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- This disappointed Mumbai pilot proves ‘Make in India’ is just a slogan
- IndusInd Bank posts 25% YoY surge in Q2 profit at Rs 880 crore
- IndusInd Bank posts 25% YoY surge in Q2 profit at Rs 880 crore
- Overhit – Registration for limited test begins in South Korea for Unreal Engine 4 mobile RPG
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- Here’s how banks leave borrowers high & dry after every rate cut
- Banks passed on benefits of lower rates to borrowers, shows RBI data
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- Billionaire Birla may tap markets as India’s telecom wars worsen
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| This disappointed Mumbai pilot proves ‘Make in India’ is just a slogan Posted: 12 Oct 2017 01:50 AM PDT At Bandra-Kurla Complex in Mumbai in February last year, Capt Amol Yadav courted glory. A six-seater aircraft he made himself on the roof of his house was proudly displayed at a ‘Make in India’ programme. He was a perfect icon for Prime Minister Narendra Modi’s pet project to encourage manufacturing in India. Yadav will again take his aircraft to Bandra-Kurla Complex in a month, but for a different purpose. "I am giving myself a month's time. If I am not able to get funds, then I invite the people of Mumbai to a unique funeral where I will take my six-seater aircraft to Bandra Kurla Complex, where it was first showcased during the 'Make in India' week, and then take a hammer and break it down because our country doesn't like to encourage enterprise by the common man," Yadav says. How did Yadav ended up at the anti-climax of his story? India’s plodding babudom pushed Yadav’s story to its sorry end. Yadav’s aircraft is not just a cranky idea brought to life an eccentric amateur. Yadav is now on the verge of completing his 19-seater aircraft, which would be the first to be built indigenously. That's something the National Aerospace Laboratories hasn't been able to achieve even after working for several years and sinking in crores of rupees. An indigenous 19-seater plane such as the one that pilot Amol Yadav built, would be a boost for India's aircraft manufacturing industry and help create jobs in the sector. Such aircraft would promote boost regional connectivity and airlines would find it viable to fly them to smaller airports instead of deploying 40- or 70- seater planes that are harder to fill for such destinations. For six long years, Yadav struggled with the bureaucracy to just get a chance to demonstrate his prototype to the government so that he could get necessary approval and work on commercialisation. After he applied to register his six-seater plane under the experimental aircraft category in 2011, DGCA, the aviation regulator, kept dilly-dallying. Red tape not only entangled his dream project, it strangled it eventually. In 2014, the regulator changed the rules under which amateurs can build planes. The new rules allow only planes manufactured by companies to fly. And that happened despite Maharashtra Chief Minister Devendra Fadnavis offering him a tie-up with the government and even taking up his issue with PM Modi. "I felt very encouraged by 'ease of doing business' and the 'Make in India' initiative by Prime Minister Narendra Modi," said Yadav. "However, I have realised that while the PM may be passionate about these initiatives, for the rest of the bureaucracy, these are just slogans." Yadav's primary hurdle is DGCA, the regulator, which has stalled his endeavour. While Make in India is PM Modi’s pet project, he is also focused on improving the ease of doing business. But Yadav is a veritable proof that government efforts on both lack substance. |
| IndusInd Bank posts 25% YoY surge in Q2 profit at Rs 880 crore Posted: 12 Oct 2017 01:50 AM PDT NEW DELHI: Private lender IndusInd Bank on Thursday reported a 24.96 per cent YoY surge in net profit at Rs 880.10 crore for the September quarter, which was in line with Rs 890 crore estimated by analysts in an ET Now poll. The lender had reported a net profit of Rs 704.26 crore in the corresponding quarter last year. Interest earned for the quarter rose 20.73 per cent YoY to Rs 4,208.35 crore from Rs 3,485.73 crore in the same quarter last year. Gross non-performing assets (NPAs) for the quarter remained unchanged at 1.08 per cent, compared with June quarter and 0.90 per cent in the year-ago quarter. Net NPA for the quarter stood at 0.44 per cent, same as it was in previous quarter. The lender said that the proposed transaction with Bharat Financial Inclusion was still under evaluation. The bank in September signed an exclusivity agreement with the India’s second-largest microfinance company for a possible acquisition. During the quarter, the lender made provisions and contigencies worth Rs 293.75 rore, which was less than June quarter’s Rs 309.97 crore, but higher than Rs 213.88 crore provisions it made in the year-ago quarter. Net interest income (NII) for the quarter stood at Rs 1,821 crore, which was 24.7 per cent higher than Rs 1,460 crore reported in the same quarter last year. ET NOW poll had forecast NII at Rs 1,847 crore. Brokerage Kotak Securities had expected the lender to report a 26.8 per cent YoY rise in net-interest income for the lender at Rs 1,851.50 crore for the September quarter. |
| IndusInd Bank posts 25% YoY surge in Q2 profit at Rs 880 crore Posted: 12 Oct 2017 01:47 AM PDT NEW DELHI: Private lender IndusInd Bank on Thursday reported a 24.96 per cent YoY surge in net profit at Rs 880.10 crore for the September quarter, which was in line with Rs 890 crore estimated by analysts in an ET Now poll. The lender had reported a net profit of Rs 704.26 crore in the corresponding quarter last year. Interest earned for the quarter rose 20.73 per cent YoY to Rs 4,208.35 crore from Rs 3,485.73 crore in the same quarter last year. Gross non-performing assets (NPAs) for the quarter remained unchanged at 1.08 per cent, compared with June quarter and 0.90 per cent in the year-ago quarter. Net NPA for the quarter stood at 0.44 per cent, same as it was in previous quarter. The lender said that the proposed transaction with Bharat Financial Inclusion was still under evaluation. The bank in September signed an exclusivity agreement with the India’s second-largest microfinance company for a possible acquisition. During the quarter, the lender made provisions and contigencies worth Rs 293.75 rore, which was less than June quarter’s Rs 309.97 crore, but higher than Rs 213.88 crore provisions it made in the year-ago quarter. Net interest income (NII) for the quarter stood at Rs 1,821 crore, which was 24.7 per cent higher than Rs 1,460 crore reported in the same quarter last year. ET NOW poll had forecast NII at Rs 1,847 crore. Brokerage Kotak Securities had expected the lender to report a 26.8 per cent YoY rise in net-interest income for the lender at Rs 1,851.50 crore for the September quarter. |
| Overhit – Registration for limited test begins in South Korea for Unreal Engine 4 mobile RPG Posted: 12 Oct 2017 01:34 AM PDT First announced a couple of week ago, Overhit is Nexon’s upcoming major mobile RPG developed by NAT Games, the team behind Heroes of Incredible Tales (HIT). Powered by Unreal Engine 4, registration for the first limited test phase started today in South Korea. According to local reports, there are now 127 characters in Overhit for […] |
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| #10: Vintar 16-Color Motion Sensor LED Toilet Night Light, 5-Stage Dimmer, Light Detection Posted: 12 Oct 2017 01:21 AM PDT  Vintar 16-Color Motion Sensor LED Toilet Night Light, 5-Stage Dimmer, Light Detection Buy new: $9.99 (Visit the Best Sellers in Tools & Home Improvement list for authoritative information on this product’s current rank.) |
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| Cryptocurrency bitcoin jumps 4% at $5,022 Posted: 12 Oct 2017 01:17 AM PDT This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.    
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| Here’s how banks leave borrowers high & dry after every rate cut Posted: 12 Oct 2017 12:55 AM PDT When the Reserve Bank of India (RBI) cuts lending rates, the cheer spreads all over instantly. People who have taken bank loans for homes or vehicles think the RBI has put some money back in their pockets. But that, often, is not the case. Even after the RBI rate cut, banks don’t effectively transfer the cut to the borrowers. The practice came to light recently when an RBI panel exposed the banks which “deviated in an ad hoc manner from the specified methodologies” that determine lending rates. The panel observed that internal benchmarks such as the base rate/marginal cost of lending rate (MCLR) had not delivered effective transmission of the monetary policy, which means RBI rate cuts are not being passed on to borrowers. “We think that the internal benchmarks like the base rate or the MCLR, based on data, seem to give banks a very high amount of discretion lot of factors that are flexible for them to ensure that lending rates can be kept high even when monetary policy rates are going down an accommodative path,” RBI deputy governor Viral Acharya said after the RBI panel’s report was out. Castigating such banks, the RBI said arbitrariness in calculating the base rate and MCLR and spreads charged over them had undermined the integrity of the interest-rate-setting process. The base rate and MCLR regime were also not in sync with global practices on pricing of bank loans. Data from the RBI shows that, between December 2014 and October 2016, banks’ base rate on an average reduced 0.61 percent when the policy rate was lowered by 1.75 percentage point. Banks were also slow to pass on the reduction in their MCLRs in January 2017 to their actual lending rates, says the report. “Of the 12 banks whose spreads widened, six banks took up to six months to pass on the benefit of lower MCLRs to their lending rates; the remaining six banks passed on the benefit of their lower MCLRs, but only partially even after six months. This is intriguing as changes in MCLRs are expected to be passed on to at least fresh borrowers immediately,” the report says. Banks and the RBI have been at loggerheads for over a decade with the regulator publicly stating that banks move interest rate in such a way that it benefits them. Banks have been quick to raise interest rates when the RBI raised policy rates, but were slow to cut when RBI did so. The previous RBI governor Raghuram Rajan introduced the MCLR to calculate the benchmark lending rate in another attempt to make banks pass on policy rate cut benefits to borrowers quickly and in a more transparent manner. |
| Banks passed on benefits of lower rates to borrowers, shows RBI data Posted: 12 Oct 2017 12:55 AM PDT Source: ET |
| 38% of your listed universe may look different after split in CEO & MD roles Posted: 12 Oct 2017 12:55 AM PDT Source: ET |
| Billionaire Birla may tap markets as India’s telecom wars worsen Posted: 12 Oct 2017 12:55 AM PDT By Bhuma Shrivastava Billionaire Kumar Mangalam Birla, whose Idea Cellular Ltd. is poised to become India's top carrier, sees only a handful of businesses surviving a price war roiling the world's second largest telecom market. The chairman of the Aditya Birla Group also won't hazard a guess on when the industry shakeout will end in a country where calls already cost less than two cents a minute — and are sometimes offered free. "The telecom sector is undergoing a very turbulent and difficult phase," Birla said in an interview this week. "Probably the fittest three will survive." India's mobile operators have seen revenue plummet and debt soar after last year's launch of Reliance Jio Infocomm Ltd., a wireless carrier owned by Mukesh Ambani, the country's richest man. That triggered a bruising price war for mobile services. Jio started offering free calls and many others in the industry followed. Idea Cellular is set to become the biggest player by subscribers after it closes its merger with the local unit of Vodafone Group Plc, but it may still have to tap financial markets to fund its substantial capital requirements, according to Birla. Banks are growing more cautious in lending to the beleaguered industry as telecom profits fizzle out. With players falling "like nine pins," Birla predicts that "the tariffs should stabilize at some point." It's still hard to say when prices will stop falling, and Idea won't rule out share sales or bond issues to raise funds, he added. Idea Cellular's shares were trading 0.2 percent higher at 73.35 rupees in Mumbai at 11:41 a.m compared with the 0.3 percent rise in the S&P BSE Sensex Index. The telecom operator has lost 1 percent this year compared to the Sensex's almost 20 percent gain. Birla, 50, now faces the task of reviving profitability at Idea Cellular, which has reported three consecutive quarters of losses. Telecom accounts for about 13 percent of the overall revenue of the Birla group, which also includes mining, cement and financial services. The Bloomberg Billionaires Index puts Birla's net worth at $8.2 billion. The Vodafone merger will help Idea save $2.1 billion a year on operating costs and capital investments, while enabling the combined entity to make better use of wireless spectrum. Banks though have become wary of wireless operators and are charging more, if they lend to them at all. Combined, the carriers owed 4.6 trillion rupees ($71 billion) at the end of March, according to rating company ICRA. "Banks have become very selective," Birla said. "Loans for the telecom unit have become more expensive than for other group companies because it has become a far riskier business." Shifting Trends India is the world's second largest telecom market by subscribers after China. For now, the sector is dominated by Bharti Airtel Ltd., controlled by billionaire Sunil Bharti Mittal. Although that will change after Idea's deal with Vodafone is completed. A wave of other consolidation is reshaping the industry. Bharti Airtel agreed to buy the struggling local unit of Telenor ASA in February, while Reliance Communications Ltd. said in 2015 that it would buy AFK Sistema's local unit. Smaller players including Reliance Communications and Tata Teleservices Ltd. are being forced to attempt to restructure debt and sell assets. Loss-making Tata Teleservices is said to be preparing to shut a large part of its telecom business, according to a Business Standard report that cited people it didn't identify. "No Indian bank is ready to fund the telecom operators. No foreign bank wants to do it," Anil Ambani, chairman of Reliance Communications, told shareholders on Sept. 26. "There's no financing for growth. Period." Anil Ambani is younger brother to Mukesh, and the two brothers' businesses are independent although they share spectrum, telecom towers and fiber. Top Operators Reliance Communications faces a deadline to restart payments to lenders and is racing to sell its spectrum and real-estate assets to reduce debt. A planned merger with Aircel Ltd. collapsed earlier this month, bogged down by delays and lawsuits. Consolidation in the Indian mobile industry is set to accelerate, turning it largely into a three-player market benefiting top operators, CLSA analysts wrote in an Oct. 9 note. Mobile voice and data tariffs have plummeted to below-cost levels and the industry's revenues will decline as much as 15 percent this year, Himanshu Kapania, the managing director of Idea Cellular said in New Delhi last month. Birla admitted that the entry of a large player with "deep pockets" had unleashed a lot of upheaval and all of Idea's business strategies would need to take this entrant into account. So when is the scathing price war expected to end? "It's hard to say," Birla said. "You are asking the right questions to the wrong person." |
| Twitter suspends Rose McGowan’s account Posted: 12 Oct 2017 12:47 AM PDT
Source: engadget |
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