Showing posts from April, 2015


Over half of the working population in urban areas of the country will prefer cutting down on their working hours before completely retiring from jobs. "Traditionally, retirement meant a sudden switch from a busy full-time work routine to a more relaxed lifestyle...over half of the working age people are planning to semi-retire before they stop work completely," says a survey conducted by British lender HSBC. The survey further notes that 56 per cent of those wishing to partial retirement wants to stay in the same job, but work fewer hours, while 32 per cent are planning a change in career as well as reduced hours. The survey is based on interviews of over 1,000 Indians, mostly from urban centres. Stating that many people semi-retire by choice, it pointed out that 35 per cent of those interviewed chose to semi-retire because of the stress, 30 per cent opted for it to spend more time with family and friends, while for 17 per cent it was health reasons and physical demands. &q…


On its third straight fall today, the benchmark BSE Sensex plunged 261 points to a fresh three-and-a-half months low of 27,176.99 on sustained capital outflows and disappointing March quarter earnings so far. Sentiment remained largely weak on continued capital outflows by foreign investor over retrospective taxation worries, traders said. Foreign portfolio investors sold shares worth Rs 775.46 crore on Friday, as per provisional data. Moreover, approaching April month's expiry in the derivatives segment on Thursday and mixed closing in other Asian bourses hit stock markets. Maruti Suzuki, country's largest carmaker, which reported a 60.5 per cent jump in its net profit at Rs 1,284.2 crore for the fourth quarter surged 3.02 per cent to Rs 3,646.70, capped losses to some extent. Meanwhile, rupee also depreciated to almost four-month low of 63.77 (intra-day) against the dollar. The BSE index opened higher and rose over 129 points to touch the day's high of 27,567.28 in early…


Investor wealth of BSE-listed firms, measured by the market capitalisation, today slipped below the crucial Rs 100-lakh crore mark as the benchmark Sensex lost 261 points.
At the close of today's trading session, the market capitalisation of BSE-listed companies stood at Rs 99,12,226 crore.
Continued capital outflows by foreign investors over retrospective tax worries, muted quarterly earnings so far and approaching derivatives expiry on Thursday played spoilsport as the benchmark Sensex fell 260.95 points to settle at 27,176.99.
"Markets upheld its prevailing negative bias and lost nearly a per cent in the end. In absence of positive triggers, the bias was subdued from the beginning. Besides, cautiousness at the start of F&O expiry week and not-so-encouraging earnings from corporates also weighed on the sentiment," said Jayant Manglik, President-retail distribution, Religare Securities Limited.
The 30-Sensex companies, which are among the biggest in the country, now acc…


With many searching their loved ones after the Nepal earthquake, Google has launched its 'person finder' tool and Facebook has activated its 'safety check' feature to help locate and report missing persons. Google Person Finder is an application that helps people reconnect with friends and loved ones in the aftermath of natural and humanitarian disasters. In response to Saturday's 7.9-magnitude earthquake in Nepal, Google has created a dedicated handle in its 'Person Finder' app to help locate and report missing persons. A link to the application has been provided on Google's home page You can click on the 'Resources related to Nepal Earthquake' link below the search bar. The website claims that it is currently tracking about 5,300 records, Ekantipur online reported. One can search for a person by clicking on "I'm looking for someone" button. If no records are available for the person, a new …


Drones may have been used in battlefields, but a study says they can come to the aid of farmers. The use of drones has the potential to revolutionise farming as farmers can monitor crops, improve efficiency, gather high quality data to insulate them from weather calamities and disasters, according to a study. As unfortunate incidents of farmers' suicides have shaken the national conscience, an Assocham-Skymet paper has made out a case for technological leap-frog for solving the problems of small and marginal farmers, with governments providing all-out support by using advanced technologies and means, including drones and Unmanned Aerial Vehicles (UAVs). The paper noted that while at present satellites, manned planes and walking the field are the major ways to monitor crop, these methods often can be incomplete or time consuming. Besides, when data are collected, it can take a long time to process and analyse. As a result, it can be difficult or impossible for the farmers to react …


DROP BY 297 POINTS The benchmark BSE Sensex today nosedived 297 points to its lowest in three-and-a-half months at 27,437.94 after IT major Infosys shares tanked 6 per cent on lower-than-expected earning numbers. On a sequential basis, Infosys' net profit fell 4.7 per cent in the March quarter, while revenue declined by 2.8 per cent, the company reported today. Brokers said, continued capital outflows by foreign funds on tax claims despite government's clarification, muted earnings and forecast of a below-normal monsoon, were major factors behind the plunge. Earlier in the day, on controversial tax issue faced by foreign investors, the CBDT said, claims coming under the ambit of DTAAs will be settled within a month of being filed. Concerns of non-DTAA foreign investors, however, continue to weigh on sentiments. Moreover, weakness in the rupee, which also fell to a fresh three-month low of 63.60 (intra-day), had a negative impact. The 30-share BSE index tumbled by 297.08 points …


The Indian passport has been ranked 48th in a list of 50 most powerful travel document in the world, according to a global survey topped by Sweden. Germany-based Go Euro travel comparison website ranked the top 50 countries of the world based on their passport's eligibility for visa-free entry, cost of application as well as number of hours worked to acquire the document. India, which came towards the bottom of the ranking, offered visa-free entry to 52 countries and cost USD 24 and 87 hours of working time. Sweden topped the chart with 174 visa-free countries, costing USD 43 and just one hour of working time. Finland, Germany, the UK and US completed the top 5 with 174 visa-free countries all round. "As any avid traveller knows, passports are the key to adventures. "Passports are the ultimate 'don't leave home without it' item, but the nationality on one's passport can have a major effect on travel plans and time abroad," Go Euro said in a statemen…


Retrospective taxation concerns, muted earnings and weakening rupee continued to drive markets further into consolidation with the benchmark BSE Sensex falling over 210 points to 27,676.04 and NSE Nifty slipping below the crucial 8,400-mark today. Sun Pharma added to the rout by tumbling more than 8.70 per cent on both Sensex and Nifty after Japan's Daiichi Sankyo announced selling of its holding in the Indian drugmaker. Worries over retrospective taxation on foreign portfolio investors prompted them to sell stocks, but the underlying trend has weakened due to equity-led worries around Jan-March quarter earnings, a broker said. FIIs had sold shares worth Rs 1,506.86 crore yesterday, as per provisional data. The 30-share Sensex opened lower at 27,860.51 on sustained foreign funds outflows and weak quarterly earnings. However, on value buying in select stocks, it recovered to touch day's high of 27,976.93 in noon trade. A round of late selling in select bluechip stocks dragged t…


Investor wealth eroded sharply by Rs 1.59 lakh crore today as stock market saw a big sell off, pulling down the BSE benchmark Sensex by 556 points.
The total market capitalisation of all the BSE listed firms declined by Rs 1,59,620 crore to Rs 1,02,64,003 crore.
The Sensex ended at 27,886.21, down 555.89 points or 1.95 per cent. This was the fourth consecutive session of downtrend in the 30-share index. "With over 550 points fall, the Sensex has lost over 1,200-points in the last 4 trading sessions primarily on account of nervousness surrounding the March quarter earnings, which has witnessed a shaky start.
"While expectations from results are already low, concerns with respect to delayed recovery in corporate earnings in the backdrop of a slower-than-expected economic recovery has overtaken sentiments in the short-term," said Hitesh Agrawal, Head of Research at Reliance Securities.
The development on taxation front pertaining to global investors is also acting as a short-t…


The Shanghai Auto Show banned female models and automakers responded with dancers and fresh-faced young women holding tablet computers. Organisers of China's biggest auto show announced in February that models in slinky dresses who usually adorn the stands of some auto brands would be banned. It said it wanted visitors to focus on cars. The use of female models at Chinese auto shows already had dwindled as automakers tried to set themselves apart. But the show's decision comes as China's government under President Xi Jinping increases efforts to crack down on prostitution, online pornography and what it considers racy or improper programming on TV. In December, the broadcaster of a historical drama that included women in low-cut dresses took it off the air temporarily and returned with images cropped to conceal actresses' cleavage. The change prompted mockery by members of the public and complaints about the prudishness of government censors. Today, Luxgen, a joint ven…


Investment attracted by the real estate sector from various public and private sources across India have declined by 6 per cent in the last four years, says a survey.
The investment fell to Rs 14.3 lakh crore in 2014-15 from a level of Rs 15.2 lakh crore in 2011-12, the survey by Assocham said.
Real estate projects involving about 76 per cent of the total investments attracted by the sector remained non-starter during the period between 2011-12 and 2014-15, the poll found.
On a state-wide analysis, Maharashtra (21 per cent), Uttar Pradesh (14 per cent), Gujarat (13 per cent), Karnataka (12 per cent) and Haryana (8 per cent) emerged as the top five states with the highest share in total investments attracted by the real estate sector in India as of 2014-15.
Clocking a compounded annual growth rate (CAGR) of about 82 per cent, Assam has recorded maximum growth in attracting investments in the real estate sector during 2011-12 and 2014-15 followed by Bihar (19 per cent), Odisha (17 per cent)…


If you misplace your Android phone in the car or leave it somewhere around the house, search engine giant Google can now help locate the smartphone. Using Google search on a desktop, users need to type in 'Find my phone' and an approximate location of the device will be shown, Google said in a blog post. "We've all been there — you've searched under your car seat, tossed around the sofa cushions and you still can’t find your phone. If you know where your computer is, you can now ask Google to find your Android phone from your desktop," it said. The users just need to ensure that they have the latest version of the Google App on their registered device. The Android Device Manager will allow users to ring their device, using which they can locate their device. The phone will ring for five minutes, once the ring option is chosen. Users would also have to ensure that the smartphone's location services are on so that Google can locate it. The feature also allo…


India will overtake China as the fastest growing emerging economy in 2015-16 by clocking a growth rate of 7.5 per cent on the back of recent policy initiatives, pick-up in investments and lower oil prices, the International Monetary Fund (IMF) said today. "India’s growth is expected to strengthen from 7.2 per cent in 2014 to 7.5 per cent in 2015. Growth will benefit from recent policy reforms, a consequent pick-up in investment, and lower oil prices," the IMF said in its latest World Economic Outlook. China will witness a deceleration with growth rate sliding from 7.4 per cent in 2014 to 6.8 per cent in 2015 and 6.3 per cent a year after, it added. IMF's growth projection of India, however, is lower than the estimates of the Finance Ministry and the RBI. The Finance Ministry expects GDP growth to be 8-8.5 per cent in 2015-16, while the Reserve Bank of India (RBI) has estimated it at 7.8 per cent. The report, released at IMF headquarters here on the sidelines of the annua…


At least 11 companies, planning to mop-up over Rs 5,000 crore through IPOs, are yet to hit the capital market amid lukewarm demand from retail investors despite positive market trend.
Market analysts said demand from investors in the primary segment has been weak despite continued buoyancy in the secondary markets.
"There has been lack of participation from the retail investor in the primary market," CNI Research Head Kishor Oswal said. Only three companies -- Inox Wind, Adlabs Entertainment and Ortel Communications -- have floated their initial share- sale plan so far in 2015, while VRL Logistics has scheduled to launch its IPO tomorrow.
According to Prime Database managing director Pranav Haldea, at present, 11 companies plan to garner Rs 5,010 crore and have secured approval of the Securities and Exchange Board of India (Sebi). IPO plans have been put on hold even as the BSE benchmark Sensex has witnessed a gain of 5.6 per cent since January. In the past six-year, Haldea sai…


A staggering 60 per cent of the investors who bought shares in initial public offerings over the decade since April 2003 have lost their money amid valuations far from being "fair", says a report. Noting that performance of IPOs over the last 10 years does not inspire investor confidence, proxy advisory firm IiAS said that valuations for such sales were far from "fair". An analysis of 394 IPOs -- made between April 1, 2003 and July 31, 2014 -- showed that only 164 companies were currently trading above the offer price, which is 42 per cent of the total such offerings. "... returns from investing in IPOs have been dismal over the past 10 years. About 60 per cent of investors lost money, and on the whole, investors were better placed investing their money in fixed deposits," IiAS said in a report released today. The findings also come at a time when many companies have lined up plans for initial share sales. According to the firm, if one is to go by past tr…


Bhimavaram in Andhra Pradesh's West Godavari district and Visakhapatnam have been recognised as 'towns of export excellence' under the seafood category. "Visakhapatnam and Bhimavaram have been recognised as towns of export excellence under the seafood category and it is for the first time that the cities from Andhra Pradesh have entered the list," TDP leader and Rajya Sabha member Seetha Rama Lakshmi told reporters here yesterday. At present, there are 33 towns in this category across the country but there was no representation from AP. She said it will encourage the exporters, keeping in view common service providers in the areas, who are eligible under the Export Promotion Capital Goods (EPCG) scheme, which enables the import of equipment with nil or concessional duties. "We had earlier, submitted a memorandum to Minister of State for Commerce and Industry Nirmala Sitharaman and state Chief Minister N Chandrababu Naidu, citing statistics representation on …


Amid a widespread perception about differences between RBI and the government, Prime Minister Narendra Modi today praised Governor Raghuram Rajan for being "perfect" in explaining to him complex economic issues and said there was similarity in thinking on both the sides.
Stating that Rajan would explain implications of RBI's policies in "just three-four slides", Modi also said that he must have been a very good 'teacher' in the past.
Rajan, who has been Professor of Finance at University of Chicago and joined RBI as its Governor in September 2013, said on his part that there has always been a "constructive dialogue" between RBI and the government.
There have been talks from time to time about differences between the central bank and the government on a range of issues including on inflation and interest rates.
While the government and RBI have always maintained that there were 'no differences' between them, some proposals in this year'…