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- Pakistan focussed to undermine India's territorial integrity through terrorism: India at UN
- Pakistan's focus for decades has been to undermine India's territorial integrity through the "explicit use of terrorism" as a state policy, New Delhi said in a stern response after Islamabad raked up the Kashmir issue at the UN.
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- Asia's Fab 50 2018: Malaysian Metal Company Presses Ahead
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- Tokyo stocks open lower after Hokkaido quake, typhoon
- After Wednesday's congressional hearings, Facebook and Twitter will now face questions from the Justice Department (DOJ) over allegations of political bias, an issue flagged by US President Donald Trump.
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- Two people were killed and 120 others injured in an earthquake measuring 6.7 on the Richter Scale, followed by a number of aftershocks, that rocked Japan's Hokkaido prefecture early on Thursday.
- Bollywood celebrities attended the shooting wrap-up party of the film 'Super 30' here, which is based on the life of mathematician Anand Kumar and his educational programme in Patna.
- A swelling Ganga river has inundated the temples on Varanasi ghats and forced cremations at the Manikarnika to be shifted to upper platforms, a Uttar Pradesh official said on Thursday.
- Celebrity interior designer Gauri Khan has joined hands with Pride of Cows for a limited edition bottle for the premium milk brand's seventh anniversary celebration.
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- Long term, look for disruptors to make money: Nilesh Shah
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- Several participants used the event to register their protests against the arrest of five activists last month fr their alleged links with Maoists.
- The draft detailed project report (DPR) is apparently ready. âWe will invite bids for the civil work after the proposal is approved by the BBMP Council,â said Somashekar S, the BBMP chief engineer (road infrastructure).
- Sibal believes Modi and BJP will not return to office in 2019 âas a quiet dissent is building throughout the countryâ.
- The JD(S)-Congress regime in Karnataka has softened its stand with regard to implementing the Centreâs Ayushman Bharat, and will blend it with stateâs own Arogya Karnataka healthcare programme.
- The HMS Albion, a 22,000 ton amphibious warship carrying a contingent of Royal Marines, passed by the Paracel Islands in recent days, two sources, who were familiar with the matter but who asked not to be identified, told Reuters.
Long term, look for disruptors to make money: Nilesh Shah - Companies which are harbingers of digital and technolgical revolution, will outperform market.
- make money with them.
- Commercial vehicle manufacturer Ashok Leyland has become the first in India to adopt the companyâs Global Validation, Proven Performance (GVPP) 3D solution, Dassault Systèmes announced at the forum.
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- India ranks 19 in ‘Theft Ranking’ for countries with weapons usable nuclear materials
- As of now, 22 countries have weapons-usable nuclear materials, compared with 32 when the first NTI Index was released in 2012, the report said.
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- Donald Trump said Congress was making "tremendous progress" on funding, but that he wanted to make good on a promise to fund border security.
- Over the past decade, the US assessment of nuclear weapons security in Pakistan appears to have changed considerably from confidence to concern, particularly as a result of the introduction of tactical nuclear weapons, the report said.
- Monday's show-trial conviction of two Reuters reporters who helped expose extrajudicial killings of 10 Rohingya men and boys, has put a question on Aung San Suu Kyi's core ideology.
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- An anonymous senior official says White House aides are working to frustrate the president's agenda.
- Sushma, Sitharaman begin bilateral talks with US top leaders
- CM likely to dissolve Assembly today
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- Telangana Rashtra Samithi (TRS) President and Chief Minister K Chandrashekar Rao is expected to dissolve the state assembly on Thursday afternoon.
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- Labourer Manoj Kumar of Mandvi village from Sangrur district can never forget this year's Rakshabandhan festival as he became a crorepati overnight winning the first prize of Rs 1.5 crore in the Punjab State Rakhi Bumper-2018 lucky draw.
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- 06 Sep 2018, 6:34am
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- Billy Graham's daughter has breast cancer
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- A series of smaller shocks, including one with a magnitude of 5.4, followed the initial temblor, the Meteorological Agency said.
- राफà¥à¤² पर विपà¤à¥à¤· à¤à¥ हमलॠà¤à¤¾ à¤à¥à¤¸à¥ दà¥à¤ मà¥à¤à¤¹à¤¤à¥à¤¡à¤¼ à¤à¤µà¤¾à¤¬, à¤à¤¨à¤à¤¸à¤ ठà¤à¥à¤¤ डà¥à¤à¤¾à¤² नॠमà¥à¤¦à¥ à¤à¥ मà¤à¤¤à¥à¤°à¤¿à¤¯à¥à¤ à¤à¥ दॠà¤à¥à¤²à¤¾à¤¸
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- 6.7 तà¥à¤µà¥à¤°à¤¤à¥à¤à¥à¤¯à¤¾ à¤à¥à¤à¤à¤ªà¤¾à¤¨à¥ à¤à¤ªà¤¾à¤¨ हादरलà¤, दà¥à¤¨ ठार ; 40 बà¥à¤ªà¤¤à¥à¤¤à¤¾ तर ठनà¥à¤à¤à¤£ à¤à¤à¤®à¥
- मà¥à¤°à¥à¤¨à¤¿à¤à¤ बà¥à¤²à¥à¤à¤¿à¤¨ : पाठमहतà¥à¤¤à¥à¤µà¤¾à¤à¥à¤¯à¤¾ बातमà¥à¤¯à¤¾
- 12 வயத௠à®à®¿à®±à¯à®®à®¿ பாலியல௠வனà¯à®à¯à®à¯à®®à¯ வழà®à¯à®à¯: 17 பà¯à®°à¯ à®®à¯à®¤à¯à®®à¯ à®à¯à®£à¯à®à®°à¯ à®à®à¯à®à®®à¯ பாயà¯à®¨à¯à®¤à®¤à¯
- à®à®¨à¯à®¤à®¿à®¯ à®à¯à®±à¯à®±à®µà®¿à®¯à®²à¯ பà¯à®°à®¿à®¨à¯à®¤à¯à®£à®°à¯à®µà¯ பிரிவ௠377 à®à®©à¯à®±à®¾à®²à¯ à®à®©à¯à®©?
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- The draft detailed project report (DPR) is apparently ready. “We will invite bids for the civil work after the proposal is approved by the BBMP Council,” said Somashekar S, the BBMP chief engineer (road infrastructure).
- Sibal believes Modi and BJP will not return to office in 2019 “as a quiet dissent is building throughout the country”.
- Article at EconomicTimes.com with article id : 65697084
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- Copyright:(C)Thu 06 Sep 2018, 11:08:362018Thu 06 Sep 2018, 11:08:36 Bennett Coleman & Co. Ltd, http://info.indiatimes.com/terms/tou.html
- Echoes of âMe too urban Naxalâ on first anniversary of Gauri murderSeveral participants used the event to register their protests against the arrest of five activists last month fr their alleged links with Maoists.
- Biswas has been a close confidante of Trinamool chief Mamata Banerjee since her days as a fiery Opposition leader, and later enjoyed her patronage.
- Copyright:(C)Thu 06 Sep 2018, 11:09:282018Thu 06 Sep 2018, 11:09:28 Bennett Coleman & Co. Ltd, http://info.indiatimes.com/terms/tou.html
- PANIPAT: Tilak Raj Bathla's tiny weaving factory is one of the few still humming on a once busy road in the northern city of Panipat, known as the country's "textile city".Nearby, more than two dozen other workshops are locked from the outside, while dogs and cows roam through other abandoned factories. Scrap dealers enquire about idle powerlooms.India launched the Goods and Services Tax (GST) just over a year ago, its biggest ever tax reform, aiming to replace more than a dozen federal and state levies and unify the sprawling economy.The move improved economic efficiency but critics say the complexities of the new regime have driven many small enterprises out of business and forced hundreds of thousands out of jobs.For Prime Minister Narendra Modi, the drawbacks of the GST, especially the job losses, could prove costly in major state elections later this year and a general election in mid-2019.Bathla says his neighbours, most of them unschooled, could not comply with monthly online filings required under the GST regime. Some of his customers and suppliers could not afford to hire accountants to navigate a system which has been amended more than 200 times already, while others struggled to cope with delays in tax returns caused by glitches in the centralised software."I have a GST registration, but I can't work as my vendors and buyers are unable to comply with a complex tax structure," the 50-year-old said, adding his monthly sales had fallen to about 250,000 rupees($3,511) from about one million rupees before the GST. Only two of his 10 powerlooms are currently being used.The government has said it is simplifying the tax measure to make it accessible to everyone. Finance Ministry spokesman D.S. Malik said requests from small businesses have been considered "from time to time." But he declined to comment on job losses.Nevertheless, India's economy gathered pace in the April-June quarter, expanding 8.2 percent compared to 5.6 percent in the same period a year earlier. Economists said the number was coming off a low base as companies held off production in the year-ago period ahead of the implementation of the tax measure in July last year.But while big firms have since shaken off the effects of the change and are set to gain from a uniform tax regime, small businesses across the country are still hurting.A survey by the All India Trade Union Congress (AITUC) in July found that a fifth of India's 63 million small businesses â" contributing 32 percent to the economy and employing 111 million people - faced a 20 percent fall in profits since the GST rollout, and had to sack hundreds of thousands of workers.Readymade garments, gems and jewellery, leather, handicraft and basic machinery manufacturing are hit the most, industry bodies from across the country say.According to estimates by the Centre for Monitoring Indian Economy, a Mumbai-based consultancy, nearly five million workers lost their jobs over the past year. But it was not clear how many were from small enterprises.India's unemployment rate rose to 6.4 percent in August from 4.1 percent in July last year despite an additional 17 million people joining the workforce.But it did not give data on how many people were laid off or from which industries.India's labour ministry releases jobs data once in five years, last reporting unemployment at 5 percent in 2015/16 (April-March).More than 50 workers and factory owners Reuters spoke with in Panipat, about 90 km (55 miles) north of New Delhi, said over a third of the city's 10,000 weaving units had closed or curbed production.Chand Multani, president of the Panipat Handloom Owners' Association, pointed to the tax headaches behind a bedsheet that costs barely $2 dollar as an example.The weaving of the sheet, its dyeing, ironing, embroidering and packaging are all done by separate businesses. Under the new system, each business has to pay GST at each stage of production which the businesses can claim back provided they have registered with tax authorities and have a GST number.For a lot of small businessmen this is way too much work. "How can all these different operations comply with tax rules?" asked Multani, waving the sheet in the air.The GST replaced several federal and local taxes and tore down tariff barriers between India's 29 states, but critics say that has been to the benefit mainly of large, nationwide businesses.For Panasonic Appliances, India's leading electric goods maker, GST has meant cutting costs by 4-5 percentage points, for example. India's consumer goods stock index has risen 26 percent in the past year, outpacing the broader Mumbai market."GST ... has improved the competitiveness of the manufacturing sector," Panasonic India CEO Manish Sharma said.Modi, in an Independence Day speech on Aug 15, said the businesses that faced "teething difficulties in adopting GST had accepted the challenge and the country is now moving ahead."But Rahul Gandhi, his main challenger in next year's election, has zeroed in on the job losses and shuttered businesses."This GST is a way of removing money from the pockets of the poor," he said last month. "This is not GST, this is Gabbar Singh Tax," he said, referring to the villain in one of Indian cinema's most popular movies.Modi's popularity fell below 50 percent in July from 53 percent in January, while Gandhi's rose to 27 percent, up from 22 percent, according to a survey by India Today magazine. Eighteen months ago, the score was 65 percent to 10.To address grievances, the GST Council, which administers the tax measure, has approved more than 200 amendments since the law came into force.MS Mani, senior partner at Deloitte, said too many changes to rules and rates were damaging, particularly for small businesses.The Federation of Indian Export Organisations estimates that nearly $2 billion of tax credits, mainly of small exporters, were yet to be refunded, mainly because of software glitches in the system and the difficulties in matching the hundreds of thousands of invoices.About 230,000 small businesses have closed down due to compliance and cash flow problems, leading to large-scale job losses, said Amarjit Kaur, national secretary of the All India Trade Union Congress."GST has proved a death warrant for us," Ravinder Kashyap, 22, who lost his job as a powerloom operator earlier this year, said in a small rented room in Panipat that he shares with four friends.He said his employer had lost sales orders because of the mess caused by the tax and so had let him off along with scores of others. "If this carries on for one or two years, we'll have to commit suicide.
- NEW DELHI: Low cost carrier SpiceJet has on a trial basis stopped taking hot meals for crew on its flights and will instead give cabin crew and pilots operating domestic flights a daily allowance of Rs 300 so that they can have hot meals at airport terminals or buy on board. The crew have been told if they âwant to have a hot meal (or any other snack), they may buy the same from the cart using their meal allowance.âThe airline insists the move is not to cut costs but to stop wastage as the allowance is costing it more than serving meals to crew. âWe are trying this for a month. If the move is not appreciated, we will revert to the old model. The idea was to curb wastage.â Lunch often is taken on board, say from Delhi in the morning. If it gets stale, it goes to waste, a source said.A mail sent by SpiceJet chief pilot Captain S K Dabral to crew says: âStatistical data compiled over last many months has shown that a vast majority of our crew (both cockpit and cabin) are not eating hot meals earmarked for them. In some months, up to 90% of the uplifted hot meals have gone waste.â
- Next 10 months, do not chase the price. It will not be the time for momentum investment, Nilesh Shah, MD, Kotak AMC, tells ET Now. Shah says in short-term you
- can hide in IT, pharma, blue chip, largecap , defensive companies.Edited excerpts: What is your view on markets considering all emerging market currencies and economies currently are going through a patch of adjustment? Will this emerging market slide have impact on portfolio investments in India? Clearly it is a tricky situation, where one part of India is witnessing dramatic correction. Rupee is down more than 4% in August alone. 10-year interest rate is up about 33 bps in August. On the other hand, equity market in index term is near all-time high. Clearly, from an FII point of view, they will be in two minds â" one, should they look at the improving micro situations in India as is evident from the quarterly results or should they worry about deteriorating macro situation where oil prices are higher, rupee has weakened, interest rates have risen and which ultimately could have impact on growth. It is a tricky situation where FIIs hopefully will take a call on a longer term basis looking at the fundamentals of companies in which they are investing rather than taking a top-down view. A lot is happening with Sebi in terms of the FPI money from NRIs. What do you think is the impact of this and is this a big issue? There are all kind of numbers floating around -- $75 billion, $80 billion. Undoubtedly if the FIIs believe that their investments in India is not welcomed, they will take a different view. But the good part is that The Securities & Exchange board of India (Sebi) has clearly communicated that they are keeping concerns raised by the FIIs in mind. Anyway, the deadline is 31st December and there is no pressing hurry to do it tomorrow. This is an issue which can easily be resolved through consultation because on one side, FIIs have clearly said that they have no problem with the disclosure and on the other side, Sebi has mentioned that they are not in favour of restricting someoneâs ability to do a business. They just want to ensure that there is no round tripping. The he objective is the same. How one arrives at a way to achieve that objective should be easily approachable. Do you think India will be isolated or a different market as earnings growth are showing the first signs of decent improvement. Do you think we are not that decoupled at all? My hope is we would be in a better position compared to 2013 to withstand a global shock. In 2013, taper tantrums created a shock but at that point of time, macro India was fragile, inflation was in double digits, the current account deficit was upwards of 4.5% and fiscal deficit was almost higher than current account deficit. Clearly that was the time when India was also going into elections after a year. Put all these things together, we were in a far weaker situation at that time. Today inflation is rising but it is rising from lower single digit to mid single digit; fiscal deficit is likely to overshoot the budgeted number but it is on a much-much lower base; current account deficit is rising with higher oil prices but it is still way below what it was in 2013. So, we have a slightly deteriorating micro situation vis-Ã -vis current account deficit, fiscal deficit and inflation but it is significantly superior to what it was in 2013. More importantly, between 2013 and 2108, we have taken certain steps which will create a good platform for economic growth in the future. GST has been introduced and rolled out. It has made India one nation, one market. The demonetisation benefits are now visible with higher digital payments and better tax compliance. The government has also built infrastructures in terms of road, railways, solar capacity and so on. Put together, today we are far better than in mid 2013. Second, corporate India is looking at the future far more positively than they were in 2013. Therefore, despite higher oil prices, higher real interest rates and a weakening rupee, we have a reason to be optimistic about corporate earnings growth in the rest of the financial year. For earnings to recover in a big way, the capex cycle needs to pick up. Do you think this is around the corner or is it going to be another long wait? There is a slight differentiation. If you look at the IIP series and the GDP growth, capex seems to be recovering. But when we talk with the management in listed segment, we are not seeing significant recovery in capex. Clearly, capex is coming in the non-listed segment, in real estate. Looking at industrial recovery means we are seeing investments in sectors like power where there is surplus capacity. So, it is a little further away. But will there be investment pickup led by the government spending in infrastructure like roads and railways or a pick up in real estate sector by virtue of rural demand? The answer is yes. We will see one part of investments related to government and rural India doing well but the industrial capex is a little further down the line. What is the view on midcaps and smallcaps? How do you look at the valuations there now that largecap valuations are seeming a bit stretched and the overall price points at which midcaps and smallcaps are available? My feeling is that after the corrections from Jan 2018 level, midcaps have become worth looking at it. But clearly, over next 10 months, we expect markets to be highly volatile. It will be volatility partly because of global factors: a) interest rates in US are rising. B), Liquidity injection across US, Europe and Japan is slowing down. C) A tariff war is raging between US and China and India could have see collateral damage. Most important for us, oil prices are on their way up. From $40-60 a barrel, it has gone up to the $70-80 a barrel. All these global factors will have their own impact on Indian market on the way up. Second thing is valuation. Clearly there are some largecaps which are in overvalued category and finally, the political scenario. In May 2019 general election, if India votes for a stable government committed to reforms and growth, markets will be fine. But if we end up getting a coalition government which is not committed to growth or reform, there will be adverse reaction from the market. So over next 10 months, there will be enough opportunity for you to invest on a correction. This is not the time to chase the prices. This is not the time to do momentum investment. This is the time to build portfolio on correction. In such a market place, do you think the best place to hide are export stocks? With the sort of currency move that we are seeing right now, should pharma and IT hold higher weightage in portfolios? If you are taking a shorter term view, then yes IT, pharma, blue chip, largecap companies, defensive companies are the place to hide. If you are taking a longer term view, then you have to invest in companies which are using technology to disrupt the business models in various sector. Today we are at the cusp of digital and technological revolution just like we were in 18th century for industrial revolution. During industrial revolution, India missed the bus and partly because of that along with colonisation, our share in global GDP came down from 25% to less than 1%. Today world is at the cusp of digital and technological evolution. We should not miss the bus and if we miss the bus, there will be adverse consequences. It is not only technology and pharma where digital and technology is creating disruption, it is even in a commodity sector like textiles. Companies which will be agent of change, which will be harbinger of digital and technological revolution will outperform the market that is where investor will make money. Companies which are like dinosaur not reacting to the changed environment will become extinct. You would not
- Prima facie, it looks good because they are getting into areas where they do not have at all presence, Surajit Pal, AVP, analyst, pharma, Prabhudas Lilladher, tells ET Now.Edited excerpts: Aurobinda Pharma is acquiring Sandoz's dermatology & oral solid business in the US for $900 million. Are they doing the right thing by committing about a billion dollars on a acquisition at a time when markets have been worried about their total debt positioning? They may end up with more debt and from market standpoint could that be a question mark? There are two ways to look into it. One, they are looking for brands -- be it US or Europe. The mid to long term prospect depends on whether they want to get into brand replacement -- be it OTC or acquisition of other companies. As far as debt is concerned, we should look at net debt to equity ratio which at 0.35 to 0.37 is pretty good. Every year, around $150 million goes on average payout and despite that, if they maintain or reduce debt-equity ratio, that is pretty good. They are getting into that direction and they want to increase the presence in terms of sales and reach. Would that build the case for an upgrade beyond 700 for Aurobindo this morning? Yes. We have to consider the profitability of the company. We have to see how many people will have to be hired because in US, sales and marketing people are pretty costly. So how many of them is going to leverage it or not. But prima facie, it looks good because they are getting into areas where they do not have at all presence and that is also branded area ophthalmology. These are the areas which will create a synergy and the reach for the company further.
- Article at EconomicTimes.com with article id : 65696889
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Thursday, September 6, 2018
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