Feb IIP at 0.6% vs 2.4% in Jan
The Quick Estimates of Index of Industrial Production (IIP) with base 2004-05 for the month of February 2013 have been released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation. The General Index for the month of February 2013 stands at 176.2, which is 0.6% higher as compared to the level in the month of February 2012. The cumulative growth for the period April-February 2012-13 over the corresponding period of the previous year stands at 0.9%. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of February 2013 stand at 124.0, 190.9 and 140.5 respectively, with the corresponding growth rates of (-) 8.1%, 2.2% and (-) 3.2% as compared to February 2013 (Statement I). The cumulative growth in the three sectors during April-February 2012-13 over the corresponding period of 2011-12 has been (-) 2.5%, 1.0% and 4.0% respectively. IIP is compiled using data received from 16 source agencies viz. Department of Industrial Policy & Promotion (DIPP); Indian Bureau of Mines; Central Electricity Authority; Joint Plant Committee; Ministry of Petroleum & Natural Gas; Office of Textile Commissioner; Department of Chemicals & Petrochemicals; Directorate of Sugar; Department of Fertilizers; Directorate of Vanaspati, Vegetable Oils & Fats; Tea Board; Office of Jute Commissioner; Office of Coal Controller; Railway Board; Office of Salt Commissioner and Coffee Board. In terms of industries, thirteen (13) out of the twenty two (22) industry groups (as per 2-digit NIC-2004) in the manufacturing sector have shown positive growth during the month of February 2013 as compared to the corresponding month of the previous year (Statement II). The industry group ‘Electrical machinery and apparatus n.e.c.’ has shown the highest positive growth of 73.0%, followed by 18.5% in ‘Wearing apparel; dressing and dyeing of fur’ and 12.6% in ‘Luggage, handbags, saddlery, harness & footwear; tanning and dressing of leather products’. On the other hand, the industry group ‘Medical, precision & optical instruments, watches and clocks’ has shown a negative growth of 27.6% followed by 25.6% in ‘Publishing, printing and reproduction of recorded media’ and 17.8% in ‘Motor vehicles, trailers & semi-trailers’...Read More
March CPI inflation at 10.39% vs 11.01% MoM
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation releases Consumer Price Indices (CPI) on base 2010=100 for all-India and States/UTs separately for rural, urban and combined every month with effect from January, 2011. Provisional annual inflation rate based on all India general CPI (Combined) for March 2013 on point to point basis (March 2013 over March 2012) is 10.39% (slightly higher than rural and urban rates of March 2013 due to rounding) as compared to 10.91% (final) for the previous month of February 2013. The corresponding provisional inflation rates for rural and urban areas for March 2013 are 10.33% and 10.38% respectively. Inflation rates (final) for rural and urban areas for February 2013 are 11.01% and 10.84% respectively. Provisional indices for the month of March 2013 and also final indices for February 2013 are being released with this note for all-India and for States/UTs. Price data are collected from selected towns by the Field Operations Division of NSSO and from selected villages by the Department of Posts. Price data are received through web portals being maintained by the National Informatics Centre...Read More
Infosys' PAT beats expectations marginally
Infosys Q4 cons PAT stood at Rs23.94bn as against Rs23.69bn Q0Q. While Q4 sales stands at Rs104.54bn as against Rs104.24bn Q0Q. Q4 other income is at Rs6.74bn.
- Infosys and its subsidiaries added 56 clients during the quarter
- Gross addition of 8,990 employees (net addition of 1,059) for the quarter by Infosys and its subsidiaries
- 1,56,688 employees as on March 31, 2013 for Infosys and its subsidiaries
- The company listed its American Depository Shares (ADS) on NYSE Euronext’s (NYX) London and Paris markets
- The company has decided to set aside up to US$100 million to invest in products, platforms and solutions ideas in line with Infosys 3.0 strategy
"Global economic uncertainties remain challenging for the IT industry," said S. D. Shibulal, CEO and Managing Director. "We are progressing well on our strategic direction of building a high-quality company which is relevant to our clients. We are making all the investments necessary to differentiate ourselves in the market place while positioning ourselves as a partner of choice for our clients."
"The global currency market continues to be volatile reflecting the uncertain economic environment. Our hedging strategy helps us to minimize the volatility impact," said Rajiv Bansal, Chief Financial Officer. "We have a healthy balance sheet with our cash and cash equivalents at US$ 4.4 billion."
- We continue to see good adoption our products and platforms from our clients. This quarter we had 12 wins (excluding Finacle) across industries and geographies, taking our total number of clients for products and platforms to over 75.
- In the last quarter we expanded our global footprint with a new delivery center in Munich, Germany, an onshore operations center in the Metro Atlanta Area, U.S. and a new delivery center for our BPO subsidiary in San José, Costa Rica...Read More
Sahara boss cries ‘political vendetta’ against him
Subrata Roy’s latest statements came after he appeared before SEBI representatives in Mumbai. In view of Supreme Court’s order, Roy met SEBI representatives to explain how he plans to refund Sahara’s umpteen investors. SEBI wants to sell Roy’s personal and company assets worth Rs. 24000 crore to refund the investors. A Supreme Court judgment dated 31 August ordered Sahara to return Rs. 24000 collected by its two companies from around three crore investors. Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) collected the money via optionally fully convertible debentures (OFCDs). Sahara however paid Rs. 5120 crore to SEBI so far. Sahara Chief, Subrata Roy pulled the oldest trick in the book. He is being victimised and the target of a political vendetta, so says Sahara boss. Roy hinted that regulatory crack-down on his conglomerate was the result of a political vendetta. Sahara Chairman says that he is being ostracized by media among others which is taking a toll on his businesses. "It started as a political vendetta against us in 2005, and thereafter it became a chain reaction. First RBI took actions against us in 2008 and thereafter SEBI clamped down on our businesses," said Roy. In earlier reports, Sahara boss voiced his concerns on the process of identifying and verifying his investors by SEBI. Or else the money repaid to the regulator by Sahara would have trouble finding its way to the investors, says Roy. Faced with the possibility of his assets being sold, Subarta Roy on Wednesday claimed that his personal worth is a mere Rs. 3 crore. Sahara Chairman was summoned by SEBI along with three of his top executives- RS Dubey, Vandana Bhargava and Ashok Roy Choudhury on Wednesday. Sahara Chief seems unperturbed by SEBI’s onslaught while at the same time continues to play a victim. A defiant Sahara boss however claimed that it was a fight he would "fight to finish".
FY13 domestic car sales down 6.7% YoY: SIAM
The cumulative production data for April-March 2013 shows production growth of only 1.20% over the same period last year. The industry produced 1,685,355 vehicles in March 2013 as against 1,845,868 in March 2012, which declined by (-) 8.70%.
The overall growth in domestic sales during April-March 2013 was 2.61% over the same period last year. While in March 2013 overall sales fell by (-) 7.76% over March 2012. Passenger Vehicles segment grew at 2.15% during April-March 2013 over same period last year. Passenger Cars declined by (-) 6.69%, Utility Vehicles grew by 52.20% and Vans grew only by 1.08% during April-March 2013 as compared to the same period last year. However, in March 2013 passenger car sales further declined by (-) 22.51% over March 2012. Total passenger vehicles sales also declined by (-) 13.01% in March 2013 over same month last year. The overall Commercial Vehicles segment registered de-growth of (-) -2.02% in April-March 2013 as compared to the same period last year. While Medium & Heavy Commercial Vehicles (M&HCVs) declined by (-) 23.18%, Light Commercial Vehicles grew at 14.04%. In March 2013, M&HCVs sales further declined by (-) 26.16% over March 2012. Three Wheelers sales grew by 4.87% in April-March 2013. Passenger Carriers grew by 8.58% during April-March 2013 and Goods Carriers registered de-growth at (-) 9.20% during this period. Two Wheelers registered growth of only 2.90% during April-March 2013. Scooters, mopeds and motorcycles grew by 14.24%, 1.53% and 0.12% respectively over same period last year. However, in March 2013 all sub-segments of two wheelers, scooters, motorcycles and mopeds registered de-growth at (-) 3.18%, (-) 8.32% and (-) 4.54% respectively.
During April-March 2013, overall automobile exports registered de-growth of (-) 1.34% compared to the same period last year. Passenger Vehicles grew by 9.02%, while the other segments like Commercial Vehicles, Three Wheelers and Two Wheelers fell by (-)13.35%, (-) 16.22% and (-) 0.72% respectively. In March 2013, Passenger Vehicles, Two & Three Wheelers grew by 3.07%, 3.51% and 7.50% respectively. While Commercial Vehicles declined by (-) 28.33%.
JobSpeak index dips 1.1% in March on appraisals: Naukri
Overall Job Index
Owing to the ongoing appraisal season, there is a minor dip of 1.1% in Naukri JobSpeak index for Mar, 13, when compared with the previous month Feb, 13. However, the overall index has shown an increase in hiring by 11.5% year-on-year. Traditionally, March has always been a month where recruitment slows down across sectors. This year as well has seen a few sectors like IT- Software, Auto and Oil & Gas dip in comparison to Feb 13’. However, hiring in Pharma, Construction and BPO sectors have remained positive in Mar-13 in comparison to the previous month. Ambarish Raghuvanshi, CFO Info Edge (India) Ltd said "We have noticed a small correction after three successive months of growth in the Naukri Job Speak Index of 3% , 10% and 4% respectively in Dec 12, Jan 13’ and Feb 13’. While some of this can be attributed to seasonality, it is also a fact that business confidence levels which play a strong role in hiring intentions continue to be fragile. A sustainable positive trend will emerge once the economy and the environment are seen to be in a growth mode."
A detailed analysis of hiring activity shows that almost all key industry sectors have seen dipping indices in Mar-13 when compared to the previous month barring the Pharma, Construction and BPO sectors with a growth of 14% , 8% and 6% respectively. Media & Real Estate has also seen increase in index with 5% and 7% respectively. The Oil & Gas sector has witnessed maximum dip in hiring by 13%, while Software Services and Auto sectors saw hiring activity plunging by 5% and 4% respectively when compared to Feb-13...Read More
Cobrapost expose: RBI initiating action against 3 private banks
Reserve Bank of India Deputy Governor HR Khan today said the RBI has initiated action against ICICI Bank, HDFC Bank and Axis Bank in connection with allegations of money laundering by online portal Cobrapost. Actions are being taken both in respect of systemic level and at the individual banks, the RBI governor said on the sidelines of an event organised by National Housing Bank in New Delhi. The central bank would soon release the investigation report, Mr Khan added. In March 2013, these three private banks were named by Cobrapost for indulging in money laundering. Cobrapost had also uploaded some videos on the internet relating to these banks as well as ICICI Prudential Life Insurance and HDFC Life Insurance. The sting operation conducted by the Cobrapost alleged that some bank officials had offered to launder unaccounted money by investing in insurance schemes.
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