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Power solutions company ‘Jakson’ has set a target of Rs 650 crore turnover by 2017 from its solar power division. At the group level, the company aims at a revenue of Rs 2,500 crore in the same period.The company plans to invest Rs 700 crore in setting up independent solar plants having a generation capacity of 100 MW over the next three years. At present, the company has a small portfolio of 20 MW in the solar generation.The company has launched a new range of solar power-based products home lighting systems, street Lights, indoor RO systems and PV modules.The company is targeting the rural areas in the country which are not connected with the grid.“We have immense potential in the rural areas wherel conventional power is not available . In the coming years we see out business growing in those areas,” said Sameer gupta, managing director Jakson group.In the first phase, the company is targeting markets like Bihar, Uttra Pradesh, North east and Jammu & Kashmir. The second phase will include Telengana, Rajasthan and Tamil Nadu.
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Negative growth in crude oil, natural gas, refinery products, fertilisers and steel has pulled down the growth of the eight core industries to 2.7 per cent in July.Growth in the infrastructure sector, which has a combined weight of about 38 per cent in the Index of Industrial Production (IIP), stood at 5.3 per cent in July 2013.Crude oil, natural gas, refinery products, fertilisers and steel recorded a negative growth of 1 per cent, 9 per cent, 5.5 per cent, 4.2 per cent and 3.4 per cent, respectively in July, according to the data of the Commerce and Industry Ministry.However, coal, cement and electricity production grew by 6.2 per cent, 16.5 per cent and 11.2 per cent, respectively during the month under review.During April-July, growth in the eight core industries grew by 4.1 per cent from 4.1 per cent in the year-ago period.Led by healthy growth in cement and electricity, the eight core industries grew to a nine- month high of 7.3 per cent in June.(PTI)
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Dealers in India will be allowed to trade bonds even when the RBI is making coupon payments for that debt, in a rule that is expected improve market liquidity on those days, dealers say.Under the previous rule, bonds whose coupon payments were due were placed in a one-day "shut period", meaning traders were not allowed to trade them on the day before the coupon payment so as to avoid any change in ownership of those securities during the process.However, the one-day shut period will continue to apply to bond redemption."The shut period was an operational issue for banks. The removal is not likely to be so impactful, but will still be good for liquidity," said Harish Agarwal, a fixed income dealer with First Rand Bank.(Reuters)
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The rupee is trading at 60.01/02 after hitting 59.95, its highest since April 9 but still stronger than its close of 60.135/145 on Wednesday (8 May), tracking gains in the domestic share market.Dealers say good demand for dollars from oil firms seen around 60 levels.Traders expect the rupee to hold in a 59.90 to 60.20 range during the session, and domestic shares would be watched for cues on foreign fund flows.The BSE Sensex trading up 0.2 per cent.Asian shares drew a measure of comfort from dovish comments by the US Federal Reserve chief and signs of easing tensions in Ukraine after Russian President Vladimir Putin called on pro-Moscow separatists to postpone a succession vote.Traders, however, say losses in other Asian currencies and the dollar's gains versus the euro will limit a sharp fall in the USD/INR pair.(Reuters)
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India's Current Account Deficit narrowed sharply to 1.7 per cent of GDP in the April-June quarter of this fiscal mainly on account of reduction in trade deficit, and a steep decline in gold imports."The lower CAD was primarily on account of a contraction in the trade deficit contributed by both a rise in exports and a decline in imports," RBI said in a statement.CAD narrowed sharply to $7.8 billion (1.7 per cent of GDP) in the first quarter of the 2014-15 fiscal, from $21.8 billion (4.8 per cent of GDP) in the year-ago period.However, it was higher than $1.2 billion (0.2 per cent of GDP) in the fourth (January-March) quarter of the previous fiscal, 2013-14.Decline in imports was primarily led by a steep 57.2 per cent fall in gold imports, which amounted to USD 7 billion - significantly lower than USD 16.5 billion in the April-June quarter of 2013-14, RBI said.Trade deficit contracted by about 31.4 per cent to $34.6 billion in Q1 2014-15, from $50.5 billion in Q1, 2013-14.Exports increased by 10.6 per cent in the first quarter of 2014-15 to $81.7 billion. Imports moderated by 6.5 per cent to $116.4 billion.The CAD, which is the difference between the inflow and outflow of foreign currency, had touched a record high of $87.8 billion (4.8 per cent) in 2012-13 fiscal mainly on account of steep increase in gold imports.It had narrowed to $32.4 billion (1.7 per cent) for the entire 2013-14 fiscal after government imposed import restrictions on the precious metal.(PTI)
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Gold prices have probably peaked this year and could sink to their lowest since 2010 at $1,100 an ounce as the US economic recovery gathers pace, consultancy Metals Focus said on Wednesday. Weakness is likely to set in after an impressive start to the year, it said, when gold rallied to six-month highs. But a replay of last year's 28 per cent plunge, triggered by the U.S. Federal Reserve's tapering of extraordinary stimulus measures, is not on the cards. The consultancy also forecast that an eventual easing of tensions in Ukraine would add to a bearish trajectory for the market. "In the short term, the U.S. recovery regaining momentum (thanks to improving weather conditions) and the eventual de-escalation in Ukraine are likely catalysts for lower prices," it said in its Gold and Silver Mining Focus 2014. "Meanwhile, the Fed's ongoing reduction in its bond purchases, easing concerns about fiscal situations on both sides of the Atlantic and low inflation are all headwinds for the yellow metal for the rest of 2014." Robust demand from the major physical gold markets in Asia should help offset Western investors' lingering caution in gold futures, derivatives and exchange-traded funds. Chinese demand, which surged last year as prices fell, will remain strong, it said, though below the 2013 level. That, along with strength in retail demand in Western markets, helped drive a 35 percent surge in physical investment last year to 47.1 million ounces. Jewellery consumption also rose 22 percent to 81.7 million ounces, while the volume of scrap gold returned to the market fell 26 percent to 39.3 million ounces. That helped offset a 5 percent rise in output from gold mines to 96.7 million ounces, resulting in a 21.8 tonne structural deficit in the market last year, Metals Focus said. That does not include outflows from bullion-backed exchange-traded funds (ETFs), however, which according to Reuters data totalled 26.354 million ounces last year. The strength of ETF outflows was a major weight on prices in 2013. "Given plenty of above-ground inventory, other than a temporary shortage of kilobars in Q2, the gold market remained well supplied last year," Metals Focus said. "Moreover, it is of note that 'Western' investors tend to set the price, while physical markets react to it." The consultancy expects silver prices to average just under $20 an ounce this year, not far from current levels but well below last year's average of around $23.80 an ounce, as its fundamentals weaken. "Global supply is expected to rise by around 2 percent, compared with a 4 percent drop in world silver demand," it said. "The most significant change ... is expected in physical investment, which is forecast to drop 11 percent."(Reuters)
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A controversy erupted over alleged delay in grant of permission for Narendra Modi's rally scheduled for tomorrow in the constituency, with BJP crying foul and demanding that the Election Commission remove the electoral officer. As the campaign fever soared ahead of the May 12 vote in the constituency where Modi is in the fray, BJP leader Arun Jaitley today alleged that the district magistrate, who is serving as electoral officer for Varanasi Lok Sabha polls, was making "unbelievable" excuses to "deny" security approval for the rally, which was a right of any candidate. BJP said it has written to Chief Election Commissioner V S Sampath against the local electoral officer and has demanded his removal. Modi is scheduled to hold a public meeting at Beniya Bagh area here tomorrow evening, after another rally in Rohania, a rural assembly constituency outside the main Varanasi city but within the Lok Sabha constituency. The permission was being held back for Beniya Bagh on the grounds that it was very crowded and unfit for holding rallies, officials said, while adding that the administration had also got certain requests from the general public for not allowing rallies in such areas due to security risks. Top officials, however, sought to blame the delay in approval to non-receipt of ground report from security agencies and said a final decision could be taken by evening. They claimed that the request for the rally in Beniya Bagh area here was received yesterday only. They said that the district administration was waiting for the ground report from the police and local intelligence unit and a final decision on approval for the rally would be taken thereafter. Terming the situation as "unprecedented", Jaitley said, "Holding public meeting in his constituency is right of every candidate and Narendra Modi cannot be denied the same." "If the approval is denied on the basis of some back-dated letter or so-called intelligence alerts about security issues, they are only excuses. We have written to the CEC and hope the situation to become clear very soon," he said. When asked whether BJP suspects that UP state government was behind the "denial", Jaitley said, "I do not know who is interfering, but the DM as an electoral officer is free to decide on such things and he is not supposed to come under any kind of pressure. "We have written to CEC to seek his removal from here." Varanasi goes to polls on May 12 and the campaigning will end on May 10 evening here. Modi is pitted against AAP's Arvind Kejriwal and Congress' Ajay Rai. ADM (City) MP Singh told reporters that the application which they had received yesterday from BJP for Modi's rally has been forwarded for getting inputs from local police station and also from local intelligence unit (LIU). The report from LIU and police?have not yet been received to make a final decision for granting permission, he added. On the issue of Ganga Aarti at ghats, in which Modi was scheduled to participate tomorrow, Singh said that he was not yet aware of this and would only clarify when he receives the final report from LIU and police. The grant of? permission is yet to be finalised for the rally, Singh said. BJP spokesperson Nirmala Sitharaman said the Varanasi administration was obeying an "unwritten order" and there is an "undeclared understanding" between them and the ruling Samajwadi Party. She said it was for the first time a candidate was denied permission to hold a rally in his own constituency. She said though the venue was pre-booked, the payment has not been made yet. "It is absolutely unacceptable. We are quite surprised," she said. (Agencies)
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“We’re still this toddler in a grown man’s body in many ways”—Andrew Mason, chief executive, Groupon Inc, at an employee meeting, stressing on the need for the daily deals site to grow“There is no simple recipe for appropriate policy”—Janet Yellen, chairman, Federal Reserve, calling for a ‘pragmatic’ approach to US monetary policy at the Fed’s annual central banking conference“We bit off way too much, too early,”—John Mulligan, chief financial officer, Target, in a frank assessment of the company’s aggressive foray into Canada that resulted in weak second quarter results“Today, wealthy Indians are finding it cheaper to get their children married in Thailand than in Indian hotels. It’s a hard reality”—Arun Jaitley, finance minister, criticising the existing higher taxation on the tourism sector that has led to fewer visitors and lower revenue collection“Now serving 600,000,000 monthly active users”—Jan Koum, CEO, WhatsApp, in a recent statement“Being a software superpower, India should now emerge as a global factory”—B.D. Park, president and CEO, Samsung South-west Asia, on how India is set to become the next global factory as China is losing its competitive edge“More and more you use an application on your phone and the Web to interact with us, the future of call centre jobs will be less. In reality, these jobs will not exist in five years”—David Thodey, CEO, Telstra, at a conference(This story was published in BW | Businessworld Issue Dated 22-09-2014)
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Capital market regulator SEBI seems to have taken upon itself to prevent unscrupulous corporate entities and fly-by-night operators from defrauding retail investors of their hard-earned money.Following its victory in the Sahara case, SEBI has now taken up cudgels against Pearl Agrotech Corporation (PACL), which is alleged to have flouted ‘SEBI Collective Investment Schemes’ norms while raising public funds to invest in real estate and agriculture farmlands. SEBI has now asked PACL to return over Rs 49,000 crore to investors who have participated in their investment scheme since 2005. “The business/activities/schemes/plans offered and operated by PACL are Collective Investment Schemes (CIS). The natural consequences of such findings would be to inter alia direct PACL and its directors and promoters to refund the monies, which have been collected in an unauthorised manner, with promised returns to investors,” said SEBI directive to PACL.As per PACL’s submission to SEBI, the company has raised public funds worth Rs 49,100 crore to deal in real estate — mostly buying land, holding it for a definite period and then selling it to make decent profits. In its report, PACL has stated that it had agricultural and commercial land assets worth over Rs 11,700 crore. The company claims to have repaid funds to 1.2 crore investors out of the total 4.6 crore. SEBI, however, is not comfortable with these disclosures.“By its own admission, PACL does not have enough land bank compared to the amount mobilised by it from customers. The outstanding dues to customers as on 31 March 2014 is Rs 29,420.65 crore and the value of total land in the form of ‘stock –in-trade’ as on 31 March 2014 is Rs 11,706.96 crore. PACL does not have assets corresponding to the amounts of monies raised by it from public,” SEBI contended.Based on these points, SEBI has asked PACL to return the money collected from investors (with promised returns) within three months, besides winding up business operations immediately.In 2002, SEBI had first directed PACL to align its schemes as per CIS norms. The company challenged SEBI in the Rajasthan High Court and secured a verdict in its favour. In 2011, SEBI moved the Supreme Court challenging PACL’s claims. The SC roped in the services of IT department and CBI to conduct an enquiry into PACL’s workings. In February 2014, CBI registered a case against the promoters of PACL on alleged charges of misappropriation of public funds. This strengthened the position of SEBI, which directed the company to wind up operations. PACL may approach the Securities Appellate Tribunal (SAT) for relief against the SEBI order. If SAT upholds SEBI’s views, it may well be the end of the road for PACL.(This story was published in BW | Businessworld Issue Dated 22-09-2014)
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The rupee failed to maintain initial gains against the American currency and was quoted at 60.12 per dollar in the morning trade at the Interbank Foreign Exchange market.The rupee resumed higher at 60.02 per dollar as against the last closing level of 60.11 on initial selling of the American currency by banks and exporters.However, it failed to maintain initial gains and dropped to 60.13 per dollar before quoting at 60.12 at 1000 hours on fresh dollar demand from banks and importers.It moved in a range of 60.00-60.13 per dollar during the morning deals.In New York market, the British pound took a run at $1.70 yesterday after strong service-sector data added to speculation that the Bank of England could be forced to raise interest rates sooner than expected.Meanwhile, the Indian benchmark Sensex was quoted lower by 49.51 points, or 0.22 per cent, to 22,458.91 at 1000 hours.(PTI)
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