Lok Sabha Elections: 81% voters turnout in West Bengal in eighth phase
Despite the rising mercury and hot weather, voters turned up in large numbers in the eighth phase of polling on Wednesday for 25 Lok Sabha seats in Andhra Pradesh, 15 in Uttar Pradesh, seven in Bihar, six in West Bengal, five in Uttarakhand, four in Himachal Pradesh and two in Jammu and Kashmir.
Early voters managed to escape the hot sun and long queues. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. A total of 32 states and Union territories have so far completed polling, with the last phase scheduled for 12 May.
The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May...Read More
World economy is a little better placed now than a year ago: FM
Following is the text of the statement made by the Union Finance Minister P. Chidambaram at the First Business Session of 47th Annual Meeting of Asian Development Bank at Astana:
"The world economy is a little better placed now than a year ago. Global recovery appears to have strengthened in the recent months. However, we are yet to reach a stage where we can make a medium term forecast of a moderate growth. In the EMEs that have large net exports, slowing of growth is due to weakness in advanced economies and the need in these EMEs to rebalance to domestic sources of growth. In economies not so dependent on exports, there are various other factors, some local, other global, which require more deft handling and international cooperation.Policies to revive growth in most EMEs, including in India, will have to be rooted in increasing investments, particularly in infrastructure. As most EMEs are resource constrained, it would be necessary to have recourse to foreign savings for investment. There is, however, a need to ensure that the flows to EMEs are broadly stable. The best option would be investment flows with a preference for FDI, followed by a hierarchy of other sources weighed against the costs of such dependence...Read More
Domestic car sales decline 10.15% in April: SIAM
Domestic passenger car sales declined 10.15% to 135,433 units in April compared with 150,737 units in the corresponding month a year-ago, according to Society of Indian Automobile Manufacturers (SIAM) data. Motorcycle sales rose 8.06% to 911,908 units in April from 843,909 units, the SIAM added. Total two-wheeler sales increased 11.67% in April to 13,04,447 units from 11,68,100 units in April 2013. Sales of commercial vehicles were down 24% to 43,080 units in April, SIAM said. Vehicle sales across categories registered an increase of 6.96% to 15,69,670 units from 14,67,472 units in April 2013, it added.
Monster Employment Index India rises 11% on the year
"Monster Employment Index reveals a consistent improvement in online recruitment vis-à-vis the corresponding period a year-ago. IT (Software/ Hardware) & Travel/Tourism industry sectors have witnessed a growing trend. Engineering, Cement, Construction, Iron/ Steel sectors also displayed an uptrend in recruitment levels. Demand for hiring senior management professionals has seen a noteworthy incline across occupational groups. The April index gives us the confidence that job opportunities will demonstrate a positive trend in coming months", said Sanjay Modi, Managing Director, Monster.com (India/Middle-East/South East Asia).
Industry Year-over-year Trends: Online recruitment activity exceeded the year-ago level in 16 of the 27 industry sectors monitored by the Index
Travel and Tourism; and IT - Hardware, Softwaresaw notable expansion in demand between April 2013 and 2014; up 32 percent respectively. The rate of long-term growth improved in both the sectors between March and April 2014
Engineering, Cement, Construction, Iron/ Steel (down four percent) sector charted fewer opportunities on the year for the first time since November’13. Online recruitment activity in the sector neared October’13 level. Nevertheless, the sector saw an uptrend in recruitment levels, month-on-month...Read More
India April HSBC Composite PMI at 48.5 vs 47.5 in March
HSBC's services sector PMI improved in April, but the reading for both activity and new business flows remained below 50. The weak growth backdrop is the result of the lingering structural constraints, which may only be lifted very gradually after the elections. Inflation picked up with both input price and prices charged rising at a faster pace. Inflation risks, including from the probability of an adverse food supply impact from the El Nino, is likely to keep the RBI in a hawkish mode.
- Business activity (48.5 vs. 47.5 in March) and new business flows (48.4 vs. 47.6 in March) continued to contract in April, albeit more slowly.
- Meanwhile, business expectations (65.8 vs. 66.0 in March) eased slightly.
- The composite output index for services and manufacturing (49.5 vs. 48.9 in March) improved.
- Outstanding business (52.1 vs. 52.2 in March) growth was broadly unchanged and employment (49.8 vs. 51.2 in March) dipped below 50.
- Inflation rose with both input prices (53.9 vs. 53.2 in March) and prices charged (52.6 vs. 51.2 in March) accelerating. Surveyed companies indicated that fuel, food, packaging materials and paper costs had all risen...Read More
Financial Technologies statement on Jignesh Shah's arrest
Financial Technologies has stated that Company is distressed at the arrest of its CMD, Jignesh Shah by the Mumbai Police, despite Shah co-operating fully not only with the Mumbai Police but also with all other authorities, ever since the NSEL crisis surfaced in August 2013. The Company has full faith in the judicial system and is confident that Justice will be done in the case of Mr. Shah. The Company will continue to extend its full co-operation and support to all the authorities. In the meanwhile, the Board at its meeting held today, has decided that Venkat Chary, independent non-executive director shall be Independent, Non-Executive Chairman of the Board. In the interim, the existing two Whole-Time Directors of the company shall be in charge of the day to day affairs. As informed earlier, the Board will meet on the 10th of May 2014 to take stock of the divestment in MCX. The Board would like to assure all the customers, employees, shareholders and stakeholders that the functioning of the Company shall be carried out as business as usual and the interest of all shall be duly protected.
April trade deficit at $10.09 bn
Exports (including re-exports)
During April, 2014, Exports rose a five-month high and were valued at US $ 25634.08 million (Rs.154718.60 crore) which was 5.26 per cent higher in Dollar terms (16.83 per cent higher in Rupee terms) than the level of US $ 24353.77 million (Rs. 132425.33 crore) during April, 2013.
While Imports during April, 2014 were valued at US $ 35720.03 million (Rs.215593.93 crore) representing a negative growth of 15 per cent in Dollar terms and negative growth of 5.66 per cent in Rupee terms over the level of imports valued at US $ 42025.87 million (Rs. 228518.59 crore) in April, 2013.
Crude oil and Non-Oil Imports:
Oil imports during April, 2014 were valued at US $ 12977.8 million which was 0.6 per cent lower than oil imports valued at US $ 13053.5 million in the corresponding period last year.
Non-oil imports during April, 2014 were estimated at US $ 22742.2 million which was 21.5 per cent lower than non-oil imports of US $ 28972.4 million in April, 2013..Read More
Wonderla Holidays rides high on debut
Wonderla Holidays Limited listed on the stock exchanges and the scrip debuted at a 32% premium to the issue price. The initial public offering of the Company was subscribed to nearly 33 times. Over 1.86 lakh applications were received from Investors. The Qualified Institutional Buyers’ portion was subscribed 16.71 times; the Non Institutional Investors’ (High Net worth Individuals – HNIs) portion was subscribed 158.95 times and the retail individual investors’ portion was fully subscribed to around 7.45 times. The Company proposed an initial public offering of 14,500,000 equity shares of Rs. 10 each ("Equity Shares") for cash at a price to be determined through the book-building process (the "Issue") in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the "SEBI Regulations"). The Price Band had been fixed between Rs. 115 and Rs. 125 per Equity Share. The minimum Bid Lot was 100 Equity Shares and in multiples of 100 Equity Shares thereafter. The Bid/ Issue closed for subscription on April 23, 2014. The Issue would constitute 25.66% of the fully diluted post Issue paid up Equity Share capital of the Company.The Issue was graded by CRISIL Limited as CRISIL IPO Grade 4/5, indicating that the fundamentals of the Issue are above average relative to other listed equity securities in India.
Weekly: Sensex, Nifty hits all time high
After taking a breather in the previous week, the Indian equity market resumed their uptrend. Markets indeed were under pressure early in the week as heightened fear of a weak monsoon and rising tensions in Ukraine were among the concerns. However, markets recovered smartly on Friday led by gains in Bank Nifty as Nifty reclaimed 6800 levels. Index has rallied before national election results next week on hopes that election outcome may show a victory by the BJP. Market sentiment also got a boost after the Indian rupee once again showed strength against the US Dollar as the Indian unit breached the Rs60 per dollar mark. The coming week promises to be actionpacked as investors have to contend with a slew of political news. Much will depend on the outcome of the exit polls given that the market’s rise in recent times has been attributed to expectations of the main opposition BJP likely to come back to power. Besides politics, investors and traders would also keep in mind vital economic data. The April CPI and March IIP data are scheduled to be released next week which would also influence the sentiment...Read More
Youth from the ‘City of Dreams’ fear lack of Jobs: Survey
A survey of 1000 people aged from 18 years to 35 years named ‘Dude Index’ by Indigo Nation, attempts to understand the attitude of the youth towards the nation. Most of India’s population being first time voters is joyful news for most political parties as the voter base has drastically increased. The voters’ being young and enthusiastic about change feels the time for new beginnings is here. The survey reports 90% of Mumbaikars youth wants Job opportunities to increase. Mumbaikars showed their responsibility towards the country by a whopping 50% voter turnout. On questioning them about change; all of them had a ready answer: Job Opportunities. Mumbai popularly known as the city of dreams wants to become a hub of job security, with huge number of migrants in the city every day, the youth in Mumbai fear lack of jobs...Read More
Improvement in the Indian Education system – the first-time voters’ demand
With the impending results of the longest election in the country's history, from 7 April to 12 May 2014 to constitute the 16th Lok Sabha fast approaching, an unanswered question rings in the minds of the citizens of the country. Where is education in India headed?
The reasons for this are attributed to many unaddressed issues such as lack of infrastructure, funds, non-regulated educational set ups. Another important factor lies in the lack of trust in the minds of Indian students when it comes to state run educational institutes. Commenting on this, N Chandramouli, CEO, TRA Research Pvt. Ltd., publishers of India’s Most Trusted Educational Institutes 2014 (MTEI 2014), stated, "The remarkable turn out of the General Elections, goes to show that the youth today are aware and want to see improvements, and are willing to reach out and fulfill their civic duties, and now wish to see the result of their effort. Among the most compelling question in the minds of the youth is whether a new government improve the state of education in India? This sector is one of the largest social sector development programs, with the highest degree of penetration in a geographical space as compared to any other activity under the management and control of the government. With 700 universities and more than 35,000 affiliated colleges enrolling more than 20 million students, it remains to be seen what change in government can do for the trust of the education segment as a whole"...Read More
73% of minors on facebook despite under age of 13
Despite government’s strict norms that prohibit children under 13 from joining the social-networking site, nearly 73% of children in tier-I & tier-II cities between the age group of 8 to 13 are using facebook and social networking sites which can lead to negative outcomes such as cyber bullying and online sexual abuse, reveals the ASSOCHAM latest survey. The following statistics are sad and shocking, as per the high court strict order, nearly 73% of Indian tweens are on facebook and other social networking sites, as majority of the parents help kids lie to get on facebook, reveals the ASSOCHAM findings. According to the ASSOCHAM latest survey on "Indian tweens are on facebook despite being under age" reveals that the majority of underage kids on facebook first got assistance from their parents in creating their accounts or profiles. However, many of the parents after helping them repent as they become addict to it...Read More
Men seek workplace flexibility as much as women do
About 45% of organisations said that men are largely using this option for child/family care, while 31% said they use it to study/upskill themselves. However, over 80% women use the flexi option for child care and a mere 20% use it to train/upskill themselves.
Changing lifestyle key reason for this trend
Changing socio-cultural dynamics and increasing trend of nuclear families, has been pointed out as the primary reason behind the growing usage of flexibility option by men, said nearly 66% of the organisations. As opposed to the popular consensus that women, especially working mothers, use flexibility much often, the TimesJobs.com study showed that men too are increasingly opting for flexible work options. In a poll conducted by TimesJobs.com, over 62% of the men stated that flexibility is indeed an important factor for them in a job. About 60% of the organisations stated to have a formal policy on workplace flexibility, which can be availed by both male and female employees...Read More
How to participate in ‘Kaun Banega Crorepati’
The biggest game show Kaun Banega Crorepati, with its inimitable host, Amitabh Bachchan, is all set to return on Sony Entertainment Television. The call for participation communication for this season has kicked off with the line - "Iss manch se koi bhi khali haath nahi jaata".
Potential participants have to answer these correctly in order to have a chance to be on the hot seat. This season aspiring contestants have access to two new platforms to reach the hot seat. You can download the KBC Official App and register by sharing the correct answer, their age and gender. Registration is also possible via sending an SMS to 5252525 with the correct answer along with necessary details. Idea users can register themselves simply by sending an SMS from their Idea mobile. Additionally, viewers can also opt for registration through BSNL landline phones or via Idea IVRS code. Alternatively, viewers can log on to kbcsony.com to register for their shot at the Hot Seat...Read More
What Real Estate expects from New Government
The world's largest democracy has gone to the polls to elect its new government. With all phases of voting almost complete, there is occasion for some reflection and anticipation. Thanks to the negative economic dynamics that the country has been ailing under, every industry hopes for better times ahead. There is a sizable burden of expectations on the new government, not least of all from the real estate sector. To put it mildly, Indian real estate has been at the receiving end of stepmotherly treatment on all fronts. The sector is now perceived as unfriendly to both developers and buyers. Over the last few years, the real estate story has been a saga of missed opportunities, and a turnaround is definitely expected. This can only happen if the new government takes the necessary steps to make the market viable for sellers and buyers again. There are a number of reforms that could collectively achieve this. For instance, the new government can put mechanisms for the fast-tracking of residential project approvals. This would go a long way in increasing supply and keeping property rates rational, especially in the larger cities...Read More
No city where buying a property is advisable over renting: Makaan.com
What has been the change in the property market within the last 2-3 years?" asks Raghu Yadav. He continues, "I keep following the appreciation/ depreciation/stabilization in the property prices on a quarterly basis, but what impact does it have on me? Do these minor fluctuations bring about any change? I feel that the property prices have remained almost the same for the past 2-3 years." Do you also feel the same? Let us see what have been the changes in the past 3 years and how have these changes impacted your city area or locality. Everyone has an opinion on whether it is better to rent or buy a home in the prevailing market conditions. Often these opinions are based on personal circumstances and often what is better for one person may not be the best solution for someone else. As the property market does not see changes at a rapid pace, the latest Makaan.com Buy vs. Rent Index (MBRI) works out a comparison between the changes that happened from JFM 2012 to JFM 2014. What comes out clearly according to the report is that the key Indian cities, including Mumbai, Delhi, Bangalore, Ahmedabad, Pune and Chennai have seen a significant shift in sentiment towards renting in the past three years; another fact highlighted is that although the rental property prices in these cities seem attractive and affordable at present, it is not that they have always remained outside the reach of the common man...Read More
Glenmark Pharma Q4 net profit at Rs 430.66 Mn
Glenmark Pharmaceuticals Limited (GPL), the research-led global integrated pharmaceutical company announced its full year results for the year ended March 31, 2014.
For the fourth quarter ended Mar 31, 2014, Glenmark’s consolidated revenue was at Rs. 17,035.60 Mn (USD 276.86 Mn) as against Rs. 13,358.61 Mn (USD 245.95 Mn) an increase of 27.53%. For the year ended Mar 31, 2014, Glenmark’s consolidated revenue was at Rs. 60,069.35 Mn (USD 994.09 Mn) as against Rs. 50,137.22 Mn (USD 919.11 Mn) an increase of 19.81%. Consolidated Net Profit was at Rs. 430.66 Mn for the Quarter and Rs. 5422.75 Mn for the year.
*The net profit is not comparable due to exceptional item of Rs. 2175.36 Mn on account of the provision made by Glenmark Generics Inc., USA towards the claims (including incidental expenses) of Abbott Laboratories in the patent litigation in respect of "TARKA".
EBITDA grew by 46.7% to Rs. 3816.17 Mn for the Quarter. Net Profit (after taxes and minority interests) for the fourth quarter was Rs. 434.14 Mn. Adjusted for Exceptional Item and apportioning tax on PBT, the Adjusted Net Profit is Rs. 2153 Mn in Q4 FY 13-14 as compared to Rs. 1751.25 Mn an increase of 22.94% over the previous corresponding quarter. The Board of Directors recommend a final dividend of 200 % i.e. Rs. 2 per equity share of the face value of Re. 1 each for FY 2014.
Sales for the formulation business in India for the fourth quarter ended Mar 31, 2014, was at Rs. 3,829.96 Mn (USD 62.05 Mn) as against Rs. 3,550.32 Mn (USD 65.38 Mn) in the previous corresponding quarter, recording a growth of 7.88%...Read More
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