Strong, prosperous India in interest of neighbours: Modi

Prime Minister Narendra Modi today concluded his "extremely successful" first foreign visit since assuming office with a message to Bhutan and other neighbouring countries that a strong and prosperous India was in their interest.

The upshot of the two-day visit by India's leader to this tiny kingdom was a decision by the two countries to scale up their ties that cover security interests and cooperation in a wide variety of fields.

Bhutan promised not to allow its territory to be used against India, an assurance that comes against the backdrop of militants from northeast taking shelter there.

The two countries agreed to continue with their close coordination and cooperation on issues relating to their national interests and not allow each other's territory to be used for interests inimical to the other, said a joint statement issued at the end of the visit.

Modi later tweeted that the trip will remain etched in his memory. "This Bhutan trip will remain etched in my memory; It was a very satisfying & productive visit," he said in a tweet on his return to Delhi.

Earlier, addressing the joint session of the Bhutanese National Assembly, Modi said a strong Bhutan will benefit India like a strong and prosperous India will be beneficial for the countries of the region, especially the SAARC members.

"India's prosperity is important as then it can help small countries and perform its duty of a good neighbour. But if India is weak and struggling with its own problems, then
how can it help others," he said.

External Affairs Minister Sushma Swaraj, who accompanied Modi on the visit, described the visit as "extremely successful" and that the Indian side was "extremely satisfied" with it.

Before winding up the visit, Modi gave an assurance that a change of government in Delhi will not affect their ties and past commitments will be fulfilled.

In a series of other tweets after returning home, Modi said "Addressed Bhutan's Parliament. When Bhutan moves ahead, India too feels like taking steps ahead to support Bhutan."

He also wrote, "India plans to create an e-library network in Bhutan & we would double scholarships being given to students of Bhutan."

"Was happy to know about the large allocation for education in Bhutan's last Budget. It shows commitment to well-being of future generations!," was yet another of Modi's tweet.

"In a short span of time, Bhutan has developed immense faith in democratic institutions. This is wonderful for Bhutan's development journey," he noted on Twitter.

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HSBC Making It Big: Here's how Medanta was built

Watch how Medanta the Medicity was built.

Watch how Medanta the Medicity was built.

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Here's how we can bring India back on track

India Back on Track is based on a book published by the Carnegie Endowment which has essays written by leading Indian thinkers on how the new government can reinvigourate the country's economic and foreign policies.

India Back on Track is based on a book published by the Carnegie Endowment which has essays written by leading Indian thinkers on how the new government can reinvigourate the country's economic and foreign policies.

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Watch Bangalore Finals of Tata Crucible Campus Quiz 2014

Watch Bangalore Finals of Tata Crucible Campus Quiz 2014.

Watch Bangalore Finals of Tata Crucible Campus Quiz 2014.

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AirAsia India adds Kochi to its network

The airline will start daily flights from Bangalore to Kochi and vice versa, effective July 20, AirAsia said, offering limited promotional seats for all-inclusive-fare Rs 500 from Bangalore to Kochi and vice versa.

Four days after breaking into the domestic aviation space, the country's fourth budget carrier AirAsia India today announced the addition of Kochi to its existing network from July 20.

The airline will start daily flights from Bangalore to Kochi and vice versa, effective July 20, AirAsia said, offering limited promotional seats for all-inclusive-fare Rs 500 from Bangalore to Kochi and vice versa.

Guests will be able to start their booking on www.airasia.com at 21:30 IST from June 16 to 22 for the travel period from July 20 to October 25, the release added.  

Also read: Spicejet launches another round of low fares for flyers

Breaking into Indian domestic aviation space, AirAsia India on Thursday had launched its operation with a flight from here to Goa in a foray that is expected to intensify the fare war among the no-frill airlines in the loss-hit sector.
    
AirAsia India, the Indian arm of Asia's biggest budget carrier Malaysia-based AirAsia Bhd, thus became the fourth low-cost carrier in the country after IndiGo,  SpiceJet and GoAir.

"We are excited to announce our third destination Kochi, within a few days of our launch. We are very encouraged by the outstanding reception to our product and service," AirAsia India CEO Mittu Chandilya said.

"We have done a complete analysis on our third destination and we are confident we will be able to reach out to more first time fliers. We will stand by our promise todeliver a quality product to our guests that promises value for their money," he added.

Malaysia-based AirAsia currently operates international routes into Bangalore, Chennai, Kochi, Kolkata and Trichy. AirAsia, one of the most successful low-cost carriers in the world, got the aviation ministry's flying permit on May 8, the last of the many approvals needed for the airline to take off after a nine-month long wait marked by legal hurdles.

AirAsia India is a 49:30:21 joint venture among Malaysian carrier AirAsia, Tata Sons and Arun Bhatia's Telestra Tradeplace. AirAsia had announced its joint venture with Tata Sons and Telestra Tradeplace in February 2013, four months after the then UPA government allowed up to 49 per cent FDI in domestic airlines by foreign carriers.

SpiceJet stock price

On June 16, 2014, SpiceJet closed at Rs 18.20, down Rs 0.5, or 2.67 percent. The 52-week high of the share was Rs 30.35 and the 52-week low was Rs 12.50.

The latest book value of the company is Rs -22.24 per share. At current value, the price-to-book value of the company was -0.82.

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RBI to sell govt securities worth Rs 15,000 crore on Friday

The Reserve Bank will sell dated government securities worth Rs 15,000 crore in four tranches on Friday, RBI said.

Dated government securities are long term securities carrying a fixed or floating coupon or interest rate paid on the face value. It is payable at fixed time periods, usually half-yearly. The tenor of dated securities can be up to 30 years.

In a price based auction to be held on June 20, RBI will sell 8.35 percent government stock 2022 for Rs 3,000 crore, 8.60 percent government stock 2028 for Rs 7,000 crore, 9.20 percent government stock 2030 for Rs 3,000 crore and 9.23 percent government stock 2043 for Rs 2,000 crore.

"Up to 5 percent of the notified amount of the sale of the stocks will be allotted to eligible individuals and institutions as per the scheme for non-competitive bidding facility in the auction of government securities," RBI said.

Also read:  RBI's LCR guidelines credit positive for banks: Moody's

RBI said both the competitive and non-competitive bids for the auction should be submitted in electronic format on on the RBI's Core Banking Solution (E-Kuber) system on June 20, 2014.

The non-competitive bids should be submitted between 10.30 AM and 11.30 AM and the competitive bids should be submitted between 10.30 AM and 12 noon, it said.

The result of the auctions will be announced on the same day and payment by successful bidders will be on June 23, 2014, it added further.

The stocks will be eligible for "When Issued" trading for a period commencing from June 17-20, 2014 in accordance with the guidelines on "When Issued transactions in Central Government Securities" issued by RBI, it added.

Securities trade on a when issued basis when they have been announced, but not yet issued. The transaction is settled only after the security has been issued.

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IRDA allows insurers to hedge interest rate risks

Insurance Regulatory and Development Authority (Irda) today allowed insurance companies to hedge their interest risks by participating in interest rate derivatives of a longer tenure.

As per existent norms, insurers are permitted to enter Forward Rate Agreements (FRAs), Interest Rate Swaps (IRS) and Exchange Traded Interest Rate Futures (IRF) with a maximum tenure of one year.

However, as per the final guidelines insurers would be able participate in interest rate derivatives over one year.

However, there is no upper cap for maturities of such instruments.

Participation in interest rate derivatives would help such companies to protect their return due to fluctuation in the interest rates and protect financial health.

Commenting on the guidelines, ICICI Prudential Executive Director Sandeep Batra said "It is a welcome move. It will help insurance companies to hedge their long-term interest rate risks."

Some of the products of insurance companies provide guranteed return. However, due to fluctuation in the interest rates, returns can come down. This can put pressure on the finances companies.

As per the guidelines, the objective of any use of the listed derivatives is that they must be used for hedging purposes only to reduce the interest rate risk.

"Companies enter into these agreements to hedge the interest rate risk on investments and the forecast transactions. Hedging interest rate risk of investment in fixed income securities would cover fixed income derivative positions that are designed to offset the potential losses from existing fixed income investments of them," it said.

Putting conditions, the guidelines said, a participant's dealings in interest rate derivatives would not exceed an outstanding notional principal amount equivalent to 100 percent of the book value of the fixed income investments of the insurance company under the policyholders fund, it said.

This would exclude ULIP funds in case of life insurers and the shareholders funds taken together, it added.

The mark-to market gain or loss arising out of the effective hedge would be borne by the respective fund only.

Exposure limits pertaining to single issuer, group and industry will be applicable for the exposure through FRA and IRS contracts, it said.

No contracts shall be entered with promoter group entities either directly or indirectly, it added.

"The guidelines are fairly comprehensive and there is a fair amount of checks and balances so that insurance companies do run into the risk of overexposures of such instruments," Batra said.

In the guidelines, ICICI Prudential Executive Director Sandeep Batra said "It is a welcome move. It will help insurance companies to hedge their long-term interest rate risks."

Some of the products of insurance companies provide guranteed return. However, due to fluctuation in the interest rates, returns can come down. This can put pressure on the finances companies.

As per the guidelines, the objective of any use of the listed derivatives is that they must be used for hedging purposes only to reduce the interest rate risk.

"Companies enter into these agreements to hedge the interest rate risk on investments and the forecast transactions. Hedging interest rate risk of investment in fixed income securities would cover fixed income derivative positions that are designed to offset the potential losses from existing fixed income investments of them," it said.

Putting conditions, the guidelines said, a participant's dealings in interest rate derivatives would not exceed an outstanding notional principal amount equivalent to 100 percent of the book value of the fixed income investments of the insurance company under the policyholders fund, it said.

This would exclude ULIP funds in case of life insurers and the shareholders funds taken together, it added.

The mark-to market gain or loss arising out of the effective hedge would be borne by the respective fund only.

Exposure limits pertaining to single issuer, group and industry will be applicable for the exposure through FRA and IRS contracts, it said.

No contracts shall be entered with promoter group entities either directly or indirectly, it added.

"The guidelines are fairly comprehensive and there is a fair amount of checks and balances so that insurance companies do run into the risk of overexposures of such instruments," Batra said.

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Weather alerts issued for India on 16th June

Weather alert for Chhattisgarh issued at 15.55 hrs

Light to moderate rain and thundershowers are likely at few places in Bastar, Kanker, Narayanpur, Rajnandgaon and Surguja districts with strong winds ranging between 40 kmph and 80 kmph during the next 2 to 6 hours.

Weather alert for Rajasthan issued at 15.40 hrs

In the next 2 to 6 hours, light to moderate rain and thundershowers are likely at few places in Alwar, Baran, Bharatpur, Dausa, Dholpur, Karauli, Sawai Madhopur and Sikar. Rain will be accompanied by strong winds ranging between 40 kmph and 80 kmph.

Weather alert for Uttar Pradesh issued at 15.40 hrs

Light dust storm/thundershowers are likely at some places in Ambedkar Nagar, Azamgarh, Deoria, Gorakhpur and Mau districts with strong winds ranging between 40 kmph and 70 kmph during the next 2 to 4 hours.

Weather alert for West Bengal issued at 15.25 hrs

Short spells of rain and thundershowers are likely at few places in Bankura, Bardhaman, Birbhum, East Midnapore, Kolkata, Murshidabad, North 24 Parganas, Purulia and West Midnapore districts with strong winds ranging between 40 kmph and 70 kmph during the next 2 to 6 hours.

Weather alert for Odisha issued at 15.20 hrs

Short spells of rain and thundershowers are likely at few places in Balasore, Bhadrak, Kendujhar, Koraput, Malkangiri, Mayurbhanj and Rayagada districts with strong winds ranging between 40 kmph and 70 kmph during the next 2 to 6 hours.

By: Skymetweather.com

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Sebi asks DDPs to share FPI info with banks

Market regulator Sebi today asked designated depository participants to share information about foreign portfolio investors with banks, as part of efforts to harmonise KYC (Know Your Client) norms.

KYC documents of Foreign Portfolio Investors (FPIs) can be shared only after getting authorisation from them.

The latest move is part of Sebi's efforts to harmonise KYC norms with that of the Reserve Bank of India (RBI).

Sebi-approved depository participants are responsible for granting registration to FPIs under the new framework.

"DDPs (Designated Depository Participants) are advised to share the relevant KYC documents with the banks concerned based on written authorisation from the FPIs," the Securities and Exchange Board of India (Sebi) said in a circular.

Accordingly, a set of hard copies of the KYC documents furnished by the FPIs to DDPs may be transferred to the concerned bank through their authorised representative.

While transferring such documents, DDPs will have to certify that the documents have been duly verified with the original. In this regard, a proper record of transfer of documents, both at the level of the DDP as well as at the bank, under signatures of the officials of the transferor and transferee entities, may be kept.

Under the new norms, FPIs have been divided into three categories as per their risk profile and the KYC (Know Your Client) requirements and other registration procedures would be much simpler for FPIs compared to current practices.

The Category I FPIs, which would be the lowest risk entities, would include foreign governments and government related foreign investors.

Category II FPIs would include appropriately regulated broad based funds, appropriately regulated entities, broad-based funds whose investment manager is appropriately regulated, university funds,university related endowments, pension funds.

The Category III FPIs would include all others not eligible under the first two categories.

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Major events in my life linked to milestones at Infy: Kris

In a letter to over 1.6 lakh employees, Gopalakrishnan or Kris as he is fondly known, reflected upon his early days at the company and his family life talking about his wedding, the birth of his daughter and the loss of his parents.

Reminiscing time spent at the firm he co-created with six other friends in 1981, Infosys non-executive chairman S Gopalakrishnan said many major events in his life are linked to major milestones of Infosys .

In a letter to over 1.6 lakh employees, Gopalakrishnan or Kris as he is fondly known, reflected upon his early days at the company and his family life talking about his wedding, the birth of his daughter and the loss of his parents.

"Many major events in my life are linked to major milestones of Infosys. I was married in 1981 when Infosys was founded. I lost my father in 1992 just before our IPO in India in 1993. My daughter was born in 1999 when Infosys did its listing on NASDAQ. I lost my mother in 2007 just one month after I became the CEO. In some sense, both these stories are inseparable for me," he said.

Gopalakrishnan, along with NR Narayana Murthy and five others, founded Infosys in 1981.

After handling various roles at the firm, Gopalakrishnan was appointed CEO and MD in July 2007 and then Executive Co-Chairman in August 2011 and then Executive Vice Chairman in May 2013.

The former CII President stepped down from the position of Executive Vice Chairman from Infosys on June 14 and will continue as Non-Executive Vice Chairman till October 10 to ensure a smooth transition at the Bangalore-based firm.

The USD 8.3 billion company last week brought in former SAP board member Vishal Sikka to head the firm, making him the first non-founder and external CEO and MD .

Describing Sikka as a "visionary and respected industry leader", Gopalakrishnan expressed confidence that he will propel Infosys to new heights.

"This (change) would give the new CEO and the leadership team the opportunity to frame the strategy and plans for FY'16 and beyond. I am confident that they would lead Infosys into an even better future," he added.

Highlighting the changes that the now USD 118 billion IT-BPO industry has seen over the years, he said Infosys has been at the forefront as the world moved from mainframes to mobiles.

"We have grown from 7 people to over 160,000 people. Along the way, we saw the computer industry go from mainframe to mobile and internet technologies. We have helped our clients leverage information technologies better and more efficiently. We have continuously innovated our processes, models and our solutions," Gopalakrishnan said.

He further said, "Today, Infosys is stronger and better than ever to serve our clients and provide the best workplace for our employees. I am proud of our achievements and the part that I have played in building this great institution."

Infosys stock price

On June 16, 2014, Infosys closed at Rs 3242.20, up Rs 60.55, or 1.90 percent. The 52-week high of the share was Rs 3847.20 and the 52-week low was Rs 2343.00.

The company's trailing 12-month (TTM) EPS was at Rs 177.52 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 18.26. The latest book value of the company is Rs 733.03 per share. At current value, the price-to-book value of the company is 4.42.

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