Business Current Events

Inflow of Rs 67,000 crore New Orders for India Inc in Q3

3rd quarter was great for India Inc. as fresh order inflow rose by 45 per cent in comparison to 2nd quarter. The volume of new orders in India Inc.’s kitty amounts to Rs. 67,000 crore during the period from July to September 2014. The same momentum of order inflow has been witnessed in the ongoing fourth quarter too. In the first month of 2014’s last quarter, new orders to the extent of Rs. 20,000 crore has already poured in.

Infosys Stock Going Great Guns

IT giant Infosys’s stock has been rallying since beginning of September and till date it has helped BSE Sensex to gain 100 basis points. Since September 8, Infosys has gained 10 per cent, outperforming S&P BSE Sensex by miles. This recent rally has helped Infosys’s market capitalisation reach Rs 2,30,427 crore, helping the company secure position among top 5 companies.

Infra Stocks Rally after FDI Reforms on Construction

Recently, Union government had undertaken a slew of Foreign Direct Investment reform measures in construction sector. The three main reforms done are ease of exit norms, reduction in minimum requirement of capital, and reduction in requirement for lowest limit of built up area. This has helped infrastructure stocks to rally by up to 20 per cent. Some of the greatest gainers are IVRCL, NBCC, Gayatri Projects, Unitech, GVK Power and Infrastructure, HCC, Patel Engineering, and D B Realty.

Q3 was Amazing for Bharati Airtel

Net income of Bharati Airtel swelled to Rs 1,383 crore during Q3 of 2014 from a paltry Rs 512 crore during the same quarter of 2013. It is an increase in net income by 170.2 per cent. This is the best quarterly performance of Bharati Airtel since March 2011. The company was able to post such amazing figures mainly because of its robust performance in mobile data revenue section, which increased by a whooping 74 per cent.

ICICI Posts Healthy 3rd Quarter Results

ICICI Bank reported a year on year increase of net profit by 15 per cent in the third quarter of 2014. Significant expansion in net interest margins in retail advances and increase in non-interest income has helped in boosting the profit. While there was a 14 per cent growth in overall credit, net interest income swelled by 15 per cent.

Austerity Measures to meet Fiscal Deficit Target

NDA government seems to be serious about trimming fiscal deficit and meet the target of containing FD to 4.1 per cent of Gross Domestic Product in 2014-15. Some of the austerity measures announced by Arun Jaitley include halt on fresh appointments, stress on video conferencing for communicating abroad, stop holding meetings in lavish hotels by bureaucrats, etc.

Indian Behemoths Offloading Assets Abroad

Behemoths of Indian Industries seem to be offloading assets in overseas destinations for cutting debt. This phenomenon has been witnessed in all major Indian MNCs such as Reliance Industries, Birlas, and Tatas. Analysts say that besides debt servicing, the other motive of India Inc. is to exit from unprofitable ventures. The new billion group inductee, Adani Group has also sold its billion dollar Australian port project.

Infosys on its Way to Acquisition Spree

U B Pravin Rao, Chief Operating Officer of Infosys, has said that the company is planning to make lots of acquisitions. Currently, they are planning to acquire companies whose annual revenue vary from $600 to $700 million. He added that Infosys can also acquire companies with bigger annual revenue, if they meet their strategical needs.

Stock Price of Eveready Industries Increases Significantly

Stock of Eveready Industries is rallying for around last one week after news emerged that the promoters of the company increased their share through open market stock buying mechanism. The stock price increased by 25 per cent since October 16 at NSE. The stock is currently hovering around Rs. 125, highest since April 2006. Massive surge in trading volumes also witnessed.

'Ease of Doing Business' Report of World Bank Released; India Fairs Poorly

World Bank’s 2014 'Ease of Doing Business' Report was published recently. It shows India ranks at a dismal 142 position, accumulating 52.78 points, in a list of 189 countries. It slipped 2 positions from last year’s 140th rank, accumulating 53.97 points. However, the report did not consider the recent slew of reform measures undertaken by Narendra Modi government.

NRIs Drag ICICI Entities to Supreme Court of Mauritius

ICICI Bank and ICICI Venture, largest private Equity company of India, are sued by sixty nine Non Resident Indians for not meeting the return on investment promises done by them initially. Though the group of NRIs accused ICICI entities of not disclosing risks as well as performance reports of the fund to them, the concerned fund management company dismissed the allegations.

Kingfisher Airlines Identified as Willful Defaulter – Now by UCO Bank

After United Bank of India, it’s UCO Bank’s turn to identify Kingfisher Airlines (KA) as willful defaulter. However, it is still in the identification process of the bank. They have not made formal declaration yet. KA still needs to pay Rs. 300 crores to the bank. RBI guidelines show that a company can be termed as ‘willful defaulter’ by a lending bank when the borrowing company has repayment capacity but willfully chooses not to repay.

6 Recommended Chiefs of PSU Banks Scrapped

Narendra Modi government has scrapped the empanelled chiefs for 6 PSU Banks - Vijay Bank, United Bank, Oriental Bank of Commerce, Indian Overseas Bank, Canara Bank, and Bank of Baroda. Recommendations of the Chairman and Managing Directors were done by erstwhile UPA government. Irregularities were found in the selection process by a high level panel, which led to the scrapping of CMDs of six public sector banks.

India's Snapdeal gets a New Investor

Japan’s SoftBank Corp has become the biggest investor of Snapdeal, the New Delhi based eCommerce portal. To gain from the rapidly expanding online ecommerce market space of India, SoftBank Corp has bought stake to the extent of $627 million. Besides SoftBank, the other major stakeholders of Snapdeal include eBay, Temasek, Intel Capital and Saama Capital, Nexus Venture Partners, IndoUS Venture Partners, Kalaari Capital, etc.

After Defence Project Clearance, Stocks of Defence Companies Rally

After the Union Government cleared defence projects to the tune of Rs 80,000 crore, the defence stocks such as BEML, Bharat Electronics, Astra Microwave, Walchandnagar Ind, and Pipavav Defence gained anything from 4 per cent to 7 per cent at BSE Sensex. Available reports show that a committee has been set up for evaluating capabilities of Indian defence shipyards for building technologically advanced conventional submarines at Rs 50,000 crore under Project 75I.

New Bidding Strategy in Place to Expedite Highway Projects

The Union government has decided to implement a new bidding strategy to accelerate the process of completing failed PPP highway projects that didn’t get any takers earlier. While the engineering, procurement, construction (EPC) mode is going on, the government has initiated a new system called Build, Operate and Transfer (BOT) mode. Accordingly, under BOT mode, National Highways Authority of India has invited fresh bids for 4 projects.

Blackberry CEO's Aggressive Expansion Plans for India

BlackBerry CEO and Executive Chairman John Chen has said that his company is determined to provide most secure as well as best enterprise mobility solutions to its customers in India.

Nissan to call back its compact cars for replacing airbags

Japanese auto Nissan is calling back its compact car Micra and mid sized sedan Sunny in India because of faulty airbags manufactured by its supplier Takata. Nissan will recall cars manufactured between 2008 to 2012. Customers will be notified for the same and they can then visit the Nissan dealers who will replace the part at zero cost. Last month Maruti Suzuki had recalled 69,555 units of Dzire, Swift and Ritz models manufactured between March 2010 to August 2013 for repairing wiring harness fitment.

Adidas India gets a new managing director

Adidas AG has appointed Dave Thomas as the new managing director of Adidas India. Thomas succeeds Erick Haskell who was heading the India operations of Adidas for near about two years since November 2012. Thomas has been a part of the Adidas Group for 16 years since February 1998. He played prominent roles in sales and marketing in Australia, at the group’s headquarters in Germany and Hong Kong. In his recent assignment, he has been working as brand director for Adidas emerging markets, based in Dubai.

Trading Market Remains Closed in India on October 24, 2014

Due to the occasion of Diwali Balipratipada, trading segments in India remained closed on October 24, 2014. The markets that remained closed for the day were money, equity, commodity, and forex. On Muhurat Day Trading (October 23, 2014), one of the biggest gainers was BSE Mid-cap index, which increased by 93.9 points. The market was cheerful because of the reform measures announced or implemented by the Union Government in last one week, analysts say.

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