Nifty recoups losses

The Midcap, Smallcap and Nifty Junior indices are also trading with significant losses on the NSE. 

After exhibiting sideways session for the major part of the day, the market tumbled sharply after the Rail Budget was announced. Selling was evident in cement and metal stocks, where the government proposed a freight rate hike.

The BSE Sensex plunged 374 points from the day's high to hit a low of 28,695. Currently, the BSE benchmark index, the Sensex is down 211 points at 28,797.

The NSE Nifty slipped below 8,700 and touched a low of 8,673. The NSE index, however, has recouped some losses and now trading above 8,700 - with a loss of 65 points at 8,702.

The broader markets are under-performing the CNX Nifty index, the Midcap and Nifty Junior indices have dropped 1.4 per cent each at 12,821 and 19,210, respectively. The Smallcap index has also shed nearly a per cent at 5,577.

There are no gainers in sectoral indices. The CNX Metal and PSU Bank indices have slipped 1.5 per cent each at 2,517 and 3,709, respectively.

The Pharma, Auto, FMCG and IT indices are the other significant losers.

The breadth remains negative - out of 1,693 stocks so far traded on the NSE 957 stocks have declined, while 490 stocks have advanced.

Among cement shares: JK Lakshmni Cement has plunged almost 3 per cent at Rs. 345. Heidelberg Cement and ACC have dropped over a per cent each at Rs. 77.30 and Rs. 1,637.

While, India Cement has recovered losses, and is now up around a per cent at Rs. 99.35 and Grasim Industries has added over 0.5 per cent at Rs. 3,689.

In metal space, SAIL and Hindalco have slipped over 2.5 per cent each at Rs. 68.20 and Rs. 149, respectively.   

Hindustan Copper, Orissa Minerals, Coal India, Jindal Saw and Tata Steel are the other prominent losers.

Commodities Buzz: Commodity Exchanges To Hold Trading On February 28, 2015

Commodities Buzz: Commodity Exchanges To Hold Trading On February 28, 2015 

As per the circular from the respective exchanges, three national level commodity exchanges (MCX, NCDEX and NMCE) will hold trading session on Saturday, February 28, 2015 on account of presentation of the Union Budget, from 10 Am till 5 pm for all commodities.

‘Operation Five Minutes’ to ensure Speedy Purchase of tickets for Unreserved Class Passengers

The Minister said, it is also proposed to work towards developing a multi-lingual e-ticketing portal. He said, the Railways will move towards crediting all refunds through the banking system. 

The Minister of Railways Suresh Prabhakar Prabhu has said that he has not increased the passenger fares in the Railway Budget 2015-16. Presenting the Railway Budget in Parliament today he said, Government is directing its efforts to make travel on Indian Railways a happy experience. The Minister said, one of the biggest problems faced by the common man intending to travel in unreserved class is purchasing a ticket. He said, the Railways is introducing ‘Operation Five Minutes’ to ensure that a passenger travelling unreserved can purchase a ticket within five minutes. Provision of modified ‘hot-buttons’, coin vending machines and ‘single destination teller’ windows will drastically reduce the transaction time. 

For the differently-abled travellers, a special initiative is being launched whereby they can purchase concessional e-tickets after one-time registration. The Minister said, it is also proposed to work towards developing a multi-lingual e-ticketing portal. He said, the Railways will move towards crediting all refunds through the banking system.

 

Shri Prabhu said, in Central Railway, Western Railway and Southern Railway suburban sections, a pilot project of issuing unreserved tickets on smart phones has already started. The Minister expressed hope that this facility will be extended progressively to all stations. Automatic ticket vending machines with smart cards and currency options have also been installed at many stations. It is proposed to proliferate this further and also to introduce debit card operated machines. Introduction of integrated ticketing system on the lines of rail-cum-road tickets on Jammu – Srinagar route will be expanded. 

The Minister said, for the benefit of all our brave soldiers, a Defence Travel System has been developed for elimination of Warrants to make travel easier. This facility has been commissioned in 600 locations out of about 2,000 locations. This facility will be further expanded. 

Seventy Seven New Railway Projects Worth Rs. 96,182 Crore sanctioned

While last mile connectivity projects continue to be accorded the highest priority, the Railways intend to fast track the sanctioned works on 7,000 kms of double/third/fourth lines and commission 1200 km in 2015-16 at an investment of Rs. 8686 crore. 

While last mile connectivity projects continue to be accorded the highest priority, the Railways intend to fast track the sanctioned works on 7,000 kms of double/third/fourth lines and commission 1200 km in 2015-16 at an investment of Rs. 8686 crore. Presenting the Railway Budget 2015-16 in Parliament today Railway Minister Suresh Prabhakar Prabhu said this budgetary allotment under Capital is 84% higher than 2014-15. He said, “We also intend commissioning 800 km of gauge conversion. 

Additionally, we have sanctioned 77 projects covering 9,400 km of doubling/tripling/quadrupling works along with their electrification at a total cost of Rs. 96,182 crore which is over 2700% higher in terms of amount sanctioned in 2013-14, 2014-15 being a Plan holiday”. 

The Minister said the priority for undertaking projects has been determined by a designated committee for capacity enhancement, revenue generation and decongestion. He said negotiations are on with financial institutions for funding of these projects through extra budgetary resources. These projects cover almost all States, the Minister added.

Railways hike freight, spare passengers

The Minister of Railways Suresh Prabhakar Prabhu has said that given the importance of rail travel for Indian citizens, Railways will increase its daily passenger carrying capacity from 21million to 30 million. 

The Minister of Railways Suresh Prabhakar Prabhu has said that given the importance of rail travel for Indian citizens, Railways will increase its daily passenger carrying capacity from 21million to 30 million.

 

Presenting the Railway Budget 2015-16 in Parliament today he said, Railways will also increase track length by 20% from 1,14,000 km to 1,38,000 km, and grow its annual freight carrying capacity from 1 billion to 1.5 billion tonnes. 

S&P: Asia-Pacific growth forecasts lowered for 2015, 2016...India continues to shine

The twin factors of strengthening U.S. economy and lower oil prices have yet to lift economic data in much of Asia-Pacific. 

Standard & Poor's Ratings Services has lowered its GDP growth forecasts for China, Japan, and the Asian  Tiger economies, it said in a report published today, titled "Stronger U.S. Economy And Lower Oil Prices Aren't Boosting Asia-Pacific Growth." 

The twin factors of strengthening U.S. economy and lower oil prices have yet to lift economic data in much of Asia-Pacific. Central banks have shifted their stance in recent months, with a critical group of monetary policymakers cutting rates or easing financial conditions and the remainder moving to a more neutral stance. This is contrary to what we observed until the latter part of 2014. Weaker growth in China and Japan may be weighing on overall sentiment, although India's star is rising. 

Standard & Poor's trimmed GDP growth forecasts for China to 6.9% this year and 6.6% in 2016, from 7.1% and 6.7%, respectively. Although the change is small and the government has not announced its official target for 2015 (we expect that to happen at the National People's Congress in March), the symbolic nature of last year's missed target carries over to this year and beyond. We believe the official growth target will be about 7%.

"For Japan, we have lowered our growth forecast to 0.7% this year (from 1.3%) and 1.3% in 2016 (2.1% previously)," said Paul Gruenwald, Asia-Pacific Chief Economist. "Japan is likely to struggle to achieve a meaningful uplift in growth this year, owing to base effects from the poor fourth-quarter performance in 2014. We believe growth and core inflation can gradually climb higher, now that the Japanese government has postponed the second leg of its consumption tax hike until early 2017."

India should be the Asia-Pacific region's bright spot. We revised our growth forecasts for the country upward, reflecting new official data based on methodological improvements. Standard & Poor's now forecasts GDP growth at 7.9% in the fiscal year ending March 2016, versus 6.2% earlier, and 8.2% in fiscal 2017, from 6.6% previously. Rising investment and low oil prices have been boosting India's growth.

"We now expect slightly lower real GDP growth in Asia-Pacific, but significantly lower inflation, higher current accounts, weaker currencies, and more accommodative monetary policy stances, despite our steadfast view that the U.S. Federal Reserve will begin its long-awaited rate hikes this summer," Gruenwald said. 

"The risks around our baseline forecasts have become more balanced owing to our weaker central scenario, but we continue to worry how the correction in the Chinese property market might play out, and how the many new borrowers in Asia-Pacific will handle the first Fed rate hike in a decade," he added.

Finance Ministry to provide Budgetary support of Rs 40,000 crore for Railway’s annual plan

The Minister said Railways has proposed a Plan outlay of Rs. 1,00,011 crore, an increase of 52% over RE 2014-15.

The Railway Minister has said that the Ministry of Finance has communicated a Gross Budgetary Support of Rs. 40,000 crore for the Railway’s annual Plan.

Presenting the Railway Budget 2015-16 in Parliament today Railway Minister Suresh Prabhakar Prabhu said Rs. 1,645.60 crore has also been provided as Railway’s share of diesel cess from the Central Road Fund. He said Market borrowing under EBR is projected at Rs. 17,655 crore, an increase of about 46.5% (Rs 5,609 crore) over RE 2014-15.

Balance Plan outlay includes Rs. 17,793 crore from Internal Resources and Rs.5781 crore from PPP. The Minister informed the Parliament that large amounts have been allocated towards Doubling, Traffic Facilities, Electrification and Passenger Amenities. 

The Minister said Railways has proposed a Plan outlay of Rs. 1,00,011 crore, an increase of 52% over RE 2014-15. Prabhu said it is anticipated that the Plan size will get higher once resources from institutional bodies are formalized during the course of the ensuing financial year. 

He said given the huge shelf of project and ensuring proper funds flow for the same with a view to completing them on target, a new financing approach to expand EBR has been projected. This EBR, presently named EBR (Institutional Finance) would be based on institutional investments in railway projects through Railway/ PSUs. This element is projected at Rs. 17,136 crore and is aimed at accelerating completion of capacity augmentation projects. This new vista being tapped has promising potential. 

Shri Prabhu said while the budgetary support has been increased progressively over the years, it has not been adequate to realistically fund the large shelf of projects that are in the pipeline. He said many of the projects relate to decongestion in heavy traffic sections and are, therefore, remunerative. Such projects can be taken to accelerate completion by tapping market funding from institutional finance agencies, multilateral lending, etc. In this background, more than a hundred projects valuing more than one lakh crore have been identified through extra budgetary resource subject to due process being followed, the Minister added

Railways to integrate Best Food Chains for E-Catering

The Minister of Railways Suresh Prabhakar Prabhu has said that to provide freedom to passengers to select their meals from an array of choices including local cuisine, e-catering has been introduced in 108 trains on an experimental basis from January this year.

The Minister of Railways Suresh Prabhakar Prabhu has said that to provide freedom to passengers to select their meals from an array of choices including local cuisine, e-catering has been introduced in 108 trains on an experimental basis from January this year.

Food can be ordered through the IRCTC website at the time of booking of tickets. He said, the Railways is working to integrate the best food chains of the country into this project. Depending on the response from the customers, the facility will be extended to cover more trains. It is also intended to set up Base Kitchens in specified Divisions to be run by highly credible agencies for serving quality food. 

Presenting the Railway Budget 2015-16 in Parliament today Shri Prabhu said, at the moment water vending machines are sparse. The facility will expand to cover most Railway stations. This will ensure availability of clean drinking water at very low cost to the people apart from being an environment friendly measure. 

Railways to install Train Protection Warning System and Train Collision Avoidance System

The Railway Minister informed the members that to curb derailments, modern track structure consisting of sleepers and heavier rails are being used while carrying out primary track renewals.

The Union Railway Minister Suresh Prabhakar Prabhu has announced that Railways proposes to install Train Protection Warning System and Train Collision Avoidance System on select routes at the earliest. Presenting the Railway Budget for 2015-16 in Parliament today, he informed the members that to prevent fire in coaches and also prevent coaches from climbing over each other during accidents, RDSO has been asked to develop new systems.
 

The Railway Minister informed the members that to curb derailments, modern track structure consisting of sleepers and heavier rails are being used while carrying out primary track renewals. Better welding techniques would also be promoted. Further, analogue machines for testing of rails are being replaced with digital type machines, which are more reliable. 

Railways to undertake systematic human resource audit

The Union Railway Minister Suresh Prabhakar Prabhu has announced that a systematic Human Resource Audit would be undertaken to prepare the workforce of Indian Railways for the future and for enhancing organizational performance 

The Union Railway Minister Suresh Prabhakar Prabhu has announced that a systematic Human Resource Audit would be undertaken to prepare the workforce of Indian Railways for the future and for enhancing organizational performance .

Presenting the Railway Budget for 2015-16 in Parliament today he informed the members that as part of the focused Human Resource strategy, measures would be adopted to raise employee productivity in line with global standards. It is also proposed to pursue creation a separate accounting head for HRD and develop ERP based Human Resource Management System. 

Shri Prabhu informed the members that Railways is in the process of setting up a full-fledged Railway University during 2015-16. 

The Railway Minister said that Railways frontline staff is the first point of contact with the public and Railways intend to start a special training module on soft skills for them so that railways customers feel welcomed. Training in yoga will be imparted to Railways staff, especially from Railway Protection Force (RPF). 

He informed that Railways will take up the work of repair of staff quarters and also of RPF barracks. It will also improve the delivery of health services to its employees. For the recreational pursuit of its staff Railways has decided to upgrade four Holiday Homes, to begin with.

Size of the Plan Budget has gone up by 52%: Prabhakar Prabhu

Introducing the Railway Budget for 2015-16 in Parliament today he said that in view of the fact that it would be a challenging task to initiate the mobilization of extra-budgetary resources, it is proposed to set up a Financing Cell in the Railway Board, which would seek the benefit of advice from experts in this field.

The Union Railway Minister Suresh Prabhakar Prabhu has announced that the size of the Plan Budget has gone up by 52% from Rs. 65,798 crore in 2014- 15 to Rs. 1,00,011 crore in 2015-16. Support from the Central Government constitutes 41.6% of the total Plan Budget and Internal generation 17.8 %. Introducing the Railway Budget for 2015-16 in Parliament today he said that in view of the fact that it would be a challenging task to initiate the mobilization of extra-budgetary resources, it is proposed to set up a Financing Cell in the Railway Board, which would seek the benefit of advice from experts in this field.


The Railways Minister informed the members that for financing remunerative projects through market borrowings, it is intended to tap low cost long term funds from insurance and pension funds, multi-lateral and bilateral agencies which can be serviced through incremental revenues. Railways will create new vehicles to crowd in investment from long-term institutional investors and other partners. These may include setting up an infrastructure fund, a holding company and a Joint Venture with an existing NBFC of a PSU with IRFC, for raising long term debt from domestic as well as overseas sources, including multilateral and bilateral financial institutions that have expressed keen interest in working closely with Railways in this endeavor. Railways will monetize its assets rather than sell them, he added.

SMS Alert’ Service for Arrival/Departure Time of Trains

Similarly SMS alert would be sent 15/30 minutes in advance of arrival of the train at the destination.

The Minister of Railways Suresh Prabhakar Prabhu has said that it is proposed to introduce an “SMS Alert” service to inform passengers in advance the updated arrival/departure time of trains at starting or destination stations. Similarly SMS alert would be sent 15/30 minutes in advance of arrival of the train at the destination. 

Presenting the Railway Budget 2015-16 in Parliament today Shri Prabhu said, a centrally managed Railway Display Network is expected to be introduced in over 2,000 stations over the next two years which will aid in providing information on train arrival/departure, reservations, general and emergency messages and also any other information of interest to citizens. This facility will promote “Digital India Campaign” and also unlock huge advertising revenue potential. 

Railways proposes to procure Power through Bidding Process

The Union Railway Minister Shri Suresh Prabhakar Prabhu has announced that Railways proposes to procure power through the bidding process at economical tariff from generating companies, power exchanges, and bilateral arrangements. 

The Union Railway Minister Shri Suresh Prabhakar Prabhu has announced that Railways proposes to procure power through the bidding process at economical tariff from generating companies, power exchanges, and bilateral arrangements. This initiative is likely to result in substantial savings of at least Rs. 3,000 crore in next few years. Presenting the Railway Budget for 2015-16 in Parliament today he informed the members that although a bulk consumer, Railways pays extremely high charges for traction power. 

The Railway Minister informed the members that to reduce dependence on fossil fuels, Railways is intended to expand sourcing of Solar Power as part of the Solar Mission of Railways. Work is in full swing at the solar power plant at Katra station and is slated for completion in March 2015. Further, 1000 MW solar plants will be set up by the developers on Railway/private land and on rooftop of Railway buildings at their own cost with subsidy/viability gap funding support of Ministry of Non- Renewable Energy in next five years. 

He emphasized that investment is needed in Indian Railways also because it is necessary for its ecological sustenance. The annual consumption of fuel by the Railways is just about 7% of the annual fuel consumption by the road sector. The energy consumption is about 75%- 90% less for freight traffic when compared to road. The carbon dioxide emission is about 80% less than road. Investment in Indian Railways is an investment in our future. It is an investment in our sustainability. It is an investment for posterity, the Minister said

Railways to digitize mapping of land records to counter encroachment of railways land

Presenting Railway Budget for 2015-16 in Parliament today he dwelt upon the resource mobilization by Railways.

The Union Railway Minister Suresh Prabhakar Prabhu has said that encroachment on the Railway Land is a serious issue and to counter this, digitized mapping of land records has been initiated and responsibility will be fixed on officials for any encroachments. Presenting Railway Budget for 2015-16 in Parliament today he dwelt upon the resource mobilization by Railways.
 
He informed the members that Railways is drawing up a comprehensive policy to tap the latent advertising potential. The new strategy would harness all avenues including offering stations and trains for corporate branding. It is launching a Coastal Connectivity Program this year where Railways in partnership with the concerned ports will deliver rail connectivity to Nargol, Chharra, Dighi, Rewas and Tuna. This programme is expected to mobilize investments of approximately Rs 2000 crore. It proposes to launch projects worth Rs 2500 crore through BOT/ Annuity route. These include Wardha- Nagpur 3rd line, Kazipet-Vijaywada 3rd line, Bhadrak –Nargundi 3rd line and Bhuj- Nalia Gauge Conversion.
 
The Minister also informed that a Scrap disposal policy of the Indian Railways will be reviewed for speedier scrap disposal.

HDFC at record high, up 2%

The stock has rallied nearly 5 per cent in the last two trading sessions.

HDFC is witnessed renewed buying interest for the second straight trading session.

The stock has surged over 2 per cent so this morning and has been an out-performer in trades today. In the process, the stock has also registered a fresh all-time high at Rs. 1,372.

The stock has now rallied nearly 5 per cent in the last two trading sessions.

HDFC is now up 2 per cent at Rs. 1,368, and around 60,000 shares have changed hands at the counter on the BSE.

Meanwhile, the Sensex has declined 65 points to 28,943

Know the various elements of Railway Budget

Railway Minister Suresh Prabhu will table the Rail Budget 2015-16 in the Lok Sabha today 

According to Article 112 of the Constitution of India, the central government should present before the Parliament an Annual Financial Statement as called Budget.

Railway Minister Suresh Prabhu will table the Rail Budget 2015-16 in the Lok Sabha today.

Mr. Prabhu had said best efforts were being made to fulfil people’s aspiration in the NDA government’s first full-fledged Rail Budget.


The various elements of Railway Budget include:

1. Railway Minister's Budget speech
2. Financial details of railway revenue
3. Financial details of railway expenditure
4. Data about machinery and rolling stock programme
5. Performance and evaluation of Budget
6. Appropriation Bill
7. Explanatory memorandum about the increase in fare and freight rates 

DLF clarifies reports on stake sale in 5 projects

The Exchange had sought clarification from DLF Ltd with respect to news appearing in Business Standard on February 22, 2015 titled "DLF to sell 50% stakes in 5 projects" and "Showcause to DLF over IT park" on February 23, 2015 respectively. 

The Exchange had sought clarification from DLF Ltd with respect to news appearing in Business Standard on February 22, 2015 titled "DLF to sell 50% stakes in 5 projects" and "Showcause to DLF over IT park" on February 23, 2015 respectively.

DLF Ltd replied stating, "In regard to item (i) "DLF to sell 50% stakes in 4 projects", we would like to clarify that there is no event, information or development which requires disclosure under Clause 36 of Listing Agreement. The Company, during its normal course of business, keeps exploring various opportunities to enhance shareholder value, which includes M&A, divestment of assets and fund raising opportunities. This was also disclosed in the Quarterly Analysts presentation duly uploaded in the Company’s website. We would keep exchanges informed in case of any specific developments in this regard.

In regard to item (ii) "Show cause to DLF over IT park" in Odisha, we would like to submit that the Company is in the process of seeking legal advice. The Company would submit any further material development to the stock exchanges in this regard."

SEBI plans to introduce OFCDs to small investors

Companies may offer optionally fully convertible debentures (OFCDs) in place of shares to small investors in initial public offerings

Securities & Exchange Board of India (SEBI) is planning to introduce an innovative structure in the primary market to attract more retail investors, according to a media report.

 Companies may offer optionally fully convertible debentures (OFCDs) in place of shares to small investors in initial public offerings (IPOs), the report added.

 The objective is to help retail investors exit their OFCDs in case the price of the share falls, the report added.

 SEBI's Primary Market Advisory Committee is likely to discuss the proposal on February 27.

Railway stocks mixed ahead of Railway Budget

Shares of Titagarh Wagons was flat at Rs. 586, while Texmaco Rail & Engineering shares were down 3% at Rs. 135 

Railway stocks will be in limelight today agead of the Railway Budget.

Shares of Titagarh Wagons was flat at Rs. 586, while Texmaco Rail & Engineering shares were down 3% at Rs. 135.

Kalindee Rail Nirman Engineers stock was down 3% at Rs. 136.

Gateway Distriparks shares were also down 2% at Rs418 and Container Corporation stock was up 2% at Rs. 1608.

Sundaram Finance spurts 2.5% after block deal

The stock so far has jumped 4.4 per cent at a high at Rs. 1,545. 

Sundaram Finance has jumped over 4 per cent after 1.5 per cent equity changed hands at the BSE counter in multiple block deals.

Around 16.8 lakh shares were executed at the BSE counter at Rs. 1,530.

Soon, the stock jumped to a high of Rs. 1,545 - up 4.4 per cent from its previous close. Now, the stock is up 2.5 per cent at Rs. 1,517.

The counter has seen trades of around 1.7 million shares on the BSE, as against two-week daily average volume of 3,342 shares.

Meanwhile, the Sensex has shed 71 points at 28,937. 

NTPC approves thermal power project in MP; stock flat

The stock has hit a high of Rs. 148 and a low of Rs. 146.

Shares of NTPC Ltd were trading flat 0.21% at Rs. 146.30 on BSE today. The stock has hit a high of Rs. 148 and a low of Rs. 146.

The company has accorded the investment approval for the Khargone Super Thermal Power Project (2 x 660 MW) in the state of Madhya Pradesh at an appraised current estimated cost of Rs. 9870.51 Crore subject to Environment Clearance of Ministry of Environment and Forests.

Further, the Board of Directors has also accorded approval to the proposal for NTPC's commitment to Government of India for setting up 10000 MW of Renewable Energy Projects during the next five years.

Total traded quantity on the counter stood at over 0.42 lk shares.

Meanwhile, the benchmark BSE Sensex is trading at 28,933 down 75 points.

Tata Elxsi stock hits 5% upper circuit

The stock has hit a high of Rs. 1084 and a low of Rs. 1026. 

Shares of Tata Elxsi hits 5% upper circuit at Rs 1071.

The stock has hit a high of Rs 1084 and a low of Rs 1026.

Total traded quantity on the counter stood at over 0.97 lk shares.

Meanwhile Sensex is trading at 28,917 down 90 points, while Nifty is trading at 8745 down 21 points.

Wockhardt stock down 4%

The stock has hit a high of Rs 1618 and a low of Rs 1539.

Shares of Wockhardt Ltd was down 4% at Rs 1541.

The stock has hit a high of Rs 1618 and a low of Rs 1539.

Total traded quantity on the counter stood at over 1.46 lk shares.

Meanwhile Sensex is trading at 28,917 down 90 points, while Nifty is trading at 8745 down 21

LME Inventories Data

LME Inventories Data

LME Inventories Data - Feb. 26,2016

                   Metal Tonnes Change

                   Aluminum 3947400 -6775

                   Copper 299675 +1475

                   Nickel 424932 -1002

                   Lead 211525 -400

                   Zinc 576800 -4600

                                               Powered by Commodity Insights

Budget bytes

Ahead of the Budget D-Day, here’s a quick media round-up of what corporate honchos across verticals and spheres and global financial market bigwigs had to say on the macro and micro aspects of economy, industry and bourses.

Shankar Sharma, Joint MD, First Global Group feels optimistic about the prospects of consumer goods sector in the light of resilient corporate performance, falling inflation, rising tech-driven employment numbers and better pay packets which collectively stand to culminate in better sales of cars, household products and other durables. This growth, he contends, would be driven by better volumes in the coming quarters. He doesn’t foresee any remarkable momentum for banks from lower interest rates but is more positive about the PSU players within the given space.    

Stephen Schwartzman, Co-founder, Blackstone believes India is re-emerging as a fruitful investment destination under the pro-business initiatives of the new government. He’s upbeat about real estate, power, infra and consumer durables. He also feels the hotel sector is still besieged with numerous approvals that adversely affect its ease-of-doing business ratings.
 
James McCormack, Global Head – Sovereign Ratings, Fitch expects Dollar-Euro parity by year-end while anticipating US GDP around 3 per cent.  He contends India won’t be impacted by US Fed rate hikes given its relatively low dependence on global capital markets. He also feels oil prices have touched bottom-levels and won’t fall further but does not completely rule out the possibility of an abrupt downhill slide in the short term. He confirms a stable Fitch outlook on India subject to its demonstrated commitment to structural reforms and lowering of governmental debt. As for the budget, he would look at India’s fiscal deficit target and sustainable revenue positioning as key factors to decide on any rating upgrades.     
 
Manish Agarwal, Partner & Leader – Capital Projects & Infrastructure, PWC India points out the glaring need to aggressively remove the land acquisition hurdles and the roadblock of other state-level and local-level clearances that have needlessly the EPC Model NHAI projects. This, he feels, will free up capital and enable contractors to take on fresh EPC projects. The PPP model in his reckoning will prove fruitful only if the financial distress of the banking sector from the pending project burden is resolved and low-risk based concession structures and long-term financing is made available on a larger scale.
 
Celebrated investor Jim Rogers feels India urgently needs to restore the confidence of foreign investors as nothing substantial has happened on the execution front in the nine months of the PM Modi government. The only bright spot, he observes, is the buoyancy of the stock markets but its longevity is dependent on India’s demonstrated efforts to break its overprotective shell. Rogers however is appreciative of the RBI monetary policy which he feels is line with the need of the hour. He attributes the fall in crude oil prices to political factors, is bullish on dollar upsurge and expects a better scenario for Gold within a year.
 
Hironori Kanayama, CEO, Honda Motors expects the budget to offer growth incentives to the auto sector. He feels the Indian market is likely to open its doors to premium cars like China did once the economy picks greater momentum. The company plans to expand its 150-city dealer network to 230 from the current 217.  The proposed Gujarat plant would gain traction; he made clear, solely depending on desirable production capacity and sales estimates. 
 
Tapan Kumar Das, CEO and co-founder, iTiffin.in wants the government to reduce healthcare costs to better address the health concerns emanating from lifestyle irregularities. He suggested the inclusion of nutrition services and health food under Health Services to qualify as a service within the Service Tax fold. He feels Food Technology should be exempt from import duty, more tax benefits should be extended to Nutrition and Health Food services and Nutrition & Diet Plan should be covered under Mediclaim policies.     
 
Suresh Sharma, Founder & Director, iSpyPrice.com sees the GST as a silver bullet to solve many tax issues. He wants the service tax on online advertisements abolished to help internet publishing companies generate credible and valuable content. He seeks more clarification on the service tax applicability for advertisement income and asks for the abolition of Minimum Alternate Tax (MAT) for the e-commerce sector.
 
Swaminathan Vedaranyam, CEO, VIA.com asks for a clear, concise and well-defined policy for the travel industry.  He highlights the need for developing tourist hotspots appealing to both domestic and foreign travelers. He sees the revival of tier II and II cities airports and rationalization of air travel taxes critical to travel and tourism growth.

Sensex, Nifty in red

Some buying activity is seen in metal and oil and gas sectors, while auto, banking, consumer durable goods, capital goods and healthcare sectors are showing weakness on BSE.

At 9:34 AM, the S&P BSE Sensex is trading at 28,9652 down 43 points, while NSE Nifty is trading at 8,754 down 13 points.

The BSE Mid-cap Index is trading down 0.10% at 10,690, whereas BSE Small-cap Index is trading down 0.07% at 11,247.

Some buying activity is seen in metal and oil and gas sectors, while auto, banking, consumer durable goods, capital goods and healthcare sectors are showing weakness on BSE.




Sesa Sterlite, Bharti Airtel,Tata Motors and ONGC, Reliance Industries are among the gainers, whereas Tata Power, Axis Bank, Dr Reddy's Lab, Infosys and Bajaj Auto are losing sheen on BSE.

Global markets are mixed, U.S. stocks ended Wednesday's choppy session on a flat note. However, the Dow Jones eked out marginal gains to shut shop at fresh record. The S&P 500 SPX and Nasdaq Composite closed slightly lower breaking its ten-day winning streak. The Asian markets are trading mixed the Nikkei index in Japan returned to its winning ways while the Hang Seng index in Hong Kong was trading lower.

Brent crude oil rose above $59 a barrel. Saudi Arabia's oil minister was quoted as saying that oil demand was growing.

Yes Bank has raised Rs 1,000 crore against a targeted Rs 500 crore by issuing green infrastructure bonds.

Adlabs Entertainment’s initial public offer (IPO) is expected to open on March 10. The issue will close on March 12, as per the latest data available with the capital markets regulator Sebi.

IndusInd Bank will issue long-term infrastructure bonds or non-convertible debentures on private placement basis to raise about Rs 2,000 crore

Apple plans to double iPhone sales to two million units in FY15:Reports

The company is focusing on e-commerce for the first time in the country.

Apple India is reportedly planning to double iPhone sales to two million units and revenue to more than Rs 8,000 crore during its financial year to September 2015 

The company is focusing on e-commerce for the first time in the country. 

The company expects that 20-25% of iPhone sales during the fiscal will be generated from e-commerce, says report.

Top economic news of the day - February 26, 2015

Reform measures undertaken by the government to accelerate growth and address fiscal and supply side constraints will determine India's sovereign credit profile, rating agency Moody's said. The declining inflation also calls for a policy rate cut to boost investments, it added. 

The Union Cabinet cleared the establishment of the New Development Bank for funding infrastructure and development projects in the BRICS countries. It also cleared the BRICS Contingent Reserve Arrangement which is meant to provide short-term liquidity support to the members in case of a Balance of Payments Crisis. 
 
Reform measures undertaken by the government to accelerate growth and address fiscal and supply side constraints will determine India's sovereign credit profile, rating agency Moody's said. The declining inflation also calls for a policy rate cut to boost investments, it added. 
 
The Delhi government slashed power tariff by 50% for consumption up to 400 units per month which will benefit around 90% of the Delhiites in the city. The decision was taken at a Cabinet meeting presided over by Chief Minister.