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Core sector growth slows to 2.5% in March

Written By Unknown on Rabu, 30 April 2014 | 20.07

Core sector growth slowed to 2.5 per cent in March from 7 percent in the same month a year ago as output of crude oil, natural gas and fertiliser declined.

The eight core industries -- fertilisers, cement, steel, electricity, crude oil, coal, petroleum refinery products and natural gas -- have a combined weight of about 38 per cent in the Index of Industrial Production.

Also Read: China to overtake US economy; India trumps Japan

For 2013-14, core sector growth slowed to 2.6 per cent from 6.5 per cent in 2012-13, according to data released by the Ministry of Commerce and Industry.

In March, crude oil, natural gas and fertiliser output fell 1.6 per cent, 9.3 per cent and 6.1 per cent, respectively.

Growth in the production of coal, petroleum refinery products and steel slowed to 0.7 per cent, 2.8 per cent and 5.4 per cent in March as against 1.7 per cent, 24.3 per cent and 11.6 per cent a year earlier, respectively.

Cement output was unchanged in March. Only electricity generation increased to 5.4 per cent from 3.5 per cent in March 2013.
In January and February, the eight sectors grew by 1.6 per cent and 4.5 per cent, respectively.

Below is verbatim transcript of CNBC-TV18's Latha Venkatesh's analysis of the numbers

It is largely very mediocre news. For the month of March itself the growth has been 2.5 percent. However, perhaps the positive way to look at it is the March of 2013 was a very strong month, which saw a 7 percent growth and therefore on a high base the 2.5 percent doesn't look too bad.

If you looked at each of the production units, coal for instance, the index has increased by almost 20 percent. Likewise, you are also seeing a decent amount of improvement in steel. March always looks better than February because there are more number of days of production and most companies push to the limit in March so as to get the good year end figure. So, comparing March over February would be unfair.

A year-on-year comparison is the way to look at it and there it is a mediocre 2.5 percent March over March. Since it is March you also have the full year. FY14 has seen a measly growth of 2.6 percent which is the lowest in many years. I think it would be the lowest in perhaps 11 years as far as the core sector performance is concerned.

The previous lowest year was the Lehman year. Even then we generated a growth of 2.8 percent. This is something like 11 or 12 year low as far as the core sector performance is concerned. One hopes we will better it in FY15.

(With inputs from PTI)


20.07 | 0 komentar | Read More

Birla Shloka Edutech: Outcome of board meeting

Birla Shloka Edutech has board meeting held on April 30, 2014, have considered and approved the following matters: 1. Resignation of M/s. LKM & Co., Chartered Accountants as Statutory Auditor of the Company.

Birla Shloka Edutech Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 30, 2014, inter alia, have considered and approved the following matters:1. Resignation of M/s. LKM & Co., Chartered Accountants as Statutory Auditor of the Company.2. Appointment of M/s. Jaiprakash Upadhayay & Co., Chartered Accountants as Statutory Auditor of the Company, subject to approval of the shareholders.Source : BSE

Read all announcements in Birla Shloka


20.07 | 0 komentar | Read More

Kesoram Industries: Outcome of board meeting

Kesoram Industries has board meeting held on April 29, 2014, appointed Sudip Banerjee as an Additional Director, as per the recommendation of its Nomination & Remuneration Committee. Sudip Banerjee will be formally proposed at the forthcoming Annual General Meeting for appointment as an Independent Director.

Kesoram Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 29, 2014, appointed Sudip Banerjee as an Additional Director, as per the recommendation of its Nomination & Remuneration Committee.Sudip Banerjee will be formally proposed at the forthcoming Annual General Meeting for appointment as an Independent Director.Source : BSE

Read all announcements in Kesoram

To read the full report click here


20.07 | 0 komentar | Read More

Videocon Telecom to invest Rs 1,240 cr this fiscal

The company is targeting consolidated revenue of Rs 2,500 crore in FY 2014-15, it added. Videocon Telecom has permit for telecom services in seven out of 22 circles but currently operates in four circles of Gujarat, Madhya Pradesh, Haryana and Punjab.

Mobile operator Videocon Telecom today said it will invest Rs 1,240 crore mainly in network expansion and infrastructure in four service circles.

"We will be investing over 1,240 crore in our existing four circles in FY 2014-15 primarily on network expansion, IT infrastructure, service platforms, and other technological advancements," Videocon Telecom Director and CEO Arvind Bali said in a statement.

The company is targeting consolidated revenue of Rs 2,500 crore in FY 2014-15, it added.  Videocon Telecom has permit for telecom services in seven out of 22 circles but currently operates in four circles of Gujarat, Madhya Pradesh, Haryana and Punjab.

The company said that revenue of the company grew by 77 percent year-on-year to Rs 344.5 crore in the last quarter of FY2013-14. "Minutes of usage have grown by over 81 percent, data business is up by an impressive 317 percent and now contributes to 7 per ecnt of our Mobility Business with over 38 percent of our mobile customers actively using data," Bali said.

Videocon Telecom started its business afresh after winning spectrum in November 2012. The company has recorded highest net subscriber addition continuously over 8 months, as per data released by industry body COAI.

"The Telco achieved an impressive 91 percent growth in its Subscriber base at 7 Mn Customer base," the statement said.


20.07 | 0 komentar | Read More

EU sanctions 15 politicians military leaders over Ukraine

Written By Unknown on Selasa, 29 April 2014 | 20.07

The decision brings to 48 the number of people that the EU has put under sanctions for actions it says have undermined Ukraine's territorial integrity.

The European Union imposed asset freezes and travel bans on 15 Russians and Ukrainians, including a Russian deputy prime minister, Dmitry Nikolayevich Kozak, over Moscow's action in Ukraine, but steered clear of any sanctions on business leaders.

The latest list included Ludmila Ivanovna Shvetsova, a deputy chairman of the State Duma, the lower house of Russia's parliament, Valery Vasilevich Gerasimov, chief of staff of Russia's armed forces, as well as separatist leaders in Ukraine.

But it did not include the heads of Russian energy giants such as Rosneft's Igor Sechin, who had been included on a new US sanctions list on Monday.

The decision brings to 48 the number of people that the EU has put under sanctions for actions it says have undermined Ukraine's territorial integrity.

Russia annexed the Crimea region after Ukraine's pro-Moscow president was ousted in February by protesters demanding closer links with Europe. Kiev and the West accuse Russia of stirring up a separatist campaign in the east, a charge Moscow denies.

Also read:  Why you need to watch a Ukraine 'flashpoint'

The EU decision coincided with an earlier White House announcement that the United States was imposing sanctions on seven Russians and 17 companies linked to Russian President Vladimir Putin.

The United States has been much more aggressive in the penalties it has imposed on Russia than has the European Union, which depends heavily on Russia for energy and has close trading links.

The EU has so far only put sanctions on individuals, not companies. The European Commission is drawing up a list of tougher economic sanctions, possibly affecting trade or the energy or finance sectors, that could be imposed on Russia.


20.07 | 0 komentar | Read More

Non-operating gas project added Rs 800 cr to NPA: IFCI

Though IFCI  has posted a 13 percent rise in net profit in its quarterly results , the asset quality still looks bad with gross non-performing assets (NPA) worsening on a quarter-on-quarter basis. Even the net NPA has missed the guidance of sub-7 percent put out by the management in the last quarter.

Speaking to CNBC-TV18's Ekta Batra, IFCI CEO and MD Malay Mukherjee said the rise in NPA levels has been due to a particular account, related to a gas project, which has added Rs 800 crore to the NPA figure.

IFCI has a total exposure worth Rs 1300 crore to gas-based projects. The company expects both GNPA and NNPA to come down sequentially. Mukherjee is confident of a minimum 2 percent decrease in GNPAs by the next financial year.

The company has also restructured two accounts worth Rs 160 crore during the quarter.

Below is the interview of Malay Mukherjee, MD & CEO, IFCI, with CNBC-TV18's Ekta Batra.

Ekta: I wanted to start with the asset quality this quarter because the gross non-performing asset (NPA) has worsened to 17.3 percent versus 16.2 percent on a sequential basis. Can you just take us through the asset quality stress that the company faced this quarter?

A: If you look at the gross NPA quarter sequentially it came 17.3 percent but if you look at year wise it has come down from 22.2 percent to 17.3 percent. Of course there is some sort of a concern for the NPA not only for us, but also for the entire financial market.

But, for me what has happened is one particular account of infrastructure and power sector and that too related to the gas projects where we have a large exposure. As prudentially, we have taken a call to make a provision in this quarter itself. So, but for that the gross NPA and net NPA figure would have been better sequentially basis and year- wise basis.

Ekta: Can you just give us the total slippages this quarter and how much this gas space, power plant that slipped this quarter was?

A: Well, I would like to go on a year-wise basis that will give you a much better figure. So, if you look at the numbers, the gross NPA is now at Rs 3,451 crore which is 17.26 percent and net NPA is Rs 2123 crore which is 11.4 percent. So the gas-based project has added Rs 800 crore to the NPA figure.

Ekta: What were your recoveries this quarter? Did you manage any recoveries at all and how do you expect this particular account to move going forward?

A: As far as this account is concerned, prudentially we have made a provision there. There's nothing wrong with this account. It is waiting for the gas connection. This is a project of 500 megawatt consisting of two phases. Unit is ready for the production and if they get the gas connection this will start operations.

So, the moment it starts it will be in a position to clear the overdues and the account will become automatically standard. So, it is a forced measure you can say because of this the account we thought a provision can be made in this quarter itself.

Ekta: Can you name the account?

A: No, I am sorry. It's not fair to name the account.

Ekta: What is the exposure to the sector? Going forward how much more slippages can be seen within? 

A: In gas-based projects we have exposure of nearly Rs 1300 crore. 

Ekta: So, this would include Rs 800 crore?

A: Yes of course.

Ekta: So, what is your expectation in terms of asset quality going forward?

A: In general we are planning on quarter-on-quarter basis this gross NPA, net NPA both to go down and we are expecting at least 2 percent will go down by the next financial year. And if you look at the net NPA. My NPA book is 50 percent of the total NPA. The sub-standard category is 50 percent of the total NPA of the book. And in the sub-standard since the provisions are 10 percent, you are seeing the net NPA figure very high. So, the moment we make a higher provision when quarter-on-quarter basis this net NPA figure will also come down. So not only we will recover the money, we will make more provisions so that the net NPA figure comes down further. 

Ekta: What about your restructured book? Can you just tell us how many loans you have restructured in the quarter?

A: We have restructured two accounts in this quarter worth Rs 160 crore.

Ekta: And what is your pipeline for restructuring? 

A: The pipeline as such is around Rs 150 crore. We are expecting that,  including the gas project what you were talking just now another one. So, Rs 160 crore we have restructured this quarter. Company as a whole has a restructured book of Rs 1100 crore out of which last quarter we did Rs 160 crore. Pipeline is roughly around Rs 150-160 crore for this quarter.

Ekta: And a run rate of slippages going forward would be how much?

A: No, I don't want further slippages to come in. I would like to get it reduced. I would like the recovery more than the slippages happening.


20.07 | 0 komentar | Read More

'Misguided mango import ban could hit India-EU FTA'

The European Union's decision to ban the import of Indian mangoes is "ill-conceived and misguided" and could impact the 28-member bloc's negotiations on an FTA with India, a leading European trade body today said.

The Brussels-based Europe India Chamber of Commerce (EICC) issued a statement on the ban on Indian Alphonso mangoes and some vegetables that comes into force from May 1.

"The EU bureaucracy thinks that this decision will strengthen its bargaining position on FTA (Free Trade Agreement) and other bilateral issues with the new government but the EU's thinking is utterly 'misplaced' and very childish, and will only harden India's new government's attitude towards EU," warned Sunil Prasad, secretary-general of the chamber set up to promote bilateral trade, investment and economic relations between the EU and India.

Also read:  Indo-US ties not in doldrums says Nancy Powell

The UK's Department for Environment, Food and Rural Affairs (Defra) has said the temporary EU ban was necessary due to the pests found in fruits and vegetables that could threaten Britain's salad crop industry of tomato and cucumber. "Indian mangoes and vegetables are imported to Europe for centuries and by banning these, the EU has once again shown its immaturity and utter nonsense in policy decisions.

"There are countries in Africa and Asia where cultivation and packaging process of imported mangoes are far worse than India and by singling out India, the EU has demonstrated its complete disrespect and unbalanced attitude towards the existing negotiation on an FTA," Prasad said.

He expressed hope that the EU will rethink its decision and create a "conducive environment" where issues of bilateral trade can be discussed with the new government in New Delhi.

"Although WTO Agreement on Sanitary and Phytosanitary Measures allows countries to set their own standards, it also says regulations must be based on science and they should be applied only to the extent necessary to protect human, animal or plant life or health.

"In this case there was no scientific justification to ban mangoes as there was no appropriate assessment of risks," said the official, who has been campaigning for a multilateral rule-based trading system.

"I urge the European Union to behave like a matured trading partner and withdraw the decision with immediate effect so that the damage is not beyond repair," he stressed, adding that he will also raise the issue with the EU Ambassador during his visit to New Delhi next week.

Indian-origin MP Keith Vaz has also been campaigning against the ban on behalf of his constituents in Leicester, which hosts an annual mango festival.

Vaz has written to the European Commission president and is planning to make a representation to the British Prime Minister David Cameron.

Meanwhile, an e-petition titled 'Reverse Mango Import Ban' on the UK government website has crossed over 1,000 signatures as part of a campaign warning that the ban will severely impact importers and distributors across Britain.


20.07 | 0 komentar | Read More

SC appoints ex Aussie judge as arbitrator between RIL-govt

The Supreme Court today appointed Michael Hudson McHugh, former judge of the High Court of Australia, as the presiding arbitrator in the RIL-BP-Niko case.

Moneycontrol Bureau

The Supreme Court today appointed Michael Hudson McHugh, former judge of the High Court of Australia, as the presiding arbitrator in the RIL -BP-Niko case.

Reliance Industries has nominated former chief justice of India, SP Bharucha as its arbitrator, while the Centre has chosen former Chief Justice VN Khare as its nominee.

Also check out: KG-D6 gas pricing row: RIL concludes arguments in SC

The three-member arbitration panel will have to decide if RIL deliberately suppressed output from KG-D6 and whether the government has the right under the product sharing contract (PSC) to levy penalties if output fell short of estimates.

RIL had moved the SC seeking appointment of an arbitrator from a foreign country with which parties in disputes are not connected with.

Reliance stock price

On April 29, 2014, Reliance Industries closed at Rs 940.30, down Rs 5.05, or 0.53 percent. The 52-week high of the share was Rs 988.90 and the 52-week low was Rs 765.00.


The company's trailing 12-month (TTM) EPS was at Rs 68.01 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 13.83. The latest book value of the company is Rs 556.88 per share. At current value, the price-to-book value of the company is 1.69.


20.07 | 0 komentar | Read More

Idea beats estimates, net profit rises to Rs 590 cr

Written By Unknown on Senin, 28 April 2014 | 20.07

India's third largest mobile phone carrier, Idea Cellular beats estimates by reporting a consolidated net profit of Rs 590 crore against Rs 467 crore in the December quarter due to higher voice call prices and increased consumption.

India's third largest mobile phone carrier,  Idea Cellular beats estimates by reporting a consolidated net profit of Rs 590 crore against Rs 467 crore in the December quarter due to higher voice call prices and increased consumption. The last two quarters have been seasonally weak for the company but now it has managed to impress the street.


20.07 | 0 komentar | Read More

Nifty consolidates; ends the day down 20 points

A weak start to this week, the Nifty ending with a cut of close to around 20 points. It started off with a negative bias and maintained that negative bias, so, no big surprise coming out of our markets.


20.07 | 0 komentar | Read More

Idea Q4 beats street, net up 26%; data volume drives growth

The Aditya Birla Group company's data volume was up 31 percent while total voice minutes jumped 8.6 percent, in the quarter. Its average revenue per user (ARPU) stood at Rs 173 versus Rs 169 Q-o-Q, while average revenue per minute (ARPM) was almost flat at 43.6 paise compared to Rs 44.9 paise on a quarterly basis.

Moneycontrol Bureau

Idea Cellular 's March quarter earnings beat street estimates with net profit rising 26 percent to Rs  589.8 crore compared to Rs 467.7 crore quarter-on-quarter. Volume growth pushed fourth quarter revenue 6.5 percent higher to Rs 7,043.8 crore from Rs 6,613.1 crore on a quarterly basis.

According to CNBC-TV18 poll, the telecom operator's net profit was seen growing 10.3 percent to Rs 516 crore and revenue to rise 5.2 percent at Rs 6955 crore.

The Aditya Birla Group company's data volume was up 31 percent while total voice minutes jumped 8.6 percent, in the quarter. Its average revenue per user (ARPU) stood at Rs 173 versus Rs 169 Q-o-Q, while average revenue per minute (ARPM) was almost flat at 43.6 paise compared to Rs 44.9 paise on a quarterly basis.

The three quarters uptrend of ARPM was halted with decline by 2.8 percent but the voice elasticity of demand more than compensated the slide. In comparison, the company improved 'non voice revenue' share to 16.5 percent (16.1 percent in Q3FY14) led by data growth, the company said in a statement.

"The company added 5.1 million new 3G users in FY14 with 3G EoP base now at 10.2 million. The 3G user mobile data ARPU is steady at Rs 111 per month. The company clocked 17.7 million net subscribers on visitor location register (VLR) in FY14 against 14.9 million net subscriber VLR additions in FY13 strengthening its presence in Indian mobile market. Idea now serves 137.9 million quality subscribers as on March 31, 2014," it said.

 However, its EBITDA margin was flat at 31.7 percent

Addressing a press conference, the management said that the telecom company is generating cash flows of Rs 1,669 crore on a sequential basis. The company sees FY15 capex at Rs 3,500 crore on spectrum related payments.

The board has also recommended dividend at 4 percent with an overall payment of Rs 1,554million (including dividend distribution tax).

The stock closed at Rs 140.75, up Rs 0.25, or 0.18 percent on the BSE.

Posted by Nasrin Sultana


20.07 | 0 komentar | Read More

FY14 fiscal deficit likely to fall to 4.5%: FinMin sources

There are indications that the number could be as low as 4.5 percent, which is marginally lower than 4.6 percent that was mentioned in the interim Budget. However, the finance minister has not yet confirmed the number.

The government is likely to report a lower fiscal deficit for FY14 than the target set by the Finance Minister P Chidambaram in the interim budget according to sources in the finance ministry.

There are indications that the number could be as low as 4.5 percent, which is marginally lower than 4.6 percent that was mentioned in the interim Budget. However, the finance minister has not yet confirmed the number.

Also read: See GDP growth at 5.6% in FY15, maintains India Ratings

The reason for this fall could be because the government in the revised estimates at the time of the presenting the interim Budget had mentioned around Rs 3000 crore that would come in from the  Axis Bank stake sale but that number has now around Rs 6500 crore. Moreover, there is also an expectation of compression in the planned expenditure; therefore some savings could happen on that front too.

Putting both these aspects together, the government expects to save around Rs 10000-11000 crore more in FY14.

However, these are just a broad indication and the numbers are not likely to be out immediately. The ministry is still working on it and some time in the month of May, the final estimates from the Controller General of Accounts (CGA) are going to be out.


20.07 | 0 komentar | Read More

There's change at Leo Burnett India

Written By Unknown on Minggu, 27 April 2014 | 20.07

The big news from Indian advertising this week was the change of creative guard at Leo Burnett India. Former ECD of BBDO India, Raj Deepak Das will now take over from KV Sridhar as the new Chief Creative officer of the agency. This, nearly six months after the agency got a new CEO in Saurabh Verma.

The big news from Indian advertising this week was the change of creative guard at Leo Burnett India. Former ECD of BBDO India, Raj Deepak Das will now take over from KV Sridhar as the new Chief Creative officer of the agency. This, nearly six months after the agency got a new CEO in Saurabh Verma. Storyboard Editor Anant Rangaswami spoke to Verma on the implications of the decision to bring in new blood.


20.07 | 0 komentar | Read More

Watch: Ads that jumped on to the election bandwagon

Now, there are many brands that have jumped on to the election bandwagon. While some are urging consumers to vote, some are talking elections without even referring to them. Here are some that caught our eye.

Now, there are many brands that have jumped on to the election bandwagon. While some are urging consumers to vote, some are talking elections without even referring to them. Here are some that caught our eye.


20.07 | 0 komentar | Read More

Vikram Sakhuja’s ambition for Maxus

Media agency Maxus continues to dominate headlines. According to the latest RECMA reports released earlier this month, the agency retained its position as India's most dominant media agency, and has been named the world's fastest growing media agency network.

Media agency Maxus continues to dominate headlines. According to the latest RECMA reports released earlier this month, the agency retained its position as India's most dominant media agency, and has been named the world's fastest growing media agency network. It's global CEO, Vikram Sakhuja speaks about how he plans to take Maxus to the top five globally.


20.07 | 0 komentar | Read More

Rain likely in North and Northeast; rest of India swelters under intense heat

The Western Disturbance brought light rain in Jammu & Kashmir where Gulmarg recorded 9.6 mm of rain. Srinagar, Batote and Pahalgam also received some rain. As the system is moving away, rain will decrease in the state. In the next 24 hours, Himachal Pradesh, Uttarakhand, Haryana and Delhi might receive thunderstorms with squally winds accompanied by light rain.

The associated cyclonic circulation over west Rajasthan is also expected to moving east-northeastwards and bring some relief from the hot and dry conditions in the northwest plains. According to the latest weather update by Skymet Meteorology Division in India, Northeast India will heave a sigh of relief as rain is expected here from tomorrow.

Weather in East India

In East India, temperatures have been on the rise. Heat wave conditions are being experienced in some pockets of south West Bengal like Purulia and Burdwan. Kolkata is experiencing extreme heat wave conditions and recorded 41.2°C as maximum yesterday, which is 6°C above normal average.

Weather in Central India

In Maharashtra, Nagpur touched 44°C today afternoon. Several other places like Wardha, Malegaon and Bhira are above 43°C and will maintain levels in the next 24 hours.

Weather in South India

The discontinuity line across north Odisha, south Chhattisgarh, coastal Andhra Pradesh and Telangana region could witness some thunderstorms in next 24 hours. South Kerala and Karnataka could also receive some isolated thundery activity. As rain will not be significant and commence only in the later part of the day, temperatures will not be affected much.

By: Skymetweather.com


20.07 | 0 komentar | Read More

Vikram Sakhuja’s ambition for Maxus

Written By Unknown on Sabtu, 26 April 2014 | 20.07

Media agency Maxus continues to dominate headlines. According to the latest RECMA reports released earlier this month, the agency retained its position as India's most dominant media agency, and has been named the world's fastest growing media agency network.

Media agency Maxus continues to dominate headlines. According to the latest RECMA reports released earlier this month, the agency retained its position as India's most dominant media agency, and has been named the world's fastest growing media agency network. It's global CEO, Vikram Sakhuja speaks about how he plans to take Maxus to the top five globally.


20.07 | 0 komentar | Read More

India's forex reserves decline by $31.6 mn

Foreign currency assets (FCAs), a major part of the overall reserves, fell by $16.2 million to $281.536 billion for the period under review, the Reserve Bank of India (RBI) said on Friday.

After rising for seven straight weeks, India's foreign exchange reserves declined by USD 31.6 million to USD 309.413 billion in the week ended April 18 on account of a fall in currency assets.

Total reserves had jumped by USD 2.79 billion to USD 309.44 billion in the previous week.

Also Read: RBI for independent body for forex benchmark rate

Foreign currency assets (FCAs), a major part of the overall reserves, fell by USD 16.2 million to USD 281.536 billion for the period under review, the Reserve Bank of India (RBI) said on Friday.

FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in its reserves.

Gold reserves remained unchanged at USD 21.566 billion, as per the RBI data.

Special drawing rights dipped by USD 10.9 million to USD 4.472 billion, and India's reserve position with the IMF dropped USD 4.5 million to USD 1.837 billion, the apex bank said.


20.07 | 0 komentar | Read More

Watch: Ads that jumped on to the election bandwagon

Now, there are many brands that have jumped on to the election bandwagon. While some are urging consumers to vote, some are talking elections without even referring to them. Here are some that caught our eye.

Now, there are many brands that have jumped on to the election bandwagon. While some are urging consumers to vote, some are talking elections without even referring to them. Here are some that caught our eye.


20.07 | 0 komentar | Read More

There's change at Leo Burnett India

The big news from Indian advertising this week was the change of creative guard at Leo Burnett India. Former ECD of BBDO India, Raj Deepak Das will now take over from KV Sridhar as the new Chief Creative officer of the agency. This, nearly six months after the agency got a new CEO in Saurabh Verma.

The big news from Indian advertising this week was the change of creative guard at Leo Burnett India. Former ECD of BBDO India, Raj Deepak Das will now take over from KV Sridhar as the new Chief Creative officer of the agency. This, nearly six months after the agency got a new CEO in Saurabh Verma. Storyboard Editor Anant Rangaswami spoke to Verma on the implications of the decision to bring in new blood.


20.07 | 0 komentar | Read More

No witch-hunt, probe against Vadra will be fair: Jaitley

Written By Unknown on Jumat, 25 April 2014 | 20.07

Jaitley, who is the BJP candidate from Amritsar in Punjab, said there will a fair investigation into the allegations levelled against Vadra. "Any probe against Robert Vadra will be a fair one if we come to power. We will be fair, we will be law centric and not be personality centric," Jaitley told CNN-IBN.

There will be no witch-hunt if the Bharatiya Janata Party forms the next government at the Centre, said party leader Arun Jaitley on Friday just a few hours after his colleague Uma Bharti called Congress President Sonia Gandhi's son-in-law Robert Vadra a thief and said that he won't be spared.

But Jaitley, who is the BJP candidate from Amritsar in Punjab, said there will a fair investigation into the allegations levelled against Vadra. "Any probe against Robert Vadra will be a fair one if we come to power. We will be fair, we will be law centric and not be personality centric," Jaitley told CNN-IBN.

He also said that he never personally attacked the Gandhi family but only responded when they targeted BJP prime ministerial candidate Narendra Modi.
Probe against Robert Vadra will be fair: Jaitley

Earlier, Uma Bharti had hit out at the Gandhis and warned that Vadra would be punished.

Speaking to CNN-IBN, Uma Bharti said, "Vadra is not an important person, but the theft that he has committed is so large that I have to speak about him. Who is Vadra? What are his credentials? When did he become a Gandhi? He is who is just because he is married to Sonia's daughter. Let me tell Priyanka that whether it is her husband or anyone else, the law is equal for every thief."

BJP leader Ravi Shankar Prasad also took on Sonia's daughter Priyanka Gandhi saying that her husband Robert Vadra's model is of crony capitalism. "Priyanka Gandhi should explain that if the economy is going down how is your husband making such profits. The Robert Vadra model is an example of crony capitalism," he said.


20.07 | 0 komentar | Read More

Lupin may test Rs 1040-1050: Chandan Taparia

Chandan Taparia of Anand Rathi is of the view that Lupin may test Rs 1040-1050 as long as it stays above Rs 965.

Chandan Taparia of Anand Rathi told CNBC-TV18, " Lupin is trading near to the life-time high, Rs 1009 is the immediate recent high and that is also life-time high. The stock is making the higher tops and higher bottoms on the weekly chart and it is moving out of the consolidation for the last 10-12 trading sessions. So, now this stock can catch up the rally. Till it remains above Rs 965. momentum may continue towards Rs 1040-1050 levels."

The share touched its 52-week high Rs 1,012 and 52-week low Rs 693.70 on 15 April, 2014 and 26 April, 2013, respectively. Currently, it is trading 2.67 percent below its 52-week high and 41.99 percent above its 52-week low. Market capitalisation stands at Rs 44,165.02 crore.


20.07 | 0 komentar | Read More

Union Bank may move up further, says Kunj Bansal

Kunj Bansal , ED & CIO at Centrum Wealth Management is of the view that one may see Union Bank of India and ICICI Bank may move up further

Kunj Bansal , ED & CIO at Centrum Wealth Management told CNBC-TV18, "My view on the market is quite positive. If market, especially the indices have to move up then it is the high weight stocks which have to take the market up. So, as a result, in large cap ICICI Bank  is something which is very high weight in Nifty and Sensex. Looks like it will continue to participate. Today's correction gives a good base also for the stock to continue to move up. In terms of other banks, Axis Bank  is the other bank."

"Even in public sector banks, earlier we used to see a lot of pessimism which has gone down quite significantly. So, within that specifically, Union Bank of India  is one bank which looks very good to me which will continue to move upwards," he said.

Also Read: ICICI Q4 net up 15% on higher other income, retail advances


20.07 | 0 komentar | Read More

Expect Aurobindo Pharma to test Rs 610-620: Mehta

Pritesh Mehta of IIFL is of the view that one may see more upside in Aurobindo Pharma and feels that the stock may test Rs 610-620 if it moves above Rs 570.

Pritesh Mehta of IIFL told CNBC-TV18, "I have been a big fan of Aurobindo Pharma  for a while now and for the last one month or so the stock has been consolidating at the top. It had a terrific rally in 2014. It has gone up by more than 40 percent and still looks attractive. Any kind of stock which consolidates at the top, one has to be part of that counter."

"Aurobindo Pharma has been consolidating between Rs 540-570 for last one month. So, any kind of move up from Rs 570 could see the stock attempting the levels of Rs 610-620. So, there is a good opportunity for more upside," he said.

Disclosure: Analyst might have recommended the stock to his clients, but has no personal holdings.


20.07 | 0 komentar | Read More

Lok Janshakti state general secretary held for extortion

Written By Unknown on Kamis, 24 April 2014 | 20.07

Singh is an accused in case number 4/12 registered at the EOU police station in the state capital.

The Economic Offences Unit (EOU) of the Bihar Police today arrested Lok Janshakti Party (LJP) state general secretary Lalan Singh on charges of extortion and criminal intimidation.

Singh is an accused in case number 4/12 registered at the EOU police station in the state capital.

He is accused of threatening, intimidating and extorting money from Central Public Works Department (CPWD) contractors who bid for the construction of Sashastra Seema Bal (SSB) camp at Narkatiaganj in West Champaran district on the Indo-Nepal border, EOU Inspector General Praveen Vashista said.

"We were investigating the case for the last several months and gathered sufficient evidence of his involvement. An arrest warrant was issued by the court and we executed it. Other accused in the case will be nabbed in the coming days," said Vashista.

EOU sources said Singh was one of the patrons of the dreaded Shambhu-Mantu gang active in extorting money from contractors in central schemes across Bihar and Uttar Pradesh. The duo face more than 50 charges of murder and other serious crimes.


Sources said the LJP leader is a relative of former MP Surajbhan Singh. He and his wife had unsuccessfully contested Bihar assembly polls in 2005 and 2010, respectively.


20.07 | 0 komentar | Read More

Pharma exports slowest in 15 yrs, to miss target this FY

India's pharmaceutical exports registered slowest growth in at least 15 years at 1.2 percent to USD 14.84 billion last fiscal amid growing tension with the US over intellectual property rights related issues.

As the IPR issues raised by the US - India's biggest market - are unlikely to be resolved anytime soon, industry observers say that pharma exports will miss the target of USD 25 billion set for 2014-15 in a government strategy paper.

According to the Commerce Ministry data, in 2012-13, the country's pharma exports aggregated USD 14.66 billion.

Also read:  Optimistic on pharma space for next few months: Nirmal Bang

The growth registered in 2013-14 is the slowest in nearly 15 years. The previous slowest was in 2009-10 when the pharma exports grew by just 5.9 percent. In calendar year 2000, they grew by 7 percent.

"2013-14 has seen slowdown in growth because of the US raising concerns and due to increase in global competition," said PV Appaji, Executive Director, Pharmexcil.

Elaborating on hurdles faced by Indian companies, an official said: "The US industry is alleging that India's IPR laws particularly with regard to pharma sector discriminate American firms. They are putting pressure on their government to take actions against India."

The US is the top destination for Indian pharma exports followed by the UK. America accounts for about 25 percent of India's pharma exports.

The Obama administration has been strongly criticising India's investment climate and IPR laws, especially in the pharmaceuticals sectors.

US pharma companies had objected to India's move to issue a compulsory license in March, 2012 to Hyderabad-based Natco Pharma to manufacture and sell Bayer's cancer-treatment drug 'Nexavar' at a cheaper price.

Compounding the problems for Indian pharma firms, Vietnam too has raised concerns over medicines imported from India. An industry official stated that "if Vietnam were to ban imports from India, It will further impact our exports".

Appaji, however, said: "DCGI is looking into concerns raised by Vietnam over quality defects in drugs supplied from various countries, including India which is a major supplier to the country."

Despite the challenges, he said: "India has been able to make its name as a quality supplier of affordable medicines across the globe. We are expecting around 12 percent growth this fiscal."


20.07 | 0 komentar | Read More

Tale of two affidavits: Kejriwal richer than Modi

The Aam Aadmi Party (AAP) chief Arvind Kejriwal is richer than his opponent and the BJP's PM nominee Narendra Modi. Kejriwal and his wife together have close to Rs 64 lakh worth more assets than Narendra Modi. They are taking on each other in Varanasi.

Even though Narendra Modi's affidavit submitted before the Returning Officer (RO) of Varanasi on Thursday is not yet available, in the affidavit he filed before the Returning Officer at Vadodara, Modi has declared assets worth just Rs 1.5 crore. It is unlikely to go up in just two weeks.

Arvind Kejriwal has declared assets worth Rs 2.14 crore. Kejriwal's assets also include his wife and Indian Revenue Service (IRS) officer Sunita's assets.

Surprisingly Modi has disclosed that he is married to Jasodaben in his affidavit. But, her asset details are not available. Since she is a retired primary school teacher, her assets would be less.

According his affidavit Narendra Modi declared his movable assets at Rs 51, 57,582 which include cash in banks and fixed deposits, cash in hand at Rs. 29,700 and valuation of four rings at Rs 1.35 lakh.

But, he doesn't own any vehicle and has not bought any jewellery in the last two years. He owns a residential house in Gandhinagar, worth around Rs 1 crore and does not own any other property or land besides this house, the declaration says.

Modi's IT return for the financial year 2012-13 claims that his annual income was just Rs 4, 54,094. According another affidavit filed in 2012, Modi's income stood at just Rs 1, 50,630 for financial year 2011-12. The total assets declared by him in 2012 stood at Rs. 1.33 crore and he had cash of Rs 4,700 in hand then. His s movable assets as per his 2012 affidavit stood at Rs 33, 42,842.

According to PTI, in the 2014 declaration, Modi added more than Rs 18 lakh in his financial investments, such as cash in bank, fixed deposits and saving schemes, in the last two years.

MODI DECLARES NO CASE, KEJRIWAL DECLARES 6 AGAINST HIM

In his affidavit filed along with nomination papers for the Lok Sabha election from Varanasi constituency, the AAP founder mentions six cases which are pending against him in various courts.

Kejriwal owns two flats - one at Indirapuram, Ghaziabad in Uttar Pradesh and another at Shivani in Haryana. He claims that his flat at Indirapuram is worth Rs 55 lakh and the flat at Shivani is worth Rs. 37 lakh.

Kejriwal's wife Sunita owns a 2,244 sq feet flat in Gurgaon worth Rs 1 crore. Kejriwal has also declared movable assets worth Rs. 4, 25,085 and his wife has a total of Rs 17,41,583, including 300 gm of gold worth Rs 9 lakh in today's market. Kejriwal has mentioned cash Rs 15,000 in hand and his wife has Rs 10,000 in cash.

Like Modi, Kejriwal has also declared 'nil' liability in the affidavit filed today. But his wife has a total liability of Rs 41 lakh which includes Rs 30 lakh home loan from State Bank of India and Rs 11 lakh loan from relatives.

Kejriwal has declared a total income in 2012-13 at Rs 2,05,600 and his wife's income in that period was Rs 9,84,570.


20.07 | 0 komentar | Read More

Gandhis 'entitled' to 'stoop' to any level: BJP

As Priyanka Gandhi raked up the 'snoopgate' issue against Narendra Modi, BJP today hit back saying her remarks suggesting there should be no personal attacks meant that Gandhis are entitled to "stoop to any level" but others cannot target them.

As Priyanka Gandhi raked up the 'snoopgate' issue against Narendra Modi, BJP today hit back saying her remarks suggesting there should be no personal attacks meant that Gandhis are entitled to "stoop to any level" but others cannot target them.

"Sound bites for convenience rather than out of conviction seem to be Gandhi-Vadra strategy. I thought that Mrs Vadra made a good point when she suggested that no personal attacks should be made. In the very next breath, she raked up "snoopgate". What she probably meant that no personal attacks against the Gandhis but the Gandhis are entitled to stoop to any level," BJP leader Arun Jaitley said in an article.

Also read:  Tale of two affidavits: Kejriwal richer than Modi

Jaitley, who is the BJP candidate from Amritsar, said he was not in the holy city for conventional political activity but one which was more issue oriented and less personality oriented.

"I am not here for the conventional political activity. I am here to make a difference...Amritsar requires a different kind of politics. It should be increasingly become more issue oriented and less personality oriented. It is only then that the people here can collectively make a difference," he said.

Jaitley also shared his vision for Amritsar, which was a clean city with broad roads, flyovers, elevated bus corridor, proper sewage and drainage system, public transport system, educational institutions and one with modern industries at the outskirts and buzzing with trade.

He said he visualised it as a primary tourism circuit where tourism infrastructure like restaurants, guest houses, hotels, dhabas are extensive, besides a world class sports complex, an amusement park, a walking bazaar where handicrafts are sold and a food street where people arrive from all over to enjoy the delicacies of Punjab.


20.07 | 0 komentar | Read More

Wonderla Holidays IPO subscribed 38 times

Written By Unknown on Rabu, 23 April 2014 | 20.07

The 1.45 crore initial public offer of Wonderla Holidays has received overwhelming response from investors, subscribing 37.80 times on Wednesday, as per data available on the exchange website.

The 1.45 crore initial public offer of Wonderla Holidays has received overwhelming response from investors, subscribing 37.80 times on Wednesday, as per data available on the exchange website.

The IPO, which closed today, saw bids for 46.6 crore equity shares as against total issue size of 1.23 crore share (excluding anchor investors' portion of 21.75 lakh shares) at 17 hours IST. 

The issue was opened for subscription on April 21 and the price band was Rs 115-125  per equity share.

Wonderla Holidays Limited operates two largest amusement parks in Bangalore and Kochi under the brand name Wonderla and is in the process to open third one in Ranga Reddy district of Andhra Pradesh (AP).

It intends to raise Rs 166.75-181.25 crore through the issue, out of which it already garnered Rs 27.19 crore by selling 21.75 lakh equity shares through anchor investors' portion on April 17.

Wonderla Holidays alloted shares to three anchor investors at Rs 125 per equity share, at higher end of issue price band of Rs 115-125. The three anchor investors were HDFC Trustee Company (HDFC Mutual Fund), Aditya Birla Private Equity Trust and TVS Shriram Growth Fund (TVS Capital).

The company says net proceeds from the issue are proposed to be utilised for setting up an amusement park Wonderla in Hyderabad and general corporate purposes.

Equity shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange (NSE).


20.07 | 0 komentar | Read More

Xavier's principal message: What really went wrong?

R Jagannathan
Firstpost.com

If there is one thing that the message sent by the principal of Mumbai's St Xavier's College to students proves, it is this: in this election, almost no one is really non-partisan. Plus, if you want to send a political message when you shouldn't, it is possible to couch it in all kinds of high-sounding ideas and still get your message across.

The message Principal Frazer Mascarenhas wanted to send his students, and the world at large, was simple: don't vote for Narendra Modi. Since he did not want to do this directly, he chose to send it indirectly. He used the ruse of a discussion on the Gujarat model and human development indicators and the Food Security Act to tell his students whom to vote for.

If he had used the occasion to even discuss the Gujarat model threadbare, he would have done some good. But he didn't, for a genuine discussion would call for looking at both the good points and the bad points of the Gujarat model in some detail. Even if his chosen focus was to be on human development indicators – where, Gujarat admittedly, lags – he could have been more even-handed. But that was obviously not his purpose.

Mascarenhas chose to frame the discussion around what he calls two views that have come up in "stark" contrast, but effectively runs away from really discussing these views. He posits the growth of big business against the quality of life of the majority – as though these are either/or options. This is the way he frames the debate in his email to students, and which is also on the college's website (read here ). "Is the growth of big business, the making of huge profits, the achievement of high production – what we seek? Or is it the quality of life for the majority in terms of affordable basic goods and services and the freedom to take forward the cultural aspirations of our plural social groups that make up India?"

If Dr Mascarenhas had been listening to Modi's speeches recently, he has not talked one word about corporate interests – only development for the masses, the poor farmer, the poor worker. But that doesn't serve the principal's purpose.

Moreover, is Mascarenhas under the impression that the 2G, Coalgate, Commonwealth and Adarsh Society scams are about meeting the aspirations of the majority? Sure, he may have had the Adani-Ambani issues raised by the Aam Aadmi Party in mind when he wrote this, but surely no party or state leadership has really been free from connections to big business – either for election funding or to seek investments?

Every state seeks big investments, and these require the wooing of big business to create jobs. If Adani and Ambani have done so in Gujarat, so have GVK and GMR in Andhra Pradesh, various steel companies in Odisha, etc. Which world is the principal living in?

Or is the Good Principal under the illusion that inflation, lack of jobs and slow growth are somehow irrelevant to the toiling masses? This is exactly what happened under UPA. Gujarat, in contrast, has among the lowest unemployment rates in the country (read here and here ), but this is not apparently an important plus for the Gujarat model.

Then, Mascarenhas takes more direct potshots at the Gujarat model – which is the code he wants his students to understand. He makes a sweeping statement condemning Gujarat's performance in human indicators, saying the state's "Human Development Index indicators and the cultural polarisation of the population show that Gujarat has had a terrible experience in the last 10 years."

Gujarat had a terrible experience in its riots of 2002. Since then it has largely focused on development – and minorities have been a part of this growth story. Social polarisation is a reality in the state, but so is it in many other states.

Sure, Gujarat needs to improve its social indicators, but Mascarenhas fails to consider any counter-view. He could have read this article , or this one , where the author suggests that Gujarat's growth has been more inclusive than you think. Surely, the head of an educational institution is not supposed to have blinkered, one-sided views. This is what stands out in "stark" contrast.

Then, the email suddenly gets into a private gripe. After saying higher education has "not been allowed to move forward" in Gujarat, Mascarenhas brings up his own private complaint: "St. Xavier's College, Ahmedabad, thrice NAAC-accredited with an equivalent of the A grade, has not been able to gain permission from the Gujarat Government for academic autonomy, for the last 10 years and has finally won a battle in the high court to approach the UGC directly for this status."

There's no better example of using a private grouse to tell people to vote against someone.

After giving his convoluted reasons for why you shouldn't vote for Modi, Mascarenhas then comes to the point on who you could vote for. Again in obvious code.

He writes: "As opposed to this (ie, Gujarat model, etc), efforts like the Rojgar Yojana and the Food Security Act have been called 'election sops'. However some of our best social scientists like Amartya Sen and Jean Dreze have supported these as necessary in the emergency economic situation the country and the world is facing."

Surely, Mascarenhas knows that the Food Security Bill was passed with the support of the BJP? Modi has not said one word against it. Chhattisgarh, a BJP-ruled state, is even said to have a good food security apparatus, and it was lauded by the same Jean Dreze.

But when you talk about what Amartya Sen's views are on food security, does it not make sense to discuss counter-views, those of Jagdish Bhagwati and Arvind Panagariya?

Mascarenhas comes to the conclusion that "those who support big business and its unethical profits will never agree to such public expenditure for the masses" – expenditure in education and health. But the BJP manifesto specifically talks of huge investments in education and health. The Sarva Shiksha Abhiyan was started by the NDA – and taken forward by the UPA.

The Xavier's College principal then makes it clear who he is actually targeting: "The prospect of an alliance of corporate capital and communal forces coming to power constitutes a real threat to the future of our secular democracy."

Since "communal" is short-hand for BJP/Modi in our public discourse, it is clear what Mascarenhas is talking about. The truth is, if Mascarenhas really had his eyes open, the "alliance of corporate forces and communal forces" can be spotted in other political combos too – the Congress and its alliance with minority-based parties in centre and states, the regional players in various ways.

Wouldn't it have been more honest of Dr Mascarenhas to say simply: Don't vote for Modi? Why go through the rigmarole of discussing the Gujarat model and the food security act? As a citizen of a free country, he can speak his mind. No need to beat round the bush.

The writer is editor-in-chief, digital and publishing, Network18 Group


20.07 | 0 komentar | Read More

8 things to learn from Modi's election campaigns

R Jagannathan
Firstpost.com

This article originally appeared in Firstbiz.

In less than a month from now, we will know if Narendra Modi's stupendous effort to bag the country's top job has been successful or not. But no one, friend or foe, bhakt or critic, can deny that he has mounted one hell of a campaign that will, at some point, provide a global B-school case study.
Consider the sheer energy he has put in. The election dates were announced just about a month ago, but Modi has been on the campaign trail since September 2012 – yes, 2012. That's when he began the Gujarat campaign. That's 19 months on the stump, a punishing schedule.

If Modi finally makes it 7, Race Course Road, it will be one of the most fascinating victories in Indian history – a story without precedent.

What are the key management lessons one can learn from the success of the Modi juggernaut so far?

First, declare your ambitions and goals clearly. Rarely in Indian elections have we seen any candidate clearly state what he wants and what he hopes to achieve if he gets what he wants. While others pussyfoot around the idea and act coy, Modi has always been clear he wanted to be PM. This is the main reason why many voters are clear about giving him a chance.

This is simple logic. Consider that there are three applicants for a job. The first applicant says it does not matter if he gets the job or not, for he is on to higher things. The second applicant says everyone else is a crook and doesn't deserve the job. The final applicant says he wants the job and he is best qualified for it. He is willing to work hard and brandishes his past achievements to support his candidature.

Who will you give the job to? The chances are you will consider the person who is keen on the job, seems to have the qualifications, and willing to toil for it.

This is the power of goal clarity and focus.

Second, break the final target into a set of smaller targets and milestones.

Modi's milestones were clear: First, win Gujarat convincingly, next win public backing for his candidature through carefully-choreographed speeches to specific audiences (starting with the address to the Shriram College of Commerce in January 2013 in Delhi), then win party support by getting the cadre excited at various fora, and then expand his support base by winning votes for his party CMs in various assembly elections (but after sealing his candidature for the top post). Now he is in sight of the final peak: getting enough votes in crucial states to lead his party to victory and form a government. Modi ran his campaign like a US presidential election - from primaries to the final party nomination and on to voting day.

Third, demonstrate strength, then invite stakeholders. One of the big myths perpetrated by the media is that Modi would never get allies because of 2002. For a while it seemed likely to prove true. But Modi did not bother with this theory. He knew allies would come if they saw winning potential in him. Once he demonstrated public support and the opinion polls started conveying the same groundswell of support across the country, allies started trickling in one by one. It is strength that attracts allies, not entreaties.

Fourth, eliminate doubters and bring in team players. This is one of the core philosophies that saw Roald Amundsen, the Norwegian explorer, beat Robert Scott to the South Pole in 1911. Amundsen knew that if his team had to make it first, it needed competent people, but more important, he needed people who would fall in line and not try to be too individualistic. As Morten Hansen writes in this HBR blog: "Amundsen emphasised unity and teamwork over individual competence. He got rid of his best person, Johansen, and booted him from the final assault team because he had quarrelled with Amundsen openly in front of all the others. Amundsen could not risk fracture in his team, which could jeopardise the whole enterprise. Likewise, Bill Gates was quick to manage out people who didn't fit, including two presidents…".

This is exactly what Modi did. First, he got his b�te noire Sanjay Joshi out of Gujarat in 2012. Then he got the party to appoint his key person, Amit Shah, as the person in charge of his most important state – Uttar Pradesh. Shah is facing cases against him in some encounter killings, but for Modi his loyalty and political acumen was what mattered. He brought back BS Yeddyurappa despite opposition from within, and tied up with Ram Vilas Paswan in Bihar despite misgivings in his party. Inside the party, LK Advani has been neutered, and Jaswant Singh shown the door. Everybody knows now who is boss. To be sure, Modi will still face some internal conspirators – political parties are not like South Pole explorers with small teams of specialists - but he will probably deal with them if he wins. He can't outplace everyone and still seek to win.

As Hansen writes in his HBR blog: "Amundsen was not nice, warm, and fuzzy. However, he didn't take the easy path ("let's hope it will work out") but made difficult choices ahead of time. In selecting people, it is not about being nice, but rigorous."

Modi is not in the race to win awards for being nice to people.

Fifth, plan meticulously and in detail. TV viewers watching Modi's speeches in various places may think it is all about oratory, but that is only one part of the Modi plan to communicate with the masses. The truth is there is an entire army of people working to support his rallies. There in a huge IT crew that monitors the buzz on social media. There is a huge contingent of on-ground researchers who thank people who come to his rallies and seek feedback.

A Narendra Modi rally is not about erecting a stage and giving the speakers a mike. There is water-tight security combing, there are LED screens to give everyone who attends a clear view of the man, there are speakers at vantage points to amplify every soundbyte from the stage - the works. Plus there are feeds organised for the TV channels, and facilities for live streaming on the internet.
Says an Indian Express report: "Narendra Modi rallies have, in recent times, gone on to become full-fledged stage productions involving light, sound, carefully chosen music, stage design and sky cameras — all intended to enhance viewer experience and build the Modi brand."

An Economic Times report explains why a Modi rally is not just any event: "At every Modi meeting, an army of volunteers combs through the crowd, gathering feedback, profiling attendees and making a headcount. Later the party's IT cell collates all the data."

Sixth, set the agenda and keep control. Companies which hope to win in a competitive arena must choose their battlefield and the agenda. In this election, Modi has been setting the agenda most of the time. During the Gujarat campaign, he spent more time attacking Sonia and Rahul than on local issues – he took the nation's eyes way from any nagging issues in his own state. The media labelled him as uncouth, and pooh-paahed him. He won by setting the agenda to his advantage.

After emerging from Gujarat on the national stage, he began talking of the Gujarat model. Suddenly, the man who everyone labelled communal was talking growth and development and introducing new talking points to the TV and media circuit. The agenda excited young voters at a time when Rahul Gandhi was talking elliptically about "escape velocities". The Gujarat model is now being questioned following Arvind Kejriwal's foray into Gujarat, but the agenda has changed again. It is too late to debunk the Gujarat model. The Congress gave him space to introduce the Gujarat model by initially ignoring him. Now that they have decided to take him on, he has shifted the agenda again.

Over the last few weeks, the main issue in this election is Modi himself. All his detractors have taken him on – making him the focus of this election. This suits Modi since this election will now be a referendum on him. He has not only set the agenda, he has become the agenda.

Take another example: Till a few months ago, the general assumption was that everyone votes regionally – and regionally alone. Indian Lok Sabha elections are about parties and alliances, not about the candidate. But Modi has succeeded in making this election substantially presidential.

Seventh, attack the enemy where he is weak. This strategy is, of course, obvious. Modi's strength has been the UPA's economic failures, and the meekness of Manmohan Singh as PM. It did not need a Modi to discover where the UPA's chinks were, but it required genius to discover whom to attack, how to attack, and for what.

Contrary to general assumptions, Manmohan Singh's weakness is actually his strength and his weakness his strength. As LK Advani found out in 2009 and even later in parliament, if you attack Singh's meekness, you risk public opprobrium and Singh can easily turn the tables. But if you pity him, you gain. The meek always inherit the public's sympathies. Modi was happy to defend Singh when Rahul Gandhi insulted him by rubbishing the ordinance to help convicted criminals as "nonsense". Modi defended Singh. He attacks Sonia and Rahul more in order to expose the weakness of their government.

Eighth, never play to your weakness. Answering direct questions from aggressive TV anchors is an uncontrollable situation. As Rahul Gandhi discovered in his TV interview with Arnab Goswami, you can make a fool of yourself. Modi, in contrast, uses only friendly interviewers for his Q&As. He has learnt from bitter experience – as in the India Today Conclave in 2013, when he lost his cool following aggressive questioning about 2002. It is unlikely he will change this strategy as long as he is not PM.

This is not to suggest that every part of his strategy is well worked out. That's not the case. Modi still does not have a substantial think-tank lending weight to his interviews. He probably talks too much extempore with small strategic inputs, and does not prepare enough when talking on the economy or complex subjects.

On the other hand, he has also not committed himself to making elaborate promises to the electorate that he cannot keep. That will work to his advantage if he gets election. He has great expectations to meet, but few promises to keep.

The writer is editor-in-chief, digital and publishing, Network18 Group


20.07 | 0 komentar | Read More

Shazia Ilmi defends her comments on Muslims

AAP leader Shazia Ilmi has clarified that she was only speaking "sarcastically" when she asked a group of Muslim leaders to turn "communal".

AAP leader Shazia Ilmi has clarified that she was only speaking "sarcastically" when she asked a group of Muslim leaders to turn "communal". A video showing Ilmi exhorting some Muslim leaders to stop being secular went viral on social networking websites on Tuesday.

In the video, Ilmi, the AAP candidate from Ghaziabad, is seen asking the leaders to support the party. She can be heard saying that Muslims should become communal now.

"I know this is controversial, but it's necessary," she adds.

After a furore over her remarks, Ilmi clarified, "I am shocked to see that a statement like this can be so distorted. I was speaking sarcastically. The point I was making was that the Muslim community for long has been used in the name of secularism by political parties."

Also read: Candidate info may lead to quality votes: Mumbaivotes.com


20.07 | 0 komentar | Read More

Ultratech Cement Q4 PAT may fall 16% to Rs 610 cr: Poll

Written By Unknown on Selasa, 22 April 2014 | 20.07

Aditya Birla Group company Ultratech Cement will announce its fourth quarter (January-March) results on Wednesday. Analysts on an average expect profit after tax of the cement company at Rs 610 crore, down 16 percent compared to same quarter last year on weak operational performance and higher depreciation cost (post capacity addition).

Aditya Birla Group company  Ultratech Cement will announce its fourth quarter (January-March) results on Wednesday. Analysts on an average expect profit after tax of the cement company at Rs 610 crore, down 16 percent compared to same quarter last year on weak operational performance and higher depreciation cost (post capacity addition).

Sales during the same period increased 5.8 percent to Rs 5,700 crore in the quarter ended March 2014 from Rs 5,389.2 crore in same quarter last year owing to stronger volume and cement prices.

Cement volume is expected to be 11.6 million tonne, up 3 percent compared to corresponding quarter and 16 percent compared to previous quarter while realisation is estimated to grow by 3 percent year-on-year and 3 percent on sequential basis.

In case of operational performance, operating profit is likely to decline 9.9 percent year-on-year to Rs 1,080 crore and margin may dip 330 basis points to 18.95 percent on higher railway and diesel prices during the quarter. However, on sequential basis, analysts feel the margin may expand due to strong realisations coupled with sequentially stable cost.

Ultratech Cement has Pan India presence. All India average cement price rose 5 percent year-on-year and 2 percent quarter-on-quarter while prices in northern and central part of India grew 9-10 percent Y-o-Y.

Analysts believe gains in North region may be partly offset by declines in Southern part leading to a marginal Q-o-Q growth. Cement prices in North india aided by supply shortage due to the shutdown of Binani Cements' plants in Rajasthan, up 9.5 percent Y-o-Y per 50 kg bag and 9 percent Q-o-Q per bag whereas cement prices in South declined 1 percent Y-o-Y per bag and slipped 14 percent Q-o-Q per bag.

Its supplementary business of white cement and ready-mixed concrete (RMC) is estimated to grow 11 percent and 1 percent Y-o-Y, respectively in volume and 2.5 percent each Y-o-Y in realisations.
 
Key issues to watch out for are volume growth recovery & outlook, cement pricing outlook & sustainability, progress & timeline over  Jaiprakash Associates deal, and update on financial performance of Star Cement, UAE.


20.07 | 0 komentar | Read More

Microsoft bets big on education; launches tab for students

IT major Microsoft has partnered with HP and Pearson to launch a tablet for higher educational students in engineering and management streams. The companies will jointly launch the Windows 8.1 powered 10.1 inch Hewlett-Packard (HP) Omni10 tablet with embedded content from Pearson and Microsoft Office in the higher education space.

Priced at Rs 29,999, this is the software giant's second offering. In February this year, it had unveiled the Acer Iconia W4-820, priced at Rs 24,999, with Acer, MBD Group and  Tata Teleservices for private schools (K6-12 level).

Also read: Nokia to close deal with Microsoft on Apr 25  

"These customised tablets will make learning interactive and immersive and is part of our continuous efforts to make education more inclusive through technology. We believe that these are game changing devices," Microsoft India Head (Public Sector and Education) Arun Rajamani told PTI.

The Omni10 tablet packs in the best of HP, Pearson and Microsoft's offerings and has been specifically designed to provide students with an engaging learning experience, he added.

On market potential, Rajamani said the addressable market for HP Omni10 would be the five million students undergoing technical and management studies. The Acer Iconia W4-820, on the other hand, had a bigger addressable market of around 30 million since it targetted the school students, he added.

The HP Omni10 will be available for all technical and management institutes and is being currently offered at an EMI plan of Rs 2,990 per month for 12 months (taxes additional). "This special limited time 'Institute Offer' is valid till June 15," Rajamani said.

Microsoft will provide a preloaded set of 10 e-books, access to various Microsoft developer tools and servers through the DreamSpark student site, single sign-on student mail IDs as well as a 50 GB mail box and 25 GB OneDrivePro free.

The tablet runs on Intel Atom processor Z3000 series, HP India Director (Computing category, Printing and Personal Systems) Ketal Patel said. "Engineered to assist students with their hectic work schedules, this tablet provides powerful performance for multitasking, making presentations, playing games and music. A carry cover for the HP Omni10 tablet will also be provided in the offer," he added.

The tablet is protected by Corning Gorilla Glass 3 and has up to 8.5 hours of battery life, 2 GB RAM, 32 GB internal memory, which can be expanded to another 32 GB using a microSD card. It has a 8 megapixel rear and 2 MP front camera.

Pearson India Business Head and VP (Higher education and Test preparation) Anish Srikrishna said technology can address challenges like shortage of quality teaching staff and  infrastructure.

The tablet offers Pearson's e-learning content, including theory papers of first semester engineering and MBA courses. Pearson self-learning course module will provide multimedia content for first semester engineering students and student guides/notes, flash cards, and video case studies for first semester MBA students, Srikrishna said.

The interactive content enables teachers to simplify concepts and helps students understand and retain them better, he added.


20.07 | 0 komentar | Read More

Nokia Chennai unit may become contract manufacturing plant

Nokia on Monday said it expects the deal with Microsoft to conclude on April 25 and hoped it would continue to operate the Chennai plant under a "service agreement".

With Finnish handset maker Nokia stating the USD 7.2 billion deal with IT major Microsoft for sale of its mobile devices and services business might conclude by this week, the Chennai plant could become a contract manufacturing facility.

Nokia on Monday said it expects the deal to conclude on April 25 and hoped it would continue to operate the Chennai plant under a "service agreement".

The plant at Sriperumbudur near Chennai is one of Nokia's biggest facilities in the world, employing about 8,000 persons directly and about 12,000 indirectly.

"With Chennai, it is worth remembering that we have said we will consider a services agreement with Microsoft should our Indian assets not be able to transfer at the close of the global deal," a Nokia spokesperson said.

A Nokia official had told PTI the company was still exploring the option of operating the plant by getting into a "services agreement", which would make it a contract manufacturer for other companies.

The employees, backed by the Nokia India Thozhilalargal Sangam (Nokia India Employees Union) are apprehensive over the move of converting it into contract manufacturing, alleging that there may be a substantial reduction in manpower.

Last year the employees had resorted to a strike and impleaded themselves in a petition before Delhi High Court, stating that considering their future, the Chennai plant should be included in the Nokia-Microsoft deal.

However, due to the tax dispute faced by Nokia India and the deal between Nokia and Microsoft set to complete in few days, the Chennai plant is likely to be excluded from the deal.

On March 14, the Supreme Court had ordered Nokia India to give Rs 3,500 crore as guarantee before it transfers the plant to Microsoft.

Besides, the Tamil Nadu Government also slammed Rs 2,400 crore on Nokia, saying the company had been selling products from the Chennai plant in domestic market instead of shipping overseas.


20.07 | 0 komentar | Read More

Industrial output - No respite, weakness continues

India Ratings has come out with its report on industrial output. "Unseasonal rains in various parts of the country coupled with expectation of el-nino disrupting the normal monsoon this year does not augur well for the inflation outlook", says the report.

India Ratings' report on industrial output

IIP Growth Turns Negative: Index of Industrial Production (IIP) growth once again turned negative (-1.9 percent) in February 2014. So far in FY14 industrial output growth has tuned its trajectory from negative to positive and again to negative five times. This clearly indicates the fragile nature of industrial growth which is reeling under depressed consumption as well as sluggish investment demand. India Ratings & Research (Ind-Ra) believes it is unlikely to improve any time soon though some pick up in industrial output is expected on account of election related expenditure and the excise duty cut for the auto sector.

Monetary Policy - Expect Long Pause: Ind-Ra believes that RBI may go for a long pause on the policy rates. In its first bi-monthly monetary policy review on 1 April 2014 RBI maintained a status quo on the policy rates. The CPI for the month of February 2014 declined to 8.1 percent from 8.8 percent in January 2014. Although this is very close to the RBI's target of below 8.0 percent CPI inflation by January 2015, the decline in CPI inflation has been mainly due to the improved winter supply of vegetable and fruits. Ind-Ra believes that as the winter supply begins to wane the prices of vegetable and fruits can again surprise on the upside. Moreover, unseasonal rains in various parts of the country coupled with expectation of el-nino disrupting the normal monsoon this year does not augur well for the inflation outlook.

Manufacturing Sector - Misery Continues: The performance of the manufacturing sector which constitutes around 75 percent of the IIP is absolutely critical for the overall performance of the industrial sector. However, manufacturing growth has been in the doldrums now for more than two years. Similarly, the manufacturing sector has witnessed negative growth in seven of the last eleven months of FY14. It recorded -3.7 percent yoy growth in February 2014. Thirteen out of the twenty two manufacturing groups showed negative yoy growth in February 2014, led by TV and communication equipment & apparatus (-34.1 percent), electrical machinery & apparatus n.e.c (-24.6 percent), and wearing apparel, dressing and dyeing fur (-21.3 percent).

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

Accumulate Infosys; target of Rs 3625: Dolat Capital

Written By Unknown on Senin, 21 April 2014 | 20.07

Dolat Capital is bullish on Infosys and has recommended accumulate rating on the stock with a target of Rs 3625 in its April 15, 2014 research report.

Dolat Capital`s research report on Infosys

"Infosys reported revenue decline of 1.2% QQat $2.1bn (Reported currencyrevenues atINR 128bn - DE at INR 130bn). Operating profits were inline as cost optimization drive helped it cover up for weak volumes maintaining OPM above 25%+ (25.5%). Profit were upby 4% QQ at INR 29.9bn better than our estimates of INR 29bn owing to strong other income (up 16% QQ – accounting for 20% of PBT – 18% in FY14)."

"Infy has guided a soft 7-9% CC growth for FY15 which is lower than its growth in FY14 at 11.5%, which further adds to confusion compared for better outlook commentary in terms of demand environment by Industry peers and experts. The management believes that the weak exit quarter and soft ramp up in H1 is the reason of the weak guidance, however, it could be another 'guide-soft-than beat estimates' trap which in our opinion need to be avoided given the better visibility by TCS. We have revised our FY15 Rev/EPS estimates by 5%/ 7%respectively to account for weakerH1 volumes, soft guidance and narrow OPM gains given USD/INR of ` 60.5. We believe the constant upgrade/downgrade has hampered its potential of a serious re-rating and thus the performance would broadly move along with earnings growths."

"We believe the frequent swings in quarterly financial and management commentary keeps on adding the volatility to the stock and earning forecast. We believe the stock may continue to underperform in near term given the weak growth expectancy in FY15 versus peers (guided FY15 to be better year than FY14) which would mean widening growth differential justifying the valuation discount of over 20%. Also, Infy may see further challenges on change in guard which in our opinion may lead to further resentments and KMP's exits in case of unpleasant surprises as has been the case in recent past," says Dolat Capital research report.

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.

To read the full report click here


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RBI ED Gopalakrishna takes VRS, joins as director CAFRAL

CAFRAL, a not-for-profit organisation, is an independent body fully funded by the RBI. Gopalakrishna took voluntarily retirement from the service with effect from April 20 to take over charge as director of CAFRAL on April 21, 2014, RBI said in a statement.

Reserve Bank executive director G Gopalakrishna has voluntarily retired from the service and joined as director of Centre for Advanced Financial Research and Learning (CAFRAL).

CAFRAL, a not-for-profit organisation, is an independent body fully funded by the RBI. Gopalakrishna took voluntarily retirement from the service with effect from April 20 to take over charge as director of CAFRAL on April 21, 2014, RBI said in a statement. Gopalakrishna name was in the reckoning for Deputy Governor in place of Anand Sinha who retired in January.

He was the senior most among nine executive directors who appeared before the search panel headed by RBI Governor Raghuram Rajan. However, R Gandhi was selected for the post of Deputy Governor earlier this month.

A career central banker, Gopalakrishna joined the RBI in August 1980 and in a distinguished career spanning more than 33 years has worked in the areas of regulation and supervision of the banking sector, foreign exchange management, supervision of non-banking finance companies sector, payments systems, etc.

He was appointed as Executive Director on October 26, 2007, and looked after banking supervision, financial stability and communication before seeking retirement from the RBI.

He also had a stint as the Executive Director of the Deposit Insurance & Credit Guarantee Corporation.


20.07 | 0 komentar | Read More

Accumulate Thermax; target of Rs 801: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Thermax and has recommended accumulate rating on the stock with a target of Rs 801 in its April 15, 2014 research report.

Prabhudas Lilladher`s research report on Thermax

"We interacted with the management of Thermax to understand the near term outlook and long term growth drivers. While near term outlook continues to be weak in domestic market, they expect market to recover in H2 FY15, while the export market continues see good traction. In order to combat the cyclical nature of project businesses and securing long‐term growth, the company has laid down a road map which includes, (a) balancing portfolio between standard products, projects and the services business, (b) developing new businesses and product portfolios that will drive growth over the next few years, and (c) consolidate and grow the international business, with a focus on Southeast Asia, the Middle East and Africa. We believe the company has managed the down turn well and consolidated to benefit significantly from the expected recovery. Maintain accumulate."

"TMX highlighted that the market for standard products continues to grow, with demand largely coming from sectors like food processing, chemicals, sugar, and refinery etc. The company expects to end the year with higher order book as compared to the previous year, largely driven by good base business orders and large orders from refinery/petro‐chemical segment. They continue to see good traction in the international markets especially in Middle East, Africa, South East Asia. We expect TMX to end the year with standalone order inflow of Rs 54.5bn (up 12% YoY). TMX believes growth in order inflow in FY15 will depend on export market (which they are quite confident) and recovery in domestic market in H2FY15 (which they are hoping)."

"TMX aspires to become a US$2bn company over next 4‐5 years from US$1bn currently. The journey will largely be driven by increasing application of current product portfolio, increasing export foot print (plans to add $100mn from each of geography like Africa, South East Asia, Middle East and Rest of world). The current export base is ~$175mn( in FY13), it aspires to reach $500‐550mn in exports. Apart from growing current portfolio, the company is working on new product line in area of Air pollution, Water, Energy and defence which will also add significantly to growth in next few years. The Company has set a target for itself that 1/3rd of the revenues should come from new business areas."

"TMX's ability to bag base orders of ~Rs7‐8bn per quarter,stable market share and strong management pedigree gives us confidence that it will be able to manage the current slowdown and benefit fully from the upturn of the cycle and continue to surprise positively in terms of order flow. We believe TMX will continue to benefit from the demand supply gap in power sector and strong product portfolio with increasing traction in exports market. The stock is trading at 19x FY16E earnings. We continue to maintain 'Accumulate' on the stock. Given the better visibility in earnings through to FY16, we continue to rate the stock an accumulate," says Prabhudas Lilladher research report.

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.

To read the full report click here


20.07 | 0 komentar | Read More

Accumulate Voltas, recommends Prabhudas Lilladher

Prabhudas Lilladher is bullish on Voltas and has recommended accumulate rating on the stock in its April 15, 2014 research report.

Prabhudas Lilladher`s research report on Voltas

"We met the Voltas management of sterling Wilson(S&W) one of the leading MEP players to get insight/outlook on MEP market. Key takeaways are 1) S&W expect a meaningful recovery in domestic MEP market in FY16 only, 2) Large contracts are expected to be awarded in international markets by March '15 3) They are bidding for orders with site margin of at least 10-12%. Based on the above, the recent run up in Voltas places the stocks at valuations running ahead of fundamentals. Voltas has run up 45 % over last 3 months and is trading at 17x FY16e earnings. Given the commentary of most players of recovery only in FY16, given the margin risk in UCP segment and expensive valuation, we see limited upside for Voltas from current levels."

"The domestic market size ie ~Rs 50bn and the market is expected to grow 0‐5% in FY15 (largely inflation led) as H1 is not likely to see any improvement in the market due to election led slowdown and expect growth to pick up in H2FY15. However they expect market to grow by ~15% in FY16 led by improvement in investment cycle (provided we have a stable government at the centre) and pent up demand. Currently in MEP market ~20% of demand comes from industries, ~20% commercial real estate (Including hotels, hospitals) ~10% IT & IT enabled services,~15% infrastructure and ~35% other sectors. S&W believes the key to revival in MEP market is improved traction in industrial and commercial activity. Currently while the demand from metro cities is down significantly, B and C class cities are seeing decent demand in addition to the improvement in demand from IT/data centre segment. Currently most of the demand in demand in international market is originated at GCC countries, like Saudi Arabia (spend on social infra), Qatar (FIFA 2020). UAE has seen improvement over last few quarters (clients returning to complete stuck projects). However they expect large awards in international markets only to start by March '15."

"S&W is bidding for orders with site margins of at least 10‐12% and EBIT margin northwards of 5%. The margins have improved slightly in market over last year as large players ( Voltas, Blue star and S&W) are shying away from low margin and orders with unfavourable commercial terms. In addition, most players are following stringent risk management in taking new orders (client background, project clearance status etc). The situation in the market still continues to be stretched due slow moving economy and consequent increase in the working capital cycle. However they believe high working capital for companies is not a structural issue and should normalize once market improves. The stock is trading at 17x FY16e earnings. Given the fact that the ordering in domestic and international market is likely to pick up meaningfully only in FY16, with the potential margin risk in UCP segment and expensive valuations, we see limited upside for Voltas from current levels. We expect Voltas to be a market performer," says Prabhudas Lilladher research report.

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.

To read the full report click here


20.07 | 0 komentar | Read More

India Inc. 'CAG'ed! Telecom Who Else?

Written By Unknown on Minggu, 20 April 2014 | 20.07

Show Timings:

Friday: 10.30 pm, Saturday: 11.30 am

Sunday: 9:30am & 11.00pm

Published on Sat, Apr 19,2014 | 18:15, Updated at Sat, Apr 19 at 18:19Source : CNBC-TV18 |   Watch Video :

This week the Supreme Court said that it is the duty of the Comptroller & Auditor General of India to audit all transactions of the Union & State as also to audit all receipts payable to the Consolidated Fund of India. And hence the apex court ruled that CAG's examination of the accounts of private telecom service providers in a revenue sharing contract is extremely important to ascertain whether there is an unlawful gain to the service provider and an unlawful to loss to the Union. Is it just telecom companies that can now be audited by CAG or does the application of this judgment extend to all situations where the government has a revenue share? To discuss the scope & enforcement of this order, CNBC-TV18's Menaka Doshi speaks to Rajeev Uberoi, Group General Counsel & Group Head - Legal & Compliance, IDFC and Vikram Nankani of ELP.

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20.07 | 0 komentar | Read More

Reebok India's comeback strategy

Recovering from the Rs 870 crore scam that hit the sports goods maker Reebok in 2012, it has restructured its business and repositioned the brand. This week, the sportswear brand kicked off a marketing campaign that debuts its new logo, as well as two new brand ambassadors in John Abraham and Nargis Fakhri.

It's been a year of change for Reebok in India. Recovering from the Rs 870 crore scam that hit the sports goods maker in 2012, Reebok has restructured its business and repositioned the brand. This week, the sportswear brand kicked off a marketing campaign that debuts its new logo, as well as two new brand ambassadors in John Abraham and Nargis Fakhri. Here's the MD of Reebok India, Eric Haskell on the company's growth strategy and new positioning.


20.07 | 0 komentar | Read More

CCI Order: Third Party Appeals?

Published on Sat, Apr 19,2014 | 18:15, Updated at Sat, Apr 19 at 18:15Source : CNBC-TV18 |   Watch Video :

When can a third party appeal against CCI's decision? The Jet-Etihad merger became the test case for this question when former Air India Executive Director Jitendra Bhargava appealed against CCI's approval order. Last week, the Competition Appellate Tribunal dismissed Bhargava's appeal saying he is not an aggrieved party. Has the COMPAT taken a narrow view of the situation? Payaswini Upadhyay puts that question to experts.

Europe's competition regime allows for third parties such as competitors, customers and suppliers to comment on a merger transaction. In fact, the Commission is mandated to invite third parties to submit their comments. Individual or groups affected by the transaction can also appeal a regulatory approval in court. This liberal regime has facilitated successful third party interventions in the UK- one such was Ryanair's attempt to acquire Aer Lingus

Paku Khan

Partner, Khaitan & Co.

Former Case Officer, Irish Competition Authority

"Even before the notification was formally filed, the European Commission required Ryanair to provide contact information for key customers, competitors and suppliers at every affected airport. The moment the notification was filed the European Commission sent out an information request to all of those interested parties and gave them a short time period to provide their responses. And the reason for that was the European Commission wanted to have as much information as possible. They asked the interested parties what do you think about the transaction which then helped them decide what they would do next- whether they would do a more exhaustive investigation which is what they did in this case or whether they would clear it which is what they didn't do in this case."

In the United States, though the merger control guidelines do not codify the process for third party interventions, the regulators call for information as a best practice. In addition, the United States competition law- Clayton Act- permits private parties who have suffered injury as a result of any antitrust violation, or are threatened with injury, to seek equitable relief from the courts, including, injunctive relief.

Ian Conner

Partner, Kirkland & Ellis

"Typically, they do need standing or evidence that they will be aggrieved by the merger but by and large the mergers that are going to be challenged in the US by private citizens- they would typically be able to meet the standing requirement which is not that high for a merger. Here there argument would be that if prices go up on an airline ticket and they buy those airline tickets, they would be injured and since mergers are looking forward, they just need to show that there is a probability that they will be injured and not that they have been injured by the merger."

In India, the law allows for third party representation before the CCI only if the regulator initiates a phase 2 i.e. a detailed investigation against a merger. If, however, the CCI takes a prima facie view that a merger will not have an appreciable adverse effect on competition and clears it in Phase 1, third parties get no opportunity to represent their case of their own volition. The Act however provides for an appeal.

It says any person, aggrieved by any direction, decision or order of the CCI may prefer an appeal to the Appellate Tribunal. CCI's merger approval of the Jet-Etihad deal became a test case to determine who would qualify as an aggrieved person. A former Air India official approached the Competition Appellate Tribunal alleging that the merger will eliminate competition in the international air passengers market and adversely impact Air India's operations and consumers. Last week, the Tribunal dismissed Bhargava's appeal saying that he does not pass the test of an aggrieved person and the fear of increase in fares is pre mature.

Amitabh Kumar

Partner, JSA

"The way it works today is that third parties come to know of a merger only once its approved and the order has been uploaded on the website of the CCI. And in any place in the world where you don't have chance to go upfront and object to a proposed merger, post merger it becomes more difficult because courts will not like to upset something which has been done. Getting out of the merger process is a very costly thing for the corporations. So courts would normally like to put a very high standard. So it seems there is a gap in the law as it has been framed that while the law wants third parties to object if they are going to be affected but at the same time, they won't get a fair chance to object unless the matter goes to a Phase 2 investigation."

Gopal Subramanium

Senior Counsel Former Solicitor General

"The expression 'person aggrieved' has been interpreted by the Supreme Court in so many decisions. But when you look at the right of appeal under a statute, then you have to interpret the words strictly because the Tribunal is a creature of the statute whereas a court is quite different. In a court, the jurisdiction is different- a High Court has wide plenary jurisdiction. It can entertain any person, it can allow any person to implead himself, it can allow any person to intervene. Now all this is not available in respect of a Tribunal. If it were to decide that I will allow an appeal at the instance of a person when it is only Phase 1- where the public has not interposed because Phase 2 has not come- in that case the order of the Tribunal itself will be open to serious challenge and it would delay the process of genuine approvals."

That's once concern that all the experts in this story voiced to me i.e. if the expression aggrieved person is interpreted widely, it would be open to widespread abuse. At the same time, they also believed that if this appeal had been filed by a group- for instance Air Passengers Association- it would have probably passed the test of aggrieved person.

In Mumbai, Payaswini Upadhyay


20.07 | 0 komentar | Read More

Companies Act: How Will Life Change?

Published on Sat, Apr 19,2014 | 18:29, Updated at Sat, Apr 19 at 18:58Source : Moneycontrol.com |   Watch Video :

Hello & Welcome to this brand new series – Companies, Act! Over the next many weeks we will analyze the impact of the new company law on incorporation, capital raising, governance, board management, accounting and audit, M&A, litigation and bankruptcy. On this first episode we start by giving you the big picture view on how life has changed for companies, their management, their boards, auditors and their shareholders. And to that I have with Bharat Vasani, Cyril Shroff, Jamil Khatri & D M Muthukumaran.


20.07 | 0 komentar | Read More

Reebok India's comeback strategy

Written By Unknown on Sabtu, 19 April 2014 | 20.07

Recovering from the Rs 870 crore scam that hit the sports goods maker Reebok in 2012, it has restructured its business and repositioned the brand. This week, the sportswear brand kicked off a marketing campaign that debuts its new logo, as well as two new brand ambassadors in John Abraham and Nargis Fakhri.

It's been a year of change for Reebok in India. Recovering from the Rs 870 crore scam that hit the sports goods maker in 2012, Reebok has restructured its business and repositioned the brand. This week, the sportswear brand kicked off a marketing campaign that debuts its new logo, as well as two new brand ambassadors in John Abraham and Nargis Fakhri. Here's the MD of Reebok India, Eric Haskell on the company's growth strategy and new positioning.


20.07 | 0 komentar | Read More
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