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Modi govt’s reforms push biz
confidence to 15-quarter high
Maruti launches sedan Ciaz to take on Honda, Hyundai
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HSBC sees positive signs for market
iPhone 6 in India on Oct 17 at Rs 53,500
Biz talk
Hewlett-Packard to split into two public companies
Website crash fails to stop
‘Big Billion Day’ sale rush
Gold sinks to 15-month low on robust US data
Sahara chief seeks restoration of special facilities at Tihar
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Modi govt’s reforms push biz
confidence to 15-quarter high
New Delhi, October 6 Two surveys conducted separately by industry bodies — Ficci and CII— showed improvement in business sentiment over the last year. There are some early signs of recovery in corporate India's credit quality, a Crisil report showed. The latest round of Ficci's business confidence survey shows a further improvement in confidence level amongst members of corporate India. The overall business confidence index stood at 72.7 in the present survey, which is the highest in 15 quarters. The index value in the previous survey was 69. The perception of respondents with regard to current situation relative to the last six months has noted a marked improvement in the latest round of Ficci's business confidence survey. The proportion of respondents citing moderately to substantially better performance compared to last six months recorded a jump at the economy, industry and firm level in the current survey. Indicating a sharp improvement for the second consecutive quarter, the CII business confidence index (CII-BCI) for the July-September quarter of financial year 2015 has shot up to 57.4, up from 53.7 in April-June quarter and 49.9 in the January-March quarter this year. During the same quarter last fiscal, the index had touched the all-time low value of 45.7. The number 50 is the dividing line on the index between positive and weak business confidence. Commenting on the upward march in the value of index, Chandrajit Banerjee, Director General, CII, said, "The determination shown by the new government at the Centre to provide an impetus to growth along with reviving the feel good factor has sent the business confidence index soaring for the second quarter in a row." According to the Ficci survey, 34% of the participants anticipated better investment prospects over the next two quarters. This is a significant improvement when compared to 21% stating likewise a year ago. The survey has noted the BJP government's impact on sentiment. The confidence level of the investors is steadily improving. "The new government has geared into action and we have seen clearances being given to some big-ticket projects. The government has also announced a series of progressive policies and procedural measures that augur well for economic and industrial growth. Industry feels that we are on the right track and that government should continue with its efforts to further smoothen the clearance process," it said. Corporate India's credit quality is showing early signs of recovery, as indicated by Crisil's credit ratio (ratio of number of upgrades to number of downgrades) of 1.64 times for the first half of 2014-15. Upgrades exceeded downgrades in the H1 2014-15, with 741 upgrades as compared to 451 downgrades. Crisil said the improvement in credit quality would be gradual and any significant recovery would be contingent to a sustainable increase in investment demand.
Marked improvement
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Maruti launches sedan Ciaz to take on Honda, Hyundai
New Delhi, October 6 MSIL will sell Ciaz starting at Rs 6,99,000 (ex-showroom price Delhi) in a bid to break into a segment where it has previously had little success with Baleno and SX4. The petrol variants of the sedan are priced between Rs 6.99 lakh and Rs 9.34 lakh while the diesel variants are priced between Rs 8.04 lakh and Rs 9.8 lakh, respectively (ex-showroom Delhi). Having already received over 10,000 pre-launch bookings, Maruti is looking at selling 5,000 units of the vehicle every month. The company aims to sell 60,000-80,000 units of Ciaz next year, said Kenichi Ayukawa, Chief Executive, said at the launch event. At its peak, SX4 sold about 3,000 units a month, while the current segment leader Honda City sells about 5,000 units a month. Overall, the mid-sized segment witnesses the sale of 16,000 units per month. "Millions of Indians have enjoyed Maruti cars for years. These customers are looking to upgrade to mid-sized sedans. Ciaz is for them," Ayukawa said while adding that the company has been able to achieve localisation content of 98% for the car. "Ciaz has been designed keeping in mind the needs and expectations of Indian sedan customers," he said. "We have to enhance our quality. Not only with the car, but with our sales," Ayukawa said when asked why Maruti, which sells nearly one in every two cars, has struggled with premium cars. MSIL has pitched Ciaz as a classier, roomier, European-styled fuel efficient car, targeting Indian drivers who want to upgrade to a mid-sized sedan. It will be available in both gasoline and diesel variants and in seven colours. MSIL, along with its vendors, has invested Rs 620 crore on development of Ciaz. The mid-sized sedan has been developed on a completely new platform. In addition to the domestic market, the company also plans to export the car to markets in the Middle East, Latin America and Africa.
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HSBC sees positive signs for market
New Delhi, October 6 It said sticky inflation level, however, remains a cause for "concern". Inflation has seen some moderation in the recent past, falling from double-digit figures in 2013 to 7.8% year-on-year in August. "We are overweight on India. We see several positives for the market, including structural reforms, supportive monetary policy, a decline in the cost of equity and a favourable corporate earnings outlook," HSBC said, adding that "this should help sustain the current market momentum". Several reforms are also lined up — including FDI in railway infrastructure, defence and insurance; and energy sector reforms. India is considering a “big ticket” divestments in government firms to help lower its budget deficit. — PTI |
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iPhone 6 in India on Oct 17 at Rs 53,500
New Delhi, October 6 Apple’s authorised distributor Ingram Micro today announced that it will start pre-booking for iPhone 6 series from October 7. “iPhone 6 and iPhone 6 Plus will be available in India beginning Friday, October 17, from an expansive network of Apple authorised resellers. Customers can pre-order iPhone 6 and iPhone 6 Plus beginning Tuesday, October 7,” Apple India said in a statement today. “The price of iPhone 6 shared with us in the range of Rs 53,500 to 80,500 per unit.” The 16 GB iPhone 6 is for Rs 53,500, iPhone 6 (64 GB) for Rs 62,500, iPhone 6 (128 GB) will be for Rs 71,500. “The three iPhone 6 plus models have been priced at Rs 62,500, 71,500 and Rs 80,500, respectively,” an authorised partner of Apple told PTI. However, the company did not disclose the price at which it will sell iPhone 6 series in the country, but said, “Pricing details will be soon made available by Apple’s partners: Ingram Micro, Redington, Rashi Peripherals and Reliance.” Vendors through e-commerce have started offering the premium smartphones at price starting from around Rs 56,000. Amazon website showed that iPhone 6 is selling for around $750, including shipping cost, in the US which amounts to about Rs 46,000. — PTI
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Realty firm Omaxe targets tier-II, III cities to tap potential demand Mohit Goel CEO, Omaxe Limited, talks to Girja Shankar Kaura Omaxe Limited, one of India's leading real estate development firms, has spread its footprints in 30 cities of nine states. With over 90 million square feet of delivered space in both real estate and construction contracting, the company is at present undertaking 42 projects. A BSE and NSE listed company, Omaxe has made a mark with some key projects and engineering marvels. Mohit Goel, CEO, Omaxe Ltd, talks about the company's plans. Q: How do you see the rise of tier-II and III cities in the country? Rising property prices in metros and lack of space in these cities have led to an increase in demand for space in tier-II and III cities such as Lucknow, Ludhiana, New Chandigarh, Bahadurgarh, Rohtak, Vrindavan, Jaipur, Indore and others. Infrastructure development and job opportunities have contributed to the rise in demand for housing and commercial spaces. The Budget's positive initiatives such as allocation of a seed fund of Rs 7,060 crore for developing 100 smart cities, REIT, incentives for affordable housing, promotion of industrial development and growth of the manufacturing sector will further boost tier-II and III cities. Omaxe has already been taking steps in this direction. We have created a niche market for ourselves in this space and are today present in 30 cities of nine states. Q: Do you think recent government initiatives will affect the affordable housing segment? The RBI's move to make city-wise classification of affordable housing and periodically review its definition is a step forward. The increase in the cap of affordable housing eligible for loans under the priority sector was imperative considering the rising prices of homes in the last few years. Homebuyers can now avail loans easily and at a lower interest rate which will in turn lead to a rise in demand of affordable housing. We operate in the affordable segment and 75-80% of our portfolio is in this segment. Q: What is your medium-term (9-12 months) outlook for the real estate market in India? A host of factors will shape the real estate sector and the overall economy in the next 9-12 months subject to inflation and interest rate. The government's intent to promote realty and infrastructure growth has been duly emphasised in the Budget. The RBI's directive on affordable housing is a welcome sign for better prospects ahead. These factors will find concurrence even in the North Indian market. However, cities such as Bahadurgarh, Rohtak and Vrindavan are low priced and therefore the take-off quicker. Q: How has Omaxe's track record been in terms of flats’ delivery? We have been sticking to our aim of delivering 7-9 million square feet every year. In the last five years, we have increased our real estate delivery to over five times; from 11 million square feet till 2009-10 to 58.3 million square feet till 2013-14. Q: What are your plans? At present, we are developing 42 projects — 14 group housing, 18 integrated townships, including 2 hi-tech township and 10 commercial malls, office spaces/SCOs and hotels. These include an integrated township in New Chandigarh "Omaxe New Chandigarh" and a mixed-land use project "Omaxe City Centre, Faridabad" among others besides several residential and commercial projects. In the next 1-2 years, the company is expected to launch 10-12 projects, most of which shall be in the affordable segment.
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Hewlett-Packard to split into two public companies
HP said its shareholders would own a stake in both businesses through a tax-free transaction next year. Shares of the company, which has struggled to adapt to the new era of mobile and online computing, were up 5.1% at $37 in premarket trading on Monday. Each of the two businesses contributes about half of HP’s current revenue and profit. The move will result in a monumental reshaping of one of technology's most pioneers, which has more than 3,00,000 employees and is on track to book $112 billion in revenue the fiscal year ending October. "Shareholders will now be able to invest in the respective asset groups without the fear of cross-subsidies and inefficiencies that invariably plague large business conglomerates," Ralph Whitworth, former HP chairman and founder of Relational Investors LLC, said. Relational owns a 1.49% stake in HP, which had a market value of about $66 billion as of Friday. Many investors and analysts had called for a break-up of the company, or a sale of the personal computer business, so that HP could focus on the more profitable operations of providing computer servers, networking and data storage to businesses. HP is the latest in a line of companies, often under shareholder pressure, to spin off operations in an attempt to become more agile and capitalise on faster-growing businesses. — Reuters HP to cut 55k jobs
New York: Hewlett-Packard said on Monday its corporate reorganisation would slash a total of 55,000 jobs, at least 5,000 more than its latest estimate. — AFP
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Website crash fails to stop
‘Big Billion Day’ sale rush
Flipkart founders —Sachin Bansal and Binny Bansal — said in a statement, “The Big Billion Day is an unprecedented day for us as this is the biggest sale ever in India. We are delighted by the overwhelming response from our customers since 8 am today. With a range of exciting offers on quality products at disruptive prices available throughout the sale period, we have created history in Indian e-commerce.” The statement did acknowledge problems that customers faced trying to complete transactions on the website. It said the technology team had been dedicated towards addressing errors and providing constant support to accommodate the largest scale of traffic and customer visits e-commerce has witnessed across the country. Flipkart said its website got a billion hits today and achieved the 24-hour sales target of $100 million in just 10 hours.
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Gold sinks to 15-month low on robust US data
Gold, which often influences other precious metals, has also failed to capitalise on geopolitical tensions caused by military conflict between Russia and Ukraine and the rise of Islamic State in Iraq and Syria. Cash gold had fallen 0.20% to $1,188.37 an ounce. It earlier dropped to $1,183.46 an ounce, its weakest since June 2013. Platinum touched its lowest since 2009, silver fell to its weakest since 2010, and palladium hit an 8-month low. "A strong dollar is a major problem for gold. Sentiments are bearish but I think we expect some kind of rebound," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong, who pegged support at $1,180 an ounce. "There's a little bit of physical buying, but premiums haven't changed. We have to see what happens later in the day. If demand is coming, of course, it will push up the premiums." Premiums for gold were quoted at $1.20 to $1.60 an ounce to the spot London prices, unchanged from the last week, despite a sharp drop in cash gold prices. — Reuters Oil steadies above $92
London: Brent crude oil edged down but stayed above $92 a barrel on Monday after a week of sharp falls, as strong US employment data and a rally in global stock markets pointed to stronger economic growth and higher demand for fuel. Brent fell nearly 5 % last week, its steepest decline since April 2013, as a strong US dollar, weak demand and ample supply weighed on prices. — Reuters |
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Sahara chief seeks restoration of special facilities at Tihar
In a letter to Tihar authorities, Roy said 80% of the negotiations were over to sell his hotels in London and New York and the withdrawal of the facilities on September 30 may result in lapse of the deal. The Sahara chief has also sought special security, saying he faces threat inside the jail premises. On October 1, Roy was sent back to his cell in Tihar at the end of the period granted by the Supreme Court for stay at the air-conditioned facility in the complex to negotiate sale of his overseas hotels. "Subrata Roy in a letter has requested continuation of special services provided to him. He has been sent back to the cell on October 1 as the period granted by the Supreme Court to stay in the air-conditioned facility ended," senior jail officials said. They said the facility could be further extended only after directions from the court. — PTI
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Jaitley not to attend IMF, World Bank meetings Probe into dumping of Chinese pendrives Skype to bar calls on mobile, landline in India
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