Ruchi Group Records 105% jump in Profit

Ruchi Soya Industries Limited (Ruchi Soya) has announced its un-audited financial results for the quarter ended December 31, 2012 (Q3). As compared to the corresponding period of the previous year, net profit for the quarter rose by 105.45% from Rs. 24.05 crore to Rs. 49.41 crore whereas net sales rose by 17.56% from Rs. 6,954.29 crore to  Rs. 8,175.16 crore.

During the quarter, branded sales registered a healthy 22.95% growth from Rs. 1,374.23 crore to  Rs. 1,689.59 crore. Refining capacity utilization improved by 8.85% from 4,78,589 MT to 5,20,960 MT. Export of Soya Meal in value improved by 47.29% from Rs. 883.16 crore to Rs. 1,300.83 crore. Sale of Textured soya protein (TSP) stood at Rs. 28.16 crore registering an impressive rise of 43.53% from Rs. 19.62 crore during Q3 in the last fiscal.

Commenting on the performance, Managing Director, Mr. Dinesh Shahra said, “I am happy to  share the healthy growth recorded by the Company during the third quarter ended December 31, 2012. Improved branded sales, better sales realization of oilseed extraction, effective control on the costs and favourable business sentiments helped us to get profit on the track. We are making our efforts to have good performance on a sustained basis in the times to come.”

Ruchi Soya Industries Limited

Featuring among the top five FMCG players in India, Ruchi Soya is India’s number one cooking oil maker and marketer. An Integrated player from farm to fork, Ruchi Soya has secured access to oil palm plantations in India and other important parts of the world. Besides being a leading manufacturer of high quality edible oils, soya foods, vanaspati, and bakery fats, Ruchi Soya is also the highest exporter of soya meal, lecithin and other food ingredients from India. Ruchi Soya features amongst top three players based on market share in the overall Refined Oil in Consumer Packs (ROCP) in India with leadership position in important segments like palm oil. Ruchi Soya is committed to renewable energy and exploring suitable opportunities in the sector.

Source: http://planetcorporatenews.wordpress.com/

Indian rupee's value may deteriorate beyond 55, soon: Goldman Sachs

The rupee may depreciate beyond 55 level in the near term as the Budget for 2013-14 has no major proposals to cut current account deficit and risks of rise in net borrowings have increased, Goldman Sachs has said. "With risks to the net borrowing requirement from the budget to the upside, and no major proposals in the budget to reduce the current account deficit (CAD), we think there are depreciation pressures for the INR in the near-term," Goldman Sachs Managing Director and Chief India Economist Tushar Poddar said in a research note.

According to Goldman Sachs, the three-month, six-month and 12-month USD-INR forecasts are 55, 53 and 52 respectively, with risks of further depreciation beyond 55 in the near-term. Currently, the rupee is hovering around the Rs 54 level against the US dollar. The headline numbers announced by the Union Budget are in line with expectations, but the composition of the reduction - based on optimistic revenue increases rather than spending cuts - was a disappointment, the report said.

That, along with no new major reform proposals, suggest to us the budget could have a short-term negative effect for Indian equities, bonds, and the INR.The fiscal trajectory has materially changed for the better over the past few months due to a front-loading of consolidation, and the government's debt ratio remains on a declining path.

"We think the consolidation may not be material enough to provide space for the RBI to enact a significant amount of rate cuts," Poddar said."With the RBI sounding hawkish on suppressed inflation and a very high current account deficit, we continue to expect the RBI to cut by only 25bps in 2013, lower than consensus expectations," he added.

In its January 29 policy review, RBI after a nine-month long hawkish monetary policy stance, slashed its key interest rates by 0.25 percentage points. The central bank had said that it was critical to arrest the loss of growth momentum as inflation was showing signs of remaining range bound. RBI is likely to announce its mid quarter policy review on March 19.


Source:  http://www.indianexpress.com/news/indian-rupees-value-may-deteriorate-beyond-55-soon-goldman-sachs/1081852/0#sthash.VsldVklx.dpuf

Fiscal deficit reduction not based govt spending cuts in Budget 2013 bad for economy: Goldman Sachs

While the fiscal consolidation plan unveiled in Budget 2013 is in line with expectations, the composition of fiscal deficit (FD) reduction based on optimistic revenue rise than on spending cuts is a disappointment, Goldman Sachs said today. The investment bank, therefore, is not optimistic about the Government's ability to meet fiscal deficit target set at 4.8 per cent of GDP for FY14, and sees its touching 5 per cent on a possible fall in the revenue mop-up side.

"Given the Budget proposals, the fiscal deficit may be 5 per cent against the projected 4.8 per cent next fiscal. Thus, the net borrowing requirement (Rs 4.88 trillion according to the Budget target) may be higher than budgeted," Goldman Sachs said in a report. The brokerage said the Budget could have a short-term negative impact on equities, bonds and the rupee as no new reform measures have been announced by the Finance Minister.The report, however, noted that fiscal trajectory has changed for the better over the past months due to front-loading of consolidation and the Government's debt ratio remains on a declining path.

On expenditure front, it said the Government has budgeted for a significant increase in expenditure to the tune of 16 per cent with a rise in non-subsidy current spending. "While subsidies have been reduced significantly, there can be some upside to them, especially to food subsidy bill if the Food Security Bill is passed and implemented." In terms of spending priorities, Goldman Sachs said there is a significant increase in rural, agricultural, infrastructure, and social spending, apart from Rs 14,000 crore for recapitalisation of the public sector banks.

It said the Budget may be negative for bond yields due to higher-than-expected net market borrowing requirement. "RBI may need to do a significant amount of open market operations to finance the deficit and inject liquidity into the system." The report said the Budget would have negative impact on equity markets due to hike in the corporate tax surcharge. "We think the Budget may be negative for investor sentiment and for the rupee, at least in the short term, as it has not taken up any major proposals to bring down current account deficit (which touched 5.4% in Q2, FY13)."

Source:  http://www.indianexpress.com/news/fiscal-deficit-reduction-not-based-govt-spending-cuts-in-budget-2013-bad-for-economy-goldman-sachs/1081856/0#sthash.l4KH4TmC.dpuf

With Tata Sons, AirAsia deal buzzing, Ratan Tata meets Ajit Singh

Ratan Tata, chairman emeritus of Tata Sons, today met Civil Aviation Minister Ajit Singh here, days after Malaysian carrier Air Asia's Tony Fernandes announced it had sought government's nod to launch a new airline under a joint venture with Tata Sons and an Indian investor. Though there was no official word on what transpired at the meeting this afternoon, it is understood that the plans for the launch of the airline came up during the discussions.

The meeting came days after the Malaysian budget carrier's CEO Tony Fernandes said the new airline may take to the sky by this year-end with 3-4 Airbus A-320 and his company would make an initial investment of between USD 30-50 million.

Besides AirAsia Investment and Tata Sons, the other investor in the joint venture is Arun Bhatia of Telestra Tradeplace. An application has already been moved by Air Asia's investment arm, AirAsia Investment Limited (AAIL) before the Foreign Investment Promotion Board (FIPB) to seek approval for acquiring 49 per cent equity in the airline company.

Of the remaining stake, Tata Sons is likely to pick up 30 per cent and one of Bhatia's companies, Hindustan Aerosystems, 21 per cent. After the FIPB approval, the joint venture company would make an application to the aviation regulator DGCA for the Air Operators Permit to carry out flying operations.

Fernandes recently said the new airline would be based in Chennai and in the initial phase concentrate on destinations in South India where Air Asia already operates. It would also focus on providing connectivity to Tier-II and III cities. Asked by when the new airline would start operations, Fernandes had said "it is in the hands of the Indian regulator ... but most likely it will start by the fourth quarter" of this year or the winter season.

He had also said that the airline's CEO would be named in the next few weeks and the senior management soon thereafter. The proposed airline's Board would have Indians in a majority. For the USD 100 billion-Tata Group, this would be its second foray into the aviation segment after the late JRD Tata launched Air India before Independence.

AAIL, Tata Sons and Hindustan Aerosystems, owned by Bhatia, would infuse USD nine million within a fortnight of the Foreign Investment Promotion Board (FIPB) clearance to set up the joint venture.

The FIPB is likely to taken Air Asia's application for the joint venture on March 6. The three parties would infuse another USD 21 million within 45 days of receiving a no-objection certificate from the Directorate General of Civil Aviation (DGCA). It is understood that the new airline's board would have six members.

Air Asia, being the largest investor (49 per cent), would have two members on the board, including Fernandes. Tata Sons would also have two members. While Arun Bhatia would be the fifth, the sixth one would be an Indian national who is likely to be appointed as a non-executive chairman.

Source:     http://www.indianexpress.com/news/with-tata-sons-airasia-deal-buzzing-ratan-tata-meets-ajit-singh/1081858/0#sthash.ETdMsyVP.dpuf

Ankesh Shahra receives CSR Award At Global CSR Congress

Mumbai, February 20, 2013: Ruchi Soya Industries Limited (Ruchi Soya) has been Felicitated with the CSR Award for Community Development during the World CSR Congress.

Mr. Ankesh Shahra who manages the international businesses of Ruchi Soya and participates in the CSR activities of the Company was honoured with the felicitation at a glittering event in Mumbai. Dr. Christoph Stueckelberger, Executive Director and Founder of Globethics and Dr. Bhaskar Chatterjee, Director General & CEO, Indian Institute of Corporate  affairs handed over the trophy and citation to Mr. Ankesh Shahra.

Commenting on the occasion, Mr. Ankesh Shahra stated, “I am very grateful to the World CSR Congress for honouring Ruchi Soya with the award for Community Development. Ruchi believes in sharing its growth with every stakeholder and giving back to the society in a sustainable and transparent manner. A big congratulations to the team.”

Featuring among the top five FMCG players in India, Ruchi Soya is India’s number one cooking oil maker and marketer through popular brands like Nutrela, Ruchi Gold, Mahakosh and Sunrich. Ruchi Soya is working closely with the communities around its plants in Patalganga and Nagpur in Maharashtra. Ruchi Soya believes in the concept of ‘Giving back to the Society’. The corporate social initiatives of Ruchi Group are executed through Shri Mahadeo Shahra Sukrat Trust with the focus on three core areas of Health, Education and Women Empowerment.

An Integrated player from farm to fork, Ruchi Soya has secured access to oil palm plantations in India and other important parts of the world. Besides being a leading manufacturer of high quality edible oils, soya foods, vanaspati, and bakery fats, Ruchi Soya is also the highest exporter of soya meal, lecithin and other food ingredients from India. Ruchi Soya is committed to renewable energy and exploring suitable opportunities in the sector.

Source: http://planetcorporatenews.blog.com/ankesh-shahra-of-ruchi-soya-receives-csr-award-for-community-development-at-global-csr-congress/

Industrial Production growth likely to remain 1-2% in January: D&B report

The country's industrial output is expected to remain subdued but in the positive range of 1-2 per cent during January due to moderation in consumption and weak external demand, a Dun & Bradstreet report says.

According to the research firm, though the government has already started taking measures and the RBI has initiated easing the monetary policy, its impact on the industrial activity is likely to take some time.

"IIP is expected to remain volatile and IIP growth is expected to remain in the range of 1-2 per cent during January," the report said.

The industrial output contracted by 0.6 per cent in December registering the second consecutive month of decline.

"The sustained volatility in the industrial activity indicates that the revival in growth would be delayed than expected.

"This raises hope that the RBI would continue to ease its monetary policy to boost confidence and support the industrial activity going ahead," Dun & Bradstreet India Senior Economist Arun Singh said.

The report further said that while the moderation in the consumption demand is expected to slow down the manufactured products inflation, upside risks to overall inflation in the medium term persists from the gradual hike in the diesel

prices and increase in global crude oil prices.

D&B expects the WPI inflation to remain in the range of 6.3-6.5 per cent in February 2013 and CPI inflation continuing to hover above the double digit at around 10.7 per cent-10.9 per cent in January.

"The divergence in the WPI and CPI inflation points to the prevalence of the structural bottlenecks which needs to be addressed," Singh said.

The central bank had last month lowered interest rates by 0.25 per cent saying that with inflation showing signs of remaining range bound, it was now critical to arrest the loss of growth momentum.

According to the advance estimates of Central Statistical Organisation (CSO), the GDP growth in the current fiscal is likely to be 5 per cent. However, the government expects it to be over 5.5 per cent. The economy grew by 6.2 per cent in 2011-12 fiscal.

Regarding the upcoming Union Budget of 2013-14, Singh said it is expected to address the structural bottlenecks and deliver measures which would bring about stability, reinforce the growth prospects and also instill confidence among companies, Singh added.

Source: http://www.indianexpress.com/news/industrial-production-growth-likely-to-remain-12--in-january-d-b-report/1078146/0

Banking fraud total jumped 43% to Rs 52.66 cr in 2012: Govt

The total amount involved in banking fraud rose by 43.4 per cent to Rs 52.66 crore in 2012 from Rs 36.72 crore in the previous year as reported by RBI, Parliament was informed today.

However, the number of total cases in 2012 (calender year) was lower at 8,322 from 9,588 in 2011, Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.

In calendar year 2010, there were a total of 15,018 cases in respect of scheduled commercial banks pertaining to frauds relating to ATMs/Debit Cards/Internet Banking and Credit Cards involving Rs 40.48 crore, the Minister said.

Meena said the Reserve Bank has initiated several steps to strengthen security arrangements by banks.

"On receipt of fraud reports from banks, various aspects related to the frauds are examined and concerned banks are advised to report the case to CBI/police/SFIO, examine staff accountability, complete proceedings against the erring expeditiously, take steps to recover the amount involved in the fraud, claim insurance...and streamline the system as also procedures so that frauds do not recur," the Minister said citing an RBI circular.

He said the RBI has asked banks to take preventive measures to combat frauds relating to skimming or duplication of credit cards.

RBI has also advised banks to set up internal control systems to combat frauds and to take pro-active fraud control and enforcement measures to ensure that credit card operations are run on sound, prudent and profitable lines.

Moreover, it has also cautioned banks on phishing attacks containing details of the modus-operandi on such attacks and minimum set of preventive measures to tackle phishing attacks.

Meena said public is also advised through press releases, notifications not to reveal account details, not to fall prey to fictitious offers of fund transfer, remittance towards participation in lottery, money circulation schemes, and other fictitious schemes such as cheap funds.

Source: http://www.indianexpress.com/news/banking-fraud-total-jumped-43--to-rs-52.66-cr-in-2012-govt/1078212/0

BSE Sensex closes near Dec-low, Bharti Airtel shares jump, HUL slips

Falling for the second day, the BSE benchmark Sensex today closed at its weakest level since December 24 on subdued buying by funds ahead of Union Budget.

The S&P BSE Sensex ended 8.35 points, or 0.04 per cent, lower at 19,317.01. It moved between 19,401.75 and 19,289.83 during the session. The index had lost 317 points yesterday.

On December 24, 2012 the index had closed of 19,255.09.

While Bharti led gainers with a jump of 4.6 per cent on its USD 1 billion bond sale plan, the 30-share Sensex was dragged down by over 2 per cent losses each in HUL, Maruti Suzuki and Coal India.

ITC ended 1.5 per cent lower on fears of excise duty hike and HDFC closed nearly 2 per cent lower on reports of Goldman Sachs downgrading the stock to 'sell' rating, dealers said.

RIL closed 0.7 per cent up amid construction beginning on the USD 450 million butyl rubber plant the company is building along with its partner Russia's Sibuar at Jamnagar.

Infosys and ICICI Bank gained 1 per cent each on value buying activity after yesterday's losses, traders said.

Overall, realty, IT, healthcare and oil & gas stocks saw purchases while FMCG, auto and metal scrips witnessed selling.

Similarly, the broad-based National Stock Exchange index Nifty fell by 1.95 points, or 0.03 per cent, to 5,850.30. It moved between 5,873.80 and 5,835.80 during the session.

Brokers said market participants were cautious ahead of Union Budget this month-end and refrained from increasing their positions amid expiry of derivatives next Thursday.

Narrowly mixed Asian closing also weighed on the domestic market sentiment while firm European opening provided some support.

For the week, Sensex closed 1 per cent down.

Chinese shares ended down by 0.51 per cent, amid concerns that strength in the Chinese property market and other factors may lead Beijing to tighten policy.

Other key benchmark indices in Hong Kong and Taiwan settled with losses while those from Japan, Singapore and South Korea ended with gains.

However, European markets resumed higher as investors moved back into risk assets on the back of yesterday's heavy sell-off. The CAC was up by 1.10 per cent, the DAX by 0.48 per cent and the FTSE by 0.67 per cent.

Turning to the local market, 15 out of the Sensex scrips declined while 14 gained. Tata Power ruled steady.

Major losers from Sensex pack were HUL that dropped by 2.60 per cent, followed by Coal India (2.31 pc), Maruti Suzuki (2.09 pc), HDFC (1.84 pc), Tata Motors (1.60 pc) and ITC (1.50 pc).

However, Bharti Airtel rose by 4.64 per cent, followed by Wipro (2.43 pc), Sun Pharma (1.96 pc), ICICI Bank (1.22 pc), Infosys (1.06 pc) and M&M (0.95 pc).

Among the sectoral indices, the BSE-FMCG fell by 1.41 per cent, followed by BSE-Auto (0.55 pc) and BSE-Metal (0.53 pc) while the BSE-Realty firmed up by 1.35 per cent, BSE-Teck by 1.33 per cent and BSE-IT by 0.83 per cent.

The market breadth continued to show negative trend as 1,071 scrips ended with losses while 1,037 scrips finished with losses and 886 closed unchanged. The total turnover fell to Rs 1,724.64 crore from Rs 1,957.61 crore yesterday.

Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 1,213.57 crore yesterday, as per provisional data from the stock exchanges.

Source: http://www.indianexpress.com/news/bse-sensex-closes-near-declow-bharti-airtel-shares-jump-hul-slips/1078180/0

Black money amounting to Rs 6,799 cr recovered in 2012 :Govt

Reiterating that the drive against tax evasion was an ongoing process, the government today said searches conducted by the Income Tax department detected black money of Rs 6,799 crore during April-December last year.

"In the searches conducted by I-T department during 2011-12 and 2012-13 (upto December 2012) undisclosed income of about Rs 14,017 crore and Rs 6,798.93 crore respectively were admitted by the persons searched and undisclosed assets of about Rs 905.61 crore and Rs 453.53 crore were seized,"

Minister of State for Finance SS Palanimanickam said in a written reply to the Lok Sabha.

The Minister further said the surveys conducted by the department during 2011-12 and 2012-13 (upto December 2012) showed an undisclosed income of about Rs 6,572.75 crore and 8,254.41 crore respectively.

On the steps being taken by the government to check the generation and transfer of black money to foreign countries, the Minister said that India has been renegotiating its Double Taxation Avoidance Agreements (DTAAs) with other countries to bring Article on Exchange of Information at par with international standards.

Moreover, it has also been expanding its treaty network by signing new DTAAs with many other countries and by entering into tax Information Exchange Agreements (TIEAs) with many tax jurisdictions in its effort to facilitate the exchange of information and bring in tax transparency, he said.

Besides, legislative measures requiring reporting of assets (including bank accounts) held outside the country and providing for reopening of assessments upto 16 years for taxing undisclosed assets (including bank accounts) kept outside the country have been introduced by Finance Act, 2012 to take action in a more effective manner in such cases, he said.

Source: http://www.indianexpress.com/news/black-money-amounting-to-rs-6799-cr-recovered-in-2012-govt/1078162/

Ankesh Shahra of Ruchi Soya receives CSR Award

Ankesh Shahra who manages the international businesses of Ruchi Soya and participates in the CSR activities of the Company was honoured with the felicitation at a glittering event in Mumbai.

Ruchi Soya Industries Limited (Ruchi Soya) has been felicitated with the CSR Award for Community Development during the World CSR Congress.  Ankesh Shahra who manages the international businesses of Ruchi Soya and participates in the CSR activities of the Company was honoured with the felicitation at a glittering event in Mumbai.

Dr. Christoph Stueckelberger, Executive Director and Founder of Globethics and Dr. Bhaskar Chatterjee, Director General & CEO, Indian Institute of Corporate Affairs handed over the trophy and citation to  Ankesh Shahra.

Commenting on the occasion,  Ankesh Shahra stated, “I am very grateful to the World CSR Congress for honouring Ruchi Soya with the award for Community Development. Ruchi believes in sharing its growth with every stakeholder and giving back to the society in a sustainable and transparent manner.

A big congratulations to the team." Featuring among the top five FMCG players in India, Ruchi Soya is India’s number one cooking oil maker and marketer through popular brands like Nutrela, Ruchi Gold, Mahakosh and Sunrich.

Ruchi Soya is working closely with the communities around its plants in Patalganga and Nagpur in Maharashtra. Ruchi Soya believes in the concept of ‘Giving back to the Society’. The corporate social initiatives of Ruchi Group are executed through Shri Mahadeo Shahra Sukrat Trust with the focus on three core areas of Health, Education and Women Empowerment.

An Integrated player from farm to fork, Ruchi Soya has secured access to oil palm plantations in India and other important parts of the world. Besides being a leading manufacturer of high quality edible oils, soya foods, vanaspati, and bakery fats, Ruchi Soya is also the highest exporter of soya meal, lecithin and other food ingredients from India. Ruchi Soya is committed to renewable energy and exploring suitable opportunities in the sector.

Source: http://www.indiainfoline.com/Markets/News/Ankesh-Shahra-of-Ruchi-Soya-receives-CSR-Award/5618618082

Vijay Mallya faces I-T dept criminal case over Kingfisher Airlines salaries

In fresh trouble for the head of crisis-ridden Kingfisher Airlines, Vijay Mallya, the Special Court for Economic Offences here has issued summons to him on an Income-Tax Department criminal case for not remitting to government the tax deducted at source from salaries of its employees.

The court's action came after it took cognisance of the offence under sections 276B and 278B of the I-T Act, 1962, for not remitting Rs 74.94 crore deducted as TDS in 2009-10 fiscal and Rs 23.70 crore imposed as interest for not meeting the deadline stipulated for payment.

Section 276B entails rigorous imprisonment for a minimum of three months and a maximum of seven years with fine.

The development spells fresh trouble for Mallya, whose airline is tottering with a net loss of Rs 755.17 crore for the third quarter ended December 31, 2012, a period when it did not operate a single flight.

The I-T officials on Tuesday had filed the criminal complaint against the airline and Mallya for failure to remit TDS for the fiscal 2009-10.

The I-T Department had also complained that Kingfisher owed the government Rs 401 crore as TDS amount, deducted from salaries of its employees and from payments made to others in the financial years 2008-2012.

The next hearing will be on April 19.

Carrying a debt of nearly Rs 8,000 crore and accumulated loss and liabilities of a similar amount, Kingfisher has been grounded since October 1 last year after its pilots and engineers went on a strike over non-payment of salaries.

Source: http://www.indianexpress.com/news/vijay-mallya-faces-it-dept-criminal-case-over-kingfisher-airlines-salaries/1077603/0

Sistema Shyam Teleservices to bid for spectrum, shut down operations in 10 circles

CDMA operator Sistema Shyam Teleservices (SSTL) today announced it will participate in the spectrum auction to be held next month and will close operations in 10 service areas after 30 days.

"I would like to confirm our intention to participate in the upcoming spectrum auctions in March 2013....The go forward plan includes continuing with the Company's focus on its data centric-voice enabled strategy in select circles," SSTL President and CEO Vsevolod Rozanov said in a statement.

The company, which provides service under MTS brand name, said it has started the process of informing its customers in 10 circles--Assam, Andhra Pradesh, Bihar, Himachal Pradesh, Haryana, Jammu and Kashmir, Madhya Pradesh, North East, Orissa and Punjab--to switch to other telecom operators of their choice.

"SSTL is providing a 30 day time window to all its customers in the 10 circles to exhaust their balance and to port out to a telecom operator of their choice," it added.

The closing down of SSTL's operation in 10 circles will impact around 22 lakh customers on its network.

"SSTL has a customer base of over 14 million, out of which less than 15 per cent come from the impacted circles," the company said.

Its spokesman declined to clarify whether the bidding would be for CDMA spectrum in the 11 circles where it has not mentioned any closing of operations.

Supreme Court had last year cancelled 21 out of 22 permits of the company in which Russian conglomerate Sistema JSFC and Russian government hold 56.68 per cent and 17.14 per cent stake respectively.

The company did not participate in November 2012 auction citing that its curative petition is pending before the apex court in which it has sought exemption from SC judgement that cancelled its telecom permits.

The curative petition of the company was rejected by the apex court last week.

In a separate order on February 15, 2013, the Supreme Court asked telecom companies whose licences were cancelled by it and could not win or participate in November 2012 spectrum auction, to close their operations.

SSTL, however, said the order does not impact its business and a separate order by the apex court on its matter is awaited.

Source: http://www.indianexpress.com/news/sistema-shyam-teleservices-to-bid-for-spectrum-shut-down-operations-in-10-circles/1077614/0

TVS Logistics Services takes over UK's Rico Logistics with stake buy

TVS Logistics Services Ltd has picked up an 85 per cent stake in UK-based Rico Logistics for Rs 100 crore, a top company official said.

"To achieve USD 1 billion (revenue) by 2015, we will need to have few more acquisitions. I expect 50 per cent contributions would be from organic and remaining through inorganic growth," TVS Logistics Services Ltd Managing Director R Dinesh told reporters here.

The acquisition of Rico Logistics was done through holding company TVS Logistics UK, he said.

This acquisition is expected to help TVS Logistics to add key service 'capabilities', including foray into a new verticals like IT, Telecommunication and Medical equipment, Dinesh said.

TVS Logistics Services last year had said it had reached an agreement with global investment firm Kohlberg Kravis Roberts and Company (KKR) and Goldman Sachs for an investment of Rs 268.8 crore (approximately USD 53 million). KKR would invest Rs 242.4 crore.

For acquisition of Rico Logistics, Dinesh said some part of the funds (invested by KKR) was utilised along with some internal accruals.

"This acquisition help us to add a number of new capabilities and allow us to offer new solutions to our existing and new customers in India and Asia. We will have synergies across our operation," he said.

This is the third acquisition by the city-based company in the United Kingdom, after CJ Components in 2004 and Multipart Holdings in 2009, which are now functioning under one umbrella organisation -- TVS Supply Chain Solutions, Dinesh said.

Stating that the existing management of Rico Logistics would continue to serve the organisation post the acquisition, Dinesh said the employee strength (with this) in Europe would exceed the 2,000 mark.

He replied in the affirmative when asked if the company has lined up any more acquisitions, saying three more deals are in the pipeline.

On the company's target for this year, he said TVS Logistics expects to reach Rs 2,500 crore revenue by March 2013. Last year, it had reported revenues of about Rs 1,850 crore.

Stating that the domestic market remains dull due to uncertain economic conditions worldwide, he said TVS Logistics hopes to grow at about 15 per cent this year.

Source: http://www.indianexpress.com/news/tvs-logistics-services-takes-over-uks-rico-logistics-with-stake-buy/1077644/0

Gold dips below Rs 30,000 mark for first time in 7 mths

Gold prices today fell below the Rs 30,000-level for the first time in seven months here due to hectic selling by stockists triggered by a global meltdown.

The precious metal tumbled by Rs 480 to Rs 29,720 per 10 grams, a level last seen on July 21, 2012.

Gold had lost Rs 215 in last two days.

Silver followed suit and dropped by Rs 1,250 to Rs 54,550 per kg, in continuation to a loss of Rs 1,050 in last two sessions, on poor offtake by industrial units and coin makers.

Bullion merchants said selling pressure gathered momentum as gold slumping to the lowest level since July in overseas markets, after minutes from a Federal Reserve meeting showed a debate over the risks and benefits of more stimulus.

In Singapore, gold fell by 0.6 per cent to USD 1,555.55 an ounce, the lowest since July 12 and silver by 0.3 per cent to USD 28.47 an ounce in Singapore.

In addition, sluggish domestic demand on ending of marriage season and investors selling to pay losses in equity markets, further dampened the sentiment, they said.

A weak signals from futures markets on speculators reducing their exposure to bullion on falling commodities and lower Indian rupee also influenced the trading sentiment.

On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 480 each to Rs 29,720 and Rs 29,520 per 10 grams, respectively. Sovereigns fell by Rs 150 to Rs 25,150 per piece of eight grams.

Similarly, silver ready plunged by Rs 1,250 to Rs 54,550 per kg and weekly-based delivery by Rs 1,800 to Rs 53,300 per kg. Silver coins also dropped by Rs 1,000 to Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces.

Source: http://www.indianexpress.com/news/gold-dips-below-rs-30000-mark-for-first-time-in-7-mths/1077694/0

Sensex plunges 317 pts to year's low

The BSE benchmark Sensex today suffered the biggest single day fall in nearly nine months by falling over 317 points to year's lowest level on all-round selling amid weak global cues.

The Sensex tumbled 317.39 points, or 1.62 per cent, to 19,325.36, recording its biggest single day loss since May last year. The index had gained 174.60 in last three sessions.

Similarly, the broad-based National Stock Exchange index Nifty fell below 5,900 level by losing 90.80 points, or 1.53 per cent to 5,852.25, after touching the day's low of 5,844.40.

Brokers said heavy capital outflow before the budget on fears of imposition of taxes to narrow budget deficit and a weak global trend on renewed concerns that US Federal Reserve's policy-tightening moves to reduce liquidity influenced the market sentiment.

"The markets turned distinctively weak today and closed at the lowest levels in 2013. We believe this was largely due to the weakness in global markets," said Dipen Shah, Head of PCG (Private Client Group) Research, Kotak Securities.

The minutes of the last Fed meeting have raised concerns that, the Fed may withdraw the monetary stimulus if there is some improvement in the economic data. This has raised concerns about fund flows across asset classes, including emerging markets, he added.

The US Dow Jones index closed 0.8 per cent down last night while losses at Nasdaq were sharper at 1.55 per cent as foreign investors seen profit booking and taking out money from equities and commodities.

The current fall in domestic markets was led by stocks of metal, banks and realty sectors with 29 stocks of the 30-BSE index kitty ending with losses. GAIL India was the lone gainer by adding 0.09 per cent to Rs 338.10.

The Sensex heavy Reliance Industries dropped 1.78 per cent to Rs 859.20, after a 3.1 per cent surge yesterday. The second-heavy Infosys lost 0.48 per cent to Rs 2,806.75.

Among others, ICICI Bank, Hindalco, Jindal Steel, Larsen and Toubro, Bharti Airtel, BHEL, HDFC Bank, Mahindra and Mahindra, Maruti Suzuki, Tata Motors, State Bank of India and Sterlite Industries fell sharply.

Source: http://www.indianexpress.com/news/sensex-plunges-317-pts-to-years-low/1077674/0

It takes a lot to win an FE Best Banks Award

Competition for the coveted FE Best Banks Awards seems to get keener with each passing year. Contenders need to be not just profitable, cost-efficient and demonstrate their ability to grow, they must have clean balance sheets.

Invariably, the winners are those who also happen to be tech-savvy, customer-friendly and innovative.

This time around, HDFC Bank has been ranked number one in the new private sector bank category with Kotak Mahindra Bank making it to the second spot. Bank of Baroda has been judged the best PSU bank.

"A prestigious award like this motivates us to innovate and evolve, so that we can remain at the forefront of the Indian banking industry's growth and success and continue to serve various sections of the society at large," says SS Mundra, CMD.

Ajai Kumar, CMD, Corporation Bank, the runner-up in the PSU category, believes this has been possible only because of high level of commitment and dedication shown by the bank's lean but energetic workforce. "It is not without reason that we say that Corporation Bank is performing with passion," says Kumar.

HSBC has bagged the number one position among foreign banks. "We are delighted to have been recognised as the best foreign bank in India. This reiterates our commitment to India and motivates us to further raise the bar on our service standards and offerings for this market," says Stuart Milne, Group general manager & CEO, HSBC India.

Adds Ravneet Gill, who oversees India operations at Deutsche Bank, a runner-up among foreign banks: "I believe the awards conferred on Deutsche Bank are a recognition of our unwavering client focus, commitment to excellence and the extraordinary talent within the institution."

The older private sector banks too have proved they can be fleet-footed and turn in robust growth. Tamilnad Mercantile Bank (TMB) has been delivering topline and bottomline growth consistently.

"The bank is delighted to have once again been recognised by FE for its responsible and responsive banking culture. This award goes a long way in boosting our confidence that we are on the right track," says KB Nagendra Murthy, MD & CEO at the bank.

Runner-up Karur Vysya Bank has proved to be a stiff competitor. "It is a great honour to receive the Best Banks award from FE for three consecutive years now. The credit goes to the staff and loyal customers of the bank," K Venkataraman, MD & CEO, Karur Vysya Bank, says.

Among the criteria that knowledge partner Ernst &Young put banks through for 2010-11, are strength and soundness, growth, efficiency, profitability and credit quality. While Yes bank has won the award for growth, Standard Chartered Bank had been judged the most profitable bank. Deutsche Bank has been judged the winner for both efficiency and credit quality while the award for strength and soundness has gone to HDFC Bank. The FE Best Banks awards have always lauded banks that excel in attributes otherwise difficult to maintain. The tradition continues.

Source: http://www.indianexpress.com/news/it-takes-a-lot-to-win-an-fe-best-banks-award/1076919/0

Natural Gas market may remain below expectations: Wood Mackenzie

Natural gas demand may not be of a scale that many had estimated and the reduced domestic gas production is also likely to lower the growth of the LNG market, global energy consultancy Wood Mackenzie said today.

"In India, we are now seeing faltering domestic gas production and this is expected to limit the development of the gas market. Perhaps counter-intuitively to some, reduced gas production will also lower the rate of LNG market growth in India," said Nicholas Browne, Senior Gas Market Analyst at Wood Mackenzie.

Wood Mackenzie said gas production from the D6 field would continue falling, reducing the overall gas availability for Indian gas production.

Production from Reliance's D6 block has fallen to 11 billion cubic metres (bcm) last year from a peak of 20 bcm in 2010. Browne said: "This [decline in gas output] will constrain gas availability to the [Indian] market, mainly impacting the power sector in the medium term. "In the longer term, reduced production will preclude the development of greenfield fertiliser production as it is not economical to develop facilities purely based on LNG imports".

"In addition, LNG demand growth in other industrial sectors is further limited by reduced economic growth expectations," he said. The rate of India's LNG market growth may not be as sizeable as once thought, growing 20 million tonnes per annum (mmtpa) to 2025. But comparatively, the South East Asian markets offer better LNG growth for the same timeframe, growing by 45 mmtpa.

The combined South East Asian LNG markets would account for a third of overall Asian LNG demand growth by 2025, said Wood Mackenzie, calling on LNG suppliers to focus on Indonesia, Thailand, Malaysia and Singapore. Browne said: "Indonesia will increasingly require LNG as we expect domestic demand to outpace domestic supply. Early coal bed methane pilot well results in South Sumatra indicate that production will not meet previous expectations providing more headroom for LNG".

"What's important in examining this shift in the growth balance is that it demonstrates that the outlook across Asia is dynamic. This highlights the presence of key uncertainties which may further shape the outlook for the region," he said. "These include policy issues in India; gas prices and power sector fuel competition in South East Asia; the pace of shale gas development in China and nuclear policies in Japan, South Korea and Taiwan," he added.

Source: http://www.indianexpress.com/news/natural-gas-market-may-remain-below-expectations-wood-mackenzie/1076951/0

Three-month-long Budget session to be a stormy affair

The controversial VVIP chopper scam is set to turn the three-month-long Budget session of Parliament beginning tomorrow into a troubled affair for the government with the Opposition raring for an attack eyeing the Lok Sabha polls which are not far away. The Left and the Right have been targeting the Congress-led coalition on a variety of issues, including the chopper deal allegedly involving Rs 362 crore kickbacks from an Italian company Finmeccanica and price rise.

Hopes of an early enactment of key legislations like strengthening of anti-rape laws, land acquisition bill and Lokpal bill have receded with some Opposition parties objecting to the proposed measures in their present form. The two-day strike called by the central trade unions has set the tone for the session with the unions upset over the government's "inaction" on the issue of price rise and alleged violation of labour laws.

There are issues galore including safety of women, killing of Indian soldiers by Pakistani troops on the Line of Control, increase in prices of diesel and petrol, hike in rail fare, the issue of separate Telangana and the alleged scam in the ambitious farm loan waiver scheme. Prime Minister Manmohan Singh had said the government was ready to discuss all issues.

The session begins tomorrow with the address of President Pranab Mukherjee to the joint sitting of Parliament. The Railway Budget is scheduled to be presented on February 26, and the economic survey will be tabled the next day. Finance Minister P Chidambaram will present the General Budget on February 28. The BJP top brass has also decided to strongly protest against Leader of the House in Lok Sabha Sushilkumar Shinde till he tenders an apology for his Hindu terror remark against the principal opposition.

However, the party will not force adjournments of the two Houses on this issue. Congress is also going to face problem over the demand for the removal of Rajya Sabha Deputy chairman P J Kurien in the wake of fresh revelations in the Suryanelli rape case. Kurien has time and again claimed innocence and has rejected the demand for his resignation.

Government has already said it was not averse to a JPC on the chopper deal with Parliamentary Affairs Minister Kamal Nath saying, "We are open for a Joint Parliamentary Committee if this satisfies everybody."
Nath insisted that the government was "neither afraid nor hesitant" on discussion on any issue during the three-month long Budget Session of Parliament beginning Thursday.

At a meeting of chief whips convened by Nath yesterday, political parties had conveyed that they intend to raise issues including the chopper deal, hanging of Afzal Guru, price rise, land acquisition, food security, during the session. Ahead of the session, Lok Sabha Speaker Meira Kumar has appealed to everyone to allow Parliament to function smoothly. "I am not presuming anything," she had said when asked whether she was apprehending disruptions during the session. I will appeal to parties to let the House run. I will appeal to members not to resort to lung power," she had said.

The session has a heavy legislative agenda, including getting Parliament nod to three ordinances, introduction of as many as 16 bills, consideration and passage of 35 bills. These include the national food security bill, the criminal law amendment bill, reservation for SC/STs in promotion bill and a bill aimed at prevention and prohibition of sexual harassment of women at work place. Besides, 13 items related to financial business, including discussions on General and Railway budgets, and budget for Jharkhand which is under President's Rule.

The enactment of key legislations like strengthening of anti-rape laws, land acquisition bill and Lokpal bill is likely to be delayed. The argument of some parties was that if measures like criminal law amendment ordinance were passed hastily without giving much thought to the implications of the provisions, it would create havoc. Similar was their reasoning with the other key legislations, including the land acquisition bill.

There were also differences on the Lokpal bill despite the measure going through a standing committee and a select committee with some political parties opposing and wanting it to go through some more scrutiny. There were also differences over the Food Security Bill, the Land Acquisition, Relief and Rehabilitation Bill, the Women's Reservation Bill and the bill to provide reservation in promotion for SC/STs.

"Political parties are not a homogeneous lot. Concerns of one party may be a red rag for other parties," Nath had said. This means that the session having 34 sittings spread over two parts could mainly deal with the financial business due to lack of consensus and the heat generated over a variety of issues. Besides discussion on the Motion of Thanks to the President for his Address, Parliament will also take up a discussion on the Statutory Resolution seeking approval of imposition of President's rule in Jharkhand.

Source: http://www.indianexpress.com/news/threemonthlong-budget-session-to-be-a-stormy-affair/1076968/0

BSE Sensex gains for third day straight, Reliance Industries leads

BSE Sensex gains 0.32 percent, while the Nifty is up 0.31 percent, heading for a third consecutive session of gains after hitting 2013 lows on Friday. However, traders warn this week's gains are likely driven by purchases of recently under-performing sectors and may not sustain ahead of the budget.

Shares in Reliance Industries gain 1.8 percent a day after the company said it will invest over $5 billion in the next three to five years with UK partner BP to boost declining output at a key natural gas field off India's east coast. DLF shares gain 1.5 percent, extending a recent rally on continued hopes of an earnings recovery. The property developer has gained 8.6 percent in the previous two sessions.

Welspun Corp however, fell 2.24 percent after National Stock Exchange excluded the company's shares from trading in the futures and options segment from April 26, without giving a reason.

Source: http://www.indianexpress.com/news/bse-sensex-gains-for-third-day-straight-reliance-industries-leads/1076954/

Ruchi Soya forays into health drinks

Ruchi Soya Industries Limited (RSIL) has expanded their product portfolio by launching ‘N’rich’ in the beverage segment with their flagship brand-Nutrela. RSIL is the first Indian company to export Soya meal and manufacture edible grade Soya flour and textured Soya proteins.

N’rich is a tasty protein drink available in 3 distinct flavours, rich in vitamins, minerals and antioxidants, which make it a healthy beverage. The flavours are a rich combination of exotic fruits like, Apple Kiwi, Apple Peach and Multifruit. The range of fruit juices are an assortment of traditional Indian and international flavours. The product will be offered in all leading metros.

On the occasion of the launch, Sarvesh Shahra, Head-Foods Division, RSIL said, “While all segments of the beverage market are evolving, the growth seems to be directed more towards healthy, light and low-calorie drinks, in particular organic and fruit juice varieties. We have created N’rich using an innovative technology and recipe that includes ingredients from natural sources, capitalizing on the growing consumer demand for premium and more nutritious products.”

N’rich is a packaged, 100% preservative-free fruit juice brand offering consumers the great taste and wholesome nutrition of fruit juices in a hygienic and attractive pack.

Source: http://metrocitiesnews.wordpress.com/

TCS expands UK operations, sets up new centre in Liverpool

Country's largest software services firm Tata Consultancy Services (TCS) today said it is expanding its operations in the UK with a new delivery centre in Liverpool.

The new facility in Liverpool will be fully operational in July this year and will house over 300 employees, TCS said in a statement.

The company has invested in a new delivery centre in Liverpool, dedicated to delivering government services that require Impact Level 3 (IL3) security constraints, it said.

TCS plans to use the facility to deliver services to the Home Office, following a multi-million, multi-year contract that was awarded in November 2012, to manage the technology needs and support services of the newly formed Disclosure and Barring Service (DBS), the statement added.

The new facility will provide secure applications development and maintenance centre for business applications and operational delivery centre for outsourced business process and IT services.

"Our investment in a new delivery centre in Liverpool will allow us to effectively meet the business objectives of DBS to modernise and transform its business while supporting our longer-term strategy for increased participation in transformation programmes for the UK public sector," TCS Country Head (UK and Ireland) Shankar Narayanan said.

As part of the agreement with the Home Office, TCS will implement a programme to transform DBS, including introduction of electronic applications and improved online services to enhance user experience.

DBS and TCS will also collaborate to update the organisation\'s business processes to help improve decision making, reduce processing times and improve information gathering between disclosures and barring services, the company said.

TCS\' government clients in the UK include National Employment Savings Trust (NEST), Cardiff City Council, Child Maintenance Group (CMG is a division of DWP) and The Big Lottery Fund, among others.

Source: http://www.indianexpress.com/news/tcs-expands-uk-operations-sets-up-new-centre-in-liverpool/1075916/0

BSE Sensex edges higher, after hitting lowest 2013 point

The BSE benchmark Sensex today rebounded from the calendar year's lowest levels to close 33 points up at 19,501.08 on the back of buying in HDFC, Larsen & Toubro, HUL and SBI shares. After two days of losses, the 30-share index touched an intra-day low of 19,462.92 but then progressed upwards to end at 19,501.08 -- a gain of 32.93 points, or 0.17 per cent.

Brokers said trading remained cautious ahead of Budget this month-end and reduced positions to pick up fundamentally strong scrips. While Tata Steel led 17 gainers in Sensex with 2.49 per cent rise, HDFC, L&T and HUL closed up in 1.5-1.9 per cent range. SBI, Bhel, Sterlite and Hero Moto also closed up.

"As we move towards Budget, investors might remain on sidelines to see the outcome and then decide the future course," said Nagji K Rita,CMD, Inventure Growth & Securities. RIL gained after Telecom Commission approved provision for companies holding internet services licences with spectrum like Reliance Jio Infocomm (RJI) to provide phone call service by paying additional fee of Rs 1,658 crore each.

Outside the benchmark indices, Jet Airways plunged 7.7 per cent amid reports Etihad may revise a deal to buy stake. Sugar scrips like EID Parry, Shree Renuka and Bajaj Hindusthan gained 4-6 per cent on hopes sector deregulation soon. DLF gained 5 per cent fter recent losses post-earnings.

Experts said gains were capped to some extent due to late profit booking, Moody's warning on India's widening trade deficit and tepid activity in global markets. Sectorally, the Realty sector index gained the most at 2.08 per cent, followed by Capital Goods at 1.18 per cent, Power index at 1.03 per cent and Metal index at 0.49 per cent.

The NSE 50-share Nifty also moved up by 10.80 points or 0.18 per cent to finish at 5,898.20. "A move past 5,920 could provide sustainable recovery," said Amar Ambani, Head of Research, IIFL. Foreign institutional investors (FIIs) bought shares worth a net Rs 247.30 crore on last Friday, as per provisional data from the stock exchanges. Globally, barring Hang Seng, which eased by 0.27 per cent, other indices closed up with yen's downtrend boosting Japanese stocks. Indices in Japan, Shanghai, Singpaore, Korea and Taiwan ended higher by 0.04-2.05 per cent today.

However, Europe showed a mixed trend. Benchmark indices in France and London eased by 0.02 per cent to 0.35 per cent while Germany's DAX was last quoting 0.18 per cent up. Turning the Indian market, 17 scrips out of the 30-share Sensex firmed up while 13 finished with losses.

Major gainers from the Sensex pack were Tata Steel (2.49 pc), HUL (1.89 pc), Sterlite (1.76 pc), L&T (1.57 pc), HDFC (1.47 pc), BHEL (1.22 pc), Hero Motocorp (1.20 pc), SBI (1.29 pc) Hindalco (1.18 pc) and Wipro (0.81 pc).

However, Jindal Steel dropped by 1.81 per cent, followed by Coal India (1.77 pc), ONGC (1.35 pc), Dr Reddy's (1.24 pc), Bajaj Auto (1.17 pc) and TCS (1.12 pc).

The market breadth turned positive as 1,245 scrips ended higher, 860 stocks declined while 874 ruled steady. Total turnover dropped further to Rs 1,607.73 crore from last Friday's level of Rs 1,825.03 crore. Indian shares edge higher in countdown ahead of budget Indian shares edged higher on Monday, marginally recovering after hitting their 2013 lows in the previous session, as recent underperformers such as Larsen & Toubro rose, while DLF gained after an executive told analysts earnings would improve.

Shares are expected to be range-bound until the 2013/14 budget is unveiled on Feb. 28, in a critical test of whether the government will announce a plan to contain the fiscal and current account deficits. India's finance minister plans to cut the public spending target for fiscal 2013/14 by up to 10 percent from this year's original target, government sources told Reuters, in what would be the most austere budget in recent history as he tries to avert a sovereign credit downgrade.

Such a plan could spark gains in domestic shares. After surging 25.7 percent in 2012, the benchmark BSE index has stalled and is up only 0.38 percent so far this year. "Earnings season has been not bad but not good either, and now eyes are on budget which has to be responsible as exports are not looking good," G. Chokkalingam, executive director and chief investment officer, Centrum Wealth Management, said.

"You are dependent only on FII money to support current account deficit, so finance minister has to favour markets and economy, there is no other choice," he added.The benchmark BSE index rose 0.17 percent, or 32.93 points, to end at 19,501.08, recovering from its lowest close since Dec. 31, 2012, hit on Friday. The broader NSE index rose 0.18 percent, or 10.80 points, to end at 5,898.20.The gains were led by a pick-up in shares where selling was seen as overdone. Larsen & Toubro Ltd gained 1.7 percent after having fallen 6.35 percent as of Friday's close.

State Bank of India gained 1.3 percent. Its shares have fallen 8.4 percent so far this month as on Friday's close, after Oct-Dec earnings disappointed. Among other gainers, shares in DLF Ltd rose 5 percent, after vice chairman Rajiv Singh indicated earnings would improve and said net debt would fall, according to analysts who attended the company's post-results analyst meeting on Friday. Public sector companies MMTC Ltd and Hindustan Copper Ltd gained 8.2 percent and 3.7 percent respectively on hopes of good demand in the upcoming stake sales by the government.

The government is yet to provide a time frame for the stake sales. India will allow wireless broadband airwave holders to provide voice services if they pay an additional $306 million, a senior government official said on Monday, a move likely to boost billionaire Mukesh Ambani's Reliance Industries Ltd . Reliance shares ended 0.2 percent higher.

However, Jet Airways fell 7.65 percent, a day after the chairman of Etihad Airways said the Abu Dhabi-based carrier needed to revise the terms of a pending deal to buy a stake in the Indian airline.

Tata Consultancy Services Ltd fell 1.16 percent and Infosys Ltd shares ended 0.3 percent lower on profit taking. They had gained in the previou session on hopes earnings will look up in fiscal 2014 on the back of an improving global economy.For additional stocks on the move double click

FACTORS TO WATCH

* Yen weakens as Japan signals no change to yen policy

* Brent steadies below $118, global growth hopes support

* Dlr up after G20, stocks ease on growth concern

* Foreign institutional investor flows

* For closing rates of Indian ADRs

Source: http://www.indianexpress.com/news/bse-sensex-edges-higher-after-hitting-lowest-2013-point/1075903/0

Veerappa Moily rules out roll back in petrol, diesel hike

Oil Minister M Veerappa Moily today ruled out a roll back in the Rs 1.50 a litre hike in petrol and 45 paisa per litre increase in diesel rates saying only a small raise has been passed on to consumers.

"No, No," was he refrain when asked if the government will consider rolling back last week's increase. "Our country imports 73-75 per cent of oil. We need to pay Rs 7 lakh crore for the imports. Where do we find that kind of money," he

said.

The first hike in petrol price in over three-and-a-half months and the second rise in diesel rates in one month exclude local sales tax or VAT, making the cost for consumers even higher.

Petrol price in Delhi went by Rs 1.80 to Rs 69.06 per litre from February 16. Diesel rates went up by 51 paise to Rs 48.16 a litre.

"I think everybody would appreciate that we have not put a lot of burden on consumers. It is only small doses," Moily said.

The increase in auto fuel prices, which come on back of a similar small hike in diesel price last month, is expected to fuel inflation that stood at three-year low of 6.2 per cent in January. And there has been demands for a rollback.

"The money (to pay for oil import) can be either found by raising taxes or passing it on to the consumers," he said.

Indian Oil Corporation (IOC), the nation's largest fuel retailer, announced an increase of Rs 1.50 per litre in petrol price as international benchmark oil prices climbed 7.5 per cent.

The diesel rate was raised in line with last month's government decision to allow oil firms to raise prices in small doses every month till over Rs 10 a litre loss on sale of India's most consumed fuel is totally eliminated.

Even after last week's and a similar hike effected on January 18, oil firms will continue to lose Rs 10.27 a litre on diesel as cost of raw material (crude oil) has risen by 4 per cent to USD 113.24 per barrel.

"Whenever there is over-recovery (profit on sale of petrol), we have made it clear that it has to be passed on to consumers. So last month you saw a 25 paisa reduction in rates," Moily said.

Prior to February 16 hike, petrol price was last revised on January 18 when the rate was cut by 25 paise a litre. After including VAT, this translated into a reduction of 30 paise to Rs 67.26 a litre in Delhi.

The reduction in rates on that day coincided with the government decision to give oil firms freedom to raise diesel prices in small monthly doses to eliminate all of the losses on the fuel. Oil firms hiked diesel price on that day by 45 paise, which after including VAT led to a 50-paise increase to Rs 47.65 a litre in Delhi.

The price of petrol was last hiked on October 27 when rates went up by 29 paise after government raised commission paid to petrol pump dealers.

Source: http://www.indianexpress.com/news/veerappa-moily-rules-out-roll-back-in-petrol-diesel-hike/1075904/0

Reliance Industries, others cell phone venture OK'd by Telecom Com

Inter-ministerial body, Telecom Commission (TC), today approved provision for companies holding internet services licences with spectrum like Mukesh Ambani-led Reliance Industries group co Reliance Jio Infocomm (RJI), Augere, Tikona Digital to provide cell phone call service by paying additional fee of Rs 1,658 crore each.

"The Commission broadly endorsed recommendation of DoT committee with regard to Unified Licensing regime...The ISP (internet service provider) licence holder who hold BWA spectrum if they wish to provide using that spectrum then an additional fee of Rs 1,658 crore will be levied for migration to Unified Licences (UL)," TC Chairman and Telecom Secretary R Chandrashekhar said here.

The framework for new licences will be ready by end of this financial year, he added.

In 2010, six private players--RJI, formerly Infotel Broadband, Bharti Airtel, Aircel, Qualcomm, Tikona Digital and Augere had won BWA spectrum.

Bharti Airtel and Aircel have unified access services licence under which they are allowed to provide phone call services both on fixed as well as landline. Other companies were given Internet Service Provider (ISP) licence that has restrictions on providing phone call services across networks.

The additional amount of Rs 1,658 crore was charged from telecom players till 2008 for providing mobile telephony.

The licence issued to mobile telephony operators for Rs 1,658 crore had 4.4 Mhz spectrum bundled with it but government has announced providing no spectrum with UL. The current value of the quantum of spectrum allocated under old licences has increased around 7 times.

"UL does not include any spectrum. Grant of UL including migration to UL does not include any spectrum," Chandrashekhar said.

The TC, however, deferred decision on bringing telecom tower companies, called IP-1, under licences.

"Issue of IP-1 operators under UL regime was deferred and it was decided that this required further study of certain aspects," Chandrashekhar said.

Companies like Bharti Infratel, GTL Infrastructure, Indus Towers are involved in IP-1 business. The DoT committee had recommended bringing IP-1 companies under licence regime.

Telecom regulator TRAI has recommended a charge of 8 per cent licence fee to IP-1 companies once they are brought under licences.

For companies who wish to continue to "provide limited services like only internet services under cafeteria approach they can do so with a lower entry fee which will be same as present," Telecom Secretary said.

The TC also endorsed around Rs 3,000 crore support for mobile services in left wing extremist affected areas through Universal Service Obligation Fund for a period of 5 years.

"This proposal will have to be finally approved by Cabinet," Chandrashekhar added.

Source: http://www.indianexpress.com/news/reliance-industries-others-cell-phone-venture-okd-by-telecom-com/1075898/0

Ruchi Soya net sales up 18%

During the quarter, branded sales registered a healthy 22.95% growth from Rs. 1,374.23 crore to Rs. 1,689.59 crore. Ruchi Soya Industries Limited (Ruchi Soya) has announced its un-audited financial results for the quarter ended December 31, 2012 (Q3). As compared to the corresponding period of the previous year, net profit for the quarter rose by 105.45% from Rs. 24.05 crore to Rs. 49.41 crore whereas net sales rose by 17.56% from Rs. 6,954.29 crore to Rs. 8,175.16 crore.

During the quarter, branded sales registered a healthy 22.95% growth from Rs. 1,374.23 crore to Rs. 1,689.59 crore. Refining capacity utilization improved by 8.85% from 4,78,589 MT to 5,20,960 MT. Export of Soya Meal in value improved by 47.29% from Rs. 883.16 crore to Rs. 1,300.83 crore. Sale of Textured soya protein (TSP) stood at Rs. 28.16 crore registering an impressive rise of 43.53% from Rs. 19.62 crore during Q3 in the last fiscal.

Commenting on the performance, Managing Director, Dinesh Shahra said, “I am happy to share the healthy growth recorded by the Company during the third quarter ended December 31, 2012. Improved branded sales, better sales realization of oilseed extraction, effective control on the costs and favourable business sentiments helped us to get profit on the track. We are making our efforts to have good performance on a sustained basis in the times to come.”

Source: http://planetcorporatenews.blog.com/

Sebi extends pre-open call auction to all scrips

Market regulator Sebi has decided to extend the pre-open call auction facility to all shares, which would be available in all stock exchanges. Generally, in a call auction the buyers set a maximum price at which the shares can be bought while the sellers keep a minimum price for selling the scrips. Generally, this facility -- conducted before start of trading session – helps in reducing price volatility.

Securities and Exchange Board of India (Sebi) has also introduced periodic call auction sessions for illiquid shares in the equity market. The call auction facility for all scrips, including illiquid ones, would be effective from April 1 this year, Sebi said in a circular on Thursday.

Currently, the pre-open call auction sessions are in place on pilot basis for shares on benchmark Sensex and Nifty indices. The 30-share Sensex is part of the BSE while the 50-share Nifty is the key index of National Stock Exchange. Besides, it is also available for Initial Public Offering (IPO) as well as re-listed shares.

According to the circular, Sebi has decided to "extend the pre-open session to all other scrips in the equity market" as well as "introduce trading through periodic call auction for illiquid scrips in equity market". The decision has been taken following deliberations by Secondary Market Advisory Committee (SMAC).

The pre-open call auction session would be open to scrips in all exchanges. "... pre-open call auction session shall be applicable to all exchanges with active trading and for all scrips that are not classified as illiquid," Sebi said. The price bands for such sessions would be applicable in the normal market, the guidelines said.

"All orders shall be checked for margin sufficiency at order level for inclusion in pre-open session," it added. As per the norms for periodic call auctions for illiquid scrips, a scrip would be illiquid if its average daily trading volume in a quarter is less than 10,000, the average daily number of trades is less than 50 in a quarter and if it is classified as illiquid at all exchanges where it is traded.

The illiquid scrips are required to be identified by the stock exchanges at the beginning of every quarter. These shares can exit from the call auction mechanism to the normal trading session provided they have remained in session for at least two quarters and are not illiquid. Further, a notice of two trading days would have to be submitted with the market for entry and exit of scrips.

According to the norms, periodic call auction have to be conducted for one hour each throughout the trading hours with the first session starting at 9:30 am. regulator has fixed the the maximum price band of 20 per cent on the scrips. However, exchanges may reduce the price bands uniformly based on surveillance related concerns, Sebi added.

The regulator said penalties could be imposed on trades where "maximum of buy price entered by a client is equal to or higher than the minimum sell price entered by that client and if the same results into trades".

"The penalty shall be calculated and charged by the exchange and collected from trading members on a daily basis," Sebi said. As per the provisions, trading members may recover the penalty from clients. "The penalty so collected shall be deposited to Investor Protection Fund," it said.

Source: http://www.indianexpress.com/news/sebi-extends-preopen-call-auction-to-all-scrips/1074795/0

Vodafone adds to Spain corporate job cuts with 620 dismissals

Mobile phone operator Vodafone said it had reached agreement with labour unions to cut 620 jobs at its recession-hit Spanish unit, adding to a huge list in Spain's hard-hit economy. Many companies in Spain, where the unemployment rate already stands at 26 percent, are laying off staff to cut costs. The ruling centre-right government, in the midst an austerity drive to slash its deficit, has introduced measures to make hiring and firing easier.

Vodafone's job cuts are less than the maximum of 1,000 jobs initially expected, but is in line with the reduced figure of 650 which unions said last month the company was seeking. The agreement reached limits the number of job cuts to 620, while some services may be outsourced, affecting up to 130 jobs," Vodafone said in a statement after negotiations finished on Thursday.

The London-listed company, which employs around 4,000 people in Spain, said working conditions for 150 workers would also change and that 400 staff would no longer receive tax-free luncheon vouchers.

It said lay-offs were necessary to support the "viability" of the company and free up funds for investments in infrastructure and networks. Elsewhere in Spain, airline Iberia faces strikes this month and in March as workers protest against plans to slash over 3,000 jobs.

Bailed-out lender Bankia also agreed to pare back redundancies targeted in a restructuring, although it is still cutting more than 4,000 jobs. Spain's telecoms sector has suffered from depressed consumer confidence in a prolonged recession, with clients cutting back on spending and switching to cheap virtual operators, which rent network capacity from established operators.

Vodafone wrote down the value of its businesses in Spain and Italy by 5.9 billion pounds ($9.2 billion) in November. It is weighing a bid for Germany's Kabel Deutschland to expand its services in the country, which is in better shape economically than its battered southern peers.

Source: http://www.indianexpress.com/news/vodafone-adds-to-spain-corporate-job-cuts-with-620-dismissals/1074834/0

India's services exports in Dec at USD 12.88 billion: RBI

India's services exports in December 2012 stood at USD 12.88 billion, up 7.1 per cent from a month ago, Reserve Bank of India (RBI) data showed today.

The total exports from services in November 2012 was at USD 12.03 billion, as per RBI data. Imports of services also moved up to USD 6.76 billion in December from USD 6.62 billion in the previous month.

The services sector contributes about 55 per cent to the country's gross domestic product. During April-December period of financial year 2012-13, the cumulative services receipt or exports has amounted to USD 105 billion.

Services outgo or imports stood at USD 59.82 billion during the first nine months of the current financial year. RBI releases the provisional aggregate monthly data on India's international trade in services with a lag of 45 days. The monthly data on services are provisional and generally undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis.

Source: http://www.indianexpress.com/news/indias-services-exports-in-dec-at-usd-12.88-billion-rbi/1074863/

Gold, silver import tariff values slashed by govt

The government today slashed the import tariff value of gold to USD 535 per 10 gram and reduced the rate for silver marginally to USD 1,003 per kg due to weakening global prices of precious metals.

The tariff value is the base price on which the customs duty is determined to prevent under-invoicing.

In the last fortnight, the tariff value of gold was USD 545 per 10 gram, while silver was USD 1,018 per kg. The Central Board of Excise and Customs (CBEC) issued a notification in this regard.

However, the government has increased the import tariff value of RBD palmolein to USD 912 from USD 870 per tonne in the last fortnight, while the tariff value of brass scrap was lowered to USD 4,074 from USD 4,077 per tonne.

The government decided to reduce the import tariff value of precious metals following sluggish price trend in the international market.

In Singapore, gold fell 0.3 per cent to USD 1,630.60 an ounce today. Due to weakening global trend, domestic gold prices also fell by Rs 100 to Rs 30,625 per 10 grams in the national capital.

Traditionally, India has been the world's largest consumer and importer of gold. Recently, the government raised import duty on gold to six per cent from four per cent to curb demand and limit the growing current account deficit.

Source: http://www.indianexpress.com/news/gold-silver-import-tariff-values-slashed-by-govt/1074865/

Inflation likely to ease to 6.5% by March end: PMEAC's Rangarajan

Prime Minister's key economic advisor C Rangarajan today hoped that inflation will come down to 6.5 per cent by end-March and suggested that steps should be taken to release more food stocks to ease price pressure.

The wholesale price index-based (WPI) inflation eased to 6.62 per cent in January, from 7.18 per cent in December, 2012, as per official data released today.

"The decline in inflation is a welcome and reassuring sign. I expect March end inflation to be 6.5 per cent," said Rangarajan, the Prime Minister's Economic Advisory Council (PMEAC) Chairman, adding that January inflation has moderated more than expected.

This is the fourth straight month of decline in the WPI numbers.

Retail inflation, however, remained in double digits at 10.79 per cent in January mainly on account of higher prices of vegetables, edible oil, cereals and protein-based items.

Rangarajan said with the moderation in manufacture or core inflation in January, there was a need to focus on supply side easing of food articles. Retail inflation is still high. The WPI inflation in primary and food articles are at higher levels. Efforts should be made to release larger stocks of food articles in the market," Rangarajan said.

Inflation in manufactured items category witnessed a decline and stood at 4.81 per cent in January, from 5.04 per cent in the previous month. Rangarajan said he expects core inflation to be below 4 per cent by end March. Inflation in food articles category, which have a 14.3 per cent share in the WPI basket, rose to 11.88 per cent in January, from 11.16 per cent in December.

Prices of onion witnessed a sharp increase by 111.52 per cent during January. The rate of price rise was 69.24 per cent in December, 2012. Vegetables became dearer by 28.45 per cent and potatoes by 79.07 per cent in January as compared to the same period of last year.

Source: http://www.indianexpress.com/news/inflation-likely-to-ease-to-6.5--by-march-end-pmeacs-rangarajan/1074187/0

Ruchi aims to turn Nutrela into Rs 5,000-cr brand in 5 yrs

Kolkata, Feb 4 (PTI) Ruchi Soya Industries today said it aims to expand the Nutrela brand five-fold to Rs 5,000 crore in the next five years.
Stating that Nutrela was a small brand compared to the Ruchi brand which accounted for sale of Rs 7,000-8,000 crore, Ruchi Soya AVP Marketing Sandipan Ghosh said the company wanted to make Nutrela a Rs 5,000 crore brand in the next five years from Rs 1,000-1,200 crore now.

On reports of raids by the Mumbai income tax authorities on the group, the company did not forsee any hurdle towards its growth target. "No," Ghosh said when asked whether the raids would have any adverse impact on growth.

Ghosh said the existing business of Nutrela would grow by around 20 per cent year on year and the company planned to introduce more products. "Currently, we are carrying out market research to enter new product categories under Nutrela brand," he said.

The brand was currently restricted to soya products, edible oil and margarine. In 2008, the company had made an attempt to foray into beverage from soya but failed to get the desired response. Ghosh said Nutrela offered high EBITA margin of 10-15 per cent for the company among other products.

Source: http://planetcorporatenews.blog.com/

Tata Motors Q3 net profit tanks 52% at Rs 1,636.01 cr

Hit by a demand slump, homegrown auto major Tata Motors today reported 52.2 per cent decline in consolidated net profit for the third quarter ended December, 2012, at Rs 1,636.01 crore.

The company had posted a net profit of Rs 3,422.7 crore in the same period last fiscal, Tata Motors said in a filing to the BSE. Consolidated total income from operations stood at Rs 46,089.5 crore during the third quarter as against Rs 45,260.25 crore in the same period last fiscal.

The company said the growth is revenue was on the back of strong demand, growth in volumes and favourable market mix at Jaguar Land Rover (JLR). On a standalone basis, the company had a net loss of Rs 458.49 crore in the third quarter ended December 31, 2012 as against a standalone net profit of Rs 173.67 crore in the same period last fiscal.

Standalone total income from operations during the period under review stood at Rs 10,630.09 crore as against Rs 13,337.9 crore in the year-ago period. During the third quarter, Tata Motors sold a total of 2,05,291 vehicles as against 2,31,328 units in the same period last fiscal.

JLR wholesales for the quarter ended December 31, 2012, grew 9.9 per cent over corresponding period last year to 94,828 units, Tata Motors said. While Jaguar volumes for the period stood at 15,043 units, Land Rover volumes were at 79,785 units. Growth in volumes is driven by continued strong demand from China and sales of Range Rover Evoque and Freelander.

JLR revenues for the quarter were at GBP 3,804 million, up 1.5 per cent from GBP 3,749 million during the corresponding quarter last year. Profit after tax for the quarter was at GBP 296 million as against GBP 393 million in the corresponding quarter last year, it added.

In the domestic market, commercial vehicles sales for the quarter ended December 31, 2012, stood at 1,38,963 units, driven by the LCV segment and passenger vehicles sales stood at 54,675 units, it said. Shares of Tata Motors ended the day at Rs 296.70 per scrip on the BSE, down 2.59 from the previous close.

Source: http://www.indianexpress.com/news/tata-motors-q3-net-profit-tanks-52--at-rs-1636.01-cr/1074246/0

India mobile telecoms shares slump on extra payment reports

Telecom operators shares including Bharti Airtel Ltd and Reliance Communications Ltd slumped on Thursday after newspaper reports said the government is demanding additional money for their permits and airwaves.

The Department of Telecommunications has sent letters demanding over 12 billion rupees ($223.11 million) from Bharti Airtel, 8.77 billion rupees from Vodafone India, and an unspecified amount from Reliance Communications, in each case for under-reporting revenues, the Economic Times reported.

The newspaper said it had seen a copy of the letter sent to Vodafone, but did not disclose how it had obtained the information on Reliance or Bharti.

Separately, Mint newspaper reported that the same department is demanding the Indian unit of Vodafone Group Plc pay around 9 billion rupees in additional dues, citing the letter sent to the company.

Carriers in India must share a percentage of their revenue with the government every year as a means of paying for their operating permits and airwaves.

The three companies all declined to comment when contacted by Reuters. DOT officials could not be reached.

Bharti Airtel shares were down 3.5 percent as of 0829 GMT and Reliance Communications was down 2.5 percent, compared with an NSE index that was down 0.2 percent.

In 2009, the government ordered an audit of the country's top five mobile phone carriers to probe whether the firms had under-reported revenue.

Analysts said the reports of government demands for additional dues added to regulatory uncertainty in the sector, which already faces a bill for more $4 billion in airwave surcharges. Operators are appealing against those surcharges.

Source: http://www.indianexpress.com/news/india-mobile-telecoms-shares-slump-on-extra-payment-reports/1074183/0

IndusInd Bank, NMDC shares gain on Nifty inclusion

IndusInd Bank and NMDC shares today gained up to over 3 per cent as both the companies would be included in the National Stock Exchange's benchmark index Nifty from April 1.

IndusInd Bank shares moved up by 1.87 per cent to Rs 448.90 -- its record high on the BSE, while at NSE, it rose by 2 per cent to an all-time high of Rs 449.70.

Shares of state-run NMDC were up 3 per cent to Rs 148.95 at the BSE. On the NSE, the stock climbed 3.2 per cent to Rs 151.50.

India Index Services & Products Ltd, an NSE-Crisil joint venture that maintains Nifty index, had yesterday said Wipro and Siemens would be excluded from the 50-share benchmark index with effect from April 1, 2013.

In their place, private sector lender IndusInd Bank and state-run NMDC would be included in the Nifty index.

Source: http://www.indianexpress.com/news/indusind-bank-nmdc-shares-gain-on-nifty-inclusion/1074143/

Nutrela TVC

Launch of TVC and radio Jingle to tap Bengali market; veteran actor Soumitra Chatterjee to sing a jingle for the new campaign. Ruchi Soya Industries is set to target the West Bengal market with an aggressive marketing campaign for their premium brand, Nutrela Kacchi Ghani Mustard Oil. The state accounts for over a third (around Rs 110 crore) of the Rs 300-crore mustard oil market in the country. With the intent of reaching out to Bengali masses, the company is also planning to launch a 35-second TVC and a 25-second radio jingle this month.

 With the campaign, the company aims to create a bridge between the brand and true 'Bangaliaana', using a thoroughly Bengali concept, 'Jagai Bangaliana', which aims at evoking the authentic taste of food every time they use Nutrela Kacchi Ghani mustard oil. The idea revolves around reviving and rejuvenating this 'Bangaliaana' and brings back the fading Bengali persona and spirit, reminding them of their roots. The campaign largely aims to reawaken authentic taste of Bengali food. It evokes the rich culture and tradition of the state and exhorting the people of Bengal to rediscover the pride of eating authentic Bengali food. 'Bangaliyana' is a tradition that has been passed on from one generation to the next in every Bengali family over the past century. It is a way of life as in the weekend 'adda', inviting friends and family to the house and discussing music, literature, politics, food, culture, history and then savouring authentic home cooked Bengali cuisine together.

'Bangaliyana' is also in celebrating togetherness and appreciation of Rabindrasangeet or Sumoner 'gaan' or Bangla 'natok' and even discussing Shakespeare, and most importantly how good the food was at the last brunch party. Strengthening this connect further, the company has roped in veteran Bengali actor Soumitra Chatterjee to sing a jingle for the new radio campaign. "We are sure that the campaign will rejuvenate the fading spirit of 'Bangaliyana' and the need for 'kacchi ghani' mustard oil as the predominant cooking medium. We are extremely excited about reviving 'Bangaliyana' and more so being able to make Soumitra Chaterjee partake in bringing the idea alive by singing a song for us," said Sandipan Ghosh, Assistant Vice-President Marketing, Consumer Brands Division, RSIL. The television and radio campaign has been conceptualized and developed by Hammer Communications in New Delhi.

The TVC and radio campaign will be simultaneously rolled out in Bengal and Assam. The 360 degree clamour marketing campaign is the company's first campaign centred around the three-year-old mustard oil brand. Bihar and Jharkhand are next in the company's radar. Please note: This channel contains 3rd party videos shared by PR/Media/Advertising Agencies and Production houses. Videos uploaded have the due credits of the team that has worked on it.

Source: http://www.youtube.com/watch?v=SltHF_7vYOg

Sanjay Chandra's Unitech Q3 net profit up 52%

Real estate major, the Sanjay Chandra-led Unitech today reported 52.43 per cent jump in consolidated net profit at Rs 84.17 crore for the third quarter ended December 2012 on higher sales realisation and lower finance cost.

The company had posted a net profit of Rs 55.22 crore in the year-ago period.

Total income from operations rose over 25 per cent to Rs 644.72 crore during October-December quarter of 2012-13 fiscal as against Rs 514.22 crore in the corresponding period of the previous fiscal.

During the October-December quarter of this fiscal, the finance cost declined to Rs 8.4 crore from Rs 27.05 crore in the year-ago period.

Unitech's consolidated net debt stood at Rs 5,421 crore as on December 31, 2012. Net debt to equity ratio was 0.45, which the company said was one of the lowest in the industry.

Commenting on the result, company's Managing Director Sanjay Chandra said: "There has been a significant scale up in construction activity in the recent months and the worker strength at sites reached an all time high recently".

He said the company is focused on further ramping the construction activity in the coming months with a view to not only clear the delivery backlog of the older projects but also commence delivery of finished product in some new projects.

"Residential property demand remains stable. Average price realisation for residential property has witnessed continuous increase for the last four quarters," Chandra said.

Going forward, he said the company would try to maximise price realisation, improve sales and reduce the risk of delay in delivery through optimal timing of project launches and selling product over the life cycle of a project.

During the first nine months of this fiscal, Unitech said it has achieved sales bookings of 4.41 million sq ft and launched projects totalling an area of 3.38 million sq ft.

The residential sales bookings stood at 4.09 million sq ft worth Rs 1,785 crore, while the commercial sales bookings were 0.32 million sq ft valued at Rs 429 crore. "Total value of sales bookings is Rs 2,213 crore".

India's Unitech Q3 net up 52 pct, beats estimates

(Reuters) Unitech, India's third-largest listed real estate developer by market capitalisation, reported a forecast-beating 52 percent rise in net profit for the Oct-Dec quarter, helped by higher sales and low finance costs.

The company's net profit for the fiscal third quarter was 841.7 million rupees compared with 552 million rupees a year earlier, it said in a statement on Wednesday.

Net sales were up 25 percent at 6.45 billion rupees over the same period.

Analysts expected the company to post a net profit of 808.4 million rupees.

Unitech, which builds houses as well as commercial and retail properties, had a mobile phone joint venture with Norway's Telenor that was among those whose licences were revoked by a court following the high profile licensing scandal.

On Tuesday the company's shares slumped more than 20 percent after media reports of the company's managing director, Sanjay Chandra's involvement in the allocation of mobile phone airwaves five years ago. The company has strongly denied any allegations. .

Source: http://www.indianexpress.com/news/sanjay-chandras-unitech-q3-net-profit-up-52-/1073590/0

Jan export growth will help narrow trade gap says Anand Sharma

Commerce and Industry Minister Anand Sharma today expressed optimism that the slight uptick in January exports, which rose 0.8 per cent, will help close the trade gap, which stood at USD 167.16 billion in the first 10 months of the fiscal.

"I hope with exports growing marginally in January, it should help us narrow the trade gap at the close of the fiscal," Sharma told reporters after launching the Nasscom national summit here.

Earlier in the day, the ministry released exports data for January showing outward shipments rising 0.8 per cent to USD 25.58 billion while imports jumped 6.12 per cent to USD 45.5 billion, widening the trade deficit to USD 20 billion.

This is the first time in eight months that exports recorded a growth.

Blaming rising oil and gold imports for the widening trade gap, Sharma said gold imports are a matter of concern and called for a balanced approach towards gold import duty.

During the April-January period of the current fiscal, the country's overseas shipments shrunk by 4.86 per cent to USD 239.6 billion, while imports during the period rose by 0.01 per cent to USD 406.8 billion. Trade deficit during the

10-month period stood at USD 167.16 billion.

Oil imports in January grew by 6.91 per cent to USD 15.89 billion from USD 14.87 billion a year ago. Imports of non-oil items, too, rose 5.71 per cent during January to USD 29.68 billion.

On the latest factory output numbers, which surprisingly shrank 0.6 per cent in December, Sharma said, "I expect the numbers to improve in January, and that we should be able to close the gap.

"It is important that the March quarter numbers are positive. Because the trade account is under stress, high oil and gas prices (are hurting the overall numbers), so oil import bill is definitely a challenge," Sharma said.

Pointing out that there has been an over all contraction in global trade, particularly, due to the Eurozone crisis which had a larger impact on India's trade balance, he said

"we hope that in the last quarter we will be able to reduce the gap."

Yesterday the government data showed that factory output dipped 0.6 per cent in December, dampening the recovery hopes of the economy.

According to the data released by the Central Statistical Organisation, industrial output contracted by 0.6 per cent in December, the second consecutive month of decline, mainly due to the poor showing by manufacturing and mining.

Industry registered a growth of 8.3 per cent in October

This has left the IIP growth rate for the nine-month period between April and December of the current fiscal at a meagre 0.7 per cent, as against a 3.7 per cent growth in the year-ago period.

Source: http://www.indianexpress.com/news/jan-export-growth-will-help-narrow-trade-gap-says-anand-sharma/1073611/0