The Week That Was

While the main indices made headlines this week after hitting new highs, the mid-cap and small-cap indices underperformed as they closed lower by ~2%.

July 25, 2014 6:25 IST | India Infoline News Service
Top Stories

FM assures investors of stable tax regime

Replying to Finance Bill on a debate for Lok Sabha, FM Arun Jaitley stated that it is planning to list Rashtriya Ispat in FY15. FM said that it has allowed PSUs with surplus cash. We have added Rs5,000 crore more for main Budget in defense, added Jaitley. The Budget talks about 1 rank, 1 pension scheme in Defense. FM said that it has has assured investors for stable tax regime. "We intend to spend time on GAAR issue, ", added Jaitley. Jaitley also said that Inflation can't be tackled only by raising interest rates. Finance Minister Arun Jaitley said, "We need to increase economic and manufacturing activity." Jaitley however said, "This is a slowdown which we need to fight. My entire effort has been through the various proposals in the finance bill that we must be able to generate more economic, industrial and manufacturing activity,". Jaitley expressed confidence in the implementation of the Goods and Services Tax (GST). Jaitley defended budget proposal to impose higher capital gains tax and will give a boost to the manufacturing sector, added FM.

FM stresses on capital Increase and need for Voice Reforms in World Bank

Currently 79 PSUs are making losses: FM

GDP growth to improve this fiscal: FM

Cabinet approves 49% FDI in insurance biz

The government said that the Cabinet has approved 49% FDI (foreign direct investment) in insurance industry. The Cabinet approved amendments to the Insurance Bill. The move is expected to pave way for inflow of about Rs. 25,000 crore in foreign funds in the sector, market reports said. The proposal for FDI in insurance sector has been pending since 2008 and once into force it will help attracting long term capital apart from improving the overall investment climate of the country. The industry has been demanding a raise in the FDI limit for a long time so as to attract adequate funds for the expansion of the sector. Allowing 49% FDI in the sector would apart from initiating new insurance products in the markets will also help the sector attract global standards and practices, and lead to product innovation.

Rather than dollars, we are more interested in knowledge: PM

The President of the World Bank, Dr. Jim Yong Kim called on the Prime Minister, Narendra Modi. Later, the Prime Minister described the meeting as "very fruitful." "We discussed several ways of working together in the times to come," he said.

On Twitter, the Prime Minister also said:

"We talked about the importance of scale and the need to work on a scale that inspires people and positively transforms their lives. We live in a world where speed matters. Quick execution is essential. Speeding up World Bank projects will surely increase the impact. Rather than dollars, we are more interested in knowledge and expertise of World Bank. Dr. Kim agreed and said World Bank can be our information bank. We want ideas from the World Bank not only on mass production but also on production by masses, which will benefit our workforce. Today the world focuses on trade in goods but in future the core issue will be how to get skilled people. We need to work in this direction. I also suggested to Dr. Jim Yong Kim that the cleaning of the Ganga would be a very inspiring project for the World Bank."

IMF retains India's growth target at 5.4%

The IMF’s latest World Economic Outlook (WEO) Update says that global recovery continues but at an uneven pace, and that downside risks remain. Continued policy efforts are needed to secure a more robust recovery. Global growth decelerated more than expected in the first quarter of 2014, largely because of temporary setbacks, including a sharp correction to an earlier inventory buildup and the effects of a harsh winter on domestic demand in the United States. Growth also disappointed in China as policies were tightened to dampen credit growth and housing market activity. Growth moderated in other emerging markets due to softer external demand and also because of slower-than-expected investment growth. The WEO Update projects that global growth will rebound as the temporary constraints recede and recent policy actions to support expansion gain ground. For example, in China, limited stimulus measures have been deployed to support demand. Global growth is projected to rise from 3.2% in 2013 to 3.4% in 2014 and 4.0% in 2015. The forecast is 0.3% weaker for 2014 relative to the April 2014 WEO (see table), reflecting actual first-quarter outcomes and a slower domestic demand path in emerging markets. For 2015, the forecast is unchanged from the April WEO, as stronger growth in some advanced economies is expected to offset weaker growth in emerging markets...Read More

Wipro Q1 FY15 net profit at Rs. 20.67bn

Wipro Ltd has posted a net profit of Rs. 20672 million for the quarter ended June 30, 2014 as compared to Rs. 13380 million for the quarter ended June 30, 2013. Total Income has increased from Rs. 89143 mn for the quarter ended June 30, 2013 to Rs. 105745 mn for the quarter ended June 30, 2014. For the Consolidated period, the The Group has posted a net profit after taxes, minority interest and share of profit of associates of Rs. 21032 million for the quarter ended June 30, 2014 as compared to Rs. 16233 mn for the quarter ended June 30, 2013. Total Income has increased from Rs. 100693 mn for the quarter ended June 30, 2013 to Rs. 116694 mn for the quarter ended June 30, 2014.

Facebook revenue up 61% in Q2

Thinksoft Global Q1 Operating revenue at Rs51.3 crore

Mastek Q1 Total Income at Rs. 228 crore

Zensar reports Q-o-Q growth of 3.8% in dollar revenue

Apple Q3 net profit at $7.7 bn

Hexaware Tech Q1 PAT at Rs766mn

Vodafone Q1 Service revenue up 10%

MRF Q3 net profit at Rs 2302.20 mn

Govt Approves 19 FDI Proposals worth Rs. 2326.72 Crore

ACC total consolidated turnover up 7.5%

DHFL Q1 net profit up 22%

TVS Motor Q1 PAT at Rs723mn

Transport Corporation Q1 PAT up 14%

Unilever H1 Operating profit up 13%

Geometric Q1 net profit at Rs192.08mn

Blue Dart Express net profit at Rs34.16 crores

Air Algerie flight crashes in Niger: reports

The Air Algerie flight AH5017 has crashed in Niger after flying through violent storms, stated reports. Report stated that Algerian television station Elnahar confirmed the plane went down due to bad weather.

The plane was rerouted while it was flying over Mali. The plane crashed after passing the capital of Niger and it is presumed all 116 people on board have been killed, says report.

Earlier there were reports that the airline lost contact with one of its passenger aircraft.

TRAI recommends sharing of all telecom spectrum

Telecom regulator TRAI recommended allowing sharing of all categories of airwaves held by operators including spectrum. Allocated at old price of Rs 1,658 crore or assigned without auction. Report stated that all access spectrum in the bands of 800/900/1800/2100/ 2300/2500 MHz will be sharable provided that both the licensees are having spectrum in the same band. At present, telecom operators have been allocated airwaves frequency in 800 megahertz (CDMA), 900 Mhz, 1800 Mhz, 2100 Mhz (3G), 2300 Mhz and 2500 Mhz (4G) for wireless telecom services. "If any one or both of the licensees, sharing their spectrum, have administratively assigned spectrum (allocated without auction) in that band, then, after sharing, they will be permitted to provide only those services which can be provided through the administratively held spectrum," TRAI recommended. Earlier this month, Economic Survey had recommended the government to come out with better spectrum management through measures like trading and sharing of spectrum. The price of spectrum in last auction was about five times more compared to price of spectrum allocated under old licencing regime.

Cipla appoints Adil Zainulbhai as an Independent Director on the Board

Cipla, a global pharmaceutical company is delighted to announce the appointment of Mr. Adil Zainulbhai as an independent director on the Board. Adil Zainulbhai retired as Chairman of McKinsey India after a distinguished career consulting Indian corporations and their boards. He spent 24 years in the United States where he led McKinsey’s Washington Office and founded the Minneapolis office before returning to India. Announcing the appointment, Dr. Y K Hamied, Chairman, Cipla Limited said: "Adil’s 30+ years of experience across various industries in India and globally will add a valuable perspective to our Board of Directors. We warmly welcome him on to the board and look forward to his contribution." Zainulbhai said "Cipla has had a huge impact in providing affordable pharmaceuticals to the world while building a strong company. I look forward to helping Cipla become even more successful."

Adil counsels the CEOs and promoters of large companies in a range of industries and has helped several such companies become global leaders. He works closely with government leaders to drive growth, raise living standards, strengthen key sectors of the economy and improve healthcare, education, and welfare. Recently, Adil co-edited the book, ‘Reimagining India: Unlocking the potential of Asia’s next superpower’ a seminal publication of 65 essays from leading thinkers around the world to explore the challenges and opportunities facing the country. Adil grew up in Bombay and graduated in Mechanical Engineering from the Indian Institute of Technology. He also has an M.B.A. from Harvard Business School. Adil serves as Independent Director on boards of Reliance Industries, Larsen & Toubro and Network 18 and on boards of numerous non-profit organisations.

Ultra HNIs rose by 16% to 117,000 in FY 2013-2014

Kotak Wealth Management launched ‘Top of the Pyramid 2014’ report in Mumbai today. The report, covering the period 2013, encapsulates the ‘Ready for Change’ mood of India’s UHNHs, in the context of emerging changes across the economic, environment and political landscape of the country. The changing winds saw UHNIs become optimistic and confident which is reflected in their Spends - Luxury Travel, Philanthropy and Investments, with avenues like Private Equity being explored widely. The report estimates a 16% increase in the number of Indian UHNHs to around 117,000 in FY 2013-14, and expects it to triple over the next few years. Consequently, the net worth of UHNHs is projected to surge at an annual compounded rate of 34% from an estimated Rs. 104 trillion (Rs. 104 lakh crore) in FY 2013-14 to Rs. 408 trillion (Rs. 408 lakh crore) by FY 2018-19. Interestingly, close to 45% of current UHNIs are seen residing in non-metro cities and smaller towns...Read More

HDFC Q1 PAT at Rs1345cr

Motilal Oswal Q1 PAT up 74% YoY

HDFC Bank Q1 net profit at Rs2233cr

ING Vysya Bank Q1 net profit at Rs1434 mn

Indiabulls Housing Finance Q1 net profit up 21%

News In Focus

Financial services sector is most prone to cybercrime

Over the past few years, the global cybercrime landscape has changed dramatically, with criminals employing more sophisticated technology and greater knowledge of cyber security. India has also been a target of such cyber-attacks, to understand the nature and complexity of this crime KPMG in India has conducted the ‘Cybercrime Survey 2014’ and released the results in Mumbai. Cybercrime continues to remain a tough challenge for organisations. Over the years there has been a significant increase in the number of cybercrime attacks prompting organisations to stay alert, seek means to fight cybercrime threats. As cyber criminals continue to develop and advance their techniques, they are also shifting their targets focussing less on theft of financial information and more on business espionage and accessing government information. The Cybercrime Survey 2014’ had over 170 participants from the likes of CIOs, CISOs and related professionals from across India. Cybercrime has emerged as a major threat as acknowledged by an overwhelming 89 per cent of the survey respondents. Distinctly, about 51 per cent perceive themselves to be an easy target for cyber-attacks due to the nature of their business. Out of these 51 per cent, about 68 per cent respondents claim that they monitor their cybercrime threats on a daily basis. Although 37 per cent of the respondents feel risk of cyber-attacks comes from an external source, it is imperative that organisations keep a track of insiders with malicious intent or professional intruders constantly seeking access to sensitive information...Read More

Televisions are fast getting replaced with mobile phones and laptops

Indians admit they spend most of their time in front of Laptops and PCs as compared to TV, mobile and smartphones, according to a new survey conducted by Titan’s Eyewear Division. The ‘Screen Junkie Poll’ was conducted online amongst members of the Encircle database – Titan’s customer loyalty program, to understand the screen viewing habits of individuals and their family members across the country. Individuals who spent most of their time in front of a digital screen were identified as‘Screen Junkies’ and the device they spent most time with was called ‘Screen Mates’. S. Ravi Kant, CEO, Eyewear Division,Titan Company Ltd said, "At Titan Eyeplus it’s our constant endeavor to stay abreast with changes in consumer behavior"...Read More

Alia Bhatt and Arjun Kapoor most searched emerging stars online

India’s crazy love for Bollywood stars, movies, and songs is a celebrated and known fact. With the entry of fresh talent and dynamic performances over the last year, Bollywood buffs across the country have been extending their support to the stars of tomorrow. While some are new to film fraternity, the others hail from filmy homes and have grown up in Bollywood. Starry kids including the likes of Alia Bhatt, Shraddha Kapoor, Arjun Kapoor, Varun Dhawan and Tiger Shroff are leading searches on Google. Although filmy background gives them a clear edge, the other non-filmy newbies on screen including Sidhartha Malhotra and Ileana D’cruz have made their way to fans’ hearts with their performances and talent. An analysis of recent searches on Google (Google Search trends) takes a look at the popularity of these stars among the fans online. Aashiqui fame Shraddha Kapoor and Ek Villan’s Sidhartha Malhothra takes the second spot. Mahesh Bhatt daughter Alia Bhatt’s dream launch in Student of the Year followed by blockbusters movies including Highway and Humpty Sharma Ki Dulhania has gained a lot of interest online as she leads search interest among fans for emerging stars...Read More

How to care newborn babies during monsoon seasons

The Monsoon season provides some cool relaxation after a hot summer. Rain also brings humid weather, flooded roads, mosquito’s diseases etc. You can help your baby to enjoy the Monsoon season with all precautions.

Health Tips: Forskin infections during the monsoon in New born

Give homoeopathy with these protections to make sure health of your child. They are as follows:

  • Don't overdress your baby. Loose fitting, light cotton clothes are the best. If it gets cold, then a light jacket with some pants or leggings should be just enough to keep him warm. Keep a thin blanket handy.
  • Keep your baby away from people who have skin infections.
  • Trim your baby's nails to prevent him scratching and spreading the infection.
  • Keep your baby clean to prevent the buildup of sweat, dirt and grime on his skin. Give him regular baths or wipe him often with a clean wet cloth.
  • Keep your baby dry. Ensure that you dry your baby thoroughly after a bath, especially in the areas where the skin folds.
  • Keep your surroundings clean and insect-free. Insect bites, like wasp stings or spider bites, can cause serious allergies or worsen an infection. If this happens, consult your doctor immediately...Read More

Keep a check on Diabetes mellitus with Homoeopathy

Homoeopathy is branch of medicine remains doubtful in respect of its efficacy, its scientificity in general and in various diseases in particular. Homoeopathy is a holistic way of treatment whatever may be the name of disease. This system understands each disease holistically (mind-body-spirit) and tailors the treatment for each individual having disease. So, homoeopathy treats the patient who has disease instead disease the patient has. This actually reflects lots of wisdom in the field of Medicine. It implies that any individual gets a disease according to his personality—which means traits and characters achieved from heredity and environment (psychobiological and psychosocial). Homoeopathic doctor has to understand each disease in which kind of personality it will appear. This is the reason why some are susceptible to one disease and others are for some other disease. In my experience I understood about Diabetes Mellitus (type 2), DM2, specially the personality inclined to have this disease. DM2 is a somatic disease which has psychobiological and psychosocial dimensions. The recent concept of PNI (PSYCHO-NEURO-IMMUNOLOGY) has proved how it all happens in humans. The relationship between psychiatric and endocrinological illnesses is important because of shared biological background. Blood glucose level and its regulation directly affect brain and mental functions and conversely blood glucose is affected from mental and emotional changes. Many researchers have shown the relation of personality and glucose regulation...Read More

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