VoteUpIndia » Business http://voteupindia.com Top News of India... Wed, 14 Sep 2011 19:03:48 +0000 en hourly 1 http://wordpress.org/?v= Indian CEOs who get Rs 1 crore http://voteupindia.com/indian-ceos-who-get-rs-1-crore/ http://voteupindia.com/indian-ceos-who-get-rs-1-crore/#comments Tue, 31 May 2011 03:37:44 +0000 superblogger http://voteupindia.com/?p=9744
Mukesh Ambani has got company of at least 29 fellow corporate executives, including four from his own group Reliance Industries, in terms of annual salaries running into crores of rupees for the latest fiscal.
Just about a month in the process since the annual reports of listed companies began trickling in late April, as many as 30 top corporate executives have been found to have received annual compensation exceeding Rs 1 crore (Rs 10 million).

So far, the figures are available for a total of 32 companies, out of which executives at 13 companies received salaries in excess of Rs 1-crore mark in 2010-11, an analysis of information available with financial data aggregator Capitalline shows.

Besides RIL’s Chairman and MD Mukesh Ambani, there are three more top executives from the company — Nikhil Meswani, Hital Meswani, PMS Prasad and Pawan Kumar Kapil — in this elite league


[Story Source] [Contest win Rs 1000-100,000 now]

This post was submitted by superblogger.

]]> http://voteupindia.com/indian-ceos-who-get-rs-1-crore/feed/ 0 Nirma plant must be relocated: MoEF http://voteupindia.com/nirma-plant-must-be-relocated-moef/ http://voteupindia.com/nirma-plant-must-be-relocated-moef/#comments Wed, 11 May 2011 02:48:25 +0000 superblogger http://voteupindia.com/?p=9701
The Ministry of Environment and Forests (MoEF) on Tuesday informed the Supreme Court that a cement plant of Nirma Industries in Bhavnagar district of Gujarat is located in an ecologically sensitive wetland area situated next to the natural habitat of Asiatic lions.

The ministry said that the plant has to be re-located immediately. The MoEF was replying to a petition filed by Nirma against a stop-work notice issued by the ministry.

A three-judge bench, led by Chief Justice of India S H Kapadia, adjourned the matter till Friday, giving Nirma the option of challenging the MoEF order either before it or the Green Tribunal.

The bench had earlier ordered a fresh environmental study by the Expert Appraisal Committee of the MoEF to ascertain whether the plant was in any wetland area or near water bodies. The panel was asked to seek reports from a body of experts with five scientists. Field visits were also ordered. The court had asked the experts panel to hear all the parties concerned, including Nirma and the residents near the site, and ascertain the project’s environmental impact.
[Story Source] [Contest win Rs 1000-100,000 now]

This post was submitted by superblogger.

]]> http://voteupindia.com/nirma-plant-must-be-relocated-moef/feed/ 0 BMW to drive in 1Series hatchback and Mini compact in two years http://voteupindia.com/bmw-to-drive-in-1series-hatchback-and-mini-compact-in-two-years/ http://voteupindia.com/bmw-to-drive-in-1series-hatchback-and-mini-compact-in-two-years/#comments Wed, 11 May 2011 02:45:16 +0000 superblogger http://voteupindia.com/?p=9700
NEW DELHI: BMW plans to drive in its 1Series hatchback and the Mini compact within two years to stay ahead of archrivals Mercedes Benz and Audi in the booming Indian luxury car market.

“The Indian market is evolving fast and, as the leader of luxury car, we are looking at our compact range of cars to meet varied preferences of customers,” BMW India President Andreas Schaaf said on Tuesday.

“We are doing everything to stay ahead of the competition and drive into new segment that would keep the customers delighted,” he said.

Last week, Mercedes Benz India MD & CEO Peter T Honegg told ET that his company will bring its compact car range of A Class and B Class by 2013.

BMW tops the luxury car market, which grew a record 70% last fiscal to more than 15,000 cars, closely followed by Mercedes and Audi. Other contenders include Porsche, Jaguar & Land Rover.

Speaking to ET on the sidelines of the launch of a concept high fuel-efficient diesel car, Schaaf said, “We will get as many products from our global lineup depending upon the local demand including the best of technology and new concepts developed by our parent company.”

The list would include the new concept, the Efficient Dynamics. The car delivers fuel efficiency of 26.5 km/litre of diesel and emits only 99 gm of Co2 for the same distance. It has a top speed of 250km/hr and accelerates to 100km/hr in 4.8 seconds. The concept will hit the road around 2013.

Indian consumers have started to shift preferences to new concepts and niche products and that encouraged the world’s largest maker of luxury cars to undertake a feasibility study to bring its small cars like 1Series hatchback and the highly popular Mini range. The cars are expected to be priced at 22-27 lakh.

Since 2009, Europe’s largest car company Volkswagen has sold more than 500 units of its 23-lakh Beetle, while Fiat has sold more than 100 Cinquecentos, priced 16 lakh. These expensive machines have created a small market for themselves, which will get a boost with the launch of BMW and Mercedes small cars.

The luxury carmaker also announced that it would not hike the prices of its locally-produced models, 3 and 5 Series sedans and SUV X1, despite new import duty norms on completely knocked down units, as it has already been assembling the engines of the vehicles in the country.

“At this point of time, our completely knocked down (CKD) operations are fully fulfilling the new regulations. We are paying 10% duty… There will be no price hike,” BMW India president Andreas Schaaf said here.

For pre-assembled engines, transmissions and gearboxes, customs duty was fixed at 30% in the 2011-12 Budget as against 10% earlier. However, other parts continue to attract a customs duty of 10%. “In our engines, about 50% of the assembly is done in India. So it is considered as locally produced,” he said, adding, the company has been assmebling its engines and transmissions since the launch of these models in the country.
[Story Source] [Contest win Rs 1000-100,000 now]

This post was submitted by superblogger.

]]> http://voteupindia.com/bmw-to-drive-in-1series-hatchback-and-mini-compact-in-two-years/feed/ 0 No plans to raise capital or list insurance arm: Uday Kotak http://voteupindia.com/no-plans-to-raise-capital-or-list-insurance-arm-uday-kotak/ http://voteupindia.com/no-plans-to-raise-capital-or-list-insurance-arm-uday-kotak/#comments Fri, 06 May 2011 18:02:49 +0000 prashant agarwal http://voteupindia.com/?p=9645

Kotak Mahindra Bank on Thursday reported a 17.2% surge in the net profit in its fourth quarter, which accounted to Rs 491 crore as compared to Rs 419 crore in same quarter the previous year. The company said that it’s NBFC and investment banking arm has witnessed a rebound in the fourth quarter. The bank held that the “fragmentation and margin pressure in the market has been reflected in Q4 results as well.” (Results in detials: Kotak Mahindra Bank Q4 net jumps 17% at Rs 491 cr)

Commenting on the bank’s strategy going forward, Uday Kotak, the bank’s vice-chairman and managing director said that it is “unlikely to raise any further capital.” The company said it has “no plans to list its insurance arm.”

The company’s AMC business for the year, Kotak said has been subdued. “The life insurance business too has weathered the storm of the transformation post the policy guidelines,” he disclosed.

Kotak identifies that bank deposits and fixed income instruments — the core of banking business are getting a lot more returns. He said that the “Indian savers have moved away significantly from the equity market.”

[Story Source] [Contest win Rs 1000-100,000 now]

This post was submitted by prashant agarwal.

]]> http://voteupindia.com/no-plans-to-raise-capital-or-list-insurance-arm-uday-kotak/feed/ 0 Banks see margin woes ahead on RBI double whammy http://voteupindia.com/banks-see-margin-woes-ahead-on-rbi-double-whammy/ http://voteupindia.com/banks-see-margin-woes-ahead-on-rbi-double-whammy/#comments Tue, 03 May 2011 17:42:10 +0000 prashant agarwal http://voteupindia.com/?p=9625
(Reuters) – The RBI’s higher-than-expected rate actions together with a rise in savings rate could put Indian banks in a tight spot as they struggle with higher borrowing costs compounded by the inability to raise lending rates sharply on concerns of moderating loan demand.

The central bank’s move saw bankers scrambling to chalk out plans to minimise the impact of the strong monetary and prudential tightening along with a rise in savings bank rate on their margins and profits.

Most banks are planning to raise lending rates very soon to pass on the higher cost of funds, in turn aiding faster monetary policy transmission.

State Bank of India chairman Pratip Chaudhuri sees the sector raising rates by 25-50 basis points in 2-3 months. However, he added, banks will be cautious in passing on the cost increases to customers as it could dampen demand for loans.

“There will be some additional cost to the bank — some part of that will be offset by raising lending rates and some will be absorbed,” said Ashok Dutt, executive director, Dena Bank.

The RBI raised the repo and reverse repo rate by a larger-than-expected 50 basis points to battle a stubbornly high inflation.

It also raised the savings bank deposit rates by 50 basis points to 4 percent with immediate effect and increased the provisioning requirement on certain categories of non-performing advances and restructured advances.

“Policy rates and savings rate have gone up. So depending on banks, 10-15 basis points impact will definitely happen. Then, there is provisioning requirement on restructured assets,” said Chanda Kochhar, managing director and chief executive officer, ICICI Bank.

“And of course we should remember that transmission of the previous rate increases has not fully happened. So these are the 4-5 factors which will lead to increase in lending rates. A large part of the (policy rate) increase will be passed on.”

State-run lender IDBI Bank on Tuesday raised its benchmark prime lending rate and base rate by 50 basis points each to 14.5 percent and 10 percent respectively due to higher cost of funds.

MARGIN HIT

A senior official at state-run Bank of India said domestic net interest margin is likely to come down by 13 basis points, while its global NIM will take a hit of 10 basis points.

Another mid-sized lender, Union Bank, also sees a 10 basis point impact on NIM, while Bank of Baroda said cost of deposit will go up by 12-15 basis points.

“Naturally, the savings bank cost will have a bearing on the total cost of deposits, and in turn it will result in increase in base rate because base rate is a combination of cost of funds,” said N. Seshadri, executive director at Bank of Baroda.

The increase in provisioning requirement is, however, unlikely to have a big impact immediately for banks as most already have higher provisioning that was prescribed by the banking regulator.

The RBI expects banks’ advances to grow by 19 percent in fiscal 2012, lower than 21.4 percent in the previous year, and pegs deposits growth at 17 percent.

Credit growth is the biggest and most potent contributor to demand-side inflation and therefore banks — the largest channel of loan disbursements — are seen as the most effective tool to manage inflation.

Banks expect credit growth of 18-22 percent in FY12, with high interest rates impacting demand for loans from customers.

(Reporting by Shamik Paul; Editing by Sunil Nair)


[Story Source] [Contest win Rs 1000-100,000 now]

This post was submitted by prashant agarwal.

]]> http://voteupindia.com/banks-see-margin-woes-ahead-on-rbi-double-whammy/feed/ 0 RBI credit policy: Rate hike pulls down Sensex by 463 points http://voteupindia.com/rbi-credit-policy-rate-hike-pulls-down-sensex-by-463-points/ http://voteupindia.com/rbi-credit-policy-rate-hike-pulls-down-sensex-by-463-points/#comments Tue, 03 May 2011 17:42:10 +0000 prashant agarwal http://voteupindia.com/?p=9626
MUMBAI: Indian markets ended in the red for seventh consecutive session after the Reserve Bank of India’s move to hike repo rate and reverse repo rate by 50 basis points each hurt sentiments. Shares of rate sensitive sectors led the decline on concerns that rising interest rates would negatively impact sales.

“We think the RBI has acted decisively to stem inflationary risks, and will continue to do so. The larger than consensus increase in repo, increase in savings rate, and in the Marginal Standing Facility rate to repo +100 bps are all hawkish.

We think the RBI will continue on this path, and we reiterate our higher than consensus view of 75 bps of rate hikes going forward. We think the swap curve will sell off on the back of this policy announcement,” said Tushar Poddar, Chief India Economist, Goldman Sachs.

The indices closed below 200 DSMA, the worst single day correction since February 2011.

National Stock Exchange’s Nifty ended at 5565.25, down 136.05 points or 2.39 per cent. The broader index touched a high of 5710.80 and low of 5554.85 in today’s trade.

Bombay Stock Exchange’s Sensex closed at 18534.69, down 463.33 points or 2.44 per cent. The 30-share index hit a high of 19024.95 and low of 18502.42 intraday.

“The Nifty has closed below the 200 day simple moving average (DSMA) and the 200 day exponential moving average (DEMA) ie 5748 and 5633 respectively, which is a very bearish sign for the market in the short as well as the medium term,” said Sharekhan report

BSE Midcap Index was down 1.86 per cent and BSE Smallcap Index moved 2.08 per cent lower.

All the sectoral indices closed in the red. BSE Auto Index fell 3.74 per cent, BSE Bankex declined 3.11 per cent and BSE Realty Index slipped 2.91 per cent.

“We believe quality liability franchise banks will be able to manage spread and margins better than wholesale funded entities in a rising interest rate environment. Hence, we are positive on superior franchise banks like ICICI Bank , BoB, PNB and SBI with medium term perspective. However, higher provisioning requirement, higher inflation, rising interest rates and further rate hike possibility will put pressure on banking stocks in near term,” said KR Choksey report.

Jaiprakash Associates (-8.05%), Tata Motors (-5.30%), Bajaj Auto (-5.02%), M&M (-4.47%) and L&T (-4.17%) were the top Sensex losers.

Goldman Sachs has downgraded Jaiprakesh Associates to ‘neutral’ from ‘buy’ and removed the stock from the Wall Street bank’s “Asia Pacific buy list.”

BHEL (0.19%) was the only index gainer.

Market breadth was negative on the BSE with 2102 losers against 711 gainers.
[Story Source] [Contest win Rs 1000-100,000 now]

This post was submitted by prashant agarwal.

]]> http://voteupindia.com/rbi-credit-policy-rate-hike-pulls-down-sensex-by-463-points/feed/ 0 Tata Nano records 10K sales in April http://voteupindia.com/tata-nano-records-10k-sales-in-april/ http://voteupindia.com/tata-nano-records-10k-sales-in-april/#comments Sun, 01 May 2011 20:32:37 +0000 prashant agarwal http://voteupindia.com/?p=9609
Tata Nano, the cheapest car in the world, recorded pan-India sales of 10,012 units in April, 184 per cent higher as compared to the 3,525 units sold in April 2010.

It was also sequentially higher than in March, when 8,700 Nanos were sold. These are wholesale numbers (dispatches to dealers) and not actual sales (purhased by customers).

However, growth in total sales of the passenger car segment in April was dismal at 1.24 per cent at 23,387 units. While sales of the Indica hatchback was down by 53 per cent at 4,250 units, the Indigo sedan recorded sales of 5,282 units, a fall of 27 per cent.

The sports and multi utility vehicle segment, though, reported growth of 15 per cent at 3,843 units. The company recently added the Aria and Venture to the segment where it already sells Sumo and Safari.

Tata Motors exported 4,258 vehicles in the month, 36 per cent over the 3,137 units exported in the same month a year before.

[Story Source] [Contest win Rs 1000-100,000 now]

This post was submitted by prashant agarwal.

]]> http://voteupindia.com/tata-nano-records-10k-sales-in-april/feed/ 0 SC not to vet chargesheet on 2G after CBI objection http://voteupindia.com/sc-not-to-vet-chargesheet-on-2g-after-cbi-objection/ http://voteupindia.com/sc-not-to-vet-chargesheet-on-2g-after-cbi-objection/#comments Tue, 29 Mar 2011 20:12:05 +0000 superblogger http://voteupindia.com/?p=9496
NEW DELHI: Supreme Court won’t scrutinize the CBI chargesheet against former telecom minister A Raja and others before its filing in the special court set up to exclusively try the 2G scam.

CBI’s counsel, senior advocate K K Venugopal, pointed out the pitfalls in the apex court scrutinizing the chargesheet before its filing before the special court and said it would give a handle to the accused to question the fair trial.

Though CBI had promised to file the first chargesheet in the spectrum scam by March 31, it sought two extra days to interrogate DB Realty director Asif Balwa and another accused, Rajiv Agrawal, who were arrested on Tuesday.

A bench comprising Justices G S Singhvi and A K Ganguly, while allowing CBI to file the chargesheet by April 2, reiterated it wanted to have a look at the charge-sheet before it was filed before the designated court.

Venugopal objected and said, “Scrutiny of the chargesheet by SC will give the accused a handle to argue that once the final report was examined by the highest court, no trial court will consider their applications seeking discharge.”
[Story Source] [Contest win Rs 1000-100,000 now]

This post was submitted by superblogger.

]]> http://voteupindia.com/sc-not-to-vet-chargesheet-on-2g-after-cbi-objection/feed/ 0 Jet to operate 2 addl flights for Indo-Pak match http://voteupindia.com/jet-to-operate-2-addl-flights-for-indo-pak-match/ http://voteupindia.com/jet-to-operate-2-addl-flights-for-indo-pak-match/#comments Tue, 29 Mar 2011 20:09:08 +0000 superblogger http://voteupindia.com/?p=9495
Private airlines will operate two additional flights from Delhi and Mumbai to Chandigarh to cater to high demands of air tickets by the cricket fans keen on watching World cup semi-final between India and Pakistan at Mohali.
Jet Airways and Kingfisher will operate an additional flight each from Delhi and Mumbai to Chandigarh, which is adjacent to Mohali, tomorrow.
“On March 30, Jet Airways flight 9W 2063 will depart from Mumbai at 0350 hours and arrive at Chandigarh at 0600 hours.
JetLite would also operate an additional flight S2 631 from Delhi into Chandigarh arriving at 0730 hours,” an airline spokesperson said. These two additional flights would be in addition to the three regular daily Jet Airways,
JetLite and Jet Konnect flights to Chandigarh from Mumbai and New Delhi.
On its return leg on March 31, Jet Airways flight 9W 2205 would take off from Chandigarh at 0730 hours for Mumbai and arrive there at 0940 hours, while Jet Airways flight 9W 2063 would depart from Chandigarh at 0630 hours to arrive in Delhi at 0715 hours.
Kingfisher Airlines will also operate an additional flight each from Mumbai and Delhi tomorrow.
“Kingfisher Airlines will be operating an additional return flight from Mumbai and Delhi to Chandigarh to meet the demand for the World Cup semi-final being held at Mohali,” a Kingfisher spokesperson said.
The demand for additional flights was felt after existing scheduled flights were sold out even as the fare on the usually lull sector shot up dramatically last week.
Meanwhile, Chandigarh airport authorities have been receiving a large number of requests for landing permission from VVIPs and corporate heads coming to watch the Indo-Pak match in private aircraft.
The airport does not have enough parking space. It can park only three civilian aircraft, besides the commercial flights. The authorities have asked the private operators to de-board the passengers and go either to Amritsar, Ludhiana, Patiala, Delhi or Mumbai to park the aircraft.
[Story Source] [Contest win Rs 1000-100,000 now]

This post was submitted by superblogger.

]]> http://voteupindia.com/jet-to-operate-2-addl-flights-for-indo-pak-match/feed/ 0 AI may freeze salary hikes of employees http://voteupindia.com/ai-may-freeze-salary-hikes-of-employees/ http://voteupindia.com/ai-may-freeze-salary-hikes-of-employees/#comments Tue, 29 Mar 2011 20:07:33 +0000 superblogger http://voteupindia.com/?p=9494
Mumbai: Cash-strapped Air India Ltd is considering a freeze on salary hikes and additional allowances to employees until the process of its merger with Indian Airlines is completed.

Arvind Jadhav, chairman and managing director of Air India, the company formed by the merger of the two state-owned carriers, asked workers in a letter to cooperate in the “gigantic task of turning around Air India”.

The national flag carrier has accumulated a loss of at least Rs. 13,300 crore since the merger began in 2007. It is implementing a financial turnaround plan prepared by Deloitte Consulting India Pvt. Ltd.

“I wonder whether we can begin by putting a cap on our (employees) cost. Can we say freeze our compensation—at least till the process of integration and merger get completed/implemented?” Jadhav wrote in a letter dated 25 March. Jadhav pointed out the airline is handling 320 flights, carrying 72,500 passengers and generating Rs. 36 crore a day. Mint has reviewed a copy of the letter.

On Tuesday, Jadhav said a new passenger service system, implemented by the aviation information technology (IT) specialist SITA, will help increase the carrier’s revenue by 15% in the next 18 months, getting 30% of customers to book tickets directly on the airline’s website in next 24 months, up from the current 12%.

SITA’s chief executive Francesco Violante said his firm did a similar job for Malaysia Airlines in 2007, helping it reduce costs by over $270 million (Rs. 1,206.9 crore) during a turnaround programme.
[Story Source] [Contest win Rs 1000-100,000 now]

This post was submitted by superblogger.

]]> http://voteupindia.com/ai-may-freeze-salary-hikes-of-employees/feed/ 0