Skip to main content

Posts

Showing posts from January, 2014

NIFTY OUTLOOK FOR 3rd & REVIEW

SECOND HALF BETTER Nifty gained for the first time in this week snapping 5 day losing streak. However, it continued to close below 6100 mark. Further, Nifty would get out of bear grip only if it closes above 6175. Nifty spot is expected to encounter resistance at 6130, 6165 and find support at 6050, 6015, for Monday. While Global cues, Q3 results,  and  Funds flow  are expected to broadly guide the market movement, based on the present market position , market can be expected to be subdued in the opening session and recover thereafter particularly in mid session.
Nifty                               6090     +16
Review for Friday, 31st January, 2014 ::  Narrow and Zigzag Movement.. .... !!
Market traded in a narrow range with Bullish bias on the First day of new derivative series and closed with minor gain, snapping 5 day losing streak. However, broader market was quite positive with Advance Decline ratio at 1.8:1 and among Nifty stocks too 35 scrips advanced. Barring Auto index, all o…

NO WONDER TOOL WITH ME

RAJAN ON CONTROLLING PRICES

Known for his strong monetarist approach and hawkish view on inflation, Reserve Bank Governor Raghuram Rajan today defended the rate hikes earlier this week and ruled out adopting any unconventional tools to tackle price rise. At a Town Hall meeting with school students here this morning, Rajan when asked whether he would be more innovative in combating inflation or will stick to tools adopted by his predecessors of raising interest rates, said he does not have any wonder tool to fight the price rise menace. "Do we have any new or wonderful tool (for inflation) or can we invent one? I think problems emerge when central bankers get overly innovative in the tools that they will use. "So, I think its better to be a little boring and to do what is conventional because conventional works. If you try the unconventional you may create a whole set of new problems," told the meeting organised by the 'Newspaper In Education', a children's p…

IT's RIDICULOUS TO CHARGE CUSTOMERS

"You are saying charging for using your ATMs. Tomorrow you will start charging for going to the bank."

- Chakrabarty Comment on Banks which are demanding ATM transaction Fees...
Amidst rising demand from banks that they be allowed to increase user fees and limit free access to automated teller machines (ATMs), senior-most Reserve Bank Deputy Governor K C Chakrabarty today said it is "ridiculous" for a bank to charge its own customers for these services. "You are saying charging for using your ATMs. Tomorrow you will start charging for going to the bank," Chakrabarty said here while replying to a query on the matter. "I think it is a little bit ridiculous that bank will charge customers for using an ATM," he said, adding that banks must compare the charges of serving a customer at a branch as against at the ATM. RBI does not decide on service charges, and it was up to the banks to decide their charges, he added. Last week financial …

NIFTY OUTLOOK FOR 31st & REVIEW

ZIG ZAG MOVEMENTS Following Global cues, Nifty opened lower and closed below 6100 mark and appears to have broken on the down side. However, it should be confirmed with another fall to confirm the downtrend. Further, Nifty would get out of bear grip only if it closes above 6175. Nifty spot is expected to encounter resistance at 6115, 6150 and find support at 6035, 6000, for Friday. While Global cues, Q3 results,  and  Funds flow  are expected to broadly guide the market movement, based on the present market position , market can be expected to move in a zigzag fashion  with alternate bouts of bullishness and bearishness. In view of new derivative series, generally, market can be expected to achieve reasonable pullback in view of the recent sharp fall.
Nifty                               6074     -46
Buying at Lower Levels trims Losses.. .... !!
Market opened sharply lower following global cues of US Fed tapering and remained weak for most part of the day and following short covering a…

INDIA AMONG FRAGILE 5

Emerging markets like India, South Africa and Brazil are being described as 'Fragile Five' by a global investment banker for their over dependence on skittish foreign investment to finance their growth ambitions. The new catchphrase 'Fragile Five' is being used to describe markets which have witnessed economic turmoil in recent years, a rival to the term BRICs that had highlighted the long-term growth potential of Brazil, India, South Africa, Russia and China. A report in the New York Times said the 'Fragile Five' has been coined by a research analyst at Morgan Stanley which identifies Turkey, Brazil, India, South Africa and Indonesia as "economies that have become too dependent on skittish foreign investment to finance their growth ambitions." It said that the term 'Fragile Five' has caught on in large degree as it highlights the "strains that occur when countries place too much emphasis on stoking fast rates of economic…

KOTA's FLY ASH GOT PATENT

Fly ash of Kota Thermal Power Plant (KTMP) has received a patent as catalyst for manufacturing of tablets such as Aspirin and Disprin. Kota University's professor Aashurani and research scholar Chitralekha Khatri had been working for last four years on the research project 'Green Catalytic Process for Aspirin Synthesis Using Fly Ash as Hydrogenous Solid Acid Catalyst' funded by Fly Ash Mission, Government of India. The present process of manufacturing Disprin consumes too much water and causes pollution, whereas making the same drug with fly ash consumes a little water as its catalyst fly ash is in solid form, Aashurani said. Following the reaction, very little quantity of water is required to separate Disprin, she said. She further said the Disprin manufactured with ash fly would be 50 per cent cheaper than the drug presently being sold in the market. The letter from the Intellectual Property Right (IPR) for the patent of the Disprin drug by fly ash has…

NIFTY OUTLOOK FOR 30th & REVIEW

GLOBAL CUES, F&O EXPIRY TO DECIDE THE PATH Market appears to be trading in a sideways range for the last Two days  waiting for the next cue from FOMC meet to go up or fall sharply. However, Nifty is still closing  within the narrow range of the last Seven weeks and has not breached 6100 mark decisively. However, semblance of stability would return only on a close above 6200 mark. FOMC decision on stimulus tapering would be the next big event to drive the markets and Market can be expected to open Thursday morning Gap up / Gap Down after the news. Nifty spot is expected to encounter resistance at 6160, 6195 and find support at 6080, 6045, for Thursday. While Global cues, Q3 results,  and  Funds flow  are expected to broadly guide the market movement, based on the present market position , market can be expected to react to global cues in the opening and have scrip specific movements in view of derivative expiry. Nifty                               6120     -6
Review for Wednesday, 2…

OVER 13% DIESEL CONSUMED BY LUXURY CARS

Over 13 per cent of subsidised diesel in the country is consumed by high-end cars and SUVs, says a study commissioned by the Oil Ministry, showing that cheaper fuel is finding usage by unintended beneficiaries.

A study conducted by Nielsen for the ministry's Petroleum Planning and Analysis Cell (PPAC) found that private cars consumed 13.15 per cent of the 69.08 million tonne diesel consumed in the country in 2012-13.
Commercial vehicles used another 8.94 per cent and three-wheelers, a further 6.39 per cent.
Commercial vehicles such as trucks however constituted the largest user base of diesel at 28.25 per cent, the study said, adding that 70 per cent of the diesel was being used in the transport sector.
Agriculture tractors and pumps used 13 per cent of the diesel.
Industries and electricity generators consumed almost 9 per cent diesel, while mobile towers used 1.54 per cent.
The study found that 99.6 per cent of petrol is consumed in the transport sector al…

RBI A VIGILANT OWL

The Reserve Bank brass took to ornithology to explain its policy stance and its intents as it took everyone by surprise with a rate hike today. "We are neither hawks, nor doves. We are actually owls," Governor Raghuram Rajan said eliciting loud laughter at the customary post-policy press conference here. He was answering a question on the self-contradiction in the RBI's third quarter monetary policy, which is hawkish in its stance as it unexpectedly raised rates, but dovish in its guidance because of indications of a pause.
"An owl is traditionally a symbol of wisdom. So we are neither doves (nor hawks)...but owls, and we are vigilant when others are resting," Deputy Governor in charge of monetary policy, Urijit Patel elaborated.
"The broad point is that don't try and put us into buckets. We are doing what is necessary for the economy," Rajan chipped in again. He cited the last policy's experience as a case, saying it was decided to hold on be…

SLYM COMMITTED SUICIDE AFTER ARGUMENT WITH WIFE

Karl Slym, Tata Motors Managing Director, apparently committed suicide after arguing with his wife and reading a note written by her that referred to "domestic problems", Thai police said today. In a fresh twist to Slym's death in mysterious circumstances, police said the three-page handwritten note found in the hotel room from which the 51-year-old executive plunged to his death, was written by his wife Sally. Police said Slym could have taken the "extreme step" after reading the note by his wife of 30 years that mentioned "domestic problems". "The note was written by Sally Slym. The couple had had an argument. It is her writing," Police Lieutenant Somyot Booyakaew told PTI, noting that it was not a suicide note by the victim. He did not give further details. Somyot reiterated that Slym's death was not a murder. Police now believe Slym must have jumped through an open window in his 22nd floor suite at the Shangri-la Ho…

RBI RAISE POLICY RATES BY 0.25 PERCENTAGE POINTS

Reserve Bank Governor Raghuram Rajan today again surprised the markets and raised the key policy rate by 0.25 per cent to 8 per cent in a bid to curb inflation, a move that may translate into higher EMIs and push up the cost of borrowing for corporates. "...an increase in the policy (repo) rate by 25 basis points is needed to set the economy securely on the recommended disinflationary path," Rajan said while unveiling the Third Quarter Review of Monetary Policy. Consequently, the reverse repo rate under the liquidity adjustment facility will be revised to 7 per cent and the marginal standing facility rate and bank rate to 9 per cent. However, the RBI kept the cash reserve ratio unchanged at 4 per cent as liquidity seems to be comfortable. It was widely expected that Rajan would maintain the status quo on rates to support growth. Ahead of the quarterly review, Rajan had termed inflation a "destructive disease." The Governor said economic growth wo…

ISB SLIPPED TO 36th POSITION

Premier B-schools Indian Institute of Management Ahmadabad (IIMA) and Indian School of Business (ISB), Hyderabad have slipped from their current positions to lower ranks in the Financial Times (London) Global MBA Ranking-2014. For the first time, Indian Institute of Management Bangalore (IIMB) has found a place on the chart at 68th position. With this, it has become third such Indian institution to have figured in top 100 management schools globally. According to Global MBA Ranking-2014 released yesterday by FT, rankings of IIMA and ISB slipped to 30 and 36, respectively, from their last year's positions of 26 and 34 respectively. ISB had slipped 14 points to rank 34 last year as against 20th position a year before. Similarly, IIMA had slipped 15 places at 26th rank from 11th position in 2012. In 2011, IIMA ranked 11th and ISB 13. When contacted, a senior ISB official pointed out that ISB was the youngest institution to find a place in global MBA rankings in 2008…

UK QUEEN's FINANCES CRUMBLING

Queen Elizabeth II's household finances are at a "historic low" with just 1 million pounds left in reserve, even as the royal palaces were "crumbling" and in urgent need of repair. A report by the Commons public accounts committee found that the Queen's advisers were failing to control her finances and her courtiers have been advised to take money-saving tips from the Treasury, The Telegraph reported. MPs said her advisers had overspent to such an extent that her reserve fund had fallen from 35 million pounds in 2001 to just 1 million pounds today. The Royal household had made efficiency savings of just 5 per cent over the past five years compared with government departments, that are cutting their budgets by up to a third. MPs on the committee said the Treasury must "get a grip" and help to protect the royal palaces from "further damage and deterioration". The 87-year-old Queen's household finances are at a "h…

NIFTY OUTLOOK FOR 29th & REVIEW

SECOND HALF BETTER Despite unexpected rate hike from RBI, Nifty closed with minor loss only for the day and did not decisively close below the lower end of the last Seven week’s range. However, semblance of stability would return only on a close above 6200 mark. FOMC decision on stimulus tapering would be the next big event to drive the markets. Nifty spot is expected to encounter resistance at 6165, 6200 and find support at 6085, 6050, for Wednesday. While Global cues, Q3 results,  and  Funds flow  are expected to broadly guide the market movement, based on the present market position , market can be expected to recover slowly in Second half of the market. Nifty                               6126     -10
Review for Tuesday, 28th January, 2014 ::  RBI raises Rates.. .... !!
Contrary to market expectation, RBI hiked rates by 0.25% keeping in view the inflation. Market fell sharply at the time of announcement but recovered slowly to close with minor loss. In view of global cues. Market …

NIFTY OUTLOOK FOR 28th & REVIEW

RBI POLICY HOLDS KEY... The week started off on a negative note with Nifty falling by more than 2% and closing below 6150 mark. It is close to the lower end of the last Seven week’s range and any further fall due to negative RBI Policy could weaken the sentiment further and trigger a sell off. However, most stocks are already very weak. PSU Banks and rate sensitive stocks were nervous ahead of RBI Policy on Tuesday.  Nifty spot is expected to encounter resistance at 6175, 6210 and find support at 6095, 6060, for Tuesday. While Global cues, Q3 results,  and  Funds flow  are expected to broadly guide the market movement, based on the present market position , RBI Policy can be expected to give direction to the market and any smart rise may be utilized to reduce long positions in view of the overall weakness and the FOMC decision lateron.
Nifty                               6136     -131
Review for Monday, 27th January, 2014 ::  Black Monday.... !!
Market opened weak following global cue…

IS IT A SUICIDE?

Karl Slym, Managing Director of Tata Motors, who died here yesterday under mysterious circumstances, may have committed suicide, Thai police indicated today. 51-year-old Slym's body was found by the staff of a five-star hotel on the balcony of the fourth floor after plunging from the 22nd floor. He was here to attend a meeting of the Board of Directors of the Thai subsidiary of his company. Police have found an apparent suicide note at the scene which has been sent for analysis to confirm that it was written by Slym. "Initially, we can only assume that he committed suicide," a police officer said. Police ruled out murder as the cause of the death of Slym, who allegedly fell out of a window of his room at the riverside Shangri-la Hotel. Officials told the media that the window was small and "he had to try hard to get through it". The hand-written note was reportedly found in the room which Slym and his wife of 30 years had checked into on Janua…

DIP IN AGRICULTURE WORK FORCE

The workforce in agriculture and allied activities has come down by 11 per cent during the last decade, signalling rise in secondary and tertiary sectors, self-employment and regular jobs, according to a study. "The number of people depending upon agriculture and allied activities for their livelihood has come down from over 60 per cent to 49 per cent between 1999-2000 and 2011-12," the Assocham study said. "The number of people employed in secondary and tertiary sectors have grown significantly from about 16 per cent and 23.5 per cent in 1999-00 to about 24 per cent and 27 per cent respectively as of 2011-12," the study titled 'Structural Shift in Rural Employment' said. Rural employment pattern has undergone massive change and these changes are likely to continue in future as they are driven by high level of public and private investments in rural areas and also trickle down impact of investments in agriculture itself, said D S Rawat, sec…

GOLD SMUGGLING ON RISE

Indicating a surge in cases of gold smuggling, sleuths of revenue department have seized the yellow metal worth about Rs 245 crore being pushed illegally through the country's borders in the past one year. As many as 700 cases of gold smuggling have been reported across the country so far during 2013-14, official sources said. These cases were reported by customs and Directorate of Revenue Intelligence (DRI) officials, among others, through international airports and land borders, and involved seizure of gold valuing about Rs 245 crore, they said. There were 870 cases of gold smuggling reported during 2012-13 involving seizure of the yellow metal worth Rs 99 crore, the sources said. The increase in cases of gold smuggling has been a matter of concern for Finance Ministry which is grappling to rein in Current Account Deficit (CAD), difference between the outflow and inflow of foreign currency. The CAD touched a historic high of USD 88.2 billion or 4.8 per cent of…

MARUTI FINED FOR DIFFECTVE CAR

Maruti Udyog Ltd, the nation's largest car maker, has been directed by a consumer forum here to pay Rs 3.85 lakh as compensation to a customer for selling her a defective Wagon R. The New Delhi District Consumer Disputes Redressal Forum observed that the car bought by the complainant in 2006 for Rs 3.88 lakh was suffering from "some manufacturing defect" and could not be repaired despite the efforts made by Maruti. The forum, presided over by C K Chaturvedi, relying upon the documents and other material placed before it said, "It is established that the car could not be repaired despite efforts made by opposite party (Maruti) and defects appeared again and again, leading to total loss of satisfaction to the purchaser. "We are of the view that the car has some manufacturing defect in its gear system or in its engine operation. In view of the facts that now it is seven years since the car was purchased, it will not be possible to replace the car …

KARL LSLIM SAD DEMISE

Tata Motors Managing Director Karl Slym today died after apparently falling from a hotel building in Bangkok where he had gone to attend a board meeting of the company's Thailand arm. According to a company spokesperson, Slym seems to have fallen from a higher floor of a hotel in Bangkok. The post-mortem will take place tomorrow, the spokesperson added. Slym, 51, was leading the company at a time when the auto industry was grappling with prolonged slowdown. He joined the auto major in 2012 as part of a major management overhaul and was responsible for charting out the company's strategy to regain momentum in the domestic market. Expressing condolence at the sudden demise, Tata Motors Chairman Cyrus P Mistry said: "Karl (Slym) joined us in October 2012, and was a valued colleague who was providing strong leadership at a challenging time for the Indian auto industry. In this hour of grief, our thoughts are with Karl's wife and family." Slym was v…

ASTRO TECHNICAL GUIDE FOR NIFTY

RBI POLICY HOLDS KEY...
For the week (27.01.2014 to 31.01.2014)
Planetary Position ::  During the current week Moon would be
transiting  from Jyeshta in Scorpio  to Dhanishta in Capricorn.Sun transits in Sravana constellation in Capricorn. Mercury transits in  Dhanishta in   Aquarius sign.Mars  transits in   Chitta constellation in Virgo.   Saturn continues in Visakha  constellation in  Gemini navamsa.Jupiter transits in Retrograde motion (till 6th March 2014)  in Gemini and presently in  Pisces Navamsa . Venus, in retro motion till 1st February 2014,  transits in  Poorvashadha  constellation in Sagittarius ..Grand Square effect involving Mars and Outer planets had their effect on all world markets too during weekend. With Moon in Sagittarius, it would be once again in Grand square involving Mars, Uranus, Jupiter  and highly volatile movements are likely.
Nifty Outlook  
NIFTY :: 6267 (+5)  
Nifty closed flat for the week amid volatile movements. Though it moved in a narrow range, it mai…

BUCKINGHAM CANAL ON REVIVAL PATH

The Centre today said it has decided to develop 37 km of the National Waterway-four (NW-4) between Sholinganallur to Kalpakkam in South Buckingham Canal in Tamil Nadu, entailing Rs 123 crore expenditure. "Launching the project the Minister of Shipping G K Vasan said that the main components of the project include dredging and excavation to develop navigational channel, construction of three terminals and navigational locks, replacement of one existing bridge at Kelambakkam, and installation of navigational aids," an official statement said.
The central government has sanctioned over Rs 123 crore for the purpose and the project is expected to be completed in two years, it said. Vasan said the other stretches of the National Waterway-4, which cover the states of Andhra Pradesh, Tamil Nadu and Puducherry, would also be taken up for development subsequently. NW-4 covers a total length of 1,078 Km consisting of Kakinada-Puducherry canal systems integrated with Godavari and Krishn…

NOW IT's THE TURN OF FORIEGN AIRWAYS

Taking a cue from price war in the domestic sector, two foreign carriers - Emirates and Air Asia - have cut fares for Indian travellers so as to beat the March quarter blues. Gulf carrier Emirates announced special fares starting Rs 41,867 for economy, and Rs 1.14 lakh for business class from India to Europe, Africa and South America for Indian travellers. Malaysia-based Air Asia too rolled out similar offers. Emirates said its offer is part of India's Republic Day celebrations and commences from today. It is valid for travel up to April 10 and can be booked both on and offline. AirAsia announced all-inclusive fares of low as Rs 4,000 from Kochi, Kolkata and Tiruchirappalli to Kuala Lumpur and called its special offer as 'Valentine Day' fares. As part of the discounted fares offer, travel from Chennai and Bangalore to Kuala Lumpur will now cost only Rs 6,499 inclusive of taxes, the airline said in a release. Explore romantic honeymoon destinations such …

NOOYI RECOLLECTS MEMORIES

In the midst of business talks and meetings, India-born Indra Nooyi today recalled how her views underwent a sea change after a visit to her mother in Chennai soon after she became PepsiCo chief in 2006. While talking about the need for CEOs to engage and bond with the employees at a personal level, Nooyi said, "When I became CEO in 2006, I went to visit my mother in Chennai. The next morning she asked me to wake up and I said I am on vacation and want to sleep till noon, but she refused and said people were coming home". "When friends and relatives came, they all told my mother that she had got a great daughter. But it is not about me, but about my parents who brought me up so well," Nooyi said. Nooyi, who is PepsiCo's Chairman and CEO, is here to participate in the World Economic Forum (WEF) annual meeting. "So when I came back, I wrote to parents of all my directors thanking them for bringing up their respective children so well that I …
COUTIOUSNESS AHEAD RBI POLICY... Nifty fell sharply erasing the weekly gains of earlier Four days and closed nearly flat for the week. Once again it closed below 6300 mark unable to decisively pierce the strong resistance zone of 6350. PSU Banks and rate sensitive stocks were nervous ahead of RBI Policy early next week. Nifty spot is expected to encounter resistance at 6305, 6340 and find support at 6225, 6190, for Monday. While Global cues, Q3 results,  and  Funds flow  are expected to broadly guide the market movement, based on the present market position , market can be expected to be cautious ahead of RBI policy with subdued forenoon session and mild recovery towards close.
Nifty                               6267     -79
Review for Friday, 24th January, 2014 ::  All round Bearishness.... !!
Market opened weak following global cues and after initial pullback, it cracked sharply and could not bounce back and finally closed with a loss of about 1% and gave up all the weekly gains an…

KERALA WINS WORLD TOURISM AWARD

Kerala Tourism has been conferred the United Nations Award for creating innovative initiatives for sustainable tourism, the first time India has ever won the recognition. The state lifted the coveted honour for its sustainable development initiative in the world renowned backwater resort of Kumarakom, a Kerala tourism release said today. Kerala Tourism bagged the honour yesterday at the annual United Nations World Tourism Organisation (UNWTO) Awards for Excellence and Innovation in Tourism presented at Madrid in Spain. Kerala won the UNWTO Ulysses Award for Innovation in Public Policy and Governance, the highest honour given to the government bodies for shaping global tourism policies through innovative initiatives. Kerala Tourism was chosen for the honour for its path-breaking 'Responsible Tourism' project in Kumarakom, which has successfully linked the local community with the Hospitality industry and government departments, thereby creating a model for emp…

NIFTY OUTLOOK FOR 24th & REVIEW

SECOND HALF BETTER... One more positive day with Nifty crawling and  holding above 6300 mark for the Fourth  day in succession. It is at the upper end of the range of 6350 and appears set to cross the same ahead of crucial RBI policy early next week. Nifty spot is expected to encounter resistance at 6385, 6420 and find support at 6305, 6270, for Friday. While Global cues, Q3 results,  and  Funds flow  are expected to broadly guide the market movement, based on the present market position , market can be expected to be generally subdued in the forenoon session and could remain relatively better in the afternoon session. Nifty                               6346     +7
Review for Thursday, 23rd January, 2014 ::  Flat Close with Bullish Bias.. !!
After subdued opening session, market slowly and steadily went up to close with minor gain. 25 of Nifty stocks closed in the green but  broader market  was negative  with Advance Decline ratio at 1: 1.25.  Infra, Pharmaand FMCG indices gained whil…

MF's INCREASE INVESTMENT IN BANKING

Fund managers exposure in banking stocks rose to a six-month high of over Rs 34,000 crore in December on account of rise in equity market and various steps taken by the RBI to prop the banking sector. According to the latest data available with market regulator Sebi, mutual fund investments in banking stocks in December 2013 reached Rs 34,153 crore, accounting for 17.66 per cent of their total equity assets under management (AUM) of Rs 1.93 lakh crore.
This was the highest level since June 2013, when fund managers had shored up their investment in banking stocks to Rs 35,442 crore.
In November 2013, mutual fund's exposure in banking stocks was at Rs 32,417 crore.
Market participants said MFs have shown interest in banking stocks during the September-December period, primarily on account of measures announced by the RBI coupled with overall surge in the stock market. The banking index (bankex) surged 2.13 per cent in December, while the 30-scrip BSE sensitive…

ANDROID POWERED TABLET FOR TODDLERS

Educational solutions start-up Metis Learning today launched an Android 4.2-powered tablet targeting kids aged 2-10 years and focusing on educator selected learning content. Eddy, which the firm claims is India's first Android- powered kids learning tablet, is being offered at an introductory price of Rs 9,999 till February 20th and at present is exclusively available on Amazon.com and the start-ups website eddytablet.com. Speaking at the launch, Metis Learning CEO Bharat Gulia said: "India is a huge potential market for tablets and the country saw the sale of about 4.5 million units last year. The kids tablet space has a potential of about 450,000 units (rpt) 450,000 units."
Eddy is the only tablet to map school curriculum to games and has been designed by a team with over 100 years of combined experience, he added.
On being asked about the units it plans to sell, Gulia said: "We expect to sell about 50,000 units in the first year." The 7-inch screen tablet sp…

RBI WITHDREW PRE 2005 CURRENCY NOTES

The Reserve Bank today decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations, after March 31 in a move apparently aimed at curbing black money and fake currencies. "After March 31, 2014, it (RBI) will completely withdraw from circulation all bank notes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes," the RBI said in a statement. The public can easily distinguish the currency notes issued before 2005 as they do not have the year of printing on reverse side. The year of printing in a small font is visible at the middle of the bottom row in notes issued after 2005. Asking people not to panic and cooperate in the withdrawal process, the Reserve Bank of India (RBI) said old notes will continue to be legal and can be exchanged in any bank after April 1. "From April 1, 2014, the public will be required to approach banks for exchanging these n…