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Arvind Kejriwal to be fourth CM from Bhiwani

Written By Unknown on Sabtu, 28 Desember 2013 | 14.03

A dusty village in the Bhiwani region of Haryana that has produced three chief ministers is celebrating the success of its native Arvind Kejriwal, who will take oath as Delhi's chief minister on Saturday at Ramlila Maidan.

While Kejriwal's close kin in Siwani village of Bhiwani district are enthusiastic about taking part in the swearing-in ceremony in the national capital, his friends and teachers are also an excited lot.

Also Read: Home Ministry to inspect accounts of AAP on foreign funding

"It is a matter of great joy and happiness for all of us. There have been celebrations in the family. Now, we are preparing to leave for Delhi," Kejriwal's cousin sister Suman said.

While 45-year-old Kejriwal's ancestors hailed from Kheda village of Bhiwani, the family is now based in Siwani village in the same district, over 300 kms from Chandigarh.

A battery of mediapersons descended at the village on Friday for interviews and sound bytes of the family members as son-of-the-soil has witnessed a meteoric rise to power after breaking away from anti-graft crusader Anna Hazare and launching Aam Aadmi Party a year ago.

Some villagers gathered near the Kejriwal home with drums and congratulated the family.

It was also a proud moment as Bhiwani district produced yet another chief minister, the earlier ones being former Haryana chief ministers Bansi Lal, Banarsi Dass and Master Hukam Singh.

Kejriwal's uncle Girdari Lal, close relatives and friends Deen Dayal Bansal and Rattan Lal, too, were in a jubilant mood.

"It is a moment of great joy and happiness for not just the family, but for every common man, who has been striving to change the system for good," said Bansal.

Kejriwal's mathematics teacher Satish Bala recalled the inquisitive brain of the AAP leader right from childhood.

"He would ask questions, he wanted to find out more and more about what he was reading. He was filled with passion about what he did. Even when he used to score very high grades in examinations, he never looked very excited, he would not rest and always strive to do even better," Bala said.

Another teacher Raj Mehta recalled that once Kejriwal, who was running high fever, had been advised by his teachers to take rest and not participate in a declamation contest, but he insisted and won the competition.

"He was a great orator right from his childhood," she recalled.

Manoj Kumar, a villager, recalled that Kejriwal's ancestors were of helping nature and had got a well dug up so that women do not have to walk distances to fetch water.

"They had also got a temple constructed in the village," he said.

45-year-old Kejriwal, a Magsaysay award winner who quit Indian Revenue Services to fight graft and shot into limelight as an RTI activist and later with Jan Lokpal bill agitation, will take oath as Delhi's youngest chief minister along with six of his ministerial colleagues at a public function at the historic Ramlila Maidan.



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Kejriwal faces challenge to prove AAP can govern New Delhi

Over the past three years, Arvind Kejriwal has emerged as the angry young man of Indian politics - a rabble-rousing campaigner who has relentlessly attacked the political establishment for corruption and bemoaned the failure of the country's representative democracy.

On Saturday the former Indian tax official rejoins the establishment, being sworn in as the chief minister of the New Delhi state government after a stunning electoral upset this month by his year-old Aam Aadmi party, which won 28 of the 70 seats in the legislative assembly.

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Mr Kejriwal's challenge now is to prove that the AAP - its name means "Common Man" party - was more than just a protest vote for New Delhi residents and can actually provide credible governance of India's congested capital city and its 12m people.

The party's performance will be closely watched across India as the country gears up for a fierce parliamentary election battle between the ruling Congress party and the opposition Hindu nationalist Bharatiya Janata party.

"The opportunity is to demonstrate, even if briefly, even if as a window, what an Aam Aadmi government can look like to the rest of the country," says Yogendra Yadav, a respected psephologist and one of the main leaders of the fledgling party.

Analysts say that with its strong performance in New Delhi's state assembly polls, the AAP has emerged as a wild card in parliamentary polls, due by May, offering an alternative to voters fed up with the incumbent Congress party but uncomfortable with the BJP and its controversial prime ministerial aspirant, Narendra Modi.

"The Aam Aadmi party victory in Delhi shows that when there is an alternative, voters are likely to vote for it," says Prem Shankar Jha, author of India & China: The Battle between Soft and Hard Power. "Many who are angry with Congress don't want to vote for the BJP . . . They will vote for the Aam Aadmi party because it is there - because they hate the others."

Yet Mr Kejriwal faces a formidable task as he seeks to move the AAP past combative rhetoric to something more constructive.

"The task of delivering the goods in a sprawling and unwieldy city like Delhi is monumental," the Hindustan Times said in an editorial. "Here, the AAP has little experience and will have to learn on the job."

The tabular content relating to this article is not available to view. Apologies in advance for the inconvenience caused. The party will be running the city administration with a minority government, dependent for its survival on the outside support of the Congress party, whose past misdeeds - including alleged corruption during the 2010 Commonwealth Games - the AAP has vowed to zealously prosecute.

It's hardly a recipe for stability, as AAP leaders readily admit. "If the rug is pulled from under our feet - if our government collapses on that ground, it collapses," Mr Yadav says. "We are ready for that on day one."

Analysts say that Congress support for the AAP is likely to be withdrawn within a few months, forcing a rerun of the New Delhi state election at the same time as the 2014 parliamentary polls.

Implementing the AAP's populist agenda itself poses difficulties. The party has promised to provide 700 litres of free water daily to every family in Delhi and to halve their power bills, which Mr Kejriwal, an engineer, has long claimed were inflated by the private power providers.

It is also seeking to radically reshape how business is done in the Indian capital - changes Mr Kejriwal says are necessary to tackle deep-seated corruption. "The system will soon overpower us and we will get sucked into it. So we will have to change the system completely," Mr Kejriwal said in a recent interview with The Times of India.

The AAP envisions a significant devolution of power to about 2,720 neighbourhood councils, authorising them to decide on development in their areas as well as clear payments for public works, such as road repairs. It is unclear how this would work in practice.

At its core, the AAP's political programme and its stunning electoral success are a reaction to India's political elites, who court voters once every five years in the polls then retreat to their colonial-era government bungalows, treating their electoral victory as a blank cheque in the absence of a system to hold them accountable.

This extreme disaffection with the political establishment is not just among the poor, but has cut across classes, as illustrated by Mr Kejriwal's own landslide victory over New Delhi's three-term chief minister, Sheila Dixit, who hails from the city's most affluent constituency.

"The elite voted for a party called a Common Man party," says a businessman who lives in the area but asked not to be identified. "This is a big revolt against corruption, and also the arrogance of the ruling politicians."

Reflecting the AAP's determination to reshape India's political culture, Mr Kejriwal has promised that neither he nor his ministers will take up residence in the grand bungalows to which they are entitled. He also has eschewed other privileges, such as the right to have a red siren atop his car, allowing him to zip through the city's notorious traffic.

Yet New Delhi's residents will be looking for more than symbolic gestures. Some fear that new AAP officials may be tempted into corruption, or even be set up by their political rivals, tarnishing the party's clean image.

"If they fail, or if other parties make them fail," says the Delhi businessman, "some of the romance of the revolution may go."



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Kejriwal sworn in as Delhi CM

AAP leader Arvind Kejriwal today took oath as the seventh Chief Minster of Delhi. Lieutenant Governor Najeeb Jung administered the oath of office and secrecy to Kejriwal and six other ministers at the Ramlila Maidan here.

Six ministers -- Manish Sisodia, Somnath Bharti, Rakhi Birla, Satyendra Jain, Saurabh Bharadwaj, Girish Soni -- also took oath of office and secrecy at the ceremony. After the ceremony, Kejriwal would visit Mahatma Gandhi's memorial Rajghat to pay homage.

This copy wil be updated shortly..



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Buy Arvind, Federal Bank, UPL, Tata Global: Dharmesh Kant

Written By Unknown on Jumat, 27 Desember 2013 | 14.02

Dec 27, 2013, 12.11 PM IST

Dharmesh Kant of Indianivesh Securities recommends buying UPL for a target of Rs 200 and Tata Global Beverage for a target of Rs 170.

Tags  Dharmesh Kant, Indianivesh Securities, Arvind, Federal Bank, UPL, Tata Global Bev

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Buy Arvind, Federal Bank, UPL, Tata Global: Dharmesh Kant

Dharmesh Kant of Indianivesh Securities recommends buying UPL for a target of Rs 200 and Tata Global Beverage for a target of Rs 170.

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

Buy Arvind, Federal Bank, UPL, Tata Global: Dharmesh Kant

Dharmesh Kant of Indianivesh Securities recommends buying UPL for a target of Rs 200 and Tata Global Beverage for a target of Rs 170.

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In CNBC-TV18's popular show Bull's Eye, Dharmesh Kant of Indianivesh Securities shares his trading strategies for the day.

One may buy Arvind  for a target price of Rs 145 and a stoploss at Rs 130.

One may buy Federal Bank  for a target price of Rs 90 and a stoploss at Rs 81.

One may buy UPL  for a target price of Rs 200 and a stoploss at Rs 185.

One may buy Tata Global Beverage  for a target price of Rs 170 and a stoploss at Rs 156.


The Best New Year Parties in India


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MCX, FTIL edge lower by up to 9%

Dec 27, 2013, 12.23 PM IST

The NSEL, which is promoted by FTIL, has been defaulting on payments to 13,000 investors. It was plunged into them payment crisis after halting trading in commodities from August 1 on a government directive.

Tags  MCX India, Financial Tech, Jignesh Shah

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MCX, FTIL edge lower by up to 9%

The NSEL, which is promoted by FTIL, has been defaulting on payments to 13,000 investors. It was plunged into them payment crisis after halting trading in commodities from August 1 on a government directive.

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

MCX, FTIL edge lower by up to 9%

The NSEL, which is promoted by FTIL, has been defaulting on payments to 13,000 investors. It was plunged into them payment crisis after halting trading in commodities from August 1 on a government directive.

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Shares of  Multi Commodity Exchange of India Ltd and  Financial Technologies India Ltd today fell sharply by as much as 9 percent after the board of MCX asked promoter FTIL to reduce its stake to 2 per cent, in accordance with the regulator's order. MCX's scrip tanked 8.8 percent to Rs 431 on the BSE. Similarly, FTIL shares were down 6.67 percent to Rs161.50.

Last week, the Forward Markets Commission (FMC) had issued an order declaring FTIL and its chief Jignesh Shah unfit to run any exchange, including the MCX, following a Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL). The regulator also charged Shah with being the "highest beneficiary of the fraud perpetrated" at NSEL.

Also Read: Jignesh challenges FMC order, investors' baying for brokers

The NSEL, which is promoted by FTIL, has been defaulting on payments to 13,000 investors. It was plunged into them payment crisis after halting trading in commodities from August 1 on a government directive.

The MCX board of directors at a meeting yesterday decided to advise FTIL to implement the FMC order by reducing its stake in the company to 2 per cent or below from 26 percent within a period of one month.


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Difficult to sustain margins at 13% going ahead: CEAT

The government recently hiked the customs duty on imported natural rubber from Rs 20/kg or 20 percent (whichever being lower) to Rs 30/kg or 30 percent (lower of the two).

The move was prompted by a shortfall in domestic rubber production and cheap international rubber prices that led to increased rubber imports by tyre companies.

A Subba Rao, CFO, CEAT, spoke with CNBC-TV18 to discuss the development. He also commented on the company's current business operations and expected earnings.

Also read: Ceat Q2 net at Rs 77 cr; to invest Rs 650 cr on Halol plant

Below is the transcript of the interview.

Q: I wanted your view on the revision of the customs duty structure on rubber. How does it impact the industry as well as a company like Ceat?

A: It is unfortunate but it is not a significant increase: about Rs 10 per kilo. Rubber prices were anyway expected around Rs 160 levels. Since rubber prices haven't gone up significantly, it's not going to impact the industry. It also boils down to demand. The auto industry has not been doing very well, we are seeing mostly replacement demand.

So in the tyre-cost structure, natural rubber has about 30 percent cost component. An increase of Rs 10 would translate into about Rs 2-2.5 cost increase so it is not significant.

Q: Some companies have told us they will not be impacted at all because they have a zero-duty structure because it is hedged against exports, is that correct?

A: It depends on where you are buying. If you are buying in the local market, import rubber is hedged only to the extent you have advance licensing. Beyond that, if you are paying the full duty it will have some impact -- not as much as the full impact.

Q: How would margins pan out in the second half this being a marginal factor anyway? How are margins; 13.5 percent is what you did, will you stick to that?

A: I would not be able to comment on margins for the third quarter. It would roughly be in the region of about 11 to 13 percent if not 13 percent.

13 percent is a very good margin for the industry and for us too and it would be very difficult to sustain that kind of margin because in the second quarter, we had couple of seasonal items as well: a dividend that occurs from our Sri Lanka joint venture (JV) and technology fees which pushed margins higher.

Though we may not have such things in the third quarter, margins would be slightly lower and recurring. For the whole year, we would be able to manage anything beyond 11-12 percent kind of margins.

Q: For the second half of the year, how will the original equipment manufacturer (OEM) segment pan out because in the quarter gone by, you had good growth from the OEM segment and you built new partnerships with Royal Enfield, etc which has been doing quite well. In the second half what could the ballpark growth be?

A: We have been focusing on increasing OEM presence in our business. Due to this strategy, in the last three years, we doubled our OEM presence from 10 percent to 20 percent. But going forward, given the current market scenario, we will not be able to increase this. However, we will sustain this and as and when the market goes up because of the turnaround in the auto industry, we will be able to have additional growth.

Q: So, you are saying 15 percent growth is what you are expecting because you did about 12.5 percent quarter-on-quarter (QoQ) in the last quarter in the OEM segment?

A: We will be able to maintain similar growth.

Q: What about capex plans therefore?

A: We have been trying to create capacities ahead of demand. We suffered losses because of stock-out situations in the past which we are trying to correct. We have drawn up the plans to invest in additional capacities.

In our Halol radial plant, we are increasing capacity by another 120 tonnes per day. In Bangladesh, we are setting up a capacity with about 60 tonnes per day. By way of a joint venture, we are setting up a two-wheeler capacity, which is again about 60 tonnes per day.

So, these three aggregate capex -- directly and through a joint venture – would come up in the next 18 months and cost about Rs 1,500 crore.



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LT Equity Fund buys 1% stake in TD Power System

Written By Unknown on Rabu, 25 Desember 2013 | 14.02

Dec 25, 2013, 10.37 AM IST

Yamada Fumio offloaded 1,69,305 shares at Rs 190.37 apiece and Yukinobu Teshima sold 2,70,843 shares at Rs 190.

Tags  L&T Equity Fund, TD Power System, Yamada Fumio, Yukinobu Teshima

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L&T Equity Fund buys 1% stake in TD Power System

Yamada Fumio offloaded 1,69,305 shares at Rs 190.37 apiece and Yukinobu Teshima sold 2,70,843 shares at Rs 190.

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L&T Equity Fund buys 1% stake in TD Power System

Yamada Fumio offloaded 1,69,305 shares at Rs 190.37 apiece and Yukinobu Teshima sold 2,70,843 shares at Rs 190.

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L&T Equity Fund bought 1.1 percent equity stake in  TD Power System via block deal on Tuesday, which was worth Rs 7 crore.

The fund house purchased 3,73,387 shares at Rs 190.10 apiece.

However, Yamada Fumio offloaded 1,69,305 shares at Rs 190.37 apiece and Yukinobu Teshima sold 2,70,843 shares at Rs 190.

The stock closed at Rs 234.90, down 0.80 percent amid large volumes on the BSE on Tuesday.


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Essar India buys 0.3% stake in Shree Nath Commercial

Dec 25, 2013, 10.42 AM IST

Among other block deals, Surface Finance bought 1 lakh shares at Rs 7.66 apiece while Paresh Dhirajlal Shah offloaded 97,329 shares at Rs 7.37.

Tags  Essar India, Shree Nath Commercial & Finance, Shree Nath Comm, Surface Finance

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Essar India buys 0.3% stake in Shree Nath Commercial

Among other block deals, Surface Finance bought 1 lakh shares at Rs 7.66 apiece while Paresh Dhirajlal Shah offloaded 97,329 shares at Rs 7.37.

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

Essar India buys 0.3% stake in Shree Nath Commercial

Among other block deals, Surface Finance bought 1 lakh shares at Rs 7.66 apiece while Paresh Dhirajlal Shah offloaded 97,329 shares at Rs 7.37.

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Essar India picked up 0.27 percent stake in  Shree Nath Commercial & Finance through a block deal on Tuesday.

It purchased 3,48,137 equity shares at Rs 7.37 apiece.

Among other block deals, Surface Finance bought 1 lakh shares at Rs 7.66 apiece while Paresh Dhirajlal Shah offloaded 97,329 shares at Rs 7.37.

Chimanlal Maneklal Securities have net sold 27,427 shares at Rs 7.38 apiece

Shree Nath Commercial closed at Rs 7.65, up 1.73 percent amid large volumes on the BSE.


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Kotak Mahindra buys 1.7% stake in Innoventive Industries

Dec 25, 2013, 10.45 AM IST

Kotak bought 9,99,670 equity shares at Rs 14.35 apiece on the National Stock Exchange.

Tags  Kotak Mahindra International, Innoventive Industries, Innoventive Ind, Kitara PIIN 1101

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Kotak Mahindra buys 1.7% stake in Innoventive Industries

Kotak bought 9,99,670 equity shares at Rs 14.35 apiece on the National Stock Exchange.

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

Kotak Mahindra buys 1.7% stake in Innoventive Industries

Kotak bought 9,99,670 equity shares at Rs 14.35 apiece on the National Stock Exchange.

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Kotak Mahindra International purchased 1.68 percent stake in  Innoventive Industries through block deal on Tuesday.

Kotak bought 9,99,670 equity shares at Rs 14.35 apiece on the National Stock Exchange.

However, Kitara PIIN 1101 was the seller in a block deal, which was worth Rs 1.4 crore. The firm reduced its stake in the company to 3.14 percent from 4.82 percent.

Innoventive Industries' stock closed at Rs 14.35, down 0.35 percent amid hefty volumes on Tuesday.


 


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Sesa Sterlite falls 3% on CBI investigation

Written By Unknown on Selasa, 24 Desember 2013 | 14.02

Dec 24, 2013, 12.24 PM IST

A Sterlite unit bought a 26 percent stake in Hindustan Zinc from the government in 2006. The unit now owns 64.92 percent in Hindustan Zinc, while the government has a 29.54 percent stake.

Tags  Anil Agarwal, Sesa Sterlite, Hind Zinc, Central Bureau of Investigation, CBI, Bharat Aluminium Company

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Sesa Sterlite falls 3% on CBI investigation

A Sterlite unit bought a 26 percent stake in Hindustan Zinc from the government in 2006. The unit now owns 64.92 percent in Hindustan Zinc, while the government has a 29.54 percent stake.

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Sesa Sterlite falls 3% on CBI investigation

A Sterlite unit bought a 26 percent stake in Hindustan Zinc from the government in 2006. The unit now owns 64.92 percent in Hindustan Zinc, while the government has a 29.54 percent stake.

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Shares of Sesa Sterlite , controlled by billionaire Anil Agarwal, fell 3 percent to a one-week low on Tuesday after the Central Bureau of Investigation (CBI) said it started a probe into possible irregularities in its stake buy in Hindustan Zinc .

A Sterlite unit bought a 26 percent stake in Hindustan Zinc from the government in 2006. The unit now owns 64.92 percent in Hindustan Zinc, while the government has a 29.54 percent stake.

"We've launched a preliminary enquiry based on information from some source," said Kanchan Prasad, a spokeswoman for the CBI. "We'll look into documents to see whether there is any prima-facie evidence (of irregularities) or not, and then chargesheet them if needed."

Agarwal and some government officials were also part of the enquiry, Prasad said. Agarwal and Sesa Sterlite could not immediately be reached for comment.

London-listed Vedanta Resources Plc, owner of Sesa Sterlite, said in October it won the backing of its shareholders to offer up to USD 3.48 billion to buy the Indian government's minority stakes in Hindustan Zinc and Bharat Aluminium Company.



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