LATEST BUSINESS NEWS

Power Finance, REC to slash interest rates for lending to renewable energy projects

In order to achieve the targets, PFC will have to sanction Rs 1.5 lakh crore loans and REC Rs 1 lakh crore by 2019

State-run power financiers Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) will slash rates to single digits when lending to renewable energy projects following the government’s order setting tough targets for the two companies to double their exposure in the next three years. In order to achieve the targets, PFC will have to sanction Rs 1.5 lakh crore loans and REC Rs 1 lakh crore by 2019.

PFC provides large range of financial products and services like project term loan, lease financing, direct discounting of bills, short term loan, and consultancy services for various power projects in generation, transmission, distribution sector as well as for renovation and modernization of existing power projects.
source: ventura

 

IOC in discussion to acquire GPSC’s stake in Mundra LNG import terminal

GSPC is looking to exit the five million tonnes a year terminal project, which is likely to be completed by 2017

Indian Oil Corporation (IOC) is in discussion to buy debt-laden Gujarat State Petroleum Corporation’s (GPSC) stake in the under-construction Rs 4,500 crore Mundra LNG import terminal in Gujarat.

GSPC is looking to exit the five million tonnes a year terminal project, which is likely to be completed by 2017. It has offered its 50 percent stake in the terminal to IOC. IOC, the country’s largest oil company, wants the state government entity to remain as a part of the project for smooth operations.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
source: ventura

 

Cyient sets-up wholly owned subsidiary at Israel

The company has incorporated it in name of ‘Cyient Israel India’

Cyient, a Hyderabad-based technology and consultancy services company, has set up a wholly owned subsidiary at Israel called ‘Cyient Israel India’.

In June, the company had launched a new global design centre in Bengaluru for SMEC. The facility was SMEC’s first offshore design centre and would support the company’s global design work primarily around civil and structural, including building information modeling.

Cyient, formerly Infotech Enterprises is a company focussed on engineering, networks and operations. The company features among the top 30 outsourcing companies in the world.
source: ventura

 

source: https://www.livemint.com/Opinion/Uz...s-India-has-never-really-embraced-reform.html

In 25 years, India has never really embraced reform

India is capable of growing in double digits, but even today, it continues to set limits on its growth


Mihir Sharma

It may be growing faster than its peers, but as central bank governor Raghuram Rajan has pointed out, that amounts to little more than being a “one-eyed king” in the land of the blind. Photo: Abhijit Bhatlekar/Mint
On 26 July 1991, Manmohan Singh—then finance minister, and later Prime Minister for 10 years—rose in Parliament to deliver an address that would transform India. That speech, outlining the first budget of a just-elected government under Prime Minister P.V. Narasimha Rao, launched India’s journey of economic reform, dismantling many decades-old socialist-style controls on the private sector.

A quarter-century later, much has changed. India, once cruelly mocked for its “Hindu rate of growth”—per capita gross domestic product (GDP) growth of just over 1% a year—is now the fastest-growing large economy in the world. Its economic landscape has been altered completely; it’s no longer the agrarian economy it was in 1991. For citizens who lived through the grey isolation of the decades before “liberalization,” the vibrant and globalized India of today looks and feels like a thoroughly different country.

Sadly, however, one thing hasn’t changed since 1991: India continues to under-perform. It may be growing faster than its peers, but as central bank governor Raghuram Rajan has pointed out, that amounts to little more than being a “one-eyed king” in the land of the blind. Growing fast when the world is growing too, as China did for decades, is one thing. Growing slightly faster than anyone else when the world is in a slump is a totally different sort of achievement.

India is capable of growing in double digits, but even today, it continues to set limits on its growth. No government since has fully committed to the reform process that Singh began. No Indian leader—not even Singh during his tenure as Prime Minister—has really tried to convey to Indian voters exactly why the economic freedom that seemed within grasp back then was important, and more of the same would transform their lives. Thus the reform process remains woefully incomplete.

True, under successive governments since 1991, external trade was largely liberalized; moderate tax reform was undertaken; and some effective regulatory bodies were set up. Regardless of the political orientation of the party in power, some market-friendly reforms get carried out.

But these reforms are all “gradualist”—a word popular in India to describe the plodding pace of its liberalization program. Every government has shied away from unshackling those areas of the economy that are considered politically “sensitive.”

For example, agriculture—in spite of the sector’s abysmal productivity in India—remains largely untouched by change. Farmers still can’t sell their land freely and the government tightly controls marketing of their produce. Factory owners still struggle to comply with dozens of byzantine rules, most of them holdovers from the socialist past. And India is on the cusp of a banking crisis thanks to poor lending by the state-controlled banks that no government has dared to privatize.

The seeds of this failure were sown at the very beginning. While the reform process Singh rolled out in 1991 was a triumph in many ways—it slashed industrial licensing rules, freeing up producers and consumers—it didn’t go far enough. Prime Minister Rao was a cagey career politician with no ideological affinity for free-market liberalism. His government began the liberalization process because it had no choice: A decade of overspending had caused India to confront a balance-of-payments crisis that pushed it close to the edge of default.

Even as Singh diluted industrial licensing and reduced tariffs, then, Rao chose to pretend in public that nothing had really changed—although he later tried, in the words of an official close to him at the time, to give his actions “a retrospective coherence.” A couple of years after 1991, the economic pressure was off. Politics-as-usual returned and Rao slowed the reform programme to a crawl.

That pattern has repeated itself since. Most Indian politicians have imitated Rao’s craven unwillingness to embrace the market, preferring to “reform by stealth” instead. Nor are the benefits of greater economic freedom and openness—which has lifted hundreds of millions out of poverty in India—explicitly spelled out. As a consequence, even as India’s reforms have been successful by many measures, there are still few politicians who see electoral benefits to being a reformer. Even Prime Minister Narendra Modi, who some hoped would cut red tape everywhere, Thatcher-style, has turned out to be a cautious tinkerer, constantly mindful of imagined political costs.

The costs to India of this embrace of gradualism are grave. The agenda of 1991 remains incomplete. Had genuine structural reform been undertaken then, Indian industry would have had the flexibility and dynamism needed to be competitive in today’s world. Instead, the government continues to control and meddle in markets, causing India to become, paradoxically, a desperately poor, high-cost economy, struggling to employ the millions who join its workforce yearly.

The big applause line in Manmohan Singh’s 1991 budget speech was cribbed from Victor Hugo: “No force on earth can stop an idea whose time has come.” Sadly, if liberal economics was that idea, than the 25 years since suggest that Indian politics has been able to stop it quite effectively. Bloomberg
Mihir Sharma

 

source :https://www.livemint.com/Politics/y...-Chinese-media-warns-India-of-repercussi.html

Scribes’ visa issue:
Chinese media warns India of repercussions

There will be serious consequences, if New Delhi is really taking revenge due to the NSG membership issue, said the editorial in ‘Global Times’


K.J.M. Varma

A file photo of Indian Prime Minister Narendra Modi with Chinese President Xi Jinping. Photo: Reuters
Beijing: Taking umbrage at India’s refusal to extend visas to three Chinese journalists, a state-run daily on Monday warned of “serious consequences” if the matter was a fallout of Beijing’s refusal to back New Delhi’s NSG membership bid.

“...speculation is swirling that India is taking revenge against China for the latter’s opposition to India joining the Nuclear Suppliers Group (NSG)...If New Delhi is really taking revenge due to the NSG membership issue, there will be serious consequences,” the editorial in the Global Times said.

Three Chinese journalists based in India representing the state-run Xinhua news agency were denied permission for extended stay in the country. The visas of the three journalists, Delhi-based Bureau Chief Wu Qiang and two reporters in Mumbai—Tang Lu and Ma Qiang, are expiring at the end of this month.

All three had sought extension of their stay by a few months till their successors arrive. India’s act was described as an “expulsion” by some foreign media, the editorial said. “No official reason was given for the rejection of the visa renewals. Some Indian media claimed that the three journalists are suspected of impersonating other people to access several restricted departments in Delhi and Mumbai with fake names. There were also reports attributing it to the journalists’ meeting with exiled Tibetan activists,” it said.

Quoting its former Indian correspondent, Lu Pengfei, Global Times said there is “absolutely no need” for Chinese journalists in India to conduct interviews under fake names and it is completely normal for reporters to request interviews with the Dalai Lama group.

“The act has sent negative messages and media communications between China and India will inevitably be negatively impacted,” the editorial titled, ‘India’s expulsion of reporters is a petty act’, said. It claimed that by opposing India’s NSG membership, China was not being disrespectful because it was obeying the rule that all NSG members are required to be signatories to the Non-Proliferation Treaty (NPT).

“India has a suspicious mind. No matter whether Chinese reporters apply for a long-term or a temporary journalist visa, they will come across many troubles. Complaints about difficulties of acquiring an Indian visa have also been heard from other Chinese who deal with India. In contrast, it’s much easier for Indians to get a Chinese visa,” it said. “On the visa issue this time, we should take action to display our reaction. We at least should make a few Indians feel Chinese visas are also not easy to get,” it added.

However, the editorial also pitched for maintaining However, the editorial also pitched for maintaining friendly Sino-Indian ties.

Also Read: India asks 3 Chinese journalists to leave country

“The China-India bilateral relationship now is on a sound track, with a by and large tranquil border and steadily booming trade. The two in general are able to maintain neutrality with regard to international affairs that are related to the other side. “China should stick to a friendly strategy toward India, as we believe bilateral friendship is in the interests of India as well,” it said.

Separately, a report in the same daily on the visa issue quoted “experts” as saying that the move shows a lack of trust in the Chinese government and reflects poorly on Sino-Indian relations. Referring to Indian media reports that claimed the three journalists had recently travelled to Bangalore and met exiled Tibetan activists, which became an issue with the government, the report quoted Lu, also a former People’s Daily reporter in India, as saying that he had visited Dharamsala with two of his colleagues in 2014 using their true identities. “Besides, Bangalore is not a restricted area.”

People’s Daily is the official newspaper of the ruling Communist Party of China. “I have frequently met exiled Tibetan activists through intermediaries, and even spoke to the Dalai Lama. I should have been expelled several times if that was the reason the Indian government gave. It was very likely an act of revenge against China for denying India membership in the Nuclear Suppliers Group,” Lu said.

“China has always supported a full discussion within the NSG on the membership issue and a decision based on the consensus of all sides through consultation,” the report said referring to previous comments to the media made by the Chinese foreign ministry spokesperson Hong Lei.

“The incident could indicate an increasing mistrust between the two countries. India thinks China does not pay it enough respect as a regional or global power,” Zhang Jiadong, a professor with the Center for American Studies at Fudan University, told the Global Times.

“However, we should have faith as the two sides possess the possibility of more cooperation and common interests,” Zhang added. PTI

K.J.M. Varma

 

Info Edge reports 55% rise in Q1 net profit

The company’s total income increased by 14.40% to Rs 221.92 crore for the quarter under review

Info Edge (India) has reported results for first quarter ended June 30, 2016.

The company has reported 54.94% rise in its net profit at Rs 44.36 crore for the quarter ended June 30, 2016 as compared to Rs 28.63 crore for the same quarter in the previous year. The company’s total income increased by 14.40% to Rs 221.92 crore for the quarter under review from Rs 193.99 crore for the corresponding quarter of the previous year.

Info Edge (India) owns one of the leading job portals naukri.com. The company is a leading provider of various portals related to online recruitment, matrimonial, real estate and education classifieds and related services in India.
source:ventura

 

INDIABULL HSG FIN Q1 cons PAT Rs.630cr vs Rs.511cr yoy, vs Rs.675cr qoq

 

SHANTI GEARS Q1 PAT Rs.4.9cr vs Rs.1.6cr yoy

 

GHCL Q1 PAT Rs.103cr vs Rs.61cr (inc ext loss Rs.14cr) vs Rs.79cr qoq

 

PINCON SPIRITS Q1 PAT Rs.9cr vs Rs.6cr yoy

 

BAJAJ CORP Q1 PAT Rs.52cr vs Rs.48cr yoy, vs Rs.54cr qoq

 

NAVIN FLUORO Q1 PAT Rs.29cr vs Rs.18cr yoy, vs Rs.31.5cr qoq

 

Today Qty Results 26 Jul 2016 :

ACC, AJANTPHARM , AMBUJACEM , ASITCFIN , ASTEC,AUNDEIND , AUSTENG
AVAILFC , BAJAJFINSV , BAJFINANCE , BANCOINDIA , BIJLTEX , CGCL ,CHARMS
COROMANDEL , COSMOFILMS , DELTRON ,DRREDDY , ELANTAS ,ELECON
EXCELINDUS , FSL , FUTSOL , GOACARBON , IDFC, IDFCBANK , IMFA . INFRATEL ,
INGERRAND ,INVPRECQ , KARURVYSYA , LGBBROSLTD , MAHINDCIE , MANVIJAY
MARUTI ,MCSLTD , NIITLTD ,PADALPO, PIIND , PONNIERODE, PRIMESECU,
PULSRIN , RAJGLOWIR , ROSETEX , SBT , SHABCHM , SHAKTIPUMP,
SWARAJENG , SYMPHONY, TATAELXSI, TRIVENIGQ, TVSMOTOR , UNITDSPR
VANDANA , VGUARD , VINYLINDIA ,VISAKAIND ,WELSPUNIND , WENDT ,ZEEL

source : NSEINDIA

 

ICICI Bank joins SWIFT’s global payments initiative

The tie-up will better financial services availed by their corporate clients

ICICI Bank and Axis Bank have become the first domestic lenders to sign up for SWIFT’s global payments innovation initiative, which already has over 70 other leading banks globally. The new service will enable corporates to receive an enhanced payments service directly from their banks.

The initiative aims to enhance cross-border payments by leveraging SWIFT’s messaging platform and global reach and in the first phase, the initiative will focus on business-to-business payments.

The service offers key features such as the same day use of funds, transparency and predictability of fees, end-to-end payments tracking, and transfer of rich payment information.
source: ventura

 

Texmaco Rail inks MoU with Russia based ROE

The MoU has been signed for cooperation in carrying out joint projects for modernization of Armoured Vehicles operated by the Indian Army etc.

Texmaco Rail & Engineering has signed a Memorandum of Understanding (MoU) with ‘ROSOBORONEXPORT’ Joint Stock Company (ROE), the sole state intermediary agency for Russia’s exports/imports of defense-related and dual use products, technologies and services for Defence production. ROE is ranked amongst the leading operators in the international arms market.

The MoU has been signed for cooperation in carrying out joint projects for modernization of Armoured Vehicles operated by the Indian Army; co-production of BMP-3; research, development and production of futuristic models and spare parts etc. at TEXMACO industrial facilities.

The cooperation will enable the two entities to provide cost effective upgraded solutions for in-service Amoured Vehicles, as well as latest state-of-the art Russian technologies for building futuristic Armoured Vehicles under Make-in-India programme.
source:ventura

 

Aditya Birla Group To Acquire Jabong

 

Bajaj Corp reports 10% rise in Q1 net profit

The company’s total income from operation increased by 1.72% to Rs 204.31 crore for the quarter under review

Bajaj Corp has reported results for first quarter ended June 30, 2016.

The company has reported 10.17% rise in its net profit at Rs 52.20 crore for the quarter ended June 30, 2016 as compared to Rs 47.38 crore for the same quarter in the previous year. The company’s total income from operation increased by 1.71% to Rs 204.31 crore for the quarter under review from Rs 200.87crore for the corresponding quarter of the previous year.

Bajaj Corp is one of India’s leading producers of hair oils. The company is a part of the Shishir Bajaj Group companies (the Bajaj Group). The company markets its hair oil under the brand names Brahmi Amla, Amla Shikakai and Jasmine hair oil.
source: ventura

 

IDBI Bank to raise Rs 28,000 crore via equity, bonds

The shareholders have approved an enabling resolution for issue of shares aggregating up to Rs 8,000 crore

IDBI Bank has received its shareholders’ nod to raise up to Rs 28,000 crore from a mix of equity and bonds. The shareholders have approved an enabling resolution for issue of shares aggregating up to Rs 8,000 crore inclusive of premium amount through various modes including Qualified Institutional Placement (QIP). Besides, shareholders have also given go-ahead for mobilisation of one or more tranches of up to Rs 20,000 crore, comprising bonds by way of private placement or public issue.

The government last December gave approval to IDBI Bank for raising Rs 3,771 crore during the year, by way of QIPs, a move which will dilute its holding by about 26% in the lender. The government's holding in the bank stands at 73.98% as on date.
source: ventura

 

BAJAJ FINANCE Q1 PAT Rs.424cr vs Rs.276cr yoy, vs Rs.315cr qoq. Board approves stock split and Bonus

 

Bajaj Finance reports 54% jump in Q1 net profit

Total income of the company increased by 38.97% to Rs 2301.06 crore for the quarter under review

Bajaj Finance has reported results for first quarter ended June 30, 2016.

The company has reported 53.83% rise in its net profit at Rs 423.99 crore for the quarter ended June 30, 2016 as compared to Rs 275.63 crore for the same quarter in the previous year. Total income of the company increased by 38.97% to Rs 2301.06 crore for the quarter under review from Rs 1655.84 crore for the corresponding quarter of the previous year.

Bajaj Finance is one of the leading financial companies in India. It offers personal loans that are convenient, flexible, quickly processed, have superior features like zero prepayment charges & requires no security with minimum paper work.
source: ventura