General Affairs
India Needs Rapid Expansion in Higher Education: Arvind Panagariya
Railways to Launch Special Safety App for Women Passengers
Ready to Talk to Anyone in Congress for GST Bill Passage: Arun Jaitley
Cauvery Water Issue: Congress Slams Party-Led Government in Karnataka
Sensex snaps 6-day losing streak; ends 31 points up; Nifty holds 8,050-mark
Banks' non-performing loan pressure to subside gradually: Fitch
StanChart announces $5.1 bn capital-raising plan, posts loss of $139 mn in Q3
Carmakers post strong sales in October on festive fervour
Alkem Labs to launch $210 mn IPO in December
India Needs Rapid Expansion in Higher Education: Arvind Panagariya
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NEW DELHI: Calling for transformation in tune with the changing times, NITI Aayog Vice-Chairman Arvind Panagariya today said India needs rapid expansion of its higher education system.
"I think challenges in the Indian education system are very much there. The country needs transformation in this field," Mr Panagariya said while addressing the 11th Ficci Higher Education Summit 2015.
"Just as we need transformation in different areas such as urbanisation, industralisation... in many countries a lot of transformation has happened in education."
Mr Panagariya is of the view that school education and higher education need to grow together to help India face various challenges.
He made out a case for rapid expansion in higher education both in private and public sectors.
"A lot of the criticism in recent times are along the lines that we overemphasise on higher education and ignore elementary one... And that was a big mistake. Personally, I don't really subscribe to that view... The Constitution very specifically recognised it," he said.
While taking note of advancement in information technology (IT) because of rapid expansion in engineering education, Mr Panagariya made it a point to highlight the "very restrictive" nature of medical education in the country.
Citing the example of his own state Rajasthan, Mr Panagariya said there were five medical colleges way back in 1995 and the situation remains so even now.
Listing other impediments, Mr Panagariya said there is distinct lack of interest among professionals towards teaching profession and the salary levels are not comparable either.
"We also need to do something about the salaries paid to professors. Often, the best faculty and students walk out to work for the private sector," he added.
He made it clear that NITI Aayog is considerate to the demands of the education sector.
"At NITI Aayog, we are very much sensitive to that. The Prime Minister has himself focussed on cooperative federalism. This is where Ficci can help NITI Aayog," he added.
NEW DELHI: Calling for transformation in tune with the changing times, NITI Aayog Vice-Chairman Arvind Panagariya today said India needs rapid expansion of its higher education system."I think challenges in the Indian education system are very much there. The country needs transformation in this field," Mr Panagariya said while addressing the 11th Ficci Higher Education Summit 2015.
"Just as we need transformation in different areas such as urbanisation, industralisation... in many countries a lot of transformation has happened in education."
Mr Panagariya is of the view that school education and higher education need to grow together to help India face various challenges.
"A lot of the criticism in recent times are along the lines that we overemphasise on higher education and ignore elementary one... And that was a big mistake. Personally, I don't really subscribe to that view... The Constitution very specifically recognised it," he said.
While taking note of advancement in information technology (IT) because of rapid expansion in engineering education, Mr Panagariya made it a point to highlight the "very restrictive" nature of medical education in the country.
Citing the example of his own state Rajasthan, Mr Panagariya said there were five medical colleges way back in 1995 and the situation remains so even now.
Listing other impediments, Mr Panagariya said there is distinct lack of interest among professionals towards teaching profession and the salary levels are not comparable either.
"We also need to do something about the salaries paid to professors. Often, the best faculty and students walk out to work for the private sector," he added.
He made it clear that NITI Aayog is considerate to the demands of the education sector.
"At NITI Aayog, we are very much sensitive to that. The Prime Minister has himself focussed on cooperative federalism. This is where Ficci can help NITI Aayog," he added.
Railways to Launch Special Safety App for Women Passengers
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NEW DELHI: To curb crimes against women travelers, Railways today said an all-India mobile application service will be launched through which immediate help from the Railway Protection Force could be availed.
"Some zonal railways such as Western Railway have launched mobile application for providing security to women passengers besides installing CCTV in trains," Railway Minister Suresh Prabhu said at the RPF Investiture Parade ceremony in New Delhi.
The App, a security and safety measure, is being developed in coordination with Railway Protection Force (RPF).
Since railways is the soft target from unscrupulous elements and divisive forces, there will be a strategic cell for RPF to tackle the growing threat from such elements, a senior official said.
"In order to assess the threat perception, RPF needs a strategic cell. We need a change in the system and for this adequate funds will be provided to RPF," Mr Prabhu said.
Focusing the need for technology upgradation, he said, "sometime there are attempts to obstruct the economic development by obstructing the rail movement. There is a requirement for technology upgradation and training of RPF personnel to prevent such incidents."
Dwelling on the menace of without ticket travel in trains, Mr Prabhu said, "there will be a massive drive against the without ticket travelers. A drive has already been launched against the touts involved in cornering tickets in illegal way."
Stressing the need for coordination with the state police, Railway Minister said he has written letters to all Chief Ministers requesting cooperation from states on the subject. "RPF along with Government Railway Police (GRP) will also work to prevent theft in railways and there is a need for coordination with the state police to prevent theft in railways.
"I have written to all CMs for better coordination with the state police to check crime in trains effectively. There is a requirement of seamless policing for effective control of crime," he said.
NEW DELHI: To curb crimes against women travelers, Railways today said an all-India mobile application service will be launched through which immediate help from the Railway Protection Force could be availed."Some zonal railways such as Western Railway have launched mobile application for providing security to women passengers besides installing CCTV in trains," Railway Minister Suresh Prabhu said at the RPF Investiture Parade ceremony in New Delhi.
The App, a security and safety measure, is being developed in coordination with Railway Protection Force (RPF).
"In order to assess the threat perception, RPF needs a strategic cell. We need a change in the system and for this adequate funds will be provided to RPF," Mr Prabhu said.
Focusing the need for technology upgradation, he said, "sometime there are attempts to obstruct the economic development by obstructing the rail movement. There is a requirement for technology upgradation and training of RPF personnel to prevent such incidents."
Dwelling on the menace of without ticket travel in trains, Mr Prabhu said, "there will be a massive drive against the without ticket travelers. A drive has already been launched against the touts involved in cornering tickets in illegal way."
Stressing the need for coordination with the state police, Railway Minister said he has written letters to all Chief Ministers requesting cooperation from states on the subject. "RPF along with Government Railway Police (GRP) will also work to prevent theft in railways and there is a need for coordination with the state police to prevent theft in railways.
"I have written to all CMs for better coordination with the state police to check crime in trains effectively. There is a requirement of seamless policing for effective control of crime," he said.
Ready to Talk to Anyone in Congress for GST Bill Passage: Arun Jaitley
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NEW DELHI: With the landmark GST Bill stuck due to opposition from the Congress, Finance Minister Arun Jaitley said he is willing to reach out to Rahul Gandhi to get the biggest reform agenda in two decades passed by Parliament.
"We are willing to speak to any of their leaders," Mr Jaitley was quoted as saying by Bloomberg News.
Asked if that includes Rahul Gandhi, Mr Jaitley said: "Certainly. Why not?"
The Goods and Services Tax (GST), which will subsume more than a dozen state levies to create a single market, is to be implemented from April 1, 2016. But the deadline may be missed if Parliament does not pass the Constitution Amendment Bill in the upcoming winter session.
"I would try and persuade them to have it cleared now, as soon as possible, because it is going to be one of the most important reforms in India," he said.
Once the Bill is passed, more than half of the states have to ratify it before Parliament passes another enabling bill to implement GST.
The GST rate would have to be set by the proposed GST Council, which will be headed by the Union Finance Minister and have state ministers as members.
The Congress is opposed to states being given powers to levy 1 per cent tax over and above the GST rate. Also, it wants alcohol and petroleum products to be included in the GST regime.
"Since it is a Constitution amendment and it will stand the test of time, I don't want to create an architecture which is faulty, and some of their suggestions could hurt that architecture," Mr Jaitley said when asked if he would compromise.
"But if there is something which doesn't hurt but strengthens the GST architecture, I am certainly willing to look at it."
The Finance Minister said he is willing to speak to anyone who disagrees with him.
"Anyone in the government can speak to people -- there's no difficulty at all," he said. "So far, we have been speaking to the more accessible section of the Congress party."
Mr Jaitley also praised the Reserve Bank of India for slashing the benchmark interest rate, but remained non-committal on extension to Governor Raghuram Rajan.
"RBI has the onerous responsibility of managing it -- the interest rates -- along with inflation, keeping growth targets in mind," he said. "And I would say I am quite happy with the way things have moved in the last one year.
Therefore, we have to see how inflation figures move over the next few months."
Asked if Raghuram Rajan, 52, would be given an extension after his current term ends in September next year, he said: "Why do you ask questions which I am not competent to answer?"
NEW DELHI: With the landmark GST Bill stuck due to opposition from the Congress, Finance Minister Arun Jaitley said he is willing to reach out to Rahul Gandhi to get the biggest reform agenda in two decades passed by Parliament."We are willing to speak to any of their leaders," Mr Jaitley was quoted as saying by Bloomberg News.
Asked if that includes Rahul Gandhi, Mr Jaitley said: "Certainly. Why not?"
"I would try and persuade them to have it cleared now, as soon as possible, because it is going to be one of the most important reforms in India," he said.
Once the Bill is passed, more than half of the states have to ratify it before Parliament passes another enabling bill to implement GST.
The GST rate would have to be set by the proposed GST Council, which will be headed by the Union Finance Minister and have state ministers as members.
The Congress is opposed to states being given powers to levy 1 per cent tax over and above the GST rate. Also, it wants alcohol and petroleum products to be included in the GST regime.
"Since it is a Constitution amendment and it will stand the test of time, I don't want to create an architecture which is faulty, and some of their suggestions could hurt that architecture," Mr Jaitley said when asked if he would compromise.
"But if there is something which doesn't hurt but strengthens the GST architecture, I am certainly willing to look at it."
The Finance Minister said he is willing to speak to anyone who disagrees with him.
"Anyone in the government can speak to people -- there's no difficulty at all," he said. "So far, we have been speaking to the more accessible section of the Congress party."
Mr Jaitley also praised the Reserve Bank of India for slashing the benchmark interest rate, but remained non-committal on extension to Governor Raghuram Rajan.
"RBI has the onerous responsibility of managing it -- the interest rates -- along with inflation, keeping growth targets in mind," he said. "And I would say I am quite happy with the way things have moved in the last one year.
Therefore, we have to see how inflation figures move over the next few months."
Asked if Raghuram Rajan, 52, would be given an extension after his current term ends in September next year, he said: "Why do you ask questions which I am not competent to answer?"
Cauvery Water Issue: Congress Slams Party-Led Government in Karnataka
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CHENNAI: The Congress' state unit today slammed the party-led government in Karnataka for its insistence on constructing a checkdam across river Cauvery at Mekedatu, saying it was against the final award given by a tribunal on the inter-state issue.
Tamil Nadu Congress Committee (TNCC) President E V K S Elangovan said Karnataka was coming up with excuses to "deny us our fair share" in Cauvery. Karnataka's insistence "that they will construct a check dam at Mekedatu... is violative of federalism and the final award given by the Cauvery Tribunal," he said.
Mr Elangovan said though the Tribunal had given its final award in 2007 over sharing of Cauvery water between Tamil Nadu, Karnataka, Kerala and Puducherry, it had "lacked the vision" to draw a distress-sharing formula which had resulted in problems today.
Though the final award had been challenged in the Supreme Court by the states concerned, they, however, have to accept it as it had been published in a Central gazette, he said in a statement.
Mr Elangovan noted that political parties in Karnataka were united in this matter and had even met Prime Minister Narendra Modi to present their case and sought to know why Chief Minister J Jayalalithaa had not taken any such initiative.
The TNCC chief extended his party's support for tomorrow's fast by a farmer's body on the Cauvery issue scheduled in Chennai.
CHENNAI: The Congress' state unit today slammed the party-led government in Karnataka for its insistence on constructing a checkdam across river Cauvery at Mekedatu, saying it was against the final award given by a tribunal on the inter-state issue.Tamil Nadu Congress Committee (TNCC) President E V K S Elangovan said Karnataka was coming up with excuses to "deny us our fair share" in Cauvery. Karnataka's insistence "that they will construct a check dam at Mekedatu... is violative of federalism and the final award given by the Cauvery Tribunal," he said.
Mr Elangovan said though the Tribunal had given its final award in 2007 over sharing of Cauvery water between Tamil Nadu, Karnataka, Kerala and Puducherry, it had "lacked the vision" to draw a distress-sharing formula which had resulted in problems today.
Mr Elangovan noted that political parties in Karnataka were united in this matter and had even met Prime Minister Narendra Modi to present their case and sought to know why Chief Minister J Jayalalithaa had not taken any such initiative.
The TNCC chief extended his party's support for tomorrow's fast by a farmer's body on the Cauvery issue scheduled in Chennai.
China's Li Keqiang: Beijing Has 'Duty to Humanity' to Boost Green Growth
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BEIJING, CHINA: China has used up too much energy and too many resources in its quest for growth, Premier Li Keqiang told visiting French President Francois Hollande today, adding that the Asian giant has a "duty to humanity" to clean itself up.
Li's comments come ahead of a forthcoming UN climate summit in Paris, which will seek to unite all the world's nations in a single agreement on tackling climate change.
As the world's largest polluter, China will be a key player at the event, in the face of disputes over whether developed or developing countries should bear more of the burden for reducing emissions.
Li said more environmentally friendly development would be "obligatory" for China to "promote a restructuring of its national economy", currently experiencing its slowest growth in years.
The shift was China's "duty and a contribution to humanity" as one of the world's largest countries, he added.
China's decades-long boom, which has propelled it to global prominence, was largely dependent on heavy industry, real estate and infrastructure investment. But growth has slowed in recent years, and now stands at its lowest since the global financial crisis, according to official figures.
"For a great many years, we consumed too much energy and resources to achieve our development, and this model has since become unsustainable," Li said, adding that China must now rely more on development of its human resources.
But he did not cite any specific measures it would take.
On Monday, China and France issued a joint declaration on climate change saying that the Paris accord intended to cap warming at two degrees Celsius (3.6 degrees Fahrenheit) over pre-Industrial Revolution levels should include checks for compliance.
Each signatory's progress should be reviewed every five years, the statement said, to "build mutual trust and confidence and promote effective implementation". It gave no details.
Hollande called the declaration a "historic" step forward, and on today the final day of his two-day trip urged Beijing to "discuss with and convince a number of countries known to be vital" to the negotiation process.
"When China is committed, it of course commits itself but it is an example, a benchmark."
The French president's trip comes soon after a similar visit by German Chancellor Angela Merkel, who was in China last week hoping to drum up business, and after Chinese President Xi Jinping visited both Britain and the US in the last two months.
BEIJING, CHINA: China has used up too much energy and too many resources in its quest for growth, Premier Li Keqiang told visiting French President Francois Hollande today, adding that the Asian giant has a "duty to humanity" to clean itself up.Li's comments come ahead of a forthcoming UN climate summit in Paris, which will seek to unite all the world's nations in a single agreement on tackling climate change.
As the world's largest polluter, China will be a key player at the event, in the face of disputes over whether developed or developing countries should bear more of the burden for reducing emissions.
The shift was China's "duty and a contribution to humanity" as one of the world's largest countries, he added.
China's decades-long boom, which has propelled it to global prominence, was largely dependent on heavy industry, real estate and infrastructure investment. But growth has slowed in recent years, and now stands at its lowest since the global financial crisis, according to official figures.
"For a great many years, we consumed too much energy and resources to achieve our development, and this model has since become unsustainable," Li said, adding that China must now rely more on development of its human resources.
But he did not cite any specific measures it would take.
On Monday, China and France issued a joint declaration on climate change saying that the Paris accord intended to cap warming at two degrees Celsius (3.6 degrees Fahrenheit) over pre-Industrial Revolution levels should include checks for compliance.
Each signatory's progress should be reviewed every five years, the statement said, to "build mutual trust and confidence and promote effective implementation". It gave no details.
Hollande called the declaration a "historic" step forward, and on today the final day of his two-day trip urged Beijing to "discuss with and convince a number of countries known to be vital" to the negotiation process.
"When China is committed, it of course commits itself but it is an example, a benchmark."
The French president's trip comes soon after a similar visit by German Chancellor Angela Merkel, who was in China last week hoping to drum up business, and after Chinese President Xi Jinping visited both Britain and the US in the last two months.
Business Affairs
Sensex snaps 6-day losing streak; ends 31 points up; Nifty holds 8,050-mark
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Snapping the six days long losing streak, the domestic markets ended marginally higher in trade on Tuesday, as concerns about corporate earnings continued to weigh, although higher Asian shares supported sentiment.
The S&P BSE Sensex cut initial gains in the afternoon trade and ended 31.44 points up at 26,590.59 after rising over 150 points in the early trade, while broader CNX Nifty held its key 8,050 level to settle at 8,060.70, up 9.90 points.
Market breadth remained mixed with 15 of the 30 Sensex stocks ending the day in green.
Asian Paints was the top Sensex loser, which ended the day 1.9 per cent down.
Foreign institutional investors (FIIs) have sold in three out of the previous six sessions, depriving markets of some momentum, after they had been heavy net buyers in October.
But sentiment was supported as regional markets have gained on hopes that US interest rates are not likely to rise as quickly as previously thought, and on a growing sense of relief over China's growth numbers after recent official data.
"Last few days, the market was in a falling mode because FIIs were selling, the selling pressure has reduced and the market is stabilising (but) the fundamentals have not changed," said Deven Choksey, managing director at KR Choksey Securities.
Among Asian markets, China's Shanghai Composite ended the day with a downtick of 0.25 per cent, while Hong Kong's Hang Seng settled 0.89 per cent up. Japanese markets were closed today on account of a national holiday.
Overnight, US stocks closed in the green reflecting positive reaction to M&A activity and better than expected economic data. The Dow Jones rose 165.22 points, or 0.94 per cent, the S&P 500 gained 24.69 points, or 1.19 per cent, and the Nasdaq Composite added 73.40 points, or 1.45 per cent.
Lowdown on markets today
02:28 pm
Sensex at 26,637.05, up 77.90 points
Nifty at 8,069.35, up 18.55 points
12:13 pm
Sensex at 26,686.23, up 127.08 points
Nifty at 8,085.20, up 34.40 points
11:10 am
Sensex at 26678.64, up 119 points
Nifty at 8082.75, up 32 points
9:30 am
Sensex at 26,694.91, up 135.76 points
Nifty at 8,088.75, up 37.95 points
Snapping the six days long losing streak, the domestic markets ended marginally higher in trade on Tuesday, as concerns about corporate earnings continued to weigh, although higher Asian shares supported sentiment.
The S&P BSE Sensex cut initial gains in the afternoon trade and ended 31.44 points up at 26,590.59 after rising over 150 points in the early trade, while broader CNX Nifty held its key 8,050 level to settle at 8,060.70, up 9.90 points.
Market breadth remained mixed with 15 of the 30 Sensex stocks ending the day in green.
Asian Paints was the top Sensex loser, which ended the day 1.9 per cent down.
Foreign institutional investors (FIIs) have sold in three out of the previous six sessions, depriving markets of some momentum, after they had been heavy net buyers in October.
But sentiment was supported as regional markets have gained on hopes that US interest rates are not likely to rise as quickly as previously thought, and on a growing sense of relief over China's growth numbers after recent official data.
"Last few days, the market was in a falling mode because FIIs were selling, the selling pressure has reduced and the market is stabilising (but) the fundamentals have not changed," said Deven Choksey, managing director at KR Choksey Securities.
Among Asian markets, China's Shanghai Composite ended the day with a downtick of 0.25 per cent, while Hong Kong's Hang Seng settled 0.89 per cent up. Japanese markets were closed today on account of a national holiday.
Overnight, US stocks closed in the green reflecting positive reaction to M&A activity and better than expected economic data. The Dow Jones rose 165.22 points, or 0.94 per cent, the S&P 500 gained 24.69 points, or 1.19 per cent, and the Nasdaq Composite added 73.40 points, or 1.45 per cent.
Lowdown on markets today
02:28 pm
Sensex at 26,637.05, up 77.90 points
Nifty at 8,069.35, up 18.55 points
12:13 pm
Sensex at 26,686.23, up 127.08 points
Nifty at 8,085.20, up 34.40 points
11:10 am
Sensex at 26678.64, up 119 points
Nifty at 8082.75, up 32 points
9:30 am
Sensex at 26,694.91, up 135.76 points
Nifty at 8,088.75, up 37.95 points
Banks' non-performing loan pressure to subside gradually: Fitch
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Global rating agency Fitch on Tuesday said the asset ratio of banks may improve marginally to 10.9 in fiscal year 2015-16 from 11.1 per cent clocked in the last fiscal year.
"The non performing loan growth will slow down further with cyclical recovery, but a moderate pick-up in loan growth may provide support," said rating firm.
Fitch's view follows Moody's Investors Service 's move to revise its outlook on banks to "stable" from "negative".
However, Fitch believes non-performing loan (NPL) recoveries will be time-consuming.
"Most state banks are at a risk of some core capital impairment under the agency's stress test. Indian Overseas Bank and Bank of India look particularly weak," added rating agency.
Performance of large private banks is significantly superior despite recent asset-quality pressures, said Fitch.
Meanwhile, Bank Nifty, NSE index for banking stocks, gained 0.5 per cent in trade on Tuesday.
Global rating agency Fitch on Tuesday said the asset ratio of banks may improve marginally to 10.9 in fiscal year 2015-16 from 11.1 per cent clocked in the last fiscal year.
"The non performing loan growth will slow down further with cyclical recovery, but a moderate pick-up in loan growth may provide support," said rating firm.
Fitch's view follows Moody's Investors Service 's move to revise its outlook on banks to "stable" from "negative".
However, Fitch believes non-performing loan (NPL) recoveries will be time-consuming.
"Most state banks are at a risk of some core capital impairment under the agency's stress test. Indian Overseas Bank and Bank of India look particularly weak," added rating agency.
Performance of large private banks is significantly superior despite recent asset-quality pressures, said Fitch.
Meanwhile, Bank Nifty, NSE index for banking stocks, gained 0.5 per cent in trade on Tuesday.
StanChart announces $5.1 bn capital-raising plan, posts loss of $139 mn in Q3
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Standard Chartered announced plans on Tuesday to raise $5.1 billion in new capital via a rights issue, as well as new goals for cost cutting and core capital ratio as new Chief Executive Bill Winters set out his strategy for the lender.
The announcement came as Asia-focused Standard Chartered (StanChart) posted a third-quarter operating loss of $139 million due to growing regulatory costs and rising loan impairments in India.
The capital-raising plan came as part of a completed strategic review, that will also see the bank restructure businesses that together consume $100 billion in risk weighted assets, one-third of the group's total.
Those include exiting low returning client relationships worth $50 billion and trimming $30 billion of risk weighted assets in some unnamed underperforming countries.
StanChart shares fell 4 per cent in Hong Kong after the announcement, while the benchmark Hang Seng Index was up 1.3 per cent.
"The capital raise and restructuring will together push the bank towards a new common equity tier-1 capital (CET1) ratio goal of 12-13 per cent," the bank said.
"The bank's current CET1 ratio - a core measure of financial strength - fell slightly in the third quarter to 11.4 per cent," StanChart said in its results filing to the Hong Kong Stock Exchange.
The loss for the July-September quarter compares with a $1.5 billion profit in the same period a year ago.
StanChart formally reports earnings every half-year, but since 2013 began giving more details of quarterly progress in its 'interim management statement'.
StanChart also said it will not pay any final dividend for the financial year ending 31 December, 2015.
Standard Chartered announced plans on Tuesday to raise $5.1 billion in new capital via a rights issue, as well as new goals for cost cutting and core capital ratio as new Chief Executive Bill Winters set out his strategy for the lender.
The announcement came as Asia-focused Standard Chartered (StanChart) posted a third-quarter operating loss of $139 million due to growing regulatory costs and rising loan impairments in India.
The capital-raising plan came as part of a completed strategic review, that will also see the bank restructure businesses that together consume $100 billion in risk weighted assets, one-third of the group's total.
Those include exiting low returning client relationships worth $50 billion and trimming $30 billion of risk weighted assets in some unnamed underperforming countries.
StanChart shares fell 4 per cent in Hong Kong after the announcement, while the benchmark Hang Seng Index was up 1.3 per cent.
"The capital raise and restructuring will together push the bank towards a new common equity tier-1 capital (CET1) ratio goal of 12-13 per cent," the bank said.
"The bank's current CET1 ratio - a core measure of financial strength - fell slightly in the third quarter to 11.4 per cent," StanChart said in its results filing to the Hong Kong Stock Exchange.
The loss for the July-September quarter compares with a $1.5 billion profit in the same period a year ago.
StanChart formally reports earnings every half-year, but since 2013 began giving more details of quarterly progress in its 'interim management statement'.
StanChart also said it will not pay any final dividend for the financial year ending 31 December, 2015.
Carmakers post strong sales in October on festive fervour
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Market leader Maruti Suzuki India (MSIL) and arch-rival Hyundai Motor India (HMIL) clocked their best-ever monthly sales in October as the festive cheer pushed up demand.
Honda Cars India (HCIL), Mahindra & Mahindra (M&M) and Tata Motors also posted an increase in sales during the month.
MSIL said that its domestic sales surged by 24.7 per cent during the month to 1,21,063 units up from 97,069 unitsin October last year.
"This is the company's highest-ever domestic and total sales number," executive Director (Marketing and sales) RS Kalsi told news agency PTI.
Sales of the MSIL's small cars, including, Alto and WagonR, increased by 5.2 per cent to 37,595. The compact segment, comprising Swift, Estilo, Ritz, Dzire and recently launched Baleno, saw a 37.7 per cent surge in sales to 51,048 units during the last month.
HMIL also saw its highest-ever monthly domestic sales at 47,015 units during the month compared with 38,010 units in October 2014, up 23.7 per cent. "Hyundai sales of 47,015 units are an alltime high with Grand i10 selling 14,079 units and continued strong performance of modern premium brands Creta and Elite i20/Active," senior vice-president (sales and marketing) Rakesh Srivastava said.
"The festive demand has led to a strong growth for HCIL during October, wherein we recorded our highest monthly sales of this fiscal year," HCIL senior vice-president (marketing and sales) Jnaneswar Sen said.
M&M's domestic sales were up 21 per cent at 48,815 units.
"We are happy with our performance during October 2015, which has witnessed a positive growth of 20 per cent backed by excellent response garnered from the recently launched TUV300 as well as other brands such as XUV500, Scorpio, Bolero and pickups," chief executive officer (automotive division) Pravin Shah said.
Market leader Maruti Suzuki India (MSIL) and arch-rival Hyundai Motor India (HMIL) clocked their best-ever monthly sales in October as the festive cheer pushed up demand.
Honda Cars India (HCIL), Mahindra & Mahindra (M&M) and Tata Motors also posted an increase in sales during the month.
MSIL said that its domestic sales surged by 24.7 per cent during the month to 1,21,063 units up from 97,069 unitsin October last year.
"This is the company's highest-ever domestic and total sales number," executive Director (Marketing and sales) RS Kalsi told news agency PTI.
Sales of the MSIL's small cars, including, Alto and WagonR, increased by 5.2 per cent to 37,595. The compact segment, comprising Swift, Estilo, Ritz, Dzire and recently launched Baleno, saw a 37.7 per cent surge in sales to 51,048 units during the last month.
"The festive demand has led to a strong growth for HCIL during October, wherein we recorded our highest monthly sales of this fiscal year," HCIL senior vice-president (marketing and sales) Jnaneswar Sen said.
M&M's domestic sales were up 21 per cent at 48,815 units.
"We are happy with our performance during October 2015, which has witnessed a positive growth of 20 per cent backed by excellent response garnered from the recently launched TUV300 as well as other brands such as XUV500, Scorpio, Bolero and pickups," chief executive officer (automotive division) Pravin Shah said.
Alkem Labs to launch $210 mn IPO in December
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Drug manufacturer Alkem Laboratories Ltd is set to launch an initial public offering (IPO) worth nearly $210 million by the second week of December, three people involved in the share sale said on Tuesday.
The IPO will be third high-profile market debut in the closing months of 2015, after InterGlobe Aviation Ltd - the owner of India's biggest airline, IndiGo - raised $459 million and Coffee Day Enterprises Ltd raised $176 million.
Alkem, a producer of generic drugs, filed a draft prospectus with capital markets regulator Sebi in August for an IPO of up to 12.85 million equity shares, constituting 10.75 per cent of paid-up capital.
Market volatility prompted speculation that the offer could be postponed to 2016.
"It will be in the first or second week of December, though most likely the second," said one of the people involved in the deal, who were not authorised to speak with media on the matter and so declined to be identified.
The person said the company had yet to determine a valuation.
In January, people involved in the deal told Reuters the company planned to raise Rs 1500 crore to Rs 1800 crore ($243 million to $291 million). But the people on Tuesday said the company would raise closer to $210 million.
While 2015 has seen a significant rise in debuts - the biggest in volume terms since 2012 - the IPO market is far from the record $8.5 billion of 2010, and the average size of listings has shrunk.
Alkem booked net profit of Rs 461 crore and revenue of Rs 3783 crore for the year through March 2015. The company has 16 manufacturing facilities - 14 in India and two in the United States.
Officials at Alkem were not reachable for comment.
Spokespeople for Nomura, Axis Capital, JP Morgan and Edelweiss - the bankers on the deal - did not respond to requests for comment.
Drug manufacturer Alkem Laboratories Ltd is set to launch an initial public offering (IPO) worth nearly $210 million by the second week of December, three people involved in the share sale said on Tuesday.
The IPO will be third high-profile market debut in the closing months of 2015, after InterGlobe Aviation Ltd - the owner of India's biggest airline, IndiGo - raised $459 million and Coffee Day Enterprises Ltd raised $176 million.
Alkem, a producer of generic drugs, filed a draft prospectus with capital markets regulator Sebi in August for an IPO of up to 12.85 million equity shares, constituting 10.75 per cent of paid-up capital.
Market volatility prompted speculation that the offer could be postponed to 2016.
"It will be in the first or second week of December, though most likely the second," said one of the people involved in the deal, who were not authorised to speak with media on the matter and so declined to be identified.
The person said the company had yet to determine a valuation.
In January, people involved in the deal told Reuters the company planned to raise Rs 1500 crore to Rs 1800 crore ($243 million to $291 million). But the people on Tuesday said the company would raise closer to $210 million.
While 2015 has seen a significant rise in debuts - the biggest in volume terms since 2012 - the IPO market is far from the record $8.5 billion of 2010, and the average size of listings has shrunk.
Alkem booked net profit of Rs 461 crore and revenue of Rs 3783 crore for the year through March 2015. The company has 16 manufacturing facilities - 14 in India and two in the United States.
Officials at Alkem were not reachable for comment.
Spokespeople for Nomura, Axis Capital, JP Morgan and Edelweiss - the bankers on the deal - did not respond to requests for comment.
General Awareness
Asia Pacific listed in most Vulnerable Region to Disaster
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As per United Nations Asia-Pacific Disaster Report 2015, Asia pacific region is the most disaster-prone region of the world. It has been witnessed 1,625 disasters during the last 10 years which accounts 40% of the globe.
- The world body urged the region’s governments to invest more in adapting to climate change and preparing for disasters as the risks the region faces are worsened by its rapid economic growth and increasing population.
Highlights of UN Report
- Over 1.4 billion people were affected by these incidents.
- 772 million poor people in the region are susceptible to disasters and tend to live in low-value, hazard-prone areas of slums, steep slopes, flood plains and river-banks.
- The region needs to spend more on adapting to climate change and prepare for more extreme weather and disaster risks.
- Other disasters affecting the region include floods, tropical storms and droughts. The report calls them as “silent killers”
- 90% of the world’s seismic activity originates in the “ring of fire” which is situated in the basin of the Pacific Ocean.
Most Disaster Prone Countries in the World
Vanuatu: It is the world’s most “at-risk” country for natural hazards.
Disaster risk rate – 36.43%
Philippines: Disaster-prone country in the world because of its high exposure to natural calamities.
Disaster risk rate – 27.52%
Bangladesh: the country lacks the adequate mangrove forests and coastal embankment.
Disaster risk rate – 19.81%
Mauritius: Standing at the 13th position in the list.
Disaster risk rate – 15.18%
Japan: Earthquakes and tsunamis are a huge concern in Japan at any given time.
Disaster risk rate – 14.10%
Least Disaster Prone Countries in the World
The 10 least natural disaster prone countries – Qatar, Malta, Barbados, Saudi Arabia, Grenada, Iceland, Kiribati, Bahrain, United Arab Emirates and Sweden.
- India stands at the 100th position of the least disaster prone countries in the world with a disaster risk rate of 7.17%.
- As per United Nations Asia-Pacific Disaster Report 2015, Asia pacific region is the most disaster-prone region of the world. It has been witnessed 1,625 disasters during the last 10 years which accounts 40% of the globe.
- The world body urged the region’s governments to invest more in adapting to climate change and preparing for disasters as the risks the region faces are worsened by its rapid economic growth and increasing population.
- Over 1.4 billion people were affected by these incidents.
- 772 million poor people in the region are susceptible to disasters and tend to live in low-value, hazard-prone areas of slums, steep slopes, flood plains and river-banks.
- The region needs to spend more on adapting to climate change and prepare for more extreme weather and disaster risks.
- Other disasters affecting the region include floods, tropical storms and droughts. The report calls them as “silent killers”
- 90% of the world’s seismic activity originates in the “ring of fire” which is situated in the basin of the Pacific Ocean.
Most Disaster Prone Countries in the World
Vanuatu: It is the world’s most “at-risk” country for natural hazards.
Disaster risk rate – 36.43%
Philippines: Disaster-prone country in the world because of its high exposure to natural calamities.
Disaster risk rate – 27.52%
Bangladesh: the country lacks the adequate mangrove forests and coastal embankment.
Disaster risk rate – 19.81%
Mauritius: Standing at the 13th position in the list.
Disaster risk rate – 15.18%
Japan: Earthquakes and tsunamis are a huge concern in Japan at any given time.
Disaster risk rate – 14.10%Least Disaster Prone Countries in the World
The 10 least natural disaster prone countries – Qatar, Malta, Barbados, Saudi Arabia, Grenada, Iceland, Kiribati, Bahrain, United Arab Emirates and Sweden.- India stands at the 100th position of the least disaster prone countries in the world with a disaster risk rate of 7.17%.
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