Showing posts from November, 2013


Mumbai-based Lodha Developers today acquired iconic Macdonald House that houses the Canadian High Commission in central London for over 300 million pounds (over Rs 3,000 crore) and said it would expand presence in the UK property market to encash opportunities. "Lodha Group has exchanged contracts to acquire the landmark MacDonald House in Prime Central London from the Canadian government for a consideration of over GBP 300 million (over Rs 3,000 crore)," Lodha said in a statement. The acquisition marks foray of Lodha Group into the UK real estate market. This is the third major asset purchase by the privately held firm in over last one year. Lodha had bought 17 acres of land in Mumbai from DLF for Rs 2,727 crore and also Washington House property from the US government on Altamount Road in Mumbai for about Rs 375 crore. Canada's High Commissioner to the UK, Gordon Campbell, confirmed last night that legal contracts have been exchanged for the sale of 1…


Bank customers will now get interest on their savings account as well as term deposits at an interval shorter than a quarter, as per a new directive of the Reserve Bank. Most of the banks currently credit the interest accrued on the savings accounts every six months. "...banks will now have the option to pay interest on rupee savings and term deposits at intervals shorter than quarterly intervals," RBI said in a notification today.
As per the earlier norms, banks were instructed to pay interest on savings at term deposits on rupee deposits held in domestic, Ordinary Non-Resident (NRO), Non-Resident Special Rupee (NRSR) and Non-Resident (External) (NRE) at quarterly or longer intervals. RBI said however that as banks are now functioning on core banking platform so it was decided to review the previous instructions. Accordingly, banks will now have the option to pay interest on rupee savings and term deposits at intervals shorter than a quarter. The revis…


International travel magazine Conde Nast has chosen Goa as the best leisure destination in the country overtaking Kerala. The erstwhile Portuguese colony was awarded as the best leisure destination by the Conde Nast Traveller India's Readers' travel awards, a statement from the Goa Tourism issued today said. The award comes after the state, famous for its beaches, watersports, offshore gambling and cheap alcohol, reported a 10 per cent rise in tourist arrivals, the statement said. With safety of women being a concern, the Goa Tourism said the BJP-governed state has resolved to fight the menace and will be introducing women taxi drivers during the peak arrival season which is set to begin soon. The women taxi services will be available in the capital Panjim, and other major cities like Margao, Mapusa and Vasco, exclusively for women passengers and families, it said. The tourism season in the state will start with upcoming Feast of St Francis Xavier that will …


There are "no quick fixes" for taming food prices and the monetary policy has little impact on curbing the rate of price rise. The demand for protein based items and fruits and vegetables is high. There is no easy solution to taming food inflation... We are paying a political price for that and I acknowledge that but those are the facts.
We will continue to work till last day of this government. I can pledge on behalf of my government that we will work everyday until the last day of the term of this government. Whether we have taken right decisions, will be known as the (elections) results come in.
Chidambaram at the India Economic Conclave.

WEEKLY ASTRO GUIDE (02.12.2013 to 06.12.2013)

CRUCIAL WEEK WITH BULLISH BIAS Planetary Position ::  During the current week Moon would be
transiting  from Anuradha  in Scorpio   to Uttarashadha in Capricorn .  Sun transits in Jyeshta   constellation  in Scorpio.    Mercury ,transits in Visakha and Anuradha  constellations in Anuradha.    Mars  transits in   Uttara  constellation in Virgo.   Saturn continues in Visakha  constellation in   Aries and Taurus navamsas.  Jupiter transits in Retrograde motion (till 6th March 2014)  in Gemini and presently   in Taurus Navamsa .  Venus transits in  Uttarashadha  constellations in  Sagittarius and Capricorn sign. Astrologically, further rise is possible before major correction in Second half of the month. Nifty Outlook for Next Week :: 02.12.2013 to 06.12.2013 (Further Rise Possible)…    NIFTY :: 6176(+181)   Nifty snapped Three week fall and registered a rise of about 3% during the week. However, calendar month closed with a loss of about 2% and November Derivative series too closed with a…


SECOND HALF SUBDUED Nifty closed with a gain of more than 0.50%. It continues to remain neutral  range between short term support and resistance. 6025 can be considered strong short term support and 6175 can be considered resistance.  Nifty spot is expected to encounter resistance at 6135, 6170 and find support at 6055, 6020 for Friday. While Global cues and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market is expected to be generally better in the forenoon and might face selling pressure in Second half of the day. Nifty                               6092        +35
Review for Thursday, 28th November, 2013 :: Generally Better  ..!!
Market opened better and traded in a narrow range and closed with a gain of  more than 0.50% but November Derivative series ended up with a loss of about 3%. All sectoral indices closed in the green and notable gainers include Infra, Media, Realty, Metal, Energy etc., 46 of Nifty stocks gained and b…


Zimbabwe will press ahead with controversial plans to ban foreigners from owning bakeries, barber shops, estate agencies and a host of other businesses, officials said today. "Foreigners operating in reserved sectors of the economy have been given January 1 as the deadline to comply with regulations," a government official told AFP. The businesses to be owned by locals include bakeries, barber shops, beauty salons, estate agencies, grain mills, milk processing plants, retail outlets, tobacco processing, transport and valet services. The rules have been on the books since 2010, but have not yet been enforced. Long ruling President Robert Mugabe won another term three months ago and has vowed to continue with economic empowerment regulations. So far the drive to put Zimbabweans in charge has been limited to white-owned farms and some western owned businesses. The January deadline is set to affect nationals from China, the Democratic Republic of Congo, India…


Nifty closed flat and appears in a narrow range between short term support and resistance. 6025 can be considered strong short term support and 6175 can be considered resistance.  Nifty spot is expected to encounter resistance at 6100, 6135 and find support at 6020, 5985 for Thursday. While Global cues and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market is expected to display volatile movements with alternate bouts of bullishness and bearishness and scrip specific movements are most likely in view of the last day of Derivative expiry.
Nifty                               6057        -2
Review for Wednesday, 27th November, 2013 :: Lackluster Movement  ..!!
Market traded in a narrow range and closed flat for the day. Market appears to be in a cautious mood ahead of F&O expiry and on the eve of mini election battle. 29  of Nifty stocks closed in the red  and broader market too was negative  with Advan…


Pune-based real estate firm Gagan Group today said it is investing Rs 160 crore to set up resorts for senior citizens at Lonavala. The project, NULIFE, will have apartments starting from Rs 35 lakh, and will be equipped with medical facilities and other requirements needed for seniors. Lonavala is a popular hill station located about 65km from Pune city. "We are investing around Rs 160 crore to set up India's first world-class project of resort residences for seniors - NULIFE. We have already spent Rs 50 crore for acquisition of 14 acres of land and investing another Rs 110 crore to construct a residential complex for senior citizens," Gagan Group Director Alnesh Somji told PTI here. The project is a living retreat, where older individuals can age gracefully in unity with nature, blessed with soothing weather and pollution-free environment throughout the year, he said. It has been designed by US-based architects, Perkins Eastman, Somji said. The first phase, comprising 6…


Tax rates for companies in India are among the highest in the world and the number of payments is also more than the global average, putting the country at a low 158th rank on the 'Paying Taxes 2014' list. However, the time taken for tax payments is relatively less in India, which is rated ahead of China and Japan where it takes 318 hours and 330 hours, respectively, to comply with tax regulations, according to a World Bank and PwC report. According to the report, the total tax rate in India can be as high as 62.8 per cent, there are as many as 33 payments under the head of profit, labour and other taxes, and the time taken to comply with taxation requirements could be as much as 243 hours. On a global average, a company takes 268 hours to pay taxes, makes 26.7 payments and has a total tax rate of 43.1 per cent. India was placed 158th position in the overall ranking of paying taxes, above Brazil (159th) and below the Russian Federation (56th) and China, which was ranked 120th.…


Weak absorption and rising inventories in the residential market here may lead to price correction in the early part of 2014, real estate consultancy firm Knight Frank said today. Nearly 2.9 lakh residential units are under construction in the city while unsold units stood at 1.3 lakh during the January-September period, Knight Frank said in a report.
"The weakening real estate prices suggest that long- standing stalemate between buyers and builders is finally turning in the buyers' favour. The increase in inventories coupled with weakening absorption levels would put further pressure on prices," its research director Samantak Das said. Mumbai's unsold inventory level is almost 44 per cent in comparison to NCR's which stands at 26 per cent even with twice the number of units under construction, the report said.
Owing to weakening demand, new launches in the city plummeted over 40 per cent compared to peak levels in 2010 as developers shift focus on liquidating cu…


In order to ensure security in card- based payment transactions taking place at point of sale (POS) terminals or at ATMs, the Reserve Bank today advised banks that they may adopt Aadhaar as additional authentication or move to EMV chip and pin technology. "In respect of cards, not specifically mandated by the RBI to adopt EMV norms, banks may take a decision whether they should adopt Aadhaar as additional factor of authentication or move to EMV chip and Pin technology for securing the card present payment infrastructure," RBI said in a notification. However, it said all new card present infrastructure has to be enabled with both EMV (Euro pay MasterCard Visa) chip and Pin technology and Aadhaar acceptance. Biometric (finger print/retina scan) captured by UIDAI can be used as authentication to protect against both domestic counterfeit and lost & stolen card fraud as the cardholder has to be physically present at the POS terminal/ATM to authenticate the transaction. Even i…


Nifty lost about 1%  and appears to have corrected for Monday’s huge rise. However, Nifty needs to sustain above 6020 to maintain the momentum and in case it does, it can go upto 6150 in the coming Two sessions. On the other hand, if it goes below 6020, it could slip further and make a new low before expiry.  Nifty spot is expected to encounter resistance at 6100, 6135 and find support at 6020, 5985 for Wednesday. While Global cues and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market is expected to display zigzag movements with better forenoon / midsession and might experience profit booking towards close.
Nifty                               6059        -56
Review for Tuesday, 26th November, 2013 :: Correction for Monday’s Huge Rise  ..!!
Market opened subdued and  generally traded with bearish bias and closed with a loss of about 1% and about 50% of Monday’s rise is evaporated. 37  of Nifty stock…


Ahead of the busy holiday season, Southeast Asian airlines have started wooing Indian travellers with promotional offers and discounts, with three of them announcing their schemes today. While Kuala Lumpur-based airline AirAsia offered to sell three million seats across various destinations at low fares, Singapore Airlines and its subsidiary SilkAir announced up to 12.5 per cent discount on First and Business Class travel from India to Singapore or Australia. But all these offers come with certain riders.
As part of its fifth anniversary celebrations, AirAsia said passengers would be able to travel from May 5, 2014 to January 31, 2015 under the "free seats" campaign. The bookings for promotional seats with Rs 500 base fare and applicable taxes and fee for a oneway ticket which were available till December one, AirAsia said in a statement.
A Singapore Airlines statement said air travellers could enjoy up to 12.5 per cent discount on First and Business Class with tickets on sa…


MID SESSION BETTER Nifty gained about 2% on the first day of the week and appears to have reversed the 3 week losing momentum. However, it should not go below 6000 mark and close above Monday’s high level to confirm the strength. Nifty spot is expected to encounter resistance at 6150, 6185 and find support at 6075, 6040 for Tuesday. While Global cues and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market is expected to display zigzag movements with better midsession and might experience profit booking in the closing Session. 
Nifty                               6115        +120
Review for Monday, 25th November, 2013 :: Huge Rally  ..!!
Market opened better and rallied further after a pause in the afternoon and closed with a gain of about 2% and Nifty closed above 6100 mark. 46 of Nifty stocks closed in the green and broader market too is positive with Advance Decline ratio placed at 2.2 : 1.  Bank Nifty, Realty, Infra, FMCG, Au…


Prime properties are still fetching good vale in this land-starved megapolis even as rentals are seem to be falling, going by the the recent trend of landmark buildings changing hands, experts have said. The landmark Cadbury House in the tony southern part of the city has already changed hands. The one which is believed to be on the block is the past headquarters of Citigroup India at the Badra-Kurla Complex (BKC) area. According to sources, the 8-storeyed Citi Centre us up for sale. Citi could not be reached for comments. Private equity firm Blackstone and Pune-based Panchshil Realty are said to be in discussions to buy majority stake in the iconic Express Towers in Mumbai in a big-ticket deal. "Some of the deals are happening where there is land parcel as in the case of Cadbury. These land parcels are mainly used for redevelopment purposes. In the case of Cadbury, the buyer plans a mixed-use development which will have two towers with one only dedicated for re…


Investor wealth has eroded by over Rs 3.45 lakh crore to Rs 66.39 lakh crore so far this year, even though the stock market benchmark index, Sensex, has made gains during this period. Despite headwinds including the depreciating rupee, concerns over the US Federal Reserve's winding down its USD 85-billion a month bond buying programme and geo-political concerns, the BSE 30-stock index has risen by 3.25 per cent to 20,217.39 points as on November 22. From a 52-week low of 17,448.71 on August 28, the Sensex has risen 2,768.68 points or 15.86 per cent. However, from a record high of 21,321.53 on November 3, the index has lost 1,104.14 points or 5.17 per cent.
Overseas investors have been bullish on the Indian stock market as their total investment has reached Rs 96,461 crore (USD 17.4 billion) so far in 2013, as per data by market regulator Securities and Exchange Board of India.
Despite all this, the total investor wealth slumped Rs 3,45,864 crore to Rs 66,39,13…


Pullback on Cards… !!
Planetary Position ::  During the current week Moon would be
transiting  from Makha in Leo  to Hastha  in Virgo .  Sun transits in Anuradha  constellation  in Scorpio. Mercury, transits in Visakha  constellation in Libra.   Mars  transits in   Uttara  constellation in Leo and Virgo. Saturn continues in Visakha  constellation in   Aries navamsa.  Jupiter transits in Retrograde motion (till 6th March 2014)  in Gemini   in Taurus Navamsa .  Venus transits in  Poorvashadha  constellation in  Sagittarius sign. Positive feature of the week is Sun Trine Uranus  which can lift up the sentiment suddenly leading to Pullback.  26th November is a sensitive and turning day during the week. 
Nifty Outlook for Next Week :: 25.11.2013 to 29.11.2013 (Relief Rally)…    NIFTY :: 5995 (-61)   Nifty continued its downtrend for the Third  Week and weekly loss was possible only because of huge fall in Second half of the week due to global cues. As expected in last week’s column previous lo…


There is some good news for all those who need to check blood sugar levels regularly, as glucose test strips may be available for less than Rs 5 by year-end. With prototypes of such blood glucose test strips, which now cost between Rs 30 to Rs 35, being developed by various organisations across the country with the help of Indian Council for Medical Research (ICMR), the economical version is likely to be made available by the end of December.
Secretary Health Research and Director General of ICMR V M Katoch said, "these strips will be made available by the end of this year".He said, "The cost of such strips will drastically come down as ICMR has provided public and private organisations with its research technology. This will help bring the cost of such strips between Rs 3 to Rs 5."
Currently, such strips are available in the market for over Rs 30-35 and patients suffering from diabetes have to use the expensive kits extensively.
These glucose t…


Asia's 1st Content Marketing Summit CMS Asia 2014 is to be Held at New Delhi on 31st Jan and 1st Feb 2014 In a first-of-its-kind event in this part of the world, Content Marketing Summit Asia 2014, aims to bring some of the greatest minds, savvy brands, renowned publishers, innovative technology enablers and leading practitioners from across the world come together to explore the exciting world of content marketing. (Logo: Content Marketing Summit is backed by Singapore-based Asia Content Marketing Association (ACMA). The summit's advisory board includes top executives from big names like Adobe, GroupM, Yahoo, Godfrey Philips India, Chicco India, The 120 Media Collective, HMH Publishing and Sirez Group among others. Umang Bedi, Managing Director - South Asia, Adobe & Advisory Board Member of CMS Asia comments, "If content is at the heart of what you do, you must recognize the importance of marketing it right. The pl…


Sa-Dhan, the association of community development finance institutions and MFIN, today organized the 'Interface on Financial Inclusion' to bring together women from across the nation to discuss their experiences with microfinance. With more than 60% of the country's population outside the reach of the formal banking sector, financial inclusion and financial literacy that can result in inclusive growth and human development, has become a crucial mandate. The event saw a vibrant discussion between women and senior officials from policy making bodies, around the financial challenges being faced by women in rural areas and the immensely positive experience they have had with microfinance. Access to finance is still tough for the poor as they face several problems starting from the attitude of a banker towards the poor, opening an account, collateral need and cumbersome paper work for getting a loan, distance from the bank branch, indefinite number of visits, transportation cos…


The benchmark Sensex failed to sustain initial gains today and fell for the third day, dropping 12 points, amid selling in auto, realty and FMCG sector stocks. Renewed uncertainty about the US Federal Reserve tapering its stimulus programme and the absence of buying by foreign institutional investors weighed on the market. The rupee was mainly flat after closing at 62.93 against the dollar yesterday. It was the third weekly loss for the Sensex, which was dragged lower by ITC, Tata Motors and ICICI Bank shares. Support came from HDFC, ONGC and Larsen & Toubro. Sesa Sterlite and Bajaj Auto were among the biggest losers as 18 of the 30 index shares declined.
The S&P BSE Sensex opened higher and climbed as much as 159 points amid firm global trends. Selling in the last hour and a half pulled the index down and it ended at 20,217.39, a fall of 11.66 points or 0.06 per cent. The index has lost 673 points in the past three days and is at the lowest leve…


In the wake of concerns being raised on security of women in cities, a researcher on women issues and a technology entrepreneur have joined hands to launch a mobile application, Safetipin, which provides safety-related information collected by users. Safetipin is a map-based mobile phone app, that crowd sources and maps information about safety in neighbourhood and cities.
The app, which is available to Android and iPhone users, is free to use and is available on the App Store and Google Play. The app was launched today in the national capital, by its co-founders Kalpana Viswanath and Ashish Basu. Speaking at the launch Basu said: "The app gives people a way to engage with their neighbourhood and communities on important issues."
People can interact on safety issues and infrastructure, comment on posts and pictures, Basu, , who is an entrepreneur with interests in education and mobile technologies, added. The app's development was supported by the UK government's Dep…


Voters can now get to know about the background of candidates contesting Assembly and Lok Sabha elections on their mobile phones as Association for Democratic Reforms (ADR) and Facebook have joined hands to provide the information on candidates for free. Voters will be able to access election candidates' criminal, financial, educational, professional information directly on their mobile via Facebook using USSD technology, a joint statement said. Facebook for USSD is a technology that helps people access facebook on phones without Internet.
USSD allows text experiences on phones that are richer than SMS and cheaper for the user than mobile Internet. Users have to do is dial *325# from their mobile to access Facebook and select the election menu or directly dial *325*35# to access the election menu for no charge, it added. "Over 82 million Indian citizens access Facebook regularly and an increasing number of users access the platform on mobile. Together with ADR...we hope to ma…


Soaring inflation, high fuel cost, rising cost of education and health insurance premiums have eroded the real incomes of middle-class Indian families, with household savings rates dropping by a staggering 40 per cent in the last three years, says an Assocham survey. "Poor households are unable to maintain the consumption levels at current prices while middle income families find their purchasing power erode fast, thus having far less surplus money," Assocham Secretary General D S Rawat said. The survey found that net financial savings by Indians, which include deposits with banks and non-banking finance companies, cash, investment in stocks, debentures and small savings instruments have dipped considerably because of rise in household financial liabilities. The majority of the families in metropolitans are slashing spending, trying to save money and go for value buying while shopping. One in four said they are going to try to increase their income and for this would like to…


A Chinese woman won the bidding for a coveted barrel of Burgundy wine at a Christie's-run charity auction in France, paying USD 177,000 for her cask. It was the first time a Chinese buyer came away with the top item at the annual auction for the Hospices de Beaune charity, where around 443 wines went under the hammer yesterday. 456 litres of Meursault-Genevrieres, is from Yunan in southeastern China and owns a chain of shops, jade mines and tea plantations. Michael Ganne, a representative from Christie's, which has run the auction since 2005, said a significant number of Asians had attended the event and that it generated "a lot of interest, with a small volume of vintage" available. The proceeds from the auction will be distributed among various charities. France is a major exporter of wine to China, which has become a key, fast-growing market. Wine consumption in the world's most populous country more than doubled in the four years to 2011, and is set to rise a…