PocketPedia 3.

0
Edition #247

Powered by iStations The Information Team, Symbiosis Institute of Management Studies

21 Jan,2015

Markets & Economy

IMF's Lagarde says euro zone exit
would be 'devastating' for Greece
An exit by Greece from the euro area
would be devastating for the country,
the head of the International Monetary
Fund Christine Lagarde said on
Tuesday. Greek leftist opposition party
Syriza holds a steady lead over ruling
conservatives with days of campaigning
left for Prime Antonis Samaras to try to
close the gap before a snap election on
Jan. 25. Financial markets are nervous
a Syriza victory could trigger a standoff
with EU/IMF lenders that results in
Greece leaving the euro zone. "First of
all it is not allowed under the rules of
the euro area, and secondly I think it
would be devastating for Greece,"
Lagarde told Irish state broadcaster
RTE when asked if an exit by Greece
would be devastating for the euro zone.
Source: Hindu

Supreme Court more interested in

bringing back black money
Supreme Court today said it was more
interested in getting the black money
stashed abroad back to the country
than the disclosure of names of illegal
account holders in foreign banks. "We
are interested in money coming back
and not on disclosure of names," a
bench headed by Chief Justice H L
Dattu said when arguments were
advanced that the Government should
disclose the names of those who have
admitted having illegal accounts in
foreign banks. "We are interested in
money coming back and not on
disclosure of names," a bench headed
by Chief Justice H L Dattu said.
Source : Livemint

Markets zoom as IMF sees India racing past China

The International Monetary Fund (IMF)'s forecast that the Indian economy will be the fastestgrowing major global economy - outpacing China - by 2016-17 saw the country's benchmark
indices climb to record levels. IMF in its latest World Economic Outlook report pegged India's
economic growth rate at 6.5 per cent for 2016-17, higher than China's projected growth rate of 6.3
per cent. The benchmark BSE Sensex gained 1.85 per cent to end at a new record high of
28,784.67, topping previous all-time high of 28,694 touched on November 28. The broad-based
Nifty, too, registered a new high of 8,695.6 gaining 144.9 points, or 1.69 per cent.
Source : Business Standard

PXIL seeks CERC's approval for introduction of two day spot product
Power-deficit states and utilities might get more products to be traded on the exchanges. The
Power Exchange India (PXIL) - promoted by the National Stock Exchange (NSE) and National
Commodity and Derivatives Exchange - has sought the permission of the Central Electricity
Regulatory Commission (CERC) to introduce two-day ahead spot (2D-Spot) and extended
evening day ahead spot products. The CERC has directed PXIL to submit an affidavit by January
30 in this regard. PXILs existing products are day ahead, term ahead and renewable energy
certificates. Source : The Economic Times
Sebi may alter delisting rule in board meet on Thursday
The capital markets regulator, the Securities and Exchange Board of India (Sebi), is to have a
meeting of its board of directors on Thursday. On agenda in streamlining the rules for raising
foreign capital through issue of partly-paid shares, besides decisions on the regulator;s annual
Budget. Partly-paid shares are an instrument through which companies can raise capital from
investors where the amount is got in two parts. Unlike the normal practice in which the entire
amount is paid upfront, the investor here only pays an upfront sum. When the remainder is paid
after a certain period, the shares become fully paid ones.
Source: Business Standard

Finance

IMF says India to grow faster than China in 2016

India is projected to outpace China by growing 6.5% against the 6.3% growth expected for its
northern neighbour in fiscal year 2016-17third year of the Narendra Modi governmentthus
becoming the fastest growing major economy in the world. This projection by the International
Monetary Fund (IMF) in its latest World Economic Outlook Update released on Tuesday comes
days after similar projections by the World Bank that said India will grow at 7% in 2017-18, a tad
higher than Chinas 6.9% growth. . IMF projected in October that Chinas growth in 2015 and 2016
will be slower than its estimates by 20 and 30 basis points, respectively. IMF, however, lowered
Indias growth projection for 2015-16 to 6.3% from 6.4% estimated in October last year.
Source : Livemint
Jan Dhan Yojana opens 11.5 cr accounts ahead of deadline
Ahead of the deadline of 26th January of government's flagship scheme Pradhanmantri Jan Dhan
Yojana (PMJDY)the government achieved the target of opening 11.5 crore bank accounts.The
original target was to reach out to 7.5 crore households during the scheme period but the target has
been overshot and was recognized by Guiness book of world records. Notwithstanding the
achievements in the scheme the minister was quick to recognize the contributions of the public
sector banks to the scheme.Public sector bank employees were biggest contributor to the scheme.
Source : Economic Times

Symbiosis Institute of Management Studies

Sensex spurts 523 points to record high of 28,785; metal

stocks steal the show
Indian equity shares rose nearly 2 per cent to a record high,
gaining for a fourth straight session, as blue-chips gained on
hopes about the domestic economy, while strong cues from
across the region also helped. As many as 199 stocks tracked the
strong momentum in the broader market today and touched their
year-high levels as the BSE benchmark Sensex surged 522.66
points to hit an all-time high of 28,829.29. Among the blue-chip
stocks that touched their 52-week high mark included Axis Bank,
HDFC, HDFC Bank, ICICI Bank and Tata Motors.
Source: Livemint

Govt borrowing to stay high after fiscal consolidation: RBI

official
The Centres gross borrowings from the market are expected to remain
high even after fiscal consolidation, as it will continue to see a dearth of
funds as long as the economy expands, G Padmanabhan, executive
director of the Reserve Bank of India (RBI), has said. Addressing an
annual event of the Primary Dealers Association of India, he said gross
bond supply would remain high even after fiscal consolidation. The
government, he added, was likely to continue running fiscal deficits in the
foreseeable future, owing to accumulated debt stock that had to be rolled
over, as well as the countrys growing gross domestic product (GDP).
Source : Business Standard

Operations
Nissan may advance launch of 3rd Datsun vehicle in India
Japanese auto major Nissan will miss its target of achieving 10
per cent market share in India by 2016 but may advance the
launch of a third vehicle from its Datsun brand in the country to
propel growth. The company that last week launched a compact
multi- purpose vehicle Go+ to add to the Go small car will expand
its network in small towns to boost sales of its Datsun brand of
vehicles. "The target we announced about getting 10 per cent
market share in India is still our dream but 2016 is just round the
corner. Source: Livemint
Volvo Eicher eyes 15% share in Indian heavy duty trucks
market
VE Commercial Vehicles, the 50:50 joint venture between Volvo
Group and Eicher MotorsBSE 0.21 %, aims to have 15 per cent
domestic market share in the heavy duty trucks in the next three
years. The company, which today launched three trucks under
the Pro 6000 series of next generation heavy duty trucks, is
relying on the Pro Series to achieve the desired target.
Source : Economic Times

No Mahindra SUV in US; market entry via Ssangyong stable

Homegrown auto major Mahindra & Mahindra is keen to enter the SUV
market in the US but will do so with the vehicles of its South Korean arm
Ssangyong and not under its own brand. "Yes, we want to be in US, and
if we are in the US we want to be with Ssangyong, not with Mahindra
SUVs," Mahindra & Mahindra Executive Director (Automotive and Farm
equipment sectors) Pawan Goenka said. He said it would be difficult to
justify trying to launch two brands in US as the cost involved is very high.
Source : Economic Times
Mahindra completes 51% stake acquisition in Peugeot
Motocycles
Mahindra Two Wheelers today completed the 28 million euro acquisition
of 51 per cent stake in Peugeot Motocycles (PMTC), a part of the euro 54
billion France-based PSA Group. Under the terms of the agreement,
Mahindra Two Wheelers Ltd (MTWL) has infused euro 15 million into
PMTC to finance projects implemented through the strategic partnership
and has also bought shares held by PSA which would allow MTWL to
take a 51 per cent stake in PMTC. Source: Livemint

Human Resources
Women employees earn 27% less than men: Monster India salary survey
Corporate houses may have rules against gender discrimination, but women employees still don't get paid as much as their male counterparts.
A survey by recruitment firm Monster India says that the median wage earned by women is 27% lower than what men make. On an average,
men earn Rs 259.80 per hour whereas their female colleagues earn just Rs 190.50. The online survey had 35,959 respondents across age
groups, industries and organisational hierarchies. Nearly 86% of the respondents were males. Gender continues to play a significant role in
determining the wages in the Indian labour market, notes the survey. It says this gap in earnings could be due to a preference for male
employees, promotion of male employees to supervisory positions, career breaks for women due to child birth and other socio-cultural factors.
Source : Economic Times

IT sector employees earn highest salary of Rs 341.8 per hour: Report

With a median gross salary of Rs 341.8 per hour, the IT sector in India has emerged as the most lucrative sector in India, followed by finance
where employees get Rs 291 per hour, a report says.According to leading online career and recruitment solutions provider, Monster India, those
in the IT sector in India earn on average Rs 341.8 per hour which is by far the highest salary of all sectors. Overall the Monster Salary Index
(MSI) shows that the median gross salary in the construction sector stood at Rs 259 per hour, for education at Rs 186.5, healthcare (Rs 215),
legal (Rs 215.6), manufacturing and transport (Rs 230.9).The report brings to light the fact that employees in education sector get the lowest
hourly salary of Rs 186.50 per hour
.Source: Livemint
Coca-Cola India to lay off 4-5% workforce under its cost-cutting drive
Coca-Cola India is expected to lay off 4%-5% of its workforce as part of its AtlantaBSE 0.29 % based parent's move to cut up to 1,800 jobs
globally. "We are redesigning our operating model to streamline and simplify our structure and accelerate growth. This redesign work will result
in impacts to jobs across our global operations including in India," a company spokesperson said in response to ET's query. Coca-Cola India
employs about 250 people. Coca-Cola Company had last week announced plans to cut 1,600-1,800 jobs, or about 1% of its global workforce,
as part of a drive to cut annual costs by $3 billion in coming years to overcome sluggish sales and pressure on profitability. The job cuts will not
impact its India bottling arm Hindustan Coca-Cola Beverages, which employs over 12,000 people.
Source : Economic Times
.
..