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Here's who won Chennai finals of Tata Crucible

Written By Unknown on Kamis, 26 Desember 2013 | 23.06

Dec 26, 2013, 09.10 PM IST

The Tatas a decade ago when they celebrated their centenary decided to create for this nation a knowledge initiative, thus was born Tata Crucible. Watch Chennai Finals of Tata Crucible - the Business Quiz 2013.

Tags  Tata, knowledge initiative, Tata Crucible, Chennal Finals, Business Quiz

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Here's who won Chennai finals of Tata Crucible

The Tatas a decade ago when they celebrated their centenary decided to create for this nation a knowledge initiative, thus was born Tata Crucible. Watch Chennai Finals of Tata Crucible - the Business Quiz 2013.

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Here's who won Chennai finals of Tata Crucible

The Tatas a decade ago when they celebrated their centenary decided to create for this nation a knowledge initiative, thus was born Tata Crucible. Watch Chennai Finals of Tata Crucible - the Business Quiz 2013.

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The Tatas a decade ago when they celebrated their centenary decided to create for this nation a knowledge initiative, thus was born Tata Crucible. Watch Chennai Finals of Tata Crucible - the Business Quiz 2013.


23.06 | 0 komentar | Read More

India Business Leader Awards: The journey so far

Dec 26, 2013, 08.57 PM IST

Over the last 9 years The India Business Leader Awards have been graced with some of the most sought after speakers & guests of honour. From heads of state to political masterminds.

Tags  India Business Leader Awards, Asia, business, leadership

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India Business Leader Awards: The journey so far

Over the last 9 years The India Business Leader Awards have been graced with some of the most sought after speakers & guests of honour. From heads of state to political masterminds.

Like this story, share it with millions of investors on M3

India Business Leader Awards: The journey so far

Over the last 9 years The India Business Leader Awards have been graced with some of the most sought after speakers & guests of honour. From heads of state to political masterminds.

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Over the last 9 years The India Business Leader Awards have been graced with some of the most sought after speakers & guests of honour. From heads of state to political masterminds.


23.06 | 0 komentar | Read More

Textile Concalve 2013 - Part IV

Dec 26, 2013, 08.53 PM IST

The Indian textile industry is meeting the compliance challenges very smoothly. Its initiative DISHA or Driving Industry Towards Sustainable Human Capital Advancement launched by AEPC has encouraged apparel exporters to follow better social practices.

Tags  Textile Conclave, apparel, DISHA, textile

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Textile Concalve 2013 - Part IV

The Indian textile industry is meeting the compliance challenges very smoothly. Its initiative DISHA or Driving Industry Towards Sustainable Human Capital Advancement launched by AEPC has encouraged apparel exporters to follow better social practices.

Like this story, share it with millions of investors on M3

Textile Concalve 2013 - Part IV

The Indian textile industry is meeting the compliance challenges very smoothly. Its initiative DISHA or Driving Industry Towards Sustainable Human Capital Advancement launched by AEPC has encouraged apparel exporters to follow better social practices.

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The Indian textile industry is meeting the compliance challenges very smoothly. Its initiative DISHA or Driving Industry Towards Sustainable Human Capital Advancement launched by AEPC has encouraged apparel exporters to follow better social practices.


23.06 | 0 komentar | Read More

Birla Capital Financial Services' outcome of board meeting

Dec 26, 2013, 08.51 PM IST

Birla Capital & Financial Services at its meeting held on December 26, 2013, transacted and approved the resignation of Mrs. Jasleen Singh, Independent Director.

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Birla Capital & Financial Services' outcome of board meeting

Birla Capital & Financial Services at its meeting held on December 26, 2013, transacted and approved the resignation of Mrs. Jasleen Singh, Independent Director.

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Birla Capital & Financial Services' outcome of board meeting

Birla Capital & Financial Services at its meeting held on December 26, 2013, transacted and approved the resignation of Mrs. Jasleen Singh, Independent Director.

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Birla Capital & Financial Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 26, 2013, inter alia, transacted the following business:1. Approved the resignation of Mrs. Jasleen Singh, Independent Director.2. Appointment of Mr. C. R. Karikal Valavan as an Independent Director.Source : BSE

Read all announcements in Birla Capital

Action in Birla Capital And Finance

The Best New Year Parties in India


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Textile Conclave 2013 - Part VI

Dec 26, 2013, 08.55 PM IST

The Indian clothing industry holds an important position in the Indian economy. This sector has been growing at a CAGR of 10 percent from Rs 126000 crore in the FY07 to Rs 202600 crore in FY13.

Tags  textile conclave, economy, Union Budget, clothing industry, Zara, Marks & Spencer's, Benetton, Tommy Hilfiger, textile, Ritu Kumar, Manish Malhotra, Ritu Beri, JJ Valaya, Rohit Bal, Tarun Tahiliani, Fashion

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Textile Conclave 2013 - Part VI

The Indian clothing industry holds an important position in the Indian economy. This sector has been growing at a CAGR of 10 percent from Rs 126000 crore in the FY07 to Rs 202600 crore in FY13.

Like this story, share it with millions of investors on M3

Textile Conclave 2013 - Part VI

The Indian clothing industry holds an important position in the Indian economy. This sector has been growing at a CAGR of 10 percent from Rs 126000 crore in the FY07 to Rs 202600 crore in FY13.

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The Indian clothing industry holds an important position in the Indian economy. This sector has been growing at a CAGR of 10 percent from Rs 126000 crore in the FY07 to Rs 202600 crore in FY13.


23.06 | 0 komentar | Read More

Checkout: Forbes India Philanthropy Awards

Dec 26, 2013, 08.59 PM IST

Forbes India Philanthropy Awards salutes and recognizes the phenomenal humanitarian efforts put forward by India Inc towards a better society.

Tags  Forbes India, Forbes India Philanthropy Awards, India Inc

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Checkout: Forbes India Philanthropy Awards

Forbes India Philanthropy Awards salutes and recognizes the phenomenal humanitarian efforts put forward by India Inc towards a better society.

Like this story, share it with millions of investors on M3

Checkout: Forbes India Philanthropy Awards

Forbes India Philanthropy Awards salutes and recognizes the phenomenal humanitarian efforts put forward by India Inc towards a better society.

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Forbes India Philanthropy Awards salutes and recognizes the phenomenal humanitarian efforts put forward by India Inc towards a better society.


23.06 | 0 komentar | Read More

Checkout winners of Business Quiz 2013 Bhubaneshwar finals

Dec 26, 2013, 09.01 PM IST

Checkout who won the Tata Crucible's Corporate Quiz 2013 finals at Bhubaneshwar

Tags  Tata Crucible, Bhubaneshwar

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Checkout winners of Business Quiz 2013 Bhubaneshwar finals

Checkout who won the Tata Crucible's Corporate Quiz 2013 finals at Bhubaneshwar

Like this story, share it with millions of investors on M3

Checkout winners of Business Quiz 2013 Bhubaneshwar finals

Checkout who won the Tata Crucible's Corporate Quiz 2013 finals at Bhubaneshwar

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Checkout who won the Tata Crucible's Corporate Quiz 2013 finals at Bhubaneshwar


23.06 | 0 komentar | Read More

Mahindra War Room: Overwhelming participation from colleges

Dec 26, 2013, 09.05 PM IST

Once a year the best minds from India's top business schools come alive stoking their desire for competition, once a year a contest so big sweeps the nations brightest young minds with the promise of great reward

Tags  Mahindra War Room, business schools

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Mahindra War Room: Overwhelming participation from colleges

Once a year the best minds from India's top business schools come alive stoking their desire for competition, once a year a contest so big sweeps the nations brightest young minds with the promise of great reward

Like this story, share it with millions of investors on M3

Mahindra War Room: Overwhelming participation from colleges

Once a year the best minds from India's top business schools come alive stoking their desire for competition, once a year a contest so big sweeps the nations brightest young minds with the promise of great reward

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Once a year the best minds from India's top business schools come alive stoking their desire for competition, once a year a contest so big sweeps the nations brightest young minds with the promise of great reward


23.06 | 0 komentar | Read More

Checkout: Condé Nast Traveller Readers' Travel Awards

Dec 26, 2013, 09.08 PM IST

The Condé Nast Traveller Readers' Travel Awards 2013 recognised and felicitated the best in travel, tourism and hospitality industry in India and the world

Tags  Condé Nast Traveller Readers' Travel Award, travel, tourism, hospitality

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Checkout: Condé Nast Traveller Readers' Travel Awards

The Condé Nast Traveller Readers' Travel Awards 2013 recognised and felicitated the best in travel, tourism and hospitality industry in India and the world

Like this story, share it with millions of investors on M3

Checkout: Condé Nast Traveller Readers' Travel Awards

The Condé Nast Traveller Readers' Travel Awards 2013 recognised and felicitated the best in travel, tourism and hospitality industry in India and the world

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The Condé Nast Traveller Readers' Travel Awards 2013 recognised and felicitated the best in travel, tourism and hospitality industry in India and the world


23.06 | 0 komentar | Read More

Where is Indian fashion and luxury industry headed?

Dec 26, 2013, 09.21 PM IST

Kenneth Cole, Founder, Kenneth Cole Productions tells us on where exactly the Indian fashion and luxury industry is headed.

Tags  Kenneth Cole, fashion, luxury

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Where is Indian fashion and luxury industry headed?

Kenneth Cole, Founder, Kenneth Cole Productions tells us on where exactly the Indian fashion and luxury industry is headed.

Like this story, share it with millions of investors on M3

Where is Indian fashion and luxury industry headed?

Kenneth Cole, Founder, Kenneth Cole Productions tells us on where exactly the Indian fashion and luxury industry is headed.

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Kenneth Cole, Founder, Kenneth Cole Productions tells us on where exactly the Indian fashion and luxury industry is headed.


23.06 | 0 komentar | Read More

Here's Keneth Rogoff's take on US Fed's QE taper

Written By Unknown on Kamis, 19 Desember 2013 | 23.06

Dec 19, 2013, 08.03 PM IST

The Fed decided on Wednesday to trim its bond buying by USD 10 billion to USD 75 billion a month as a modest step and one the US economy could well withstand. Crucially, the US central bank softened the blow by making its forward guidance even more dovish.

Tags  Keneth Rogoff, quantitative easing, US markets, economics, QE, tapering

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Here's Keneth Rogoff's take on US Fed's QE taper

The Fed decided on Wednesday to trim its bond buying by USD 10 billion to USD 75 billion a month as a modest step and one the US economy could well withstand. Crucially, the US central bank softened the blow by making its forward guidance even more dovish.

Like this story, share it with millions of investors on M3

Here's Keneth Rogoff's take on US Fed's QE taper

The Fed decided on Wednesday to trim its bond buying by USD 10 billion to USD 75 billion a month as a modest step and one the US economy could well withstand. Crucially, the US central bank softened the blow by making its forward guidance even more dovish.

Share  .  Email  .  Print  .  A+A-

The Fed decided on Wednesday to trim its bond buying by USD 10 billion to USD 75 billion a month as a modest step and one the US economy could well withstand. Crucially, the US central bank softened the blow by making its forward guidance even more dovish.


23.06 | 0 komentar | Read More

Daichii plans to bring in technical experts to help Ranbaxy

Japanese drug maker Daichii Sankyo is planning to bring in technical people and expertise to help its Indian arm  Ranbaxy comply with USFDA requirements, after repeated failures in compliance.

It is understood that Daichii President and CEO George Nakayama, who met Commerce and Industry Minister Anand Sharma here, has given assurance about taking corrective measures.

"They (Daichii) are trying to make Mohali a model plant having the best Japanese quality practices. They will make the system better to make it fully compliant with American regulatory practices," said a source privy to the meeting.

Besides, Nakayama told the minister that the company would also bring in technical people from Japan so that there is knowledge transfer to India.

According to the source, Nakayama said the company "will continue to expand in India and provide help from technical side for quality issues". Daichii will also suggest ways to Ranbaxy to deal with US challenges, the source quoted Nakayama informing Sharma during the meeting.

On September 16, the US Food and Drug Administration issued an import alert on drugs produced by the company at its Mohali plant in Punjab for violation of current good manufacturing practices (GMPs). This was the company's third facility, after the Paonta Sahib (Himachal Pradesh) and Dewas (Madhya Pradesh) plants, to have been banned from exporting drugs to the US for violation of the GMP norms.

In May, Ranbaxy pleaded guilty to "felony charges" related to the manufacture and distribution of certain 'adulterated' drugs made at the Dewas and Paonta Sahib units and agreed to pay USD 500 million to US authorities as penalty.

Ranbaxy became a part of the Daiichi Sankyo Group in 2008 after Japan's third largest drug-maker bought a majority stake for Rs 22,000 crore.


Ranbaxy Labs stock price

On December 19, 2013, Ranbaxy Laboratories closed at Rs 450.75, up Rs 9.75, or 2.21 percent. The 52-week high of the share was Rs 525.00 and the 52-week low was Rs 253.95.


The latest book value of the company is Rs 45.34 per share. At current value, the price-to-book value of the company was 9.94.


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Government approves interest-free loan to sugar mills

Dec 19, 2013, 07.55 PM IST

The cabinet has approved a scheme of interest free loans to sugar mills, Food Minister K.V. Thomas said on Thursday, as part of a bail-out package to beleaguered mills

Tags  Brazil, India, K.V. Thomas, Food Minister, sugar, Cabinet, Balrampur Chini, Bajaj Hind

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Government approves interest-free loan to sugar mills

The cabinet has approved a scheme of interest free loans to sugar mills, Food Minister K.V. Thomas said on Thursday, as part of a bail-out package to beleaguered mills

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Government approves interest-free loan to sugar mills

The cabinet has approved a scheme of interest free loans to sugar mills, Food Minister K.V. Thomas said on Thursday, as part of a bail-out package to beleaguered mills

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The cabinet has approved a scheme of interest free loans to sugar mills, Food Minister K.V. Thomas said on Thursday, as part of a bail-out package to beleaguered mills.

Under the approved scheme, banks will provide interest free loans to help mills to clear cane dues to growers.

Cane crushing in the world's second biggest producer after Brazil started a month behind schedule as result of decline in sugar prices and rising cane rates. The delay has halved the country's sugar output so far.

India started the new sugar marketing year on October 1 with carry-forward stocks of 8.8 million tonnes. It is expected to produce 25 million tonnes this year, larger than demand of 23 million tonnes.


Balrampur Chini stock price

On December 19, 2013, Balrampur Chini Mills closed at Rs 46.15, up Rs 0.75, or 1.65 percent. The 52-week high of the share was Rs 54.00 and the 52-week low was Rs 34.60.


The latest book value of the company is Rs 54.04 per share. At current value, the price-to-book value of the company was 0.85.

Action in Balrampur Chini Mills


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CCEA okays higher gas price for RIL but with riders


The Cabinet today decided to allow  Reliance Industries to almost double the price of natural gas from April provided the firm gave a bank guarantee to cover its liability if gas-hoarding charges are proved.

The bank guarantee, which will be equivalent to the incremental revenue that RIL will get from the new gas price, will be encashed if it is proved that the company hoarded gas or deliberately suppressed production at the main Dhirubhai-1 and 3 (D1&D3) fields in the eastern offshore KG-D6 block since 2010-11, sources said.

Also read: Government approves interest-free loan to sugar mills   

Prodded by the Finance ministry, the Oil ministry had initially proposed to deny the new gas prices that will kick in from next fiscal till such time that RIL either made up for the shortfall in output during past three fiscals, or it is proved that the company was not responsible for production falling below targets.

The issue had held up notification of the new gas pricing formula that will be applicable to all producers - public and private - and all forms of gas - conventional and unconventional forms like coal-bed methane and shale gas.

As a way out, it was proposed that RIL and its partners BP plc of UK and Canada's Niko Resources be asked to give bank guarantees for the incremental revenue they will get till the hoarding issue is resolved through arbitration and validation by independent international experts.

The government in June approved the Rangarajan formula for pricing of all domestically produced natural gas at an average of global gas hub rates and price at which India imports LNG (gas in liquid form).

The rate in April 2014, when the new pricing is to be  implemented, will be about USD 8.4 per million British thermal units as against the current USD 4.2. The Finance Ministry, however, wanted certain changes in the approved formula by excluding liquefied natural gas (LNG) purchases from the spot market, which it said was highly volatile. After excluding spot purchases, the new gas price should be USD 8.1.

Prices of natural gas, which is an input to manufacturing fertiliser and electricity generation, will be revised every quarter based on the average of the past four quarters, with a gap of one quarter.

In the run up to the Cabinet decision, the Finance Ministry sought to know if government position on reasons for fall in gas output at KG-D6 will be diluted by accepting bank guarantee.

In the arbitration, RIL is countering the government's stand that non-drilling of committed wells led to an 80 percent fall in output by citing geological complexities and lower than anticipated reserves. The arbitration may linger for an indefinite period, the Finance Ministry feels.

It was of the view that the bank guarantee in that case may run into about USD 9 billion which needs to be monitored. It also wanted to know the proposed course of action in case RIL does not comply with bank guarantees.


Reliance stock price

On December 19, 2013, Reliance Industries closed at Rs 854.55, down Rs 4.1, or 0.48 percent. The 52-week high of the share was Rs 954.80 and the 52-week low was Rs 765.00.


The company's trailing 12-month (TTM) EPS was at Rs 67.88 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 12.59. The latest book value of the company is Rs 557.05 per share. At current value, the price-to-book value of the company is 1.53.


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Weather in major airports in India on 20th December 2013

Indira Gandhi International Airport, Delhi

Delays Dense fog will be experienced in the morning hours at the Delhi airport due to which there are high chances of flight delays. Temperature will be below normal with southeasterly winds blowing.

Guru Ram Das Jee International Airport, Amritsar

Delays Dense fog is expected in the morning hours. The remaining part of the day will be clear and temperatures will remain below normal.

Chaudhary Charan Singh International Airport, Lucknow

Delays There is a possibility of dense fog and flight delays at the Lucknow airport. Day temperature will remain near normal.

Lal Bahadur Shashtri International Airport, Varanasi

Delays There are chances of dense fog and flight delays at the Varanasi airport. The weather throughout the day will be dry with near normal temperatures.

Lok Nayak Jai Prakash Narayan Airport, Patna

Delays Dense fog will be witnessed at the Patna airport during morning hours. Temperatures will be near normal with winds blowing from the east direction.

Netaji Subash Chandra Bose International Airport, Kolkata

No delays Day and night temperatures will remain normal. Sky will be mainly clear with light winds blowing from the south direction.

Bangalore Airport

No delays Sky will be cloudy. Temperatures will be above normal with easterly winds. Misty morning and a comfortable day ahead.

Photograph by Varun Shiv Kapur

By: Skymetweather.com



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State Bank of India, HDFC slash home loan rates

Two biggest housing financiers  SBI and  HDFC today cut home loan rates by up to 0.4 percent for new borrowers, a day after the Reserve Bank kept its key policy rates on hold.

Women borrowers would get an additional 0.05 percent concession on card rates, SBI, country's biggest lender, said in a statement.

SBI home loans will now be available under two slabs-- under Rs 75 lakh and above Rs 75 lakh . SBI loans of up to Rs 75 lakh would be available to fresh borrowers at 10.15 percent against the existing rate of 10.50 percent. For women borrowers, the rate of interest after an additional concession of 0.05 percent would be 10.10 percent for home loans of up to Rs 75 lakh.

With regard to loans of above Rs 75 lakh, the new rate would be 10.30 percent. For women borrowers it is 10.25 percent.

The new SBI rates would be effective from tomorrow. Country's largest housing finance company HDFC cut rates by 0.25 percent. "This is a limited period offer and is valid for all new applications submitted before January 31, and first disbursement taken by February 28, 2014," HDFC said in a statment.

The new rates for HDFC home loans of up to Rs 75 lakh will be 10.25 percent as against the existing 10.50 percent. The Reserve Bank of India (RBI) in its monetary policy review yesterday kept short-term lending rate unchanged at 7.75 percent, while the cash reserve ratio (CRR) remained at 4 percent.

In October, SBI had reduced interest rates on loans for car and consumer durables and also decided to lower processing charges to cash in on the festival season demand.


SBI stock price

On December 19, 2013, State Bank of India closed at Rs 1730.45, down Rs 34.45, or 1.95 percent. The 52-week high of the share was Rs 2550.00 and the 52-week low was Rs 1452.90.


The company's trailing 12-month (TTM) EPS was at Rs 179.98 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 9.61. The latest book value of the company is Rs 1445.60 per share. At current value, the price-to-book value of the company is 1.20.


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7Seas Technologies: Outcome of board meeting

Dec 19, 2013, 09.11 PM IST

7Seas Technologies at its meeting held on December 19, 2013, has approved the allotment of 75,000 equity shares and 1,75,000 convertible warrants to the promoters at a price of Rs. 11/- each.

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7Seas Technologies: Outcome of board meeting

7Seas Technologies at its meeting held on December 19, 2013, has approved the allotment of 75,000 equity shares and 1,75,000 convertible warrants to the promoters at a price of Rs. 11/- each.

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7Seas Technologies: Outcome of board meeting

7Seas Technologies at its meeting held on December 19, 2013, has approved the allotment of 75,000 equity shares and 1,75,000 convertible warrants to the promoters at a price of Rs. 11/- each.

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77Seas Technologies Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 19, 2013, has approved the allotment of 75,000 equity shares and 1,75,000 convertible warrants to the promoters at a price of Rs. 11/- each.Source : BSE

Read all announcements in 7Seas Tech


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Confidence Trading Company: Fixes record date for stock split

Dec 19, 2013, 09.11 PM IST

Confidence Trading Company has informed that the Company has fixed December 31, 2013 as the Record Date for the purpose of Sub-Division of Equity Share from face value of Rs. 10/- to Rs. 1/-.

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Confidence Trading Company: Fixes record date for stock split

Confidence Trading Company has informed that the Company has fixed December 31, 2013 as the Record Date for the purpose of Sub-Division of Equity Share from face value of Rs. 10/- to Rs. 1/-.

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Confidence Trading Company: Fixes record date for stock split

Confidence Trading Company has informed that the Company has fixed December 31, 2013 as the Record Date for the purpose of Sub-Division of Equity Share from face value of Rs. 10/- to Rs. 1/-.

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Confidence Trading Company Ltd has informed BSE that the Company has fixed December 31, 2013 as the Record Date for the purpose of Sub-Division of Equity Share from face value of Rs. 10/- to Rs. 1/-.Source : BSE

Read all announcements in Confidence Trad

Action in Confidence Trading Company


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National Standard (India): Change in directorate

National Standard (India): Change in directorate

National Standard (India) has informed that Mr. Deependra Gupta has resigned as Independent Director of the Company and Mr. Santoshkumar Ojha has been appointed as Independent Director of the Company w.e.f. December 19, 2013.


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Higher gas price for RIL good news but unfortunate: Taneja

Narendra Taneja, South Asia Bureau Chief, Upstream, says the CCEA decision to all ow RIL to hike antural gas price is good but at the same time unfortunate because it is accompanied with riders because that shows you don't trust the company or there is a huge trust deficit, which basically is more to do with the differences between various ministries.

It is more important for the government to create an eco-system in the country wherein companies can come and invest and where the companies are given the freedom to concentrate more on exploration, production of gas and not spend their energy on dealing with issue of arbitration or the bank guarantees etc.

The Cabinet today decided to allow  Reliance Industries to almost double the price of natural gas from April provided the firm gave a bank guarantee to cover its liability if gas-hoarding charges are proved.

Excerpts of his interview on CNBC-TV18

Q: This has been an issue that has been going back and forth for so long. Finally it seems like we may be able to move forward?

A: It is good news but at the same time it is unfortunate. When our dependence on imported gas is growing what the government needs to do is to create a kind of environment, an eco-system in the country so that companies can come and invest and companies are given the freedom to concentrate more on exploration, production of gas and not basically compel to spend more than 50 percent of their energy on just dealing with New Delhi – all kind of issues arbitration or the bank guarantees and all that.

Have you seen this kind of thing in any other country in the world, I haven't.

So, I am really surprised. The message you are trying to convey is you don't trust the company or there is a huge trust deficit and that is more to do with the differences between various ministries particularly the ministry of finance and ministry of petroleum and natural gas. I find it a bit unfortunate.

Q: Do you believe that this business of capping prices of gas, the finance ministry has vociferously on three separate occasions made the case for capping of gas prices as far as user industries are concerned. They haven't quantified what that should be. Do you believe as we head towards a more free market economy or more free market price regime that we are actually going to see the government bite the bullet and actually cap prices of gas for user industries?

A: If eventually the policy of the government and these decisions create a new kind of environment so that companies can get what funds they deserve, and they basically are given incentive to produce more, I think then it is good but I would like to wait for further details.

Having said that, it is important that explorer and producers are granted right kind of environment, right kind of climate and right kind of incentives.


Reliance stock price

On December 19, 2013, Reliance Industries closed at Rs 854.55, down Rs 4.1, or 0.48 percent. The 52-week high of the share was Rs 954.80 and the 52-week low was Rs 765.00.


The company's trailing 12-month (TTM) EPS was at Rs 67.88 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 12.59. The latest book value of the company is Rs 557.05 per share. At current value, the price-to-book value of the company is 1.53.


23.06 | 0 komentar | Read More

Good satellite images key to understanding weather

Written By Unknown on Kamis, 12 Desember 2013 | 23.07

The International Space Station (ISS), the ninth one to be inhabited by crews, is the largest artificial satellite at present. Situated in the lower orbit of Earth, it provides a long term platform to conduct scientific research on various aspects including astronomy, astrobiology, physical sciences, weather in space and weather on Earth.

According to NASA, clear skies along with other favourable viewing conditions give astronauts on the ISS an opportunity to take outstanding satellite images of the planet. Cloudy or overcast skies inhibit the astronauts from taking good images. Here are few satellite images that have been taken by NASA on a clear day.

Kliuchevskoi Volcano, Kamchatka Peninsula

 Fig.1

The image on the left, (fig.1), is an exceptional depiction of the eruption plumes stemming from Kliuchevskoi, an active volcano on the Kamchatka Peninsula. It was shot from an extremely oblique angle, making this piece look like a model of a mountain range. Generally satellite shots give a flattened look of the landscape. With a proper view of the shadows cast by the volcanic peaks, this one enhances our sense of three-dimensional topography.

Pavlof Volcano, Aleutian Arc

Fig.2  

The striking pictures in (fig. 2,3) are of Pavlof Volcano. Taken by astronauts on May 18, 2013, these pictures reveal a three dimensional structure of the ash plume coming out of the volcano. This volcano in the Aleutian Arc discharged 6,000 meters high ash cloud extending up to the North Pacific Ocean.

 Fig.3

Pavlof Volcano is one of the most active stratovolcano situated in the Aleutian Range of the Alaska Peninsula. The volcano entered the longest period of dormancy after its eruption in 1996. A fresh eruption triggered by seismic disturbances on August 15th, 2007, ended this period.  

Cleveland Volcano, Chuginadak Island

 Fig.4

Cleveland Volcano, on the Chuginadak Island, the largest in the subgroup of the Aleutian archipelago, is an active stratovolcano. Its layers are built of alternate layers of hardened lava, volcanic ash and volcanic rocks.  Figure 4, taken by Flight Engineer Jeff Williams on May 23, 2006, shows the ash plume moving in the west-southwest direction.

The excellent pictures of Earth taken by the ISS are not only helpful for scientists but also the common people. These images help educate people about the movement of ash plumes and impact of volcanoes on weather.

By: Skymetweather.com



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Cobrapost exposes 11 MPs willing to lobby foreign oil major

In its latest undercover investigation, codenamed operation Falcon Claw, investigative website Cobrapost has exposed a bunch of parliamentarians who are willing to not only write recommendation letters but also lobby with the Union Ministry of Petroleum for a foreign company to help it secure oil exploration and rigging rights in the Northeast.

In all 11 MPs from the Congress Party, the BJP, the JDU, AIADMK and BSP are on camera willing to help the company set up shop in India.

However, none of them bothered to check the antecedents of the company or check if the company was real claims Cobrapost.

What these MPs hankered after was money, quoting as low as Rs 50,000 to a mind boggling Rs 50 lakh as the price for a letter of recommendation, delivered all in cash; one MP even demanded that his fee is delivered through a hawala operator says a Cobrapost press release.

According to Cobrapost chief Aniruddha Bahal, the investigation, panning over a year, exposes 11 MPs from within the Congress, BJP, BSP, JDU and AIADMK willing to issue letters of recommendation to promote a fictitious Australian oil exploration company in exchange for fees ranging between Rs 50,000 to Rs 50 lakh. Six of these MPs even wrote the letters for a fee.

The parliamentarians who allegedly stand exposed are K Sugumar and C Rajendran from AIADMK; Lalu Bhai Patel, Ravindra Kumar Pandey and Hari Manjhi from BJP; Vishwa Mohan Kumar, Maheshwar Hazari and Bhudeo Chaudhary from JDU; Khiladi Lal Bairwa and Vikrambhai Arjanbhai from Congress; and Kaiser Jahan from BSP.

Assuming a fake identity, Ashish Jadon, representing an equally fake foreign oil company, the Mediterranean Oil Inc. of Queensland, Australia, complete with a website, brochure and company profile, Cobrapost reporter K Ashish approached these parliamentarians.

Introducing himself as a consultant working for Mediterranean Oil Inc entrusted with the onerous task of rallying support from MPs across the political spectrum for its oil exploration bid in the Northeast, pegging the project at Rs 1000 crore, he requested the MPs he met to write a recommendation letter.

It will help boost its profile and help it win oil exploration rights in the Northeast.

According to Aniruddha Bahal all parliamentarians agreed to help. If some of them wrote letters of recommendation addressing the Joint Secretary with the Petroleum Ministry, others offered to either lobby directly with the ministry mandarins or get the project sanctioned with help from the most mighty among the ruling party.

Six MPs gave cobrapost under cover agents letters of recommendation in favour of Mediterranean Oil Inc for a sum ranging from Rs. 50,000 to Rs. 75,000. Others demanded not less than Rs 5 lakh for a single letter, and in one case an MP quoted a ridiculously high price for a single letter, at Rs. 50 lakh, Bahal claims.

When a Cobrapost reporter, for instance, suggested Lalu Bhai Patel to pursue our case with the ministry, the BJP MP from Daman and Diu said, "Haan bhai (Yes, brother)!" We paid him Rs 50, 000 for a recommendation letter, as he also agreed to lobby for us.

His fellow party leader Hari Manjhi from Gaya, Bihar, would come along for lobbying with the oil ministry: "Jayenge ... chalenge (Will go ... will come along)."

Similarly, Maheshwar Hazari, the JDU MP from Samastipur, Bihar, would reassure us: "Jab tak hain tab tak aapki company ki madad karenge ... yahan se lekar mantralay tak, jahan tak kahiyega (Will help your company till my term lasts ... from this level up to the ministry, wherever you ask)."

Hazari would bring along a group of five MPs for lobbying with the ministry. We had to pay him Rs 5 lakh for each MP.

Jasmir Ansari, the MLA Husband of BSP MP Kaiser Jahan, goes a step ahead to say: " ... tumhara ye jo project hai poora kara denge ... Sonia se kehke ... kisi se bhi keh ke ... toh kisse hum baat karein (... we will see your project through ... by talking to Sonia or somebody else ... then whom should we talk to [in your company])."

He would charge Rs. 5 lakh for three letters, one from his MP wife, and two from other MPs.

According to Bahal, only a few parliamentarians played it safe by keeping the deal as much discrete as they could help.

They wouldn't enter into direct negotiations with the party or talk money, and raised their brows if the Cobrapost reporter talked money.

For instance, while AIADMK MP from Pollachi, Tamil Nadu, K Sugumar was "Ok" with money talk, his fellow party MP from South Chennai C Rajendran would have none of it. After paying his staff Rs 50,000 for a recommendation letter, when Cobrapost managed to tell Lalu Bhai (BJP) about the payment, he shot back: "Mujhe nahin ... ye baat mujhe nahin bolna (Not me ... don't tell me this thing)." But most of them had no problem discussing money with Cobrapost reporter.

Cobrapost claims that the Congress MP Khiladi Lal Bairwa would quote Rs. 50 lakh as his price for writing a recommendation letter and would invite the Cobrapost reporter to his Mansarovar address in Jaipur, Rajasthan, to deliver the "material."

His party fellow MP Vikrambhai Arjanbhai from Jamnagar, Gujarat, would neither like to talk money nor like it to have delivered at his door. He would rather like his fee, a tidy sum of Rs 6 lakh, to have delivered through an Angadia, a hawala racketeer.

He negotiates through his personal assistant.

However, when the reporter asks the MP for the letter first, he impatiently replies, "letter pehle thode milta hai? Letter koi de dega aapko pehle?" (you will not get the letter beforehand, has anyone given you the letter beforehand?).



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Inflation higher than our comfort: RBI's Raghuram Rajan

Reserve Bank of India Governor Raghuram Rajan on Thursday said the economy was weaker than the central bank would like, but added inflation was also higher than what it was comfortable with .

Rajan added the central bank would take all data into account, noting wholesale price inflation data due was due out on Monday, although he also said at one point during a media briefing that the RBI was "very uncomfortable" with the current level of inflation.

"We will analyse all data. Clearly growth is weaker than we would like, inflation is higher than we would like," Rajan told reporters at the conclusion of the RBI's board meeting in the eastern city of Kolkata.

"In a situation where you have high inflation and low growth you have to calibrate policy carefully," he added. "There are some trade-offs that we have to make," he said.

Rajan addressed reporters after data earlier showed sharply higher food prices drove India's annual consumer price inflation to a higher-than-expected 11.24 percent in November from 10.17 percent in October.



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Delhi High Court De-freezes Nokia Assets!

Published on Thu, Dec 12,2013 | 18:40, Updated at Thu, Dec 12 at 20:14Source : Moneycontrol.com 

By: Mukesh Butani, Partner BMR legal

In a petition filed by Nokia against order of the tax administration to freeze all assets of Nokia in India against anticipated liabilities (claims range between 2500 to 21,000 crores), the Delhi HC has granted release of such assets subject to an amount of Rs. 2250 crores or higher of the sale proceeds from sale to Microsoft being kept in a designated escrow account and a further guarantee by the Finnish parent to the extent if Rs. 3500 crores.

The dispute surrounds a vexed issue on whether payments by Nokia India to Nokia Finland should be liable for withholding tax ( being in the nature of Royalty as alleged by the tax administration). This demand amounted to roughly 2000 crores. The demand ballooned further when a separate wing of the tax administration choose to disallow the so called Royalty payment on the ground that there was failure to withhold tax.

The matter assumed significance since Nokia as part of its global sale to Microsoft had proposed to sell their Indian plant. The tax administration exercising its powers under section 281B of the Income tax code ordered freezing of assets with an intent to protect its interest for any potential tax liabilities.

Was such stern action called for ? After all the asset would continue to remain in India, albeit under Microsoft's ownership. Could the tax administration have sought to create a charge and allowed Nokia to transfer the asset? Did Nokia and the administration have to go through this slugfest ?

The question before the HC was the quantum of anticipated demand it should demand from Nokia by way of guarantee to protect the tax administrations interest. As I understand, Nokia in its pleadings before the HC had offered the initial amount of Rs. 2250 crores as a security and I wonder what was the tax administrations wisdom to seek sums in multiples of the amount by adding penalties and double disallowance. In my view the administration by doing so lost an opportunity to build goodwill with an ambassador of India who has been an early investor. As I recall, Nokia was amongst the first investors way back in 1992 when it signed an alliance with Wipro.

To support what I am saying, I want to put the following facts:

1. The quantum issue on merits is a subject matter of dispute before the tribunal and the tribunal has satisfied itself and granted the requisite stay. The tribunal decision could have been awaited.

2. The issue on characterization (whether payment to non resident is Royalty or business income) is a vexed issue and the matter was not examined in the context of Nokia.

3. This debatable issue has witnessed multiplicity of conflicting decisions rendered by the tribunals and high courts for other tax payers. There are a batch of civil appeals before the Supreme Court on the same matter. How can Revenue even in the interest of protecting itself demand the entire amount, including for years when no assessment has been made plus interest plus penalty.

Shouldn't the tax administration have shown magnanimity in this case given the facts ?

4. If it is evident that the matter is debatable, where is the case for levy of penalty? Isn't this a settled position under the law ? What was then basis to assume that Nokia indulged in tax evasion and hence, penalties could be estimated  ?

5. Lastly, Nokia invoked the mutual agreement procedure (MAP) under the treaty to resolve the withholding tax issue and ironically, when the matter on de freezing of assets was being argued in the court, the revenue officials of Finland and India were engaged in negotiations to resolve the matter under a treaty framework.

Several questions have come up in the context of present dispute which has received wide media coverage and I guess, one would wait to read the judgement to see what the Court has said. I guess, it's another instance where India would be made a mention about in the context of acting unreasonably towards a foreign investor.

Views are entirely personal.


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RBI Central Board meets in Kolkata

Photographs

The Central Board of the Reserve Bank of India met today at Kolkata. Dr. Raghuram G. Rajan, Governor, Reserve Bank of India chaired the meeting. Dr. Anil Kakodkar, Shri Kiran S. Karnik, Prof. M.V.Rajeev Gowda, Dr. Nachiket M. Mor, Shri Y. H. Malegam, Prof. Dipankar Gupta, Shri G.M.Rao, Ms. Ela R. Bhatt, Dr. Indira Rajaraman, Shri Y.C. Deveshwar, Prof. Damodar Acharya, Directors, attended the meeting. Dr. K.C. Chakrabarty, Shri Anand Sinha and Shri Harun R. Khan, Deputy Governors, were present.

The Board reviewed the current economic situation, global and domestic challenges and policy responses.

The Central Board meets at least once every quarter. Apart from holding meetings in Mumbai, Chennai, Kolkata and one in New Delhi after the Union Budget which is addressed by the Finance Minister, the rest of the meetings are held in other state capitals by rotation. The main function of the Central Board of Directors of the Reserve Bank is to provide overall direction to the Reserve Bank's affairs.

Earlier, on December 11, 2013, Governor Dr. Raghuram Rajan spoke at the valedictory session of National Conference on Leadership 2013 organised by the Confederation of Indian Industry (CII) at Kolkata on "Reforms on the Financial Sector". He said, "To improve the financial system, we plan to build the Reserve Bank's developmental measures over the next few quarters on five pillars. These are:


  1. Clarifying and strengthening the monetary policy framework;
  2. Strengthening banking structure through new entry, branch expansion, encouraging new varieties of banks, and moving foreign banks into better regulated organisational forms;
  3. Broadening and deepening financial markets and increasing their liquidity and resilience so that they can help allocate and absorb the risks entailed in financing India's growth;
  4. Expanding access to finance for small and medium enterprises, the unorganised sector, the poor, and remote and underserved areas;
  5. Improving the system's ability to deal with corporate distress and financial institution distress by strengthening real and financial restructuring as well as debt recovery.
In the evening, the Governor and Deputy Governors Shri Anand Sinha and Shri Harun R. Khan addressed the members of the Bankers' Club of Kolkata. Senior Executives of Kolkata based commercial banks and NABARD were present.

Ajit Prasad
Assistant General Manager

Press Release: 2013-2014/1188



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11th Meeting of the FSDC Sub Committee - Kolkata

A meeting of the Sub Committee of the Financial Stability and Development Council (FSDC) was held today in Kolkata. Dr. Raghuram G Rajan, Governor, Reserve Bank of India, chaired the meeting. The meeting was attended by Shri U. K. Sinha, Chairman, Securities and Exchange Board of India (SEBI); Shri T. S. Vijayan, Chairman, Insurance Regulatory and Development Authority (IRDA); Shri Ramesh Abhishek, Chairman, Forward Market Commission (FMC); Deputy Governors of RBI, Dr. K.C. Chakrabarty, Shri Anand Sinha and Shri H. R. Khan; Executive Director of RBI, Shri G. Gopalakrishna; and other officials.

The Sub Committee discussed the recent trends in the current account deficit and relative stability in the foreign exchange markets due to measures initiated by the regulators and the Government and also the improvement in the external environment. Other major issues taken up in the meeting included concerns relating to the deteriorating asset quality of banks. The Reserve Bank will shortly bring out draft guidelines to address issues relating to asset quality.

The Sub Committee decided on a coordinated approach to the implementation of some non-legislative recommendations of the Financial Sector Legislative Reforms Council (FSLRC) within a defined timeframe. The desirability of developing a common repository of information on financial assets was discussed. It was decided that the Inter Regulatory Technical Group, among other issues, would also explore implementation of such a repository in a progressive manner.

Ajit Prasad
Assistant General Manager

Press Release : 2013-2014/1190



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High inflation leaves RBI with no room for rate cut: PMEAC

The Reserve Bank of India may not have much room to lower rates if inflation stays high, said Prime Minister's Economy Advisory Council (PMEAC) head C Rangarajan.

Consumer inflation for November climbed to 11.24 percent , compared to 10.1 percent in October. This has increased the probability of the RBI raising the benchmark repo rate at its policy review meet next week.

On Wednesday, Finance Minister P Chidambaram said monetary policy was a blunt tool in fighting inflation, meaning that keeping interest rates high would not solve the problem of inflation, and at the same time, would damage growth.

But economists feel the RBI may decide to hike rates considering that taming inflation is its priority at the moment.

Congress party leader Sonia Gandhi admitted that rising prices was the key reason for her party's miserable showing in the state polls.

Rangarajan said October saw an extraordinary increase in vegetable prices and that inflation could ease in December if onion prices declined. He also expected prices of key commodities to soften in January.

On industrial output, Rangarajan said the October number (minus 1.8 percent) was disappointing, but it should pick up in the coming months.

Below is the verbatim transcript of Dr Rangarajan's interview on CNBC-TV18

Q: November consumer price index (CPI) at 11.24 percent looks like a runaway inflation. What tools are there? Does monetary policy have any other choice but to hike rates?

A: The inflation rate as revealed by the CPI numbers is very high. This is triggered once again by food inflation. It was in the month of October that we saw the extraordinary increase in the prices of vegetables following in the month of November and that is what is getting reflected now. As we go ahead, all indications are that the vegetable prices are coming down very sharply. Even onion prices have fallen sharply and therefore, December numbers may give some cheer.

Q: The non-food non-fuel inflation or core CPI is up 8.94 percent which had slid from 8.4-8.1 percent in the month of October. Isn't this a generalised inflation?

A: If food inflation persists long enough then it gets generalised. It works through the higher demand for wages and many other things. The core CPI inflation essentially comprises of services and manufacturing. Services prices are very closely related to food prices as well.

When food prices are rising and are remaining at a high level for an extended period then the prices of services also go up. Therefore, the core in CPI is somewhat different from the core in wholesale price index (WPI). The core in WPI is purely manufacturing whereas the core in CPI includes services.

Q: Would you say that even a 0.25 percent rate hike is not enough?

A: I do not know how exactly the monetary authorities would react but we need to wait for the WPI numbers which will come in the next few days. Certainly, the room for monetary authorities is very limited in the light of this very high inflation.

Q: How do you expect CPI to move? By March 2014, where do you expect CPI to possibly trend? Will it still be double digits?

A: I do not think it will be in double digits. The numbers indicate that the big push is coming from vegetables, fruits and so on. There are already indications in the market that these prices will come down in December.

Infact it is expected that in January, the prices of some of these commodities such as onion will go down. Therefore, I do not expect food inflation to remain at that level. By March, it could come down in the region of 7-8 percent.

Q: April to October industrial output is zilch. Last month itself is a contraction of 1.8 percent. Now with a situation where the monetary authority cannot ease and will have to in fact step up a bit more, do you think that even 5 percent could be under question for the full year in terms of GDP growth?

A: The calculations that we have made while computing the expected growth rate for the year, one had assumed a growth rate of only about 1 percent or 1.2 percent as far as manufacturing is concerned. That would mean something like 2.4 percent in the second half of the year, because in the first half it is practically zero.

The possibility of industrial production rising in November and December is clearly there, because in October you had the additional problem that the industrial production rose sharply last year from September to October. If you rule that out, it may not look this bad. Therefore, I still expect that it is possible for the industrial production to pick up in the month of November-December and into the first quarter and so, 5 percent growth rate is still possible.



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OilMin allows RIL, GAIL freedom to fix marketing margin

In a significant development, the Oil Ministry has given freedom to firms, including Reliance Industries and GAIL , to fix the marketing margin they want to charge on sale of natural gas to consumers other than urea manufacturing units and LPG plants.

The Ministry, which has been for past two years grappling with the issue of marketing margin charged by gas producers and sellers like Reliance Industries and GAIL India, last month ordered that the margin to be charged over and above the gas sale price be fixed between seller and buyers in sectors other than urea and LPG.

Official sources said the Ministry on November 21 asked the oil regulator PNGRB to determine the marketing margin for supply of domestic gas to urea and LPG producers through its independent process. The rates determined by the Petroleum and Natural Gas Regulatory Board (PNGRB) would thereafter be notified by the government, they said.

Also Read: RIL-BP JV can quadruple natural gas production by 2020

In other cases, the Ministry ruled that the marketing margin should be determined by the buyer and seller and any complaints about exercise of monopoly power should be addressed to PNGRB and/or the Competition Commission of India.

Presently, marketing margins charged by producers and sellers of gas are in the range of 11 cents to 20 cents per million British thermal unit (mmBtu). Fertiliser plants had opposed RIL charging 13.5 cents per mmBtu as marketing margin over and above the government fixed price of USD 4.205 for KG-D6 gas.

The Oil Ministry on December 26, 2011, asked PNGRB to determine the quantum of marketing margin chargeable on sale of natural gas to end consumers by a marketing entity. The Board on February 14, 2012 issued notices to companies like RIL and GAIL seeking information on cost of production or import or acquisition of natural gas, the selling price of the fuel to end consumers and itemised detailed break-up of the difference between the two.

However, later in the year, it refused to fix the marketing margin saying it cannot decide on the issue as natural gas as a product has not been formally notified by the government for adjudication by the Board, sources said. On a second reference, the PNGRB advised the government to stipulate a uniform marketing margin for all sellers of domestic gas, while giving free hand to sellers of imported liquefied natural gas (LNG) and firms selling CNG to automobiles and piped cooking gas to households.

This was strongly opposed by RIL, which said the stipulation was discriminatory. RIL, whose 13.5 cents per million British thermal unit as marketing margin on KG-D6 gas is higher than 11 cents charged on gas produced by ONGC/OIL but lower than 20 cents that GAIL charges for western offshore gas and imported LNG, said there was no legal basis to regulate the levy.


Reliance stock price

On December 12, 2013, Reliance Industries closed at Rs 870.40, down Rs 10.6, or 1.2 percent. The 52-week high of the share was Rs 954.80 and the 52-week low was Rs 765.00.


The company's trailing 12-month (TTM) EPS was at Rs 67.88 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 12.82. The latest book value of the company is Rs 557.05 per share. At current value, the price-to-book value of the company is 1.56.


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Coal India unlikely to meet its output target for FY'14

State-owned Coal India is unlikely to meet its output target of 482 million tonnes for the current fiscal due to factors like production loss after Cyclone Phailin and an agitation by contract workers in  subsidiary.

"At the current production rate, the shortfall in production is likely to be more than 10 million tonnes (MT)," a company source said. The source added that that achieving the target looks difficult, but the company is trying its best.

Also Read: CCI slaps Rs 1773cr penalty on Coal India

Coal India Ltd (CIL) suffered a production loss of over one million tonne due to shutdown of mining activities in Talcher Coalfields in Odisha. CIL had earlier this month said the production target for the current fiscal looks challenging. This followed Coal Minister Sriprakash Jaiswal asking the nstate-owned company to ensure that the output target for FY 2014 is met.

Mining activities at Talcher Coalfields in Odisha, including coal transportation, came to a halt on November 29 following violence by a group of labourers protesting the arrest of some of their colleagues at Jagannath area in Angul district.

The mining activities in around six coal blocks (in Talcher Coalfields) of Coal India subsidiary Mahanadi Coalfields Ltd were affected due to violence. According to a CIL official, the PSU suffered production loss in October due to Cyclone Phailin, which affected the key coal producing states of Odisha, Jharkhand and West Bengal.

Jaiswal had earlier said that though production at CIL had been hit in October due to Cyclone Phailin. CIL, which accounts for over 80 percent of the domestic production, contributed 452.5 MT of coal in the previous financial year compared with the target of 464 MT.


Coal India stock price

On December 12, 2013, Coal India closed at Rs 281.55, down Rs 7.2, or 2.49 percent. The 52-week high of the share was Rs 372.10 and the 52-week low was Rs 238.35.


The company's trailing 12-month (TTM) EPS was at Rs 13.90 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 20.26. The latest book value of the company is Rs 32.48 per share. At current value, the price-to-book value of the company is 8.67.


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HC asks IT to release Nokia's Chennai plant; experts react

The Delhi High Court on Thursday released Nokia's frozen Chennai manufacturing plant as part of a tax dispute for just Rs 2,250 crore. According to government, the amount should have been somewhere between Rs 10,000-15,000 crore. The government is likely to take a decision on the tax dispute on Monday. CNBC-TV18 spoke to Sanjeev Sabharwal, counsel, Tax Department and Vikas Srivastav, lawyer, Nokia to know more on the issue.

Below is the verbatim transcript of their interview on channel

Sanjeev Sabharwal, counsel, Tax Department

Q: What is you view on the verdict?

A: The judges have done their best. They have balanced the equities of both the sides. It also clears out a very wrong notion that Indian courts don't work.

Q: The court feels that the taxation figure, the liability amount which has being computed by the IT department is actually inflated?

A: There is a comment to that effect. However, when I went through with the tax department to these figures, they are also correct. It is a separate issue that you have to levy interest but that is a statutory interest.

Even Supreme Court has said that statutory interest has to be levied.

Q: You mean to say that the inflated figure actually factors in the interest component and the penalty component.

A: Yes and that has to be levied. Under the statute we have levy it. If we don't levy it here then we lose the chance to ever levy it.

Vikas Srivastav, lawyer, Nokia

Q: What lies ahead for Nokia?

A: Due to the delay, because of the court case we haven't moved fast enough and we are well behind other parts of the world in terms of processing our permissions. So, while we are on course but time is of essence, not tax maybe, but we will need many approvals and a lot of support from the ministry of commerce, the Tamil Nadu government and various other agencies.

Q: What kind of message do you think this sends out to the foreign investor community because IT department atleast has hailed the judgement in one aspect that now atleast the investors would have faith in the Indian judicial system?

A: I would tend to agree with the IT department. I keep repeating it subject to the fine print in the order. We do feel that Indian judiciary is moving with change in the times as far as the economy and economics is concerned. It is and it should reinforce the faith of foreign investors not only in India but also in the judiciary.



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India under pressure to dilute stance on food subsidies

Written By Unknown on Kamis, 05 Desember 2013 | 23.06

India is under pressure from China and Indonesia to dilute its stance over food subsidies as talks are headed for a collapse. The WTO is hoping to impose some curbs on food grains procurement and subsidies, which will hamper the rollout of the UPA's ambitious Food Security Bill. India has firmly come out against the WTO draft.

Also Read: DMs want to blame India for Bali talks failure: Care

Commerce minister Anand Sharma said the food subsidy is not a gimmick ahead of elections. "This is an old proposal. India has not suddenly remembered that there are going to be elections and pulled a rabbit out of the hat; that is not the case…. We have not come here as petitioners to beg for a peace clause. Restrained from what that it is binding on us to accept 1986 to 1988 prices and make ourselves vulnerable to disputes and calculations? The answer is a firm no," said Anand Sharma, minister of commerce.

CNBC-TV18's Rituparna Bhuyan says it is obvious that China and Indonesia are not with India. In fact there are media reports saying that the Indonesian President will call up Prime Minister Manmohan Singh asking him to be a bit more flexible as far as the proposed deals in Bali are concerned.

Brazil is supposedly acting as a mediator. Only two big emerging markets which are backing India are South Africa and Argentina. Sources say India is fine with an arrangement where eight of the 10 proposed deals get signed in Bali. The rest two i.e. trade facilitation and public procurement and food security both go back to Geneva where trade diplomats will then try to negotiate and have a consensus on both these deals in the next six to eight months.



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How the Aam Aadmi Party feeds the middle class fantasy

R Jagannathan
Firstpost.com

If the exit polls are correct, the BJP's moment of triumph in Rajasthan, Madhya Pradesh and possibly Chhattisgarh is likely to be hugely tempered by its showing – or near failure – in Delhi. The polls have offered wildly different predictions for the Aam Aadmi Party (AAP), ranging from a relatively low seat count to one where it may actually end up being the single largest party.

Taking both the outlier polls out – the one predicting six seats for AAP (ORG-India Today) and another giving it 31 (Today's Chanakya) – that still leaves us with a BJP that will probably be the single largest party – if not the winner. But whether it wins a majority in a three-way fight or merely remains the single largest party, the BJP is up against a rising AAP that is clearly making a spectacular showing in terms of voter enthusiasm.

Whatever be the relative seat counts of Congress and AAP, it is the latter that will be seen as the principal opposition party in Delhi.

The seat count does not matter in Delhi because the trend in popular vote is clear. It is anti-incumbent, but the Delhi voter is clearly buying the possibility of creating an alternative to both the principal parties in the capital city. The anti-Congress vote has split down the middle, and this is bad news for the BJP. Without the responsibility of power, AAP is best placed to capture the growing mood of public dissatisfaction further in many places in Delhi and perhaps beyond too. In Delhi itself, AAP can sit smugly and keep carping at what the Congress and BJP do or don't do; it will be preparing for the next Delhi assembly poll and the 2014 Lok Sabha elections without any handicaps.

It would be easy to dismiss AAP as a Delhi phenomenon, but the truth is AAP is the product of a movement, and an idea. It is a product of the new political empowerment of the middle class – a broad, self-defining category that could include the slum-dwelling consuming classes to the higher earning classes that live in government colonies and private rented or owned homes. This middle class empowerment has been driven by the digital media and TV which provide instant amplification and acceleration for a "viral" idea. It is likely to persist at least till 2014 – even if it ebbs and flows over the medium term. It is worth discussing this idea further, but first let us distil the message coming from Delhi and the other states.

#1: The Congress is over for now. It is clear that if the current mood persists till April-May 2014, and it surely will, the Congress faces a rout. It is an absolute no-hoper, except in pockets. The Rahul Gandhi vote does not exist, and the Dynasty will not be able to stem the rising tide of anger against its misgovernance. The Congress's best bet is actually to dump Rahul and get Sonia and Priyanka to drive the next campaign, but bringing out the latter means bringing out another dubious personality to the fore – Robert Vadra, a man whose very appearance could lose Congress votes. Sonia herself lacks credibility for it is her choice of spineless PM that has failed to deliver. It is difficult to see the Congress reinvent itself in a few months, with or without Dynasty at the helm.

#2: The BJP's best decision was on Modi. Announcing the candidature of Narendra Modi before the state assembly elections has proven to be the right decision – not because Modi may have swung too many votes the BJP's way but because it has united the party like never before. Modi's own wisdom allowed him to add the icing on the cake to broadly popular state leaders like Vasundhara Raje, Shivraj Singh Chouhan and Raman Singh. He could have made the difference between an ordinary win in Rajasthan and Madhya Pradesh, and a clear sweep. In Chhattisgarh, he may have just about helped Raman Singh's bandwagon towards victory. And in Delhi, he may have stopped the AAP from thumping a party run by Vijay Goel.

Consider what would have happened if the BJP had accepted LK Advani's idea of holding back the announcement of Modi's PM candidature till after the assembly elections. This is what Modi's detractors outside the BJP wanted, and Advani was foolish enough to think it was a great idea. A delay in announcement would not only have made the BJP's state victories less impressive, but also created a confused leadership structure, spurring divisive tendencies in the party before and after the assembly poll.

By announcing Modi, Rajnath Singh and the RSS ensured that the BJP benefits from two powerful forces pulling in the same direction – an empowered central pivot around Modi, and an empowered state-level federated structure that creates a new pipeline of the BJP's next line-up. It is hogwash to claim that collective leadership works; the evidence is that it does not.

Ask yourself: why is it that after five bumbling year of UPA-2, the BJP's collective leadership had nothing to show in terms of the BJP's popularity till Modi came along? Why is it that the collective leadership of Advani, Sushma Swaraj and Arun Jaitley failed to deliver the BJP anything in terms of electoral progress anywhere?

Whatever the Sangh's motivations, building a consensus on Modi was its most inspired decision after the one to nominate Atal Behari Vajpayee for PM in 1998, despite the fact that it was Advani who built momentum for the BJP in the late 1980s and 1990s.

Habitual Modi baiters will point to BJP's not-so-spectacular showing in Delhi as Modi's failure, especially since Modi is believed to have had a hand in the replacement of Vijay Goel with Harsh Vardhan as the party's local mascot, but this is bias masquerading as analysis. While one should not overestimate Modi's popularity in Delhi or other urban areas, the fact is when you are up against a rising tide of popular sentiment which AAP has increasingly come to represent in Delhi, you can't have old-style political leaders like Goel heading the party. Modi's backing for Harsh Vardhan probably helped stem the tide. In a three-horse race, it may even help Harsh Vardhan to win this Sunday, when the votes are counted.

If you are fighting an idea like AAP, you need an equally powerful idea – and Modi represents an idea more than just a political party. Take Modi out of the equation, and the BJP would have been lumped in the category of "political parties" – a category with low purchase with the middle classes.

#3: AAP is the BJP's biggest urban challenge in 2014. Currently, the AAP may be limited to Delhi, but, like Modi, it too caters to middle class fantasies. The middle class – which can be defined simply as people aspiring for a better life after moving out of basic deprivation and poverty – has a simple fantasy: it wants to get even with people who will get in the way of their aspirations.

Right now, it is politicians and their excessively corrupt ways who are seen as road-blocks to their progress. From the slum-dweller who feels oppressed by the state even while trying to get basic things done (like obtaining a ration card, a birth certificate, a school admission), to the upper middle class family which finds the streets unsafe for its women and dreams of buying a home fading into impossibility, everyone is in a sense middle class. The middle class wants those who stand in its way "fixed".

If you consider AAP's rise, it started with the Jan Lokpal agitation. Anna Hazare and Arvind Kejriwal told the middle class that with this legislation, they will end corruption and get rid of "those crooks." Modi, as an outsider to Delhi who is untainted by corruption and also has some claim to providing better governance, is a personification of the same idea. His promise is that a tough guy will set things right. This helps another middle class hope – that if they have someone or some law to fix things for them, they can focus on improving their lot in life.

Getting someone to "fix" things for them – whether through a legislation called Jan Lokpal, or a strong man like Modi – is what makes both AAP and Modi powerful draws for the middle class, especially in the urban areas. Both are fighting for the same vote, in a sense. The BJP has to rework its strategy in 2014 if it is to ensure that AAP does not spoil its party yet again.

#4: The regional parties also have cause to worry. The problem with our regional parties is simple: they depend on a sectional vote in states, and benefit from a first-post-the-post system where 30 percent of the vote is enough to get you the gaddi.

But AAP and Modi are essentially forces that will loosen traditional loyalties from caste and religion and rebuild them around class. AAP and Modi may not be a challenge to them in 2014, but the idea is not going away.

The writer is editor-in-chief, digital and publishing, Network18 Group



23.06 | 0 komentar | Read More

PSU banks' NPA menace: Union lists top defaulters

Bank employee unions are the latest group to put pressure on  big private sector defaulters. The All-India Bank Employees unions today released the list of top 50 loan defaulters, who account for Rs 40,528 crore hole in public sector banks' books barring SBI and IDBI Bank.

Topping the list is  Kingfisher at Rs 2,673 crore; followed by Winsome Diamond at Rs 2660 crore. Other defaulters like Electrotherm India, Zoom Developers, Sterling Biotech, S Kumars owe more than Rs 1500 crore to these government banks. The head of employee's union says they are looking to release data of over 7000 accounts, which have defaulted on loans above crore rupees.

Also Read: As bad loans mount, India gets tough on 'wilful' default

CH Venkatachalam, general secretary, All-India Bank Employee's Association says: "There are 7295 names in which about Rs 68,000 crore loans are involved Rs 1 crore and above. That we will publish. Incentives are being given for corporate delinquents. In fact, about 3.25 lakh crore of which about Rs 2.70 lakh crore of bad loans are being restructured as good loans, as performing loans. These are all pertaining to the corporate people. Restructured loans CDR accounts are nothing but hidden NPAs. It's a volcano. Anytime the bomb can blast."

But the association does not stop at that. It is now demanding that banks publish the list of defaulters of Rs 1 crore and above and classify "wilful default" as criminal offenders. Currently, RBI collates the data of wilful defaulters for improving bank supervision. 

Finance Ministry and RBI have been concerned about the way promoters renege on their loan repayments. They had asked banks to go after wilful defaulters aggressively and even look at management takeover as part of the recovery process. 

All-India Bank Employees' union had published a similar list of defaulters in 2003, 2005 and 2007 as well, to point out that while public sector banks are criticised for incompetence, it is the private entities which cheat them.



23.06 | 0 komentar | Read More

Delhi exit polls add to confusion, range make it less right

The exit polls, which are predicting the exit of Congress from Delhi, have failed to give a clearer picture. Each poll has given a different figure and the difference between these polls is huge which has led to more confusion.

These polls have also given a face saver to the ruling Congress to rubbish all such surveys.

Also Read: How the Aam Aadmi Party feeds the middle class fantasy

Both the Congress and the BJP are jittery over the prospects of Aam Aadmi Party (AAP) doing well and creating a hung assembly in the national capital.

The BJP is obviously happy about the exit polls which predict its victory. However, the same party is rubbishing the exit polls which are predicting a hung assembly in Delhi.

The exactly opposite response of the political parties to the exit polls have also added to more confusion and the common people have now started doubting them. Some even call them a comedy show.

Of the four surveys, two have predicted the BJP victory and the remaining two predicted hung assembly.

If you believe Today's Chanakya, the AAP will emerge as the single largest party in Delhi with 31 seats. It has projected 29 seats for the main opposition BJP. Today's Chanakya also predicts the rout of the Congress in Delhi. It predicts that the Congress will get just 10 seats.

But, the India Today-ORG poll predicts the exactly opposite result. It has projected just 6 seats for the AAP. According to India Today-ORG the BJP will come to power with 41 seats and the Congress will sit in the opposition with just 20 seats. This poll has gladdened the heart of BJP.

AC Nielsen's exit poll also predicts the BJP victory in Delhi. It has given 37 seats to the BJP. It predicts the Congress will win just 16 and the AAP will win 15 seats.

According to the C-Voter exit poll, the ruling Congress is projected to get 20 seats. The BJP will emerge as the single largest party with 31 seats and the Aam Admi Party is expected to win 15 seats.

What makes these exit polls so confusing? According to Dr Sandeep Shastri, noted psephologist and national coordinator Lokniti, a leading poll survey organisation, there are many reasons for the wide rage of variations. He said, "It could be either in account of methodological error, choice of interview locations or basis of conversion of votes into seats."

The Congress which is demanding a ban on poll surveys is now claiming that the wide range of variation in the pre-poll and exit poll surveys has proved that its demand is genuine.

According to some pollsters whenever and wherever a third political party emerges stronger in a hitherto two way contest, predicting the outcome becomes tough. The AAP has now become a pollster's nightmare.

Only when the counting gets over on December 8, we will come to know who got it right and who got it wrong.



23.06 | 0 komentar | Read More

Launch of interest rate futures in 10-yr govt bonds okayed

Market regulator Sebi today allowed stock exchanges to introduce cash settled interest rate futures (IRFs) on 10-year government bonds, which has been a long pending demand of market participants.

Also Read: All you need to know about investing in government bonds

"It has been decided to permit stock exchanges to introduce cash settled IRFs on 10-year Government of India (GoI) security," the Securities and Exchange Board of India (Sebi) said in a circular. The decision was taken after consulting Reserve Bank and feedback from market participants and stock exchanges.

An interest rate future is a contract between a buyer and a seller agreeing to the future delivery of any interest-bearing asset such as government bonds. Banks, stock exchanges and other market participants have been requesting for this product since a long time to deepen and broaden the derivatives market in the country.

Investors purchase or sell IRFs to hedge risks arising from fluctuation in interest rates, which depend on various factors including RBI policy, demand for liquidity and flow of overseas funds. "Two different designs (coupon bearing GoI security as underlying and coupon bearing notional 10-year GoI security with settlement price based on basket of securities as underlying) are permitted for cash settled futures on 10-year GoI security," it said.

The exchanges are allowed to launch contracts on either one or both of these options. This is being introduced on a pilot basis and the product features would be reviewed based on the experience gained.

Before the launch of the product, the stock exchange is required to submit the proposal to Sebi for approval giving the details of contract specifications, risk management framework, the safeguards and the risk protection mechanisms and the surveillance systems among others. Trading would be done between 9 am and 5 pm on all working days from Monday to Friday. To begin with, Sebi said that serial monthly contracts with maximum maturity of three months would be available.



23.06 | 0 komentar | Read More

Jet-Etihad deal: SES raises red flag; seeks open offer

Investor advisory firm SES has once again raised the issue of control in the Jet-Etihad deal and is once again clamouring for an open offer for  Jet Airways by Etihad. This comes after the Competition Commission noted in its observation that the deal gives Etihad joint control of Jet's assets and operations. CNBC-TV18's Sajeet Manghat and Archana Shukla report.

Market regulator SEBI's response to Subramanian Swamy on the issue of control in the Jet-Etihad deal is coming back to haunt it.

SEBI, in reply to Swamy said: "SEBI would be guided by the decision take by the government or other regulatory agencies regarding change in management/control. In the event such regulatory agencies decide that Etihad would be acquiring control over Jet, consequently, they would be deemed as PAC along with the current promoter group of Jet."

And investor advisory firm SES has latched on to this response.

With the Competition Commission observing that: "The effect of these agreements including the governance structure envisaged in the CCA establishes Etihad's joint control over Jet, more particularly over the assets and operations of Jet.", SES argues that Etihad could now be classified as a Person Acting in Concert and this will have wider ramifications for the deal.

"They will have to make an open offer," JN Gupta, MD & founder, SES, Former Executive Director, SEBI said.

Now this is not the first case where CCI's observations on control differ from SEBI's stand, which is based on the takeover guidelines. But this is certainly the first case where SEBI has committed to change its order if any government or regulatory agency gives a contrary ruling. This could put the Jet-Etihad deal on course for further turbulence. After all, Jet is yet to present the revised Articles of Association to its shareholders for approval, but has gone ahead with a preferential allotment and a changed ruling by SEBI could even ground the deal.



23.06 | 0 komentar | Read More

PowerMin floats draft Cabinet note on Mega Power Policy

The Ministry of Power has circulated a draft note for Cabinet Committee on Economic Affairs for certain amendments in the Mega Power Policy, Power Minister Jyotiraditya Scindia said in the Lok Sabha.

"Details will be finalised once the comments of the concerned Ministries are received and considered," Scindia said in a written reply.

Also Read: NTPC pre-closes Rs 1,750-crore tax-free bond issue today

Thermal power projects of 1,000 MW or more or a hydel power plant of 500 MW or more will be eligible for the benefit under the Mega Power Policy. It aims at providing impetus to development of large sized power projects and derive benefit from the economies of scale. These guidelines were last modified in 2006.

Scindia also said the government has decided that Fuel Supply Agreements will be signed for plants commissioned after March 2009 and scheduled to be commissioned by March, 2015 totalling to 78,000 MW.

So far, of the 172 FSAs as many as 157 pacts have been signed between power producers and Coal India Ltd. Signing of FSAs will ensure availability of fuel to the power plants which will boost power generation in the coming years, he said.

The government has taken several initiatives to enhance private participation and boosting power generation in the country including structural reforms for State Electricity Boards, formation of Central and State Regulatory Commissions and Formulation of National Grid, Scindia added. The government has also recognised power trading as a distinct activity.



23.06 | 0 komentar | Read More

Warburg Pincus and Faering Capital invest Rs 300 cr in Biba

Private equity firms Warburg Pincus and Faering Capital have invested about Rs 300 crore in Biba Apparels, a firm engaged in women and girls' ethnic wear.

Also Read: Lobster hat, armadillo bag on show for British fashion muse

"The investment includes a primary fund raise and provides an exit to the existing investor, Future Lifestyle Fashions Ltd. The transaction is the largest private equity investment in the Indian ethnic wear market," Biba said in a statement. On November 12 this year, Future Lifestyle Fashion Ltd (FLFL), part of Kishore Biyani-led Future Group, had divested its minority stakes in Biba Apparels.

Commenting on the development, BIBA Managing Director Siddharath Bindra said: "I am very happy to be able to provide a healthy exit to Future Lifestyle Fashions Limited, who has been an excellent partner to the company so far. I am also very excited to now have as partners Warburg Pincus and Faering Capital, as we scale up BIBA to the next level."

Warburg Pincus Managing Director and Co-head India Vishal Mahadevia said: "Warburg Pincus' investment in BIBA reflects its recognition of the company's high-quality management team led by Siddharath Bindra. We are excited to partner with BIBA'S management team as they continue to grow the business going forward." BIBA Apparels, which was established in 1986, has over 330 sales points across the country.



23.06 | 0 komentar | Read More

Data analytics enters HR space

Move over traditional hiring and people management strategies, number-crunching machines have now entered the HR game. CNBC-TV18's Vineetha Athrey reports.

The food you eat; the clothes you buy; the games you play; the vacations you take—data analytics has already been tracking your everyday activity to give marketing teams an edge. Now, these number-crunching, algorith-running pieces of artificial intelligence are all set to have a bigger say in your work life too. More and more companies, especially in the IT and FMCG space, are adopting these tools in their HR practices and processes to manage their large workforce.

Ajoyendra Mukherjee, EVP & Global Head - HR,  TCS says: "Using big data and analytics, for example, spotting talent by looking at social media these are things we are experimenting with at this point."

Ravi Shankar, EVP & Chief People Officer,  Mindtree says: "20-30% of data we use is going thru predictive analysis, which is the real HR analytics, where we use models in the place of attrition management, compensation management, turnover prediction etc"

But this also means that hiring patterns are also set for a drastic change. IT firms, for instance, are increasingly opening up to hiring non-engineers for engineering positions and in some cases, that's meant that recruitment of engineers for such roles has fallen by 20 percent.

Manish Sabharwal, Co-Founder & Chairman, Teamlease says: "All this is coming from their HR analytical tools that's telling them that productivity outcomes at six months, one year, 2 years are not different and a non engineering is much more grateful and hungry than an engineering to have a job at Infosys or Wipro. Or wherever else."

This new method of deciding on recruitment comes as a life-saver for many corporate houses, especially those which have had to wrestle with uncertainty in their long-term project management decisions due to escalating wage bills and unpredictable attrition levels. Many also hope that incorporating such business intelligence tools will give them a much-needed edge in better workforce management, which could mean a faster turnaround, economically speaking.



23.06 | 0 komentar | Read More

FM reaches out to Opposition on Insurance Bill

The Finance Minister has reached out to the opposition to get support for the Insurance Bill. The Finance Minister today met the leader of the opposition in Lok Sabha, Sushma Swaraj to discuss the key economic bills. CNBC-TV18's Aakansha Sethi reports.

Chidambaram said that the Bharatiya Janata Party (BJP) has assured them that it will consider support for the Insurance Bill. The Insurance Bill seeks to hike foreign direct investment (FDI) in the insurance sector to 49 percent and this has been a key reform.

The FM said that the BJP has told him that it will get back to him with a final view by tomorrow. Internally, the BJP has been divisions rather on supporting this Bill.

Ultimately, it will be on December 8 that the fate of this key economic legislation will be known. If state assembly elections are in the favour of BJP, as exit polls are predicting, then the government may lose its strength to push forward some of those key economic reforms.

Also, it remains to be seen whether the Winter Session of Parliament will be extended by a week. The Telangana Bill will take four to five days and if the government decides to bring in the Women's Reservation Bill that then could takeover the session.

So, two factors will determine a) whether the BJP agrees to support or not which will depend on the outcome of the state elections and b) whether the parliament session is extended or not.



23.06 | 0 komentar | Read More
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