RBI caught off-guard by Fed tapering monetary stimulus, fears Rupee depreciation?

New Delhi: The Reserve Bank of India (RBI) has been caused disquiet by the rollback of monthly bond-buying programme of US Federal Reserve. Emerging market economies (EMEs) across the globe have been caught off-guard by the gradual withdrawal of monetary stimulus as they fear depreciated currencies.

                                           

The rollback of the unconventional monetary policy by US is propelling exit of foreign investing institutions (FIIs) from India Inc. and other EMEs. The already slowed neighbouring Chinese economy is only to add troubles for India. EMEs have been swirled owing to the massive sell-off causing dollar outflow.Read more

How did Sensex lose over 1000 points in last 7 days

Washington: As expected US Federal Reserve continued hammering down its asset purchases on Wednesday. The central bank announced to taper the stimulus package by another $10 billion as it plans on winding up the unconventional monetary policy.

                               

Despite tapering the monthly bond buying programme, which was lowered by $10 billion in the last Fed meeting to $75 billion, Fed has maintained its stance on low interest rates. This means US central bank will not be pumping $65 billion every month into its economy to boost liquidity.Read more

He discontinued his education, today owns $1 billion company

Discontinued education in 1958 (Punjab)

Moved to Delhi with Rs. 10,000 in pocket

Acquired Havells in 1971

Acquired European firm Sylvania in 2007

Havells became $1.3 billion company

                                     

Noida: Havells has done many mergers and acquisitions in the past few decades and has grown exponentially. The company has firmed its grip in many countries world over. The credit of the Noida based company’s $1.3 billion net worth goes largely to CMD Qimat Rai Gupta.Read more

Hikes repo rate to 8%, adjusts reverse repo rate at 7%, holds CRR at 4% Dailybhaskar.com | Jan 28, 2014, 11:52AM IST

New Delhi: Hawkish Governor of the Reserve Bank of India (RBI) in his stern measure to tackle inflation has hiked repo rate yet again by 25 basis points (bps) to 8%. RBI has kept cash reserve ratio (CRR) unchanged at 4%, however, in its monetary policy review on Tuesday.

                                    

The change has been extended to reverse repo rate, which stands adjusted at 7%, while the marginal standing facility (MSF) has been increased as well along with the Bank Rate at 9%.Read more

 

RBI is troubling common man by withdrawing notes issued prior to 2005: BJP

New Delhi: Bharatiya Janta Pary (BJP) on Friday morning raised its voice against latest mandate by the Reserve Bank of India (RBI) to withdraw from circulation currency notes of Indian National Rupee (INR) issued before 2005.
                                        
RBI Governor, Reformist Raghuram Rajan, has waged a war against black money and counterfeits. Read more

How to identify currency notes, issued before 2005, RBI intends to withdraw from circulation by 31 March

In pic: Look in the red circle. The note was issued by the central bank before 2005. Thus, the note bears no year of issue.
                             

New Delhi: Reserve Bank of India (RBI) Governor, Reformist Raghuram Rajan, has waged war against black currency and counterfeits. In the regulation issued by the central bank on Wednesday, it is stated that currency notes issued prior to 2005 shall be withdrawn completely from circulation by RBI by 31 March 2014.Read more

 

DoT issues new helpline number to lodge telecom complaints following a glitch: 1063

New Delhi: Department of Telecommunications had announced in November last year that it will be launching a toll-free number for telecom subscribers across India to register their complaints. The special number ‘1037’ was supposed to be activated by 1 January 2014; however, DoT missed the date.

                                                                  

In its report published on Tuesday, a national daily has reported the cause of delay to be a glitch in the consumer helpline initiated by DoT. Read more

Is truce between AAP and Congress over FDI in retail in Delhi collapsing?

New Delhi: Commerce and Industry Minister Anand Sharma on Monday reacted bitterly to the letter written to the Department of Industrial Policy and Promotion (DIPP) by the Delhi Chief MinisterArvind Kejriwal earlier this month seeking withdrawal of support for Foreign Direct Investment (FDI) in retail.

                                                 

Absolutely annoyed at the Delhi’s AAP government reversal on the FDI, Sharma went ahead warning the state government, ‘States have the option to join. But it is not a revolving door. Policy has to have stability for investor confidence’.Read more

Global energy demand to grow and switch from oil to shale gas in future

New Delhi: Energy is the source of life. Energy in any form is essential for humans to keep running life. However, how many times during our life do we actually stop to contemplate that how much energy do we consume in a year or even in a day? A question worth pondering over is it not?

                                      

Our energy demand is ever growing and insatiable. A latest report by British Petroleum (BP) has estimated our growing energy demand and where it shall reach in a few years from now. Read more

Paying the price of sugar crisis: Sugar output slumps by 21% to 86 lakh tonnes

New Delhi: India's sugar production fell by 21% to 85.5 lakh tonnes till 15 January of the current marketing year 2013–14 (1 October–30 September) on account of delay in crushing operations because of the severe impasse over pricing of sugarcane between UP millers and government, according to industry data.

                                 

‘Sugar production in the country is in full swing. Till 15 January 2014, the country has produced 85.50 lakh tonnes of sugar with 484 mills under crushing operations’, Indian Sugar Mills Association (ISMA) said in a statement. Sugar output stood at 108 lakh tonnes for the same period a year ago.Read more

2G spectrum reallocation: Vodafone and Bharti Airtel first to apply

New Delhi: As auction date for spectrum allocation is approaching, Telecom Secretary M F Farooqui said on Wednesday that all issues will be resolved before auction. Uncertainty looms over a number of issues such as spectrum usage charge (SUC), merger and acquisition guidelines, spectrum sharing and its trading.
                                          
Country’s top telecom operators Vodafone and Bharti Airtel on Wednesday applied for taking part in the spectrum auction scheduled for 3 February. ‘Vodafone has filed the first application, followed by Airtel. We are expecting most of the companies to apply’, an official source said.Read more

No need to seek loans for oil import from IMF: Veerappa Moily

New Delhi: Minister of Oil and Natural Gas, M Veerappa Moily, on Tuesday dismissed reports that India may seek loans from International Monetary Fund (IMF) for oil imports. The ministry is confident about the significantly better outlook of India as compared to what it was in mid-2013.

                                  

Petroleum Secretary Vivek Rae said that though the situation owing to oil subsidies was a little concerning; however, it is not that bad that like in the past, India will be forced to take loans from IMF.Read more

December retail inflation hits 3-month-low at 9.87%: CPI

New Delhi: Some calmness was provided to the troubled retail market with the consumer price index (CPI) for the month of December 2013 settling 5-month-low at 9.87%, on year-on-year basis. November CPI inflation meanwhile is revised to 11.16% from earlier 11.24%.

                                                     

Inflation rates for rural and urban areas for December 2013 are 10.49% and 9.11%, respectively. While inflation rates for the two for November 2013 are 11.66% and 10.53, respectively. It is evident that inflation has been bothering rural areas slightly more than urban areas.Read more

'UNHAPPY' New Year: Oil Ministry to hike diesel price by R 2 and LPG by R 100!

New Delhi: Despite an expected receding of food inflation, households will have to worry about budget. In the ongoing deregulation of oil and gas prices, there is more to follow. Oil Ministry is to take a bigger bite once to induce the price deregulation of the subsidised oil and gas across the country.

                                   

Painful it may sound but the Ministry has one major push for price hike of LPG (liquefied petroleum gas) before per annual quota of LPG cylinders household is raised from 9 to 12. A steep price hike is expected in fuel (kitchen and auto) next 2–3months.Read more

 

No return to economic recovery: November IIP contracts horrifyingly at –2.1%

New Delhi: The return to economic recovery of India Inc seems a distant dream now with tragic factory output for the month of November as released by Ministry of Statistics and Programme Implementation on Friday. IIP for the month of November 2013 indicates industrial growth contraction at –2.1%.

                               

Index of Industrial production (IIP) indicates industrial or factory growth of a country for a particular month on year-on-year basis. The general Index for the month of November 2013 stands at 162.4, which is 2.1% less (–) than November 2012’s 165.8 factory output.Read more

How father-son duo of Narayan and Rohan Murthy turned around Infosys' dipping fortunes

New Delhi: Infosys surprised analysts on Friday as its sales for the third quarter of financial year 2013–14 (Q3 FY’14) posted higher than expected figures. In 7 months since is back the founder and mentor Narayan Murthy, 50% of the losses have been recovered and the stock’s volatility has been brought below 40%, which is its lowest in past several quarters.

                              

A 19.4% net profit compared to previous quarter, which is way above than the experts were expecting for the quarter of FY’14 ending in December, Infosys has proved that it is one of the most consistent performers across the Dalal Street. On year-on-year basis, the second largest IT service provider in India grossed a 21.4% growth profit.Read more

Facebook LIKES India, acquires Bangalore's Little Eye Labs!

Bengaluru: Facebook Inc. has acquired Bengaluru-based, India, technology startup Little Eye Labs. Little Eye Labs is a company that develops engaging mobile applications by measuring, analysing and optimising data. It creates tools that help Android application developers to analyse and enhance mobile applications.

                                               

With the acquisition, Facebook seeks to bolster its presence amongst mobile-device users. The entire team of the Little Eye Labs shall be moving to headquarters of Facebook in Melno Park, California soon. The analytics company was founded by Kumar Rangarajan a year ago.Read more

Know how Amitabh Bachchan gained R 10 crore through JustDial

New Delhi: If a rich is not a wise investor, s/he may not be rich forever. To stay rich, one has to invest her/his riches in right assets to make money out of money. Money does not grow on trees; however, it definitely multiplies in stock market. If you wish to become a Wolf of the Wall Street, taking a few wise tips from the Big B of Bollywood may not be a bad idea.

                                        

Amitabh Bachchan is not just a brilliant actor with loads of moolah, but he also knows how to stay rich forever by safeguarding his money by investing in the right assets. The Bollywood star icon endorsed the local search engine in December 2010. The company had signed Bachchan for 3 years.Read more

Diesel price hiked by 50 paise, petrol by 75 paise

New Delhi: Diesel price is hiked by 50 paise per litre, effective from midnight, as announced by oil marketing companies. Aslo, is hiked petrol price by 75 paise.The government had permitted OMCs like IOC (Indian Oil Corporation), HP (Hindustan Petroleum) and BP (Bharat Petroleum) to gradually increase diesel price every month as part of a price decontrol phase.

                                                

The diesel under recovery of OMCs so far is of Rs. 9.74 per litre, which is then subsidised by the government so the companies do not incur losses.Read more

Google shuts down Bump and Flock

San Franciso: The recently acquired Bump and Flock by Google are reportedly shut down. The Smartphone file-sharing applications are shut down so that the team is able to focus on other more important projects.Bump Technologies was bought by US Internet giant Google when it was a start-up in September in a deal worth $30–$60 million.The two applications – Bump and Flock – shall be removed from the android market Google Play and App Store on 31 January. Neither of the applications will be functional post the announced date.

                               

The revolutionary application Bump allows Smartphone users to share data without any hassle just by knocking knuckles while holding devices. While Flock senses proximity of friends through location-technology.Read more

No hike in LPG prices: Oommen Chandy

Thiruvananthapuram: Any report of hike in the prices of LPG (liquefied petroleum gas) was rejected by Kerala Chief Minister Oommen Chandy on Wednesday after Petroleum Minister Veerappa Moily clarified that no increase had been affected.

                                             

I came to know about the reports regarding the LPG price increase while the cabinet meeting was on. Immediately I contacted Union Minister Moily and what he told me was that no increase had been affected’, Kerala CM said.Read more