Budget Analysis: Budget impact on you and your investments

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Amar Pandit

Founder,

My Financial Advisor

The author is a practising  Certified Financial Planner, and Director - My Financial Advisor. He is also the author of best selling books "Financial Planning for Doctors" and "The Art & Science  of teaching  children about money".

Amar Pandit
My Financial Advisor

Budget by definition is an accounting exercise. However it is another thing that it's watched so closely and given so much importance every year. This year was no different and there were high expectations from Mr.Chidambaram to deliver another dream budget. Industrialists and CEOs cheered the budget but the market seemed unhappy and gave a different picture with the Sensex down by more than 250 points. My personal view is that there was nothing exceptional in this budget but it is not something that I would worry excessively about. However, there are many announcements some of which will have a positive impact on our wallets and some that will really take out money out of our wallet.

To start with , let's take a look at the direct tax law changes

Income tax slabs:

Tax Rate	Existing Tax Slabs	Proposed in Budget 2013-14
Nil	Upto INR 2,00,000 (INR 2,50,000 for senior citizens)	Upto INR 2,00,000 (INR 2, 50,000 for senior citizens).
10.00%	INR 2,00,000 to INR 5,00,000	INR 2,00,000 to INR 5,00,000. However, tax credit of Rs 2,000 would be provided.
20.00%	INR 5,00,000 to INR 10,00,000	INR 5,00,000 to INR 10,00,000
30.00%	Above INR 10,00,000	Above INR 10,00,000

* Education cess of 3% would remain same in FY 2013-14.

The only change here is that there is a tax credit of Rs. 2000 provided on incomes between Rs. 2 Lakh and Rs. 5 Lakh. Besides this , there is a surcharge of 10% on income of more than Rs. 1 Crore. Currently there are 42800 people with a declared income of more than Rs. 1 Crore. This seems to be far better than the estate taxes that many people were really worried about. It is however very ironic that only 42800 people have incomes of Rs. 1 Crore and above. This is nothing but an absolute joke as there are clearly 4 or maybe several times more this number of people with Rs. 1 Crore income and above. Some wealth studies conducted several years ago had shown the number of dollar millionaires in India to be much higher. What we really need is not HIGHER OR MORE TAXES, but widening of the tax base to include people who are evading taxes or not paying taxes at all. I have heard (stories - because they are not verified) of people living in bungalows of Rs. 25 Crores yet filing returns of Rs.5 - 10 Lakh. One ex-finance minister commented "Super Rich should not pay taxes because of the inefficiencies of the government."

On the other hand, there is a SOP for service tax evaders. A new voluntary Compliance Encouragement Scheme was announced in the budget. You can file a declaration of service tax due since 1.10.2007 and make payment in one or two installments before prescribed dates. You don't have to pay interest and penalty and other consequences will be waived.

Real Estate
I would have loved to see some solid changes here to boost real estate demand and to give a voice to end consumers of real estate. Firstly there was no mention of the Real Estate Regulator that we all have been waiting for so long. This is the need of the hour to protect consumer interests as they are being taken for a ride by most builders with severe one track agreements and so on. Secondly, there were no real SOPs to spur demand .The price of a property actually goes up significantly when you add Service Tax, MVAT to the Stamp Duty and Registration charges. Just these charges add up around 10-11% of your property cost not to mention the atrocious loading that most builders do. In this budget, the rate of abatement on service tax on homes and flats of above 2000 square feet or costing Rs. 1 crore and above has been reduced from 75% to 70%. Effectively, this translates into an increase in service tax outflow, which means that luxury housing will now become even more expensive.

There was just a boost to affordable housing with an additional interest benefit of Rs. 1 lakh on first-time home loans up to Rs. 25 lakh. However, this provision is only for the first year and with a carry-forward benefit of the unutilized deduction to the second year. According to the FM, this will help boost housing sales in tier 2 and 3 cities and peripheral areas and distant suburbs of metros, but not within the metros, where housing is more targeted towards the mid and upper income segments. 
 
Additionally TDS of 1% is to be charged on the transfer of immovable property ,which is an obvious move to curb speculation and bring about improved reporting and accountability in high-value immovable property transactions. Considering that the TDS is to be charged on the gross transaction value rather than net gains, sellers will have a cash-flow impact in situations where the sales are at a loss or at negligible gains.
 
While there has been some focus on affordable housing category, there seems to be absolutely nothing done on areas relating to improved transparency, real estate regulation and corporate governance.

Direct benefits to Individual Investors:

• Securities Transaction Tax on mutual fund and ETF redemptions, equity futures reduced to 0.01%; Commodities Transaction tax (CTT) has been introduced on non agri futures at 0.01%;
• There is a change in the Rajiv Gandhi Equity Saving Scheme (RGESS) which would allow income tax deduction to retail investors in stocks on investment upto INR 50,000 with 3 year lock-in. An investor would be able to claim tax exemption for 3 successive years and the income limit has been raised from Rs 10 Lakh to Rs 12 Lakh.
• Inflation indexed bonds and infrastructure debt funds would be introduced. Inflation indexed bonds is also seen as a move to take away some interest from gold.
• Union Budget 2013-14 has raised the eligibility cap on life insurance premiums to 15% for policyholders with disabilities or specified ailments, noting that some policies meant for such individuals exceed the existing limit of 10% . If policies do not meet the eligibility criterion, the amount of deduction allowed will be restricted to 10% (15% in case of persons with disabilities) of the sum assured and the maturity proceeds will be taxed.

How will the budget affect your day to day life?

It will as mobile phones, SUV's and eating out at restaurants will get dearer. There is a 6% duty imposed on mobile phones over Rs.2000. This means a Rs. 20000 mobile phone will be dearer by Rs.1200. Similarly prices of non-taxi SUVs and luxury cars will go up because of a hike in customs duty. There will be a rush to buy mobile phones and cars before the end of this financial year. On the recurring expenses front, cigarettes will be dearer because of an excise duty hike of 18% so will eating out at AC restaurants will be. A good news for travelers abroad is the increase in Duty Free shopping limit which is hiked to Rs. 50000 for a male passenger and Rs.100000 for a female passenger.

Debt market view point: The FM did well by targeting fiscal deficit at 4.8% of GDP in FY 2013-14. This would help to check on inflation and encourage RBI to cut interest rates going forward. The government's borrowing plan will be watched closely but this could be yet another good year for the debt market.

Equity market view point: Though the FM has succeeded to a certain extent by not making it a populist budget and giving a desirable target of 4.8% on fiscal deficit, the overall short term impact of budget 2013 looks negative on the equity market.  However, if we indeed keep fiscal deficit in check ,RBI will look at rate cuts which will augur well for the equity markets.

Needless to say , the devil is in the details and I will certainly watch out for any fine prints that I would have missed out. Finally targets and plans must be followed by excellent execution and we hope that the FM manages to JUST DO IT this time.

20.07 | 0 komentar | Read More

PREVIEW - Napoli need Cavani's scoring touch against Juve

MILAN (Reuters) - Fading Napoli need striker Edinson Cavani to regain his scoring touch when they host Juventus on Friday in a top-of-the-table showdown that could go a long way towards deciding the Serie A title.

Despite winning only four out of eight games this year, leaders Juventus have opened a six-point gap over second-placed Napoli who have scored only one goal while drawing their last three league games.

It is no coincidence Napoli's loss of form has come at the same time as a six-match sequence without a goal for Uruguay forward Cavani, their talismanic striker who is on the radar of Europe's richest clubs.

Cavani has failed to hit the target at all in February, including two Europa League ties against Viktoria Plzen, but remains Serie A's top scorer with 18 goals.

A Napoli victory would throw open the championship race while a win for Juventus which give them an almost unassailable lead as they chase their second successive title.

"Psychologically it could be decisive," midfielder Valon Behrami told Napoli's website (www.sscnapoli.it).

"It will give us an idea of who we are and what we can do this season. They have six points more than us and are experienced and confident."

Juventus, however, played down the importance of the game.

"It won't be decisive as far as the destiny of the title is concerned," said midfielder Stephan Lichtsteiner. "There will still be 11 games remaining after it.

"I know what the atmosphere will be like at the San Paolo but I'm not worried by it. We'll just have to react to it like we did in Glasgow against Celtic," he said referring to their 3-0 win in the Champions League earlier this month.

"They are an excellent side and it's difficult for anyone to play at the Stadio San Paolo. It won't be easy," added Lichtsteiner.

Juventus have 58 points from 26 games, with Napoli on 52.

NEW LEASE OF LIFE

There is another important clash on Saturday when Lazio, third on 47 points, visit fourth-placed AC Milan who are two points behind them.

Milan, undefeated this year in Serie A, have overcome a woeful start to the season and the arrival of striker Mario Balotelli from Manchester City has given the club a new lease of life.

Only the top two teams qualify directly for next season's Champions League group stage while third place earns a berth in the final qualifying round.

For the second time this season Gian Piero Gasperini will make his debut as Palermo coach when they visit Torino on Sunday.

Gasperini, fired one month ago by the Sicilian club, has bizarrely been handed back the reins after his replacement Alberto Toresani was dismissed after three games.

Bottom-of-the-table Palermo are without a win in 12 league games. (Reporting by Brian Homewood, editing by Tony Jimenez)

20.07 | 0 komentar | Read More

Budget Analysis: FM did splendid job, no heavy tax dose, says Ashwani Kumar

In his Budget speech , Finance Minister P Chidambaram today said announced his intention to widen the tax base. Ashwani Kumar, Law Minister believes the FM has laid a strong edifice and a foundation for consolidating the Indian for the future.

The most important part according to Ashwani Kumar was that the FM has acknowledged frontally that it is critically important to kick start manufacturing in India. He told CNBC-TV18 that without a heavy dose of taxation FM has done a splendid job.

Below is the verbatim transcript of his interview to CNBC-TV18

Q: The finance minister said a lot about presenting a non-adversarial stable tax regime, there was no mention on how government hopes to address the retrospective amendment directed to section 9. There was no mention of that and there has been a degree of disappointment on account of the silence on that?

A: What has happened is a fait accompli. The fact remains that even when the amendments were made, it was stated that these were by way of clarification. However, the fact also remains that there is enough elbowroom to ensure that judicial verdicts will not be nullified retrospectively.

That has been the stated position of the government but as far as a particular matter is concerned, it is never the practice of the finance minister to make that as a focal point in a Budget speech.

Q: There are question marks on whether he has been able to press enough levers to jumpstart growth, to jump start investment, the capex cycle. There doesn't seem to be enough evidence to suggest that he has been able to do that?

A: To be fair to the finance minister, his Budget proposal should be judged in the context of what was possible today. That too, in the context of economic slowdown, the need to contain fiscal deficit and the need to contain revenue deficit. I think he has done a splendid job.

The most important thing that brings very true to every informed citizen's mind and year is the fact that he has stuck to his promise. The promise, of ensuring fiscal prudence by ensuring 4.8 percent fiscal deficit and 3.3 percent revenue deficit in the next year. I believe he has laid a strong edifice and a strong foundation for consolidating the Indian for the future.

However, as far as boosting investment is concerned, 15 percent investment allowance for projects over Rs 100 crore is quite a big gesture. I think a very focus pressure on exports is an extremely and push to electronic industry in electronic manufacturing is a big gesture. Textiles and leather industry are again a gesture in terms of export in potential.

He has stated repeatedly that these announcements will have to be carried, when on March 31 you have the import-export policy. One will see a very major thrust on promoting exports. The most important part is he has acknowledged frontally that it is critically important to kick start manufacturing in India.

Manufacturing is what will create jobs and for that he has set-aside money for skills development. At the same time he has not neglected the social sectors, 80,000 to rural development, 67,000 to health, 27,000 to education. I think all in all, without a heavy dose of taxation he has done a splendid job.

20.07 | 0 komentar | Read More

Budget 2013-14: Economy to grow sub-5% in second half FY13, says FM

Moneycontrol Bureau

Finance Minister P Chidambaram tried to downplay the final Budget of UPA's current term in his media interaction, saying that Budget was simply one event in a series of actions. He promised that another set of measures will be announced during the debate on the Finance Bill.

Chidambaram said that the economy was likely to grow below 5 percent during second half (October-April) of the current fiscal.

The GDP reading for the October-December quarter has come in at 4.5 percent, and given the sharp reduction in plan expenditure for FY13, the current quarter is also likely to see anemic growth.

Chidambaram said that while the Budget did not have any great surprises, fears of being too focused on fiscal consolidation were overblown. The expenditure estimate for next fiscal is Rs 16,65,297 crore and with plan expenditure at Rs 5,55,322 crore.

He said that exports would have to pick up for current account deficit to be narrowed, and that the government would support all measures to boost exports. Chidambaram said it was not possible to restrict imports in the short term. Oil and gold account for a sizeable chunk of India's import bill, and it was widely expected that there would be additional import curbs on gold in the Budget.

He expressed hope that a correction in diesel prices would help keep the subsidy bill in check.

He said the Centre could not lay any deadline for introduction of the Goods and Service Tax, as it was up to the states to arrive at a consensus. He said the Direct Tax Code Bill would be introduced in the current Budget session of Parliament.

On foreign investors having to disclose beneficial ownership in order to avail of Double Taxation Avoidance Agreement (DTAA), Chidambaram said the aim was not to spook any section of investors and that it had nothing to do with the General Anti-Avoidance Rule (GAAR)

He said the government was targeting Rs 40,000 crore through the divestment programme next fiscal, excluding Rs 14,000 crore of residual stake sale in some companies where it owns a minority stake.

On the decision to levy a surcharge on those with a taxable income over Rs 1 crore, Chidambaram said he did not think it would lead to tax evasion.

The Budget has estimated around Rs 13,300 crore in FY14 by way of its direct tax proposals, with a significant chunk of it coming from this surcharge.

20.07 | 0 komentar | Read More

India will have cyber security policy soon: Sibal

Wed, Feb 27, 2013 at 18:15

India will soon have a cyber security policy that will ensure preventive measures against cyber crime and fraud, according to the Communications and Information Technology ministry.

Source: Tech2.com

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India will have cyber security policy soon: Sibal

India will soon have a cyber security policy that will ensure preventive measures against cyber crime and fraud, according to the Communications and Information Technology ministry.

Like this story, share it with millions of investors on M3

India will have cyber security policy soon: Sibal

India will soon have a cyber security policy that will ensure preventive measures against cyber crime and fraud, according to the Communications and Information Technology ministry.

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To download current article in Word format, click here.

India will soon have a cyber security policy that will ensure preventive measures against cyber crime and fraud, according to the Communications and Information Technology ministry.

Click here for full story

To download current article in Word format, click here.

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Rail freight hike may impact cement margins: India Ratings

According to India Ratings, the proposed 5.79% increase in rail freight as per the Railway Budget 2013-2014 may negatively impact the margins of the cement industry. In the event cement manufacturers are unable to pass on the rail freight cost hike, their operating margins may reduce by 75bps-100bps.

The cement manufacturers of South India will be particularly affected, given the unfavorable demand-supply situation may not be in a position to pass on the increased cost. However, cement players based in the rest of India would be able to pass on a significant portion of the cost increase.

The railway freight hike may potentially increase the cement price by INR2 to INR4 per bag.

Around 50%-60% of the freight expense of a typical cement company is related rail freight. This is essentially 15%-18% of total costs. Around 10.5%-11.0% of rail freight (by volume) is attributable to the cement industry. This is second only to coal which accounts for 45%-47% of the rail freight.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Buy Bharti Airtel, Zee Entertain, Aditya BirlaNuvo: Sukhani

Wed, Feb 27, 2013 at 18:23

Sudarshan Sukhani, s2analytics.com advises traders to buy Bharti Airtel, Zee Entertainment and Aditya Birla Nuvo.

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Buy Bharti Airtel, Zee Entertain, Aditya BirlaNuvo: Sukhani

Sudarshan Sukhani, s2analytics.com advises traders to buy Bharti Airtel, Zee Entertainment and Aditya Birla Nuvo.

Like this story, share it with millions of investors on M3

Buy Bharti Airtel, Zee Entertain, Aditya BirlaNuvo: Sukhani

Sudarshan Sukhani, s2analytics.com advises traders to buy Bharti Airtel, Zee Entertainment and Aditya Birla Nuvo.

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Sudarshan Sukhani

Technical Analyst

Sudarshan Sukhani, s2analytics.com advises traders to buy Bharti Airtel , Zee Entertainment and Aditya Birla Nuvo .

Sukhani told CNBC-TV18, "Ahead of the event we should either not trade or be long. So, three stocks that I can recommend are in that order and all three are for buying, Bharti Airtel, Zee Entertain, which is now coming out of a small correction and Aditya Birla Nuvo. Naturally, events have risks but these probably are some things that should work out."

On Feb 27, Bharti Airtel closed at Rs 321.55, up Rs 10.25, or 3.29%. It has touched an intraday high of Rs 324.45 and an intraday low of Rs 315.

On Feb 27, Zee Entertainment closed at Rs 220.25, up Rs 4.85, or 2.25%. It has touched an intraday high of Rs 221.40 and an intraday low of Rs 216.45.

To download current article in Word format, click here.

highlights

• Economic slowdown a wake-up call for stepping up reforms
• Future shift in RBI policy stance would be desirable.
• Tight RBI policy led to sharper-than-expected slowdown
• April-December data shows 5.3% fiscal gap aim 'achievable'.

more »

flashes

• FY13 GDP growth seen at 5%: Economic Survey
• Economic Survey in favour of widening tax base and prioritising expenditure
• WPI inflation may decline to 6.2-6.6% in March
• Indian economy likely to grow at 6.1-6.7% in FY14

more »

InterpretationS

• Railway minister has done a commendable job in meeting competing demands of improving services and controlling expenditure: PM
• It is a reformist and forward- looking Budget: PM
• If you look at the overall Budget, it was relatively muted and there was nothing exciting and no steps were taken, which would make the market happy: ICICI Direct
• There is no major capex from the civil construction on the freight corridor, though some investments are coming on the metro side: KEC International

more »

SECTOR IMPACT

Select Sector to see impact

• Cement - Major
• Infrastructure - General
• Mining/Minerals

EXPECTATIONS

expectation on: Markets

Arindam Ghosh

MD & CEO | Blackridge Capital

expectation on: People

Saurabh Mukherjea

Head of Equities | Ambit Capital

expectation on: Markets

Ridham Desai

MD and Head Of India Research | Morgan Stanley

expectation on: Markets

Ashok Wadhwa

Group CEO | Ambit Holdings

expectation on: Business

Laurent Dhaeyer

MD | Ogone Asia and EBS

20.07 | 0 komentar | Read More

HDFC Bank to raise $500m from overseas markets

Country's second largest private lender HDFC Bank today hit the foreign debt markets with a USD 500-million bond issue, according to merchant banking sources.

"HDFC Bank is raising USD 500 million through a five- year US dollar denominated bonds (senior unsecured notes). The final pricing guidance has been fixed at 235 basis points (2.35 percent) above the US treasury," a merchant banking source, who did not wish to be identified, told PTI here.
The bank had on Monday launched a road-show in Hong Kong, Singapore and London for this, the source added.

Meanwhile, global rating agency Standard & Poor's said it has given a BBB- rating to the HDFC Bank senior unsecured notes.

It can be noted that 2013 saw many large corporates like Reliance Industries, ICICI Bank , Exim Bank, PowerGrid, Tata Communications , raising foreign debt.

While on January 7 this year, Exim Bank had raised USD 750 million in a European bond sale at the cheaper ever rate of 4 per cent for a 10-year money, which got an over-subscription of 8.5 times, within a week, the state-run distribution utility PowerGrid had raised USD 500 million at 3.87 percent for a 10-year USD issue which received an over-subscription of 19 times.

Also read: SBI raises fixed deposit rates by 0.25%

In the same week, the largest private lender ICICI Bank mopped USD 225 million from a seven-year Singapore bond sale programme on January 10.

The last week of January saw Reliance Industries hitting the market with a USD 800 million perpetual bond issue, the first by a domestic company.

The last week of the past month also saw Tata Communications becoming the first domestic un-rated corporate to tap overseas financial markets by selling bonds worth 250 million Singaporean dollars at a coupon of 4.25 percent, which got an over-subscription of 14 times the offer. This makes the overall fund raising by leading domestic corporates USD 2.525 billion this year so far.

Last Monday, the largest telco Bharti Airtel had hit the overseas market with a road-show to mop up USD 1 billion. Interestingly more and more domestic companies are raising funds from Asia as investors in the region have high regard for Indian debt, say merchant banking sources. Last year, domestic corporates had raised USD 8.15 billion from Asian markets, while the rest of Asia mopped up a record debt of over USD 208 billion through 353 deals.

Also more domestic borrowers are expected to access overseas markets for their funding needs as the rupee funds are still a costly affair.

20.07 | 0 komentar | Read More

Credit cards segment estimated to grow this year: Report

Mumbai, Feb 26 (PTI) The credit card segment in the country is estimated to have grown for the first time this fiscal after witnessing sluggishness for four years, says a report by the electronic transactions provider Atos Worldline. "The credit cards segment in the country witnessed a growth this year after a four-year period of sluggishness," the report said, adding, there has been an uptick in issuance from both the private as well as state-run lenders. The report estimates the credit card userbase will touch 19 million (1.9 crore) by this March, which saw the number hovering around the 18-million-mark, a far cry from the March, 2009 figure when it stood at peak of 25 million. In the run-up to the crisis, many foreign and private banks were upbeat about the segment and aggressively issued cards. However, with the post-Lehman fall crisis setting in, banks aggressive on their unsecured books started witnessing stress and there was caution exercised by them in issuing credit cards. Foreign banks continue to be cautious and their market share is estimated to dip to 26 per cent from 28 per cent earlier, the report said, adding that HDFC Bank continues to be the market leader holding a third of the market, followed by ICICI Bank and SBI. The number of debit cards will grow 17 per cent to 327 million and the trend of banks adding up to 50 million cards per year is expected to continue, with the state-run banks holding the lion's share, it said. However when it comes to the average size of transaction, it is Rs 3,100 for credit cards, which is nearly double of that of a debit card which is just Rs 1,600, the report said. When it comes to the private banks-dominated point of sale (PoS) terminals and its growth, there has been some push in activity from the large public sector banks in leveraging their network to grow the merchants in FY'13, the report said. The total number of PoS terminals is expected to rise to 8.58 lakh by March from the 6.61 lakh a year ago, with private sector banks holding 83 per cent and PSU banks a poor distant with 6 per cent share, it said, but adding the market share of public sector banks may grow in the coming years. PTI AA BEN GK RAH ns DKR RYS

20.07 | 0 komentar | Read More

quot;Banks should reach out to vendors who depend on moneylendersquot;

Panaji, Feb 26 (PTI) The nationalised banks in Goa should reach out to fish vendors in the state who presently rely to a great extent on moneylenders from Tamil Nadu and end up paying high interest rates, a top Reserve Bank official said today. "The middlemen from Tamil Nadu giving loans to the fish vendors in Goa indicates utter failure of bankers in the state. Please see to it that the banks reach out to these fish vendors," Reserve Bank of India's Regional Director J B Bhoria said while addressing bankers and NGOs at a seminar organised by NABARD. Earlier in the seminar, Goa Chief Secretary B Vijayan said the moneylenders from Tamil Nadu who have a very strong presence here, virtually 'monopolised' the business (of giving small loans )to the fish vendors in the state. Responding to the Chief Secretary's observation, Bhoria said that since the loan is availed (by fish vendors) from an unorganised source, the rate of interest would be very high and vendors would even be required to make repayment on a day to day basis. "Bankers should take the initiative and reach out to these vendors," he said, adding that the aim of the organised lending was to save public from oppressive lending. PTI RPS ABC TVS RYS

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Foreign exchange fraud: 8 remanded in police custody

Nashik, Feb 26 (PTI) A local court remanded eight out of 12 accused, including a Bangladeshi national, in two days police custody for allegedly duping customers who wanted US dollars in return for Indian rupees at a cheaper rate. The remaining four women accused in the case were remanded in judicial custody after all of them were produced before the court last evening, police said. The gang of twelve members was busted by city police in Gangapurgaon area on Sunday. They used to assure dollars at low rates in exchange of Indian rupees, but gave customers a few dollars by arranging them at the top and bottom of a bundle along with blank card sheets inside. The accused remanded in two-day police custody have been identified as -- Mohameed Hussain Anwar (Bangladeshi national), Noor Matbar Jabbar Matbar and Johar Moslin Shaikh (from West Bengal), Jamal Khan Salim Khan, Mukesh Rajjak Gopal Razzak, Mohammed Abursattar Shaikh, Mohammed Raffiq Shaikh (Delhi), and Ayub Khan Jalil Khan (Uttar Pradesh). The accused women have been identified as Sakina Khan, Rina Shaikh, Remam Begam and Phiroza Begam, police added. PTI HVJ GK AVT RYS

20.07 | 0 komentar | Read More

Railway Budget 2013: Railway Budget a mixed bag for India Inc

The Railway Budget was a mixed bag for India Inc with industry bodies cautioning that the hike in freight charges will fuel inflation, while other chambers said some proposals if implemented could set the growth multiplier in motion.

"The step (to increase the freight charges) would increase the inflation. I agree with the freight hike on industrial products but the Railway Minister should withdraw the hike on urea and farm products as this will hit the aam aadmi," Assocham President Rajkumar Dhoot said.

Railway Minister Pawan Kumar Bansal has proposed to raise the freight charges across the board by an average 5.8 percent.

CII also said that the move would impact consumers. "It will push the prices and it will have an impact on consumers as they have to bear the huge cost. Inflationary pressure is expected to remain high," Member, CII Railway Equipment Division Rajeev Jyoti said.

However, Ficci Secretary General Didar Singh said that the this year's Rail Budget reflects the difficult economic scenario and contains several proposals which, if implemented, would set a growth multiplier in motion.

Also read: Hike to improve system, add Rs 4,683cr to revenue: Bansal

Assocham termed it as a "soft rail budget' and said that in its efforts to please all sections of the society, the government has missed yet another opportunity for effective corporatisation Indian Railways to ensure viable commercial operations.

"Capacity constraints of Railways remains the primary issue to be addressed more so, in wake of mounting pressure on passenger and freight services, the Budget could have put more focus on this aspect," Dhoot said.

AEPC Chairman A Sakthivel said increase in the freight on diesel will further put strain on the apparel and garment sector. "Our movement of goods meant for exports to the ports is mostly via railways. Increased cost will reduce our profit margin further and impact our demand. Therefore, I request government to exempt the freight hike on the exportable goods immediately," he added.

Exporters body FIEO too said that the increase in freight rates would add on to the cost of inputs at a time when there is a general slow-down in the economy.

20.07 | 0 komentar | Read More

Buy ITC around Rs 290, says Baliga

Ambareesh Baliga, Market Expert advises traders to buy ITC around Rs 290.

Baliga told CNBC-TV18, "Whether ITC, will come through or not and this is normally the fear before the Budget. If you see the last couple of years, this had been the fear, but whenever you have bought ITC before the Budget you have always made money possibly in the next six to nine months."

He further added, "I would say that people should buy the stock in this weakness because if one is possibly willing to hold for the next 6-9 months you should get levels of at least about Rs 340-350. So, at Rs 290, I think it is a good buy."

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Limited downside seen in JP Associates: Baliga

Limited downside is seen in JP Associates , says Ambareesh Baliga, Market Expert.

Baliga told CNBC-TV18, "The only trigger for JP Associates is the sale of the cement unit which has been coming up time and again and levels of closer to the current levels Rs 67-68 is a good support. I really don't see too much of a downside from here. Whenever that news comes possibly we could see levels of Rs 84-88. So, at these levels one could venture out and buy."

On Feb 25, Jaiprakash Associates closed at Rs 68, down Rs 2.35, or 3.34%.  It has touched an intraday high of Rs 71.40 and an intraday low of Rs 67.45.

20.07 | 0 komentar | Read More

SC refuses to grant more time to Sahara to refund Rs 24K cr

The last hope of Sahara group to get more time to refund Rs 24,000 crore to its investors was today dashed in the Supreme Court which dismissed its plea and pulled it up for not complying court's earlier order to return the money by first week of February.

A bench headed by Chief Justice Altamas Kabir, which had earlier extended the deadline to two companies of the group for refunding the money from November end to first week of February, refused to grant more time.

"If you have not refunded the amount as per our order then you have no business to come to court," an angry Chief Justice said adding that it had earlier granted time only to ensure that investors get their money back.

Two companies of Sahara group--Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC)--who along with Sahara Chief Subrata Roy are facing contempt proceeding in the apex court before another bench which had on February 6 allowed SEBI to freeze accounts and seize properties of its two companies for defying court orders by not refunding the money to investors.

Also read: SEBI free to seize properties of Sahara Group companies: SC

As soon as the matter was taken up for hearing the Supreme Court Bar Association President M Krishnamani stood up and objected that the bench headed by the CJI should not hear the case as the order for refunding the amount to investors was passed by another bench.

"As a Bar leader I have to say keeping with the tradition of this court and this bench should not have heard this matter and the matter should go to the same bench for the modification of the order. Instead of going to hear, the proper recourse would be for the other bench to hear it.I am at pains to hear different types of rumours," he said.

Justice Kabir then got angry and said that he is making statements without knowing anything about the case and asked him to sit.

"How do you know what is going to happen in the case. If something happens then you say. Kindly take your seat," he said.

20.07 | 0 komentar | Read More

Bill to amend FCRA will strengthen Forward Mkts Commission

Mon, Feb 25, 2013 at 18:30

An elite panel of experts assembled to discuss the roadmap for Commodity Futures in India. They opined that the bill to amend the Forward Contracts Regulation Act (FCRA) is pending in the parliament, and if passed, will strengthen the Forward Markets Commission (FMC), the main regulatory body.

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Bill to amend FCRA will strengthen Forward Mkts Commission

An elite panel of experts assembled to discuss the roadmap for Commodity Futures in India. They opined that the bill to amend the Forward Contracts Regulation Act (FCRA) is pending in the parliament, and if passed, will strengthen the Forward Markets Commission (FMC), the main regulatory body.

Like this story, share it with millions of investors on M3

Bill to amend FCRA will strengthen Forward Mkts Commission

An elite panel of experts assembled to discuss the roadmap for Commodity Futures in India. They opined that the bill to amend the Forward Contracts Regulation Act (FCRA) is pending in the parliament, and if passed, will strengthen the Forward Markets Commission (FMC), the main regulatory body.

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An elite panel of experts assembled to discuss the roadmap for Commodity Futures in

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CBI moves HC to cancel bail of three accused in DCI scam

Chennai, Feb 23 (PTI) The CBI has moved the Madras High Court seeking to cancel the bail granted to three persons in connection with the Dental Council of India bribe scam. Special Public Prosecutor for CBI cases N Chandrasekharan submitted that the accused were not only interfering in the investigation by influencing witnesses, but also trying to demoralise the investigating officer by using foul means. CBI had on January 7 last registered a case against Dr S Murukesan, DCI member, for allegedly demanding Rs one crore from Adhiparasakthi Dental College and Hospital at Melmaruvathur near here, for getting the body's approval for the PG course. He had also received Rs 25 lakh as the first instalment, it alleged. S Srilekha, Managing Director of the Trust running the college was earlier released on bail on January 24. K Ramabadran, Administrative Officer of the college and R Karunanidhi, trustee in the Trust, were ordered to be released on bail on February 13, on the condition that they would not tamper with evidence or hamper investigation. CBI also submitted that the conduct of the accused showed that they were influencing witnesses and destroying evidence also. PTI DSJ BN VMN NTR

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Kalam inaugurates three-day science fair at Ghaziabad

Ghaziabad, Feb 23 (PTI) Former President A P J Abdul Kalam today asked students to conserve electricity so that it could be saved for the future and utilised in important projects of the country. In an interaction with students after inaugurating a three-day science fair at Harsaw Police Line here, Kalam stressed upon the need of saving energy for the country's progress. Students can contribute to nation's development by saving energy, he said. Kalam inspected the fair and motivated students to take interest in science. Ghaziabad District Authority vice-chairman Santosh Yadav, SSP Prashant Kumar, Joint Magistrate Amit Singh and other senior officials of the district were present on the occasion. PTI Corr KAS

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Italian election: Will it be a hung parliament?

Italy goes to election on Sunday and Monday with no clear indication of a definite outcome. So, will Italy go the Greece way; will it need a second election, what impact will that have on the Euro Zone and of course on global markets?

Euro looks weak ahead of polls in Italy: StanChart

In an interview to CNBC-TV18, Alessandro Mercuri, Interest Rate Strategist at Lloyds Banking Group shared his outlook on Italy's election.

Further Mercuri said that there is a degree of uncertainty because of two weeks blackout period for opinion polls. 

Outcome of Italy election deeply uncertain

"Most of the markets are working on the assumption that the coalition led by Pier Luigi Bersani with participation of Mario Monti will be formed after the election. There is also a possibility of a hung parliament," he added.

20.07 | 0 komentar | Read More

How to trade your favourite stocks during Budget week?

If the Budget disappoints the market, Nifty may break 5800, says Sudip Bandyopadhyay, MD & CEO, Destimoney Securities. In such an eventuality, he says, the level of 5500-5600 is likely.

Bandyopadhyay helps investors out with their investment queries as part of moneycontrol.com's initiative Know Your Investment.

Below are his answers to questions investors asked us on our Facebook page.

Dr. Jayesh Gaygol: What is a target of Tinplate in six months? Will it cross Rs 55?

A: Tinplate is India's largest indigenous producer of tin coated and tin free steel sheets providing packaging solutions to the food processing industry and also caters to other industries like Chemicals, Paints, Electronics and Defense etc. It enjoys around 35% market share in India. The company reported strong performance in Dec quarter with 65% growth in topline & 33% in bottomline. Since you are looking for a short term horizon - I believe that in the short term it might move upto 55 levels but one should keep a strict stop loss.

Priya Nambiar: What are your views on Cochin Minerals and Rutile ?

A: CMRL's main product is Synthetic Rutile, which finds application as raw material for the Titanium pigment and titanium sponge/metal industry. Other products are by products.  Ferric Chloride has applications as an etching agent and is an effective coagulant for drinking water and effluent treatment. Ferrous Chloride is coagulant for drinking water and effluent treatment. Iron Hydroxide (Cemox) clay used for brick and tile making.

During H1FY12, net profit rose by 224% to Rs35.0 crore on 50% higher sales of Rs138.6 crore. OP and NP margin stood at 39.6% and 25.3% Vs 20.4% and 11.7% respectively in H1FY12. H1FY13 EPS works out to Rs44.9 Vs Rs13.8 in H1FY12."

There has been improvement in the global demand for Synthetic Rutile/and Ferric Chloride in the sea water desalination plant in Gulf countries and for Ferrous chloride in sewage treatment plants in African Countries. It exports more than 80% of its production and in the current scenario where the Rupee is weakening against the USD, the company could benefit out of higher Rupee realization. These give strong visibility to revenue going forward.  At the CMP of Rs267, the share is trading at a P/E of 3.2x on FY13E and 2.8x on FY14E.

Mukesh Lovely Thareja: What is your call on Titan ?

A: Titan is a good buy for medium / long term.  This is fundamentally a very strong company and will continue to deliver excellent results and growth over the next few years.

Santosh Dubey: I am new in market and want to invest in currency and gold. So please suggest me should I wait some more time to buy gold or should I start buying now?

A: If you are a long term investor, you can start buying gold now.  Gold price will keep fluctuating based on multiple factors in the short term.  However, in the long run, we believe that there is a secular up trend.  But it should also be kept in mind that the return from Gold will not be as spectacular as it was during the last few years.  Gold will provide a steady return of 8-12% over the next 12 months.

Varun Bhatia: I have 50 shares of L&T at Rs 1690 a share? What should I do, hold or sell?

A: L&T is an excellent company.  We believe that prospect of L&T is good in medium / long term.   India's infrastructure story will help L&T.  Being efficient and well managed provides it with an edge.

As soon as the investment cycle starts in India, L&T will be the biggest beneficiary.

Prasad Dhodapkar: What is your call L&T Finance ?

A: L&T Finance is a strong candidate for a banking license.  However, this expectation is already factored in by the market and this reflects in the price.  Considering the parentage and it's fundamental strength, we believe that L&T Finance is a good hold for medium / long term.

Chitresh Lunawat: What is your call on Madhucon Projects ?

A: India's GDP growth has clearly slowed down and both infrastructure and capital goods sectors are suffering the most.  The pains points are yet to be removed.  From the value perspective, the infrastructure companies look attractive.  However, we believe that the time for value buying in these sectors haven't yet come.  It is better to avoid Madhucon Project in short / medium term.

Anshuman Chakrapani: What's your view on JP Associates ?

A: JP Associates is a fundamentally strong company.  However, the problem ailing the infrastructure and capital good sectors, may also affect JP Associates.  At current levels, JP Associates can be acquired for a medium / long term.  However, in the short term, till the economic environment improves, JP Associates may continue to struggle.

Nilesh Gala: What your view on TV18 and Mirza International ? Also can you tell me about Shalimar Paints ?

A: TV18 has corrected significantly in the recent past.  At current levels, this looks good. Exposure can be taken in TV18.

Mirza International has improved performance over the last few quarters.  However it is better to stick to established large cap and mid cap stocks.

Shalimar Paints is one of the leading paints manufacturing companies of India, reported its financial results for the quarter ended 30th Dec, 2012. The Third quarter witnesses a healthy increase in overall sales as well as profitability of the company. The company's net profit jumps to Rs.46.90 million against Rs.37.90 million in the corresponding quarter ending of previous year, an increase of 23.75%. Revenue for the quarter increase 14.63 percent.

At the current market price of Rs 136, the stock P/E ratio is at 14.87 x FY13E and 12.99 x FY14E respectively. Earnings per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.9.15 and Rs.10.47 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 16% and 19% over 2011 to 2014E respectively. On the basis of EV/EBITDA, the stock trades at 6.87 x for FY13E and 6.03 x for FY14E. Price to Book Value of the stock is expected to be at 3.18 x and 2.55 x respectively for FY13E and FY14E. We expect that the company surplus scenario is likely to continue for the next years, will keep its growth story in the coming quarters also.

Anuj Khatri: IT majors held out during this recent turbulent ride. Should one go ahead n buy or be at sideline and wait for a dip? Also, I bought drowning Tata Steel at Rs 366. Should I wait for a upswing or get out? Please suggest stop-loss, time horizon?

A: Large cap IT companies have been performing well inspite of the global turmoil.  We believe that TCS and HCL will continue to outperform and deliver good results.  Exposure can be taken whenever there is a correction.

Regarding small and mid cap, one needs to be extremely careful.  While opportunities exist in the market place, performances of these companies are not assured.

TATA Steel has probably seen the worst.  We expect that performance will improve hereon.   Domestic production is increasing as a percentage of overall production.  This should significantly help in overall margins.  The long term investor can explore entering or remaining invested TATA Steel at current levels.

20.07 | 0 komentar | Read More

DROUGHT-JALNA 2 LASTBES7

"There is no source of income left for the farmers now as "There is no source of income left for the farmers now as the farms are ruined. Farmers will be unable to repay loans... A time will come in near future when the farmers will have to commit suicide," said Ram Patade, a cotton grower from Kutubkheda. The farmers are now cutting down the dead plants and trees and using them as firewood, he said. Government and the local legislators have been apathetic, farmers alleged. "There is no MGNREGA scheme here. Last time, when the construction of Amrapur-Pimplegao road was undertaken (under the scheme), money went to bogus workers," alleged Shivaji Sushe, a farmer from Amrapur village. Ironically MGNREGA, the flagship scheme of UPA government, was inspired by the employment guarantee scheme devised by Maharashtra government to provide relief in the wake of 1972 drought. PTI KVS KRK SCY SDM

20.07 | 0 komentar | Read More

Nasheed leaves Indian Mission in Male on 11th day of his stay

Sat, Feb 23, 2013 at 18:02

Nasheed leaves Indian Mission in Male on 11th day of his stay

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Nasheed leaves Indian Mission in Male on 11th day of his stay

Nasheed leaves Indian Mission in Male on 11th day of his stay

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Nasheed leaves Indian Mission in Male on 11th day of his stay

Nasheed leaves Indian Mission in Male on 11th day of his stay

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Male/New Delhi, Feb 23 (PTI) Ending eleven days of stalemate, ex-Maldivian President Mohamed Nasheed today walked out of the Indian High Commission in Male where he was holed up since last Wednesday to evade an arrest warrant. Nasheed walked out of the mission at 4:15 pm (IST) after which India said it hoped that with this development the former President will again resume his social and political life. "We welcome this development," President Mohamed Waheed's Press Secretary Masood Imad told PTI in Male adding there was no arrest warrant against Nasheed at the moment. However, he also added that "I am happy that the longest meeting in world has ended. We were formally told by the High Commission on the first day that Nasheed had come into the Mission for a meeting and will be out once it is over." Nasheed has been in the Indian Mission since February 13 to evade arrest after he failed to appear in court on charges of detaining Chief Criminal Judge Abdulla Mohamed during his Presidency. His party claimed that the case was politically motivated and designed to disqualify him from taking part in September Presidential polls. "It will be recalled that the former President had entered the Indian Mission in Male on 13 February 2013 on his own volition and had similarly decided to leave on his own. "It is hoped that with this development the former President will again resume his social and political life," the Ministry of External Affairs said in a statement in New Delhi. The breakthrough came after a high-level MEA team led by Joint Secretary Harsh Vardhan Shringla was sent to Maldives where it held a series of meetings with senior government ministers and various other stakeholders. MORE PTI SAP/PYK DDC

From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'

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In drought-hit Jalna, peak of summer arrived 2 months early

Sat, Feb 23, 2013 at 18:02

In drought-hit Jalna, peak of summer arrived 2 months early

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In drought-hit Jalna, peak of summer arrived 2 months early

In drought-hit Jalna, peak of summer arrived 2 months early

Like this story, share it with millions of investors on M3

In drought-hit Jalna, peak of summer arrived 2 months early

In drought-hit Jalna, peak of summer arrived 2 months early

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Kunal V Shinde Jalna (Maha), Feb 23 (PTI) A grim picture unfolds as one travels through the drought-hit Jalna district of Marathwada region and the border areas of Ahmednagar district in western Maharashtra, with the common refrain being that situation is worse than 1972, a benchmark year for droughts. People, especially those who can not afford tanker water, have to go around searching for a free source even at night. "People searching for water day-long and even at night is a common sight. This situation would normally come about only in May but there was no rainfall this year which made it worse. People don't have water even for bath," said a labourer, who was collecting water from a leak in the pipeline which supplies water to the industrial area of Jalna from the Jaikwadi reservoir. In 1972, Maharashtra had faced a severe drought but then the problem was shortage of food grains. "This year's drought is severe due to acute water shortage. This was not the case in 1972 as water was available. There was shortage of food grains and farmers had no money. This time food grains are available but there is no water," said Madhukar Bormare, a farmer from Jaikwadi village in Ahmednagar district. Bormare, who grows onion, said the situation is worsening with every passing day. "Animals are suffering a lot," he said. In several parts of the district, lack of irrigation has visibly destroyed cotton, wheat crops and sweet lime plantations. (More) PTI KVS KRK SCY SDM

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IIFCL's Rs 200cr tax free bonds issue to open on Monday

The tranche II of tax free bonds issue of India Infrastructure Finance Company (IIFCL) will open for subscription on Monday, February 25, 2013. The company aims to raise Rs 200 crore through the issue with an option to retain oversubscription up to the residual shelf limit of up to Rs 6,331.1231 crore.

According to the CBDT notification, the company proposed to raise upto Rs 10,000 crore through issue of bonds in the year 2012-13. Out of which, IIFCL already raised Rs 785 crore on a private placement basis in two tranches and Rs 2,883.88 crore through public issue of tax free secured redeemable non-convertible bonds of tranche I.

Coupon rate for retail investors, NRIs and HUFs (which are applying for an amount aggregating up to Rs 10 lakh across all series of bonds in each tranche issue) will be 7.36 percent in case of series I, 7.52 percent in series II and 7.58 percent in series III. Coupon rate for other investors will be 6.86 percent in series I, 7.02 percent in series II and 7.08 percent in series III.

Redemption of bonds will take place at the end of 10 years, 15 years and 20 years from the deemed date of allotment for series I, series II and series III, respectively. IIFCL will make interest payment on bonds on annual basis.

Bids can be made for minimum of 5 bonds across all series of bonds and in multiples of one bond thereafter. The issue will close on March 15, 2013.

Credit rating agencies namely Brickworks, ICRA and CARE assigned AAA (stable) rating for this debt programme.

Bonds are proposed to be listed on Bombay Stock Exchange.

The book running lead managers to the issue are SBI Capital Markets Limited, A K Capital Services Limited, Axis Capital Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited.

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DLF can touch Rs 310: Aggarwal

Arun Aggarwal Of Religare Capital Markets is of the view that DLF can touch Rs 310, but it all depends upon on how the company performs in terms of its launches and sales going forward.

Aggarwal told CNBC-TV18, "Multiple things which are happening in DLF one was deleveraging, which is broadly known now. My sense is that the improvement in operations led by higher execution is the key thing to look into the stock here onwards, around 35-40 percent of the under execution properties are getting delivered in a year's time. But what it mean is that operations are going to leaner, and hence you will have a better bandwidth to launch and execute more.

He further added, "To top it up, there are a number of new project launches which are coming up, which would mean cash flows to improve significantly from here onwards. So my sense is that all in all a different divisions of operations are coming together and hence good bit of rerating, which is still happening and can happen here onwards. As of now I have kept a price target of Rs 310 for a March 14 number, but it all depends upon on how the company performs in terms of its launches and sales going forward."

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Talent, ear-on-the-ground key for start-ups: IDG Ventures

For every tech start-up that makes it big, there are many that fall by the wayside. Critics say herd mentality in the investor community  in 2010 and 2011 created a bubble of sorts with valuations skyrocketing.

But with India adding Internet and mobile users by the millions every quarter the potential for growth is still tremendous. What does it take to spot and nurture a winner?

This week CNBC-TV18's special show India's Angels turns the spotlight on a venture capital fund that invests exclusively in the tech space - IDG Ventures India.

IDG Ventures manages more than USD 6 billion globally with over 200 companies in its portfolio and 10 offices across Asia and North America. The fund's lead investor and sponsor is the International Data Group or IDG, the worlds largest IT-media company.

IDG's India fund was set up in 2005 by Sudhir Sethi, TC Meenakshisundaram and Manik Arora. Together the trio manages a USD 150-million fund with 20 start-ups in Internet, mobile, SAS (statistical analysis system), enterprise services, and medical devices.

TC Meenakshisundaram, co-founder, IDG Ventures India offers tips on how start-tups can set the ball rolling.

"Get people who are better than you in terms of helping you grow the company. Go for big markets where you can make a big impact. Sometimes the technology is very cool, but the size of the market opportunity is very small. That does not excite a venture capitalist. Start-ups should keep their ears to the ground. The market shifts so quickly that in just two quarters a particular technology can become irrelevant, especially in the consumer business."

Manik Arora, co-founder, IDG Ventures India adds, "When you are trying to build a large company with a great product and a good CEO, it is important to recruit talent that has seen scale, build a good architecture and manage 100 others who are rockstars at what they do."

Meanwhile, Sudhir Sethi, co-founder, IDG Ventures India describes his first visit to the office of online retailer Myntra.com.

"My first visit to Myntra was on a rainy day and the office was on the first floor in a vegetable market. I thought that the entrepreneur must have come up with an extremely frugal business model to have an office in a vegetable market."

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Cagliari ask fans to stay away for Torino clash

By Terry Daley

ROME (Reuters) - Sardinian club Cagliari have asked their fans not to go to the Is Arenas for their Serie A clash with Torino on Sunday (1400 GMT) after the match was ordered to be played behind closed doors.

"Dear fans, as you know, due to the complex situation regarding the Is Arenas Stadium, the authorities have decided that Cagliari-Torino will be played behind closed doors," the club said in a statement on their website.

"We know that this is painful, to not see your team and not support us in a game important for survival, and for both you and us this is a reason for sadness.

"As it is easy to understand, Cagliari is in delicate moment, and for this we ask for your help, understanding and sense of responsibility. The future of Cagliari is in your hands."

Serie A authorities ordered the match be played at the Is Arenas but behind closed doors on Wednesday, the latest in a long running series of incidents surrounding the controversial stadium.

Last Thursday, Cagliari president Massimo Cellino was arrested along with Stefano Lilliu, public works assessor for the Quartu Sant'Elena neighbourhood where the stadium is located, and the district's mayor Mauro Contini. They were charged with embezzlement and false representation in the rebuilding of the stadium.

Cagliari moved to the small Is Arenas stadium, which had previously hosted third-tier matches in the 1980s, at the start of this season but, with only one permanent stand, they have had trouble from the outset.

Three temporary stands were built but their opening match against Atalanta was staged behind closed doors after local authorities ruled the stadium was not ready.

Their following match against AS Roma was cancelled by the Cagliari city government after the club defied its orders to play without supporters.

On that occasion, Cellino told fans the ground was safe, invited them to turn up for the match and slammed the city government for placing bureaucratic obstacles in the club's way.

Roma were awarded a 3-0 win but Cellino won a court case last week which could lead to the game having to be played after all.

Less high profile matches proceeded at the Is Arenas but Cagliari were banned from hosting a game against champions Juventus in the stadium and had to switch that fixture to Parma.

Their match against AC Milan on February 10. was initially set to be moved to Turin amid security worries but eventually went ahead at the stadium after a regional tribunal ruled it was safe.

Cagliari played at the Stadio Sant'Elia from 1970 until around halfway through last season but abandoned the arena due to disagreements with the local authorities and over growing safety worries.

They played their remaining matches last term in Trieste, near the border with Slovenia and nearly 1,000 kilometres away.

(Reporting by Terry Daley, editing by Justin Palmer)

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Tunisian president asks Islamist to form government

By Tarek Amara

TUNIS (Reuters) - Tunisian President Moncef Marzouki on Friday asked Interior Minister Ali Larayedh, a hardliner from the main Islamist Ennahda party, to form a government within two weeks, his spokesman said.

Marzouki's spokesman told a news conference Ennahda leader Rached Ghannouchi had formally nominated Larayedh to succeed outgoing Prime Minister Hamadi Jebali, who resigned on Tuesday.

Ennahda is the biggest party in the National Constituent Assembly with 89 of its 217 seats. Marzouki's secular Congress for the Republic party, the second largest with 29 seats, has already said it will join a new Ennahda-led coalition.

But Ennahda's choice is likely to raise hackles among liberal Tunisians, some of whom accuse Larayedh's Interior Ministry of failing to curb violence by Islamists against advocates of secularism, including journalists and artists.

However, they give him credit for taking firm action against Islamist militants with alleged links to al Qaeda.

The assassination of secular opposition politician Chokri Belaid on February 6 plunged Tunisia into its worst crisis since the overthrow of strongman Zine al-Abidine Ben Ali two years ago.

Larayedh, 57, is viewed as part of Ennahda's hardline wing, which rejects any role for parties linked to the Ben Ali era.

A maritime engineer, Larayedh spent 15 years in jail under Ben Ali. He became interior minister when Jebali's government was formed in December 2011 after an election in October.

Jebali, who remains Ennahda's secretary-general, refused to head the next government after his own party rejected his plan for an apolitical technocrat cabinet to prepare for elections.

He had proposed the idea after Belaid's assassination, the first in Tunisia for decades. The killing ignited three days of mass protests that exposed deep rifts between Islamists and their opponents in a fledgling democracy with an ailing economy.

Political uncertainty has put negotiations on a $1.78 billion loan from the International Monetary Fund on hold and prompted Standard and Poor's to lower its long-term foreign and local currency sovereign credit rating on Tunisia on Tuesday. (Writing by Alistair Lyon)

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Russian police detain Pussy Riot sympathisers in cathedral

MOSCOW (Reuters) - Russian police on Thursday detained two women who emulated Pussy Riot activists by donning balaclavas in Moscow's main Orthodox cathedral on Thursday, the first anniversary of the feminist group's protest in the same church.

Security guards seized the two middle-aged women as they placed flowers at the altar of the Christ the Saviour Church and then pulled off their masks. The women were then handed over to police officers, who led them away.

Video footage posted on the Internet showed the women explaining their sympathy with Pussy Riot, two of whose members have been jailed over the band's impromptu performance of a "punk prayer" in the cathedral on February 21, 2012.

That protest was intended to draw attention to the close relationship between Vladimir Putin, who has since returned to Russia's presidency, and the Russian Orthodox Church.

"We think it was a ... heroic deed that they came and told the Church how far it has fallen and what it must do to be a real Church: Not to serve the state but serve God," one of the two women said in the video, posted on the website of the opposition-oriented Novaya Gazeta newspaper.

"So we came because it is clear the women suffered. They are in jail, in difficult conditions. Their children are without their mothers," she said before being detained.

U.S. pop star Madonna and Myanmar democracy leader Aung San Suu Kyi are among those who have called for the two jailed Pussy Riot members to be freed. They are serving two-year sentences on charges of hooliganism motivated by religious hatred.

Their protest song, performed at the height of street protests against Putin that have since ebbed, took on two powerful state institutions at once and catapulted them from the margins to the fore of the Russian opposition movement.

Nadezhda Tolokonnikova and Maria Alyokhina are due to be released in March 2014. A third Pussy Riot member, Yekaterina Samutsevich, was released on appeal with a suspended sentence.

(Reporting By Alissa de Carbonnel; Editing by Mark Heinrich)

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Budget 2013-14: Textile biz seeks export incentives, more funds for TUFS

Thu, Feb 21, 2013 at 18:27

Excise duty on branded readymade garments should be scrapped.

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Budget 2013-14: Textile biz seeks export incentives, more funds for TUFS

Excise duty on branded readymade garments should be scrapped.

Like this story, share it with millions of investors on M3

Budget 2013-14: Textile biz seeks export incentives, more funds for TUFS

Excise duty on branded readymade garments should be scrapped.

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Paritosh Agarwal
Suryalakshmi Cotton Mills

• Excise duty on branded readymade garments should be scrapped.
• Adequate funds should be allocated for the Technology Up gradation Fund Scheme (TUFS) so that all the sanctioned projects and those that were unable to benefit when the scheme was revised could also get financial assistance from it. The Union Government must continue the accessible voluntary system for excise duty.
• The government must eliminate customs and excise duties on all machinery for textile and clothing industry.
• Product expansion has been the key to success in the international fashion ring and it would be crucial to allow this advantage to all garment exporting units irrespective of their structure status.
• Interest subvention rates on exports of readymade garments should be increased and on yarn and fabric should be introduced.
• Export incentives like duty drawback, focus product and focus marketing rates should be increased.

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Budget 2013-14: Cut rates, ease duty cap inflation: Consumer-durable biz

Kamal Nandi
Godrej Appliances

The previous year has not been very fruitful for the consumer durables industry. The increased inflation and interest rates clubbed with multiple price increases due to increase in input costs have constrained the purchasing power of the middle class that ultimately has resulted in postponement of purchase. Since 3 years the consumer durables industry growth has been FLAT and it is time that it gets the boost from the government that it rightly deserves.

In the coming financial year we expect the Interest rates to go down, steps towards which we can already see from the recent cuts in the bank rate, repo rates, CRR. This is definitely a positive sign.

Further to this, we are expecting the government to make certain important decisions keeping in mind the aspirations of the middle class which will benefit the customers and the industry as a whole. 

• Excise Duty Relaxation/Sales Tax reduction for energy efficient products. This would promote manufacturing of energy efficient appliances in India which in turn will help the power deficit scenario of our country. It will also increase the preference of such products amongst the consumers due to lower price.
• Reverse in excise duty. Last year the excise duty was increased by 2 percent which led to a price increase in white goods, resulting in drop in demand. We expect a roll back of the 2 percent increase in excise duty that was implemented last year.

20.07 | 0 komentar | Read More

Budget 2013-14: Hike home-loan subsidy, rebate on rates: Casa Grande

Arun Kumar
Casa Grande

In 2011, a 1 percent interest rate subsidy was provided for loans towards affordable housing. The scope of this subsidy should be amplified and broadened to include a wider price band of budget housing to benefit home buyers, especially in lower income groups.

Tax rebates on home loan interests can be increased from present Rs.1.5 Lakhs to 2.5 Lakhs/- enabling more investments in real estate.

In the current scenario, significant homes are sold on suburban locations and infrastructure follows the real estate development. The cost of builder providing the infrastructure is high and this impacts the affordability. Increase in spends on infrastructure would negate this incremental cost making housing affordable.

For retail, FDI needs to be relaxed upto 51 percent into multi-brand retailing. Indian retail will benefit greatly from increased spending in back-end logistics infrastructure and growth of organised retail.

The Finance Minister should bring out strong and convincing evidence of intention to implement the proposed real estate regulator in 2013, and provide single-window clearance for real estate development projects.

20.07 | 0 komentar | Read More

Ind-Swift current FY2012-13 to consist of 9 months

Wed, Feb 20, 2013 at 18:15

Ind-Swift has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2013, inter alia, has approved the current Financial year 2012-13 shall consist of period of 9 (nine) months i.e. from July 01, 2012 to March 31, 2013.

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Ind-Swift current FY2012-13 to consist of 9 months

Ind-Swift has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2013, inter alia, has approved the current Financial year 2012-13 shall consist of period of 9 (nine) months i.e. from July 01, 2012 to March 31, 2013.

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Ind-Swift current FY2012-13 to consist of 9 months

Ind-Swift has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2013, inter alia, has approved the current Financial year 2012-13 shall consist of period of 9 (nine) months i.e. from July 01, 2012 to March 31, 2013.

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Ind-Swift Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2013, inter alia, has approved the current Financial year 2012-13 shall consist of period of 9 (nine) months i.e. from July 01, 2012 to March 31, 2013.Source : BSE

Read all announcements in Ind-Swift

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Budget 2013-14: IT hardware biz seeks cut in duty, nil tax

J V Ramamurthy
MAIT

IT hardware manufacturing industry will provide employment for not-so-lucky people, possessing educational qualifications like ITI and diploma, besides gender employment. Current Internet density and penetration of IT have enough of headroom for growth and India being geographically at a right location in the middle of the globe, it serves as centre for products and services exports towards African and South Asian countries, besides the Middle East. With growing telecom density, growth of Internet and IT, should be easy especially with current large projects' roll out plan by government of India and the devices cost tumbling year after year.

MAIT's four key recommendations for Union Budget 2013-14 are:

(i) Inverted duty structure for manufacturers of IT products:

The impact of inverted duty structure is that it effectively makes direct import by end- customers or trading (i.e. import and sale) of IT products advantageous in comparison to manufacturing of IT products in India.

(ii) Nil rate of CST against Form C purchases of ITA products manufactured in India:

It is recommended that sales of ITA bound products manufactured in India for subsequent sale (i.e. resale) against Form C be taxed @ 0 percent so that manufacturing is not placed in a disadvantageous position vis-à-vis trading/direct imports.  For example, if manufacturing units are located in one State, the manufactured products attract a CST at 2 percent in inter-state sales, while traders/direct importers import the goods into the State of consumption and totally avoid the CST cost, thus putting domestic manufacturing at a disadvantage.

(iii) Removal of basic Customs Duty on IT accessories:

Given that such accessories such as adapters, battery, laptop carry bags, speakers form critical parts of the main IT product, imposing custom duties on the same increases the cost in the hands of the manufacturers (and disincentivises manufacturing), which impacts the pricing to end-customers.

(iv) Enhancement of MRP abatement:

Considering the prevalent rates of excise duty, sales tax in addition to logistics/transportation costs and dealer margins, we recommend that this anomaly should be corrected by increasing the abatement from existing rate to 40 percent on IT products.

20.07 | 0 komentar | Read More

Ind-Swift current FY2012-13 to consist of 9 months

Wed, Feb 20, 2013 at 18:15

Ind-Swift has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2013, inter alia, has approved the current Financial year 2012-13 shall consist of period of 9 (nine) months i.e. from July 01, 2012 to March 31, 2013.

Like this story, share it with millions of investors on M3

Ind-Swift current FY2012-13 to consist of 9 months

Ind-Swift has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2013, inter alia, has approved the current Financial year 2012-13 shall consist of period of 9 (nine) months i.e. from July 01, 2012 to March 31, 2013.

Like this story, share it with millions of investors on M3

Ind-Swift current FY2012-13 to consist of 9 months

Ind-Swift has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2013, inter alia, has approved the current Financial year 2012-13 shall consist of period of 9 (nine) months i.e. from July 01, 2012 to March 31, 2013.

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Ind-Swift Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2013, inter alia, has approved the current Financial year 2012-13 shall consist of period of 9 (nine) months i.e. from July 01, 2012 to March 31, 2013.Source : BSE

Read all announcements in Ind-Swift

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20.07 | 0 komentar | Read More

Budget 2013-14: IT hardware biz seeks cut in duty, nil tax

J V Ramamurthy
MAIT

IT hardware manufacturing industry will provide employment for not-so-lucky people, possessing educational qualifications like ITI and diploma, besides gender employment. Current Internet density and penetration of IT have enough of headroom for growth and India being geographically at a right location in the middle of the globe, it serves as centre for products and services exports towards African and South Asian countries, besides the Middle East. With growing telecom density, growth of Internet and IT, should be easy especially with current large projects' roll out plan by government of India and the devices cost tumbling year after year.

MAIT's four key recommendations for Union Budget 2013-14 are:

(i) Inverted duty structure for manufacturers of IT products:

The impact of inverted duty structure is that it effectively makes direct import by end- customers or trading (i.e. import and sale) of IT products advantageous in comparison to manufacturing of IT products in India.

(ii) Nil rate of CST against Form C purchases of ITA products manufactured in India:

It is recommended that sales of ITA bound products manufactured in India for subsequent sale (i.e. resale) against Form C be taxed @ 0 percent so that manufacturing is not placed in a disadvantageous position vis-à-vis trading/direct imports.  For example, if manufacturing units are located in one State, the manufactured products attract a CST at 2 percent in inter-state sales, while traders/direct importers import the goods into the State of consumption and totally avoid the CST cost, thus putting domestic manufacturing at a disadvantage.

(iii) Removal of basic Customs Duty on IT accessories:

Given that such accessories such as adapters, battery, laptop carry bags, speakers form critical parts of the main IT product, imposing custom duties on the same increases the cost in the hands of the manufacturers (and disincentivises manufacturing), which impacts the pricing to end-customers.

(iv) Enhancement of MRP abatement:

Considering the prevalent rates of excise duty, sales tax in addition to logistics/transportation costs and dealer margins, we recommend that this anomaly should be corrected by increasing the abatement from existing rate to 40 percent on IT products.

20.07 | 0 komentar | Read More

Budget 2013-14: India Inc keen on Budget sops for CSR: DLF Foundation

Gen Rajender Singh
DLF Foundation

"In today's world of fast-changing business environment and a perennial shortage of resources, corporates have realised the need for Corporate Social Responsibility. It is in their interest to drive CSR as a part of their corporate governance. In this respect, the initiatives of the ministry of corporate affairs is well received. In the coming budgets, organisations would be looking forward to stimulus from the government for CSR initiatives including tax sops. In the area of rural education and healthcare and sanitation programmes, corporate would be better served if special benefits are accorded to them for working towards driving education, skill development and poverty alleviation programmes.

I also believe, 2 percent spending on CSR is the bare minimum and corporates should come forth and spend more than that. Tax incentives could also be offered to the corporates who spend more than 2 percent on CSR. Such initiatives  also help in achieving some of the broader agendas for the government while offering benefits to corporate and thus any initiative in this regard would be quite valuable."

20.07 | 0 komentar | Read More

Budget 2013-14: India Inc keen on Budget sops for CSR: DLF Foundation

Gen Rajender Singh
DLF Foundation

"In today's world of fast-changing business environment and a perennial shortage of resources, corporates have realised the need for Corporate Social Responsibility. It is in their interest to drive CSR as a part of their corporate governance. In this respect, the initiatives of the ministry of corporate affairs is well received. In the coming budgets, organisations would be looking forward to stimulus from the government for CSR initiatives including tax sops. In the area of rural education and healthcare and sanitation programmes, corporate would be better served if special benefits are accorded to them for working towards driving education, skill development and poverty alleviation programmes.

I also believe, 2 percent spending on CSR is the bare minimum and corporates should come forth and spend more than that. Tax incentives could also be offered to the corporates who spend more than 2 percent on CSR. Such initiatives  also help in achieving some of the broader agendas for the government while offering benefits to corporate and thus any initiative in this regard would be quite valuable."

20.07 | 0 komentar | Read More

Buy DLF; target of Rs 298: Prabhudas Lilladher

Prabhudas Lilladher is bullish on DLF and has recommended buy rating on the stock with a target price of Rs 298 in its February 18, 2013 research report.

"DLF's target is to spur EBIDTA through additional leasing, high value Phase V launches, New Gurgaon launches as well key launches in its 'Rest of India' portfolio. It targets an EBITDA of Rs82.5bn which shall result in FCF of Rs30bn. This, coupled with two capital issuances totalling to Rs55bn shall lead to targeted debt levels of Rs100bn which can be easily serviced by its rental portfolio.

Having visited DLF's key land parcels in Gugaon and Delhi, our confidence in the quality of its land bank has been heightened on account of the infrastructure development that has been undertaken to enhance the value of the offering especially in Cybercity & Phase V, Gurgaon. However, in terms of the high-value launches in Phase V, Gurgaon that we had expected in Q4FY13, are more likely to take place in H1FY14.

DLF reported revenues of Rs13.1bn, 36% decline both on a YoY & QoQ basis. With the new accounting guidelines, new launch 'Sky Court' was not accounted in sales during the current quarter. Margins were extremely subdued at 6.6% as it provided for the potential loss on the Aman hotel sale as well as 'Timely Payment Rebates' on all projects under handover. Besides, costs for certain projects were also revised upwards.The PBT impact of higher costs was Rs5.62bn. PAT increased by 10% YoY and 106% QoQ to Rs2.8bn on account of profit accounted for the NTC mill sale transaction to the tune of 8.38bn.

Valuations: On account of a reduction in launch estimates for FY13 as well as a change in accounting policies, we are revising our earnings downwards for FY13 & FY14. We are reducing topline by 31% & 32% for FY13 & FY14 respectively and our PAT downwards by 34% & 51% respectively for the same time period. We maintain BUY on the stock with a price target of Rs 298," says Prabhudas Lilladher research report.

FIIs holding more than 30% in Indian cos

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

20.07 | 0 komentar | Read More

Buy DLF; target of Rs 298: Prabhudas Lilladher

Prabhudas Lilladher is bullish on DLF and has recommended buy rating on the stock with a target price of Rs 298 in its February 18, 2013 research report.

"DLF's target is to spur EBIDTA through additional leasing, high value Phase V launches, New Gurgaon launches as well key launches in its 'Rest of India' portfolio. It targets an EBITDA of Rs82.5bn which shall result in FCF of Rs30bn. This, coupled with two capital issuances totalling to Rs55bn shall lead to targeted debt levels of Rs100bn which can be easily serviced by its rental portfolio.

Having visited DLF's key land parcels in Gugaon and Delhi, our confidence in the quality of its land bank has been heightened on account of the infrastructure development that has been undertaken to enhance the value of the offering especially in Cybercity & Phase V, Gurgaon. However, in terms of the high-value launches in Phase V, Gurgaon that we had expected in Q4FY13, are more likely to take place in H1FY14.

DLF reported revenues of Rs13.1bn, 36% decline both on a YoY & QoQ basis. With the new accounting guidelines, new launch 'Sky Court' was not accounted in sales during the current quarter. Margins were extremely subdued at 6.6% as it provided for the potential loss on the Aman hotel sale as well as 'Timely Payment Rebates' on all projects under handover. Besides, costs for certain projects were also revised upwards.The PBT impact of higher costs was Rs5.62bn. PAT increased by 10% YoY and 106% QoQ to Rs2.8bn on account of profit accounted for the NTC mill sale transaction to the tune of 8.38bn.

Valuations: On account of a reduction in launch estimates for FY13 as well as a change in accounting policies, we are revising our earnings downwards for FY13 & FY14. We are reducing topline by 31% & 32% for FY13 & FY14 respectively and our PAT downwards by 34% & 51% respectively for the same time period. We maintain BUY on the stock with a price target of Rs 298," says Prabhudas Lilladher research report.

FIIs holding more than 30% in Indian cos

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

20.07 | 0 komentar | Read More

Mohit Paper Mills EGM on March 16, 2013

Tue, Feb 19, 2013 at 18:26

Mohit Paper Mills has informed BSE that the Extra Ordinary General Meeting (EGM) of the Company will be held on March 16, 2013.

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20.07 | 0 komentar | Read More

Kiri Industries' director resigns

Tue, Feb 19, 2013 at 18:26

Kiri Industries has informed BSE that Mr. Shanker R. Patel, Director of the Company has resigned w.e.f. February 19, 2013.

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20.07 | 0 komentar | Read More

Rich Universe board meeting on Feb 23, 2013

Tue, Feb 19, 2013 at 18:26

Rich Universe Network Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on February 23, 2013, inter alia, to consider, discuss and approve the re-appointment of Chairman & Managing Director and Whole Time Directors of the Company.

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Rich Universe board meeting on Feb 23, 2013

Rich Universe Network Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on February 23, 2013, inter alia, to consider, discuss and approve the re-appointment of Chairman & Managing Director and Whole Time Directors of the Company.

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Rich Universe board meeting on Feb 23, 2013

Rich Universe Network Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on February 23, 2013, inter alia, to consider, discuss and approve the re-appointment of Chairman & Managing Director and Whole Time Directors of the Company.

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Rich Universe Network Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on February 23, 2013, inter alia, to consider, discuss and approve the re-appointment of Chairman & Managing Director and Whole Time Directors of the Company.Source : BSE

Read all announcements in Rich Universe

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20.07 | 0 komentar | Read More