Logo of IMS-Institute of Mathematical Sciences: Mathematics Coaching for IAS,IFoS,CSIR and GATE Aspirtants
Send Your Query
   
 
 
 
 

News: Economic Times - Top Stories

GST: After eateries, now Modi govt tells FMCGs to fall in line 

61760292 NEW DELHI: The government has told consumer goods firms and industry stakeholders that new price tags on existing stocks in the trade pipeline should clearly show the difference that the recent cut in GST has made. The metrology division under the department of consumer affairs, which oversees matters related to measurement and labelling, has instructed the companies to this effect. "Permission is granted under the legal metrology rules to affix an additional sticker or stamping for declaration of reduced MRPs (maximum retail prices). Earlier labelling of MRP will continue to be visible," it said in a November 16 letter that ET has seen. Soon after the GST cut on 178 products last week, consumer affairs minister Ram Vilas Paswan said firms had been allowed to "affix an additional sticker or stamping or online printing for declaring the reduced MRP on the prepackaged commodity". The metrology division said the order on carrying both prices will be applicable till December 31. It has allowed the new MRP to be printed on stickers following the cut in GST, relaxing the rule that it has to be printed directly on the packaging. 61774291 "This will empower consumers and make them aware of the benefits being passed on to them," said Grant Thornton India partner Dhanraj Bhagat. "But stakeholders need to ensure that stickering is done in a scrupulous manner and leaves no room for misrepresentation." Cos Announce Price CutsNestle, ITC, Dabur, Godrej Consumer Products and Marico are among the companies that have announced price cuts over the past three days. "It is not possible to paste stickers on products already at retail stores. We will be supplying stickers to distributors to paste them on stocks which have already been produced and reached the distributors — in other words, on already manufactured and unsold inventory," said a consumer goods executive. A large packaged foods maker said: "We will comply with the directives and do the needful. We are working closely with our trade partners on pricing." On November 10, the GST Council moved several products of mass consumption to the 18% slab from 28%, including detergents, shampoo, skin-care products, chocolates and deodorants. Other goods were moved to the 12% slab from 18%. Following the reduction, Central Board of Excise and Customs (CBEC) chairperson Vanaja Sarna wrote to FMCG companies asking them to immediately revise prices on all products and communicate this to consumers. The government has said companies not passing on benefits could attract anti-profiteering action. The cabinet last week approved the creation of the National Anti-profiteering Authority, which will be tasked with ensuring that the benefits of GST, where applicable, are passed on to consumers. "This is an important step both as compliance with regulations of the legal metrology Act and its rules as well as towards consumer awareness," ClearTax chief executive Archit Gupta said.
Read More


Gujarat elections: Why Narendra Modi’s CMship is BJP’s strength even now

MEHSANA | AHMEDABAD | RAJKOT: "Modiye badhanu Haalu Vicharyu (Modi worked for everyone's good)," says Mukesh Parmar who hails from Banaskanta but works as waiter in a restaurant in Rajkot, when asked where he thought the upcoming election in Gujarat was headed. As someone who comes from the Dalit community, Parmar said that he had a “Congress mindset” till 2014, when he finally decided to “admit to himself that Modi had worked” for the state. “For me, Modi is development because I didn't have to leave my state to find work like UP and Bihari migrants. It is a big thing that I live among my people, get to speak my language and earn decently,” said Parmar, 26, whose hails from a family of agricultural labourers. Modi’s development model has been a matter of debate since it was extensively critiqued by the Congress in 2014. The party has time and again raised the concern that the state lags behind on social indicators. It has also questioned growing unemployment, closure of industries, housing crisis, expensive healthcare, farm distress and ‘unfair’ land acquisition. For several young voters Modi's vikas is their faith in his promises. "He is a strong leader and he keeps Pakistan in check," Labesh Rajput (second from left). For the people of the state, Modi’s tenure as CM development means different things. While some highlighted that he brought in industry, built bridges and flyovers, permitted malls, maintained law and order and gave everyone a single Gujarati identity, others talk of the work he did for improving infrastructure to address water and power crisis. “Roads were good in 1995 too but electricity and water availability were very bad. Water reached Rajkot through trains and Congress leaders would proudly flag off those trains. I still remember hiring vehicles to fetch two buckets of water daily. There would be at least three-hour power cuts too in most areas,” said 82-year-old Kirit Bhai Chauhan, a retired government officer in Jetpur. “It is the way he worked and implemented things. We could see the change in a few years. That for me is Modi's style.” Chimanbhai Vyas, 81: I like the personality of Modi very much. He stays away from women and wine. He only works. Some voters say they will vote for Modi because he is the only person "they feel they should vote for." "Naseeb laine aavyo che (he has the luck on his side). The country will work well under him. He won't take the country on the wrong path. You see him and you know that," said Sanjay Vaaran who runs a paan shop in vartal in Ahmedabad. A senior BJP leader in the State said that as soon as Narendra Modi took over at the CM of Gujarat he had asked all power department officials to come up with the best solution to overcome the power crisis in the State. He was however not pleased with their ideas, and had put forward a presentation of how he thought the problem should be addressed. "Strategy and speed for him went hand in hand as he was working on a deadline set by himself. That went down well with people," the leader said. Sanjay Vaaran, pan shop owner: Modi seems like the person who won't take country on the wrong path. Young voters associate strength and pride with Modi and they feel he gave Gujaratis a unique united identity to be proud of. “He made even the dry sand of Kutch saleable. It has been white for years but he made the world notice and pay for it too. He is a true Gujarati with talent and mind,” said Harshal Patel, a 24-year-old management student at Gujarat University, explaining how Modi the Rann of Kutch Mahotsav popular. Several voters may not be entirely happy with the policies of the state government, yet will vote for BJP because “BJP may not have got everything right but Congress is still a no.” There is no comparison between Modi and Congress in Gujarat,” said Devibhai Gondalia, a businessman in Surat who disapproves of demonetisation and GST but still supports the BJP. Also, there is no doubt that they see him as a very strong leader."Labesh Rajput, a voter in Kalupur in Ahmedabad who said he will vote for Modi because "neighbouring countries are scared of him and the PM has kept Pakistan in check. Remember we also have the border with them." In Surendranagar, in Limdi, Bachhubhai Koli said though he wanted to see Congress winning in his seat, he wanted BJP to form the government, as "the State would be safer under Modi's watch." Admiration of Modi is certainly much more in urban areas, compared to rural ones, especially among middle class voters. According to 2011 census, Gujarat is the fourth-most urbanised and third-most industrialised state. The level of urbanisation in Gujarat has been consistently rising from 37.4% in 2001 to 42.6% percent in 2011. The Gujarat government under Narendra Modi started offering free education to girls to increase female literacy in the state. Awareness has increased, say officials. Aditi Bhalodia, a 31 year old professional English trainer in Ahmedabad feels “everyday life here is much better compared to other states. Most of my friends and students who go out of the state come back here and find good jobs.” She counts the encouragement government gives to competition among private players to provide the best to its citizens and the atmosphere to do "safe business" as Modi’s strongest point."My husband and I planned to invest in a house in Bopal on the outskirts of Ahmedabad some years ago. Today the area has developed really well. The government had ten years ago identified areas that could prosper when cities expand and they facilitated that." Political analyst Shirish Kashikar said people emotionally connect with Modi because “he turned around the law and order situation in the state as soon as he came to power and changed water and power scenarios on war footing. It is true that in the eighties and nineties the state used to be under the control of several anti-social elements. Over the years people have also built the image of a larger than life leader who is dependable and works for the overall good. Many still hold on to that image of.” In rural areas, however, farmers said that the farm sector, which grew at a high rate not so long ago is facing problems now, and Gujarat government officials admit there has been some difficulty putting farmers at ease. An NSSO’s report in 2014 had revealed that there are a total of 39,30,500 agricultural households in Gujarat. “Under Narendra Modi, it was slightly different, at least in the doling out of subsidies. Now there are not only lower prices but high input costs, and delayed payments by procurement agencies. That was not the case when the State was under him. Vachhetiyaon Khai jaay che (Middle men are eating our dues now),” said Bhikaji Chowdhary, a cotton farmer in Mehsana. As someone who comes from the Dalit community, Parmar said that he had a “Congress mindset” till 2014, when he finally decided to “admit to himself that Modi had worked” for the state. “For me, Modi is development because I didn’t have to leave my state to find work like UP and Bihari migrants. It is a big thing that I live among my people, get to speak my language and earn decently,” said Parmar. Modi’s development model has been a matter of debate since it was extensively critiqued by Congress in 2014. The party has time and again raised the concern that the state lags behind on social indicators. It has also questioned growing unemployment, closure of industries, housing crisis, expensive healthcare, farm distress and ‘unfair’ land acquisition. For the people of the state, Modi’s tenure as CM development means different things. While some highlighted that he brought in industry, built bridges and flyovers, permitted malls, maintained law and order and gave everyone a single Gujarati identity, others talk of the work he did for improving infrastructure to address water and power crisis. “Roads were good in 1995 too but electricity and water availability were very bad. Water reached Rajkot through trains and Congress leaders would proudly flag off those trains. I still remember hiring vehicles to fetch two buckets of water daily. There would be at least three-hour power cuts too in most areas,” said 82-year-old Kirit Bhai Chauhan, a retired government officer in Jetpur. “It is the way he worked and implemented things. We could see the change in a few years. That for me is Modi’s style.” Young voters associate strength and pride with Modi and they feel he gave Gujaratis a unique united identity to be proud of. “He made even the sand of Kutch saleable. It has been white for years but he made the world notice and pay for it too. He is a true Gujarati with talent and mind,” said Harshal Patel, a 24-year-old management student at Gujarat University, explaining how Modi made the Rann of Kutch Mahotsav popular. Several voters may not be entirely happy with the policies of the state government, yet will vote for BJP because “BJP may not have got everything right but Congress is still a no.” There is no comparison between Modi and Congress in Gujarat,” said Devibhai Gondalia, a businessman in Surat who disapproves of demonetisation and GST but still supports BJP. Admiration of Modi is certainly much more in urban areas, compared to rural ones, especially among middle class voters. According to 2011 census, Gujarat is the fourth-most urbanised and third-most industrialised state. The level of urbanisation in Gujarat has been consistently rising from 37.4% in 2001 to 42.6% percent in 2011. Aditi Bhalodia, a 31-year-old professional English trainer in Ahmedabad, feels “everyday life here is much better compared to other states. Most of my friends and students who go out of the state come back here and find good jobs”. He counts the encouragement government gives to competition among private players to provide the best to its citizens and the atmosphere to do “safe business” as Modi’s strongest point. Political analyst Shirish Kashikar said people emotionally connect with Modi because “he turned around the law and order situation in the state as soon as he came to power and changed water and power scenarios on war footing. It is true that in the eighties and nineties the state used to be under the control of several antisocial elements. Over the years people have also built the image of a larger than life leader who is dependable and works for the overall good. Many still hold on to that image of Modi.” PM to begin campaign with 4 rallies on Monday AHMEDABAD: Pegging the focus of its election campaign on PM Modi, BJP will hold ‘Mann ki Baat with Chai’ at 50,000 poll booths in all 89 assembly seats that go to polls in the first phase. Modi, meanwhile, will begin his public meetings by holding four rallies each on November 27 and 29. BJP general secretary Bhupendra Yadav said Union ministers and senior party leaders led by Amit Shah would participate in the ‘Mann ki Baat with Chai’ in 89 constituencies on Sunday. BJP may be also trying to tap on the negative publicity that Congress received after its youth wing tweeted a meme mocking Modi. BJP will bank on Modi’s charisma to woo voters, with the PM holding his first round of rallies in Bhuj, Rajkot, Amreli and Surat. On November 29, he will hold public meetings in Morbi, Somnath, Bhavnagar and Navsari. - OPB
Read More


Vasco Da Gama-Patna Express derails in UP, 7 injured

LUCKNOW/NEW DELHI: Thirteen coaches of the Vasco Da Gama-Patna express derailed near Manikpur railway station in Uttar Pradesh today, leaving at least seven people injured. The Patna-bound train derailed at 4:18 am near Manikpur railway station in Chitrakoot district of Uttar Pradesh, less than 12 hours after a bolero had collided with a passenger train near Lucknow killing four and injuring two. "The injured have been rushed to the hospital and officials have left for the spot. Relief operations are underway," North Central Railway PRO Amit Malviya said. He further said that soon after the accident, a medical train reached the spot and by 5:20 am, an accident relief train was dispatched for the spot. The divisional railway manager (DRM), Allahabad has already reached the spot while the General Manager, NCR is on his way, he said. While no deaths were confirmed by the railways, sources say multiple fatalities cannot be ruled out.
Read More


Will S&P upgrade India's ratings today?

NEW DELHI: It could be two ratings upgrades in two weeks for India. According to sources in the government, the global ratings agency Standard & Poor’s (S&P) will revise India’s sovereign ratings on Friday. Coming a week after Moody’s upgrade — a first in 14 years, expectations are that S&P too will raise the country’s rating. S&P had last changed India’s rating in January 2007 to BBB-, which is the lowest investment grade rating for bonds. The outlook assigned then was stable. It changed the outlook to negative in 2009 and raised it to stable in 2010. In 2012, the outlook was again lowered to negative, which was raised to stable soon after the Modi government assumed office in 2014. The rating, however, remained unchanged at BBB-. In May this year, CEA Arvind Subramanian had criticised rating agencies for not upgrading India despite clear improvements in economic fundamentals. Without naming S&P, he had said rating agencies may have “poor standards”. He had said the agencies have been inconsistent in their treatment of China and India, upgrading India’s giant neighbour even when it’s growth rate had fallen and its credit-to-GDP ratio was worse than India’s. Moody’s had revised the country’s sovereign ratings to Baa2 from Baa3 on November 17, citing implementation of several reforms — GST rollout, the insolvency act and demonetisation. The Moody’s ratings of Baa2 is an investment grade rating and marginally better than S&P’s current assessment. Another upgrade in the ratings is expected to boost market sentiment, reiterate India’s attractiveness as an investment destination and assure investors about the direction of policies. According to Ashish Vaidya, head of markets for India at Singapore’s DBS Bank, investment managers do look for a reaffirmation of a rating upgrade from another agency. Short-term traders might get excited about this and move bond prices down a bit, he said.
Read More


'Lower rates, discounts to bring fence-sitting buyers in market'

The fence-sitting buyers are likely to come into the market with a firm intention to buy a home if lower interest rates coincide with a hard discount or some other money-saving offer, says property consultant Jones Lang LaSalle. "We keep hearing of the 'wait-and-watch' or 'fence-sitting' syndrome on the residential property market, which basically means that a significant number of people who want to buy a home are not doing so for various reasons, including expectation of price correction, lower interest rates, among others," Anarock Property Consultants CEO Ashwinder Raj Singh said. It is frequently said that buyers may also be waiting for lower interest rates on home loans, especially in the affordable housing segment, he noted. "However, lower interest rates alone are not a sufficiently compelling rationale for aspiring mid-range housing buyers to abandon their 'wait-and-watch' mode. "If, however, the lower interest rates coincide with a hard discount or some other money-saving offer, many people will certainly come onto the market with a firm intention to finally buy a home," Singh said. As long as unofficial discounts to serious buyers serve the purpose, it is unlikely that there will be an official correction of prices, he said. "In other words, it is unwise to wait for a formal price correction, since prices may not reduce and could even increase in certain locations and projects," Singh said. "The best course of action for 'fence-sitting' buyers today is to short-list the properties they are interested in, ensure that they are RERA-compliant, negotiate the best possible deal with the developer and go in for purchase," he added.
Read More


SC orders refund of principal to home buyers of Supertech

The Supreme Court today ordered its registry to disburse the principal amount of 26 home buyers who had booked flats in a Supertech project at Noida in Uttar Pradesh whose demolition was ordered by the Allahabad High Court A bench headed by Chief Justice Dipak Misra considered the report of advocate Gaurav Agarawal, who is assisting it as an amicus curiae, which said that out of several home buyers of Supertech's twin Emerald Towers, 26 have not received any refund. The bench, which also comprised Justices A M Khanwilkar and D Y Chandrachud, said that Rs 20 crore has been deposited with the apex court registry by the prominent real estate firm and the money would be used in paying back the principal amount to the home buyers who have received nothing in refund. It also asked Amicus Curiae Agarawal to assist in disbursal. The court said the issue of interest and the deduction of return on investment (RoI) from the principal, payable to home buyers, would be dealt with at later stage. Advocates Akhilesh Kumar Pandey and Shoeb Alam, appearing for some home buyers, said the interest of the hassled home buyers needed to be protected. The bench, which had asked the amicus curiae to set up a web portal to deal with grievances of home buyers on September 22, said that Rs two lakh be paid to him towards expenses incurred in setting up of the portal. It posted for December 4 the final disposal of appeals of Supertech filed against the Allahabad High Court's April 11, 2014 verdict ordering demolition of the twin towers--Apex and Ceyane-- and directing the realty major to refund money to home buyers with 14 per cent interest in three months. Earlier, the top court had asked the home buyers to register and lodge their grievances on the web portal set up by the amicus curiae. It had asked the amicus curiae to include in the web portal the entire details of home buyers of these twin towers and the money paid by them and refunds made by the firm. The real estate firm had said it had deposited Rs 20 crore with the apex court registry for refunding money to the home buyers who did not want flats. The apex court, on August 14, had asked Supertech to deposit Rs 10 crore for refunding money to the investors who wanted to opt out of its Emerald Towers project, which comprises two 40-storey residential buildings in Noida. Prior to this, it had said that if the two residential buildings in Noida were constructed without proper sanction, these would be "demolished". The High Court's verdict had come on the plea of some residents of other buildings who had alleged that the twin towers were constructed on a green area. The towers have 857 apartments, of which about 600 flats have already been sold. The counsel for Noida authority had earlier told the bench that the sanctioned plan for the building was in accordance with the guidelines and it was aggrieved by the high court's finding in this regard.
Read More


Oilfields’ privatisation aimed at raising domestic output: DGH

NEW DELHI: The chief of the Directorate General of Hydrocarbons has said the government is following a transparent method to pick state firms’ oilfields for privatisation with a single aim of raising local output, rebutting ONGC executives’ charge that the government is not being fair in proposing to take away its fields. “The entire effort is to raise production from the mature and declining fields of ONGC and Oil India,” Atanu Chakraborty, director general of DGH, told ET. “The government will follow transparent and objective criteria to pick fields. The extent of reserve, extraction and rate of recovery will be the key criteria,” he said. DGH is the technical arm of the oil ministry and is leading the government’s efforts in preparing a policy that would give private firms control over some of the key producing fields of ONGC and Oil India. The government has drawn a list of 11 fields of ONGC and four of Oil India, in which 60% participating interest would be auctioned to private players. The plan has met with resistance from ONGC. “The government was trying to justify everything in the name of raising oil production,” said an ONGC executive, who did not wish to be identified. The company’s chairman has written to the oil secretary, arguing against taking away key fields. An association of the company’s executives has sought Prime Minister’s intervention in the proposed policy, which it said “lacked transparency and objectivity”. Company executives said the government had only recently found ONGC competent enough to handle the Gujarat State Petroleum Corporation’s challenging field in the KG Basin but is now citing company’s incompetence to take away producing fields. Oil ministry officials said that the deal with GSPC was a matter between the two companies and the government played no role in it. Fields considered for private investment are among the better performing and are receiving substantial funds for enhancing production, ONGC executives said, adding that losing them would mean giving up on about 15% of annual output.
Read More


Officials wrongfully charging duty on solar panels: RK Singh

BENGALURU: Renewable energy minister Raj Kumar Singh has complained to finance minister Arun Jaitley that customs officials are demanding duty on imported solar equipment, which has led to ports getting jammed with shipments and jeopardised the prime minister’s flagship programme of accelerating renewable energy projects. The solar industry has delayed acceptance of the consignments, protesting the decision of the Central Board of Excise and Customs to start charging basic import duty of 7.5% on solar panels and modules, which had been exempted from the levy until recently. Anew interpretation of import duty rules, initially at Chennai as reported in ET on October 12, has been extended to other ports, leading to a pile-up of thousands of solar panel and module containers even after renewable energy ministry secretary Anand Kumar brought the matter to the notice of the customs official concerned more than six weeks ago. More than 90% of the solar panels and modules used in India are imported, mostly from China. Solar modules were traditionally clubbed with diodes, transistors, photosensitive semiconductor devices and light-emitting diodes, which are exempt from import duty. Lately, however, customs officials insisted they fall in the category of electrical motors and generators and attract 7.5% import duty, apart from education cess. “There is no doubt that panels and modules are used for generating electricity – but they are used for generating renewable energy and that is why the government took a conscious decision that they should be allowed to be imported without any customs duty,” Singh said in the recent letter. “The officers concerned do not seem to have grasped this distinction.” “I shall be grateful if officers are directed that photovoltaic panels/modules being imported for solar power generating systems/plants be allowed to be imported under the nil rate of duty… as has been done so far,” the minister said in the letter. However, the letter has made no impact. Instead, developers with consignments reaching the ports of Krishnapatnam, Mundra and Nava Sheva faced the same duty demand. When the problem started in September, most developers resisted paying, but with consignments piling up and the prospect of projects getting delayed, some are falling in line, either paying or providing bank guarantees. “Ultimately, we gave a bank guarantee of Rs 52 lakh for the basic 7.5% duty. We were not charged any penalty,” said a leading developer with 108 containers held up for 20 days at Krishnapatnam. “At Chennai port, we had to pay Rs 3.15 crore, along with another 15% as penalty. We expect consignments of around 900 MW in the next few months and if this new classification continues, we will have to pay an additional Rs 162 crore.” “It is simple arm-twisting,” said another developer, which provided a Rs 70-crore bank guarantee at Chennai and incurred an additional loss of Rs 40 crore on demurrage. Developers are unanimous that unless the matter is resolved, the additional charge will increase solar tariffs.
Read More


Outlook: Nifty showing sign of strength; but watch 10,365 level

For the fourth day in a row, the benchmark Nifty50 desisted from giving a clear upward breakout from the 10,346 and 10,365 levels and continued to consolidate. It ended with a modest gain of 6.45 points, or 0.06 per cent, on Thursday after seeing a smart recovery from the low point of the day The market not retracing from the current levels is certainly a sign of strength. However, going into Friday’s trade, we will still have to watch the 10,365 level until it is breached comprehensively on the upside. The 10,365 and 10,395 levels will continue to pose resistance for the Nifty50 the fourth day in a row. Supports should come in at 10,280 and 10,200 levels. The Relative Strength Index or RSI on the daily chart stood at 58.2127 and it continued to remain neutral showing no divergence against the price. The daily MACD continued to trade below its signal line and it remained bearish. The candles continued to portray gross indecisiveness among the market participants. Pattern analysis confirmed the intermediate resistance in the 10,345-10,365 zone. However, with the creation of each marginal high, the market is escaping to form a definitive lower top. The Nifty50 has pulled back after suffering a 100% throwback and breaching of the 10,365 level comprehensively on the upside will make it scale further highs. There is no doubt the markets have continued to display inherent strength and it is not declining after repeatedly testing its resistance at 10,345 and 10,365 levels. Until those levels are breached comprehensively on the upside, we will not see any meaningful rise. Also, unless the Nifty50 moves past those levels, we cannot under-estimate the potential resistance in this area just because the index is not drifting down much. Overall, for a meaningful rise, we will have to wait for the Nifty50 to cross this important immediate hurdle. Until this happens, as we have been doing over past several sessions, one should approach the market with a highly cautious stock-specific view, while protecting profits vigilantly at higher levels. STOCKS TO WATCH: Fresh longs were seen on counters like IDFC, Tata Global, Wipro, Fortis, Yes Bank, Tata Power, Ashok Leyland and ICICI Bank. Shorts were seen being opened up in Bank of Baroda, Hindalco, ITC, TV18 Broadcast, PNB, Vedanta and Tata Motors. (Milan Vaishnav, CMT, MSTA is Consultant Technical Analyst at Gemstone Equity Research & Advisory Services, Vadodara. He can be reached at milan.vaishnav@equityresearch.asia)
Read More


Pre-market briefing: All you need to know before the Opening Bell

Supports for the Nifty50 are shifting higher, as maximum Put open interest was concentrated at strike price 10,300. But healthy Call writing at 10,400 and 10,500 may restrict the upside for the index in the short term. Let’s check out what all might influence Dalal Street all through Friday. Singapore trading sets stage for flat opening At 6.30 am, Nifty futures on the Singapore Stock Exchange were trading 2.50 points, or 0.02 per cent, higher at 10,373, indicating a flat start for the Nifty50 in India. Nifty forms Doji pattern on daily chart The Nifty50 formed a 'Doji' pattern for the third consecutive session on Thursday. The index faced pressure at the 10,380 level during the session, but later found support around 10,310. Analysts expect that a breakout on either side would provide directional cues. They advised traders to keep strict stop losses. US markets shut for Thanksgiving holiday US markets were closed on Thursday on account of Thanksgiving. Data showed that the euro-area economy gathered pace in November and yet minutes from the ECB's last policy meeting showed that policymakers argued against putting an end date to its bond-buying programme. Investors will look at whether Thursday’s slide in Chinese stocks will intensify on Friday. Sebi to ease takeover rules for stressed cos Sebi plans to ease takeover rules to speed up the resolution of insolvency proceedings for stressed companies as local lenders seek to recover about Rs 9 lakh crore from entities rendered unviable by the mounting debt pile. The capital markets regulator will likely allow the demerged units of listed companies in insolvency resolution to list on stock exchanges without an IPO. Pricing norms for delisting of companies under insolvency resolution will also be eased. President signs ordinance on amended IBC President Ram Nath Kovind on Thursday signed on an ordinance amending the Insolvency and Bankruptcy Code (IBC) to help prevent defaulters from bidding for their assets in resolution proceedings and regaining control while banks were forced to swallow losses. That would have defeated the code’s purpose — the orderly resolution of distress in the banking system, the government said. Rupee surges 34 paise against dollar The rupee on Thursday staged a robust rebound and ended at a fresh three-week high of 64.58 a dollar, surging by a whopping 34 paise after FOMC minutes signalled shallow rate hike path. A massive slide in US dollar overseas mainly forced banks and exporters to unwound their long dollar bets along with dovish sound of Fed meet minutes outcome, paving the way for rupee to gain strongly. Thomas Cook’s OFS for Quess oversubscribed Thomas Cook India managed to raise more than the planned Rs 600 crore from its offer for sale of Quess Corp shares as it was oversubscribed five times on Thursday. The sale of Thomas Cook’s 5.42 per cent stake in Quess Corp opened on Thursday to institutional investors and bids were received at a clearing price of Rs 851, a 6.4 per cent premium to the floor price of Rs 800. Sebi fines Aditya Birla Money Sebi has imposed a fine of Rs 10 lakh on Aditya Birla Money after conducting an inspection of the books and records of the company from April 2010 to August 2011 to ascertain whether it had carried unregistered PMS activities, before obtaining registration as PMS in July 2010, through its ‘Option Maxima Strategy’. EPFO okays math on ROE returns Over five crore provident fund subscribers will soon be able to track and redeem at market price the portion of their PF money invested in shares. Under the policy, 15 per cent of the PF contribution that is parked in equities will be allotted as mutual fund-like units to the subscribers. This can be redeemed when the subscriber exits the fund or withdraws the accumulated money Asian markets near 10-year peak Asian shares hovered below their 10-year peak on Friday while investors viewed Chinese shares with caution after their big fall the previous day. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked down 0.1 per cent in early trade, led by a 0.3 per cent fall in Australian shares. Japan's Nikkei fell 0.6 per cent after a market holiday on Thursday.
Read More


Airtel eyes spectrum, equipment of RCom

NEW DELHI: Bharti Airtel is interested in buying select spectrum and some equipment of Reliance Communications (RCom) under a process being run by its lenders to sell assets of the Anil Ambani-owned telco piece by piece and recover some portions of the roughly Rs 45,000 crore that it owes them. “We have expressed our interest only in buying select spectrum and some equipment,” a spokesperson for Bharti Airtel, India’s top telco, said in an email to ET, when asked about its interest in RCom’s assets being put on the block by the debt-ridden telco’s lenders. The sale process could thus see Airtel vying with Reliance Jio for the spectrum in the 850 MHz band — considered highly efficient for 4G services — with the proceeds going to the lenders. The sale of RCom’s assets, including spectrum, network equipment and fibre, has evoked interest of many of the companies in the sector, including from tower providers like Indus, Bharti Infratel and Canada’s Brookfield for towers. An industry insider said that it was unlikely that the suitors would bid aggressively for the airwaves as there is no longer any spectrum shortage in the country. Reliance Jio, Bharti Infratel, Indus Towers and Brookfield did not respond to queries as of press time RCom’s stock fell 2.9% to end the day atRs 13.60 on the BSE on Thursday, pegging its market cap at Rs 3,385.01crore. According to two people aware of the developments, lenders comprising several local and international banks have appointed SBI Cap — the investment banking arm of RCom’s top lender State Bank of India (SBI) — to seek interests for the telco’s assets. They add that request for proposals (RFPs) for assets including spectrum, network equipment and fibre assets have already been issued. “Expression of interest (EoIs) have come from practically everyone. Now, they have three weeks to submit non-binding offers — by December 12-13 — and then based on the numbers (bid value), the due diligence will take place,” the person said. “An asset won’t necessarily be sold to just one company,” the person added, indicating that the sale will be done in a piece meal manner depending on the value it generates. A second source said Credit Suisse was trying to get investors into the rest of RCom — the entity that will comprise its undersea cable business, data centres and the enterprise business — for taking majority stake. SBI Cap and Credit Suisse declined to comment on queries seeking confirmation. RCom also did not comment as of press time. More than 20 banks have lent to RCom, of which SBI with Rs 2,375 crore has the largest exposure followed by Punjab National Bank (Rs 1,350 crore) and IDBI Bank (Rs 1,230 crore). The telco also has $1 billion in loans from Chinese banks.
Read More


DDA housing scheme 2017: Draw around Nov end, 46K applications

The draw for DDA's new housing scheme, for which the urban body has received over 46,000 applications, would be held around the end of November, a senior official said. The Delhi Development Authority (DDA) is offering 12,000 flats across four income categories in Rohini, Dwarka, Narela, Vasant Kunj, Jasola, Pitampura, Paschim Vihar and Siraspur. Of the total number of flats, around 10,000 unoccupied ones are from the 2014 housing scheme, while 2,000 have been lying vacant. "The draw date has almost been finalised. It will be close to November end," the DDA official told . The 2017 housing scheme, which offers the 12,000 flats, ranging from close to Rs 7 lakh to over Rs 1.26 crore, was launched on June 30. After the closure of the extended deadline for submission of forms, about 90,000 forms were sold. "The deadline ended on September 11 and the total number of applications received stand at over 46,000. The last date for applying for any rectification in forms ended on November 10," another senior DDA official said. The draw of the lots is likely be streamed online. DDA's Principal Commissioner (Housing) J P Agarwal said the DDA wants genuine people to apply and ward off market speculation. The four categories of houses are - HIG (high-income group) with 87 flats ranging from Rs 53.52 lakh to Rs 126.81 lakh; MIG (middle-income group) with 404 flats ranging from Rs 31.32 lakh to Rs 93.95 lakh; LIG/one-bedroom flats numbering 11,197 and ranging from Rs 14.50 lakh to Rs 30.30 lakh; and 384 Janta flats ranging from Rs 7.07 lakh to Rs 12.76 lakh. For the LIG (lower-income group) category, the registration fee will be Rs 1 lakh while for MIG and HIG flats, Rs 2 lakh will be charged. The DDA has made every possible effort to address all concomitant issues, including water supply and transportation, Agarwal said. On June 28, he had said that the Delhi Jal Board had committed to the DDA to ensure water supply in all areas where it is lacking. "We have also written letters to the Delhi Metro and DTC authorities seeking transport infrastructure in these areas," he had said. The 2014 scheme offered 25,040 flats across categories, with prices ranging between Rs 7 lakh and Rs 1.2 crore. The online response was so massive that the DDAs official website crashed soon after the launch. The one-bedroom flats were offered in Dwarka, Rohini, Narela and Siraspur areas.
Read More


Summer placements at JBIMS see 29% jump in highest stipend to Rs 4.5 lakh for two months

MUMBAI: The 53rd batch of MMS, the flagship course of Jamnalal Bajaj Institute of Management Studies (JBIMS) has wrapped up summer placements with a 29% jump in highest stipend to Rs 4.5 lakh for two months. The average stipend for the two-month internship reached a new high of Rs 1.61 lakh. The top 10% of the batch took home a stipend of Rs 2.9 lakh whereas the top 30% was offered Rs 2.4 lakh on an average. A total of 63 companies participated in the recruitment drive. Consulting and BFSI continued to be the dominant sectors with about 42% of the batch bagging lucrative roles from the likes of Avendus, Barclays, Citibank, Goldman Sachs, HDFC Bank, HSBC, ICICI Bank, J.P. Morgan, McKinsey & Co., SBI Card, Standard Chartered and YES Bank among others. FMCG and Pharmaceutical companies such as Abbott, Cipla, HUL and P&G took interns whule the manufacturing and conglomerate sectors saw participation from the likes of Bajaj Electricals, Hero MotoCorp, JSW, L&T, Raymond, RIL, Tata Steel. The technology sector was represented by the likes of Capgemini, Microland and Wipro among others.
Read More


© 2017 - All Rights Reserved - IMS(Institute of Mathematical Sciences) www.ims4maths.com