Nokia launches Lumia 1020 with 41 megapixel camera

Targetting camera aficionados, Nokia India today unveiled its much-anticipated 41 megapixel camera phone Lumia 1020, which will hit shelves on October 11. The price of the device will be disclosed on October 10 but as per estimates, it will be available in the range of Rs 47,000-Rs 48,000. It is currently selling in other markets for USD 800.

"We have received extremely encouraging response for our Lumia range and believe that Nokia 1020 will further strengthen our leadership in imaging, which plays a important role in the lives of consumers today," Nokia India Managing Director P Balaji told reporters here.

The dual-capture feature of the phone allows to take a high resolution 38 megapixel image and also creates a 5 megapixel picture that can be shared on social networking sites. The device has an application called Nokia Pro Camera, which makes it easy for anybody to take professional quality images.

The application allows users to click pictures first and then zoom later to get their desired shot. "It is our premium smartphone and our target market is people who value great imaging experience. There are 50 per cent people who click pictures with their smartphones and a fraction of those are camera lovers, who are our target audience for this phone," Nokia India, Middle East and Africa Director (smartphone devices) Vipul Mehrotra said.

Also read: Nokia weighs Alcatel tie-up after Microsoft deal, say Sources

He said when it comes to volumes, there is this pyramid structure. Lumia 520 will be the lower end of the pyramid and 1020 will be the top end. Mehrotra said Lumia 520 has received an amazing response from the people and it is one of the largest selling devices on the e-commerce sites.

"Lumia 520 is a favourite with the younger audience, its a high end smartphone at a very affordable price," he added. The company now has 13 devices in the Lumia portfolio in India. Lumia 1020 runs on Windows 8 and has 32 GB on board storage. The company has also tied up with Vodafone wherein the customers will get free 2GB of 3G data usage for two months. Customers will also get an application voucher worth Rs 1,000 with the phone.

23.06 | 0 komentar | Read More

PFC invites initial bids for Odisha, Tamil Nadu UMPPs

Power Finance Corporation , the nodal agency for ultra mega power projects in the country, has invited preliminary bids for setting up a UMPP each in Odisha and Tamil Nadu. The Power Ministry proposes to set up a 4,000 MW ultra mega power project at Bedabahal (Odisha) and Cheyyur (Tamil Nadu).

"Under the initiative for development of UMPPs launched by the Ministry of Power, PFC invites applications for selection of eligible bidders for development and operation of 4,000 MW Cheyyur project on DBFOT basis," a notice inviting tender on PFC website said.

DBFOT is design, build, finance, operate and transfer model. Cheyyur UMPP is a coastal power project based on imported coal. The beneficiary states are Tamil Nadu, Karnataka, Andhra Pradesh, Maharashtra, Kerala, Uttar Pradesh and Punjab.

Also read: 'Will seek Cabinet nod for capping gas price for power'

In another notice, PFC also invited initial bids for executing 4,000 MW UMPP at Bedabahal in Odisha. The project, to be set up on DBFOT basis, is a coal-fired pit head project near Bedabahal village in the state. The coal from the project will be sourced from the mines -- Meenakshi, Meenakshi B and dip side of Meenakshi in Ib valley coalfields allocated by Coal India for this project.

Estimated investment in each UMPP is approximately Rs 20,000 crore. These bids have been invited after the government revised the existing Standard Bidding Documents for Case-II projects including UMPPs.

Under the revised norms, any escalation in cost of fuel will be passed on to the consumer in the form of higher tariff and the companies, executing the projects, will have to mandatorily source equipment from the domestic manufacturers.

Case-I projects are where developers have the choice to decide on location, fuel and technology to be used. In Case-II, the location of the project and fuel to be used are already decided before the start of competitive bidding.

So far, four UMPPs have been awarded of which three --Sasan (Madhya Pradesh), Krishnapatnam (Andhra Pradesh) and Tilaiya (Jharkhand) -- have been bagged by Reliance Power . Tata Power is operating the Mundra UMPP in Gujarat.

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Govt to soon permit private cos to explore shale resources

After allowing state-owned firms to explore shale oil and gas from their blocks, the government will soon permit private companies like Reliance Industries and Cairn India to find and produce shale resources.

"My first original draft (shale gas policy) was for a comprehensive policy involving exploration of shale resources by both public and private sector companies. But finance ministry had some constraints... so we bifurcated that allowing national oil companies first," Oil Minister M Veerappa Moily said on the sidelines of the HSE Conference organised by Cairn India here.

The Cabinet Committee on Economic Affairs (CCEA) on Tuesday approved the long-awaited shale gas and oil exploration programme to boost domestic output .

In the first phase, state-owned ONGC and OIL have been permitted to explore for and produce shale oil and gas from onland blocks that were allotted on a nomination basis before advent of the New Exploration Licensing Policy in 1999.

The government will offer shale oil and gas blocks to other companies through an auction planned after such a policy is taken to the Cabinet for approval in the next few weeks.

The policy for allowing private firms to also explore and produce shale oil and gas "will come very soon," he said. Shale gas, or natural gas trapped in sedimentary rocks (shale formations) below the earth's surface, is the new focus area in the US, Canada and China as an alternative to conventional oil and gas for meeting growing energy needs.

As per available data, six basins -- Cambay (in Gujarat), Assam-Arakan (in the North-East), Gondawana (in central India), KG onshore (in Andhra Pradesh), Cauvery onshore and Indo-Gangetic basins, hold shale gas potential.

Various studies have estimated recoverable reserves of shale gas at between 6 trillion cubic feet and 63 trillion cubic feet.

Shale production will be taxed at par with conventional fields.

"Initially, I was in favour of an integrated shale gas policy but due to certain issues we decided to take the first step (of allowing state-owned firms to explore)," Moily said.

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Govt notifies implementation of GAAR rules from April 2016

The government has notified the controversial anti-avoidance tax rules, which will be implemented from April 2016 and apply to business arrangements with a tax benefit exceeding Rs 3 crore.

The General Anti Avoidance Rules (GAAR) provisions will come into force from April 1, 2016, the Central Board of Direct Taxes (CBDT) said in a notification dated September 23.

Read more: FinMin approves Rs 5500cr as SBA to pay fertiliser subsidy

The GAAR provisions were introduced in the 2012-13 Budget by then Finance Minister Pranab Mukherjee to check tax avoidance and were to have come into effect from April 1, 2014. The proposal generated controversy, with investors apprehensive about harassment by tax authorities.

To soothe the nerves of jittery investors, Finance Minister P Chidambaram in January announced the postponement of the implementation of Chapter 10A of the Income-Tax Act (dealing with GAAR) by two years to April 1, 2016.

According to the notification, GAAR would be applicable to foreign institutional investors that have not taken the benefit of an agreement under Section 90 or Section 90A of the I-T Act or Double Taxation Avoidance Agreement (DTAA).

The GAAR provisions would not apply to business arrangements where the "tax benefit in the relevant assessment year arising, in aggregate, to all parties to the arrangement does not exceed a sum of Rs 3 crore."

"Where a part of an arrangement is declared to be an impermissible avoidance arrangement, the consequences in relation to tax shall be determined with reference to such part only," the notification said.

Besides, before invoking the GAAR provisions, the assessing officer has to "issue a notice in writing to the assessee seeking objections, if any, to the applicability of provisions of Chapter X-A."

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DBS Bank expects 0.5% repo rate hike in next 3 months

The Reserve Bank is likely to increase short term lending (repo) rate by 0.5 percentage points by December in a bid to anchor inflationary expectations, DBS Bank said in a report.

Also read: Odisha, Bihar least developed states; Goa, Kerala top chart

"Shifting from our previous call of no-change into 2014, we now expect two 25 basis points (0.25 per cent) rate hikes in the repo by end 2013-14. Risks are that the hikes might be frontloaded before December," it said.

This move will narrow the spread between the repo rate and retail inflation, in a bid to anchor inflationary expectations, it said.

These tweaks will also make the repo rate as the operative policy rate, just as the marginal standing facility (MSF) rate is normalised, it said.

A complete rollback of the liquidity measures, however, is unlikely before December, as the central bank will await better visibility on flows after the swap window closes in November, it added.

In contrast to expectations of a balanced and growth-supportive policy at his maiden policy review, new RBI Governor Raghuram Rajan surprised by raising the repo rate by 0.25 per cent to 7.50 per cent last week.

"While the hike was justified by the need to contain inflationary expectations, the July's 'extraordinary liquidity measures' were partly unwound on the stable external environment" it said.

Besides, the MSF was lowered by 0.75 percent and the Cash Reserve Ratio (CRR) daily average requirement reduced marginally. These adjustments were a nuanced approach to strike a balance between easing the stress on banks' balance sheets on one hand, whilst keeping the rupee stability in view, it added.

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USFDA to Agila: Use of non-sterile gloves a grave violation

The use of non-sterile gloves in manufacturing of sterile drug products is a grave violation, says the USFDA in its warning letter to one of Agila Specialities' Bangalore facility.

Agila Specialities, being an injectible manufacturer needs to perform all drug manufacturing processes under a sterile environment to avoid any contamination. The USFDA's warning letter notes that an unsatisfactory resolution of the issues may lead to an import ban on products from this facility, reports CNBC TV18's Archana Shukla.

The warning note has been issued to Agila Specilaities after an inspection was conducted by USFDA in June 2013 that found violations to cGMP norms. Agila Specilaities, a unit of Strides Arcolab , is now being acquired by US-based Mylan Inc for a whopping USD1.8 billion. Mylan had recently received government nod for this deal and it is in final stages. 

The warning letter says the company failed to even establish procedures to prevent microbial contamination of sterile drug prods. Also, failed to include validation of all aseptic and sterilisation processes in the injectible manufacturing unit. 

Also read: Daiichi to cooperate with USFDA to resolve Ranbaxy concerns

During the inspections, visible holes and flaking were observed in gloves claimed to be sterile. And batches of injectable drug products were manufactured using these defective glove lots.

Citing it as a grave concern, the USFDA notes that these defective gloves were even used to perform manipulations directly over empty vials, increasing the chances of contamination of the sterile drug products. 

While the company had responded to the observations, the US drug regulator says it disagrees with the company's written response that minimizes importance of glove integrity.

The regulator also noted that significant number of gloves already released by the Quality Assurance team of Agila, or those that were used in production were defective. Also pointing out that the vendor qualification program & incoming material release systems at Agila are deficient. 

Industry experts say the violations listed in the warning letter are pretty serious and would take a concerted effort by the company to re-establish quality compliance. 

The company has now changed its vendor as a remediation measure. However, since the earlier vendor supplied to all sites, the regulator has raised concerns that there could be a possibility of defectives gloves being used in the other sites.

Strides Arcolab had informed stock exchanges about the USFDA warning letter on Spetember 16th. The company had clarified that subsequent USFDA inspections in other Bangalore facility of Agila has not attracted any observations.

Analysts had raised concerns that the recent regulatory issues at Agila could put the Mylan deal at risk. However, in a statement last week, Mylan clarified that this will not affect the deal.

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Sebi settles SpiceJet case with WL Ross for Rs 1.10 cr

Billionaire investor Wilbur Ross-headed global private equity group WL Ross has paid Rs 1.10 crore to settle long-running Sebi proceedings with regard to purchase of shares in Indian carrier SpiceJet.

WL Ross had acquired controlling stake in low-cost carrier Spicejet in August, 2008, but later sold it to Kalanithi Maran-led Sun Group in June, 2010. As on June quarter, Marans held 52.14 per cent stake in the airline.

Market regulator Sebi was probing suspected violations by WL Ross entities with regard to takeover norms, including alleged failure to make a public announcement to acquire shares of Spicejet and suppression of information from the regulator and the public at large.

Also read: Sebi relief for P&G in Gillette case

In 2011, the Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against WL Ross group entities --  WLR Recovery III (India), WLR Recovery IV/ESC (India), India Asset Recovery Fund and WLR/GS (India) -- over the alleged violations.

While the adjudication proceedings were in progress, the entities had filed for a settlement plea in 2012 with Sebi under the regulator's consent order mechanism. The entities had offered an amount of Rs 1.10 crore as part of the settlement terms.

The consent terms were approved by Sebi's High Powered Advisory Committee (HPAC) and the panel of whole time members, this year.

Accordingly, the WL R entities have remitted the consent amount on August 13, 2013, said a Sebi consent order today. Sebi said it is disposing of the adjudication proceedings initiated against the entities with immediate effect.

The market watchdog said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by WL R entities is found to be untrue.

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India Ratings pegs fiscal deficit crossing 5% on Re fall

India Ratings today said the government is likely to miss the fiscal deficit target of 4.8 percent this fiscal due to the recent steep fall in rupee, and pegged the gap at over 5 percent.

Read more: FinMin approves Rs 5500cr as SBA to pay fertiliser subsidy

Calling for a steep increase in prices of diesel if the government were to adhere to the target, the under-recoveries are threatening the fiscal arithmetic.

"The rupee depreciation could increase oil subsidy by 0.1 per cent to 0.4 percent of GDP this fiscal and this alone could push fiscal deficit over 5 percent of GDP as against the budgeted 4.8 percent," the ratings agency said in a report.

"Even though it has been consistently raising diesel prices by 45-50 paise per month to bring the price at par with global crude prices, under-recoveries on account of diesel, kerosene and cooking gas "are threatening the the fiscal arithmetic," it said.

Commenting on the rupee depreciation, it said the budgeted amount of Rs 65,900 crore towards oil subsidies and Rs 65,000 crore on the oil subsidies was set when the rupee was trading at the 53-54 levels against the dollar.

It can be noted that since the beginning of the fiscal, the rupee has lost up over 20 percent and had hit all time low of 68.85 against the dollar on August 28. It has, however, gained ever since the government and RBI announced a series of measures and also because of the US Fed's decision to postpone the taper.

India Ratings said the price of the Indian basket of crude rose by 28 percent since April, pushing the daily under- recoveries of oil marketing companies to Rs 461 crore in the first fortnight of September, up from Rs 349 crore in April.

The under recoveries on diesel alone shot to Rs 14.5 per litre in the first fortnight of September, it said.

"In all likelihood, oil subsidy in FY'14 will be higher than the budgeted amount of FY'14," it said. On the fertiliser front, India Ratings expressed some hope, saying it does not expect any uptick from the budgeted targets as the global prices have declined between 11.3 to 23.9 per cent since April.

Acknowledging the recent appreciation in the rupee, the report said the rupee is unlikely to go up to levels seen when the budget was prepared.

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Weather in major airports in India on 27th September 2013

Indira Gandhi International Airport, Delhi

No Delays Weather will be partly cloudy with warm and humid conditions prevailing. There are chances of light rain at the airport. Temperature would be near normal.

Guru Ram Das Jee International Airport, Amritsar

No Delays Sky will be partly cloudy and winds would be light variable.Temperature will be near normal

Chaudhary Charan Singh International Airport, Lucknow

No Delays There are chances of light rain at Lucknow airport.  Sky will be partly cloudy with light westerly winds blowing. Temperature will be marginally below normal.

Lal Bahadur Shashtri International Airport, Varanasi

No Delays Light to moderate rain is expected at the airport. Temperature would remain near normal at. Sky will be partly cloudy to cloudy with light winds blowing from the west.

Lok Nayak Jai Prakash Narayan Airport, Patna

No Delays Sky will be cloudy with light to moderate rain/thundershowers. Temperature will be near normal with light variable winds blowing.

Netaji Subash Chandra Bose International Airport, Kolkata

No delays One or two spells of moderate rain is expected at Kolkata airport. Temperatures will remain near normal. Sky will be cloudy with light westerly winds prevailing.

Bangalore Airport

No delays Sky would be partly cloudy. Temperature will be near normal with moderate westerly blowing.

By: Skymetweather.com

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Want to buy additional spectrum, invest in India: SSTL

Sistema Shyam Teleservices Ltd, which offers mobile services under the MTS brand, has informed Trai that it wants to invest in India and participate in spectrum auctions to expand operations across the country.

SSTL has said this in a protest letter to the Telecom Regulatory Authority of India against its recommendation that there should be no auction of CDMA airwaves. It was only bidder for the CDMA spectrum (800 Mhz band) in the March 2013 auctions and won radiowaves to operate in 8 circles for Rs 3,639 crore.

Also read: Spectrum auction expected in Jan, target Rs 11k cr revenue

In the letter, SSTL CEO Dmitry Shukov said: "We have already made USD 3.6 billion long-term investment in India and would need additional spectrum to meet the growing demand from subscribers for better quality services.

"SSTL is committed towards India, and are willing to continue to make investments in India."  Trai has said in its recommendations that there is no demand for the CDMA spectrum, except from SSTL, as was seen in the last auction and one telecom operator had offered to surrender some its airwaves frequency in the CDMA band.

The regulator also said that unlike 1800 Mhz band (2G spectrum), government is not bound by the Supreme Court order to auction CDMA radiowaves, recommending that "the auction in the 800 MHz band should not be carried out now".

Countering the point, Shukov said that there was no demand for even premium 2G spectrum in 900 Mhz band but still Trai has recommended its auction at much lower rate.  "Had reserve price for 800 MHz spectrum band been reasonable, we may have bought more spectrum in 8 circles and participated in auction for remaining 13 circles and continued with Pan India operations," he said in the letter dated September 20.

Trai has recommended up to 62 per cent lower price for 900 Mhz band spectrum compared to last reserve price. Government is considering auction of certain amount of frequencies in 900 Mhz band which are with telecom companies like Airtel, Vodafone and Loop Mobile in service areas where their licences will expire in the last quarter of 2014.

Shukov has also protested against Trai recommendation to explore opportunity for making part of CDMA spectrum band available for extended GSM services. "We are perturbed by the Authority's recommendation to cull out significant portion of 800 MHz band to create EGSM band and withhold auction of 800 MHz spectrum band. Our decision to investment in 800 MHz spectrum band was based on current and future availability of spectrum in this band," he said.

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Excessive rain, poor drainage destroying orange crops

Excessive rain in orange growing region of Vidarbha (Nagpur) in Maharashtra has led to damage of orange crops. Experts claim that water logging in the orchards has led to onset of various fungal diseases and pests that are destroying the crops. The National Research Centre for Citrus (NRCC) advises orange growers to maintain the best possible drainage as that`s the only solution to save orchards from decline or death.

NRCC says that amid excessive rains, chances of water logging always exist if drainage system is not maintained. NRCC has cautioned farmers to remain vigilant during September as it is a crucial month for following best cultivation practices to save the crop from fungal and other diseases. High humidity and water logging invites a lot of diseases and pests. And, if proper care is not taken it may also lead to extreme situations with the orchards dying.

NRCC suggests that the first vital step orange growers should take is tillage operations if there are no rains. Farmers should uproot weeds from the tree basin. Instead of flooding the tree bottom, a double ring should be prepared around the tree for irrigation. In case of drip irrigation, the laterals should be spread and only measured amount of water as per requirement of plant should be given.

By: Skymetweather.com

23.07 | 0 komentar | Read More

Weak rupee to benefit only in short-term: Tech Mahindra

Information Technology (IT) companies are confident of performing better on the back of rupee's fall. Vineet Nayyar, vice chairman of Tech Mahindra says that the company will see benefits of the currency's fall in the next two quarters. However, the industry will soon adjust itself to the new pricing, while inflation will pressure domestic costs, he told CNBC-TV18.

The company has not cut its prices so far as the rupee is still volatile. The worry is at which point the currency will stabilise, he adds.

Also read: Ben Bernanke speech: Did Fed chairman fool the Street?

Below is the edited transcript of his interview to CNBC-TV18.

Q: The corollary to what Fed has done is that it means that the outlook for the economy is slightly lower. It is not as great as it was earlier. Do you sense signals that going forward, there could be some problems in the US market recovery?

A: The demand for Indian IT mercifully arises both when the economies are doing well. The economies are not doing so well. There is a greater pressure to save costs and bring economies in their operations.

Therefore, India looks like an alternative. We have seen that in Europe. If the US economy does not do well, I am not that disturbed as our relevance becomes even better.

Q: The currency has been extremely volatile from 59/USD to 68/USD; now it is back to 62/USD. What is going to be the impact on your company?

A: In one or two quarters, some benefits may be seen. But then the industry adjusts itself to the new realities of pricing. In competition for new business, Indian industry competes largely with each other internationally; we will take into account the reduced value of rupee.

Therefore, it reduces cost, but it is not a proportional reduction in cost for every one dollar. The Indian cost is about 30 percent. The rest our expenditure in foreign exchange. So the entire benefit of depreciation does not flow down to us.

Secondly, you will see inflationary pressures within the country, which will push up the Indian cost too. So net-net, I see the benefit being perhaps one-two quarters if that.

Q: You referred to pricing cuts on account of rupee depreciation. Are there any pricing cuts that you have already done? Do you expect any going forward?

A: No, we haven't seen any pricing cut so far. The jury is still out at where the rupee will finally stabilise and industry internationally responds to short-term. Our worry is not so much short-term as long-term where the rupee finally will stabilise at.

So, the benefits if they are there will be temporary.

Q: Is Tech Mahindra planning any acquisition in this year? Have you shortlisted anything?

A: We have declared policy that we will grow both organically and non-organically. Our acquisitions will be based on not for bulking purposes but for strategic reasons. We are always looking at a number of opportunities when we find the right strategic fit, we will go ahead and make the acquisition.

Q: Have you shortlisted any acquisition targets?

A: We have number of objectives, but for obvious reasons we cannot talk about it.

Q: For the full year, are you confident of beating 12-14 percent NASSCOM forecast for dollar-revenue growth?

A: We don't give guidance on this issue, but we would be going with the averages definitely.

Q: What about the telecom vertical, will it grew in line with the industry average?

A: Our telecom revenue is growing other than BT ahead of the industry average. Taking our entire telecom segment into account, we will more or less be growing in line with the predictions for the industry.

23.07 | 0 komentar | Read More

IOC to invest more than Rs 30000 cr in petrochemical sector

Sep 19, 2013, 07.13 PM IST

According to sources, IOCL is planning to establish an ethylene oxide purification unit in its Panipat refinery, a Rs 5000 crore greenfield project for acrylic and acetic acid production in Gujarat, and a polymer polypropylene unit in Paradip, making the total cost of these projects more than Rs 30,000 crore.

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IOC to invest more than Rs 30000 cr in petrochemical sector

According to sources, IOCL is planning to establish an ethylene oxide purification unit in its Panipat refinery, a Rs 5000 crore greenfield project for acrylic and acetic acid production in Gujarat, and a polymer polypropylene unit in Paradip, making the total cost of these projects more than Rs 30,000 crore.

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IOC to invest more than Rs 30000 cr in petrochemical sector

According to sources, IOCL is planning to establish an ethylene oxide purification unit in its Panipat refinery, a Rs 5000 crore greenfield project for acrylic and acetic acid production in Gujarat, and a polymer polypropylene unit in Paradip, making the total cost of these projects more than Rs 30,000 crore.

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Indian Oil Corporation , with a robust project pipeline is planning to expand its footprint in the petrochemical sector with investments more than Rs 30,000 crore in the anvil.

CNBC-TV18 learns that state-run  IOC is scouting for downstream private players to bid for four of their upcoming projects in petrochemical sector.This is the first time that an Indian downstream co is making its entry into the chemical manufacturing space.

Also Read: CCI reviews impeding projects cleared in previous meetings

According to sources, IOC is planning to establish an ethylene oxide purification unit in its Panipat refinery, a Rs 5000 crore greenfield project for acrylic and acetic acid production in Gujarat, and a polymer polypropylene unit in Paradip, making the total cost of these projects more than Rs 30,000 crore.

IOC is in talks with BP (British Petroleum) for a possible JV for its acetic acid plant, sources say. While BP has confirmed that they had signed an MOU for the same, they have refused to divulge details of the investment that both these companies are likely to be making.

Sources indicate that the project size is likely to be more than Rs 5000 crore, with a substantial equity investment. IOC is likely to complete these projects in next four years.

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23.07 | 0 komentar | Read More

US jobs will have to hit 250K before Fed tapers: Gartman

After the shocking decision by the Federal Reserve to forgo tapering its monetary stimulus program, investors are now asking when it might begin. Dennis Gartman says it could be a long wait.

"Going forward, we just have to keep an eye—as the Fed has told us—on unemployment and until that number gets below 6.5 percent, we can expect the Fed to do very little." Gartman, the founder of the closely watched Gartman Letter, told CNBC Europe's "Squawk Box" on Thursday.

"We're going to have to be deep-diving into the monthly data even more than we have in the past, and we're going to find out that we need. Maybe 200,000 or 225,000 or maybe even 250,000 in monthly nonfarm payroll numbers before the Fed's going to be comfortable with reducing the amount of accommodation."

Gartman said he was not surprised that the Fed had done nothing. "I said the Fed would do very, very little at all other than changing its rhetoric and [Fed Chairman Ben] Bernanke has made certain that we understand how data determinant the Fed would be going forward."

On Wednesday, the Fed reiterated its 2.5 percent inflation and a 6.5 percent unemployment rate—currently at 7.3 percent—as the minimum levels for reducing its monthly bond purchases.

Gartman was not so sure inflation was as important for the Fed, however, saying the central bank appeared "sanguine about the inflation numbers almost as if that was a secondary thought. The focus is clearly on the employment numbers."

Bernanke said Wednesday the central bank wasn't ready to cut back on its stimulus because a tightening in financial conditions could hurt the economy and employment.

Also read: No taper! Did Bernanke fool the Street?

Using this measure as a taper gauge, the decision not to taper is not entirely surprising. Job growth was less than expected in August as the US economy added 169,000 positions. In June and July, the nonfarm payroll numbers showed a mixed picture with 195,000 and 162,000 jobs added respectively.

Also read: Jobs growth misses high hopes; unemployment rate drops to 7.3%

The decision by the Fed saw US markets soar to all-time highs on Wednesday while bond yields retreated. "[The response by markets was] very logical," Gartman said. "The Fed has told you that another USD 85 billion a month will be rolling into markets for the next several months, stock prices have to go up, the bond market prices have to go higher and yields fell yesterday. Was the market responding logically? Yes, it did exactly what it should do."

Also read: Fed's 'no' to taper sends stocks rising

As investors prepare for Bernanke to leave the post in January, Gartman said that focus would now be on Janet Yellen, the Fed's current vice chairwoman after Larry Summers dropped out of the race last weekend.

Gartman said the dynamic between Yellen and Esther George, the hawkish president of the Kansas City Fed who has expressed concern about the risk of higher inflation as a result of Fed's aggressive monetary policies in the past, would be closely watched in future.

"Those will be the voices that we pay all our attention to after the turn of the year. Miss George is clearly the hawk on the committee while Yellen will be the dove on the committee, and we do have to defer to Miss Yellen; she will be the chairman. It'll be interesting to see the debates around those two."

23.07 | 0 komentar | Read More

JJ to resume ops at Mulund plant after HC reprieve

In major relief coming for Johnson and Johnson, the Bombay HC has set aside the impugned Maharasthra FDA order that had cancelled its license to manufacture cosmetics as its facility in Mulund. ( Read More )

The Bombay HC has remanded the matter back to the Appellate Authority, directing it to hear J&J's application afresh. Armed with this order from the Bombay HC, J&J can now resume operations at its Mulund facility, which had been shut since June.

J&J encountered trouble with the Maharasthra FDA after it issued, in March, an order canceling the company's license to manufacture cosmetics from the Mulund plant.

The FDA had contended that it believed that 15 batches of baby powder, manufactured in 2007, contained Ethylene Oxide. Ethylene oxide is known to be a chemical that causes cancer.

Maharasthra FDA had also contended that Ethylene Oxide had been used in a sterilization process that was not registered with the FDA. The FDA also contended that no tests had been conducted top ensure that no residues of Ethylene Oxide were found in the products.

In June, J&J appealed against the order before the Minister of State (MoS) for FDA, Manohar Naik. However, the appeal was dismissed and the FDA's order, canceling the license, was upheld leading to the closure of the Mulund plant.

J&J had then sought relief by appealing against the order in the Bombay HC. J&J maintained that ethylene oxide had only been used for that specific batch of baby powder back in 2007.

J&J also contended that the Drug and Cosmetics Act did not require the company to register the process with the FDA. J&J also argued that the same act also did not require the tests, specified by FDA, to be conducted.

The company claimed that no complaints against the use of the specified products have been made. J&J also made an application for the repeating the process of sterilization process with the use of ethylene oxide, allowing the FDA to test for any harmful residues.

Meanwhile, Ajit Telang, a former employee, who claims to have blown the whistle on the company's use of ethylene oxide sought to intervene in the matter, citing public interest. Telang argued that the substance takes years to manifest in the form of the cancerous conditions.

The Bombay HC passed the order today, without prejudice to Telang's rights to make a similar application for intervention before the appellate authority.

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FIPB clears Shanta Biotech's proposal; Sanofi to hold 100%

Foreign Investment Promotion Board (FIPB) has cleared Shanta Biotech's deal proposal. Sanofi will now hold 100 percent of Shanta Biotech, reports CNBC-TV18's Aakansha Sethi.

The company's proposal for buying out its minority shareholders has been cleared. Foreign investment in Shanta Biotech will increase from 97-100 percent. It implies an investment of Rs 755 crore in the company, which has been cleared.

Also read: Govt clears 17 FDI proposals worth Rs 993 cr  

Other key proposals were also cleared in the meet. Axis Bank had asked for increase its foreign investment from 49 percent to 62 percent via American Depository Receipts (ADR) and Global Depository Receipts (GDR). It was cleared by the FIPB.

HCL Technologies ' proposal to invest in its downstream subsidiary called HCL Comnet in the telecom sector is also cleared. Since the holding company's foreign investment will rise from 49-74 percent, the foreign investment in downstream subsidiary will go up to 74 percent.

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Rajan may partially roll back RBI steps to curb rupee fall

Majority of the bankers and economists polled by CNBC-TV18 expect Reserve Bank Governor Raghuram Rajan to partially roll back the measures taken in July to prop up the rupee, reports CNBC-TV18's Gopika Gopukumar.

The RBI had restricted banks from borrowing at 7.25 percent from the repo window. It had forced them to borrow at a higher rate of 10.25 percent from a special window called marginal standing facility (MSF).

Also read: Fed inaction gives RBI room to unwind earlier steps: Nomura

Around 55 percent of those polled expect the central bank to cut the MSF rate. Some expect a 50 bps (basis points) cut, while others expect as much as 200 bps. Only 45 percent expect the rate to be maintained at 10.25 percent.

A majority of people surveyed also expect the RBI to reduce the daily CRR (cash reserve ratio) requirement of banks in a calibrated manner. This move had taken away banks' flexibility in managing their CRR (the amount of deposits they have to keep in cash with the central bank).

Around 60 percent of the market now expects RBI to bring down this daily requirement to 90 percent of CRR, while 20 percent expect it to come down below 90 percent.

However, the street does not expect the central bank to remove the cap on repo borrowing anytime soon. This would mean MSF will continue to be the operational policy rate i.e. the rate at which banks borrow. 

While 70 percent expect cap on banks' borrowing from the repo window to remain at 0.5 percent of total deposits, only 30 percent expect this limit to be raised to 1 percent of total deposits.

The market is going to closely read the new governor's policy stance. 35 percent of those polled expect Rajan to sound hawkish, 35 percent expect him to sound dovish on growth and 30 percent to strike a more balanced tone. 

Finally, there is a good chance, that Rajan may announce more market development steps; new products though on this there is less clarity and more excitement.

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Tata-Singapore deal positive; regulator issues remain: Pros

Aviation experts gave their thumbs up to Tata Sons' plans to set up a full-time carrier in a joint venture with Singapore Airlines. However, they also expressed their concerns on the regulatory overhang as Tatas also own 30 percent stake in AirAsia's operations in India.

Kapil Kaul, CEO- South Asia of CAPA says Tata may have to clarify its ownership trends in both the airlines. They are just a financial investor in AirAsia, whereas they lead in the JV with Singapore Airlines, which might have to be clarified, he adds.

"I don't know how the regulatory environment would play. That remains an uncertainty", he says in an interview to CNBC-TV18.

Meanwhile, Amar Dubey, Hd- Aviation at KPMG also echoed Kaul's views. He felt that it would be good for international traffic and help in developing New Delhi as a hub. "It should not get into too much of hair splitting over how many subsidiaries and beneficiary control," he adds.

Also read: Govt must return Air India to Tatas: Jitendra Bhargava

Below is the edited transcript of his interview to CNBC-TV18.

Q: This is a surprising move because one had thought that the Tata's would have satiated their appetite for the aviation space after that MoU with Air Asia.

Dubey: We are absolutely positive. We are happy that the India story is in tact and very strong.

The deal is fantastic for the west bound route because the bulk of Indian traffic is on this route. Singapore losses out as nobody is going there and then fly to London. Through this joint venture now they can capture those routes going from India.

It is also good for Delhi Airport as it brings the focus back on Delhi as a hub. Some of the traffic would actually be coming from Singapore to Delhi and gets on long haul flights to Europe and United States.

It might also ease this airline to get into starline given that Singapore is one of the key promoters of the airline so overall fantastic.

Q: We just heard from the civil aviation minister Ajit Singh saying that the Tata's inform him about it. The matter will now be taken up by the FIPB. There wasn't enough clarity on the law on ownership in two airlines; they have a 30 percent stake in AirAsia. They will have a 51 percent stake in this particular joint venture. Can you shed some light on that?

Kaul: Technically it shouldn't be a problem as their role in Air Asia's operations is limited. They are a minority investor with a limited sort of a mandate. It is purely a financial investment.

In this Tata-Singapore joint venture (JV) they are leading it with 51 percent. I don't think there should be any issue which will impact from a regulatory standpoint.

As far as this joint venture is concerned we strongly welcome it, but I don't know how the regulatory environment would play. That remains an uncertainty.

After Jet-Etihad, AirAsia is one of the most robust joint ventures that Indian aviation would see. But I keep putting this caveat on the regulatory uncertainty. That is a big grey area.

Q: Could we possibly see some regulatory overhang as that is exactly what has happened in Jet-Etihad deal and to some extent to the AirAsia deal?

Kaul: There is possibility of a regulatory cognizance and Tatas would need to clarify as per their investments and growth opportunities in both these projects. But, if they have a role where their chairman, one of the Tata Sons executive is the chairman of AirAsia then they might face a regulatory overhang.

Q: But Mr. Ramadorai is the chairman of the AirAsia joint venture.

Kaul: That is what I am saying. They are going to have to get more clarity on both of their investments. The ball seems to be more loaded in their joint venture with Singapore (Airlines) which they were trying to get 16 years back.

They would be more favourable to support the new joint venture announcement today and it could possibly have a regulatory challenge on AirAsia's approval.

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Weather in major airports in India on 20th September 2013

Indira Gandhi International Airport, Delhi

No Delays Weather will be partly cloudy with warm and humid conditions prevailing. Light rain is possible at the airport.

Guru Ram Das Jee International Airport, Amritsar

No Delays Sky will be mainly clear and winds would blow from south easterly direction. Temperature will be near normal

Chaudhary Charan Singh International Airport, Lucknow

No Delays There are chances of light rain at Lucknow airport.  Sky will be partly cloudy with moderate easterly winds blowing.

Lal Bahadur Shashtri International Airport, Varanasi

No Delays Temperature may drop marginally at Varanasi airport. Sky will be partly cloudy with possibility of light rain/thundershowers towards late afternoon.

 Lok Nayak Jai Prakash Narayan Airport, Patna

No Delays Light rain is expected at Patna airport. Temperature will be near normal with moderate winds blowing from south easterly direction.

Netaji Subash Chandra Bose International Airport, Kolkata

No delays Short spells of rain/ thunder showers are expected at Kolkata airport. Temperatures will remain below normal. Sky will be cloudy with moderate south easterly winds prevailing.

Bangalore Airport

No delays There are chances of light rain at Bangalore airport. Temperature will be below normal. Sky will be generally cloudy with moderate westerly blowing.

By: Skymetweather.com

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Walmart should invest in India as soon as possible: DIPP

Walmart Asia's President and CEO Scott Price met with Department of Industrial Policy and Promotion (DIPP) officials today. CNBC-TV18's Rituparna Bhuyan gives details. ( Read More )

There are two takeaways from this meeting. Firstly, DIPP told Walmart to invest in India as soon as possible. The suggestion was to invest before the general elections get announced because once Walmart's proposal gets approved and they bring in their investments, they will be absolutely safe even if the Parliament takes a call on resending the multi-brand retail FDI policy.

Walmart's investments will be safe because Parliament's call will be prospective in nature and not retrospective. The second takeaway from this meeting was clarifications that Walmart has sought from the government regarding the 30 percent sourcing norm.

Walmart wants to be in 100 percent compliance with this sourcing norm. They wanted clarity on the channels of sourcing as well as modalities of sourcing from micro, small & medium enterprises (MSME). Walmart already has sources from a lot of Indian agencies and want an absolute clarity on sourcing before they finalise their investment plans in India.

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Country Condos' fixes book closure for AGM

Sep 05, 2013, 09.27 PM IST

The Register of Members & Share Transfer Books of Country Condos will remain closed from September 27, 2013 to September 30, 2013 (both days inclusive) for the purpose of 26th Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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Country Condos' fixes book closure for AGM

The Register of Members & Share Transfer Books of Country Condos will remain closed from September 27, 2013 to September 30, 2013 (both days inclusive) for the purpose of 26th Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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Country Condos' fixes book closure for AGM

The Register of Members & Share Transfer Books of Country Condos will remain closed from September 27, 2013 to September 30, 2013 (both days inclusive) for the purpose of 26th Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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Country Condos Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 27, 2013 to September 30, 2013 (both days inclusive) for the purpose of 26th Annual General Meeting (AGM) of the Company to be held on September 30, 2013.Source : BSE

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Justice Mohit Shah On Companies Act, 2013

Friday: 10.30 pm, Saturday: 11.30 am

Sunday: 9:30am & 11.00pm

Published on Thu, Sep 05,2013 | 20:58, Updated at Thu, Sep 05 at 20:59Source : Moneycontrol.com |   Watch Video :

At the IMC Conference on the Companies Act, 2013, Chief Justice of Bombay High Court, Justice Mohit Shah said that August 2013 marks a historic moment and the beginning of a new era for corporate India He said that the new Companies Act will give this country a modern legislation, which will contribute to the growth and development of the corporate sector in India. "The new law will attempt to meet the requirements of a dynamic economy and facilitate development of a business-friendly environment in India. The new legislation will have far reaching consequences and the changes so brought about will affect various sections including companies both listed and unlisted, shareholders, directors, auditors and other players in the corporate milieu.' The Hon'ble Chief Justice compared the Lawyers to Skin Specialists, saying "Like a skin specialist, the company lawyer till now never had to deal with emergencies and the patient never died on the table. The new Bill takes away these advantages."

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Sequent Scientific's fixes book closure for AGM

Sep 05, 2013, 09.26 PM IST

The Register of Members & Share Transfer Books of Sequent Scientific will remain closed from September 25, 2013 to September 27, 2013 (both days inclusive) for the purpose of 28th Annual General Meeting (AGM) of the Company to be held on September 27, 2013.

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Sequent Scientific's fixes book closure for AGM

The Register of Members & Share Transfer Books of Sequent Scientific will remain closed from September 25, 2013 to September 27, 2013 (both days inclusive) for the purpose of 28th Annual General Meeting (AGM) of the Company to be held on September 27, 2013.

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Sequent Scientific's fixes book closure for AGM

The Register of Members & Share Transfer Books of Sequent Scientific will remain closed from September 25, 2013 to September 27, 2013 (both days inclusive) for the purpose of 28th Annual General Meeting (AGM) of the Company to be held on September 27, 2013.

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Sequent Scientific Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 25, 2013 to September 27, 2013 (both days inclusive) for the purpose of 28th Annual General Meeting (AGM) of the Company to be held on September 27, 2013.Source : BSE

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Volant Textile Mills' fixes book closure for AGM

Sep 05, 2013, 09.26 PM IST

The Register of Members & Share Transfer Books of Volant Textile Mills will remain closed from September 24, 2013 to September 30, 2013 (both days inclusive) for the purpose of 18th Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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Volant Textile Mills' fixes book closure for AGM

The Register of Members & Share Transfer Books of Volant Textile Mills will remain closed from September 24, 2013 to September 30, 2013 (both days inclusive) for the purpose of 18th Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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Volant Textile Mills' fixes book closure for AGM

The Register of Members & Share Transfer Books of Volant Textile Mills will remain closed from September 24, 2013 to September 30, 2013 (both days inclusive) for the purpose of 18th Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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Volant Textile Mills Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 24, 2013 to September 30, 2013 (both days inclusive) for the purpose of 18th Annual General Meeting (AGM) of the Company to be held on September 30, 2013.Source : BSE

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Magnanimous Trade finance's fixes book closure for AGM

Magnanimous Trade & finance's fixes book closure for AGM

The Register of Members & Share Transfer Books of Magnanimous Trade & finance will remain closed from September 25, 2013 to September 30, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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SpiceJet's fixes book closure for AGM

Sep 05, 2013, 09.26 PM IST

The Register of Members & Share Transfer Books of Spicejet will remain closed from September 21, 2013 to September 25, 2013 (both days inclusive) for the purpose of 29th Annual General Meeting (AGM) of the Company to be held on September 25, 2013.

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SpiceJet's fixes book closure for AGM

The Register of Members & Share Transfer Books of Spicejet will remain closed from September 21, 2013 to September 25, 2013 (both days inclusive) for the purpose of 29th Annual General Meeting (AGM) of the Company to be held on September 25, 2013.

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SpiceJet's fixes book closure for AGM

The Register of Members & Share Transfer Books of Spicejet will remain closed from September 21, 2013 to September 25, 2013 (both days inclusive) for the purpose of 29th Annual General Meeting (AGM) of the Company to be held on September 25, 2013.

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Spicejet Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 21, 2013 to September 25, 2013 (both days inclusive) for the purpose of 29th Annual General Meeting (AGM) of the Company to be held on September 25, 2013.Source : BSE

Read all announcements in SpiceJet

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8K Miles Software Services: Outcome of board meeting

Sep 05, 2013, 09.27 PM IST

8K Miles Software Services has informed that the Board of Directors of the Company at its meeting held on September 05, 2013, has transacted the board considered and accepted the resignation of Mr. M. V. Bhaskar as Director of the Company with effect from September 05, 2013.

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8K Miles Software Services: Outcome of board meeting

8K Miles Software Services has informed that the Board of Directors of the Company at its meeting held on September 05, 2013, has transacted the board considered and accepted the resignation of Mr. M. V. Bhaskar as Director of the Company with effect from September 05, 2013.

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8K Miles Software Services: Outcome of board meeting

8K Miles Software Services has informed that the Board of Directors of the Company at its meeting held on September 05, 2013, has transacted the board considered and accepted the resignation of Mr. M. V. Bhaskar as Director of the Company with effect from September 05, 2013.

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88K Miles Software Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 05, 2013, inter alia, has transacted the following:1. The Board Considered and accepted the resignation of Mr. M. V. Bhaskar as Director of the Company with effect from September 05, 2013.2. The Audit Committee and the Board recommend the re-appoint of M/s. GHG Associates as the Statutory Auditors of the Company.Source : BSE

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Diana Tea Company's board meeting on Sept 06, 2013

Sep 05, 2013, 09.27 PM IST

Diana Tea Company board meeting will be held on September 06, 2013, to discuss, consider and take on record the draft copy of Terms of Settlement between Diana Tea Co. Ltd. and M/s. Maxwell Golden Tea Pvt. Ltd. in connection with the Sale of Ambari Tea Estate in favour of M/s. Stanmore Estates Pvt. Ltd.

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Diana Tea Company's board meeting on Sept 06, 2013

Diana Tea Company board meeting will be held on September 06, 2013, to discuss, consider and take on record the draft copy of Terms of Settlement between Diana Tea Co. Ltd. and M/s. Maxwell Golden Tea Pvt. Ltd. in connection with the Sale of Ambari Tea Estate in favour of M/s. Stanmore Estates Pvt. Ltd.

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Diana Tea Company's board meeting on Sept 06, 2013

Diana Tea Company board meeting will be held on September 06, 2013, to discuss, consider and take on record the draft copy of Terms of Settlement between Diana Tea Co. Ltd. and M/s. Maxwell Golden Tea Pvt. Ltd. in connection with the Sale of Ambari Tea Estate in favour of M/s. Stanmore Estates Pvt. Ltd.

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Diana Tea Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on September 06, 2013, to discuss, consider and take on record the draft copy of Terms of Settlement between Diana Tea Co. Ltd. and M/s. Maxwell Golden Tea Pvt. Ltd. in connection with the Sale of Ambari Tea Estate in favour of M/s. Stanmore Estates Pvt. Ltd.Source : BSE

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Precious Trading Investments' fixes book closure for AGM

Precious Trading & Investments' fixes book closure for AGM

The Register of Members & Share Transfer Books of Precious Trading & Investments will remain closed on September 30, 2013 (both days inclusive) for the purpose of 30th Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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Odyssey Corporation's fixes book closure for AGM

Sep 05, 2013, 09.28 PM IST

The Register of Members & Share Transfer Books of Odyssey Corporation will remain closed from September 24, 2013 to September 30, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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Odyssey Corporation's fixes book closure for AGM

The Register of Members & Share Transfer Books of Odyssey Corporation will remain closed from September 24, 2013 to September 30, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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Odyssey Corporation's fixes book closure for AGM

The Register of Members & Share Transfer Books of Odyssey Corporation will remain closed from September 24, 2013 to September 30, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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Odyssey Corporation Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 24, 2013 to September 30, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company to be held on September 30, 2013.Source : BSE

Read all announcements in Odyssey Fin

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