Downturn...FY13 GDP seen at 5%

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the advance estimates of national income at constant (2004-05) and current prices, for the financial year 2012-13. These advance estimates are based on anticipated level of agricultural and industrial production, analysis of budget estimates of government expenditure and performance of key sectors like, railways, transport other than railways, communication, banking and insurance, available so far. The advance estimates at current prices are derived by estimating the implicit price deflators (IPDs) at sectoral level from the relevant price indices. The salient features of these estimates are detailed below:

ADVANCE ESTIMATES OF NATIONAL INCOME, 2012-13

Estimates at Constant (2004-05) Prices

Gross Domestic Product

Gross Domestic Product (GDP) at factor cost at constant (2004-05) prices in the year 2012-13 is likely to attain a level of Rs.55,03,476 crore, as against the First Revised Estimate of GDP for the year 2011-12 of Rs. 52,43,582 crore, released on 31st January 2013. The growth in GDP during 2012-13 is estimated at 5.0 per cent as compared to the growth rate of 6.2 per cent in 2011-12. The sectors which registered growth rate of over 5 percent are ‘Construction’, ‘trade, hotels, transport and communication', 'financing, insurance, real estate and business services', and 'community, social and personal services'. There may be slow growth in the sectors of ‘agriculture, forestry and fishing’ (1.8%), manufacturing (1.9%) and electricity, gas & water supply (4.9%). The growth in the mining and quarrying sector is estimated to be (0.4%).

Agriculture

The ‘agriculture, forestry and fishing’ sector is likely to show a growth of 1.8 per cent in its GDP during 2012-13, as against the previous year’s growth rate of 3.6 per cent. According to the information furnished by the Department of Agriculture and Cooperation (DAC), which has been used in compiling the estimate of GDP from agriculture in 2012-13, production of foodgrains is expected to decline by 2.8 per cent as compared to growth of 5.2 per cent in the previous agriculture year. The production of cotton and sugarcane is also expected to decline by 4.0 per cent and 6.5 per cent, respectively, in 2012-13. Among the horticultural crops, production of fruits and vegetables is expected to increase by 3.5 per cent during the year 2012-13 as against 5.1 percent in the previous year.

Industry

The manufacturing sector is likely to show a growth of 1.9 per cent in GDP during 2012-13. According to the latest estimates available on the Index of Industrial Production (IIP), the index of manufacturing and electricity registered growth rates of 1.0 per cent and 4.4 per cent, respectively during April-November, 2012-13, as compared to the growth rates of 4.2 per cent and 9.5 per cent in these sectors during April-November, 2011-12. The mining sector is likely to show a growth of 0.4 per cent in 2012-13 as against negative growth of 0.6 per cent during 2011-12. The construction sector is likely to show a growth rate of 5.9 per cent during 2012-13 as against growth of 5.6 per cent in the previous year. The key indicators of construction sector, namely, cement production and steel consumption have registered growth rates of 6.1 per cent and 3.9 per cent, respectively during April-December, 2012-13...Read More

Estimated GDP rate is disappointing: PMEAC

Concerns about India’s current account deficit

Doubling of food production crucial before 2020: RBI

RBI Governor while unveiling the quarterly monetary policy expressed concern over the contrarian behaviour of food inflation which moved into double digits in December 2012, ‘reflecting both cyclical and structural factors’. During the period even though headline inflation rate fell to 7.2%, food inflation remained high, revealing the critical need to focus on agriculture should the nation want to follow a growth oriented easy money policy. In fact the experience of the last two Five Year Plans reveals that for the Indian economy to grow at 9%, it is important that agriculture should grow at least by 4% per annum, all of which will not be volume growth.

This will take more than 17 years to double the production. In order to double food production in the next 8 years we must grow at an annualised compounded rate of 9%. This aim cannot be achieved unless India adopts targeted policies and practices on war footing. Given the fact that India is still struggling to accommodate the global developments in the food and agricultural sector of 1970s, a lot of time travel is needed to reach the milestone of doubling food production in less than 10 years.

The nation will have to work at farm system-based solutions including use of advanced technologies from improved seeds through breeding and with beneficial biotechnologies, to irrigation technologies, to agrochemistries for soil nutrition, insect protection and weed management, mechanization, improved agronomic practices, effective post harvest management tools, amongst others in the future. The global markets are evolving.

Farmers are already combining conventional practices with modern technologies and improved practices. Rising consumer demand and a changing climate need us to leverage knowledge-based research and development capability to develop new choices. With food, feed, the farm and farmer at the core. Tomorrow is for those who are determined to survive. The future belongs to new products, new processes with the goal to customize and personalize the products.

Focus will be on improving crop productivity, functionality, enhanced shelf-life, safety and quality of food. For example, globally the seed and technology industry alone invest more than US$ 3 billion annually in R&D to develop new solutions. Similar amounts are invested by other agriculture inputs industries to develop products that are immensely beneficial to the farmers...Read More

India’s economy has slowed substantially: IMF

It will take India some tough decisions and several years before it can think of going back to a growth era of 8 per cent and more, says IMF. India’s economy has slowed substantially, and its growth rate is expected to decline further in the coming year for a range of domestic reasons including lower infrastructure investment, say IMF economists in their annual report of India’s economy. "With policy space strictly circumscribed because of high fiscal deficit and elevated inflation, the economy is in a weaker position than before the global financial crisis," the IMF said in a statement Gross domestic product will climb 5.4% in the 12 months through March 2013, and 6% the following fiscal year, IMF reported. IMF also stated that Inflation will ease to 7.2% by March 2014 from 7.8% in March this year, while the budget deficit may be 5.6% of GDP this fiscal year, above the government’s 5.3% goal, it added.

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

Source: Economist

Air pollution leads mothers to have smaller babies across the world: study

A worldwide study has shown that pregnant mothers exposed to air pollution emitted by vehicles and coal power plants, are significantly more likely to have smaller babies. The study, the largest of its kind ever performed, analysed data from more than three million births in nine nations at 14 sites in the UK, Europe, North America, South America, Asia and Australia. Publishing in the journal Environmental Health Perspectives, the researchers found the higher the level of pollution, the greater the rate of low birth weight. Low birth weight is associated with serious health consequences, including increased risk of prenatal death, as well as ill health and chronic health problems in later life. Professor Tanja Pless-Mulloli, who led the UK study at Newcastle University, said: "As air pollution increases we can see that more babies are smaller at birth which in turn puts them at risk of poor health later in life. "These microscopic particles, five times smaller than the width of a human hair, are part of the air we breathe every day. What we have shown definitively is that these levels are already having an effect on pregnant mothers."

In the UK, Newcastle University researchers used records from the city going back over 50 years. Allowing for socio-economic status and occupation, they were able to correlate the amount of particles in the outdoor air to the birth weight of children. Low birth weight is defined as less than 2,500 grams or 5lbs 8oz. Professor Pless-Mulloli added: "The particles which are affecting pregnant mothers mainly come from the burning of fossil fuels. In the past the culprit may have been coal fires, now it is primarily vehicle fumes. "Currently in some parts of London we see around 40 units of particulate air pollution and in Newcastle it is around 20 units but going back to the 1960’s we saw around 700 units of air pollution. While much has been done to improve air quality, this study shows we can’t be complacent as we’ve shown that clean air is really important for the health of our newborns." The international study was led by co-principal investigator Tracey J. Woodruff, PhD, MPH, Professor of Obstetrics and Gynecology and Reproductive Sciences at the University of California, San Francisco along with Jennifer Parker, PhD, of the National Center for Health Statistics, Centers for Disease Control, USA. In the study the researchers noted that nations with tighter regulations on particulate air pollution have lower levels of these air pollutants...Read More

Stem cells is no hype but it is a better hope: Experts

Harvard University team studying the Kumbh Mela

A multidisciplinary team of over 50 faculty, staff and student researchers from Harvard University traveled to Allahabad, India in January 2013 to document and analyze the processes involved in the successful functioning of the Kumbh Mela, the world’s largest religious festival that occurs every twelve years, lasts 55 days, and draws millions of visitors to a temporary, purpose-built tent city on the banks of the Ganges and Yamuna.

This year-long interfaculty project is coordinated by the South Asia Institute at Harvard University and the Harvard Global Health Institute, as part of their focus on Urbanization. The brief below highlights the multi school research, touching upon interdisciplinary issues across a number of complementary fields – urban studies and design, religious and cultural studies, environmental science and public health, technology and communications.

Religion and the Humanities:

Professor Diana Eck led a group of graduate and undergraduate researchers who studied aspects of the Kumbh Mela related to religion and the environment. Professor Eck and her students visited several akharas (Hindu religious organizations), including the Juna Akhara, one of the oldest such organizations in India. Research topics included: the ritual use of flowers and their environmental impact at the Kumbh Mela; diversity of sacred trees; the Ganges River—both its pollution and the effects of dams; the relationship between faith and science; religious performances at the Kumbh Mela, including lilas or playfulness, as part of the rituals; the Green Kumbh movement; and the various religious groups and their identity at the Kumbh Mela.

Urbanism at the Kumbh Mela:

Professor Rahul Mehrotra led a team of graduate student researchers whose goal was to map the Kumbh Mela. At the macro level, students documented the spaces at the Kumbh Mela using two- and three-dimensional media, including plans and sections, diagrams, perspectives and aerial photography and film. The team explored two complementary conditions: (1) the physical structure of the settlements, including the hierarchy of residential sectors, the attribution of spaces for public amenities, the location and organization of infrastructures, and the proximity of these spaces to the Sangam, the confluence of the holy rivers; and (2) the temporal, fleeting events that define the festival in a much more ephemeral way, including the routes that the pilgrims take between different parts of the city, the moments of bathing, and the nighttime celebrations. Among other issues, the group is exploring how these two parts function together, and how the systems that emerge can be applied to sustainable urban design in other nations and contexts. At the micro level, the team commenced documentation of the design and construction of the individual akharas and the temporary settlements of the pilgrims who reside at the Kumbh Mela for the 55 days of the festival.

Business at the Kumbh Mela:

There were two teams of researchers from Harvard Business School at the Kumbh Mela. The first team has been engaged in a clinical study of the structure and governance of the Kumbh in order to understand how large scale urban infrastructure can be deployed in reasonably short order. The output for this research will be a series of articles and case studies focused on distilling implications for public policy and management. The second team is conducting an econometric study of the formation of networks and groups in large scale, diverse, and reasonably inchoate settings. The study uses primary data collected in real time during the weeks of the Kumbh, as well as a proprietary cell phone usage dataset...Read More

Give Gen Next a value system more enriched than what we inherited

I deem it a great privilege to be able to address such a distinguished gathering in such a distinguished school. Privilege - not because I stand in America's most elite university; privilege - not because I stand in front of some of the finest and brightest brains in the world, privilege - because I stand in front of a group who have the capacity and opportunity to transform processes and the very thinking of people. I am conscious as I stand before you that I address a group who will wield tremendous influence on the future of the societies they belong to and who will emerge as future leaders. I say this as many who have passed from this School are indeed very distinguished leaders in many countries of the globe. I consider getting an opportunity to interact with such a group, an honour. Immediately after my college education, I joined the Indian Civil Service and have been a bureaucrat all my life. A bureaucrat, according to a definition is: an official who works by a fixed routine, without exercising intelligent judgment. Frank Hubert in his science fiction novel, 'Heretics of Doom', says "bureaucracy destroys initiative". He elaborates by saying that there is little a bureaucrat hates more than innovation, specially innovations that produce better results. Adjectives like rigid, negative, close minded, unresponsive are routinely attributed to us. So how is it that after spending 40 years in this supposedly rigid, red-tape ridden system, I stand before you with the confidence that I can call upon you to address precisely those attributes which we are not committed to doing. I do so, with the confidence of my personal experience of a rewarding career in government. I firmly believe that the attributes ascribed to us are bogeys. They are red herrings.

Governance in government is, exercising power and taking decisions on behalf of people. The well-being and development of this group of people in the village, city or country, depends upon the choices made by the people granted this authority. It is easier to misuse or not use this authority. Good governance, according to the United Nations, is when its authority and institutions are accountable, effective and efficient, transparent, responsive, equitable and inclusive and follow the rule of law. In the present age, governance has assumed such critical proportions that it appears too important to be left only to the government. The stakeholders in governance have expanded beyond the executive, legislature and judiciary to civil society, social organisations, media and the public. Apart from the base expanding, each new stakeholder has become very vociferous and demanding. It is in this context that I propose to discuss with you the role of the public auditor...Read More

All is Well….being stress-free during exams

Handling exam stress is an extremely important task. The stress starts right from getting the time table and rushing through the syllabus to extreme anxiety bordering on panic just before the exams. Why are some exams so important? This phenomenon occurs as a result of multiple intricate factors and events. Competition is considered an important reason for building stress. Usually the impression is that it’s too tough out there, that the better marks we get, the better prepared we are to face the world. Has there ever been a time in history when competition did not exist? Indeed, anyone with an out of the box attitude has virtually no competition but their own set of challenges and goals. Sometimes competition is positive too, it keeps one going and drives to give the best. Another dominant factor which emerges is the belief that success in exams is necessary for future growth. The personal aspirations have also risen with the higher standard of living. The world around us is perceived as extremely materialistic and hence the role of success has never been as critical. However success is considered as only good marks or a high corporate position. Yet another trend is to follow your heart and choose what you like. But this attitude is not without multiple risks. Following your passion will give immense satisfaction but not necessarily appropriate financial support. Shunning parental advice is fashionable but in most cases, they are the best judge of the child’s capabilities. Parental expectations are perceived as mixed lately. Today parents are more aware and accepting of newer career options. Whatever is the cause however the level of stress has being rising alarmingly among students.

Handling this important yet critical phase would require definite preparedness.

Start early: Doing bit by bit over a period of time would mean patience and perseverance. One has to start early and continue the efforts over a period of time. Summarization and revision helps with understanding of concept as well as in recall during examination.

Planning: Looking at the larger picture and organizing the tasks can take the stress out. It also gives a feeling of being in control of the situation. It helps to break the task into smaller achievable short term goals. However one has to be realistic about one’s own during goal setting.

Do it now: Procrastination or pushing the task indefinitely is a common trait. This increases the stress and leads to overload during exams. Setting priorities is a must especially close to exams. Everything else can wait.

Effective study skills: Learning is the highest function of human brain. It requires mobilization of entire processing unit to perform adequately in situations like examination. Not able to remember during the examination is the biggest fear for any student. Memory can be strengthened by building associations, repeated exposure by revisions or some salient feature related to the task. Pneumonic helps while learning points in a long answer. Flow charts or diagrams help in visual memory and recall later.

The right attitude: The most effective way of deal with stress during examination is still the positive attitude. A proper road map to reach your goal is needed for sustaining optimism. Parents should help with positive encouragement and support during this period.

In summary, exams are not the be-all and end-all of life. They are just a part of the overall learning process, and though doing well in exams is important, there is so much more to life that contributes to an individual’s overall growth. Doing what you are best at along with a positive attitude, old fashioned hard work and good time management is THE MANTRA for success during exams.

All the best!

INDIA INC. REPORT CARD

M&M Q3 net profit at Rs8.36bn

Mahindra & Mahindra Ltd has posted a net profit of Rs. 8361.90 mn for the quarter ended December 31, 2012 where as the same was at Rs. 6621.50 mn for the quarter ended December 31, 2011. Total Income is Rs. 108485.20 mn for the quarter ended December 31, 2012 where as the same was at Rs. 84496.00 mn for the quarter ended December 31, 2011.

Q3 F2013 – M&M + MVML results

The growth in the profits of the company despite the relentless increase in material costs is due to a good volume performance by Automotive Sector and tight control on expenses. In the Passenger Utility Vehicle segment, the Entity sold 70483 vehicles in the current quarter - a growth of 36% over the numbers sold in Q3 last year. All the products of the entity’s UV portfolio continued to do well. The entity also expanded its UV portfolio with the launch of Ssangyong Rexton which is positioned as a premium SUV. Rexton has received an enthusiastic response from the market. The Entity continued its leadership position with a market share of 47.9%. In the Cars segment, the Entity sold 3814 Verito Cars. The Entity also exported 6500 Vehicles in the current quarter. The domestic tractor industry registered a moderate growth in the current quarter with sales growing by 3.9% over Q3 last year. In the current quarter, the company sold 62522 tractors under the Mahindra & Swaraj brands as against 62342 tractors sold in the same period last year. The company’s market share during the quarter was 41.5%. The company exported 2459 tractors in Q3. The engine business revenue grew by 11.0% to Rs. 222.1 Crore in Q3 F2013 against Rs. 200.1 Crore in Q3 last year.

Cognizant; Sun Pharma; Tata Chemicals; Manjushree; Suryalakshmi Cotton Mills; LT Foods; ACC; Tilaknagar Industries; Bhartiya International; Singapore Airlines; LT Foods; Aanjaneya Lifecare; Nucleus Software; Aurobindo Pharma; Jubilant FoodWorks; Jyothy Laboratories; Sanofi; Ambuja Cements; PC Jeweller; Subex; AstraZeneca Pharma; Tribhovandas Bhimji Zaveri; Welspun India; Jammu & Kashmir Bank; Bank of Baroda; D-Link (India); OnMobile; Berger Paints; Surya Roshni; Balaji Amines; S. E. Investments; Helios and Matheson; BS; Jain Irrigation; IRB Infra; Tech Mahindra; Cipla; Godrej Industries; Accelya Kale; Apollo Tyres; Ballarpur Industries; BP Q4 Operating; J.B. Chemicals

We have increased investment in education: PM

Following is the text of the Prime Minister, Dr. Manmohan Singh’s address at the inaugural function of the Golden Jubilee celebrations of the Kendriya Vidyalaya Sangathan, in New Delhi:

"I am very happy to participate in this inaugural function of the Golden Jubilee celebrations of Kendriya Vidyalaya Sangathan. Let me begin by extending my very warm greetings and felicitations to the teachers and students of Kendriya Vidyalayas, and the staff of Kendriya Vidyalaya Sangathan (KVS). Beginning with 20 Regimental schools at the time of its establishment in 1963, KVS now administers about 1100 Kendriya Vidyalayas, spread over all parts of our vast country. It imparts education to about 11 lakh children and employs more than 46000 people. The organization has discharged its responsibility of providing quality education to the children of transferable Central government employees with great distinction. Its journey of 50 years has indeed been a very rewarding one. I congratulate all those who have enabled KVS to contribute so handsomely to the processes of nation building. It must be a very heartening thought for all those associated with the KVS that there is tremendous demand for additional Kendriya Vidyalayas in different parts of our country. And admission into the existing schools is extremely competitive. This is a pointer to the high standards of teaching that the KVS system has maintained. I understand that the students of Kendriya Vidyalayas have consistently performed well in the examinations conducted by the Central Board of Secondary Education. Not only this, these schools have also been conscious of the need for personality development of their students by emphasizing on their participation in extra-curricular activities.

I am particularly happy to know the proportion of girl students in Kendriya Vidyalayas being 43 percent, and that women constitute the majority among teachers of the KVS system. A good number of Kendriya Vidyalayas are now located on the campuses of Defence and Paramilitary establishments. This helps in taking care of the educational needs of the children of Defence and Paramilitary personnel, whose arduous duties often leave them little time for their families. Our government has always recognized that India can emerge as a modern, progressive and prosperous country only when our citizens have access to good quality education. We know that our country is a young country and we can reap the demographic dividend only if we have an educated and skilled workforce that would help our economy to expand and become more productive. Ever since our government came to power in 2004, we have laid special emphasis on education. We have increased investment in education on an unprecedented scale. We have rapidly expanded access to education. We have worked to improve the quality of teaching to enable better learning outcomes. We have endeavoured to ensure that students from the weaker sections of our society and the less developed regions of our country also get adequate access to educational opportunities. Today, access to Primary Education in our country is almost universal. The Right to Education Act ensures that every child in our country has the right to eight years of Elementary Education. The Mid Day Meal scheme, which provides hot meals in schools to about 11 crore children every day, has contributed to improved retention outcomes in our schools. But, the standard of teachers and teaching is not up to the mark, and learning outcomes are far below what we want them to be. Drop-out rates in schools remain high after the elementary level. Some major concerns relating to equity also remain to be addressed.

As we move forward in tackling these challenges in the 12th Five-Year Plan, Kendriya Vidyalayas can help in a major way in setting standards and benchmarks for schools that are situated in the area around them. This is one of the roles envisaged for Kendriya Vidyalayas in the 12th Five-Year Plan. They should act as role models for neighbourhood schools, mentoring them and sharing best practices with them. I would urge the KVS system to find ways and means of effectively fulfilling these expectations. I am very happy that KVS has taken a number of new initiatives to keep pace with the rapidly changing realities around us. These include use of Information Technology in imparting education, exchange programmes for teachers and students with foreign countries and teaching of foreign languages. These are all commendable steps that would help Kendriya Vidyalayas in improving their standards. But much more needs to be done as KVS strives towards excellence. I would expect KVS to embrace change boldly wherever it is needed, particularly in the use of modern techniques and technology. I would like to end by wishing the KVS family all the very best for the future.  I am sure you will use these Golden Jubilee celebrations to also reflect on how you can further improve upon your already distinguished record. May God bless your path."

New Levels of education are new challenges but also new opportunities: PM

Agriculture Minister asks States to utilize 25% RKVY funds on livestock

Agriculture and Food Processing Industries Minister Sharad Pawar today called upon States to allocate at least 25% of resources available under Rashtriya Krishi Vikas Yojana (RKVY) for livestock and fisheries sector. States are allocating around 18% of RKVY funds to this sector at present. Addressing State Ministers and senior officers on animal husbandry, dairying and fisheries in a national level Conference, Shri Pawar also informed that the Department of Animal Husbandry, Dairying and Fisheries has proposed reorientation of its schemes in order to provide more flexibility to States in formulating projects/interventions to address major challenges facing the sector taking into account local conditions.  Stressing further the need for strengthening this sector, he said, "Efforts need to be stepped up to effectively utilize the funds allocated to the States under the National Mission for Protein Supplements (NMPS). The States which are yet to get even first installment under NMPS during current year may take urgent remedial action for release and utilization of allocated funds."

Potential of livestock and fisheries sector

Speaking of the importance of this sector, the Minister said, "…with 128 million tonnes of milk production we are the largest producers of milk in the world. With 8.6 million tonnes of fish production, we are the second largest producer of fish in the world. We have world’s largest livestock population accounting for about half the population of buffalos and 1/6th of the goat population. Last year we achieved a phenomenal growth of over 13% in the meat production. Overall the sector contributes to more than 32% of agricultural GDP and has potential to grow faster in view of growing demand for animal protein from the consumers. The livestock sector acts as insurance in stabilising the farm income in the event of a natural calamity like drought." Pawar also gave details about the strategy to be adopted in the XII Plan to increase production of dairy, animal and fisheries products. These would include implementing the National Dairy Plan, with aim to increase the annual milk production to the level of about 180 million tonnes by 2021-22. This will be achieved by increasing milch animal productivity by scientific breeding and nutrition programme supported by effective control of animal diseases.  "In order to meet the growing demand for milk, the incremental annual production will now have to rise annually to an average of 6 million tonnes per year over the next 10-12 years, as against an average increase of about 3.5 million tonnes per year over the last 10 years. Of course, in last five years we have been achieving per year increase of 5 to 5.5 million tons per year and thus the target in front of us is definitely achievable," the Minister said. Introduction of high yielding as well as hardy breeds, expansion of artificial insemination of milch animals, prevention and control of animal diseases, making fodder and feed available in sufficient quantities, and providing credit and fish-seed to fishermen are some of the planks of the strategy mentioned by the Minister...Read More

Ministry of Agriculture promotes newfarm mechanisation

India has tough EMF Radiation Standards: Milind Deora

India is one of the very few countries in the world having the toughest EMF Radiation Standards not only for Mobile Towers but also for Mobile handsets from 1st Septemebr’12. This was stated by Milind Deora, Minister of State for Communications & Information Technology while addressing the consultative committee meeting of the ministry. The subject of the meeting was Electro Magnetic Field (EMF) Radiation from Mobile Towers & Handsets. The Department of Telecom gave a presentation on the subject, through which members was informed that based on the recommendations of the Inter Ministerial Committee constituted by DoT in the year 2010, the limiting reference levels of Electromagnetic radiation from Mobile Towers has been reduced to 1/10th of the limit prescribed by the ICNIRP with effect form 01.09.2012. It was also informed that the committee has also recommended adoption of Specific Absorption Rate (SAR) limit to 1.6watt/Kg (averaged over 1 gm of tissue). Thus, all new designs of mobile handsets are to comply with the SAR level of 1.6 Watt/Kg averaged over a mass of 1 gram tissue w.e.f. 1st September, 2012. During the presentation if was also stated that the issue of health hazards from the radiation of mobile phone towers/networks has been in the lime light for quite some time. In this regard, several studies have been conducted in different countries, under the aegis of World Health Organization (WHO). There is no conclusive scientific evidence of adverse health effects due to RF emission from mobile phone towers. The scientific studies have been unable to find a direct link between exposure of Radio Frequency radiation and health related issues. Since the effects on human beings are to be studied over a long period of time, further studies are going on around the world.   Members of Parliament attending the meeting raised a number of issues. A large number of members were concerned with the health hazards of electro magnetic radiation from mobile towers and handsets, and also the effect on flora and fauna, especially birds. One member stated that some environmentalists are saying that the egg of the sparrow is not hatching due to this radiation. It was also suggested that the ministry should have a study undertaken as to whether mobile networks and vanishing species of some birds are co-related. A member also enquired as to whether those operating walkie-talkies were taking clearances from the environment ministry. Members also suggested that the ministry must prepare a plan of study as to whether any mutations could occur as a result of these radiations. Concerns were also raised about radiation levels of imported sets, especially those coming in through the gray market.

Term liability can ease funding strains in Banks, boost liquidity : India Ratings

India Ratings says that the widening mismatches in banks’ funding will continue to put pressure on systemic liquidity and keep money market interest rates elevated. The growing refinancing pressure is ultimately reflected in the current inverted-to-flat yield curve, which, together with sticky inflation, discourages long-term savings and may dilute transmission of monetary easing. The cumulative negative funding gap in the one-year bucket for government banks increased to 17% of assets in March 2012 from 4% of assets in March 2002. This was partly due to an increase in short-term deposits; for example, deposits less than one-year have grown to 50% of deposits from 29% of total deposits for government banks during this period. The impact on systemic liquidity has been fairly dramatic – the banking system has changed from being a net lender in the money market during the early 2000s to being a borrower now. Raising long-term liability to reduce the funding gap can provide a sustained remedy, particularly as loan tenures may not reduce in the short to medium term. Apart from refinancing lines from nodal agencies and debt capital instruments, banks can also raise long-term senior bonds to the extent of their infrastructure funding. Large banks enjoy easy access to long-term investors such as insurance and pension funds and are well placed to tap this market. Senior bonds are rated at the same level as the bank’s Issuer Long-Term rating and are not notched like loss-absorbing hybrid capital...Read More

FAO Food Price Index remains unchanged in January

The FAO Food Price Index held steady at 210 points in January 2013 after three straight months of decline. Increases in oil and fats prices offset lower cereals and sugar quotations while dairy and meat values remained substantially unchanged. The pause in the Index's decline tallies with a significant upward revision in FAO's latest forecast for 2012 world cereal production. This is now estimated at 2 302 million tonnes - 20 million tonnes up on December's forecast. FAO's monthly Cereals Supply and Demand Brief noted that the revision mostly reflects adjustments to maize production estimates in China, North America and the European CIS countries. But even at the new level, global cereal output would still be 2% down on the 2011 record crop. Early prospects for 2013 cereal production point to increased world wheat output. Contributing largely to this prospect is an estimated 4 to 5% increase in the area under wheat in the European Union, where weather conditions have also been generally favourable so far. But in the United States, the outlook is less favourable. Despite an estimated 1% increase in winter wheat plantings and prospects for spring wheat areas to expand, severe drought conditions continue to plague the southern Plains, where the condition of crops is reported to be very poor. "Given the tight supply situation, weather remains an important determinant of prices. For several cereals, production needs to increase significantly this year in order to avoid unexpected price surges," said FAO Senior Grains Economist Abdolreza Abbassian...Read More

New Equity and Reforms help Indian Banks' Basel III goals: Fitch

Equity-raising by Indian banks in the last couple of months is the first step in the sector's transition towards Basel III requirements, Fitch Ratings says. As the sector enters the phase of transitioning into the Basel III-based capital regime (April 2013- March 2018), the banks need stronger access to the capital market to support growth and to meet the higher capital requirements being phased in. New investor-friendly reforms could support this if these trends continue. The fresh capital raised by private banks should fund credit growth and give the banks an early start in meeting the Basel III requirements. IndusInd Bank issued INR20bn in December 2012, improving its Tier 1 ratio to 14.85% at end-2012 (including nine months of profit). Axis Bank boosted its equity base by 20% through an INR55bn capital placement in January 2013. The banking system needs a strategy to achieve Basel III compliance - despite the transitional requirements being largely back-loaded, with over three-quarters of the additional regulatory core capital arising in 2016-2018. The Reserve Bank of India estimated additional capital requirements for private banks to be Rs. 200bn-250bn (US$3.6bn-4.6bn). For the state banks, the estimate of the government's share is Rs. 880bn-910bn (USD16bn), assuming public ownership is maintained at current levels, of which Rs. 125bn (US$2.3bn) was injected into 10 public sector banks in January. The capital position for state-owned banks is underpinned by the government's commitment to maintain a minimum 8% Tier 1 ratio. The government now has an additional source of funding for the banks, as amendments made in January 2013 allow the National Investment Fund to use proceeds from disinvestments. For the year-ending March 2013, Rs. 300bn (US$5.5bn) of divestments are targeted. But the government banks still need to access the capital markets to source their remaining Basel III needs (Rs. 520bn-590bn (US$9.6bn-10.8bn), according to the RBI) from private investors, and would need to start preparations for this. Private banks with better credit metrics are likely to find it easier to access equity capital markets. But changes to the competitive landscape from the much-anticipated issuance of new banking licences could increase demand for capital. Raising private equity could prove challenging for state-owned banks, as they typically have weaker internal capital generation than their private peers. Those with weak asset quality and funding profiles are likely to be the most constrained.

India commitments encouraging, delivery, growth still key: Fitch

No impact of proposed economic reforms: BluFin

The Blufin Consumer Confidence Index (CCI) of India for January fell by 1.8 points to 38.0, indicating growing pessimism among Indian consumers. Data reveals weak sentiment about future employment conditions with resultant expectations of lowered household income contributing to the decline. The January number is slightly lower than the pre-festive season sentiment index score of 38.2 recorded in October 2012. 

The pessimism is accentuated by the dip in the Future Sentiment Index by 1.7 points to 34.7, well below the Current Sentiment Index, which declined by 2.2 points to 46.0 in the month of January.

Suggesting measures to arrest the falling consumer confidence, Rashid Bilimoria, CEO, BluFin said, "The CCI trends are signaling the urgent need to instil confidence again among consumers through policy reforms aimed at improving economic growth conditions. With Inflation is moderating, hard-hitting policy reforms aimed at restoring growth momentum would be the only recourse for improving employment and income conditions thereby lifting consumer sentiment." Except for the Inflation Sentiment Index, which rose 0.7 points to 23.9, the remaining two subcomponents of the BluFin Consumer Confidence Index of India, Employment and Spending, weakened further by 0.5 points to 43.9 and 0.9 points to 23.4 respectively in January. The Inflation Sentiment Index improved marginally for the second month in a row. The findings are in line with the current monetary policy reforms as announced by the RBI in January. The Spending sentiment index is at its lowest since January 2012. The major factor contributing to the fall was the rising discomfort about borrowing witnessed in Indian consumers. This is a gauge for measuring consumer willingness to spend on discretionary goods backed by bank credit. The prolonged high inflationary period has had an eroding effect on disposable income and its impact on demand would persist for some time. Rising pessimism around employment conditions reflects the prevailing economic growth woes faced by the country.

Urgent need to bolster investor sentiment in the roads sector: CII

Roads sector, one of the leading torch bearers for infrastructure development in the country has been marred by significant downturn. The exit of major developers such as GMR and GVK from crucial road projects lays credence to the waning private sector interest in the sector. In wake of this, it becomes imperative to bolster the investors’ sentiment in the sector through well laid out policy measures, particularly facilitating easier equity transfer for investors. CII supports the recent initiatives taken by the Government but a far greater understanding and cooperation is required amongst all ministries remarked Mr. Chandrajit Banerjee, Director General, CII. Till the last year, the Road sector has been at the core of infrastructure development in the country bringing in significant investment from the private sector. However, in recent times, investor interest in the sector has suffered a precipitous decline. A significant downturn in the economy that has affected future traffic growth prospects, rising commodity prices, high interest rates, delays in land acquisition, delays in environment and forest clearances, mid-stream changes to scope and delays in settlement of claims have severely limited the investors’ capability and their participation in the upcoming projects. The departure of major developers such as GMR and GVK from high profile road projects reflects declining private sector interest in the sector.

The situation has been aggravated by stringent equity transfer guidelines which lock development capital in the project SPVs and lenders’ reluctance to lend in face of wide ranging coat and time overruns. It has become critical to reinvigorate the growth momentum in the prestigious, flagship infrastructure development programme through well directed policy measures. CII has consistently argued the need to derisk the sector by speeding up land acquisition and environmental consents. It appreciates recent efforts by NHAI to substantially complete land acquisition before launching the tenders. This should give comfort to lenders and investors. It also supports NHAI’s efforts to speed up the environment clearance and the forest clearance process. The proposal to delink Forest clearance from Environment clearance process is a step in the right direction. So is the waiver from Gram Sabha approval as required in the Forest Rights Act. These efforts need to result in concrete steps on the ground. It requires a greater understanding between NHAI and MoEF and co-operation at all levels to facilitate timely grant of approvals. Given the lack of developmental capital in the country, it is imperative that the government should consider allowing complete exit to investors in older concessions as has been permitted in the new MCA. This has also been recommended by the B.K. Chaturvedi Committee. This will allow early stage investors to plough back the released equity into the sector and will facilitate entry of long-term investors.

Mobile Self-Service tools can increase service provider net promoter scores: Amdocs Survey

Amdocs, the leading provider of customer experience systems and services, announced the findings of a global consumer survey that explores the link between proactive care tools, customer satisfaction and call center traffic. The survey revealed that the vast majority of customers would recommend their service provider to family and friends if they received relevant, proactive notifications from their provider and had simple self-service apps on their mobile device. Conducted by leading analyst firm Coleman Parkes, the survey found that in addition to helping to increase customer satisfaction, the measures could also decrease call center traffic. "The Net Promoter Score, or NPS, is the industry-standard measure of customer willingness to recommend, and is directly correlated to customer satisfaction, retention and service provider profitability," said Ian Parkes, Director and Co-Founder at Coleman Parkes. "The survey shows that the provision of proactive care and self-service apps would be a highly effective strategy for helping service providers to increase their NPS and reduce the burden on the call center. But, according to our study, consumers feel that service providers need to improve the online experience with a more consistent and personal service."...Read More

Restructuring of loans rise to 4.7% in FY12: CARE Research

The slowing credit growth can primarily be contributed to 1) weak economic growth/activity, 2) risk-aversion trend of banks on stressed mid/large corporate (deteriorating asset quality – rising NPA/restructuring), and 3) uncertain political milieu with respect to land acquisition/environmental clearances reforms (leading to cancellations/delay in project loans). CARE Research expects restructured advances to be in range of ~Rs. 3.8trillion - 4.0 trillion in FY13e v/s Rs. 2.3trillion in FY12 on the assumption of 1) CDR representing 50% of total restructured and 2) the balance being, restructured through bilateral mechanism. Restructuring is expected to remain elevated up to 1HCY13 on account of 1) deteriorating interest servicing capability of large/medium/SME industries, 2) delayed project approvals/clearances resulting into cost escalation, and 3) policy paralysis with respect to reforms/investments climate. However, some key policies approval/reforms, aggressive rate cut by RBI (though lower prospect), and considerable recovery (lower probability) are downside risk to our assumption above.Restructured assets (as % of advances) grew sharply by 40bps sequentially to 5.9% in Q2FY13 (5.4% QoQ) led by 1) mounting stress in large/mid corporate advances, and 2) continued challenging business environment in SME sector. CARE Research expects the current stress in the industry to persist up to 1HCY13 due to 1) higher input costs (suppressed margins), 2) Sluggish global/local demand, and 3) uncertain local political scenario. We believe that the economic revival will be U-shaped (prolonged as against the V-shaped revival seen in FY09-10) due to this economic structure (i.e. low growth/high inflation/low IIPs/high twin deficits).

Restructuring on Rise: the trend so far…

Restructuring to gross advances ratio of Indian banking system reached a record high of 4.7% in FY12 as against 2.73% in FY09 driven by spurt in bilateral and CDR cases due to 1) companies’ inability to meet their debt obligations due to high interest cost regime and 2) sluggish domestic and global economies. Metals (Iron & steel), infrastructure, textile, construction and aviation have been the major contributor for increased restructured advances. We observe that bilateral restructuring, on an average, accounts for ~75% of total restructuring and balance 25% is CDR cell during FY08-12. CARE Research estimates the proportion of bilateral & CDR to be ~50% & 50% respectively in FY13e. Historically, incremental bilateral restructuring has fallen as a proportion in case of a slowdown in the economic activity (as witnessed in FY10 where proportion of bilateral shrunk to 62% v/s. 97% in FY09). CARE Research estimates the restructuring amount to be in the range of ~Rs. 3.8 – Rs. 4.0trillion in FY13e. As per RBI study, the banking industry witnessed a monstrous restructured advances growth at 58.48% in FY12 with a CAGR growth of 42.54% during FY09-12. This surge in restructuring was driven by various industry segments primarily due to aggressive lending during FY08-11 and global/local economic downturn...Read More

Credit rating agency cannot offer fee-based services: SEBI

Market regulator SEBI (Securities and Exchange Board of India) said that a credit rating agency cannot offer any fee-based services other than credit ratings and research to its rated clients, while its regulations would apply to ratings of all kinds of securities, bank facilities and services. The regulator on Wednesday has expressed its views in this regard in an ‘interpretative letter’ sought by SME Rating Agency of India Ltd (SMERA) under the regulator’s informal guidance scheme. SMERA also provides other services such as risk rating of industrial clusters, validation of rating models, code of conduct assessment for various institutions, due diligence exercise, etc. These services are consultancy/ advisory and/or not credit rating of any security issued by any entity, the guidance note added. SEBI circular dated March 1, 2012 regarding "Guidelines for Credit Rating Agencies" states that the requirements pertaining to rating process and methodology and its records, transparency and disclosures, avoidance of conflict of interest, code of conduct, etc, shall also be applicable to rating of other securities / instruments and loans / facilities provided by banks which are not regulated by SEBl but are being used by the other regulators or their regulated entities.

With regard to the interpretative letter, SMERA had said that it has been engaged in assigning entity ratings such as rating of SMEs, green field and brown field ratings, green ratings, ratings of maritime training institutions and micro finance institutions. These ratings are purely private in nature and non-regulatory, i.e. they are not governed by any of the regulatory norms of SEBI, RBI and other regulators, SEBI said in the interpretative letter. SME Rating Agency of India Ltd (SMERA), promoted by Small Industries Development Bank of India (SIDBI) and Dun & Bradstreet Information Services India Pvt Ltd (D&B) in association with public, private sector and foreign banks, is a credit rating agency (CRA) registered with SEBI under the SEBI (Credit Rating Agencies) Regulations, having a paid-up equity share capital of Rs. 14.87 crore comprising of 1.48 crore equity shares of Rs. 10 each...Read More

SEBI extends subscription period for RGESS

RBI to consider gold import curbs

The Reserve Bank of India on Wednesday has released final Report of the Working Group to study the issues related to gold imports and gold loan NBFCs (non-banking finance companies) in India.

Key Recommendations of the Working Group:

a. Macro Issues

There is a need to moderate the demand for gold imports considering its impact on the current account deficit. A combination of demand reduction measures, supply management measures and measures to increase monetisation of idle stocks of gold need to be put in place.

i. Demand Reduction Measures:

• Fiscal measures to reduce the gold imports may be revisited;
• Better documentation of gold deals and ensuring a better tax treatment of gold is important;
• There is a need to design innovative financial instruments that can provide real returns to investors, i.e., inflation indexed bonds;
• Need to convert both rural and urban demand for gold into investment in gold-backed financial instruments through dematerialisation of gold;
• There is a need to consider introducing new gold-backed financial products to unlock the hidden economic value in the idle gold in the economy;
• Introduction of products like Gold Accumulation Plan, Gold Linked Account, Modified Gold Deposit and Gold Pension Product may be considered;
• Careful evaluation of regulatory issues in introducing the proposed gold-backed products is critical;
• Differential pricing of banking services and finance for gold imports may be considered;
• Bank finance to purchases of gold bullion may be prohibited;
• Preferential treatment accorded to gold imports in the procedures, etc., may be reviewed;
• There is no strong case to exempt Metal Gold Loans from the Base Rate stipulations;

ii. Supply Management Measures:

• There is a need to recycle considerable domestic scrap gold;
• Banks may continue their role as nominated agencies in gold imports;
• But, limits on the volume and value of gold to be imported by banks may be considered, if required under extreme situation;
• Consider imposing export obligation on bulk gold importers;
• Idle gold reserves of gold exchange traded funds (ETFs) may be put to productive use;
• Introduction of tax incentives on instruments that can impound idle gold may be considered like introduction of gold bonds;
• Authorities may consider setting up of a Gold Bank. This institution can pool the idle stocks of gold besides undertaking several other functions including providing refinance. In this regard, a Concept Paper on Bullion Corporation of India is also enclosed;

iii. Measures to expand monetisation of gold:

• Banks may expand their gold jewellery loan portfolio to monetise the stocks of idle gold;
• There should not be any curb or limits on advances against gold jewellery and gold coins by individuals;...Read More

Banks should not grant advance for purchase of gold: RBI

RBI may reduce proportion of banks’ bond holdings

Credit to MSME to be extended by Rs. 38bn in FY14

RBI allows primary dealers to trade in corporate bonds

Banks to issue less number of cheque books for free: RBI

Skills shortage epidemic threatens business growth prospects: Grant Thornton

Businesses around the world are reporting a skills shortage epidemic that is weighing on growth prospects, according to new research from the Grant Thornton International Business Report (IBR). Almost four in ten (39%) businesses around the world are struggling to recruit the right people, with a lack of technical skills cited as the primary problem (64%). The concern is that a lack of talent will dampen business productivity, ultimately threatening future growth and profitability. The findings for India state that it takes about an average of 96 days for an organisation to recruit skilled workers. The primary challenge faced by 76% Indian businesses is the shortage of technical or specific skills. The other challenges are shortage of general employability skills such as team work, communications etc faced by 65% businesses followed by lack of applicants and required work experience faced by 61% businesses respectively. A business is nothing without its people. A great team with average plan will be far more successful than an average team with a great plan. The best people increase productivity, save an organisation time and money, and ultimately grow the business. So in the long-term, business leaders need to be confident that their own training programmes will be able to deliver talent sustainably." The reported shortage of technical skills is as much an issue in developed as emerging economies. It is cited by 61% of the BRIC businesses and 65% of their peers in the G7. A lack of both work experience (56%) and qualifications (54%) are also mentioned. One in four business leaders (21%) cite restrictions on immigration. The impact of these workforce issues on business growth prospects is evident: the IBR reveals that more than one in four businesses (28%) expects their 2013 expansion plans to suffer as a result of skills shortages, rising to more than one in three in the BRIC economies (36%). This has dropped from 35% globally pre-financial crisis when employment levels were much higher – particularly in mature economies...Read More

Total value of M&A and PE deals was US$ 1.15 bn: Grant Thornton

Kotak Mahindra Bank acquires business loans portfolio of Barclays India

Kotak Mahindra Bank Ltd. (KMBL) announces that it has acquired the business loans portfolio from Barclays Bank PLC, India Branch and Barclays Investment and Loan (India) Ltd. The acquisition is in line with KMBL's strategy to add value to its existing business lines as it strengthens its business loans portfolio. Paul Parambl, Head - Group Strategy, Kotak Mahindra Bank said, "The strategic intent behind this acquisition is to further grow our business loans portfolio for chosen client segments. Business loans are an important element in our segmented offering. This acquisition also gives us a very good set of customers who can be offered our entire suite of banking products. We have an appetite for further acquisitions which can strategically create value for us and will actively seek such opportunities," With this acquisition, KMBL will gain access to approximately 6,000 business loan customers, with a total loan outstanding of about Rs7bn. All these acquired loans are classified as "Standard loans" as per current RBI guidelines.

Cash Management companies partner to form Cash Logistics Association

MetLife India, PNB complete partnership agreement

MetLife, Inc on Monday announced that MetLife India has completed a partnership agreement with Punjab National Bank (PNB). Under the agreement PNB obtained a 30% ownership in the company. MetLife India will now be known as PNB MetLife India Insurance (PNB MetLife). PNB is one of the oldest and leading banks in India and is trusted by customers for over 100 years. It has a vast distribution reach, with over 5,900 branches and serving over 70 million customers across the nation. MetLife India has been operating in the country since 2001 and with this partnership, has significantly expanded its insurance business. In May 2012, MetLife announced a strategic plan to drive shareholder value, including increasing its business in emerging markets to become 20% of operating earnings by 2016. "This partnership is an important step forward in delivering on our strategy to grow our business in emerging markets," said Steven A. Kandarian, chairman, president and chief executive officer of MetLife, Inc. "As a dynamic emerging market, India is an important growth opportunity for MetLife, and we are proud to be partnering with an outstanding financial institution such as PNB."

"This partnership reinforces our commitment to India and our goal of becoming a top-tier life insurer in the country," said Christopher Townsend, president of MetLife Asia region. "We look forward to working with PNB to bring our products and capabilities to India to help customers achieve financial security." K.R. Kamath, chairman and managing director, Punjab National Bank, said, "This is a fine example of a public-private partnership and a significant milestone in the 117 year history of the bank. MetLife has more than 140 years of experience, and is a leading global provider of insurance products. Partnering with MetLife will give us access to global products and the risk management expertise of MetLife. We are very pleased that with this partnership, PNB will be able to offer a full suite of financial products to our customers, including life insurance, under the new brand PNB MetLife."

Federal Bank revises Interest rates on Foreign Currency Deposits

Federal Bank has hiked interest rates on Foreign Currency Deposits in Euro for all maturities. For deposits in US Dollars and British Pounds the increase is brought in for various maturity buckets ranging above 2 years. 

For Japanese Yen, the rates stand increased for maturities between 3 years and 5 years.

The above rates are effective from 01/02/2013.

Table of existing and revised rates:

Why take a personal accident policy if you have a term cover?

Acting wisely, Mr. X has been planning his finances ever since he started earning. On the recommendation of his financial advisor, he took a term life insurance policy to secure his dependent wife and children against financial adversity in the event of his demise. He also took indemnity health insurance plans for each family member for protection against medical exigencies. Unfortunately, Mr. X meets with an accident leading to severe fractures which incapacitate him for a year. Whilst the health insurance suffices for a part of the hospitalization expense, Mr. X is forced to dig into his savings to meet the remaining treatment expenses. More importantly, with the only bread-earner unable to work for a year, the family faces severe difficulty in making ends meet. What could Mr. X have done to avoid this dismal situation? An answer to this would be personal accident insurance. While term insurance provides for the family in case of death of the insured, it does not take into account the financial needs of the family if the insured is disabled, temporarily or permanently, thereby affecting the earning capacity. Thus, a personal accident policy can fill an important gap in one's insurance portfolio, helping the insured's family to continue leading a normal life despite the loss of income. Personal accident policies provide security to the family in case of death as well as in the event of disablement of the insured, at affordable premium rates. While basic policies only cover death and permanent disability, there are enhanced covers available which also cover minor incidents like a small fracture due to a fall from a bike or a minor injury while playing a sport, which do not require hospitalization. For those who have loans to repay, a personal accident cover can be instrumental in helping to meet the liability in case earning ability is affected due to disablement. Personal accident polices are also available as riders with term insurance. However, it is advisable to go for a standalone policy as they provide a wider range of benefits. For instance, a life insurance company would not provide for hospitalization expenses with its personal accident rider. Moreover, personal accident policies are competitively priced, making the premiums affordable. For e.g., for Rs. 10 lakh PA cover, the premium would be approximately Rs. 450/annum. However, one's occupation plays an important role in determining the premium one pays. This is because insurers categorize occupation into different risk levels and charge premiums accordingly...Read More

IRDA releases exposure draft on risk based solvency approach

The Insurance Regulatory and Development Authority (IRDA) has released an exposure draft on risk based solvency approach. The regulator has proposed a lower solvency margin for insurers, at 145% against 150% currently, after including a risk charge. IRDA said the expert committee constituted to suggest the road map to move to Solvency-II norms was in the process of deliberations. Insurers are required to maintain sufficient assets to discharge the liabilities that arise from their business so that the interest of policy holders is protected. The terms of reference include the study of RBC approach of the advanced countries like USA, Japan, Singapore etc; study of solvency II approach followed by some of the Indian life insurers and draft Solvency II requirements. Further, the committee advised to suggest the methodologies of Market Risk arising from Interest rate risk, equity risk, property risk, spread risk and concentration risk. The Committee is in the process of deliberations to suggest the road map. Irda said the requirement would be applicable from 2013-14 and a certificate needed to be furnished on March 31, 2014. It has proposed to impose a risk charge for debt investments of insurers. According to the Irda (Investment) Regulations 2000, a majority of funds need to be invested in government securities and approved investments, and no risk charge is imposed on insurers who invest in riskier instruments...Read More

IRDA to review micro-insurance product norms

High NAV guaranteed plans under IRDA lens

Foreign Universities to receive direct Indian rupee student payments

Western Union Business Solutions, a unit of The Western Union Company, today announced a new service that will allow universities and higher education institutions around the world to accept tuition payments in Indian Rupee. Over 200,000 Indian students study abroad each year, making India the second largest market for international students in the world after China. Indian students who choose to study abroad grew by over 250 percent between 2000 and 2009, with overall numbers increasing from 53,000 to more than 189,000 during that period.  According to a recent study, the United States, United Kingdom and Australia are the top three destinations for Indian students.2 Indian students who go abroad are typically invoiced in the currency of their university (e.g. US dollars, euros) which often makes the payment process cumbersome and expensive. In many cases, intermediary fees impact the final amount received by the university so the students still owe money before commencing their studies. Western Union’s new service will enable participating schools and universities to offer Indian students the option to pay tuition fees in their home currency. It will be offered by Weizmann Forex and Paul Merchants Limited, the two largest Western Union Agents in India. Both Weizmann Forex and Paul Merchants Limited will make this product available to students at multiple locations across the country. Students will also be able to pay from their homes by calling a toll-free number and requesting a house visit. In that instance, a trained representative of Paul Merchants Limited or Weizmann Forex will come to the student to collect the relevant documentation and arrange INR settlement on behalf of the university.   Western Union Business Solutions enables businesses, colleges and universities of all sizes to send and receive international payments and manage foreign exchange in more than 135 currencies, creating unique solutions tailored to suit their FX needs. Institutions are supported by a network of trading offices, strategic banking relationships and a global clearing network. Universities use the cross-border payments service for study-abroad programs, student refunds, and for professors or recruiters traveling worldwide.

India Ratings affirms Tirupati Sugars at ‘IND B’/Stable

India Ratings has affirmed Tirupati Sugar Limited’s (TSL) Long-Term Issuer rating at ‘IND B’. The Outlook is Stable. The agency has also affirmed TSL’s INR605m long-term loans (reduced from INR650m) at Long-Term ‘IND B’. The affirmation reflects the company’s timely commissioning of its enhanced capacity of 7,000 TCD (3,500 TCD earlier). Increased capacity lead to revenue increasing 4.4% yoy to INR1,629m in FY12 (9MFY13: INR1,097m). The ratings also reflect an improvement in TSL’s operating EBITDA margin to 15.1% in FY12 (FY11: 8.3%) due to lower input costs and increased operational efficiency. Improved profitability resulted in an improvement of financial leverage (total adjusted net debt/op. EBITDA) to 6.2x (11.4x) and net interest coverage (op. EBITDA/ net interest) to 3.4x (3.2x).  Although interest coverage is likely to come down in FY13 with the impact of full interest amount expensing as TSL had capitalised some portion of interest in FY12 due to the on-going capex, any decrease in interest coverage will be at levels commensurate with the current ratings. The ratings remain constrained by cyclical nature of the sugar industry coupled with high working capital requirements for the company. The ratings are further constrained by the un-integrated operations of the company which further expose it to cyclicality and volatility in profitability.

Mahindra Two Wheelers introduces Rodeo RZ Std

Mahindra Two Wheelers Ltd (MTWL), a part of the USD 15.9 billion Mahindra Group, continued to build its presence in the two wheeler segment. Mahindra Two Wheelers Ltd. is rapidly expanding its portfolio. Recently, it unveiled its new range of motorcycles, the Mahindra Pantero and the Mahindra Centuro, which are expected to hit the market soon.   In January, Mahindra also launched an affordable version of its popular Rodeo RZ scooter at a very attractive launch price. The new Rodeo RZ Std. comes with the same advanced Z-Series engine, recently developed at the company’s state-of-the-art R&D centre in Pune. So, customers would enjoy its zippy 125 cc power, superior ride quality and great on-road mileage. The company’s cumulative scooter sales from April 2012 to January 2013 stood at 92,143 units. Scooter sales in January were 7,036 units. The cumulative scooter sales for the company have crossed a landmark figure of four lakh units. Mahindra 2 Wheelers’ has a full range of powerful 125 cc scooters catering to distinct consumer segments. The Mahindra Duro DZ is positioned as a `ROMBA SOLID’, family scooter. The new Mahindra Rodeo RZ with its very innovative, contemporary features is sure to enthuse young, modern couples, while the Flyte is the Indian woman’s two-wheeler of choice.

Bajaj Auto reports 3% sales growth in January 2013

Ashok Leyland reports 3% sales growth in January

Ashok Leyland reported 3% increase on its total sales in January at 10,561 units. The company had sold 10,300 units during the same month of previous year. For the period April to January 2013, the company witnessed a 18% jump on its sales to 90,546 units from 76,621 units sold in the same period of previous year. In April 2012 to January 2013 period, the company had sold 27,591 units of DOST range of SCVs as against 3,800 units sold in the corresponding period of previous year.

Nissan plans to develop its first 'made in India' car : reports

Nissan reportedly plans to develop its first 'made-in-India' car in the next 5-6 years, and enhance the R&D centre at Chennai by doubling the strength of engineers to around 4,000 people. Takayuki Ishida,NMIPL MD and CEO was quoted as saying,"Our plan is to enhance the capability of our R&D centre. Once we will have complete testing facilities, we will have the potential to develop the platform and will be able to roll out a vehicle indigenously from our R&D centre in Chennai." It is "rectifying" some of the issues related to its association with distribution and service partner Hover Automotive India (HAI) after witnessing "some unrests" from a section of dealers,Nissan Motor India Pvt Ltd (NMIPL) stated. The company is planning to develop a car for the Indian market in the next 5-6 years, reports added.

Empire Aviation launches new business aviation services for India

Empire Aviation (EA), a new private aviation specialist and a sister company of Dubai-based Empire Aviation Group – the Middle East’s leading private aviation company – will announce the launch of its comprehensive range of business aviation services for private aircraft owners in India, at Aero India 2013. The one-stop shop approach covers aircraft sales, aircraft management, flight operations and charter. Empire Aviation took its first business jet under management in India in December 2012. The 2012 model Bombardier Challenger 300 is based at HAL Airport in Bangalore, where EA opened its first office in India recently and where there is already a team of six aviation specialists on the ground. EA is currently in negotiations for a further three managed aircraft and plans to have five aircraft under management in India by mid 2013, with the team doubling in size over the same period. There are still some challenges facing the development of private aviation in India. According to Empire Aviation, the current tough regulations on aircraft importation and ownership are slowing market development, and airports are becoming busier and running close to capacity. However, the company is very optimistic about its prospects in the growing market. "We see part of our initial role as helping company and individual owners and aircraft operators in India understand the benefits of working with independent and experienced professional aircraft managers," comments Steve Hartley, Executive Director at Empire Aviation. "Most private aircraft in India are company owned and managed by an inhouse operations team, which is not always very cost effective. Empire Aviation takes an asset management approach to aircraft ownership and management, which starts with understanding the owner’s needs, and building a business model around this, ensuring access to all the benefits of the aircraft whilst protecting its value through professional operation, management and maintenance to manufacturers’ standards." Initially established in Bangalore, Empire Aviation plans to extend its services to Indian aircraft owners through a network, including additional offices in north and central India. Formed in 2007, Dubai-based Empire Aviation Group, a sister company of Empire Aviation, already operates the largest fleet of business jets in the Middle East with over 20 aircraft under management and is bringing its extensive experience and capabilities to India through Empire Aviation.

Foreign Tourist Arrivals registers growth of 2.6% in January 2013

The growth rate in Foreign Exchange Earnings(FEEs) from tourism in Rupee terms in January 2013 over January 2012 was 20.6%. Foreign Tourist Arrivals (FTAs) also showed a growth of 2.6% in January 2013 over January 2012.

The following are the important highlights regarding FTAs and FEEs from tourism during the month of January 2013.

Foreign Tourist Arrivals (FTAs):

• FTAs during the Month of January 2013 was 6.99 lakh as compared to FTAs of 6.81 lakh during the month of January 2012 and 6.23 lakh in January 2011.
• There has been a growth of 2.6% in January 2013 over January 2012 as compared to a growth of 9.4% registered in January 2012 over January 2011.
• Foreign Exchange Earnings (FEEs) from Tourism in Indian rupee terms and US$ terms
• FEEs during the month of January 2013 were Rs.10,398 crore as compared to Rs.8,623 crore in January 2012 and Rs.5,777 crore in January 2011.
• The growth rate in FEEs in rupee terms in January 2013 over January 2012 was 20.6% as compared to 49.3% in January 2012 over January 2011.
• FEEs in US$ terms during the month of January 2013 were US$ 1.91 billion as compared to FEEs of US$ 1.68 billion during the month of January 2012 and US$ 1.27 billion in January 2011.
• The growth rate in FEEs in US$ terms in January 2013 over January 2012 was 13.6% as compared to the growth of 32.1% in January 2012 over January 2011.

Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of data received from major ports and Foreign Exchange Earnings (FEEs) from tourism details available from Reserve Bank of India.

Om Metals commissions NHPC's Chamera III hydro-electric project

Om Metals Infraprojects Ltd, India's leading hydro-mechanical engineering company today announced that it has successfully completed the installation and commissioning of three (3) radial gates at Chamera III hydroelectric project. The value of the hydro-mechanical works is Rs 670mn. Chamera III is one of the largest hydro-electric plants in the world with a capacity to generate 231 MW of power. Chamera III, an NHPC project in Himachal Pradesh was commissioned in July 2012. The scope of work included design, fabrication, supply, installation, testing and commissioning of first kind of its radial gates. Each radial gate at Chamera III consists of four (4) trunions as against the standard requirement of two trunions. These are larger than the standard gates measuring 12.5 M x 16.5 M. as against 7 m x 10 m. The radial gates were installation was completed in four months. The 231 MW Chamera-lll is a run of river scheme on river Ravi in the upstream of 300 MW Chamera II Hydroelectric project in Chamba district of Himachal Pradesh. This project is situated in comparatively lower Himalayan region and has been constructed amid metamorphic rocks of Chamba formation on river Ravi. The project would generate 1,104 million units annually in a 90 per cent dependable year.

Bharat Forge, Elbit establish joint venture for artillery systems in India

Bharat Forge Limited, the flagship company, of the Kalyani Group, and Elbit Systems Land and C4I Ltd., a wholly-owned subsidiary of Elbit Systems Ltd.,today announced a strategic co-operation in India through the establishment of a new Joint Venture Company (JVC), to address the Indian Ministry of Defence and other potential Indian government customers' requirements for the most advanced artillery and mortars systems solutions-Subject to requisite government & regulatory approvals, the JVC will offer solutions in the Artillery Guns & Mortars segment based on Elbit Systems' cutting edge technologically advanced products operationally used worldwide, such as the ATHOS 155/52 Towed Gun System, the ATMOS 155/52 Mounted Gun System and the upgraded 130 mm M46 Gun to a 155/45 Gun (KARAN). The JVC will also role out a range of futuristic products like the Advanced Indian Gun System. The JVC will bring together Elbit Systems' cutting-edge technology and system integration capabilities and Bharat Forge's advanced capabilities in the areas of design, engineering, manufacturing, testing and validation. "The Strategic Cooperation between Elbit Systems and Bharat Forge and specifically the JVC will address Indian defence requirements with operationally proven systems from Elbit Systems that have been customized and adapted for Indian conditions and manufactured at the World class manufacturing facility for end-to -end solutions for artillery systems and annoured vehicles upgrades established by Bharat Forge recently in India" said Baba Kalyani, Chairman and Managing Director of Bharat Forge Limited.

Supreme Infrastructure bags 6 orders worth Rs. 5.05bn

Supreme Infrastructure India Limited, one of the leading infrastructure companies in India, has bagged six work orders worth Rs. 505 Cr. The first project entails the construction of an Additional Office Complex for Supreme Court of India at New Delhi. Awarded by Central Public Works Department (CPWD), the project is valued at Rs. 267 Cr. Awarded by Delhi Metro Rail Corporation limited, the second order involves the construction of Metro Rail Depot cum Workshop at Kalindi Kunj on Line 8 for Delhi MRTS project Phase-III. The project is valued at Rs. 41.7 Cr. The company owns 49% stake in the project. The third project entails the construction of multi-storeyed residential buildings (Falcon view- Phase I) in sector 66-A, Mohali. Awarded by Janta Land Promoters Limited, the project is valued at Rs. Rs. 94.87 Cr. The fourth project involves the construction of two RCC box bridges at Jodhpur, Rajasthan. Awarded by Northern Railway, the project is valued at Rs. 15.28 Cr. The company has been declared L1 for the same. The fifth project entails the construction of IT twin towers in Chandigarh. Awarded by Janta Land Promoters Limited, the project is valued at Rs. 45 cr. The sixth project involves the development of drainage system at Digha, West Bengal. Awarded by Addl. Project Director (Technical) SPMU, ICZM Project, the project is valued at Rs. 41.40 Cr.

McNally Bharat bags order worth Rs. 119mn

Restructuring of loans rise to 4.7% in FY12: CARE Research

The slowing credit growth can primarily be contributed to 1) weak economic growth/activity, 2) risk-aversion trend of banks on stressed mid/large corporate (deteriorating asset quality – rising NPA/restructuring), and 3) uncertain political milieu with respect to land acquisition/environmental clearances reforms (leading to cancellations/delay in project loans).  CARE Research expects restructured advances to be in range of ~Rs. 3.8trillion - 4.0 trillion in FY13e v/s Rs. 2.3trillion in FY12 on the assumption of 1) CDR representing 50% of total restructured and 2) the balance being, restructured through bilateral mechanism. Restructuring is expected to remain elevated up to 1HCY13 on account of 1) deteriorating interest servicing capability of large/medium/SME industries, 2) delayed project approvals/clearances resulting into cost escalation, and 3) policy paralysis with respect to reforms/investments climate. However, some key policies approval/reforms, aggressive rate cut by RBI (though lower prospect), and considerable recovery (lower probability) are downside risk to our assumption above.Restructured assets (as % of advances) grew sharply by 40bps sequentially to 5.9% in Q2FY13 (5.4% QoQ) led by 1) mounting stress in large/mid corporate advances, and 2) continued challenging business environment in SME sector. CARE Research expects the current stress in the industry to persist up to 1HCY13 due to 1) higher input costs (suppressed margins), 2) Sluggish global/local demand, and 3) uncertain local political scenario. We believe that the economic revival will be U-shaped (prolonged as against the V-shaped revival seen in FY09-10) due to this economic structure (i.e. low growth/high inflation/low IIPs/high twin deficits)...Read More

Indian CIOs to invest 20% more in IT : Zinnov Study

Zinnov, a leading Market Expansion and Globalization Advisoryfirm, today released a report titled "IT priorities of Indian CIOs forFY2013-14" highlighting key insights from over 50 key ITdecision makers from across industries like Banking, Financial Services,Insurance, Manufacturing, Healthcare & Pharmaceuticals, Retail, Travel& logistics and others.

Key Findings: Top 5 priorities for IT Investments for CIOs inFY2013-14

• Business Analytics: CIOs continue to invest in businessanalytics with high uptake of Big Data within Manufacturing, Energy &Utility, Media & Marketing verticals
• Virtualization & Cloud: CIOs show increased preference towardsvirtualization and cloud (both private & public) based on criticality ofuse case
• Enterprise Mobility: 50% CIOs consider mobilityindispensable and find it very relevant for customer facing roles and consumerapplications
• Application Software: Expanding ERP capabilities is high onthe CIO agenda. CRM and SCM to maintain demand in FY2013-14
• Consolidation of Solutions: CIOs are also planning on integrationof existing enterprise application software, ERP solutions, and BI tools toderive business benefits from legacy IT investments

The Zinnov study analysed preferences of CIOs and theirpriorities for IT investments on various parameters such as verticals ofinvestment, size of enterprises, and the budgets on outsourcing for the year 2013-2014 and found some interesting insights. According to thestudy, CIOs in India are expected to increase their IT investments at anaverage of 20% in FY2013-14 as compared to FY2012-13. Verticals such asManufacturing, Telecom, Retail, Healthcare and Pharmaceutical will be the keyverticals in terms of IT investments in FY2013-14. Manufacturing sectoris expected to witness a rise of 29% in absolute IT budget for 2013- 14,followed by Telecom and Retail with an approximate increase of 26% and 18%respectively...Read More

4G migration: Tata Comm extends managed services offering

Tata Communications, a leading provider of A New World of Communications, announces the expansion of its managed services for mobile network operators (MNOs) looking to grow their mobile broadband offering as 4G continues to gather pace globally. Tata Communications is supporting MNOs around the globe with one of the industry’s widest reaching service offerings for mobile broadband enablement. Building on its extensive portfolio of mobile services, including IPX+ connectivity, voice, messaging, and signalling, the company has introduced two new solutions – the Virtual Private Roaming Hub which consolidates roaming operations and the LTE Roaming Service to streamline roaming for 4G networks. Tata Communications is also launching the Managed SMS Firewall to protect MNOs and consumers against mobile spam. With the accelerated growth in mobile data spurred by greater smartphone proliferation, MNOs are looking for ways to generate increased revenue, reduce customer churn and ensure service continuity as they migrate to 4G. Tata Communications’ managed services simplify the interconnection of MNO communities, ensuring smoother.

end-to-end service delivery and management across networks, resulting in quality and efficiency gains. Tata Communications’ interworking across the mobile ecosystem ensures faster time to market for new services and lower total cost of ownership for MNOs. "Mobile broadband presents unique opportunities for mobile operators to rethink their business and service delivery models in order to address the challenges of data growth and fierce competition", says Tim Sherwood, Vice President, Mobile Segment Strategy, Tata Communications.  "What we bring to the market is a comprehensive, yet modular, managed services framework which efficiently empowers mobile operators to generate revenue from new services, capabilities and business models – many of which are supporting evolving customer demands." Helping to manage roaming arrangements for MNOs so they can offer best value and achieve optimal returns, Tata Communications is introducing the Virtual Private Roaming Hub and LTE Roaming Service. The Virtual Private Roaming Hub delivers increased efficiencies by consolidating roaming operations across a community of MNOs, creating economies of scale.

As LTE adoption ramps up, Tata Communications’ LTE Roaming Service ensures service continuity while simplifying LTE roaming interconnection across MNOs. With Diameter Signalling eXchange for authentication and policy control and IPX Connect for data roaming and delivery, LTE Roaming further compliments Tata Communications’ extensive experience as the largest mobile signalling inter-provider network as well as a leading global data network. Tata Communications also introduces the Managed SMS Firewall which protects MNO networks against fraud and spam generated by international SMS. With always-on SMS threat monitoring and protection, based on MNO-set policies for spam traps and content filtering, Managed SMS Firewall detects, alarms, and blocks threats to protect mobile networks and subscribers...Read More

Indian Manufacturing & Natural Resources industry to spend Rs408bn on IT in 2013: Gartner

Indian manufacturers and natural resources companies will spend 408bn rupees on IT products and services in 2013, an increase of 9.1% over 2012 revenue of 374bn rupees, according to Gartner, Inc. This forecast includes spending by manufacturers and natural resource companies on internal IT (including personnel), hardware, software, external IT services and telecommunications. The telecommunications category remains the biggest spending category overall in the manufacturing and natural resources industry, and it is forecast to reach 132bn rupees in 2013. Meanwhile, software is achieving the highest growth rate amongst the top level IT spending categories – forecast to exceed 15 percent in 2013, with especially strong growth forecast for enterprise resource planning (ERP)/supply chain management (SCM)/customer relationship management (CRM), desktop software, and manufacturing-specific applications. Gartner anticipates very high demand for consulting services as manufacturers plan for these implementations, forecasting growth of over 22 percent in 2013 alone. "Despite India’s slowing economic growth, manufacturing and natural resources remain large and important sectors in the Indian economy, and they are attracting increased IT spending to improve productivity and competitiveness," said Ken Brant, research director for manufacturing at Gartner. "Indian manufacturers are seeking to use IT to make process improvements and information from across manufacturing operations more transparent and actionable."

Cabinet gives nod for TAPI Pipeline Project

The Union Cabinet gave its approval for formation of the Special Purpose Vehicle (SPV) for the Turkmenistan-Afghanistan-Pakistan-India(TAPI) Pipeline Project and to permit GAIL India Ltd. to join the SPV. The four countries involved in the TAPI Gas pipeline project, signed an Inter-Governmental Agreement along with a Gas Pipeline Framework Agreement(GPFA). To accelerate the project, parties have formed the Minister Level Steering Committee and Technical Working Group (TWO). Suitable provisions for security & safety of the pipeline have been made in the Inter-Governmental Agreement (IGA) and Gas Pipeline Framework Agreement (GPFA). In the meeting of the 16th Steering Committee held on 23rd September, 2012, all parties reaffirmed their commitment and intention to fast track this important regional co-operation project. As a way forward, Turkmenistan suggested the formation of a SPV by the TAPl members. The SPV would take up the Feasibility Study and Design work of the TAPl pipeline to meet the agreed timelines for the project, as well as search for a consortium lead. Turkmenistan and Pakistan agreed to the formation of TAPl Ltd. considering it to be in consonance with the GPFA. Afghanistan also agreed to the formation of TAPl Ltd. so long as there was consensus amongst the Parties. TAPl Ltd. is required to have an initial contribution of USD 20 million that is USD 5 million from an identified entity from each of the four participating countries. GAIL, being a Navratna Company, is empowered to make an investment of this level for India. GAIL has agreed to make an investment upto USD 5 million in the proposed SPV that is TAPI Ltd. An active interest in the project by all the partner countries at this stage would sustain the credibility of the project, and generate interest in the international market and could eventually pave the way for selection of an appropriate consortium leader in the future.

Modi seeks parity in gas prices: reports

GAIL partners with EDF for U.S. gas assets

India's GAIL Ltd reportedly partners with a unit of French group EDF to scout for natural gas assets in the United States as demand in India grows. B. C. Tripathi was quoted as saying,"We will be working together for gas trading, gas sourcing and acquisition of gas based assets," said, ahead of a 10-day visit to the United States beginning Saturday with oil minister Veerappa Moily. GAIL would sign an agreement with EDF Trading on Saturday.On Friday India enhanced GAIL's financial powers, allowing the firm to take investment decisions of up to 50 billion rupees ($940 million) without going to the government, Tripathi added. The company imports about 80 percent of its crude needs, and has been scouting for oil and gas assets overseas to satisfy rising local demand and expanding refining capacity, reports added.

SCHOTT KAISHA inaugurates pharmaceutical packaging plant in Jambusar

Marking a significant milestone in its expansion, SCHOTT KAISHA inaugurated its new pharmaceutical packaging plant in Jambusar, Gujarat. This greenfield investment of 20 million Euros increases the company’s production capacity in India by 50 per cent to around 2.0 billion ampoules and vials per year. India’s first fully automated pharmaceutical packaging plant complements an existing production facility in Daman and enhances SCHOTT KAISHA’s competitive advantage substantially. "We see a steadily rising demand for locally manufactured primary packaging that meets the rising quality demands", says Kairus Dadachanji, Managing Director of SCHOTT KAISHA, adding: "Our new state-of-the-art factory sets new standards in India. This investment will result in better quality opportunities for our customers. In other words, we will be helping the Indian pharmaceutical industry to achieve its own growth objectives." The new plant in Jambusar has 20 production lines for ampoules and 16 for vials, with scope for further expansion. Its fully automated production process uses high-end robotic feeding technology for tube-loading as well as high-precision camera inspection systems. World market leading SCHOTT FIOLAX tubes are used as base material. The facility is India’s first pharmaceutical packaging plant meeting global standards with an ISO 15378 certification. This underlines the company’s commitment to the international GMP (Good Manufacturing Practice) standard. "KAISHA’s deep market knowledge about India and SCHOTT’s world class technology create a perfect partnership," emphasizes Prof. Udo Ungeheuer, Chairman of the Board of Management of SCHOTT AG. "The SCHOTT group is highly committed to its pharmaceutical business. Our continuous investments in India demonstrate our ambition. More than one hundred years of experience in setting the world’s highest technology standards turn us into the ideal partner for India’s ambitious and fast growing pharmaceutical industry," he adds...Read More

Genpact acquires Healthcare Business Services Company JAWOOD

Genpact Limited, a global leader in business process management and technology services, today announces that it has acquired JAWOOD, a leading provider of business services to the healthcare payer industry. The transaction also includes Genpact’s purchase of India-based Felix Software, a key subcontracted service provider to JAWOOD. This acquisition adds to Genpact’s deep domain expertise and strengthens the company’s solutions and services offerings in the healthcare payer market. Genpact already provides business process management (BPM) and analytics services in areas such as claims management, membership management, provider management, clinical services, and finance and accounting. The healthcare payer industry is seeing enormous growth due to extensive secular and regulatory changes including transition from ICD9 to ICD10, creation of health insurance exchanges, the development of alternative risk and payment models including Accountable Care, and compliance with the new U.S Patient Protection and Affordable Care Act. This transaction will enable Genpact to build out strong industry solutions combining process, analytics and technology. Headquartered in Bingham Farms, Michigan, JAWOOD provides consulting and technology services including strategy, planning, execution, implementation, test data creation and testing tools to healthcare payers. Since 1989, JAWOOD has been providing solutions to its clients, including large marquee healthcare organizations across the country...Read More

Sun Pharma announces USFDA approval for generic Doxil

Sun Pharmaceutical Industries Ltd. (Reuters: SUN,80, Bloomberg; SUNP IN, NSE: SUNPHARMA, BSE: 524715) today announced that USFDA has granted its subsidiary an approval for its Abbreviated New Drug Application (ANDA) for generic version of Doxil, Doxorubicin HCl Uposome Injection USP, 2mg/ml, packaged in 20 mg/lQmL and SO mg/25tnL single-use vials. This generic Doxorubicin HCl Uposome injection USP, 2 mg/mt is therapeutically equivalent to Doxil Liposome Injection, 2 mg/mL of Janssen Research and Development, LLC. Doxorubicin HCl liposome injection is used to treat patients with ovarian cancer that has progressed or recurred after platinum-based chemotherapy.

Prepaid energy appeals to consumers in connected World: Survey

DEFG, a management consulting firm specializing in energy, worked with a broad array of market participants and public stakeholders through the Prepay Energy Working Group in late 2012 to survey 1,000 consumers. The national survey examined consumer perceptions and satisfaction levels with prepaid options in general, and took a more in depth look at consumer awareness and acceptance of prepaid electricity service. Many questions were taken from earlier EcoPinion surveys to identify response patterns, both similarities and differences, year to year. "The latest survey findings confirm growing interest among consumers in prepaid electricity. There is real potential here for utilities and energy providers," stated Cindy Boland O’Dwyer, VP of DEFG and lead for the Prepay Energy Working Group. "A significant number of Americans—38%—are interested in prepaid electricity, with younger adults, renters, and males being most open to the new service."...Read More

Om Metals commissions NHPC's Chamera III hydro-electric project

Om Metals Infraprojects Ltd, India's leading hydro-mechanical engineering company today announced that it has successfully completed the installation and commissioning of three (3) radial gates at Chamera III hydroelectric project. The value of the hydro-mechanical works is Rs 670mn. Chamera III is one of the largest hydro-electric plants in the world with a capacity to generate 231 MW of power. Chamera III, an NHPC project in Himachal Pradesh was commissioned in July 2012. The scope of work included design, fabrication, supply, installation, testing and commissioning of first kind of its radial gates. Each radial gate at Chamera III consists of four (4) trunions as against the standard requirement of two trunions. These are larger than the standard gates measuring 12.5 M x 16.5 M. as against 7 m x 10 m. The radial gates were installation was completed in four months. The 231 MW Chamera-lll is a run of river scheme on river Ravi in the upstream of 300 MW Chamera II Hydroelectric project in Chamba district of Himachal Pradesh. This project is situated in comparatively lower Himalayan region and has been constructed amid metamorphic rocks of Chamba formation on river Ravi. The project would generate 1,104 million units annually in a 90 per cent dependable year...Read More

Sai Silks Kalamandir IPO to open on February 11

Sai Silks (Kalamandir) Limited, the retailer of women’s, Kid’s and Men’s wear is coming out with an initial public offer ("IPO") to raise Rs. 890mn. The company is following a book building process and the price band has been fixed in the range of Rs 70 - 75 per share. The issue will open for subscription on Monday February 11, 2013 and close on Wednesday February 13, 2013. Out of the total proceeds from the issue, Rs 12.73 Cr would be utilised towards setting up of Retail Outlets, Rs 0.91 cr would be towards pre-payment of term loan, Rs 8.50 cr towards brand promotion and Rs 59.99.Cr towards meeting the long term working capital requirements of the company. The Issue is being made through the 100% Book Building Process wherein 10% of the Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers ("QIB") Bidders. 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, not less than 35% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 55% of the Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price. Qualified Institutional Buyers and Non-Institutional Investors are mandatorily required to apply through ASBA.

Tata Starbucks opens seventh store in Delhi

Tata Starbucks reportedly seeks at a mix of high-street outlets, stores in malls and even drive-ins across India. Avani Saglani Davda, CEO, Tata Starbucks was quoted as saying that the launch of the company’s seventh India store in the capital today. It is also exploring opportunities to open Starbucks stores in colleges and university campuses with attractive pricing. Starbucks outlets are visible in 62 countries, Vietnam being the latest.India would be among the top-five markets. The US, Canada, Japan, China and the UK are the top-five in terms of revenue. Starbucks’ first India store opened in Mumbai in October, and the city now has four. Last month, two more stores came up at the international airport in Delhi.The company was planning a store at a Saket mall in Delhi as well, reports added.

Mobile data traffic will increase 13-fold over next four years: Cisco

According to the Cisco Visual Networking Index Global Mobile Data Traffic Forecast for 2012 to 2017, worldwide mobile data traffic will increase 13-fold over the next four years, reaching 11.2 exabytes per month (for an annual run rate of 134 exabytes) by 2017. The expected steady increase in mobile traffic is partly due to continued strong growth in the number of mobile Internet connections (personal devices and machine-to-machine applications), which will exceed the world’s population (United Nations estimates 7.6 billion) by 2017.

An exabyte is a unit of information or computer storage equal to one quintillion bytes.

The forecast’s annual run rate of 134 exabytes of mobile data traffic is equivalent to:

• 134 times all the Internet Protocol traffic (fixed and mobile) generated in the year 2000, or
• 30 trillion images (e.g., via MMS or Instagram) — 10 images daily from each person on earth for one year, or
• 3 trillion video clips (e.g., YouTube) — one video clip daily from each person on earth over one year.

The projected 2012 to 2017 global mobile data traffic increase represents a compound annual growth rate of 66%. The incremental amount of traffic being added to the mobile Internet just between 2016 and 2017 is 3.7 exabytes per month, which is more than four times the estimated size of the entire mobile Internet in 2012 (885 petabytes per month).

During the 2012 to 2017 forecast period, Cisco anticipates that global mobile data traffic will outpace global fixed data traffic by a factor of three. The following major trends are driving global mobile data traffic growth:

• More mobile users: By 2017, there will be 5.2 billion mobile users (up from 4.3 billion in 2012).
• More mobile connections: By 2017, there will be more than 10 billion mobile devices/connections, including more than 1.7 billion M2M connections (up from 7 billion total mobile devices and M2M connections in 2012).
• Faster mobile speeds: Average global mobile network speeds will increase seven-fold from 2012 (0.5 Mbps) to 2017 (3.9 Mbps).
• More mobile video: By 2017, mobile video will represent 66% of global mobile data traffic (up from 51% in 2012).
• Impact of Mobile Devices/Connections
• Smartphones, laptops, and tablets will drive 93% of global mobile data traffic by 2017.
• M2M traffic (such as GPS systems in cars, asset tracking systems, medical applications, etc.) will represent 5% of 2017 global mobile data traffic.
• Basic handsets will account for the remaining 2% of global mobile data traffic in 2017.
• In 2012, 14% of all mobile-connected devices/connections (1 billion) were IPv6-capable.
• By 2017, 41% of all mobile-connected devices/connections (4.2 billion) will be IPv6-capable.

Traffic Offload from Mobile Networks to Fixed Networks

• To address the rise in demand for mobile Internet, and to address the lack of available new mobile spectrum and the expense and complexity of adding new macrocell sites, service providers are increasingly looking to offload traffic to fixed or Wi-Fi networks.
• In 2012, 33% of total mobile data traffic was offloaded (428 petabytes/month).
• By 2017, 46% of total mobile data traffic will be offloaded (9.6 exabytes/month).

Key Regional Growth Projections

In terms of mobile data traffic growth rates over the forecast period, the Middle East and Africa region is projected to have the highest regional growth rate. Below is how each of the regions ranks in terms of growth rate by 2017:

• The Middle East and Africa: 77% CAGR (17.3-fold growth)
• Asia-Pacific: 76% CAGR (16.9-fold growth)
• Latin America: 67% CAGR (13.2-fold growth)
• Central and Eastern Europe: 66% CAGR (12.8-fold growth)
• North America: 56% CAGR (9.4-fold growth)
• Western Europe: 50% CAGR (7.6-fold growth)

In terms of mobile data traffic generation, the Asia-Pacific region is projected to generate the most mobile data traffic. Here’s how each of the regions rank in terms of anticipated mobile data traffic generation by 2017:

• Asia-Pacific: 5.3 exabytes/month
• North America: 2.1 exabytes/month
• Western Europe: 1.4 exabytes/month
• The Middle East and Africa: 0.9 exabytes/month
• Central and Eastern Europe: 0.8 exabytes/month
• Latin America: 0.7 exabytes/month

Telerik launches free mobile safety application for women in India

Telerik, a leading end-to-end provider of software development, lifecycle and content management tools and solutions, today announced the launch of "SafeBridge" - a new, free mobile application for personal safety in India. In response to recent crime incidents against women in India, Telerik's team managed within 2 weeks - and with just 4 days for development by only 1 developer - to build, test and launch the beta version of the app on the Android market. The beta version of the application is currently available for both low-end and high-end Android phones and will soon be available for iPhone and BlackBerry devices. Telerik's "SafeBridge", created to help vulnerable groups such as women, children, professionals, working late at night, foreign tourists and city visitors, allows users to send emergency SMSs with GPS information to preset lists of trusted contacts. There is no need for any registration to use the app.

Abhishek Kant, country manager of Telerik India, said: "Since opening our office in New Delhi in 2012, we at Telerik have made it our priority to be active citizens of this society. The urgency of the recent incidents required a prompt response and thanks to Telerik' products, we are able to quickly build the application for all types of phone users." Using the safety app is simple. At the start of the application, the user first must preset the contacts of friends and relatives who will be notified in the case of an imminent threat. To decrease response time in emergency situations the app involves just the one-touch function of simply pressing a "HELP ME!" button to send out an SMS with GPS information. In the cases when the threat is over, there is an "I'm Safe" button to immediately notify contacts that everything is alright. "SafeBridge" can function with limited internet or no internet availability on the phone. Telerik's "SafeBridge" allows the user to personalize the "help" and "safe" messages. The application also provides a "Track Me" feature, which includes sending out the user's current location at pre-determined intervals. The application also includes a Directory of police stations in Delhi. Going ahead, Telerik's team plans to add other Indian cities to this police directory as well as city-by-city contact information of hospitals and NGOs in the country. The app will also include the option to report crimes the user witnesses but may not be the victim of...Read More

Tata Communications extends global business video ecosystem

Tata Communications announces that it is extending its global business video ecosystem with a new interconnection agreement with AT&T. The agreement now enables even more face-to-face collaboration around the world, across each respective network. With this latest in a series of interprovider agreements, Tata Communications’ Global Meeting Exchange network provides connections to most of major providers of Telepresence services, offering customers unprecedented reach for their business video networks. "To help the telecoms industry meet the requirements of enterprises as the growth of business video continues, there needs to be collaboration and openness amongst service providers", says Peter Quinlan, Vice President, Integrated Business Video Services, Tata Communications. "The creation of an open ecosystem in which service providers align and interconnect their respective business video communities will allow enterprise customers to receive not only the best service possible, but it will also give them unprecedented reach to other Telepresence rooms around the world, enabling them to embrace video as a daily business communication tool. The agreement with AT&T is the latest step in our strategy to make business video a truly global collaboration tool for enterprises, regardless of network, service provider or location." Tata Communications’ strategy to create the world’s richest, connected and open video ecosystem includes: business-to-business video services, cloud-based services and flexible, modular, managed services; as well as one of the world’s widest-reaching Telepresence networks via inter-provider agreements and the largest public Telepresence room footprint. These offerings culminate under the Global Meeting Alliance, an open business video ecosystem initiative spearheaded by Tata Communications, which provides participating enterprises and service providers with greater global reach, lower total cost of ownership and a world-class user experience.

Fidelity plans to acquire 15% stake in Kurlon: reports

Idea introduces ‘Speed Booster’ plans for postpaid 3G data users

Idea Cellular has announced the launch of its new 3G ‘Speed Booster’ packs which allow Idea postpaid 3G users to enjoy high speed data throughout their bill cycle. The new booster packs are designed to enhance the experience of high-end data users who otherwise have to wait till the next billing cycle to get top speed. The 3G speed booster plans are available at three price points - Rs. 100, 175 and 250 - allowing 300 MB, 500 MB and 1 GB of 3G data, respectively. The best part of the offer is that Idea subscribers can take these speed boosters multiple times till the end of the current bill cycle. These boosters enhance the speed to 21.1 mbps till the fixed volume of usage. The offers are available to all 3G postpaid - NetSetter and mobile - subscribers who have Unlimited and Bill secure plans. This new plan is available for purchase from all Idea showrooms for postpaid mobile customers across the country. To subscribe to the pack, customers can call up the call centre or SMS ACTSB100 or ACTSB175 or ACTSB250 and send it to 12345. Idea subscribers using Netsetter can use My SMS facility also through their dialer. The plans will get activated within 24 hours of the request and the customers will be notified of the activation through a SMS.

EU Investor Survey shows growing faith in European Banks: Fitch

European investors are feeling more optimistic about the outlook for the region's banks in 2013 than any time in the last two years, according to a Fitch Ratings investor survey conducted in January. Investors expressed more confidence in a positive outlook trend for financial institution credit fundamentals than for any other sector. A majority 64% said conditions would improve, up sharply on the 42% in the October survey and the strongest reading since early 2011. This optimism was also evident in survey participants' views on the voluntary early repayment of the European Central Bank's EUR1 trillion three-year long-term refinancing operations (LTRO) this year. 42% said banks will prepay up to half the total, as healthy firms do their utmost to wean themselves off the ECB. Another 44% expect the amount to be between 10% and 33%, with banks appreciating the economic sense of cheap money and the de facto insurance policy of the LTRO. The first repayment window last week saw 278 banks repay 28% of the EUR489bn initially made available; this has been modestly topped up this week. This was within our expectation range - we believe if market conditions remain relatively benign, up to a third of the LTRO funds could be repaid this year.

Although repayments were made by some of the stronger southern European banks (notably EUR24bn by Banco Santander) many of the LTRO takers in southern Europe are using the relatively cheap source of funds to boost revenue from carry trades of higher-yielding sovereign bonds and buy time to deleverage their loan books. There is still a lot of work to be done in terms of restructuring balance sheets and stabilising funding structures for the medium term. As the uncertain economic outlook could delay this recovery, it makes sense for these banks to hold onto their cheaper LTRO funds. In the survey, banks were also the second most favoured investment choice, chosen by 24% or respondents, placing them as runners-up behind high yield which was voted top choice by 29% of investors. The positive attitude to the banking sector is mirrored in survey participants' views on sovereigns, underscoring the close links between the two sectors in Europe. Banks typically hold substantial amounts of domestic government bonds and are highly exposed to domestic counterparties, meaning profitability and asset quality are vulnerable to adverse macroeconomic and market trends. The Q113 survey was conducted between 4 and 31 January and represents the views of managers of an estimated US$7.6 trillion of fixed-income assets. We will publish the full survey results in mid-February.

EU ripe for project bond market, but progress slow: Fitch

European investor survey shows growing optimism on crisis: Fitch

UK Bank swap mis-selling manageable, conduct risks high: Fitch

Risk financing is key to building resilience against disasters: ADB

Disaster losses have risen faster than Asia-Pacific’s economy has expanded, says a new report from the Asian Development Bank (ADB), which recommends regional governments find ways to offer disaster risk financing instruments such as calamity funds, tax credits, and catastrophe bonds to strengthen disaster resilience. "Asia’s economic gain is being eroded by disasters, often hitting the poorest hardest," said Bindu Lohani, ADB’s Vice President for Knowledge Management and Sustainable Development. "As the global region most vulnerable to climate change, we no longer have a choice but to focus on disaster risk management." Significant investments to strengthen disaster resilience can reverse this, says Investing in Resilience - Ensuring a Disaster-Resistant Future, which notes that a wide range of gaps and obstacles sit behind the existing trend of rising disaster losses, such as inadequate risk data, weak and misaligned incentives, poor legislative and regulatory frameworks and enforcement, disjointed government, limited funding, and power disparities.

Natural hazards continue to cause significant loss of life in Asia and the Pacific. Between 1970 and 2010, 1.7 million hazard-related deaths were recorded in the region – 51% of the global total. The report examines the instruments and mechanisms that currently exist in Asia to protect against disasters, and offers solutions for stronger disaster resilience, including how disaster risks can be financed through disaster risk insurance, reinsurance, catastrophe bonds, and other means. A wider range of disaster risk financing instruments is particularly crucial for Asia and the Pacific, which lags behind other regions in developing innovative financial solutions for disaster resilience. Less than 5% of disaster losses in developing Asia are insured compared to 40% in developed countries. To overcome these challenges, the report identifies critical next steps to better assess, reduce and manage disaster risk. This includes the need for national and sub-national governments to develop and implement comprehensive disaster risk financing strategies to provide adequate and timely post-disaster support to strengthen financial resilience. Most Asian countries have disaster handling capabilities, but few have adequate provisions for financing post-disaster losses and rehabilitation. Disaster losses are expanding at a faster pace in Asia due to environmental degradation, climate change, demographic pressures, and widespread failure to consider disaster risk in designing and locating many critical development investments.

Developing countries face higher trade costs: Report

Although the international economy has integrated considerably in recent decades, a new database developed jointly by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the World Bank reveals that trade costs fall disproportionately on developing countries. Although developing countries are becoming more integrated into the world trading system in an absolute sense, they are starting from a higher baseline and their relative position is deteriorating because the rest of the world is moving more quickly. The new Trade Costs database uses an innovative method to estimate trade costs in agriculture and manufactured goods, opening new analytical possibilities for policymakers and researchers interested in trade integration. According to the research, trade costs are influenced to varying degrees by distance and transport costs, tariff and non-tariff measures, and logistics. The new data, which cover the time period 1995-2010, stress the importance of supply chains and connectivity constraints in explaining the higher costs and lower levels of trade integration observed in developing countries. One of the key findings triggered by the database is that two areas amenable to policy interventions—maritime transport connectivity and logistics performance—are very important determinants of bilateral trade costs, with an effect comparable to that of geographical distance. The global database shows the pattern of trade costs across countries and through time by offering a comparison of pairs of countries, and an identification of those trade costs that are high. As such, the dataset can be used to examine the policy factors and "natural" factors that contribute to the levels of trade costs observed around the world. One telling trend: for upper middle income countries, it is easier to trade with high income countries than among themselves.

In an increasingly globalized and networked world, trade costs matter not only as a determinant of the pattern of bilateral trade and investment, but also of the geographical distribution of production. Although tariffs in many countries are now at historical lows, the evidence suggests that trade costs remain high for developing countries struggling to gain a lasting foothold in international supply chains. Trade costs are therefore of great importance from a policy perspective, since they are an important determinant of a country’s ability to take part in regional and global production networks. The Trade Costs database allows policymakers to highlight high trade costs at a bilateral level, identify the key determinants of those high costs, and focus their efforts on the reduction of those costs. Of course, experiences vary greatly from one developing region to another. East Asia, for example, has experienced much lower levels of trade costs than others, such as Sub-Saharan Africa. A clear implication of the research is there is much for developing countries to learn from each other in terms of the set of policies that work effectively to reduce trade costs. This new dataset can be a powerful tool for practitioners and policymakers to do so, especially in combination with other methodologies, data sources, and expertise on the ground.

Pathway for US to reach 17% emissions target: World Resources Institute

New analysis by the World Resources Institute finds that the United States is currently not on track to reach its stated goal of reducing greenhouse gas emissions by 17% by 2020 (below 2005 levels), but it has the tools to get there. The new report, "Can the U.S. Get There from Here?" explores specific steps the Administration and states can take to reduce U.S. emissions, without Congressional action.

The analysis finds that the Administration has the opportunity to move forward in four key areas:

• Implementing strong standards for carbon dioxide pollution from existing power plants;
• Reducing non-energy sources of emissions, including hydrofluorocarbons (HFCs), which are commonly found in refrigerators and air conditioners;
• Limiting methane emissions from natural gas production; and
• Increasing energy efficiency from industry and home appliances.

"The Administration has multiple ways to move forward with smart policies to reduce U.S. emissions. The best opportunity is to enact new standards for existing power plants, which represent one-third of all U.S. emissions," said Nicholas Bianco, Senior Associate, WRI, and the lead author of the report. "The Administration has the ability to put the U.S. on track to meet its commitments, and can do so in a cost-effective and efficient manner." The report also finds that states can take meaningful action and can use their authority to supplement federal actions. Twenty-nine U.S. states have renewable energy standards and 20 have energy efficiency standards. Some states are moving forward with ambitious climate policies. For example, California just launched a cap-and-trade program that will cover 85 percent of the state’s emissions. California also has a target to produce 33 percent of its electricity from renewable sources by 2020. On the East Coast, nine states have capped emissions from the power sector through the Regional Greenhouse Gas Initiative (RGGI). While meeting the 17 percent target is achievable, scientific authorities have found that it will take deeper reductions to avoid the worst consequences of climate change. Reaching the longer-term goals will likely take additional action from Congress. In the meantime, there is much more the Administration can do to reduce U.S. emissions.

UK CEOs regain confidence as euro-zone gloom starts to lift: Survey

Confidence is returning to CEOs in the United Kingdom, with business leaders feeling more optimistic about the short-term prospects for their organisations than they have in nine months. U.K. CEOs remain amongst the most confident in the EU and more optimistic than their counterparts in Germany, France, Italy and Spain, although the EU as a whole also saw a significant rebound in confidence over the fourth quarter of 2012. This is according to the latest YPO Global Pulse survey, the only CEO economic sentiment indicator to span the globe on a quarterly basis. Almost three quarters (72%) of CEOs surveyed in the United Kingdom expected their organisations to increase revenues over the next 12 months, compared with 50% of the overall EU sample. Moreover, four in 10 (40%) of surveyed business leaders in the United Kingdom planned to increase staff headcount in 2013, compared with 24% in the EU sample. The YPO Global Pulse Confidence Index for the United Kingdom climbed 5.6 points to 62.7 in the final quarter of 2012, marking its second consecutive quarter of increases. The results suggest that recent efforts by the EU and national governments to protect the euro and address the fiscal crisis facing periphery economies are being perceived positively by the business community in the United Kingdom and around the continent.  The survey results were announced today by YPO (Young Presidents’ Organization), a not-for-profit global network of 20,000 chief executive officers. Later this month, more than 2,500 of YPO member CEOs will gather in Istanbul for the annual YPO Global Leadership Summit to exchange ideas related to running their businesses in today’s economic climate, as well as meet with world-renown personalities on a range of topics including technology, sustainability and leadership...Read More

The future of community banking: Elizabeth A. Duke

I would like to thank the Terry College of Business at the University of Georgia for the opportunity to discuss the future of community banking at this annual conference for bank officers and directors. Community banks play an important role in our nation's financial system, and I believe that the future of community banking is bright. But that is not to say that it will be easy. Success, as always, will require energetic and engaged managers and board members who are sensitive to the financial needs of their communities, vigilant to economic conditions, and adaptive to changing regulatory requirements. I hear from a lot of community bankers who are concerned that the community banking model might not survive. Many paint a picture so bleak that they see only personal retirement or sale of the bank as viable strategies. I completely understand how tiring it is to fight a financial crisis and survive a deep recession followed by a weak recovery only to confront what seems to be a tsunami of new regulations.

I felt all of those same emotions in 1991. I was a community banker then. We had survived the savings and loan crisis with some bruises, but we were still standing. The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) had been followed by the Federal Deposit Insurance Corporation Improvement Act (FDICIA) in 1991. I had more new regulations stacked on my desk than I had employees in the bank. My bank had just reached the $100 million mark in total assets through the purchase of two branches from a failing thrift. Even more daunting for me personally, was the sudden death of my bank's chief executive officer (CEO), leaving me as the new CEO. Frankly, I didn't know how I was going to tackle all that lay in front of us. But those dark days in 1991 were followed by 15 years of exceptionally strong performance for all banks, including my own. And those experiences--the good and the bad--give me confidence in predicting a bright future for community banking today. Just as the seeds of a crisis are often sown in earlier boom times, strength can be forged during the tough times that follow a crisis. As we did in the early 1990s, bankers and regulators today have learned from the lessons of the crisis and are determined not to repeat the mistakes of the past...Read More

EU in calmer waters but 2013 prospects remain bleak: EUROFER

Despite several economic indicators edging up since November last year, EUROFER’s Q1-2013 Economic & Steel Market Outlook signals that for the time being the EU steel market looks set to remain stuck in reverse gear. Since late 2012, several economic indicators such as the EU economic sentiment indicator and PMI output indices are improving. Also the first cautious signs could be observed that reforms in the most troubled countries are beginning to work. The ECB announcing the Outright Monetary Transaction programme and further progress on the restructuring of the Spanish banking sector helped easing financial market tensions. This was supportive to private funds from abroad flowing back into the peripheral Eurozone countries and a strengthening of the Euro. EUROFER Director-General Gordon Moffat: "We do expect a more supportive economic environment towards the end of the year. But it will take most of 2013 before our customers in industry and the steel distribution chain will notice any improvement in business conditions. Confidence may be rising, but only from a depressed level. Financing and credit are still tight. Companies remain highly risk aversive. Steel market conditions will remain difficult for the time being". Activity in the steel using sectors is expected to register a further decline in 2013 due to the continuation of difficult operating conditions in the EU, particularly in construction and automotive. A mild rebound is on the cards for 2014, in line with the expected economic recovery in the EU...Read More

Audi sales grow 10.5% in Jan 2013

Audi, the German luxury car manufacturer, made a strong start to the year 2013 grossing sales of 737 cars in January 2013. The luxury carmaker recorded a 10.5% growth year-on-year (January 2012: 667 cars). "Following our record-breaking performance in 2012, we have set a target of 10800 cars (+ 20% vs. 2012) to be sold this year and have already opened our sales books with a bang. The year has started for us with the successful launches of the new Audi Q5 and the new Audi R8 and further expansion of our reach with the opening of Audi Mumbai South and Audi Lucknow in the first month itself. Our sale of 737 cars in January signifies our growing appeal amidst the luxury car customers. This was possible despite the price hike on our India model range starting January this year. 2012 was a rewarding year for Audi India in terms of product launches, dealership expansion and customer’s positive response.

I am confident that our robust customer proposition will help us surpass targets yet again this year. Like the global market, Audi is at No. 2 and based on our current performance we are well on track to achieve the No. 1 position in the luxury car market in India by 2015", said Michael Perschke, Head, Audi India. Leading the growth for Audi in India are the Audi Q3, new Audi Q5 and Audi Q7. The strengthened ‘A’ range of limousines with the Audi A8 L, Audi A6, and Audi A7 Sportback are also in the spotlight. The new Audi A4 with its progressive design, efficient driving dynamics and class defining interiors is doing exceptionally well with the younger audience. Audi continues to dominate the sports car segment with its Audi R8, Audi R8 Spyder, Audi RS5 and Audi S4. Continuing its trend from last year, Audi bagged eight prestigious automobile awards in 2012-2013. The Audi Q3 made its mark in the compact luxury SUV segment garnering top honours with five awards...Read More

Boeing and SilkAir sign exclusive pilot training agreement

Boeing and Singapore-based SilkAir announced a five-year exclusive pilot training agreement today. The training agreement will support SilkAir's fleet transition to Boeing airplanes. "SilkAir pilots will soon train with the most experienced 737 instructors," said Leslie Thng, SilkAir Chief Executive. "The experience and expertise at Boeing will ensure a smooth transition when we take delivery of our first new 737 next year." In November 2012, SilkAir finalized an order for 23 Next-Generation 737-800s and 31 737 MAX 8s, the largest order in the airline's history. Under the agreement, Boeing Flight Services, a unit of Boeing Commercial Aviation Services, will provide flight training at Boeing's Singapore training campus for the airline's new 737 fleet. The 2012 Boeing Pilot & Technician Outlook, a respected industry forecast of required aviation personnel, cites a demand for 185,600 new commercial airline pilots and 243,500 new technicians in the Asia Pacific region through 2030. The South East Asia region, which includes Singapore, will require 51,500 pilots and 67,400 technicians. "We are pleased to provide training to SilkAir, and through the knowledge and expertise of our team, provide this important customer with the Boeing Edge in their markets," said Sherry Carbary, vice president, Boeing Flight Services. "We are very proud to support SilkAir as they launch their new Boeing 737 fleet." SilkAir is a full-service airline and the regional wing of Singapore Airlines. SilkAir currently flies more than 300 flights a week to 42 destinations across 12 countries.

Passengers using Frankfurt Airport are very keen on using self-service: Survey

Passengers using Frankfurt Airport are very keen on using self-service, according to the 2012 SITA/Air Transport World Passenger Self-Service Survey. Frankfurt leads the way with the use of self-bag-drops, for example, as well as self-service check-in. However, because Frankfurt is so advanced in its use of kiosks and web check-in, interest in the use of mobile phone functionality is generally lower than global averages. Frankfurt am Main is Germany’s busiest airport, with over 57 million passengers flying to 264 destinations in 113 countries. On the day of the survey, 45% of its passengers used a staffed bag-drop station, compared to 32% surveyed at airports across the rest of the world. For unstaffed bag-drop, Frankfurt is also ahead of the curve; here 7% of passengers used the service which is the highest rate recorded in the survey and double the global average. Likewise, 76% of passengers at Frankfurt had used self-service check-in, compared to 68% elsewhere. This could explain why passengers at Frankfurt rate check-in and bag drop as less stressful than passengers do at other airports. Passengers in Frankfurt are also embracing self-service on mobiles. Some 44% of passengers check-in via their mobiles occasionally or frequently, while 43% used mobile boarding passes at the airport. However, despite the relatively high usage, uptake of mobile self-services at Frankfurt could be higher. Many passengers here are still reluctant to use mobile boarding passes. The main reason, given by 58% of respondents, is a preference for paper boarding passes. This ties in with a concern, expressed by 44% of passengers surveyed, that mobile phone services are not available at all airports. Another reason for the slower pick up of mobile check-in is that passengers at this airport are already heavy users of other self-service channels for check-in - web and kiosks - and it may take some time to change habits. Frankfurt passengers are also less interested in using their mobile phones for flight updates, searching for flights, navigating through the airport, boarding passes and promotions...Read More

Standard Chartered announces 2013 Mobile Ventures Fellowship

Standard Chartered Bank signaled its ongoing commitment to talent development in financial services technology by announcing the 2013 Mobile Ventures Fellowship (MoVe) programme. Now in its second year, the MoVe programme was initiated as a part of the Infocomm Development Authority of Singapore's (IDA) Company-Led Training Programme (CLT). It aims to train new infocomm graduates and professionals in emerging and critical technologies. In calling for new applicants today, Standard Chartered announced another 10 traineeships for young Singaporean technopreneurs (MoVeRs) in mobile banking technology. Simon McNamara, Chief Information Officer, Consumer Banking, at Standard Chartered Bank, said: "The Mobile Ventures Fellowship programme at Standard Chartered has already been hugely successful with 10 MoVeRs due to complete their traineeships mid-year. We are pleased that with the support of the IDA, the Bank is able to be the launchpad for the careers of Singapore's emerging talent in mobile banking technology. This programme offers talented individuals the opportunity to harness the power of digital technology to create revolutionary mobile banking experiences that are more intuitive and personalised for the Bank's customers both in Singapore and internationally." Standard Chartered's Move programme will expose MoVeRs to the financial services industry and spur their creativity in designing and developing next generation mobile banking services for the Bank's customers. MoVeRs will be embedded within talented specialist teams at the Bank's multi-award winning global internet and mobile banking unit in Singapore. They will have the opportunity to work on the Bank's suite of mobile banking and lifestyle applications, including Breeze Banking, Breeze Trade, Breeze Good Life, Breeze Places and Breeze Home. Standard Chartered was the first financial institution in Singapore to partner with the IDA in 2012 to offer a programme geared towards building a new generation of MoVers and shakers in mobile banking. These young minds will innovate in Singapore to harness the power of the global mobile revolution for the rest of the world. Applications will close on 28 April 2013.

Yahoo! announces advertising alliance with Google: reports

Yahoo! has announced an advertising alliance with Google, according to reports. Reports said that Google will use its online ad targeting skills at some Yahoo! properties, stepping in to put relevant marketing messages in available spaces. "By adding Google to our list of world-class contextual ads partners, we'll be able to expand our network, which means we can serve users with ads that are even more meaningful," Yahoo! reported.

Twitter to acquire Bluefin Labs: reports

Sinochem plans to buy stake in Wolfcamp shale from PNR: reports

Sinochem Petroleum USA LLC is planning to pay $1.7 bn to acquire 40% of Pioneer Natural Resources Co.’s stake in 207,000 net acres in the Wolfcamp shale in the Spraberry trend of West Texas, according to reports. Reports said that at closing, Sinochem will pay $500 mn in cash to PNR, before normal closing adjustments, and will pay the remaining $1.2 bn by carrying a portion of Pioneer’s share of future drilling costs. Sinochem and PNR plan to drill 86 horizontal Wolfcamp shale wells during 2013, 120 wells in 2014, and 165 wells in 2015, report said. There are reports that the transaction is expected to close during the second quarter, subject to customary governmental approvals.

UK house prices rose at their fastest pace since 2010: reports

Vodafone partners with PAYBACK

Vodafone India, one of India’s leading telecommunications service providers, has joined PAYBACK, India’s largest multi-brand loyalty program, as its exclusive partner in the telecom category. Announcing the association at an event just before the coveted6th Loyalty Summit in Mumbai, PAYBACK stated that its members will now be able to redeem points for a Vodafone recharge as well as avail the Vodafone Bill Pay facility using PAYBACK points. Vodafone customers, on the other hand, will get the opportunity to be part of the exclusive PAYBACK program that enables them to earn and redeem PAYBACK points in more than 50 in-store and online partners brands of the program. PAYBACK is one of the largest and fastest growing multi-brand loyalty programs in India. The program is growing rapidly every year with millions of active members in the PAYBACK network. The engagements with new partners are coming at a time when PAYBACK India is scaling its operations significantly to cement its position as the pioneer and leader in the loyalty category in India.

Race II: Ready, Steady, Don't Go

IIFL Rating:

With Abbas Mastan, you can be sure of sure of a heist plan. This time, the target venue is a church and the object of desire is the priceless Shroud of Turin. And the master operator is Saifu with the Kareena tatto, a pro at everything under the sun and an expert in history, geography and civics. He can do all but remove his shirt before bad man John Abraham (no, John you are too good to play a baddie. Reserve and preserve your best for a better role. Not for such cheap Arnold's "Commando" inspirations).

So, our Saifu remains suited booted even in the final encounter with Bollywood's best known hunk and yet wins the duel. He's the hero right.

The skin show is left to the hapless ladies who undress at the drop of a hat. To our horror, sidekick of sidekicks Rajesh Khattar goes full monty before Saifu. What was the idea behind this brainwave? It must have surely left the Nawab dazed for the rest of the shoot.

If J Fernandes is an actress, then surely Deepika P is Nutan. Mam Fernandes would do well to cash in on her brush with Bollywood, may be as the brand ambassador of the Srilankan cricket team. That way, she'll be in the news escaping the hard work that acting calls for.

Ameesha ben Patel, unemployed for long, gleefully plays the dumb secretary to Anil Kapoor uncle.

Predictably, she makes a mess while Anil bhai manages to entertain in flashes. Bipasha Basu goes waste in a friendly appearance.

The twists and turns of this movie won't impress even primary school kids. The Abbas - Mastan fascination for cars, gadgets and fake currency shows throughout, so do astronomical Euro deals effected in leather brief cases every now and then.

Even the early desi bond imitations of Bollywood did a better job using simple print diaries and planners. Cost-effective entertainment.

5 Weekly positional calls

The IMF may say that the slowdown in the India’s GDP growth is more due to domestic reasons than global factors. But for the market, it seems like the global turn of events has cast a shadow as the indices remain in consolidation mode after hitting multi-month highs in January 2013. Eurozone was back in the news for all the wrong reasons. Political risk has risen after a banking scandal in Italy hurt sentiment. Corruption allegations came to the surface for the government of Mariano Rajoy in Spain. While Spain averted the need for a sovereign bailout from its European Union partners, it has had to resort to seek a bailout for its banking sector.

Back home, sentiments were hurt on the macro front with the latest official estimate pegging GDP growth at a mere 5% in 2012-13, the lowest in a decade and even lower that the RBI’s projection of 5.5%.

Benchmark indices may turn volatile in the coming week amid various economic data points to be announced. The IIP numbers will be announced next week. The other data points are WPI, Import-Export numbers for the month and CPI. A host of results will continue to flow in. But the market looks unlikely to stage any rally in the coming week.

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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Major Indices	08-Feb-13	01-Feb-13	% Change
BSE Sensex	19,485	19,781	1.5
NSE Nifty	5,904	5,999	1.6
Dow Jones*	13,944	14,010	0.5
Nasdaq *	3,165	3,179	0.4
Hang Seng	23,177	23,722	2.3
Nikkei	9,380	11,191	16.2
Shanghai Comp	2,262	2,419	6.5
Bovespa (Brazil)*	54,156	60,351	10.3
* Close as on last Thursday

Major Indices	08-Feb-13	01-Feb-13	% Change
Rupee to Dollar	55.6	55.4	0.4
Rupee to Euro	68.5	68.3	0.4

Major Indices	08-Feb-13	01-Feb-13	% Change
Gold std. (Rs/10gm)	30,432.0	29,975	1.5
Silver (Rs/kg)	57,706.0	57,256	0.8
Crude Oil ($ per barrel)	96.2	90.9	5.9

Leader Speak

Kiran Mazumdar-Shaw, Chairman & Managing Director, Biocon Ltd
Yash Ved of IIFL provides interactions during the conference call where Kiran Mazumdar-Shaw says, "The business outlook remains positive as we are fully geared to accelerate growth of all our business verticals."...More

BVR Mohan Reddy, Chairman and Managing Director, Infotech Enterprises
Speaking with Yash Ved of IIFL, BVR Mohan Reddy says "We hope to get back to a stronger growth path in the next one to two quarters."...More

N Sathyanarayanan, MD, Central Parking Services
Replying to Anil Mascarenhas of IIFL, N Sathyanarayanan says, "Parking management is a highly organized and profitable industry in the developed economies. For instance, there are about half a dozen billion dollar revenue companies in this space in the US alone. The largest parking company in the US has revenues of $ 19 billion."...More

Lalit Agarwal, Chairman and Managing Director, V-Mart Retail Limited
Yash Ved of IIFL provides highlights of the media interaction where Lalit Agarwal says, "About 68% of our revenue comes from apparels, 19% comes from Kirana Bazaar, 6% of from Non-Apparels and remaining 6% from Home Mart."...More

Sanjay Kumar, CEO and MD, Altran India
Speaking with Yash Ved of IIFL, Sanjay Kumar says "The firm is looking at both organic and inorganic routes to scale up operations to reach a workforce of 2,000 high technology Engineering experts over the next two years in India."...More

LL Soni, VP-Finance & Corporate Relations, Sangam (India) Limited
Replying to Yash Ved of IIFL, LL Soni, says "We are targeting 20-25% annual growth in revenue for next couple of years largely driven by value-added fabrics."...More

Krishnakumar Natarajan, Co-founder, CEO & MD, MindTree Ltd
Yash Ved of IIFL provides the highlights of a media interaction where Krishnakumar Natarajan says "We continue to be optimistic of the future demand scenario and significantly enhanced sales force both in US and Europe in Q3."...More

Tushar Pradhan, CIO, HSBC Mutual Fund
Replying to Anil Mascarenhas of IIFL, Tushar Pradhan says, "Our research shows that a disciplined approach to buying companies that look attractive on this matrix provides significant longer term outperformance."...More

Meenal Sinha, Associate Vice President, Imperial Servcorp
Replying to Yash Ved of IIFL, Meenal Sinha says, "90% of our clientele is large MNCs and they show a marked preference for our Serviced Offices."...More

Joy Saxena, Executive Director – Strategy & Planning, Techno Electric & Engg
Speaking with Yash Ved of IIFL, Joy Saxena says "We expect to add 1000mw capacity in wind energy by 2020."...More

N Chandrasekaran, Chief Executive Officer and Managing Director, TCS
Yash Ved of IIFL provides the highlights of a media interaction where N Chandrasekaran says "We believe that clients are going to invest in making their operations ‘digital-ready’ in 2013 and drive business growth. TCS is well positioned to help our clients in this journey."...More

Ritu Arora, Director Investment, Canara HSBC Oriental Bank of Commerce Life Insurance Company
Speaking to Anil Mascarenhas of IIFL, Ritu Arora says, "Industrial production growth and inflation are linked to some extent as high capacity utilization drives up core inflation. Thus, revival of capital formation is important to bring us back on sustainable high growth trajectory."...More

Amitabh Mundhra, Director, Simplex Infrastructures Ltd
Replying to Anil Mascarenhas of IIFL, Amitabh Mundhra says, "From a growth perspective, along with housing, urban infrastructure and power, mining will be a key growth area for the Group as a whole."...More

Paritosh K Agarwal, Managing Director, Suryalakshmi Cotton Mills
Speaking with Yash Ved of IIFL, Paritosh K Agarwal says "Exports contribute about 20-25% and rest 75% of revenue comes from domestic market."...More

TV Sandeep Kumar Reddy, Managing Director, Gayatri Projects Ltd
Replying to Yash Ved of IIFL, TV Sandeep Kumar Reddy says, "Our planned capex for the year is Rs493.8mn, most of which will be funded through internal accruals."...More

Christine Lagarde, Managing Director, IMF
Christine Lagarde, Managing Director of the International Monetary Fund, speaks with German weekly Die Zeit about her relationship to Wolfgang Schäuble, lessons from the crisis, and the economic outlook for the coming year...More

S. Jayadeep Reddy, MD & CEO, ehealth Access Private Ltd.
Replying to Anil Mascarenhas of IIFL, Jayadeep Reddy says, "There is a huge gap in patient to doctor ratio in India making it impossible for everyone to have an affordable and easily accessible healthcare."...More

Amit Kulkarni, Director, Varasiddhi Infrastructure
Replying to Yash Ved of IIFL, Amit Kulkarni said "Varasiddhi Infrastructure has total 1.4mn sq.ft. area under development."...More

Ashwani Arora, Jt. Managing Director, LT Foods Ltd
Speaking with Yash Ved of IIFL, Ashwani Arora says, "We enjoy close to 40% market share in branded basmati rice in US."...More

A Prathap Reddy, Chairman and Managing Director, Balaji Amines Ltd
Replying to Yash Ved of IIFL, A Pratap Reddy says, "We are eyeing FY 2012-13 revenue targets approximately at Rs5.20bn - 5.50bn and for 2013-14 is Rs. 6.20bn - 6.50bn."...More

Akbar Al Baker, Chief Executive Officer, Qatar Airways
Replying to Yash Ved of IIFL, Akbar Al Baker says, "The airline plans to serve over 170 destinations worldwide with a fleet of more than 170 aircraft by 2015."...More

Ritu Arora, Director Investment, Canara HSBC Oriental Bank of Commerce Life Insurance
Replying to Anil Mascarenhas of IIFL, Ritu Arora says, "We have done a study looking at equity market return on rolling 15yr blocks since 1991. We had 12 data points and consistently positive CAGR was delivered by Indian markets in each of them."...More

Aditya Bafna, Director, Shree Shubham Logistics
Replying to Yash Ved of IIFL, "We are developing Agri Logistics Parks at 16 locations in the states of MP, Maharashtra, Gujarat and Rajasthan with an investment of around Rs2.70bn."...More

Narasimha Jayakumar, COO, E-commerce for Homeshop18
Replying to Anil Mascarenhas of IIFL, Narasimha Jayakumar, COO, Homeshop18 says, "India is a hot market for e-commerce. West took 50 years to move from mom and pop stores to online stores and virtual environment, India has accomplished this in 2-3 years. We have made extensive preparations for the Google Online Shopping Festival in the last 15 days. As of today, we are prepared to handle 100% increase in traffic and orders."...More

Kiran Mazumdar-Shaw, Chairman & Managing Director, Biocon Ltd
Replying to Yash Ved of IIFL, Kiran Mazumdar-Shaw says, "With a number of our biosimilar & novel programs entering the clinics, we have witnessed an upsurge in our Research & development costs, which indicates potential upsides in the long term."...More

Deepak Kaistha, Chief Executive Officer, Planman Media
Replying to Anil Mascarenhas of IIFL, Deepak Kaistha says, "PowerBrands Glam is an amalgamation of a 3-day mélange which will witness the salutation of Indian brands, inspirational leaders and the next generation entrepreneurs who have and continue to shape the contours of our nation."...More

Syed Sultan Ahmed, Managing Director, Edumedia India
Replying to Yash Ved of IIFL, Syed Sultan Ahmed says, "EduMedia wants every child to have access to high quality films and value education content."...More

Mr. Vineet Agarwal, Joint MD, Transport Corporation of India
Replying to Anil Mascarenhas of IIFL, Vineet Agarwal says, "India currently spends 12-13% of its GDP on logistics. TCI is aiming at a 15% compounded annual growth rate for the next four to five years. The major growth has come from the supply chain division and express division."...More

Vibha Padalkar, Executive Director and CFO, HDFC Life
Replying to Yash Ved of IIFL, Vibha Padalkar says, "HDFCSL has done better than many other insurance companies showing the strongest growth trajectory. Our WRP (Individual business) has shown a growth of 10% for the H1FY13."...More

GK Muralikrishna, CEO and Managing Director, helios and matheson
Replying to Yash Ved of IIFL, GK Muralikrishna says "The company is geared to tap this huge market potential and post healthy growth in revenue by building on its inherent strengths."...More

Amit R. Sheth, Managing Director, aurionPro Solutions
Replying to Yash Ved of IIFL, Amit R. Sheth says, "We are seeing traction in new emerging markets like Kenya, Nigeria, Cambodia, Vietnam and Myanmar."...More

Manju Sharma, Director – Operations, Jaypee Hotels
Replying to Yash Ved of IIFL, Manju Sharma says, "We are planning to add around 650 rooms to our new property (upscale business hotel) yet to be launched in Noida very soon."...More

Raymond Bickson, MD & CEO, Indian Hotels Company Limited
Yash Ved of IIFL gives you highlights from a media interaction where Raymond Bickson says "We are planning 13 new hotels and 1521 rooms in 2013-14."...More

Mr. BM Bhorania, Executive Director of Finance, GSFC Ltd.
In an interaction with Anil Mascarenhas and Manu Kaushik of IIFL, Mr. BM Bhorania says, "The capex for Dahej plant will be huge; it would be too early to quantify the same. Yet, I would estimate it would be in the range of Rs.80bn for the four units put together."...More

Vaidya Nathan, CEO and Founder, Classle Knowledge Private Ltd
Replying to Anil Mascarenhas of IIFL, Vaidya Nathan says, "Classle would do for Education and Learning what Google did to organize information and Facebook did for relationships and communication."...More

Yogesh Tiwari, Vice President – Sales & Marketing, Blackberrys
Replying to Anil Mascarenhas of IIFL, Yogesh Tiwari says, "Today, all norms in dressing up are being challenged and the consumer is constantly pushing the envelope – therefore formal wear is getting more dressed up and fun elements are creeping into plain staid formalwear."...More 

Dr. Sreeni Tripuraneni, Chairman & CEO, 4G Identity Solutions
Replying to Yash Ved of IIFL, Dr. Sreeni Tripuraneni said "4Gid has an order book of more than 2bn to be executed in next 12 months."...More

H.A. Mishra, Chairman & MD, Foodesign Hospitality Systems
Replying to Yash Ved of IIFL, HA Mishra says, "FHS has embarked on an aggressive growth trajectory and will soon be launching some of the most advanced and innovative services in the area of F&B Cost Management."...More

Sajjan Bhajanka, Chairman, Century Plyboards (I) Ltd
Replying to Yash Ved of IIFL, Sajjan Bhajanka says "We are eyeing Rs20bn revenue target for FY13."...More

Mr. Pirojsha Godrej, Managing Director & CEO, Godrej Properties
Yash Ved of IIFL provides you the media reaction where Mr. Pirojsha Godrej says "We continue to build strong development pipeline in high growth markets and added two projects with 3.69 million sq. ft. of saleable area in Q2 FY2013."...More

Mr. Alok Sanghi, Director, Sanghi Industries Ltd.
Replying to Anil Mascarenhas of IIFL, Alok Sanghi says, "We reported a net profit of Rs.181.8mn for the first quarter ended September 30, 2012 as against a net loss of Rs.373.5mn in Q1 of previous fiscal. The infrastructure spending will increase, leading to demand growth and stable prices for the cement sector."...More

S Ganesh, CEO, D&B Analytics and Decision Services Limited
Replying to Anil Mascarenhas of IIFL, S Ganesh says, "We convert raw data and information into insights and actionable intelligence. Currently there are some opportunities emerging in verticals like telecom, healthcare, and retail as these industries are also very data intensive and use similar principles to expand their customer base and profitability."...More

NV Subramanian, Co-founder, Sharedcab.com
Replying to Anil Mascarenhas of IIFL, NV Subramanian says, "We aggregate demand for regular daily point to point travel from end consumers and pool them into an AC shared taxi. We're targeting a revenue of Rs.150mn in the 1st year."...More

Dhruv M. Sawhney, Chairman and Managing Director, Triveni Turbines Ltd
Yash Ved of IIFL gives you the highlights of the conference call conducted by Triveni Turbines Ltd after its latest quarterly results where Dhruv M. Sawhney says "Our domestic market order intake continues to improve in Q3 and Q4."...More

Sonya Hooja, Co-founder & Director, Imarticus Learning
Replying to Anil Mascarenhas of IIFL, Sonya Hooja says, "The business model of Imarticus learning is based on two pillars – first one being students and candidates who are looking to begin their career in IB."...More

Suresh Rao, Faculty and Senior Admissions Officer, Imarticus
Replying to Anil Mascarenhas of IIFL, Suresh Rao says, "One of my drivers is to inspire the youth and give them the extra edge through teaching, mentoring & help them succeed."...More

Gaurav Vora, Director, Dynaflex Private Ltd
Speaking with Yash Ved of IIFL, Gaurav Vora says "We are planning to invest US$5mn and will be raising the amount via debt and internal accruals."...More

Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited
Yash Ved of IIFL gives you the highlights of the conference call conducted by Oberoi Realty Ltd. after its latest quarterly results where Vikas Oberoi says, "Going forward, we expect residential market to do well. There have been few changes in FSI norms. The new regime will benefit developers."...More

Vineet Nayar, Vice Chairman and CEO, HCL Technologies Ltd
Yash Ved of IIFL provides you the media interaction where Vineet Nayar says "We see significant opportunity because of contract renewal in America and Europe."...More

Rostow Ravanan, Co-founder and Chief Financial Officer, Mindtree
Speaking with Yash Ved of IIFL, Rostow Ravanan says "We have lowered revenue growth guidance to below 11% for the current financial year, from 11%-14% sales outlook."...More

Arun Balakrishnan, CEO, BerkshireInsurance.com India
Speaking with Anil Mascarenhas and Yash Ved of IIFL, Arun Balakrishnan says "Little knowledge can be dangerous and unfortunately what insurance buyers are doing is that they are comparing just the premium."...More

The myth of affordable energy: Ed Dolan
"The US economy is still 15 percent less energy efficient than the average for high-income OECD countries, giving it plenty of room to improve. Switzerland is almost twice as energy-efficient as the US, and the UK is 68 percent more efficient,"...More

Dr Som Majumdar, Director, International Business, KadenBoriss Lawyers
Dr Som Majumdar tells Dolly Mirchandani of IIFL that, "Unless sold, service does not come up to the fore. Again, unless service is given to the satisfaction of customers, ‘sell’ may not be effected next time."...More

RK Jain, Group President - (Corporate Finance and Strategies) Uflex Ltd
In an interaction with Anil Mascarenhas of IIFL, RK Jain says, "Uflex is the only integrated unit of its kind in the world with flexible packaging at its core and focused on innovation."...More

RC Baid, Chairman & Chief Mentor, Siddhi Vinayak Logistics Ltd
Replying to Anil Mascarenhas of IIFL, RC Baid says, "Implementation of GST will give more teeth to the road transport industry and will give it a new platform to further develop logistics concepts."...More

Mr. Rajesh Aggarwal, Managing Director, Insecticides India Ltd
Replying to Anil Mascarenhas of IIFL, Rajesh Aggarwal says, "Statistically organic farming is giving below average results and also the quality for crop suffers. We would invest about Rs1bn in the next 2-3 years and as far as funding plan is concerned we are open and have not zeroed on any one."...More

Shyam Sunder B K, Chief Designer, Industrial Design – Tata Elxsi, India
Replying to Anil Mascarenhas of IIFL, Shyam Sunder says, "Consumers have evolved from simply buying things off the shelf to studying the physical attributes or attractiveness of the container vis-à-vis understanding how a particular product can add value to their purchase."...More

Dr. Ganesh Natarajan, Vice Chairman and CEO, Zensar Technologies
Speaking with Yash Ved of IIFL, Dr. Ganesh Natarajan says "The Company is looking for acquisitions in Europe with a deal size of approximately USUS$20-25mn."...More

Sanjay Monga, Country Manager – India, Asian Panaria
Replying to Yash Ved of IIFL, Sanjay Monga says "Bellissimo plans to invest Rs. 1bn over the next 3-5 years in manufacturing as well as setting up a nation-wide distribution network for luxury tiles."...More

Suman Bose, Managing Director & CEO, Siemens Industry Software
Replying to Anil Mascarenhas of IIFL, Suman Bose says, "The ‘Curiosity’ landing on Mars was one of the toughest engineering challenges ever attempted, and we are proud to be associated with this project."...More

Mr. Devendra Shah, Chairman & Managing Director, Parag Milk Foods
In an exclusive interaction with Hemant P. Maradia of IIFL, Mr. Devendra Shah says: "We hold 1% market share in dairy products but we have a higher market share in value-added milk products."...More

Rajiv Sawhney, CEO & MD, Mahindra Holidays & Resorts India Ltd
Speaking with Yash Ved of IIFL, Rajiv Sawhney says "The growing leisure travel market is seeing newer demands and trends, more discerning consumers insisting on quality, value and differentiated experiences."...More

Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd
Replying to Yash Ved of IIFL, Dhaval Ajmera says "We are planning to invest Rs10bn in the real estate and power sectors in the next five years even as it is looking at exciting, some of its non- core assets including cement business and a land parcel in Bahrain."...More

Saleem Mohammed, PhD, CEO and Co-founder, XCODE Life Sciences
Replying to Anil Mascarenhas of IIFL, Saleem Mohammed says, "Understanding how your personal genetic code influences and affects your health and well being is critical for better health."...More

H.E. Elizabeth Thabethe, Deputy Minister for Trade and Commerce, Republic of South Africa
Speaking with Yash Ved of IIFL, H.E. Elizabeth Thabethe says, "Our primary motive behind India visit is to observe and understand Indian practices in enterprise development, SME support and industrial expansion."...More

Mr. Pratip Chaudhuri, Chairman, State Bank of India
Yash Ved of IIFL brings you SBI’s latest media interaction, where Mr. Chaudhuri said "The objective of the lending rate cut is to improve demand for assets which in our view could have a positive cascading effect on related industries."...More

Harshil Mehta, Chief Executive Officer, Aadhar Housing Finance
Speaking exclusively to Hemant P. Maradia of IIFL, Mr. Harshil Mehta says, "On a quarter-on-quarter basis, our loan book has been growing at the rate of 15% to 30%."...More

Mr. Pankaj Seth, Managing Director, Orbit Exports Ltd.
Speaking with Yash Ved of IIFL, Mr. Pankaj Seth says, "Our plans include expanding into the fabrics business. We are also planning to acquire brands overseas."...More

Prashant Saha, Managing Director, CIMGLOBAL
Replying to Anil Mascarenhas of IIFL, Prashant Saha says, "CIMGLOBAL realizes that India is certainly short of quality convention/expo venues, resulting in its failure in attracting large conventions and expo businesses to India."...More

Prasad Shejale, Co-founder & CEO (India), Logicserve Group
Replying to Anil Mascarenhas of IIFL, Prasad Shejale says, "Our USP lies in our strong technology background along with success stories in the UK and European market."...More

N. Chandramouli, CEO, Comniscient Group
Replying to Anil Mascarenhas of IIFL, N. Chandramouli says, "Mahatma Gandhi summarized this Brand tenet succinctly in his statement "Be the change you want to see." In communication terms this can be restated as "Be as you want to be seen."...More

Mr. Mushtaq Ahmad, Chairman & CEO of Jammu & Kashmir Bank
Speaking exclusively to Hemant P. Maradia of IIFL, Mr. Mushtaq Ahmad says, "The Bank targets a credit growth of over 25% and deposit growth of over 17-18% for FY13."...More

VA George, President & CEO, Thejo Engineering
Replying to Yash Ved of IIFL, V. A. George says "The domestic market has shown commendable growth with many projects coming up in mining, steel, power and ports sector."...More

Ninad Karpe, MD & CEO, Aptech Ltd
Ninad Kapre replies to Anil Mascarenhas of IIFL and says, "Every testing requirement is an opportunity. However, reach, infrastructure, connectivity and computer literacy can be some challenges."...More

Sajjan Jindal, Chairman and Managing Director, JSW Steel
Yash Ved of IIFL gives you highlights from a media interaction where SAJJAN JINDAL says "The merger completes the integration and aims to capture full value of the combination."...More

Mr. Beas Dev Ralhan, Chief Executive Officer, Next Education
Speaking exclusively to Hemant P. Maradia of IIFL, Mr. Beas Dev Ralhan says, "The company did Rs. 1bn in revenues last year and will do close to Rs. 2bn this year."...More

Deepinder Goyal, Founder & CEO, Zomato
Replying to Anil Mascarenhas of IIFL, Deepinder Goyal says, "Over 4 million Zomato users come to the website every month to search places for dining out, home delivery, catching up or nightlife."...More

Anand Nichani, Director, Polyflex
Replying to Anil Mascarenhas of IIFL, Anand Nichani says, "According to recent studies branded mattress market is approx USUS$200mn out of which luxury is about 2-3 %. We have a mattress for every possible sleeping need."...More

Antony Jacob, CEO, Apollo Munich Health Insurance Company Limited
Replying to Yash Ved of IIFL, Antony Jacob says "The Indian health insurance market is one of the fastest growing portfolios among the non-life insurance category, but still is significantly under-penetrated in comparison with other countries."...More

Mr. Prashanth Prakash, Partner, Accel Partners
In an exclusive interview with Hemant P. Maradia of IIFL, Mr. Prashanth Prakash says, "We continue to believe that there are great opportunities in a broad range of Internet led technologies businesses from Online Media to Saas."...More

Mr. Mahesh R. Shetty, CMD, MT Educare Ltd.
Speaking with Hemant P. Maradia of IIFL, Mr. Shetty says, "Spend on the Education sector is increasing. Almost a third of the income of middle-class families is going into Education."...More

Mr. Rajesh R. Gandhi, Managing Director, Vadilal Industries Ltd.
Replying to Anil Mascarenhas of IIFL, Rajesh Gandhi says, "With the unorganized market covering a large chunk (60%) of the Indian ice cream market and already crowded organized sector, all the big and small brands have to provide myriad choices to consumers."...More

Mr. Gaurav Modwel, CEO, Wadhawan Holdings Pvt. Ltd.
In an exclusive interview with Hemant P. Maradia of IIFL, Mr. Gaurav Modwel says, "We are expecting to turn profitable around the third year of the Sri Lanka Premier League (SLPL)."...More

Ashok Chhajer, Chairman, Arihant Superstructures Ltd.
Replying to Yash Ved of IIFL, Ashok Chhajer says, "We expect the turnover and PAT to increase at a CAGR of 50% and 60%, respectively for the next 6-7 years."...More

Mr. Rahul Bajaj, Chairman, Bajaj Auto Ltd.
Yash Ved of IIFL gives you highlights from CII marketing summit, where Mr. Rahul Bajaj said, "Bajaj Auto has been a value for money brand"...More

Nikhil Kumar, Joint Managing Director, TD Power Systems Limited
"While we remain confident about the longer term prospects for our business, near-term visibility remains uncertain," said Nikhil Kumar during conference call...More

Austin Coutinho, Author, The Games
Replying to Anil Mascarenhas of IIFL, Austin Coutinho says, "In cricket there is a lot of commitment from all concerned - administrators, players, coaches etc. Sponsors are ready to put in money because of the commitment. Other sports are far behind in this aspect."...More

Mohit Modi, Director - Equity Research, CRISIL Limited
Replying to Anil Mascarenhas of IIFL, Mohit Modi says, "Retail investors should look at three things before investing in stocks – fundamentals of the company, valuation levels and their risk appetite. Investments in equity markets depend on one’s risk appetite."...More

Chanda Kochhar, Managing Director and CEO, ICICI Bank
Recognized as one of the most powerful women in the world, the 50-year-old banker, wife and mother-of-two weighs in on whether women really can "have it all" and explains why she leaves her womanhood at the office door...More

David Gerald, Founder, President & CEO, Securities Investors Association (Singapore)
In an exclusive interaction with Dolly Mirchandani of IIFL, David Gerald stresses, "Investor associations—like ours—play an important role in educating investors. But you cannot be the only organisation working for investor improvement; there has to be corporations, stock exchange and regulators who should also educate investors at a national level."...More

Hari Prakash Pandey, VP-Finance, Housing Development & Infrastructure Limited
"We are expecting better demand for the residential segment over the next three to six months despite slack macro economic conditions." said Hari Prakash Pandey...More

Manju Yagnik, Vice-Chairperson, Nahar Group
Replying to Yash Ved of IIFL, Manju Yagnik says "The ever increasing demand for all realty segments in the country, which is outstripping its supply, signals a rosy outlook for the country’s real estate sector."...More

Uma Shashikant, Managing Director, CIEL
Reaching investors in a country geographically large and diverse like India requires serious investment of capital, expertise and time. Uma Shashikant tells Dolly Mirchandani of IIFL that "We need a national policy and an implementation program. CIEL is keen to drive such an initiative and will happily bring in content expertise and drive the program."...More

Karan Kapur, Executive Director, Travel Food Services
Replying to Anil Mascarenhas of IIFL, Karan Kapur says, "We currently run over 100 locations in the travel sector and work with some of the best national and international brands and are open to financial partners should any significant synergy opportunities exist."...More

Raymond Bickson, MD & CEO, Indian Hotels Company Limited
Yash Ved of IIFL gives you highlights from a media interaction where Raymond Bickson says "We are planning 16 new hotels and 2000 rooms for FY13."...More

Mr. Rajiv Sabharwal, Executive Director, ICICI Bank
Replying to Anil Mascarenhas of IIFL, Mr. Rajiv Sabharwal says, "New avenues of business generation, as shopping and other merchant payment solutions options, do show early potential to bring a sea-change in banking business."...More

Suresh K, Chief Financial Officer, Brigade Enterprises Ltd
Speaking with Yash Ved of IIFL, Suresh K says "The prices in Bangalore are not high as compared to other cities. We expect prices to be stable in the Bangalore market"...More

Shashank Joshi, Managing Director, Money-On-Mobile (MOM)
Replying to Divya Kurup of IIFL, Shashank Joshi says, "MOM has successfully got 500,000 subscribers on board and touches a daily transaction volume of Rs. 20 million."...More

Kunal Premnarayen, Group CEO, ICS Group
Replying to Anil Mascarenhas of IIFL, Kunal Premnarayen says, "Over the last decade ICS, in conjunction with its various international partners, has launched complementing businesses in the real estate and financial sector."...More

Paresh Sukthankar, Executive Director, HDFC Bank
Yash Ved of IIFL provides the highlights of a media interaction where Paresh Sukthankar says "We continue to invest in technologies, in terms of new channels including social Media"...More

Lata Gwalani, Author, INCOGNITO
Replying to Anil Mascarenhas of IIFL, Lata Gwalani says, "Unrequited love, emptiness, lack of meaning in life…all these form the basis of my book."...More

A. R. Ramakrishnan, Managing Director and Director, Essar Shipping Limited
"The outlook for the shipping industry is that pressure will continue for several months" said A. R. Ramakrishnan...More

Suhale Kapoor, Executive Vice President and Co-founder, AbsolutData
Replying to Anil Mascarenhas of IIFL, Suhale Kapoor says, "The need for using Analytics varies in developed and emerging economies….in emerging economies marketers use analytics for foundational marketing techniques like targeting the right customer and customer segmentation."...More

P Ravindra Pai, Managing Director, Century Real Estate
Replying to Yash Ved of IIFL, P Ravindra Pai says "Our residential portfolio by the end of this financial year will be totaling 4 million sq ft."...More

Jayont R. Sharma, Founder Chairman and CEO, Milestone Interactive Group
Replying to Anil Mascarenhas of IIFL, Jayont Sharma says, "Introduction of 3G and telco’s focus on Value Added Services are expected to lead to exponential growth for mobile gaming in India."...More

Read More Leader Speak...

Industry Newsletters

Agriculture Newsletter - January 28, to February 01, 2013

Automobile Newsletter - January 28, to February 01, 2013

Aviation Newsletter - January 28, to February 01, 2013

Banking Newsletter - January 28, to February 01, 2013

Consumer Goods Newsletter - January 28, to February 01, 2013

Economy Round Up - January 28 to February 01, 2013

FLAME Newsletter - February 06, 2013

Hotel & Tourism Newsletter - January 28, to February 01, 2013

Infrastructure Newsletter - January 28, to February 01, 2013

IT Newsletter - January 28, to February 01, 2013

Metal & Mining Newsletter - January 28, to February 01, 2013

Merger & Acquisition Round Up - January 28, to February 01, 2013

Mutual Fund Newsletter - January 28, to February 01, 2013

Oil & Gas Round Up - January 28, to February 01, 2013

Pharmaceuticals Newsletter - January 28, to February 01, 2013

Real Estate Round Up - January 28, to February 01, 2013

Retail Newsletter - January 28, to February 01, 2013

Telecom Newsletter - January 28, to February 01, 2013

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If you have filed your return online ‘without adding digital signature’, then the process of e-filing is not complete...More

Options to invest in gold
The benefit of long-term capital gains tax is only available after three years in e-gold, unlike gold ETFs and gold fund of funds, where the same is available after one year. Also, like in physical gold, investors are liable to pay wealth tax in case of e-gold...More

Online term plans: Look beyond the price
Online term plans offer you a high cover at minimal cost. Rather than only concentrating on the price, be smart and look beyond the price while choosing your policy!...More

Tax saving instruments: Much more than saving taxes
One must realise that tax saving instruments do much more than only saving taxes. Smart planning with right tax saving instruments adds value to a portfolio. So take a wiser approach and avoid last minute rush for tax saving...More

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

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

Think WhyNot launches Amish’s 3rd book ‘The Oath of the Vayuputras’
The first two books in the Shiva Trilogy – The Immortals of Meluha and The Secrets of the Nagas - have sold a million copies till date, making it one of the fastest selling book series in Indian publishing history. Think WhyNot has been a key partner in the marketing strategies that have played a role in its success...More

Rolls-Royce seeks candidates for its Apprenticeship Programme
The company’s Apprenticeship Programme was successfully launched in 2006 and provides people aged 16-24 with the opportunity to train with the Goodwood-based manufacturer of the world’s best-selling ultra-luxury cars...More

Choose your perfect outfit this Valentine’s Day
Feel the love in flirty dresses, stylish gowns and exquisitely embroidered sarees and anarkalis in vibrant colors and shades of pink and peach, pastels, fuchsia pink, white and the traditional red...More

‘Kareena Kapoor: The Style Diary of a Bollywood Diva’
It has enjoyed a venerable love affair with some of filmdom’s most iconic stars and supported prestigious international film events, festivals and awards ceremonies...More

Le Meridien partners with India Art Fair
To be held from 1-3 February 2013 in Delhi, the Art Fair will include 105 exhibitors from 24 countries featuring a video lounge, an art bookstore, art projects and a speakers' forum...More

It’s time to say hello to some of Ronald’s dearest friends!
Customers will get a chance to take home one of Ronald’s best buddies from the cute Ronald & Friends toys series with every McDonald’s Happy Meal...More

Lemon Tree Hotels wins National Award
Each hotel of the Lemon Tree group has a specially designed room for orthopedically challenged persons and this room is located close to the elevator...More

3G takes an unusual approach to shoot in Fiji
The cast and crew of the upcoming film 3G had a rather unique experience, all they had to do was chat and have a traditional drink to shoot at the exotic islands of Fiji...More

HomeShop18 launches Virtual Shopping Wall at T3 of IGI Airport
With this HomeShop18 virtual shopping wall, the passengers will get a new and innovative shopping experience as they will be able to view range of products like consumer electronics, mobiles, tablets, clothing, accessories, fashion jewellery, perfumes, etc...More

Great Barrier Island walking festival
The three day walking experience will introduce participants to the spectacular scenery, mining and whaling history, of one of the largest and most seaward islands in the Auckland region of New Zealand...More

GAJA introduces exclusive Valentine collection
The offer is valid from 3rd February till 14th February, 2013 and will be available in GAJA stores in Kolkata, Mumbai, Ahmedabad, Bangalore, Ludhiana, Amritsar, Chandigarh, Gurgaon, Ghaziabad and Rajkot...More

Makeup India unveils 3 international cosmetic brands in India
The main aim of the Makeup India is to tap all segments of masses and to provide a quality product...More

Education UK Exhibition: The right leads for a great future
The students and parents will get an opportunity to see ‘There’s never been a better time to study in the UK’ a short film which captures student’s life changing experiences of UK education through the voices of students currently studying in the UK...More

Zaveri & co. unveil elegant and chic collection of diamond sets
The collection of stylish diamond sets from Zaveri & co. compliments both Indian and Western outfits, making them look elegant and sophisticated. This effervescent assortment of diamond sets has been skillfully crafted to epitomize the beauty of the modern Indian woman...More

Deepika launches her Facebook page
Deepika’s official Facebook page looks more like a reflection of her life, marking a few milestones in both her career and personal life...More

TripAdvisor reveals most romantic hotels in the world
Unlike any other hotel honors, TripAdvisor Travelers' Choice Awards are based on millions of valuable reviews and opinions from travelers around the world...More

Kerala’s Western Ghats cast spell on visitors at Spanish tourism fair
Staging its 33rd edition this year, the FITUR is one of the most influential tourism trade fairs in the world, attracting business participants and travel media from around the globe besides the general public. Last year, the Kerala Tourism had won the best stand award at the FITUR...More

1 Painting, 505 sq. ft: The longest mindscape ever...
Art lovers can now choose their favourite slice of the artist’s journey from the 505 sq.ft and still be a part of a large Mindscape. Any part of the painting purchased, would be given alongwith a validity certificate...More

Westland launches Anuradha Sawhney’s book ‘The Vegan Kitchen Bollywood Style!’
The Book brings together recipes from no less than 50 leading names from the world of Bollywood, fashion and music...More

Make your extraordinary love story at Taj Mahal Palace
Feel your heart skip a beat as you discover and set the mood for an extraordinary love story at Zodiac Grill, Wasabi, Golden Dragon, Souk, Masala Kraft, Shamiana, Starboard or Harbour Bar...More

Chief Secretary appreciates BKC Illumination
The Champion of Champions – during the initiative taken up by the Government of Maharashtra, along with Bombay First in order to rekindle the spirit and significance of Republic Day...More

Eado Audiobooks goes green at the World Book Fair 2013
The titles include best-sellers from leading Indian & global publishing houses such as Penguin Books India, Simon & Schuster audio, Roli, Hachette, Brilliance Audio and Gildan Media. ‘Reado Green Boulevard’ is located at hall no. 1R, stalls 101-110 at the book fair...More

Harvard University team studying the Kumbh Mela
This year-long interfaculty project is coordinated by the South Asia Institute at Harvard University and the Harvard Global Health Institute, as part of their focus on Urbanization...More

Other Lifestyle News 

Mountain Dew signs Hrithik Roshan as new brand ambassador

News Hunt nominated for 2013 GSMA Global Mobile Awards

Rio’s Acaiberry drink wins Best packaging award

BBC launches sports mobile app for international audiences

Sanovi Tech. introduces Disaster Recovery Management Suite

Metropolitan Commissioner recommends 100% medical reimbursement for MMRDA employees

Qatar Duty Free celebrates Chinese New Year

Smart Kids ‘EARN’ their way even while interning

Talent Box to promote 18 talented designers this season

Teppan Japanese Grill and Sushi Bar introduced Bento Box

Micromax Ninja A89 available on Snapdeal.com

Munich set to host Annual Carnival

Pratik BGII cotton seed developed by Krishidhan Seeds

‘iPhone 5’ searches up a staggering 594%

EBagsfull’s special offer to cheer your special one this month

Dr. L H Hiranandani hospital conducts ‘The Pink Meet, 2013'