Land Bill, Urea Policy etc: Cabinet in action

The government seems to have got back its action plan. A host of moves to expedite approvals for projects and a new law for land acquisition are among them. Investments and growth are the need of the hour and the government appears to be moving well in the direction for now. In what is described as a gamechanger, a Cabinet Committee on Investments headed by the prime minister is being set up. This will improve clearances of projects of over Rs10bn and of course cut red tape. Reports said that bill further says that in case of public-private partnership, consent of 70% of landowners is required for the land acquisition. The bill was given the go-ahead at the Cabinet presided by Prime Minister Manmohan Singh. And that’s not all. The cabinet has also cleared also approved a urea policy that will make the country self-sufficient in fertilizers besides brining in projects to the tune of Rs350bn, reports stated. A 30% cut in the base price of airwaves is among the other decisions taken today. Under the new policy, the government will give 12-20% post-tax return on fresh capital infused by the manufacturers for setting up of new plants as well as for expansion and revamp of the existing ones, according to reports.

Indian telecom sector has seen phenomenal growth: PM

The India Telecom series of conferences enables our government, our industry and other stakeholders to come together to deliberate on issues relating to a sector which is of critical importance to our economy and our country. I compliment Kapil Sibal, the Department of Telecommunications and FICCI for jointly organizing these events of great significance to the future of our country. I also wish all the participants very productive and useful discussions in India Telecom 2012.  The Indian telecom sector has seen phenomenal growth over the past decade or so. With around 96.5 crore telephone connections, India, today, is the second largest telecom market in the world as a whole. The telecom sector has also been the driver of Foreign Direct Investment and FII flows into our country. It has contributed in a major way to the dynamism of our economy.   As you all know, this sector has had to face some tough challenges in the past months. However, I believe that under the distinguished leadership of Shri Kapil Sibal, the period of difficulties is now coming to an end. During the last one year, our government has taken a number of forward looking initiatives in the telecom sector. We have announced the New Telecom Policy 2012. We have attempted to clarify the policy positions on a number of complex issues. We have attempted to ensure adequate availability of spectrum and its allocation in a transparent manner through market-related processes. I am confident that the futuristic policy regime that we are now putting in place will address, and address effectively, the concerns that have been worrying investors and will provide a new impetus to the growth of telecommunication industry in our country. I am sure that the deliberations in this conference will cover the entire gamut of difficult issues in the telecom sector that we need to resolve. On my part I would like to confine myself to flagging three broad aspects which should guide our efforts in telecommunications in years to come...Read More

Troubles facing telecom sector are ending: PM

Telecom subscriber base declines in October

Banking bill – Opposition unhappy with Amendments

Govt to take steps to revive the economy: FM

Finance Minister P Chidambaram has reportedly said that the government will take steps to revive the economy in the next few weeks. Addressing the 'Delhi Economics Conclave, FM said "It is too early to say whether the measures have begun to bear fruit, although it is our expectation that they will do so." Earlier government has taken measures, including opening up of FDI in multi-brand retail and hiking foreign investment cap in the aviation sector. The annual rate of inflation, based on monthly WPI, stood at 7.24% (Provisional) for the month of November, 2012 (over November, 2011) as compared to 7.45% (Provisional) for the previous month and 9.46% during the corresponding month of the previous year. The economic growth in the first half of the fiscal fell to 5.4%, against 7.3 per cent in the corresponding period a year ago, report says.

November Inflation falls to 7.24% vs 7.45% in Oct

The official Wholesale Price Index for ‘All Commodities’ (Base: 2004-05 = 100) for the month November, 2012 rose by 0.1% to 168.8 (Provisional) from 168.7 (Provisional) for the previous month. The annual rate of inflation, based on monthly WPI, stood at 7.24% (Provisional) for the month of November, 2012 (over November, 2011) as compared to 7.45% (Provisional) for the previous month and 9.46% during the corresponding month of the previous year.

Build up inflation in the financial year so far was 4.84% compared to a build up of 5.28% in the corresponding period of the previous year.

Primary Articles (Weight 20.12%)

The index for this major group rose by 0.3 percent to 220.8 (Provisional) from 220.2 (Provisional) for the previous month. The groups and items for which the index showed variations during the month are as follows:-

• The index for ‘Food Articles’ group rose by 0.3% to 213.2 (Provisional) from 212.5 (Provisional) for the previous month due to higher prices of ragi (10%), bajra (5%), barley (3%), wheat and fish-marine (2% each) and fish-inland, mutton, gram, maize and fruits & vegetables (1% each). However, the prices of poultry chicken (8%), coffee and jowar (4% each), urad (3%), tea (2%) and arhar (1%) declined.
• The index for ‘Non-Food Articles’ group rose by 1.8 percent to 201.3 (Provisional) from 197.7 (Provisional) for the previous month due to higher prices of flowers (16%), soyabean (6%), groundnut seed and mesta (5% each), linseed and rape & mustard seed (3% each), copra, castor seed and fodder (2% each) and sunflower, tobacco, raw cotton and coir fibre (1% each). However, the prices of niger seed (7%), raw rubber (6%), raw jute (3%), raw silk and gingelly seed (2 % each) declined.
• The index for ‘Minerals’ group declined by 2.4% to 347.1 (Provisional) from 355.8 (Provisional) for the previous month due to lower prices of copper ore (5%), sillimanite (4%), barytes and crude petroleum (3% each),iron ore and bauxite (2% each) and steatite (1%). However, the prices of magnesite (14%), zinc concentrate (8%), gypsum (4%) and limestone (1%) moved up.

Fuel & Power (Weight 14.91%)

• The index for this major group declined by 0.6% to 188.8 (Provisional) from 189.9 (Provisional) for the previous month due to lower prices of bitumen and furnace oil (4% each), naphtha (3%), light diesel oil (2%) and petrol and aviation turbine fuel (1% each). However, the prices of lpg (2%) moved up.

Manufactured Products (Weight 64.97%)

The index for this major group rose by 0.1% to 148.0 (Provisional) from 147.9 (Provisional) for the previous month. The groups and items for which the index showed variations during the month are as follows:-

• The index for ‘Food Products’ group rose by 0.6 percent to 167.7 (Provisional) from 166.7 (Provisional) for the previous month due to higher prices of tea dust (unblended) (7%), sooji (rawa) (5%), gola (cattle feed), oil cakes and maida (4% each), wheat flour (atta) and groundnut oil (3% each), processed prawn, bakery products and tea leaf (unblended) (2% each) and sugar confectionary, copra oil, cotton seed oil and rice bran oil (1% each). However, the prices of gur (7%), khandsari (3%), mixed spices, tea leaf (blended) and palm oil (2% each) and sugar and gram powder (besan) (1% each) declined.
• The index for ‘Beverages, Tobacco & Tobacco Products’ group rose by 0.6 percent to 176.7 (Provisional) from 175.6 (Provisional) for the previous month due to higher prices of dried tobacco (14%) and rectified spirit (2%). However, the prices of zarda (2%) declined.
• The index for ‘Textiles’ group rose by 0.2 percent to 131.8 (Provisional) from 131.6 (Provisional) for the previous month due to higher prices of woollen textiles (3%), jute sacking cloth (2%) and tyre cord fabric, jute sacking bag, man made fabric and jute yarn (1% each)...Read More

WPI inflation to ease further in 2013: CRISIL Research

London's Precarious Brilliance, Cyber-Attacks And The Real Wealth Of Nations

Source: Economist

Hiring activity for Nov-12 dipped by 4%: Naukri Job Speak Index

India Inc witnessed a 4% decline in recruitment in Nov-12 when compared to Oct-12 as most of the key industry sectors and functional areas saw dips in their hiring activity when compared to the previous month.  This dip can be attributed to the festive season spanning across the month as well as the uncertain economic outlook. There is some caution in the environment as the IT- Software sector which is the biggest job creator of the country has seen consecutive five months of dips in hiring activity.

Industry Sector Analysis:

A detailed analysis of hiring activity shows that almost all key industry sectors have seen dipping indices in Nov-12 when compared to the previous month. Barring the Pharma sector where hiring picked up by 7% in Nov-12 over Oct-12 and Construction and BPO sector which saw stable hiring levels, all other sectors saw dips in hiring activity. The index for Telecom sector witnessed maximum negative movement of a 20% dip in Nov-12 when compared to Oct-12, while Auto, Insurance, Oil & Gas and Banking saw their hiring activity dip within the range of 5% and 9% respectively during the same time period. Hiring activity for the IT-Software sector dipped by 3% when compared to last month.

Functional Area Analysis:

Mirroring hiring trends of top industry sectors, the demand for professionals across key functional areas have dipped in Nov-12 when compared to Oct-12. Professionals in Project Management and Engineering Design saw hiring activity dip by 11% and 17% respectively on a month on month comparison. The demand for Accounts, Production and Marketing professionals also registered negative growth figures by 6%, 7% and 8% respectively during Nov-12 over Oct-12. The demand for BPO and HR professionals remained steady during the same time period...Read More

SsangYong Rexton: Namaste, Gangnam style!

Korean automobiles and electronics have been popular in India for years now, and the reliability of the various machines from their stables has been well established. So since the time Mahindra completed the takeover of the struggling SsangYong in 2011, one was waiting with bated breath as to what products would come to Indian shores. The 2012 Auto Expo in Delhi in January gave us a sneak peek into the SUVs on the anvil. However, neither was SsangYong a brand well known here, nor had it invested into R&D for a long while. Moreover, while this lack of investment in product development made SsangYong’s product portfolio dated, Mahindra has been enjoying stupendous success with the launch of the XUV 5oo last year. This resulted in heightened expectations from every launch. The DNA of SsangYong and Mahindra is more or less the same – both started assembling jeeps and now have moved into more evolved products. The difference is that while SsangYong was on the move very early with contemporary products in a technical collaboration with Daimler-Benz, Mahindra stuck to its core knitting and marched on to emerge as a rugged manufacturer of UVs and LCVs. Only over the last decade has it started to flex its muscles, and display ambitions to be a global player. Nevertheless, with the launch of the Rexton, Mahindra has opened a beachhead for SsangYong products for the Indian market. Moreover, judging by the looks of it, the Rexton is signaling the start of a good innings for SsangYong, and by extension Mahindra’s Korean sojourn. Initial pictures of the Rexton that were available on the net, the prototype that was presented at the Delhi Auto Expo, and sneak pictures of the UV being extensively tested across India showed us a large UV, looking unwieldy, and sporting a Mercedes-lookalike large grille. The second-generation Rexton’s looks seemed a ‘disaster’, and one would have been surprised if Mahindra designers had not gone through the Rexton with a fine toothcomb. What it has introduced now is the third-generation Rexton – the W, which was launched in South Korea a few months ago, and not the outdated RIII. True to expectations, the Rexton W is handsome and commands road presence. However, could one judge a book by its cover?...Read More

India ranks 59th in Global Competitiveness Index for 2012-13

As per the latest Global Competitiveness Report 2012-13, brought out by World Economic Forum, a Swiss non-profit foundation based in Geneva, India ranks 59th amongst 144 economies in the Global Competitiveness Index for 2012-13, as against 56th position out of 142 economies covered in 2011-12. The Global Competitiveness Index (GCI) measures the competitive performance of the economies around the world for doing business. It is a composite index that combines three component indices covering 12 different parameters (termed ‘pillars’). The details of the three components along with the weights assigned to them and the pillars are presented in table below:

Giving this information in written reply to a question in the Rajya Sabha, Sachin Pilot, Minister of Corporate Affairs, said that computation of GCI for the year 2012-13 is based on 113 indicators. As the indicators vary from year to year a comparison from previous years is not feasible. However, India’s performance with a GCI score of 4.32 (on a scale of 1-7) in the year 2012-13 is an improvement over last year score of 4.30. This country has also improved its performance in respect of each individual component of the index.

The Ministry of Corporate Affairs has constituted a Committee for Reforming the Regulatory Environment for Doing Business in India under the chairmanship of M. Damodaran with the objective of making an in-depth study into the entire gamut of regulatory framework and come out with a detailed road-map for improving the business climate in the country that would help improve India’s competitiveness...Read More

Opening account with banks to get easier under new KYC norms

KYC or Know Your Customer guidelines for banks, laid down by RBI, for customer identification and monitoring suspicious transactions and reporting it, have been eased by an RBI circular dated December 10, 2012, which has made the process of opening bank accounts by the prospective customers easier and hassle free. Any significant changes are made only in the documentation requirements. In the circular to banks, RBI has done away with the requirement for a new customer to be introduced by an existing customer to open a bank account. Since the introduction is not necessary under PML Act or the existing RBI KYC instructions. Also, no separate proof of address would be required if the address on the identification proof documents is same as the address mentioned in the account opening form. Also, documents such as Aadhaar card, PAN Card, Passport, NREGA job card, Driver’s License would be accepted both as identity proof and address proof, said RBI which is subject to the condition that the address on the aforementioned documents be same as the address on the account opening form. The new KYC guidelines have been recommended by Financial Action Task Force (FATF) on Anti Money Laundering (AML) standards and on Combating Financing of Terrorism (CFT). These guidelines are issued under Section 35A of the Banking Regulation Act, 1949 and Rule 7 of Prevention of Money-Laundering (Maintenance of Records) Rules, 2005.

Global Research reveals 71% of Businesses not collaborating effectively

SMART Technologies Inc. announces new global research demonstrating a correlation between optimized use of collaboration technologies and better business outcomes. Filigree Consulting, an independent global consulting firm specializing in technology research, conducted a study asking business users about technology adoption in their workspaces and the value that these solutions provided. The research concluded that 71% of businesses are not effective at using collaboration to drive business value throughout their organizations. The study included participants from North America, Europe, India and Asia and gathered input from multiple industries and government and included various company sizes and job functions. The research results have been published in a white paper entitled Visual Collaboration Solutions Best Practices: Global Report and Recommendations. The primary conclusion identified that achieving the highest value from collaboration requires a strategy that deploys integrated solutions, supporting services and best practices. For those organizations at the highest levels of maturity, 90 percent reported value from collaboration solutions exceeding what was achieved from other technology investments. Organizations that adopted this comprehensive approach achieved up to 300 percent improvement on a range of outcomes including:

• Accelerated rate of innovation
• Faster and more informed decision making
• Increased productivity
• Enhanced customers experience
• Reduced travel costs

Based on the survey, an assessment tool has been created to help organizations determine their level of maturity with collaboration and how they may improve business outcomes. The SMART Collaboration Maturity Assessment consists of a 20 minute online questionnaire that can be taken by any member of an organization and will produce comparative results based on industry standards. These results supply decision makers with relevant information to assist in determining the optimal means of incorporating collaborative technology and process into their organization.

Less than 1% of world’s data is analyzed; less than 20% is protected: EMC

IIP for October climbs to 8.2%

The Quick Estimates of Index of Industrial Production (IIP) with base 2004-05 for the month of October 2012 have been released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation. IIP is compiled using data received from 16 source agencies viz. Department of Industrial Policy & Promotion (DIPP); Indian Bureau of Mines; Central Electricity Authority; Joint Plant Committee; Ministry of Petroleum & Natural Gas; Office of Textile Commissioner; Department of Chemicals & Petrochemicals; Directorate of Sugar; Department of Fertilizers; Directorate of Vanaspati, Vegetable Oils & Fats; Tea Board; Office of Jute Commissioner; Office of Coal Controller; Railway Board; Office of Salt Commissioner and Coffee Board. The General Index for the month of October 2012 stands at 171.3, which is 8.2% higher as compared to the level in the month of October 2011. The cumulative growth for the period April-October 2012-13 over the corresponding period of the previous year stands at 1.2%. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of October 2012 stand at 122.5, 181.9 and 160.5 respectively, with the corresponding growth rates of (-) 0.1%, 9.6% and 5.5% as compared to October 2011 (Statement I). The cumulative growth in the three sectors during April-October 2012-13 over the corresponding period of 2011-12 has been (-) 0.7%, 1.0% and 4.7% respectively. In terms of industries, seventeen (17) out of the twenty two (22) industry groups (as per 2-digit NIC-2004) in the manufacturig sector have shown positive growth during the month of October 2012 as compared to the corresponding month of the previous year (Statement II). The industry group ‘Electrical machinery & apparatus n.e.c.’ has shown the highest growth of 27.4%, followed by 25.9% in ‘Motor vehicles, trailers & semi-trailers’ and 22.2% in ‘Coke, refined petroleum products & nuclear fuel’. On the other hand, the industry group ‘Tobacco products’ has shown a negative growth of 8.7% followed by 6.4% in ‘Office, accounting and computing machinery’ and 6.1% in ‘Wood and products of wood & cork except furniture; articles of straw & plating materials’. As per Use-based classification, the growth rates in October 2012 over October 2011 are 4.1% in Basic goods, 7.5% in Capital goods and 9.4% in Intermediate goods (Statement III). The Consumer durables and Consumer non-durables have recorded growth of 16.5% and 10.1% respectively, with the overall growth in Consumer goods being 13.2%...Read More

IIP in October grew at its fastest pace in a year: CRISIL

Expert take on October IIP numbers

India’s exports dips 4.17% in November

Exports (including re-exports)

Exports during November, 2012 were valued at US$22299.63mn (Rs. 122148.03 crore) which was 4.17% lower in Dollar terms (3.22% higher in Rupee terms) than the level of US$23269.71mn (Rs. 118341.35 crore) during November, 2011. Cumulative value of exports for the period April-November 2012 -13 was US$189222.20 mn (Rs 1030488.22 crore) as against US$201185.40mn (Rs 933049.70 crore) registering a negative growth of 5.95% in Dollar terms and growth of 10.44% in Rupee terms over the same period last year.

Imports

Imports during November, 2012 were valued at US$41586.90mn (Rs.227795.59 crore) representing a growth of 6.35% in Dollar terms and 14.55% in Rupee terms over the level of imports valued at US$39102.48mn (Rs. 198861.13 crore) in November, 2011. Cumulative value of imports for the period April-November, 2012-13 was US$318722.38mn (Rs. 1734998.17 crore) as against US$323823.75mn (Rs. 1503492.73 crore) registering a negative growth of 1.58% in Dollar terms and growth of 15.40% in Rupee terms over the same period last year.

Crude Oil and Non-Oil imports:

Oil imports during November, 2012 were valued at US$14522.1mn which was 16.77 % higher than oil imports valued at US$12436.6mn in the corresponding period last year. Oil imports during April-November, 2012-13 were valued at US$110091.1mn which was 10.84% higher than the oil imports of US$99324.2mn in the corresponding period last year.

Non-oil imports during November, 2012 were estimated at US$27064.8mn which was 1.50% higher than non-oil imports of US$26665.9mn in November, 2011. Non-oil imports during April - November, 2012-13 were valued at US$208631.3mn which was 7.07% lower than the level of such imports valued at US$224499.5 mn April - November, 2011-12.

Trade Balance

The trade deficit for April - November, 2012-13 was estimated at US$129500.18mn which was higher than the deficit of US$122638.35mn during April -November, 2011-12...Read More

Consumer Price Index climbs 9.9% yoy

The country’s consumer price index has risen 9.9% yoy in November. Data released by the Statistics Office shows that prices of sugar and vegetables have caused the increase to a large extent. Vegetable prices rose 14.74% yoy in November. Sugar rose 17% and pulses prices were up 14.19%. Provisional annual inflation rate based on all India general CPI (Combined) for November 2012 on point to point basis (November 2012 over November 2011) is 9.90% as compared to 9.75% (final) for the previous month of October 2012. The corresponding provisional inflation rates for rural and urban areas for November 2012 are 9.97% and 9.69% respectively. Inflation rates (final) for rural and urban areas for October 2012 are 9.90% and 9.46% respectively. Price data are collected from selected towns by the Field Operations Division of NSSO and from selected villages by the Department of Posts. Price data are received through web portals being maintained by the National Informatics Centre. The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation releases Consumer Price Indices (CPI) on base 2010=100 for all-India and States/UTsseparately for rural, urban and combined every month with effect from January, 2011. Provisional indices for the month of November 2012 and also final indices for October 2012 have also been released...Read More

RBI places draft guidelines to address issues and concerns in NBFC sector

In order to adopt a consultative approach, the Reserve Bank of India has, placed on its website, draft guidelines to address issues and concerns in the NBFC sector. The draft guidelines are based on recommendations made by the Working Group on the Issues and Concerns chaired by Smt. Usha Thorat, former Deputy Governor, Reserve Bank of India. The Report of the Working Group was placed on RBI website in August 2011. It may be recalled that the Working Group was constituted to review the existing regulatory and supervisory framework of non-banking finance companies (NBFCs). The objectives of the Working Group were to address issues relating to regulatory arbitrage and systemic risk, so as to create a strong and resilient non-banking financial sector. The draft revised guidelines relate to entry point norms, principal business criteria, prudential regulations, liquidity requirements for NBFCs and corporate governance. While accepting some of the suggestions, the Bank has been mindful that their implementation should not disrupt the sector. Hence, ample transition time has been proposed to bring the new regulatory framework into existence. Comments/suggestions on the draft guidelines may be forwarded to the Chief General Manager-in-Charge, Department of Non-Banking Supervision, Reserve Bank of India, Central Office, WTC, Cuffe Parade, Mumbai-400 005 or emailed latest by January 10, 2013.

Electronic payments rise 30% since last year : RBI

RBI guidelines for issuing debit cards

Inflation rate of Service sector and Manufacturing sector

BSE launches BSE SME IPO Index

Power generation capacity goes up despite fuel shortage: Jyotiraditya Scindia

The Minister of State (Independent Charge) for Power Jyotiraditya Scindia informed Rajya Sabha that the power generation capacity has gone up from 86,015 MW at the beginning of the 11th Plan (i.e. 1st April, 2007) to 1,31,603 MW at the end of 11th Plan i.e. 31.03.2012 in spite of shortage of fuel. As on 4.12.2012, out of 90 monitored Thermal Power Stations, 38 power stations had coal stock of less than 7 days.

The corrective steps being taken by Government are as under:

• Ministry of Coal/Coal India Limited (CIL) is pursued periodically to enhance supply of coal to the power stations in the country.
• Thrust on ramping up production of coal by captive coal block allottees from existing mines and expedite commissioning of new coal blocks.
• CIL has been directed to sign Fuel Supply Agreements (FSAs) with power plants that have entered into long-term Power Purchase Agreements (PPAs) with DISCOMs and have been commissioned/would get commissioned on or before 31st March 2015. This will include projects of about 32,000 MW to be commissioned in the 12th Plan up to 31st March, 2015.
• The FSAs will be signed for full quantity of coal mentioned in the Letters of Assurance (LOAs) for a period of 20 years with trigger level of 80% for levy of disincentive and 90% for levy of incentive.
• To meet its commitments, CIL may reduce coal meant for e-auction from 10% to 7% of its production progressively till the end of 12th Plan.
• In case of any shortfall in fulfilling its commitment under the FSAs from its own production, CIL will arrange for supply of coal through imports or through arrangement with PSUs allotted coal blocks for commercial mining.
• In addition to above, power utilities have been importing coal to bridge the gap between demand and indigenous availability of coal subject to blending limitations of the boiler.
• Regular review of coal supply position to TPSs is made in the Ministry of Power with officials of Ministry of Coal, Railways and Power Utilities.

Govt steps to bridge gap between demand and supply of power: Jyotiraditya Scindia

Handholding needed for several sectors: FM

Chidambaram said, "Because of stress in economy, several sectors are not doing well. So gross NPAs has risen. Efforts are to ensure that these sectors come out of difficulty. We must do some handholding to them to bring them out of stress." Dismissing concerns of members that the bill was against farmers and small borrowers, he said the Debt Recovery Tribunal (DRT) law deals with only those persons who had borrowed in excess of Rs 10 lakh. He said that in order to promote financial inclusion, the banks are opening branches at the rate of 20 per day. Chidambaram said RBI lays down guidelines for ARCs and 64,000 cases are pending before the DRT and that is why it was necessary to limit the number of adjournments to six. Ideally, he said, these cases should be disposed of in one or two hearings as these are well documented. Responding to allegations of members that banks refrain from taking actions against large corporates like Kingfisher, Chidambaram said no favour is being shown to anyone and law is taking its own course. He said tax authorities have taken severe action in attaching property and banks have not given any fresh loan to them. On concerns of allowing 49% FDI in ARCs, Chidambaram said permission was given by RBI in 2005 for foreign investment as domestic companies did not have any experience in setting up this business.

Maintain status quo on excise and service tax rates: CII

Confederation of Indian Industry (CII), while presenting its pre-budget memorandum to the Ministry of Finance outlined a four point agenda to re-energize growth in the economy. At the outset, CII stressed on the need for kick starting the investment cycle by fast tracking decision making process for approval of projects by putting in place necessary policy measures to clear 50 large projects in consultation with state governments and relevant ministries within a pre decided time frame – like 30 days ,expediting the setting up of National Investment Board, raising rate of depreciation from 15% to 25% for investment in plant & machinery in a pre-defined period of 3 years and raising Rs 50,000 crore (out of the Rs 4 lakh crore) for asset creation through facilitating the settlement of funds locked up in disputes and litigations. The ailing real-estate sector also needs a boost in the form of measures such as allowing the sector to raise funds through ECBs, ADRs & GDRs and according infrastructure status to real estate developers engaged in low cost housing to augment demand.

On fiscal Consolidation, the second key component critical for revival of growth, CII suggested measures for augmenting revenue and curtailing non-priority expenditure. On revenue generation, CII suggested raising Rs 50,000 crore through disinvestment, monetizing surplus land available with the government, utilizing the free cash flows of PSUs (pegged at Rs 41,500 crore) and unlocking the assets locked up in chronically sick PSUs to augment revenue stream. On measures related to expenditure control, CII stressed on the need to curtail non priority expenditure by rationalizing subsides by gradually removing the subsidy on diesel, targeting a 10% saving by using limited quantitative restriction on purchase of subsided fertilizer and consolidation of overlapping parts of central schemes. On encouraging consumption and boosting exports, the third and fourth key ingredient pivotal for reviving growth, CII suggested adjusting the exemption limit to inflation index. Further, in order to provide a fillip to the fragile export sector, CII recommended the extension of interest subvention scheme to all sectors including automotive, pharmaceuticals, and engineering...Read More

Union Cabinet approves reserve price for spectrum in 1800 MHz band

Moody’s, S&P, and Fitch reaffirms india’s sovereign credit rating at investment grade

During this calendar year, each of the ‘big three’ rating agencies, namely Moody’s Investors Service, Standard and Poor’s (S&P), and Fitch Ratings, has reaffirmed India’s sovereign credit rating at investment grade. These agencies have not taken a uniform view about the outlook on India’s sovereign ratings. While S&P and FITCH Ratings changed their rating outlooks from stable to negative in their reports released in April 2012 and June 2012 respectively, Moody’s has maintained its rating outlook at stable in its reports released in June 2012 and November 2012. The change of outlook by S&P and Fitch ratings does not appear to have had any significant negative impact on the Indian stock markets or on the value of the Indian rupee. When compared to the market closing on 30th December 2011 (the last working day for the stock markets in 2011), the Indian stock market, as measured by NIFTY 50, appreciated by 27.78% as on December 10, 2012. During this period, value of the rupee, as measured by RBI’s reference rate for the USD-INR pair, depreciated by only 1.97%. Government has taken a number of steps with a view to enhancing the growth prospects of the economy and improving investor sentiments. These include measures for liberalization of FDI regime, liberalisation of ECB regime, announcement of five-year fiscal consolidation path, improvement in targeting of subsidies and improvement in the functioning of capital markets etc.

Gujarat elections 2012: 64% polling

The first Phase of Gujarat election 2012 has started. About 64% polling has been recorded till 4:30 pm, according to reports. The constituencies where polling started include 48 in seven districts of Saurashtra, 35 seats in seven districts of south Gujarat and four seats in Ahmedabad district. Out of total 1,81,77,953 voters, there are 95,75,278 men, 86,02,557 women and 118 other voters who are likely to use their franchise. EC has set up 21,261 polling stations and will use the same number of EVMs in the first phase polls.

Bharti Infratel IPO subscribed 1.21 times

Bharti Infratel IPO subscribed 1.21 times. The telecom tower company's initial public offer (IPO) attracted bids for 19,46,02,300 shares against 16,05,65,000 equity shares on offer, according to stock exchanges data. The Qualified Institutional Buyers (QIBs) category was subscribed 2.84 times, the data said. Earlier the company has finalized the allocation of 28,335,000 Equity Shares (15% of the total Offer of 188,900,000 Equity Shares) to 18 Anchor investors at Rs. 230 aggregating to Rs. 6517 mn (Rs. 651 crores). The Anchor Investors’ list includes Alliance bernstein, Battery March, Clough capital, Columbia Wagner, Morgan stanley, Route One Capital, Sundaram MF, Wellington among others. The details of the Anchor Investors to whom shares have been allotted are also available at the National Stock Exchange of India Limited (NSE) and BSE websites. Our stock exchange intimation enclosed. The Company proposed a public offer of 188,900,000 equity shares of face value of Rs. 10 each (the "Equity Shares") for cash at a price to be determined through a 100% Book Building Process (the "Offer"). The Price Band has been fixed between Rs. 210 and Rs. 240 per Equity Share. The Issue comprises of a fresh issue of 146,234,112 Equity Shares by the Company ("the FRESH ISSUE") and an offer for sale of 42,665,888 Equity Shares by certain shareholders (the "OFFER FOR SALE"). The Offer will constitute 10% of the post-Offer paid-up Equity Share capital of the Company. The Bid/ Offer will close on Thursday, December 13, 2012, for all Bidders (except for Anchor Investors). The Joint Book Running Lead Managers to the Issue are DSP Merrill Lynch Limited, J P Morgan India Private Limited, Standard Chartered Securities (India) Limited, UBS Securities India Private Limited. The Book Running Lead Managers ("BRLMs") to the Issue are Barclays Securities India) Private Limited, Deutsche Equities India Private Limited, Enam Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited and Kotak Mahindra Capital Company Limited. The Co-Book Running Lead Managers to the Issue are BNP Paribas, DBS Bank Limited, HDFC Bank Limited and ICICI Securities Limited.

Govt launches several schemes to boost public investment in agriculture sector

The Government of India has launched several schemes to increase public investment in agriculture sector, such as, the Rashtriya Krishi Vikas Yojana (RKVY), National Food Security Mission (NFSM), Development and Strengthening of Infrastructure Facilities for Production and Distribution of Quality Seeds, National Horticulture Mission (NHM), Integrated Scheme of Oilseeds, Pulses, Oil Palm and Maize(ISOPOM), Gramin Bhandaran Yojana etc.  In addition, Government has substantially improved the availability of farm credit and increased Minimum Support Price to improve investment in the farm sector. Allocation of the Department of Agriculture & Cooperation has increased considerably from Rs.5560.00 crore in 2007-08 to Rs.20208.00 crore in 2012-13 facilitating more investment in agriculture sector. Besides, the Government has issued a "Framework for Public Private Partnership for Integrated Agricultural Development" under RKVY for facilitating large scale integrated projects, led by private sector in the agriculture and allied sectors, with a view to aggregating farmers and integrating the agricultural supply chain.

FDI, upto 100% is permitted, under the automatic route, subject to conditions, as mentioned in para 6.2.1.1 of Circular 1 of 2012 – Consolidated FDI Policy, in the following agricultural activities:

• Floriculture, Horticulture, Apiculture and Cultivation of Vegetables & Mushrooms under controlled conditions;
• Development and production of Seeds and planting material;
• Animal Husbandry (including breeding of dogs), Pisciculture, Aquaculture, under controlled conditions; and
• Services related to agro and allied sectors.

McDonald’s opens landmark 50th restaurant in Mumbai

McDonald’s India, leaders in food service, opened its landmark 50th restaurant in Mumbai in the Navi Mumbai area. The 50th restaurant for Mumbai opened in the Navi Mumbai area on the auspicious date of 12th December 2012, at exactly 12 noon and is located at the Navi Mumbai Market of Airoli. This restaurant that is located in one of the most popular areas in Airoli, is a 2 level restaurant that has an ultra modern designs and a seating capacity for approx 110 people. This new restaurant will continue to entice customers with quality and variety of food and services, for which the brand is well known, the world over. Hardcastle Restaurants Pvt. Ltd. that operates and manages all McDonald’s restaurants in West and South India has an aggressive expansion strategy in place driven by outstanding reception of its products and services by customers over the years. Commenting on the opening of this new restaurant, Mr. Amit Jatia, Vice Chairman, McDonald’s India (West & South) said "McDonald’s is committed to grow its presence in India and Mumbai as a market is an area of great value and importance to us. With successfully crossing the 50th mark in Mumbai, we are well on our way to serving this market better. We are constantly exploring opportunities to develop the brand to suit Indian preferences and seek newer markets in the region by connecting with consumers better and developing new products. This is just another step forward to showcase our dedication to the region."

Special training program in Islamic Finance

Islamic banking and finance is one of the fastest growing segments in India and abroad. It needs thousands of Islamic finance professional to grow, a requirement that can be met by the huge reserves of human capital in the country. Major Banks such as HSBC, Citigroup, Deutsche Bank and Standard Chartered all has Islamic banking windows. There are a lot of job opportunities in this sector for the youth. The special training programme in Islamic banking and finance is aimed mainly at students and professionals who are seeking to have more than a basic understanding of the concepts and operating principles that apply to different types of Islamic banking in comparison to conventional banking. Indian based Oasis academy in association with South Eastern University of Sri Lanka (SESUL) is offering a special training program of one month for Students across India. It is a campus based programme in Sri Lanka’s SESUL University. The Course will commence from January 2013...Read More

Restaurant industry will grow; to be a leading job creator in 2013: NRA

While the operating environment will remain challenging, America's 980,000 restaurants are expected to post record sales and continue to be a leading job creator in 2013, according to the National Restaurant Association's (NRA) 2013 Restaurant Industry Forecast released. Total restaurant industry sales are expected to exceed US$660bn in 2013 – a 3.8% increase over 2012, marking the fourth consecutive year of real sales growth for the industry. In addition, 2013 will be the 14th straight year in which restaurant industry employment will outpace overall employment. Restaurants will employ 13.1 million individuals next year as the nation's second-largest private-sector employer, representing 10% of the total U.S. workforce.

Workforce Outlook

Total U.S. employment grew at a rate of 1.4% in 2012, while restaurants added jobs at a strong 3.0% rate – more than double the overall rate. In 2013, the NRA expects the restaurant industry to add jobs at a 2.4% rate, nearly a full percentage point above the projected 1.5% gain in total employment. Looking ahead, the NRA expects restaurants to add 1.3 million new positions in the next decade, pushing industry employment to 14.4 million by 2023. Because of this strong growth in restaurant employment, labor challenges will start to reemerge next year. Recruitment and retention, which was a top challenge pre-recession, will make its way back onto restaurant operators' radar as the U.S. labor pool is starting to become shallower; restaurant operators in all segments expect recruitment and retention to be more challenging in 2013 than in 2012.

Challenges and Opportunities

While the restaurant industry is expected to grow in 2013, operators will continue to face a range of challenges. The top challenges cited by restaurateurs vary by industry segment, and include food costs, the economy and health care reform. After increasing steadily in the last three years, wholesale food costs will continue on an upward trajectory through 2013, putting significant pressure on restaurants' bottom lines as about one-third of sales in a restaurant goes to food and beverage purchases. Because of these prolonged cost pressures, restaurant operators will continue to use creativity and innovation to drive out cost inefficiencies and increase productivity to not pass along the increases to consumers at the same rate...Read More

ITC plans to invest Rs 30bn in Bengal: reports

ITC is planning to invest nearly Rs 30bn in Bengal over the next four years, the company’s Chairman Y. C. Deveshwar reportedly said. Reports stated that ITC Ltd chairman YC Deveshwar met West Bengal chief minister Mamata Banerjee to re-affirm the investment plans in the state. ITC's proposed projects in the state includes a greendfield integrated consumer goods plant at Howrah where it already has 18 acres and getting another 39 acres which was stuck in litigation and now resolved.

Emirates renews its partnership with Jet Airways

Emirates Airline, the award-winning international carrier with extensive services to India, has renewed its partnership with Jet Airways. Additionally this association will now also benefit for all Emirates frequent flyer members. Now all Emirates passengers will be able to travel on Jet Airways flight from Mumbai to Dubai and back. Emirates’ customers will now have the option to travel on its five daily direct flights, as well as on the Jet Airways’ daily service between Mumbai and Dubai. Jet Airways’ flights on these sectors will be identified with its ‘9W’ code as well as with the Emirates ‘EK’ code. Jet Airways flight 9W 536 (EK 6672), operated by an B737-800 aircraft offering 16 Business and 124 Economy Class seats, will depart Mumbai’s Chhatrapati Shivaji International Airport at 1230 hours daily and touch down at Dubai International Airport same day at 1405 hours. Return flight 9W 537 (EK 6673) will depart from Dubai at 1855 hours and arrive in Mumbai at 2320 hours respectively. The airline currently operates 35 flights per week to and from the city connecting 126 destinations in 74 countries via Dubai.

Visa on Arrival rise 25% during the period January-November 2012

The "Visa on Arrival" (VoA) Scheme of the government has become popular with the tourists. The scheme registered a growth of 25% during the period January-November 2012 over the corresponding period of 2011. A total number of 13,903 VoAs were issued during the period January-November 2012 as compared to 11,121 VoAs issued during the corresponding period of 2011. The highest number of 3913 VoAs were issued to the tourists from Japan followed by New Zealand ( 2645) and The Philippines ( 2205).

The following are the important highlights of VoAs issued during November, 2012.

1. During the month of November 2012, a total number of 1,630 VoAs were issued under this Scheme as compared to 1,382 VoAs during the month of November 2011, registering a growth of 17.9%.
2. The number of VoAs issued under this scheme during November 2012 for nationals of the eleven countries were Japan (435), New Zealand (299), the Philippines (257), Indonesia (229), Singapore (207), Finland (86), Cambodia (70), Luxembourg (23), Myanmar (13), Vietnam (10) and Laos (1).
3. The number of VoAs issued under this scheme during January-November 2012 were Japan (3,913), New Zealand (2,645), the Philippines (2,205), Indonesia (2,116), Singapore (1,718), Finland (810), Vietnam (152), Cambodia (144), Luxembourg (101), Myanmar (89) and Laos (10).
4. During the period January-November 2012, the highest number of VoAs were issued at Delhi airport (8,285), followed by Mumbai (2,827), Chennai (1,950) and Kolkata (841).

As a facilitative measure to attract more foreign tourists to India, the Government launched the "Visa on Arrival" (VoA) Scheme in January 2010 for citizens of five countries, viz. Finland, Japan, Luxembourg, New Zealand and Singapore, visiting India for tourism purposes. The Government extended this Scheme to the citizens of six more countries, namely Cambodia, Indonesia, Vietnam, the Philippines, Laos and Myanmar in January 2011.

Unearned and unshared prosperity are unsustainable: VK Sharma

As is invariably the case with any major crisis, the ongoing global financial and economic crisis, including lately, of course, the eurozone crisis, have unleashed a passionate debate over the design of a new architecture of finance, capitalism and globalization. However, the trouble has been not so much with the inter-temporally evolved architecture of finance, capitalism and globalization as really with how it was actually worked in practice. The apocalyptic denouement, almost bordering on a veritable global financial and economic nuclear winter, happened not because the existing systems and best practices failed but because those responsible for implementing, and enforcing, them failed them ! After all, of all risks to regulators and regulatees alike, human resources risk is by far the most serious as it is the source of all risks as confirmed by the ongoing financial and economic cataclysm. Effective and credible systems are not about right architecture but about right people for right people can make a wrong architecture work while wrong people can’t make even a right architecture work !  This "right people-wrong people" trade-off is substantively, and effectively, about "ethics-expediency" trade-off, with the overwhelming anecdotal evidence of ‘expediency’ prevailing over ‘ethics’ ! The crux of the matter is what we need is not more, or less, regulation, but good regulation, and governance. This has been the undoing of regulators/supervisors and financial firms/banks alike. But unfortunately broad-spectrum and generic failure of an inertial regulatory and supervisory system worldwide, especially in the West, precipitated the unprecedented global financial crisis and the resulting great recession...Read More

ADB provides US$300mn loan for major road upgrades in Chhattisgarh

The Asian Development Bank (ADB) will provide US$300mn to overhaul more than 900 kilometers of roads in India’s Chhattisgarh state, bringing better access to markets, businesses, social services and education for rural residents. "More than 40% of Chhattisgarh’s 21mn residents live below the poverty line. Low quality roads are undermining the benefits of the state’s rich mineral and coal deposits, holding back new economic opportunities and access to social amenities, especially for minority groups," said Juan Miranda, Director General of ADB’s South Asia Department. Road works will include expanding roads to two lanes, building new sections, and constructing and strengthening culverts and bridges. The project supports Chhattisgarh’s priority investment program to improve more than 8,800 km of state roads. Once the project is completed in December 2017, ADB will have financed upgrades to nearly 2,200 km of the network. Chhattisgarh is rich in timber and minerals, including coal, iron ore, tin, limestone and bauxite. Yet it is one of the country’s poorest states, with one of the lowest standards of living. About 80% of its residents live outside of cities and rely on agriculture for their livelihood. Roads account for the vast bulk of passenger and freight transport in India, but a boom in traffic levels over the past decade has left them struggling to cope. Secondary roads carry about 40% of traffic, but around half of them are in poor condition. Chhattisgarh, in central India, has about 36,000 kilometers of roads, but about 80% of the total network is considered rough, with some sections impassable in the monsoon season. Technical assistance grants of US$1mn from ADB and the United Kingdom’s Department for International Development (DFID) will help improve Chhattisgarh’s road maintenance management capabilities. Along with ADB’s loan from its ordinary capital resources, the Government of Chhattisgarh will provide more than US$128mn, for a total project investment cost of US$428.1mn.

L&T bags order worth Rs10.02bn

Its Power Transmission & Distribution Business bagged orders worth Rs742crores in domestic and international markets. L&T Construction has secured a slew of new orders valued over Rs1002 crores across various business segments in November and till date inDecember2012. Its Power Transmission & Distribution Business bagged orders worth Rs742crores in domestic and international markets. This includes a major order secured in Qatar for setting up of a 220 kV, 515 MVA cable system and for the construction of a 220/66/11 kV substation. L&T has established itself among the major players in the power transmission and distribution sector in the Gulf. On the domestic front, the Company re-affirmed its position as a leader in the ‘EPC’ (‘Engineering-Procurement-Construction’) space by winning an order from the Tamil Nadu Transmission Corporation for a 400 /230-110 kV AIS substation at Kayathar, Thirunelveli and a 230 / 110 kV GIS Substation at Guindy, Chennai. Another turnkey order received from the West Bengal State Electricity Transmission Company Limited involves construction of seven transmission lines of 220 kV and 132 KV at various locations in West Bengal. In addition, L&T Construction has secured orders worth Rs260crores from ongoing projects across various business units.

Punj Lloyd bags order worth Rs5.28bn

NTPC takes up development of captive coal mines to secure fuel supplies

Domestic car sales down 8%: SIAM

Domestic car sales fell by 8.25% to 1,58,257 units in November this year compared to 1,72,493 units in the same month last year, Society of Indian Automobile Manufacturers reported. SIAM also said that motorcycle sales last month went up marginally to 8,67,518 units from 8,67,088 units in November, 2011.

Reports stated that total two-wheeler sales in November, 2012 was up by 1.23% to 11,75,429 units from 11,61,176 in November, 2011. Total sales of commercial vehicles were down by 7.31% to 61,410 units from 66,254 units in the year-ago period, SIAM reportedly said.

Atul Auto November sales up 31%

Maruti Suzuki launches limited edition A-Star Aktiv

To bring vibrancy and excitement to the market, Maruti Suzuki India Limited, has introduced limited edition of A-Star, christened as A-Star Aktiv. The limited edition A-Star Aktiv is available in Vxi & Vxi AT variants. The A-star, which primarily targets the youth, has been launched in this limited edition attractive new avatar to entice its young customers. The A-Star Aktiv is packed with new features and is all set to offer its customers supreme comfort, style & utility that will complement their personalities. The smart and energizing exterior combined with an equally suave and revamped interior will offer a whole new refreshing, trendy & sporty package to its driver. On the exteriors, the A-Star Aktiv sports both Side Body Graphics, Front, Rear and Roof Graphics, A-Star Aktiv Logo, Red ORVM, Red Spoiler, Red Bumper, Bold Back out film on B-Pillar and Bright Red Fog Lampover plate. In the cabin area, the A-Star Aktiv is adorned with new stylish Seat Covers, slick Steering Wheel Cover, Classy Floor Mats, Handy Rear parcel tray, Door Sill Guard and a keyless Security system. The exciting 14 new features on the A-star Atkiv have been valued at an attaractive Rs 14,990. Explaining the outlook on A-star Atkiv, Manohar Bhat, Vice President (Marketing) Maruti Suzuki India Limited shared , "A-Star is one of the most vibrant brands in our product portfolio. Some of its high points such as contemporary styling, dynamic handling and ride quality, best in class turning radius, power, flat torque and superior performance has made A-star a popular choice especially amidst the youth.  The stylish modifications in the A-Star Aktiv are in line with our plans to offer our young and energetic customers a sleeker, more stylish and feature packed A-Star. We are confident that this special edition will bring pride to the select owners who get to possess it...Read More

Mercedes-Benz India signals price hike from January 2013

Mercedes-Benz India today indicated that prices of all its models will be revised upwards effective January, 2013. A constant increase in input costs and unfavorable exchange rates coupled with inflation has posed severe strain on margins. Eberhard Kern, Managing Director & CEO, Mercedes-Benz India commented, "Significant level of cost escalations have been absorbed by us till now, but beyond a point we cannot continue to sustain such levels. We have made substantial investment in our India operations and are responsible for the growth of our employees and dealer partners. We aim for a sustainable profitable growth maintaining our premium appeal and hence, we are going to substantially increase the prices of all Mercedes-Benz cars from January 2013." Mercedes-Benz India carries an investment of Rs 850 crores in its production facility in Chakan, Pune apart from an investment of Rs. 480 crores made by its dealer partners in its network. Mercedes-Benz India currently boasts of the densest network amongst any luxury car maker in India with 72 touchpoints across 31 cities. The company operates two shifts capable of producing 10,000 units annually and locally produces the C-Class, E-Class, S-Class sedans and started the local production of M-Class from October 2012. Mercedes-Benz India also started the operations of its technologically advanced Paint Shop from October, which has a capacity of 20,000 units per annum.

Nissan India plans to increase prices from January 2013

Nissan announced its plans to increase prices across all its vehicle models w.e.f. from January 01, 2013. The price increase is being contemplated to offset the rising input costs and currency fluctuation prevailing in the Indian market. The revision of prices will soften the negative impact and help the company stay competitive. Nissan delivers cutting-edge technology, innovative design and a rewarding experience to all its customers. In India, Nissan has been constantly expanding innovative and exciting product offerings across hatchback, sports car, SUV and sedan segments. Today, Nissan has strongly positioned three locally produced models – Micra, Sunny and Evalia. Nissan products will continue to represent outstanding value within the Indian market.

Honda Motorcycle Scooter India factory installs GEs gas engines

No bailout package for Private airlines under consideration: Ministry of Civil Aviation

Foreign Tourist Arrivals up 3% yoy in November

Foreign Tourist Arrivals ( FTAs) in the country registered an increase of 20 lakh during the November 2012 over the figure of November 2011.Similarly Foreign Exchange Earnings (FEEs) from Tourism during the same period also showed an increase of 22.4%. The following are the important highlights regarding FTAs and FEEs from tourism in India during the month of November 2012.

Foreign Tourist Arrivals (FTAs):

• FTAs during the Month of November 2012 were 6.90 lakh as compared to FTAs of 6.70 lakh during the month of November 2011 and 6.08 lakh in November 2010.
• There has been a growth of 3 % in November 2012 over November 2011 as compared to a growth of 10.1% registered in November 2011 over November 2010.
• FTAs during the period January- November 2012 were 58.99 lakh with a growth of 5.9%, over the same period in 2011, as compared to the FTAs of 55.72 lakh with a growth of 9.4% during January- November 2011 over the corresponding period of 2010.
• Foreign Exchange Earnings (FEEs) from Tourism
• FEEs during the month of November 2012 were Rs.9,723 crore as compared to Rs.7,941 crore in November 2011 and Rs.6,516 crore in November 2010.
• The growth rate in FEEs in rupee terms in November 2012 over November 2011 was 22.4% as compared to 21.9% in November 2011 over November 2010.
• FEEs from tourism in rupee terms during January- November 2012 were Rs.83,938 crore with a growth of 22.1% over the same period in 2011, as compared to the FEEs of Rs.68,721 crore with a growth of 18.8% during January-November 2011 over the corresponding period of 2010.
• FEEs in US$ terms during the month of November 2012 were US$ 1,776 million as compared to FEEs of US$ 1,566 million during the month of November 2011 and US$ 1,448 million in November 2010.
• The growth rate in FEEs in US$ terms in November 2012 over November 2011 was 13.4% as compared to the growth of 8.1% in November 2011 over November 2010.

IndiGo continues to generate healthy levels of profitability

Air India enters into JV with Singapore Airport Terminal Services

In order to comply with the new ground handling policy issued by the Directorate General of Civil Aviation (DGCA) and to meet the competition posed by the new ground handling agencies, Air India has entered into a Joint Venture (JV) Agreement’ with Singapore Airport Terminal Services (SATS) on 50: 50 share holding basis to provide ground handling services to Air India and its client airlines’ flights at Bangalore, Hyderabad, Delhi, Mangalore and Thiruvananthapuram. This JV will enable AI-SATS to earn more profit revenue with their international expertise and Air India will share profits with SATS on 50: 50 bases. Air India has not announced any Ground Handling Policy. The government has issued Ground Handling Policy, which is applicable to all airports in India, including Thiruvananthapuram airport. However, the policy is subjudice in the Supreme Court of India.

IndusInd Bank enhances core banking system

IndusInd Bank has enhanced its core banking system to power the Bank’s exponential growth agenda. Built on new generation technology, Finacle 10.2 enables IndusInd Bank to accelerate innovation and stay ahead of emerging customer demands. By leveraging Finacle, the Bank personalizes offerings, bundles products and enriches its segment-specific product portfolio. Finacle core banking implementation has now been successfully implemented across all branches to facilitate the delivery of state-of-the-art banking services. The Bank is also live on Finacle’s Consumer e-Banking solution since April 2011 and is serving over 180,000 customers through this channel.

Worldwide ECB disk storage market up 3.6% in Q3FY12: Gartner

Worldwide external controller-based (ECB) disk storage vendor revenue totaled US$5.3bn in the third quarter of 2012, a 3.6 percent increase from revenue of US$5.1bn in the third quarter of 2011, according to Gartner, Inc. The third quarter of 2012 was the 12th consecutive quarter of year-over-year revenue growth. "Reflecting the weak global macro economy, revenue growth in the third quarter of 2012 was the lowest annual growth rate over the past seven quarters, down 3.1 percentage points and 4.4 percentage points respectively from the second quarter 2012 and first quarter 2012 growth rates" said Roger Cox, research vice president at Gartner. While not as robust as in the past, the network-attached storage (NAS) segment grew 10.9%. The block-access segment composed of storage area network (SAN) and direct-attached storage (DAS) increased only 1.6 percent in third quarter 2012. The block-access SAN/DAS market segment represented 76.2% of the total ECB disk storage market in the third quarter of 2012. The NAS segment gained 1.5 points of share to represent 23.1% of the total ECB disk storage market in the third quarter of 2012. Four vendors — Hitachi/Hitachi Data Systems, Fujitsu, EMC and NetApp — outgrew the market in the third quarter of 2012 (see Table 1). Hitachi/Hitachi Data Systems' high-end VSP offering exhibited particular strength, while its midrange platforms achieved positive year-over-year growth for the first time in 2012. Fujitsu continued to emphasize its high-end and midrange Eternus brand storage platforms, gaining share in Europe, as well as in Japan. Even in a down market, EMC's broad ECB disk storage portfolio enabled it to realize the greatest year-over-year market share gain. Recovering from a poor performance in the second quarter of 2012, NetApp showed signs of regaining its footing as market traction for its Cluster-Mode Data ONTAP and FlexPod offerings increased...Read More

Worldwide Semiconductor sales up 4.5%; to reach US$311bn in 2013: Gartner

Consumer sales transactions completed on mobile devices will grow by 20%: TCS survey

Consumer sales transactions completed on mobile devices will grow by 20%, as a proportion of overall interactions, between 2012 and 2015 in India, according to research commissioned by Tata Consultancy Services (TCS) the leading IT services, consulting and business solutions firm. The New Digital Mobile Consumer report highlights the criticality of developing a corporate strategy for interactions conducted with consumers specifically through mobile devices. In a similar trend to that seen in sales transactions, customer services and mobile-specific market campaigns will experience substantial growth as a percentage of overall consumer interactions – growing 24% and 23% respectively between 2012 and 2015. The companies reporting the greatest success with digital mobile consumers are those that are quickest to adapt to new platforms such as the tablets. Globally, the leading companies had an average of 25% of their mobile apps designed specifically for tablets; in contrast, the companies with the least success had just 17%. Rapid adoption of multiple mobile devices by both consumers and employees, however, is demanding that mobile strategies evolve further still. Businesses increasingly need applications designed to run on both smartphones and tablets. The leading companies within the study recognise that this strategy allows them to scale out their applications more effectively across user groups and mobile device types. In India in 2012, 30% of companies have apps running on both smartphones and tablets. But this is set increase by 20%, with 36% planned to be usable on both types of devices by 2015...Read More

Supercomputing is a key technology driving future innovations: IEEE

Mobile VAS industries in emerging markets under threat

Infosys ADS starts trading on NYSE

Wipro acquires L.D. Waxsons Group

Wipro Limited announced that it has signed a definitive agreement to acquire 100% shareholding of the L.D. Waxsons Group, a Singaporebased Fast Moving Consumer Goods (FMCG) company for an all cash consideration of about US$144 mn. Revenues on run-rate basis for FY’12 are about US$68 min. This transaction will give Wipro, the leadership position in the facial skincare market in Malaysia and Singapore, expand its presence in China, besides enhancing its market position in other Asian markets. L.D. Waxson Group, headquartered in Singapore, is a leading company with a wide portfolio of brands, including leading skin care brands Bio-essence and Ginvera, and health care brand Ebene. The company has manufacturing facilities in China and Malaysia and a strong footprint in Singapore, Malaysia , China, Taiwan, Hong Kong and Thailand.

Coal blocks allocated to private companies for captive consumption

Coal blocks are allocated to private companies for captive consumption for specified end uses in pursuance Section 3(3)(a)(iii) of the Coal Mines (Nationalisation) Act, 1973. There is no provision for sale of coal from captive blocks. Generally, the modalities of disposal of surplus coal, if any, would be as per the prevailing policy/instruction of the Government at the relevant point of time and could also include handing over such surplus coal to local Coal India Limited (CIL) subsidiary or to any person designated by it at a transfer price to be determined by the Government. Central Bureau of Investigation (CBI) has registered three Preliminary Enquiry cases to investigate the alleged irregularities in allocation of coal blocks to private companies from 2006 to 2009 and from 1993 to 2004 and a Preliminary Enquiry relating to allocation of coal blocks to Government companies. As informed by CBI, in respect of 9 private companies 9 FIRs have been registered and investigation of Regular Cases and the Preliminary Enquiry are underway on priority. Ministry of Coal has also issued Show Cause notices to 8 companies. In case of one company, the coal block was already de-allocated.

Investment in Steel Sector

Inclusion of elected representatives in NMDC

The Minister of Steel, Beni Prasad Verma has said that a proposal of Government of Chhattisgarh regarding the Resolution passed by Chhattisgarh Vidhansabha for inducting three elected public representatives from Bastar Division on the Board of Directors of NMDC and spending 10% of its net profit on the local area development in Chhattisgarh, had been received in the Ministry of Steel. The proposal of the State Government of Chhattisgarh was examined and the State Government of Chhattisgarh has been apprised of the policy guidelines of Government of India and the inability of Ministry of Steel to accept the suggestion of the State Government of Chhattisgarh regarding the Resolution of Chhattisgarh Vidhan Sabha. In a written reply in the Lok Sabha today Shri Verma said, NMDC is a multi-unit, multi-product and multi locational organisation, it is having production units/ operation units not only in Chhattisgarh, but also in other States like Karnataka, Madhya Pradesh, Andhra Pradesh, Jammu & Kashmir and Himachal Pradesh. NMDC already have its offices in Raipur, Nagarnar in Jagdalpur and Bacheli and Kirandul in the Bastar region of the State of Chhattisgarh. There is no proposal at present to open a registered office of NMDC at Raipur.

Coal India outsourced some of its operations to increase total coal production

Coal India Limited (CIL), besides taking up coal production through its own resources, has also outsourced some of its operations to increase total coal production to meet the present demand. Under such situation, responsibility of coal production in a few mines of CIL, have been given to few agencies under long term contract through open tender like Bhubaneswari Open-cast project (OCP) of Mahanadi Coalfields limited ( MCL) and Rajmahal OCP of Eastern Coalfields Limited (ECL). Further CIL is in the process of finalizing document for development of 27 identified projects through outsourcing to enhance coal production capacities during the XII five year plan. Altogether, 27 Mines/Blocks so identified have a total capacity of 136.48 million tonnes per year (MTY). Out of these 27 Mines/Blocks, 12 are Underground mines having 14.42 MTY Capacity and 15 are Open-cast mines having capacity of 122.06 MTY.

RIL agreed for CAG audit of Krishna-Godavari Block: Veerappa Moily

Replying to a question about CAG letter in this regard, the Minister clarified that CAG has not asked Ministry of Petroleum & Natural Gas to withhold approvals to RIL. The Minister of Petroleum & Natural Gas Dr. M. Veerappa Moily informed the Rajya Sabha in a written reply today that RIL has agreed to audit by CAG for block KG-DWN-98/3 for the years 2008-09 to 2011-12 without prejudice to the rights and contentions of the contractor under the contractual provisions. Replying to a question about CAG letter in this regard, the Minister clarified that CAG has not asked Ministry of Petroleum & Natural Gas to withhold approvals to RIL. However, he added, CAG has recommended that pending complete submission of all supporting records by the operators of Panna-Mukta & Tapti (PMT) and KG-D6 relating to expenditure for previous years upto 2011-12 and comprehensive and detailed scrutiny thereof to verify that Government’s financial interests have not been adversely affected in any way, the Ministry may examine all relevant issues closely and carefully before considering the desirability of any further approvals of capital expenditure through the Annual Work Programme and Budget, Development Plans or otherwise, except those of an emergent nature. Dr. Moily further said that the Government have directed the Contractor to provide access to all records, accounts, documents of the block to CAG as per Production Sharing Contract (PSC) and extant legal framework.

Adani Gas to buy 20% stake in Green Gas: Reports

Adani Enterprise’s wholly owned subsidiary, Adani Gas is set to buy a 20% stake in Green Gas. Green Gas is joint venture between Indian Oil Corporation and GAIL India. Adani will buy the shares from IDFC, Aditya Vikram Birla Group and UTI which collectively hold around 50% stake in Green Gas. The officials of the two companies Adani Gas and Green Gas said both the companies are in the final stage of closing the evaluation process. SBI Capital Markets has been roped in evaluate the assets of both the companies. Adani signed a MoU to buy a 20% stake in Green Gas in 2011 but has had issues over asset valuations, Green Gas executives said. Green Gas officials reportedly said that the company is worth Rs. 950mn or 95cr and a 20% stake would cost around Rs. 200mn or Rs. 20 crore. IOC and GAIL India hold around 22.5% each while Uttar Pradesh Industrial Development Corporation owns about 5% stake. Green Gas officials reportedly are unhappy with valuation methodology being used but hope to close the deal by the end of the current financial year. Adani Gas’s officials reportedly are interested in the company as both the companies operate in the city gas distribution (CGD) business in India. Green Gas supplies city gas and Natural gas in Lucknow whereas Adani Gas operates in Ahemdabad. Adani Gas CEO Rajeev Sharma reportedy that they wil merge their assets with Green Gas.The decision to work together has come to avoid any hassle as both the companies operate in the same region. Adani Gas spent around Rs. 65cr to lay down steel pipes and other infrastructurein Lucknow, thecompany had to stop the work midway as it failed to source and was forced tostop work in 2009 by Petroleum and Natural Gas Regulatory Board.

HPCL overseas borrowing plans touch $750mn

Hindustan Petroleum Corporation Ltd. (HPCL), the government controlled oil marketing company (OMC) plans to tap the overseas bond market to raise $350mn, said the reports. The company is already in the process of raising $400mn in the form of external commercial borrowing (ECB) route.According to reports, the bond sale would commence once ECB is completed. The total borrowing plans for the company would touch $750mn after this decision which is the limit set by RBI on borrowings by companies from the overseas route. OMCs such as HPCL are heavily dependent on overseas borrowing owing to the burden on them on account of subsidies burden. Earlier ONGC decided to raise $900mn from bond sales in the international market, in January 2013. It is the first ever bond issue by the company which has huge capex plans. The borrowings would be undertaken by ONGC's foreign wing ONGC Videsh.

Claris Lifesciences enters into JV with Otsuka and Mitsui

Claris Lifesciences Limited, India (Claris) has further elaborated that, with reference to its press release issued on the December 7th, 2012 on the Joint Venture with Otsuka and Mitsui. The entire cash of Rs. 1050 crores will be received upfront on closing of the transaction, which is estimated to be around April-May 2013; subject to regulatory and government approvals and other customary conditions.

Out of the proceeds of Rs. 1,050 crores the company expects to receive net of taxes and expenses proceeds of Rs. 900 crores and plans to utilize the net proceeds towards the following:

• Rs.300 crores for the; organic and inorganic; growth of the Specialty Injectables Business.
• Rs.300 crores towards a special interim dividend or buyback of shares.
• Rs.300 crores towards pre-paying some of the company’s debt.
• The above are subject to regulatory and government approvals, including the Board and Shareholders approvals where applicable.

Provident Housing launches premium affordable housing project at Bangalore

Provident Housing Limited, a wholly owned subsidiary of Puravankara Projects Limited, has chalked out plans to expand its foot print pan-India, while announcing the launch of India’s largest integrated township project in Bangalore. This gargantuan undertaking, ‘Provident Sunworth’, is a 6 million square feet project spread over 60 acres, off Mysore Road, Near NICE junction in Bangalore. The company is embarking on similar initiatives in other cities across the country, including Mumbai and Delhi. Puravankara established the Provident brand in 2008, in response to burgeoning demand for mid-income housing. The proposition is a new concept altogether - ‘premium affordable’ housing. These are premium homes built to sell at affordable prices, following a value-engineering process that reins in costs. The prices are 20-25% lower than the competition with 2 BHK units of 879 sqt. costing Rs. 24 lakhs and 3 BHK units of 1069 sqft. Rs. 29 lakhs, all inclusive. These integrated township projects are equipped with all modern attendant facilities: multiple club houses, swimming pools, gymnasium, walking tracks, landscaped gardens, play areas, super markets et al., encapsulating community living at its best. The Provident proposition has already proved itself in the marketplace; properties such as Welworth City and Harmony in Bangalore and Cosmo city in Chennai have been very well received. Since its inception in November 2008, in nearly 1500 of existence, Provident has sold over 4000 apartments and handed over home keys to nearly 1000 proud owners.

Lodha Developers acquires Washington House for Rs3.41bn: reports

Lodha Developer has acquired Washington House, the three-storey residential building owned by the US consulate on Altamont Road, for Rs 3.41bn: reports Reports stated that Lodha Developer compete with Mahindra Lifespaces and Tata Housing whose bids ranged around Rs 3bn.

The three-storeyed Washington House covers 2,702 square metres, or nearly three-fourth of an acre and is listed as Grade III property and falls under the Coastal Regulation Zone II, says report.

CCI initiates probe against 5 realty firms: reports

Competition watchdog CCI has initiated a probe against five real estate players, including DLF and JP Associates, for alleged anti-competitive practices, according to reports. Corporate affairs minister Sachin Pilot reportedly said that CCI initiated a probe against DLF, Larsen & Toubro, Tulip Infrtaech, JP Associates and Omaxe based on 23 cases filed against the companies The corporate affairs minister further said that 15 cases against real estate firm DLF have been decided, report says.

Kohinoor Square...India’s tallest Commercial Tower comes up at Dadar

The country’s tallest commercial building is all set to come up at Dadar. Kohinoor Group’s landmark Kohinoor Square, a 203-metre tall building, which is currently in the last phase of construction, has bagged the coveted title. The 52-storey diamond shaped iconic tower is strategically positioned at the crossroads of the East-West and North-South axis, at the very heart of the city. The tallest commercial edifice in town offers panoramic views of South Mumbai, the Arabian Sea, the Northern Suburbs and the Eastern Port. The Council for Tall Buildings and Urban Habitats (CTBUH) has certified Kohinoor Square as the tallest commercial tower in India as per their database dated October 31, 2012. The CTBUH is internationally known as the arbiter of the criteria, upon which tall building height is measured. With the second best tower way behind at 187 metres, Kohinoor Square is clearly a landmark for the financial capital of India. Kohinoor Square is the only mixed used development project in Mumbai, offering 40 floors of commercial space, 50,000 sq. ft. of retail space and about 64 residential apartment spaces.

Envisaged by Gkkworks (USA) and SSA Architects, Kohinoor Square ensures sustainable development through Gold LEED rating. The unique structure also incorporates a flagship luxury hotel which rests atop its commercial tower. Targeting HNIs and big business enterprises, the Kohinoor Square is devised to offer a heady mix of luxury offices, high street galleria, magnificent residences, gourmet food and dinning spaces, at the most strategic location in Mumbai. "Kohinoor Square enjoys the strategic location with proximity to Dadar railway station and is close to western and eastern expressways. So, apart from being accessible to people travelling by train, it is also close to the Bandra-Worli sea link and both the expressways," said Mr. Nathan Andrews, Chief Marketing Officer, Kohinoor Square. The building will also have several other features to facilitate a large number of employees. There will be 48 high-speed elevators along with 12 escalators; a car parking that can accommodate over 2000 vehicles with efficient driveways along with an intelligent traffic management system, a spacious lobby, double height landscaped Sky Gardens and double height Terraces with floor to ceiling glazing on every alternate floor to act as tranquil and refreshing breakout zones.

Bharti Airtel's rating unaffected by Infratel's equity offering: Fitch

Fitch Ratings believes that Bharti Airtel Limited's (Bharti, 'BBB-'/Negative) rating is unlikely to be affected by the initial public offering of US$821mn by its 86.1%-owned subsidiary - Bharti Infratel limited (Infratel). This is because the IPO proceeds of US$600mn-US$650mn that Bharti is due to receive will not be material enough to affect a rating change. Fitch believes that cash injection into Bharti from Infratel's offering will help meet, but not fully pay off, an estimated one-time regulatory charge for excess spectrum of about US$700mn-US$750mn. The rating is also held back by a likely lower EBITDA margin of 31% in FY13 (FY12: 33%). Bharti's Negative Outlook continues to reflect Indian regulatory risks and a limited ability to raise tariffs. Further, while Bharti's forecasted funds from operations (FFO)-adjusted net leverage at end-March 2013 is likely to slip to 2.6x-2.7x (FY12: 3.0x), it is still above the agency's positive guidance of 2.5x.

Key regulatory risks for Bharti include a one-time charge for excess spectrum and spectrum re-farming payments - both of which are now likely to be billed in 2013. The spectrum re-farming payments could be significant and will negatively affect Bharti's competiveness and cash flow generation. Bharti lost 200bps of EBITDA margin in H1FY13 mainly due to intense competition and aggressive marketing to regain revenue market share that was lost to competitors. Fitch believes that over-capacity in the Indian telecom sector is unlikely to ease in 2013, and that the market will remain sufficiently competitive to prevent any sustainable increase in tariffs. The agency believes that at most only six telcos can operate profitably in the long term, and that the industry needs to further consolidate to afford higher average revenue per minute - currently the cheapest in the world at Rs. 0.41-0.43 (0.75 US cents). A sustained increase in tariffs and a favourable outcome to key regulatory issues would result in a change in Bharti's Outlook to Stable. Bharti's ratings could be downgraded if higher-than-expected regulatory charges or any M&A activity results in FFO-adjusted net leverage remaining above 2.5x on a sustained basis.

Risks piling up for us multifamily REITs: Fitch

The good times may be subsiding for U.S. multifamily REITs, according to Fitch Ratings in a new report. The sector has thrived over the last few years despite strong macro headwinds. Muted supply and superior access to capital have led to material improvements in both operating and credit profiles of multifamily REITs. However, longer term risks are increasing. 'The current euphoric multifamily environment will amplify the fickle psyche of investors,' said Associate Director Britton Costa. Fitch estimates 80% of the 2009-2011 growth in multifamily demand was derived from declining home ownership. As such, improvements in the single family market will negatively impact apartments. Over time, 'multifamily REIT demand and operating fundamentals will slow down as rents become less affordable and interest in home ownership rises,' said Costa. Also clouding the future of the sector is the uncertainty surrounding the GSEs. Fannie Mae and Freddie Mac have increased their exposure to the multifamily sector by US$76bn over the last five years to offset a similar decline in mortgage availability from traditional lenders. However, there is limited political will to keep the GSEs under conservatorship indefinitely. What's more, none of the banks, life insurance companies or the CMBS market appear willing, nor have the capacity to entirely fill the void.

US CMBS delinquencies down for a sixth straight month: Fitch

Govt and industry must work together to resolve aviation climate impasse: PwC

New analysis by PwC, The Future of Aviation Regulation, highlights the pressure on airline sector officials in the International Civil Aviation Organisation (ICAO) High Level Group, meeting today for the first time. The group is expected to develop recommendations for a global emissions framework to be adopted in October 2013. Failure to do this will leave aviation regulation in turmoil. In November, facing overwhelming international pressure from a coalition of 26 nations - including USA, China, India and Russia - the European Commission proposed a suspension of the EU ETS on international flights for 12 months, pending regulation at ICAO. Despite this, President Obama signed the EU ETS Prohibition Act, making it illegal for US airlines to comply with the EU regulation if it resumes in 12 months.

ICAO is currently considering market-based measures, based around mandatory global offsetting and emissions trading. PwC analysis shows that:

• Continued efficiency improvements in air traffic management, aircraft design and engine technology could account for approximately one-third of the airlines’ reduction goals.
• Incremental efficiency improvements could also come from the imposition of a carbon price such as a global ETS scheme.
• By 2030 the rest of the reduction target could be met by the use of biofuel, provided that the substantial barriers to large-scale production can be overcome.
• Carbon offsets will need to be used between now and 2030, creating a major new source of demand for credits from the Clean Development Mechanism (CDM)...Read More

Europe is facing a challenging credit environment: Moody's

The credit quality of global structured finance transactions in many sectors will be stable in 2013, although, it is declining in several countries in Europe. Performance in very few sectors will improve materially, according to a new report from Moody's Investors Service, "Global Structured Finance: 2013 Outlook: Weakening of the Global Economy Poses the Greatest Challenge to Stable Sectors." Moody's notes that the greatest risks to the otherwise stable performance of structured finance in many countries is the weakening of the global economy and the related fiscal problems of sovereigns and the weaker state of the global banks since the financial crisis. Economic stability underpins the performance of the assets that back structured finance transactions, but different regions face different economic prospects. "The US is on the road to recovery, albeit with weak growth and the risk of a new recession if it cannot resolve its fiscal imbalance," says Andrew Jones, Moody's Director of Research for structured finance. "The rest of the Americas and Asia are relatively stable, but Europe is facing a challenging credit environment, with many countries in recession." Global banks are weaker than before the crisis, limiting the ability of bank sponsors to support structured transactions. "The decline in bank creditworthiness also affects transactions in which they act as counterparties, such as account banks and swap providers," says Moody's Jones. The Moody's report also notes that governmental policies will continue to have profound effects on structured finance.

Asia must close skills gaps, go high tech to sustain future growth: ADB

Asia and the Pacific must overcome skills gaps and scale up technical training to create innovative economies able to generate sustainable, inclusive growth, says a new book by the Asian Development Bank (ADB). "While Asia and the Pacific accounts for almost half of global unemployment, 45% of employers in the region face difficulty in finding suitable talent in their markets," said Bindu Lohani, ADB’s Vice President for Knowledge Management and Sustainable Development. "Countries in Asia will not be able to create sufficient employment unless they address the serious skills mismatches that exist in their labor markets." The ADB publication, Skills Development for Inclusive and Sustainable Growth in Developing Asia, looks at the issues, challenges, and potential measures countries could take to develop the skills needed to promote employment, sustain growth, and improve global competitiveness. The book, co-published with Springer, consists of articles from leading experts and policy makers in technical and vocational education and training. Shifting away from the factory-driven growth model of the past requires a technically adept market-driven labor force able to generate creative, cutting edge ideas and products. However, the book reveals that Asia’s training systems are struggling to fill employers’ needs. Even those with graduate degrees are lacking market-ready technical skills to be absorbed into the workforce. The large informal labor force in Asia is also unable to take full advantage of new opportunities in the modern market economy. In the People’s Republic of China, for example, there is an annual ‘floating population’ of more than 150 million migrant rural laborers who regularly seek jobs in cities, but who lack the training to pursue more skilled work. In India, meanwhile, there are 200 million workers stuck in low productivity jobs, while around 1 million young people are expected to join the workforce every month for the next 20 years. The publication argues that equipping secondary school and university graduates with employable skills requires a shift from academically-oriented learning to demand-driven courses relevant to industry needs. This can be achieved through, for example, credible national qualification frameworks and certification systems and closer links amongst schools, universities, and technical and vocational education providers...Read More

ADB to assist member nations in implementing Islamic finance standards

Asia's future food security hinges on modernization of farm to market chains: ADB

JLR sales up by 14% in November

Jaguar Land Rover sold 29,893 vehicles in the month of November, an increase of 14% versus the same period last year. During the first 11 months of the year, Jaguar Land Rover sold 324,184 vehicles, up 32%. November sales increased in almost every major market with sales up in China (43%), Asia Pacific (26%), the UK (15%) and Europe (12%). In North America, sales were down 7%, reflecting model year changeover effects and increased competitive conditions.  Since the start of the year, Jaguar Land Rover has seen strong sales performance across all of its major markets, with increases in China (73%), Asia Pacific (37%), the UK (20%), Europe (37%) and North America (12%).    In November, Land Rover sold 25,862 vehicles, up 17% compared to the previous year, with increased sales of Range Rover Evoque (39%), Range Rover Sport (3%), Land Rover Discovery (2%) and Freelander (53%). Since the start of the year, Land Rover has sold over 275,000, up 38% compared to the same period last year. Jaguar sold 4,031 vehicles in November (down by 5%) in anticipation of the introduction of the 2013 Model Year XF and XJ model ranges, including all-wheel drive and new engine options, across most markets at the end of the year. In the first 11 months of the year, Jaguar sold 48,908 vehicles (up by 7%) reflecting the strong performance of the Jaguar XF.

JLR signs letter of intent with Saudi Arabia

Kia Motors sales up 6.4% in November

Kia Motors Corporation announced its global sales figures (export sales, domestic sales and sales from overseas plants) for passenger cars, recreational vehicles (RVs) and commercial vehicles for November 2012, recording a total of 234,069 units sold. This figure represents a year-on-year increase of 6.4%. In November, Kia posted a year-on-year sales increases of 13.8% in Korea (44,400 units sold); 13.6% in China (55,300 units sold); 11.7% in North America (46,774 units sold); and 0.8% in Europe* (46,331 units sold). Meanwhile, November sales in general markets* decreased by 7.3% (41,264 units sold). Cumulatively through the first 11 months of 2012, Kia’s global sales have increased by 10.3% year-on-year to reach 2,497,002 units. Europe, North America and China have experienced the highest cumulative gains to date in 2012 of 19.8% (528,666 units sold), 17.6% (592,261 units sold), and 10.7% (458,956 units sold), respectively. Kia’s best selling model in overseas markets for the month of November was the Bsegment Rio (known as ‘K2’ in China) with 37,651 units sold. The C-segment Cerato (known as ‘Forte’ in some markets) was the second best seller with 33,309 units delivered, while Sportage compact CUV, D-segment Optima sedan and Sorento midsize CUV followed with 30,364; 22,153; and 19,107 units sold, respectively...Read More

BMW Group sales up 23.0% in November

The BMW Group experienced growth on all continents in November and achieved another record month in sales. With 170,932 (prev. yr. 138,954) BMW, MINI and Rolls-Royce brand automobiles delivered worldwide, sales were 23.0% higher than in the same month last year. It was also the best first eleven months for the company, with sales up 10.1% compared to the same period last year. A total of 1,664,088 BMW Group vehicles were delivered during this time (prev. yr. 1,510,857), just short of the total number of vehicles delivered in the whole of 2011 (1,668,982). Ian Robertson, Member of the Board of Management of BMW AG, responsible for Sales and Marketing BMW: "Our attractive product portfolio continues to be in strong demand right across the globe and we have achieved another record month in sales. The success of our models proves the strength of our premium brands and that we are building the vehicles people desire. We posted solid gains in many of our markets last month and we aim to continue the momentum. This puts our record sales target for 2012 well within reach and we will once again be the number one premium car company worldwide."

BMW brand worldwide sales increased by 26.4% in November to 145,452 vehicles (prev. yr. 115,106). Sales of the BMW X3 remained strong with 14,653 units delivered last month (prev. yr. 11,397/ +28.6%). The current BMW X3 has been one of the growth drivers for BMW over the past two years, with over 250,000 BMW X3 vehicles delivered to customers since its launch in November 2010. Sales for the current BMW X3 have risen by over 23.0% compared to its predecessor in the same period of time. The BMW X1 continued its momentum with sales climbing by 37.3% to 14,711 vehicles (prev. yr. 10,714). Demand for the BMW 1 Series remained high, with sales climbing 37.3% to 20,914 units (prev. yr. 15,234). Strong gains were achieved by the BMW 3 Series, with sales jumping by 35.7% to 40,700 vehicles last month (prev. yr. 29,998). The new BMW 3 Series Touring contributed to this growth with 7,766 units sold last month, an increase of 35.3% compared to the previous year (5,739). Sales of the BMW 5 Series increased by 28.1% to 30,232 vehicles (prev. yr. 23,607) and demand for the BMW 6 Series continued to be strong with 2,166 vehicles delivered last month (prev. yr. 1,391/ +55.7%). From January to November, 1,388,274 BMW brand vehicles were delivered, which was 10.9% higher than for the same period in the previous year (1,252,202)...Read More

Improved airline performance in challenging environment: IATA

The International Air Transport Association (IATA) announced an upward revision to its industry financial outlook. For 2012 airlines are expected to return a profit of $6.7 billion (up from the $4.1 billion forecast in October). This is expected to improve slightly to $8.4 billion in 2013 (marginally better than the $7.5 billion forecast in October). Industry net post-tax margin, however, will remain weak at 1.0% in 2012 and 1.3% in 2013. Improved prospects for 2012 are being driven by strong airline performance in the second and third quarters. Despite high fuel prices and a slowing world economy, airline profits and cash flows held up at levels similar to 2006 when oil prices were about $45/barrel lower and world economic growth was 4.0%. Historically, when GDP growth has fallen below 2% the airline industry has returned a collective loss. "With GDP growth close to the ‘stall speed’ of 2.0% and oil at $109.5/barrel we expected much weaker performance. But airlines have adjusted to this difficult environment through improving efficiency and restructuring. That is protecting cash flows against weak economic growth and high fuel prices," said Tony Tyler, IATA’s Director General and CEO. The improved performance is most evident in large airlines for which Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) averaged between 10% and 15% of revenue in the third quarter of the year. "It’s a diverging picture. Economies of scale are helping larger airlines to cope much better with the difficult environment than small and medium-sized carriers whichcontinue to struggle," said Tyler. Overall performance has been positively impacted by strong passenger traffic growth (5.3%) and a 3.0% improvement in yields. Despite the slowing world economy business travel was supported by more robust international trade in goods and service. This contributed to a positive picture for both passenger volumes and yields. In sharp contrast, cargo markets have contracted by 2.0% and cargo yields are down 2.0% on 2011 levels. Although world trade is still expanding, the pattern of economic growth – concentrated in the emerging markets – has favored ocean over air freight...Read More

Delta Air Lines acquires 49% stake in Virgin Atlantic

Singapore Airlines has agreed to sell its 49% stake in Virgin Atlantic Ltd to Delta Air Lines. Under the agreement, Delta will pay US$360 million in cash for Singapore Airlines’ entire shareholding in the UK-based airline group. The agreement is subject to regulatory approvals being obtained in Europe and the United States. Subject to these approvals being secured, the transaction is expected to close in the fourth quarter of the 2013 calendar year. Singapore Airlines acquired 49% of Virgin Atlantic in March 2000. The Airline had been evaluating strategic options for the stake for some time, as the investment has not performed to expectations and the synergies the parties originally hoped for have not materialised. The successful completion of the sale will result in a profit being booked in Singapore Airlines’ accounts. Commercial arrangements between Singapore Airlines and Virgin Atlantic, encompassing codesharing, frequent-flyer programme ties and reciprocal lounge access, are expected to remain in place after the divestment.

Etihad Airways named world's leading airline for 4th consecutive year

Rise in Manufacturing in Middle East to boost DCS: Frost & Sullivan

Rising investments in the oil and , gas, power generation, chemicals and petrochemicalsand water and wastewater industries in the Middle East have expanded the regional market for distributed control systems (DCS). The market will gain considerably from the revival of projects that were deferred during the economic downturn and the greater need for power and water due to rapid industrialisation in the region. New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), Analysis of the Middle East Distributed Control System Market, finds that the market earned revenues in excess of USD 700.0mn in 2011 and expects this to cross USD 1.0 billion by 2016. "As the population of the Middle East increases, the demand for power and water will rise concurrently," said Frost & Sullivan Industry Analyst for Industrial Automation & Process Control Practice. "Consequently, the power generation and desalination, and water and wastewater industries are likely to witness significant demand, stoking the growth of the DCS market." Further, the consistently high average price of oil due to increasing global demand and the need to sustain existing oil reserves in the region will compel oil exploration companies to consider more efficient exploration processes. DCS will play a major role in optimising the entire process and enhancing the overall operation. The Middle East DCS market will also benefit from industrial plants' need to replace outdated and inefficient control systems. New systems facilitate better asset management, tighten production cost control, increase process efficiency and productivity, as well as lower labor and raw material costs. Many plant owners are expected to invest in capital/technology such as DCS that allows them to reduce production costs and increase profit margins. "However, the market also has to contend with project delays caused by the political instability in the region," noted Frost & Sullivan Analyst. "Automation vendors have to focus on the Gulf Cooperation Council (GCC) countries namely Saudi Arabia, the UAE, Kuwait, and Qatar, which are politically stable and offer strong potential for growth."

If you are interested in more information on this research, please send an email to Tanu Chopra/ Deepshri Iyer, Corporate Communications, at tanu.chopra@frost.com /deepshrii@frost.com, with your full name, company name, title, telephone number, company email address, company Web site, city, state and country. Analysis of the Middle East Distributed Control System Market is part of the Industrial Automation & Process Control Growth Partnership Services program, which also includes research in the following markets: Analysis of the GCC and Egypt Process Transmitters Market and Analysis of GCC and Egypt Industrial Pumps Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

RIM unveils "gold" build of BlackBerry 10 developer toolkit

Research In Motion (RIM) released the "gold" build of the BlackBerry 10 developer toolkit. The "gold" build includes all of the final tools, components, and APIs that will enable developers to create integrated, social and beautiful applications for BlackBerry 10, and have the confidence that their apps will delight customers at launch.  Native C/C++ and Qt developers can use BlackBerry Cascades to build visually stunning applications that offer deeper integration with core feature elements, such as BlackBerry Hub, than any other mobile platform today. HTML5 developers can use BlackBerry WebWorks to create compelling and rich web applications for BlackBerry 10 devices that deliver native-like performance and take advantage of core integration as well. BlackBerry 10 tools are also available for building with Adobe AIR and porting Android applications to the platform.

Developer Interest Growing

With the BlackBerry 10 launch event less than two months away, developer interest and excitement for the BlackBerry 10 platform continues to grow. Top application developers have already committed to BlackBerry 10 in key categories including games, multimedia, business and productivity, published media and social networking. For example, at the recent BlackBerry Jam Asia conference in Bangkok, RIM showcased over 70 new top application partners and demoed several on the BlackBerry 10 platform including apps from Fox Sports, MTV India, Picstory, Viki Video, and Hot Remit. Over the past few months, developer outlook toward RIM has improved broadly and significantly. According to a recent Pivot Point Research survey commissioned by RIM*, 58% of developers surveyed would recommend BlackBerry 10 as a development platform, a 123% increase from May to October, 2012. The survey also found a steady increase in satisfaction with the BlackBerry 10 platform among developers, growing by 56% over the same period...Read More

Novartis achieves significantly deeper molecular response versus Glivec

The latest results from two Phase III clinical trials further establish the benefits of Tasigna (nilotinib) compared to Glivec (imatinib)* in the treatment of Philadelphia chromosome-positive chronic myeloid leukemia (Ph+ CML) in newly diagnosed patients and in those with residual disease who switched to Tasigna after long-term treatment with Glivec. Findings from both studies were presented in oral sessions at the 54th annual meeting of the American Society of Hematology (ASH) in Atlanta. Two-year results from ENESTcmr showed that switching to Tasigna led to deeper molecular responses** in patients who still had evidence of residual disease after long-term therapy with Glivec. More than twice as many patients treated with Tasigna continued to achieve undetectable BCR-ABL versus Glivec. The difference between groups by 24 months was statistically significant (22.1% vs. 8.7%; p=0.0087) and that difference has doubled since the 12-month analysis. Significantly more patients treated with Tasigna achieved MR4.5 or undetectable BCR-ABL versus Glivec regardless of the BCR-ABL transcript level at baseline. In studies published to date, no patients achieving and maintaining MR4.5 have progressed to advanced stages of CML. "Tasigna should be considered as a leading option for frontline therapy because it allows many patients to achieve deeper responses earlier, which we have associated with improved long-term outcomes," said Timothy P. Hughes, MD, ENEST study investigator, Head of the Department of Haematology at Royal Adelaide Hospital and Clinical Professor at the University of Adelaide, Australia. Also presented at ASH are the results of a four-year landmark analysis from ENESTnd which showed that more than three times as many patients achieved early molecular response (reduction in BCR-ABL transcript levels to =10% at months three and six) with Tasigna as frontline therapy instead of Glivec. The investigators correlated early molecular response with future major molecular response (MMR) and MR4.5, as well as an increased probability of progression-free survival and overall survival. In a separate four-year analysis of efficacy and safety data from ENESTnd also presented at ASH, the difference in the rates of both MR4 and MR4.5 continued to be significantly higher for Tasigna, with the difference in favor of Tasigna increasing over time (MR4: 9-14% difference by one year, 17-24% difference by four years; MR4.5: 6-10% difference by one year, 14-17% difference by four years)7. Overall survival remained similar in all groups at four years, but fewer CML-related deaths occurred in both the Tasigna 300 mg twice daily (n=5) and 400 mg twice daily (n=4) arms versus Glivec (n=13)...Read More

Life of Pi: Spectacular Irrationality

IIFL Rating:

Quite obviously, the accidental mid-sea adventures of the heroic duo – a sixteen year old Indian boy named Pi and his Bengal Tiger named Richard Parker – forms the visually amazing central theme of this movie but some of the peripheral situations are equally delightful.

Prime among them are the opening frames devoted to Pi’s schooling years as narrated by the elder Pi (the indispensable Irrfaan) where we are told about the genesis and irrationality of his mathematical name, his bewilderment over diverse godly institutions, the infatuated pull of his first love in life and of course the tug of war between parental diktats and personal beliefs.

The dialogues are pithy and profound (Like Pi talking of him and the tiger knowing little about the real world having been raised in the same zoo by the same master; or the fag-end regret that Richard parker had no time even for a quick "good bye" glance in their unceremonious parting moments) The film has largely succeeded in showing all possible dimensions of an accidental bond that develops between man and animal as both creatures invest time and effort to survive the odds. Call it transient, call it permanent, the bond remains.

Suraj Sharma as the younger Pi is most impressive in his debut film. At time, his "Sorry Richard Parker" gets monotonous but largely, he’s played the protagonist with natural flair. Even Ayush Tandon scores high as the youngest Pi. Irrfaan of course is inimitably superb as Pi Senior but Tabu is wasted in a trivial part. Adil Hussain is passable as Pi’s dad but his put on accent hasn’t quite worked in favour of the character’s authenticity. Even his artificial limp seems over rehearsed (he should watch Nawaz in Talaash). Rafe Spall is apt for the small but consequential part of the writer scripting Pi’s tale for posterity. Last but not the least, full marks to the Bengal Tiger and few other animals like the Chimp and the Zebra for truly inspired performances – their trainers deserve special accolades.

Life of Pi is not of the same class as Lee’s Brokeback Mountain, yet miles ahead of weird products like "Slum Dog Millionaire" who manage to get Oscars for their flawed India-themes. Hope Life of Pi wins many well-deserved Oscars to quarantine a dubious record, if not set it straight.

3.14 stars to this film as a tribute to the amazing number p, the mathematical constant approximated as 22/7 and fondly called Pi.

5 Weekly positional calls

It's been an eventful week outside the market this week. A host of data and moves by the cabinet have failed to enthuse the market as the indices remained stuck in a narrow trading band.

The government's reform push continued with the Cabinet clearing the proposal to set up the Cabinet Committee on Investment, which will expedite projects over Rs1,000cr by setting timelines for concerned ministries. Cabinet also approved a urea policy that will make the country self-sufficient in fertilizers besides brining in projects to the tune of Rs350bn, reports stated. A 30% cut in the base price of airwaves is among the other decisions taken by the government

Investors turned cautious after the recent run up and other key events like the RBI policy meeting. Markets remained flat despite better-than-expected IIP for the month of October at 8.2%.

WPI for November stood at 7.24%. A moderation in inflation is a pleasant surprise, yet the number is quite high against the RBI’s comfort zone. As far as key data points are concerned the RBI will meet on Tuesday. Globally too various data points will provide some cues on the current state of affairs.

The India Infoline Weekly Wrap keeps you abreast of the markets and arms you for the markets in the coming week. To access the India Infoline Weekly Wrap, just Click Here 

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Leader Speak

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Mr. Pratip Chaudhuri, Chairman, State Bank of India
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Antony Jacob, CEO, Apollo Munich Health Insurance Company Limited
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Mr. Rajesh R. Gandhi, Managing Director, Vadilal Industries Ltd.
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Karan Kapur, Executive Director, Travel Food Services
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Mr. Rajiv Sabharwal, Executive Director, ICICI Bank
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Shashank Joshi, Managing Director, Money-On-Mobile (MOM)
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Kunal Premnarayen, Group CEO, ICS Group
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Paresh Sukthankar, Executive Director, HDFC Bank
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Lata Gwalani, Author, INCOGNITO
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A. R. Ramakrishnan, Managing Director and Director, Essar Shipping Limited
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Suhale Kapoor, Executive Vice President and Co-founder, AbsolutData
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P Ravindra Pai, Managing Director, Century Real Estate
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Jayont R. Sharma, Founder Chairman and CEO, Milestone Interactive Group
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Sanjay Baweja, Chief Financial Officer, Tata Communications
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Nupur Mitra, Chairperson & Managing Director, Dena Bank
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Vikaas Sachdeva, CEO, Edelweiss Asset Management Ltd
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Vimal Kedia, Managing Director, Manjushree Technopack Limited
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Ramesh Ramanathan, Managing Director, Sterling Holiday Resorts (India) Ltd
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Mr. Anant Bajaj, Joint MD, Bajaj Electricals Ltd.
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BVR Mohan Reddy, Chairman and Managing Director, Infotech Enterprises
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Sanjay Chamria, VC & MD, Magma Fincorp Ltd
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R. Shankar Raman, Whole-time Director & CFO, Larsen & Toubro Limited
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Mr. Himanshu Kapania, Managing Director, Idea Cellular Limited
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Telecom Newsletter - December 03 to December 07, 2012 

The fund that protects you from all investment robbers
Never mistake saving for investments otherwise you will be in for a rude shock. You would probably be living in a big delusion because you don’t understand the rules of money...More

Getting acquainted with fixed income ETFs
Fixed income ETFs basically provide regular income, such as interest payments from bonds and dividend payments from stocks...More

Tax planning for your income from house property
The income from a self-occupied property will always be zero or negative—to the extent of interest paid or the specified limit, whichever is lower...More

Micro insurance: Securing the future of low income group
Micro insurance is a kind of a financial service package for poor people that covers their risks by paying a small amount of premium on regular basis...More

Do you know about some unusual insurance policies?
These are unique insurance covers designed for specific individuals and are usually rare...More

Banking Ombudsman: Redressal for customer complaints against banks
The main object of the complaint is to get resolved your problem as earliest. So it is most important to make complaint to appropriate person who will resolve your problem effectively...More

How to file vehicle insurance claims
Increasing number of accidents and incidents of vehicle thefts has made it essential for policyholders to know how to file car insurance claims...More

Protect your property from loss due to fire
In order to get full protection for your property, insurance on reinstatement (replacement) basis is recommende...More

What do employers look for in a candidate?
Integrity is the top most priority for any employer while hiring new hire. No Company will ever compromise on the Integrity factor even if you are the most talented and apt person for the role...More

Political resistance to reforms is big risk factor for Indian economy and asset markets
The ability of the Government to push other financial and non-financial reforms is in serious doubt...More

Know more about home insurance
While buying an online home insurance plan, you need to read the fine print carefully. Make an analysis of what is covered and what is not covered under the policy...More

Online term plan: Simple & cost-effective way to buy insurance
While buying an online term plan, you need to read the fine print carefully. Make an analysis of what is covered and what is not covered under the policy...More

Claiming benefits under EPF & EPS
PF provides various benefits such as pension, loan facility, withdrawal, nomination, etc. However, some of us won’t be aware of the different forms which we need to fill while availing these benefits...More

EDLI: Insurance benefit to employees
Employees’ Deposit Linked Insurance scheme provides for a lump sum payment to the insured’s nominated beneficiary in the event of death due to natural causes, illness or accident..More

An overview of the Australian insurance market
In the international political platform, there is an evidence of increased harmonisation, standardisation and globalisation of the insurance market that provides a fuel for growth within the sector...More

In-person verification for investment in ‘new’ mutual funds
If you have already invested in any particular fund house and now wish to invest in another fund house where you have not invested before January 1, 2012, then you will have to complete the KYC formalities again by filling up the new KYC form implemented after January 1, 2012...More

Tax provisions for investment in mutual funds
Debt MFs have a differential tax treatment compared to equity. While dividends are tax free for equity schemes, they are taxed in debt funds through dividend distribution tax. Similarly, there is no tax on long term capital gains in equity while same is taxed in debt MFs...More

Investors are biggest sufferers of frauds
Fraudulent documentation, multiple funding, non-existence of collaterals and siphoning of funds are some of the areas in which banks have witnessed major incidents of fraud, says Ernst & Young’s India Fraud Indicator report...More

Investing in equity: Common stocks, common mistakes
Many a times, individual rational intelligent persons commit simple mistakes while making investment decisions in common stocks. And market has its own method of finding and exploiting human weaknesses. Mehrab Irani explains some of the most common mistakes which investors commit while investing in common stocks...More

Little known facts about EPF & EPS
EPF withdrawal is not permitted if you are still working. But there are occasions when EPF withdrawal is allowed...More

World Savings Day today
World Savings Day or World Thrift Day was established to inform people all around the world about the idea of saving their money in a bank rather than keeping it under their mattress...More

The A-Z syndrome of NRI taxation
Taxable income of NRI is calculated in the same way as that of resident Indians. The only difference is that a resident Indian is also being charged on the global income, whereas an NRI is being charged only on Indian income...More

NPS Lite: Ensuring old age income for all
NPS Lite aims at ensuring a pension of at least Rs. 1,000 per month based on your contributions and government support under Swavalamban Scheme...More

Simple & safe way to invest in equity
Treat equity investment as a long term one for 10-15 years like your insurance or PPF (or at least as your 5-yr NSC) and you will most probably end up with very good returns...More

XIRR: How to calculate your returns
XIRR is a more powerful function in Excel for calculating annualized yield for a schedule of cash flows occurring at irregular periods...More

Importance of paying premium on time
Remember, if you don’t pay premium every year for five years, there will be a discontinuance charge. Discontinuance charge will not apply to single premium policies...More

What is IRR & how to calculate it?
The internal rate of return is usually used to calculate the profitability of investments made in a financial product or projects...More

Lost share certificate: Steps you should take for issue of duplicate certificates
Read on to know what you need to do to prevent yourself from a financial loss in case you have lost or misplaced your physical share certificate...More

Compounding vs annualised yield
Financial terms are usually difficult for lay investors to understand. It is important for investors to understand these some of these basic terms before investing, Sanjay Matai elaborates...More

What is stamp duty & why to pay it?
Possession is the physical transfer of the property is not sufficient. You also need to have legal ownership. At the time of registration, you will also have to pay a stamp duty which is a government tax levied on property transactions...More

What is a rider?
Riders cover risks that are beyond the scope of the main life policy, resulting in a more comprehensive protection...More

Group personal accident insurance policy
The key benefit of GPA insurance policy is that it provides compensation in the event of death or disability of an insured employee directly due to accident...More

Group term insurance plan
Group term plan provides the employees of a company / firm with a life insurance plan so that their families’ needs are looked after in case an employee dies in an unfortunate event...More

Financial planning for the youth of India
Make sure you start your life after studies on the right financial foot by treating your financial future seriously while you’re still in college, Madhu Sinha explains...More

Hospital Cash vs health insurance policies
While buying daily hospitalisation cash plan, you need to keep an eye on sub-limits, particularly the ones specifying the maximum number of days spent for hospitalisation in a year...More

Terms commonly used in health insurance plan
It serves as a dictionary to help you understand common terms used in health insurance....More

Basic things to check before opening bank savings account
Savings bank account is safe and highly liquid. Besides, we also earn nominal interest on the money saved in our account...More

Beware of the insurance terminology
The wording of insurance contracts is normally difficult for a lay person to understand. Insurers need to make contracts and communication easier for policyholders, Sanjay Matai explains...More

Partners can get depreciation benefits against income
Partners of firms can consider claiming depreciation on assets—in their personal name and used for the firm’s business—against the remuneration and interest income from their firms, Arvind Rao explains...More

Preparing for financial issues after death of spouse
It is important for the individual handling this entire job to not let emotions influence any decision making and a qualified professional can be of immense help in this context, Arvind Rao points out...More

Which one to choose: Growth or dividend option?
In case of growth and dividend payout, number of units remains the same. If your goal is to build wealth to meet your long-term financial goals, then growth option would be the right choice...More

Consumer price index - Measurement rate of inflation
CPI shows increase of prices over a period for certain items of consumption of goods & services. GR Thengdi highlights the factors that are responsible for inflation & effect of inflation on expenditure & saving in next 10 years...More

Know more about health insurance
With medical costs growing at over 10% for four years in a row, the burden of healthcare has become increasingly heavy on the middle class...More

Payment Gateway Systems - Alternative to MasterCard & Visa
Various countries have started opting for alternative payment gateway systems to MasterCard and Visa to save on foreign exchange and transaction costs. In this article Navneet Saxena discusses two of them...More

Myths about financial planning
Financial planning is a strategic and systematic exercise to achieve one’s financial goals, Varun Jani says...More

Simple strategies for investing success
Information empowers you and gives you the extra edge while making investment decisions, Harshendu Bindal explains...More

Importance of life insurance for NRIs
It is also imperative to provide for long term security and achieve financial goals for you and your dependents...More

MWP Act: Make sure your dependents get insurance policy proceeds
To cover your life insurance policy under MWP Act is very simple and inexpensive procedure...More

Check your EPF balance online with e-passbook
E-passbook allows EPF members to download their e-passbook multiple times in a month...More

Stamp duty on transfer of shares
Transfer of shares implies transfer of ownership of shares. In this article, GS Rao points out the provisions of Stamp Act as well as Companies Act...More

What you should know before you sign on for a health insurance policy
Health insurance plays a pivotal role in combating the battle of finances, in case of unforeseen events...More

Are you ‘minding’ your ‘gap’?
Buying life insurance young always makes sense. They not only get it at a cheaper premium but will also imbibe the habit of thrift or regular forced saving, which is so essential for building a good financial plan, Vijay Sinha highlights...More

Common health insurance mistakes
When you are buying a health insurance policy, evaluate what you need and how much risk you can afford to take so that you will not be over/under insured...More

Smoking and term insurance
If your insurer labels you as a smoker, it places you in the smoker risk category. This means your premium will be higher than it is for nonsmokers...More 

Financial advisors: Scripting the future of wealth creation for Indians
Why financial advisors are best suited to guide Indians in their wealth creation journey in a professional manner, Vikaas Sachdeva explains...More

A few steps to ensure that your insurance claim is not rejected
Check all the details on the proposal form thoroughly before you affix your signature on the form, S Mahesh emphasises...More 

Understanding the Budget process
Budget documents are not just numbers. Scrutinising them, one can understand the intention of the government, its priorities, policies and allocation of financial resources, among different regions & industries—which create a sea change in the lives of the people affected by it, Rajkumar Adukia stresses...More

Life insurance during retirement
If an individual wishes to bequeath a part of his estate to any of his loved one’s and wants to ensure the same, then life insurance is a great tool for estate planning, Arvind Rao elaborates...More

Estate planning through living trust
Estate planning is not just writing of Will and getting it probated. We also need to know what is estate planning, why it is important to them and what are options available, Pankaj Kumar Gera highlights...More

How to decide how much health insurance you need
Taking a health insurance policy when younger, simply means, that you get a better deal while paying a lower premium, as you would usually have fewer pre-existing diseases, Suresh Sugathan stresses...More

How to prepare for early retirement
A proper financial plan, regular investment and a constant review of our investments is crucial to achieve our desired financial goal, Varun Jani points out...More 

Asset allocation benefits
A multi manager helps you invest in funds across asset classes from various fund houses and helps you construct a portfolio of schemes, Arvind Bansal elaborates...More

Asymmetry in life insurance selling
The agent is mostly driven by the thought that disclosures of facts of the proposer’s illness in the proposal form could result in declinature of the proposal by the insurer resulting in ‘loss of his commission’. Little does he realise that by doing so, he is failing to cover the ‘risk’ under the life insurance policy for which he gets the commission, CL Baradhwaj points out...More

Ignorance of law: Can it be an excuse?
You are not permitted to plead ignorance as a defense to escape the rigors of law. If it is so, it is very easy for any person can put forward ignorance as a defense though he was aware of the law and its consequences, Sivadas Chettoor explains...More

Options strategy: Get insurance for your portfolio!
For financial planners, options could be a great tool to tide over turbulence in markets when things are uncertain, Vatsal Ramaiya says...More

How to optimise asset allocation?
Many models & techniques can be used to arrive at making tactical adjustment in clients’ asset allocation decisions, Gurpreet Singh points out...More

Merits of global investing
An investment universe that is not restricted to a single country provides investors additional diversification and has the potential to mitigate country-specific risks, Harshendu Bindal explains...More

Is your insurer listening to you?
The Consumer Affairs Department of the Insurance Regulatory and Development Authority (IRDA) has introduced the Integrated Grievance Management System (IGMS) which is an online system for registration and tracking of grievances...More

Underinsurance of properties, a fallacy in saving premium
People take insurance to cover their loss but their dream shatters when they receive much less in claims than their expectations, Dr Som Majumdar explains...More

Debunking 5 life insurance misconceptions
Insurance has numerous benefits that could help you secure your family’s future. Don’t let common misconceptions keep you away from enjoying these benefits, Viswanarayan K stresses...More

Current trends of the general insurance market
Despite there being over 30 players, the market is still under penetrated. In the general insurance sector, the penetration level is just about 0.65%, Dr Amarnath Ananthanarayanan points out...More

Should you opt for mutual funds with free insurance cover?
If the scheme performs well and helps an investors reach his financial goal and the fund house is giving him free insurance till he continues his SIPs, there's no harm in buying insurance-wrapped funds. But there is an exit load on premature withdrawals...More

Jubilant….Dunkin’ building a doughnut culture in India
Among those who attempted to woo the Indians with gastronomical delights has been Domino’s Pizza, brought to India by Jubilant Foodworks (JUBI IN)...More

Health insurance for your parents
Senior citizen health insurance plans are comparatively expensive, but they provide numerous benefits to the senior citizens...More

BMW India announces opening of Navnit Motors in Mangalore
Philipp von Sahr, President, BMW Group India said, As part of our vision for sustainable growth, BMW India is committed towards the development of a BMW dealer network of international standards at all important commercial centers across the country...More

Convocation 2012 at Amity University
The ceremony commenced with the procession being led by the band from CRPF...More

Team from Thailand declared winners of 9th Yamaha ASEAN Cup Race 2012
The 9th Yamaha ASEAN cup race had contestants compete with each other in two categories- MT Class & AT Class. Each Class comprised of both Novice Riders and Mixed Experts...More

Lenovo announces C-Series All-in-One PCs
Up to 1 TB HDD allowing users to hold up to 250 HD movies, 320,000 photos or 200,000 songs...More

Juvalia & You India brings Autumn Winter 2012 collection
Colours are a gift of nature. Capture shades of a magnificent sunrise through Juvalia & You’s coral collection or a picturesque sunset through the turquoise collection...More


Promart opens store at Dwarka with Neha Dhupia
The store houses an extensive range of kids wear, ethnic wear; casual and formal wear for men and women...More

Aamby Valley City & Hotel Sahara Star announced performers for Glitterati 2013
The performances this year will include scintillating performances by the dashing Arjun Kapoor, the beautiful Parineeta Chopra, the versatile singer Mika Singh and the sultry Anjana Sukhani culminating in a celebration to remember...More

Jeswill Hi-Tech Solution launches eTouch Pen
This plug and play gadget converts any laptop or desktop monitor running on the Windows 8 operating system into a touch screen. The scratch free pen enables comprehensive experience of every feature with just a touch, tap, drag or slide...More

Maruti Suzuki launches limited edition A-Star Aktiv
The A-Star Aktiv is packed with new features and is all set to offer its customers supreme comfort, style & utility that will complement their personalities...More

Tara Jewellers launches MYRA Collection in its Jabalpur Store
Vishnoiji lit the lamp and unveiled the brand new jewellery collection along with India’s leading supermodels Deepti Gujral and Shamita Singha who dazzled in jewellery by Tara Jewellers...More

Dress up your iPad mini with stylish Belkin accessories
The products are aimed at personalizing the product experience for its users. The stylish yet protective cases around the iPad mini will be available in the Indian market from today and will be priced at Rs. 1699 onwards...More

M3M India launches M3M Woodshire on Dwarka Expressway
In an attempt to address individual and collective needs of the society in premium community living, M3M Woodshire has been strategically priced in the range of Rs 1 crore to Rs 2 crore...More

Sony Music brings together Rahul Sharma and Deep Forest
The intriguing album titled ‘Deep India’ will bring alive a fusion between traditional Indian symphonies by Rahul Sharma and electronica by Deep Forest...More

Go Tech unveil funTab Class 9.1" inch Android Tablet for Rs. 7999/-
funTab Class boasts of the latest Android operating system 4.0.(Ice Cream Sandwich) and the fastest 1.5 Ghz processor in the 9.1" category...More

Leela Palace Udaipur announces luxurious packages with exciting inclusions

The elegant and contemporary interiors of each of the 72 spacious rooms and 8 lavish suites are embellished with traditional art and artisan crafts inspired by the rich cultural heritage of Rajasthan...More 

Rekha debuts as ‘CAPTAIN’ for SNICKERS
SNICKERS’ upcoming TVC is an award-winning global campaign ‘You’re Not You When You Are Hungry’...More

Other Lifestyle News 

HTC announces 3-yr deal with UEFA

This winter season pamper your skin with "Medimix Facewash"

12-12-12 sees online shopping boom in India

Ion Exchange launches Revolutionary ‘Zero B Eco RO’ Water Purifier

ESPN STAR Sports ends 2012 with record haul of creative awards

Suzuki "Like It to Win It" contest winner rides Swish 125

HISTORY TV18 presents Hurricane Sandy Relief Concert on 12-12-12

NDTV Car & Bike Awards are back with their 8th edition

Super Idols in special series on IBN7

Zebronics unveils powerful tower speakers

Take the phone but not the data, please!

Edenred unveils new look of its flagship brand of vouchers

Manual scavenging and social inclusion highlighted on UN Human Rights Day

Airtel joins Great Online Shopping Festival

FashionAndYou gears up for Great Online Shopping Festival by Google on 12.12.12

INDIAreads.com celebrates 12.12.12

Pepe Jeans London introduces AW12 collection "Academy"

Everest Industries wins SAP Ace Awards for Customer Excellence, 2012

Fitness Fight Club brings White Collar Bouts to India

FOODFOOD now on Tata Sky

eAgeTutor launches ‘Bol India English Bol’ Program, Learn English on Telephone

PVR Pictures to release movie in India on February 01’ 2013

ISB announces new Management Programme for Family Business

Beat winter colorful way with Mineral

M3M India launches M3M Woodshire on Dwarka Expressway