Pak violates ceasefire again

Pakistani troops again violated ceasefire along Line of Control (LoC) in Poonch district by targeting Indian posts, the eighth incident in the last three weeks.

"Pakistani troops resorted again to firing from automatic and small arms on Indian posts along the LoC in Krishna Ghati sector of Poonch district from 1935 hours yesterday," a defence spokesperson said here today.

Troops guarding the borderline retaliated resulting in intermittent exchanges of fire, he said, adding, "firing exchanges continued for a brief period till 1940 hours".

Also read: After markets rally, BJP to face key investor tests

There was no casualty or damage on this side of the LoC due to the firing, the spokesperson said. This is the eight incident of ceasefire violation in the past over three weeks.

On April 13, Pakistani troops violated ceasefire along Line of Control (LoC) in Poonch district's KG sector.

On May 11, there was a ceasefire violation in Krishna Ghati sector of
the same district by targeting Indian posts.

On May 10, Pakistani troops resorted to firing from small arms on Indian posts along the LoC in Nangi Tekri area of Poonch district from 2230 hours. Five days prior to that, Pakistani troops violated ceasefire and resorted to firing from automatic weapons on
Indian posts along the LoC in Bhimber Gali area of Rajouri district from 2330 hours during the night.

On May 3, Pakistani troops resorted to firing from small arms and automatic weapons on Indian posts along the LoC in Mendhar in Poonch district without causing loss of life or
injury.

On April 28, Pakistani troops resorted to firing from small arms and automatic weapons on Indian posts along the LoC in Bhimber Gali in Rajouri district.

Pakistani troops had violated the ceasefire on April 25 by firing with small arms and mortars on Indian posts in Doda battalion areas along the LoC in Poonch district. Army officials said that the ceasefire violations and firing by Pakistan were aimed to help militants infiltrate into Jammu and Kashmir from across the border from the "launching pads" along LoC where they are waiting to crossover.

There are also inputs that bids to engineer attacks by Pakistan's "Border Action Team' (BAT) on forward posts and patrolling parties are being planned from across the border,
they said. In 2013, 12 jawans were killed and 41 injured in the highest number of ceasefire violations (149) and firing by Pakistan troops on forwards post, civilian areas and patrolling parties along Indo-Pak border.

There has been two infiltration bids along LoC in Poonch district in last one week.
On May 10, two militants were killed when Army troops foiled an infiltration bid along Line of Control (LoC) in Kalsia belt of Poonch district of Jammu and Kashmir in which one jawan suffered injuries.

Troops foiled another infiltration bid along LoC on May 3 in Sawjian belt of Poonch district.

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Modi's next challenge: Accommodating top leaders in cabinet

Sometimes, an overwhelming majority can also become a problem, a burden. The would-be-Prime Minister Narendra Modi may face the same problem before finalizing his Cabinet. The BJP-led NDA has won 334 seats and the BJP alone has won 282 seats. There are too many ministerial aspirants. Some are old timers and have been ministers in the Atal Bihari Vajpayee government.

Also Read: Modi has chance to redefine Indian politics: US think tanks

Some are new faces. They also want a share in the ministry. Since it is Narendra Modi's victory, he will surely get a free hand in the selection of his Cabinet colleagues. According to an insider, it will be a mixture of old and new. Many first time MPs are also expected to be rewarded as junior ministers.

Some of the top leaders like Sushma Swaraj, Arun Jaitley, Nitin Gadkari, Shantakumar, BC Khanduri, Ravishankar Prasad, BS Yeddyurappa, Gopinath Munde, Maneka Gandhi are likely to get a place in the Cabinet.

Even though Arun Jaitley has lost by a big margin, he is likely to get one of the top four ministries (Home, Finance, Defence or Foreign Affairs). Sushma Swaraj may be offered Defence or even the post of Lok Sabha Speaker. People close to her argue that she won't accept the post of Speaker as she is keen on working as a minister. There are even rumours that party patriarch LK Advani may occupy the post of Speaker.

The BJP is worried over how to accommodate other seniors like Dr Murli Manohar Joshi, Yashwant Sinha, Uma Bharti, Ananth Kumar and Venkaiah Naidu. All of them are keen on joining the Cabinet.

There are at least two dozen leaders who are strong in their respective states. Some of them have even served as chief ministers and state unit presidents. They are also lobbying for their share.

Modi may even get some outsiders as ministers. Some experts who have done remarkably well in their fields are likely to be chosen as ministers. The  ICICI Bank chairman, KV Kamath's name is also doing the rounds for the post of Finance minister.

There are even speculations that key infrastructure ministries like Transport, Highways, Railways and Industries etc may get some outside experts as ministers. However, Modi is tightlipped and keeping the cards close to his chest. Even the much-neglected Science and Technology Ministry is likely to get more attention under Modi. He may even bring in a top scientist as his minister.

Unlike all previous Prime Ministers since 1989, Modi is under no pressure to please the allies. Since the BJP has got absolute majority on its own, the allies like Shiv Sena, SAD, TDP, LJP etc have lost their bargaining power. Modi may reward BJP's oldest alliance partner Shiv Sena with one or two important portfolios. But, he may not show the same courtesy to others.

A senior TDP leader who does not wish to be named, said, "We are not in a position to bargain for anything. We will have to accept whatever they offer us. The scale of the victory has tilted the balance of power completely towards the BJP."

The RSS, which played the most crucial role in the victory of the BJP and hailed as the chief architect of Modi victory is expected to put its stamp of approval on the Cabinet.

The RSS chief, Mohan Bhagwat and RSS joint general secretary Dattathreya Hosabale have been holding detailed talks with all stakeholders. The Union Cabinet can have 81 ministers.

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What Modi's mandate is really about: Call for development

R Jagannathan
Firstpost.com

The beauty of an electoral verdict is that we can read all kinds of things into it, depending on where we come from. But if we were to take a bird's-eye view, here are some thoughts on what the electorate's decision to give the BJP a majority of its own - and the NDA a super-majority - could mean.

First, it is a mandate to deliver results. It is not about right-wing ideology or anything else. The campaign was on governance and development, and the electorate has offered Narendra Modi this bargain: you need a majority, you have it. Now, give us growth and governance.

Second, it is a mandate against false identity politics. But it is not a mandate for majoritarianism or exclusion. Even though Muslims may have voted against the BJP in many places, the people who did vote for it – except for some marginal fringe elements - did not do so to bring in sectarian politics. A decade of strong growth has made all communities aspirational. They know that sectarianism will kill growth.

Third, it is mandate against dynasty politics. The fact that the only non-BJP victors in Uttar Pradesh are all Gandhi or Mulayam family members should shame both these families. When the electorate rejects all their candidates but themselves, the only thing it proves is that there is still a feudal vestige left in some places. But every other member of these parties must be wondering if they are in the right place. The only parties to receive thumping mandates of their own – Mamata in West Bengal, Jayalalithaa in Tamil Nadu, and Naveen Patnaik in Odisha – are all non-dynastic. Patnaik is an exception, but he is a bachelor, and has no family axe to grind in Odisha.

Fourth, the mandate is for restoring the prestige of the Prime Minister's Office. The last 10 years of the UPA left the office debased, thanks to the excessive meekness of Manmohan Singh, and the Dynasty's deliberate efforts to hold on to the reins of power indirectly. This is what made the choice of Modi – the ultimate non-dynast, who is no one's idea of anybody's lackey – obvious to the electorate.

Fifth, this is a decisive vote for change cutting across classes: the upper classes want growth, the middle classes want jobs and higher salaries, and the lower classes want inclusion with dignity, not patronising doles. This is why a government that enabled the biggest redistributive effort ever was booted out of office ignominiously. Modi represents growth with dignity.

Sixth, this is a mandate for a responsive governance. The people are fed up with governments that seem remote. The rise of the Aam Aadmi Party in Delhi – before Arvind Kejriwal screwed up - is because the people saw a leader responding to their needs. Modi epitomises responsive leadership of a different kind: he talks to the people directly and in their lingo without the need for middlemen. His office finds a way to give ordinary people access by being responsive to their emails or grievances. That's one reason why Modi scored.

Seventh, this is not quite a mandate against corruption. Despite the entry of BS Yeddyurappa in Karnataka, the BJP won. But it is a mandate to make corruption less all-pervasive. No one wants corruption to become a huge impediment to getting things done. Modi's appeal is that he has steadily whittled down the need for people to interact with venal government officials in Gujarat – so most things can get done without much hassle. Gujarat can hardly claim to be a corruption-free state, but systemic corruption is reducing steadily and transparency increasing.

Eighth, this is a mandate from the rest of India to tame Delhi; it is a revolt against the domination of the Delhi political and social elite in Indian politics. This is why they chose a rank outsider to Delhi and gave him a massive mandate. Modi represents the regional anger with Delhi's dominance in the national discourse. The states want Modi to tame Delhi. The emphatic wins of Mamata, Jayalalithaa and Naveen Patnaik also emphasise the anti-Delhi nature of the mandate. Remember, all three have been mentioned as potential prime ministers.

Ninth, the mandate shows that the nation is speaking more or less with one voice. This is a fervent plea from all Indians that we need to make India great again. Different Indians may want different things from India, but this is as close to a national consensus vote as there is likely to be. Nothing epitomises this more than the sad defeat - zero MPs - of the BSP. The Dalits are joining the mainstream.

The bottomline message from the voter is this: give us a government that works, not a government that gives us excuses for non-performance. It is a mandate to change Indian politics and governance for the better.

The writer is editor-in-chief, digital and publishing, Network18 Group

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Timeline of latest flare-up in Asia tensions

Anti-Chinese riots in Vietnam this week highlight growing tension between China, Asia's biggest economy, and some of its neighbors.

Analysts say geopolitical tensions are a key risk to Asia's economic and political stability and the year so far has seen strained relations between China and Japan as well as its regional neighbors in Southeast Asia.

Here's a timeline of recent developments highlighting the friction.

May 16: China's foreign minister condemns Vietnam in an urgent phone call with the country's deputy prime minister over this week's violent anti-Chinese protests, the official Chinese Xinhua news agency reports.

May 15: Up to 21 people are killed in Vietnam, according to reports. A huge foreign steel project meanwhile is set ablaze as anti-China riots spread in the Southeast Asian state.

May 15: Japan's Prime Minister Shinzo Abe calls for a new interpretation of the country's pacifist constitution that could lead the way for military action overseas. His call followed a report by a panel of advisors recommending changes to defense laws. China criticizes the move.

May 14: Thousands of Vietnamese set fire to foreign factories and rampaged in industrial zones in the south of the country in reaction to Chinese oil drilling in a part of the South China Sea claimed by Vietnam.

May 8: China's vice foreign minister says he believes China and Vietnam can solve their disputes peacefully, adding that China has to defend its territory.

May 7: Vietnam says a Chinese vessel intentionally rammed two of its ships at the weekend in a part of the disputed South China Sea where China has deployed a giant oil rig.

May 7: China demands that the Philippines release a Chinese fishing boat and its crew seized in the South China Sea.

April 28: The US and the Philippines sign a 10-year Enhanced Defense Cooperation Agreement to allow US forces wider access to Philippine bases and to position ships, aircraft, equipment and troops for maritime security.

April 24: US President Barack Obama reassures its ally Japan at the start of an Asia tour. Obama says that disputed islands in the East China Sea claimed by Tokyo and Beijing are covered by a US-Japan security treaty.

April 21: Just ahead of Obama's visit, Japanese Prime Minister Shinzo Abe sends a ritual offering to the Yasukuni Shrine, viewed by critics as a symbol of Japan's past militarism.

April 19: Japan starts construction on a new military radar station near islands at the center of a territorial dispute between Tokyo and Beijing.

March 13: During a news conference on the last day of China's annual meeting of parliament, Chinese Premier Li Keqiang says Beijing and Washington must respect each other's core interests.

March 5: US appeals to Japan and South Korea to ease tensions with each other a day after nationalist politicians in Japan urge the government to revise a 1993 apology over Asian women forced by Tokyo to serve in brothels during World War Two.

Feb 1: China says it does not feel threatened by countries in Southeast Asia and is optimistic about the situation in the South China Sea; warns Japan not to "spread rumors" about its new air defense identification zone.

January 19: Japan's ruling Liberal Democratic Party removes no-war pledge, media report.

January 12: Japan joins the US in criticizing China's new fishing restrictions in the South China Sea.

January 9: US describes new Chinese fishing restrictions in disputed waters in the South China Sea as "provocative and dangerous." The Philippines asks China for clarification of the new rules.

January 8: China raises Japanese Prime Minister Shinzo Abe's visit to the Yasukuni war shrine at the United Nations in New York.

January 1: Chinese rules requiring foreign fishing vessels to obtain approval to enter waters under its jurisdiction in the South China Sea come into effect.

December 26: Shinzo Abe visits the Yasukuni war shrine in Tokyo that honors Japan's war dead, including some convicted war criminals. China calls the visit "absolutely unacceptable to the Chinese people" and Seoul expresses its "regret and anger." US embassy in Tokyo says it is "disappointed."

December 13: US navy issues statement saying a U.S. guided missile cruiser operating in international waters in the South China Sea a week earlier was forced to take evasive action to avoid colliding with a Chinese navy ship. The incident is later confirmed by Chinese authorities.

November 23: China declares "Air Defense Identification Zone" in East China Sea covering territory claimed by China, Japan, Taiwan and South Korea. Move criticized by Tokyo, Seoul and Washington.

Copyright 2011 cnbc.com

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Bajaj Finserv recommends 35% dividend

Bajaj Finserv has informed that the Board of Directors of the Company at its meeting held on May 14, 2014, has recommended a dividend of Rs 1.75 per share (35 percent) subject to approval of shareholders.

Bajaj Finserv Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 14, 2014, inter alia, has recommended a dividend of Rs. 1.75 per share (35%) subject to approval of shareholders.Further, dividend on equity shares, if declared at the annual general meeting, will be credited / dispatched around July 21 / 22, 2014.Source : BSE

Read all announcements in Bajaj Finserv

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Nivi Trading fixes book closure for AGM

Nivi Trading Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from August 01, 2014 to August 11, 2014 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company.

Nivi Trading Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from August 01, 2014 to August 11, 2014 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company.Source : BSE

Read all announcements in Nivi Trading

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Buy Just Dial; target of Rs 1475: Motilal Oswal

Motilal Oswal is bullish on Just Dial and has recommended buy rating on the stock with a target of Rs 1475 in its May 13, 2014 research report.

Motilal Oswal`s research report on Just Dial

"Just Dial (JUST) reported revenue of INR1.24b (est. of INR1.21b), marking a YoY growth of 26.4%, primarily driven by 27% growth in paid subscriber base (262,150 as of FY14 v/s 206,500 in FY13). EBITDA margin for 4QFY14 stood at 30.1% (est. 30.8%), against 27.8% in 4QFY13, a YoY increase of 230bp mainly due to operating leverage. PAT for 4QFY14 stood at INR342m (est. INR302m), marking a YoY growth of 60% driven by strong operational performance and lower than expected tax rate (which stood at 26% as the company avails indexation benefits on other income). Deferred revenues stood at INR1.62b in FY14 (128 days of revenues) vs INR1.35b in FY13 marking a YoY growth of 20.0% even as Evergreen contracts contributed 60% to revenues in FY14 as against 50% in FY13."

"JUST has more than 17 Search Plus services live on the platform. Company also launched real time reverse auction for branded goods, which will enable a user/buyer to discover the best price for any branded good/s on a real-time basis. Also, JUST launched JD Maps during the quarter by replacing Google Maps for directions on the Just Dial platform. Number of subscribers who have transacted for "Search Plus" services stood at ~140,000 in 4QFY14 vs ~85,000 in 3QFY14."

"We believe JUST will be able to grow at a faster pace in FY15, driven by price increases. While we have factored a one-time ad spend of INR600m in our estimates, we have not taken any benefits on revenue from Search Plus, thereby providing an upside risk to our FY16E estimates. The stock trades at 51x FY15E and 38x FY16E EPS respectively. We value JUST at 50x FY16E EPS of INR29.5. Maintain Buy with a target price of INR1,475," says Motilal Oswal research report. 

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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.

To read the full report click here

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Angel Broking neutral on HDFC

Angel Broking has maintained a neutral rating on Housing Development Finance Corporation (HDFC) in its May 13, 2014 research report.

Angel Broking`s research report on HDFC

"HDFC standalone earnings performance for 4QFY2014 came on expected lines. However earnings adjusted for dividends and sale of investments grew at a slower pace of 9.9percent yoy. Advances growth slowed down to 15.9percent yoy ( as compared to ~20percent and above for last few quarters) aided by healthy individual advances growth at 19.7percent yoy (26percent yoy after adding back loans sold in last 12 months). Asset quality witnessed stability with Gross NPA at 0.69percent. Overall company reported standalone earnings growth of 10.8percent yoy at Rs1,723cr."

"For 4QFY2014, HDFC's loan book grew by a moderate 15.9percent yoy, with loans to the individual segment growing by 26percent yoy after adding back sold loans (growth of 19.7percent yoy excluding sold back loans). HDFC has been incrementally growing its individual loan book, much faster than its corporate loan book, over the past few quarters. During the quarter, incremental growth in the loan book (including loans sold) came majorly through growth in individual loans, which now constitute almost 68percent of the total loan book. The spreads increased to 2.29percent for FY2014 as compared to 2.25percent for 9MFY2014, while the reported NIM came in at 4.1percent for FY2014 as compared to 4.0percent for 9MFY2014. During 4QFY2014, the asset quality continued to remain strong for the company, as its gross NPA ratio came in lower at 0.69percent, as compared to 0.77percent in 3QFY2014 and 0.79percent in 2QFY2014. The company continues to maintain a 100percent PCR. Going ahead, NIMs are likely to face modest pressures on back of higher incremental lending to individuals (individual loans have lower spreads compared to non-individual loans). However, with expectations of loan book growth at a CAGR of 19.0percent over FY2014-16E, the earnings of the company are expected to grow at 16.1percent CAGR over the same period."

"Overall, we expect HDFC to post a healthy PAT CAGR of 16.1percent over FY2014–16E. The stock has gained in the recent rally and currently, HDFC's core business (after adjusting Rs283/share towards the value of its subsidiaries) trades at 3.8x FY2016E ABV, which in our view, offers limited scope for upside here on. Hence, we maintain our Neutral rating on the stock," says Angel Broking research report.  

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To read the full report click here

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Reliance Industries may touch Rs 1140: Pritesh Mehta

According to Pritesh Mehta of IIFL, Reliance Industries may touch Rs 1140 in the next couple of weeks.

Pritesh Mehta of IIFL told CNBC-TV18, " Reliance Industries is a stock which had underperformed for the last several years now. In fact in 2008 the stock was quoting around Rs 1600 levels and thereafter it went through a period of sharp correction. In the last 14 months the stock has been consolidating between Rs 750-950 and now it has slowly started to move up. In fact, there was a period of base building, and accumulation and last week the stock finally showed an upside breakout."

"I am expecting this largecap to wake up and participate in this market rally and we can see a level of Rs 1140 in next couple of weeks. But, you need to carry on the position of atleast 7-8 weeks," he said.

Disclosure: Analyst must have recommended these trading ideas to his clients but has personal holdings.

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Panel meet on coal supply to end-use plants postponed

The new date for the meeting will be intimated in due course, an official communication said.

The meeting of the Inter-Ministerial panel set up to look into the issues pertaining to supply of fuel to certain end-use plants linked to coal blocks scheduled for today has been postponed.

The "meeting scheduled to be held on May 12 has been postponed," said an official communication, without giving any reasons for the same.

Also read: No right to sell coal from captive mines to 3rd party: Govt

The new date for the meeting will be intimated in due course, it added.

The Inter-Ministerial Committee, under the chairmanship of Additional Secretary (Coal), A K Dubey, was constituted in March last year to consider issues related to fuel supply to end-use plants that are linked to coal blocks which could not be developed or were de-allocated.

The panel had recommended that the quantum of fuel to end-use plants, which were initially allocated coal blocks but could not be developed or were de-allocated, may be assured after taking the opinion of  Coal India (CIL) and Central Electricity Authority (CEA), according to an official.

CIL had stated that it had already made substantial commitments to the power sector and all its subsidiaries were running a negative balance of fuel supplies.

The Department of Industrial Policy and Promotion has also endorsed the views of Steel Ministry.

Coal India stock price

On May 12, 2014, Coal India closed at Rs 330.80, up Rs 21.75, or 7.04 percent. The 52-week high of the share was Rs 336.20 and the 52-week low was Rs 238.35.

The company's trailing 12-month (TTM) EPS was at Rs 26.41 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 12.53. The latest book value of the company is Rs 32.48 per share. At current value, the price-to-book value of the company is 10.18.

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