General Affairs
School Buses Must Have CCTVs , GPS, Speed Governors: CBSE
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School buses will now have to be equipped with GPS, CCTV arrangements and speed governors as per the revised guidelines issued by the CBSE to ensure greater safety of children.
These guidelines have been issued on the directions of Human Resource Development minister Prakash Javadekar after a recent school bus accident in Uttar Pradesh, official sources said.
"Windows of the bus should be fitted with horizontal grills with mesh wires. School buses should be fitted with speed governors with maximum speed limit of 40 km/h. "GPS and CCTV arrangement should be made compulsorily in each vehicle and should be in working condition all the time," a CBSE circular said.
"The management and the head of the school will be held responsible for any lapse and it could lead to disaffiliation too. School buses will have to be fitted with alarm bells and sirens," it said.
"School authorities have also been directed to voluntarily evolve an arrangement, that in each school bus at least one parent should be present who can oversee the conduct of the driver and the other staff," the circular said.
For security of students a transport manager and a "well-trained" lady attendant will have to be designated.
Schools will have to provide a mobile phone inside the bus to be used in emergency situation, it said.
Students will be asked to give their feedback on the transport facility, especially about the driver, the circular said.
Last month, 12 minor school students and their bus driver were killed and 35 children injured when their vehicle collided with a lorry near Etah in Uttar Pradesh.
These guidelines have been issued on the directions of Human Resource Development minister Prakash Javadekar after a recent school bus accident in Uttar Pradesh, official sources said.
"Windows of the bus should be fitted with horizontal grills with mesh wires. School buses should be fitted with speed governors with maximum speed limit of 40 km/h. "GPS and CCTV arrangement should be made compulsorily in each vehicle and should be in working condition all the time," a CBSE circular said.
"School authorities have also been directed to voluntarily evolve an arrangement, that in each school bus at least one parent should be present who can oversee the conduct of the driver and the other staff," the circular said.
Schools will have to provide a mobile phone inside the bus to be used in emergency situation, it said.
Students will be asked to give their feedback on the transport facility, especially about the driver, the circular said.
Last month, 12 minor school students and their bus driver were killed and 35 children injured when their vehicle collided with a lorry near Etah in Uttar Pradesh.
Sirens To Alert People In Case Of Earthquakes In Uttarakhand
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IIT-Roorkee has developed a regional early warning system which will alert people in Uttarakhand in the event of an earthquake by sounding a siren.
A siren will scream after getting required signals from sensors to be put up in quake-sensitive areas across the state and alert people in case of earthquakes so they get enough time to reach safety, seismic scientist from IIT-R Ashok Kumar said in a presentation at a meeting of the Advisory Group Committee on disaster management chaired by Chief Secretary S Ramawamy.
84 sensors have already been installed in earthquake-prone areas of Uttarakhand out of a total of 1,100 sensors to be put up throughout the state, Mr Kumar said at the meeting.
After the installation of sensors is complete, sirens will begin to be installed in sensitive areas, an official release quoting him said.
A mobile app has also been developed which will alert users about a earthquake by producing a unique beeping sound.
In areas where there is no mobile connectivity, the early warning system will be connected with All India Radio.
An early warning system software has also been prepared, Mr Kumar said.
A siren will scream after getting required signals from sensors to be put up in quake-sensitive areas across the state and alert people in case of earthquakes so they get enough time to reach safety, seismic scientist from IIT-R Ashok Kumar said in a presentation at a meeting of the Advisory Group Committee on disaster management chaired by Chief Secretary S Ramawamy.
84 sensors have already been installed in earthquake-prone areas of Uttarakhand out of a total of 1,100 sensors to be put up throughout the state, Mr Kumar said at the meeting.
After the installation of sensors is complete, sirens will begin to be installed in sensitive areas, an official release quoting him said.
A mobile app has also been developed which will alert users about a earthquake by producing a unique beeping sound.
In areas where there is no mobile connectivity, the early warning system will be connected with All India Radio.
An early warning system software has also been prepared, Mr Kumar said.
ISRO Launching US Satellites Proof Of India's Development: Union Minister Harsh Vardhan
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The ISRO's record launch of 104 satellites including 90 that belonged to the US, a country which once denied visa to Prime Minister Narendra Modi, is proof of India's development, Union Minister Harsh Vardhan said today.
"Once America denied visa to PM Modi... But recently India launched 104 satellites, of which 90 belonged to the US. This is proof of Indian development," Mr Vardhan said in Imphal as he stressed the country was now witnessing all-round development. The Union Minister of Science and Technology and Earth Sciences was in Madurai with his family members to offer prayer at the famous Meenakshi temple.
The minister declined to comment on the Hydro carbon exploration and extraction project at Pudukottai in Tamil Nadu, but said the Centre was implementing programmes for the development of a nation as a whole.
BJP national secretary H Raja had said yesterday that the Centre was ready to reconsider the proposal to set up the project if public felt that it was against the interests of farmers.
On BJP's resounding victory in Maharashtra civic polls, including Shiv Sena's citadel of Mumbai BMC, Mr Vardhan said the verdict reflected people's support to the various policies, including demonetisation, of the Modi government.
"Our victory in Maharashtra civic polls shows that people like the BJP government and support its various policies like demonetisation.
"Throughout the country PM Modi is getting good support and we will get good support in Tamil Nadu and are confident of forming the government," he said.
The Union minister also said the BJP's prospects in Uttar Pradesh were bright and asked the opposition parties to give up criticising the Prime Minister in "intemperate" language.
"Once America denied visa to PM Modi... But recently India launched 104 satellites, of which 90 belonged to the US. This is proof of Indian development," Mr Vardhan said in Imphal as he stressed the country was now witnessing all-round development. The Union Minister of Science and Technology and Earth Sciences was in Madurai with his family members to offer prayer at the famous Meenakshi temple.
BJP national secretary H Raja had said yesterday that the Centre was ready to reconsider the proposal to set up the project if public felt that it was against the interests of farmers.
On BJP's resounding victory in Maharashtra civic polls, including Shiv Sena's citadel of Mumbai BMC, Mr Vardhan said the verdict reflected people's support to the various policies, including demonetisation, of the Modi government.
"Our victory in Maharashtra civic polls shows that people like the BJP government and support its various policies like demonetisation.
"Throughout the country PM Modi is getting good support and we will get good support in Tamil Nadu and are confident of forming the government," he said.
The Union minister also said the BJP's prospects in Uttar Pradesh were bright and asked the opposition parties to give up criticising the Prime Minister in "intemperate" language.
India Steps Up Lobbying Against Curbs On H-1B Visas
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India has stepped up its lobbying effort against moves in the US Congress to impose curbs on visas for skilled workers that threaten the tech sector, which employs more than 3.5 million people.
Speaking to news agency Reuters, Trade Minister Nirmala Sitharaman said New Delhi has reached out to the administration of President Donald Trump to stress the importance of India's $150-billion IT services industry to US citizens.
"India's investments in the United States have provided jobs to US citizens," she said in an interview. "That has to be brought to the notice of the US administration."
The comments come days after Prime Minister Narendra Modi urged Washington to keep an open mind on admitting skilled Indian workers.
Indian software companies such as Tata Consultancy Services, Infosys Ltd and Wipro Ltd shot to prominence in the 1990s by helping Western firms stamp out the "Y2K" bug.
Trump's "America First" rhetoric on jobs, however, has put their biggest market under threat.
A bill was introduced in the US Congress last month to more than double the minimum salary of H-1B visa holders, which could significantly boost costs for IT companies, whose margins are already being squeezed.
New Delhi has backed a move by NASSCOM, India's high-tech industry association, to lobby US lawmakers and companies to urge the administration not to crack down on allowing its skilled workers into the United States.
A NASSCOM delegation is now in the United States to make its case to officials on Capitol Hill and in the White House.
"We will have to engage with the new administration," Ms Sitharaman said. "Our engagement at every level is intact and continuing."
Indians are by far the largest group of recipients of the 65,000 H-1B visas issued annually to new applicants under a cap mandated by Congress. More than 60 percent of the US employees of Infosys hold H-1B visas.
A global pact on services trade would go a long way towards settling disputes over professional visas, Ms Sitharaman said.
"If only there is a framework...you will know how movement can happen and how certain restrictions can or cannot come," she said. "It's time for countries to sit together and look at it."
Speaking to news agency Reuters, Trade Minister Nirmala Sitharaman said New Delhi has reached out to the administration of President Donald Trump to stress the importance of India's $150-billion IT services industry to US citizens.
"India's investments in the United States have provided jobs to US citizens," she said in an interview. "That has to be brought to the notice of the US administration."
Indian software companies such as Tata Consultancy Services, Infosys Ltd and Wipro Ltd shot to prominence in the 1990s by helping Western firms stamp out the "Y2K" bug.
Trump's "America First" rhetoric on jobs, however, has put their biggest market under threat.
A bill was introduced in the US Congress last month to more than double the minimum salary of H-1B visa holders, which could significantly boost costs for IT companies, whose margins are already being squeezed.
New Delhi has backed a move by NASSCOM, India's high-tech industry association, to lobby US lawmakers and companies to urge the administration not to crack down on allowing its skilled workers into the United States.
A NASSCOM delegation is now in the United States to make its case to officials on Capitol Hill and in the White House.
"We will have to engage with the new administration," Ms Sitharaman said. "Our engagement at every level is intact and continuing."
Indians are by far the largest group of recipients of the 65,000 H-1B visas issued annually to new applicants under a cap mandated by Congress. More than 60 percent of the US employees of Infosys hold H-1B visas.
A global pact on services trade would go a long way towards settling disputes over professional visas, Ms Sitharaman said.
"If only there is a framework...you will know how movement can happen and how certain restrictions can or cannot come," she said. "It's time for countries to sit together and look at it."
Kansas Man Charged In Shooting Of 2 Indians In Possible Hate Crime
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A Kansas man was charged on Thursday with shooting to death an Indian man and wounding another Indian man and an American in a bar, and federal authorities are investigating the incident as a possible hate crime.
The killing led news bulletins in India and drew strong reactions on social media, where people voiced concern that US President Donald Trump's "America First" position on immigration and jobs has fuelled a climate of intolerance.
Adam Purinton, 51, was charged in Johnson County, Kansas, with one count of premeditated first degree murder and two counts of attempted premeditated first degree murder, Johnson County District Attorney Stephen Howe told a news conference.
Purinton is accused of shooting and killing Srinivas Kuchibhotla, 32, and wounding Alok Madasani, also 32, in the Austins Bar and Grill in Olathe, Kansas, on Wednesday evening, according to a statement from the Olathe Police Department.
At least one bystander told the Kansas City Star the man shouted "get out of my country" before shooting the Indian men. He is also accused of wounding American Ian Grillot, 24, who was shot when he tried to intervene, the Kansas City Star reported.
Mr Howe would not elaborate on the details of the incident or the motive for the shooting.
"We want to be able to be sure about our facts versus speculation. So we are not prepared at this point to talk about the particular facts of the case because this is still very fresh," he said.
Donald Trump's election was welcomed at first by many in India, who interpreted his calls to restrict immigration by Muslims as signaling support towards Hindu-majority India, which has been at odds for decades with Pakistan, its mainly Muslim neighbour.
But the Trump administration may also have skilled Indian workers like Mr Kuchibhotla in mind as it considers curbing the H-1B visa programme, worrying both India's $150 billion IT services industry and Prime Minister Narendra Modi's government.
"Don't be shocked! Be angry! Mr Trump is spreading hate. This is a hate crime! RIP #SrinivasKuchibhotla," Siddharth, a well known South Indian actor who uses one name, tweeted to his 2.6 million followers in remarks echoed across social media.
"Incredible Shock"
Kavipriya Muthuramalingam, a friend and former colleague of the shooting victim, has raised more than US $250,000 via a crowd-funding website to help his family with funeral and other expenses.
"This came as an incredible shock as he is one of the most gentle, nicest human beings you would meet," Ms Muthuramalingam said. "He was non-confrontational, non-controversial, easy-going, always smiling," she added.
Mr Kuchibhotla's Facebook page, where he called himself "Srinu", said he joined US technology company Garmin in 2014 from Rockwell Collins.
He took a master's in electronics from the University of Texas in El Paso from 2005-07, according to LinkedIn. He was married but had no children.
Minister for External Affairs Sushma Swaraj, who has made a priority of supporting India's diaspora in times of trouble, tweeted that she was "shocked" at the shooting and expressed her condolences to the bereaved family.
Two officials from the Indian consulate in Houston were going to Kansas to meet the injured men and police to "ascertain more details of the incident and monitor follow up action," Ministry of External Affairs spokesman Vikas Swarup said in a statement.
The US embassy in New Delhi condemned the shooting.
"The US is a nation of immigrants and welcomes people from across the world to visit, work, study, and live," Chargé d'Affaires MaryKay Carlson said in a statement.
"US authorities will investigate thoroughly and prosecute the case, though we recognize that justice is small consolation to families in grief."
The FBI was investigating whether the incident was a hate crime.
"We are looking at whether the crime was committed via bias motivation. We are really at the preliminary stage at looking at every aspect," said Eric Jackson, special agent in charge of the FBI's Kansas City Field Office, during the news conference.
The US attorney office in Kansas and the US Department of Justice will also evaluate the case as more evidence is gathered, Tom Beall, acting US attorney for the District of Kansas said, the Kansas City Star reported.
The suspect fled from the bar on foot and was apprehended five hours later at an Applebee's in Clinton, Missouri, where he reportedly told an employee that he needed a place to hide out because he had killed two Middle Eastern men, the Star reported.
Purinton, who was not armed, was arrested without incident, the newspaper reported. The Navy veteran was being held on a $2 million bond in the Henry County Jail, where he waived his right to fight extradition to Johnson County.
The killing led news bulletins in India and drew strong reactions on social media, where people voiced concern that US President Donald Trump's "America First" position on immigration and jobs has fuelled a climate of intolerance.
Adam Purinton, 51, was charged in Johnson County, Kansas, with one count of premeditated first degree murder and two counts of attempted premeditated first degree murder, Johnson County District Attorney Stephen Howe told a news conference.
At least one bystander told the Kansas City Star the man shouted "get out of my country" before shooting the Indian men. He is also accused of wounding American Ian Grillot, 24, who was shot when he tried to intervene, the Kansas City Star reported.
Mr Howe would not elaborate on the details of the incident or the motive for the shooting.
"We want to be able to be sure about our facts versus speculation. So we are not prepared at this point to talk about the particular facts of the case because this is still very fresh," he said.
Donald Trump's election was welcomed at first by many in India, who interpreted his calls to restrict immigration by Muslims as signaling support towards Hindu-majority India, which has been at odds for decades with Pakistan, its mainly Muslim neighbour.
But the Trump administration may also have skilled Indian workers like Mr Kuchibhotla in mind as it considers curbing the H-1B visa programme, worrying both India's $150 billion IT services industry and Prime Minister Narendra Modi's government.
"Don't be shocked! Be angry! Mr Trump is spreading hate. This is a hate crime! RIP #SrinivasKuchibhotla," Siddharth, a well known South Indian actor who uses one name, tweeted to his 2.6 million followers in remarks echoed across social media.
"Incredible Shock"
Kavipriya Muthuramalingam, a friend and former colleague of the shooting victim, has raised more than US $250,000 via a crowd-funding website to help his family with funeral and other expenses.
"This came as an incredible shock as he is one of the most gentle, nicest human beings you would meet," Ms Muthuramalingam said. "He was non-confrontational, non-controversial, easy-going, always smiling," she added.
Mr Kuchibhotla's Facebook page, where he called himself "Srinu", said he joined US technology company Garmin in 2014 from Rockwell Collins.
He took a master's in electronics from the University of Texas in El Paso from 2005-07, according to LinkedIn. He was married but had no children.
Minister for External Affairs Sushma Swaraj, who has made a priority of supporting India's diaspora in times of trouble, tweeted that she was "shocked" at the shooting and expressed her condolences to the bereaved family.
Two officials from the Indian consulate in Houston were going to Kansas to meet the injured men and police to "ascertain more details of the incident and monitor follow up action," Ministry of External Affairs spokesman Vikas Swarup said in a statement.
The US embassy in New Delhi condemned the shooting.
"The US is a nation of immigrants and welcomes people from across the world to visit, work, study, and live," Chargé d'Affaires MaryKay Carlson said in a statement.
"US authorities will investigate thoroughly and prosecute the case, though we recognize that justice is small consolation to families in grief."
The FBI was investigating whether the incident was a hate crime.
"We are looking at whether the crime was committed via bias motivation. We are really at the preliminary stage at looking at every aspect," said Eric Jackson, special agent in charge of the FBI's Kansas City Field Office, during the news conference.
The US attorney office in Kansas and the US Department of Justice will also evaluate the case as more evidence is gathered, Tom Beall, acting US attorney for the District of Kansas said, the Kansas City Star reported.
The suspect fled from the bar on foot and was apprehended five hours later at an Applebee's in Clinton, Missouri, where he reportedly told an employee that he needed a place to hide out because he had killed two Middle Eastern men, the Star reported.
Purinton, who was not armed, was arrested without incident, the newspaper reported. The Navy veteran was being held on a $2 million bond in the Henry County Jail, where he waived his right to fight extradition to Johnson County.
Business Affairs
EPFO to launch housing scheme for over 4 crore members in March
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Retirement fund body EPFO will launch a housing scheme next month for its over four crore members to enable them to make down payment and pay EMIs from their EPF accounts to buy homes.
"The Employees' Provident Fund Organisation (EPFO) has firmed up a housing scheme for it subscribers. The scheme is likely to be launched anytime after March, 8 when voting in five poll bound states would be over," a source said.
"Under the scheme, the EPFO will act as a facilitator for its subscribers to buy homes for themselves during their service period," he added. The subscribers as well as their employers would be required to form a group housing society which would further tie up with banks and builders or sellers of homes so that EPFO members can buy homes, he said.
Under the scheme it is envisaged that there should be 20 members at least in the group housing society to avail the facility. The source said that the subscribers would be allowed to club the benefits under various schemes of the centre as well states like Pradhan Mantri Awas Yojana under the EPFO initiative for furthering government's aim of housing for all.
The scheme will also help the formal sector workers proving their credit worthiness as the EPFO would provide a certificate indicating the subscribers' paying capacity and ability to repay loans.
The source said that in case of any dispute, the EPFO would not a party to the legal battle and the group housing society would settle their issues either with the banker or builder or seller of the homes. In case of any dispute, the EPFO will have the right to stop the down payment or monthly instalment of loan on the request of executive head of the group housing society.
Retirement fund body EPFO will launch a housing scheme next month for its over four crore members to enable them to make down payment and pay EMIs from their EPF accounts to buy homes.
"The Employees' Provident Fund Organisation (EPFO) has firmed up a housing scheme for it subscribers. The scheme is likely to be launched anytime after March, 8 when voting in five poll bound states would be over," a source said.
"Under the scheme, the EPFO will act as a facilitator for its subscribers to buy homes for themselves during their service period," he added. The subscribers as well as their employers would be required to form a group housing society which would further tie up with banks and builders or sellers of homes so that EPFO members can buy homes, he said.
Under the scheme it is envisaged that there should be 20 members at least in the group housing society to avail the facility. The source said that the subscribers would be allowed to club the benefits under various schemes of the centre as well states like Pradhan Mantri Awas Yojana under the EPFO initiative for furthering government's aim of housing for all.
The scheme will also help the formal sector workers proving their credit worthiness as the EPFO would provide a certificate indicating the subscribers' paying capacity and ability to repay loans.
The source said that in case of any dispute, the EPFO would not a party to the legal battle and the group housing society would settle their issues either with the banker or builder or seller of the homes. In case of any dispute, the EPFO will have the right to stop the down payment or monthly instalment of loan on the request of executive head of the group housing society.
Demonetisation effect: Q4 economic growth seen slowing to near three-year low, finds poll
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The economy is expected to have slowed sharply to a near three-year low in the final three months of 2016, as demand wilted following Prime Minister Narendra Modi's surprise decision to ban high-value currency notes, a Reuters poll of economists showed.
Modi's announcement on November 8 ordering the removal of 500-rupee and 1,000-rupee notes took out around 86 percent of the currency in circulation, putting activity on the skids in a predominantly cash-reliant economy.
The poll of 30 economists taken over the past week showed India's gross domestic product growth slowed to 6.4 percent annually in the October-December quarter. Several economists were uncertain about the full impact of the currency ban.
In July-September, economic growth had accelerated to 7.3 percent from a year ago, making it the fastest-growing major economy in the world.
That title will be lost to China if the Reuters consensus is met, putting the country's growth at its lowest since March 2014, with China's economy having grown 6.8 percent during the same period.
"GDP is going to underestimate the actual impact of demonetization, simply because the major impact will be on the informal sector which does not get captured in the quarterly estimates," said Nikhil Gupta, economist at Motilal Oswal.
The government's currency ban, aimed at fighting tax evasion, corruption and forgery, has caused huge disruption to daily life, leaving farmers, traders and companies relying on cash transactions in disarray.
Services activity plunged into contraction following the currency ban, and still hasn't recovered fully, while factory activity also declined in December before returning to modest growth in January.
Although there is no clear evidence yet of the impact of demonetisation, economists were undecided on how long its effects will drag on GDP growth.
A slight majority, 13 of 34 economists, expect the current quarter growth to be dented because of the cash crunch; 12 expect the impact to prolong for at least the first half of this year.
Seven economists said it will last until September, the remaining two said it will last beyond that - at least one more year before the economy can fully brush off the impact.
Around two-thirds of the respondents, however, agreed the bigger challenge to GDP growth in the Indian economy is lacklustre capital spending in the private sector, with five citing lower credit takeoff in the banking sector.
Earlier this month, the Reserve Bank of India kept its policy rate on hold at 6.25 percent and unexpectedly signalled an end to its longest easing cycle since the global financial crisis, citing inflation as a bigger threat to the economy.
It is expected to keep interest rates on hold until at least the second half of next year.
The economy is expected to have slowed sharply to a near three-year low in the final three months of 2016, as demand wilted following Prime Minister Narendra Modi's surprise decision to ban high-value currency notes, a Reuters poll of economists showed.
Modi's announcement on November 8 ordering the removal of 500-rupee and 1,000-rupee notes took out around 86 percent of the currency in circulation, putting activity on the skids in a predominantly cash-reliant economy.
The poll of 30 economists taken over the past week showed India's gross domestic product growth slowed to 6.4 percent annually in the October-December quarter. Several economists were uncertain about the full impact of the currency ban.
In July-September, economic growth had accelerated to 7.3 percent from a year ago, making it the fastest-growing major economy in the world.
That title will be lost to China if the Reuters consensus is met, putting the country's growth at its lowest since March 2014, with China's economy having grown 6.8 percent during the same period.
"GDP is going to underestimate the actual impact of demonetization, simply because the major impact will be on the informal sector which does not get captured in the quarterly estimates," said Nikhil Gupta, economist at Motilal Oswal.
The government's currency ban, aimed at fighting tax evasion, corruption and forgery, has caused huge disruption to daily life, leaving farmers, traders and companies relying on cash transactions in disarray.
Services activity plunged into contraction following the currency ban, and still hasn't recovered fully, while factory activity also declined in December before returning to modest growth in January.
Although there is no clear evidence yet of the impact of demonetisation, economists were undecided on how long its effects will drag on GDP growth.
A slight majority, 13 of 34 economists, expect the current quarter growth to be dented because of the cash crunch; 12 expect the impact to prolong for at least the first half of this year.
Seven economists said it will last until September, the remaining two said it will last beyond that - at least one more year before the economy can fully brush off the impact.
Around two-thirds of the respondents, however, agreed the bigger challenge to GDP growth in the Indian economy is lacklustre capital spending in the private sector, with five citing lower credit takeoff in the banking sector.
Earlier this month, the Reserve Bank of India kept its policy rate on hold at 6.25 percent and unexpectedly signalled an end to its longest easing cycle since the global financial crisis, citing inflation as a bigger threat to the economy.
It is expected to keep interest rates on hold until at least the second half of next year.
Sensex at 29,000 in December; returns to be muted from now on: BofAML
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Global brokerage Bank of America Merrill Lynch, said on Thursday positive global cues have lifted Indian equities this year but returns may be muted from here on as it set a Sensex target of 29,000 for December this year.
Indian equities have rallied 9 per cent so far this year and around 13 per cent from the demonetisation lows, in line with other global indices like MSCI Emerging Market index which has rallied 9.7 per cent so far this year and MSCI World index which registered 5.7 per cent rise in the period under consideration.
According to BofAML's global emerging market (GEM) strategists Ajay Kapur and Ritesh Samadhiya, from near panic levels in late 2016, global equities are now entering 'euphoric' zone and may take a breather.
"In India, while we expect longer term business cycle to improve in next 2-3 years, we see near-term returns capped from here on, due to possible near-term reversal of global wave, residual impact of globalisation, rich valuations and continued risks of earnings downgrades," BofAML said in a research note.
It further added, "while momentum for equity markets is strong, our December 2017 Sensex target for 29,000 leaves little upside room."
Moreover, the rollout of GST in the second quarter of 2017-18 could further bring earnings uncertainty, putting pressure on the markets. The report further noted that while the markets have weathered demonetisation, earnings have not, especially in the consumer discretionary sector. Consumer discretionary sector includes non-essential items for consumers like apparel, leisure and entertainment, and durable goods.
Sector-wise, the brokerage is 'overweight' on financials, staples and cement, and 'underweight' on IT/discretionary. Regarding valuations, BofAML said that it is no longer cheap and risks of downgrades exist.
"The recent sharp rally has taken the market again into expensive territory," it said. The 30-share sensitive index Sensex is currently hovering around 28,945 points.
Global brokerage Bank of America Merrill Lynch, said on Thursday positive global cues have lifted Indian equities this year but returns may be muted from here on as it set a Sensex target of 29,000 for December this year.
Indian equities have rallied 9 per cent so far this year and around 13 per cent from the demonetisation lows, in line with other global indices like MSCI Emerging Market index which has rallied 9.7 per cent so far this year and MSCI World index which registered 5.7 per cent rise in the period under consideration.
According to BofAML's global emerging market (GEM) strategists Ajay Kapur and Ritesh Samadhiya, from near panic levels in late 2016, global equities are now entering 'euphoric' zone and may take a breather.
"In India, while we expect longer term business cycle to improve in next 2-3 years, we see near-term returns capped from here on, due to possible near-term reversal of global wave, residual impact of globalisation, rich valuations and continued risks of earnings downgrades," BofAML said in a research note.
It further added, "while momentum for equity markets is strong, our December 2017 Sensex target for 29,000 leaves little upside room."
Moreover, the rollout of GST in the second quarter of 2017-18 could further bring earnings uncertainty, putting pressure on the markets. The report further noted that while the markets have weathered demonetisation, earnings have not, especially in the consumer discretionary sector. Consumer discretionary sector includes non-essential items for consumers like apparel, leisure and entertainment, and durable goods.
Sector-wise, the brokerage is 'overweight' on financials, staples and cement, and 'underweight' on IT/discretionary. Regarding valuations, BofAML said that it is no longer cheap and risks of downgrades exist.
"The recent sharp rally has taken the market again into expensive territory," it said. The 30-share sensitive index Sensex is currently hovering around 28,945 points.
SPARC gets income tax demand notice for Rs 32.87 cr
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Sun Pharma Advanced Research Company (SPARC) said on Friday it has received a demand notice from income tax authorities for a sum of Rs 32.87 crore. The company is contesting the demand, which is for the assessment year 2013-14, SPARC said in a regulatory filing.
"The company is in receipt of a 'Demand Notice' under the Section 156 of the Income Tax, 1961, demanding the payment by the company of a sum of Rs 32.87 crore for the assessment year 2013-14," it said.
The company is contesting the demand and will file an appropriate appeal against this under the applicable provisions of the Income Tax Act, 1961, within the stipulated period, it added. SPARC was demerged from Sun Pharma as a pharma research and drug discovery company in 2007.
Sun Pharma Advanced Research Company (SPARC) said on Friday it has received a demand notice from income tax authorities for a sum of Rs 32.87 crore. The company is contesting the demand, which is for the assessment year 2013-14, SPARC said in a regulatory filing.
"The company is in receipt of a 'Demand Notice' under the Section 156 of the Income Tax, 1961, demanding the payment by the company of a sum of Rs 32.87 crore for the assessment year 2013-14," it said.
The company is contesting the demand and will file an appropriate appeal against this under the applicable provisions of the Income Tax Act, 1961, within the stipulated period, it added. SPARC was demerged from Sun Pharma as a pharma research and drug discovery company in 2007.
Bharti Airtel's buyout of Telenor India credit positive: Moody's
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Bharti Airtel's acquisition of Telenor India is "credit positive" and will enhance the company's position in the highly-competitive Indian mobile telecom market, Moody's Investors Service said.
"... Bharti's spectrum holding will increase in seven circles, and its subscriber market share will increase by around 2 per cent (based on December 2016 figures), enhancing the company's leading market position in India's highly competitive mobile telecom market, a credit positive, and providing further growth potential in these areas," said Annalisa Di Chiara, Moody's Vice-President and Senior Credit Officer.
On Thursday, telecom operator Bharti Airtel announced its decision to acquire Norwegian Telenor's India unit, signalling a fresh round of industry consolidation that has intensified in the wake of disruptive entry of newcomer Reliance Jio. Telenor has a customer base of 44 million in seven circles of Andhra Pradesh, Bihar, Maharashtra, Gujarat, Uttar Pradesh (East), Uttar Pradesh (West) and Assam.
The India business was a loss-making proposition for the Norwegian firm. Airtel will not make any cash payment for Telenor's India unit, but will take on Rs 1,600 crore future liability towards spectrum licence fee and mobile tower rentals.
Its revenue market share will rise to 35.6 per cent following the acquisition of Telenor. "Importantly, Telenor's 43.4 MHz spectrum in the liberalised 1800 MHz band across seven circles with 16 years of remaining licence period will bolster Bharti's spectrum footprint, service offering and network coverage," Moody's noted. The acquisition is a non-cash deal involving Bharti taking over outstanding spectrum payments and other operational contracts like tower leases, and Moody's does not expect it to have a material impact on the company's consolidated leverage.
Moody's said that although Jio's new tariff plan post April 1 will improve industry-wide average revenue per user in the longer term, the intense price competition will persist over the next few quarters as incumbents respond to protect their subscriber base.
"... We expect that Bharti's profitability will remain under pressure. However, cash proceeds from monetisation activities -- including divestments in subsidiaries such as Bharti Infratel -- will help reduce debt on an absolute and relative basis... Any delay in expected deleveraging will put negative pressure on the rating," it said. Downward pressure could also arise with further competition in any of its key markets, but particularly for the Indian wireless business, it added.
Bharti Airtel's acquisition of Telenor India is "credit positive" and will enhance the company's position in the highly-competitive Indian mobile telecom market, Moody's Investors Service said.
"... Bharti's spectrum holding will increase in seven circles, and its subscriber market share will increase by around 2 per cent (based on December 2016 figures), enhancing the company's leading market position in India's highly competitive mobile telecom market, a credit positive, and providing further growth potential in these areas," said Annalisa Di Chiara, Moody's Vice-President and Senior Credit Officer.
On Thursday, telecom operator Bharti Airtel announced its decision to acquire Norwegian Telenor's India unit, signalling a fresh round of industry consolidation that has intensified in the wake of disruptive entry of newcomer Reliance Jio. Telenor has a customer base of 44 million in seven circles of Andhra Pradesh, Bihar, Maharashtra, Gujarat, Uttar Pradesh (East), Uttar Pradesh (West) and Assam.
The India business was a loss-making proposition for the Norwegian firm. Airtel will not make any cash payment for Telenor's India unit, but will take on Rs 1,600 crore future liability towards spectrum licence fee and mobile tower rentals.
Its revenue market share will rise to 35.6 per cent following the acquisition of Telenor. "Importantly, Telenor's 43.4 MHz spectrum in the liberalised 1800 MHz band across seven circles with 16 years of remaining licence period will bolster Bharti's spectrum footprint, service offering and network coverage," Moody's noted. The acquisition is a non-cash deal involving Bharti taking over outstanding spectrum payments and other operational contracts like tower leases, and Moody's does not expect it to have a material impact on the company's consolidated leverage.
Moody's said that although Jio's new tariff plan post April 1 will improve industry-wide average revenue per user in the longer term, the intense price competition will persist over the next few quarters as incumbents respond to protect their subscriber base.
"... We expect that Bharti's profitability will remain under pressure. However, cash proceeds from monetisation activities -- including divestments in subsidiaries such as Bharti Infratel -- will help reduce debt on an absolute and relative basis... Any delay in expected deleveraging will put negative pressure on the rating," it said. Downward pressure could also arise with further competition in any of its key markets, but particularly for the Indian wireless business, it added.
General Awareness
Vice President Hamid Ansari’s 5-day Visit to Rwanda & Uganda
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Vice President of India, Mohammed Hamid Ansari was on a five-day visit to Rwanda and Uganda from February 19 to February 23, 2017 to enhance bilateral engagement among the nations.
- Ansari was accompanied by his wife Salma along with Minister for Social Justice and Empowerment Vijay Sampla and four Members of Parliament including Dravida Munnetra Kazhagam (DMK) leader Kanimozhi, Ranvijay Singh Judev, Ranee Narah and P.K. Biju.
- This was the first high-level bilateral visit to Uganda from India since 1997 and first high-level visit to Rwanda.
- Ansari was in Rwanda from February 19-20 while reached Uganda on February 21.
- During his visit, Vice President Ansari held discussions with leaders in the two east African nations on issues of bilateral interest.
India & Rwanda sign MoUs in innovation, aviation and visa requirements
During the visit, India and Rwanda signed three MoUs on February 21, 2017 in the field of innovation, aviation and visa requirements.
The three MoUs signed includes:
Air service agreement between India and Rwanda with direct flight to Mumbai
- Establishment of an Entrepreneurship Development Centre in Rwanda duly financed by Government of India for promoting innovation.
- Agreement for exemption of visa requirements for diplomatic and service passports.
- The agreements were signed during a business forum meet in the presence of Vice President Mohammed Hamid Ansari and Rwandan Prime Minister Anastase Murekezi.
Ansari Launches India-Rwanda Innovation Growth Programme
During his 2 day visit to Rwanda, Vice President Mohammed Hamid Ansari launched the India-Rwanda Innovation Growth Programme to strengthen ties in Science, Technology and Innovation between the two nations.
- Under the programme, a technology expo would be organized in Rwanda of India’s low cost innovations. After the pilot project in Rwanda, the programme would be expanded to other countries of the East African Community.
- Under the Programme, 20 demonstrated and validated Indian technologies and innovations are expected to be adopted over a period of two years.
VC Ansari Addresses India-Rwanda Business Forum
Vice President Ansari along with the Prime Minister of Rwanda also addressed India-Rwanda Business Forum.
- The India-Rwanda Business Forum was jointly organized by the Federation of Indian Chamber of Commerce and Industry and the Rwanda Development Board in Kigali.
- During the forum, the Indian Vice President proposed to offer scholarships and fellowships to Rwandan students to enable them to pursue higher education and training courses in India.
- In Kigali, Ansari also paid tribute to the victims of the 1994 massacre at the Kigali Genocide Museum.
Rwanda
- Capital: Kigali
- President: Paul Kagame
- Currency: Rwandan franc
India & Uganda Agrees to Cooperate in Space, Atomic Energy Sectors
Vice President Ansari was in Uganda from February 21-23, 2017. During the visit India and Uganda approved to expand cooperation in the field of energy sector and training of personnel for space programme and peaceful use of atomic energy.
- Vice President Hamid Ansari also held bilateral talks with Uganda President Yoweri Museveni at the State House on February 22, 2017 and reviewed the bilateral cooperation between the two.
- The two nations also committed to work together in trade, investment, development cooperation, agriculture, IT, defence cooperation domains.
- Uganda President offered Indian companies to manufacture automobiles locally in Uganda to discourage import of cars.
- On the concluding day of the visit to Uganda, Vice President, Ansari paid floral tribute to the bust of Mahatma Gandhi at Jinja, a town about 80 km from Kampala.
- He also attended a meeting of Indian diaspora in the capital city Kampala on the last day of the visit on February 23, 2017.
Uganda
- Capital: Kampala
- Currency: Ugandan shilling
- President: Yoweri Museveni
Vice President of India, Mohammed Hamid Ansari was on a five-day visit to Rwanda and Uganda from February 19 to February 23, 2017 to enhance bilateral engagement among the nations.
- Ansari was accompanied by his wife Salma along with Minister for Social Justice and Empowerment Vijay Sampla and four Members of Parliament including Dravida Munnetra Kazhagam (DMK) leader Kanimozhi, Ranvijay Singh Judev, Ranee Narah and P.K. Biju.
- This was the first high-level bilateral visit to Uganda from India since 1997 and first high-level visit to Rwanda.
- Ansari was in Rwanda from February 19-20 while reached Uganda on February 21.
- During his visit, Vice President Ansari held discussions with leaders in the two east African nations on issues of bilateral interest.
India & Rwanda sign MoUs in innovation, aviation and visa requirements
During the visit, India and Rwanda signed three MoUs on February 21, 2017 in the field of innovation, aviation and visa requirements.
The three MoUs signed includes:
Air service agreement between India and Rwanda with direct flight to Mumbai
- Establishment of an Entrepreneurship Development Centre in Rwanda duly financed by Government of India for promoting innovation.
- Agreement for exemption of visa requirements for diplomatic and service passports.
- The agreements were signed during a business forum meet in the presence of Vice President Mohammed Hamid Ansari and Rwandan Prime Minister Anastase Murekezi.
Ansari Launches India-Rwanda Innovation Growth Programme
During his 2 day visit to Rwanda, Vice President Mohammed Hamid Ansari launched the India-Rwanda Innovation Growth Programme to strengthen ties in Science, Technology and Innovation between the two nations.
- Under the programme, a technology expo would be organized in Rwanda of India’s low cost innovations. After the pilot project in Rwanda, the programme would be expanded to other countries of the East African Community.
- Under the Programme, 20 demonstrated and validated Indian technologies and innovations are expected to be adopted over a period of two years.
VC Ansari Addresses India-Rwanda Business Forum
Vice President Ansari along with the Prime Minister of Rwanda also addressed India-Rwanda Business Forum.
- The India-Rwanda Business Forum was jointly organized by the Federation of Indian Chamber of Commerce and Industry and the Rwanda Development Board in Kigali.
- During the forum, the Indian Vice President proposed to offer scholarships and fellowships to Rwandan students to enable them to pursue higher education and training courses in India.
- In Kigali, Ansari also paid tribute to the victims of the 1994 massacre at the Kigali Genocide Museum.
Rwanda
- Capital: Kigali
- President: Paul Kagame
- Currency: Rwandan franc
India & Uganda Agrees to Cooperate in Space, Atomic Energy Sectors
Vice President Ansari was in Uganda from February 21-23, 2017. During the visit India and Uganda approved to expand cooperation in the field of energy sector and training of personnel for space programme and peaceful use of atomic energy.
- Vice President Hamid Ansari also held bilateral talks with Uganda President Yoweri Museveni at the State House on February 22, 2017 and reviewed the bilateral cooperation between the two.
- The two nations also committed to work together in trade, investment, development cooperation, agriculture, IT, defence cooperation domains.
- Uganda President offered Indian companies to manufacture automobiles locally in Uganda to discourage import of cars.
- On the concluding day of the visit to Uganda, Vice President, Ansari paid floral tribute to the bust of Mahatma Gandhi at Jinja, a town about 80 km from Kampala.
- He also attended a meeting of Indian diaspora in the capital city Kampala on the last day of the visit on February 23, 2017.
Uganda
- Capital: Kampala
- Currency: Ugandan shilling
- President: Yoweri Museveni
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