Government today approved the proposal to
ensure Rs 1,000 minimum monthly pension under a scheme of retirement
fund body EPFO that would immediately benefit 28 lakh pensioners. The
decision to provide the entitlement under Employees' Pension Scheme-95,
run by the Employees' Provident Fund Organisation, was taken by the
Union Cabinet in its meeting held here. The move will immediately
benefit about 28 lakh pensioners including five lakh widows. There are
44 lakh pensioners. Earlier this month the EPFO trustees had approved
the proposal. The Central Board of Trustees (CBT), the apex decision
making body of EPFO had met on February 5, and decided to amend the
EPS-95 scheme for the purpose. The proposal was placed before the Union
Cabinet for approval as the government had made funding provisions for
it. The government would have to provide an additional amount of around
Rs 1,217 crore to ensure the minimum pension of Rs 1,000 starting
2014-15. Pensioners will get the benefit with effect from April 1. The
proposal has already been approved by the Finance Ministry.
Friday, February 28, 2014
COPTER RIDE TO VAISHNODEVI COST Rs.2078
NO MONTHLY CAP ON LPG CYLINDER
ANOTHER PETRO STAB
Petrol price was today hiked by 60 paise a
litre, the second increase this year, and diesel by 50 paise per litre,
the 14th hike since January 2013. The hikes, effective from midnight
tonight, are excluding local sales tax or VAT and actual increase will
be higher and will vary from city to city. Petrol price, which was last
hiked by 91 paise on January 4, will cost Rs 73.16 a litre in Delhi
from midnight tonight, up 73 paise from Rs 72.43 at present. In Mumbai,
the fuel will cost Rs 82.07 a litre as against Rs 81.31 at present.
The price of diesel in Delhi will be hiked by 57 paise, including tax,
to Rs 55.48 per litre, while it will cost Rs 63.86 a litre in Mumbai as
against Rs 63.23 at present. Announcing the price hike, Indian Oil
Corp, the nation's largest fuel retailer, said petrol price has been
hiked because international oil rates have risen and rupee depreciated
against US dollar, making imports costlier. The diesel price increase
is in line with the January 2013 decision of the government to raise
rates by up to 50 paise per month till such time that the entire losses
on the fuel are wiped out, and prices made market determined. IOC said
even after the 14th price hike since January 2013, the oil companies are
incurring Rs 8.37 per litre loss on sale of the fuel. Since January
2013, diesel rates have risen by a cumulative Rs 8.33. Besides diesel,
oil firms are losing Rs 36.34 a litre on sale of kerosene through public
distribution system (PDS) and Rs 605.50 on every 14.2-kg domestic
cooking gas (LPG).
IOC said in a statement: "The price of petrol was last revised upwards by Rs 0.75 a litre (excluding state levies) with effect from January 4, 2014. "Since the last price change, international prices of gasoline (petrol) have increased from USD 116.04 per barrel to USD 118.10, and the rupee has also depreciated from Rs 62.02 to a US dollar to Rs 62.12." The combined impact of both these factors, has warranted the increase in petrol prices by Rs 0.60 per litre, excluding state levies. In pursuant to the Government of India's order dated January 17, 2013, oil marketing companies have been authorised to increase the retail selling price of diesel (retail) within a small range every month until further orders. "Accordingly, since then, retail diesel prices are being revised every month. In continuation of above, IOC has decided to effect the aforesaid increase in retail diesel prices," it said. IOC said it is likely to end the 2013-14 fiscal with an under-recovery or revenue loss of around Rs 74,000 crore on sale of diesel, LPG and kerosene (industry around Rs 1,43,000 crore). "The movement of prices in international oil market and Rupee-USD exchange rate is being closely monitored and developing trends of the market will be reflected in future price changes," it added.
IOC said in a statement: "The price of petrol was last revised upwards by Rs 0.75 a litre (excluding state levies) with effect from January 4, 2014. "Since the last price change, international prices of gasoline (petrol) have increased from USD 116.04 per barrel to USD 118.10, and the rupee has also depreciated from Rs 62.02 to a US dollar to Rs 62.12." The combined impact of both these factors, has warranted the increase in petrol prices by Rs 0.60 per litre, excluding state levies. In pursuant to the Government of India's order dated January 17, 2013, oil marketing companies have been authorised to increase the retail selling price of diesel (retail) within a small range every month until further orders. "Accordingly, since then, retail diesel prices are being revised every month. In continuation of above, IOC has decided to effect the aforesaid increase in retail diesel prices," it said. IOC said it is likely to end the 2013-14 fiscal with an under-recovery or revenue loss of around Rs 74,000 crore on sale of diesel, LPG and kerosene (industry around Rs 1,43,000 crore). "The movement of prices in international oil market and Rupee-USD exchange rate is being closely monitored and developing trends of the market will be reflected in future price changes," it added.
SUBRATA ROY ARRESTED
Sahara Chief Subrata Roy was arrested in
Lucknow today, after evading for two days a non-bailable warrant issued
by the Supreme Court for his failure to appear before it in a case of
non-refund of Rs 20,000 crore to investors.
Capping a day of dramatic developments, 65-year old Roy surrendered before police this morning after calling them to Sahara Shaher.
"Roy has been arrested and will be produced in court later today," SP Trans-Gomti Habibul Hasan said. Senior advocate Ram Jethmalani told a Supreme Court bench headed by Justice K S Radhakrishnan that Roy is in police custody in Lucknow and pleaded for recall of NBW issued on February 26. He submitted that the special bench, which is hearing the case, should take up the application today itself. But, his plea was turned down as the judge said it is not possible for the special bench to assemble today.
The day started with Subrata Roy issuing a signed two-page statement, claiming he was not absconding and was ready to "unconditionally follow" Supreme Court's direction.
Minutes after his arrest in Lucknow, son Seemanto addressed a hurriedly called press conference in Delhi and said his father was cooperating with the authorities and he had wilfully submitted before the police.
There were initially conflicting reports with speculation that Roy could himself be present at the press meet in Delhi. A team of Delhi police at the hotel venue added to the suspense. Another report said that he may still be in Lucknow.
Seemanto also said that arrest would not impact the business of the group, which claims to have a networth of over Rs 68,000 crore with lakhs of employees.
The Sebi-Sahara case itself comprises staggering numbers like collection of over Rs 24,000 crore from three crore individuals, while once Sahara sent 127 trucks containing 31,669 cartons full of over three crore application forms and two crore redemption vouchers to Sebi office. This apparently resulted into a huge traffic jam on outskirts of Mumbai, where the regulator is headquartered. The case also has brought to headlines numerous financial jargons like OFCDs, DRHP and RHP, as also numerous innocuous sounding names like Kalawati, Hardwar and the famous 'Roshan Lal'. It all started with Sahara Prime City, a real estate venture of the group, filing a Draft Red Herring Prospectus (DRHP) with Sebi on September 30, 2009. This is an initial document that a company needs to file with Sebi to bring out an IPO or initial public offer of shares to public investors. While going through this DRHP, Sebi sensed certain large- scale fund raising exercises by two Sahara firms -- Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL).
Soon, Sebi received two complaints -- one on December 25, 2009 and the second on January 4, 2010 -- alleging illegal means used by these two firms in issuance of certain bonds, called OFCDs (Optionally Fully Convertible Debentures), to the public throughout the country for many months. The second complaint was from Roshan Lal, which was received by Sebi through National Housing Bank. Based on these complaints, Sebi began seeking clarifications from the group, initially through their investment bankers Enam Securities and later directly. Further investigations found that the funds were raised through OFCDs after filing RHPs (Red Herring Prospectus) with the Registrar of Companies, although the rules required permission from Sebi for any issuance of securities to 50 or more investors. In these cases, the number of investors ran into crores.
Eventually, Sebi passed an interim order against the two companies on November 24, 2010, asking them to refund the money collected from investors. A final order was passed by the regulator on June 23, 2011, while the group challenged these directions before the Securities Appellate Tribunal. However, the Tribunal upheld the Sebi orders on October 18, 2011, and asked the companies to refund Rs 25,781 crore to over three crore investors. The group then moved the Supreme Court, which also passed a historic order on August 31, 2012, asking the two companies to deposit outstanding amount of over Rs 24,000 crore with Sebi for refund to the investors.
Saharas were also asked to deposit details of all investors to Sebi, which was mandated to refund the money after verifying their genuineness.
Sebi again moved the Supreme Court alleging non- compliance by the group to the earlier orders, pursuant to which the apex court passed another order on December 5, 2012, and asked the two firms to deposit the money in three instalments beginning with an immediate payment of Rs 5,120 crore. While the group paid the first instalment, it failed to meet the deadline for other two payments and rather claimed to have already paid more than Rs 20,000 crore directly to the investors. Unconvinced with Saharas' claims, Sebi passed orders on February 13, 2013, to attach bank accounts and other properties of the group and later issued summons for personal appearance of Subrata Roy and other three directors before it. Roy and others appeared before Sebi on April 10, 2013, after which he famously told reporters that he was not even offered tea by Sebi officials. During the same month, April 2013, Sebi finally closed its file on Sahara Prime City, whose planned IPO had kick-started this long-running battle. In the meantime, Sahara group continued to issue full-page and multi-page advertisements in newspapers wherein it claimed to have cleared bulk of its outstanding liabilities to bondholders. In these advertisements, the group also claimed to have raised total funds to the tune of Rs 2,25,000 crore since inception in 1978 across various businesses and pegged its total networth at an astonishing figure of Rs 68,174 crore and the size of its assets at Rs 152,518 crore. Sahara also charged that Sebi was making "baseless allegations" against it and accused it of not accepting "60 truckloads of documents", while the regulator countered these charges by saying that the documents given by them were "hopelessly mixed up". Sebi also issued public notices in newspapers, cautioning investors and general public against dealing with Saharas.
Capping a day of dramatic developments, 65-year old Roy surrendered before police this morning after calling them to Sahara Shaher.
"Roy has been arrested and will be produced in court later today," SP Trans-Gomti Habibul Hasan said. Senior advocate Ram Jethmalani told a Supreme Court bench headed by Justice K S Radhakrishnan that Roy is in police custody in Lucknow and pleaded for recall of NBW issued on February 26. He submitted that the special bench, which is hearing the case, should take up the application today itself. But, his plea was turned down as the judge said it is not possible for the special bench to assemble today.
The day started with Subrata Roy issuing a signed two-page statement, claiming he was not absconding and was ready to "unconditionally follow" Supreme Court's direction.
Minutes after his arrest in Lucknow, son Seemanto addressed a hurriedly called press conference in Delhi and said his father was cooperating with the authorities and he had wilfully submitted before the police.
There were initially conflicting reports with speculation that Roy could himself be present at the press meet in Delhi. A team of Delhi police at the hotel venue added to the suspense. Another report said that he may still be in Lucknow.
Seemanto also said that arrest would not impact the business of the group, which claims to have a networth of over Rs 68,000 crore with lakhs of employees.
SAHARA TIMELINE
It was an innocuous-looking complaint by one 'Roshan Lal' four years and four months ago that sent watchdog Sebi on trail of "various illegalities" committed by Sahara group in raising over Rs 24,000 crore from more than three crore investors. The high-profile saga -- which today saw the arrest of flamboyant Sahara group chief Subrata Roy, who calls himself "Managing Worker" of his business empire -- has seen many dramatic events along the way. There has been many emotional pitches by Sahara group, which claims to have a networth of over Rs 68,000 crore and assets worth over Rs 1.5 lakh crore.The Sebi-Sahara case itself comprises staggering numbers like collection of over Rs 24,000 crore from three crore individuals, while once Sahara sent 127 trucks containing 31,669 cartons full of over three crore application forms and two crore redemption vouchers to Sebi office. This apparently resulted into a huge traffic jam on outskirts of Mumbai, where the regulator is headquartered. The case also has brought to headlines numerous financial jargons like OFCDs, DRHP and RHP, as also numerous innocuous sounding names like Kalawati, Hardwar and the famous 'Roshan Lal'. It all started with Sahara Prime City, a real estate venture of the group, filing a Draft Red Herring Prospectus (DRHP) with Sebi on September 30, 2009. This is an initial document that a company needs to file with Sebi to bring out an IPO or initial public offer of shares to public investors. While going through this DRHP, Sebi sensed certain large- scale fund raising exercises by two Sahara firms -- Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL).
Soon, Sebi received two complaints -- one on December 25, 2009 and the second on January 4, 2010 -- alleging illegal means used by these two firms in issuance of certain bonds, called OFCDs (Optionally Fully Convertible Debentures), to the public throughout the country for many months. The second complaint was from Roshan Lal, which was received by Sebi through National Housing Bank. Based on these complaints, Sebi began seeking clarifications from the group, initially through their investment bankers Enam Securities and later directly. Further investigations found that the funds were raised through OFCDs after filing RHPs (Red Herring Prospectus) with the Registrar of Companies, although the rules required permission from Sebi for any issuance of securities to 50 or more investors. In these cases, the number of investors ran into crores.
Eventually, Sebi passed an interim order against the two companies on November 24, 2010, asking them to refund the money collected from investors. A final order was passed by the regulator on June 23, 2011, while the group challenged these directions before the Securities Appellate Tribunal. However, the Tribunal upheld the Sebi orders on October 18, 2011, and asked the companies to refund Rs 25,781 crore to over three crore investors. The group then moved the Supreme Court, which also passed a historic order on August 31, 2012, asking the two companies to deposit outstanding amount of over Rs 24,000 crore with Sebi for refund to the investors.
Saharas were also asked to deposit details of all investors to Sebi, which was mandated to refund the money after verifying their genuineness.
Sebi again moved the Supreme Court alleging non- compliance by the group to the earlier orders, pursuant to which the apex court passed another order on December 5, 2012, and asked the two firms to deposit the money in three instalments beginning with an immediate payment of Rs 5,120 crore. While the group paid the first instalment, it failed to meet the deadline for other two payments and rather claimed to have already paid more than Rs 20,000 crore directly to the investors. Unconvinced with Saharas' claims, Sebi passed orders on February 13, 2013, to attach bank accounts and other properties of the group and later issued summons for personal appearance of Subrata Roy and other three directors before it. Roy and others appeared before Sebi on April 10, 2013, after which he famously told reporters that he was not even offered tea by Sebi officials. During the same month, April 2013, Sebi finally closed its file on Sahara Prime City, whose planned IPO had kick-started this long-running battle. In the meantime, Sahara group continued to issue full-page and multi-page advertisements in newspapers wherein it claimed to have cleared bulk of its outstanding liabilities to bondholders. In these advertisements, the group also claimed to have raised total funds to the tune of Rs 2,25,000 crore since inception in 1978 across various businesses and pegged its total networth at an astonishing figure of Rs 68,174 crore and the size of its assets at Rs 152,518 crore. Sahara also charged that Sebi was making "baseless allegations" against it and accused it of not accepting "60 truckloads of documents", while the regulator countered these charges by saying that the documents given by them were "hopelessly mixed up". Sebi also issued public notices in newspapers, cautioning investors and general public against dealing with Saharas.
HELIPAD DINNER @ BURZ AL ARAB
NIFTY OUTLOOK FOR 3rd MARCH & REVIEW
 |
|
Inputs by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
sastry.saaketa@gmail.com
09848014561 |
CLOSING SUBDUED
March derivative series started off on positive note with Nifty gaining about 0.50%. Short term bullish outlook gets negated only if Nifty closes below 6200.. Nifty spot is expected to encounter resistance at 6315, 6350 and find support at 6235, 6200, for Monday. . While Global cues and Funds flow are expected to broadly guide the market movement, based on the present market position , market can be expected to remain generally better in the forenoon and could remain subdued in Second half , particularly towards close.
Nifty
Review for Friday :: IT and Pharma stocks lead . .... !!
Market traded in a
narrow range with bullish bias and gained more than 0.50% for the day,
gaining on all the Four days of the week. The week too ended with a gain of about
2%. 32 of Nifty stocks gained and broader market too was positive with Advance
Decline ratio at 1.2 :1. Barring Energy and FMCG, all other indices gained led
by Pharma, IT, Auto, Metal, Media and Infra.
Hindalco, TCS, Tata Motors, Lupin, JP Associates stood out
as major gainers among Nifty stocks
while MAruti, NTPC, Tata Steel, Reliance, HDFC Bank remained losers.
JP Power, Hindalco, PFC, KTK Bank, Adani Ports remained major gainers among F&O stocks
while MAruti, Hexaware, Dish TV, NTPC, Unitech remained losers among F&O
stocks.
SENSEX GAINS 133 POINTS
The benchmark Sensex today jumped over 133 points to reclaim the 21,000 mark buoyed by gains in bluechips like TCS, Tata Motors and Hindalco, to log the best weekly rise since November 2013. Brokers said sentiment was strong as foreign investors have remained net buyers of Indian stocks in past ten days. Firm global cues also helped after US Fed Chairperson Janet Yellen yesterday reiterated the Fed is likely to continue tapering asset purchases at a "measured" pace. After gaining 450 points in past four sessions, the BSE Sensex shot up by 133.13 points, or 0.63 per cent, to end at 21,120.12. The index last closed above the 21,000 level on January 24 when it concluded at 21,133.56. The gauge had touched the day's high of 21,140.51 intra-day today. Experts said all eyes are on India's October-December quarter GDP growth. Hindalco led the 18 gainers in 30-share Sensex. TCS, Tata Motors, Sun Pharma, ONGC and BHEL were among notable winners. However, Maruti Suzuki led the 12 Sensex losers. Shares of the carmaker lost 4.54 per cent, amid investor concerns regarding its proposed Gujarat plant. For the week, the Sensex gained 419.37 points -- the biggest rise since the week ending November 29, 2013 when the barometer surged 574.54 points. "Going ahead, the markets would continue to follow developments on the political scene and geopolitical developments in Ukraine," said Sanjeev Zarbade, Vice President- Private Client Group Research, Kotak Securities. The National Stock Exchange index Nifty rose 38.15 points, or 0.61 per cent, to end at 6,276.95, after climbing to 6,282.70 intra-day. Sectorally, the BSE healthcare sector index gained the most by rising 2.27 per cent, followed by IT index (1.44 per cent), Auto index (1.37 per cent) and Capital Goods (1.18 per cent). Overall, nine of the 12 sectoral indices gained. Oil&gas, consumer durables and FMCG ended in the red. Global markets, including those in Asia, were positive ahead of reports on American housing, consumer spending and economic growth.Thursday, February 27, 2014
MODI HITS BACK @ CHIDAMBARAM
Those in power should act like trustees of public goods and not behave like owners.
- MAHATMA GANDHI
Hitting back at Finance Minister P Chidambaram for his postage stamp barb, BJP's prime ministerial candidate Narendra Modi today said his economic knowledge can be confined to one word, which is "trustee." "My knowledge about finance and economy will not occupy even a postage stamp. My whole knowledge can be confined to one word, that is trustee," he said, recalling Mahatma Gandhi's concept of trusteeship. Modi, who invoked the Father of the Nation several times in his hour-long speech at a seminar on new growth paradigm, said that according to the concept of trusteeship propounded by Gandhiji, those in power should act like trustees of public goods and not behave like owners. Admitting that he lacks the knowledge confined in books, Modi said he can always hire those who are well-versed with economic issues. Modi was commenting on remarks made by Chidambaram, who in an interview to BBC said Modi's knowledge of economics can be written on the back of a postage stamp. "What he (Modi) knows about economics can be written on the back of a postage stamp...he has said nothing about the fiscal deficit, nothing about the CAD (current account deficit), nothing about monetary policy," Chidambaram had said. Modi retorted by saying that the country is suffering not only from a fiscal deficit but also "from governance deficit, trust deficit, security deficit, moral deficit and deficit of democratic institutions." Gujarat had a revenue deficit when he took over as chief minister in 2001, Modi said, adding, "Since then, the state has been posting revenue surplus."
- MAHATMA GANDHI
Hitting back at Finance Minister P Chidambaram for his postage stamp barb, BJP's prime ministerial candidate Narendra Modi today said his economic knowledge can be confined to one word, which is "trustee." "My knowledge about finance and economy will not occupy even a postage stamp. My whole knowledge can be confined to one word, that is trustee," he said, recalling Mahatma Gandhi's concept of trusteeship. Modi, who invoked the Father of the Nation several times in his hour-long speech at a seminar on new growth paradigm, said that according to the concept of trusteeship propounded by Gandhiji, those in power should act like trustees of public goods and not behave like owners. Admitting that he lacks the knowledge confined in books, Modi said he can always hire those who are well-versed with economic issues. Modi was commenting on remarks made by Chidambaram, who in an interview to BBC said Modi's knowledge of economics can be written on the back of a postage stamp. "What he (Modi) knows about economics can be written on the back of a postage stamp...he has said nothing about the fiscal deficit, nothing about the CAD (current account deficit), nothing about monetary policy," Chidambaram had said. Modi retorted by saying that the country is suffering not only from a fiscal deficit but also "from governance deficit, trust deficit, security deficit, moral deficit and deficit of democratic institutions." Gujarat had a revenue deficit when he took over as chief minister in 2001, Modi said, adding, "Since then, the state has been posting revenue surplus."
eCOMMERCE INDUSTRY HAIL MODI
Prominent players in the-commerce space have
welcomed BJP's Prime Ministerial candidate Narendra Modi's stance for
pushing for the use of technology in retail. CEO of Smile Group Harish
Bahl said: "We have been appealing to the government to create the right
policies for growth of the E-commerce industry, which will enable
access to foreign capital and allow us to source at scale from small and
medium businesses from across the country." "While we still await some
decision from the current government, we are hopeful and very happy to
Modi articulate our views on the subject and thankful for his support".
Modi made a strong pitch here today for usage of technology to boost
commercial activities in the country and to overcome the fear of global
challenges. "Technology will further push the growth of the retail
sector and not dislodge it and Modi has put this in the correct
perspective. The restriction on the entry of foreign direct investment
into the market will limit the potential of the industry in both the
short and long terms," CEO of Yebhi.com Manmohan Agarwal said. Over
the last few months e-commerce players have been urging the government
to allow FDI in the sector to enable the industry to access foreign
capital and expertise. The players consisting of mostly first
generation entrepreneurs have underlined the need to remove sector-based
barriers in business citing need to enable inflow of foreign capital,
expertise and knowledge that will propel the Indian e-commerce industry
into its next phase of growth.
RURAL CONSUMER SPENDING ON RISE
Divergence between rural and urban India
continues to widen, with rural population's spending capacity remaining
higher than their urban peers in almost all categories of spending, says
a report. "Rural consumers are spending more, and penetration gaps
between urban and rural consumers for discretionary items such as
automobiles, branded goods and even monthly outgo on mobile connection
have come down," said Credit Suisse in a report titled 'India consumer
survey 2014'. The report further said despite the higher growth in
spending in rural areas, the fall in savings rate is more drastic in
urban areas, showing the effect of lower income increase and higher
inflation on urban consumers. The survey also highlighted that more
rural people saw their incomes increase last year and even more expect
this trend to continue this year. According to the survey, the
declining trend of consumer optimism observed in the last two years
shows some signs of improvement and that the declining trend in
discretionary consumption seems to be bottoming out. "More people
believe this is a good time for making big-ticket purchases, and also
expect inflation to decelerate," it said. "There is also a reversal of
the down-trading trend in discretionary items we observed in last year's
survey-a sign that declining growth in discretionary items may be
bottoming out," the report said. However, Credit Suisse believes it is
still early to say whether the cycle has turned and things will pick up
from here on. The survey shows there has been a sharp fall in consumers
wishing to buy unbranded items. "Indians are among the lowest consumers
of items such as beer, spirits, meat and cigarettes, have the lowest
access to the Internet, and while improvement is seen on these
parameters based on this year's survey, there is still a long way to go.
"This, combined with the greater participation of rural population
especially those at the bottom of the pyramid, bodes well for the
country's consumption story," the survey concluded.
PRE ELECTION RALLY IN INDIAN MARKET
SENSEX TO TOUCH 22000 BEFORE ELECTION
MUTUAL FUNDS GARNER 1.6 LAKH CRORES
Investors have pumped in more than Rs 1.6
lakh crore in various mutual fund schemes in the first ten months of the
ongoing financial year, more than double the amount infused by them in
entire 2012-13 fiscal. According to industry experts, fund mobilisation
in mutual fund schemes is expected to further grow as regulator Sebi
has recently cleared its first ever long-term policy for the industry,
proposing a number of tax benefits and measures for growth of this
business. The policy is aimed at channelising household savings into
equities and mutual funds. As per the latest data available with Sebi,
there was a net inflow of Rs 1,59,631 crore during the 2013-14 fiscal
(April-January) as against over Rs 76,000 crore in the preceding fiscal.
Prior to that, a net amount of more than Rs 22,000 crore and over Rs
49,000 crore moved out of the mutual funds' kitty during 2011-12 and
2010-11, respectively. Mutual funds pool together money from many
investors and invest it on their behalf, in accordance with a stated set
of objectives. At a gross level, mutual funds mobilised over Rs 81.4
lakh crore during the April-January period of 2013-14, while there were
redemptions worth Rs 79.8 lakh crore as well. This resulted in a net
inflow of Rs 1,59,631 crore. Of the total net investment made in the
first ten months of this fiscal, the huge part of inflows in the mutual
fund schemes came during April and May. Investors have infused a net
amount of Rs 1.44 lakh crore during the period. In April, mutual funds
mobilised around Rs 1.08 lakh crore in various schemes. This was the
highest net inflow by investors in such schemes in a single month since
April 2011, when investors had put in a whopping Rs 1.84 lakh crore.
The significant level of fund mobilisation has also helped the total asset under management of mutual funds to grow to Rs 9.03 lakh crore at the end of January this year from Rs 8.25 lakh crore as on December 31, 2013.
The significant level of fund mobilisation has also helped the total asset under management of mutual funds to grow to Rs 9.03 lakh crore at the end of January this year from Rs 8.25 lakh crore as on December 31, 2013.
Govt. TO PAY 50% PREMIUM FOR AUTO & TAXI DRIVERS
The government today extended health
insurance support to auto and taxi drivers by committing to pay half of
the premium amount under Rashtriya Swasthya Bima Yojna, which provides
smart-card based cashless health insurance cover. Oscar Fernandes,
Minister for Road Transport and Highways, said the Rashtriya Swasthya
Bima Yojna (RSBY) scheme will address the health concerns of auto
rickshaw drivers and taxi drivers, who form an important and vulnerable
segment of the unorganised workers in urban areas. Under the scheme,
auto and taxi drivers have to contribute 50 per cent of premium for the
Rashtriya Swasthya Bima Yojna, as applicable in that district, in
addition to Rs 30 as registration fee, an official statement from the
Road Ministry said. The balance 50 per cent of premium would be shared
by the Central and State Government i.e. 25 per cent each. The nodal
officer from Ministry of Road Transport and Highways for the scheme has
been nominated, an official statement said. Nodal officers from States
of Karnataka, Kerala, Jharkhand, Chhattisgarh, Uttar Pradesh, Haryana
and West Bengal with their name and contact details are also being
notified for the purpose of implementation of the scheme, the statement
said. The auto rickshaw drivers and taxi drivers form an important
segment of the unorganised workers in urban areas. The auto rickshaw
drivers and taxi drivers are registered presently by the State Transport
Authorities. In order to enroll the auto and taxi drivers under the
scheme, states have been requested to identify such auto rickshaw and
taxi drivers and prepare data. Owner-driven rickshaw and auto drivers
are also proposed to be covered under this scheme. The Ministry of
Labour and Employment is going to shortly commence enrolment and
issuance of smart cards to the beneficiary families under the scheme in
Karnataka, Kerala, Jharkhand, Chhattisgarh, Uttar Pradesh, Haryana and
West Bengal. The State Transport Authorities have been directed to
facilitate the enrolment of maximum number of auto rickshaw drivers and
taxi drivers with the State Nodal Agencies. The health insurance scheme
is being implemented by the Ministry of Labour & Employment since
October 1, 2007, providing for smart-card based cashless health
insurance cover of Rs 30,000 per family per annum to below poverty line
(BPL) families in the undersigned sector. The scheme coverage has now
been extended to auto and taxi drivers in addition to various other
categories of unorganised workers.
Wednesday, February 26, 2014
HOUSING DEMAND VERY WEAK IN H2
Housing demand remained weak in the second
half of 2013 due to high prices and steep interest rates coupled with
slow economic growth, according to global property consultant CBRE. "A
slowing economic growth, coupled with high property prices and steep
interest rates, resulted in weak demand for housing during the second
half of 2013," CBRE said in a statement. In its bi-annual India
Residential Market View report for H2 2013, CBRE said high vacancy level
and rising construction cost led to a slowdown in construction
activity, leading to a decline in new launches, and further delay in
project completion timelines. Commenting on the report, CBRE South Asia
Chairman and Managing Director Anshuman Magazine said: "Home buyer
sentiments remained cautious and subdued due to high price points, with
preferences shifting to secondary and emerging micro-markets of leading
cities." On the outlook, he felt that housing demand in the high-end
and mid-end, as well as in the luxury segment, could remain sluggish
across India’s leading cities during the first half of 2014, due to the
subdued pre-election macro-economic environment. The report said that
liquidity issues and an increasing inventory caused developers to shift
their focus from new launches to the completion of existing projects.
Still, the consultant said, the delays in project execution continued to
remain an over-riding concern in most emerging housing markets.
"Developers reduced prices across select projects and offered discounts
or marketing promotions to attract buyers in micro-markets with high
inventory levels," CBRE said. While the premium housing segment saw a
steady interest from high net worth individuals (HNIs) and non-resident
Indians (NRIs), end-user demand in the high-end and mid-end segments
remained low. The depreciating rupee resulted in an increase in NRI
enquiries for property in India. "The Delhi NCR witnessed capital
appreciation across most micro-markets. Capital values in locations such
as Sohna Road and MG Road in Gurgaon increased by 4–5 per cent owing to
strong demand for high-end properties over the last review period,"
CBRE said. Mumbai’s housing market remained largely stable, with a
slight appreciation in select premium micro-markets. The exception was
Central Mumbai, where values declined by 4–5 per cent, owing to sluggish
demand, in comparison to the first half of 2013.
EPFO TO ISSUE UNIVERSAL ACCOUNT NUMBERS
Retirement fund body EPFO has asked its
field staff to clean up records as it plans to issue universal
(permanent) account numbers soon to its over 5 crore subscribers. The
account number will help those workers in organised sector workers who
frequently change jobs, particularly in the construction sector. It will
help them to avoid filing claims for transfer of PF accounts on change
of job. "EPFO is going to soon roll out universal account numbers for
its members," state the minutes of the recent meeting of high ups of the
the Employees' Provident Fund Organisation chaired by its Central
Provident Commissioner K K Jalan. The number will help reduce the
workload of the EPFO to a great extent. Every year, EPFO receives over
12 lakh claims for transfer of provident fund account on changing jobs
by its subscribers. A subscriber with permanent account number, would
not be issued new PF account number on joining new employer. Jalan said
at the meeting that cleaning up the records was very critical to the
next phase of reforms in EPFO. That includes rolling out universal
account number for EPFO subscribers. According to the instructions
given to field offices, the cleaning up of records would include, having
registered all firms on ECR (Electronic Challan cum Return) portal,
updation of records of all employers and cleaning negative balances in
its subscribers accounts. The official auditor CAG has also pointed out
the negative balance in the accounts of the subscribers in its latest
report for 2011-12 tabled in Parliament during the recently concluded
Winter Session. According to the report, the Interest Suspense Account
balance was not a true reflection of sums available for distribution as
interest to EPF subscribers, in the absence of non-updation of about
38.74 lakh subscribers' accounts as of March 2012. "More than 70,000
subscribers' accounts reflected negative balances, indicating excess
withdrawals. These reflected inadequate service to its subscribers.
"Its income was consistently more than expenditure on running of
schemes. The EPFO also did not adhere to the investment pattern
prescribed by the Ministry of Finance," the Comptroller and Auditor
General of India said in the report.
HYDERABAD PROPERTY MARKET ON RISE
Despite Telangana issue, the Housing
Sentiment Index (HSI) for Hyderabad increased by 22 per cent to 101
points during the October-December quarter, breaking a largely negative
streak to end close to neutral, according to an assessment by IIM
Bangalore and Magicbricks. The IIMB MB HSI is a sentiment index of the
Indian real estate market that aims to capture buyer 'mood' and
indicates residential real estate market performance. "Hyderabad, which
fell sharply last quarter (July- September), bounced back by 21 per
cent amidst concerns over the Telangana issue. North and East Hyderabad
posted positive sentiment this quarter with Hyderabad HSI coming in at
101. South Hyderabad also saw an increase of 24 per cent in HSI although
still ending below 100 (HSI 91)," the report said. The report further
said that 91 per cent of residents in Mumbai intend to purchase flats
(HSI 83), 30 per cent of residents in Chennai intend to purchase land
(HSI 100) while 34 per cent of Hyderabad residents intend to purchase
villas (HSI 96). While property in the Rs 1-2 crore range has risen
overall, Chennai witnessed a drop of 18 per cent (HSI 85). Sentiment for
property in the below Rs 20 lakh range has either remained flat or
witnessed a drop of up to 28 per cent in Hyderabad, except Pune where it
rose by 29 per cent (HSI 133), it said. A total of approximately 3,000
buyers are surveyed every quarter in an online survey across 10 cities
Mumbai, Delhi, Hyderabad, Pune, Noida, Gurgaon, Bangalore, Chennai,
Ahmedabad and Kolkata (last two cities added in Q3 2013). The survey was
conducted online in the months of July, October and December 2013.
Meanwhile, housing sentiment index in the third quarter of FY'14 has
increased by over 25 per cent to 117 indicating that home buyers across
the country expect property prices to go up post elections, the
assessment said. The index has bounced back to 117, the level at which
it was in the first quarter from 93 in the previous quarter (Q2). "The
HSI clearly underwrites the forecast as home buyers across the nation
expect real estate prices to rise over the next six months, reflecting a
shift from the previous quarter when buyers expected a decrease in
prices," the report said. "Indian real estate is bound to remain an
attractive sector in the medium term with faster growth expected in
Tier- II cities. However, active interest will take another 6-9 months
to translate into buying activity as consumers expect prices to go up
only after six months, post the 2014 elections," Magicbricks Business
Head Sudhir Pai said. Noida topped the list of cities with an HSI of
129 witnessing a 33 per cent jump Q-on-Q. "The proposed metro link,
emphasis on affordable housing projects and construction of software
technology parks is making Noida a fast growing and attractive city to
live in," he said.
The sentiments were muted by Mumbai, which ended last this quarter too with an HSI of 85. "As the financial capital wrestles with a state of high supply with negligent demand, it is predicted that it will take 9 quarters to clear this inventory at current rates," Pai said. The latest HSI report also introduces the seller survey to compare sentiments between sellers and buyers. The HSI of 156 for sellers was a lot higher than the buyer HSI. According to the report, 29 per cent of sellers expected a 5-10 per cent increase in property prices. Nearly 38 per cent want to book profits while 30 per cent want to move to a bigger accommodation. Properties in the Rs 20-40 lakh range are most preferred with over 30 per cent of buyers in this range, it said. "Given the high construction costs, steady inflation, increasing bank loan rates and the looming elections, buyers are likely to use extreme caution before investing in property in the coming months," Pai added.
The sentiments were muted by Mumbai, which ended last this quarter too with an HSI of 85. "As the financial capital wrestles with a state of high supply with negligent demand, it is predicted that it will take 9 quarters to clear this inventory at current rates," Pai said. The latest HSI report also introduces the seller survey to compare sentiments between sellers and buyers. The HSI of 156 for sellers was a lot higher than the buyer HSI. According to the report, 29 per cent of sellers expected a 5-10 per cent increase in property prices. Nearly 38 per cent want to book profits while 30 per cent want to move to a bigger accommodation. Properties in the Rs 20-40 lakh range are most preferred with over 30 per cent of buyers in this range, it said. "Given the high construction costs, steady inflation, increasing bank loan rates and the looming elections, buyers are likely to use extreme caution before investing in property in the coming months," Pai added.
NSE LAUNCHES VOLATILITY INDEX
To help investors hedge near-term volatility
risks in their equity portfolio, the National Stock Exchange today
launched its futures contracts on India VIX (volatility index) called
'NVIX'. India VIX is a volatility index based on the index options
prices of Nifty. "Volatility is a different risk class. It has a
tremendous potential as every one has to deal with volatility. Anyone
who has a portfolio, one who needs to hedge the portfolio for
volatility...it could be for institutional or high networth individuals
(HNI). It is a broad base usage of this product," NSE MD & CEO
Chitra Ramkrishna said after the launch. Uncertainty is for everyone.
This product will help in hedging uncertainty. We expect very good
broad-based participation in this product, Ramkrishna added. NSE is
aiming to tap into domestic institutional investor demand for equity
futures and options.
The NSE, which constructed India VIX, started disseminating India VIX index in 2009. India VIX indicates the investor's perception of the market's volatility in the near term. The index depicts expected market volatility over the next 30 calendar days. A high India VIX value would suggest that the market expects significant increase in volatility, while a low value indicates the reverse. India VIX and Nifty have a negative correlation.
The NSE, which constructed India VIX, started disseminating India VIX index in 2009. India VIX indicates the investor's perception of the market's volatility in the near term. The index depicts expected market volatility over the next 30 calendar days. A high India VIX value would suggest that the market expects significant increase in volatility, while a low value indicates the reverse. India VIX and Nifty have a negative correlation.
PAY HIKE ONLY 10%
India Inc is expected to dole out a 10 per
cent salary increase in 2014, the lowest in five years, according to a
survey by Aon Hewitt. In 2013, the average salary increase was 10.2 per
cent while in 2009, it was 6.6 per cent. According to the global human
resource solution provider, the average salary increase for 2014 as
projected by over 500 organisations in India stood at 10 per cent, with a
range of 8.8 per cent to 12 per cent across industries. The years
2012-14 are witnessing a sort of "plateauing" in salary increases as
compared to the high double-digit increases in the last decade,
according to the report. "This period reflects the easing off of the
unsustainable, turbo-charged, pre-crisis economic growth. Even though
growth appears to be strengthening in both advanced and developing
economies, it is expected to be muted and slower paced than in the
pre-2008 era," Aon Hewitt India Rewards Consulting Practice Leader
Anandorup Ghose said. Sectors largely reliant on the domestic economy
such as pharmaceuticals, chemicals, engineering services and consumer
goods, project the highest salary increases, typically above 10 per cent
for 2013-14. Retail, financial services and hospitality forecast a
lower range of salary increases, with these businesses affected by the
slowdown in the economy and consumer spending. Globally, Venezuela
projected the highest salary increase (24.9 per cent), followed by
Argentina (24.3 per cent) and Vietnam (11.1 per cent). Continuing the
trend of the previous few years, the developed economies of the US, the
UK and Japan show salary increases in the range of 2.4 per cent to 3 per
cent. India leads salary increase projections across key APAC
countries, followed by China. Reasons for lower budgets include
concerns over fluctuating economic conditions, cited by 57.6 per cent of
the respondents. A third (33.5 per cent) said their organisation is
undergoing cost reductions. Some organisations are managing wage cost
escalation by freezing hiring, transferring salary increases from fixed
pay to variable pay and recruiting replacements at lower salaries.
Interestingly, the pace of top management salary increases has been
slowing over the past seven years. Rewards for key talent are likely to
continue. As against an overall salary rise of 10 per cent, key talent
would get a 13.9 per cent salary hike this year, the report said.
"Organisations are exercising prudence in overall salary increases but
investment in key talent continues. Gap between salary increase awarded
to key talent vs others is widening year-on-year," the report said.
Overall attrition reduced to 18.5 per cent in 2013 from 19.3 per cent on
account of slow economic growth and limited job opportunities, the
report said.
LOW PENETRATION OF CREDIT CARDS IN KERALA
The penetration of credit cards and personal
loans is very low in Kerala and the state has a huge untapped potential
in the sector, according to data released from the Credit Information
Bureau (India). Forty six per cent of credit seekers in Kerala are less
than 35 years of age. The state also has the highest number of credit
applicants who are over 45 years of age. It also has a very high
penetration of auto and two-wheeler loans, CIBIL Managing Director Arun
Thukral told reporters here. Karnataka has the youngest population with
66 per cent of credit applicants younger than 35 years of age, he
added. The number of applications for new credit has been on a steady
rise and there has been a 150 per cent increase since 2010, says CIBIL
data. This increase in the number of new credit applications and loans
booked indicate an increased demand for credit and a bounce back by
lending institutions in sanctioning new credit after the 2008 downturn.
About 21 per cent borrowers in Kerala have a credit score of 800 and
above and 40 per cent have a 750 and above score. Fifty per cent of
borrowers in Kerala were new to credit as compared to 51 per cent rest
of the country, Thukral said. Borrowers with a credit score of 700 and
above have a higher chance of getting their loan and credit card
applications approved by banks. The CIBIL TransUnion Score is an
important predictor of the chances of a borrower defaulting on credit.
Banks and financial institutions today consider the score as a crucial
parameter before sanctioning any new loan. CIBIL is India's largest
credit information company that maintains information on over 317
million consumer trades and 15 million commercial trades.
NIFTY OUTLOOK FOR 27th & REVIEW
GENERAL BEARISHNESS
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Inputs by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
sastry.saaketa@gmail.com
09848014561
|
Nifty closed at the highest level for the day and the
Derivative series and closed well above 6200 level. While short term
trend is bullish, there is strong resistance around 6250 level and support
around 6125. Nifty spot is expected to encounter resistance at 6275, 6310 and
find support at 6200, 6160, for Friday. . While Global cues and
Funds flow are expected to
broadly guide the market movement, based on the present market position ,
market can be expected to witness volatile movements and caution is advised at
higher levels in view of the decent run up recently as general bearishness is
expected..
Nifty
Review for Wednesday :: Short Covering
Pushes up Index. .... !!
Short covering coupled with value buying in some scrips
pushed up indices and February derivative series closed at the highest level with a gain
of more than 2.50% for the series. Barring Metal and Realty all other indices
led by FMCG, Pharma, Auto, Bank, Infra
and IT indices . 33 of Nifty stocks gained while broader market was subdued with Advance
Decline ratio placed at 1:1.2.
GAIL, M&M, Grasim, ITC, Sun Pharma, Dr Reddy stood out
as major gainers among Nifty stocks while NMDC, Tata Steel, SSLT, Tata Power,
Indusind Bank remained losers.
JSW Energy, Arvind, Dish TV, GAIL, Siemens remained major gainers among F&O stocks
while NMDC, Relcapital, Tata Steel, Sun TV, SSLT remained losers among F&O
stocks.
The benchmark BSE Sensex today breached the
21,000-mark after a month, but settled the day a tad lower at 20,986.99,
a gain of 135 points, amid mixed trends from global markets. India's
largest gas distributor GAIL rose 2.97 per cent to end the day as the
biggest Sensex gainer. Cigarette major ITC recorded a smart gain of 2.07
per cent. IT stocks continued its winning streak for the second day.
Wipro rose 1.38 per cent to trade at its 52-week high level. Infosys was
up 0.56 per cent.
Brokers attributed the rally to short coverings by operators because February series of Futures and Options was expiring today. "IT stocks continued to see buying interest, with Wipro making its 52-week high level. FIIs continued to show optimism in the Indian stock market and were net buyers, particularly for last two weeks, and this also boosted market sentiment," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio. Foreign institutional investors (FIIs) bought shares worth a net Rs 423.41 crore yesterday, as per provisional data from stock exchanges. The 30-share barometer resumed the day stable. It touched intra-day high of 21,005.04 but lost a little momentum and end at 20,986.99, a rise of 134.52 points from its last close. In straight four sessions, Sensex has surged by 450.35 points or 2.19 per cent. The previous time the key index breached 21,000-level was on January 24, 2014, when it closed the day at 21,333 points The 50-issue Nifty on NSE also improved further by 38.75 points to 6,238.80. Other major Sensex gainers were M&M 2.00 per cent, Dr Reddy's Lab 1.77 per cent, BHEL 1.63 per cent, Sun Pharma 1.33 per cent, Hero Motocorp 1.25 per cent, Bajaj Auto 1.09 per cent.
SENSEX AGAIN @ 21000
Brokers attributed the rally to short coverings by operators because February series of Futures and Options was expiring today. "IT stocks continued to see buying interest, with Wipro making its 52-week high level. FIIs continued to show optimism in the Indian stock market and were net buyers, particularly for last two weeks, and this also boosted market sentiment," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio. Foreign institutional investors (FIIs) bought shares worth a net Rs 423.41 crore yesterday, as per provisional data from stock exchanges. The 30-share barometer resumed the day stable. It touched intra-day high of 21,005.04 but lost a little momentum and end at 20,986.99, a rise of 134.52 points from its last close. In straight four sessions, Sensex has surged by 450.35 points or 2.19 per cent. The previous time the key index breached 21,000-level was on January 24, 2014, when it closed the day at 21,333 points The 50-issue Nifty on NSE also improved further by 38.75 points to 6,238.80. Other major Sensex gainers were M&M 2.00 per cent, Dr Reddy's Lab 1.77 per cent, BHEL 1.63 per cent, Sun Pharma 1.33 per cent, Hero Motocorp 1.25 per cent, Bajaj Auto 1.09 per cent.
Tuesday, February 25, 2014
HYDERABAD...LEAST EXPENSIVE OFFICE SPACE MARKET
Hyderabad has become the world's most
affordable office locations due to rupee depreciation and fall in
rentals amid political instability over Telangana, according to global
realty consultant DTZ. Four other Indian cities -- Chennai, Pune,
Bangalore and Kolkata –-- figure in the DTZ's list of top 10 least
expensive office space market in the world. "Devaluation of the Indian
rupee in combination with declining rents led to Hyderabad overtaking
Surabaya (Indonesia) as the least expensive market in 2013," DTZ said in
a report. The consultant has released the 17th edition of the Global
Occupancy Costs – Offices, which presents outlook and analysis of the
costs of occupying prime office space across 138 markets worldwide.
Chennai retains its position as the world’s third least expensive office
space market. Pune and Bangalore occupy fourth and fifth position
respectively. "At occupancy costs below USD 3,000 per workstation per
year in 2013, our list of the ten least expensive markets consists
solely of tier II markets in India and China," DTZ said. The total cost
of occupancy in Hyderabad stood at USD 1,250 per workstation per annum.
When contacted, DTZ India Research Head Rohit Kumar said: "Hyderabad
has been stricken by political instability and hence it has suffered
lack of office demand leading to drop in rentals". Office rentals have
declined in Hyderabad to Rs 45 per sq ft per month in 2013 from Rs 58
per sq ft a month in 2012, he added. "Indian tier II markets will
continue to offer occupiers the world’s most affordable office space,"
DTZ said. Total occupancy cost is defined as the average cost of
leasing prime net usable space. Occupancy costs include rents and
outgoings, which refer to costs charged by the landlord in a
multi-tenant building like service charge and property tax. Meanwhile,
the report also revealed that London West End and Hong Kong are the most
expensive occupier markets in our global list, with occupancy costs
exceeding USD 20,000 per annum on a workstation basis. The difference
in costs between London and Hong Kong increased from 13 per cent in 2012
to 22 per cent in 2013. This reflects rising demand in London, and on
the other hand, continued consolidation and decentralization in Hong
Kong. "Mumbai and Delhi are placed at 63rd and 49th position globally.
This makes Delhi the costliest office space in India followed by
Mumbai," DTZ said.
SEBI PROPOSES MONITORING AGENCY FOR IPO FUNDS
To check possible misuse of money raised
through public offers, Sebi today proposed to make it mandatory for all
companies to appoint a 'Monitoring Agency' to oversee orderly
utilisation of such funds and to make public their observations on a
quarterly basis. Under the new framework, the Monitoring Agency Report
would also need to list out all deviations from the fund utilisation
objectives stated by the company at the time of public offer, as also
the comments from their management and auditors on such matters. The
Monitoring Agency, which can be a public financial institution or a
scheduled commercial bank, would also grade the deviations observed in
the utilisation of public offer proceeds, which their reports need to be
made public through stock exchanges within 45 days of the end of every
quarter.
Inviting public comments on these new norms by March 25, Sebi said necessary amendments would be made in the existing regulatory framework to bring about proposed changes. Currently, companies are required to appoint such Monitoring Agencies only for IPOs and other public issues worth Rs 500 crore or more. Also, these agencies are presently required to submit their reports on a half-yearly basis, while such reports are not made public under current regulations. Proposing new norms, Sebi said that these requirements would now be made compulsory for all companies, irrespective of the issue size, while the companies would also have to made the Monitoring Agency Reports public. The frequency of such reports will also be increased from half-year to quarterly. Sebi said its regulations are aimed to ensures that the amount to be utilised towards each object of the issue is specifically earmarked and disclosed in the offer document. "Mandating such detailed disclosures helps in monitoring of utilisation of the funds raised through public issues as well as enables the investors to take informed decision," Sebi said. Keeping similar objective in mind, the regulator recently amended its regulations and put a limit on the amount that can be earmarked for 'General Corporate Purpose' to 25 per cent of the total issue size. Sebi has come across several case where the companies have diverted funds raised through public offers for motives beyond the stated objectives, while money has also been used for personal gains of the promoters and others in some cases. The regulator has also proposed a new format for the Monitoring Agency Report, wherein details of each deviation would be required to be mentioned alongwith comments of the agency, audit committee and the management of the company. Also, a board committee would need to oversee the monitoring of utilisation of issue proceeds by the company.
Inviting public comments on these new norms by March 25, Sebi said necessary amendments would be made in the existing regulatory framework to bring about proposed changes. Currently, companies are required to appoint such Monitoring Agencies only for IPOs and other public issues worth Rs 500 crore or more. Also, these agencies are presently required to submit their reports on a half-yearly basis, while such reports are not made public under current regulations. Proposing new norms, Sebi said that these requirements would now be made compulsory for all companies, irrespective of the issue size, while the companies would also have to made the Monitoring Agency Reports public. The frequency of such reports will also be increased from half-year to quarterly. Sebi said its regulations are aimed to ensures that the amount to be utilised towards each object of the issue is specifically earmarked and disclosed in the offer document. "Mandating such detailed disclosures helps in monitoring of utilisation of the funds raised through public issues as well as enables the investors to take informed decision," Sebi said. Keeping similar objective in mind, the regulator recently amended its regulations and put a limit on the amount that can be earmarked for 'General Corporate Purpose' to 25 per cent of the total issue size. Sebi has come across several case where the companies have diverted funds raised through public offers for motives beyond the stated objectives, while money has also been used for personal gains of the promoters and others in some cases. The regulator has also proposed a new format for the Monitoring Agency Report, wherein details of each deviation would be required to be mentioned alongwith comments of the agency, audit committee and the management of the company. Also, a board committee would need to oversee the monitoring of utilisation of issue proceeds by the company.
NIFTY OUTLOOK FOR 26th & REVIEW
SCRIP SPECIFIC MOVEMENTS...
CAUTION @ HIGHER LEVELS
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|
Inputs by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
sastry.saaketa@gmail.com
09848014561
|
Nifty
Review for Tuesday : Zigzag Movement with
Bullis Bias. .... !!
Market traded in a zigzag fashion with bullish bias and
Nifty closed at 6200 mark with a gain of 0.25%. 25 of Nifty stocks gained and
broader market was marginally bearish with Declines outnumbering
Advances. IT, Media, Auto and FMCG indices gained while Metal, Energy, Bank and Infra indices declined.
Advances. IT, Media, Auto and FMCG indices gained while Metal, Energy, Bank and Infra indices declined.
Wipro, Bajaj Auto, Ambuja Cement, BPCL, BHEL remained major
gainers among Nifty stocks while NMDC, SSLT, Tata Steel, Coal India, JP
Associates remained losers among Nifty stocks. Aurobindo Pharma came
out of ban period in F&O segments and surged more than 6%.
Among F&O stocks Aurobindo, KTK Bank, UPL, Wipro, Titan
, remained major gainers while JP Power,
SAIL, Adani Ports, IRB, NMDC declined .
IT major Wipro was the biggest Sensex gainer at 2.95 per cent, followed by Bajaj Auto at 2.14 per cent. IT stocks were in demand with Infosys trading near its all-time high level of Rs 3,782 apiece, traders said. Markets may remain volatile in the coming few days ahead of Futures and Options expiry on Thursday, they said.
After resuming higher, the Sensex touched day's high of 20,912.54 but settled at 20,852.47, a rise of 41.03 points from its last close. It has gained 315.83 points or 1.54 per cent in the last three trading days.
The 50-share Nifty on NSE also firmed up by 13.95 points or 0.23 per cent to finish at 6,200.05. BHEL at 1.92 per cent, Cipla 1.90 at per cent, Bharti Airtel at 1.57 per cent Hindalco Industries and 1.39 per cent were some other big Sensex gainers. Among the sectoral indices, consumer durables was the top gainer, up by 2.98 per cent, followed by IT and Technology, up by more than 0.80 per cent each. Auto and capital goods were up by over half a perc ent each. Metal was the top loser, down by 1.85 per cent. Jignesh Chaudhary, Head of Research, Veracity Broking Services, said it was a mixed day of trading which started on a positive note, but slipped to to the negative terrain. It recovered from day's low to close on a positive note towards the end of the trading session. "There was selling pressure ahead of the expiry which created some stress," he added.
SENSEX AGAIN @ I MONTH HIGH
The BSE benchmark Sensex gained 41 points today to settle at a fresh one-month high of 20,852.47 on buying in IT, capital goods and FMCG stocks, extending the winning streak to the third day.IT major Wipro was the biggest Sensex gainer at 2.95 per cent, followed by Bajaj Auto at 2.14 per cent. IT stocks were in demand with Infosys trading near its all-time high level of Rs 3,782 apiece, traders said. Markets may remain volatile in the coming few days ahead of Futures and Options expiry on Thursday, they said.
After resuming higher, the Sensex touched day's high of 20,912.54 but settled at 20,852.47, a rise of 41.03 points from its last close. It has gained 315.83 points or 1.54 per cent in the last three trading days.
The 50-share Nifty on NSE also firmed up by 13.95 points or 0.23 per cent to finish at 6,200.05. BHEL at 1.92 per cent, Cipla 1.90 at per cent, Bharti Airtel at 1.57 per cent Hindalco Industries and 1.39 per cent were some other big Sensex gainers. Among the sectoral indices, consumer durables was the top gainer, up by 2.98 per cent, followed by IT and Technology, up by more than 0.80 per cent each. Auto and capital goods were up by over half a perc ent each. Metal was the top loser, down by 1.85 per cent. Jignesh Chaudhary, Head of Research, Veracity Broking Services, said it was a mixed day of trading which started on a positive note, but slipped to to the negative terrain. It recovered from day's low to close on a positive note towards the end of the trading session. "There was selling pressure ahead of the expiry which created some stress," he added.
Monday, February 24, 2014
MOZILLA PLANS SMART PHONE @ Rs.1500
Technology
firm Mozilla has showcased a smartphone prototype for developing countries,
which could cost as less as USD 25 (about Rs 1,500).
The company, which runs the Firefox browser, has partnered with Chinese low-cost chip maker Spreadtrum.
"In 2014, we are differentiating our user experience and our partners are growing the portfolio of devices. We are also enabling a whole new category of smartphone, priced around USD 25, that will bring even more people around the world online," Mozilla Chief Operating Officer Jay Sullivan said.
Firefox OS devices are the first devices built entirely to open Web standards, with every feature developed as an HTML5 application. "We launched our first smartphones in July, and have since expanded into 15 markets. People in Latin America and Eastern Europe have eagerly upgraded from their feature phones to Firefox OS smartphones. Sales have far exceeded our targets. But 2013 was just the beginning," Sullivan said. The devices from Mozilla's stable are expected to see stiff competition, especially from Chinese and Taiwanese handset makers like Huawei and ZTE. Since last year, Firefox OS devices have gone on sale in 15 markets with four global operators and handsets from three manufacturers.
Firefox OS will be expanding into important new markets in 2014.
However, no details on the availability of the devices in India was disclosed.
The company, which runs the Firefox browser, has partnered with Chinese low-cost chip maker Spreadtrum.
"In 2014, we are differentiating our user experience and our partners are growing the portfolio of devices. We are also enabling a whole new category of smartphone, priced around USD 25, that will bring even more people around the world online," Mozilla Chief Operating Officer Jay Sullivan said.
Firefox OS devices are the first devices built entirely to open Web standards, with every feature developed as an HTML5 application. "We launched our first smartphones in July, and have since expanded into 15 markets. People in Latin America and Eastern Europe have eagerly upgraded from their feature phones to Firefox OS smartphones. Sales have far exceeded our targets. But 2013 was just the beginning," Sullivan said. The devices from Mozilla's stable are expected to see stiff competition, especially from Chinese and Taiwanese handset makers like Huawei and ZTE. Since last year, Firefox OS devices have gone on sale in 15 markets with four global operators and handsets from three manufacturers.
Firefox OS will be expanding into important new markets in 2014.
However, no details on the availability of the devices in India was disclosed.
SAMSUNG UNVIELS SMART CAMERAS
Korean electronics major Samsung today
unveiled a new range of smart cameras with advanced NFC and Wi-Fi
capabilities priced in the range of Rs 12,490-21,290 for the Indian
market.
The cameras come pre-loaded with suite of standard Smart Mode and Smart Auto Mode features, which allows the user to capture photographs with an unparallelled level of customisation and functionality, Samsung said in a release.
Smart Mode allows for a number of different customisation and personalisation settings, while Smart Auto analyses shooting environments and selects the most optimal settings for any situation, it added.
"The new line-up includes the WB35F, WB50F, WB350F and WB1100F offering superb image quality and next-generation sharing capability, offering photographers of all abilities a great way to capture and share their world," it said.
Besides, the brand new Tag & Go feature takes sharing seamlessly connects the cameras with smartphones by touching the two devices together, no configuration is required.
The Photo Beam feature immediately transfers the image being viewed on the camera to a smartphone or tablet, while AutoShare saves images straight to the device in real time, removing the burden of manually backing up pictures.
"Remote Viewfinder offers flexibility when setting up shots, as the camera can be controlled via a smartphone to act as a viewfinder, while Mobile Link allows transfer of selected images to smartphones, making sharing quick and easy," Samsung said.
On pricing, Samsung said, WB35F is priced at Rs 12,490, while WB50F, WB350F and WB1100F are available at Rs 14,990, Rs 21,490 and Rs 20,990, respectively.
"With the addition of these new models, Samsung's digital still cameras portfolio now has a complete lineup of 9 digital cameras priced between Rs 7,190-Rs 58,900.
The cameras come pre-loaded with suite of standard Smart Mode and Smart Auto Mode features, which allows the user to capture photographs with an unparallelled level of customisation and functionality, Samsung said in a release.
Smart Mode allows for a number of different customisation and personalisation settings, while Smart Auto analyses shooting environments and selects the most optimal settings for any situation, it added.
"The new line-up includes the WB35F, WB50F, WB350F and WB1100F offering superb image quality and next-generation sharing capability, offering photographers of all abilities a great way to capture and share their world," it said.
Besides, the brand new Tag & Go feature takes sharing seamlessly connects the cameras with smartphones by touching the two devices together, no configuration is required.
The Photo Beam feature immediately transfers the image being viewed on the camera to a smartphone or tablet, while AutoShare saves images straight to the device in real time, removing the burden of manually backing up pictures.
"Remote Viewfinder offers flexibility when setting up shots, as the camera can be controlled via a smartphone to act as a viewfinder, while Mobile Link allows transfer of selected images to smartphones, making sharing quick and easy," Samsung said.
On pricing, Samsung said, WB35F is priced at Rs 12,490, while WB50F, WB350F and WB1100F are available at Rs 14,990, Rs 21,490 and Rs 20,990, respectively.
"With the addition of these new models, Samsung's digital still cameras portfolio now has a complete lineup of 9 digital cameras priced between Rs 7,190-Rs 58,900.
ONLINE RETAILING TO TRIPLE IN 3 YEARS
Online retailing, both direct and through
marketplaces, is expected to become a Rs 50,000 crore industry by 2016,
growing at a whopping 50-55 per cent annually over the next three years,
according to Crisil Research. The segment has been growing in India,
with revenues surging from around Rs 1,500 crore in 2007-08 to an
estimated Rs 13,900 crore in 2012-13, or a annual growth rate of 56 per
cent, Crisil Research said in a report. Yet the sector still remains a
nascent portion of the overall e-commerce segment in the country where
the travel business dominates with about two-thirds share, it said.
However, it said, the scenerio is changing fast to pose a threat to
brick-and-mortar retailers, not just of books, music and electronics,
but also apparel and grocery. "From around eight per cent share of the
organised retail market in India now, online retailing will zoom to
around 18 per cent by 2016. But as a proportion of overall retail,
including the massive unorganised segment, it will be just over 1 per
cent at the end of that year," said Rahul Prithiani, Director (Industry
Research), Crisil Research. Yet, he said, the potential is huge for
example, in the US, which is the biggest market for online retail and
the UK, the share of online retail is around 9-10 per cent. Further it
pointed out that companies focused on books and music are closing down
many stores or even shutting down completely because they are unable to
compete with the huge discounts offered by online retailers. Online
retailers also play the volume game through shopping festivals several
times a year to spur sales, which is difficult for the physical retailer
because of realty and inventory costs, it added. What is also working
for online retailers is the growing satisfaction with the transaction
experience, customers don't have to physically travel to stores, get a
fairly good idea about the products browsing in the comfort of their
homes and office, pay on delivery, and also get their money back – no
questions asked – in case of dissatisfaction. Prasad Koparkar, Senior
Director – Industry and Customised Research said, "Eventually, just the
way it happened in the US, physical retailers will have to establish a
presence online. And, with the right strategies, they can even compete
effectively. "Like, Wal-Mart allows customers to shop online and opt
for either home delivery or store pickup to tackle the queue problem at
its stores. Today, Wal-Mart is among the top online retailers in the
US."
PE INVESTMENTS IN REALTY UP
Private
equity investment in the real estate sector increased by 13 per cent to Rs
7,000 crore last year on higher inflows in the residential segment, global
property consultant Cushman & Wakefield said. "Total inflows from
private equity funds in the real estate sector for 2013 was recorded at Rs
7,000 crore (USD 1.2 billion), an increase of 13 per cent compared to 2012 (Rs
6,200 crore/USD 1.1 billion)," C&W said in a statement. Overall
private equity investments across sectors in India have also increased by 11
per cent to USD 10.5 billion in 2013 from USD 9.49 billion in 2012. The
consultant attributed the increase in private equity inflows to "rising
investments in residential assets and other sectors like retail and
hospitality". The total PE investments in the housing segment for 2013 was
recorded at Rs 4,050 crore (USD 650 million), an increase of 42 per cent compared
to 2012 levels. While the number of deals has increased to 40 last year,
compared to 34 in 2012, the average deal size has declined marginally at about
Rs 175 crore (USD 28 million). C&W Executive Managing Director South Asia
Sanjay Dutt said: "The residential asset class continues to provide
tremendous potential for growth in the coming years. With housing requirements
growing across cities and funds investing in the asset class primarily in the
form of NCDs providing fixed returns, investments in the right project have the
potential to yield healthy returns." Dutt noted that a number of large
global investors, including sovereign funds, have taken the first step by
partnering with successful local investors and developers for investing in the
Indian real estate market. "This is expected to result in high transaction
activity especially in income yielding commercial office assets during
2014," he added. Bengaluru continued to witness the highest level of
transaction activity in 2013 with overall investments of about Rs 2,200 crore
(USD 350 million), though it declined by 33 per cent from 2012. Both Pune and
NCR witnessed an increase in transaction volume in 2013. C&W said:
"Overall investments in Pune were Rs 1,460 crore, recording an increase of
over four times from 2012, driven primarily by investments in leased office
assets. Transaction volume for NCR in 2013 was more than double that of 2012 at
about Rs 1,650 crore (USD 260 million), all of which was in the residential
asset class." Mumbai witnessed a fall of about 15 per cent in investments
for 2013 to Rs 1,100 crore (USD 180 million). However, the investment activity
in the city is expected to increase with a few large deals in office assets in
the pipeline.
TRAINING FOR WOMEN TO BECOME DIRECTORS
With the Union government making it
mandatory for all listed companies to have a woman director on their
board from this year, industry body CII's Kerala unit and Institute of
Directors will be organising a three day training course to equip women
for the position here. "Over a period of next two years, we will need
hundreds of qualified trained women to serve as directors on the board
of listed companies in the state," CII Kerala state council Chairman and
Managing Director of Geojit BNP Paribas Financial Services C J George
told reporters here. As per the new Companies Act every listed company
should have a woman director. This will become mandatory from this
financial year starting April.
CII with Indian Women Network (IWM) and Institute of Directors will organise the programme for senior women professionals to become board members. After the training, certificates would also be issued to the women, he said.
As far as women empowerment is concerned,this is the most remarkable initiative of the Central Government, George said.
In Kerala, there are very few women directors. The state will need close to 200 women directors for an equal number of listed companies this year, he said.
The training fee is expected to be Rs 30,000. A certificate would be issued to them stating that they would become eligible to sit as directors in the board. CII is also planning to bring out a compiliation of best practices adopted as CSR activities in Kerala. With this publication, CII intends toprovide guidance to organisations planning to invest inCSR activities, especially in the light of mandates introduced through the new Companies Bill 2012.
CII has identified about 30 projects available with Cochin Corporation which can be taken up by Corporates as part of their CSR projects. George said CII would organise the third edition of Brand summit on Mar 4 the theme of which is 'Building brands in the Age of Transparency'. Among the speakers are Aruna Sundararajan, Managing Director of Kerala State Industrial Development Corporation, well known film director BharatBala and Manish Saksena, Chief Operating officer, Tommy Hilfiger.
CII with Indian Women Network (IWM) and Institute of Directors will organise the programme for senior women professionals to become board members. After the training, certificates would also be issued to the women, he said.
As far as women empowerment is concerned,this is the most remarkable initiative of the Central Government, George said.
In Kerala, there are very few women directors. The state will need close to 200 women directors for an equal number of listed companies this year, he said.
The training fee is expected to be Rs 30,000. A certificate would be issued to them stating that they would become eligible to sit as directors in the board. CII is also planning to bring out a compiliation of best practices adopted as CSR activities in Kerala. With this publication, CII intends toprovide guidance to organisations planning to invest inCSR activities, especially in the light of mandates introduced through the new Companies Bill 2012.
CII has identified about 30 projects available with Cochin Corporation which can be taken up by Corporates as part of their CSR projects. George said CII would organise the third edition of Brand summit on Mar 4 the theme of which is 'Building brands in the Age of Transparency'. Among the speakers are Aruna Sundararajan, Managing Director of Kerala State Industrial Development Corporation, well known film director BharatBala and Manish Saksena, Chief Operating officer, Tommy Hilfiger.
ANDROID SMART PHONES FROM NOKIA
Targeted at fast growing low-cost smartphone
markets like India, Nokia today launched the much anticipated
Android-based smartphones starting at euro 89 (about Rs 7,600).
The company introduced three smartphones, based on a modified version of the Android, called Android open source project (AOSP), for the X series.
"The X range of phones is targeted at the growth markets where low-cost smartphones are growing at over four times," Nokia's Devices and Services Executive Vice President Stephen Elop told reporters here.
Nokia's X range of smartphones run Android applications, Microsoft services and signature Nokia experiences like Here maps. The X model will be available immediately for euro 89 excluding taxes. The other two models - X+ and XL - will be available in early second quarter for euro 99 and euro 109 respectively, Elop added.
Nokia X comes with a 4 inch screen and 3MP camera whereas XL has a 5 inch screen and 5 MP camera.
It is for the first time that Nokia has come out with a phone which has Android-based applications. This is a move by the company in order to get a pie of the Android phone market.
As per the IDC figures of the last quarter of 2013, Android had a 78.1 per cent share of global smartphone shipments while the Microsoft Windows Phone platform share stood at 3 per cent.
The release of the phones comes just days ahead of its scheduled takeover by Microsoft. The software giant had acquired the handset business of Nokia for USD 7.2 billion last year.
Elop said the X range of phones will become a feeder system for its Lumia range.
Apart from the X range of phones, Nokia also introduced one Internet enabled entry level phone for euro 29 and a Asha range of phone for euro 45, which will be available in the market immediately.
"Nokia has connected billions of people around the world, and today we demonstrated how our portfolio is designed to connect the next billion people to great experiences," Elop added.
Elop said the company now has phones in four levels, which include the entry-level phones like Nokia 220, the Asha series, the X range of phones and the Lumia series.
"Priced at just euro 45, the Nokia Asha 230 is the most affordable Asha touch device ever. Available in single and Dual SIM variants, it will start rolling out immediately across Asia-Pacific, Europe, India, Latin America, the Middle East and Africa," he added.
The company introduced three smartphones, based on a modified version of the Android, called Android open source project (AOSP), for the X series.
"The X range of phones is targeted at the growth markets where low-cost smartphones are growing at over four times," Nokia's Devices and Services Executive Vice President Stephen Elop told reporters here.
Nokia's X range of smartphones run Android applications, Microsoft services and signature Nokia experiences like Here maps. The X model will be available immediately for euro 89 excluding taxes. The other two models - X+ and XL - will be available in early second quarter for euro 99 and euro 109 respectively, Elop added.
Nokia X comes with a 4 inch screen and 3MP camera whereas XL has a 5 inch screen and 5 MP camera.
It is for the first time that Nokia has come out with a phone which has Android-based applications. This is a move by the company in order to get a pie of the Android phone market.
As per the IDC figures of the last quarter of 2013, Android had a 78.1 per cent share of global smartphone shipments while the Microsoft Windows Phone platform share stood at 3 per cent.
The release of the phones comes just days ahead of its scheduled takeover by Microsoft. The software giant had acquired the handset business of Nokia for USD 7.2 billion last year.
Elop said the X range of phones will become a feeder system for its Lumia range.
Apart from the X range of phones, Nokia also introduced one Internet enabled entry level phone for euro 29 and a Asha range of phone for euro 45, which will be available in the market immediately.
"Nokia has connected billions of people around the world, and today we demonstrated how our portfolio is designed to connect the next billion people to great experiences," Elop added.
Elop said the company now has phones in four levels, which include the entry-level phones like Nokia 220, the Asha series, the X range of phones and the Lumia series.
"Priced at just euro 45, the Nokia Asha 230 is the most affordable Asha touch device ever. Available in single and Dual SIM variants, it will start rolling out immediately across Asia-Pacific, Europe, India, Latin America, the Middle East and Africa," he added.
SOUTH INDIA's LARGEST INDUSTRIAL LAUNDRY LAUNCHED
Magnamind Ventures, promoted by a group of
UAE-based professionals, opened Kerala's first large scale industrial
laundry at KINFRA's Small Industries Park in Nellad, near Muvattupuzha
in Ernakulam district. The 15-tonnes-per-day integrated laundry is also the largest of its kind in south India. The 20,000-sq-ft laundry complex, equipped with modern imported
machinery, would mainly cater to the long standing demands of Kerala's
bourgeoning hospitality industry in and around Kochi, Munnar and
Kumarakom.
According to a recent study, these three tourist hotspots alone account for 40 tonnes of dirty linen every day. Magnamind Ventures will also pioneer into linen rentals for the first time in the country, a practice prevalent in the West. The company also has a retail division, which will have collection points initially in Kochi and Thrissur.
This will be spread to other parts of the region in the very near future. These outlets are intended to serve household customers to provide services like genuine dry cleaning at competitive prices, the company said. Magnamind has three divisions -Linen Lounge, Centralim and Allure. Linen Lounge is for mainstream laundry services targeted to launder bed, bath, F&B,uniform and valets of hotels; uniforms for corporate houses; banquet linen for conventions; bed and bath linens of railways and blankets and seat covers of airline companies. Centralim will pioneer into linen rentals, mainly to hotels hotels. 'Customers can take advantage of our highest quality linen specially made by the best mills in the country. Customers are spared of procuring, storing, managing and laundering their own linen'.
According to a recent study, these three tourist hotspots alone account for 40 tonnes of dirty linen every day. Magnamind Ventures will also pioneer into linen rentals for the first time in the country, a practice prevalent in the West. The company also has a retail division, which will have collection points initially in Kochi and Thrissur.
This will be spread to other parts of the region in the very near future. These outlets are intended to serve household customers to provide services like genuine dry cleaning at competitive prices, the company said. Magnamind has three divisions -Linen Lounge, Centralim and Allure. Linen Lounge is for mainstream laundry services targeted to launder bed, bath, F&B,uniform and valets of hotels; uniforms for corporate houses; banquet linen for conventions; bed and bath linens of railways and blankets and seat covers of airline companies. Centralim will pioneer into linen rentals, mainly to hotels hotels. 'Customers can take advantage of our highest quality linen specially made by the best mills in the country. Customers are spared of procuring, storing, managing and laundering their own linen'.
Sunday, February 23, 2014
SAMSUNG LAUNCHES GEAR 2 NEW VERSION
Samsung launched today a new smart watch,
the Gear 2, after a first version won over few critics, adding new
features and ditching Google's Android in favour of its own operating
system. The South Korean electronics giant revealed the new watch in an
unexpected announcement on the eve of the February 24-27 Mobile World
Conference in Barcelona, Spain. Samsung is unveiling tomorrow its new
flagship smartphone, almost certainly the Galaxy S5, and it had been
expected to show off the new watch at the same time. Besides an array
of features including sports tracking software and a heart rate monitor,
the Gear 2 marks an important and widely rumoured step towards
independence from Android. The watch, available in two models -- the
Gear 2 and the Gear 2 Neo, which has no camera -- will be powered by the
Tizen operating system developed by Samsung with various partners to
break free of the Android dominance. Android powered 78.4 percent of
smartphones worldwide last year, according to technology consultants
Gartner Inc., making it easier for users to switch phones and harder for
manufacturers to build customer loyalty. Apple's iOS system accounted
for another 15.6 percent of smartphones. The Gear 2, available
worldwide from April, has a 1.63-inch screen, a 2.0 megapixel camera
that can take high definition video, a heart rate sensor and pedometer,
audio that can work with a Bluetooth headphone, remote control for
devices such as televisions, and an alert system for incoming text
messages and emails. The wrist strap comes in black, orange and brown.
The first Gear, launched last September, was criticised by many for
being unfashionable and unwieldy. Samsung, like other device makers, is
banking on smart devices to boost revenue as sales of smartphones slow
in the mature, and most profitable markets.
ASIAN WEALTH TRIPLES
Financial wealth in Asia has more than
tripled since 2001 to over USD 80 trillion and if the current trend persists
the growth will be even faster in India than in China. According to HSBC, Asia
excluding Japan is rapidly catching up with the United States and assuming that
current trends persist, emerging Asia should surpass the United States by 2015.
Asia, including Japan, has more than tripled its financial wealth since 2001 to just over USD 80 trillion, the financial major said. The calculations were done by adding the value of bonds and stocks to broad money supply and stripping out net foreign holdings, HSBC said.
Country-wise, Japan and China clearly account for the largest chunk in Asia. India, meanwhile, might have had a stronger showing last year if it wasn't for the slide of its currency over the previous 12 months, HSBC said.
According to the report, China, could add some USD 25 trillion by 2018 and with this it will comfortably exceed Japan's increase in financial wealth of USD 8 trillion and even America's of just over USD 16 trillion.
Interestingly, in the next five years, in terms of projected growth of financial wealth, China is likely to be ahead of the United States but is likely to lag behind economies like India, Indonesia, Korea, Malaysia, Thailand, the Philippines and Vietnam. "Altogether, a shiny future, indeed. That is, as long as nothing disrupts trends in the meantime," HSBC Economist Frederic Neumann said in a research note. Clearly, on current trends, the larger economies will enjoy a bigger absolute increase in financial wealth over the coming years, it added.
"...not everyone in Asia is revelling in new-found wealth. Amid all the hype, it's often forgotten that the majority of people in the region continue to live in poverty," the report said.
Even if prosperity is, so far, only enjoyed by a small sliver of local populations, the rise of Asian wealth that powers those luxury sales has nevertheless been "stupendous", HSBC said.
Asia, including Japan, has more than tripled its financial wealth since 2001 to just over USD 80 trillion, the financial major said. The calculations were done by adding the value of bonds and stocks to broad money supply and stripping out net foreign holdings, HSBC said.
Country-wise, Japan and China clearly account for the largest chunk in Asia. India, meanwhile, might have had a stronger showing last year if it wasn't for the slide of its currency over the previous 12 months, HSBC said.
According to the report, China, could add some USD 25 trillion by 2018 and with this it will comfortably exceed Japan's increase in financial wealth of USD 8 trillion and even America's of just over USD 16 trillion.
Interestingly, in the next five years, in terms of projected growth of financial wealth, China is likely to be ahead of the United States but is likely to lag behind economies like India, Indonesia, Korea, Malaysia, Thailand, the Philippines and Vietnam. "Altogether, a shiny future, indeed. That is, as long as nothing disrupts trends in the meantime," HSBC Economist Frederic Neumann said in a research note. Clearly, on current trends, the larger economies will enjoy a bigger absolute increase in financial wealth over the coming years, it added.
"...not everyone in Asia is revelling in new-found wealth. Amid all the hype, it's often forgotten that the majority of people in the region continue to live in poverty," the report said.
Even if prosperity is, so far, only enjoyed by a small sliver of local populations, the rise of Asian wealth that powers those luxury sales has nevertheless been "stupendous", HSBC said.
ASTRO TECHNICAL GUIDE FOR NIFTY
BULLISH BIAS...
 |
|
Inputs by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
sastry.saaketa@gmail.com
09848014561 |
Planetary Position :: During the current
week Moon would be
transiting from Moola in Sagittarius to Dhanishta in Aquarius. Sun transits in Sathabhisham in Aquarius . Mercury transits in Retrograde motion till 28th February and presently in Dhanishta in Capricorn . Mars transits in Chitta constellation in Libra. Saturn continues in Visakha constellation in Gemini navamsa in slow motion ahead of getting retrograde. Jupiter transits in Retrograde motion (till 6th March 2014) in Gemini and presently in Aquarius Navamsa . Venus transits in Sagittarius and Capricorn in d Uttarashadha constellation. Mars and Saturn would get into Retrograde motion from 1st week of March. In view of these retrograde motions, market might not be able to have proper trend. As Mercury is in retrograde motion, it presages dual movement and unauthentic statistics and unreliable decisions and information. Further, Jupiter would be in square aspect to Uranus and oppose Pluto with T square . Moon’s position in Sagittarius on 24 and 25th would further activate the slower planets, indicating surprising reversals and technical support and resistance levels would be often broken and highly volatile movements could be witnessed.
transiting from Moola in Sagittarius to Dhanishta in Aquarius. Sun transits in Sathabhisham in Aquarius . Mercury transits in Retrograde motion till 28th February and presently in Dhanishta in Capricorn . Mars transits in Chitta constellation in Libra. Saturn continues in Visakha constellation in Gemini navamsa in slow motion ahead of getting retrograde. Jupiter transits in Retrograde motion (till 6th March 2014) in Gemini and presently in Aquarius Navamsa . Venus transits in Sagittarius and Capricorn in d Uttarashadha constellation. Mars and Saturn would get into Retrograde motion from 1st week of March. In view of these retrograde motions, market might not be able to have proper trend. As Mercury is in retrograde motion, it presages dual movement and unauthentic statistics and unreliable decisions and information. Further, Jupiter would be in square aspect to Uranus and oppose Pluto with T square . Moon’s position in Sagittarius on 24 and 25th would further activate the slower planets, indicating surprising reversals and technical support and resistance levels would be often broken and highly volatile movements could be witnessed.
Nifty Outlook for Next Week :: 24.02.2014 to 28.02.2014 (Scrip
Specific Movements )…
NIFTY :: 6155 (+107)
After Three weeks of
losses, Nifty reversed the trend and gained more than 1.50%. Nifty has come out of the narrow closing range of 85
points and is nearer to 6150. If Nifty decisively closes above 6150, it would
come out of the band of 5950 and 6150 and would get into the next range of 6150
– 6350. However, Nifty has been trading in a range of 5950 – 6400 and could
remain in the same range for some more time unless strong global or domestic factors are
triggered. Valuations are supporting at lower levels and macro headwinds are
offering resistance at higher levels. In this scenario, decisive election
results and a strong Government at centre would provide direction to the
market. Despite narrow range in Nifty / Sensex, most scrips exhibit reasonable
short term trends and market participants could focus on scrips for short term
investment / trading opportunities. Being last week of F&O expiry, scrip
specific movements are most likely.
Nifty continues to be
above 200 DMA and 50 DMA too is above 200 DMA suggesting that the long term
bullish trend is intact. Bank Index which is a major component of Nifty is
distinctly weak (particularly PSU Banks) and unless Bank Nifty completes
the down cycle and reverses the trend, Nifty can not become decisively bullish.
Hence Focus on Bank stocks for reversal
to track Nifty. IT and Pharma indices are generally strong and Energy major
Reliance needs to take support at lower level and go up to support Nifty.
Recent political developments too was a dampener for Reliance Further, broader
index does not speak of the total market movements as there were scrip specific
movements and better to focus on scrip specific movement. Sectoral and Scrip
rotation has become the order of the day. Big event of 2014 is Loksabha
Elections and the outcome would dictate the future trend. Recent quarterly earnings have increased the
Nifty EPS by more than 10 points and the Nifty EPS is presently 351 and the PE
is just above 17, which is below the long term average PE of 18. Hence, any
further fall on account of political or other developments can be utilized by
long term traders to pick up quality stocks.
As long as Nifty holds
above 5950, long and Medium trend can be considered Bullish. However, Bank
Nifty is distinctly weak. Medium and Long term trend is Bullish and Short term
trend has been oscillating and the immediate range is 5950 to 6350.
Further, Nifty has
been trading in a range of 4600 to 6300 for more than 4 years and is due for
a powerful breakout sooner than later (after Elections).
For Short term , the
stop loss is 6075, and for Medium term, stop loss is 5950. .
For the coming week, Nifty spot is expected to face resistance at
6235, 6315, 6395 and find support at 6075, 6000, 5920.
Nifty is in short term uptrend with stop loss at 6075 and further upside is possible as long as it holds above 6075.
Advice for Traders :: Nifty could come out of the narrow range
during the week and is on the cusp of resistance level of 6150, which if
crossed decisively, would indicate further bullishness. Being last week of
F&O expiry, scrip specific movements are most likely.
WD
Gann’s
natural numbers which would act as natural support and resistance are
natural numbers which would act as natural support and resistance are
5891, 5968, 6046, 6124,
6202 ,6281,6361.
Further
, Weekly Open level is very important for the entire week.
Short positions may be avoided as long as it maintains / closes above
Weekly open and vice versa
Short positions may be avoided as long as it maintains / closes above
Weekly open and vice versa
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