Modi lovers should go to Gujarat, says Cong minister's son

Under fire over his remarks about Gujaratis living in Mumbai, Swabhimaan Sanghatana chief Nitesh Rane today said his statement was not against all Gujaratis, but directed at only those amongst them who felt that Gujarat under Narendra Modi was doing better than Maharashtra.

Also read: I don't want Narendra Modi as my PM: Amartya Sen

Nitesh, son of senior Congress leader Narayan Rane, said his comments were aimed at those who favoured the Gujarat Chief Minister's development model.

"I only said that those who feel Modi is doing a good job can move there," he told reporters.

"My remarks were not aimed at all Gujaratis but only at those who feel there is more development in Gujarat," he said.

"I have taken a political stance... I have stated clearly that people living in Mumbai who feel that Gujarat is developing more than us (Maharashtra), or those who feel Modi is developing Gujarat more than us, why don't they go there," Nitesh said.

"I didn't say all Gujaratis are like that. I didn't say we will drive (Gujaratis) out (of Mumbai)," he said. As to his tweet about Gujarati housing societies favouring vegetarian residents, he said, "I said there are many housing societies in Mumbai which don't allow non-vegetarian (people)."

"Veg skies, Veg hospitals, Veg housing societies. Soon Veg Mumbai! Either Gujjus go back to Gujarat or they turn Mumbai into Gujarat... Red alert," Nitesh had earlier said in his controversial tweet.

Asked if the remarks had been made by him as a Congress leader, Nitesh said, "I said this as a son of the soil of Maharashtra."

When pointed out that he was the son of a senior Congress minister, the 31-year old Nitesh said, "what has that got to do with it".

"There are a lot of Gujaratis staying here who have pride in Mumbai and Maharashtra," he said.

"These tweets were posted by me last month," said Nitesh, who in July had also tweeted a crude caricature of a bare-bodied man with a placard over it that read "Hindu Rashtrawadi (nationalist)," said.

Accompanying the cartoon was a line written in Marathi, which roughly translated, said: "Good the burqa of development is torn."

The statement was a veiled jibe at two of Modi's recent statements: One in which he said he was a "Hindu nationalist", and another in which he refers to the Congress as "hiding behind the burqa of secularist".

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Infosys EGM approves Narayana Murthy as executive chairman

Moneycontrol Bureau

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

At the event, Murthy informed the shareholders that although outlook in its key market US was changing for better, it was too early to say whether tide is turning for IT sector.

Also read: Infosys may move to Rs 3300-3350: Rahul Mohindar

After several quarters of cautious commentaries, while announcing June quarter results Infosys' CEO SD Shibulal said that the company was cautiously optimistic for the rest of the year and maintained its dollar revenue guidance. Recovery in US markets and rupee depreciation is likely to improve earnings of IT companies going forward.

During the EGM, Murthy added that IT companies, which are adding 25 percent exports have more impetus to perform better.

After losing its bellwether position to Tata Consultancy Services ( TCS ), Infosys is hoping that Murthy's return will help the company to turn a new leaf.

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GSFC reports 97% fall in Q1 net at Rs 5.54 cr

Aug 03, 2013, 06.50 PM IST

Gujarat State Fertilisers and Chemicals reported a 97 percent fall in ints net profits to Rs 5.54 crore on the back of poor sales. The state owned fertliser firm has a product mix ranging from fertilisers to petchems, chemicals, industrial gases and so on.

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GSFC reports 97% fall in Q1 net at Rs 5.54 cr

Gujarat State Fertilisers and Chemicals reported a 97 percent fall in ints net profits to Rs 5.54 crore on the back of poor sales. The state owned fertliser firm has a product mix ranging from fertilisers to petchems, chemicals, industrial gases and so on.

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GSFC reports 97% fall in Q1 net at Rs 5.54 cr

Gujarat State Fertilisers and Chemicals reported a 97 percent fall in ints net profits to Rs 5.54 crore on the back of poor sales. The state owned fertliser firm has a product mix ranging from fertilisers to petchems, chemicals, industrial gases and so on.

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Gujarat State Fertiliser and Chemicals Ltd ( GSFCL ) today reported sharp decline in net profits by 97 percent to Rs 5.54 crore for the first quarter ended on June 30 due to fall in sales.

Also read: Complex fertiliser sales lower by 8% in Jun' 13:P Lilladher

The company had posted net profit of Rs 172.71 crore in the April-June quarter of the 2012-13 fiscal. Total Q1, 2013-14 income of the company decreased by 39 percent to Rs 1,017.98 crore, from Rs 1,411.84 crore in the year-ago period, the company said in a filing to the BSE.

Gujarat government owned GSFCL has a product mix ranging from more than 24 brands of fertilisers to petrochemicals, chemicals, industrial gases, plastics, fibers and other products. GSFC's joint venture manufacturing plant of Phosphoric Acid in Tunisia has also become operational during the quarter.

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Wall St week ahead: Earnings, data may shift mkt lower

With earnings season winding down and the employment report out of the way, the US stock market is likely to shift into a lower gear next week.

The earnings season so far has been largely positive with more than half of the companies that have reported beating estimates. But cuts in outlooks from a number of bellwethers, including Intel and Caterpillar , mainly due to increasing concerns over China's growth, have raised fears about the third and fourth quarters.

Also read: JPM exits commodities: What next for Wall Street Refiners

"It has sort of become a trend now to go into earnings season with low expectations, so beating those expectations is not a big deal," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

"The market is starting to really look at outlook cuts and guidance more than earnings itself."
The market is also likely to trade sideways next week after the Dow and the S&P 500 marked record closing highs for a second day on Friday.

For the year, both the Dow and the S&P 500 are up more than 19 percent.

The S&P 500 index has passed through two century marks this year - 1,600 and 1,700. The last time the broad market index covered more round numbers in a year was in 1998 when it touched 1,000, 1,100 and 1,200, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

Of the 391 companies in the S&P 500 that have reported earnings for the second quarter, 67.8 percent have topped analyst expectations, in line with the average beat over the past four quarters, data from Thomson Reuters showed. About 55 percent have reported revenue above estimates, more than in the past four quarters but below the historical average.

Negative outlooks for the third quarter from S&P companies have outpaced positive outlooks by 3.7 to 1 so far in this earnings season, according to Thomson Reuters data. Last quarter, the ratio was 6.3 to 1, but on average since 1996, the ratio stands at 2.1 to 1.

So far this earnings season, just 75 companies have given guidance and about 50 more companies are expected to give their outlook in the coming weeks. During last quarter's earnings season, 127 S&P companies gave guidance.

Fed concerns

The market will be closely watching remarks by US Federal Reserve policymakers next week for more clues on when the US central bank might begin to reduce bond-buying stimulus , despite mixed signals from the jobs market.

The latest jobs report on Friday showed non-farm payrolls rose by 162,000 in July, below expectations, but the unemployment rate fell to 7.4 percent, its lowest since December 2008.

On Tuesday, the president of the Chicago Federal Reserve Bank, Charles Evans, is scheduled to speak at a press breakfast, while Richard Fisher, head of the Dallas Federal Reserve Bank, is to deliver a speech on the economy in Portland, Oregon, on Monday.

Elsewhere, the Bank of Japan holds its monetary policy board meeting on Wednesday and Thursday. The BoJ is expected to keep monetary policy on hold as its unprecedented quantitative easing and government stimulus gradually spread through the economy.

Among companies due to report earnings next week, CVS Caremark posts second-quarter results on Tuesday. McDonald's Corp is to report July restaurant sales on Thursday. Also on Thursday, Dean Foods Co , the top US dairy company, posts quarterly results.

In economic news, weekly jobless claims on Thursday could offer clues about the labor market conditions following Friday's mixed jobs report. Institute for Supply Management (ISM) report on the services sector is due on Monday, and June trade data is due on Tuesday.

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Fed and ECB accused of 'muddying the waters'

As markets digest monetary policy statements from three of the world's major central banks within 24 hours, two of the institutions have been hit with accusations of causing confusion and lacking transparency by economists.

The US Federal Reserve kicked off the medley of announcements on Wednesday, and was closely followed by the Bank of England (BoE) and European Central Bank (ECB) on Thursday.

All three banks agreed that consumer and business confidence was on the up, giving a boost to long term growth prospects, but both the ECB and the Fed "muddied the waters" and lacked transparency, according to some economists.

Jennifer McKeown, senior European economist at Capital Economics, said there was "significant confusion and some disappointment" about ECB President Mario Draghi's lack of clarity on the longer-term policy outlook.

 "Despite trying to improve the ECB's transparency last week, president Draghi seems mainly to have muddied the waters," she said. "Admittedly, he added some detail to last month's pledge that interest rates would 'remain at present or lower levels for an extended period' by stating that markets' expectations of a hike in late 2014 were 'unwarranted'. But despite this, markets' rate expectations have since edged up."

McKeown said the ECB's "hawkish reputation" as a result of the implementation of two unexpected rate hikes - was not helped by Thursday's meeting. Draghi's particular focus on the inflation outlook had done little to "assure markets that the Bank will not make the same mistake again," she said.

"In all, the bank has a lot more work to do if it wants to be considered a truly transparent institution," she added.

 McKeown's comments echoed remarks made last month by Richmond Fed's Robert Hetzel and International Monetary Fund chief Christine Lagarde. Hetzel described the ECB as lacking a "coherent strategy" and urged it to stop using monetary policy as a "lever for achieving structural changes and to end its contractionary policy," while Lagarde warned central banks that any pulling back must be flexible, visible and predictable.

Alan Higgins, chief investment officer at Coutts, was also left confused by the central bank announcements, but rather than bashing the ECB, he accused the Fed of lacking a clear plan.

Fed Chairman Ben Bernanke's said on Wednesday that rates would not increase anytime soon, and its monthly bond buying program known as quantitative easing or QE - would be trimmed back only if the data points, particularly on unemployment, continued to improve.

 "European policymakers are trying hard to bring down long-term interest rates and assist economic recovery by adding clarity and direction, but the Fed appears to have done the opposite," he said. "Its decisions appear more dependent on volatile data points (that are often heavily revised) than a well-thought-out exit plan."

Higgins added that while the assessments of growth were becoming more alike in Europe and the U.S., plans for how to deal with ultra-low interest rates in a recovery were starting to look very different - and in the Fed's case, unpredictable.

The U.S. central bank also raised concern about rising government bond yields which have move higher following Bernanke's comments to Congress about QE in June - and the impact this will have on the housing market.

But this reference to the run-up in mortgage rates as a result of rising yields added yet another "worry to the list," according to Higgins. "The Fed has in effect made it more difficult to work out its next move."

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China services PMI improves, inflation creeping up

Growth in China's non-manufacturing sector picked up in July as Beijing's recent support measures for small firms helped improve sentiment, though companies noted that inflation is picking up and pushing up costs, official data showed on Saturday.

The government's non-manufacturing purchasing managers' index (PMI) rose to 54.1 last month from June's 53.9, the National Bureau of Statistics (NBS) said in a statement. A reading above 50 indicates activity in the sector is accelerating, while one below 50 indicates it is slowing.

The services sector index followed the bureau's manufacturing PMI on Thursday, which showed China's factory activity was slightly stronger than expected in July .

The latest data "indicate the non-manufacturing sector is improving, with the new orders sub-index consistently staying above 50, setting a good foundation in terms of demand for a stable growth," said Cai Jin, a vice head of the China Federation of Logistics and Purchasing, which compiles the index on behalf of the NBS.

"In general, the index pointed to a good start of the economy in the second half. Although there are still challenges, China has the foundation and conditions to maintain stable economic development," Cai added.

The services industry accounted for 46 percent of the Chinese economy in 2012, and overtook manufacturing as the biggest employer in 2011.

China's economic growth unexpectedly stumbled in the first half, as factory output and investment slowed.

To prevent it from slipping too far, Beijing has announced a series of targeted fine-tuning measures to safeguard growth. The politburo, China's top decision-making body, has pledged stable economic growth in the second half as it presses ahead with reforms and restructuring to make domestic consumption the main driver of economic growth.

The government is betting on a developing services industry to absorb surplus workers to be laid off by the restructuring move.

It has also announced several measures to support small firms, including scrapping business and value-added taxes for small firms [ID:nL4N0FU2U3], cutting red tape for importers and exporters, simplifying foreign exchange rules for the services industry and allowing small firms to issue more bonds.

The central bank has also pledged to improve the financial environment for small companies, which employ tens of millions, promoting innovation in financial products and services to take into account the varying needs of small businesses.

INFLATION

The PMI's sub-index measuring new orders remained the same at 50.3 in July as it was in June, while the reading for new export orders rose to 53.1 compared with June's 50.4.

In a breakdown of sectors, growth in the tourism and telecom industries gained traction rapidly, raising the employment sub-index in the services sector to 53.0 in July, up from 50.0 in June.

Although the headline figure for small non-manufacturing firms still remained below 50, the reading reversed falls in the past two months.

The PMI also showed rising inflationary pressure, with the sub-index measuring input prices rising to 58.2 last month from June's 55.0, while the reading for service charges increased to 52.4, the highest since May 2011.

The input price in the official manufacturing PMI rose to 50.1 in July, ending its three-month-long contraction.

The central bank also remained hawkish against price rises in its second-quarter monetary policy report released on Friday.

"We must not be blindly optimistic about consumer price situation in the next phase. We must continue to guide and stabilize inflationary expectations," it said.

The NBS is scheduled to announce inflation data on Friday.

China's consumer inflation has remained benign so far this year at levels below the benchmark one-year deposit rate of 3.0 percent. Beijing has set a target for full-year consumer inflation of 3.5 percent in 2013.

On the producer end, China has run factory-gate deflation since February 2012.

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Mah and Mah's auto sector sells 37096 units during July 2013

Aug 01, 2013, 12.21 PM IST

Mahindra & Mahindra announced its auto sales numbers for July 2013 which stood at 37,096 units as against 47059 units during July 2012.

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Mah and Mah's auto sector sells 37096 units during July 2013

Mahindra & Mahindra announced its auto sales numbers for July 2013 which stood at 37,096 units as against 47059 units during July 2012.

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Mah and Mah's auto sector sells 37096 units during July 2013

Mahindra & Mahindra announced its auto sales numbers for July 2013 which stood at 37,096 units as against 47059 units during July 2012.

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Mahindra & Mahindra Ltd has informed BSE regarding a Press Release dated August 01, 2013 titled "Mahindra's Auto Sector sells 37,096 units during July 2013".Source : BSE

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To read the full report click here

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Mahindra Tractors sells 17771 units during July 2013

Aug 01, 2013, 12.27 PM IST

Mahindra & Mahindra�s Farm Equipment Sectors sales stood at 17,771 units in the domestic market during July 2013, against 15495 units in July 2012, a growth of 15 percent.

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Mahindra Tractors sells 17771 units during July 2013

Mahindra & Mahindra�s Farm Equipment Sectors sales stood at 17,771 units in the domestic market during July 2013, against 15495 units in July 2012, a growth of 15 percent.

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

Mahindra Tractors sells 17771 units during July 2013

Mahindra & Mahindra�s Farm Equipment Sectors sales stood at 17,771 units in the domestic market during July 2013, against 15495 units in July 2012, a growth of 15 percent.

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Mahindra & Mahindra Ltd has informed BSE regarding a Press Release dated August 01, 2013 titled "Mahindra Tractors sells 17,771 units in the domestic market during July 2013, registers 15% growth".Source : BSE

Read all announcements in Mah and Mah

To read the full report click here

Action in Mahindra and Mahindra

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RJ Shah Company recommends dividend

RJ Shah & Company Ltd has now informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2013, inter alia, have recommended Dividend @ Rs. 1.50/- per share for the year ended March 31, 2013.Source : BSE

Read all announcements in R.J. Shah

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Bharat Texts standalone Jun '13 sales at Rs 1.46 crore

Jul 31, 2013, 12.26 PM IST

Bharat Textiles And Proofing has reported a sales standalone turnover of Rs 1.46 crore and a net profit of Rs 0.02 crore for the quarter ended Jun '13

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Bharat Texts standalone Jun '13 sales at Rs 1.46 crore

Bharat Textiles And Proofing has reported a sales standalone turnover of Rs 1.46 crore and a net profit of Rs 0.02 crore for the quarter ended Jun '13

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Bharat Texts standalone Jun '13 sales at Rs 1.46 crore

Bharat Textiles And Proofing has reported a sales standalone turnover of Rs 1.46 crore and a net profit of Rs 0.02 crore for the quarter ended Jun '13

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Bharat Textiles And Proofing has reported a standalone sales turnover of Rs 1.46 crore and a net profit of Rs 0.02 crore for the quarter ended Jun '13. For the quarter ended Jun 2012 the standalone sales turnover was Rs 1.63 crore and net profit was Rs 0.05 crore. Bharat Texts shares closed at 13.10 on March 20, 2013 (BSE)

Bharat Textiles And Proofing Standalone Quarterly Results -------- in Rs. Cr. --------

Jun '13 Mar '13 Dec '12 Sales Turnover 1.46 1.64 1.24 Other Income -- -- -- Total Income 1.46 1.64 1.24 Total Expenses 1.22 0.98 1.57 Operating Profit 0.24 0.66 -0.33 Profit On Sale Of Assets -- -- -- Profit On Sale Of Investments -- -- -- Gain/Loss On Foreign Exchange -- -- -- VRS Adjustment -- -- -- Other Extraordinary Income/Expenses -- -- -- Total Extraordinary Income/Expenses -- -- -- Tax On Extraordinary Items -- -- -- Net Extra Ordinary Income/Expenses -- -- -- Gross Profit 0.24 0.66 -0.33 Interest 0.12 0.03 0.15 PBDT 0.11 0.63 -0.49 Depreciation 0.09 0.09 0.09 Depreciation On Revaluation Of Assets -- -- -- PBT 0.02 0.54 -0.58 Tax -- -0.13 -- Net Profit 0.02 0.67 -0.58 Prior Years Income/Expenses -- -- -- Depreciation for Previous Years Written Back/ Provided -- -- -- Dividend -- -- -- Dividend Tax -- -- -- Dividend (%) -- -- -- Earnings Per Share 0.04 1.15 -- Book Value -- -- -- Equity 5.86 5.86 5.86 Reserves -- -- -- Face Value 10.00 10.00 10.00 Source : Dion Global Solutions Limited

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