Cabinet approves six railway projects worth Rs11,661cr-The Total Investment & Insurance Solutions

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20 February  2018

 

Projects(The Total Investment & Insurance Solutions)

The Union Cabinet approved six railway projects across Uttar Pradesh, Bihar, Madhya Pradesh, and Odisha at an estimated cost of Rs11,661cr.

The govt has given its approval for six-laning of Nidagatta - Mysuru Section of NH-275 from km 74.200 to km 135.304 on Hybrid Annuity Mode in Karnataka.

The development of six-laning of about 61 km is estimated to cost approximately Rs.2919.81 crore including the cost of land acquisition and pre-construction activities. The civil construction cost is approximately Rs2028.93cr.

The project would also provide employment opportunities to locals during project construction. With the widening and improvement of the highway, the areas would experience greater economic growth resulting in higher employment opportunities for locals.  An employment potential of 2,48,000 (appox.) mandays will be generated locally during the construction period of the Stretch.

The project road is a section of NH 275 connecting the two prominent cities in the state of Karnataka i.e. Bengaluru the commercial capital and Mysuru the cultural capital. Also, it links important places like Mangalore, Kodagu, parts of Kerala, etc. to Bangalore.

The existing 4 lane road has already crossed its capacity, resulting in traffic jams and accidents. The road is passing through congested and thickly populated towns and settlements like Maddur, Mandya & Srirangapatna, etc.

The upgradation to 6 Lanning alongwith 7m service road on each side and construction of bypasses at Maddur, Mandya & Srirangapatna and grade separated structures of this stretch of the National Highway will greatly reduce the time and cost of travel, particularly of heavy traffic plying in the region. The provision for by-passes will ensure decongestion of the urban areas of Maddur, Mandya & Srirangapatna. Elevated road has been proposed in the dense built-up areas of Maddur.   The project entails construction of service roads of about 60.35 km on both sides, which would facilitate movement of local traffic in the inhabited /urbanized areas.

The bus shelters being developed at 21 places will be of great utility for enhancing public transport facilities.  The existing traffic on this stretch is varying from existing 41433 to 52163 Passenger Car Units (PCUs) and keeping in view the expected traffic growth in the near future, the expansion to 6-Laning is a very timely step taken by the Ministry of Road Transport and Highways.The Total Investment & Insurance Solutions

RIL to buy 5% stake in Eros International, form Rs 1,000 cr fund to co-produce content-The Total Investment & Insurance Solutions

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20 February  2018

Eros international (The Total Investment & Insurance Solutions)

Mukesh Ambani-led Reliance Industries Ltd (RIL) and Eros International PLC (Eros) on Tuesday announced that RIL, through a subsidiary, has agreed to subscribe to a 5 per cent equity stake in Eros at a price of $15 per share.

Furthermore, RIL and Eros International Media Ltd (Eros India) announced that they have agreed to partner in India to jointly produce and consolidate content from across the country.

"The parties will equally invest up to Rs 1,000 crore in aggregate (approximately $150 million) to produce and acquire Indian films and digital originals across all languages," the companies said in a joint-statement here.

The transaction is subject to customary regulatory and other approvals.

"We are pleased to join hands with Eros, as it will bring further synergies into our plans, making for a win-win partnership.

We are delighted to welcome Jyoti Despande into the Reliance family and believe that she will not only give wings to our plans but also play a pivotal role in transforming the sector," said Ambani, Chairman and Managing Director, RIL.

In addition, the companies announced that Jyoti Deshpande, Group CEO and MD of Eros will be stepping down from her executive role after more than 17 years and move on to head the Media and Entertainment business at RIL as President.

Deshpande will start her role at RIL from April 2018, but will continue to remain as a Non-Executive Director on the Board of Eros.Kishore Lulla will resume his position of Group Chairman and CEO of Eros.

In her new role at RIL, Deshpande will lead the company's initiatives in media and entertainment to organically build and grow businesses around the content ecosystem such as broadcasting, films, sports, music, digital, gaming and animation as well as integrate RIL's existing media investments such as Viacom and Balaji Telefilms with a view to build, scale and consolidate the fragmented $20 billion Indian M&E sector, the statement added.The Total Investment & Insurance Solutions

New banking code issued to further protect digital transactions-The Total Investment & Insurance Solutions

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20 February  2018

 

Digital (The Total Investment & Insurance Solutions)

The Banking Codes and Standards Board of India (BCSBI) on Tuesday released a new "Code of Bank's Commitment to Customers" to ensure protection of consumers' rights in the dynamic banking environment.

A BCSBI statement said the new codes will be adopted and implemented, without exception, by the member banks with immediate effect.

The independent banking industry watchdog that protects consumers of banking services in India said the 2018 edition of the code has given significant importance to protect interests of consumers embracing digital transactions.

"The banks and customers are adopting measures to provide a secure banking environment, in spite of all the precautions taken by various stakeholders as there are instances of unauthorised electronic transactions," the institution said in a statement.

According to the BCSBI, the revised codes have been brought to light taking into account views and suggestions from relevant departments of Reserve Bank of India (RBI), Indian Bank's Association (IBA), association of depositors, member banks and customers.

"The banking industry has gone through a number of changes. With initiatives like Digital India, the nation has seen an increased usage of digital banking services," said A.C. Mahajan, Chairman, BCSBI.

"Customer's interface with bank has drastically transformed. Keeping in mind safeguarding of banking customers' rights, this version of the codes is in line with the changing environment," Mahajan added.

The BCSBI monitors and ensures that the Banking Codes and Standards adopted by the banks are adhered to while delivering their services.The Total Investment & Insurance Solutions

Global Shares Mixed After US Break, Investors Eye Fed Notes-The Total Investment & Insurance Solutions

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20 February  2018

Japan financial markets (The Total Investment & Insurance Solutions)

Global stocks were mixed Tuesday after a U.S. holiday, with investors awaiting the release later in the day of minutes from the latest meeting of the U.S. Federal Reserve.

KEEPING SCORE: France's CAC 40 gained 0.1 percent to 5,261, while Germany's DAX was up 0.1 percent to 12,401. Britain's FTSE 100 slipped 0.2 percent to 7,232. U.S. shares were set to drift lower, with Dow and S&P 500 futures down 0.7 percent.

CENTRAL BANKS: Minutes are expected later Tuesday from the latest Federal Reserve meeting. "The Fed's sequence of interest rate normalization should be the markets' key focus this week and the primary drivers of near-term volatility," says Stephen Innes, head of trading at OANDA.

CORPORATE DEAL: Albertsons Companies is offering either a share of its stock and $1.83 in cash or slightly more than a share for every 10 shares of Rite Aid. A deal value was not disclosed Tuesday by the companies. Shares of Rite Aid, which have shed more than half their value over the past year, jumped 40 cents, or 18.8 percent, in premarket trading after the deal was announced.

ASIA'S DAY: Japan's benchmark Nikkei 225 lost 1.0 percent to finish at 21,925.10. Australia's S&P/ASX 200 was virtually unchanged, inching down to 5,940.90. South Korea's Kospi lost 1.1 percent to 2,415.12. Hong Kong's Hang Seng fell 0.8 percent at 30,873.63. Shares were mixed in Southeast Asia, while markets in mainland China were still closed for lunar new year holidays.

ENERGY: Benchmark U.S. crude added 33 cents to $62.01 per barrel. Brent crude, used to price international oils, was down 58 cents at $65.09 a barrel.

CURRENCIES: The euro slipped to $1.2343 from $1.2408. The dollar rose to 107.14 yen from 106.57 yen.The Total Investment & Insurance Solutions

Nifty, Sensex Trying to Ward Off Bear Pressure – Monday closing report-The Total Investment & Insurance Solutions

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19 February  2018

I had mentioned in Friday’s closing report that Nifty, Sensex might head higher after a small dip. The major indices of the Indian stock markets suffered a correction on Monday and closed with losses over Friday’s close. On the NSE, there were 288 advances, 1,105 declines and 39 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below: The Total Investment & Insurance Solutions

Major Indices (The Total Investment & Insurance Solutions)

Selling pressure in metals, banking, capital goods, auto and oil and gas stocks dragged the key Indian equity indices lower on Monday, with the benchmark Sensex tanking over 300 points. Index heavyweights like Tata Steel, State Bank of India, Bharti Airtel, Sun Pharma and Adani Ports were laggards on the BSE.

PSU (public sector undertakings) banks continued to fall after the Punjab National Bank disclosed a Rs11,400 crore fraud eroding nearly Rs9,000 crore in market cap in three sessions, observed market analysts.

Apart from developments on the domestic front, the Indian equity markets would seek direction from global markets during the coming week, said market analysts.

The CBI (Central Bureau of Investigation) on Monday sealed the Brady House Branch of the Punjab National Bank as multiple probe agencies continued with their probe into the over Rs11,000 crore fraud, according to officials. PNB shares closed at Rs116.40, down 7.36% on the BSE.

The CBI questioned 11 Punjab National Bank (PNB) officials as well as Vipul Ambani, the Chief Financing Officer of diamond merchant Nirav Modi's Firestar International company, in connection with the multi-crore bank fraud, an official said. The Total Investment & Insurance Solutions

The CBI has set up a team to examine balance sheets and electronic data of Gitanjali group of companies and its India-based 18 subsidiaries headed by Mehul C. Choksi who is accused along with diamond merchant Nirav Modi in the multi-crore Punjab National Bank (PNB) fraud, officials privy to the case said on Sunday. Gitanjali Gems shares closed at Rs33.75, down 9.88% on the NSE.

State-run UCO Bank on Saturday said it has an outstanding exposure of about $411.82 million in the $1.8 billion fraud detected in public sector Punjab National Bank (PNB) and that it was confident of receiving the payment. UCO Bank shares closed at Rs27.00, down 4.74% on the NSE.

With the second largest Indian bank Punjab National Bank (PNB) hit by massive $1.8 billion fraud and other banks hit by frauds as well, Chief Economic Advisor to Indian government Arvind Subramaniam on Saturday advocated more private participation in public sector banks. The Bank Nifty closed 0.42% on the NSE on Monday. The Total Investment & Insurance Solutions

Prime Minister Narendra Modi on Sunday laid the foundation stone of the Rs16,000-crore Navi Mumbai International Airport and inaugurated the country's largest container terminal at Jawaharlal Nehru Port Trust, constructed at a cost of Rs4,719 crore here. These infrastructure developments are likely to assist in the long term bullish trend of the Indian stock markets.

Industrial conglomerate Larsen and Toubro (L&T) on Monday said its construction arm has bagged orders worth Rs1,680 crore from the Pune Municipal Corporation to revamp the water supply system in the city. The company’s shares closed at Rs1,295.50, down 2.47% on the NSE.

The top gainers and top losers of the major indices are given in the table below:

 

Top Gainer (The Total Investment & Insurance Solutions)

The closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)

India is the hot-spot of digital innovation: PM Narendra Modi-The Total Investment & Insurance Solutions

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19 February  2018

Prime Minister Narendra Modi (The Total Investment & Insurance Solutions)

Prime Minister Narendra Modi on Monday said that India is the hot-spot of digital innovation, across all sectors. The Total Investment & Insurance Solutions

“We not only possess a growing number of innovative entrepreneurs, but also a growing market for tech innovation. We were and we remain one of the most tech friendly populations in the world,” Modi said while delivering the inaugural address of the World Congress on Information Technology (WCIT).

Modi was delivering his speech through a video conference. The 22nd edition of the WCIT is being organized by Nasscom in Hyderabad .

"With one lakh villlages linked with optical fibre, over 100 crore mobile phones, 120 crore Aadhar and 50 crore Internet users India is best placed to leverage power of technology and leapfrog into future," he said.

He told the delegates that while ensuring empowerment of every citizen, Digital India is a journey bringing about digital inclusion for digital empowerment aided by digital infrastructure for digital delivery services.

"Leveraging technology in such a holistic manner was unthinkable some years ago. We have successfully completed this life-cycle in the last three and a half years. This has been possible through a change in public behaviour and processes," the Prime Minister said. The Total Investment & Insurance Solutions

Modi claimed that Digital India has not remained merely a government initiative but has become a way of life. The Total Investment & Insurance Solutions

He said the nation has come a long way with the convergence of Make In India and Digital India. The Total Investment & Insurance Solutions

"From only two mobile factories in India in 2014, today there are 118 mobile manufacturing factories operational in India, including some of the best global brands," he claimed. The Total Investment & Insurance Solutions

He said to ensure digital literacy reaches each household, the government initiative, Pradhan Mantri Rural Digital Literacy Mission, will make 60 million adults digitally literate in rural India. Under this, 10 million people have already been trained. The Total Investment & Insurance Solutions

He pointed out that digital payments through BHIM app registered transactions of Rs 15,000 crore last month.

Modi said that if technology was used well for public good, it can deliver lasting prosperity to mankind and a sustainable future for the planet

"Disruptive technologies such as Block-chain and the Internet of Things, will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces."

He said the concept of "Vasudhaiva Kutumbakam" (the world is one family), was deeply imbibed in Indian philosophy and reflects our inclusive traditions.

"In the 21st century, technology is becoming an enabler for this concept. It helps us create a seamless, integrated world. A world where geographical distance no longer remains a barrier in collaborating for a better future," Modi added.

The three-day WCIT is being held along with the NASSCOM India Leadership Forum. The Total Investment & Insurance Solutions

Business delegations from 25 countries are attending the event themed `Amplify digital-Disrupt the core`.The Total Investment & Insurance Solutions

Maharashtra signs Rs35,000 crore deal with Amol Yadav, the rooftop aircraft maker -The Total Investment & Insurance Solutions

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19 February  2018

 

Aviation(The Total Investment & Insurance Solutions)

The Maharashtra government on Monday cleared the decks for India's first individual aircraft maker Captain Amol Yadav to set up an indigenous factory for manufacturing 20-seater aircraft in Palghar in a Rs 35,000 crore project, an official said. The Total Investment & Insurance Solutions

Yadav created waves in February 2016, when he constructed a small airplane on his building terrace and displayed it at the 'Make In India' mega-event in Mumbai.

The Devendra Fadnavis government signed a MoU with Yadav's Thrust Aircraft Pvt Ltd, India, to set up the plant to build small aircraft and develop Palghar as a new aviation hub. The Total Investment & Insurance Solutions

The government had already announced that the company of the 41-year-old Deputy Chief Pilot with Jet Airways, would be allotted around 155 acres of land in Palghar, around 100 km from Mumbai, to implement the project as part of the 'Make In India' initiative. The Total Investment & Insurance Solutions

The ambitious Memorandum of Understanding agreement was inked in the presence of Chief Minister Fadnavis and Yadav's company during the ongoing 'Magnetic Maharashtra: Convergence 2018' global investors' conclave, which was inaugurated by Prime Minister Narendra Modi on February 18.

The milestone achievement for Yadav comes exactly 90 days after the Directorate-General of Civil Aviation (DGCA) registered his home-built small six-seater aircraft, which was painstakingly built over six years on the terrace of his building in Kandivali suburb, from 2011.

On November 20, 2017, Fadnavis met and formally handed over the DGCA certificate to Yadav, entitling him to undertake field and aerial tests on the rooftop built airplane. The Total Investment & Insurance Solutions

At the 'Make In India' mega-event in Mumbai in 2016, Yadav had displayed the aircraft for the first time attracting admiration from the visitors and dignitaries alike, including Civil Aviation Minister P. Ashok Gajapathi Raju and Fadnavis.

Yadav explained that the terrace of his three-BHK apartment is spread around 1,600 sq.ft and served as the cradle for India's first individual effort at creating a full-fledged, airworthy aircraft from 2011.

He was inspired after witnessing aviation buffs in the US buying old airplanes and remodelling them into customised six or twelve-seaters.

Named as 'VT-NMD', for 'Narendra Modi Devendra', Yadav's six-seater aircraft can soar upto 13,000 feet, climbing at 1,500-feet per minute, achieve top speeds of 185 knots with a range of 2,000 km, or a flying distance of Mumbai-New Delhi.

On Friday, President Ram Nath Kovind had invited Yadav, his wife Yogita, brother and parents to Rashtrapati Bhavan for a courtesy meeting.The Total Investment & Insurance Solutions

Japan Logs Trade Deficit In January, As Imports Jump 8 Pct-The Total Investment & Insurance Solutions

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19 February  2018

Japan Trade (The Total Investment & Insurance Solutions)

Japan's trade sector started out the year on a strong note though it slipped into deficit for the first time in eight months due to higher oil prices and seasonal factors. The Total Investment & Insurance Solutions

Customs data released Monday showed imports rose 8 percent from a year earlier to 7.03 trillion yen ($66 billion). Exports jumped 12 percent to 6.09 trillion yen ($57.1 billion), leaving a deficit of 943.4 billion yen ($8.8 billion).

Exports to China jumped 30 percent from a year earlier.

Oil prices have gained over the past year, rising from about $55 per barrel in January 2017 to more than $70 per barrel for part of last month. As a resource-scarce nation, Japan imports nearly all of its non-renewable energy needs. Imports of oil, gas and coal jumped nearly 10 percent in January from a year earlier, to almost 1.6 trillion yen ($15 billion).

Japan's trade surplus with the U.S. fell 12 percent as exports edged higher to 1.07 trillion yen ($1 billion). Surging shipments of liquefied petroleum gas, soybeans and machinery helped push imports up 9 percent year-on-year to 717 billion yen ($6.7 billion). The Total Investment & Insurance Solutions

Harumi Taguchi, an economist for HIS Markit, said the timing of new year and lunar new year holidays likely pushed the balance into deficit. But she added that "the overall trend for exports is likely to remain solid thanks to sustained brisk machinery orders from overseas, which will contribute to maintaining Japan's trade surplus over the near term."

The yen has recently gained in value, which could stunt exports in coming months, though for now it is mostly reducing costs for imports and exports since more than half of all of Japan's exports and imports are contracted in dollars, Taguchi said.The Total Investment & Insurance Solutions

European Shares Drift Lower As Traders Take A Breather-The Total Investment & Insurance Solutions

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19 February  2018

South korea financial markets (The Total Investment & Insurance Solutions)

European shares drifted lower Monday as investors paused for breath following a sizeable rally last week. Despite the move lower, there are few signs of the turmoil that gripped stock markets earlier this month. U.S. stock markets are closed for Presidents Day. The Total Investment & Insurance Solutions

KEEPING SCORE: In Europe, Germany's DAX was down 0.3 percent at 12,412 while the FTSE 100 index of leading British shares fell 0.3 percent to 7,276. The CAC 40 in France was 0.2 percent lower at 5.269.

CALM DOMINATES: Earlier this month there were real concerns that global stock markets were poised for a sustained period of weakness. However, sentiment has recovered over the past week or so, with many traders adjusting to the altered economic environment. The Total Investment & Insurance Solutions

ANALYST TAKE: "So far, global equity markets seem to be adjusting to the prospect of higher inflation, presumably on the basis that increases in corporate pricing power will be positive for earnings rather than of the cost-push kind that dents profit margins and result in a stagflationary economy," said Neil MacKinnon, global macro strategist at VTB Capital.

ASIA'S DAY: Earlier, Asian stocks performed strongly as they caught up with Friday's further advance, particularly on Wall Street. Japan's Nikkei 225 jumped 2 percent to 22,149.21. The Tokyo benchmark ended the day just 2.7 percent below where it started 2018, having recouped most of its losses during the recent global rout. South Korea's Kospi advanced 0.9 percent to 2,442.82. Australia's S&P/ASX 200 rose 0.6 percent to 5,941.60. Chinese markets were closed for Lunar New Year. The Total Investment & Insurance Solutions

OIL: Benchmark U.S. crude rose 46 cents to $62.01 per barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price international oils, was up 25 cents at $65.09 a barrel in London.

CURRENCIES: The euro was down 0.1 percent at $1.2397 while the dollar rose 0.2 percent to 106.60 yen.The Total Investment & Insurance Solutions