Rane (Madras) to amalgamate Rane Diecast with self

Rane (Madras) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 28, 2013, have considered and approved a proposal for the amalgamation of Rane Diecast Limited ("RDL" or "the transferor company") with Rane (Madras) Limited ("RML" or "the Company" or "the transferee company) and their respective shareholders.The proposal would be implemented by a Scheme of Amalgamation ('the Scheme") under the provisions of Section 391-394 of the Companies Act, 1956, which provides for:(i) Amalgamation of Rane Diecast Limited having its registered office at "Maithri", No. 132, Cathedral Road, Chennai - 600 086, Tamil Nadu with Rane (Madras) Limited having its registered office at "Maithri", No.132, Cathedral Road, Chennai - 600 086, Tamil Nadu;(ii) In consideration for the transfer of and vesting of assets and liabilities of RDL as above, RML would issue:a. 1 (one) fully paid up equity share of Rs.10/- (Rupees Ten only) each of the Transferee Company for every 30 (thirty) fully paid-up equity shares of Rs. 10/-(Rupees Ten Only) each, held by the shareholders in Transferor Company.b. 82,32,164 fully paid-up 6.74% Cumulative Redeemable Preference Shares of Rs. 10/- (Rupees Ten only) each of the Transferee Company against 60,00,000 fully paid-up 9.25% Cumulative Redeemable Preference Shares of Rs. 10/- (Rupees Ten Only) each, held by the shareholders in Transferor Company.(iii) Post amalgamation, the shares of Rane (Madras) Limited would continue to be listed on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited;The above proposal is subject to satisfaction of various conditions, including obtaining necessary approvals from the shareholders, creditors and regulatory authorities including Securities-and Exchange Board of India (SEBI), Stock Exchanges under the Listing Agreement, and sanction of the Scheme by the High Court of Judicature at Madras.The Company has issued a copy of the press release being issued in connection with the above proposal.Source : BSE

Read all announcements in Rane Madras

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Hindustan Motors signs MoA with Isuzu Motors India

Jun 29, 2013, 09.33 PM IST

Hindustan Motors signs Memorandum of Agreement with Isuzu Motors India Pvt. Ltd. in Chennai today.

Hindustan Motors Ltd has informed BSE regarding a Press Release dated June 28, 2013, titled "Hindustan Motors Ltd Signs Memorandum of Agreement with Isuzu Motors India Pvt. Ltd. in Chennai today".Source : BSE

Read all announcements in Hind Motors

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From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'

The latest earning numbers FIRST on CNBC-TV18

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Integrated Technologies sets floor price at Rs 3.25/sh for offer for sale

With reference to the earlier announcement dated June 25, 2013 regarding Notice of Offer for Sale of Shares by Promoter, Rajeev Bali ("the Seller"), the promoter of Integrated Technologies Limited has now informed BSE that the floor price per equity share offered for the sale of Integrated Technologies Ltd shall be Rs. 3.25 (Rupees Three and Twenty Five Paise only).Source : BSE

Read all announcements in Integrated Tech

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Finolex Cables appoints D K Chhabria as executive chairman

Finolex Cables appoints D K Chhabria as executive chairman

Finolex Cables, at its annual general meeting, approved appointment of PP Chhabria as director, D K Chhabria as executive chairman, Mahesh Viswanathan as executive director & chief financial officer with effect from July 1.

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Sell Chana, RMSeed on pullback; buy CPO on dips: Geojit

Geojit Comtrade's report on agricultural commodities

Chana July NCDEX: Chana plummeted sharply from 3229 and closed the day session at 3141. As it broke the support of 3220, expect to see next leg of lower correction towards 3100 followed by 3050 levels. Meanwhile, the daily RSI (14) is prompting for the potential fall. Conversely, on the higher side, any trades above 3200 could negate our intraday bearish outlook.

RMseed Jul NCDEX: While below 3500, anticipate a lower correction towards 3440/3400 levels.

CPO June MCX: If prices are able to sustain above 505 could trigger rallies to 511 levels.

Cardamom July MCX: Cardamom dropped below from the support of 750 and later closed the day at 745 levels. Consistent trades below 750, sentiments turn to be bearish and expect long liquidation pressure towards 725 followed by 700 region. Meanwhile, daily RSI (14) is seen exhausted and turned lower for further correction. The counter would turn positive only on reliable trades above 775 levels.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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GoldM July futures dips 0.5% to Rs 26085/10 gram

At 14:56 hours IST, MCX GOLDM July contract was trading at Rs 26085 per 10 gram, down Rs 131, or 0.50 percent. The GOLDM rate touched an intraday high of Rs 26349 and an intraday low of Rs 26083. So far 17902 contracts have been traded. GOLDM prices have moved down Rs 3915, or 13.05 percent in the July series so far.

MCX GOLDM August contract was trading at Rs 26048 down Rs 112, or 0.43 percent. The GOLDM rate touched an intraday high of Rs 26294 and an intraday low of Rs 26048. So far 13362 contracts have been traded. GOLDM prices have moved down Rs 1302, or 4.76 percent in the August series so far.

MCX GOLDM September contract was trading at Rs 26060 down Rs 106, or 0.41 percent. The GOLDM rate touched an intraday high of Rs 26310 and an intraday low of Rs 26060. So far 877 contracts have been traded. GOLDM prices have moved down Rs 1664, or 6.00 percent in the September series so far.

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Mecklai graph: Aussie dollar on roller-coaster

Mecklai graph of the day: Aussie on roller-coaster

The Aussie has been on a roller coaster ride since the beginning of the year. From January 2013 till today the Aussie has fallen 10.5 percent. Since Australia is a major commodity exporter, it is intricately linked to commodity prices. Money movers across the globe identify Australia's fortunes to the commodity price cycle and therefore sell the Australian dollar when commodity prices are in decline. This is actually the reason for the decline in the Aussie dollar. Further, slowdown in Australia's largest importer country i.e. China has also taken a toll on their domestic growth. The credit crunch fears in China have sent the Australian stocks lower as PBOC asked local banks to control credit expansion risks.

The condition that Australia has been going through has impacted the export competitiveness of the nation. The swearing in of Kevin Rudd today for a second time as the prime minister has provided some temporary respite to the ailing economy. Given the current uncertainty in the global markets, Aussie seems on a downhill journey in the near term.

The below graph shows the movement in AUDUSD from the beginning of the calendar year.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Orbit Exports: Commencement of Production of 24 Looms

Orbit Exports: Commencement of Production of 24 Looms

Orbit Exports has informed that the Company has imported and installed 24 new Itema Airjet Looms at Fairdeal Textile Park, Village Mahuvej, Tal: Mangrol, Dist: Surat. The Commercial Production of fabrics has commenced w.e.f. June 25, 2013.

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Rupee in uncharted territory post 60/USD: Axis Bank

Ashok Gautam Of Axis Bank says continuous dollar demand was pushing the dollar-rupee rate high although there was supply in the market upto the level of 59.58/USD. However now since the rupee has breached the 60 mark against the dollar, it has entered into an uncharted territory.

Both the government and RBI will have to take steps in tandem to ensure that the dollar supply increases in the country. If the rupee breaches 60.20/USD then it opens the room upto 62/USD says Gautam.

Also read: FII flows to return if RBI cuts rate; INR may touch 62: BoA

Below is the verbatim transcript of his interview on CNBC-TY18

Q: We are getting some dealer checks as to the fact that the Reserve Bank of India (RBI) is aggressively selling dollars now, but what are you hearing in terms of the RBI intervention and the levels that you are seeing on the screen?

A: In the market we have been seeing some kind of supply around 59.90 upto 59.98, but the moment that supply was drying up, the continuous dollar demand was pushing the dollar-rupee rate high and that is what was evident when 60 mark got breached. Now rupee is totally into a uncharted territory.

Q: What do you think is the way forward now? RBI has been unsuccessful in protecting the 60 mark and you said that it might just be a free-fall. What are the levels that dealers are now talking about on the downside? What will be the sustainable level for the rupee?

A: At this point of time your guess is as good as mine because we had earlier believed that 60-mark would be protected, but today that level has been breached. After that we were seeing 60.20 and if that goes then it opens a room upto 62.

However, I am quite sure that at these levels some steps will be taken so that dollar supply is ensured in the market and this kind of pressure on the rupee is abated.

Q: Given the limited forex reserves, how long do you think the RBI will be able to support the currency like this? Are you expecting to see any kind of long-term administrative measures that the RBI will take now?

A: Both the government and RBI will have to take steps in tandem to ensure that the dollar supply increases in the country.

There are various measures, which can be taken and which are being discussed. 60 was a very psychological level, so we will have to ensure that dollar supply is there.

Actually, the dollar supply is coming but somebody is actually saying that they are going to defend INR at these levels because if this does not happen then I am a little bit afraid that this weakness will see rupee moving to further weakness.

Q: Our currency is moving completely differently from what the emerging market (EM) currencies are doing today. What is the domestic dollar-rupee factor that we are working with, which has not been seen globally today?

A: From our country we have been seeing the debt outflow for a long time, since May 22 and if on that equity outflow is also added, which we have been hearing then certainly it is putting tremendous pressure on the rupee.

Therefore, we have to have some kind of matching flows because this is the free market and unless supply is met by the demand there would be disequilibrium. Right now demand is there but supply is not there, which is continuously putting pressure on the rupee.

Q: What are the couple of steps in terms of a scenario like this that dealers or maybe currency analysts would be watching out for from the RBI?

A: RBI had taken lot of step and some of those were eased. We do not know whether some of those steps will be taken again by the RBI to put some kind of clamps on the market. But I hope that does not happen.

Essentially there are various administrative steps, which are taken by the government to ensure that the investment climate improves in the country and people consider India as a good destination for their dollar or foreign exchange to come in.

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Workers' strike at Bajaj's Chakan plant continues

The production at Bajaj Auto 's Chakan plant near Pune remained crippled today as the agitation by company's nearly 2,000 employees over wage revision and other demands continued for the second day.

Also Read: Nevyeli staff opposes divestment, to strike from July 3

"Our agitation continues and production remains crippled even today as the employees have not gone for work demanding wage revision," Bajaj Auto Union sources told PTI. They also said there were no indications from the management about holding talks to resolve the issue so far.

"We will continue our agitation as long as our demand for wage revision and better work conditions at the plant are not met. Bajaj management has so far not invited us for talks," sources said. Company officials were not available for comment.

The plant has 925 permanent workers, besides 1,000 temporary and contractual employees and trainees. These 1,000 workers are also demanding permanent employment. The Union's demands include 25 per cent wage hike, permanent employment for contractual workers, reinstatement of some suspended employees and bringing back to Chakan plant those transferred outside.

It is also demanding that workmen be given an option to subscribe to 500 equity shares of the company at a discounted price of Re 1 per share. According to the company, it had earlier received a notice from the workmen's union -- Vishwa Kalyan Kamgar Sanghatana -- stating that they propose to stop work at Chakan plant from the morning of June 28, 2013. As on March 31, 2013 the Chakan plant has the capacity to produce 1.2 million units of motorcycles, including Pulsar, Avenger, Ninja and KTM brands annually.

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Hemkunt Sahib Shrine closed for season

With devastation in pilgrimage towns of Kedarnath and Badrinath, another holy shrine to bear the brunt of nature's fury is Hemkunt Sahib. Over 3,000 Sikh pilgrims were stuck in Hemkunt Sahib when calamity hit the state of Uttarakhand. However, all pilgrims who were stuck for the past many days in Chamoli where the shrine is located have been successfully evacuated.

But the shrine will remain closed due to the damage caused by landslides and floods on way to the Gurudwara. It may not be opened for pilgrims even in the next season. According to reports Hemkunt Shrine has not been damaged but Gurudwara Gobind Ghat on way to Hemkunt Sahib has suffered severe damage.

It is for the first time in 50 years that the shrine has been shut in between the season since 1960s when the first pilgrimage started for the shrine. Hemkunt Sahib is thrown open for pilgrimage for four months every year beginning June1-October 5.

By: Skymetweather.com

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Gold, silver futures fall sharply; demand outstrips supply

Gold fell more than 2.5 percent on Wednesday to its lowest level in over a month and silver futures fell more than 4 percent, in tandem with declines in overseas markets, although supplies were not enough in the physical market to meet rising demand.

The actively traded gold for August delivery on the Multi Commodity Exchange ( MCX ) was 2.36 percent lower at 25,931 rupees per 10 grams, after hitting a low of 25,758 rupees, a level last seen on May 20.

Also read: Gold futures fall below Rs 26000/10 gram on MCX

Global gold fell to its lowest in nearly three years, pressured by strong US economic data that boosted stock markets and supported the US Federal Reserve's plan to scale back monetary easing in the next few months.

A weaker rupee, however, kept the downside limited. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.

"We are unable to give supplies though there is demand we give deliveries after 2-3 days," said Harshad Ajmera, proprietor of wholesaler JJ Gold House in Kolkata.

Most of the supplies are met by state trading houses and state-run agencies such as MMTC , STC and PEC through their imports in April and early May as banks are awaiting guidelines from the central bank on outright purchases.

India imposed a ban on consignment imports in May, but has ruled out a blanket ban on gold imports or any increase in customs duty from the current 8 percent.
On Friday, Reliance abruptly halted gold sales and investments in its gold-backed funds.

Gold imports into India fell from an average of USD 135 million per day in the first half of May to USD 36 million in the second half, Finance Minister P. Chidambaram said on June 13.

Silver for July delivery on the MCX was 3.4 percent lower at 39,265 rupees per kilogram.

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Bike sharing offers big benefits for little commute

With bike-sharing plans rolling on asphalt from New York City to Budapest, experts say city streets are becoming as fitness-friendly as country trails. Even short cycling jaunts can make a difference in the health of city dwellers.

Also Read:  More people paying to read news online: Study

"If you were driving a car and switched to biking, that 10 minutes going and coming a day would be a big deal," said Dr Robert Oppliger, an exercise physiologist with the American College of Sports Medicine.

Oppliger, an avid cyclist, said even a two-to-three-mile (3.2-to-4.8-km) spin can yield significant health benefits.

"There's a lot of information coming out on something called active transport that compares traveling by bike or public transit to traveling by car," he said. "The benefits are significant the more mobile you are."

Government guidelines recommend adults accumulate 150 minutes of moderately intense physical activity per week. Cycling, he said, can be part of that.

"Bicycling has positive effects on weight and cardio- vascular health," he said. "Even a couple of times a week is beneficial in terms of all the problems with obesity."

Last week the American Medical Association designated obesity, which affects one third of US adults, a disease.

Not all cities can accommodate bike share programs, which are not designed for avid cyclists, said Oppliger. He said his hometown of Iowa City, a relatively small community with short commuting distances, is unsuited for such a program.

In New York City, which kicked off a massive bike sharing program this spring, 56 percent of auto trips are under three miles (4.8 km), according to the New York City department of transportation website.

ADJUSTMENT PERIOD

"For two to three miles it's a pretty good way to get around," said Oppliger, who also praised the city for adding 200 bike lane miles in the past three years alone.

"New York City has done a pretty good job of preparing the area and now it's starting to pay off," he added.

Bicycling magazine's editor-in-chief Peter Flax predicts that 10 years from now the decision to introduce bike sharing to New York City will have seemed obvious.

"Maybe more than any other American city, New York is perfectly suited to bike share," said Flax. "It's relatively flat and efficient to get around."

Flax has sampled similar programs in Washington, DC, Paris and Barcelona.

He readily admits, after watching a parade of New York's big blue bikes riding against the traffic on a one-way street, that the biggest, most ambitious bike share program in North America is in for a period of adjustment.

"We're 25 to 30 years behind Europe," he said. "Our cycling community needs to embrace the rules of the road."

He foresees attitudes changing as the bikes blend into street life.

"In five years it won't be a problem," he predicts. "Taxi drivers are already changing their behavior. The last thing they want is to have an accident with someone on a city bike."

Dani Simons of NYC Bike Share, which controls day-to-day operations, said the goal was simply to make it easier for New Yorkers to get around their city.

So far more 44,780 people have signed up for annual membership in the New York programme, which is similar in concept to bike shares in Paris, London and Boston, the website Citibikenyc.com.

"We are really, really pleased," said Simons, adding email requests are flooding in from New Yorkers who live in parts of the city not served by the program.

New York-based fitness expert Liz Neporent, author of "Fitness for Dummies," applauds the programme.

"The bikes are getting used a lot. I'm all for anything that gets people moving," she said, adding that cycling gets hearts and lungs into shape and exercises muscles without stressing the joints.

"Every little bit adds up," she said. "Riding a bike beats grabbing a cab or sitting your butt down in the subway."

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Left wants govt to put on hold move to hike price of gas

Left parties today asked the government to put on hold any move to hike the price of natural gas from RIL's KG basin and hold wider consultations with concerned ministries and the states before taking any decision in the matter.

Asking the government to explain its "hurry" on the matter, Left leaders, including Sitaram Yechury (CPI-M) and Gurudas Dasgupta (CPI), told a press conference that the issue should be discussed in Parliament in the upcoming Monsoon Session as any increase in the gas prices would be effective only from April 2014.

Demanding the setting up of a Group of Ministers on the issue which has led to "differences among major Ministries", they claimed the move would lead to "windfall profits" to a corporate house and "a rise in the subsidy burden at least by  Rs 1.50 lakh crore annually."

Terming a hike as "completely unjustified", Yechury said it would have serious implications on the power and fertiliser sectors which are major consumers of natural gas, would "cripple the economy, especially agriculture sector, and lead to greater agrarian distress and increase the incidence of farmers' suicides."

Also read: Around Rs 40,000 cr stuck due to delay in allocation of gas

In a joint statement, the CPI, CPI(M) and RSP said, "We demand that any price increase should be kept in abeyance and the government should come out with full facts and figures and have a debate with all stakeholders before it pushes ahead with this move."

Dasgupta, who has been lambasting the government over the proposed move for the past few weeks, asked "why is the government in a hurry to pass this proposal? Why is there no GOM (Group of Ministers) on the matter? Why have the states not been consulted on the issue? Why is the calculation (of gas prices) being done in dollar terms?"
    
With the decline in Rupee, RIL is getting the benefit as it is getting the price close to USD 15 per unit, he claimed, accusing the private oil company of "systematically" reducing production from its KG Basin.

Noting that the government had hiked gas prices from USD 1.8 per unit to USD 4.2 in July 2010 and was now proposing to raise it to USD 8.4, Yechury said the price in the US was USD 4.32, in Pakistan USD 4.98 and in Bangladesh USD 0.78.

"The ONGC's APM (Administered Price Mechanism) already covers the expenditure incurred on this gas," he said, adding that the logic of international price parity was completely unacceptable as it should be based on production costs.
 
Dasgupta alleged that "the government is under duress of a particular corporate house to pass this proposal at the earliest. ... By increasing the price, the government will take a disastrous step due to the arm-twisting by this corporate house which is deliberately reducing production that now stands at 19 per cent of the desired level."
 
The present price of the natural gas is USD 4.2 mmbtu (Million Metric British Thermal Units). The government- appointed Rangarajan Committee has suggested a price of USD 8.4 mmbtu from April 2014.
    
The Petroleum Ministry, Finance Ministry and Planning Commission are insisting on a price much higher than the Rangarajan formula, which is being opposed by the Ministries of Power and Fertilisers.

"The annual subsidy bill will be more than Rs 1.5 lakh crore if only the Rangarajan Committee recommendation is accepted," Yechury said.

Yechury, Dasgupta and RSP leader Abani Roy, who was also among the signatory to the joint statement, appealed to all opposition parties to prevent the government from any further hike in the gas prices.

Responding to Petroleum Minister Veerappa Moily's charge that Dasgupta was supporting the "import lobby" and "vested interests" by opposing a price hike, the CPI leader said the only importer of gas were two public sector undertakings - GAIL and PLL.

"Our vested interest is to maintain the interests of the country and the people," retorted Yechury.

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CRISIL expects Indian rupee at around 56/USD by FY14-end

CRISIL Research report on Indian Rupee

Overview:

With India's external vulnerability on the rise, global risk appetite and liquidity matter more than ever for stability of the rupee. Of late, even smaller external shocks are causing massive volatility in the currency.

We expect the rupee to appreciate from the current lows to about 56/USD by March-end 2014 as capital inflows resume and current account deficit (CAD) softens in 2013-14.

The key external monitorable for direction of the currency is the stance of developed countries, particularly the US, on withdrawal of quantitative easing (QE). On the domestic front, pushing through key policy reforms that will revive the economy, bolster investor sentiments and attract foreign inflows will be the key monitorable.

CRISIL Research expects the rupee to strengthen from current levels and settle at around 56 per dollar by end-March 2014. The appreciation will mainly be driven by resumption of FII inflows, which in turn, will be led by two factors. Firstly, we believe, the current capital flight from India is a short term phenomenon and is largely in response to the uncertainty surrounding the impact of the Federal Reserve's pullback of QE. Secondly, the government is pledging a slew of domestic policy reforms to shore up domestic and foreign investor sentiments. This will act as a pull factor for foreign capital inflows. And finally, we expect current account deficit as a per cent of GDP to be lower in 2013-14 vis-à-vis last year. We therefore, expect trade deficit to narrow going ahead and lower pressure on the rupee.

Disclaimer: CRISIL Research, a division of CRISIL Limited (CRISIL), has taken due care and caution in preparing this Report based on the information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any company covered in the Report. CRISIL especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this Report. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL's Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL's Ratings Division / CRIS. No part of this Report may be published / reproduced in any form without CRISIL's prior written approval.

CRISIL Limited . All Rights Reserved. Published under permission from CRISIL"

 

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Centrum puts 'Accumulate' on Jai Corp; sees value unlocking

Moneycontrol Bureau
 
Broking firm Centrum has advised investors to 'accumulate' Jai Corp as a tactical play on its real estate assets. It says the recent policy change on SEZ is highly favorable to the company.

"Considering its least debt, cash and current investments on books, value of investments in Reliance Industries and potential from unlocking of substantial value from its land bank, we strongly suggest our clients to make use of this weakness in the stock to accumulate," Centrum says in a research report.  

Jai Corp 's Navi Mumbai SEZ has failed to take off due to land acquisition problems and lack of clients from abroad. The project has about 5,250 acres, of which the SEZ has possession of 4,125 acres.

"We believe that the land value of Mumbai SEZ, Navi Mumbai SEZ and Rewas Port itself is significantly higher than Jai Corp's current market cap. Recently the Maharashtra government has approved the new industrial policy, which allows SEZ developers to use 60 percent of the land for industrial purposes and the rest for residential and commercial purposes, this in our view would significantly benefit Jai Corp," the report further says.   

Centrum recommends the stock with a fair value of Rs 110.

At 15:52 hrs Jai Corp was quoting at Rs 43.20, down Rs 4.90, or 10.19 percent. The stock is down nearly 25 percent in the last 12-months.

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AFTI applauds lawmakers for taking their case against India

The recently established Alliance for Fair Trade with India has commended both the House and Senate for calling on Obama Administration to end the alleged Indian discriminatory trade practices hurting American jobs.

Co-Chaired by National Association of Manufacturers (NAM) and the US Chamber of Commerce's Global Intellectual Property Center (GIPC), AFTI represents top American business and advocacy groups. It was formed early this week.

"The overwhelming bipartisan support from Congress pressing for action to stop India's unfair and damaging practices shows the scope and impact on American businesses and jobs," said NAM Vice President of International Economic
Affairs Linda Dempsey. "Our hope is that Secretary Kerry can engage India's leaders at the highest levels and urge them to put an end to these discriminatory practices," Dempsey said.

Also Read: New US trade chief focused on India, striking deals

"India's deteriorating intellectual property system is a detriment to economic growth, future innovation and competitiveness-for both India and the global economy," said GIPC executive vice president Mark Elliot. "The bipartisan support of more than 200 members of the House and Senate rings loud that Indian intellectual property practices cannot stand," he said.

In nearly half a dozen separate letters, more than 200 members of the House of Representatives and 42 influential Senators expressing concerns with India's discriminatory trade and intellectual property practices urged US President Barack Obama and Secretary of State John Kerry to take immediate action
to address them. The Alliance for Fair Trade with India was launched earlier this week by 15 multi-industry business groups to work with the Administration and members of Congress in pursuing public policy options that help create a level playing field for US exporters and innovative companies operating in India.

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India bags 32 awards at Cannes; best performance yet

Jun 22, 2013, 05.07 PM IST

At the International Festival of Creativity, popularly known as the Cannes Lions festival, awards for 12 of the 16 categories have been announced so far and the Indian Lion haul has already reached 32, making this year the country's best performance at Cannes.

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India bags 32 awards at Cannes; best performance yet

At the International Festival of Creativity, popularly known as the Cannes Lions festival, awards for 12 of the 16 categories have been announced so far and the Indian Lion haul has already reached 32, making this year the country's best performance at Cannes.

Like this story, share it with millions of investors on M3

India bags 32 awards at Cannes; best performance yet

At the International Festival of Creativity, popularly known as the Cannes Lions festival, awards for 12 of the 16 categories have been announced so far and the Indian Lion haul has already reached 32, making this year the country's best performance at Cannes.

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At the International Festival of Creativity, popularly known as the Cannes Lions festival, awards for 12 of the 16 categories have been announced so far and the Indian Lion haul has already reached 32, making this year the country's best performance at Cannes.

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Find out: Costs of 2BHK areas acorss all metros

Prime property, the weekly real estate reckoner, finds out the prices of 2 BHK apartments across the four metros of Mumbai, Delhi, Chennai and Kolkata. 

Mumbai's property market remains subdued. High prices continue to dampen buyer sentiment. Jones Lang LaSalle is particularly bullish on the western suburbs and Navi Mumbai. It also advises buyers to hold on to purchases for now.

Rohan Sharma, Senior Manager Research, at Jones Lang LaSalle India says, "For a buyer it might make sense for him to see if the continued pressure on developers on unsold inventory makes them come down on prices. That trend has not been seen. But increasing pressure may lead to a situation where they might be able to get better. Schemes are being introduced in which they can enter into the market. So, they might get favourable payment terms and they might want to hold on for a minute and then enter the market."

Also read: 13 insights for India real estate in 2013

Mumbai's loss is often seen as Pune's gain. With the average price being less than Rs 5,000 a square feet Jones Lang LaSalle is bullish on Pune as an investment option.

"We have locations like Wakad and Aundh towards western side and Hadapsar which are doing well. However, they are still yet to pick up pace on the overall level of development. So, prices may not move up very quickly", adds Sharma.

New Delhi's builder flats have also witnessed a slowdown. Builders in Defence Colony and Panchsheel Park have been finding it difficult to sell independent floors but still don't want to budge on prices.

These flats are being viewed as too expensive and buyers have a plethora of options in the suburbs of Gurgaon and Noida with bigger specks and plenty of amenities.

"In terms of investment activity the Dwarka Expressway is seeing a lot of launches and good traction. There was a lot of end-user activity in this part of Gurgaon. Now, price points have increased, projects are being offered with better specifications. So, investor activity is also happening here. However, there are situations where a project priced at Rs 6500 a square foot in the primary market from a developer an investor is willing to sell-off at around Rs 5500-5600 a square feet.

Bangalore has seen many launches off-late. Jones Lang LaSalle says prices as well as rents have increased marginally since April. It expects rents for residential properties to continue to head north.

Sharma says, "Hebbal Flyover, in a radius of 3-4 kilometers, there is a good amount of residential activity happening. There is the North-East quadrant which we talk about Bangalore and where most of the residential launches and sales are happening."

And in Chennai Old Mahabalipuram Road (OMR) continues to be the hotspot for new launches. However a few high-end launches in the City Centre, where there is little available land, have been witnessed.

Overall Chennai is a stable market with no major movement expected in prices.

"Prices are looking stable in Chennai and they are merging corridors. They will take a while and this is a slightly slower market with respect to overall sales. So, entering today or maybe three, four months down the line would not make much of a difference on pricing", adds Sharma.

Prices in Kolkata have remained steady. It is not easy to get a home in Central Kolkata as the concept of apartment complexes is still developing. All the action though seems to be at Eastern Metropolitan (EM) bypass and Rajarhat.

Sharma says, "EM Bypass has projects available at higher end segment. They can go as high as Rs 14,000-15,000 a square feet and prices at Rs 7,000-8,000. So, a larger part it is catering to the upper-mid to a slightly luxury segment kind of profile. Rajarhat is slightly on the lower side. It is more an affordable location. Prices are typically between Rs 3,000-5,000 a square feet."

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Here's what Atul Suri learnt from Rakesh Jhunjhunwala

Renowned trader Atul Suri focussed on the importance of sticking to fundamentals and knowing valuations before making investment decisions at CNBC-TV18's biggest investor initiative service -- Investor Camp. He shared his lessons on investment and trading learnt from Rakesh Jhunjhunwala; for whom he works with and trades for.

He also focused on sticking to the basics which becomes the thumb rule while investing. He cited the investment decision examples from Jhunjhunwala for whom he works with and trades for.

Also read: Golden ratings era ending for emerging markets

Suri said that he learnt that the important part of investment strategy was to live and work with the rules of investment and do adequate research before any such decision. "Using price to earnings (PE), discounted cash flow (DCF) are all semantics. The important part is the valuations", he added.

He called trading as a very momentum-based activity. On one evening, a trader might be bullish on the market and then sell of everything the next morning. That is the mind of the trader; an ability to turn on a dime based on price, he said. 

Speaking on portfolio management, he said that the common mistake done by everyone was to get confused with advices and speculations. He cited examples on how portfolios are influenced by rumours, insider information.

Once the price of such stocks comes down, then one goes back to valuations and basics and it (the stock) becomes a part of the long-term portfolio, he said. That keeps on adding to the portfolio and eventually ends up being one which is down 70-90 percent, he added.

Very few people really work that hard or are that oriented towards investment. Most people just try to play momentum based on what somebody has told you and it becomes a long term portfolio.

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Volvo launches V40 Cross Country in Gujarat

Luxury carmaker Volvo Auto India today launched crossover vehicle V40 Cross Country, priced at Rs 29.15 lakh, in Gujarat and set the sales target of around 120 units across India this year.

Also Read: India set to become a hub for Ford, says its CEO

"The V40 Cross Country is all set to create a new benchmark in the premium segment in India, and we have set the sales target of 120 units across India this year," Tomas Ernberg, Managing Director of Volvo Auto India, told reporters here.

"The consistent growth of young and upmarket luxury car buyers as well as rich middle-class Indians has fuelled the growth of high end and premium segment in the car industry," he added.

"The V40 Cross Country will attract the new generation of young upmarket Luxury car buyers in India, primarily because it offers high-end technology, driveability and safety. The vehicle is parallel to none in this price bracket," Sudeep Narayan, Marketing and PR Director at Volvo Auto India, said. Priced at Rs 29.15 lakh in Ahmedabad (Ex-showroom), the car will be retailed through dealerships.

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Mumbra building collapse: Death toll rises to 10

Two months after the tragic building collapse in Mumbra, a similar incident took place again on Thursday night. Ten people are dead and atleast 14 injured when a three-storeyed building collapsed in Mumbra district.

Out of the ten injured, six are women.

Eight fire engines were rushed to the spot and authorities fear more people may be trapped in the rubble.

Officials from the Thane Municipal Corporation, the Brihanmumbai Municipal Corporation and the National Disaster Response Force have also visited the area.

Earlier in April, 74 people died in Mumbra in the state's worst building collapse tragedies.

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Bajaj Hindusthan to sell investment in two group firms

Country's largest sugar firm Bajaj Hindusthan today said it will seek shareholders' nod for sale of investment in two group firms related to power venture, Bajaj Energy and a subsidiary in Singapore. Bajaj Hindusthan has 26 per cent stake in Bajaj Energy, while Bajaj Hindusthan (Singapore) Pte Ltd is a wholly-owned subsidiary set up to acquire coal mine in Indonesia.

In a filing to the BSE, the company said the board of directors has approved seeking consent of shareholders by way of postal ballot for sale of investment in Bajaj Energy Pvt Ltd and Bajaj Hindusthan (Singapore) Pte Ltd. According to sources, Bajaj Hindusthan is likely to sell investment in these two firms to group firms only to enable the company to fund investment in its 1980-MW thermal power project at Lalitpur in Uttar Pradesh.

Bajaj Energy has set up coal based power plants of 90 MW each in the vicinity of 5 of its existing sugar units. These projects have been commissioned in March 2012 at a cost of around Rs 2,300 crore. Bajaj Hindusthan had set up a subsidiary Bajaj Hindusthan (Singapore) Pvt Ltd, which is engaged in trading in commodities and also exploring opportunities for coal mine acquisition in Indonesia. The Singapore subsidiary has already acquired coal mine in Indonesia.

That apart, Bajaj Hindusthan is also developing two mega thermal power projects in Lalitpur district of UP of 1,980 MW each through consortium. Shareholders' approval would be taken for re-appointment and payment of remuneration to company's Chairman and Managing Director Shishir Bajaj for a further period of 5 years with effect from July 1 2013.

The shareholders nod would also be taken for payment of minimum remuneration in case of loss or inadequacy of profit for a period of three years. Share price fell by 3.2 per cent to Rs 14.45 on BSE.

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UBS to close sole India branch;to extend equities;i-banking

Swiss banking major UBS has decided to surrender its banking licence in India, which includes exiting its fixed income business, forex operations, and credit services which are capital intensive.

UBS India has just one branch in the country, in Mumbai. The decision comes after years of its attempt to own a retail bank here, even as it has been fighting money laundering allegations.

Also Read: Forex reserves up $982mn to $290.66bn

When contacted a UBS India spokesperson refused to comment.

"UBS is in the process of trimming its operations here and has moved the RBI today in this direction. The move is a part of its global plan to be present in the capital light businesses to conserve capital and quit capital intensive businesses," a person with direct knowledge of the development
told PTI here this evening.

Accordingly, the bank closed down its only branch in the country here today; the move comes at a time when the Reserve Bank is pushing foreign banks to reorganise themselves as wholly-owned subsidies here for better regulation.

The decision to surrender the banking licence is in line with the group's global strategy of conserving capital and wind up its capital intensive businesses, the source added.

The bank expects two-three years to complete the process and also ruled out selling these business to someone else. The source also added that the bank will continue its equities, international banking, M&As, and corporate advisory businesses here. UBS entered the domestic equities business in 1996 with UBS Securities India, a fully owned subsidiary of the parent UBS Group, which will continue as it is.

"They will continue to service their institutional and corporate clients," the source said, adding they will also seek licence from the RBI for opening a representative office to start wealth management business here.

In the annual monetary policy statement on May 3 this year, the RBI had proposed a new banking structure involving differentiated licencing regime for domestic and foreign banks instead of granting of universal banking licence. For instance, the RBI had allowed American Express to open an office to manage credit card and travel card businesses here without a banking license.

In the recent past, Morgan Stanley and Goldman too had surrendered their banking licence in the country.

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No need to panic; FIIs aren't going away from mkt: Nomura

Despite the widespread panic on FII pullout, Neeraj Gambhir, managing director & co-head- fixed income, Nomura India finds it a natural phenonemenon in an open market like India. Gambhir says the market has only seen 10 percent of the FII capital going out.

Gambhir says that FIIs invest in a country based on its fundamentals and considering it hasn't changed over the last six months, FIIs will continue to invest in India.

"Over a longer period of time, the investor allocations towards a country like India will only improve and as we have seen in equities over the last 10 or 15 years, not withstanding the kind of volatility, not withstanding many crisis, steadily the equity money has actually come in," adds Gambhir in an interview to CNBC-TV18.

As per provisional data, FIIs sold shares worth Rs 2094 crore on Thursday, which is the highest figure in the calendar year 2013.

Below is the edited transcript of Gambhir's interview to CNBC-TV18.

Q: What do you think is the mood among the foreign institutional investor (FII) debt? How do you gauge it? A lot of money, about USD 3 billion or more USD 3.5 billion walked out in probably four-five weeks, is that a hot money if you can describe it that way, exit over? Or do you think that we are going to see continued pressure albeit maybe of a slightly less quantum?

A: So far, we have not seen a very large amount of money flow out. If one sees between 2009-2012, literally about USD 30 billion worth of flows have come in into Indian fixed income market, as the authorities have actually opened up the market, they have liberalised the limits and the entire process around investing in Indian bonds has become relatively simpler and easier.

Now, what we have seen is just about a 10 percent of that money out. In any market which is relatively open and where the flows are open there is always a possibility that if some money comes in, then some money goes out as the market becomes a little volatile. So, I am personally not very perturbed about just USD 3 billion outflow, it was probably a little bit of hot money, speculative money trying to take advantage of the rally in the bonds that we have seen in the recent times and that has kind of gone back.

Now, is this a large substantial opening up of the gates of a reversal of fund flow? I don't think so. Most of the money that has come in is completely aware of the dynamics and the fundamentals of the country, which have not really substantially changed over the last six months or so. The key dynamics of the fact that our rates here substantially higher as compared to the rates which are prevailing in rest of the world, even though the differential maybe narrowing specifically with regard to US. However, we still have a substantial yield advantage and I think that carry advantage, that yield advantage is still kind of playing up in our favour.

Q: We have some understanding of FII investments in equity. They have come over a much longer period and they are a play on growth and therefore an eight-nine percent depreciation of the rupee will not make them leg it out immediately. But I don't know the psychology of debt investors. There it is I would assume more algorithmic. It very easy to calculate the amount of money they will make on coupon or on the paper itself and if 10 percent is lost in currency depreciation, would not that affect the arithmetic of even those who came much earlier. Therefore, would they still be wanting to go out, take their profit before the rupee depreciates even further?

A: There are different kinds of fixed income investors. You have got fairly long-term investors like sovereign wealth funds, central banks and you have also got some trading investors who are basically bank proprietary desks and hedge funds. So, a lot of these investors, especially the trading mentality investors actually come in not seeking currency returns, but they come in seeking the interest rate returns. They basically hedge the currency risk in one form or the other whether it is onshore or offshore.

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Things to keep in mind for retirement planning

PV Subramanyam
subramoney.com

When it is the time for you to retire, will you be able to afford it? Every person you see working beyond the age of 59 is worried about their retirement. Almost all the research conducted on the subject over the last few years shows that most individuals are unable to demonstrate financial readiness for their retirement years.

The Oasis research says the average balance in the provident fund is only Rs. 24,000. If you do not have an indexed pension, you need to create a sizeable corpus for your retirement.

Also read: Find out: 4 common mistakes in retirement planning

This only serves to underline the fact that saving for retirement is a dynamic, continuous and challenging process that requires careful planning and follow-through.

Running out of money is a serious worry. Also, we do not want to be leaving waving the last Rs. 100 note as a tip for the undertaker. If it costs Rs. 35 to reach my office will we dare leave our house with exactly Rs. 35 in our purse? We won't.

One would be carrying Rs. 200 + ATM card + a credit card. Similarly, in case we need Rs. X for retirement; we may need to keep say 2X if not 3X just in case.

Retiree's spending pattern changes completely because of fear. One client refuses to take a taxi (he can afford to BUY a taxi every month!) because he feels it is expensive. 

Fear is something which is easy for an outsider like me to see, but the person experiencing it may not even realize this. I know a 81-year-old with a net worth of Rs. 2 crore.

The person's living expenses is of Rs.2 lakh a year; dividend income of Rs. 5 lakh. That person keeps telling me, "I am worried to withdraw from my capital what should I do?"
 
On the one hand I meet teenagers spending like there is no tomorrow and on the other hand here is a 78-year-old worried about withdrawing from his capital! 

Here are some helpful tips that should help you on your way to a comfortable retirement.

1. Start soon; I mean TODAY

It is better to start saving at an early age, but it is never too late to start. Even if you are already close to your retirement years - because every rupee saved helps to cover your expenses.

If you save Rs.2000 every month for 40 years at a rate of 12 percent, you will have saved significantly more than an individual who saves at the same rate for 10 years.

Also, keep in mind that asset allocation will become increasingly important as you get closer to retirement. This is because your volatility tolerance generally decreases as the number of years in which you can recuperate any losses goes down.

2. Treat Your Savings as an Expense 

It is as real as death and taxes, so, be prepared.

You may have your salary credited to a savings account and have the amount scheduled for automatic debit, to be credited to a retirement savings account on the same day the salary is credited.

3. Save as Much as You Can in a Tax-Deferred Account

Contributing amounts earmarked for your retirement to a tax-deferred retirement account deters you from spending those amounts on impulse, because you are likely to face tax consequences and penalties.

All retirement accounts have some form of penalty on withdrawals either in the form of a lock-in or in the form of the same being added to your income. Examples of this include PPF, pension plans, equity funds that you earmark for retirement, etc.

Look at this positively the lure of current consumption is too strong hence such measures are a must. The most important thing is whether it is a insurance plan or ELSS you pay no tax even on withdrawal so let it grow unhindered by income tax.

4. Diversify Your Portfolio

You cannot put all of your eggs in one basket holds true for all assets. Putting all your savings into one form of investment increases the risk of losing all your investments, and it may limit your Return on Investment. As such, asset allocation is a key part of managing your retirement assets.  

Proper asset allocation considers factors such as the following:

• Your age - this is usually reflected in the aggressiveness of your portfolio, which will likely take more risks when you're younger, and less the closer you get to retirement age

• Your volatility tolerance - this helps to ensure that, should any losses occur, they occur at a time when the losses can still be recuperated

• Whether you need to have your assets grow or produce income

5. Consider All Your Potential Expenses in Your Financial Plan

When planning for retirement, most people I meet underestimate expenses for medical costs, nursing, and other voluntary expenses like employing a cook, maid, hiring a vehicle to get around, travel, gifting, etc.

When deciding how much you need to save for retirement, make a list of all the expenses you may incur during your retirement years. .

6. Budget

Saving a lot of money is great, but the benefits are eroded or even nullified if it means you have to use a credit card to pay your living expenses. Therefore, preparing and working within a budget is essential.

Your retirement savings should be counted among your budgeted recurring expenses in order to ensure that your disposable income is calculated accurately.

7. Periodically Reassess Your Portfolio

As you get closer to retirement and your financial needs, expenses and risk tolerance change, strategic asset allocation must be performed on your portfolio to allow for any necessary adjustments. This will help you ensure that your retirement planning is on target.

8. Reassess Your Expenses and Make Changes Where Possible

If your lifestyle, income and/or fiscal responsibilities have changed, it may be a good idea to reassess your financial profile and make adjustments where possible, so as to change the amounts you add to your retirement nest egg.

For instance, you may have finished paying off your mortgage or the loan for your car, or the number of individuals for which you are financially responsible may have changed.

A reassessment of your income, expenses and financial obligations will help to determine if you need to increase or decrease the amount you save on a regular basis. And keep revisiting your life insurance portfolio.

9. Consider Your Spouse

If you are married, consider whether your spouse is also saving and whether certain expenses can be shared during your retirement years.

If your spouse hasn't been saving, you need to determine whether your retirement savings can cover not only your expenses, but those of your spouse as well.

10. Work with an Experienced Financial Planner

Unless you are experienced in the field of financial planning and portfolio management, engaging the services of an experienced and qualified financial planner will be necessary.

Choosing the one who is right for you will be one of the most important decisions you make.

What we've discussed here are just a few of the factors that may affect the success of your retirement plan and determine whether you enjoy a financially secure retirement.

Your financial planner will help you to determine whether you should consider other factors. As we said before, starting early will definitely make the task ahead easier, but it is not too late to adopt some of these practices, even if you are already retired.

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Garden Silk Mills fixes revised book closure for dividend AGM

Jun 21, 2013, 04.16 PM IST

The Register of Members & Share Transfer Books of Garden Silk Mills will remain closed from September 03, 2013 to September 11, 2013 (both days inclusive) (Revised) for the purpose of Payment of Dividend & Annual General Meeting (AGM) of the Company to be held on September 11, 2013.

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Garden Silk Mills fixes revised book closure for dividend & AGM

The Register of Members & Share Transfer Books of Garden Silk Mills will remain closed from September 03, 2013 to September 11, 2013 (both days inclusive) (Revised) for the purpose of Payment of Dividend & Annual General Meeting (AGM) of the Company to be held on September 11, 2013.

Like this story, share it with millions of investors on M3

Garden Silk Mills fixes revised book closure for dividend & AGM

The Register of Members & Share Transfer Books of Garden Silk Mills will remain closed from September 03, 2013 to September 11, 2013 (both days inclusive) (Revised) for the purpose of Payment of Dividend & Annual General Meeting (AGM) of the Company to be held on September 11, 2013.

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With reference to the earlier annoucement dated June 04, 2013, regarding Fixes Book Closure for September 10, 2013 to September 18, 2013 for the purpose of AGM on September 18, 2013, Garden Silk Mills Ltd has now informed BSE that since the date of AGM September 18, 2013 falls on Holiday on account of 'Anant Chaudas' and looking to the convenience of majority of directors, it was considered appropriate to re-schedule the date of AGM as well as the Book Closure dates.Therefore, the Company has informed that the Register of Members & Share Transfer Books of the Company will remain closed from September 03, 2013 to September 11, 2013 (both days inclusive) (Revised) for the purpose of Payment of Dividend & Annual General Meeting (AGM) of the Company to be held on September 11, 2013.Source : BSE

Read all announcements in Garden Silk Mil

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All about TDS on transfer on immovable property

Subhash Lakhotia
Tax Guru: CNBC Awaaz and Tax and investment consultant

A new section 194IA has been inserted in the Income-tax Act, 1961 by the Finance Act, 2013.  It provides for tax deduction at source on transfer of certain immovable property other than agricultural land. 

In this article, procedural aspects connected with tax deduction at source has been brought together at one place so that tax compliance becomes easy for all those persons who are going to buy immovable property of Rs. 50 lakh or more. 

Also read: TDS for immovable properties comes into effect

As per this new provision, any person, being a transferee responsible for paying to a resident transferor by way of consideration for transfer of immovable property other than agricultural land, shall at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, is required to deduct an amount equal to 1 percent of such sum as income-tax thereon specially when the value of the immovable property is Rs. 50 lakh or more. 

From the provisions as contained in section 194IA, it is very clear that the provisions relating to tax deduction at source by the purchaser come into operation only when the payments are made to a resident transferor. 

Thus, it is clear that in case the payments are made to a Non-Resident transferor, in that situation the above mentioned provisions relating to TDS at the time of purchase of the property is not applicable. 

If a person purchases some property in London the value of which is Rs. 80 lakh, still the purchaser will not be required to comply with the formalities of tax deduction at source on purchase of the property because in this case the payment is made to a Non-Resident transferor. 

The Income-tax Act provides that the purchaser shall at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, is required to deduct an amount equal to 1 percent of such sum as income-tax thereon specially when the value of the immovable property is Rs. 50 lakh or more. 

The Income-tax (Fifth Amendment) Rules 2013 which have been issued vide Notification No. 39/2013 dated 31st May 2013 clearly specifies the changes which have been made in the Income-tax Rules and the forms.  Rule 30 and Rule 31 together with Rule 31A of the Income-tax Rules, 1962 have been amended. 

It may be noted here that Rule 30 of the Income-tax Rules provides for guidelines relating to time and mode of payment to the account of the Government in respect of the tax deducted at source. 

The new amendment rules specifically state that the amount of tax deducted at source consequent to payment on transfer of certain immovable property in terms of section 194 IA of the Income-tax Act, 1961 shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made.

It further provides that the payment shall be accompanied by a challan-cum statement in Form No. 26QB. 

Likewise, it is also provided in the new amendment that where the tax deducted is to be deposited in respect of transfer of certain immovable property, then the amount of the tax which is to be deposited shall be accompanied by a challan-cum statement. 

A new Form No. 26QB has been provided which is actually a challan-cum statement for the TDS amount in respect of payment for immovable property. 

It is specifically provided that the amount of TDS in respect of purchase of the property shall be deposited to the credit of the Central Government  by remitting it electronically. 

Tax payers of India are fully aware that whenever tax is deducted at source by the employer, a certificate in Form No. 16 is issued to the salaried employees in respect of the tax so deducted.  Likewise, Form No. 16A is a certificate issued in respect of various types of tax deducted at source. 

Now a new Form No 16B has been prescribed which is a certificate of deduction of tax at source in terms of section 194IA.  This being a certificate of TDS in respect of payment of TDS on transfer of certain immovable properties has to be issued to the payee within fifteen days from the due date for furnishing the challan-cum statement in the above mentioned Form No. 26QB. 

Thus, it is crystal clear that to comply with the formalities of tax deduction at source in terms of section 194IA when the payment is for purchase of certain immovable properties of the value of Rs. 50 lakhs or more, the tax deduction has to be done at the rate of 1 percent for which Form No. 26QB has to be filled up and there has to be e-payment of such tax using electronic payment facility at any of the authorised bank including Self Net Banking Facility. 

Finally, the certificate of TDS in Form No. 16B should be issued by the deductor. 

It is important to note that generally speaking, whenever the formalities relating to tax deduction at source are to be complied with, there is also a requirement of obtaining TAN No. (Tax Deduction Account Number).

But in respect of TDS relating to purchase of immovable properties there is no requirement to obtain TAN.  However, what is most important is to obtain the Permanent Account Number of the seller from whom such tax is being deducted at source. 

This is one of the most important point to be taken care of while depositing the TDS amount.  In case there is no Permanent Account Number of the seller, in such a situation TDS at source will be required to be deducted at the rate of 20 percent.  For ready reference it should be noted that section 206AA of the Income-tax Act, 1961 requires furnishing of Permanent Account Number to the person responsible for deducting tax at source. 

It is specifically mentioned in this section that where such Permanent Account Number is not submitted, in that case the rate of TDS will be at the rate of 20 percent.  The provisions of this section 206AA will also be applicable in case of TDS by the purchaser of immovable property of Rs. 50 lakhs or above.

Hence, whenever you are entering into property transactions, make sure that you obtain the Permanent Account Number of the seller and deduct TDS only at the rate of 1 percent specifically when the property purchase value is Rs. 50 lakhs or above. 

Practical wisdom demands that in case the seller does not have a Permanent Account Number, then it is better to wait for a few days and let the seller obtain a Permanent Account Number so that TDS by the purchaser is done at the rate of 1 percent only as against 20 percent TDS for non-mentioning Permanent Account Number of the seller. 

The new Form No. 26QB which is a challan-cum statement of deduction of tax under section 194 IA contains certain important details which are required to be filled up while making payment of TDS in respect of purchase of the property of the value of Rs. 50 lakhs or above. 

Some of the important columns in the new Form No. 26QB which is a challan-cum statement for deduction of tax are as under :-  

1. Full name of the transferee/payer/buyer 
2. Complete address of the transferee/payer/buyer
3. Full name of the transferor/payee/seller 
4. Complete address of the transferor/payee/seller 
5. Complete address of the property transferred   
6. Date of agreement/booking
7. Total value of Consideration Rupees 
8. Payment in installment or lump sum
9. Amount paid/credited
10. Date of payment/credit. 
11. Rate at which tax deducted
12. Amount of tax deducted at source
13. Date of deduction
14. Date of payment of tax deducted at source
15. TDS (Income-tax) Credit of tax to the deductee shall be given from this amount. 

The above mentioned columns should more particularly be filled up carefully in the challan-cum statement for deduction of tax under section 194IA.  Likewise, once the tax has been deducted at source, the purchaser should also prepare Form No. 16B which will be generated electronically on the Government's website should be prepared and sent to the seller. 

This Form No. 16B being certificate for tax deducted at source from the seller contains the various details relating to the name and address of the deductor, name and address of the deductee, the PAN Number of the deductor and the deductee as also summary of the transaction. 

All those persons who are deducting tax at source in respect of payment made to the seller for purchase of property of the value of Rs. 50 lakhs or above should ensure that the TDS certificate is given in this new Form No. 16B only and not in any of the earlier existing forms for TDS certificates. 

All those persons who are making investment on purchase of immovable property other than rural agricultural land of the value of Rs. 50 lakhs or more should carefully understand their obligations for deducting income-tax at the rate of 1 percent from the payment made to the seller in respect of purchase of the properties on or after 1st of June, 2013. 

The TDS certificate can be downloaded from TRACES (www.tdscpc.gov.in). 

The Author is Tax and Investment Consultant at New Delhi for the last over 40 years.            

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BOI AXA Mutual Fund declares dividend under two schemes

BOI AXA Mutual Fund declares dividend under quarterly dividend option of Regular plan and Direct plan of below two open ended schemes, the record date for which is fixed on June 25, 2013 The quantum of dividend on the face value of Rs 10 per unit will be:

BOI AXA Short Term Income Fund- Regular Plan & Direct Plan: Re 0.20 per unit.

BOI AXA Regular Return Fund:

Eco Plan - Quarterly dividend option: Re 0.16 per unit.

Regular Plan - Quarterly dividend option: Re 0.40 per unit

Regular Plan - Annual dividend option: Re 0.50 per unit

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Exit load change under Pramerica Short Term Income Fund

Jun 20, 2013, 03.59 PM IST

Pramerica Mutual Fund has announced change in exit load structure under Pramerica Short Term Income Fund.

Pramerica Mutual Fund has announced change in exit load structure under Pramerica Short Term Income Fund, an open ended debt scheme. Effective June 21, 2013, the exit load for the scheme will be Nil.

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From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'

The latest earning numbers FIRST on CNBC-TV18

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Among group cos, LT Fin may apply for bank license: CMD

Among group companies,  L&T Finance Holdings is most likely to apply for banking license, CMD YM Deosthalee today clarified to CNBC-TV18.

After the recent clarification issued by Reserve Bank of India on new banking license norms, many market participants believe that instead of L&T Finance, holding company Larsen and Toubro would have to apply for the banking license. 

Also read: New bank licence norm may turn out to be tricky for L&T

"I don't believe that any mergers or demergers are required, so that is not envisaged. It is not possible for me to comment on which entity is going to apply, but it is suffice to say L&T group is going to apply," Deosthalee said.

Most experts believe that companies like L&T, which are applying for bank license will face challenges in meeting RBI's requirements on statutory liquidity ratio (SLR), cash reserve ratio (CRR) and non-performing loans.

Addressing these challenges, Deosthalee said that the group's business plan had already assumed that there will not be any forbearance for such requirements. "I hope we should be able to resolve the issues. It is possible that in the first one or two years there will be some impact on account of this. But we are not looking at this model for a short period of time. This is a long-term perpetual business model and one has to look at it from that perspective," he stressed.

Reacting on the sharp fall seen in rupee today, Deosthalee said that this was just a knee-jerk reaction and there is no need to panic. "I don't think that there is any reason for rupee to remain at this particular level,"

On possibility of rate cuts after such unprecedented fall in rupee, Deosthalee said that he was hopeful that given the fall in inflation RBI would cut rates. However wether the banks will pass on that 25-50 bps cut in repo rate to customers is questionable and would solely depend on liquidity situation.

Don't miss: Mkts reaction to Fed's statement bit exaggerated: JP Morgan   

Below is the verbatim transcript of the interview

Q: The Reserve Bank of India (RBI) did not give us rate cut in the previous policy a few days back and now given the way the rupee has moved and the fears about the concerns on the external situation in India worsening, can we expect a rate cut from the RBI perhaps in the next three months?

A: I am very hopeful because although they have not cut the rates inflation to some extent has softened up. We have to see the impact of rupee depreciation for some time to come because my view is that it is a knee-jerk reaction and one has to see where does this volatility goes.

Today, it is too volatile, the situation is very uncertain. Over a period of next one month or so one has to observe and probably it is some sort of an overreaction. That is why probably RBI did not go ahead with the rate cut with the expectation of imported inflation and widening of current account deficit (CAD). So, we have to see what is the effect of the recent measures on gold imports? How the oil price is stabilising? What is happening to these outflows form India? So, today it is a very uncertain situation.

My personal view is that it should settle down. I don't think that there is any reason for rupee to remain at this particular level. It should come back somewhat and then once the situation stabilises hopefully RBI will take the decision.

But one important point is that rate cut itself is not going to be impacting the decisions of banks to pass on the rate cut to the customers, liquidity also is important and current liquidity situation is reasonably okay and if the liquidity situation remains comfortable and the other thing is banks are able to attract deposits.

They will be willing to pass on some sort of rate cut to the customers. So, it is not going to be dependent on what RBI does in terms of 25-50 basis point (bps) rate cut, but these other things also are going to very important for customers to get some relief.

Q: I am just asking you if the scenario gets that dire at all. I just want you to rewind to January of 1998, January 15 to be precise, with each passing day the rupee was hitting a new low because of the Asian crisis and bang on January 15, if you remember there was that two percentage point hike in repo rate and two percentage point hike in cash reserve ratio (CRR) and we saw call rates going one odd trade even got done at a 130 bps. Do you think the situation can get that bad? We have spoken to a bunch of foreign experts and all of them think that the selling in emerging market bond and equities is not over by any means. They are looking at a complete reset as they call it of the situation and therefore all of them are expecting more falls. When everyone expects a fall, it may not happen, but I am just saying that can things come to that pass?

A: I don't think so. I don't have any crystal ball or I can't really say what is going to happen, but there is no need to panic so much. As I said earlier it appears to me a bit of an overreaction and I hope I am right because the market movers, those who play in the market know better than what people like us know. I don't think there is fundamentally any reason for anybody to panic. If you ask the rupee depreciation of course has caused some concern because of CAD and imported inflation. But on the flip side the competitiveness of Indian exports to some extent will improve and that might over a period of time help the CAD situation and therefore I am not very sure whether currently we are taking a balanced view of the situation. In this type of uncertainty people tend to overreact.

Q: L&T Finance Holdings also gives gold loans. With the sharp fall in gold prices in such a short period is there a risk or has any of your gold loans turn bad?

A: First of all, we don't have any gold loans in our portfolio. We are not in that business. Although, we have a diversified portfolio, we have not entered in gold loans. So, that question is a bit hypothetical. It is not relevant for us.

Q: The important development that is going to happen in the next one week is that the gates will close for putting in banking applications. Have you thought through in terms of which entity will apply for the licence and what kind of mergers or demergers your group will plan thereafter in the next 18-20 months?

A: We have definitely thought about it and work is still on. The application has to be submitted before July 1 and we will submit. Now which entity will apply and what kind of mergers? I don't believe that there are going to be any mergers or demergers required, so that is not envisaged. It is not possible for me to comment on which entity is going to apply, but it is suffice to say L&T group is going to apply. In the sense one of the entities from L&T group or one can say it is either L&T or L&T Finance Holdings. But as the things stand today it appears to me that it is going to be L&T Finance Holdings, which is the likely candidate. But we will let you know as soon as things are finalised.

Q: Would you contemplate any kind of acquisitions of non banking financial companies (NBFCs) companies with a decent reach or with priority sector portfolios in the run up to developing your licence. By the way, the mood is that you will definitely get a licence since you all are a diversified entity and don't have an identifiable promoter family, so hopes run high on L&T? Are you looking at some kind of a merger of any NBFC company, buying any NBFC company or micro-finance institution (MFI)?

A: At this point in time we are not looking at any acquisitions. We have done already three transactions in the last year and we are in the process of integrating those entities. I must tell you that thanks to the work done by the team internally as well as the entities, which we acquired the integration has gone off very well and very smoothly. So, we are currently focusing on growing in those businesses, having said that if there are any opportunities whereby we are able to enter any area, which we don't have today or if we are able to increase our geographical presence or if we are going to get some products, which are important or necessary in our overall basket we will look at and that is the way in which we have gone ahead as far as acquisition is concerned. So, it is not that we will acquire anything which comes our way. It has to make strategic sense to us and as you rightly said supposing something is available which will enable us to increase our geographical presence, possibly. But at the same time what comes along with that also will have to be seen. It is not only the geographical presence; many other things also will have to be looked at.

Q: Companies like yours are seen to have two problems while you all evolve into a bank - one is that the statutory liquidity ratio (SLR), cash reserve ratio (CRR) requirements will put a pressure at least in the year FY15, when the licence is there and perhaps is implemented or maybe FY16, when all the money that you have so far will have to bear an SLR, CRR burden and secondly even non-performing loans (NPLs). At the moment you all have the 180 days recognition, but as you move to 90 days it is not going to be easy for a small truck owner, the sheer ability to record that arrival of money is going to be a problem. How do you see yourself tackling these two issues? Especially, the NPL issue getting to the 90 days regimen?

A: As far as the second part of your question is concerned one thing you need to know in our lending business we follow a conservative policy of provisioning and therefore we don't strictly follow RBI guidelines. We provide more than what is required under the RBI regulation. For example, in the infrastructure financing business the standard assets provisioning is more than what the RBI demand.

Similarly for outstanding over the four months period we make a provision between three-eight percent depending on the delay or our assessment of the situation. So, we have been providing and similarly in L&T Finance also we have been providing. But if you have to change to 90 days there will be a one-time reaction and one-time impact and we will factor that in our business plan, but I do believe that it will even out as we move ahead and as we grow further in this business, that is number one.

Secondly, as far as CRR and SLR are concerned we always presume that we will not get any forbearance or any time for this and therefore in the business plan it has been assumed. We are working towards that and I hope we should be able to resolve the issues. It is possible that in the first one or two years there will be some impact on account of this. But we are not looking at this model for a short period of time. This is a long-term perpetual business model and one has to look at it from that perspective.

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JM Financial MF declares dividend under three schemes

JM Financial Mutual Fund declares dividend under Regular and Direct plan of below three open ended schemes, the record date for which is fixed on June 24, 2013. The quantum of dividend will be on the face value of Rs 10 per unit will be:

JM Arbitrage Advantage Fund- Regular plan & Direct Plan: Re 0.20 per unit under each option

JM Income Fund- Regular plan & Direct Plan: Re 0.50 per unit under each option

JM G-Sec Fund- Regular plan &Direct plan: Re 0.50 pe unit under each option

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Gold futures edge lower, tracking global markets

Indian gold futures edged lower on Wednesday tracking cues from a weak overseas market and as traders eye the US Federal Reserve for direction.

* Fed Chairman Ben Bernanke said last month the bank could scale back its USD85 billion monthly bond purchases if the US economy strengthens, but a lack of clarity on the timing has unsettled markets. A policy statement from the central bank will be released on Wednesday after its meeting.

* At 1:40 p.m., the most-actively traded gold for August delivery on the Multi Commodity Exchange (MCX) was 0.18 percent lower at 27,915 rupees per 10 grams.

* Silver for July delivery on the MCX was 0.50 percent lower at 43,822 rupees per kilogram.

* In the overseas market, gold slipped for a third straight session as a rally in stocks and investor caution over the Federal Reserve curbing its stimulus programme sapped support for bullion.

* In the physical market, demand remained weak after the government raised import duty by a third to 8 percent, following a ban on consignment imports by the central bank.

* "There is no much demand..." said Suresh Jain, proprietor, SJ Jain Jewellers in Mumbai, adding that sales could pick up from August.

* The festival and wedding season has ended and will re-start in August.

* The country's gold imports fell from an average of USD135 million in the first half of May to USD36 million in the second half, Finance Minister P. Chidambaram said.

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Default rate improves to 1% for MFI loans: Equifax

Moneycontrol Bureau 

The delinquency rate or delay in loan repayments by micro-finance institutions (MFIs) has improved in the past six months. The number of loan accounts that are more than 30 days outstanding (from their scheduled date) has declined by more than 33 percent from above 1.5 percent (of total loans) in mid 2012 to around 1 percent in April 2013, according to Equifax Credit Information Services (Equifax).

Equifax offers credit information services in line with Credit Information Bureau of India (CIBIL), the largest one in the industry.

"The decline in delinquency rates is great news for Indian Microfinance and Banking industry, and is an affirmation that the use of the credit bureau in MFI lending  and related tools are adding visibility and value to the MFI market both for lenders and consumers," said Sanjay Patel, MD & CEO, Equifax.

The MFI industry had run into trouble since October, 2010 in Andhra Pradesh wherein a special legislation was passed barring MFIs to charge high rate of interest (around 30%) to their borrowers. This in turn, had impacted the repayment capabilities of MFIs, which started defaulting. Consequently, the quality of loans that banks had extended to MFIs worsened.

Typically, an MFI disburses small ticket short-term loans, typically with duration of one year. Terms of such loans include weekly or monthly repayments, however with no collateral. Any loan without any collateral is prone to generate loan losses for banks.

Meanwhile, the situation has shown some improvement. According to an estimate, bank lending to the micro finance rose nearly 40 percent in 2012-13 over last year. Earlier, banks had stopped extending credit to MFIs.

Equifax has over 100 MFIs in India as members. This represents more than 90% of the country's NBFC - MFI industry. Of late, a significant increase in MFI lending has been seen in West Bengal, Tamil Nadu, Kerala, Bihar, Assam and Uttar Pradesh.

saikat.das@network18online.com

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Hold LT Finance Holdings: Parag Doctor

Parag Doctor, Head - Trading Strategies of Keynote Capital's Ltd told CNBC-TV18, "There has been some kind of distribution pattern in L&T Finance . We are seeing lot of supply coming in the Rs 85-90 zone."

"So we advice to hold on with a trading stop loss around Rs 75 and if there is a rally in this Rs 85-90 zone it will be a good time to at least partially exit the stock and may be hope for levels closer to Rs 100. That will be a time to really exit totally. Since this distribution pattern is going on since the last three-four months it will be difficult for the stock to really cross Rs 100 in a hurry," he added.

Also Read:   L&T to bid for coast guard contracts worth $695m

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Foreign investors buy Reliance Comm June futures

Foreign institutional investors (FIIs) bought Rs 5.62 billion (USD 95.64 million) worth of stock futures on Tuesday, NSE data shows.

Also read: RIL overtakes ONGC to become 2nd most valued company

Derivatives analysts say buying mainly concentrated on Reliance Communication Ltd futures."Our analysis suggests that FIIs would have bought Reliance Comm for sure, as it added 2.5 million shares in open interest across futures, which signifies the counter may move higher," says Sunil Kumar Arora, country head of futures and options at
Kantilal Chhaganlal Securities.

Reliance Communication added 3.16 million shares in outstanding open positions in July futures on Tuesday, with cash shares surging 11.6 percent on that day, indicating fresh long positions, derivatives analysts say. On options side, Reliance Communications' June 110 put options saw sales of 2.83 million shares.

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What is the rest period in home loan offers? Read here

By Makaan.com

Almost every financial institute in India offers home loans and the same makes it easier for an individual to aim for the ownership of a property/home. While opting for a home loan, it is very important for an individual to understand the terms and various parameters of the loan that are applicable.

To have clarity about home loans, it is essential for one to understand the concept of a "rest". A rest is the interval at which the balance of the loan amount is recalculated. It is applicable in the cases of reducing balance loan amounts. The rest can be yearly, monthly or daily. A brief description is as follows:

Annual rest: During an annual rest, although one pays the EMIs, the loan amount based on which the interest is paid is recalculated at the end of the 12 months only. Therefore, one ends up paying interest on the same loan amount, even when the outstanding loan amount reduces each month.

Monthly rest: Unlike annual rest, during monthly rest, the remaining amount of home loan is calculated each month. The balance amount decreases every month. The customer has the advantage because the rest matches the frequency of the user's loan repayment

Daily rest: Generally, salaried employees do not choice this option. It is more convenient self employed people who receive income at irregular intervals.

Make sure that you understand all the terms and conditions of the home loan documents before signing the dotted line.
 
MakaanIQ is an initiative by real estate website Makaan.com to provide information intelligence and tools to help property seekers and real estate industry players take informed property decisions. MakaanIQ offers a host of services for the benefit of the home buyers including latest news on the Indian real estate sector and analysis of the property trends across major Indian cities.

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69 power plants yet to sign FSA with CIL: CoalMin

Jun 18, 2013, 03.47 PM IST

Around 69 power plants are yet to sign a fuel supply pact with state-run Coal India, Coal Ministry today informed Prime Minister's Office.

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69 power plants yet to sign FSA with CIL: CoalMin

Around 69 power plants are yet to sign a fuel supply pact with state-run Coal India, Coal Ministry today informed Prime Minister's Office.

Like this story, share it with millions of investors on M3

69 power plants yet to sign FSA with CIL: CoalMin

Around 69 power plants are yet to sign a fuel supply pact with state-run Coal India, Coal Ministry today informed Prime Minister's Office.

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The Coal Ministry has informed the Prime Minister's Office (PMO) that out of the 69 power plants which are yet to enter into fuel supply pacts with state-run CIL, 29 cases belong to NTPC and its joint ventures. "There are 131 cases of power plants/units which are...for signing of FSAs (Fuel Supply Agreements) by CIL ( Coal India) and its subsidiaries. Out of these 131 cases...FSAs for 62 cases have already been executed...Out of 69 cases, 29 cases belong to NTPC and its JVs," the Coal Ministry has informed the PMO.

The power plants of NTPC and its joint ventures (JV) which have not signed FSAs include Dadri, Korba, Farakka, Simhadri, Bhilai JV and Sipat. Though these power plants of the power PSU have not signed pacts with CIL, most of them are drawing coal under MoU (Memorandum of Understanding), the ministry said.

The power firms, including NTPC, had earlier this year failed to meet the second deadline set by the PMO for signing FSAs. The Principal Secretary to Prime Minister Pulok Chatterjee had in December last year directed that the remaining FSAs should be signed within a month's time.

The PMO's directive in December, 2012 came after its November, 2012 deadline for signing of FSAs was missed. NTPC has not entered into FSA with CIL as it had raised concerns about quality of coal being supplied to its power plants. Earlier, the government issued a Presidential Directive to CIL to sign FSAs with the power producers assuring them of at least 80 per cent of the committed coal delivery.

From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'

The latest earning numbers FIRST on CNBC-TV18

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