ICICI Bank, Tech Mahindra launch ‘Tap n Pay’ service

‘Tap n Pay’ is a prepaid account, which can be availed by customers of any bank by simply registering for it and transferring money online from any bank account. 

ICICI Bank in arrangement with Tech Mahindra Ltd announced the launch of a contactless payment service based on the Near Field Communications (NFC) technology.

Christened, ‘Tap n Pay’, this innovative payment service enables anyone (account holder of ICICI Bank or not) to make over-the-counter payments without using cash. It allows users to just tap the NFC enabled tag or mobile phone at the merchant’s point-of-sale device to make payments.

‘Tap n Pay’ is a prepaid account, which can be availed by customers of any bank by simply registering for it and transferring money online from any bank account. ICICI Bank customers can also transfer money to the Tap-n-Pay account through an SMS. To start with, this solution is being offered at large campuses of corporate offices. ICICI Bank and Tech Mahindra have plans to extend this service across the country.

Rajiv Sabharwal, Executive Director, ICICI Bank, said, “ICICI Bank has always been at the forefront of introducing innovative technology for a world class customer experience. We are delighted to partner with Tech Mahindra to enable a contactless payment service in the country for low value transactions. This initiative will offer a new, differentiated digital solution to replace cash for regular and small value payments made over the counter in large campuses. We believe that this service will offer users an unparalleled experience of making quick and safe payments like buying meal coupons at canteens with just a tap of their mobile phone or the NFC tag. Its usability is wide as it allows customer of any bank to register for ‘Tap-n-Pay’ with no documentation or branch visit. It will additionally ease the day-to-day hassle of cash handling and currency change for merchants too.”

CP Gurnani, MD & CEO, Tech Mahindra said, “As a technology company, we always endeavor to provide superior user experience to the end customer of our business partners. ICICI Bank is known for its continuous innovation to bring in enhanced customer experience. As such, the synergies between the two partners will bring about a new payments ecosystem, parallel to, and yet in harmony with, the existing payment networks in the country and further the move towards a digital India.” 

COAI reaffirms support for Net Neutrality

The Association urged all stakeholders to have a comprehensive and informed debate on the subject of Net Neutrality keeping in mind the requirements of India and its citizens. 

The COAI today reaffirmed its support to Net Neutrality and made a strong pitch for ‘Net Equality’ that will enable access to Internet for a Billion Indians as part of the Government’s Digital India vision.

The Association urged all stakeholders to have a comprehensive and informed debate on the subject of Net Neutrality keeping in mind the requirements of India and its citizens. An important and complex subject such as this, which is still being debated in many countries, which has taken years to conclude in many other countries and which is the subject of litigation in some, should not be left to the opinion of a few.

Clearing misconceptions that have arisen from the recent public debate over net neutrality and concerns over operators who are trying to control the consumers’ access to the Internet, COAI said:

We support an open Internet and believe that consumers, should decide what to do online. Our job is to enable consumers to benefit from that freedom.

We offer choice and do not block or provide any preferential access to any web site or app.

COAI also underlined their commitment to the Digital India story and called for an open, inclusive and affordable Internet access for every Indian. The Industry Association added that India’s telecom revolution has empowered over 950 million citizens through affordable services and the Internet revolution must now touch every citizen of the country.

COAI said its members are fully committed to investing in the Government of India’s Digital India vision and need an enabling environment that promotes the growth of the entire Internet ecosystem.

Create an Enabling and Equal Environment

Without infrastructure and investment, there will be no Internet access. The operators have invested billions of dollars in license fees, spectrum fees and network roll-outs. Yet the Industry still makes negative return on the capital employed.

The industry estimates the country would need an additional capital outay of INR 300,000 to 500,000 crores over the next 10 years in spectrum, new technology, equipment, towers, optical fibre backbone, etc., to meet the PM’s vision of Digital India, and connect 1 billion Indians to the exciting world of Internet. The need of the hour, therefore, is to have a sustainable industry that has the ability to invest in growth of data services and connectivity to all.

Promote Innovation to Enable Internet for All     

India has over 950 million mobile subscribers - the second largest in the world. This growth was enabled by innovation across the ecosystem – in our ever expanding complex networks, outsourcing models, infrastructure sharing, innovative pricing structures – that allowed operators to offer customers some of the most innovative and affordable call rates in the world.

We need the same spirit to connect a Billion Indians to the Internet. This means innovations across the ecosystem – affordable smartphones, more efficient networks, even more broad ranging applications (especially in areas such as education, health, governance) and pricing flexibility – that promotes greater digital inclusion. Only then can our citizens in rural India, or from a lower economic strata, be empowered through internet access.

Ensure the Same Rules Apply to Same Services to Get Internet Access to the Common Man

We believe that our role is to enable all services to reach customers across the country. One of the key factors to enable this is that the same rules must apply to the same types of services, including Mobile and IP Voice services. This is the only way to ensure digital inclusion and bring about social and economic good to the common man.

Make Internet Access Pro-Consumer, Pro-Choice

We should ensure customers have the freedom to choose how they want to access the Internet. A customer should be free to choose the device, technology and access platform – paid or subsidized as long as the Internet is always open in terms of access in a non-discriminatory manner. We support this! The interests of a few should not dictate the fundamental right of a customer to choose what he/she wants.

Rupee hits fresh one-month low

The rupee today opened lower by 23 paise at 63.14 per dollar against its previous close of 62.91 

The rupee fell another 24 paise to hit a new one-month low of Rs. 63.15 against the dollar in early trade on Tuesday at the Interbank Foreign Exchange.

The rupee today opened lower by 23 paise at 63.14 per dollar against its previous close of 62.91.

The local unit on Monday plunged by 55 paise to close at over one-month low of 62.91 against the dollar. 

Sun Pharma slumps on Daiichi exit plan

The stock has crashed over 10 percent on the back of heavy volume. 

Sun Pharma has slumped over 10.5 percent to a low of Rs. 933 on the back of heavy volume on reports of Daiichi exiting its 9 percent stake in the company.

According to media reports, Japanese firm Daiichi Sankyo will be selling its 9 percent holding in Sun Pharma, which it had acquired following the Ranbaxy-Sun Pharma merger block deals today.

The estimated value for the 9 percent stake is said to be around Rs. 18,000 crore.

Sun Pharma is now down 10.3 percent at Rs. 937. The counter has seen huge volume of around 5.93 million shares as against the two-week daily average volume of around 253,000 shares on the BSE. Similarly, over 23.7 million shares have been traded on the NSE counter.

Meanwhile, the Sensex has slipped 23 points to 27,863. 

Sensex, Nifty in green; capital goods, metal stocks gain

The BSE Mid-cap Index is trading up 0.36% at 10,592, whereas BSE Small-cap Index is trading up 0.16% at 11,388. 

At 9:28 AM, the S&P BSE Sensex is trading at 27,927 up 40 points, while NSE Nifty is trading at 8,450 up 2 points.

The BSE Mid-cap Index is trading up 0.36% at 10,592, whereas BSE Small-cap Index is trading up 0.16% at 11,388.

Some buying activity is seen in metal, consumer durable, banking and consumer durable sectors, while healthcare and IT sectors are showing weakness on BSE.

Coal India, BHEL, Tata Steel, Sesa Sterlite and Reliance Industries are among the gainers, whereas Sun Pharma, Wipro, Cipla, Maruti Suzuki and M&M are losing sheen on BSE.

It’s been taxing times for investors in recent days with the market giving up around 4.5% in a week alone. And we’re not talking just about issues regarding ‘retrospective tax’ or the minimum alternate tax. The recent earnings have also failed to enthuse the market. Parliament is in session now and the land bill is generating enough attention again. Rahul Gandhi, back from the sabbatical is trying to garner support of farmers by taking on the government heads on regarding land bill especially. Globally, there will be focus on Greece too on whether it can stick to its debt repayment agreements.

The indices will look at recouping some of the losses suffered in recent days. While technically, the charts suggest bearish pattern, the global cues could turn the trend temporarily. JustDial and UPL showing short build up and a breakdown on charts. Stocks like HCL Tech and Wipro will be closely watched as they announce their numbers today. HCL Tech numbers are slightly lower than street expectations and margins have fallen more than expected. The Dow and Nasdaq gained over 1%. The S&P also ended higher. Asian markets are also in the green with Nikkei and Kospi up less than a percent. Hang Seng has clocked gains over a percent.

Volatility is likely to continue in the near term and that is evident from the VIX jumping over the past two days.  Nifty could face stiff resistance near 8,600-8,650 zone while immediate support rests at levels of 8400.

The initial public offer of road toll management company MEP Infrastructure Developers Ltd opens tomorrow and will be on till Thursday. The company hopes to raise Rs. 324 crore by issuing 5.14 crore shares of face value of Rs. 10 each at a price band of Rs. 63-65. The minimum bid lot is 225 equity shares and thereafter in multiples of 225.

Shares of Videocon Industries and BPCL clocked gains in a falling market on Monday as they announced the appraisal of their third well off the Brazilian coast, says a report.

Daiichi Sankyo said it would not be a major shareholder in Sun Pharma although its existing business partnership with the Indian firm would remain. “The board of directors of Daiichi Sankyo Company approved a resolution on April 20, to sell entire or part of its holding of Sun Pharmaceutical shares,” the Japanese firm said in a statement.

Mahindra & Mahindra aims to present a formal offer for Pininfarina in time for the Italian car designer's April 29 shareholder meeting.

Lupin has launched anti-bacterial Zaxine tablets, under a licensing pact with Salix Pharmaceuticals Inc, in the Canadian market. 

Top economic news of the day - April 21, 2015

India's annual wheat procurement in the first 20 days of 2015-16 crop season was 62% less than what was purchased in the corresponding period of the previous year, triggering fears the government might have to lower its full season target in view of unseasonal rains. 

The Coal Ministry, Railway Ministry and Government of Odisha signed a memorandum of understanding on Monday to form a joint venture which identify and execute railway line projects for evacuation of coal in the State.
 
India's annual wheat procurement in the first 20 days of 2015-16 crop season was 62% less than what was purchased in the corresponding period of the previous year, triggering fears the government might have to lower its full season target in view of unseasonal rains.
 
The department of commerce is pushing all ministries to ease the rules on services trade even as the government is trying to bring out a more robust data on services export 

Indices to open positive

The indices will look at recouping some of the losses suffered in recent days. While technically, the charts suggest bearish pattern, the global cues could turn the trend temporarily. 

It’s been taxing times for investors in recent days with the market giving up around 4.5% in a week alone. And we’re not talking just about issues regarding ‘retrospective tax’ or the minimum alternate tax. The recent earnings have also failed to enthuse the market. Parliament is in session now and the land bill is generating enough attention again. Rahul Gandhi, back from the sabbatical is trying to garner support of farmers by taking on the government heads on regarding land bill especially. Globally, there will be focus on Greece too on whether it can stick to its debt repayment agreements.

The outlook is a positive start. The indices will look at recouping some of the losses suffered in recent days. While technically, the charts suggest bearish pattern, the global cues could turn the trend temporarily. JustDial and UPL showing short build up and a breakdown on charts. Stocks like HCL Tech and Wipro will be closely watched as they announce their numbers today. HCL Tech numbers are slightly lower than street expectations and margins have fallen more than expected. The Dow and Nasdaq gained over 1%. The S&P also ended higher. Asian markets are also in the green with Nikkei and Kospi up less than a percent. Hang Seng has clocked gains over a percent.

Volatility is likely to continue in the near term and that is evident from the VIX jumping over the past two days.  Nifty could face stiff resistance near 8,600-8,650 zone while immediate support rests at levels of 8400.

The initial public offer of road toll management company MEP Infrastructure Developers Ltd opens tomorrow and will be on till Thursday. The company hopes to raise Rs. 324 crore by issuing 5.14 crore shares of face value of Rs. 10 each at a price band of Rs. 63-65. The minimum bid lot is 225 equity shares and thereafter in multiples of 225.

Shares of Videocon Industries and BPCL clocked gains in a falling market on Monday as they announced the appraisal of their third well off the Brazilian coast, says a report.

Daiichi Sankyo said it would not be a major shareholder in Sun Pharma although its existing business partnership with the Indian firm would remain. “The board of directors of Daiichi Sankyo Company approved a resolution on April 20, to sell entire or part of its holding of Sun Pharmaceutical shares,” the Japanese firm said in a statement.

Mahindra & Mahindra aims to present a formal offer for Pininfarina in time for the Italian car designer's April 29 shareholder meeting.

Lupin has launched anti-bacterial Zaxine tablets, under a licensing pact with Salix Pharmaceuticals Inc, in the Canadian market.