|Vol. 796 -October 25, 2013|
Coal-gate: I have nothing to hide, says Prime Minister
Prime Minister Manmohan Singh said he is not above the law of the land. "If there is anything that the CBI, or for that matter, anybody wants to ask, I have nothing to hide," Singh said with reference to the allocation of the coal block in Odisha when he was the minister in-charge in 2005. Hindalco has denied any wrongdoing in the allocation. When questioned about the number of scams in UPA-II regime he said, "First of all, I would say the scams that you are referring to, took place not in UPA-II, they took in UPA-I. After that we had a general election. The Congress party won in that election hands down and I am sure when the result of 2014 gets out, country will once again be surprised." On the rising BJP wave, the PM said, "Well, I think the Congress party is quite active. I think the BJP may have started early but I think it will also peak early and slow and steady, I think, is the thing which sometimes works in public life as well and I am confident that Congress party will come out victorious in the 2014 elections."
FM asks regulators to take measures for QE
The Union Finance Minister P.Chidambaram emphasized that as tapering off of Quantitative Easing (QE) in the US is likely to happen sooner or later and, as such, regulators must take all possible concrete measures to avoid any adverse impact on the Indian economy. The Finance Minister was speaking at the Eighth (8th) Meeting of the Financial Stability and Development Council (FSDC) which was held under his Chairmanship. Chidambaram said that the opportunity available due to the postponement of the reversal of the monetary policies in advanced economies should be utilized to further address the macroeconomic imbalances. The meeting was attended among others by Dr. Raghuram G. Rajan, Governor, RBI; R.S.Gujral, Finance Secretary; Dr. Arvind Mayaram, Secretary, Department of Economic Affairs; Rajiv Takru, Secretary, Department of Financial Services; Sumit Bose, Secretary, Department of Revenue; Naved Masood, Secretary, Ministry of Corporate Affairs; U.K.Sinha, Chairman, SEBI; T.S.Vijayan, Chairman, IRDA; Yogesh Agarwal, Chairman, PFRDA; Ramesh Abhishek, Chairman, FMC and other senior officers of the Government.
The Council deliberated on the implementation of the recommendations of the Financial Sector Legislative Reforms Commission (FSLRC); impact of tapering off of the Quantitative Easing (QE) in the US and preventive measures to be taken; Steps to be taken by Regulators/Government to facilitate the "Corporate Distress Resolution Mechanism" as laid-out in the Companies Act, 2013. RBI apprised the Council of the report of FSDC Sub-Committee, the last meeting of which was held on August 07, 2013. The Council took stock of the progress in examining the Report of the FSLRC, in pursuance to the decisions taken in the Seventh Meeting of the FSDC held on June 03, 2013. Based on the deliberations made today, it has been decided that all the financial sector regulators (including FMC) will finalise an action plan for implementation of all the FSLRC principles relating to regulatory governance, transparency and improved operational efficiency that do not require legislative action. As regards legislative recommendations, it was decided to analyze the public comments and feedback to further fine tune the draft Indian Financial Code. It was also decided that action should be taken for finalizing the roadmap for creation of new institutions such as Resolution Corporation, PDMA, FSAT and FDMC...Read More
Corruption charges and high Food Inflation hurts India's Economic Confidence: Ipsos
Indias economic confidence has got hurt severely due to plethora of corruption charges and high food inflation during festival season, according to a report by leading global research firm Ipsos. According to the "Ipsos Economic Pulse of the World" study, India's economic confidence dropped sharply to an all-time low by 14 points to 40 percent in the month of October compared to the month of September 2013. India now stands as eighth most economically confident country in the world after Saudi Arabia, Sweden, Germany, Canada, Australia, China, and Turkey. A paltry 27 percent Indians believe that the local economy which impacts their personal finance is good, a sharp decline of 7 points. However, Indians are hopeful about future; with four in ten (41%) people expecting that the economy in their local area will be stronger in next six months, a slender rise of 1 point. "Exorbitantly high food inflation and lack of new job opportunities is hurting the common man badly. Moreover slow pace of growth, combined with rampant corruption charges is hurting investor and corporate sentiments. This has severely dented Indias economic confidence." said Mick Gordon, CEO, Ipsos in India...Read More
We project CAD to come down to 3.7% in FY14: RBI
(Leatherbee Lecture by Dr. Raghuram Rajan, Governor, Reserve Bank of India on India: Opportunities and Challenges Ahead' at Harvard Business School (HBS), Boston, delivered on October 15, 2013)
Indian cricket fans are manic-depressive in their treatment of their favorite teams. They elevate players to god-like status when their team performs well, ignoring obvious weaknesses; but when it loses, as any team must, the fall is equally steep and every weakness is dissected. In fact, the team is never as good as fans make it out to be when it wins, nor as bad as it is made out to be when it loses. Its weaknesses existed in victory, too, but were overlooked. Such bipolar behavior seems to apply to assessments of Indias economy as well, with foreign analysts joining Indians in similar swings between over-exuberance and self-flagellation. A few years ago, India could do no wrong. Commentators talked of "Chindia", elevating Indias performance to that of its northern neighbor. Today, India can do no right. India does have its problems. Annual GDP growth slowed significantly in the last quarter to 4.4%, inflation is high, and the current-account and budget deficits last year were too large. Every commentator today highlights Indias poor infrastructure, excessive regulation, small manufacturing sector, and a workforce with inadequate education and skills. These are indeed deficiencies, and they must be fixed if India is to grow strongly and stably. But the same deficiencies existed when India was growing fast. To understand what needs to be done in the short run, we must understand what dampened the Indian success story. In part, Indias slowdown paradoxically reflects the substantial fiscal and monetary stimulus that its policymakers, like those in all major emerging markets, injected into its economy in the aftermath of the 2008 financial crisis. The resulting growth spurt led to inflation, especially because the world did not slide into a second Great Depression, as was originally feared. So monetary policy has had to be tight, with high interest rates contributing to slowing investment and consumption...Read More
Winners, losers if rupee, rupiah fall 15%: Fitch
Fitch in a special report published today highlights the Indian and Indonesian corporates whose financial profiles could strengthen or weaken if the rupee and rupiah depreciate by 15% and 30%. The report comes in the context of the significant fall in both the Indian rupee and the Indonesian rupiah in August and September. The report examines the impact of the currency depreciations, from both a balance sheet and cash flow perspective, on its internationally rated corporates in India and Indonesia. Specifically Fitch highlights eight Indian and five Indonesian corporates who are likely to benefit, and conversely three Indian and eight Indonesian corporates likely to witness deterioration in their financial profiles. The report shows the impact on net leverage (adjusted net debt to operating EBITDAR) under our base case of 15% currency depreciation and stress case of 30% depreciation, and compares this with our official negative rating triggers (for those corporates where we have assigned leverage rating triggers)...Read More
Weak end for Sensex, Nifty
Nifty closed marginally lower on Friday a day after hitting a 3-year high of 6,252 as it continues to consolidate in a narrow trading band. It was yet another day of lackluster trade as traders remained cautious ahead of the Reserve Bank meet scheduled on 29 October. The BSE Realty index was the top loser, down 2% followed by BSE capital goods index down 1.7% and BSE metal index down 1%. Even the mid-cap and the small-cap index witnessed selling pressure. Among the top gainers were, BSE IT index up 1.5% and BSE Teck index up 1%. Finally, BSE Sensex closed at 20,655 down 70 points, while, NSE Nifty fell 31 points to close at 6,133. DLF, Hindalco, NMDC, Cairn, Tata Steel, BPCL, M&M, Hindustan Unilever, L&T and BHEL were among the top losers in the Nifty. On the other hand, TCS, HCL Tech, Wipro, Sesa Sterlite, NTPC and Grasim were among the top gainers. Advance declined ratio favoured the bears. On the BSE, 1385 stocks declined against 964 advancing stocks, while 140 remained unchanged. The INDIA VIX was down 1.4% at 20.53. It hit a days high of 21.04 and low of 19.87. On the currency front, the rupee was weak at around 61.61 against the dollar. The Indian unit had opened a tad weak at 61.50 per dollar against the previous close of 61.47...Read More
Obesity accelerates wear and tear in joints
We all know that obesity can have dangerous consequences on health including increased risks of cardiovascular diseases, hypertension, diabetes and several other ailments. However, excess weight also severely hampers the health of our joints, and this is one aspect of obesity that is not much talked about. As we observe the World Obesity Day recently, we are hearing all sorts of right noises about the need of creating awareness to prevent obesity from becoming an epidemic. However, not much is being talked about regarding the impact of obesity on the health of joints of people who are overweight. Joints are a vital part of our bodies that enable movements of our body parts and having them is good health is extremely crucial for our general well being. A problem in our knees can restrict our movement, degrade our quality of life and further fuel the problem of weight gain by forcing you to a sedentary life.
Obese people often report pain in joints mostly caused by excess wear and tear of cartilage around the bones, and in the long run this is something that leads to the requirement of joint replacement. It is a no brainer that the joints especially the knees and the hip joint bears the weight of the entire body. While a person moves, walks or indulges in more vigorous activities, the force exerted on the joints is even greater than the body weight. According to estimates, India already has more than 3 crore obese people and the number is only expected to rise in the near future. With increase in urbanization, a visible tilt towards a sedentary lifestyle, addiction to technology and lack of exercise, add to it the faulty eating habits we are adopting in our lives, all these factors are feeding into our obesity crisis. There was a time when obesity was considered a problem of the rich nations. Not any more, low and middle income countries like India too are now facing this health menace. It hence becomes the need of the hour to create awareness about obesity and its implications...Read More
What to eat and not to eat when you are pregnant?
Pregnancy weakens the expectant mothers immune system and makes her more vulnerable to food-borne illnesses that could make her sick and harm her baby. It is important to avoid certain foods during pregnancy. The growing baby gets all its nourishment from its mother through the umbilical cord, so the diet of the mother plays a very crucial role in the baby's growth & development.
Enlisted below is a food-guideline for the moms-to-be:
Burgers and other grilled meat or fish: Before the expectant mother orders for a burger or other grilled or barbecued meat, chicken, pork, or fish, she should make sure it's cooked well-done and not pink in any areas. E. coli, salmonella and toxoplasma can lurk in undercooked meats. Listeria and toxoplasma can cross the placenta and affect the baby even if the expectant mother never feel symptoms of the illness herself.
Raw cookie dough or cake batter: If the expectant mother plans on baking cookies or cupcakes, she should resist the temptation to sample the batter. The raw eggs in cookie dough and cake batter could contain salmonella or other bacteria harmful for her and her baby.
Sushi: The expectant mother should avoid sushi trays with raw fish, because it may contain parasites and bacteria that might be detrimental for the health of the mother.
Fruitcake and other alcoholic food items: When the expectant mother wants to indulge in a fruitcake and other desserts that use alcohol as an ingredient, it is generally okay, because most of the alcohol burns off during cooking. If the fruitcake has been soaked in rum or other liquor after being baked, it is better she avoids it...Read More
Impact of ageing on smart phone use to be examined
Age-related difficulties in texting and emailing on smart phones will be investigated by a University of Strathclyde academic. Dr Mark Dunlop will examine the effect of getting older on people's ability to use touch-screen mobile technologies, including smart phones. He believes this issue will become increasingly important as the workforce ages. Dr Dunlop said: "It's estimated around 25% of emails are now opened on mobiles and as the older working population rises due to both ageing population demographics and increasing retirement age more workers will need to keep using their mobile technologies for work into their mid-to-late 60s. Furthermore, many people will want to continue professional, social and lifestyle usage into their late retirement, as the technologies can support increased community involvement and personal independence.
"Given increasing retirement ages and increasing use of smartphones for both work and social life, this research could have a major impact on personal wellbeing and the UK economy. "Furthermore, upcoming EU legislation is likely to require services that are seen as critical for the citizen to participate in society to be accessible to disabled and older people. Age UK states this is likely to cover information and communication technologies, including mobile phones, and encourages the UK government to support the legislation." Most mobile technologies now rely on touch-screen keyboards for popular functions such as email, social networking, texting and web or map searches. Dr Dunlop told how the ageing process associated with a decline in hearing, sight, working memory, selective attention and motor control can interfere with people's ability to use mobile technology. Dr Dunlop, of the Computer and Information Sciences Department in Strathclyde'sScience Faculty, said: "While there have been numerous studies into text entry usage on touchscreens, there has been very little work studying the effects of ageing on text entry and none on modern touch-screen phones where reduced visual acuity, reduced motor control and reduced working memory are all likely to have an impact...Read More
IIFL Q2 cons PAT up 5% QoQ
IIFL Ltd has posted results for the quarter and half year ended 30 September, 2013.
Half Year Results (consolidated) for April - Sept 2013 (H1FY14)
Nirmal Jain, Chairman, IIFL, commenting on the financial results of Q2FY14 said, "We are pleased to report positive growth quarter over quarter as well as year over year, despite significant head winds from adverse capital market conditions and high interest cost. Our business mix has undergone a huge transformation over the last 3 years. Our financing business has emerged as the key driver and is delivering a steady growth, whereas capital market related business has contracted considerably."...Read More
Economic success requires a favourable external environment: PM
Following is the text of the Prime Minister, Dr. Manmohan Singhs speech at the Central Party School in Beijing:
"I am deeply honoured at this invitation to speak at the Central Party School of the Communist Party of China. Ladies and Gentlemen, I am conscious of the unique place that this School holds in the governance system of contemporary China and its contribution to the remarkable transformation of Chinese society. Many of you will play a decisive role in shaping Chinas future development, which will be of great significance for Asia and the world.
I can think of no better place than this School to speak about India and China in the new era. Relations between India and China are unique in the world. We are two continuous ancient civilizations. We are neighbours with a long history of cultural, spiritual and economic ties. We both embarked on a new phase of our political histories around the same time. Today, we are the worlds two most populous nations, engaged in a process of socio-economic transformation of our people on a scale and at a pace unprecedented in human history. Both our countries have achieved considerable success in this endeavour. Indeed, Chinas early economic reforms and impressive achievements are a source of inspiration across the developing world. After China, India has been the fastest growing major economy in the world, averaging a growth rate of 7% per year over the past two decades and around 8% per year during the past ten years. As a result, both our economies have expanded several times. We have achieved a high degree of economic modernization and have lifted hundreds of millions of our people out of the clutches of poverty.
In our own ways, we have also had an impact in shaping the global economy China in the manufacturing sector and India in the services sector. Over the past two decades, the process of economic reforms in India has gone through the rigour of democratic debate, and met the test of political consensus and public support. Indias policies have focused not only on accelerating growth, but also on making it sustainable and regionally balanced. We have emphasized not only modernization, but also addressing the challenges of opportunities, capacity and equity for our vast and diverse population. This is the path on which we will continue to move forward. In structural terms, Indias growth is propelled by domestic demand and financed largely by our own resources. But we are also increasingly integrated into the global economy. The prolonged global economic crisis has affected us, as it has many other emerging economies. I believe, however, that this is a temporary disruption. In recent months, we have taken measures to enhance foreign investment flows, speed up implementation of major projects, boost infrastructure development, strengthen our financial markets, reform our tax system and make our business environment more attractive...Read More
Growth to exceed 5%: Rangarajan
Prime Minister's key economic advisory council chairman C Rangarajan reportedly exuded confidence that the growth would be around 5.5% in the current fiscal. "We think the growth rate will be between 5 and 5.5%. We have projected growth rate of 5% earlier, which I think still holds," Rangarajan reportedly said on the sidelines of Global Conference on Financial Inclusion & Payment System here. Earlier World Bank slashed India's economic growth forecast for the current financial year to 4.7%.
FIPB approves Tata-Singapore airline JV
FIPB has approved Tata-Singapore airline deal, according to reports. Report said that the Tata-SIA airline JV will be based out of New Delhi. Tata Sons to hold 51% stake, while Singapore airline to hold 49% stake. The JV airline needs slew of other regulatory approvals before it can start operations. The FIPB, headed by Economic Affairs Secretary Arvind Mayaram, is an inter-ministerial panel for approving Foreign Direct Investment (FDI) across sectors. Report said that the two partners are making an initial investment of $ 100 mn to launch the airline. Tatas and Singapore Airlines assured the government that control of their proposed venture would always remain in Indian hands, media report said. In February , Tatas also announced a partnership with Malaysia's AirAsia for a low-cost carrier in India.
Pawar calls for innovative approaches in field of agricultural extension
Agriculture and Food Processing Industries Minister, Sharad Pawar called for adopting innovative approaches in the field of agricultural extension. He also announced that a dedicated mission on agricultural extension and a research institute on e-Extension are being put in place. The Minister stated this while inaugurating the National Conference on Krishi Vigyan Kendra at Bangalore today. Beside all Krishi Vigyan Kendras, scientists and policymakers participated in the Conference. The Conference was presided over by the Governor of Karnataka, Dr. Hans Raj Bhardwaj and was addressed by the Karnataka Chief Minister, Shri Sidda Ramaiah, Ministers of State for Agriculture and Food Processing Industries, Dr. Charan Das Mahant and Shri Tariq Anwar, Agriculture Secretary, Shri Ashish Bahuguna and DG (ICAR) Dr. S. Ayyappan. Expressing happiness over the role played by KVKs in reaching scientific knowhow to the four corners of the country, the Minister said, "KVKs have now stretched their network to all parts of the country, from highest altitude to below mean sea level, from west coast to north east border, and from islands to mountain and border areas. KVKs have grown tremendously not only in number, but also in diverse nature of their activities. Scientifically designed Integrated Farming System models, suiting to different resource endowed situations are being demonstrated by the KVKs keeping the sustainable intensification of smallholder farmers in view...Read More
GM India launches All New Chevrolet Cruze
GM India launched the all new Chevrolet Cruze with refreshed exterior styling, new comfort features and added safety. The Cruze, which had already set a new benchmark in the premium executive sedan segment with the most powerful diesel engine under its hood, will further strengthen its position in the marketplace and reiterate GM Indias commitment to provide best-in-class products to its customers. "The Cruze has received an overwhelming response from consumers across India since its launch in 2009 and continues to be the largest-selling Chevrolet nameplate globally," said Lowell Paddock, President and Managing Director, General Motors India. "With new stylish exteriors, modern comfort features and added safety, we expect the all new Cruze to continue exceeding expectations of car buyers and keep up the excitement in the festive season."
Stylish New Exteriors
The all new Cruze comes with a new dual-port front grille with gold bowtie, newly designed front and rear bumpers, new dual bezel design headlamps, new alloy wheels and new fog lamps with chrome surround across all trim levels. The new Cruze with its refreshed styling chisels a lasting impression with its bold dynamism of form, aggressive stance, muscular shoulders and taut styling crease lines. The jewel-effect headlamps add striking character to the sporty front end. Muscular sides, chrome applique on the trunk lid and mesmerizing twin-port jewel effect tail lights highlight the design enchantment...Read More
Toyota Kirloskar launches Fortuner TRD Sportivo limited edition
Toyota Kirloskar Motor (TKM) launched the Fortuner TRD Sportivo- Limted Edition, for the festive season. The Fortuner TRD Sportivo has been specially introduced to further enhance the sporty quotient of the Fortuner and bring in new product excitement along with Toyotas legendary promise of Quality, Durability & Reliability (QDR). Designed by Toyota Racing Development (TRD), the limited edition will be available in the 4x4 MT variant of the Fortuner. The new sporty quotient will not only further boost the Fortuners road presence, but will also lend it a unique identity.
The Fortuner TRD Sportivo Limited Edition has the following new features:
Only 400 exclusive units of the Fortuner Limited Edition will be sold till the month of Dec 2013. Available in two colors, Super White & Silver Mica Metallic, the Fortuner TRD Sportivo is priced at Rs. 24,26,247/- (ex showroom Delhi)...Read More
RBI issues paper on financial crisis and bank behavior
The Reserve Bank of India on Thursday issued a Working Paper titled "Net Interest Margin, Financial Crisis and Bank Behavior: Experience of Indian Banks" under the Reserve Bank of India Working Paper Series* (RBIWPS). The paper has been authored by Tushar B. Das. In this paper, the author has attempted to assess the impact of the financial crisis on banks efficiency considering Net Interest Margin (NIM) as an efficiency indicator for the Indian banks. By employing disaggregated bank level data across different ownership categories, the author has analysed the factors influencing Indian banks margin.
Following the monetary transmission literature, the author has also investigated the influence of size, liquidity and capitalisation on the efficiency of banks.
Poor assets to test emerging market banks' credit quality
Asset quality deterioration, shortage of capital, or slowing credit growth could undermine the BRICMT (Brazil, Russia, India, China, Mexico, and Turkey) banks' credit quality, especially amid economic slowdown following years of strong credit growth, according to a recently published report by Standard & Poor's Ratings Service titled "Credit FAQ: Can The Largest Emerging Markets Banking Systems Withstand Jitters About Economy And Financial Markets?".
"In addition, we remain concerned about the rising household debt burden, given still low, although increasing, GDP per capita and cyclicality of these major emerging market economies," said Standard & Poor's credit analyst Cynthia Cohen Freue. The expectation of the U.S. Federal Reserve's reversal of its loose monetary policy has hit most emerging markets, pushing financing costs higher and currencies lower, and reducing the pace of global and regional market issuance. In our view, the resulting global capital outflow will have varying effects on banks in the BRICMT nations, S&P said.
L&T Construction bags order worth Rs13.33bn
L&T Construction has secured new orders worth Rs1333 crores in October 2013 in various business segments. In Water & Renewable Energy Business, orders valued at Rs1095 crores have been received from various customers. The Waste Water Business has secured a major turnkey order from the Gujarat Water Supply and Sewerage Board for construction of underground drainage system in nine towns of Jamnagar and Porbandar districts of Gujarat. A repeat order is also received from Naya Raipur Development Authority for construction of underground storm water pipelines, water supply network and other associated works at Naya Raipur...Read More
73% of cos cant keep security breaches under wraps: Kaspersky Lab
The overwhelming majority of companies facing IT security incidents were unable to keep information about those incidents confidential due to pressure from third parties. This ultimately led to major blows to business reputations, according to B2B International, which worked with Kaspersky Lab this spring to conduct the Global Corporate IT Security Risks 2013 survey among business representatives around the world. Public disclosure of information about IT security incidents is often inevitable, something that most organizations cant avoid. The study revealed that an average of 44% of companies that suffer a data leakage are forced to disclose the incident to clients who might potentially be affected by the incident, while 34% informed their business partners, 33% informed their suppliers, 27% reported to regulators, and 15% were obliged to disclose details to the media. Large companies are more frequently faced with having to disclose details about IT security incidents to third parties. These organizations must primarily report to regulators, clients, and the media. The need to disclose this type of information naturally risks causing substantial damage to corporate reputations. Not infrequently, disclosure is also associated with financial losses in the form of fines imposed by regulators, and compensation for related losses incurred by clients and partners. Since regulators, contractual obligations to clients and partners, and other factors often do not permit a company to keep information about data leakages confidential, the only real way to avoid damages from the disclosure of this type of information is to prevent an IT security incident from happening in the first place by building a secure, protected IT infrastructure...Read More
Assocham writes to PM, says concerned over baseless probes
Seeking protection from the Prime Minister, apex industry body ASSOCHAM has expressed apprehensions that more industry leaders may come under the scanner of the investigative agencies merely on the basis of inferences and perceptions of wrong-doings vitiating the investment climate. In a letter to Dr Manmohan Singh, the chamber said while it appreciates clearing of the air on Hindalco, activism on the part of investigating agencies is harming the overall business climate and image of the well-respected industrialists is being sullied. "The country needs your support for restoration of confidence and spirit of enterprise," the ASSOCHAM letter to the Prime Minister said. The ASSOCHAM letter further said, an entrepreneur who is hungry for growth, as he should be, will surely need a hands-on relationship with the government so that all the hurdles and procedural delays do not cost him dearly. It said in the midst of an environment of mistrust and unsubstantiated allegations of scams it is observed that the decision-makers in the government would prefer not to take decisions, lest they are hounded by investigative agencies even after their retirement. The situation would become even more precarious in an election year...Read More
Cairn India keen to partner global leaders
Cairn India is planning to partner global leaders to hunt for shale resources in its prolific Rajasthan block, the companys CEO P Elango said. "At Rajasthan, we see the presence of tighter gas and oil resources," says Cairn India. Elango reportedly said that the policy regime is vital for discovering and developing fields, and the company had taken up various issues with the government, which will help the energy sector. In the current financial year, Cairn India is targeting 2,00,000-2,15,000 bpd.
Unichem lab gets USFDA nod for Amlodipine Besylate tablets
Unichem laboratories Limited are pleased to announce that it has received ANDA approval from the United States Food and Drug Administration (U.S. FDA) for Amlodipine Besylate Tablets. Amlodipine Besylate Tablets USP 2.5mg, 5mg and 10mg are therapeutically equivalent to NORVASC Tablets 2.5mg, 5mg and 10mg from Pfizer Inc. Amlodipine Besylate Tablet USP is a calcium channel blocker indicated for the treatment of hypertension, to lower blood pressure. Lowering blood pressure reduces the risk of fatal and nonfatal cardiovascular events, primarily strokes and myocardial infarctions. The product will be commercialized from Unichems Goa plant. Active pharmaceutical ingredient i.e.,Amlodipine Besylate used for this ANDA is also made in house at Roha plant.Currently, 6-7 companies are dominating the US market. The current market size is around US$ 45~50 Million.
NCR residential market gains momentum: Knight Frank
Knight Frank India launched its residential research report focusing exclusively on the NCR market. The report talks about how the NCR market has fared both in terms of launches and absorption in the wake of cautious consumer sentiments.
BlackBerry introduces new BlackBerry Z30 smartphone in India
BlackBerry introduced the new BlackBerry Z30 smartphone, BlackBerrys biggest, fastest and most advanced smartphone, in India. Featuring BlackBerry 10 OS version 10.2, the new all-touch BlackBerry Z30 smartphone comes with a beautiful 5" display and the largest battery ever on a BlackBerry smartphone. It is designed to keep you hyper connected, productive and always in control, and lets you share like youre there and collaborate with ease. "The new BlackBerry Z30 smartphone offers a unique and engaging user experience with features like the powerful BlackBerry Hub, its exceptional touchscreen keyboard and industry leading browser," said Sunil Lalvani, Managing Director for India at BlackBerry. "BlackBerry Z30 is the ultimate smartphone for the urban youth and consumers who are looking for a bigger screen size, long-lasting battery performance and a best in class productivity experience on the go."...Read More
Samsung unveils GALAXY Note 10.1
Samsung Electronics Co., Ltd., a global leader in digital media and convergence technologies, today unveiled the GALAXY Note 10.1 (2014 Edition) in India, balancing productivity and powerful content creation in one portable tablet device. Equipped with WQXGA Super clear LCD (2560x1600) resolution in a stunning 10-inch display, 1.9GHz Quad + 1.3GHz Quad processor and a 3GB RAM, the GALAXY Note 10.1 (2014 Edition) demonstrates Samsungs innovation leadership by delivering ultimate productivity capabilities while remaining extremely thin and light. "The new GALAXY Note 10.1 delivers the best viewing and multitasking experiences. It is a demonstration of Samsung Mobile's focus on constant product innovation to stay aligned with shifting consumer interests," said Mr. Vineet Taneja, Country Head, Mobile & IT, Samsung India. "The GALAXY Note 10.1 (2014 Edition) unites functionality, usage experience and mobility to make the everyday lives of consumers easier and more enjoyable." The new GALAXY Note 10.1 expands on the advanced productivity and creativity leadership delivered by the original Samsung GALAXY Note 800. In addition to enabling productivity, the device has been redesigned with a sleek, light, slim frame that is both fashionable and portable...Read More
Ukraine & Turkey: The European energy coup
Though Norway in June overtook Russia in total exports of natural gas to Europe, the balance of Russian gas to Europe comes through Ukraine, which itself is dependent upon Russia for 60% of its current gas consumption. While Ukraine controls the transit of 90% of its gas to Europe, Russia is consistently trying to use its gas exports to Ukraine to gain greater control of the Ukraine transit system, which itself deems a strategic asset. The struggle for control of export to Europe and Ukraine's own struggle to increase domestic production and move closer to Europe, with an European Association Agreement set to be signed in November this year, has put extreme stress not only on the energy independence of Ukraine but of Europe as a whole. From an energy geostrategic standpoint, Europe needs Ukraine to move closer to Europe, "but for all its planning, Europe also knows retribution, in the shape of an energy squeeze, is likely from Russia. Moscow, which has a long-standing disagreement with Ukraine over gas, has said it will raise Ukraine's gas prices and officials do not rule out it doing the same for the EU, which gets nearly 40% of its gas from Russia. "The EU should not look at Ukraine as a business opportunity alone, particularly in light of currently lagging gas demand, but should examine the long-term future of European energy security and the key role Ukraine will continue to play in it. Partnership with the EU is not a silver bullet for the troubled Ukrainian energy sector, but it is certain to reduce the volatility of future pricing disputes and is perhaps the only solution that does not leave Ukraine's fate entirely in Russian hands," according to an article by Richard B Andres and Michael Kofman...Read More
National and regional actions to reap full benefits of integration: ADB
Governments in Asia must undertake national as well as regional actions to reap the full benefits of integration initiatives like the ASEAN Economic Community (AEC) and be in a strong position to face global economic volatility going forward, says a new report from the Asian Development Bank (ADB). "Strengthening regional integration will help developing Asia become more productive and efficient at a time when the global economy still in flux," said Iwan J. Azis, Head of the Office of Regional Economic Integration which produced the report. "To do that and to avoid falling prey to domestic protectionist pressures, governments must act now to ratify, implement, and enforce regional agreements."
The Asian Economic Integration Monitor (AEIM), a semi-annual report from ADB, notes Asia has seen mixed progress in regional cooperation and integration recently against the backdrop of a shifting economic and financial landscape. Cross-border trade and equity flows have slowed modestly despite improvements in cross-border foreign direct investment, bond purchases, bank credit, and tourism flows. Progress toward the AEC has been steady but slow. The region needs to work harder on tackling barriers to trade in economically sensitive sectors such as agriculture, steel, and motor vehicles as well as reducing the non-tariff barriers that are increasingly replacing tariffs as constraints to international trade...Read More
Twitter IPO at $17-$20/share
Twitter reportedly said that it plans to sell its shares in the range of $17 to $20 each, in an initial public offering that values the social media company at as much as $10.9 bn. Twitter is offering 70 million shares, suggesting IPO may raise up to $1.4 billion, the company said. Media report said that the date for offering could come as the week of Nov. 4. The stock will list on the New York Stock Exchange under the symbol TWTR. Twitter is expected to begin its pre-IPO road show next week. Goldman Sachs, Morgan Stanley, JP Morgan, Bank of America Merrill Lynch and Deutsche Bank were involved in arranging the credit deal.
Airline business confidence remains strong: IATA survey
There is confidence about the growth in air transport volumes over the next 12 months, supporting an improved outlook for yields, according to IATAs quarterly survey of airline CFOs and heads of cargo in October. The survey indicated that growth in air transport volumes and expected decline in input costs combined with structural improvements are helping maintain the solid profits outlook for the airline industry. There has also been a downward revision to the outlook for input costs, with fewer respondents (17%) expecting a rise in inputs costs over the next 12 months compared to July when that proportion was 24%. On balance, survey respondents now expect input costs to decline over the next 12 months. Airline business confidence remains strong. Passenger travel is expected to increase strongly over the year ahead, consistent with recent improvements in demand indicators. The survey further said that cargo volumes are also expected to improve during the year ahead, but at a slower pace than air travel. While Input costs are reported to have declined during Q3, despite increases in jet fuel prices, with respondents referring to cost management as the reason. Input costs are expected to decline during the year ahead...Read More
Measuring impact of shutdownBacklog of data will provide clues
With the deal to reopen the federal government in hand, the stream of government economic data will once again begin to flow. Beginning this week, the backlog of delayed reports will start to be cleared. It is uncertain whether the decayed timeliness of the initial batch of data will cause investors to discount their importance. For example, the September employment report, originally scheduled for release on October 4, will be released on Tuesday, October 22, almost three weeks late. For the record, Wall Street is expecting that 180,000 new non-farm jobs were created and that the unemployment rate stayed at 7.3 percent. The problem is that the September report will tell us nothing about the impact of the government shutdown, which began on October 1. The other problem is that the November employment conditions report is now scheduled to be released on November 8. And although that, too, is a delay from its original release date of November 1, it is only two and a half weeks later than the September report. So, the September report will be a curiosity. It will fill in the blank that currently exists in our knowledge of current conditions in the labor market, but unless it tells us something completely unexpected, its informational content will tend to be discounted. Of course, the health of the labor market is extremely important to the Fed, and to the extent that the September report provides some insight into current conditions free of the distortion of the shutdown, it may have some value. But the shutdown did occur, and will have some impact on labor, even beyond the temporarily furloughed government workers. So, how much valuable insight the September report will offer is questionable...Read More
Moody's: Marginal default rates for availability-based projects are lower
Marginal default rates for availability-based infrastructure projects, of which a substantial number are Private Finance Initiative/Public Private Partnership (PFI/PPP) projects, are on average lower than those for the wider infrastructure projects sector, says Moody's Investors Service in an addendum to its project finance bank loan default and recovery study (February 2013), published. "The addendum makes available new information about the performance of infrastructure projects, subsets of that universe of projects comprising those with availability-based revenues and PFI/PPP projects, and the overlap of those two subsets," says Andrew Davison, a Senior Vice President in Moody's Infrastructure Finance group and co-author of the report. "The historical data shows that, on average, marginal default rates for availability-based infrastructure projects are comparable to low investment grade for the initial year following financial close, and comparable to the single-A category thereafter," adds Kevin Kelhoffer, a Moody's Vice President and co-author of the report...Read More
Cloud Computing will become bulk of new IT spend by 2016: Gartner
The use of cloud computing is growing, and by 2016 this growth will increase to become the bulk of new IT spend, according to Gartner, Inc. 2016 will be a defining year for cloud as private cloud begins to give way to hybrid cloud, and nearly half of large enterprises will have hybrid cloud deployments by the end of 2017. Gartner describes cloud computing as a style of computing in which scalable and elastic IT-enabled capabilities are delivered "as a service" using Internet technologies. It heralds an evolution of business in positive and negative ways. It has also become a hot industry term that has been used in many contradictory ways. "Overall, there are very real trends toward cloud platforms, and also toward massively scalable processing. Virtualization, service orientation and the Internet have converged to sponsor a phenomenon that enables individuals and businesses to choose how they'll acquire or deliver IT services, with reduced emphasis on the constraints of traditional software and hardware licensing models," said Chris Howard, research vice president at Gartner. "Services delivered through the cloud will foster an economy based on delivery and consumption of everything from storage to computation to video to finance deduction management."
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5 Weekly positional calls
After enjoying three consecutive weeks of gains the Indian equity market took a breather as participants preferred to take some profit off the table at higher levels. Both the key Indices managed to hit their respective three year high for the first time since November 2010, but were unable to sustain as traders turned cautious ahead of the the RBI policy meet scheduled next week.
Given persistent inflationary pressure at the consumer level and uptick in inflation at the wholesale level, RBI is expected to increase repo rate in Oct 29 monetary policy by 25bps. Further, the market expects a further 50 bps reduction in the MSF rate.
The other major economic data to watch out next week are the September core sector data and the manufacturing PMI data for October. Moreover, F&O expiry on Thursday will keep the market volatile 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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Retail Newsletter - October 14 to 18, 2013
Diwali: Do illuminate the light of financial freedom
Protect yourself: Dont let your credit card issuers take you for a
Principles and decision-making for wealth creation
Good debt v/s bad debt = make v/s break
Common mistakes people make when filing income tax
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reasons why you should keep utilization of your credit
about Pension Fund Regulatory and Development Authority
to reduce interest payments on your credit card bills?
ten tips to keep in mind while taking a home loan
between shareholders and debentures holders
GM India launches All New Chevrolet Cruze Micromax unveils Canvas Turbo at Rs. 19,990 The Shiva Trilogy: Fastest selling book series in history of Indian
publishing eBay India brings ZTE Open Firefox OS-powered smart phone MTS unveils commercial roll out of 3GPLUS telecom network Taj Hotels Resorts and Palaces named best hotel chain in India Textron Marine & Land Systems introduces COMMANDO Sonal Chauhan launches Siyah by AlpaReena What to eat and not to eat when you are pregnant? ASUS launches its 1st exclusive store in Thanjavur Other
GM India launches All New Chevrolet Cruze
Micromax unveils Canvas Turbo at Rs. 19,990
The Shiva Trilogy: Fastest selling book series in history of Indian
eBay India brings ZTE Open Firefox OS-powered smart phone
MTS unveils commercial roll out of 3GPLUS telecom network
Taj Hotels Resorts and Palaces named best hotel chain in India
Textron Marine & Land Systems introduces COMMANDO
Sonal Chauhan launches Siyah by AlpaReena
What to eat and not to eat when you are pregnant?
ASUS launches its 1st exclusive store in Thanjavur
Other Lifestyle News
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