Sea TV Network has informed that Mr. Surinder Singh Bhatia, Company Secretary and Compliance officer of the Company has resigned from the post effective from close of business hours of February 07, 2015.
Sea TV Network has informed that Mr. Surinder Singh Bhatia, Company Secretary and Compliance officer of the Company has resigned from the post effective from close of business hours of February 07, 2015.Source : BSE
Read all announcements in Sea TV Network
Dena Bank has informed that the Extra Ordinary General Meeting (EGM) of the Bank will be held on March 23, 2015.
To read the full report click here
Odyssey Corporation has informed that Mr. Paresh Mahajan has resigned from the directorship with effect from February 14, 2015.
Zenith Computers has informed that the Board Meeting and the Audit Committee Meeting could not be held on February 14, 2015 for want of quorum. The said meeting of the Board of Directors and the meeting of the Audit Committee of the Company would now be held on February 28, 2015,
Zenith Computers Ltd has informed BSE that the Board Meeting and the Audit Committee Meeting could not be held on February 14, 2015 for want of quorum.The said meeting of the Board of Directors and the meeting of the Audit Committee of the Company would now be held on February 28, 2015, inter alia, for considering the Unaudited Financial Results (Provisional) for the Third Quarter and for the Nine Months period, both ended December 31, 2014.Source : BSE
Read all announcements in Zenith Computer
Singer India has informed that a meeting of the Board of Directors of the Company will be held on March 03, 2015 for general purpose.
Singer India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 03, 2015 for general purpose.Source : BSE
Read all announcements in Singer India
DHP India in its meeting held on February 20, 2015, have approved the appointment of M/s. Sushil Tiwari & Associates, Companies Secretary as Secretarial Auditors of F.Y.2014-15 (from April 01, 2014 to March 31, 2015) of the Company.
DHP India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 20, 2015, have approved the appointment of M/s. Sushil Tiwari & Associates, Companies Secretary as Secretarial Auditors of F.Y.2014-15 (from April 01, 2014 to March 31, 2015) of the Company and also the Board approve the CSR expenditure of F.Y.2014-15 by way of giving Donation to "Prime Minister's National Relief Fund".Source : BSE
Read all announcements in DHP
KSS has informed that Mr. Dushyant Kumar, an Independent Director, has resigned from the Board with effect from February 13, 2015. He was the chairman of Audit Committee and member of Nomination and Remuneration Committee of the Company. The Company in the next Board Meeting will reconstitute the aforesaid committees.
KSS Ltd has informed BSE that Mr. Dushyant Kumar, an Independent Director, has resigned from the Board with effect from February 13, 2015. He was the chairman of Audit Committee and member of Nomination and Remuneration Committee of the Company. The Company in the next Board Meeting will reconstitute the aforesaid committees.Source : BSE
Read all announcements in KSS
Asya Infosoft will be held on February 27, 2015, to consider following matters Issue of Equity shares/Convertible warrants/Convertible debentures to promoters/corporate bodies/DIIs/FII and or to any other prospective investors as the Board may deem fit, pursuant to SEBI (Issue of Capital & Disclosures Requirement) Regulations, 2009.
Asya Infosoft Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on February 27, 2015, inter alia, to consider following matters:1. Issue of Equity shares/Convertible warrants/Convertible debentures to promoters/corporate bodies/DIIs/FII and or to any other prospective investors as the Board may deem fit, pursuant to SEBI (Issue of Capital & Disclosures Requirement) Regulations, 2009, subject to necessary approvals.2. To approve date, place, time and Notice of Extra Ordinary General Meeting of the Members of the Company.3. Increase in Authorized Share Capital of the Company, subject to necessary approvals.Source : BSE
Read all announcements in Asya Infosoft
With his surprise sabbatical "for a few weeks" sparking speculations, sources within Congress on Monday said Rahul Gandhi was upset over his views and strategies being rejected by party veterans.
With his surprise sabbatical "for a few weeks" sparking speculations, sources within Congress on Monday said Rahul Gandhi was upset over his views and strategies being rejected by party veterans. Rahul's absence is a message to old guard to either fall in line or leave, sources said.
Congress spokesperson Abhishek Singhvi, however, rejected the speculations and said he "condemns and denies such unjustifiable" questions. He said Rahul Gandhi requested Congress President Sonia Gandhi that he needs a few weeks time to "reflect both on recent events related to the party and its future course" as he believes that this "introspection" is vital for the party.
"He (Rahul) believes that the AICC session (expected in the first week of April) is vital and he would like to give specific inputs on this. He wants to do introspection with what happened with regard to Congress in recent times and earlier," Singhvi said.
The Congress spokesperson said that after applying his mind on these issues, Rahul will "return to resume his active participation in political affairs of Congress".
Opposition parties were quick to hit out at the Congress and termed it a reason behind the dismal show in the 2014 Lok Sabha elections.
Minister of State for Parliamentary Affairs Rajiv Pratap Rudy said, "This only shows the seriousness of the Congress party. They are holidaying."
Backing Rudy MP Anurag Thakur said, "It is for him to decide what the priority is. They have been missing and that is why people have thrown them out."
Even in the past, Rahul has a record of low attendance in the Lok Sabha and was absent during many crucial discussions and debate in the last few sessions.
The Railways informed the court that trains are classified into three categories for the purpose of providing security -- highly vulnerable, vulnerable and normal. In case of highly vulnerable trains, security is provided while in vulnerable trains, security is provided randomly.
The Bombay High Court on Monday asked the Railways to reconsider its policy on providing security to commuters in long-distance trains while hearing a petition filed by a young woman who lost her leg after being was pushed out of a moving train as she was chasing a thief running away with her bag.
The Railways informed the court that trains are classified into three categories for the purpose of providing security -- highly vulnerable, vulnerable and normal. In case of highly vulnerable trains, security is provided while in vulnerable trains, security is provided randomly.
In case of normal trains, no security is provided. To this, the bench headed by Justice Abhay Oka said "your (Railways) policy on the issue of providing security to the commuters in trains is not proper. Reconsider your policy and take a stand by March 21," the Judges said while adjourning the hearing until then.
The victim identified as Bhavika Mehta, who was travelling from Amritsar to Mumbai Central in 2012, was robbed on board. When she tried to chase the thief, the accused pushed her out of the moving train. Mehta's leg was amputated because of the injuries.
She had filed a petition claiming compensation from the Railways following the accident. As Mehta could not take medical aid in a nearby civil hospital, she got herself admitted to a private hospital in Chandigarh and claimed a compensation of Rs 9 lakh. This was granted to her but later, to fit a prosthetic leg an extra Rs 5 lakh was required, which the Railways has refused to give.
Aggrieved, she moved the High Court. Appearing for Mehta, advocate Uday Warunjikar argued, "the railways have been negligent in not attending to the medical needs of the girl (and) her family members had to run from pillar to post to get the required amount." However, counsel for the railways said, "The railways is liable to pay compensation only if it is proved that negligence was committed on its behalf."
The issue on security in trains cropped up after the court observed that it was an admitted position that no constable was deployed in the compartment and it was a clear violation of the fundamental rights of commuters as their lives were endangered. The bench at an earlier hearing was irked with the affidavit filed by the divisional medical officer of Central Railway stating that Mehta could have avoided the accident.
Infosys on Monday said it would buy Panaya Inc, a New Jersey-based provider of automation technology, for an enterprise value of USD 200 million.
Panaya's acquisition aligns with renew and new strategy and will help us expand in automation, AI and innovation, said Infosys MD & CEO Vishal Sikka.
Betting on new technology to boost growth, India's second-biggest IT outsourcing company Infosys on Monday said it would buy Panaya Inc, a New Jersey-based provider of automation technology, for an enterprise value of USD 200 million.
Addressing a conference call, Vishal Sikka said Panaya's cloud computing will help Infosys expand in digital. The company has over 400 active clients and Infosys expects the deal to close by March 31.
"We are looking at acquisitions in the software development and product engineering, which could help improve productivity," Sikka said. According to him, Panaya acquisition will bring additional service lines and presence in Israel. The deal is about strategic dimension, not margin benefits, he added.
Panaya operations will be headed by Abdul Razack. The company recently restructured its operations & management. The companies share common clients like GE & J&J.
Rubbishing the layoff rumors, Sikka said that Infosys will take on board the entire Panaya headcount and will hire more than 30,000 employees this year.
Sikka said the fundamental focus is on organic growth.
According to CFO Rajiv Bansal, the impact of the revenue will come in by the fiscal end.
"The deal will be EPS-accretive in 12-18 months and on the margin front it is about capability building," he said, adding that the ability to automatically manage software changes is the key.
Infosys stock price
On February 16, 2015, Infosys closed at Rs 2278.50, down Rs 17.9, or 0.78 percent. The 52-week high of the share was Rs 4401.00 and the 52-week low was Rs 1447.00.
The company's trailing 12-month (TTM) EPS was at Rs 104.69 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 21.76. The latest book value of the company is Rs 366.51 per share. At current value, the price-to-book value of the company is 6.22.
The dollar was lower against the yen in thin and direction-less Asian trade today with investors having a relatively muted reaction to weaker-than-expected Japanese gross domestic product data.
The rupee on Monday ended higher for the second consecutive day, moving up by another 3 paise to close at 62.16 against the dollar on continued selling of the US currency by banks and exporters.
The rupee resumed higher at 62.15 per dollar as against the last weekend's level of 62.19 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to a high of 62.0750 per dollar on initial selling of dollars by banks and exporters.
However, it washed out initial gains and ended at 62.16 per dollar, still showing a marginal gain of three paise or 0.05 per cent from its last close.
The domestic currency has gained by 15 paise or 0.24 percent in the two days. The local currency hovered in a range of 62.0750 per dollar and 62.2300 per dollar during the day.
The dollar was lower against the yen in thin and direction-less Asian trade today with investors having a relatively muted reaction to weaker-than-expected Japanese gross domestic product data.
Adding to the mood was the closure of US markets for the Presidents Day national holiday. In the New York market the ICE US Dollar Index finished lower for the third week in a row on last Friday as a mixture of weak US data and signs of growth in the eurozone threatened the bucks seven-month rally.
In a few days from now Union Budget will be upon us. Expectations are sky high and in this special show we put the spotlight on the key issues that the Make in India Budget should address.
In a few days from now Union Budget will be upon us. Expectations are sky high and in this special show we put the spotlight on the key issues that the Make in India Budget should address.
We try to find out, how the finance minister (FM) will balance his books; will he stick to the fiscal deficit target and continue to pursue the path of fiscal consolidation?
Will the FM unleash any sops to lift the manufacturing sector? Will SEZs and industrial corridors and smart cities get any tax relief? And the captains of industry have a three point agenda – end tax terrorism, ramp up public spending and improve the ease of doing business.
Watch Video for more......
General Motors India to launch the Chevrolet Trailblazer SUV in 2015 and the Spin MPV in 2016
All those rumours of GM India launching the Spin MPV in the country ( after it was spotted testing near the marque's Halol plant ) have now turned out to be true. General Motors has issued a press release which schedules the launch of the Spin MPV in India by 2016. Not only this, GM India will also launch the new Trailblazer SUV in the country this year. The Spin MPV is likely to sit above the... Read More
CNBC-TV18's Nigel D'Souza wraps up today's market trading action.
CNBC-TV18's Nigel D'Souza wraps up today's market trading action.
In a chat with CNBC-TV18's Farah Bookwala-Vhora, the London-based co-chairman of the USD 25 billion Hinduja Group shed light on his potential acquisition targets and explains why the renewable energy sector has caught his fancy.
I have identified, acquired the land also where we want to go [for renewables project] but again we are waiting for reforms to take place.
Gopichand Hinduja
Co-Chairman
Hinduja Group
On his last visit to India, Gopichand Hinduja had announced plans to invest USD 10 billion in distressed power and infrastructure projects in India.
In a chat with CNBC-TV18's Farah Bookwala-Vhora, the London-based co-chairman of the USD 25 billion Hinduja Group shed light on his potential acquisition targets and explains why the renewable energy sector has caught his fancy.
Excerpts from a conversation.
Q: What are your acquisition plans?
A: You must have seen my announcement when I came on my last visit that I want to invest USD 10 billion in brown projects.
Q: Have you identified potential targets?
A: We have indentified four projects in power, two in infrastructure, two in EPC and three-four in the defence sector. After the experience I have had, I will not go into greenfield projects except for alternative energies -- renewable energy. There the timeframe is six months, eight months [for us to start new projects].
Q: Have you identified a corpus that you would like to invest into renewable energy?
A: Yes. Not only that, we have identified three companies with whom we are going to be joint-venture partners. I have identified, acquired the land also where we want to go but again we are waiting for reforms to take place.
Feroze Azeez
AnandRathi
Against the backdrop of Asia bustling as the outsourcing hub of the world, Prime Minister Narendra Modi, in September 2014, launched "Make in India" drive. This important step was taken with the intention of reviving the manufacturing business by making India the preferred manufacturing destination worldwide. This initiative, if successful, could have numerous benefits for our economy in the areas of employment generation, export growth, improved capital flows and GDP expansion, to name a few.
India already has a great advantage in terms of availability of natural resources and sustainable availability of low-cost, skilled and semi-skilled workforce, as compared to other countries. In addition, the government is working towards creating an environment conducive for development by improving the ease of doing business through standardization of procedures and focusing on effective governance. This is likely to attract foreign investments and corporates across the globe would be more willing to set up their businesses in India, thereby, creating huge employment opportunities.
Presently, the manufacturing sector contributes just over 15% to the national GDP. Through this initiative government aims to increase this contribution to 25% by 2022. As manufacturing activities gather momentum, India will transform into a manufacturing hub. This will steadily increase exports and have a positive impact on the current account deficit. Subsequently, the Indian economy will experience growth albeit an incremental one.
Stirred by these developments, several fund houses have launched/are launching schemes such as Birla Sun Life Manufacturing Equity Fund, JP Morgan India Economic Resurgence Fund or Pramerica Build in India Fund, which will invest in companies in the manufacturing space.
The concept of Make in India could be a turning point in the Indian growth story and as the campaign succeeds, the economy, as a whole, as well as select sectors will benefit from this. Yet, in our view, investing in a fund focusing on a particular theme is not advisable. This is because every theme goes through a phase in the market cycle during which it does well and beats other sectors. However, it is often difficult for an investor to judge when the favourable phase for a theme will start or end. This makes it difficult for the investor to exit at the right time. Moreover, some of these funds are close-ended in nature with a defined maturity date and there is absolutely no guarantee that the theme will do well in the defined period.
In case the thematic fund is open-ended, the fund manager is bound by the fund mandate, which restricts his flexibility to invest in other sectors. This could adversely affect the fund returns once the positive phase of the theme ends.
In contrast, investors can benefit from the thematic plays by investing in diversified funds. We have enough reasons to believe that diversified funds have the potential to perform across market cycles as the fund managers of diversified funds actively align their portfolio by considering sectors that are currently favourable. Thus, investors can invest in diversified funds, leave the responsibility of grabbing opportunities to the fund managers and reap the benefits of all themes from time to time.
An additional 14,227 imported CLS-class cars and 14 imported E-class cars will also be recalled for a similar problem.
German luxury carmaker Mercedes-Benz will recall more than 127,000 vehicles in China due to a potential fire risk and steering issues, Beijing's quality watchdog said today. Mercedes-Benz and one of its joint ventures in China have informed the General Administration of Quality Supervision, Inspection and Quarantine that they will recall 127,071 cars from March 13, the government agency said in a statement.
The recall includes 112,830 E-class cars made by Mercedes-Benz and China's BAIC Motor, it said.
The fire risk has been linked to a strip on the insulating panel inside the engine bay of the cars could cause a fire if it falls off and comes into contact with hot engine parts, the statement said.
An additional 14,227 imported CLS-class cars and 14 imported E-class cars will also be recalled for a similar problem, it added. Mercedes-Benz, a unit of German car giant Daimler, could not immediately be reached for comment.
In a separate action, Mercedes-Benz China will also recall 705 imported G-class SUVs due to a steering problem, the quality watchdog said in a separate statement. China is the world's largest auto market making it a critical destination for foreign manufacturers.
Taking the ties to a new level, India and Sri Lanka today inked a civil nuclear pact besides deciding to expand defence and security cooperation.
This was announced after the talks between Prime Minister Narendra Modi and Sri Lankan President Maithripala Sirisena during which both the leaders expressed commitment to find a solution to the emotive fishermen issue by adopting a constructive and humanitarian approach.
"The bilateral agreement on civil nuclear cooperation is yet another demonstration of our mutual trust.This is the first such agreement Sri Lanka has signed. It opens new avenues for cooperation, including in areas like agriculture and healthcare," Modi said in a joint press interaction with Sirisena. Sirisena, who arrived here yesterday, has chosen India for his first foreign trip after assuming charge of the country.
He had dethroned Mahinda Rajapaksa from his 10-year rule after a bitter Presidential poll. The nuclear pact would facilitate cooperation in the transfer and exchange of knowledge and expertise, sharing of resources, capacity building and training of personnel in peaceful uses of nuclear energy, including use of radioisotopes, nuclear safety, radiation safety and nuclear security.
It would also facilitate cooperation in radioactive waste management and nuclear and radiological disaster mitigation and environmental protection. The two countries also signed three other pacts, including cooperation in the field of agriculture.
Another MoU was signed to enable Sri Lanka to participate in the Nalanda University Project. The Prime Minister said he and the Sri Lankan leader also agreed to expand the defence and security cooperation.
"We welcomed the progress in our maritime security cooperation, including in the trilateral format with the Maldives," he said.
Modi said he believed that destinies of both the countries are "inter-linked" and that "our security and prosperity are indivisible". Modi said they had "excellent discussions" on bilateral relations and international issues and added that India was honoured that Sirisena had chosen the country for his first overseas destination after assuming charge.
On the fishermen issue, Modi said he and the President attached the "highest importance" to it. "It affects livelihoods on both sides. We agreed that there must be a constructive and humanitarian approach to the issue.
"We will encourage the fishermen's associations on both sides to meet again soon. They should find a solution that can be taken forward by both governments," he said.
Shares in Kolkata-based CESC fell 11.9 percent in trade today amid concerns that the company, which managed to wrest back control of the Sarisatolli coal block in West Bengal, had done so only at an exorbitant cost.
Shares in Kolkata-based power company CESC fell 11.9 percent in trade today amid concerns that the company, which managed to wrest back control of the Sarisatolli coal block in West Bengal in the ongoing auctions, had done so only at an exorbitant cost.
CNBC-TV18's Pragya Bharadwaj explains.
The SIT probing black money will widen the scope of its investigation to include the new names that figure in the list of account holders in HSBC's Swiss arm released by an international body of journalists, its chairman M B Shah said today. "Definitely, the scope of investigation will be widened due to the new names. We will have to identify those names and scrutinise them," Justice (retd) Shah told the Media.
He, however, said legal action can be taken against individuals only after verifying the facts and not just on the basis of news reports. "SIT will first verify the facts. We can't take action just on the basis of news reports.
We will first verify the claims from our side and then take legal action," he said. He said there are new names in the list released by the International Consortium of Investigative Journalists and published in The Indian Express. "As per the reports published today, there are some old names, which we already have, and there are some new names of account holders," Shah said, adding the SIT will discuss the development at its meeting today.
According to the report, 1,195 Indians, nearly double the old list of 628 shared by the French government with India, figure in the HSBC list with a total balance of Rs 25,420 crore. Many of the names have been in the public domain, but there are some new additions, including those of corporate leaders, politicians and NRIs.
As the release of the fresh list created a storm, Finance Minister Arun Jaitley said the veracity of the new names of Indians with Swiss bank accounts will be checked, while 60 prosecutions have already been launched by the tax authorities.
The black money stashed abroad was one of major issues in last year's Lok Sabha elections and, in the first decision after assuming office, the Narendra Modi government had on May 27 constituted a special investigative team (SIT) to unearth it following a Supreme Court directive.
Hinduja Foundries has informed that the Board of Directors of the Company at its meeting held on February 09, 2015, appointed Mr. Markus Wermers as Chief Executive Officer, for a period of two year with effect from February 01, 2015.
Hinduja Foundries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 09, 2015, appointed Mr. Markus Wermers as Chief Executive Officer, for a period of two year with effect from February 01, 2015.Source : BSE
Read all announcements in Hinduja Found
Indian Polyfins has informed that the Board of Directors of the Company at its meeting held on February 09, 2015, has transacted the following: 1. It has been decided to sale manufacturing plant with land situated at Block No. 57, Plot No. A/1&2, Village Pipodara - 394110 subject to approval of the members through the postal ballot.
Indian Polyfins Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 09, 2015, inter alia, has transacted the following:1. It has been decided to sale manufacturing plant with land situated at Block No. 57, Plot No. A/1&2, Village Pipodara - 394110 subject to approval of the members through the postal ballot.2. It has been decided to shift the registered office of the company subject to necessary approval of members through the postal ballot.3. Board also discussed current business activities of the company.Source : BSE
Read all announcements in Indian Polyfins
Dion Global Solutions has informed that the Board of Directors of the Company at its meeting held on February 09, 2015, have considered and approved the following: 1. Appointment of Mr. John Lane Lowrey as a Non-Executive Non-Independent Director on the Board of the Company with effect from February 09, 2015.
Dion Global Solutions Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 09, 2015, inter alia, have considered and approved the following:1. Appointment of Mr. John Lane Lowrey as a Non-Executive Non-Independent Director on the Board of the Company with effect from February 09, 2015.Further the Company has informed that Mr. Shachindra Nath, Non-Executive Director, has resigned from the Board of Directors of the Company with effect from February 09, 2015.Source : BSE
Read all announcements in Dion Global
Ravalgaon Sugar Farm has board meeting held on February 09, 2015, has transacted the following :- The Board has appointed Mrs. Ramola Mahajani as an Independent Director (Additional) on the Board for a term of five years.- The Board appointed Mr. Hukumchand Gandhi as an Additional Director on the Board.
Ravalgaon Sugar Farm Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 09, 2015, inter alia, has transacted the following :- The Board has appointed Mrs. Ramola Mahajani as an Independent Director (Additional) on the Board for a term of five years.- The Board appointed Mr. Hukumchand Gandhi as an Additional Director on the Board.Source : BSE
Read all announcements in Ravalgaon Sugar
KJMC Financial Services has informed regarding Outcome of Board Meeting held on February 09, 2015.
To read the full report click here
Aikyam Intellectual Property Consultancy has informed that the Board of Directors of the Company at its meeting held on February 09, 2015, has accepted resignations of Mr. Dinesh Chouhan from the Directorship of the Company.
Aikyam Intellectual Property Consultancy Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 09, 2015, has accepted resignations of Mr. Dinesh Chouhan from the Directorship of the Company.Source : BSE
Read all announcements in Aikyam Intellec
Vishnu Chemicals has informed that the Board of Directors of the Company at its meeting held on February 09, 2014, considered and passed the following resolutions : 1. The Board noted the incorporation of 100% subsidiary company in Hong Kong.
Vishnu Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 09, 2014, inter alia, considered and passed the following resolutions :1. The Board noted the incorporation of 100% subsidiary company in Hong Kong.Source : BSE
Read all announcements in Vishnu Chemical
JK Tyre & Industries today reported 55.53 per cent jump in consolidated net profit at Rs 91.81 crore for the third quarter ended December 31, 2014, on account of company's focus on radial tyres.
The company had reported consolidated net profit of Rs 59.03 crore in the October-December quarter of last fiscal. JK Tyre's consolidated net sales during the quarter under review also rose to Rs 1,825.76 crore, up 7.18 percent from Rs 1,703.42 crore in the same period last fiscal, the company said in a statement.
"Our focus on truck and bus radial tyres is helping us maintain growth. We are also focusing on new products and that helped us too in the quarter," JK Tyre & Industries Ltd President & Director Arun K Bajoria told reporters here. He added that the company is currently focusing on the radial segment.
"Currently 55 percent of the sales come from bias tyres and around 45 per cent from radial tyres. We believe in the next three years, sales of radial tyres would go up to 65 percent and it would add to our profitability," Bajoria said.
When asked if the company is planning any investment during the current year, Bajoria said: "We will complete second phase of expansion in our Chennai plant at an investment of Rs 1,430 crore by June.
So we will first focus on starting the full scale production. We may review our investment plans towards the end of the year." After completion, the company's Chennai plant would have total production capacity of 45 lakh passenger vehicle radial tyres per annum. It would also be able to produce 12 lakh truck and bus radial tyres per annum from the plant.
Commenting on the results, JK Tyre and Industries CMD Raghupati Singhania said the company's emphasis on truck and bus radials continues to help it achieve higher growth and maintain leadership position in truck/bus radials.
"Continuous efforts to develop new products to cater to the changing customer needs, and widening of sales network has helped deeper market penetration," he added. Shares of the company settled at Rs 105.05 apiece, down 3.62 per cent from previous close, on the BSE.
The country's largest realtor, DLF, today said its third quarter revenues fell 8.6 percent to Rs 1,956.7 crore in the December 2014 quarter, from Rs 2,058.4 crore a year earlier. A CNBC-TV18 poll had forecast the firm's revenues to grow to Rs 2,141 crore.
The country's largest realtor, DLF , today said its third quarter revenues fell 8.6 percent to Rs 1,956.7 crore in the December 2014 quarter, from Rs 2,058.4 crore a year earlier. A CNBC-TV18 poll had forecast the firm's revenues to grow to Rs 2,141 crore.
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) however rose to Rs 795.1 crore from Rs 612 crore YoY. Analysts were expecting EBITDA at Rs 769 crore.
But net profits fell from 145.3 crore to Rs 131.8 crore. The poll of analysts saw this at 122 crore.
Many people tend to overlook the position of homemakers and housewives in the Union Budget. After all, what does she has to worry about? Ask your mother or wife and they will tell you how wrong you are. Now when all of us are anticipating what's in the coming Union Budget for us, homemakers have their fingers crossed too.
Be it the price of food items or fuel, a household is impacted when anything goes even slightly up. Last year, an impressive decrease in LPG brought relief in many households. But we still have too much ground to cover such as faulty tax collection system, expensive automobiles and so on. Let's see what Mrs. Sharma, Mrs. Gupta and other housewives are expecting from the 2015-16 budget.
Hike in Tax Slabs for Men
The most common issue underlying the fights between Mr. and Mrs. Khurana is the high taxes payable on a low income. There has been no increase in the income tax slabs and Mr. Khurana is the sole bread earner in the family of five. So what does the homemaker wants? An increase in the limit of taxable interest on earnings of men.
In previous year's budget, the tax slabs for citizen were increased to INR 2.5 lacs from meager INR 2 lacs. But if the inflation rate, higher cost of medical services and education for children is taken in, even INR 2.5 lacs falls hilariously short. Government can collect the taxes from non-tax paying shopkeepers and businessmen instead of putting the burden of revenue on common man.
Lower Cooking Gas Prices
To the joy of the homemakers, gas prices came down to the lowest of three years in November 2014. After a huge cost cutting in the cooking gas cylinders by a straight INR 113, everybody looked happy. Now, the only thing women want is to let the lower prices be stable and go more down, if possible. After all, cooking gas can never be too low-priced.
Lower Excise/Export/Custom Duties
Many homemakers think that half the problem of higher prices could be solved by bringing the excise and custom duties down. High excise and custom duties paid on raw materials, food processing, agriculture produce, vegetables, fruits, flowers, footwear, clothing, electronics and what not, is important culprit of inflation.
We get vegetables and fruits brought to us from overseas and half of these get seriously damaged in the process but still we have to buy them on inflated prices. The new budget should focus in going a little easy on the export prices of the above mentioned items.
Lower Prices of Food Items
Just yesterday, a maid-servant I know, bless her, was complaining that she hasn't cooked Gajar-ka-Halwa this winter. This could make any Indian homemaker appalled but what to do? High prices of gas, gajar err, carrots and dairy are to be blamed here, ofcourse.
It is the responsibility of the female better half of a household to ensure good health of the family members. Healthy children make healthy citizens who generate healthy income which, needless to say, make country quite healthy. So the new budget should also pay attention to making the food items more affordable.
Lower Fuel Prices
Everything comes down to the prices of petrol, diesel and fuel gas at the end. If these prices are high then the prices of travelling and export also get high. Therefore, a price dip in the fuel is very much expected this year. A lower fuel price will work towards bringing the food prices lower too, so it is of utmost importance.
The budget of every household goes off track with unexpected inflation in the Union Budget. Though, the housewives are seriously hoping it would not happen this year, thanks to a good start at the end of last year. 2014 went away but not before giving a farewell gift in the form of higher subsidies in the gas prices. Let's just hope for the best.
Increase in Medical Reimbursement Limit
Since the last decade, when the medical reimbursement limit of INR 15,000 was set, the costs of medications, surgery, eye care, heart care, maternity care and so on, have increased. Using the diminutive word 'increased' might be a colossal understatement, no offense meant to the respected Budget makers.
In the light of inflation reports, the health care costs in India have risen by more than a whopping 500% since 1990. And in view of the fact that new diseases are popping up every day and old ones are becoming hard to battle, the limit of medical reimbursement must be increased by atleast 3 times.
Special Investment Plans Only for Women
To the contrary of what the men think, women too have a resourceful mind. Ways with which they save huge bucks every month with painful bargaining and discount-stores shopping are nothing less than an art. That being said, currently there are very few worth-mention investment plans for the other half population of India which a fewer women are aware of.
The next Union Budget must contain provisions for women oriented investment schemes. The easy and affordable investment options in gold, real estate and mutual funds would be great for a start. Efforts must be made to regulate the highly unstable prices of gold.
The "stronger-than expected" GDP data means there would be relatively "shallow" rate cut cycle by the RBI and in all probability, the central bank is likely to stay on hold tomorrow, according to Citigroup, BofA-ML and HSBC.
Foreign brokerage firms expect an upside to India's growth estimates after a revision in the base year, but they expect the RBI to hold rates in the monetary policy review tomorrow.
The government has revised FY 2014 GDP growth to 6.9 per cent from 4.7 per cent after updating the base year to 2011-12 from 2004-05. This "stronger-than expected" GDP data means there would be relatively "shallow" rate cut cycle by the RBI and in all probability, the central bank is likely to stay on hold tomorrow, according to Citigroup, BofA-ML and HSBC.
"We are now tracking FY 2015 GDP growth at 6.6 per cent (earlier 5.5 per cent)," DSP Merrill Lynch India Economist Indranil Sen Gupta said, adding that "as data are not available before FY2012, it is not possible to calculate potential growth based on the new GDP series.
As of now, we go along with our view that potential growth is around 7.5 per cent." Citigroup India Economist Rohini Malkani said: "While we await further details to establish trends, we acknowledge that there is an upside risk to our GDP estimates on stronger industrial trends than estimated earlier." On rate cut, he said: "We believe RBI will be largely guided by inflation momentum, quality of fiscal consolidation and external sector improvements. We maintain our call of RBI cutting rates by an additional 75 bps after the budget." Advance GDP estimates for 2014/15, along with a quarterly breakdown, will be released on February 9.
"We expect the RBI to assess this data in deciding on its monetary policy stance. As such we still do not expect it to cut policy rates on the February 3 meeting," HSBC Chief India Economist Pranjul Bhandari said. Looking ahead, we expect the RBI to cut rates in mid-March and finally in June, making it a total of 75 bp in rate cuts in 2015," Bhandari added.
The Reserve Bank of India, which last month announced a surprise rate cut of 25 basis points after maintaining a hawkish monetary stance for 20 months, is scheduled to undertake its sixth bi-monthly monetary policy review tomorrow.
There are also big names such as AB Nuvo that is looking to form a JV with Idea Cellular. There is of course the likes of Future Group retailers that may come up with a JV with IDFC. Some of the smaller names include ItzCash and FINO PayTech.
The deadline for small and payments banks applications expired on Monday and a slew of corporates were seen knocking on RBI's doors to get a license.
5.30 was the deadline. The list of some big corporates who have lined up to apply for this payments bank license include the like of Reliance who is looking to tie up with SBI . Post the banks that are set up and SBI is looking to pick up a 30 percent stake. There is also Bharti Airtel which might go for a JV with Kotak Mahindra Bank and a 19.9 percent stake is what Kotak is looking to pick up.
There are also big names such as AB Nuvo that is looking to form a JV with Idea Cellular . Top telcos are all in the race. There is of course the likes of Future Group retailers that may come up with a JV with IDFC . Some of the smaller names include ItzCash and FINO PayTech.
The large corporates are looking at an opportunity to expand their customer base.
On the small banks front, names such as SKS Microfinance DHFL, Capital Trust , SE Investments and VAYA Finserv have come up.
Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.
Airbus India's president Yves Guillaume says: "In defence, there is always an issue of the level of FDI. The highest level of FDI we will have, the more control we will have on the operations in India. It will facilitate for us to transfer key technologies in India and also to establish our export base from India."
Airbus India along with the Tata Group has emerged as the sole bidder for the Rs 13,000 crore avro aircraft replacement contract. But the company feels that the government will have to allow higher FDI cap in the defense sector to get foreign companies to transfer critical defense technology to India.
Airbus India's president Yves Guillaume says: "In defence, there is always an issue of the level of FDI. The highest level of FDI we will have, the more control we will have on the operations in India. It will facilitate for us to transfer key technologies in India and also to establish our export base from India."
He believes it is needed to manufacture in India not only for the Indian market which will be used to trigger off operations but also to start export from India.
"Obviously if we have to export from India we have to take the responsibility of the product which is manufactured in India and it is easier for us if we have management control on the company in India," he adds.
Ankur Kapur
Finqa.in
Section 80C of the Income Tax Act allows investors to claim deductions from their taxable income by investing in certain investments. Efficient tax planning enables investors irrespective of the age of the investor to reduce tax liability, while ensuring that the investments are in line with the investor's long term goals.
A retired individual would typically evaluate their choice from the perspective of risk and time horizon. Retired person would be more inclined towards a traditional tax-saving instrument such as Public Provident Fund (PPF), National Savings Certificate (NSC), Post office time deposit (POTD), bank deposit and the like. However, a small portion may also be allocated towards Equity Linked Savings Scheme (ELSS) to provide growth.
While the first three are government saving schemes, where both the return as well as capital is guaranteed by the Government of India, a term deposit offered by a bank is also considered a reasonably secured investment. However, the returns of ELSS are subject to market price risk, which implies that returns are linked to performance of the stocks held by the mutual fund scheme. Here is an overview of each option.
Public Provident Fund
PPF is a 15-year deposit account that can be opened with a designated bank or a post office. The account can be closed in the 16th financial year or continued with or without additional subscription, for further blocks of 5 years. PPF enjoys an exempt-exempt-exempt (EEE) status, where withdrawals are also not taxed. PPF is quite attractive because of exempt-exempt-exempt (EEE) status. For a retired person, PPF may be suitable only if PPF account is maintained for atleast 10 years. Additionally, PPF rate of interest is also decided by the Government and is directly linked with the interest rate environment in the country. Therefore, investments in PPF do not grow on a real term basis.
Current rate of interest: 8.70% p.a. (after tax)
National Savings Certificate (NSC)
NSCs are like bonds, issued by the government for a specific period, and pay interest. They can be bought from a post office and are usually held until maturity. Accrued interest is taxable, but is deemed to be reinvested and therefore eligible for Section 80C benefits. NSCs are not very attractive investment because the interest you earn on NSC is taxable. PPF is a tax efficient instrument in comparison with NSC.
Current rate of interest: 8.68% p.a. (before tax)
Post Office Senior Citizens' Scheme
One can invest a maximum of Rs15 lakh under this scheme. Interest is paid out quarterly. Contributions to this scheme are eligible for tax benefit under Section 80C up to the ceiling of Rs 1.5 lakh. The term of the deposit is five years. On maturity, one can extend the period of investment by another three years. Monthly Income Scheme (MIS) and Senior Citizen Saving Scheme (SCSS) are good options for Senior Citizens who desire monthly/quarterly interest. Note that interest income from the Post Office Senior Citizen Savings Scheme is taxable.
Current rate of interest: 9.20% p.a. (before tax)
Bank deposits
In fixed deposits, banks offer 0.25 to 0.5-percentage point higher rates for senior citizens. One can opt to receive interest either monthly or quarterly. Note that interest income from bank FDs is taxable.
Current rate of interest: ~9.25% p.a. (before tax)
Equity linked savings schemes (ELSS)
ELSS is a special category of diversified equity mutual funds. Investments in ELSS are subject to a 3-year lock-in. The lock-in period will apply from the date of purchase of units. Investments in ELSS are market linked and can provide growth to a portfolio over a long term. At the time of maturity returns are tax free. Retired individuals may invest some portion of their tax saving investments in ELSS.
Average last 3 years return: ~30 % p.a. (after tax)
The Reserve Bank today notified the changes in the FDI policy allowing 100 per cent foreign direct investment in medical devices segment.
The Reserve Bank today notified the changes in the FDI policy allowing 100 per cent foreign direct investment in medical devices segment.
"The extant FDI policy for pharmaceutical sector has since been reviewed and it has now been decided with immediate effect that there would be a special carve out for medical devices which was earlier given the same treatment as pharmaceutical sector," the RBI said.
Earlier, the Union Cabinet had liberalised the FDI policy for the cash-starved medical devices sector.
As per the decision, FDI up to 100 per cent through automatic route has been permitted for manufacturing of medical devices in the country. Later, the Department of Industrial Policy and Promotion (DIPP) too had notified the Cabinet's decision.
Easing of norms for medical devices industry by creating special carve out in the FDI policy on pharma sector is expected to encourage FDI inflows in this area.
Medical devices include any instrument, apparatus, appliance, implant, material or other article, whether used alone or in combination, including the software intended by its manufacturer to be used specially for human beings or animals for one or more of the specific purposes.
It also includes a device which is a reagent, calibrator, control material, kit, equipment or system whether used alone or in combination thereof intended to be used for examination and providing information for medical or diagnostic purposes.
Total income during the quarter stood at Rs 18.28 crore from Rs 85.95 crore in year-ago period.
Religare Enterprises has narrowed its standalone losses to Rs 18.06 crore in third quarter ended December 2014. The company had registered a loss of Rs 74.74 crore in the October-December quarter of 2013-14 fiscal.
Total income during the quarter stood at Rs 18.28 crore from Rs 85.95 crore in year-ago period.
On a consolidated basis, the firm registered a profit of Rs 93.27 crore in Q3FY15. The firm reported a loss of Rs 23.66 crore in the same quarter of previous fiscal. "Total income (consolidated) has increased from Rs 893.51 crore for the quarter ended December 31, 2013 to Rs 1,133.22 crore for the quarter ended December 31, 2014," it said in a filing to the BSE.
Religare Enterprises Limited (REL) is a business conglomerate with interests in diversified financial services. It provides financial services including loans to SME's, capital market services, wealth management, life and health insurance and asset management.
Shares of the company today closed 5.04 percent higher at Rs 370.70 apiece on the BSE.
Indian Business Icons (IBI) 2015, is a special initiative by CNBC-TV18 for celebrating 15 years of leadership. The endeavour is to form a distinct league of the most powerful business icons that the people of the country think have had a monumental impact, not only on their lives, but also on the Indian economy. The icon in focus is Rahul Bhatia.
Indian Business Icons (IBI) 2015, is a special initiative by CNBC-TV18 for celebrating 15 years of leadership. The endeavour is to form a distinct league of the most powerful business icons that the people of the country think have had a monumental impact, not only on their lives, but also on the Indian economy. An eminent jury has shortlisted 30 icons who they feel have impacted the Indian economy in the past 15 years. These names are now thrown open to public voting. The icon in focus is Rahul Bhatia.
Litigation worries for the government over coal block auctions are mounting. GVK Power has moved the Delhi High Court seeking a stay on the auctions over compensation offered to prior allotees.
Litigation worries for the government over coal block auctions are mounting. GVK Power has moved the Delhi High Court seeking a stay on the auctions over compensation offered to prior allotees.
GVK's plea challenged the provisions of the 2014 coal ordinance on grounds that it was aggrieved at the "arbitrary" determination of compensation for its mining infrastructure, which was much lower than it expected.
GVK claims that this compensation is merely a fraction of the investments made. GVK is claiming Rs 550 crore, while the government has fixed the compensation at Rs 57 crore for its Tokisud block.
GVK Power stock price
On February 02, 2015, GVK Power & Infrastructure closed at Rs 11.14, up Rs 0.54, or 5.09 percent. The 52-week high of the share was Rs 20.85 and the 52-week low was Rs 8.51.
The latest book value of the company is Rs 15.69 per share. At current value, the price-to-book value of the company was 0.71.
Published on Mon, Feb 02,2015 | 20:47, Updated at Mon, Feb 02 at 20:47Source : Moneycontrol.com
REVISED INCOME COMPUTATION AND DISCLOSURE STANDARDS (ICDS) - A STEP IN THE RIGHT DIRECTION
By: Jamil Khatri, Global Head – Accounting Advisory Services, KPMG
In continuation of the Ind AS transition journey, the Ministry of Finance (MoF) released the revised drafts of the ICDS on 8 January 2015. It is expected that the ICDS will become applicable for computation of taxable income for the year commencing 1 April 2015. Accordingly, once the ICDS are notified, companies may have a very short period of time to fully evaluate the impact of ICDS on their tax liabilities and related advance tax payment obligations during the previous year 2015-16.
The MoF had received several representations and comments in response to the previous draft of the ICDS (2012 ICDS). The MoF has incorporated certain representations in the current draft (2015 ICDS). Key changes include:
• The 2012 ICDS required recognition of revenues even when there was uncertainty in ultimate collection of the debt. This was inconsistent with the requirements of the accounting standards and would also have posed practical difficulties for companies. The 2015 ICDS aligns the requirements of the ICDS with the accounting standards and provides that revenue from sales of good and provision of services shall be recognised when there is reasonable certainty of collection. However, this change does not extent to interest income. Accordingly, disputes between NBFC's and the tax department relating to taxation of interest on Non Performing Assets are likely to continue
• The 2012 ICDS required that foreign exchange rates used for translation should be the actual rate on the date of the transaction, and did not permit use of average weekly/monthly rates as a practical expedient (which is permitted by the accounting standards). The 2015 ICDS provides for such a practical expedient. This is a relief for companies that may have used weekly/monthly rates
• The 2012 ICDS provided that inventory of a service provider shall be measured at cost, which was inconsistent with the general inventory valuation principles of lower of cost or net realisable value. The 2015 ICDS aligns the valuation of such inventory with the general inventory valuation principles
• The 2015 ICDS amends the formula for calculating borrowing costs that can be capitalised to factor in the impact of qualifying assets that did not exist either at the first or the last day of the previous year. This seeks to adjust the capitalisation for such assets, which may not have been considered under the 2012 ICDS.
Importantly, the 2015 ICDS also provide for transition provisions (except for the ICDS on Securities). The transition provisions require prospective application in most cases, but provide for retrospective application (with a cumulative catch up adjustment) in certain cases. For example, the requirements on assets acquired on finance leases would only apply to leases entered into after the ICDS are notified. On the other hand, if a construction contractor that previously followed the completed contract method is now required to follow the percentage completion method, profits relating to the percentage of work completed prior to the implementation date of the ICDS would be offered for tax in the first period post implementation. This approach would ensure that income does not escape taxation or is not taxed twice.
Companies need to gear up for the implementation of ICDS. While ICDS do not require maintenance of separate books of accounts, each company needs to evaluate the specific differences between its accounting practices and the requirements of ICDS, to determine the changes to systems and processes that would enable it to capture the differences for the purposes of tax records. As companies evaluate their approach to implementation of Ind AS, it may be useful to simultaneously formulate an implementation plan for ICDS. This will help to synergise the efforts for implementation of both Ind AS and ICDS, and address the requirements to changes in systems and training in a cohesive manner.
The MoF has provided a window of 30 days (till 8 February 2015) for comments on the 2015 ICDS. If your company is impacted by the ICDS, I would encourage you to participate in the debate and provide your inputs to the MoF for consideration.
