeting of the Board of Directors of the Company will be held on July 31, 2014, inter alia, to consider the Unaudited Financial Results for the quarter ended June 30, 2014 and the declaration of Interim Dividend, if any for the financial year 2014-15.
Credit Analysis and Research Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 31, 2014, inter alia, to consider the Unaudited Financial Results for the quarter ended June 30, 2014 and the declaration of Interim Dividend, if any for the financial year 2014-15.Source : BSE
Read all announcements in CARE
Foseco India at its meeting held on July 21, 2014, has appointed Ms. Merryl Durrenbach as a Permanent non-retiring Director of the Company in place of Mr. Chris O Shea. Mr. Chris O' Shea has tendered his resignation as a Director of the Company with effect from the above date which was duly accepted by the Board.
Foseco India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 21, 2014, has appointed Ms. Merryl Durrenbach as a Permanent non-retiring Director of the Company in place of Mr. Chris O' Shea.Mr. Chris O' Shea has tendered his resignation as a Director of the Company with effect from the above date which was duly accepted by the Board.At the aforesaid meeting, Dr. Indira Parikh was appointed as an Additional Director of the Company.Source : BSE
Read all announcements in Foseco India
Near ideal weather across the United States mid-west continues to support 'huge' yield potential for maize, although the critical pollination period for ma ...
Near ideal weather across the United States mid-west continues to support 'huge' yield potential for maize, although the critical pollination period for maize will be during the next two weeks. The release of a bearish USDA report at the end of last week kept market sentiment firmly in a negative tone, with bigger United States corn stocks.By: Skymetweather.com
After poor Monsoon rains in June, July too commenced with a 43% deficit highest for the season - and remained so till 12th July.
However, in the last one week there has been a series of cyclonic circulations moving across Odisha, Madhya Pradesh, Gujarat and Rajasthan, which has resulted in fairly widespread moderate to good rain, heavy at times in the region. This has helped in pulling down the cumulative deficit to 31% as on 21st July.
Though, it looks like a good recovery it doesn't seem to be lasting long as the last few days of July may only experience patchy rains of light to moderate intensity.
Even with this recovery there are pockets such as Gujarat and Marathwada where the deficiency is alarming, over 60%. Telangana, Madhya Maharashtra and Punjab stare at a deficit of 50% or more. It is 40% or more in Vidarbha, Saurashtra, Kutch, entire Rajasthan, Haryana, west Uttar Pradesh and coastal Andhra Pradesh.
According Skymet Meteorology Division in India, the cumulative deficit at the end of July is estimated to be around 20%. The analog analysis of the past data between 1877 and 2013 reveals that there were only 2 years (1877 and 2002) when there was a deficit of 30%. Both these years were El Nino years, experiencing severe drought.
During the same period there were 5 years (1877, 1918, 1972, 1987, and 2002) when June and July experienced a deficit of 25%. The seasonal deficit during these years stood at 23%, which amounts to severe drought.
Drought Category
Mild drought: -11% to -15% Moderate drought: -16% to -20% Severe drought: -20% and above During the same period from 1877 to 2013 there were 10 years when the deficit in the months of June and July was 20%. All these years were again El Nino years. The seasonal deficit during these years also ended up at 18% amounting to moderate drought.
And 16 years during the same period the deficit for June and July has been 15%. Out of these 16 years 11 were again El Nino years. The season during this time ended with an average deficit of 14% resulting in mild drought.
Meanwhile, Skymet carried out the study on all worldwide dynamical models and the current state still points towards 60% chance of drought in India, with 40% chance of below normal rainfall. Incase of drought there is a 20% probability of severe drought and 50% chance of moderate drought.
This clearly shows that the country still stares at the probability of drought and there is zero chance of normal or excess rain being experienced during this Monsoon season.
Picture Courtesy: gg2.net
By: Skymetweather.com
Softening prices of some essential food items including vegetables pulled down inflation both at retail as well the wholesale level in June, although the bleak monsoon situation remains a cause for concern.
While retail inflation in June touched its lowest mark at 7.31 per cent since January 2012, the wholesale price based index slid to four-month low of 5.43 per cent mainly because of easing prices of vegetables.
"Against the backdrop of deficient monsoon, the decline in CPI (Consumer Price Index) from 8.28 per cent in May to 7.31 per cent in June is encouraging," said PHD Chamber President Sharad Jaipuria.
According to the Wholesale Price Index (WPI) data , inflation eased mainly on fall in vegetable, fuel, edible oil, sugar and onion prices. However, the kitchen staple, potato, went up by 45.52 per cent.
Prices of vegetables during the month declined by 5.89 per cent from May, edible oils - 0.75 per cent and sugar - 2.09 per cent. Onion prices were down by 10.7 per cent.
In the past few months, however, the prices of onion and potato had been going up. The government has taken various steps including imposing minimum export price of USD 500 a tonne on onion and USD 450 tonne on potatoes to improve domestic supply.
It has also put a stock holding limit on these items and has decided to release 50 lakh tonne of rice in open market to prevent price rise due to poor monsoon.
As for retail inflation, based on the movement of CPI, it fell to 30-month low of 7.31 per cent in June, mainly on account of lower prices of food items, including vegetables, cereals and meat.
Retail inflation was 8.28 per cent in May. Its lowest was 7.65 per cent in January 2012, the month the government started releasing the data in percentage terms.
Also Read: June retail inflation at 29-month low: Experts analyse data
As per the CPI data released by the government, food inflation fell to 7.97 per cent in June against 9.56 per cent in May. During the month, the rate of prise rise in vegetable was 8.73 per cent against 15.27 per cent in May.
"The moderation in inflation together with the rebound in industrial production as per the recently released data, provides a positive signal that the structural bottlenecks afflicting the economy could be gradually showing signs of receding and green shoots of recovery could be around the corner," industry body CII said in a statement.
Among others items that became expensive in June as per WPI data include fruits (up 21.40 per cent), milk (10.82 per cent), egg, meat and fish (10.27 per cent) and rice (10.24 per cent).
The WPI data revealed that food inflation in June was down at 8.14 per cent from 9.5 per cent in May. However, it is likely to remain a cause for concern for the government given the patchy monsoon so far.
The WPI inflation for April was revised upwards at 5.55 per cent, from 5.20 per cent provisionally.
The Budget is certainly a mixed bag, and both the industry and market appears to be unable to decide what to make of it, s experts.
Finance minister Arun Jaitley on Thursday presented his maiden Union Budget in the Parliament. As the noise around the Budget reduces, investors have been contemplating if this is enough to bring India on an above 8 percent growth trajectory or this simply stands as a missed opportunity.
Experts believe the Budget is certainly a mixed bag, and both the industry and market appears to be unable to decide what to make of it. On a fair note, whatever the announcements in the Budget, the key lies in implementation and the effects will be felt only after a while. As FM too has pointed out, this is just the beginning of the journey and we should expect a lot more reforms from his government.
A panel consisting BJP MP Jayant Sinha, Centre for Policy Research's Economist and Senior Fellow Rajiv Kumar, Congress' Former Minister, I&B and Leader Manish Tewari along with EY's Senior Tax Partner Satya Poddar give their take on Arun Jaitely's maiden Union Budget and their outlook on the road ahead for the Modi government on CNBC-TV18's The Verdict.
For full show, watch the video
The scheme provided jobs to over 16 lakh persons during the 11th Plan (2008-2012). "The scheme is to be continued during Twelfth Plan (2012-13 to 2016-17).
The government today allocated Rs 8,060 crore for the Prime Minister's Employment Generation Programme (PMEGP) to create over 27 lakh jobs in the 12th Plan period ending March 2017.
The scheme provided jobs to over 16 lakh persons during the 11th Plan (2008-2012). "The scheme is to be continued during Twelfth Plan (2012-13 to 2016-17).
An outlay of Rs 8,060 crore (Rs 7,800 crore Margin Money subsidy plus Rs 260 crore under Backward and Forward Linkages) has been approved by the Planning Commission for PMEGP in the 12th Five Year Plan to set up about Rs 3.39 lakh projects with creation of about 27.12 lakh employment," an official statement said by MSME Ministry said.
The government provides Margin Money subsidy between 25 to 35 per cent of the Project cost, depending upon the category of the entrepreneur, with the remaining amount being covered by the banks.
Also read: Govt to continue with MNREGA scheme
"The scheme has received very encouraging response from all the stakeholders in the country and is well received by the unemployed youth," according to the statement.
PMEGP is already in operation and completed two years during the 12th Plan period successfully. Therefore, the PMEGP Scheme has been approved for continuation by the micro, small and medium enterprises (MSME) Ministry during the 12th Plan without any change in the broad framework and parameters of the scheme.
For the year 2014-15, the targets have been fixed for setting up of about 1.03 lakh micro units with the margin money subsidy of Rs 1,380 crore to generate employment for 8.25 lakh persons. PMEGP is a central sector scheme launched in 2008-09 to empower first generation entrepreneurs for setting up micro enterprises across the country by merging Prime Minister's Rozgar Yojana (PMRY) and Rural Employment Guarantee Programme (REGP) schemes. Khadi and Village Industries Commission is the nodal agency at national level for implementation of PMEGP.
An evaluation study of PMEGP was conducted by M/s Development & Research Services Pvt Ltd, New Delhi during 2013-14 for the sample units financed during 2008-09 to 2011-12.
The report reveals that 91.7 per cent of the units financed are working and average income of the beneficiaries has increased by 61 per cent which shows the success of the PMEGP scheme for generation of employment opportunities in rural and urban areas of the country.
Watch the interview of Kunal Shah Nirmal Bang Commodities with Shereen Bhan on CNBC-TV18, in which he shared his reading and outlook on commodity markets and specific commodities.
Watch the interview of Kunal Shah Nirmal Bang Commodities with Shereen Bhan on CNBC-TV18, in which he shared his reading and outlook on commodity markets and specific commodities.
TRAI Chairman Rahul Khullar today held a meeting with Chief Executive Officers of telecom companies where, as per industry sources, spectrum sharing was also discussed.
Telecom regulator TRAI is likely to issue recommendations on spectrum sharing by early next week, according to a government official.
"There are high chances that TRAI will issue recommendations on spectrum sharing late this week or early next week," the government official told PTI.
TRAI Chairman Rahul Khullar today held a meeting with Chief Executive Officers of telecom companies where, as per industry sources, spectrum sharing was also discussed. The Economic Survey has suggested that there is a need for better policies, like allowing trading and sharing of spectrum, to bring down the cost of radiowaves used for providing mobile communication.
Government has in-principle allowed sharing of spectrum purchased at market rate through auction, barring 3G airwaves, to increase efficient utilisation of the scarce natural resources. However, detailed guidelines are yet to be notified.
An internal panel at the Department of Telecommunications has suggested allowing sharing of 3G spectrum as well. However, the Telecom Regulatory Authority of India (TRAI) suo-motu started a process to come out with recommendations on guidelines for spectrum sharing.
The DoT will place the recommendations of TRAI before inter-ministerial panel Telecom Commission to take a call on spectrum sharing guidelines.
The cost of spectrum has increased multi-fold. In February 2014 auction, the minimum price or base price of spectrum fixed by government was about 5 times more than the price in 2001.
Also, the base price of airwaves in 1800 megahertz band, widely known as 2G spectrum, was fixed at Rs 1,765 crore per megahertz. The final price of Rs 37,572.60 crore received during auction for this band by government was over 100 per cent more than total value of spectrum put for auction at base price.
Allowing spectrum sharing will help telecom firms save costs and in turn may benefit customers if the savings are passed through in form of lower call rates.
Bharti Airtel stock price
On July 14, 2014, Bharti Airtel closed at Rs 332.05, down Rs 3.35, or 1 percent. The 52-week high of the share was Rs 373.50 and the 52-week low was Rs 279.25.
The company's trailing 12-month (TTM) EPS was at Rs 16.51 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 20.11. The latest book value of the company is Rs 152.21 per share. At current value, the price-to-book value of the company is 2.18.
Published on Mon, Jul 14,2014 | 20:13, Updated at Mon, Jul 14 at 20:55Source : Moneycontrol.com | Watch Video : 
It's a landmark change in India's foreign investment policy. After decades of prescribing the valuation formula based on which foreign investors can buy unlisted shares in India, the RBI has now adopted a more liberal stance. CNBC-TV18's Menaka Doshi reports on the details and if this is good news for India Inc?
It is great news! That's because it cleans up and simplifies the entire process of foreign investment coming and going out of India. And as you know, no foreign investor wants ambiguity on the potential price at which he can exit. So this is very good news. Now let me tell you what has happened so far.
When it came to foreign investment in India - first there was the CCI formula, then DCF and now RBI has finally shifted to internationally accepted pricing methodologies.Its latest notification, effective July 8th , says- 'in case of equity shares, preference shares or debentures of unlisted company, at a price not exceeding that arrived at as per any internationally accepted pricing methodology for valuation of shares on arm's length basis, duly certified by a chartered accountant or a sebi registered merchant banker.'
So here's how it works
Entry
Exit
That brings us to Call & Put options!
Earlier this year, RBI had said the while a foreign investor must exit unlisted shares at a DCF-based price, if the exit is linked to an option, then it must not be ata price more than an Return on Equity price!
Now it says: 'the guiding principle would be that the non-resident investor is not guaranteed any assured exit price at the time of making such investment/agreements and shall exit at the price prevailing at the time of exit, subject to lock-in period requirement.'
The first quarter has brought some cheer for the Chennai-based two wheeler firm TVS Motor Company with market share increase. It said while it would aim towards third position in the two wheeler market, it hopes to boost overall market share to 14 percent by the end of this fiscal from 12 per cent in FY14, aided by new launches.
"Despite a challenging economic environment, TVS Motor sold 19.9 lakh two wheelers in 2013-2014. We to launch a new product every three-four months," Venu Srinivasan, Chairman and MD, TVS Motor said.
Also read: Seeing early signs of demand revival for auto sector: SIAM
Admitting that there was delay in the new launches, he said: "unless we master the consumer led engineering and quality, we don't want to launch a product. Some of the launches have been postponed due to the success of previous launches." It may be noted that Scooty Zest was scheduled to launch in June this year but it has been postponed to August.
The company, now the 4th big 2 Wheeler firm in India, aims to reach the third position soon. "Competition is going to be very fierce. We are at fourth position. Our target is be in the top three and with a series of launches, we will strengthen our position" he added. This year, it hopes to increase its market share from 12 percent to 14 percent. This is the first time in two years, we have seen an uptake in the market share", Srinivasan added. He estimated that total two-wheeler industry in India is expected to grow by around 11 per cent compared to around 7.4 percent last year.
With poor monsoons this year, the company hopes it will see good improvement between July and August. KN Radhakrishnan, President and CEO, TVS Motors said, "We are hoping that July to August it will revive and will be able to see improvement in monsoon and reservoirs. Definitely, sentiments are low, but I hope the nature will support us with good monsoon.In terms of volume, we will maintain the same kind of gaining of market share."
TVS Motors' exports increased by 14 percent in 2013-14 and hopes to increase it to 25 per cent in 2014-15. Srinivasan said, "Company will focus on emerging markets, especially Africa, South America and Indonesia"
On Indonesian venture, Srinivasan said while the company lost money in its Indonesian arms, TVS Motors is positive about future outlook. "It is a long term strategic investment. We have lost money, yes it is true. But the quality of the product, kind of engineering our company learnt by competing in Indonesia is what created the turnaround of the company in the last three years. Today we are seeing excellent result in India and it is because Indonesia is the outpost from which we are able to gather the trends be it technologies, aspirational styling and that will continue to be true. We are also confident in the next 12-18 months the subsidiary will reach cash break-even," he added
TVS Motors' tock rose 6% today
Among the six public sector non-life insurance companies, New India Life Insurance collected premium of Rs 886.06 crore (up 13.8 per cent year on year) in May; National Insurance Company Rs 867.79 crore (up 15.1 per cent); United India Rs 870.50 crore (up 3.6 per cent); Oriental Insurance Rs 615.52 crore (up 1.2 per cent).
Non-life insurance premium increased 8.1 per cent year-on-year to Rs 6,118.11 crore in May 2014, data from Insurance Regulatory and Development Authority shows.
Of the total premium collected by non-life insurers during May, 55.3 per cent was contributed by public sector entities at Rs 3,381.86 crore, while rest 44.7 per cent came from private sector companies (Rs 2,736.25 crore).
Among the six public sector non-life insurance companies, New India Life Insurance collected premium of Rs 886.06 crore (up 13.8 per cent year on year) in May; National Insurance Company Rs 867.79 crore (up 15.1 per cent); United India Rs 870.50 crore (up 3.6 per cent); Oriental Insurance Rs 615.52 crore (up 1.2 per cent).
Export Credit Guarantee Corporation Rs 102.41 crore (down 1.3 per cent) and AIC collected Rs 39.58 crore premium (down 19.9 per cent).
Among the private players, non-life insurance premium mopped up by Reliance General increased by 10.9 per cent from a year ago to Rs 220.37 crore; IFFCO-Tokio Rs 234.78 crore (up 5.7 per cent); ICICI-Lombard Rs 516.46 crore (up 12.3 per cent) and Bajaj Allianz Rs 356.97 crore (up 1.6 per cent).
HDFC ERGO General's premium income stood at Rs 201.65 crore during the month (up 12 per cent); Bharti AXA General Rs 121.85 crore (up 14.7 per cent) and SBI General Rs 102.21 crore (up 20.3 per cent).
During the first two months of 2014-15, the total premium collected by non-life insurance firms rose by 7.28 per cent to Rs 14,539.55 crore.
Premium collected by public sector insurers during April-May rose by 8.2 per cent to Rs 7,984.37 crore and that of private companies by 6.19 per cent to Rs 6,555.17 crore.
Gold slid 1.71 per cent to USD 1,316.10 an ounce. It rose the past six weeks and reached USD 1,345.17 on July 10, the highest since March 19.
Gold drops as advance to 4-month high spurs investors to sell Gold today dropped as some traders deemed an advance to an almost four-month high as excessive and as investors awaited clues on when US policy makers may begin raising interest rates.
Gold slid 1.71 per cent to USD 1,316.10 an ounce. It rose the past six weeks and reached USD 1,345.17 on July 10, the highest since March 19.
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Silver also dropped 2.03 per cent to USD 21.01 an ounce. It reached USD 21.582 on July 10, the highest since March 17. Bullion rose 1.04 per cent last week, capping the longest run of weekly gains since March, partly as a parent company of Portugal's second-biggest bank missed debt payments, renewing concern that Europe hasn't resolved its debt problems.
The advance sent gold above a level that signals to some traders that prices may fall. Federal Reserve Chair Janet Yellen will deliver testimony to Congress this week.
The government has slapped an additional penalty of USD 579 million on Reliance Industries for producing less than targeted natural gas from its KG-D6 block, Oil Minister Dharmendra Pradhan said today.
With this, the total penalty on RIL for missing the target in four fiscal years beginning April 1, 2010 now stands at a cumulative USD 2.376 billion, the Minister informed the Lok Sabha today.
The penalty is in the form of disallowing costs incurred. The Production Sharing Contract (PSC) allows RIL and its partners BP Plc and Niko Resources to deduct all capital and operating expenses from the sale of gas before sharing profit with the government.
Disallowing costs will result in government's profit share rising by USD 195 million from 2010-11 to 2013-14, he said.
In a written reply to a question, Pradhan said gas output from the Dhirubhai-1 and 3 gas field in the eastern offshore KG-D6 block was supposed to be 80 million standard cubic meters per day but actual production was only 35.33 mmscmd in 2011-12, 20.88 mmscmd in 2012-13 and 9.77 mmscmd in 2013-14.
This year the output has been only 8.05 mmscmd.
His ministry on July 10 issued a notice disallowing USD 579 million in cost for output lagging targets in 2013-14.
The government had previously issued a notice to RIL disallowing a total of USD 1.797 billion in costs for falling short of production during 2010-11 (USD 457 million), 2011-12 (USD 548 million) and 2012-13 (USD 792 million). Pradhan said the issue is currently under arbitration.
"The Ministry of Petroleum and Natural Gas has also raised a claim of additional profit petroleum to the tune of USD 115 million to be paid by the contractor, on account of disallowance of cumulative contract costs of USD 1.797 billion, till 2012-13," he said.
After including cost disallowance in 2013-14, the total additional profit petroleum claimed from RIL comes to USD 195 million, he said.
"GAIL and Chennai Petroleum (who buy oil and gas produced from KG-D6 block) have been directed to remit the sale proceed of crude oil/condensate/natural gas from KG-DWN-98/3 (KG-D6) block which falls due immediately into the Government account so as to recover an amount of USD 115,263,612 at the rate of 50 per cent by each company and deposit the same with the government," he said.
The Minister said RIL had put up production facilities to produce 80 mmscmd of gas but "has failed to adhere to the approved field development plan in terms of drilling and putting on stream the required number of wells." His ministry and its technical arm DGH blames non-drilling of committed wells for the production lagging targets while RIL and its partners say unexpected geological complexities like sand and water ingress led to output fall.
Pradhan said his ministry has issued notices to RIL on May 2, 2012, November 14, 2013, February 2, 2014, and July 10, 2014, and advised it to comply with the approved USD 8.8 billion investment plan for D1&D3 fields to meet the targets of gas production.
It has also been asked to "forthwith remedy the default and to remit the additional profit petroleum of USD 195 million cumulative up to 2013-14," he said.
"The contractor of the block KG-DWN-98/3, RIL, has invoked arbitration against the action of the Ministry of disallowing the cumulative development costs. The government has also appointed its arbitrator and the issue is currently under arbitration," he said.
Stating that RIL had not adhered to the PSC provisions, the Minister said actual gas production has been less than capacities created at huge cost, resulting in under-utilisation of facilities and creation of surplus inventories.
"The government has issued notice for proportionate disallowance of cost of production facilities based on the cumulative shortfall in gas production vis-a-vis Addendum to the Initial Development Plan (AIDP)," he said.
In the AIDP, RIL had committed to invest USD 8.8 billion in developing D1&D3 field and producing 80 mmscmd of gas. "The contractor (RIL) was repeatedly asked to adhere to the approved AIDP," Pradhan added.
The PSC allows RIL and its partners BP Plc and Niko Resources to deduct all capital and operating expenses from the sale of gas before sharing profit with the government.
The creation of excess or unutilised infrastructure impacts the government's profit share and this is sought to be corrected by disallowing part of the expenses incurred.
The move to ask Chennai Petroleum, which buys crude oil from the KG-D6 block, and GAIL India, which purchases KG-D6 gas, to deduct USD 115 million from payments due to RIL, comes after the company not agreeing to deduct the disallowed costs from total expenses incurred before calculating the government's share of profit petroleum.
The government's profit share would rise by USD 195 million if all of the USD 2.376 billion of disallowed costs is deducted from expenses incurred.
Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group
It will take three years for the high fiscal deficit, which was one the reasons why foreign rating agencies threatened to downgrade the country's sovereign rating to junk, down to 3 percent, the brokerage added.
Foreign brokerage Goldman Sachs today said it expects new Finance Minister Arun Jaitley to peg the fiscal deficit target for FY15 at 4.3 percent, up from the 4.1 percent stated by his predecessor P Chidambaram.
However, the Wall Street brokerage noted that 4.3 percent will be well below its earlier assessment of 4.8 percent.
"We expect a fiscal deficit target of 4.3 percent of GDP for FY15, slightly higher than the 4.1 percent presented in the interim budget by the previous government, but lower than our previous estimate of 4.8 percent," it said in a statement.
The previous government's expectation on tax revenue growth of 21 percent was "too optimistic," it said.
It will take three years for the high fiscal deficit, which was one the reasons why foreign rating agencies threatened to downgrade the country's sovereign rating to junk, down to 3 percent, the brokerage added.
In order to achieve the fiscal consolidation in the medium term, the government will return to fiscal rules, tax consumption instead of production, broaden the income tax base by creating a new Internal Revenue Service, and reduce fertiliser subsidies, it said.
Goldman said that the government will focus on shifting spending from consumption to capital expenditure in its Budget.
"To boost growth, we think the government would need to focus more on capital spending, especially infrastructure, relative to subsidies. We therefore expect an increase in capex relative to the interim budget," it said, adding that fuel subsidy will come down to 0.6 percent of GDP in FY15 from the 0.8 percent in the year ago.
Indian firms had raised USD 2.49 billion by way of External Commercial Borrowings (ECBs) and Foreign Currency Convertible Bonds (FCCBs) in May, 2013.
External borrowings of Indian companies fell by 41.3 percent to USD 1.46 billion in May this year compared to the same month last year, according to the Reserve Bank data.
Indian firms had raised USD 2.49 billion by way of External Commercial Borrowings (ECBs) and Foreign Currency Convertible Bonds (FCCBs) in May, 2013.
The borrowings were higher at USD 3.2 billion in April, 2014.
"I think it's a combined effect of political uncertainty (as May was the election month) and rising global interest rate cycle on the domestic investment sentiment. Relatively higher interest rates abroad have made external borrowings costlier and that also might have acted as a dampener," Bank of Baroda Chief Economist Rupa Rege-Nitsure said.
As many as 47 companies raised USD 536.32 million from the automatic route during the month, while a 20 firms raised USD 923.88 million from the approval route, showed RBI data.
Among the major borrowers from overseas markets in May were Rural Electrification Corp, General Motors India, Mylan Laboratories, Balkrishna Industries, Hospira Healthcare, India Gateway Terminal, and IPCA Laboratories.
In the approval route category, state-owned Rural Electrification Corporation Limited raised USD 250 million for sub-lending for a period of five years.
General Motors India raised USD 244.50 million for general corporate purpose (11.8 years) and Mylan Laboratories borrowed USD 200 million for general corporate purpose (8.2 years).
In the automatic route segment, Balkrishna Industries borrowed a sum of USD 100 million (4.3 years) for refinancing of earlier ECB and Hospira Healthcare India raised USD 150 million (6.3 years) for import of capital goods.
Among others, India Gateway Terminal raised USD 20 million, 20 million and 10 million in three separate tranches for refinancing of earlier loan each for a period of 7.1 years.
IPCA Laboratories borrowed USD 20 million for modernisation (5.1 years); Jindal Ploy Films USD 16 million for new project (5.6 years) and Mercator Limited raised USD 16 million for import of capital goods.
The New Delhi-headquartered company's total income was up 19 percent during the reporting period at Rs 49.10 crore as against Rs 41.41 crore in the same period year ago.
Rating agency Icra today reported a 28 percent jump in June quarter net profit at Rs 19.40 crore, helped by a spurt in other income on the back of maturing of investments during the reporting period. The company, a division of international rating agency Moody's, had reported a post-tax profit of Rs 15.20 crore in the corresponding April-June period last year.
Other income was up 33 percent in the first quarter ended June 30, driven primarily by the the maturing of investments in fixed maturity plans, Icra said in a statement here, without giving the exact quantum. The New Delhi-headquartered company's total income was up 19 percent during the reporting period at Rs 49.10 crore as against Rs 41.41 crore in the same period year ago.
Operating income rose 14 percent at Rs 36.71 crore as against Rs 32.11 crore in the corresponding period. On a consolidated basis, the Group's profit after tax was up 32 percent to Rs 21.80 crore in the April-June period from Rs 16.57 crore a year ago. Meanwhile, Icra announced that during the quarter, Moody's has completed the process of acquiring more shares and raised its stake to 50.06 percent in the rating firm.
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In a separate reply to the Upper House, Goyal said as per the report of the Working Group on Coal & Lignite for formulation of the Twelfth Five Year Plan (2012-17) production of coal, as per optimistic estimates was projected to reach 795 MT by the end of the Plan.
Against widening demand-supply deficit, the world's largest miner Coal India Ltd (CIL) is set to take up 118 projects envisaging 354 million tonnes per annum (MTPA) output in three years, Parliament was informed today.
"CIL envisages taking up 118 projects for an ultimate capacity of 353.87 MTPA during the 12th five year plan. The envisaged contribution in 2016-17 the terminal year of the 12th five year plan is 137.77 MT," Minister of State for Coal, Power, New and Renewable Energy Piyush Goyal told Rajya Sabha in a written reply.
Goyal said these projects would be taken by seven subsidiaries of CIL. Besides, he said Singareni Collieries Company Limited (SCCL) will also take up nine projects for an ultimate capacity of 13 MTPA during the 12th plan. "The envisaged contribution in 2016-17 the terminal year of the 12th five year plan (by SCCL) is 4.04 MT," the Minister added.
CIL, which accounts for over 80 percent of the domestic coal production , has seven coal producing subsidiaries - Eastern Coalfields, Bharat Coking Coal, Central Coalfields, South Eastern Coalfields, Western Coalfields, Northern Coalfields and Mahanadi Coalfields. In a separate reply to the Upper House, Goyal said as per the report of the Working Group on Coal & Lignite for formulation of the Twelfth Five Year Plan (2012-17) production of coal, as per optimistic estimates was projected to reach 795 MT by the end of the Plan.
The group as per another estimate, i.e. "Business as Usual Scenario," projected production to reach 715 MT by 2016-17 including 100 MT from captive blocks, he said. The Minister said "the Optimistic Scenario was based on the assumptions about speedy development of coal evacuation, rail infrastructure and progress on environment and forest related clearances. The focus of the Government is to take all measures to facilitate increase in production of coal."
Coal India stock price
On July 07, 2014, Coal India closed at Rs 396.50, up Rs 2.45, or 0.62 percent. The 52-week high of the share was Rs 423.50 and the 52-week low was Rs 238.35.
The company's trailing 12-month (TTM) EPS was at Rs 23.76 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 16.69. The latest book value of the company is Rs 56.24 per share. At current value, the price-to-book value of the company is 7.05.
The proceeds will be used for equity contribution in existing as well as new power transmission projects. This would be the first foreign investment into India's power transmission sector.
Standard Chartered Private Equity will invest Rs 500 crore in Sterlite Technologies power transmission infrastructure business for a minority stake. "Sterlite Technologies, power transmission solutions provider...has entered into agreements with Standard Chartered Private Equity for an equity investment of Rs 500 crore in Sterlite Power Grid Ventures Ltd (SPGVL)," Sterlite Technologies said in a statement.
SPGVL, a subsidiary of Sterlite, focused on the development and operations of power transmission projects, will issue convertible securities to Standard Chartered Private Equity for a minority share. The proceeds will be used for equity contribution in existing as well as new power transmission projects. This would be the first foreign investment into India's power transmission sector, the company said in the statement.
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The first three projects of SPGVL with over 2,000 km of transmission lines are in final stages of completion, while the next 3 projects will start operating sequentially from financial 2017. "T&D is a clear bottleneck due to which many parts of the country are energy surplus while others remain power-deficient," said Pravin Agarwal, Chairman - SPGVL & Director - Sterlite Technologies Ltd.
"We believe that our partnership with the Sterlite group will help the build-out and the strengthening of the transmission infrastructure in India," said Udai Dhawan, Managing Director and India Head of Standard Chartered Private Equity.
Sterlite Techno stock price
On May 29, 2014, Sterlite Technologies closed at Rs 43.20, down Rs 1.25, or 2.81 percent. The 52-week high of the share was Rs 45.70 and the 52-week low was Rs 15.75.
The company's trailing 12-month (TTM) EPS was at Rs 1.27 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 34.02. The latest book value of the company is Rs 31.32 per share. At current value, the price-to-book value of the company is 1.38.
"On the generation front, the shortage of coal is essentially artificially created. Mechanisation and productivity of Coal India, a monopoly, is abysmally low," IPCL Chairman Hemant Kanoria said
The government should take measures in the Union Budget to ramp up coal production in the country , India Power Corporation Ltd today said. "Without stepping up coal production domestically, providing incentives for increasing generation capacity will be futile as that would have a chain impact of running power plants at sub-optimal load factors, power supply being erratic and cost of power remaining high," IPCL Chairman Hemant Kanoria said in a release stating his Budget wish list.
"On the generation front, the shortage of coal is essentially artificially created. Mechanisation and productivity of Coal India, a monopoly, is abysmally low," Kanoria said. He said that distribution reforms would determine the viability of the entire power sector in the country. "It is worthwhile to adopt a 'carrot-and-stick' policy so that discoms (distribution companies) which are able to reduce their ATC losses are rewarded by the government in terms of support to tide over their losses," he said.
Meanwhile, ICRA Senior VP and CO-head, corporate sector ratings Jayanta Roy said in a separate release that government should take steps for an improvement in evacuation facilities and removal of logistical bottlenecks, including assurance of higher wagon availability and better connectivity between coal mines and end user plants. "Roadmap for private and foreign participation in domestic coal mining is needed," he added.
"Capacity enhancement, efficiency, expansion and safety are major issues being faced by Indian Railways which plays a crucial role in development and operation of infrastructure sectors like coal, power, steel, cement and other critical sectors like fertilizers," said Assocham Secretary General D S Rawat.
Ahead of Railway Budget, industry body Assocham today asked the government to provide Rs 20,000 crore each for next two years in form of a soft loan or a grant to upgrade and plug all loopholes in the Indian Railways .
The industry chamber said the financial assistance will enable transformation of the Indian Railways, which at present is under tremendous financial constraint, into the most efficient and affordable carrier in the world. It said the support would evoke interest of global investors to invest in upgradation of the Indian Railways network.
"Capacity enhancement, efficiency, expansion and safety are major issues being faced by Indian Railways which plays a crucial role in development and operation of infrastructure sectors like coal, power, steel, cement and other critical sectors like fertilizers," said Assocham Secretary General D S Rawat.
"Innovative policies are required to be framed to attract finance for capacity building works. Effective public-private partnerships (PPPs) would go a long way in delivering modern, high quality public services competitively. Foreign direct investment in railways would also provide a big boost to its modernization and bring in state-of-the-art technology," he added.
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Nearly half of India's coal-fired power stations only have enough stocks to last a week, the power minister said, as the country struggles to connect millions to the grid and wrestles with a growing coal import bill.
Coal imports equate to about one percent of India's economy as state behemoth Coal India , the world's largest coal miner, has failed to raise output fast enough to meet demand.
This leads to frequent blackouts, something new Prime Minister Narendra Modi is keen to fix soon but which will raise coal shipments from countries such as Indonesia, Australia and South Africa. Coal fires more than half if India's electricity.
Power Minister Piyush Goyal said on Monday 26 out of 100 coal-based power plants in India had "super critical coal stock" - enough to meet requirements for less than four days.
A total of 44 plants, including the super critical ones, have "critical coal stocks" sufficient for less than a week, with the majority in the state of Maharashtra, the home of India's financial capital Mumbai.
"In order to ensure adequate availability of coal, Coal India Limited has been impressed upon to enhance production of domestic coal in the country and power utilities have also been advised to enhance imports of coal," Goyal told lawmakers.
India is already the world's third-largest coal importer despite sitting on the fifth largest reserves, mainly due to delays in securing environmental clearances to add new mines and to build facilities to transport coal from remote mines.
Coal-fired power plants are expected to see demand of 551.60 million tonnes this fiscal year ending March 31, but supply will be limited to 466.89 million, Goyal said.
In April-June, Coal India supplied 88.66 million tonnes to power companies against a target of 101.61 million. Coal shipments rose as a result.
India's imports of thermal coal, used in power generation, rose 11 percent to 14.77 million tonnes in June, according to a joint venture of Tata Steel and Steel Authority of India Ltd.
Weaker-than-average monsoon rain this year could also encourage coal imports as hydro-electric production is expected to fall.
Vedanta Resources Chairman Anil Agarwal said that though India has the world's fourth largest coal deposits and seventh largest deposits of iron ore, these sectors are significantly underinvested in terms of exploration and development.
Implementation of simple regulatory framework and adherence to commitments will help India attract investments in natural resources sector, Vedanta Resources Chairman Anil Agarwal said.
"India is a country richly endowed with world's largest reserve of natural resources and in today's context, possesses the potential to add USD 1 trillion to the growth of the Indian economy over a period of few years and in turn, create millions of job opportunities," he said in his expectation from the government.
The key to this simple revolution lies in implementing a simple regulatory framework, based on a transparent structure of policies and regulations and a faithful adherence to commitments to attract investments. "I am sure this will attract many more companies willing to work in India, to explore and harness the vast reserve of natural resources to the benefit of the Indian economy," he said.
Stating that the need of the hour was to boost energy security through reform, Agarwal said that India can meet at least 50 percent of its oil and gas requirements from its own resources.
"Today India produces oil at around USD 4 per barrel and import at around USD 110 per barrel. We are sitting on a large resource base of oil and gas and what is needed is to encourage large companies to enter this sector to unlock the true potential. This can be through joint ventures and foreign investments," he said.
Agarwal said that though India has the world's fourth largest coal deposits and seventh largest deposits of iron ore, these sectors are significantly underinvested in terms of exploration and development.
"Encouraging private enterprise, exploration of natural resources, development of manufacturing, simplification of regulatory and approval processes, promoting tourism and liberal arts can open up new avenues of employment and accelerate the economic progress of the country," Agarwal said.
