Time to build new India, exploit resources: Anil Agarwal
Vedanta Chairman Anil Agarwal today called for building a new India by exploiting resources to create jobs for all and eradicate poverty on the back of consumption by 1.3 billion-strong population. “It is high time India had to eradicate poverty and create jobs. What can be a better time, when there is a stable government, 1.3 billion people and home consumption,” Agarwal said while addressing the Global Natural Resource Conclave today. He felt that natural resources are key to Indias economic development. He said, “Indias geology is highly prospective for oil, bauxite, iron ore, fertiliser, rock phosphate, gold, uranium, marble and others, which are some of the resources our economy will need in abundance, to move people out of poverty and help to create jobs.”
India a production hub for us: Stephen Sommer, CEO of automotive parts maker ZF
A new R&D centre in Hyderabad and ZF, the world’s third-largest automotive-parts supplier, solutions for the India market will play a pivotal role in the development of the autonomous-vehicle technology, Stephen Sommer, the global CEO of ZF, tells Ketan Thakkar.
Trade deficit with China at $46.7 bn in April-Feb: Govt
India’s trade deficit with China was recorded at USD 46.7 billion during the April-February period of the last fiscal, Parliament was informed today. Overall trade with China during the 11-month period decreased marginally by 0.87 per cent to USD 64.57 billion, Commerce and Industry Minister Nirmala Sitharaman informed the Rajya Sabha. During this period, India’s exports to China grew by 8.69 per cent to USD 8.94 billion while imports from the neighbouring nation declined by 2.26 per cent to USD 55.63 billion, resulting in a shrinkage of 4.1 per cent in India’s trade deficit with China, she said in a written reply to a question.
Indians prefer fixed deposits to equities, MFs for investment: Sebi Survey
More than 95 per cent Indian households prefer to park their money in bank deposits, while less than 10 per cent opt for investing in mutual funds or stocks, a new Sebi survey showed on Wednesday. The survey, conducted across urban and rural areas of the country, showed that life insurance was second most preferred investment vehicle, followed by precious metals, post office savings and real estate in the top-five. Mutual funds came at sixth place (9.7 per cent), followed by stocks (8.1 per cent), pension schemes, company deposits, debentures, derivatives and commodity futures (1 per cent) as investment vehicles for the urban households.
India to become 2nd largest steel producer by 2018: Steel Minister
India is poised to emerge as the second largest producer of steel (in the world) by 2018, steel minister Chaudhary Birender Singh has said. Speaking at the National Conference on Secondary Steel Sector in Delhi on Wednesday the minister said the government is keen to boost the domestic steel sector. As part of this initiative, the budget this year had outlined an investment of Rs 4 lakh crore on infrastructure that is expected to raise consumption of steel substantially.
UTI MF on road to go public with SBI nod
The initial public offering (IPO) of the UTI Mutual Fund (UTI MF) — the first by a domestic asset management company (AMC) — could soon be a reality, with key stakeholders, including the State Bank of India (SBI), finally coming on the same page. The listing plan of the country’s sixth-largest fund house had hit a block, with the SBI and the Life Insurance Corporation of India (LIC) trying to wrest control over the AMC. Other stakeholders — the Bank of Baroda (BoB), the Punjab National Bank (PNB) and the T Rowe Price Group — had no qualms with the IPO.
Softbank readies Snapdeal for merger with Flipkart at a valuation of $1 bn
At $6.5-billion valuation, Snapdeal, once the second biggest online marketplace in the country, was the only unicorn in India that remained unscathed in last year’s markdowns by global mutual funds. Now, the firm might just manage to get less than a sixth of the valuation when it is merged with larger rival Flipkart. Sources said that the deal might happen within the next three weeks. The move, led by its largest investor Softbank, after months of hectic parleys, heated discussions, scrapping proposals, could value Snapdeal at around $1 billion.
Sebi chief Tyagi to meet investment bankers over primary market reforms
Sebi chief Tyagi to meet investment bankers over primary market reforms On the cards: Higher quotas for mutual funds in IPOs, CPSE ETF under IPOs, reducing IPO timeline Samie Modak Mumbai, 6 April The Securities and Exchange Board of India (Sebi) is readying the ground for another lot of changes in the primary market. Higher reservations for mutual funds (MFs) in Initial Public Offers of equity (IPOs), bringing the CPSE exchange-traded fund (ETF) under the IPO fold, further tweaks to the anchor investor allotment process.
No consensus among Opposition parties on GST Bill amendments
The four GST Bills being debated in the Rajya Sabha are likely to get an easy walkover on Thursday, as the Opposition seems to have toned down reservations against the Bill. The Congress had unsuccessfully moved amendments to the Bill in the Lok Sabha, particularly on the role of the GST Council. But, in the Rajya Sabha, where the Opposition has majority, the Congress has apparently failed to get a consensus on the amendments. “The Rajya Sabha is unlikely to recommend any amendments to the four GST Bills. The GST Council, consisting of all States, already had several rounds of discussions on the Bills. Discussions are taking place among various Opposition leaders, but there is no consensus on any as of now,” a senior Rajya Sabha member from the Opposition told BusinessLine, requesting anonymity as the discussions are still on.
Source: The Hindu Business Line
Govt may hike salary threshold to Rs21,000 for mandatory PF coverage
The Union government is likely to walk a middle path and increase the wage threshold from Rs15,000 to Rs21,000 for mandatory provident fund coverage instead of the Rs25,000 proposed by the Employees’ Provident Fund Organization (EPFO), said at least two government officials, on the condition of anonymity. The Rs21,000 cap will help bring in over six million more employees under the social security net without putting a strain on the government exchequer. While EPFO plans to increase the wage threshold to Rs25,000, considering the financial implications for the Central government, the labour ministry is almost ready to moderate the hike in the wage threshold to Rs21,000, said the two government officials.
Shankara Building shares debut on stock market, gain 38% on listing
Shares of Shankara Building Products Ltd (SBPL) on Wednesday closed up 37.57% at Rs632.80 on debut, following subscription of 41.6 times for the initial public offering (IPO) of Rs350 crore last week. The scrip opened at Rs545 a share and touched a high and a low of Rs638 and Rs545, respectively. India’s benchmark Sensex index closed higher by 0.21% to close at 29974.24 points. In intraday, it surged as much as 38.7%. Shankara Building plans to use around 10% of the funds to retire debt and the rest for general corporate purposes. CL Educate Ltd and Avenue Supermarts Ltd were among companies that successfully floated IPOs in this calendar year. CL Educate shares fell 20%, while those of Avenue Supermarts doubled value on listing.
SBI unveils new branding after merger of 6 entities
State Bank of India (SBI) on Wednesday unveiled its new brand identity, designed to position the bank as technology savvy, modern and ready to meet financial needs of all. In recent years, SBI has accelerated its efforts towards developing digital products and services, SBI chairman Arundhati Bhattacharya said in a statement. “Also along with the merger…we felt the need to position SBI as a contemporary brand, ready to connect with a diverse audience in a world that is rapidly going digital,” she said. While the legendary SBI monogram has been the de-facto symbol of SBI, combining it with the abbreviated SBI word mark is pivotal to the new identity, it said.
No plans to demonetise Rs 2,000 notes: Government
There are no plans to demonetise the new Rs 2,000 currency notes, the government said on Wednesday, scotching “rumours” to this effect. “We are seizing fake currency. As far as rumours in the market are concerned, we should not go by such rumours,” minister of state for home Kiren Rijiju said in the Rajya Sabha. He was responding to a question by Congress member Madhusudan Mistry during Question Hour seeking to know if the government will demonetise Rs 2,000 currency notes as there were “strong rumours” in the market. The minister said fake currency has mostly been seized from Gujarat and West Bengal. “But it is not correct that fake currencies cannot be identified. It is not true,” he said.
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