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Major News and Events of 16 January 2015

What Happened on 16 January 2015


Axis Bank Reports Significant Rise in Q3 Net Profit

Axis bank has released its Q3 report, revealing a significant jump in its net profit. Available data shows that net profit during third quarter of 2014-15 financial year has increased by 18.5 per cent when compared with that of corresponding period last year. Net profit increased from Rs. 1,604 crore during Q3 2013-14 to Rs. 1,900 crore during Q4 2014-15. During the same period, total income increased from Rs. 9,433 crore to Rs 10,928 crore. After announcing the Q3 report, NCDs to the tune of Rs. 15,000 crore have been approved by board of Axis Bank.

 

Kalanithi Maran to Leave SpiceJet

Troubled airline SpiceJet is witnessing churning in the top management level as Kalanithi Maran along with other associates are all set to exit the management board. founder-promoter of the company Ajay Singh is ready to take on the mantle along with his bunch of investors to give a new spurt to the ailing airliner. Sources in ministry of civil aviation have revealed that Ajay Singh has planned to bring in Rs. 1,500 crore fresh investment on board, which will be done in three phases.

Flat Q3 result by TCS saddens the Market

Indian IT behemoth Tata Consultancy Services has posted a rather flat quarter-on-quarter growth result, both in terms of profit and revenue. Net profit of the IT major has marginally increased from Rs. 5,244 crore during September quarter to Rs 5,328 crore during the quarter that ended on December 31, 2014. Statement issued by TCS said that the company’s quarter on quarter revenue grew only moderately by 2.9 per cent. After its announcement, TCS stock witnessed significant fall in its price. At 12.56pm IST, Tata Consultancy Services Limited stock traded at 2,521.10, a fall of 0.7 per cent from previous close.

BJP Prepares Bigger Role for Kiran Bedi

After months of speculation, former top cop Kiran Bedi joined Bharatiya Janata Party  yesterday in an event in the presence of Amit Shah and Arun Jaitley. It is learnt that she will be contesting February 7 Delhi Assembly election. However, her constituency has not been announced yet. BJP sources have revealed that ‘larger role’ may be bestowed upon her by the central BJP leadership, which is expected to be decided by BJP during a meeting on January 19. Kiran Bedi has said that she wants to contest against AAP supremo Arvind Kejriwal.

President's Daughter in Delhi Assembly Election Fray

Sharmishta, daughter of Indian President Pranab Mukherjee, is all set to start her active political career by becoming a Congress candidate in the upcoming Delhi assembly election. Her name has been announced in the third list of Congress candidates for upcoming February 7 Delhi Assembly election. She expressed her gratitude to the leadership of the grand old party for giving her the opportunity to contest the election. She will be contesting from Greater Kailash constituency.  

Indian Railways Needs $100 Billion for Expansion of Infrastructure and Provision of Better Services, says Prabhu

Suresh Prabhu, Union Railway Minister, has said during  a business summit that indian railway currently needs investment to the tune of $100 Billion to improve standard of service as well as expand existing network. He also informed the audience that the national carrier needs at least $50 billion dollar for creating infrastructure of 30,000 km of tracks throughout the country. Prabhu also said that these required investment could come from Public-Private Undertakings as well as pension funds of advanced countries such as Canada and Australia.

Terrorist Attack in Manipur Injures 2 Assam Rifles Jawans

Militants strike North East states again but now it is Manipur, neighbouring state of Assam. Available reports  point out that  heavily armed terrorists  open fired at 20th Assam Rifles’ post, located in Chandel district of the state, injuring two jawans T Chenetiya and Subedar Bahadur Sunar. While Chenetiya is out of danger, health condition of Sunar is reported to be serious. Sources revealed that both the jawans are undergoing  treatment at Leimakhong’s Army Hospital. After firing, the terrorists fled to the hilly jungles located nearby. More security forces are deployed.

New Insider Trading Regulation in Place

Securities and Exchange Board of India has notified new  regulations of 2015 for prohibiting Insider Trading. With yesterdays notification SEBI has replaced a framework that is two decade old. Prohibition of Insider Trading 2015 has not  only broadened  definition of USPI (Unpublished Price Sensitive Information) but also suggested more stringent measures on company officials who get involved in insider trading malpractice. Market experts believe that from now on the companies will have to be more cautious in revealing price-sensitive information to select group of people.

India on its Way to Fill up petroleum reserve to take Advantage of Falling International Crude Price

Dharmendra Pradhan, Union Petroleum Minister, said during an Infrastructure Summit that  by coming February India will be able to construct 5 mt reserve. The minister also said that his ministry has asked Ministry of Finance to approve additional funds for creating additional petroleum reserve for sailing through smoothly during crisis.  Union government had earlier estimated that by the year 2020, India will need a petroleum reserve of 13.32 mt for providing a oil cover of 90 days. Oil ministry is on its way to allocate funds for filling the reserve during falling crude prices. 

Xiaomi Mi4 to be Launched in India on January 28

Mi4 Smartphone of Xiaomi is all set to be launched in the Indian market late this month, on 28 January to be precise. Hugo Barra, Vice President of International Operations, informed media from the sidelines of an event in Beijing (China) that Xiaomi India is going to hold an event in New Delhi on January 28, which resonates the earlier announcement of Manu Kumar Jain, Head of Xiaomi India. Analysts believe that the Chinese tech behemoth may put their flagship smartphone Mi4 for sale through Flipkart on February 3, 2015. Pricing information of Mi4 is yet not available.

Indian Shuttlers Cruise Ahead in Malaysia Masters Grand Prix Gold

Both men and women shuttlers of India move ahead in Malaysia Masters Grand Prix Gold tournament for grabbing the prize money of $120,000. While playing at Perpaduan Kuching stadium, Parupalli Kashyap (Men’s Gold Medallist during Commonwealth Games) moved to pre-quarterfinals in men’s singles and P.V. Sindhu (two-times second runner’s up at World Championships) moved forward to quarter-finals of women's singles tournament. Other shuttlers who also progressed in the tournament are Ajay Jayaram, B. Sai Praneeth, Aditya Prakash, Subhankar Dey, and Indian Double’s partner Tarun Kona and Santosh Ravuri.

Pankaj Advani showing Great Performance during National Billiards Championship

Ace indian billiards player Pankaj Advani had cruised ahead to the semi final match of National Billiards Championship. During the match played at Bengal Rowing Club, Advani beat Brijesh Damani, his rival from Petroleum Sports Promotion Board, by 4 to 1. The semi-final match will be played today, where Pankaj will face-off with Siddharth Parikh of Railways. Siddharth Parikh beat Dhvaj Haria by 4 to 3 in the quarter final match.