MORE INDIANS PREFER SEMI RETIREMENT

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. "For many people, semi-retirement is a positive choice. Almost half (46 per cent) of retirees say they chose semi-retirement to help them keep physically and mentally active before stopping full-time work," it said. On the retirement plans, home improvement and gardening tops with 43 per cent, followed frequent holidays (42 per cent) and extensive travel (31 per cent), it said. Forty-seven per cent said they would like to get involved with a charity or do voluntary work, while 37 per cent want to learn a new skill or pursue a hobby in retirement, it said. Age also plays a part in the wishes, says survey pointing out that those in the 25-44 age bracket showed a willingness for frequent holidays and travelling extensively, while those over 45-age bracket want to continue working more. It said the prospect of financial responsibilities or being financially dependent weighs on people's minds when contemplating on retirement.

SENSEX DROPS ANOTHER 260 POINTS

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 trade on the back of value-buying and positive cues from other Asian markets, but on emergence of profit-booking, it dipped to the session's low of 27,141.55. The gauge finally settled the day lower by 260.95 points or 0.95 per cent at 27,176.99, its lowest closing since January 7, when it closed at 26,908.82 points. Sensex has lost 713.14 points in three days of downward spiral. 

Similarly, the 50-share NSE Nifty end below 8,300-mark by falling 91.45 points or 1.10 per cent to close at 8,213.80 after moving between 8,334.45 and 8,202.35 intraday. Bharti Airtel was the worst performer on Sensex with 3.11 per cent slide, followed by SBI by falling 3.08 per cent, while BHEL lost 2.87 per cent. ICICI Bank ended 1.85 per cent lower even after company posted 10.2 per cent growth in its net profit at Rs 2,922 crore in fourth quarter. Other prominent losers were Dr Reddy's, HDFC, Hindustan Unilever, GAIL, Cipla, Sun Pharma, Axis Bank, Hindalco, RIL, ONGC and Hero MotoCorp. Of 30 Sensex stocks, 23 ended in negative zone, while HDFC Bank ended flat. Sectorwise, the BSE realty index suffered the most by losing 3.96 per cent, followed by healthcare 3.21 per cent, oil&gas down 2.48 per cent, consumer durables 2.17 per cent, FMCG 1.73 per cent and bankex 1.33 per cent. The BSE smallcap index fell 2.85 per cent, while the midcap ended 2.10 per cent lower.

BSE MARKET CAP BELOW Rs.100 LAKH CRORES

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 account for nearly 50 per cent or about Rs 44 lakh crore of total investor wealth. BSE is among the world's 10 largest exchanges in terms of market value while it is the biggest globally for number of firms listed on its platform.
It has over 4,200 actively traded companies, and over 2.7 crore investors trade on it. The total market valuation of all listed firms on the BSE had hit a record high of Rs 100 trillion in November 2014.
The total market cap has more than doubled in the last five years from Rs 50 lakh crore in 2009 while it has grown 10 times ever since it scaled the Rs 10 lakh crore summit in 2003.
Among the 30-Sensex components, 23 ended in the negative zone while HDFC Bank ended flat.
Maruti Suzuki, Sesa Sterlite, Wipro, Coal India, Tata Motors and Tata Consultancy Services were the major gainers.
Sector-wise, the BSE realty index suffered the most by losing 3.96 per cent, followed by healthcare, oil & gas, consumer durables, FMCG and bankex.
On BSE, 2,063 stocks declined while 664 advanced and 87 remained unchanged.

GOOGLE PERSON FINDER

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 www.google.com.np. 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 'missing person' record can be created. Similarly, information on someone can be uploaded by clicking on "I have information on someone" button. Here detailed information about a person along with photo and status can be reported. A project of Google Crisis Response, Google Person Finder uses a common format for sharing disaster information. The programme also has an option to subscribe to updates on a particular person. The tool has become a regular feature of recent disasters, when reliable information is needed rapidly. Google engineers first launched 'Person Finder' in response to the 2010 earthquake in Haiti, which killed more than 100,000 people. But it had been under development for years, part of an open-source effort to solve a problem identified during Hurricane Katrina in 2005. Since then it has popped up at a string of major emergencies, everything from the 2011 Japanese earthquake and tsunami to the 2013 Boston Marathon bombing. It has been deployed twice before in India, for an earthquake in Jammu and Kashmir last year and flooding and mudslides in Uttarakhand a year earlier. Meanwhile, Facebook has also activated its "Safety Check" feature in the wake of the earthquake in Nepal. The feature, launched in October, allows users to tell friends and family they are safe if they are in the middle of a disaster area. Facebook engineers have developed the feature after the 2011 Japan earthquake and tsunami.

DRONES MAY GIVE FARMING A NEW LOOK

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 to a problem like a disease outbreak before it's too late or the costs to treat it have soared.
With a Drone or UAV, a user can capture highly accurate images of his fields, covering up to hundreds of hectares/acres in a single flight without the cost and hassle of manned services.
It highlights exactly which areas of crop need closer examination -- meaning less time spent scouting, and more time treating the plants that need it. "The advantages of Drones and UAVs are that they are light weight and easy to transport, are low-cost high resolution images, can fly at a variety of altitudes depending on data collection needs, can map areas not accessible by car, boat, etc... They can provide on-demand time schedule video recording capabilities and quick availability of raw data," reveals the study. With improved farm sector data, banks and insurance companies would be able to target credit much more effectively and when the financials have a clear measure of risk, interest rates or premiums could decline. The high quality data would be able to insulate farmers from weather calamities and disasters. "History is witness that a country that loses its food security loses all security. With a growing population, we have to feed ourselves and do that profitably," ASSOCHAM Secretary General D S Rawat said.

SENSEX @ 3 MONTHS LOW

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 or 1.07 per cent to 27,437.94, a level last seen on January 14, when it closed at 27,346.82. Intra-day, the gauge shuttled between 27,829.11 and 27,344.70. This is the seventh fall in last eight sessions. On similar lines, the NSE Nifty dropped 93.05 points or 1.11 per cent at 8,305.25 after moving between 8,413.30 and 8,273.35, intraday. Besides Infosys, other major on the Sensex included, Cipla, Sesa Sterlite, Hindalco, L&T, HDFC Ltd, Coal India, Axis Bank, Dr Reddy, GAIL, Hindustan Unilever and ICICI Bank. Sectorwise, the BSE realty index suffered the most by falling 3.85 per cent, followed by consumer durables 3.18 per cent, IT 2.78 per cent, capital goods 2.57 per cent, teck 2.33 per cent, metal 1.65 per cent, banking 1.33 per cent, healthcare 1.09 per cent and power 0.96 per cent. Selling pressure was also seen in smallcap and midcap indices as they fell 2.66 and 1.62 per cent, respectively. Foreign Portfolio Investors sold shares worth Rs 276.83 crore, yesterday as per provisional data. Globally, a mixed closing at other Asian markets and a better trends at European markets influenced sentiment stemmed losses to some extent, brokers said.

INDIAN PASSPORT RANKED 48 OUT OF 50

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 statement. Iraq and Afghanistan were ranked the least useful nationalities for passports with Pakistan not even making to the top 50.

MARKET EXPERIENCE SUNSTROKE

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 the index down to touch low of 27,598.21 before closing at 27,676.04 points -- its weakest level since March 27 -- down 210.17 points or 0.75 per cent. The gauge has now lost over 1,370 points in five sessions. The NSE Nifty slipped below the 8,400-mark by falling 70.35 points or 0.83 per cent at 8,377.75. It shuttled between 8,469.35 and 8,352.70, intraday. "Domestic factors continue to drive market into further consolidation. Though FIIs selling due to tax woes influenced to an extent, Q4 results will still be the decisive factor for market in the near-term," said Vinod Nair, Head-Fundamental Research at Geojit BNP Paribas Financial Services. Moreover, the rupee which breached the crucial 63-mark to touch a low of 63.15 at the outset, rebounded by 16 paise to trade higher at 62.75 against the dollar (intra-session). Sectorwise, the BSE healthcare index suffered the most by falling 3.24 per cent, followed by auto at 1.31 per cent, FMCG by 1.17 per cent, oil & gas 1.08 per cent, power 0.73 per cent, capital goods 0.48 per cent and realty 0.37 per cent. Pharma stocks, Cipla and Dr Reddy's fell by 0.94 per cent and 2.81 per cent, respectively. On the day, BSE smallcap fell by 0.32 per cent, while midcap dropped by 0.45 per cent. Globally, other Asian markets ended in positive zone, while European markets were trading higher in their opening trade.

Rs.1.59 LAKHS INVESTORS WEALTH ERODED AS STOCK MARKET PLUNG 556 POINTS

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-term headwind for the market, he said. Among the 30-Sensex stocks, 28 ended with losses led by RIL which plunged 4.46 per cent. Only Sun pharma and ICICI Bank managed to end with gains.
Sector-wise, the BSE realty index suffered the most by losing 2.78 per cent, followed by FMCG, capital goods, IT, power 2.04 and oil and gas. The BSE smallcap index fell 2.17 per cent while the midcap index ended 2.02 per cent lower. At the BSE, 1,964 stocks declined and 871 advanced while 99 remained unchanged.

Sensex, Nifty nosedive to over 3-wk low

Aggressive selling by foreign funds on tax concerns bogged down markets today as the benchmark BSE Sensex plunged by more than 555 points to over three-week low of 27,886.21, while sharp fall in heavyweights like RIL, Infosys and weak global cues added to the fall. The 50-share Nifty nosedived 157.90 points to close below 8,500-mark. The index had closed at 8,341.40 on March 27. Lower closing in other Asian markets combined with India's exports falling 21 per cent in March to a six-year low also weighed on markets, traders said. In a report, global brokerage firm UBS cut its Nifty target for December this year to 9,200 from 9,600 amid slower-than-expected recovery in growth. The bullish trend in Indian markets over the last one year was mainly driven by "positive surprise on rate cycle, lower oil prices and reforms news-flow" but hereon, actual earnings and macro data points would matter increasingly, UBS said. "The revised target also reflects our view of the growth recovery being slower-than-expected, as is playing out in quarterly corporate results," it added. The 30-share Sensex opened up more than than 95 points, but on emergence of profit-booking in realty, FMCG and IT it dipped to the session's low of 27,802.37. The barometer finally settled the day lower by 555.89 points or 1.95 per cent at 27,886.21. This was the fourth consecutive session of downtrend in the 30-share index, which has now lost around 1,160 points since crossing 29,000-levels last Monday. The 50-share NSE Nifty plunged by 157.90 points or 1.83 per cent to close at 8,448.10, while moving between 8,619.95 to 8,422.75 intraday. Concerns by foreign investors over retrospective taxation weighed on trading sentiments, traders said. RIL was the worst performer on Sensex and Nifty with over 4.40 per cent plunge. It had posted 8.5 per cent fourth quarter profit growth after market hours last Friday. "While the expectations from the results are already low, concerns with respect to the 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. Out of 30 Sensex stocks, 28 ended in negative zone, while only Sun Pharma and ICICI Bank managed to rise. Sectorwise, the BSE realty index suffered the most by losing 2.78 per cent, followed by FMCG 2.71 per cent, capital goods 2.17 per cent, IT 2.08 per cent, power 2.04 per cent and oil and gas 1.91 per cent.

SHANGHAI AUTO SHOW BANNED BAD DRESSED MODELS

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 venture between state-owned Dongfeng Motor Co and Yulon, a Taiwanese partner, opened its display with a performance by a chorus line of dancers. At other stands, young women in sleeveless but more business-like dresses carried tablet computers to show visitors the details of cars. Auto brands have had rock bands perform at their displays. At the Shanghai show in 2011, a Chinese automaker, Chery, had a modern dance troupe perform.

REALTY INVESTMENTS DOWN BY 6%

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), Uttar Pradesh (16 per cent) and Uttarakhand (12 per cent) amid top five states in this regard.
While Jharkhand (40 per cent), Himachal Pradesh (37 per cent), Madhya Pradesh (29 per cent), Haryana (16 per cent) and Gujarat (7 per cent) have registered maximum fall in real estate investments, according to the survey.
The survey drew feedback from 100 small and big companies operating in realty sector in top cities of Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Indore, Jaipur, Lucknow, Mumbai and Pune to ascertain the implications of the Budget.
Majority (75 per cent) of the real estate developers covered by the poll felt let down by the government for lack of focus on improving demand/supply in the sector.
The survey indicated that the Union Budget disappointed the realty sector with exclusion of the plan for '100 Smart Cities,' in the country.
Moreover, increase in rate of service tax to 14 per cent will make real estate a bit more expensive and impact sales as it would wear down purchasing power of an average consumer.
Real estate developers are also concerned about increase in service tax on construction and excise duty on input goods, as also increased on petrol and diesel coupled with increase in freight rates on cement will lead to rise in construction costs.
Referring to urgent need for speeding up procedural requirements for real estate sector, the real estate industry has pressed for a single window clearance system for various approvals leading to operational efficiencies and cost saving, along with need for a predictable and stable policy framework.
Ownership-wise, private sector accounted for 85 per cent of the total investments attracted by the real estate sector across India while government/public sources accounted for remaining share of 15 per cent.

GOOGLE TO FIND YOUR ANDROID PHONE

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 allows users to lock and erase data off the device in case of theft or loss of the handset. However, there are other apps available in the market to track and erase data remotely if required.

INDIA TO OVERTAKE CHINA IN FY 16

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 annual meeting of the IMF and the World Bank, said lower oil prices will raise real disposable incomes, particularly among poorer households, and help drive down inflation. "The early evidence suggests that in oil importers, from the United States, to the euro area, to China, and to India, the increase in real income is increasing spending. "Oil exporters have cut spending but to a smaller extent: many have substantial financial reserves and are in a position to reduce spending slowly," Olivier Blanchard of the IMF said in a news conference. In 2015 World Economic Outlook, the IMF has improved India's growth prospects for the current fiscal as well as next fiscal by 1.2 per cent and 1 per cent over its January projection.
The upward projection for India by IMF comes at a time when other economies are not likely to show improvement in economic performance. According to the report, global growth remains moderate, with uneven prospects across the main countries and regions. "We forecast global growth to be roughly the same this year than last year, 3.5 percent versus 3.4 percent," said Olivier Blanchard of the IMF in a news conference. "This global number reflects an increase in growth in advanced economies, 2.4 per cent versus 1.8 per cent, offset by a decrease in growth in emerging market and developing economies, 4.3 per cent versus 4.6 per cent last year," he said.

IPOs WORTH Rs.5000 CRORES HELD

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 said, 103 companies which received Sebi approval (since January 2009) to raise a total of Rs 47,840 crore allowed these to lapse, despite approvals being valid for a period of one year and after having incurred a lot of time and costs.

In addition, 62 firms which had filed their offer documents with Sebi (since January 2009) to collectively garner Rs 19,973 crore withdrew their offer documents. Even in 2014, only six main-board IPOs came to market to rake in Rs 1,261 crore, and there was just one Follow-on Public Offer (FPO) that mopped-up Rs 497 crore.

Under the Sebi guidelines, the regulator give clearance on IPO documents within 30 days after receiving satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them. The market watchdog has sought clarifications from four companies -- Manpasand Beverages, Shree Shubham Logistics, Precision Camshafts and S H Kelkar and Company.

MOST IPO INVESTORS LOST MONEY...VALUATIONS FAR FROM FAIR

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 trends, there is more than a two-third chance that investors would have made higher returns by investing in fixed deposits rather than in IPOs. "Of the 164 companies that are currently trading above the offer price, the returns are not significant: in 20 per cent of this set of companies, investors would have made higher post-tax returns by investing in fixed deposits rather than these IPOs," the report noted. IiAS said the analysis is being made during a bull run, as the markets have moved up 30 per cent in the past one year. "Were this analysis based on market prices a year ago (with January 16, 2014 price data instead of January 16, 2015 data), 245 (or 70 per cent) companies would have been quoting below their offer price," it said. Observing that investing in IPOs is like a game of chance, the report said that investors are craving for genuine price discovery. Out of the 20 public sector companies that came with their initial share sales since fiscal 2004, four entities' scrips were trading below their issue price as on January 16. These companies are MOIL, NHPC, Punjab & Sind Bank and United Bank of India, the report said. Besides, IiAS said that shares of 25 companies that raised money through IPOs between 2004 and 2013 have been suspended for either procedural lapses or as a penal action. "More worrying is that over 70 per cent of the companies reported lower net profit margins and return on equity ratios than in the financial year in which the shares listed. "This would have more likely lowered their valuations, independent of any market run-up," it added.

BHIMAVARAM AND VISAKHA ARE TOWNS OF EXPORT EXCELLENCE

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 shrimp exports from Bhimavaram in August last year and urged them to give its due recognition," Lakshmi added. "Now, we will receive priority for assistance for rectifying the identified infrastructure gaps," she said, adding that the state shall utilise the funds for developing infrastructure required to boost export. She said facilities like export industrial parks/zones, equity participation in infrastructure projects, development of minor ports and jetties would have not been possible till Bhimavaram was recognised. The TDP leader said Naidu took a keen interest in the matter and was in touch with the government for recognising the two cities as towns of export excellence under seafood category.

RAJAN Mr.PERFECT

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's Budget indicated shifting certain functions out of the central bank's ambit including on the public debt management.
Speaking at a function to mark 80 years of the Reserve Bank of India (RBI), Modi expressed satisfaction over the role played by the central bank under Rajan.
"There is lot of similarity between the thinking of the RBI and government... This is absolutely essential. As a representative of the government, I express my satisfaction. RBI is performing its role and I congratulate Raghuram ji and his team," he said.
At the same function, Finance Minister Arun Jaitley also congratulated Rajan, his team and past RBI Governors for their contribution in making the country's economy resilient.
Recalling his bi-monthly meetings with Rajan, Modi said he is "perfect" in explaining the implications of the policies and would do so in just three-four slides.
Modi said he himself was not adept at understanding economic issues, but as the Prime Minister he had to learn and understand complex issues.
In his address, Rajan said: "There has always been a constructive dialogue between the Government and the Bank, informed by their respective time horizons and attitudes towards risk.
"And history records that successive governments have invariably appreciated the wisdom of the Reserve Bank's counsel."