Expectations of SMEs from Union Budget 2015

The SME sector in India is flourishing with the immense support by the current Government. Indian SME s are the undisputed power house of the economy today. Not only are they generating millions of employment opportunities but are significantly contributing to our country's industrial output.

However, there is a need to bridge the challenge and expectation gap that exists today. While we see a positive trend in the start-up space in India, there are still challenges that act as roadblocks to their growth.

The SME sector has high hopes from the upcoming Union Budget. Recent announcements from both the Prime Minister and the Finance Minister have made it clear that the upcoming budget will be a marked departure from the current way the sector is functioning.

The government is coming up with M SME policy soon and the sector is upbeat that the current government will address glitches faced by this sector. With the launch of campaigns like Make in India, Digital India and Swachh Bharat Abhiyan, the sector will get the needed impetus as the success of Make in India stems from the SME sector.

The previous budget allocated Rs 10,000 crores to the start-up s and also showed a way forward for the growth of this sector. The government is committed and dedicated to the M SME sector and can deliver better on its promises of reviving this sector and making business a less traumatic process for entrepreneur s by incorporating a few more suggestions the sector has.

Despite its commendable contribution to the nation's economy, SME sector is still lagging behind. There is a need to remove the bottlenecks – discrepancies in incentive schemes that include taxation, subsidies, credit based procurement of raw materials / input, etc.

The government should provide a stable industrial environment to strive for operational cost-effectiveness that will help to increase access finance for SME s which still remain a major problem. The economic environment needs to be more flexible for the sector. Also the complex set of compliance mechanism that needs to be followed to get clearance on starting a new business should be made simpler. A more simplified legal framework is required to ensure the growth of the start-up s. In addition, technological backwardness is a major concern for start-up s. The government should incentivize tech infrastructure for start-up s.

Banks should be frontrunners in enhancing institutional credit at cost-effective rates especially to M SME s, whose demands account for 97 per cent of the viable debt gap. Also, the prime responsibility of refinancing and recapitalizing small and micro lending and investing services/ institutions rests on banks. Banks are expected to develop adequate debt restructuring and insolvency resolution regimes to mitigate investment risks and control the burden of non-performing assets.

A quicker implementation of the GST will also pace up the SME growth. The Government has been contemplating on the implementation of the GST. Once the GST is implemented there will be a single marketplace which will break tax barriers between states, bringing in a uniform tax rate across the country. A stable indirect tax regime and the patronage of both Central and State government is the need of the hour to nurture the SME sector to reach greater heights.

M SME currently accounts to more than 38 million and contribute more than 38 per cent to India's manufacturing output, 40 per cent to the total exports and is able to create 106 million jobs every year. Due to very high cost of business acquisition, low media budget, non participation in international events, the M SME branding and visibility is extremely poor. Hence, the finished products only contribute 17 per cent to the country's GDP. Given that, channelization of finished products of the SME sector is the need of the hour.

With the start-up ecosystem evolving rapidly in India, it is probably the best time for small and medium enterprise ( SME s) to enter the market. The unfavourable taxation regime, high cost of starting a business and archaic laws, rules and regulations make the country indeed a hard place to set-up and run a business. The schemes are in place, but it is required to enhance the responsiveness and outreach of such schemes.

The government is well aware of the importance of the SME sector. The sector is positive about the Union budget that will be unveiled on February 28, 2015 given the forward looking policies planned by the current Government.

(By Mr. R. Narayan, Founder and CEO, Power2 SME )        

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Vertex Projects sells 25.8 lakh shares of Taj GVK Hotels

On February 27, 2015 Vertex Projects sold 2,583,702 shares of Taj GVK Hotels at Rs 76.05 on the NSE.

On February 27, 2015 Vertex Projects sold 2,583,702 shares of Taj GVK Hotels  at Rs 76.05 on the NSE.

On Friday, Taj GVK Hotels & Resorts closed at Rs 75.55, down Rs 0.15, or 0.20 percent.

The share touched its 52-week high Rs 128 and 52-week low Rs 61.50 on 28 August, 2014 and 10 March, 2014, respectively.

The company's trailing 12-month (TTM) EPS was at Rs 0.53 per share. (Dec, 2014). The stock's price-to-earnings (P/E) ratio was 142.55. The latest book value of the company is Rs 55.58 per share. At current value, the price-to-book value of the company was 1.36. The dividend yield of the company was 0.26 percent.

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Gold set to snap 4-week losing run on US policy hopes

Spot gold was up 0.2 percent at USD 1,210.60 an ounce by 0042 GMT, having touched a one-week high of USD 1,220 on Thursday. Bullion has gained 0.8 percent for the week.

Gold advanced for a third session running on Friday and was on track to end a four-week losing streak, supported by a softer dollar and hopes that the US central bank will not rush to raise interest rates.

But the metal is still headed for its biggest monthly loss since September, having fallen nearly 6 percent in February.

FUNDAMENTALS

* Spot gold  was up 0.2 percent at USD 1,210.60 an ounce by 0042 GMT, having touched a one-week high of USD 1,220 on Thursday. Bullion has gained 0.8 percent for the week.

* Expectations that the Federal Reserve would raise interest rates this year had pulled gold prices lower for most of this month. It regained some lost ground this week after Fed Chair Janet Yellen's congressional testimony suggested the US central bank would be flexible in the rate hike timing.

* US gold for April delivery was steady at USD 1,210.70 an ounce.

* US consumer prices fell over the past year for the first time since 2009 as gasoline prices continued to tumble, which could allow a cautious Fed more room to hold off on raising interest rates.

* But San Francisco Fed President John Williams and St. Louis Fed chief James Bullard both suggested that the US central bank might end its near zero interest rate policy sooner than some traders expect.

* China's gold imports from Hong Kong rebounded in January from a three-month low in December, reflecting increased demand ahead of the Lunar New Year.

MARKET NEWS

* The dollar eased 0.1 percent against a basket of currencies after rising to a one-month high on Thursday.

* Japanese stocks crawled to a fresh 15-year peak after the dollar surged against the yen as upbeat US durable goods orders data flipped expectations back in favour of an early interest rate hike by the Federal Reserve. 

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Sensex, Nifty open strong on Mar series; eyes on Eco survey

Tata Power, L&T, Tata Motors, Sesa Sterlite and SBI are top gainers whle NTPC, ITC and TCS are among the losers in the Sensex.

09:15

Moneycontrol Bureau The market has opened March series on a positive note. The Nifty is up 45.65 points at 8729.50. The Sensex is up 202.12 points or 0.7 percent at 28948.77. About 375 shares have advanced, 120 shares declined, and 110 shares are unchanged.

Tata Power, L&T, Tata Motors, Sesa Sterlite and SBI are top gainers whle NTPC, ITC and TCS are among the losers in the Sensex.

The Indian rupee opened lower by 11 paise at 61.86 per dollar on Friday against previous day's closing value of 61.75 a dollar.

The dollar rises to a one-month high against a basket of currencies as US inflation and business orders supported bets the Federal Reserve will raise interest rates in the middle of the year.

Pramit Brahmbhatt of Veracity said, "Reduced FII inflows coupled with profit booking in local equities may put pressure on the rupee to depreciate today. However, gains in Asian equities and some exporter selling may limit losses. The rupee is likely to trade today in a range of 61.30-62.20/dollar."

Globally, US stocks closed narrowly mixed, with stocks near recent highs, as lackluster economic data and oil concerns weighed on investor sentiment. Asian markets are mixed in morning trade as the Japanese index continues its march higher. For the month the Nikkei is up 6.5 percent and today it is holding with mild gains.

European equities gained as investors reacted to a raft of corporate earnings and fresh economic data. Nymex Crude slipped over 5 percent yesterday to USD 48 and Brent too slipped marginally to USD 61. And precious metal gold rose to USD 1210 an ounce.

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Market may open flat: Ventura Securities

Ventura Securities' Fundamental Report:

Sensex, on Wednesday, fell 3 points and closed flat at 29,008 after late sell off by the institutions ahead of Rail Budget, Union Budget and introduction of key Bills in the Parliament. 

Among sectors, the gainers were IT and Realty which gained 0.4-0.5 percent while Bank, Metals and Pharma slipped 0.8-1.2 percent.

Among stocks, the biggest gainers were HDFC,Infosys and  Wipro which rallied between 1.5-2.5 percent while Dr Reddy's, Tata Steel and Sun Pharma fell by over 2 percent each.

Nifty gained 5 points and closed flat at 8,767. Today, the market is likely to open flat, with the SGX Nifty trading only 1.50 points up ahead of the Rail Budget.

US markets ended on a mixed note yesterday; Dow closed 0.08 percent up, while Nasdaq dropped 0.02 percent as sentiments remained mixed due to some recovery in oil prices. US markets, today, will see data releases on Core CPI m/m, CPI m/m, Unemployment claims, Core Durable Goods Order m/m, Durable Goods Order m/m, HPI m/m and Natural Gas Storage.

Asian markets are trading on a mixed note with Nikkei up 0.4 percent, as it touched the new 15 year high and Hang Seng down 0.2 percent as gaming and tourism stocks reported disappointing earnings for the December quarter.

Indian ADRs ended the day on a largely positive note. Among financial ADRs, ICICI Bank closed 0.18 percent up while HDFC Bank gained 0.43 percent. Among IT ADRs, Wipro was up 1.89 percent, while Infosys was up 0.05 percent. Tata Motors was up 0.31 percent.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Don’t trade indices till Budget; buy ACC, HDFC: Sukhani

If Nifty goes below 8700 then be a short seller and if it goes above 8900 then go long in the market, says Sudarshan Sukhani.

Sudarshan Sukhani of s2analytics.com says the whole market is now in a trading range and it would be sensible to wait till the Budget events are over to trade in the indices.

Post the Railway Budget and the Union Budget on Feb 28, market could give a decisive direction which could either be up or down. So if Nifty goes below 8700 then he would be a short seller and if it goes above 8900 then one must buy the market, he advises.

Personally he would stay long in the Nifty but that is more an emotional trade rather than sensible one, he adds.

However, individual stocks are giving both buying and selling opportunities. HDFC is on verge of life-time highs and so he would be a buyer in it with a target price of Rs 1380.

IT space is unlikely to be impacted by the Budget, so one can look at buying Wipro, which is a very good chart, says Sukhani.

According to him ACC made life time new highs, which always represent buying opportunity. So, buy it without any doubt

more to come

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Here are some top trading ideas from Amit Gupta

Watch the interview of Amit Gupta of ICICI Direct with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.

Watch the interview of Amit Gupta of ICICI Direct with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.

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Interest rate hike on a 'meeting by meeting' basis: Yellen

The Federal Reserve is preparing to consider interest rate hikes "on a meeting by meeting basis," Fed Chair Janet Yellen told a congressional committee on Tuesday in a subtle change of emphasis in how the Fed has been speaking about its plans for the first interest rate increase since 2006.

In prepared remarks to the Senate Banking Committee Yellen described how the Fed's rate-setting policy committee will likely proceed in coming months - an effort to increase the Fed's flexibility and mute any potential market reaction as the central bank approaches its "liftoff" date.

The committee will first drop the word "patient" from its statement, part of a phrase used since December to describe the Fed's approach to the timing of an initial rate hike, Yellen said.

But that is no guarantee rates will be raised at any given point, Yellen said. Rather it will be a signal that the Fed was shifting into a meeting by meeting consideration of a rate increase.

"If economic conditions continue to improve, as the Committee anticipates, the Committee will at some point begin considering an increase in the target range for the federal funds rate on a meeting-by-meeting basis," Yellen said.

"Before then, the Committee will change its forward guidance. However it is important to emphasize that a modification of the forward guidance should not be read as indicating that the Committee will necessarily increase the target range in a couple of meetings."

Yellen's discussion of forward guidance was part of prepared testimony that included a broad overview of a US economy that appeared to be surging forward with strong job growth and a continued post-crisis expansion - conditions largely consistent with a rise in interest rates sometime later this year.

However, Alabama Republican Senator Richard Shelby, the chair of the Senate Banking Committee, indicated he was interested in what he considered more fundamental issues such as whether Congress should take a more aggressive role in overseeing the Fed.

He has scheduled a separate hearing on that issue next week, and challenged Yellen on the issue in his opening statement.

With a more than USD 4 trillion balance sheet from its various crisis fighting efforts, "many question whether the Fed can rein in inflation and avoid destabilizing asset prices," Shelby said. "I am interested to hear whether the current Chair believes the Fed should be immune from any reforms."

Yellen's prepared remarks will be followed by a question and answer session, and a repeat appearance before a House committee on Wednesday.

Just completing her first year as Fed chair, Yellen said she felt U.S. labor markets and other key economic indicators "have been increasing at a solid rate." However, she said she still feels the job market is not fully repaired, and that the U.S. outlook remains somewhat clouded by a weaker-than-hoped-for global economy, stalled wage growth, and falling inflation.

None of those factors on their own may be enough to keep the Fed from raising interest rates later this year, perhaps as early as June. Rates have been near zero since the financial crisis hit in 2008, part of a record effort by the central bank to repair the damage of the Great Recession.

But the lack of inflation has made some Fed policymakers hesitant to commit to raising rates until they are more certain the U.S. is not headed down the same path as Europe or Japan, mature industrial economies that are struggling to maintain growth. The Fed considers a steady 2 percent annual inflation rate a sign of overall economic health - consistent with its own ability to return interest rates to a normal level, and not so high or low that it distorts household and business spending and investment decisions. Though the current weak prices are considered likely to be a temporary result of oil's collapse, doubts remain.

Yellen's statement could set the stage for the Fed to remove "patient" as soon as its next meeting in March: several policymakers, including some centrists on the committee, have said they feel an interest rate increase should be on the table by June, after the intervening Fed session in April.

The discussion of forward guidance in Yellen's testimony is an effort to extricate the Fed from a perhaps unforeseen constraint it created when the word "patient" was put in its statement in December. Yellen defined patient as a "couple" of meetings, and policymakers soon became concerned, according to the most recent Fed minutes, that investors would view any removal of "patient" as a sign interest rates would definitely rise two meetings later.

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Union Budget 2015: Time to bring transparency certainty on deals street :EY

Deepa Dalal
EY India

With the significant upswing of the M&A activity in India, India Inc is yearning for the right (now that left parties are also out) reforms.The slogan "Make in India" deserves to be extended even to the deals.

The people of the nation have with their votes, demonstrated that 2015 is expected to be year of changes and directional reforms. Of the many reforms India witnessed in 2014, it witnessed a remarkable evolution in the deal market – M&A deals approximated 1,177 valuing $ 50 billion, an upswing of 26% vis-à-vis 2013. Economists attribute the upswing to resurgence in business sentiments towards the Modi government. However, positive sentiments alone may not be able to sustain the bullish trend – all eyes now on first budget by the, as promised, "growth friendly" government.

Indirect Transfer Tax

Significantly impacting deals today, is the abstruseness of retrospective Indirect Transfer Tax provision introduced in 2012, emanating from Apex Court verdict in the Vodafone case. Clearly defining the "scope" for Indirect Transfer Tax, describing the term "substantial interest", exemption for "group restructurings" and devising a "charge mechanism" are some of the most sought out for answers. Concluded deals, likewise, remain distressed with the introduction of these provisions given their retrospective effect, ambiguities surrounding applicability and interest and penal consequences due to default.

Clarificatory announcements around the topic, would provide guidance to Income Tax Authorities on approach to address cases surrounding Indirect Transfer Tax, and also provide relief to MNCs investing into India of the impact of such provisions while structuring their acquisitions.

Outbound mergers

New Companies law, for the first time, proposes to open avenues for outbound mergers. Acquisitions in the mode of merger could enable non cash consideration discharge by Indian multinationals.Tax provisions as well as Foreign Exchange Regulations would need to undergo a change to make this workable holistically.

Tax exemption on sale of listed securities off exchange

Presently, any acquisition of listed company by non-resident is achieved by off market transaction, since the Foreign Exchange Regulations do not permit the purchase by a new promoter on exchange.The tax exemption for sale of listed company only applies to sale on exchange. An alignment of the above would boost the change in hands of listed companies.

Tax holiday continuity in restructurings

Group restructurings are often impacted due to lapse of tax holiday benefits (such as section 80-IA and 10AA on restructurings).This has been one of the major no-go situations obstructing deals. Extension of benefits despite restructuring would encourage group restructurings.

Treaty Benefits and GAAR

Investors and corporate houses have been hesitatingly investing in India due to long tax litigation cycle in India and Revenue friendly approach of the Indian Tax Authorities, especially at the lower levels. Cross border deals, availing Tax Treaty benefits appears to be the most impacted, being sceptically viewed by the Indian Tax Authorities. The incoherence in the provisions of the Act and approach of the Indian Tax Authorities certainly demand a guidance and alignment of approach.

Uniformity in Stamp Duty provisions

Indian Stamp duty provisions date back to 1958 and though they have been revised along the years, there are various interpretational issues, non-clarity in law and several provisions which are state specific. A uniform stamp duty provision throughout the nation would be ideal eradicating necessity for inter-state set offs as well as ensure clarity in levy and discharge of stamp duty.

Period of holding, convertible instruments

Last year's budget witnessed an unforeseen extension of period of holding of unlisted securities for taxation as long term capital gains, from 12 months to 36 months.This has adversely affected planned exit of strategic investors who had previously, due to commercial considerations, invested through convertible instruments (convertible debentures/ preference shares) and planned exit through transfer of equity pursuant to conversion. Inclusion of pre-conversion holding period to satisfy 36 months criterion, would be welcome.

Minimum Alternative Tax for foreign companies

Applicability of Minimum Alternative Tax (MAT) on foreign companies has been a subject matter for debate long enough. Various FIIs and QFIs have received notices from the Indian Tax Authorities for taxation under MAT. Slight guidance on inclination of the government on this matter is forthcoming.

While we invite the world to invest in India, India Inc looks forward to transparency and certainty in deal making. Will Budget 2015 project that, only time shall tell.

Author is director transaction tax at EY India

(Shimoli Gandhi, senior tax professional, EY contributed to the article)

(Views expressed are personal)

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Here are some stock picks from Siddarth Bhamre

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India Inc frustrated, but market knows better: Ridham Desai

Morgan Stanley's Ridhan Desai however feels the earnings data does not reflect the complete picture and that the capex cycle is slowly picking up

Moneycontrol Bureau

Corporate earnings for the December quarter have been the worst since the global financial crisis, leading to a sense of frustration within India Inc.
That is because the effects of policy reforms are still not visible on the ground.

Morgan Stanley's Ridhan Desai however feels the earnings data does not reflect the complete picture and that the capex cycle is slowly picking up.

"Fixing inflation has caused growth to weaken in the short run (inevitable pain), but has set up India for better growth in the coming months. Remedying stalled projects was a more complex problem, but recent capex data shows that things are turning," writes Desai in a Morgan Stanley note to clients.

"These actions will eventually filter into earnings, but for Corporate India an improvement is not on hand whereas stock prices are rising. This makes the market look wrong, although arguably the market is not concerned with how Corporate India feels today, but how it is likely to feel 12 months from now," the note says.

Desai concludes the note by saying that India Inc will likely feel a whole lot better by February 2016, as a consequence of concerted policy actions coupled with the global dynamics.

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Sensex, Nifty firm; Hindalco up 3%, Reliance ITC drag

Hindalco, Tata Power, BHEL, Infosys and Tata Steel are top gainers in the Sensex. Among the losers are Reliance, ITC, Bajaj Auto and Dr Reddy's Labs.

09:15

Moneycontrol Bureau The market has opened the most crucial Budget week on a firm note.The Sensex is up 65.28 points at 29296.69 and the Nifty is up 23.25 points at 8856.85. About 500 shares have advanced, 126 shares declined, and 119 shares are unchanged.

Hindalco, Tata Power, BHEL, Infosys and Tata Steel are top gainers in the Sensex. Among the losers are Reliance, ITC, Bajaj Auto and Dr Reddy's Labs.

The Indian rupee opened flat at 62.20 per dollar versus 62.22 Friday.

The euro held steady, rising initially in relief following a conditional loan extension deal for Greece, but losing steam as caution towards the debt saga persisted.

Pramit Brahmbhatt of Veracity said, "Investors are likely to be cautious ahead of a series of data due for the week. Rupee is expected to trade rangebound to slightly weak taking cues from a strong dollar. Range for the rupee is seen between 61.80-62.80/dollar."

Global cues are positive with the Wall Street having closed at record highs after Greece got yet another lifeline as the Euro-group agreed to extend the bailout package by four months, contingent on reform measures by Greece.

Asian markets are positive in morning trade but volumes are low with China, Taiwan markets being closed for the Chinese New Year holiday.

Nymex crude futures dropped as Libya resumed oil exports from the eastern port of Zuei-Tina thereby adding to the global glut. Brent crude hovered around USD 60 dollars per barrel.
Precious metal gold's prices fell towards USD 1200 an ounce after euro ministers and Greek officials reached an agreement to extend Greece's financial rescue by four months.

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Overdrive: Facelifts upgrades of Verna, Jetta Amaze

Every product has a calculated lifecycle and even the most successful ones need to go under the knife once in a while to stay fresh and relevant in their categories. Overdrive puts the spotlight on three such cars, the Amaze, the Jetta and the Verna. Rohit Paradkar of Overdrive gives you details.

Every product has a calculated lifecycle and even the most successful ones need to go under the knife once in a while to stay fresh and relevant in their categories. Overdrive puts the spotlight on three such cars, the Amaze, the Jetta and the Verna. Rohit Paradkar of Overdrive gives you details.

Watch video for more...

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Centre to introduce draft bill on small factories in Budget

The NDA government is all set to move amendment proposals to Child Labour (Prohibition and Regulation) Bill and Factories Act, 1948 and introduce Draft Bill on Small Factories (Regulation of Employment and Condition of Service) in the upcoming budget session, Union Labour Minister B Dattatreya said today.

The NDA government is all set to move amendment proposals to Child Labour (Prohibition and Regulation) Bill and Factories Act, 1948 and introduce Draft Bill on Small Factories (Regulation of Employment and Condition of Service) in the upcoming budget session, Union Labour Minister B Dattatreya said on Saturday.

The Minister said once the Bill is passed with amendments, the Child Labour Bill would have more tooth to deal with serious issues related to child labour. "Employing children below 14 years is totally banned.

Children between 14 and 18 years should not be assigned works of hazardous and critical nature. Anybody violating the provisions of the law would be imprisoned besides being fined penalties," Dattatreya told reporters at a press conference here. The Parliamentary Standing Committee on Labour examined the Bill and submitted its report in December 2013.

The report was considered through an inter-ministerial consultation, he said. Dattatreya said the new Small Factories (Regulation of Employment and Condition of Service) Bill is aimed at regulating factories with workforce less than 40. After obtaining comments and views of all stakeholders including general public, the Bill will be placed before the Cabinet for approval and subsequently in Parliament during the budget session, he added.

The Amendments to the Factories Act 1948 would give flexibility to states on industries, besides enhancement of penalties for violation of provisions, he added.

On migrant labour issues, the Minister said he would hold discussions with Ministry of External Affairs for better security and health aspects of workers abroad. He also said he would hold talks with labour ministers of Telangana, Karnataka, Orissa and Chhattisgarh on child labour issues.

Dattatreya also said he would ask the Telangana Chief Minister K Chandrashekhar Rao to issue a white paper on the progress of Dilsukhnagar bomb case.

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Wall Street week ahead: Volatility set to return to stocks

After a holiday-shortened trading week that pinned stocks in a tight trading range, equities are poised for a bout of renewed volatility as investors watch the economy and the Federal Reserve for signs of policy changes and economic strength.

Through Thursday's close, the S&P 500 was held to its narrowest trading week since Thanksgiving as investors dealt with uncertainty regarding a forward path for the economy and a deal for Greek debt. Late on Friday, the European Union agreed to a four-month extension for Greece, and a late rally pushed the S&P 500 above technical resistance level of 2,100 after several failed attempts earlier in the week.

The index was up modestly for the week, building on a 5-percent gain over the prior two weeks.

"The market has done quite well this week holding things together," said Frank Cappelleri, technical market analyst and trader at Instinet LLC in New York.

"You have a holiday-shortened week, you have low volume, you have people probably taking a step back and deciding what we have here – do we push higher at this point, or do we need some of the extended areas pull back to a greater degree?"

With worries about Greece taking a backseat, traders next week could focus on the slew of expected economic data, including several reports on the housing market, consumer confidence, the consumer price index and the preliminary fourth-quarter reading on gross domestic product.

The data will give investors fuel to speculate on the timing and speed of an interest rate hike by the US Federal Reserve, after minutes from the central bank's January diminished expectations for a June move on rates.

On Tuesday, Federal Reserve Chair Janet Yellen gives semiannual testimony on the economy and monetary policy before the Senate Banking Committee.

"In the near-term, the Fed is pretty much out of the picture. If you look at what they said (in the minutes), they are in no big hurry to raise interest rates," said Jeffrey Saut, chief investment strategist at Raymond James Financial in St. Petersburg, Florida.

"I do believe Janet Yellen at her word. They are going to be data-dependent. While we have had some softening, the general trend of the recovery is still intact."

Retailers will also garner some attention as earnings season winds down, and investors look for signs consumers have increased spending with cash saved from lower gas prices. Macy's, Dow component Home Depot, Target, Lowe's Companies and Gap Inc are among the notable names scheduled to post results next week.

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The E-Biz Project!

Published on Sat, Feb 21,2015 | 09:00, Updated at Sat, Feb 21 at 09:00Source : Moneycontrol.com 

Background

On 12 February 2015, with a view to promote ease of reporting for foreign direct investment (FDI) transactions, the Reserve Bank of India (RBI) made certain amendments to the process of filing of certain returns under the provisions of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000.

Further, on 17 February 2015, with a view to promote ease of filing applications in relation to FDI transactions under the 'approval route', Department of Economic Affairs, Ministry of Finance launched an upgraded, secure and user friendly website for filing and processing of applications for FDI transactions that require prior approval of Foreign Investment Promotion Board (FIPB).

The aforesaid initiatives have been taken under the aegis of the e-Biz project of the Government of India, and are aimed towards achieving "Minimum Government and Maximum Governance".

Current RBI Regulations and FIPB Website

With respect to issuance of shares/ convertible debentures, Indian companies are required to report to the RBI: (a) the details of FDI inflow in advance reporting form (Form ARF) within 30 days of the receipt of funds; and (b) the issue of shares/ convertible debentures in form foreign collaboration – general permission route (Form FC-GPR) within 30 days of such issue. Physical copies of both these forms are required to be filed with the RBI through the authorised dealer bank of the Indian company receiving FDI inflow.

With respect to applications for approval of FDI transactions, hitherto such applications were required to be filed at www.fipbindia.com, which had limited features and processing capabilities. Further, 15-18 physical copies were required to be manually submitted to the FIPB in addition to filing of an online form.

The RBI Amendment and the New FIPB Website

The RBI has now relaxed the requirement to file Form ARF and Form FC-GPR by way of permitting companies to now file these forms online. Under the new reporting platform, companies can log into the e-Biz portal, download Form ARF and Form FC-GPR and upload the completed forms onto the portal by using digitally signed certificates. The authorised dealer banks are required to download the forms, verify their contents and call for additional information from the company, if necessary. Subsequently, the authorised dealer banks can upload the forms for RBI to process and allot the Unique Identification Number. The authorized dealer banks are required to access the e-Biz portal using a Virtual Private Network Account which may be obtained from the National Informatics Centre. Whilst the aforesaid e-filing facility will be operational from 19 February 2015, the manual system of reporting will continue to be in use for the time being.

Further, for applications for approval of FDI transactions under the 'automatic route', the website www.fipbindia.com has been replaced by www.fipb.gov.in. In the new website, applicants will need to submit only one copy of the application as against multiple copies as required earlier. Further, the new website has features for better and more efficient communication between applicants and FIPB (including communication through SMS/emails, online secure recording of all transactions and correspondences, responses to queries by relevant ministries, etc).

Khaitan Comment

In terms of the substance of Form ARF and Form FC-GPR, nothing has changed. However, we believe that enabling e-filing of these forms is a good move forward, as it will save both time and cost. Further, in its attempt to simplify doing business in India and to create a system of integrated electronic services to investors, it would be much appreciated if the RBI also includes the filing of Form FC-TRS (i.e., the form required to be filed with authorised dealer banks for reporting of transfer of securities between residents and non-residents and vice versa) within the e-Biz platform.

The introduction of the new website for FIPB approval with added features will certainly be helpful for foreign investors, who were hitherto forced to grapple with the complexities of an FIPB application through the earlier website coupled with manual filing of multiple copies. In particular, the feature on responses to queries by relevant ministries is expected to be extremely useful.

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Ganeshaspeaks: Market prediction for February 20

By Shri Dharmesh Joshi of Ganeshaspeaks

Please consider 10 minutes plus and minus in each prediction, and act accordingly.

Ganesha advises you to compare every prediction with the prediction of the previous time slot.

The Union Budget shall be presented on 28-02-2015. Thus, we may get to see an altogether new algorithm from next to next Friday onwards.

There is a high likelihood of your getting misguided by pre-budget rally, wherein you may end up investing wrong scrips, basis the news circulating at that time. Ganesha is cautioning you against that 15 days in advance.

The whole day looks set to be very confusing and extremely volatile, foresees Ganesha.

Nifty shall remain up from the day's beginning to 9:30.

During 9:30 to 10:30, however, Nifty shall remain down, feels Ganesha.

Again, from 10:30 to 10:50, Nifty shall remain up.

And, from 10:50 to 12:20, Nifty shall be down.

From 12:20 to 13:00, Nifty shall remain up, says Ganesha.

During 13:00 to 15:30, there shall be no clear trend in the market, and thus, you are advised to rely on only and only jobbing. Take extreme care to avoid taking a wrong position, cautions Ganesha.

Shri Dharmesh Joshi is a protege of Bejan Daruwalla and belongs to the team of astrologers declared as official successors to his astrological legacy, by none other than Bejan Daruwalla himself, in an event in Mumbai on the 23rd Nov, 2009.

Disclaimer: The views and investment tips expressed by investment experts/astrologers on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Expect Nifty to retest 8996 then test 9080: Rajat Bose

Watch the interview of technical analyst, Rajat Bose of rajatkbose.com with Latha Venkatesh and Sonia Shenoy of CNBC-TV18. He shared his reading and outlook on the market and also gave recommendations on various stocks.

Watch the interview of technical analyst, Rajat Bose of rajatkbose.com with Latha Venkatesh and Sonia Shenoy of CNBC-TV18. He shared his reading and outlook on the market and also gave recommendations on various stocks.

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Mkt rewarding long trades; buy every dip: Sudarshan Sukhani

In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics, says investors should use every single dip in the market to buy into the Nifty and Bank Nifty despite the slight underperformance it has seen in recent days.

The Indian equity market may see minute corrections but it has been rewarding any trader who has longed it, says Sudarshan Sukhani of s2analytics.

In an interview to CNBC-TV18, Sukhani says investors should use every single dip in the market to buy into the Nifty and Bank Nifty despite the slight underperformance it has seen in recent days.

"We have gotten used to the Bank Nifty outperforming so any small fall is a concern. But it will catch up with the market soon," he explains.

Watch video for Sukhani's stock picks.    

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FIIs inflow continues for 9th consecutive quarter: BoAML

Jyotivardhan Jaipuria, Bank of America Merrill Lynch says FIIs continued to invest in India with the December quarter witnessing FII flows of more than USD 2 billion. This was the 9th consecutive quarter of positive inflows from the FIIs, he adds.

Jyotivardhan Jaipuria, Bank of America Merrill Lynch says FIIs continued to invest in India with the December quarter witnessing FII flows of more than USD 2 billion. This was the 9th consecutive quarter of positive inflows from the FIIs, he adds.

According to him, strong inflows from the FIIs over the last 5 years have resulted in all-time high foreign ownership for Indian markets.

"Overweight India positions are at an all-time high for GEM funds and the consensus bullishness creates the biggest risk to markets, in our view.  The good news, however, is that domestic mutual funds have seen inflows and have been buyers post-elections after being net sellers past few years," says Jaipuria.

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Easun Reyrolle's director JDN Sharma resigns

Easun Reyrolle Ltd has informed BSE that Mr. JDN Sharma, Director has submitted his resignation and subsequently Board approved his resignation on February 17, 2015.

Easun Reyrolle Ltd has informed BSE that Mr. JDN Sharma, Director has submitted his resignation and subsequently Board approved his resignation on February 17, 2015.Source : BSE

Read all announcements in Easun Reyrl

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Ladderup Finance: Outcome of board meeting

Ladderup Finance Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2015, has appointed Mrs. Bhama Krishnamurthy as Woman/Independent Director of the Company subject to the approval of the shareholders at the General Meeting under Section 149 of the Companies Act, 2013.

Ladderup Finance Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2015, has made following appointments;1. Appointed Mrs. Bhama Krishnamurthy as Woman/Independent Director of the Company subject to the approval of the shareholders at the General Meeting under Section 149 of the Companies Act, 2013.2. Appointed Mr. Sanket Limbachiya as Company Secretary and Compliance Officer of the Company.Source : BSE

Read all announcements in Ladderup Fin

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Fashion will continue to hold lot of significance: Snapdeal

According to Kunal Bahl, fashion is a very important category for Snapdeal. Over the last two years, the company has seen a 100x increase in its fashion business.

In the online marketplace Snapdeal.com is playing catch-up with online fashion leaders such as Myntra and Jabong. The company plans to expand its fashion category both organically and inorganically. Kunal Bahl, founder and CEO, Snapdeal, spoke to CNBC-TV18 on the importance of fashion as a category.

According to him, fashion is a very important category for Snapdeal. Over the last two years, the company has seen a 100x increase in its fashion business. "Fashion accounts for almost 70 percent of all the orders on Snapdeal already. We have about 60,000 businesses who are selling fashion on Snapdeal right now," said Bahl.

Going forward, fashion will continue to hold a lot of significance largely because as a consumer people are going to buy fashion much more frequently than they buy things like electronics or other high value purchases, he added. 

The five-year old company does not rule out the possibility of any exclusive tie-ups or acquisitions of any fashion portal in future. "We are seeing a lot of interest from various brands to come and sell online with us and actually open stores on Snapdeal," concluded Bahl.

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FM needs to kickstart investment cycle in Budget: CII

As finance minister Arun Jaitley gets ready to give final touches to Budget 2015, India Inc is hoping for bolder reform action to revive growth but can the finance minister manage to put up a fine balancing act? Speaking to CNBC-TV18's Shereen Bhan, CII president Ajay Shriram said the focus should be on kickstarting the investment cycle.

Below is the transcript of the interview on CNBC-TV18.

Q: What should be the Budget's focus area?

A: India today requires an accelerated rate of economic growth because we require jobs. We require 10 million jobs a year for the next 10 years. How do we kickstart investments, that is the question and with that in mind we have talked about giving incentives or making it easier for investments to happen so that it becomes viable.

So one side is the investment, but the other side we have also said one must move towards increasing consumption and savings and for that we have recommended instead of Rs 2.5 lakh as cut-off for income tax, please raise that. Please give other benefits to individuals who can have savings or have money for investments.

So we have to look at both sides but the objective is in the national interest of what is good for the growth of the economy so that we can provide jobs for our 10 million jobs a year for the next ten years and we have to give that a kickstart.

Q: Year after year, we have discussed the possibility of minimum alternate tax (MAT) being done away or at least the MAT rate being reduced. This time around it seems like there is a move to at least look at the possibility of lowering the MAT rates specifically for the manufacturing sector and maybe even for large big ticket infrastructure projects like the smart city initiative so on an so forth. Do you believe that on MAT this year perhaps we could finally see some relief? It is part of your recommendations.

A: There is a logic in it. That is the reason why we have recommended that. In 2007 when MAT was implemented it was seven and half percent. By last year it has come to 18.5 percent and this is in the overall package of the government's aggressive push for the Make in India campaign. Ultimately to Make in India and get manufacturing to 25 percent of gross domestic product (GDP) from about 15 percent of GDP we have to do something different.

It is very simple, there is a phrase which makes a lot of sense. If you always do what you always did you will always get what you always got. So we have to make a change and the change is very important right now because the kickstart to the economy with the vision of the Prime Minister, the finance minister and the entire team we have to do something different, we have to kickstart the economy faster, MAT, getting into NIMs, DMIC. There are so many areas where work needs to be done but we have to do that much more aggressively to get manufacturing really taking off.

Q: Do you expect bold reform on subsidy rationalisation?

A: Subsidy rationalisation to get it to who it is supposed to go to is a direction which is a win-win for everyone because no one is losing out. A policy decision what are mentioned earlier or giving it to only those below the poverty line, that is a policy decision, but to make it targeted for instance I was told the total subsidy today on kerosene is about Rs 30,000 crore.

It is estimated, I am saying as only an estimate, that the loss is almost 40-50 percent because of theft and leakage etc. Can that come on to the Aadhaar card or direct transfer like they have done for LPG. That will automatically reduce the government's spending, give it to the people who deserve it and the government saves money.

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Asset quality stable; will grow ahead of industry: HDFC Bk

Paresh Sukhtankar of HDFC Bank says neither funds nor capital were a constraint for growth and asset quality in the third quarter was largely stable. He, however, adds that a further pick-up in the bank's growth will depend on GDP growth

HDFC Bank 's total deposits rose 18.6 percent at Rs 4.14 lakh crore year-on-year, while advances were up 17 percent at Rs 3.47 lakh crore compared to the year-ago period, is the word coming in from Paresh Sukhtankar of HDFC Bank.

The private sector bank's net profit rose 20.2 percent year-on-year to Rs 2794.5 crore in the quarter ended December 31, from Rs 2325.7 crore in the corresponding quarter last fiscal.

Sukhtankar says neither funds nor capital were a constraint for growth and asset quality in the third quarter was largely stable. He, however, adds that a further pick-up in the bank's growth will depend on GDP growth, but says it will continue to grow ahead of industry.

HDFC Bank saw pick-up in retail growth this quarter, but Sukhtankar says there is no visible pick-up in credit growth yet.

Stay tuned for more…

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Sensex, Nifty open higher; Hindalco up, Sun Pharma falls 2%

Hindalco is up 3 percent while Sesa Sterlite, HDFC Bank, SBI and ICICI Bank are top gainers in the Sensex. Among the losers are Sun Pharma, Hero Motocorp, ONGC, Bharti Airtel and HUL.

09:15

Moneycontrol Bureau
 
The market has kick-started the truncated week with some gains supported by strong global cues. The Sensex is up 89.27 points at 29184.20 and the Nifty is up 25.90 points at 8831.40. About 489 shares have advanced, 194 shares declined, and 127 shares are unchanged. Hindalco is up 3 percent while Sesa Sterlite, HDFC Bank, SBI and ICICI Bank are top gainers in the Sensex. Among the losers are Sun Pharma, Hero Motocorp, ONGC, Bharti Airtel and HUL.

The Indian rupee opened marginally higher at 62.15 per dollar versus 62.20 Friday.

The pound scaled a six-week peak following recent hawkish-sounding comments from the Bank of England, while the other major currencies were subdued.

Agam Gupta of Standard Chartered said, "Any dips to 61.90-61.95/dollar will attract buying interest from the local government banks. Exporter selling will emerge on upticks to 62.20-62.25/dollar. The markets will keep an eye on developments in the Eurozone where discussions on Greece are going to continue today."

Asian markets turned higher early with Japanese shares charging up to an 8-year high, shrugging off weaker-than-expected growth figures released before the market opened.

Globally, it was a strong close for the US markets on Friday. Dow crossed the 18,000 mark and the S&P set a new record.

In commodities, Brent hit an eight-week high above USD 62 a barrell after another drop in the US rig count. From the precious metals space, gold prices continued to hover around USD 1230 an ounce.

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MM plans to invest Rs 4,000cr on new plant in Tamil Nadu

The Tamil Nadu government has promised to allocate 255 acres of land in Cheyyar in Kancheepuram district for the proposed facility which would be the largest for the company in the country, outside Pune, he said.

Auto major  Mahindra and Mahindra has proposed to invest Rs 4,000 crore for setting up a large manufacturing facility in Tamil Nadu which would roll out the company's future models, a top official said today. "Our investment will be Rs 4,000 crore in two stages. It will be spread across seven years.

"In the first phase, we will set up the test track facility. Second will be an automotive plant," Executive Director of Automobile Division, Pawan Goenka told reporters here. The Tamil Nadu government has promised to allocate 255 acres of land in Cheyyar in Kancheepuram district for the proposed facility which would be the largest for the company in the country, outside Pune, he said.

"We have been promised that the land will be allocated very soon. The MoU will be signed during the Global Investors Meet (in May this year)", Goenka, who was here to participate in the curtain raiser for the meet, said. "After land has been alloted to us, immediately, we will start off with the test track facility.

After that we will set up the automotive factory. But, it depends on how the auto industry grows," he said. He further said that the plant in Tamil Nadu would manufacture products that would be rolled out by the group in future. "This is a future plant. As we develop new products, those products will come from this plant. It will be for both domestic and exports", he said.

To a query about expectations from the Budget to be presented later this month, he said, "There has to be a clear roadmap for GST (Goods and Services Tax). "We are also expecting policies on 'Make in India' concept. It has been talked about. It is not specific to auto industry. "If there is an impetus on 'Make in India', that will certainly help all companies that are involved", he added.

M&M stock price

On February 13, 2015, Mahindra and Mahindra closed at Rs 1192.00, up Rs 58.00, or 5.11 percent. The 52-week high of the share was Rs 1421.00 and the 52-week low was Rs 887.15.

The company's trailing 12-month (TTM) EPS was at Rs 59.05 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 20.19. The latest book value of the company is Rs 270.60 per share. At current value, the price-to-book value of the company is 4.41.

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Gold falls on low demand; silver rises on global cues

Traders said slackened demand from jewellers and retailers at prevailing levels mainly led to the decline in gold prices.

Gold prices fell by Rs 40 to Rs 27,630 per 10 grams at the bullion market today as demand from jewellers and retailers eased at current levels even as the precious metals strengthened overseas. However, silver climbed by Rs 600 to Rs 38,700 per kg on increased offtake by industrial units along with higher global trend.

Traders said slackened demand from jewellers and retailers at prevailing levels mainly led to the decline in gold prices. However, a firming trend in global markets where gold rose by 0.5 percent to USD 1,227.10 an ounce in New York, restricted the fall.

In the national capital, gold of 99.9 and 99.5 percent purity declined by Rs 40 each to Rs 27,630 and Rs 27,430 per 10 grams, respectively. Sovereign followed suit and lost Rs 100 at Rs 23,700 per piece of eight grams.

On the other hand, silver ready spurted by Rs 600 to Rs 38,700 per kg after the white metal surged three per cent to USD 17.29 an ounce in New York yesterday. Silver weekly-based delivery also rose by Rs 545 to Rs 38,185 per kg. Globally, silver spurted by three per cent to USD 17.29 an ounce.

However, silver coins plunged by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces on fall in demand.

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Here's Tim Ghriskey's view on US equity markets

Watch the interview of Tim Ghriskey, Chief Investment Officer, Solaris Asset Mgmt with Surabhi Upadhyay on CNBC-TV18, in which he shared his reading and outlook on US equity markets.

Watch the interview of Tim Ghriskey, Chief Investment Officer Solaris Asset Management, with Surabhi Upadhyay on CNBC-TV18, in which he shared his reading and outlook on US equity markets.

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It’s A Flood Of Unsponsored ADRs!

Published on Fri, Feb 13,2015 | 22:32, Updated at Fri, Feb 13 at 23:20Source : CNBC-TV18 |   Watch Video :

American Depository Receipts of over 50 Indian companies including TCS, Bajaj Finance, Apollo Tyres, United Breweries, Zee Entertainment, Titan, NTPC, Britannia, Unitech, Power Grid, Motherson Sumi, Tech Mahindra – will soon be trading over the counter in the US and many of these companies may not even be aware of this!

Last year the government notified a new depository receipts scheme that permitted the establishment of Level 1, sponsored and unsponsored ADRs for the first time. Level 1 ADRs are non-capital raising ADRs. An unsponsored ADR program is established by a foreign depository bank, without the participation or consent of the company whose shares underlie the ADR. Unsponsored ADRs trade only in the US O-T-C market. Competing depositories can establish multiple unsponsored ADRs for the same company. And an unsponsored ADR and a sponsored ADR cannot co-exist. So if a company wants to do a sponsored ADR then it has to have the unsponsored facility terminated.

The new scheme applies conditions to unsponsored ADRs – the DR holder must get voting rights and the DRs must be listed on an international exchange that means a platform for trading depository receipts, which is in a permissible jurisdiction, is accessible to the public for trading and provides pre & post trade transparency.

The scheme came into effect on December 15th and since then, Bank of New York Mellon and other foreign depository banks have made a slew of filings for Level 1, unsponsored ADRs on the back of Indian shares. When will all these ADRs start trading? And what impact could these unsponsored ADR programmes have on the Indian companies, involved…well actually uninvolved! To talk about that, CNBC-TV 18's Menaka Doshi speaks to Rajiv Gupta of Latham Watkins and Varoon Chandra of AZB.

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Sensex, Nifty open firm; SBI gains 2%, BHEL drags 5%

09:15

Moneycontrol Bureau The market has opened higher. The Sensex is up 71.07 points at 28876.17 and the Nifty is up 29.95 points at 8741.50. About 464 shares have advanced, 144 shares declined, and 136 shares are unchanged.

SBI is up 2 percent while ICICI Bank, Hero, Dr Reddy's Labs, and Sun Pharma. BHEL is down 5 percent and Coal India, ONGC, Infosys and M&M are losers in the Sensex.

The Indian rupee gained in early trade. It rose 18 paise to 62.13 per dollar against 62.31 Thursday.The dollar drops across the board after weaker-than-expected US economic data.

Pramit Brahmbhatt of Veracity said, "Today local indices are expected to trade strong as Asian markets have already opened in green taking cues from the news of a ceasefire in Ukraine. Rupee is also expected to appreciate with the support of strong local equities. Range for the day is seen between 61.90-62.70/dollar."

Meanwhile, Asia was mixed in morning trade as a stronger yen curbed risk appetite in Japan.

The stocks in the US closed sharply higher as investors cheered a cease-fire agreement between Russia and Ukraine, amid firming oil prices and strong earnings reports. The Nasdaq closed up 1.18 percent to 4,857 its highest level since march 2000.

On the economic data front in the US, retail sales for January came in weaker than expected, down 0.8 percent and near December's 0.9 percent decline. Jobless claims were at 304,000 last week, more than expected and an increase of 25,000 from last week

In Europe equities ended higher with investors cheering a peace deal agreed between Ukraine and Russia. The German DAX - which is exposed to the Russian market - ended up 1.5 percent higher. A slew of corporate earnings also helped to boost sentiment in the region.

In commodities, Nymex Crude rose above USD 51 per barrel as news of deeper industry spending cuts and a sinking u-s dollar revived buying. Brent crude rises to USD 59 per barrel.

From precious metals space, gold remained largely unchanged, hovering around USD 1220 an ounce. The metal is headed for its third weekly drop.

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United Breweries Holdings Q3 net at Rs 2.02 cr

The company had posted a net loss of Rs 3.55 crore in the same period last fiscal. Net sales during the period under review stood at Rs 72.04 crore as against Rs 122.23 crore in the third quarter previous fiscal.

United Breweries (Holdings)  Ltd reported a standalone net profit of Rs 2.02 crore in the third quarter ended December 31, 2014.

The company had posted a net loss of Rs 3.55 crore in the same period last fiscal. Net sales during the period under review stood at Rs 72.04 crore as against Rs 122.23 crore in the third quarter previous fiscal, United Breweries Holdings said in a filing to the NSE. 

Revenue from alcoholic beverages stood at Rs 28.09 crore as against Rs 70.91 crore in the year-ago period, while that of leather products was at Rs 11.9 crore as compared to Rs 14.68 crore in the same period last fiscal. Property development revenue was at Rs 13 crore as compared to Rs 48 lakh a year ago, it said.

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Power Grid Q3 net up 18% at Rs 1228.91 cr

The company's revenue from transmission business stood at Rs 4,240.05 crore as against Rs 3,527.02 crore in the same period, last fiscal.

State-owned  Power Grid Corp reported 18 percent increase in net profit at Rs 1,228.91 crore for the third quarter ended December 31, 2014, on the back of rise in income from operations.

The company had posted a net profit of Rs 1,042.04 crore in the corresponding period, last financial year (2013-14), Power Grid Corporation said in a regulatory filing to stock exchanges.

Central transmission utility's total income from operations rose to Rs 4,353.62 crore in October-December quarter, from Rs 3,684.55 crore in the same period of 2012-13.

The company's revenue from transmission business stood at Rs 4,240.05 crore as against Rs 3,527.02 crore in the same period, last fiscal.

Revenues from telecom segment stood at Rs 77.66 crore as compared to Rs 67.68 crore in the corresponding period, previous fiscal.

However, the company witnessed a drop in revenue from its consultancy business at Rs 110.47 crore from Rs 147.70 crore, the stock exchange filing said.

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Sensex, Nifty open higher; Infosys BHEL fall, Hindalco up

Hindalco, M&M, ICICI Bank, SBI and Dr Reddy's Labs are top gainers while BHEL, Infosys, ITC and Bajaj Auto are losers in the Sensex.

09:15

Moneycontrol Bureau The market is showing strength in early trade. The Sensex is up 126.55 points at 28660.52 and the Nifty is up 49.55 points at 8676.95. About 450 shares have advanced, 116 shares declined, and 124 shares are unchanged.

Hindalco, M&M, ICICI Bank, SBI and Dr Reddy's Labs are top gainers while BHEL, Infosys, ITC and Bajaj Auto are losers in the Sensex.

The Indian rupee slipped in the early trade. It has opened lower by 14 paise at 62.39 per dollar versus 62.25 Wednesday. Euro declines led by a barrage of conflicting headlines that left investors no clearer on whether Greece may yet secure a new debt agreement with its European lenders.

Mohan Shenoi of Kotak Mahindra Bank said, "Strong US data suggests that the odds of a Fed rate hike in June is increasing. Consequently dollar is rallying against major currencies Rupee is also headed towards gradual depreciation. USD-INR is likely to trade today in a range of 62.20-62.50/dollar."

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Markets may open flat: Ventura Securities

Ventura Securities' Fundamental Report:

Sensex, on Tuesday, gained 128 points and closed at 28,365 in a highly volatile trading session even as the markets witnessed some respite after seven consecutive days of decline.Sentiments were mixed with AAP storming the Delhi elections by winning 67 out of 70 seats. Among sectors, Bankex, Auto, Metals, Consumer Durables, Infra and Power gained over 1 percent each. Among stocks, Tata Motors, ICICI Bank, Tata Steel,and SBI gained the most. However, market breadth was negative with 1,454 declines against 1,288 advances.

Nifty gained 39 points and closed at 8,566. Today we expect the markets to open flat on account of mixed global cues. Investors will be closely looking out for a possible Greek debt deal in the meeting of Euro Group finance ministers scheduled today.

US markets ended on apositive note on yesterday; Dow closed 0.79 percent up, while Nasdaq gained 1.31 percent on the hopes of a possible extension to Greece's bailout which is ending on February 28, 2015. US markets, today, will see data releases on Crude Oil Inventories, 10-y Bond Auction and Federal Budget Balance.

Asian markets are trading on a negative note with Nikkei down 0.33 percent and Hang Seng down 0.59 percent as investors turned cautious after People's Bank of China's hawkish commentary on monetary policy.

SGX Nifty is trading down 5 points at 8,622. Indian ADRs ended the day on a positive note. Among financial ADRs, ICICI Bank closed 3.13 percent up while HDFC Bank gained 2.33 percent. Among IT ADRs, Wipro was up 0.74 percent, while Infosys was up 0.8 percent. Tata Motors was up 2.91 percent.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Bank of India Q3 profit seen up 40% to Rs 818.6 cr: Poll

Bank of India is expected to register a solid 39.8 percent increase (year-on-year) in profit at Rs 818.6 crore for October-December quarter, according to a CNBC-TV18 poll.

Bank of India  is expected to register a solid 39.8 percent increase (year-on-year) in profit at Rs 818.6 crore for October-December quarter, according to a CNBC-TV18 poll.

The sharp spike in profitability is on the back of low base in the year-ago period. In Q3FY14, profit had fallen 27 percent Y-o-Y to Rs 586 crore as provisions climbed 53 percent Y-o-Y to Rs 1,404 crore.

Net interest income, the difference between interest earned and interest expended, may jump 15.8 percent to Rs 3,148.3 crore in the quarter ended December 2014 from Rs 2,719 crore in same quarter last year.

As far as asset quality is concerned, analysts expect Rs 1,400 crore at least in restructured book in Q3 (especially from EPC contractors. They expect upgrades to support.

The public sector lender's advances to power and infrastructure stands at Rs 44,136 crore.

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Should you write off gold this year?

Good news for the US economy, in the form of a solid jobs report, decked gold on Friday, leading some analysts to write the yellow metal off for the year.

"It`s the nail in the coffin for gold," said Howie Lee, an investment analyst at Phillip Futures, noting it fell despite increasing tensions over Greece. "It`s increasingly likely [the Federal Reserve] will hike in June. Prospects of higher interest rates have proved to be a catalyst for gold`s downfall."

On Friday, gold  for April delivery fell as much as 3.6 percent in intraday from Thursday`s high, touching a low of USD 1,228.20 an ounce. In early Asian trade Monday, it recovered somewhat, trading around USD 1,237.10 an ounce.

The drop followed data showing US non-farm payrolls rose by 257,000 jobs in January, beating expectations for around 234,000 and totting up to more than a million jobs over the past three months. That boosts the chances the Fed will raise rates sometime this year, and higher yields make gold`s potential returns look less attractive.

"In the short term, we should see gold prices fall further," Lee said, noting even the seasonal Lunar New Year rally should have already run its course. While gold may occasionally rally, absent any major geopolitical tensions, he expects a downtrend into the year-end.

Better alternatives

Lee isn`t alone in expecting gold will struggle.

"People are just looking for a return on their capital. Obviously, you can`t get that from gold. It`s just a store of value," Chris Weston, chief market strategist at IG, said. "Potential valuations in the bond market are at better levels."

The benchmark 10-year US Treasury yield rose to 1.94 percent on Friday from 1.81 percent prior to the jobs data. In Asian trade Monday, the yield was trading around 1.92 percent.

Weston also expects news on the US economy will be the driving force for gold ahead, but he`s checking the charts, saying the latest drop could mark a trend change. If the yellow metal trades below USD 1,217 an ounce, Weston will turn more bearish.

Still alluring?

To be sure, not everyone expects a Fed rate hike would tarnish gold`s outlook.

"Whatever theory might say, swings in the US interest rate cycle rarely have much impact on the price of gold in practice," said Julian Jessop, head of commodities research at Capital Economics, in a note Friday. He noted that gold prices barely moved in the early 2000s when rates were cut and rallied during the mid-2000s` tightening.

"If Fed tightening is only gradual and interest rates remain low, there would be plenty of scope for other factors to re-emerge as the key drivers of the gold price," he said, citing the prospects for further monetary easing in Europe and Japan and the potential for higher gold demand in emerging markets such as China and India.

Jessop is sticking with a year-end gold forecast of USD 1,400 an ounce.

-By CNBC.Com`s Leslie Shaffer; Follow her on Twitter @LeslieShaffer1

Copyright 2011 cnbc.com

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Adani Ports commissions Tuna Tekra bulk terminal at Kandla

Adani Ports and Special Economic Zone Ltd has informed BSE that the Company, India's largest port developer and part of Adani Group, a global integrated player has commissioned a bulk terminal at Tuna Tekra, Kandla Port, with an annual handling capacity of over 20 million tonnes.

Adani Ports and Special Economic Zone Ltd has informed BSE that the Company, India's largest port developer and part of Adani Group, a global integrated player has commissioned a bulk terminal at Tuna Tekra, Kandla Port, with an annual handling capacity of over 20 million tonnes.Source : BSE

Read all announcements in Adani Ports

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Why is the Fed easing again?

In the course of December and January, the balance sheet of the US Federal Reserve (Fed) expanded by 186.7 billion USD to a total of 4.02 trillion USD. That policy reversal came after an impressive 244.6 billion USD liquidity withdrawal between August and November of last year.

Interestingly, the Fed's apparently puzzling return to aggressive asset purchases continued in an environment of mounting concerns about much-feared and presumably fast-approaching interest rate increases in the United States.

One wonders, therefore, about what the Fed watchers are looking at because there can be no doubt here about the policy intent: The balance sheet (aka the monetary base) is directly controlled by the US monetary authorities. And so is the effective federal funds rate, which finished trading last Friday at 0.07 percent -- within a basis point of where it was a year earlier.

What lies behind this important policy change?

Ignoring the possibility that this might have been a year-end technical adjustment to accommodate the banking system – already awash in a mind-boggling pool of 2.6 trillion USD in excess reserves – one must look for reasons in the usual set of factors, consisting of the policy mix, labor market conditions, economic activity and the dollar's trading on global currency markets.

Labor market and a strong dollar

Those of you who might think that this is a wild goose chase should recall that this is the analytic process that provides the policy input to FOMC (the Fed's interest-rate setting committee) decisions.

So, let's start with the policy mix.

America's progress on fiscal consolidation since 2009 is quite impressive. Since that time, the general government budget deficit has been more than cut in half to reach an estimated 5.1 percent of the gross domestic product (GDP) in 2014. In the current fiscal year, that payment gap is projected to narrow to about 4 percent of GDP, mainly as a result of an expected revenue increase.

Technically, therefore, the US fiscal stance remains restrictive. Looming election year gridlocks are preventing the much needed public infrastructure investments, leaving the policy focus firmly on the prospect of ballooning costs of healthcare and entitlement programs for an aging population.

Read More Jack Welch: Fed would be 'insane' to hike rates

Clearly, then, there is a case for an accommodating monetary policy to help stabilize the economy around its potential growth path. But that is what the Fed was doing already, and I don't think that a more balanced policy mix needed any additional monetary support.

America's bubbly bond markets seem to share that view. Last Friday's 14-basis-point increase in the yield on the benchmark ten-year Treasury note was a loud response to the broad-based creation of 257,000 new jobs in the course of January.

The Fed will probably take that as a bond market over-reaction since the actual unemployment rate (taking into account involuntary part-time workers and people who dropped out of the labor force because they were unable to find a job) is exactly double the officially reported 5.7 percent. On top of that, no progress was noted on the number of the long-term unemployed; at 2.8 million they still represent almost one-third of the jobless total.

That is a large labor market slack. With subdued wages and prices, it is no wonder why employment creation has become a major concern in the exercise of the Fed's policy mandate.

A broader issue for the Fed is what the current employment picture holds for the medium-term growth outlook of the US economy.

That's where jobs and incomes, along with low credit costs, play a key role. Looking at the latest GDP numbers, the Fed may find some reasons to worry.

For example, in spite of cheap credit and a reviving bank and nonbank consumer lending, household expenditures and residential investments – nearly three-quarters of the US economy – were a weaker source of growth last year compared with 2013. Indeed, while the growth of consumer outlays was roughly the same, the housing sector turned in a dismal 1.7 percent increase compared with the previous year's booming 12 percent gain.

Call out the free riders

These two interest-sensitive components of aggregate demand are closely correlated because residential purchases drive most of consumption spending and related building trades. If this key engine of US growth nearly stalled last year in spite of record-low credit costs, the Fed probably fears what could happen if interest rates were pushed up by large liquidity withdrawals.

The strong dollar – signaling the greenback's excess demand in world currency markets -- is another issue. Over the last twelve months, the dollar's trade-weighted exchange rate soared 15 percent, and, given what is happening in Europe, there is every reason to believe that the trend will continue.

The upshot is that the growing US economy and a rising dollar widened the gap on goods trade in the first 11 months of last year by 3.4 percent. America's biggest trade deficits were run with China (314.3 billion USD), Germany (67.4 billion USD) and Japan (61.3 billion USD).

And that did some damage. The preliminary data show that the trade deficit cut the US GDP growth last year by 0.2 percent. I believe that the negative growth impact of net exports will be much larger once the definite trade numbers for the fourth quarter are known.

Investment thoughts

Bond traders yelling at the Fed to stay away from interest rate hikes are knocking on an open door. The Fed is obliging; it continues to act as the world's lender of last resort amid a soaring dollar and Europe's dimming recovery aggravated by the region's intractable political and economic chaos.

President Obama's trade diplomats and financial officers should take to task the Asian and European free riders at today's G-20 meeting in Istanbul, Turkey. And so should the IMF. The president will also have a chance to do some of that during today's visit of Germany's Chancellor Angela Merkel – if he can get over a largely useless pursuit of trying to use Germany in order to punish and isolate Russia.

So, don't yell at the Fed. It is the only institution holding the world economy together.

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HSBC admits Swiss bank failings over client taxes

British bank HSBC Holdings Plc admitted on Sunday failings by its Swiss subsidiary, in response to media reports it helped wealthy customers dodge taxes and conceal millions of dollars of assets.

"We acknowledge and are accountable for past compliance and control failures," HSBC said on Sunday after news outlets including French newspaper Le Monde and Britain's The Guardian published allegations about its Swiss private bank. http://bit.ly/1zM7Tun

The Guardian, along with other news outlets, cited documents obtained by the International Consortium of Investigative Journalists (ICIJ) via Le Monde.

HSBC said that its Swiss arm had not been fully integrated into HSBC after its purchase in 1999, allowing "significantly lower" standards of compliance and due diligence to persist.

The Guardian alleged in its report that the files showed HSBC's Swiss bank routinely allowed clients to withdraw "bricks" of cash, often in foreign currencies which were of little use in Switzerland, marketed schemes which were likely to enable wealthy clients to avoid European taxes and colluded with some to conceal undeclared accounts from domestic tax authorities.

HSBC said the Swiss private banking industry, long known for its secrecy, operated differently in the past and this may have resulted in HSBC having had "a number of clients that may not have been fully compliant with their applicable tax obligations."

Its private bank, especially its Swiss arm, had undergone "a radical transformation" in recent years, it said in a detailed four-page statement.

HSBC's Swiss private bank was largely acquired as part of its purchase of Republic National Bank of New York and Safra Republic Holdings, a US private bank.

HSBC said the number of accounts in its Swiss private bank had fallen from 30,412 in 2007 to 10,343 at the end of last year and it was cooperating with authorities investigating tax matters.

The data was supplied by Herve Falciani, a former IT employee of HSBC's Swiss private bank. HSBC said Falciani downloaded details of accounts and clients at the end of 2006 and early 2007. [ID:nL6N0TV1YI] French authorities have obtained data on thousands of the customers and shared them with tax authorities elsewhere, including Argentina.

Switzerland has charged Falciani, who Reuters was unable to reach for comment, with industrial espionage and breaching the country's secrecy laws. Falciani has previously told Reuters he is a whistleblower trying to help governments track down citizens who used Swiss accounts to evade tax.

Some of the details of the list have been released before. The names of 2,000 Greeks with HSBC accounts was made public in 2010 and dubbed the "Lagarde List" after former French finance minister Christine Lagarde. France passed the names to Greece to help it crack down on tax evasion.

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It is clear majority for AAP in Delhi, say exit polls

All the exit polls have predicted a majority for the Aam Aadmi Party (AAP) in the Delhi Assembly elections with one of them giving it as high as 53 seats in the 70-member House.

All the exit polls have predicted a majority for the Aam Aadmi Party (AAP) in the Delhi Assembly elections with one of them giving it as high as 53 seats in the 70-member House. In the elections, billed as a referendum on Prime Minister Narendra Modi but rejected as such by the BJP leadership, a resurgent AAP-led by Arvind Kejriwal has emerged the winner in all the polls. The polls shown on television channels today have predicted that BJP as the number two party and Congress way behind with none of them giving it more than 5 seats.

The exit polls, by and large, were taken up to 3 PM while the polling ended at 6 PM. AAP had got 28 seats had to tie up with Congress' 8 to form a short-lived government of 49 days in the 2013 polls. The BJP had then emerged the single largest with 32 seats.

India Today-Cicero exit poll on Headlines Today channel has projected that AAP will get between 35 and 43 and for BJP 23 and 29. Congress has been projected to get up to 5 seats. The ABP-Nielsen poll said that AAP will get 39 while BJP 28 and Congress 3.

Zee TV-C Voter poll projected 31 to 39 seats for AAP and 27 to 35 seats for BJP. Congress gets 2 to 4 in the poll. The highest number of 53 seats for AAP has been predicted by India News-Axis poll, which gave BJP 17 and Congress upto 2.

The India TV's exit poll put AAP in the top with 31 to 39 seats. BJP 27 to 35 and Congress 2 to 4..

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Exit polls give majority to AAP, BJP 2nd, Cong distant 3rd

All exit polls are predicting that AAP will easily cross the halfway mark of 35 in the 70-member Delhi Assembly, voting for which took place on Saturday.

Arvind Kejriwal-led Aam Aadmi Party is likely to get a clear majority and form the next government in Delhi according to the exit polls conducted by major news organisation. All exit polls are predicting that AAP will easily cross the halfway mark of 35 in the 70-member Delhi Assembly, voting for which took place on Saturday.

According to the exit poll conducted by India Today-Cicero, the AAP will easily get majority in Delhi Assembly. The exit poll gives 35 to 43 seats to AAP, 23 to 29 seats to BJP while Congress is facing another rout and is likely to get only 3 to 5 seats.

The India TV-C Voter exit poll has given 31-39 seats to AAP, 27-35 seats to BJP and only 2-4 seats to Congress. As per this poll others are expected to bag just two seats.

Times Now which also conducted the exit poll with C Voter, too, has given the edge to AAP with 31-39 seats. BJP will end second with 27-35 seats and Congress will end up with just 2-4 seats.

The ABP News-Nielsen exit poll for Delhi gave a clear majority to AAP with 39 seats and restricted BJP at 28 leaving only three for Congress.

In the 2013 Assembly elections, BJP and its allies got 32 seats, AAP 28 and Congress 8, JDU and Independent one each.

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Apollo Tyres Q3 Net dips 45% to Rs 184 crore

Apollo Tyres  posted a 45.49 percent decline in its consolidated net profit at Rs 184.24 crore for the third quarter ended December 31, hit by provisions made for the rescue plan of its South African unit.

The company had posted a net profit of Rs 338.01 crore for the same period of previous fiscal.

Net sales of the company declined to Rs 3,091.55 crore for the third quarter, as against Rs 3,475.12 crore during the same period of previous fiscal, Apollo Tyres Ltd said in a statement.

The company had initiated business rescue proceedings in the second quarter for its South African subsidiary, and the rescue plan was approved in November 2014, with the closure of the Durban plant.

"All dues to bankers and external suppliers have been cleared, along with the retrenchment package of employees. These payouts have been provisioned for, in the quarter under review, thereby adversely impacting the consolidated profit of the company," the company said.

Commenting on the results, Apollo Tyres Chairman Onkar S Kanwar said the company has maintained its profit margins, despite accounting for all charges related to the rescue plan of South African subsidiary.

"I am pleased to inform that we have been able to secure the best value for all the stakeholders. This, as mentioned earlier, was prompted by the uncompetitive cost structure in the South African market, along with the continuous labour unrest and related issues," he added.

He further added: "While we continue with our Trading Operations in South Africa, it is time for us to move forward and explore newer territories for the next phase of organisations' growth".

On a standalone basis, the company posted a net profit of Rs 161.94 crore, up 46.81 per cent, as compared to Rs 110.30 crore in the same period of previous fiscal. In a separate filing, Apollo Tyres said its board has approved the appointment of Raj Banerji as CFO in place of Sunam Sarkar.

Sarkar has been moved to a new position of President and Chief business Officer and relocated to Singapore.

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Punjab Sind Bank profit down 42% at Rs 58 cr in Q3

Total income during the quarter increased to Rs 2,266.34 crore as against Rs 2,172.19 crore a year ago, Punjab & Sind Bank said in a filing to the BSE.

State-run  Punjab & Sind Bank posted a 42 percent decline in net profit to Rs 58 crore in the third quarter ended December 31, 2014.

The lender had earned a net profit of Rs 100.1 crore in the October-December quarter of 2013-14.

Total income during the quarter increased to Rs 2,266.34 crore as against Rs 2,172.19 crore a year ago, Punjab & Sind Bank said in a filing to the BSE.

However, operating profit of the bank declined to Rs 161.29 crore as against Rs 190 crore in the year-ago period. Gross NPAs as a percentage to total advances rose significantly to 5.01 percent from 3.84 per cent in the same quarter a year ago. Its net NPAs went up to 3.81 percent from 2.68 per cent at the end of December 2013.

Gross NPA in absolute terms rose to Rs 2,996.05 crore as compared to Rs 2,195.76 crore. Total provisions, excluding for income tax, rose to Rs 104.93 crore as against Rs 85.37 crore in the year-ago period. Shares of the bank closed at Rs 57.60 per unit, down 1.54 percent on the BSE.

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MOIL's board meeting rescheduled on February 14, 2015

With reference to earlier letter dated February 03, 2015, regarding Board Meeting scheduled to be held February 13, 2015, In this regard, Moil Ltd has now informed BSE that the Board Meeting has been rescheduled on February 14, 2015 for the said purpose. However, there is no change in other intimations in the letter.

With reference to earlier letter dated February 03, 2015, regarding Board Meeting scheduled to be held February 13, 2015, In this regard, Moil Ltd has now informed BSE that the Board Meeting has been rescheduled on February 14, 2015 for the said purpose. However, there is no change in other intimations in the letter.Source : BSE

Read all announcements in MOIL

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Sensex, Nifty flat; Tata Motors tanks 5%, Cipla gains 2.5%

09:19

Moneycontrol Bureau The market opened flat with negative bias on Friday. The Sensex fell 26.73 points to 28824.24 and the Nifty declined 2.40 points to 8709.30. About 434 shares have advanced, 225 shares declined, and 149 shares are unchanged.
 
M&M, HDFC Bank, Bharti Airtel, Hero Motocorp, BPCL, Bank of Baroda and DLF were down 0.4-1.8 percent while Cipla, ONGC, Hindalco, Sesa Sterlite, Reliance Industries and Cairn India gained 0.8-2.5 percent.

From the earnings corner, Tata Motors reported disappointing Q3 numbers. Jaguar Land Rover (JLR) margins came in below estimates. The company's standalone business was hit by one off provisions as the management made a one time provision of Rs 310 crores for write offs at Singur plant. The stock lost 5 percent.

Earnings to watch out for today will be Tata Steel and NMDC. According to a CNBC-TV18 poll, Tata Steel's total turnover will fall 4 percent to Rs 35400 crore while profits may plunge 58 percent. Meanwhile, NMDC may see a 4 percent drop in profits. 

The Indian rupee opened at 61.69 per dollar on Friday against previous day's closing value of 61.73 a dollar.

Pramit Brahmbhatt of Veracity said, "Reduction in FII inflows coupled with weakness in local equities may pressurize rupee to depreciate. However, gains in Asian equities and some exporters selling may limit losses in the local unit. We see the USD-INR ranged between 61.20-62.20/dollar."

Global cues, meanwhile, are positive with the US markets rallying 1 percent ahead of it's non-farm payrolls report. The data is expected to show creation of 230,000 jobs in January.

Equities ended flat after the European Central Bank (ECB) put more pressure on Greece to come to an agreement with its lenders over the future of its bailout program. Greek markets closed down 3 percent.  Asian equities followed Wall Street higher but apprehension about Greece's bailout program may cap gains.

In other asset classes, Nymex crude prices jumped about 4 percent as falling output and rising violence in Libya, along with central bank easing in China, helped crude rebound. Brent crude rose to USD 56 a barrel.

In the currency space, the euro inched up on strong German data, gaining back some of the lost ground. Data showed German industrial orders surged far more than forecast in December, hitting their highest level since April 2008.And precious metal gold dipped marginally to USD 1260 dollars an ounce.

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See flat opening in absence of firm global cues: Ventura

Ventura Securities' Fundamental Report:

Sensex, on Wednesday, declined 117points and closed at 28,883 as banking stocks continued to be under pressure on account of higher NPAs and provisioning which has led to subdued profits in Q3FY15. The sentiments were also impacted due to sluggish core sector growthand absence of rate cut by RBI.

Among sectors, Capital Goods, Bankex, Power, Consumer Durables, and Auto declined over 1 percent each. Among stocks, Axis Bank, BHEL and SBI plunged over 2 percent each. Market breadth was negative with 1,572 declines against 1,331 advances.

Nifty fell 33 points and closed at8,724. Today we expect the markets to open flat in the absence of firm global cues.

US markets ended on a mixed note yesterday; Dow closed 0.04 percent up, while Nasdaq fell 0.23 percent as Greek worries resurfaced coupled with a sharp plunge in crude oil prices. US markets, today, will see data releases on Trade Balance, Unemployment Claims, Prelim Non-farm Productivity q/q, Prelim Unit Labor Costs q/q, Challenger Job Cuts y/y, and Natural Gas Storage.

Asian markets are trading on a mixed note with Nikkei down 0.98 percent and Hang Seng up 0.48 percent. While Nikkei is down due to subdued corporate earnings of certain index heavyweights, Hang Seng is up as China has lowered the Reserve Requirement Ratio. SGX Nifty is trading up 9.5 points at 8,765.

Indian ADRs ended the day on a mixed note. Among financialADRs, ICICI Bank closed 1.73 percent down and HDFC Bank closed 2.1 percent up. Among IT ADRs,Wipro was down 1.06 percent, while Infosys was up 0.75 percent. Tata Motors was down 1.81 percent.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Sensex, Nifty open flat; Tata Power, Bharti up post Q3 nos

Tata Power, Bharti, Tata Steel, Axis Bank and Wipro are top gainers in the Sensex. Among the losers are ICICI Bnak, Sesa Sterlite, Cipla, Tata Motors and NTPC.

09:15

Moneycontrol Bureau The market has opened flat. The Sensex is up 29.27 points at 28912.38 and the Nifty is up 7.00 points at 8730.70. About 402 shares have advanced, 165 shares declined, and 154 shares are unchanged.

Tata Power, Bharti, Tata Steel, Axis Bank and Wipro are top gainers in the Sensex. Among the losers are ICICI Bank, Sesa Sterlite, Cipla, Tata Motors and NTPC.

The Indian rupee opened lower by 13 paise at 61.88 per dollar on Thursday against previous day's closing value of 61.75 a dollar.

The euro declines after the European Central Bank said it will no longer accept Greek bonds as collateral for its liquidity operations, dealing a blow to Athens which is seeking debt relief from euro zone lenders.

Mohan Shenoi of Kotak Mahindra Bank said, "Greece continues to be a worry for global markets leading to dollar strength against the euro. Domestic market is expecting short-term custodial dollar flows arising out of ECB QE. However, RBI is expected to intervene to prevent steep appreciation of rupee. USD-INR is expected to trade in a range of 61.70-62/dollar today."

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JP Morgan ups United Spirits rating, sets new price target

While the stock has moved up year-till-date, JP Morgan says there is scope for further outperformance as margin gains could surprise positively.

Moneycontrol Bureau

Brokerage house JP Morgan has upgraded its rating on  United Spirits to overweight with a price target of Rs 3950 by December 2015,

"Our upgrade is led by a) Expectations of faster pace of margin improvement (than anticipated earlier) led by accelerated premiumisation efforts, cost rationalisation and benign cost inflation trends, b) Scope to enhance margins for Diageo brands, and c) Lower interest costs aiding profit growth," said the JP Morgan note to clients.

"While the stock has moved up year-till-date, we find scope for further outperformance as margin gains could surprise positively. Strategic initiatives–moving selectively to asset light/franchisee model and monetizing non-core assets would further help medium-term returns," the JP Morgan note said.

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HCL expands US footprint with new global delivery center in Frisco

HCL Technologies today announced the opening of its newest global delivery center in the US Located at 2401 Internet Boulevard, the Frisco center is being inaugurated on Feb 3, 2015 by the Honorable Mayor of Frisco, Maher Maso.

HCL Technologies Ltd has informed BSE regarding a Press Release dated February 03, 2015, titled "HCL Expands U.S. Footprint with New Global Delivery Center in Frisco".Source : BSE

Read all announcements in HCL Tech

To read the full report click here

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ELSS offers tax saving, but do not ignore elevated risks

Arnav Pandya

Equity Linked Savings Schemes (ELSS) are one of the options that are present in the list of investments under Section 80C but there is a big difference in the manner in which an individual investor will get an exposure here as compared to all the other instruments present in the list under this section. It is important for the individual to focus their attention on this aspect because with a different kind of exposure there is also a varied risk element that is present here and due to this there should be some efforts to put this in proper perspective. Here are several details that will help individual to make their decision about choosing an ELSS fund for their investment requirement.

Nature of investment
The core of the entire ELSS investment is that this is equity oriented and the entire amount that goes towards this area gets an equity exposure. This means that there is a different kind of risk that is present here as compared to say a Public Provident Fund (PPF) investment or a National Savings Certificate (NSC) because the asset class is not the same. In a debt investment there is usually a higher confidence of the safety of the capital invested especially in case where this is a government backed instrument. On the other hand when it comes to an equity exposure it is the management of the money that is very significant and due to this reason there has to be additional care taken in the investment process.

Exposure
There are other instruments which will provide an equity exposure as well as a Section 80C benefit at the same time to the investor but none is directly compared to an ELSS fund. The other options like the national Pension System or a unit linked insurance policy that invests in equity or a pension fund from a mutual fund also have an exposure to equity. When it comes to the NPS the exposure is however limited to 50 per cent of the total investment so here half of the investment is still in debt. A similar thing is witnessed when one looks at the pension fund being offered by mutual funds as this too is a a balanced option while in case of ULIPS there is also a part that goes toward premium payable for life insurance.

Unique risk
There is a lock in that is present in the ELSS fund which is at 3 years but this might not have much of a meaning for the investor because if the market conditions are very weak at the end of the lock in period then it might not make sense for them to actually take out their investment. This is significant because the money might find itself invested for a long time to come. This is going to be the situation for other alternatives that have some equity exposure too. This kind of position is witnessed because the individual should be looking at equity for the purpose of increasing their wealth and hence not for the purpose of quickly taking their money out. The centre of attention for the investor when they choose an equity route is that they need to build their wealth over a long period of time and one has to  ensure that the equity portfolio is structured towards this particular direction. This kind of situation where the investor is forced to keep their money invested for a long period is a different kind of risk that hardly anyone thinks about or considers while they are planning their investment. Ultimately there is a different kind of exposure that is provided here and some smart work will ensure that the investor is able to factor this effectively into their planning.

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Here are some stock picks from Siddarth Bhamre

Watch the interview of Siddarth Bhamre of Angel Broking with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he shared his reading and outlook on market and specific stocks.

Watch the interview of Siddarth Bhamre of Angel Broking with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he shared his reading and outlook on market and specific stocks.

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