Moody's projects BJP victory in general elections

The nine-phase Lok Sabha election, which starts on April 7, concludes with the counting of votes on May 16.

Projecting the ouster of the UPA government after a disappointing second term, research firm Moody's Analytics today said the BJP is likely to form the next government after the general elections.

"The current Congress-led government is likely to be ousted after a disappointing second term. The economy is weak and business confidence and investment sit well below where they should be.

Also read: Battle for Varanasi: Is it Modi vs rest?

"The new government, likely to be led by BJP candidate Narendra Modi, offers a chance for better governance," Moody's Analytics said in a report titled Asia-Pacific Outlook: A Slow Start to the Year.

The nine-phase Lok Sabha election, which starts on April 7, concludes with the counting of votes on May 16.

Various opinion polls have suggested victory for the BJP-led NDA in the general elections.

Referring to monetary policy, Moody's Analytics said India and Indonesia raised interest rates to help finance large current account deficits and support their currencies and the moves have been largely successful.

It said India's monetary programme has been the more successful as higher interest rates were coupled with restrictions on gold imports and some opening up of the banking sector.

The country's current account deficit fell to 0.9 percent of GDP in the fourth quarter of 2013 from 6.5 percent a year earlier, it said.

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CCEA okays Rs 224 cr support for dredging project at VOCPT

The project is part of government initiative to boost cargo handling capacity at major ports in India.

The Cabinet Committee on Economic Affairs (CCEA) today approved a budgetary support of Rs 224 crore for dredging purpose at V O Chidambaranar Port Tuticorin (VOCPT) in Tamil Nadu.

The CCEA has approved the grant of budgetary support of Rs 224 crore for the project "dredging in front of North Cargo Berth-II and two numbers of shallow draught berths at V O Chidambaranar Port," a government source said.

Total cost of the project is estimated at Rs 448 crore, inclusive of dredging cost, mobilisation and de-mobilisation charges, service tax and contingencies. The project duration is nine months from the date of award of work.

The source said the CCEA has approved only 50 percent of the total project cost.

The project is part of government initiative to boost cargo handling capacity at major ports in India.

Last year, VOCPT handled cargo capacity of 28.26 million tonnes, as against its total capacity 33.34 million tonnes.

The port is projected to handle about 41 million tonnes during 2014-15 and 59 million tonnes by 2020, the source added.

The V O Chidambaranar Port Tuticorin (VOCPT) is one of the 12 major ports in the country. It is situated on the south-eastern coast in Tamil Nadu.

Other major ports include - Mumbai, Jawaharlal Nehru Port Trust, Kolkata (with Haldia), Chennai, Visakhapatanam, Cochin, Paradip, New Mangalore, Marmagao, Ennore and Kandla.

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Govt says AirAsia doesn't need EC nod for flying permit

Sources say soon they would initiate the process of a technical scrutiny because AirAsia will from Friday start importing A320s. They could be looking at eventually over the next few weeks bringing in as many as ten A320s and therefore the technical scrutiny of all of that will start from tomorrow.

In a big fillip to AirAsia, the government has ruled out seeking mandatory nod of the Election Commission to give them a flying permit, reports CNBC-TV18's Ronojoy Banerjee.

The basic argument that the government is using is the fact that for any airline to start operations in India it requires many clearances. Take for instance AirAsia, it first required a home ministry clearance, a security clearance from home ministry then a FIPB nod, then a NOC from civil aviation ministry and therefore the AOP or the Air Operators Permit is merely a technical – it is to see the technical preparedness of any airline which they believe will simply not be violative of the model code of conduct of the election commission, which is why they will not be seeking permission from the Election Commission to go ahead with that clearance.

Also Read: AirAsia offers half-a-million free tickets on select routes

Sources say soon they would initiate the process of a technical scrutiny because AirAsia will from Friday start importing A320s. They could be looking at eventually over the next few weeks bringing in as many as ten A320s and therefore the technical scrutiny of all of that will start from tomorrow.

It is important to note because the FIA or the Federation of Indian Airlines led by Indigo had raised a lot of concerns. In fact the day DGCA overturned the concerns that many of these existing airlines had raised with respect to AirAsia's AOP at that point in time they had written to both the Prime Minister and to the Election Commission saying that the AOP should be put on hold because that would be violative of the model code of conduct.

In another one month's time AirAsia should start operations.

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Tata Housing to invest Rs 700cr in Chennai housing project

Tata Housing said in a statement that its subsidiary Tata Value Homes would develop this affordable housing project under the brand 'New Haven'. "Tata Value Homes launches New Haven at Mambakkam with an investment of over 700 crore," the company added.

Realty major Tata Housing today said it will invest over Rs 700 crore to develop a new housing project in Chennai. The company would develop 1,600 flats in this project, spread over 15 acres.

Tata Housing said in a statement that its subsidiary Tata Value Homes would develop this affordable housing project under the brand 'New Haven'. "Tata Value Homes launches New Haven at Mambakkam with an investment of over 700 crore," the company added. Tata Housing had formed Tata Value Homes in 2010 to build value and affordable housing.

Also Read: Bombay House gets 'green rating' among heritage buildings

"With the ever growing appetite for affordable residences with premium facilities in India, launch of New Haven in Chennai is in line with our expansion plans of this pan Indian brand across top 8 cities in India," Tata Housing Managing Director and CEO Brotin Banerjee said.

This is the fourth project under this brand. The other three are at Boisar, Bangalore and Ahmedabad. Tata Value Homes has introduced two pan-India brands - Shubh Griha (value homes) and New Haven (affordable homes). Tata Housing is a subsidiary of Tata Sons Ltd, which holds 99.86 percent stake in the realty firm.

The company is developing 70 million sq ft of area and an additional 19 million sq ft in the pipeline. It is offering products ranging from Rs 5 lakhs to Rs 14 crores. With strength of over 650 employees, Tata Housing has presence in Mumbai, Pune, Ahmedabad, Goa, Gurgaon, Chandigarh, Bengaluru, Chennai, Kolkata and Bhubaneswar.

The company has ventured into foreign markets such as Maldives and is actively exploring other markets including Sri Lanka and other South Asian countries.

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This Manipal man knows how to make money

This Manipal man knows how to make money

Ranjan Pai has the distinction of being India's youngest billionaire. The net worth of this 41-year-old doctor-turned-entrepreneur is $1.4 billion. Pai oversees the functioning of Manipal Education & Medical Group

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FTIL examining Sebi's ruling on 'fit and proper'

The Securities and Exchange Board of India (Sebi), yesterday, directed Jignesh Shah-led FTIL to sell shares in MCX-SX and other entities within 90 days on the ground that it was not "fit and proper" to own stakes in any exchange.

Financial Technologies  today said it is examining Sebi's ruling that it is not "fit and proper" to own stakes in any stock exchange.

"We wish to inform you that our legal team is examining the Sebi order and the company will take appropriate steps as suggested by the lawyers in due course of time," Financial Technologies India Ltd (FTIL) said in regulatory filing to the stock exchanges.

The Securities and Exchange Board of India (Sebi), yesterday, directed Jignesh Shah-led FTIL to sell shares in MCX-SX and other entities within 90 days on the ground that it was not "fit and proper" to own stakes in any exchange.

On reports that FTIL is looking for buyer in Mauritius business, the company said it would not like to offer any comments.

"As a responsible corporate and as a matter of good corporate governance practice, any price sensitive information pertaining to operations or performance of the company, or such other information as required under Clause 36 of the
Listing Agreement, will be first notified to the stock exchanges to comply with the Listing Agreement," FTIL added.

Meanwhile, MCX said that it "is in no way concerned, associated or connected" over Sebi's order that directed FTIL to sell shares in MCX-SX and other bourses.

Yesterday Sebi ruled that FTIL is not "fit and proper" to own stakes in any stock exchange and also directed it to divest existing holdings in MCX-SX and four other entities.

Besides MCX Stock Exchange, the group holds equity in its rival NSE, Delhi Stock Exchange (DSE), Vadodara Stock Exchange (VSE) and MCX-SX Clearing Corporation (MCX-SX CCL) and all these holdings would need to be disposed off within 90 days.

Financial Tech stock price

On March 20, 2014, Financial Technologies closed at Rs 377.35, up Rs 1.60, or 0.43 percent. The 52-week high of the share was Rs 870.30 and the 52-week low was Rs 102.05.

The company's trailing 12-month (TTM) EPS was at Rs 50.03 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 7.54. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company is 0.65.

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BSE launches new debt segment

Finance Minister P Chidambaram, in his 2013 budget speech had announced the intention of the government to create a dedicated debt segment on stock exchanges.

Premier stock exchange BSE Ltd Thursday launched BSE New Debt Segment (BSE NDS). The exchange has more than 100 trading members and institutional members registered on BSE NDS. The first trade on this segment at BSE was executed by IDBI Bank Ltd and Edelweiss Securities Ltd, BSE said in a statement here.

In accordance with Sebi circular dated September 2013 specifying risk management framework for dedicated debt segment, BSE NDS provides settlement on T+1 basis in this segment with two type of market namely retail market and institutional market.

Also Read: FinMin asks OMCs to absorb more losses from FY14

Finance Minister P Chidambaram, in his 2013 budget speech had announced the intention of the government to create a dedicated debt segment on stock exchanges. Subsequently, the Sebi entrusted the responsibility of setting up this dedicated debt segment to all exchanges.

The retail market provides all publicly issued coupon bearing corporate bonds listed on BSE and which will be settled on T+1 basis with settlement guarantee. The exchange has enabled more than 175 bonds with outstanding issue size of Rs 70,000 crore.

The institutional market has minimum market lot of Rs 1 crore and all publicly issued corporate bonds and privately placed coupon bearing bonds listed on BSE are enabled on it.

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DGCA issues showcause notice to SpiceJet

Aviation watchdog DGCA has reportedly issued a showcause notice to SpiceJet and suspended two of its pilots. This after videos of cabin crew performing a dance sequence on board as part of Holi celebrations were uploaded on YouTube and other social media.

Aviation watchdog DGCA has reportedly issued a showcause notice to  SpiceJet and suspended two of its pilots. This after videos of cabin crew performing a dance sequence on board as part of Holi celebrations were uploaded on YouTube and other social media. The airline has said it is looking into the issue in cooperation with the DGCA. It defended itself saying that the cockpit was manned all the time.

SpiceJet stock price

On March 20, 2014, SpiceJet closed at Rs 13.89, down Rs 0.39, or 2.73 percent. The 52-week high of the share was Rs 43.75 and the 52-week low was Rs 12.50.

The latest book value of the company is Rs -3.50 per share. At current value, the price-to-book value of the company was -3.97.

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Canara Bank to raise Rs 1,000 cr from bonds

The Bangalore-based bank also got capital infusion of Rs 500 crore from the government during the current fiscal. The fund support to Canara Bank was part of Rs 14,000 crore overall capital infusion plan for the public sector banks (PSBs).

Canara Bank stock price

On March 20, 2014, Canara Bank closed at Rs 239.35, down Rs 6.8, or 2.76 percent. The 52-week high of the share was Rs 456.50 and the 52-week low was Rs 189.90.

The company's trailing 12-month (TTM) EPS was at Rs 55.34 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 4.33. The latest book value of the company is Rs 539.74 per share. At current value, the price-to-book value of the company is 0.44.

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RBI Deputy Guv KC Chakrabarty resigns on personal grounds

Chakrabarty's early exit will result in two deputy governor posts becoming vacant. The first one came after Anand Sinha's retirement in January.

The deputy governor of Reserve Bank of India (RBI) KC Chakrabarty has officially submitted his resignation quoting personal grounds today, say sources.

Chakrabarty's term was supposed to end on June 15 this year and he is likely to serve his notice period till April-end.

Chakrabarty was appointed as RBI deputy governor in June 2009 for a three-year term and was later given a two-year extension till 2014.

Chakrabarty's early exit will result in two deputy governor posts becoming vacant. The first one came after Anand Sinha's retirement in January.

The finance ministry has set up a search committee to look at replacements for both the posts.

Executive Director R Gandhi's name is making the rounds for Sinha's post while five bankers are in the fray for the top job. These include KR Kamath of Punjab National Bank , SS Mundra of Bank of Baroda , VR Iyer of Bank of India , RK Dubey of  Canara Bank and M Narendra of Indian Overseas Bank .

With Chakrabarty's exit, the ministry will have to speed up the process of selection.

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