Showing posts with label GlobalNews. Show all posts
Showing posts with label GlobalNews. Show all posts
Monday, 6 May 2013
Global markets continue to rally
Positive cues from the US jobs data had a rub-off effect and helped in overcoming uncertainty following downgrade of economic forecasts by the European Union. The European Union had earlier said that it expected the 17-country Eurozone's economy to shrink by 0.4% this year. This is 0.1% higher than its February prediction. The stock markets in Germany and France posted the sharpest gains of 3.9% and 2.7%, respectively. The UK market was up by 1.5%.
The Indian markets closed the week on a positive note with the shares in the FMCG space leading the gains. The Indian stock markets were up by 1.5%. The Brazil market surged by 2.3% backed by rally in the stock of largest airplane manufacturer Embraer. Even the Chinese market was up by 1.3% over the week. The Japanese market was the only loser as strengthening yen dimmed hopes of boosting corporate profits.
All the major global indices, barring the Japanese index, continued to have a positive outing over the week. A strong US jobs report by the Labor Department saw the unemployment rate being revised downwards to 7.5%, the lowest in four years. This helped allay fears of slowdown in the world's largest economy and bolstered the US markets which were up by 1.8%.
Stock Market Today Reacts to Gold and China
Dragging stocks down was a report that China's economy grew at 7.7% in Q1, weaker than the 8% growth economists were expecting, and down from Q4's 7.9%. This rattled global markets, as fears spread that there would be continued lower demand for Chinese goods and services.
The Dow Jones Industrial Average dropped 0.61% to 14,773.75. The Standard and Poor's 500 Index slumped 0.75% to 1,576.87. The Nasdaq fell 0.80% to 3,268.45. Oil slipped 3.44% to $88 a barrel.And the biggest loser of the day, gold plunged as much as 6.3%, hitting a low of $1,384.60
Thursday, 6 September 2012
India retail sector to grow at 12% CAGR next 5 yrs
Investment bank CLSA expects the retail sector in India will grow at a compounded annual rate of 12% over the next five years, with hypermarkets and fast food outlets growing faster than the overall market.
"The low penetration level of the organised channel leaves significant headroom for growth. In particular, we expect hypermarkets and fast food formats to sustain five year revenue CAGRs of 19-22%," said CLSA analyst Jaibir Sethi.
Growth in per capita GDP (gross domestic product) will cause the proportion of middle class population to rise from sub 6% to 13.7% over 2010-2016 and drive a growth in disposable income, he said.
CLSA has an "outperform" rating on Jubilant Foodworks, which operates Domino's Pizza and Dunkin Donuts' chains in India, given the strong growth in the sector.
"We like Jubilant Foods, given its strong brand, scalable model and capital efficiency. We see it as a strong play on medium term growth in Indian fast food," Sethi said.
"The low penetration level of the organised channel leaves significant headroom for growth. In particular, we expect hypermarkets and fast food formats to sustain five year revenue CAGRs of 19-22%," said CLSA analyst Jaibir Sethi.
Growth in per capita GDP (gross domestic product) will cause the proportion of middle class population to rise from sub 6% to 13.7% over 2010-2016 and drive a growth in disposable income, he said.
CLSA has an "outperform" rating on Jubilant Foodworks, which operates Domino's Pizza and Dunkin Donuts' chains in India, given the strong growth in the sector.
"We like Jubilant Foods, given its strong brand, scalable model and capital efficiency. We see it as a strong play on medium term growth in Indian fast food," Sethi said.
Gold crosses Rs 32K-level on strong marriage season demand
Gold today crossed the coveted Rs 32,000-mark for the first time in the national capital, driven by increased buying by stockists ahead of the marriage season amid a firming global trend.
The precious metal gained Rs 320 to Rs 32,300 per 10 grams. It has gained by Rs 1,555 per 10 grams in the last two weeks.Bullion merchants said the trading sentiment also bolstered as gold climbed in international markets on speculation the European Central Bank will announce unlimited purchases of government bonds to defuse the euro-zone debt crisis, increasing demand for bullion as an alternate investment.
The precious metal gained Rs 320 to Rs 32,300 per 10 grams. It has gained by Rs 1,555 per 10 grams in the last two weeks.Bullion merchants said the trading sentiment also bolstered as gold climbed in international markets on speculation the European Central Bank will announce unlimited purchases of government bonds to defuse the euro-zone debt crisis, increasing demand for bullion as an alternate investment.
Tuesday, 4 September 2012
Tech Mahindra buys HGS for USD 87.1m
Tech Mahindra , a provider of software solutions mainly to telecom companies, on Tuesday said it is acquiring privately held Hutchison Global Services for USD 87.1 million, payable upfront.
Hutchison Global Services (HGS) operates out of Mumbai and Pune and is among the largest captive BPO (business process outsourcing) in the telecom domain. It provides customer lifecycle operations to clients in UK, Ireland and Australia and has an associate base of over 11,500 employees.
Hutchison Global Services (HGS) operates out of Mumbai and Pune and is among the largest captive BPO (business process outsourcing) in the telecom domain. It provides customer lifecycle operations to clients in UK, Ireland and Australia and has an associate base of over 11,500 employees.
Wednesday, 29 February 2012
4G spectrum auction this year Govt Announced
India is looking at holding spectrum auctions for the fourth generation (4G) mobile services by the end of this year, besides finalizing plans to sell off radio waves for the 2G services, Telecom Minister Kapil Sibal has said.
"By the end of the year, we are actually going to auction 4G (spectrum). That is what our intent is. We have enough spectrum now to share with everybody," he said at the India Day function organized by his ministry at the Mobile World Congress here. Sibal said the government will have enough radio waves for all operators after it is released from the defense services as well as the cancellation of 122 2G new licenses by the Supreme Court in the 2G spectrum allocation case.
"By the end of the year, we are actually going to auction 4G (spectrum). That is what our intent is. We have enough spectrum now to share with everybody," he said at the India Day function organized by his ministry at the Mobile World Congress here. Sibal said the government will have enough radio waves for all operators after it is released from the defense services as well as the cancellation of 122 2G new licenses by the Supreme Court in the 2G spectrum allocation case.
Wednesday, 28 December 2011
HDFC's Deepak Parekh resigns from HUL board
FMCG major Hindustan Unilever Ltd (HUL) today said HDFC Ltd Chairman Deepak Parekh, who is an independent director in the company's board has resigned after more than 14 years of association with the firm citing personal reasons.
Parekh, who was on the company's board since 1997, resigned after putting in more than 14 years in the firm, HUL said in a filing to the BSE.
Parekh, who was on the company's board since 1997, resigned after putting in more than 14 years in the firm, HUL said in a filing to the BSE.
RBI to issue 500 note with rupee symbol
The Reserve Bank will shortly issue Rs 500 notes which will have the rupee symbol. The Rs 500 notes will be of the Mahatma Gandhi-2005 Series bearing the signature of Reserve Bank of India (RBI) governor D Subbarao and with the year of printing mentioned on the back of the banknote, the apex bank said in a statement.
The design of the notes to be issued is similar in all respects to the existing Rs 500 in Mahatma Gandhi Series-2005 issued earlier, except for the rupee symbol.However, all the banknotes in the denomination of Rs 500 issued by the RBI in the past will continue to be legal tender.
Last month, the RBI had announced that it will soon introduce notes of Rs 1,000, Rs 100 and Rs 10 denomination featuring the rupee symbol.
The design of the notes to be issued is similar in all respects to the existing Rs 500 in Mahatma Gandhi Series-2005 issued earlier, except for the rupee symbol.However, all the banknotes in the denomination of Rs 500 issued by the RBI in the past will continue to be legal tender.
Last month, the RBI had announced that it will soon introduce notes of Rs 1,000, Rs 100 and Rs 10 denomination featuring the rupee symbol.
Sunday, 25 December 2011
Union Budget to be delayed by a week due to polls
The Union Budget is likely to be delayed by a few days, government sources have said.
The Union budget and Railway budget are likely to be tabled in the first week of March, they said.
That's only after assembly elections in five states – Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur - are over.
Earlier it was reported that Finance Minister Pranab Mukherjee will present the Union Budget on February 29, a day after the final phase of polling in Uttar Pradesh.
It was expected that the final phase of UP elections would have an impact on the Union budget and that it might be deferred to a later date.
The elections in Uttar Pradesh will be held in seven phases on February 4, 8, 11, 15, 19, 23 and 28 while the polling will be done in Punjab and Uttarakhand on January 30.
Manipur will be the first to vote on January 28 whereas the elections in Goa will be held on March 3.
The Union budget and Railway budget are likely to be tabled in the first week of March, they said.
That's only after assembly elections in five states – Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur - are over.
Earlier it was reported that Finance Minister Pranab Mukherjee will present the Union Budget on February 29, a day after the final phase of polling in Uttar Pradesh.
It was expected that the final phase of UP elections would have an impact on the Union budget and that it might be deferred to a later date.
The elections in Uttar Pradesh will be held in seven phases on February 4, 8, 11, 15, 19, 23 and 28 while the polling will be done in Punjab and Uttarakhand on January 30.
Manipur will be the first to vote on January 28 whereas the elections in Goa will be held on March 3.
DRL, Zuari Ind, IRB Infra, GVK Power, RIL : Stocks News
Government sources
-General budget to be presented on February 29, 2012
-UP election schedule will not impact general budget
-UP elections end on February 28, 2012
TDSAT hearing dot to file reply by next Saturday
-TDSAT stays DoT 3G roaming ban order
-No coercive steps to be taken against companies until order
-TDSAT to hear matter on January 3
Telcos to TDSAT
-Decision to ban 3G intra circle roaming arbitrary
-Not issued showcause notice; no hearing given
-5 telcos paid around Rs 67,000 crore for 3G spectrum
-5 telcos include Airtel , Vodafone, Idea , Tata & Aircel
-DoT said intra circle roaming governed by license
-Telecom license contemplates intra circle roaming
-2008 roaming policy permits intra circle roaming
-Auction held for 3G spectrum, not for license
-No separate 2G & 3G license
-Holding telecom license was prerequisite for 3G bidding
-Telecom license is tech neutral; allows all services
-There is one pan-india telecom license.
Other stocks and sectors that are in news today:
IIFCL may get Rs 10 billion fund infusion soon: ET
REC firms up plan to raise up to USD 600 million through FCCBs:
MintOil Ministry to cap RIL 's spend on developing new KG-D6 gas fields: ET -New telecom policy regime likely by June 2012: Ministry: ET
FCCB payout may put pressure on Reliance Communications for tower stake sale: ETOil marketing companies (OMCs) may raise petrol prices by Re 1/litre next monthGVK Power : Changi to buy 26% in company’s airport business for Rs 2200 crore
Tech Mahindra : BT Group to wait for Tech Mahindra-Satyam merger before stake sale IRB Infra : NHAI terminates concession agreement of four laning of Goa/ Karnataka border to Panaji Zuari Industries :
To buy rock phosphate Latin American mine through a JV with Japan’s Mitsubishi
Mastek : Bombay HC approves scheme of amalgamation of Keystone Solutions Pvt Limited with Mastek
SBI , BoB to raise NRE Deposit rates: BS
Maharashtra Govt refuses aid to sugar mills seeking fixed cane purchase, export grant
Coal Ministry gives go-ahead to new pricing mechanism to bring Indian coal prices at par with international prices
Power producers not selling electricity at regulated prices should not get gas supply: Petroleum Ministry
Dabur to write off Rs 45 crore loss of fully owned retail subsidiary, H&B stores
3i Infotech plans to raise Rs 1,000 crore via securities
Monnet Ispat to buy back shares worth Rs 100 crore
Orissa Govt may clamp down on charges of illegal iron ore mining: ET - Dr Reddy ’s splits marketing division to boost domestic business: ET
Alfa Lava : Interim dividend Rs 30/share
F&O ban: ABG Shipyard, Gitanjali Gems, Ruchi Soya
-General budget to be presented on February 29, 2012
-UP election schedule will not impact general budget
-UP elections end on February 28, 2012
TDSAT hearing dot to file reply by next Saturday
-TDSAT stays DoT 3G roaming ban order
-No coercive steps to be taken against companies until order
-TDSAT to hear matter on January 3
Telcos to TDSAT
-Decision to ban 3G intra circle roaming arbitrary
-Not issued showcause notice; no hearing given
-5 telcos paid around Rs 67,000 crore for 3G spectrum
-5 telcos include Airtel , Vodafone, Idea , Tata & Aircel
-DoT said intra circle roaming governed by license
-Telecom license contemplates intra circle roaming
-2008 roaming policy permits intra circle roaming
-Auction held for 3G spectrum, not for license
-No separate 2G & 3G license
-Holding telecom license was prerequisite for 3G bidding
-Telecom license is tech neutral; allows all services
-There is one pan-india telecom license.
Other stocks and sectors that are in news today:
IIFCL may get Rs 10 billion fund infusion soon: ET
REC firms up plan to raise up to USD 600 million through FCCBs:
MintOil Ministry to cap RIL 's spend on developing new KG-D6 gas fields: ET -New telecom policy regime likely by June 2012: Ministry: ET
FCCB payout may put pressure on Reliance Communications for tower stake sale: ETOil marketing companies (OMCs) may raise petrol prices by Re 1/litre next monthGVK Power : Changi to buy 26% in company’s airport business for Rs 2200 crore
Tech Mahindra : BT Group to wait for Tech Mahindra-Satyam merger before stake sale IRB Infra : NHAI terminates concession agreement of four laning of Goa/ Karnataka border to Panaji Zuari Industries :
To buy rock phosphate Latin American mine through a JV with Japan’s Mitsubishi
Mastek : Bombay HC approves scheme of amalgamation of Keystone Solutions Pvt Limited with Mastek
SBI , BoB to raise NRE Deposit rates: BS
Maharashtra Govt refuses aid to sugar mills seeking fixed cane purchase, export grant
Coal Ministry gives go-ahead to new pricing mechanism to bring Indian coal prices at par with international prices
Power producers not selling electricity at regulated prices should not get gas supply: Petroleum Ministry
Dabur to write off Rs 45 crore loss of fully owned retail subsidiary, H&B stores
3i Infotech plans to raise Rs 1,000 crore via securities
Monnet Ispat to buy back shares worth Rs 100 crore
Orissa Govt may clamp down on charges of illegal iron ore mining: ET - Dr Reddy ’s splits marketing division to boost domestic business: ET
Alfa Lava : Interim dividend Rs 30/share
F&O ban: ABG Shipyard, Gitanjali Gems, Ruchi Soya
Petrol price may be hiked by Rs 1 next month
Petrol price may be hiked by about a rupee per litre from next month as the Indian currency has weakened against the US dollar making imports costlier.
The rate change may, however, need a political clearance as assembly elections in five crucial states, including Uttar Pradesh and Punjab, have been announced.
"While international price of gasoline (against which domestic petrol prices are benchmarked) are more or less at the same level (as at the time of last revision), the rupee has depreciated to about Rs 52.70 to a US dollar," a top official said.
The domestic rates, which were last revised on November 30, are pegged at Rs 51.50 to a US dollar exchange rate.
The average exchange rate in first fortnight of December was Rs 51.98 to a US dollar, which has further deteriorated.
State-owned oil companies like Indian Oil Corp (IOC) use fortnightly average of benchmark oil price and exchange rate to revise retail rates on 1st and 16th of every month.
The next review is due on December 31 and if the oil companies decide to pass on the exchange rate fluctuations to consumers, the new rates would be effective from January 1.
"There is an under-recovery of about 85 paise (Rs 0.85) per litre currently. After adding local sales tax, the desired increase in retail prices would be Rs 1.02 per litre," the official said.
Oil firms had, at the last review on December 15/16, decided not to burden the consumers with Rs 0.65-0.70 per litre hike in petrol price needed at that time, as they felt Reserve Bank's intervention may help arrest fall in rupee's value.
Petrol at IOC pumps in Delhi is currently priced at Rs 65.64 per litre and the rates vary by a couple of paise at the pumps of Bharat Petroleum and Hindustan Petroleum.
The oil firms had in November cut petrol prices twice on drop in international oil rates. The companies reduced petrol prices by Rs 2.22 per litre, or 3.2 per cent, from November 16, followed by a Rs 0.78 per litre cut from December 1.
However, it remains to be seen if the oil firms will get a political nod to increase the prices in view of assembly elections.Petrol price was freed from government control in June last year but public sector companies continue to informally consult their parent Oil Ministry before taking a decision.
The government continues to control rates of diesel, domestic LPG and kerosene which were sold way below cost to keep inflation under check. The oil firms lose Rs 12.95 per litre on diesel, Rs 29.99 a litre on kerosene and Rs 287 per 14.2-kg LPG cylinder.
The rate change may, however, need a political clearance as assembly elections in five crucial states, including Uttar Pradesh and Punjab, have been announced.
"While international price of gasoline (against which domestic petrol prices are benchmarked) are more or less at the same level (as at the time of last revision), the rupee has depreciated to about Rs 52.70 to a US dollar," a top official said.
The domestic rates, which were last revised on November 30, are pegged at Rs 51.50 to a US dollar exchange rate.
The average exchange rate in first fortnight of December was Rs 51.98 to a US dollar, which has further deteriorated.
State-owned oil companies like Indian Oil Corp (IOC) use fortnightly average of benchmark oil price and exchange rate to revise retail rates on 1st and 16th of every month.
The next review is due on December 31 and if the oil companies decide to pass on the exchange rate fluctuations to consumers, the new rates would be effective from January 1.
"There is an under-recovery of about 85 paise (Rs 0.85) per litre currently. After adding local sales tax, the desired increase in retail prices would be Rs 1.02 per litre," the official said.
Oil firms had, at the last review on December 15/16, decided not to burden the consumers with Rs 0.65-0.70 per litre hike in petrol price needed at that time, as they felt Reserve Bank's intervention may help arrest fall in rupee's value.
Petrol at IOC pumps in Delhi is currently priced at Rs 65.64 per litre and the rates vary by a couple of paise at the pumps of Bharat Petroleum and Hindustan Petroleum.
The oil firms had in November cut petrol prices twice on drop in international oil rates. The companies reduced petrol prices by Rs 2.22 per litre, or 3.2 per cent, from November 16, followed by a Rs 0.78 per litre cut from December 1.
However, it remains to be seen if the oil firms will get a political nod to increase the prices in view of assembly elections.Petrol price was freed from government control in June last year but public sector companies continue to informally consult their parent Oil Ministry before taking a decision.
The government continues to control rates of diesel, domestic LPG and kerosene which were sold way below cost to keep inflation under check. The oil firms lose Rs 12.95 per litre on diesel, Rs 29.99 a litre on kerosene and Rs 287 per 14.2-kg LPG cylinder.
Tuesday, 20 December 2011
New RBI rules that reduce trading limits of banks and companies
India's piecemeal steps to defend the rupee can do little more than slow its decline for now, and some of the measures risk hurting the currency in the long term. In particular, new RBI rules that reduce trading limits of banks and companies could have the unintended effect of hampering their ability to hedge, choking off market liquidity and driving a chunk of trading to offshore markets.
The rupee's weakness a drop of nearly 20 percent from July highs to a record low last week reflects the increasing doubts of foreign investors over the ability of India to tame high inflation, prop up falling growth and rein-in its large fiscal and current account deficits.
Citigroup expects rupee trading volumes to drop by 25 to 30 percent after measures implemented late last week.
The rupee's weakness a drop of nearly 20 percent from July highs to a record low last week reflects the increasing doubts of foreign investors over the ability of India to tame high inflation, prop up falling growth and rein-in its large fiscal and current account deficits.
Citigroup expects rupee trading volumes to drop by 25 to 30 percent after measures implemented late last week.
Monday, 19 December 2011
Fuel 2050: Bye, Bye petrol
Conventional fuels are only bound to get more expensive, and that's where Dr Greg Offer comes into the picture. "In the short term, over the next decade, it will be hard for any new fuel sources to challenge our dependence on oil, except biofuels, but they have limits. However, in the long term, within 50 years, it appears to me that it is inevitable that electricity will take over. We don't have a choice, " he says. Buying that Rewa seems like a sound investment now.
Offer, who teaches at the Imperial College of London, states that the rise in oil prices is a straight offshoot of the developing world aspiring for the same level of mobility that the developed world enjoys. "In the long term, beyond 2020, we must shift to alternative fuels such as electricity (whether via batteries or hydrogen doesn't matter), or face declining living standards in richer countries and limits to development elsewhere.
Offer, who teaches at the Imperial College of London, states that the rise in oil prices is a straight offshoot of the developing world aspiring for the same level of mobility that the developed world enjoys. "In the long term, beyond 2020, we must shift to alternative fuels such as electricity (whether via batteries or hydrogen doesn't matter), or face declining living standards in richer countries and limits to development elsewhere.
Wednesday, 14 December 2011
World's cheapest tablet Aakash goes on sale for Rs 2500 online
World's cheapest tablet Aakash goes on sale for Rs 2500 online
| Specifications | Aakash | UbiSlate 7 (The upgraded version of Aakash) |
| Availability | NOW! | Late January |
| Pricing | Rs.2,500 | Rs.2,999 |
| Microprocessor | Arm11 – 366Mhz | Cortex A8 – 700 Mhz |
| Battery | 2100 mAh | 3200 mAh |
| OS | Android 2.2 | Android 2.3 |
| Network | WiFi | WiFi & GPRS (SIM & Phone functionality) |
Features:
Unbeatable Price:
Only Rs.2,999 for the UbiSlate
Monthly internet charges: Rs.98 / 2GB
High Quality Web Anytime & Anywhere:
Connect via GPRS or WiFi
GPRS: Embedded modem eliminates the need for external dongles and allows Internet access
everywhere
WiFi: Allows fast Youtube videos at hotspots
Fast web access even on GPRS networks, across the country using DataWind’s patented acceleration
Fast web access even on GPRS networks, across the country using DataWind’s patented acceleration
Technology
Web, Email, Facebook, Twitter and much much more!
Multimedia Powerhouse:
HD Quality Video
Watching movies in the palm of your hand on a 7” screen
Audio library software helps manage your full collection of songs
Applications Galore with Android 2.2:
Games
Productivity software: Office suite
Educational software
Over 150,000 apps!
Full sized-USB port & Micro-SD slot:
Expand memory to 32GB
Use any ordinary pen-drive
Even plug-in a 3G dongle
And It’s a Phone!
The seven inch tablet with Android 2.2 is now available through its portal aakashtablet.com. "We have put up on sale about 30,000 tablets online, which will have a cash on delivery of 7 days. We have achieved pre-sale orders of about 400,000 tablets from individuals and corporates. But current supplies will only be limited for individual buyers," Datawind CEO and founder Suneet Singh Tuli told ET.
Aakash's next commercial version called the Ubislate 7, which has a faster processor, is slated to be launched late January. Ubislate 7 is set to have a 700 Mhz processor compared to the 366 MHz processor in Aakash. Ubislate 7 will be priced at Rs 3000 for sale online.
Datawind though seems to be struggling with customer service issues for online retail, even though the sale is only for a limited number of tablets.
According to sources, the Indian government is also planning to provide a new specification for Aakash, which may come with a faster processor and better battery life. The current version of Aakash has a battery life of about 1.5 hours. An email to the Ministry of Human Resource and Development, which is supplying the tablets to schools and colleges remained unanswered.
The government till now procured only 10,000 tablets. It has still not procured the remaining 90,000 tablets for distribution in schools and colleges, even as other nations have expressed interest to the government for similar low cost computing initiatives.
RBI data exceeds Commerce Ministry figures by $7.2 billion
the government lowered the April-October export numbers by $8.8 billion to $171 billion from $179.8 billion, citing human and computer errors for the original overstatement.
This revision, which largely pertained to the April-June quarter, had come after doubts were raised about excessively rosy export data in the backdrop of a global economy that was slowing down rapidly. But the discrepancy that has now arisen between the commerce department and Reserve Bank data could cause further embarrassment to the government.
The central bank's data is considered to be more reliable as it is based on actual payment basis. The government may, therefore, have to restate the revised figures again or find a plausible explanation to rule out the possibility of exports mis-pricing to bring back black money.
"The concerned officials are looking at the exports numbers again," said a government official, adding that another revision was possible. Unlike the first round, this time the revision will have to be in the upward direction if the export data has to be reconciled with the RBI figures.
This revision, which largely pertained to the April-June quarter, had come after doubts were raised about excessively rosy export data in the backdrop of a global economy that was slowing down rapidly. But the discrepancy that has now arisen between the commerce department and Reserve Bank data could cause further embarrassment to the government.
The central bank's data is considered to be more reliable as it is based on actual payment basis. The government may, therefore, have to restate the revised figures again or find a plausible explanation to rule out the possibility of exports mis-pricing to bring back black money.
"The concerned officials are looking at the exports numbers again," said a government official, adding that another revision was possible. Unlike the first round, this time the revision will have to be in the upward direction if the export data has to be reconciled with the RBI figures.
Rupee dropped to another record low versus the dollar
Rupee dropped to another record low versus the dollar on Thursday as concerns heightened slowing domestic growth will spur further capital outflows.
The partially convertible rupee hit an all-time low of 54.30 per dollar in early trading, taking losses to about 4 percent this week.
Asian markets fell for a third straight session and the euro sat at 11-month lows Thursday on growing doubts over last week's European debt deal as Germany warned the crisis would last for years.
And data in Japan highlighted the impact of the European crisis on the country's economy as the closely watched Tankan survey showed most manufacturers were pessimistic about the future.
Tokyo was 1.32 percent lower by the break, Hong Kong fell 2.36 percent, Sydney was 1.75 percent lower, Seoul shed 1.79 percent and Shanghai lost 1.55 percent.
The partially convertible rupee hit an all-time low of 54.30 per dollar in early trading, taking losses to about 4 percent this week.
Asian markets fell for a third straight session and the euro sat at 11-month lows Thursday on growing doubts over last week's European debt deal as Germany warned the crisis would last for years.
And data in Japan highlighted the impact of the European crisis on the country's economy as the closely watched Tankan survey showed most manufacturers were pessimistic about the future.
Tokyo was 1.32 percent lower by the break, Hong Kong fell 2.36 percent, Sydney was 1.75 percent lower, Seoul shed 1.79 percent and Shanghai lost 1.55 percent.
Tuesday, 29 November 2011
Petrol in India costlier than in US
Petrol in India is costlier than in its neighboring countries and in the US, primarily because of high taxes.
Petrol in Delhi today costs Rs 66.42 per litre as against Rs 44.88 a litre price in the US, Minister of State for Petroleum and Natural Gas R P N Singh told Rajya Sabha in a written reply to a question.
Even after the November 16 reduction of Rs 2.22 per litre in rates, petrol at Rs 66.42 a litre in Delhi is costlier than Rs 48.64 a litre in Pakistan.
Whereas in Sri Lanka it is Rs 61.38 per litre, Rs 52.42 a litre in Bangladesh and Rs 65.26 per litre in landlocked Nepal. Incidentally, Nepal does not have a refinery and imports all its requirement from India. However, petrol in Europe is costlier than in India. In the UK, it is priced at Rs 104.60 per litre.
Singh said of the Rs 66.42 per litre price of petrol in Delhi includes Rs 26.59 a litre because of taxes (both central excise and local sales tax or VAT).
The US has only Rs 5.32 per litre tax on petrol while it is Rs 62.47 a litre in UK.
Petrol price in India has risen 39 per cent, or Rs 18.49 per litre, since April 2010. Petrol in Delhi cost Rs 47.63 per litre last year.
The hike in rates in Pakistan is lower at 26 per cent, from Rs 38.74 per litre to Rs 48.64 a litre. Sri Lanka has seen a 36 per cent increase from Rs 45.23 per litre in April 2010 to Rs 61.38 a litre at present.
In Nepal, petrol price went up from Rs 49.98 per litre to Rs 65.26 a litre currently, an increase of 31 per cent. Nearly 45 per cent of the current retail price of petrol in Delhi is made up of taxes.
The refinery price of petrol is just Rs 36.82 per litre, on top of which Rs 2.25 in inland freight and marketing cost and margin is added. Besides, Rs 14.78 per litre is the excise duty component and Rs 11.07 a litre is the sales tax that Delhi government charges. Another Rs 1.50 is the commission that petrol pump dealers earn.
Petrol in Delhi today costs Rs 66.42 per litre as against Rs 44.88 a litre price in the US, Minister of State for Petroleum and Natural Gas R P N Singh told Rajya Sabha in a written reply to a question.
Even after the November 16 reduction of Rs 2.22 per litre in rates, petrol at Rs 66.42 a litre in Delhi is costlier than Rs 48.64 a litre in Pakistan.
Whereas in Sri Lanka it is Rs 61.38 per litre, Rs 52.42 a litre in Bangladesh and Rs 65.26 per litre in landlocked Nepal. Incidentally, Nepal does not have a refinery and imports all its requirement from India. However, petrol in Europe is costlier than in India. In the UK, it is priced at Rs 104.60 per litre.
Singh said of the Rs 66.42 per litre price of petrol in Delhi includes Rs 26.59 a litre because of taxes (both central excise and local sales tax or VAT).
The US has only Rs 5.32 per litre tax on petrol while it is Rs 62.47 a litre in UK.
Petrol price in India has risen 39 per cent, or Rs 18.49 per litre, since April 2010. Petrol in Delhi cost Rs 47.63 per litre last year.
The hike in rates in Pakistan is lower at 26 per cent, from Rs 38.74 per litre to Rs 48.64 a litre. Sri Lanka has seen a 36 per cent increase from Rs 45.23 per litre in April 2010 to Rs 61.38 a litre at present.
In Nepal, petrol price went up from Rs 49.98 per litre to Rs 65.26 a litre currently, an increase of 31 per cent. Nearly 45 per cent of the current retail price of petrol in Delhi is made up of taxes.
The refinery price of petrol is just Rs 36.82 per litre, on top of which Rs 2.25 in inland freight and marketing cost and margin is added. Besides, Rs 14.78 per litre is the excise duty component and Rs 11.07 a litre is the sales tax that Delhi government charges. Another Rs 1.50 is the commission that petrol pump dealers earn.
Wednesday, 23 November 2011
Fedbank launches Fast Gold Loan
Fedbank Financial Services Ltd Fedfina launched its first loan product ‘Fast Gold Loan’ in Chennai yesterday.
Some features of the product includes gold jewellery within 20 to 24 carat acceptable under pledge, loan up to 90 per cent of the gold value at current market rate and 'hassle free' loan on borrowers without any income proof against unsecured personal loans.
Speaking at the launch, deputy general manager and acting head of Fedbank P K Mohapatra said, 'While the organized market is only 0.12 per cent of total gold stock value at around Rs 40000 crore, the unorganized market is around three to four times of the organized market.'
He added that the bank intends to introduce more value products for customers in future and the bank’s current disbursement is Rs. 3.1 lakh per branch per day offering 12 to 24 per cent per annul.
Some features of the product includes gold jewellery within 20 to 24 carat acceptable under pledge, loan up to 90 per cent of the gold value at current market rate and 'hassle free' loan on borrowers without any income proof against unsecured personal loans.
He added that the bank intends to introduce more value products for customers in future and the bank’s current disbursement is Rs. 3.1 lakh per branch per day offering 12 to 24 per cent per annul.
Indian Bank announces 100% coverage in Pondycherry
Indian Bank, the SLBC Convenor Bank for Puducherry, has announced that the Union Territory became the first among all States / Union Territories in the country to have achieved 100 per cent banking coverage in all the villages including those having population of 2000 and less, under Financial Inclusion Programme.
According to a press release, T M Bhasin, Chairman and Managing Director, Indian Bank informed that in the year 2005, National Pilot Project for Financial Inclusion was launched by the State Level Bankers’ Committee (SLBC) covering the entire Puducherry which paved the way and set the tone for the Financial Inclusion process in the country.
According to a press release, T M Bhasin, Chairman and Managing Director, Indian Bank informed that in the year 2005, National Pilot Project for Financial Inclusion was launched by the State Level Bankers’ Committee (SLBC) covering the entire Puducherry which paved the way and set the tone for the Financial Inclusion process in the country.
Tuesday, 22 November 2011
Union home minister P Chidambaram discussed with former telecom minister A Raja in may-June 2008 the issue of pricing of the 2G
finance ministry documents dated July 4, 2008, he told a press conference here that Chidambaram, then the finance minister, and Raja had agreed upon fixing the pricing of 2G spectrum.
The documents also show that they discussed spectrum usage charge and also the pricing for 3G bandwidth. The new 2G licences were distributed in January, 2008 by Raja who is facing prosecution.
"I am releasing these documents to demolish any argument that meeting between Chidambaram and Raja did not take place. There is no ambiguity (that they met)," said Swamy, a petitioner in the case on the multi-crore scam, who has sought making Chidambaram a co-accused.
"It has been agreed that the base price of 2G spectrum shall be determined by taking the entry fee of Rs 1,650 crore determined in 2003-04 for pan-India operation of UASL licensees as a price of spectrum for 6.2 mhz of bandwidth for GSM operators", the document said.
This was the 2001 rate adopted by NDA government, Swamy said.
"The document shows it (pricing) was an agreement. It comes clear," he said and claimed the two had met four times.
Swamy said he will file these documents before the court in Delhi on December 3 when the case comes up for hearing.
The documents also show that they discussed spectrum usage charge and also the pricing for 3G bandwidth. The new 2G licences were distributed in January, 2008 by Raja who is facing prosecution.
"I am releasing these documents to demolish any argument that meeting between Chidambaram and Raja did not take place. There is no ambiguity (that they met)," said Swamy, a petitioner in the case on the multi-crore scam, who has sought making Chidambaram a co-accused.
"It has been agreed that the base price of 2G spectrum shall be determined by taking the entry fee of Rs 1,650 crore determined in 2003-04 for pan-India operation of UASL licensees as a price of spectrum for 6.2 mhz of bandwidth for GSM operators", the document said.
"The document shows it (pricing) was an agreement. It comes clear," he said and claimed the two had met four times.
Swamy said he will file these documents before the court in Delhi on December 3 when the case comes up for hearing.
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