India Gelatine & Chemicals has informed that the Board of Directors of the Company at its meeting held on May 24, 2014, have recommended a Dividend of Rs. 1.80 per share for the year 2013-14.
India Gelatine & Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 24, 2014, inter alia, have recommended a Dividend of Rs. 1.80 per share for the year 2013-14.Source : BSE
Read all announcements in India Gelatine
Jindal Drilling & Industries has board meeting held on May 24, 2014, has considered and approved the following: 1. Recommended Dividend @ Rs. 0.50/- per share (10%) on equity shares. 2. Appointment of Smt. Saroj Bhartia as Additional Director of the Company. 3. Designated Mr. Pawan Kumor Rustagi as Chief Financial Officer.
Jindal Drilling & Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 24, 2014, inter alia, has considered and approved the following:1. Recommended Dividend @ Rs. 0.50/- per share (10%) on equity shares.2. Appointment of Smt. Saroj Bhartia as Additional Director of the Company.3. Designated Mr. Pawan Kumor Rustagi as Chief Financial Officer.Source : BSE
Read all announcements in Jindal Drilling
Rolta India has board meeting held on May 24, 2014, has: 1. Recommend for the approval of shareholders final dividend of Rs. 2.25 per Equity Share on the face value of Rs. 10/- each for the year ended March 31, 2014 at the ensuing Annual General Meeting of the Company. 2. Formed a board level Corporate Social Responsibility Committee.
Rolta India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 24, 2014, inter alia, has:1. Recommend for the approval of shareholders final dividend of Rs. 2.25 per Equity Share on the face value of Rs. 10/- each for the year ended March 31, 2014 at the ensuing Annual General Meeting of the Company.2. Formed a board level Corporate Social Responsibility Committee.Source : BSE
Read all announcements in Rolta
Cardamom prices declined marginally on slack demand despite supply squeeze at auctions last week. Good summer showers for over a week in the growing areas have ...
Cardamom prices declined marginally on slack demand despite supply squeeze at auctions last week. Good summer showers for over a week in the growing areas have changed the market sentiments. Buyers slowed down purchases expecting new crop to hit markets by late June. AtKochimarket, cardamom prices were Rs 449-1024 per kg.By: Skymetweather.com
The global sugar surplus era is coming to an end. After three straight years of big surpluses, the sugar market is heading towards a balance or a small deficit ...
The global sugar surplus era is coming to an end. After three straight years of big surpluses, the sugar market is heading towards a balance or a small deficit next season due to adverse weather inBrazilandAsiaand higher than expected Chinese demand. Due to weather issue, there will be adverse impact on next year production.By: Skymetweather.com
Maize planting is near to end in France, with 92 percent of the area expected for this year`s harvest sown by May 12, according to weekly crop data from farm ...
Maize planting is near to end in France, with 92 percent of the area expected for this year`s harvest sown by May 12, according to weekly crop data from farm office. The grain maize area sown had risen from approximate 83 percent a week earlier and was above 77 percent a year ago. Rain since the end of April has slowed the maize sowing.By: Skymetweather.com
Chirag Mehta, fund manager (commodity) Quantum AMC believes once investors learn more about the advantages of ETFs, they will prefer the ETF route of investing.
Chirag Mehta, fund manager (commodity) Quantum AMC expects gold demand through the exchange traded funds (ETFs) to rise, now that the price of gold has moderated a bit.
Speaking to CNBC-TV18, Mehta says a lot of investors who were earlier on the sidelines are now likely to park their funds in the asset class.
"The import duties were very high, to the tune of 10 percent and the premiums were anything between 2-12 percent. Now that the premiums too have fallen, more people may get attracted to it," adds Mehta.
The central bank on Wednesday eased certain gold import norms resulting in lower premiums. An expert said that premiums have fallen to as low as USD 30 from USD 80.
But if gold prices fall further, wouldn't retail investors buy more physical gold?
Mehta says no. He believes once investors learn more about the advantages of ETFs, something that has started to happen, they will prefer the ETF route of investing.
Transcript to follow soon.
SP Tulsian of sptulsian.com has a bullish view on Multi Commodity Exchange of India. He expects the stock to test Rs 650-675 within next one month.
He further added, "Again people are talking that stake sale of 24 percent held by Financial Technologies is likely to happen in next one month. The market is expecting the sale to happen at Rs 800-850 a share. There will be aggressive interest in the company for acquiring 24 percent stake and that seems to be the precursor for the upmove which we have seen."
"So, I won't be surprised to see a price of Rs 650-675 within next one month, but I am holding very bullish view on the stock even from 6-12 months point of view," Tulsian said.
Also Read: CBI may submit prelim report on MCX-SX probe within a week
According to CNBC-TV18 poll estimates, analysts expect Sun TV's net profit of the company to rise 7.5 percent year-on-year to Rs 190 crore and net sales to increase 10 percent to Rs 520 crore during the quarter.
South-based television broadcaster Sun TV Network will announce its fourth quarter (January-March) earnings today. According to CNBC-TV18 poll estimates, analysts expect net profit of the company to rise 7.5 percent year-on-year to Rs 190 crore and net sales to increase 10 percent to Rs 520 crore during the quarter.
Operating profit or earnings before interest, tax, depreciation and amortisation may jump 12 percent on yearly basis to Rs 390 crore and margin may expand 100 basis points to 75 percent in the quarter gone by.
Factors to watch out for
-Revenue is likely to be aided by growth in subscription revenue, as advertising revenue is seen flat on a Y-o-Y basis
-Advertising revenues may be impacted by lower inventory levels, led by the adoption of TRAI's ruling of capping ads and hike in ad-rates by 50 percent in past few months
-Analysts expect total subscription revenue to grow 25 percent Y-o-Y to Rs 205 crore
-They expect cable revenues to grow at 57 percent to Rs 59.5 crore
-Direct-to-home revenues may grow 17 percent to Rs 116 crore
-Subscription revenue may grow on the back of digitisation efforts, covering four major cities of southern India
-Commentary on advertising growth in regional markets and acceptability of advertising rate hikes will be key
Motherson Sumi Systems has board meeting held on May 22, 2014, have recommended a dividend of Rs. 2.50 per share for the year ended March 31, 2014 subject to approval of shareholders.
Motherson Sumi Systems Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 22, 2014, inter alia, have recommended a dividend of Rs. 2.50 per share for the year ended March 31, 2014 subject to approval of shareholders.Source : BSE
Read all announcements in Motherson Sumi
According to Angel Broking Indian Rupee is expected to trade on a mixed note on the back of dollar demand from oil importers and its companies will exert downside pressure on the currency.
The Indian Rupee weakened for second consecutive session and depreciated around 0.2 percent in yesterday's trading session. The currency depreciated on the back of dollar demand from oil importers and its companies. Further, dollar demand from state owned banks which were for defence related purchases exerted downside pressure on the currency. Additionally, outflow of foreign funds from domestic shares for the first time in a month's time frame continued with downside movement in the currency. Strength in the DX also acted as a negative factor. The Indian Rupee touched an intra-day low of 58.87 and closed at 58.69-level on Wednesday. For the month of May 2014, FII inflows totaled at Rs.14553.40 crores ($2446.70 million) as on 21st May 2014. Year to date basis, net capital inflows stood at Rs.46351.40 crores ($7691.60 million) as on 21st May 2014.
Outlook: From the intra-day perspective, we expect Indian Rupee to trade on a mixed note on the back of dollar demand from oil importers and its companies will exert downside pressure on the currency. Additionally, dollar demand for defence related purchases coupled with outflow of foreign funds from domestic markets will act as negative factor. While on the other hand, upbeat market sentiments coupled with weakness in the DX will support an upside in the currency.
For all recommendations, Click here
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
Sushil Finance has come out with its report on Indian Rupee. According to the research firm, the currency is expected to trade on mixed note. It has a resistance at 59.10/59.35.
The Indian Rupee depreciated by 0.2 percent in yesterday's trading session and closed at 58.77 on the back of strength in DX coupled with rise in risk aversion in the domestic markets. Further, geopolitical tensions in Ukraine, dollar buying by central bank and month end dollar demand from importers added pressure on the currency. However, positive FII inflows and expectations among the investors that the new government may come with good reforms prevented sharp fall in the Indian Rupee.
Outlook
Indian Rupee may trade on mixed note. Optimistic domestic market sentiments coupled with positive FII inflows may support Indian Rupee to gain strength. Whereas, dollar buying by central bank and month end dollar demand from importers may add downside pressure on the currency.
Technical Outlook
Currency - USDINR May
Strategy - Sideways
Support - 58.45/58.60
Resistance - 59.10/59.35
For all recommendations, Click here
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
12:00
Moneycontrol BureauLaurence Balanco, CLSA says last Friday's Nifty action of hitting a new high and the reversal resembles a 'buying climax' and suggests that the market is set for at least a consolidation/corrective period.
"Going by anecdotal evidence of 2009 Indian and 2013 Malaysian elections, Nifty is likely to enter a consolidation/correction between 7,625 resistance and 6,661-6,902 support over the coming weeks," he adds.
12:00pm The market extended losses in noon trade with the Sensex falling 87.99 points to 24288.89 and the Nifty losing 21.95 points to 7253.55 but the broader markets continued to outperform benchmarks for the third consecutive day.
The BSE Midcap Index gained 1.3 percent and Smallcap rallied 1.8 percent. Advancers beat decliners by a ratio of 1865 to 776 on the Bombay Stock Exchange.
Capital goods, banks, FMCG and healthcare stocks saw profit booking while technology stocks continued to see buying interest.
In the banking space, top lenders State Bank of India, ICICI Bank, HDFC Bank and Axis Bank declined 0.7-1.4 percent. Shares of Larsen & Toubro, ONGC, Sun Pharma, Bharti Airtel, Dr Reddy's Labs, GAIL, BHEL and Tata Power lost 1-2 percent.
However, two-wheeler maker Bajaj Auto and aluminium major Hindalco Industries surged 4 percent each followed by NTPC with 2.4 percent and Coal India with a percent. IT majors Infosys and TCS gained 0.8 percent and 0.4 percent, respectively.
Fiberweb India has board meeting will be held on May 30, 2014, to transact the following business: 1. To consider & to take on record the Reports of Share Transfer cum Investors Grievances Committee and Audit Committee.
Fiberweb India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2014, inter alia, to transact the following business:1. To consider & to take on record the Reports of Share Transfer cum Investors Grievances Committee and Audit Committee.2. To consider and take on record the annual Audited Financial Results for the 4th Quarter and year ended March 31, 2014 along with audit report.3. To review working of the Company and BIFR matter.Source : BSE
Read all announcements in PVD Plast Mould
Dolat Capital is bearish on eClerx Services and has recommended reduce rating on the stock with a target of Rs 1111 in its May 20, 2014 research report.
"Eclerx reported results below expectations with a 0.6 percent revenue decline for the quarter at $35.5mn. Eclerx has reported flat constant currency revenue growth as it continues to witness weakness in SMS and Cable & Telecom business segments. The trend in the SMS segment is improving but deals are smaller and erratic leading to lumpiness in the revenue momentum. Cable & Telecom business is also witnessing due to regulatory hurdles and consolidation in some of the key clients accounts. OPM improved by 230bps QQ as it had lower variable linked compensation pay-offs during the quarter on sequential basis. The company has indicated low to mid thirties OPM for FY15 given the wage hike of 11 percent for its workforce and the current levels of USD/Rs versus the benefits of 11 percent Rs depreciation it gained from in FY14. We believe the margin maintenance would remain a key concern given the weak demand environment and several client specific challenges."
"Eclerx has reported Q4FY14 numbers lower than our estimates with a flat constant currency revenue growth as it continues to witness weakness in SMS and Cable & Telecom business segments. . It has indicated moderation in growth, no scanned inorganic opportunity and pressure in the OPM which would mean sustained challenges for FY15 on all fronts. We believe sustained uncertainty in the business along with, likely onsite delivery inclusion and sharp unfavorable Fx movement remains a risk and would restrict its financial performance. We maintain our Underperform rating on the stock with a TP of Rs 1111 (implying 12x FY16E)," says Dolat Capital research report.
For all recommendations, Click here
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
After being appointed as BJP's Parliamentary leader, Narendra Modi will head to meet President Panab Mukherjee to stake a claim to form the government.
BJP president Rajnath Singh and senior leader LK Advani proposed Modi's name at the parliamentary board meet, which convened at the central hall of the Parliament.
Also Read: BJP Parliamentary Party to meet on May 20 to elect Modi
Senior leaders Murli Manohar Joshi, M Venkaih Naidu, Nitin Gadkari, Sushma Swaraj and Arun Jaitely have second the proposal.
After being appointed as BJP's Parliamentary leader, Modi will head to meet President Panab Mukherjee to stake a claim to form the government.
BJP posted a historic win in the Lok Sabha elections, bagging 282 seats, a clear majority, on its own.
Brokerage house Motilal Oswal is bullish on Jain Irrigation Systems and has recommended buy rating on the stock with a target price of Rs 140, in its research report dated May 19, 2014.
With a focus on progressive states and switch to a NBFC-based model, we expect Jain Irrigation's (JI) working capital concerns to be allayed over FY14-16. Hence, we expect strong free cash generation which should aid in reducing debt equity from 1.6x in FY14 to 1.0x in FY16E. Policy impetus from the new government in the form of direct credit of subsidy or a reduced working capital model on the lines of GGRC can be potential game changer events. We value JI at 14x FY16E EPS of INR10.
JI's management has moved away from doing business in TN, Karnataka and AP due to substantial delays in payments. As a result, revenue contribution from these states has declined from 21% in FY12 to 8% in FY14 and is further slated to decline to 3% of total MIS revenue in FY16E. Growth over FY14-16E will be driven by higher contribution from progressive states like Maharashtra and Gujarat whose revenue contribution is expected to increase from 47% in FY14E to 53% in FY16E.
With a focus on progressive states and switch to NBFC-based model, we expect JI's working capital concerns to be allayed over FY14-16. Hence, we expect strong free cash generation which should help in reducing debt equity from 1.6x in FY14 to 1x in FY16E. Policy impetus from the new government in the form of direct credit of subsidy or a reduced working capital model on the lines of GGRC can be potential game changer events. We value JI at 14x FY16E EPS of INR10 and arrive at a target price of INR140, implying 40% upside. We initiate coverage with a Buy rating", says Motilal Oswal research report.
For all recommendations, Click here
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
Karvy Commodities has come out with its report on bullion. According to the research firm, one can sell MCX Silver July at Rs 41200-41350 for the target price of Rs 40500/39800 with a stop loss of Rs 42000.
We had a selling view in the Bullion complex yesterday wherein we particularly sold gold, in-line with our view in the weekly report as well. While there were no major cues for the commodity yesterday, movement in currency and equity as stated above led to late session sell-off. With Ukraine related developments taking a back seat currently, we feel downside pressure on the commodity would continue. Alongside this, speculation that new government in Indian would ease import taxes for Gold and silver are also likely to add to prices pressure locally. We advice selling the commodity from higher levels today. We have no major data from US today, however EU region inflation related cues would be watched closely.
GLOBAL MARKET ANALYSIS: Asian equities are trading mostly higher this morning taking positive cues out of the US stock markets overnight. From the currency space the dollar index has managed to claw back from yesterday's 79.88 low and currently trading firm above the 80 mark. At the same time the Euro and the pound sterling are quoting at 1.3712 and 1.6817 levels respectively, hardly any change from prior close. In commodities, we had a mixed to selling view in Bullion yesterday. For the day, while we have a bearish view in the two, we would caution investors against taking fresh positions in the ratio on selling side while those holding overnight positions are advised to keep strict stop loss. Economic data – There are a few numbers from Germany and lot to watch from the UK. There are no major cues from the US today.
Weekly Outlook: We had a selling bias in silver last week amidst weaker set of demand cues for the commodity though prices for active July contract at Comex advanced firmly lover 1.25% to $19.35 per ounce. In local markets though, we saw good decline in the range of 1% led by appreciation Rupee. Better performance during the international markets was probably was prompted by better performance in the industrial metals front wherein almost all metals added weight except Nickel in the LME. Overall as we keep our Gold view on the weaker side, broader factors for silver too point towards extended weakness in the commodity. As also stated above, ETF and physical consumption continues to lack fresh boost. The Ishare investment holdings for silver commodity has been stable for last two weeks with no change in institutional holdings. While the risk factor against our weak bias in the commodity is extended rise in base metals pack, we feel local MCX Silver prices would continue to be weighed by ongoing appreciation in the INR. We advice traders to initiate shorts in the commodity during the coming week, particularly at the domestic front on pullbacks.
Weekly call: MCX July: Sell at 41200-41350 TP 40500/39800 SL 42000
For all recommendations, Click here
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
Unnikrishnan says this year was better than FY13 with profit going up by 8 percent and quality of bad loans also under control.
Going forward, we think yield will be around 21-22 percent levels.
I Unnikrishnan
ED
Manappuram Fin
Gold financing company Manappuram Finance hopes to maintain its net interest margins (NIMs) at current levels of around 10.7 percent, says ED I Unnikrishnan.
The company's net profit dropped 54.4 percent quarter-on-quarter to Rs 32.4 crore in the quarter ended March 2014. However, Unnikrishnan says this year was better than FY13 with profit going up by 8 percent and quality of bad loans also under control.
Below are excerpts from the interview:
Q: You have given a fairly decent performance in the fourth quarter. How have you performed on the bad loan front? Is that completely out of the way now?
A: This year was better compared to FY13 with profit going up by around 8 percent and the quality of loans is also under control. When we look at the non-performing asset (NPA) of around 1.2 percent, 80 percent are those loans, which have all accounts with interest rates fully corrected.
Q: Going ahead, what could be the gross NPAs for Manappuram because this time your gross non-performing loans (NPLs) came in at 1.2 percent, which means it went up on a quarter-on-quarter basis, do you expect this minor pressure to continue?
A: In gold loan where the interest rates corrected, we report those loans as NPA. These are all technical NPAs which were reported as NPAs under regulatory norms.
Q: What about the profit, while year-on-year it looks better, quarter-on-quarter your profit has more than halved? How will you perform in the current quarter and in the first half of the current year?
A: We have seen some contradictory pressure on the yield that has resulted in 2 percent drop in the yield. Going forward, we think that yield will be around 21-22 percent levels.
Q: Can you give us an update on your NIMs, this time they came in at 10.7 percent. What do you expect to see in terms of NIMs going ahead?
A: We should be able to maintain NIM at current level.
India's Prime Minister-to-be Narenda Modi has a clear mandate to push forward his economic agenda that some are already referring to as "Modinomics."The question now is can he deliver?
Also read: Modi wins India election by a landslide
"There are huge expectations that the Modi government can transform the economy," Thomas Barnes from the University of Sydney's Department of Political Economy told CNBC on Monday.
"Modi has made promises to business, he's made big promises in terms of infrastructure, tax reform," he said. "He's also made substantial promises to the rural poor, so he really has raised the stakes and the main problem is going to be whether he can fulfill those expectations."
An alliance led by Modi's Hindu nationalist Bharatiya Janata Party (BJP) won 336 of the 543 seats in India's lower house of parliament in a general election, making it the first time in a quarter of a century that the country will not be led by a coalition government.
The results from the five-week long election were released on Friday and Modi is expected to unveil key cabinet posts in the days ahead.
Also read: India's Modi grapples with first challenge - filling his cabinet
Modi is credited with economic success in the western state of Gujarat where he has served as chief minister since 2001.
During the election campaign he pledged to take decisive steps to unblock stalled investments in power, road and rail projects to revive economic growth that has fallen to a decade low of below 5 percent.
Also read: The top 4 priorities for India's new government
Some analysts have already revised up their economic growth forecasts for India, Asia's third biggest economy, in the wake of Modi's landslide election win.
"The BJP victory is likely to herald a revival in India's economic fortunes, with the potential to boost Indian GDP growth back over 8 percent by 2017," Rajiv Biswas, Asia-Pacific chief economist at IHS Global Insight said in a note.
Agenda
"Crucial economic reform priorities for incoming PM Modi will be to release his first budget, setting out a roadmap for fiscal reform by reducing the fiscal deficit to below 3 percent over the next three years, including by reducing costly subsidies for energy and food," Biswas added.
Speaking to CNBC's Street Signs Asia , senior BJP leader Yashwant Sinha said the new government would not open up multi-brand retail in India to foreign direct investment.
"Our view clearly has been and is that as far as foreign direct investment in multi-brand retail is concerned, that is a no go area for present," he said. "There is a lot in the retail sector which is open to foreign direct investment and foreign investors can come and take advantage of that."
India's economy has been marked by sluggish economic growth and high inflation in recent quarters and hopes that a new government will transform the economy has cheered investors.
Also read: Who is Narendra Modi, India's next leader?
India's stock market surged to a record high on Friday and the rupee hit an 11-month peak against the dollar on Monday. The currency has recovered almost 15 percent of its value since hitting a record low last August amid a storm in emerging markets.
"India for many years was a story waiting to happen. There are promises to be fulfilled and the execution will be difficult," said Guy Stear, the head of research for Asia at Societe Generale.
"The biggest difficulty will be dealing with the federal system, trying to get changes made," he added. "What we are going to see is that people expect quick results and if we don`t see that there will be a pull-back in stocks."
Copyright 2011 cnbc.com
Sharekhan has come out with its report on India Election.
A thundering majority mandate to the National Democratic Alliance (NDA)-led formation under the leadership of Narendra Modi gives a fair amount of conviction that 'Acche din aa gaye hain' (good days are here again). Notwithstanding the near-term concerns such as a slowdown in consumption, muted industrial activity and an uncertain monsoon season amid inflationary pressures, we believe that the markets are set for a multi-year rally. Anyway, the equities have traditionally given handsome returns couple of years post-general elections. The reformist and pro-development track record and image of Narendra Modi and the NDA would also boost the overall sentiments and result in a re-rating of the valuation multiples.
From an investor's perspective, in addition to the increasing exposure to select index stocks (like ICICI Bank , SBI , RIL , L&T , Maruti and Grasim ), we advise increasing the exposure to quality mid-cap stocks for relatively superior returns due to a huge valuation gap. Accordingly, we have identified 20 quality mid-cap stocks that can potentially give ~40% returns over the next 12-18 months. The preferred picks are from the key themes of a policy-push in infrastructure (railways, power and roads), PSU re-rating and a revival in leading sectors (automobile, banks, and oil and gas).
For all recommendations, Click here
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
Accompanied by party president Rajnath Singh, close aide Amit Shah and party UP chief Lakshmikant Bajpai, Modi offered prayers at the famous Kashi Vishwanath temple. He also participated in the 'Ganga aarti' at Dashashwamedh Ghat.
A day after the BJP created history nationwide, and sweeping 72 seats in Uttar Pradesh, Narendra Modi visited Varanasi, one of the constituencies from where he contested.
Modi had a landslide victory in Varanasi, trumping his nearest rival Arvind Kejriwal of Aam Aadmi Party and Congress's Ajai Rai.
Accompanied by party president Rajnath Singh, close aide Amit Shah and party UP chief Lakshmikant Bajpai, Modi offered prayers at the famous Kashi Vishwanath temple. He also participated in the 'Ganga aarti' at Dashashwamedh Ghat.
Also Read: BJP's guide to tackle Rajya Sabha challenge
Thanking the people of Varanasi for playing a major role in the formation of a BJP-led NDA government at the Centre, Modi said the support came even without asking. He said he was barred from speaking to his voters, but despite that the people of Varanasi came out and supported him.
Promising to clean his "mother Ganga", Modi asked the people of Varanasi to be a part of his cleanliness drive. He vowed to make Kashi a clean city.
He also praised Rajnath Singh and called him the most successful BJP president.
According to the latest weather update by Skymet Meteorology Division in India, a fresh Western Disturbance over Afghanistan and adjoining North Pakistan will shift eastwards during the next 24 hours. The affect of this weather system will remain limited to Jammu & Kashmir as it is tracking in higher latitudes and is unlikely to come down southern latitudes. Jammu & Kashmir will get good amounts of showers in the next 48 hours due to this weather system.
A cyclonic circulation associated with this weather system lies over Central Pakistan and adjoining parts of Northwest Rajasthan but it will follow a northeast path to escape the northwest plains, keeping moist winds away from the region. According to the latest weather update by Skymet Meteorology Division in India, day temperatures will not rise significantly in the region as winds will be coming in from the areas that have received rain in the past two days.
The westerly to northwest winds would also reach over Central India making it warmer than the last two days. Due to this, day temperatures in places like Gwalior, Bhopal, Indore and Jabalpur could rise. Maximums in these places have been below normal under the influence of a cyclonic circulation that existed over Gujarat and adjoining areas and gave rain and cloud cover. Heat wave like conditions will sustain over Odisha during the next 24 hours. While day temperatures in Chhattisgarh will also rise in this period.
There will not be any respite from westerly winds also known as `loo` over east Uttar Pradesh, Bihar, Gangetic West Bengal. Day temperatures are significantly higher than the normal in the region and Skymet Meteorology Division warns that heat wave like conditions are unlikely to recede as there is no weather system in the offing which could make the wind conditions change.
Due to a wind discontinuity in Peninsular India, northerly to northwesterly winds are colliding with moist winds from the Bay of Bengal and this could give rain over south Karnataka, Kerala and Tamil Nadu. Day temperatures in Andhra Pradesh will continue to remain in lower forties during the next two days.
By: Skymetweather.com
"We would play a big role in the interest of the people," Banerjee told reporters at the party headquarter here, dedicating the massive win in the state to the people. The TMC supremo said "34 out of 42 is a clear-cut mandate", specially fighting on our own.
West Bengal chief Minister Mamata Banerjee today asserted that Trinamool Congress' 34-seat tally in the state was a massive triumph and said her party will play a big role in the 16th Lok Sabha in the interest of the people.
"We would play a big role in the interest of the people," Banerjee told reporters at the party headquarter here, dedicating the massive win in the state to the people. The TMC supremo said "34 out of 42 is a clear-cut mandate", specially fighting on our own.
Also Read: Modi-Mamata: Does it have some heartburn in store?
"It is the people who opposed the maligning campaign against us and gave their verdict," the Chief Minister said. Indicating that it was a tough battle over the gruelling five-phase polls in the state, she said "it was a five-six cornered fight, there were several parties. Banerjee said despite a large section of media opposed the party, "people kept their faith in Trinamool Congress".
Claiming that a section of the media had underplayed 'Bengal's triumph', Banerjee said that all party MPs would go to Delhi on May 25 to take oath in the Lok Sabha. Stating that out of 34 members, 33 percent were women while the national figure was 11 per cent out of the 543, Banerjee said "In that way it is historic. Many talk about women's reservation in the Lok Sabha, but do not do much."
Guar seed futures ended lower as traders booked profits after a recent rally in prices. The commodity gained 22 percent from April 22 to May 5 on forecasts of ...
Guar seed futures ended lower as traders booked profits after a recent rally in prices. The commodity gained 22 percent from April 22 to May 5 on forecasts of a weak monsoon and thin arrivals. Demand for Guar gum, a by-product of Guar seed, is expected to rise from the food sector which uses it as a stabiliser, said the industrial expert.By: Skymetweather.com
Narendra Modi arrived in New Delhi on Saturday to a rousing welcome, a day after storming to power with a landslide victory in the Lok Sabha elections.
Narendra Modi arrived in New Delhi on Saturday to a rousing welcome, a day after storming to power with a landslide victory in the Lok Sabha elections.
Soon after emerging out of the Indira Gandhi International Airport, the Prime Minister-elect stood at the door of his SUV and waved the victory sign to the cheering crowds of supporters wearing saffron caps and showing BJP flags.
He was received at the airport by a number of senior BJP leaders, including party chief Rajnath Singh.
Escorted by elite commandos, Mr Modi undertook a road show with thousands of supporters greeting him at various places along the route from the airport to the party headquarters at Ashoka Road. BJP workers on motorcycles waving party flags were part of the road show.
At the BJP headquarters, he will attend a meeting of the Parliamentary Board where crucial decisions on government formation will be taken.
The party has to decide when to call a meeting of the newly-elected MPs to formally elect Mr. Modi as the Parliamentary Party leader to be followed by a meeting of the NDA where he will be elected as leader of the coalition.
Once the formalities are completed, the group will approach President Pranab Mukherjee to convey to him the election of their leader, paving the way for his appointment as the Prime Minister.
Mr. Modi had led the BJP to a massive victory in the elections with the party alone getting 282 seats in the 543-member Lok Sabha. The NDA got 336 seats.
President Barack Obama last night congratulated Narendra Modi for his electoral victory during a telephone call and invited him to visit the US to further strengthen bilateral ties.
"The President invited Narendra Modi to visit Washington at a mutually agreeable time to further strengthen our bilateral relationship," the White House said following the maiden telephonic conversation between the two leaders.
The phone call was stated to be brief. Modi, during his US visit would be eligible for an A-1 visa, State Department Spokesperson Jen Psaki said. "The Prime Minister of India will be welcomed to the United States. As Head of Government, Modi would be eligible for an A-1 visa," she said.
In 2005, the US State Department had revoked a visa that Modi had for traveling to the US on the ground of alleged human rights violations after the 2002 Gujarat riots. The US has repeatedly said there is no change in its long-standing visa policy relating to Modi but he is free to apply for a visa and await a review like any other applicant. During the call, Obama felicitated Modi on the BJP's success in India's historic election.
"The President noted he looks forward to working closely with Modi to fulfill the extraordinary promise of the US-India strategic partnership and they agreed to continue expanding and deepening the wide-ranging cooperation between our two democracies," the White House said.
Soon after the call, National Security Advisor Susan Rice wrote on Twitter - the micro blogging site - that the US looks forward to working with India to continue to build a strong partnership between the two largest democracies of the world.
"We congratulate Narendra Modi and the BJP on its victory in winning a majority of seats in India's historic national election, which saw more voters cast their ballots freely and fairly than in any election in human history," White House Press Secretary Jay Carney told reporters.
Secretary of State John Kerry offered his congratulations through twitter and said that he looks forward to working with the BJP on expanding their shared prosperity and security. State Department Spokesperson said, "Once a new government is formed, we look forward to working closely with the Prime Minister and the Cabinet to advance our strong bilateral partnership."
"As President Obama said in his statement on May 12, we also congratulate the people of India on concluding their national elections and look forward to continuing our strong partnership based on shared values," the spokesperson said.
Way2Wealth has come out with its special report on MCX June Crude oil. According to the research firm one can sell the contract below Rs 5960 for the target price of Rs 5572 with a stop loss of Rs 6113.
MCX June Crude oil; a bearish head & shoulder pattern is under formation on daily continuation charts and the neck-line levels pegged at 5963. On a convincing close below the same with a considerable volume will intact bearish trend for near future. According to chart pattern the length between the head to neck-line would be the downside target i.e. 5572 levels. However, upside resistance seems to be at 6109 levels, any close above the same will negate the pattern and intact bull trend. RSI (14 days) & MACD both are fallen into negative territory by supporting the view and significant volume participation on daily chart is another of the supportive factors for the bearish momentum.
Strategy: MCX June Crude oil:
Sell 1lot below 5960 for the target of 5572 with a stop loss 6113
Risk/return ratio: 1: 2.5
Risk: 15300 (on 1 lot)
Return: 38800(on 1 lot)
For all recommendations, Click here
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
May 16, 2014, 12.13 PM IST | Source: Moneycontrol.com
GlaxoSmithKline Pharmaceuticals has submitted a copy of the minutes of the Annual General Meeting (AGM) of the Company held on April 17, 2014.
Like this story, share it with millions of investors on M3
GlaxoSmithKline Pharma: Outcome of AGM
GlaxoSmithKline Pharmaceuticals has submitted a copy of the minutes of the Annual General Meeting (AGM) of the Company held on April 17, 2014.
election 2014
Presenting Sponsor:
Buy & sell politicians on Power Play
- the political stock exchange
| Party | Lead + Win |
|---|---|
| NDA | 323 |
| OTHERS | 134 |
| UPA | 75 |
| LEFT | 10 |
542 Seats Total Seats: 543
live flashes
22 sec
Modi bull run to continue; retail to come in: Ramesh Damani
» more
Voices
The Bharatiya Janata Party (BJP) getting majority is good for India. It is good that we have a stable and a strong government and we have a government which will be decisive.
video of the day
Modi bull run to continue; retail to come in: Ramesh Damani
Karvy Commodities has come out with its report on bullion. "On the local front, Rupee has been on an appreciating note than likely that non-agri commodity prices would continue to be weighed by higher domestic currency. We have a selling view on Gold today.
Gold prices at Comex platform saw huge fall last day, falling by most in a week as US Jobless claims declined signaling continuing amelioration in the Jobs markets in the US.
Comex Gold for active June expiry contract at fell by 0.9% to $1,294 an ounce with Bloomberg data showed, trading volumes were nearly 8% higher than the 100-day average.
In the Indian markets, we saw gold June contract at MCX fell 1% to Rs 28400 per 10 Gms
OUTLOOK: While we had been holding a bearish bias in the commodity on the weekly basis, we turned into positive during the week led by concerns going in Ukraine region. Yesterday's fall was largely led by US Jobs number with negativism escalated by drop in the in Euro currency which at one point of time slipped down to 1.3650 level after weak economy related cues from Germany and EU. The Euro meanwhile recovered from its day's lows, however overall cues for gold continue to be subdued on the demand side and thus supported the downside. On the other side, moderate concerns remain from the Bond yield front, wherein the 10 Year US Yields fell five basis points to 2.49% while touching its lowest since Oct last year. In case US yields fall sharply, gold's decline in international markets might get arrested.
On the local front, Rupee has been on an appreciating note than likely that non-agri commodity prices would continue to be weighed by higher domestic currency. We have a selling view in the commodity today.
For all recommendations, Click here
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
Girdharilal Sugar & Allied Industries has informed that, since the Company is still finalising merger accounting entries and compliance in terms of BIFR Order dated January 15, 2014 in consultation with Auditors and experts, which is taking some more time being complex in nature, the postponed meeting called on May 14,2014 is further postponed.
Girdharilal Sugar & Allied Industries Ltd has informed BSE that, since the Company is still finalising merger accounting entries and compliance in terms of BIFR Order dated January 15, 2014 in consultation with Auditors and experts, which is taking some more time being complex in nature, the postponed meeting called on May 14,2014 is further postponed. The Company shall inform the postponed date of meeting in due course.Source : BSE
Read all announcements in Girdhari Sugar
According to Saurabh Mukherjea, CEO-Institutional Equities at Ambit Capital, one may buy Coal India.
Saurabh Mukherjea, CEO-Institutional Equities at Ambit Capital told CNBC-TV18, "Power companies haven't delivering the best volume growth that you would expect but I reckon Coal India will do a turnaround in volume growth in the year ahead. It has derated continuously since its IPO four-five years ago. This should be a good time to buy a company like Coal India."
"In the two-wheeler space Bajaj Auto has lost a lot of fans over the last couple of years because of the market share losses. I reckon Bajaj's market share will come back as urban recovery steps in over the next year. As an export power house I don't think it has any equal in our country. So something like Bajaj Auto, good company, available at reasonable valuations because of the whole fear about Honda," he added.
"Staying with PSU's I think the PSU banks are looking more and more interesting. The PJ Nayak committee report day before yesterday, a lot of that will get accepted both by the RBI and by the finance ministry. And that will presage a fairly powerful rerating of some of our biggest public sector banks, so that is how I would go about it."
"I am looking for quality, well run companies in the sense strong balance sheets, credible franchises but available at a reasonable valuation because of some blemish whether it is market share loss to Honda, whether it is perceptions of corruption etc. You want companies which are available at reasonable valuations because if you buy fully valued stocks, fully valued names such as Nestle or HDFC Bank , you really won't be able to participate in this recovery over the next couple of years."
Equity benchmarks slipped marginally with the Nifty falling below 7100 level ahead of Lok Sabha Election outcome on Friday.
12:27
Moneycontrol Bureau Equity benchmarks slipped marginally amid choppy trade. The Sensex declined 56.47 points to 23758.65 and the Nifty fell 19.30 points to 7089.45. Declining shares outnumbered advancing ones by a ratio of 1545 to 945 on the BSE.April WPI inflation eased to 5.2 percent from 5.7 percent in March led by decline in food, fuel and manufactured products inflation.
India's largest private sector lender ICICI Bank lost more than 1.5 percent followed by L&T, HDFC, TCS, Wipro, Bajaj Auto, Bharti Airtel and Dr Reddy's Labs with over a percent. Index heavyweight Reliance Industries slipped 0.3 percent.
However, NTPC gained 4 percent after MSCI increased its weightage to 1.32 percent from 0.84 percent in MSCI India Index. The company will declare its fourth quarter earnings today.
Tata Steel gained more than 3 percent after higher sales backed by strong performance in Europe and India, drove its net profit to Rs 1,036 crore in Q4FY14 against a loss of Rs 6,529 crore in the same quarter a year ago after impairment charges.
Shares of Sun Pharma, Axis Bank, HUL, M&M, Tata Power and GAIL gained 1-2 percent.
11:00
Rupee is higher on positive domestic market sentiment amid expectations of an NDA majority at the centre. Hope of bunched up dollar inflows following yesterday's holiday is also supporting.
Read More »
10:00
Equity benchmarks continued to consolidate for the second consecutive session after hitting record highs in previous session.
Read More »
09:15
The Indian rupee advanced in the early trade on Thursday. It has opened with a gain of 18 paise at 59.48 per dollar as against previous day's closing value of 59.66 a dollar.
Read More »
Kunal Saraogi of Equityrush recommends buying TVS Motor with a target of Rs 130 and advises selling HDIL with a target of Rs 74.
In CNBC-TV18's popular show Bull's Eye, Kunal Saraogi of Equityrush shares his trading strategies for the day.
One may sell Union Bank . I am trying to play the contrarian here and given that the markets are slightly unpredictable, the rally in the public sector undertakings (PSU) bank stock may well be overdone. I will go short in Union Bank with a target of Rs 143.
One may sell HDIL . High beta could go down more from the current levels and HDIL could be one such stock. With a stoploss at Rs 80, I am looking for a target of Rs 74 on HDIL.
One may go long in Jubilant Foodworks . The stock has formed a base for itself. It has got a very strong accumulation pattern on its volume chart. The stock is headed to Rs 1120 levels which will be the target for the day.
One may buy TVS Motor . The stock has really been doing well in last couple of trading sessions. And the upside here might well continue. One could look for a target of Rs 130 on TVS Motor and place a stoploss at Rs 118.
Sutlej Textiles and Industries has informed that the Board of Directors of the Company at its meeting held on May 13, 2014, has recommended a dividend of Rs 8 per share on 16382862 ordinary shares of Rs 10 each (previous year Rs. 5/ per share on 10921908).
Sutlej Textiles and Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 13, 2014, inter alia, has recommended a dividend of Rs. 8/- per share on 16382862 ordinary shares of Rs.10 each (previous year Rs. 5/ per share on 10921908).Source : BSE
Read all announcements in Sutlej Textiles
The way out is to reform the decision-making process by making it transparent and rule-based. Moreover, administrative reforms should also be introduced.
A high growth rate for the Indian economy cannot be sustained without a vibrant and growing manufacturing sector.
There is enough evidence from several research studies to show that bad governance, and in particular corruption, has been the most important factor inhibiting the growth of the manufacturing sector.
Also Read: EGS export: Need to remove 'behind the border' constraints
Corruption mainly takes place where important discretionary powers are vested with the decision maker and where rules are not clear-cut and the decision making is not transparent.
The way out is to reform the decision-making process by making it transparent and rule-based and by drastically reducing the discretionary powers of officials. So far, despite brave declarations of intent, no serious attempt has been made in this direction of administrative reforms.
In addition to administrative reforms, the government should also introduce rules and laws to drastically discourage cash transactions and cash holdings.
Thus, a policy aimed at GDP growth based mainly on attracting investment in the services sector will not succeed. Moreover, a thriving manufacturing sector is vital for employment generation. Under these circumstances, reforms should be aimed at good governance, transparent and time-bound decision-making, reduction of currency transactions and holdings, and the rule of law.
The author is Member Secretary and Hon. Director, Forum for Global Knowledge Sharing, and also the Professor of Economics, Madras School of Economics.
To read the full report click here
Way2Wealth has come out with its report on currency. According to the research firm, one can sell USDINR at 60.2 for the target of 59.95/59.6 with a stop loss of 60.56, in its research report dated May 12, 2014.
USDINR: 60.16
The pair ended with the spinning top candlestick after the doji this indicates indecision among the traders at the current levels. We expect the prices to continue their decline and test the previous swing low pegged at 59.95 levels and on breach of the same steep decline can be seen. The momentum indicator RSI is balanced in sell mode.
GBPINR: 101.51
The pair negates our view of bullish head and shoulders chart pattern on the hourly chart by declining below the 101.59 levels. Now, the pair has confirmed the lower low/high formation on the hourly chart and prices are expected to continue their decline until the next immediate support levels of 100.89 are hit. RSI (14) has given the positive crossover.
EURINR: 82.9175
The EUR has completed the bearish head and shoulders chart pattern on the hourly chart. Anticipated target according to which is at 82.2 levels.
RSI (14) is balanced in the neutral zone.
| Currency | Action | Entry | Target | Stop Loss |
| USDINR | Sell | at 60.2 | 59.95/59.6 | 60.56 |
| GBPINR | Sell | below 101.4 | 100.9 | 101.66 |
| EURINR | Sell | below 82.9 | 82.2 | 83.16 |
For all recommendations, Click here
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
Noriko Kuroki, client portfolio manager-emerging markets equity at JPMorgan Asset Management continues to see good value in Indian equities. However, she advises against adding positions aggressively at this juncture. She says investors should rather watch the election outcome as betting on it could prove to be futile.
Kuroki is positive on consumer discretionary, auto and IT services.
Below is the transcript of Noriko Kuroki interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy
Sonia: India has attracted the highest amount of flows amongst the Fragile 5 but do you think that trend could continue?
A: India has had a good run up to elections but we still see good value in Indian equities perhaps not the time to add aggressively at this stage because India has had a good run as I said. We were adding aggressively in Q3 last year when India saw a sharp decline in both currencies and the markets. We are still happy with that the names we hold in our portfolios but from now, I think what is more important is what sort of government we are going to see after the elections, what sort of policy initiatives we can expect from the new government. So for now, we are watching closely the election outcome and importantly what sort of policy measures the new government is going to announce.
Also Read: Market fairly valued, room for upside on good macro: Rel MF
Latha: Should we assume that from now, up until Friday, when the actual numbers come in, people like you will rather not participate but just wait and watch?
A: Yes, history tells us betting on the election is rather a futile outcome. In politics we are not expert on politics, we look at companies, and we look at fundamentals of the company's economic developments. So I think it is too risky to bet one way or the other just for the outcome of the elections, we would rather focus on what we are better equipped i.e. looking up companies, we are long-term holders of companies. So short-term noises, we try to ignore but look at the long-term fundamentals and this election is very important for India's long-term future. So, we are very much interested in the outcome but rather than taking short-term actions, we would rather stay and watch for now.
Sonia: You just mentioned a while back that you aggressively bought some stocks in the rally from September to now, what are those stocks that you are holding on to?
A: We like consumer discretionary and also IT service sector. So auto names or consumer discretionary names are more attractively valued than consumer staples. We also like the IT software sector because we think that the IT outsourcing is still at an early stage globally. So these blue-chip Indian companies can continue to grow for many years to come. So that is a kind of structural positive data we have for the sector.
Latha: For the past since September probably when the Fragile 5 currencies started stabilising and improving, the trade has been with cyclical stocks and away from the dollar stocks, for one thing dollar was getting cheaper vis-à-vis the Indian rupee today it is at some kind of a record low versus the rupee, would you therefore think or prefer a rotational trade away from the dollar exposed trades to the rupee exposed trades to the Indian economy, cyclical exposed trades?
A: Interesting because we look at the Indian currency from a longer-term horizon. So we tend to focus more on five-years rather than just a nine months. Indian rupee got cheap when they got sold off aggressively and it is -- even after the rebound -- still one of the cheaper currencies in EM space. So we are comfortable where the currency is right now. We see more upside in the currency.
From the intra-day perspective, Indian Rupee is expected to trade on a mixed note on the back of inflow of foreign funds into equities coupled with selling of dollars by exporters and corporate companies will act as a positive factor, says Angel Broking.
On a weekly basis, Indian Rupee hit a one month high and appreciated around 0.4 percent. The currency appreciated on account of to selling of dollars by corporate companies and exporters. Weakness in the DX in early part of the trade coupled with inflow of foreign funds into equities supported an upside in the currency. Further, upbeat domestic market sentiments continued with positive movement in the currency.
However, sharp upside in the currency was capped due to dollar demand from oil importers and its companies. Additionally, investors were cautious ahead of the general election results outcome due in the current week which restricted upside movement in the currency. The Indian Rupee touched a weekly high of 59.865 and closed at 59.96 on Friday.
For the month of April 2014, FII inflows totaled at Rs.2124.60 crores ($353.18 million) as on 9th May 2014. Year to date basis, net capital inflows stood at Rs.33922.60 crores ($5598.10 million) as on 9th May 2014.
Outlook: From the intra-day perspective, we expect Indian Rupee to trade on a mixed note on the back of inflow of foreign funds into equities coupled with selling of dollars by exporters and corporate companies will act as a positive factor. While on the other hand, dollar demand from oil importers and its companies, weak market sentiments along with strength in the DX will act as a negative factor. Expectations of decline in industrial production and rise in retail inflation data from the country will continue with downside movement in the currency.
For all recommendations, Click here
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
In an interview to CNBC-TV18, Prashant Bhushan, Advocate, SC; SP Tulsian of sptulsian.com; Soli Sorabjee, Former Attorney General and Gopal Jain, Senior Advocate, SC gave their reading of Reliance Industries ' arbitrage notice to the government over delay in effecting new gas prices.
Below is a verbatim transcript of the interview
Shereen: Reliance Industries has served an arbitration notice to the government to include gas pricing in it, your first reaction?
Sorabjee: I don't know the terms of the contract between the government and Reliance. The only thing I can say is if they have served a notice they will have to go through the arbitration route. That's all that it implies in India.
Shereen: What do you make of the fact that this matter is currently being heard in the Supreme Court? Reliance, in fact, has just last week if my memory serves me correctly concluded its arguments in Supreme Court on the issue of gas pricing and now the decision to actually serve the government with an arbitration notice. What do you make of this?
Sorabjee: It was absolutely bad court management. The matter was argued at length and thereafter because of the remaining days being very few, 2 or 3 days and one of the judges now retiring or being appointed to other tribunal, the whole thing will have to be heard again. Therefore another bench. That is rather sorry state of affairs. As is aid that is bad court management.
Shereen: This seems to be an instance of bad court management in a way. However going back again to the point that Harish Salve was making that we have got a time bound process. Here at the top of his head he said 90 days and then we will go ahead and appoint. If the government doesn't appoint one but do you really see this moving at the clip that Harish Salve seems to suggest because look at what has happened to the previous arbitration proceedings?
Jain: In most cases this doesn't go at a T20 speed. It goes at its own speed because the government decision making process is slow. Given the importance of the issue and its implications across not just Reliance and government but several other parties may be this moves at a faster pace but all that will really depend with the change of government, the importance that they give it. Nobody wants to have such an issue left uncertain and open ended. So, may be given that issue and its larger implications we see some faster decision making process in this case.
Shereen: Reliance Industries, BP and Niko have issued an arbitration notice to the government and have now included the gas price issue in the arbitration which is exactly what Harish Salve the Reliance counsel had been arguing in the Supreme Court, your first reaction?
Bhushan: We have already been saying, we have pointed out that this arbitration is a collusive affair between Reliance and the government which has been colluding with them. They colluded with them first in allowing them to retain fields which they ought to have relinquished. Then they colluded with them to allow them to increase their capital expenditure from USD 2.4 billion to 8.8 billion.
Then they colluded with them by allowing them to drop their production from the promised 80 mmcd to now 8 mmcd and did not penalize them. Eventually when Jaipal Reddy started penalizing them for that he was unceremoniously removed and a pliant minister Veerappa Moily was brought in. So, all that is the subject matter.
Nayantara: So, we will continue to see USD 4.2 maybe till the new arbitration...
Salve: I am just saying we do things step at a time. The media wants answers of what is going to happen in 2015 today; that is not possible.
Nayantara: The last time you slapped an arbitration notice against the government if my memory serves me right was in November 23, 2011. That arbitration still has not started, we saw plenty of back and forth on deciding the three arbitrators. Is gas pricing going before the same arbitration panel or again are we likely to see a lot of back and forth?
Salve: I can assure you this time I have advised the clients - first of all we have invited the government that let the same tribunal hear this case also. That is most cost efficient, most time efficient and most sensible. There are timelines in the contract.
Shereen: What kind of timelines if you can specify that for us, if you can give us details because as Nayantara was pointing out the last arbitration notice that you served was in 2011 and look where we are today?
Salve: Sensible contractors doing business in a country don't go running to the court at the drop of hat. You keep writing letters to the government trying to persuade them. That situation now may not be, now if they don't appoint I think 90 days is the deadline. I am talking at the top of my head, some such figure. If they don't appoint we will move the court immediately and under the contract if we move to court and the government has not made an appointment the court will have to appoint a non-Indian national as the government representative. That is the specific provision in the contract.
Anuj: You still have not answered the point that come next Monday at what price would the domestic companies get gas.
Salve: I don't know. We will decide. Let us see how the government reacts.
Anuj: What happens to the bank guarantee that - there were reports last week that government has returned the bank guarantee that Reliance had given. There is some part of bank guarantee which still had to be given, what happens to that?
Salve: All these decisions now will be taken in a meeting which I will have with the clients and I am afraid I can't share the details of what we discuss with you because now we are in litigation mode.
Nayantara: If you are in litigation mode can you tell us a little bit more of what the client is thinking. For example is it going to continue doing the cpaex at the KG-D6 for development wells?
Salve: Once you are in litigation mode you don't talk and that is going to be my advice to the client.
Shereen: You are saying that your advice your clients is going to be not to talk but you could give us some sense of whether any further investments are likely to be made at the KG-D6, production levels will remain where they are?
Salve: No idea. We have to take stock, decide. If they decide to invest at an appropriate time the media will be told. There are a lot of complex decisions to be taken. I am in London, they are going to come here next week. We will meet and decide what to do.
Shereen: You are saying you are going to be meeting the clients next week to take a decision on what happens to production levels at the KG-D6?
Salve: No, I am not saying that. I am saying I have to meet the clients and we decide the way forward. You can speculate about what all we will do.
Anuj: We have seen a big rally in Reliance stock, what happens Monday morning, is this a recipe for big fall in stock price or not quite?
Tulsian: I see this arbitration notice to have been issued in haste. If you see three events this has been clearly saying that new government which has already notified the pricing formula should decide the price within that pricing formula.
All along I have been hearing Harish Salve, Shereen, and everyone that means one thing is certain that Rangarajan Committee formula has been accepted by the Reliance Industries also. So, let's not jump for the price of USD 13 and all that. It cannot exceed to a rate beyond USD 8.
We have been talking on so many issues, now take three situations which has prohibited for the contractor to go ahead with the increased price. First is the EC embargo, that will come to an end maybe on Monday or maybe on May 16; take the situation I don't know the technicality.
Then second is the Supreme Court, again reconstitution of the bench because one judge has retired. Now, that matter also can get thrashed out by June end when the courts will open because that matter has already been taken on priority by Supreme Court. Third is taken up by the government. I don't understand that arbitration proceedings can really precede all these three events and can get concluded maybe in couple of months or so. So, what is the hurry?
EC has already gone out of the way that\'s what I presume because they put again embargo or they put a stay there is no stay from Supreme Court in respect to this. So, ultimately the ball will be moving back in the court.
We have already seen fate of the arbitration proceedings in respect to the penalty. There the arbitrators are not getting the appointed, same thing and same exercise and same problem can be faced here also. How can you expect that the arbitrators will get so quickly appointed? The arbitration proceedings and hearings will go on quickly and just in one month things will be decide because this is not the alone Reliance Industries, which is affected. There are other party GSPC, ONGC, Oil India. So many other upstream companies are involved. So, arbitration proceedings cannot be taken in isolation.
Reliance Industries is here as contractor. They are not going to lose the money because whatever ultimately the investments will get probably the recovery may get delayed. So, honestly I don't find any substance in the issuance of this arbitration notice by the company on the government.
Now, coming to the effect on the share price, honestly, I don't think that this will have any kind of effect. In fact Reliance Jio, the kind of directions issued or maybe the matter now having gone in Supreme Court, if we would have discussed that probably that may be having a negative effect were Prashant Bhushan is challenged of the unified licenses or given it for Rs 1600 crore based on the pricing of 2001 which has been quashed by 2012 Supreme Court order. So, that seems to be more significant then this arbitration proceedings. I honestly see premature and having no effect.
According to the latest weather update by Skymet Meteorology Division in India, here are the latest weather alerts for different parts of the country:
Weather alert for Haryana issued at 17:40 Hrs
Light to moderate dust storm and thundershowers are likely at some places over Bhiwani, Fatehabad, Jind, Mahendragarh, Rohtak, Sirsa and Sonipat districts of Haryana with strong winds ranging between 60 kmph and 110 kmph during the next 2 to 6 hours.
Weather alert for Rajasthan issued at 15:44 Hrs
Light to moderate dust storm and thundershowers are likely over Ajmer, Alwar, Bikaner, Churu, Hanumangarh, Jaipur, Jhunjhunu, Jodhpur, Nagaur, Pali, Sikar and Sri Ganganagar districts of Rajasthan with strong average winds of 50 kmph gusting at 80 kmph during the next 2 to 6 hours.
Weather alert for Punjab issued at 15:35 Hrs
Light to moderate rain and thundershowers are likely over Chandigarh, Hoshiarpur, Jalandhar, Ludhiana and Rupnagar districts of Punjab with strong average winds of 50 kmph gusting at 80 kmph during the next 2 to 6 hours.
Weather alert for Punjab issued at 15 Hrs
Light to moderate dust storm and thundershowers are likely over Delhi/NCR with strong winds ranging between 50 kmph and 80 kmph during the next 2 to 6 hours.
By: Skymetweather.com
Is the world efficient about what we grow, how we grow and where we grow? Agriculture is the backbone of survival and one hardly considers agriculture as a potential threat to the environment. But the truth is that few agricultural practices impact Global warming and prove detrimental for the planet Earth. We definitely picture cars and smokestacks but not our platter of food when we hear about Global warming.
It turns out that Agriculture is one of the greatest contributors to global warming, which emits much more greenhouse gases than big trucks, cars, trains and even airplanes combined.
Culprits of agriculture
The main culprits of agriculture are nitrous oxide coming from fertilized fields, increased carbon dioxide due to cutting of rain forests to grow crops or raise livestock and methane gas released by cattle and rice farms.
Farming consumes most of our precious water supplies and also serves as the major water polluter, thanks to runoff from fertilizers, chemical and pesticides. Manures also pollute water bodies and coastal ecosystems across the globe.
Agriculture also accelerates the loss of biodiversity by replacing forests with farm lands and leading to loss of crucial habitat of wildlife.
Few sustainable ways to feed the generations to come
Thus we see that agriculture poses critical environmental challenges and they are increasingly become more pressing as humans worldwide desperately try to meet the growing need for food.
Globally, an area approximately the size of South America has already been cleared to grow crops and roughly one more mid-sized continent to raise livestock till date. The loss of prairies ecosystems of North America and the Atlantic forest of Brazil could be attributed to agriculture. The situation now no longer allows the world to increase food production through agricultural expansion.
Here are few ways to solve the world's food dilemma.
Stop deforestation as trading tropical forests for farmland is the most destructive things we could possibly do. The practice should be to grow more on the already available farms. The world should now focus on increasing yields on less productive farmlands by using improved and hi-tech farming practices. Organic farming is also a good way to boost yields. It facilitates judicious use water and chemicals as it incorporates cover crops, mulches, and compost to improve soil quality and use less water. Commercial farming is good bet as it uses innovative ways to better target the application of fertilizers and pesticides. Computerized tractors equipped with advanced sensors and GPS help in this process. It's likely that there will be two billion more mouths to feed by the middle of this century. Moreover, with the increasing prosperity there is a rise in demand for meat and dairy products and thus, boosting the growth of corn and soybeans to feed the cattle. This could well necessitate doubling the amount of crops grown by the year 2050. Developed countries should take steps to reduce wastage by serving smaller portions and eating leftovers. Food joints, restaurants and supermarkets should effectively take measures to eradicate wastage .
picture courtesy- Louis Daria
By: Skymetweather.com
US stock investors are finding the value of staying close to home.
Even as the US economy barely grew in early 2014, companies with a domestic orientation have on balance delivered better first-quarter sales and profit growth than their globally oriented peers.
RBC Capital Markets found that sales growth among companies with a high percentage of their revenue coming from the United States was three times stronger than those with a bigger international sales mix.
Earnings growth was six times as robust. US-focused names had bigger upside surprises on both the top and the bottom lines.
"With the US economy vaulting energetically out of its winter cold spell but China looking even more beset by gravitational forces ... the two-speed developed market-vs-emerging market global recovery ... is growing more clear and present," analysts at Nomura wrote in a note to clients.
Also read: Dow ends at record high; Apple drags on S&P 500, Nasdaq
Companies with US-oriented revenue rank among the year's leading advancers in the S&P 100 Index.
Anadarko Petroleum Corp, which gets more than three-fourths of its revenue from the US market, is up nearly 27 percent in 2014. In its latest quarter, the company's revenue grew 50.1 percent, representing an upside surprise of almost 50 percent compared with expectations.
Utilities are 2014's runaway outperformers, with the S&P utilities index up nearly 11 percent. Utilities also have some of the highest US revenue exposure.
The stock of Exelon Corp is up 32.2 percent in 2014; in its latest quarter, Exelon posted revenue growth of 17 percent, good for an upside surprise of 28 percent relative to analysts' forecasts.
Power sector-focused funds have attracted inflows of almost USD 2 billion in 2014, according to Thomson Reuters' Lipper, though the sector is also favoured as a defensive or dividend play, offering an average yield of 3.7 percent.
Conversely, technology companies have the highest percentage of foreign revenue exposure, according to Standard & Poor's. The group, which has sold off recently on concerns that valuations are stretched, has had outflows of USD 1.25 billion this quarter, according to Lipper.
Qualcomm Inc and Broadcom Corp have more than 94 percent of sales coming from abroad and both disappointed in their most recent results, with Chinese growth a major factor.
The week ahead will feature earnings from several companies representing both the domestic-leaning and international camps.
Applied Materials, which gets about 80 percent of its revenue from abroad, will report results next week. Analysts expect the company to post revenue growth of 19 percent.
Deere & Co, which gets 63 percent of its sales domestically, is set to report earnings on Wednesday, while Wal-Mart Stores Inc, the largest of a slew of retailers reporting next week, is due to post results on Thursday. Wal-Mart gets 71 percent of its revenue from the United States.
Castor seed production in India is estimated lower, stockists' buying is strong and export demand was also strong. Spot prices moved up despite higher arriva ...
Castor seed production in India is estimated lower, stockists' buying is strong and export demand was also strong. Spot prices moved up despite higher arrivals on the back of strong export demand. Castor Seed futures also gained as traders started covering. At Rajkot mandi, castor seed prices were Rs 745-755 for a maund of 20 kilograms.By: Skymetweather.com
The ruling party won with about 62.16 percent of the total votes.
South Africa's ruling African National Congress won the 2014 national election with 62.16 percent of the votes, the electoral commission said on Friday.
Also read: JSPL close to acquiring iron ore mine in West Africa
The provisional result shows the ANC's main rival, the Democratic Alliance (DA), took 22.22 percent, while the ultra-left Economic Freedom Fighters (EFF) managed 6.35 percent.
Eurotex Industries and Exports has received letter dt. May 07, 2014, from Patodia Syntex Limited, expressing their intention to buy 1.25% shares of the total share capital of the Company from the open market.
Eurotex Industries and Exports Ltd has informed BSE that the Company have received letter dt. May 07, 2014, from Patodia Syntex Limited, expressing their intention to buy 1.25% shares of the total share capital of the Company from the open market.The letter received in this regard from Patodia Syntex Limited is enclosed.Source : BSE
Read all announcements in Eurotex
To read the full report click here
NDTV's total income from operations for the reported quarter also declined to Rs 124.09 crore from Rs 186.56 crore in the January-March quarter of 2013.
Broadcasting major New Delhi Television Ltd (NDTV) today said it has registered a consolidated loss of Rs 31.39 crore for the fourth quarter ended March 31, 2014.
The company had reported a consolidated net profit of Rs 27.81 crore in the corresponding period last year, NDTV said in a statement.
NDTV's total income from operations for the reported quarter also declined to Rs 124.09 crore from Rs 186.56 crore in the January-March quarter of 2013.
For the financial year 2013-14, NDTV reported a consolidated loss of Rs 81.18 crore as against a profit of Rs 1.91 crore in 2012-13 fiscal.
NDTV's consolidated total income also declined to Rs 460.10 crore in the financial year 2013-14. It was Rs 526.81 crore of 2012-13 fiscal.
BPL Ltd has informed that a meeting of the Board of Directors of the Company will be held on May 14, 2014, to consider and approve the re-appointment of independent directors and to transact other items of business.
BPL Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 14, 2014, inter alia, to consider and approve the re-appointment of independent directors and to transact other items of business.The Audit Committee of the Board is also scheduled to meet on the aforesaid day.Source : BSE
Read all announcements in BPL
Geometric announces the availability of version 2014 of CAMWorks for Solid Edge software, the 3D CAD tool from Siemens PLM Software for the mainstream manufacturing market.
Geometric Ltd has informed BSE regarding a Press Release dated May 08, 2014 titled "Latest Version of Geometric's CAMWorks® for Solid Edge® helps customers accelerate time to market". Geometric announces the availability of version 2014 of CAMWorks for Solid Edge software, the 3D CAD tool from Siemens PLM Software for the mainstream manufacturing market.Source : BSE
Read all announcements in Geometric
To read the full report click here
Kaira Can Company has informed that a meeting of the Board of Directors of the Company will be held on May 23, 2014 to consider and approve Audited Profit & Loss A/c for the year ended March 31, 2014 and the Balance Sheet and recommending the dividend, if any.
Kaira Can Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 23, 2014 :1. To consider and approve Audited Profit & Loss A/c for the year ended March 31, 2014 and the Balance Sheet as on date along with the Schedules and Annexure thereon & Cash Flow Statement, Extract of Balance Sheet and General Business Profile of the Company.2. Recommending the dividend , if any.Source : BSE
Read all announcements in Kaira Can
GKB Ophthalmics has informed that a meeting of the Board of Directors of the Company will be held on May 30, 2014, to consider and approve the Audited Financial Results of the Company for the year ended March 31, 2014 and to recommend dividend, if any.
GKB Ophthalmics Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2014, to consider and approve the Audited Financial Results of the Company for the year ended March 31, 2014 and to recommend dividend , if any.Further, with reference to the above meeting of the Board of Directors, the Trading Window for dealing with equity shares of the Company by the insiders are defined under the SEBI (Prohibition of Insider Trading) Regulations 1992 shall remain closed from May 23, 2014 to May 31, 2014, both days inclusive, and shall re-open on June 02, 2014.Source : BSE
Read all announcements in GKB Ophthalmics
Syndicate Bank has informed that the Board of Directors of the Bank at its meeting held on May 07, 2014, has recommended a Final Dividend of Rs 3 per share (30 percent) for the year 2013-2014, subject to approval of shareholders at the Annual General Meeting.
Syndicate Bank has informed BSE that the Board of Directors of the Bank at its meeting held on May 07, 2014, inter alia, has recommended a Final dividend of Rs. 3.00 per share (30%), [in addition to interim dividend of Rs. 2.50 per share (25%) paid during January 2014) for the year 2013-2014, subject to approval of shareholders at the Annual General Meeting.Final dividend, if declared at the AGM, will be paid on June 27, 2014.Source : BSE
Read all announcements in Syndicate Bank
Vishal Malkan of Malkansview.com recommends buying Bharat Forge with a target of Rs 440 and advises selling Reliance Infrastructure with a target of Rs 490.
In CNBC-TV18's popular show Bull's Eye, Vishal Malkan of Malkansview.com shares his trading strategies for the day.
Adani Enterprises had a stellar run up in the last quarter and in last few days it has been consolidating between the range of Rs 420-440 with good volumes on intraday charts. I recommend a buy with a stoploss of Rs 428 for targets of Rs 455.
Apollo Hospitals had given a huge breakout on Monday with good volumes closing above the resistance of Rs 950. So, I recommend a buy with a stoploss of Rs 930 for targets of Rs 975.
Bharat Forge had declined through a support of Rs 400 which is an important support on trendline as well as moving average forming bullish candlestick pattern on that level in last couple of days. Hence, I recommend a buy with a stoploss of Rs 412 for targets of Rs 440.
Reliance Infrastructure has been forming lower top and lower bottom on daily chart. Momentum has entered into bearish zone on intraday chart. Hence, I recommend a sell with a stoploss of Rs 525 for target of Rs 490.
Greece is finally emerging from its deflationary six-year recession and the odds are in favor of not just an economic recovery but also solid investment returns ahead, the CEO of the country`s largest domestic bank told CNBC.
"The opportunity in Greece has not run its course. We`re just starting to get into positive growth territory and that will produce returns which some investors may wish to partake," Anthimos Thomopoulos, CEO of Piraeus Bank , told CNBC in an exclusive interview.
Greece is expected to see economic growth of around 0.6 percent this year, according to Eurozone estimates, but that follows an around 5 percent contraction last year. In two years` time, the economy could grow by as much as 3.3 percent, according to the government`s economic projections.
To be sure, the country isn`t out of the woods yet. Greece has the highest unemployment rate in the region at 26.7 percent, with youth unemployment, or for the 15-24 age group, a staggering 56.8 percent.
"A lot of work has been done. A lot has to be done. We have to continue the same course for quite some time to deliver a new Greece," Thomopoulos said. "But there`s an overwhelming support to that program, there`s overwhelming support to giving Greece a new chance," he added.
"The years to come will prove that as a wise choice for people who decide to step in and invest in Greece at this point in time," he said. "The odds are in our favor after a long time."
Investors have certainly already responded positively to the outlook. The Athens composite index is up around 4.5 percent so far this year and up more than 23 percent over the past 12 months.
On April 10 this year, for the first time in four years, the country returned to the markets, with a five-year bond issue, selling 3 billion euros (around USD 4.18 billion) of debt to private investors at a yield of 4.95 percent. Over the course of the Eurozone debt crisis, Greek bond yields had risen as high as 25 percent.
Piraeus Bank has benefited from investors` interest in Greece.
Earlier this year, the bank raised around 1.75 billion euros in fresh capital from the equity market to meet financial stability requirements. Although the offering was at an around 10 percent discount to the market price, the stock has since traded in positive territory, Thomopoulos said.
In addition, the bank sold a 500 million euro bond offering, which attracted around 3 billion euros worth of interest.
"That was to signal the return to the funding markets ... to underline that we, the prime lender in Greece, are becoming stronger and stronger. And capable to lever up the economy and take it out of its current difficulties," he said. He noted that he was in Hong Kong to talk with the bank`s investor base in the region.
"There`s been a lot of interest from Asia Pacific in Greek banks," he noted.
Thomopoulos wasn`t always so optimistic about the outlook. He told CNBC in September 2013 that Greek non-performing loans (NPLs) - loans that are in, or close, to default - were still rising, and that the situation was "ugly."
But now he believes things are changing for the better.
"The sentiment has improved, retail sales are up, auto sales are up, consumer confidence is up, PMI numbers are better," he said. "The government has done a great job to bring the fiscal situation back in check. More good news will come out of the discussion with our European peers for further debt alleviation measures which will bring the country in debt sustainable levels for good."
-By CNBC.Com`s Leslie Shaffer; Follow her on Twitter @LeslieShaffer1
Copyright 2011 cnbc.com
