Lok Sabha elections: 81% polling in West Bengal, 53% polling in Mumbai
Maharashtra saw low voter turnout, while there was higher voting in West Bengal. The polling was the high turn-out in West Bengal, where 81.4% polling was recorded till 6pm in the six constituencies which went to the polls. Mumbai was behind in the polling race with just 53% voter turnout till 6pm in the six constituencies. While,in Tamil Nadu, about 60% of the voters across all 39 Lok Sabha seats exercised their franchise till 3pm. In Rajasthan, the polling percentage was 56.20% till 5.40pm, while in Madhya Pradesh (ten seats), the polling percentage was 59 till 5pm. In Bihar, where polling is held in seven seats, 51.10% polling was recorded till 4pm . In Uttar Pradesh, the polling percentage till 5pm was 55.40%. Chhattisgarh witnessed high voter turnout in seven constituencies in the state with 56% polling recorded till 4pm. Over 53% voters exercised their franchise till 3 pm in six Lok Sabha seats of Assam.
'Hero' debuts in Bangladesh
The historic Joint Venture was announced by Pawan Munjal, Managing Director & Chief Executive Officer, Hero MotoCorp Ltd, and Abdul Matlub Ahmad, Chairman, Nitol Niloy Group of Companies, in the presence of the Industry Minister of Bangladesh H.E. Amir Hossain Amu and the Acting High Commissioner of India in Dhaka, Sandeep Chakravorty, and Group Managing Director of Nitol Niloy Group, Abdul Musabbir Ahmad. While Hero MotoCorp has rapidly expanded its global footprint, this is the company's first overseas joint venture to set up a two-wheeler manufacturing plant outside of India, since it commenced its solo journey almost three years ago. Hero will hold majority stake of 55% in the new JV while the Nitol Niloy Group will hold the rest 45% stake. There will be a total equity injection of US$ 12.6 million in a ratio of 55:45 over a period of two years. The new venture will have a CAPEX of US$ 23.2 million in the first year of its operation (Financial Year 2014-15) and a total investment of US$40 million over the next five years. While the manufacturing plant will be operational by the second quarter of FY 2015-16, the Hero range of two-wheelers are already being made available in Bangladesh through the initial 50 retail outlets. Munjal today inaugurated the first of the flagship Hero showrooms in Dhaka. More outlets are also being rapidly added in markets across the country...Read More
Elections 2014: What the two Manifestos really promise & don’t
The Bharatiya Janata Party (BJP) released its manifesto, much to the displeasure of the Election Commission, on the first day of the 2014 Indian general elections (April 7). Both the BJP and the Congress, which released its manifesto last month (March 26) have emphasized systemic reforms in their manifestos. After analysing the two manifestos, we short-listed certain issues that could affect the development trajectory of India. So, what’s common and what’s not between the two manifestos of the two leading contenders for the top slot? Both manifestos included a few new ideas like labour welfare, women’s issues, youth affairs and neo-middle class problems. The main areas of focus for both parties remain the same like economy, rural and urban development, health, education and infrastructure growth...Read More
Intervention difficult when currency depreciates sharply: RBI
The proximate problem that a central bank faces is maintaining a reasonably stable exchange rate, a variable that captures not only the external sector imbalances but also the future expectations of the relevant fundamentals, Harun R Khan, Deputy Governor, Reserve Bank of India. Speaking at the 9th Annual Conference of FEDAI in Cape Town on April 12, 2014, Khan said, Any sharp depreciation in the exchange rate is likely to see large scale capital exodus by the short-term investors before the value of their investment is further eroded. The problem of an appreciating currency in the face of surging capital inflows poses a separate set of problems, principal amongst which is loss of export competitiveness. The most obvious tool for dealing with heightened volatility or sharp movement either way is the central bank’s intervention operations. For instance, in the face of sharp appreciation, the intervention is directed at mopping up the excess supply of foreign currency in order to preserve export competitiveness. Such operations do have monetary implications and steps to neutralize these involve a cost. Intervention in the face of sharp depreciation is a difficult choice for several reasons, including loss of reserves, particularly in India where the external liabilities far exceed the official reserves...Read More
Monster Employment Index India charts up 14% YoY
"Monster Employment Index has been maintaining resolute growth rates in the last three months in succession in 2014. This re-affirms a positive hiring outlook for the current year. Home appliance and IT are among the top growing sectors, with healthcare, bio technology and life sciences, pharmaceuticals recording the least growth. However, this momentum will be dependent on the outcome of general elections. A stable government will help build and strengthen business confidence; increased investments in core sectors will help drive the economy and shape the recruitment scenario in India.", said Sanjay Modi, Managing Director, Monster.com (India/Middle- East/South East Asia)...Read More
Property prices stabilized at National level: Makaan.com
The year 2013 saw a cautious approach by property seekers and controlled supply by local and national real estate developers. Sentiments remained subdued and several revival strategies like festive season discounts and inclusion of freebies failed to bring about the desired results. It was a topsy-turvy year for the housing sector and Indian real estate, in general. With the completion of first quarter of 2014, has there been any positive change in order to motivate the home buyers and attract them in the coming months? Makaan.com Property Index Jan- Mar 2014 projects property prices moving in favour of home buyers. The race between the cities depicting which city is still showing appreciation in property prices in MPI and which ones have ceased (showing depreciation or stabilization) and are becoming favourable for the home buyers still continues. Let’s us have a look at the MPI for Jan- Mar 2014 at national and city level through the following graphs in which means appreciating property prices and means depreciating property prices. We bet, this is one content where you’ll be on a look out for and not want many as that means high property prices for you!...Read More
China's economy 2.7 times of India in 2013: CRISIL
CRISIL Research’s latest study showed India's economy was 1.75 times bigger than China's in 1960. The study showed that in 1980, India's economy was $0.3 trillion, while China's economy was only $0.2 trillion on a purchasing power parity (PPP) basis. However, by 2013, the China's economy had become 2.7 times India’s. By 2018, the Chinese economy will be more than $20 trillion (PPP), while India’s will not even touch $8 trillion, the study noted. China has also achieved the per person income of $9,000 plus on PPP basis in 2012 compared to $3,000 in India. This has also led to faster reduction of poverty in China than India.
Weekly: Flat end for Sensex, Nifty
The indices continued their record breaking spree as the Nifty hit a new high of 6,869 in yet another truncated week. However, it retreated back to close the week almost flat amid profit booking at higher levels; the Nifty settled below the 6,800 levels. Sentiment also took a hit after the rupee breached Rs61 per dollar mark hitting its lowest level since March 21. The movement of the market will be dictated more by global cues which are not encouraging for now. Ukraine witnessed an escalation in tensions following the killing five pro-Russian militants and Russia responded with new military drills near the border. Meanwhile, the Indian Meteorological Department's first monsoon forecast predicted mostly below-average rains in much of South Asia, including India. Results will continue to influence stock-specific movement even as indices look at global cues for direction. Bharti Airtel, Jindal Steel & Power, Idea and SSLT results are to be watched out for. Investors should tread carefully at this juncture, as the market could get pegged back again on any fresh bad news. Later the coming week, the market will take note of the usual monthly numbers that come in from the auto space. The mood is likely to be more cautious as the seventh phase of Lok Sabha voting gets underway on April 30. The newly created state of Telangana will vote for both the Assembly and Lok Sabha. For the week, BSE Sensex and the NSE Nifty closed almost flat at 22,688 and 6, 782 respectively...Read More
Indian employers rank stress as #1 lifestyle risk factor
Stress is the number one lifestyle risk factor, ranking above physical inactivity and obesity, according to the inaugural Asia Pacific edition of the Staying@Work survey conducted by global professional services company Towers Watson. While Indian employers lead their regional counterparts in developing strategies to manage work-related stress, only 38% identified improving the emotional/mental health of employees (i.e. lessening the stress and anxiety) as a top priority of their health and productivity programs. This signals a vast scope for improvement in strategic initiatives aimed at tackling stress among Indian employees. Globally, the causes of poor health are remarkably similar; however, the tools, abilities and resources needed to address these vary greatly across regions. Nonetheless, multiple issues related to stress are driving the need for a greater organisational commitment that extends beyond employees’ physical and mental health; one that encompasses the work environment, culture and interpersonal relationships that connect employees to the mission and goals of the organization. The 2013 Towers Watson Global Benefits Attitudes Survey highlights that the main sources of stress for employees across the globe are tied to their experience at the workplace...Read More
Which Indian state spends the most on Elections?
The Indian general elections are one of the largest exercise in democracy across the world. This large-scale operation also involves huge costs. The cost of general elections to the exchequer via the Election Commission has increased from Rs 948 crore in the 1999 general election to Rs. 1,114 crore for the 2009 Lok Sabha polls, according to data released by the Ministry of Statistics & Programme Implementation. Incidentally, the total election expenditure was up 9.6% to Rs. 1,114 crore for the 2009 polls from Rs. 1,016 crore for the 2004 elections. Admist the election season, IndiaSpend decided to look at the state-wise details of the 2009 general elections. Since most big states have a large number of seats, this involves greater preparation for the elections. Also states such as Assam feature among the top 5 due to insurgency in the region, leading to heightening security and raising the cost of election in the state. Maharashtra topped the list during the last election with a total expense of Rs. 155 crore followed by West Bengal (Rs. 150 crore) and Assam (Rs. 97 crore). In fact, the total expenditure incurred by the top five states comprised 50% of the total election expenditure of Rs. 1,114 crore...Read More
Is India an unsafe Adventure Tourism destination?
TripAdvisor, the world's largest travel site today revealed the findings from its annual Adventure Travel Survey 2014, collected from 1034 respondents. The survey, now in its second year is aimed at understanding the preferences and concerns of the Indian traveler with respect to adventure travel in the country.
Sharing his thoughts on the findings Nikhil Ganju, Country Manager, TripAdvisor India said "It is disheartening that majority of the respondents do not consider India safe enough to undertake adventure activities. However, what is encouraging is the upward trend of increasing number of Indians wanting to participate in extreme sports. As per the survey findings 61% respondents are willing to participate in an extreme sport while on holiday this year versus 47%last year."...Read More
India home to one third of world's unimmunized children
Marking the start of the World Immunization Week, the Hilleman Laboratories, an equal joint-venture partnership formed between Merck & Co. and Wellcome Trust, announce their innovative technological intervention, thermo stability to help improve coverage of the Routine Immunization Program in India. With the vision to achieve 95% coverage of Expanded Program of Immunization in India which will merit 70 – 80 million doses annually, Hilleman Laboratories is bringing in innovation to act as a catalyst in bridging the gap between academia and product development by increasing the efficiency of existing vaccines with heat stable, easy to use, affordable and novel packaging features. According to WHO, 70% of the world's 22.6 million unimmunized children live in 12 nations; with India home to the largest chunk of 6.9 million. According to the Immunization Report by UNICEF and WHO, against the 67% cover in India, our neighbours boasts a much higher coverage with Sri Lanka topping the list at 97% followed by Bangladesh at 95%, Bhutan at 92%, Pakistan at 88% and Nepal at 85%...Read More
Mobile intelligence is getting personal: Survey
A recent Nuance-commissioned survey of 1,000 cellphone owners suggests that people are developing close relationships with the virtual assistants on their smartphones, with more than half of the respondents citing a personal connection with their device’s mobile assistant. A more extreme version of this connection was brought to life in Spike Jonze’s Oscar-nominated film "Her," which tells the story of a lonely, introverted man who develops a romantic relationship with his operating system’s artificial intelligence. It’s a modern day story of love. Mobile intelligence has evolved to create connections with smartphones that are uniquely personal. Google knows your hobbies, what you like to read and where you plan on vacationing. Siri knows what your schedule looks like and what restaurants you frequent. And with the strength and reliability of a 4G LTE network, you can have access to information when you’re on the go, allowing your devices to be even more customized to your lifestyle...Read More
Maruti Suzuki Q4 PAT at Rs800 crore
The Board of Directors of Maruti Suzuki India Limited approved the financial results for the year 2013-14 and for the quarter ending March 2014.
The Company sold a total of 1,155,041 vehicles during the year, a drop of 1.4 per cent over the previous year.
Sales in the domestic market stood at 1,053,689 units, a growth of 0.3 per cent. Exports were at 101,352 units, a drop of 15.8 per cent.
The Company’s market performance showed positive indications during the year.
The Company registered Net Sales (net of excise) of Rs. 426,448 million, up about 0.1 per cent over the previous year.
Net Profit during the year was Rs 27,831 mn, a growth of 16.3 per cent compared to 2012-13.
The Company’s cost reduction and localization initiatives, together with favourable foreign exchange, helped improve profit margins despite tough economic conditions...Read More
ICICI Bank Q4 cons PAT at Rs. 27242.60 mn
ICICI Bank Ltd has posted a net profit of Rs. 27242.60 mn for the quarter ended March 31, 2014 as compared to Rs. 24920.50 mn for the quarter ended March 31, 2013. Total Income has increased from Rs. 202398.70 mn for the quarter ended March 31, 2013 to Rs. 216529.60 mn for the quarter ended March 31, 2014. The Group has posted a net profit of Rs. 110413.70 mn for the year ended March 31, 2014 as compared to Rs. 96036.10 million for the year ended March 31, 2013. Total Income has increased from Rs. 742044.00 mn for the year ended March 31, 2013 to Rs. 795638.50 million for the year ended March 31, 2014. The bank has announced that the Board of Directors of the Bank at its meeting held on April 25, 2014, has recommended a dividend of Rs. 23.00 per equity share for the year ended March 31, 2014 (previous year dividend of Rs. 20.00 per equity share). The declaration and payment of dividend is subject to requisite approvals. The Board of Directors has also recommended a dividend of Rs. 100.00 per preference share on 350 preference shares of the face value of Rs. 1 crore each for the year ended March 31, 2014...Read More
Axis Bank Q4 PAT at Rs1,842.3crore
AXIS Bank Ltd has posted a net profit after tax of Rs. 18423.20 million for the quarter ended March 31, 2014 as compared to Rs. 15551.50 million for the quarter ended March 31, 2013. Total Income has increased from Rs. 90547.20 million for the quarter ended March 31, 2013 to Rs. 101786.30 mn for the quarter ended March 31, 2014. The Bank has posted a net profit after tax of Rs. 62176.70 mn for the year ended March 31, 2014 as compared to Rs. 51794.30 mn for the year ended March 31, 2013. Total Income has increased from Rs. 337336.80 mn for the year ended March 31, 2013 to Rs. 380463.80 million for the year ended March 31, 2014 The bank has announced that the Board of Directors of the Bank at its meeting held on April 25, 2014, has recommended the payment of dividend @ Rs. 20 per equity share i.e. 200% on equity shares of the Bank and the same will be payable after it is approved by the shareholders at the ensuing 20th Annual General Meeting...Read More
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