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- Diwali comes early to D-St! 5 factors behind Nifty’s new high today
- LIC Housing moves NCLT to recover Rs 31 cr loan from DB Realty
- GE Power India bags job orders worth Rs 327.5 crore
- Leadership roles to evolve as future of work undergoes change
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- This could become India’s trump card against China’s OBOR manoeuvre
- Aadhaar helped Modi govt save $9 billion: Nilekani
- Supreme Court restrains Amrapali group Directors from leaving country
- Tech apart, human touch still important in banking: Arundhati Bhattacharya
- Raspberry Pi laptop teaches code with modular innards
- Why Modi won’t push his luck with bold reforms before 2019 elections
- OakNorth Bank gets Rs 1,328 cr investment
- TCS facing demand pressure unlikely to sustain momentum
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| Diwali comes early to D-St! 5 factors behind Nifty’s new high today Posted: 13 Oct 2017 02:05 AM PDT Source: ET |
| LIC Housing moves NCLT to recover Rs 31 cr loan from DB Realty Posted: 13 Oct 2017 02:05 AM PDT NEW DELHI: LIC Housing Finance has filed an application before the National Company Law Tribunal (NCLT) to start insolvency process against DB Realty for recovery of Rs 30.63 crore outstanding loan, the Mumbai-based developer said. DB Realty said both the parties are in talks to settle this outstanding loan. In a filing to the BSE, DB Realty informed that the company had availed of Rs 200 crore loan from LIC Housing Finance Ltd in January 2010 and out of that, Rs 188 crore were disbursed to it. The developer repaid Rs 157.37 crore to LIC Housing Finance within 18 months from the disbursement and the balance loan outstanding is Rs 30.63 crore. “LIC Housing Finance has filed an application by financial creditor to initiate corporate insolvency resolution process under the code at the NCLT Mumbai against DB Realty for recovery of this outstanding money,” the filing said, adding that the matter is pending admission before the NCLT. DB Realty said that “settlement talks” are in progress between the two companies. “The matter is posted under the caption ‘For Settlement’ in the NCLT on October 16 and the company is hopeful of a positive outcome in view of settlement talks, which are in progress,” DB Realty said. In the Delhi-NCR property market, insolvency proceedings have started in Jaypee Infratech and Amrapali group company. The real estate sector is facing a multi-year demand slowdown, resulting in huge delays in delivery of flats, forcing buyers to go on protest at sites and file legal cases in courts. Many developers have defaulted in repayment of their bank loans. |
| GE Power India bags job orders worth Rs 327.5 crore Posted: 13 Oct 2017 02:05 AM PDT NEW DELHI: GE Power India has won two orders worth of Rs 327.5 crore from Doosan Power Systems India Pvt (DPSI) to supply ambient air quality control systems to be installed at power plants. “… awarded two contracts by DPSI to supply ambient air quality control systems for Jawaharpur and Obra C power plants operated by Jawaharpur Vidyut Utpadan Nigam Ltd (JVUNL) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL), respectively,” a company statement said. According to the statement, the deal worth Rs 327.5 crore million (USD 49.2 million) includes four electrostatic precipitators (ESPs) that can remove particulate matter and help meet India’s ambient air quality regulation standards. It said GE Power is also supplying super critical steam turbines for the same projects, which are being executed by DPSI on EPC (engineering, procurement and construction) basis. Once operational, these plants together will produce 2,640 mw, potentially powering nearly 16 million Indian homes. The technology is expected to bring down the emission of particulate matters below the mandated level under the new environmental guidelines. On the significance of the project, Jeong Tae Song, MD (marketing) DPSI said: “GE has been a trusted technology partner and we hope to set an industry benchmark in emission control of thermal plants.” Andrew DeLeone, MD, GE Power India, hoped that these projects and their performance will be a model for other power plants to follow. GE has a strong local team working on its extensive portfolio of air quality control systems. Globally, GE Steam Power Systems has the broadest portfolio of air quality control systems with more than 90 years of experience. Today, GE has 500 gw of air quality control systems in operation around the world and its technology can be applied to new power plants or can be retrofitted to existing ones. |
| Leadership roles to evolve as future of work undergoes change Posted: 13 Oct 2017 01:40 AM PDT NEW DELHI: As competitive forces like artificial intelligence and machine learning shape the future of work in India, leadership roles have to evolve and the top brass are expected to be watchful about long-term perspective rather than short-term pressures, says a PwC report. According to the report by PwC India, titled ‘Reimagining leadership: Steering India’s workforce in 2030’, future workplace will be characterised by competing and conflicting priorities and demands of its key constituents – organisation, employee, CEO and HR. While emotional and cognitive intelligence have proved to be critical to leadership success in the past, in the future workplace, ‘learning intelligence’ will be the new leadership edge, the report said. “Traditional models of development are no longer sufficient to help leaders act fast and effectively in unpredictable circumstances; organisations will need to reimagine the talent development experience at the top of the pyramid in much the same ways as they do in the customer experience,” PwC India People and Organisation Partner Chaitali Mukherjee said. In the future workplace in India, the CEO will have to focus on differentiating human capabilities and striking the right balance between humans and machines/bots. On the other hand, HR will become the guardian of the brand, focusing on creating the right culture and protecting the organisation against sustainability and reputational risks, the report noted. “It is the responsibility of the leader to look into the future when making decisions, to ensure they are solving the immediate problems, while also preparing their organisation for the future,” said Blair Sheppard, Global Leader – Strategy and Leadership Development, PwC. |
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| This could become India’s trump card against China’s OBOR manoeuvre Posted: 13 Oct 2017 01:15 AM PDT COLOMBO/NEW DELHI: India is in advanced talks with Sri Lanka to operate an airport on the southern tip of the island, where China has invested heavily as part of its Belt and Road initiative, a Sri Lankan minister said. Sri Lanka’s civil aviation minister, Nimal Siripala, said the country had been looking for alternative investors in the Hambantota area, where China has built a seaport and is in discussions to build an investment zone and a refinery. “It was during this time India came up with a proposal,” Siripala said Monday. “They were ready for a joint venture with the Airport and Aviation Services Limited,” he said, referring to the state-run company that runs Sri Lanka’s main airport in the capital Colombo and the one in the south, in Mattala. The town of Hambantota sits near one of the world’s busiest shipping lanes and is an important part of the Belt and Road initiative, aimed at building trade and transport links across Asia and beyond to Europe. China runs the seaport with a 99-year lease and was planning to expand its footprint in the area with the refinery, which would be Sri Lanka’s largest, and an investment zone of about 6,000 hectares (15,000 acres). Beijing’s projects, backed by loans extended by the Chinese government and initiated by a previous Sri Lankan government, have faced widespread opposition in Sri Lanka. Local residents facing eviction to make way for the projects have staged numerous protests. Other critics say the Sri Lankan government signed up for unnecessary and loss-making projects, pushing the country into long-term indebtedness. India has offered to set up a joint venture with Sri Lanka to manage and expand facilities at the loss-making Mattala airport, which sits adjacent to the Hambantota seaport, according to Siripala and an Indian government source, who requested anonymity because of the sensitivity of the matter. There was no immediate response from the Indian foreign ministry to a request for comment on the airport deal. The initial investment would be $293 million, of which India will provide 70 per cent on a 40-year lease, according to a Sri Lankan cabinet paper reviewed by Reuters that details the Indian plan to make the airport viable. The airport, built at a cost of $253 million by China, which also provided $230 million of funding, gets one flight a day, from Dubai, and has been dubbed the world’s emptiest airport for its long, empty corridors. The Indian government source said India had proposed establishing a flying school and a maintenance hub at Mattala to boost airport revenues while it builds up traffic. There are also hopes the airport could be a destination for Indian tourists. “We are trying for a large integration of the Sri Lankan and Indian eco-systems, we want to boost tourism in our two countries,” the source said. China said it was not aware that Sri Lanka was considering allowing India to manage the airport. China also put in a bid to operate the facility, but the two sides failed to agree on financial terms. “China hopes the relevant country does more to play a constructive role in increasing mutual trust and cooperation between nations in the region and promoting regional peace, stability and development,” the Chinese foreign ministry said in response to an email request for comment. OLD BONDS India and Sri Lanka have centuries-old ethnic and cultural bonds, but these frayed amid New Delhi’s support for Sri Lanka’s Tamil minority during the island’s 26-year civil war, which ended in 2009. China was among the first countries that stepped in to help in the post-war reconstruction of Sri Lanka, building roads, power stations and ports. By 2014, Chinese navy submarines were also docking in Colombo, raising alarm in New Delhi and prompting a push by the administration of Prime Minister Narendra Modi to claw back influence in the region. The Indian source said New Delhi would allow Sri Lanka to determine the size of the Indian stake in the airport venture and whether it would involve state or private companies. However, some opposition groups are concerned that turning to India is equally fraught with risk. Dullas Alahapperuma, an opposition member of parliament, said the government was making a mistake by handing over national assets to China and India in Hambantota. “In the end, there could be dangerous consequences,” he said. On Tuesday, police detained three opposition MPs protesting in Hambantota against the airport lease plan. The three included Namal Rajapaksa, the son of Mahinda Rajapaksa, the former president who signed the construction deal with China. Siripala, the aviation minister, said any deal to give India the right to manage the airport was purely commercial and would not compromise Sri Lanka’s security interests. |
| Aadhaar helped Modi govt save $9 billion: Nilekani Posted: 13 Oct 2017 01:15 AM PDT WASHINGTON: The Indian government’s Aadhaar card scheme, which has enrolled more than 1 billion people, has helped the exchequer save about USD 9 billion by eliminating fraud in beneficiary lists, its architect Nandan Nilekani has said here. The system, launched by the previous UPA government, has been “enthusiastically” supported by the current government led by Prime Minister Narendra Modi, and Finance Minister Arun Jaitley, said the 62-year-old non-executive chairman of Infosys — India’s second largest software services firm. It has really been a bipartisan thing, Nilekani said while participating in a World Bank panel discussion on Digital Economy for Development yesterday. He said that it is easier for the developing countries to leapfrog by building a right digital infrastructure. Aadhaar now has more than a billion people registered on its system, he said. “It has also saved the government about USD 9 billion in fraud and wastage because by having that unique number you eliminate fakes and duplicates from your beneficiary and employee list,” Nilekani said at the event on the sidelines of the annual meeting of the International Monetary Fund (IMF) and the World Bank. “We have about half a billion people who have connected their ID directly to a bank account. The government has transferred about USD 12 billion into bank accounts electronically in real time to the world’s largest cash transfer system. There are many many things like that. “I’m a big believer that if you build the right digital infrastructure then you can leapfrog,” Nilekani, the former chairman of Unique Identity Development Authority of India (UIDAI), said. In the new world of data economy, identity authentication, frictionless payments, paperless transactions these are all very important layers of the new digital economy. That is what India has done, he said. India is the only country in the world where a billion people can do completely paperless, cashless transactions on their mobile phones using this infrastructure which dramatically reduces costs. “Once you bring cost down, automatically inclusion happens,” Nilekani said, adding that there is a fundamental strategic way of looking at it. Now it is very clear that date is where the action is, he said. The infrastructure that India has created enables every individual to use his or her data for their advancement, which is fundamental. Herein an individual used data for their personal advancement, Nilekani said. “There is a fundamental inversion happening of the way we think of data, which is unique,” he said, adding that this has a lot of implications for the bank and people in public policy who have to look at what’s the new rules of the game in the economy. Responding to a question, Nilekani said the World Bank has really done a great job in internalising the concept of digital ID. A high-level panel having representation from about 15-20 countries met at the bank yesterday to have discussions on it. When one has this digital ID, one can authenticate oneself through a system and get the own data out, he said. Noting that in India the Supreme Court has declared privacy as a fundamental right, he said the apex court has also laid down a framework that even when the government need to achieve a state objective then they can circumscribe some of those privacies. “It says for national security, for prevention of crime, protection of revenue, or for social welfare,” Nilekani said. But the court said, every time the government circumscribes the privacy, it has to be a law, it has to be reasonable and it must be proportional. Nilekani said that the question of how data use can address inequality has not been discussed enough. “When the internet happened in the West in the last 15 years… the West was economically rich before they became data rich,” he said. But in developing countries people have become data rich before they become economically rich, Nilekani said. “So in a society where per capita income is USD 1500 and you are data rich, the business model is how do we create an architecture where individuals and businesses are able to trade in their data to improve their lives. That is the heart of the question. “If I as a consumer can use my data to get better loans, better education, better jobs and better skills, and if we can get a billion people to get access to that they will use data as the ladder to improve their lives,” he added. |
| Supreme Court restrains Amrapali group Directors from leaving country Posted: 13 Oct 2017 01:15 AM PDT NEW DELHI: The Supreme Court today restrained the directors of real estate major Amrapali Group from leaving the country without its permission. A bench headed by Chief Justice Dipak Misra issued notice to the company and sought its reply within two weeks on a plea filed by Amrapali Silicon City Flat Owners Welfare Society. The bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, appointed senior advocate Shekhar Naphade as amicus curiae to assist it by espousing the home buyers’ cause. In a similar petition by 100 home buyers who invested in three other projects of Amrapali Centurion Park Pvt Ltd at Greater Noida in Uttar Pradesh, the apex court had on October 6 issued notice to the Centre and the housing group. This plea sought quashing of a National Company Law Tribunal (NCLT) order initiating insolvency proceedings against Amrapali Silicon City Pvt Ltd under the Insolvency and Bankruptcy Code, 2016 as the proceedings affected the home buyers of Amrapali Centurion Park Pvt Ltd. Under the bankruptcy law, consumer and recovery cases and decrees passed by civil courts and consumer fora in favour of home buyers against real estate firms could not be executed once insolvency proceedings begin at the NCLT. The plea has sought that either the home buyers are treated equally with banks and FIs, or the provisions of the bankruptcy code, which give priority to lending institutions, be held ultra vires to the Constitution as being violative of fundamental rights like rights to equality and life. |
| Tech apart, human touch still important in banking: Arundhati Bhattacharya Posted: 13 Oct 2017 01:15 AM PDT Source: ET |
| Raspberry Pi laptop teaches code with modular innards Posted: 13 Oct 2017 01:07 AM PDT
Source: engadget |
| Why Modi won’t push his luck with bold reforms before 2019 elections Posted: 13 Oct 2017 01:00 AM PDT By Mihir Sharma India's slowdown — recently confirmed by the International Monetary Fund, which sharply reduced its estimate of growth during the current financial year — has set off a couple of energetic and oddly contradictory responses from the government in New Delhi. On the one hand, Prime Minister Narendra Modi has aggressively defended his record, comparing it positively to the stagnation presided over by the previous government at various points and attacking "pessimists" who were "exaggerating" problems. The prime minister talked of "one bad quarter,” although growth has slowed since January 2016; other data he presented was criticized for being cherry-picked as well. On the other hand, there was good news. The government has taken steps to ease the burden of complying with an overly complicated new goods-and-services tax, which has dampened economic activity. And Modi expanded the sorely limited pool of economic expertise available to his government, setting up an advisory council that included several smart economists. The question is what matters more to the government at this fraught moment: economic efficiency or political credibility. In particular, the government faces a decision on whether to open up its pocketbook to relieve some of the pain caused by the introduction of the GST and by “demonetization” — Modi's withdrawal last year of high-value currency. Given that the general government deficit — of both federal and state governments — is already north of 6 percent, expanding spending now seems unwise. On Wednesday, the chairman of Modi’s new economic advisory council said that there was a "consensus" that the "fiscal consolidation exercise should not be deviated from." But he added that he could not reveal exactly what that meant. There’s a debate as to whether expanding spending next financial year would count as abandoning fiscal consolidation, since the government is working on a "medium-term fiscal framework" that seeks to create space in the short run for counter-cyclical fiscal policy. Among world leaders, Modi would seem better insulated from populist pressures than most. It’s not as if India's uninspiring opposition parties are forcing his hand. While the leader of the Congress Party, Rahul Gandhi, didn't make a mess of his recent trip to the western state of Gujarat, where elections are soon to be held, it's also true that Modi's home state is a stronghold of his Bharatiya Janata Party and unlikely to flip anytime soon. Still, Modi and the BJP's canny president, Amit Shah, will have seen warning signs. One of Gujarat's most influential communities, the Patels — traditionally, strong BJP voters — have been up in arms for some time over a jobs drought. Small traders and factories in the state's many industrial hubs are struggling with the consequences of the poorly planned GST rollout. Modi and Shah don't like to take chances with crucial elections, so Gujarat has seen quite a few policy concessions come its way over the past few weeks. Twitter exploded with amusement at one in particular, a reduction in the tax rate on a deathly dry, savoury biscuit that I am convinced practically nobody outside Gujarat really enjoys. If the BJP is being cautious about the Gujarat election, how cautious will it be in terms of national policy? The pressure on Modi is growing even from his benches. The BJP owes allegiance to a group of Hindu nationalist organizations known as the Sangh family; several of these are planning demonstrations against the government's economic policies in Delhi. And several members of the BJP, including two well-regarded ministers from the last BJP-led federal cabinet, have given voice to dissent within the party about Modi's economic management. Given these various pressures, when Modi and Shah sit down to strategize, they will inevitably ask themselves whether they want to risk political pain or fiscal pain. They're pragmatists to the bone; they’re no more likely than politicians anywhere to resist the temptation of handouts. There are already signs of this: In response to a public outcry about fuel prices, the government cut taxes on petroleum — although fuel taxes had gone a long way towards paying for the government's spending over the past few years. I agree we might well a see a bit of a rebound in the next few quarters, as the GST settles down and the first-order effects of demonetization wear off. But I doubt the government will be willing to pursue the reforms necessary to achieve sustained high growth rates anytime soon. In the current climate, Modi isn’t likely to take the risk of doing anything that can't be sold as "pro-poor.” Of course, the government will continue to tout its reform credentials. But the substance of its actions will be increasingly hollow. For example, the government will no doubt declare that, unexpectedly, it will meet targets for disinvesting in the public sector this year. Good news, until you read the small print: One state-owned company is buying another. That's the sort of "reform" we're likely to see in India till 2019. Views expressed here are the author’s own, and not EconomicTimes.com’s |
| OakNorth Bank gets Rs 1,328 cr investment Posted: 13 Oct 2017 01:00 AM PDT NEW DELHI: Indiabulls Housing Finance today said its investee company UK’s OakNorth Bank has secured investment of GBP 154 million (approx Rs 1,328 crore) from three investors valuing it at GBP 962 million (approx Rs 8,290 crore). “OakNorth Bank has secured investment of GBP 154 million (USD 203 million) from 3 investors – Clermont Group, Toscafund & Coltrane-for a 16 per cent stake valuing it at GBP 962 million. Company’s approximately 30 per cent stake is now valued at USD 380 million, against the original investment of USD 100 million,” Indiabulls Housing Finance (IBHFL) said in a regulatory filing. Indiabulls Housing Finance (IBHFL) said founded in 2015, OakNorth Bank became profitable after just 11 months and within two years of operations has grown its loan book to over GBP 800 million. “This fresh investment will enable it to lend a further GBP 1.5 billion in 2018,” it added. In November 2015, Indiabulls Housing Finance announced acquisition of a 39.76 per cent stake in the UK’s OakNorth Bank for USD 100 million (about Rs 661 crore). Shares of Indiabulls Housing Finance were today trading 0.20 per cent higher at Rs 1,274.45 per scrip in the morning hours on BSE. |
| TCS facing demand pressure unlikely to sustain momentum Posted: 13 Oct 2017 01:00 AM PDT Source: ET |
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| Pound climbs above $1.33 after report the EU may offer the U.K. a Brexit extension Posted: 13 Oct 2017 12:47 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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