Sensex builds on gains after strong global cues(Mumbai, Jan 4, 2016): The benchmark BSE Sensex advanced over 58 points in early session today on continuous buying by domestic institutional investors amid strong global leads.
The NSE nifty also went past the 8,200mark.
The 30share index was trading higher by 58.55 points, or 0.21 per cent, at 26,701.79, with consumer durables, metal, auto, healthcare and capital goods stocks staying in good shape.
The gauge had gained 47.79 points in the previous session.
The NSE index Nifty too was up 18.20 points, or 0.22 per cent, at 8,210.45.
A firming trend in Asia following overnight gains on the Wall Street driven by optimism about the US economy influenced sentiment here.
Japan's Nikkei gained 2.17 per cent and Shanghai Composite rose 0.20 per cent in early trading today while Hong Kong's Hang Seng shed 0.10 per cent.
The US Dow Jones Industrial Average ended 0.60 per cent higher yesterday.
"Budget will strengthen economy from grass roots"New Delhi, Feb 1 (PTI) India Inc today said the budget builds a positive sentiment that government will take all steps to boost growth with its focus on rural economy and infrastructure but rued no cut in corporate tax for large companies.
"Overall a safe and balanced budget, which could have been bolder. Good allocations for rural development, affordable housing, agriculture and infrastructure sectors.
Some incentives for MSMEs but corporate tax reduction linked to job creation and investments was missing which would have spurred much needed private sector investment.
"Removal of FIPB is a good move which will ease FDI inflow. Sadly no impetus for exports, science & technology, manufacturing sector which would have boosted the Make in India initiative," Biocon CMD Kiran MazumdarShaw said.
However, while welcoming reduction in income tax for smaller firms to 25 per cent, a section of India Inc rued that larger firms did not get relief in the form of lower corporate tax.
"This Budget would tremendously strengthen the economic muscle of the country. It is directionally correct, fiscally prudent and strengthens the governance fabric of the nation," Ficci President Pankaj Patel said.
Softening the demonetisation blow, the Budget for 201718 today halved the tax to 5 per cent on income up to Rs 5 lakh but proposed a new surcharge of 10 per cent on income between Rs 50 lakh and Rs 1 crore, and raised duties on cigarettes and pan masala while stepping up allocations for infrastructure, rural, agriculture and social sectors.
Finance Minister Arun Jaitley presented a historic Budget in which the railway budget has been merged. He retained the 15 per cent surcharge on taxable income above Rs 1 crore.
He also slashed the income tax for smaller companies with annual turnover up to Rs 50 crore to 25 per cent, to make MSME companies more viable and also encourage them to migrate to company format.
"While the reduction of corporate tax for the small and medium enterprises with turnover less than Rs 50 crore, is a welcome move, the India Inc was expecting it for large firms as well," Assocham President Sunil Kanoria said.
Mahindra Group Chairman Anand Mahindra tweeted that he was "elated" by the reforms in political funding, merging of the rail budget, abolition of FIPB and removal of plan/nonplan labels."
CII Director General Chandrajit Banerjee said, "Overall, the Budget builds positive sentiments among Indian industry and overseas investors that the Government would remain on the path of fiscal prudence while taking all possible measures to boost growth".
PHD Chamber of Commerce President Gopal Jiwarajka said, the government has provided a balanced budget to strengthen the economy from grass roots. tax benefits to small tax payers, MSMEs and infrastructure status to affordable housing are encouraging and would pave the way for a higher growth trajectory. .
Apple iPhones to be made in India: What it means for Cupertino, and youBengaluru,Feb 4, 2017: With the Karnataka government saying it welcomes Apple’s move to start ‘initial manufacturing’ from Bengaluru, it is almost certain that the tech major is all set to start production in India.
India is a crucial market for Apple in terms of future growth, especially with the US, Europe and China markets pretty much saturated by now. It would not have been an easy decision for Apple, given that it will have to source about 30 per cent or inputs, locally. How they cross this hurdle will be interesting, especially since the company has sought exemption from this norm. There is a possibility that the government might actually grant a concession given that getting Apple to make in India will be a badge the Modi government can wear proudly on its sleeve.
Actual manufacturing is much easier, given that both Foxconn and Wistron Corp are already in India. In fact, Apple seems to have decided that Wistron Corp will be the first to make the iPhone in India, most probably the iPhone SE if reports are to be believed. The Taiwanese company is known to have manufactured the iPhone SE and the iPhone 5, both of which have similar chassis.
Govt plans oil behemoth to take on global giantsNew Delhi, Feb 1 (PTI) The government plans to merge some of the 13 state oil firms to create an energy behemoth that can rival global giants like BP and Chevron to help meet the energy needs of the world's third largest oil consumer.
More than 12 years after a proposal to merge oil PSUs was first mooted by the then Oil Minister Mani Shankar Aiyar, Finance Minister Arun Jaitley in his Budget for 201718 proposed to "create an integrated public sector 'oil major' which will be able to match the performance of international and domestic private sector oil and gas companies."
There are 13 oil PSUs ranging from upstream oil producers like ONGC and Oil India to downstream oil refining and fuel marketing firms IOC, BPCL and HPCL to gas transporter GAIL India Ltd and engineering firm Engineers India Ltd.
An idea was mooted a few months back to merge them to create a behemoth that can not just compete globally but also withstand oil price volatility by using profits the refining business make in low oil prices to make up for losses in upstream and vice versa.
Top eight listed stateowned oil and gas companies have a combined market capitalisation of about USD 80 billion, making it ninth largest globally. The combined entity will be larger than Rosneft of Russia and billionaire Mukesh Ambaniled Reliance Industries.
In 201516, all state oil firms together reported a profit of Rs 45,500 crore on revenues of Rs 9,32,000 crore. They had planned a capital expenditure of Rs 87,600 crore in the current fiscal.
The merged entity could rival the likes of Russia's Rosneft (USD 60 billion in market cap) and UK's BP Plc (USD 92 billion) in market value.
"We seek opportunities to strengthen our central public sector enterprises through consolidation, mergers and acquisitions," Jaitley told Lok Sabha while presenting the budget for the year beginning April 1. "It will give them the capacity to bear high risk, avail economies of scale, take higher investment decision and create more value for stakeholders".
Aiyar had first mooted merger of HPCL and BPCL with ONGC and OIL with IOC to create two oil giants having interests across the energy chain in 2004.
However in September 2015, a highlevel panel on recast of public sector oil firms did not favour mergers to create behemoths and instead suggested greater autonomy by transferring government shareholding in oil PSUs to a professionally managed trust.
The Advisory Committee on Synergy in Energy headed by V Krishnamurthy was of the view that mergers and consolidations worldwide occurred during times of low oil prices and were instruments of eliminating excess workforce and duplicate facilities.
That was the time when oil prices were on the rise but they have in the last two years dipped to multiyear lows.
Aiyar had also wanted subsidiaries of oil PSUs to be merged with the parent firm like merger of Kochi refinery with BPCL and Chennai refinery with IOC.
Oil and Natural Gas Corp (ONGC) is India's biggest oil and gas producer and the highest profit making company. Indian Oil Corp (IOC) is the country's biggest refinery while GAIL is India's largest gas pipeline operator.
Petrol price cut by Rs 2.16 a litre, diesel by Rs 2.10NEW DELHI: Petrol price was on Monday cut by Rs 2.16 per litre and diesel by Rs 2.10 a litre, reversing the four week trend of rising rates.
The reduction, which will be effective from midnight tonight, comes on back of a marginal 2 paise a litre increase in petrol and 52 paise per litre hike in diesel rates effected from May 1.
Prior to that, petrol price was hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre from April 16.
Indian Oil Corp (IOC), the nation's largest fuel retailer, said the price of petrol is being reduced by Rs 2.16 per litre and that of diesel by Rs 2.10 both excluding state levies.
Actual reduction in price will be more after taking into account local VAT.
Petrol in Delhi will cost Rs 65.32 a litre from tomorrow as against Rs 68.09 currently. Similarly, a litre of diesel will be priced at Rs 54.90 as compared to Rs 57.35 at present.
"The current level of international product prices of petrol and diesel and rupeedollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement.
The movement of prices in the international oil market and rupeedollar exchange rate will continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said.
Xiaomi Redmi Note 4 to Go on Sale Today in India(New delhi, May 17,2017):Xiaomi Redmi Note 4 is all set to go on sale in the country on Wednesday, from 12pm IST. It will be available via Flipkart and Mi.com, from 12pm IST.
To recall, the Xiaomi Redmi Note 4 was launched in three variants in the country the 2GB RAM/ 32GB storage variant is priced at Rs. 9,999, the 3GB RAM/ 32GB storage model is priced at Rs. 10,999, and the 4GB RAM/ 64GB storage model is priced at Rs. 12,999. It is available in Gold, Grey, Matte Black, and Silver colour variants.
The dualSIM (Micro+Nano) Xiaomi Redmi Note 4 runs MIUI 8 based on Android 6.0 Marshmallow. It features a 5.5inch fullHD (1080x1920 pixels) 2.5D curved glass IPS display, and is powered by a Snapdragon 625 SoC that is coupled with either 2GB, 3GB, or 4GB of RAM.
The Xiaomi Redmi Note 4's rear camera bears a 13megapixel CMOS sensor equipped with PDAF (phase detection autofocus), an f/2.0 aperture, 77degree wide angle lens, and dualtone LED flash. The front camera sports a 5megapixel CMOS sensor, coupled with an 85degree wide angle lens. Expandable storage is available on the Redmi Note 4 via a hybrid dualSIM card configuration, supporting microSD cards (up 128GB).
As for connectivity, the Xiaomi Redmi Note 4 offers 4G with VoLTE, WiFi 802.11 a/g/b/n, Bluetooth v4.1, GPS, MicroUSB, and Infrared. Sensors on board include accelerometer, ambient light sensor, gyroscope, electronic compass, and proximity sensor. Redmi Note 4 battery capacity is rated at 4100mAh battery, and the new Xiaomi smartphone measures 151x76x8.35mm, and weighs 175 grams.
Mukesh Ambani leads Forbes list of Global Game Changers(New York, May 17,2017):Reliance Industries Chairman Mukesh Ambani leads a Forbes list of 'Global Game Changers' who are transforming their industries and changing the lives of billions of people around the globe.
Forbes' second annual Global Game Changers list includes 25 "intrepid business leaders" who are "unsatisfied with the status quo" and "transforming their industries and changing the lives of billions of people around the globe."
Ambani, 60 comes at the top of the list for his game changing efforts to bring the internet to India's masses.
"Oil and gas tycoon entered the country's telecom market with a bang, offering fast internet at dirtcheap prices. Gained 100 million customers in six months and set off a wave of consolidation in the market," Forbes said, referring to his company's mobile network operator Reliance Jio.
It quoted Ambani as saying that "anything and everything that can go digital is going digital. India cannot afford to be left behind."
Forbes said the 25 trailblazers on the list are re imagining countless facets of everyday life, from health to sending money to relatives abroad.
"While plenty of corporate functionaries make headlines for successful turnarounds or record profits, we sought to identify true movers and shakers who are determining the course of the future for more than just their own shareholders or employees," it said.
The list includes founder of home appliances company Dyson, James Dyson, American global investment management corporation BlackRock cofounder Larry Fink, Deputy Crown Prince of Saudi Arabia Mohammed bin Salman, social media company Snap cofounder Evan Spiegel, Chinese ride sharing giant Didi Chuxing founder Cheng Wei and African retail tycoon Christo Wiese.