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No need to cap inflows: Pranab
Auto exports may overshoot $12-bn target by two years
Tata Motors ups QIP size to $750 m
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RBI’s FY11 loan growth target likely to be missed
Govt in favour of more banks
Banning BlackBerry service will boomerang: RIM
Sept foreign tourist arrivals encouraging
No easing of bird flu impact on shuttlecock biz
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No need to cap inflows: Pranab
New Delhi, October 4 "The Reserve Bank is monitoring it and I don't think just now there is any cause for intervention," Pranab Mukherjee said. "As and when intervention is called for, the Reserve Bank will be there. Foreign funds have pumped $19.2 billion into Indian equities so far in 2010, compared with $17.5 billion in 2009, powering the benchmark 30-share BSE Sensex to 33-month highs. Many emerging economies have voiced concerns over volatile fund flows, with foreign investors shifting focus to higher-yielding markets. Asked if the time was not yet right to cap foreign inflows, Mukherjee said: "I think so." India requires sustained foreign investment to plug its widening current account deficit, which has been worsened by a yawning trade deficit. Meanwhile, several governments around the world are moving to keep their currencies from appreciating to boost exports and improve trade balances. In Asia, Japan intervened for the first time in six years on September 15 to prevent the yen from worsening a faltering recovery. Colombia and Thailand have made similar moves. — Reuters
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Auto exports may overshoot $12-bn target by two years
New Delhi, October 4 The Federation of Indian Chambers of Commerce and Industry (Ficci) has said, "There is a need to revisit the target set in the Automotive Mission Plan (AMP 2006-2016). There is also a need to scale up the target in the background of robust growth of this industry over the last few years.” Despite growing exports, India's share in global automobile exports was 1 per cent in 2009. It is ranked 22nd in automobile exports is behind Thailand , China , Mexico , Argentina , Brazil and Turkey . Ficci said that the industry should aim at achieving a share of at least 3 per cent of global exports market within the AMP by 2016. The industry exports $4.5 billion worth of automobiles, which include tractors, passenger vehicles, commercial vehicles and two-wheelers. The figure is projected to go up to $5.62 billion in 2010-11 subsequently to $7.06 billion in 2011-12 and $17.64 billion in 2015-16. "Indian automobile exports have been growing at a CAGR of more than 25 percent in last five years and with this rate of growth it will achieve a size of $17.7 billion by 2016."
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Tata Motors ups QIP size to $750 m
New Delhi, October 4 Earlier, the company had planned to raise USD 325 million through the issue of ordinary shares, with an option to increase the size of the QIP issue to USD 400 million. "In the view of the response received, the committee of directors today authorised that the size of the offering of 'A' ordinary shares be increased from US 400 million to $550 million," the filing said. The total size of the QIP now stands at $750 million, the company added. The company intends to use the proceeds primarily for reducing debt, capital expenditure and long-term capital requirements, among other things. The shares are proposed to be listed on both the BSE and the NSE. Citigroup Global Markets India Private Limited and Credit Suisse Securities (India) Private Limited are the Book Running Lead Managers to the offer. Acquires Italian Co
Tata Motors has acquired 80 per cent stake in Trilix Srl - an Italian design and engineering firm - for Rs 11.29 crore. “The acquisition is in line with the company's objective to enhance its styling and design capabilities to global standards,” Tata Motors said in a statement. — PTI |
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RBI’s FY11 loan growth target likely to be missed
Mumbai, October 4 "Even though sanctions are there, demand is not picking up," said a banker adding that loan growth in the first six months of 2009-10 was higher than the second half, leading to a high base effect in the first half. So far, loans have grown 19.8 per cent on-year to September 10 and deposits 14.8 per cent. “It (credit growth) will be around 18 per cent. That is our broad assessment, and we said that to RBI,” said another banker. Subbarao also sought bankers' feedback on inflation, credit quality, interest rate outlook, experience with respect to implementation of the new base lending rate system, the officials said. "Deposit growth should pick up as we have raised the deposit rates now and we said this to RBI," one banker said. — Reuters
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Govt in favour of more banks
Kolkata, October 4 It had sought feedback on the paper, as also business model for the new banks, by September 30, with a view to promoting financial inclusion. "We have gone through the discussion paper circulated by RBI. We will also give our views on it to the apex bank," said K V Eapen, joint secretary with department of financial services, the Finance Ministry. — PTI |
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Banning BlackBerry service will boomerang: RIM
New Delhi, October 4 In a letter to Cabinet Secretary K M Chandrasekhar, Canada-based Research In Motion (RIM), the makers of BlackBerry, virtually refused to provide an intercepting technology for its BlackBerry Enterprise Server (BES) and said it had provided options to Law Enforcement Agencies (LEAs) within India's existing techno-legal framework. RIM said it also strongly believed that the concerns of LEA and the government can only be effectively addressed in a wider dialogue between government and industry. "Singling out products like BES in the present instance and imposing ban on such services would be futile and counterproductive," vice-president RIM Robert E Crow said in the letter. The step would be counterproductive because any ban or suspension of services like BES, which have played a key role in success of modern business, will affect information security and efficiency of both commercial and government organisations. The government has given two months to BlackBerry for providing technology for intercepting its BlackBerry Messenger (BBM) service and BES. "As this issue impacts the Internet industry as a whole, we at RIM therefore earnestly request that a joint consultative forum, of Government, users and providers of encrypted services, be established for collectively engaging and assisting the Government to draw up procedures and process that will be adhered to across the board to address the concerns of LEA and the misuse of such technologies," Crow said. BlackBerry manufacturers claimed that the approach was necessary because the network operators and service providers do not have clear access to target information as the users have. — PTI
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Sept foreign tourist arrivals encouraging
New Delhi, October 4 During the initial 27-day period in September, the number of foreign tourists has increased from 1,06185 in 2009 to 1,19,544. “Taking the estimated figure for September, the growth rate in FTAs in 2010 as compared to 2009 is likely to be 11 percent. In fact September 2010 appears to be better than September 2009 (1,196,11) and September 2008 (1,18,710),” officials say. The Travel Agents Association of India (TAAI) in fact has warned that only 10,000 tourists would visit India during the Games-which were being sold as an event that would immensely benefit aviation, hospitality and tourism sector. The fact also is that majority of industry stakeholders are yet to register any significant spurt in bookings ahead of what is being sold abroad as the greatest international sports extravaganza India has ever seen. However, tourism minister Kumari Selja says most of leading hotels in the NCR regions have registered 60 per cent bookings for the Games. She added low occupancy issue is being faced by the Budget category that generally do not get advance bookings. Seljia is positive that all stakeholders would do good business during and after the Games.
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No easing of bird flu impact on shuttlecock biz
Jalandhar, October 4 The disease that forced various countries to cull lakhs of birds in an effort to restrain spreading the flu is still haunting the traders. The flu scare has virtually forced to wind up almost 70 per cent shuttlecock manufacturing units in the last over six years. Moreover, ban on import of bunda (duck) feathers has further given a blow to the industry. In the absence of the duck feathers, hen-feathered shuttlecocks are being produced now. Vijay Dhir of Khel Udyog Sangh, Jalandhar, claimed that the industry that had shifted from Sialkot in Pakistan during Partition to Jalandhar and Meerut is on the verge of closure due to scarcity of raw material. Presently, there are about 300 small and 15 established units in Jalandhar alone, Dhir revealed. After ban on the import of raw material, the Barwala (in Haryana)-based poultry belt is the main feeder for the industry. Certain other poultry farms in the neighbouring areas of Jammu and Kashmir, Himachal Pradesh and Chandigarh are also the contributors to the industry, claimed Jagdhish Chand, a trader in Jalandhar. Another trader Surjan Singh claimed that the cost of production increased three-fold after the outbreak of the disease. The hen feather that cost Rs 120-140 a kg five years ago now costs Rs 350-400 a kg.
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Lupin gets USFDA nod Edible oil exports ban extended again M&M to announce Q2 results soon Micra pushes Nissan Sept sales Grasim Industries in BSE-100 index Dilip Modi is Spice MD Website for feedback on 12th plan
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There is no need to intervene in the forex markets or cap foreign portfolio inflows, which have pushed the rupee to more than five-and-half-month highs, finance minister Pranab Mukherjee said on Monday.
New Delhi, October 4
BlackBerry manufacturers have suggested forming of a joint consultative forum comprising government, users and service providers for drawing up procedures to intercept services likes Enterprise Mail, as banning the service would be ‘counterproductive’.
In a letter to Cabinet Secretary K M Chandrasekhar, Canada-based Research In Motion (RIM), the makers of
BlackBerry, virtually refused to provide an intercepting technology for its BlackBerry Enterprise Server
(BES) and said it had provided options to Law Enforcement Agencies (LEAs) within India's existing techno-legal framework.
Though the number of foreign tourists arriving in the Capital for the Commonwealth Games is below the expected mark of
one-lakh plus. Yet figures for foreign tourist arrivals at Delhi international airport for September does provide hope for businesses that bank on tourists.
During the initial 27-day period in September, the number of foreign tourists has increased from 1,06185 in 2009 to 1,19,544.
Avian influenza that hit poultry all over the globe in recent years has left the Indian shuttlecock manufacturing industry crippled.
The disease that forced various countries to cull lakhs of birds in an effort to restrain spreading the flu is still haunting the traders. The flu scare has virtually forced to wind up almost 70 per cent shuttlecock manufacturing units in the last over six years.
