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- Army gets Rs 40,000 crore weapon boost to counter China, Pak
- Feeding poor, giving jobs is Ram Rajya, my agenda is development says Yogi Adityanath
- India becomes Honda’s No.1 market in Asia-Oceania
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- Khadim to premiumise sub-brands to spur growth, margins
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| Army gets Rs 40,000 crore weapon boost to counter China, Pak Posted: 29 Oct 2017 01:53 AM PDT NEW DELHI: The Army has finalised one of its biggest procurement plans for infantry modernisation under which a large number of light machine guns, battle carbines and assault rifles are being purchased at a cost of nearly Rs 40,000 crore to replace its ageing and obsolete weapons. The broad process to acquire around 7 lakh rifles, 44,000 light machine guns (LMGs) and nearly 44,600 carbines has been finalised and the defence ministry is on the same page with the Army in moving ahead with the procurement, official sources told. The world’s second largest standing Army has been pressing for fast-tracking the procurement of various weapons systems considering the evolving security threats including along India’s borders with Pakistan and China. Apart from kick-starting the procurement process, the government has also sent a message to the Defence Research and Development Organisation (DRDO) to expedite its work on various small arms, particularly on an LMG. The sources said a fresh RFI (request for information) to procure the LMGs will be issued in the next few days, months after the defence ministry scrapped the tender for the 7.62 calibre guns as there was only one vendor left after a series of field trials. The plan is to initially procure around 10,000 LMGs. The Army has also finalised the specifications for a new 7.62 mm assault rifle and the Defence Acquisition Council (DAC), the defence ministry’s highest decision making body on procurement, is expected to give the go-ahead for the much- needed procurement soon. “The General Service Quality Requirements (GSQR) for the new assault rifle has been finalised. The procurement plan will soon be placed before the DAC for approval,” said a senior official, who is part of the acquisition process. In June, the Army had rejected an assault rifle built by the state-run Rifle Factory, Ishapore, after the guns miserably failed the firing tests. The procurement of assault rifles has witnessed significant delays due to a variety of reasons including the Army’s failure to finalise the specifications for it. The Army needs around 7 lakh 7.62×51 mm assault guns to replace its INSAS rifles. The Army had issued RFI for the rifles in September last year and around 20 firms responded to it. An RFI is a process whose purpose is to collect information about capabilities of various vendors. In June, the Army had kick-started the initial process to procure around 44,600 carbines, nearly eight months after a tender for it was retracted, also due to single-vendor situation. Around half a dozen firms including a few global arms manufacturers have responded to the RFI. Army sources said various specifications for the LMGs and battle carbines were tweaked to ensure that the problem of single vendor does not recur. The combined cost of the LMGs, assault rifles and carbines will be in excess of Rs 40,000 crore, said an official. On DRDO missing a number of deadlines in finalising the LMG, an official said the defence secretary has called a meeting this week of all stakeholders to discuss the project. “The infantry modernisation plan is a major initiative of the Army and it will significantly bolster the overall capability of the foot soldiers,” said a senior army official. The issue was extensively discussed at the recently- concluded Army Commanders conference which felt modernisation of the Army must be in tune with the evolving security threat facing the country. Defence Minister Nirmala Sitharaman conveyed to the Army during the conference that modernisation of the force was a priority for the government and all its “deficiencies” will be addressed to strengthen its combat capability. |
| Feeding poor, giving jobs is Ram Rajya, my agenda is development says Yogi Adityanath Posted: 29 Oct 2017 01:53 AM PDT From being a staunch torchbearer of the Hindutva brand of politics to now passionately championing the cause of development, the transformation of Yogi Adityanath, the chief minister of Uttar Pradesh, is mesmerising. How real is the new avatar of Adityanath, who has been Gorakhpur MP five times? In an exclusive interview with ET, the chief minister who has a had a rough seven months as CM — the Taj Mahal being the latest controversy — takes on some tough questions, including his view on Ram Rajya, Hindutva and his vision for Uttar Pradesh. Development of the state, he insists, is his mandate. Excerpts: The past seven-odd months have been challenging — from hospital tragedies and alleged heightened cow vigilantism to the recent Taj Mahal controversy. I have always faced challenges in my life. So I am used to it. In fact, Prime Minister Narendra Modiji and BJP president Amit Shahji sent me here as chief minister of Uttar Pradesh, keeping in mind the challenges peculiar to this state. My resolve is to work for the development of the state and the welfare of the people. So I will tackle all challenges. That's my vision. Your rivals say that law and order and governance have taken a back seat. I am well aware of the politics of Uttar Pradesh as I have had multiple stints as a member of Parliament. I know how politics works here. My opponents don't have anything to do. They are idle and out of job. What do you expect them to do? They will conspire, put hurdles, create useless controversies and obstruct the working of the government. During their regime, they didn't do any work. They divided the state along the lines of caste, religion and other considerations. They followed a policy of appeasement. So, it's natural for them to hatch conspiracies against me. I believe these things are part and parcel of life. Nothing can stop me from following the path of development. I have to take every section of the society along so that they too prosper. That's why my agenda of governance is nothing but development. And that's what Modiji has been doing at the Centre. What have been your major achievements over the last seven months? People had lost trust in governance. Getting back that trust, instilling a sense of hope and belief that good governance and development would be back on track is my biggest achievement. For the first time in 15 years, people are expecting development work from the government. Secondly, I have put an end to the policy of divide and rule and appeasement that was followed in the state for the last 25 years. There is no room for a sectarian agenda or for any divisive politics. I have framed economic policies for every section of the society, from farmers to women to students. This is the second big achievement. Don't you agree that achievements have been mired in controversies. Take, for instance, the Taj Mahal. There was no controversy around the Taj Mahal, and there is no controversy now. If some people make random statements and comments, it doesn't create controversy. And, mind you, such comments have been made over the last 50 years or so, and you will keep listening to such stuff in the future as well. It shouldn't be blown out of proportion. People also alleged that the unfortunate deaths of kids in the Gorakhpur hospital happened due to lack of oxygen supply. But the fact was different. It was never lack of oxygen. People give it a different spin. Similarly, when the tourism department came up with its book highlighting the work done in the Ramayana, Krishna and Buddha circuits, some people created a controversy by saying that reference to the Taj Mahal was removed. Taj Mahal gayab ho gaya aisa kuch nahin hua (Taj Mahal didn't disappear. Nothing of that sort happened). The Taj Mahal was never part of the Ramayana, Krishna and Buddha circuits. But a senseless controversy was raked up by linking it to the Taj Mahal. Under heritage tourism, the government has allocated Rs 370 crore for the development of the Taj Mahal and Agra. For us, the Taj Mahal is an important destination and place in terms of heritage tourism. Was your visit to the Taj Mahal an attempt to give the critics a fitting reply? It was not a reply to anybody. As chief minister, I have been to many places such as Ayodhya, Chitrakoot, Kashi, Prayagraj and even Agra. I believe that tourism can be developed in a big way in Uttar Pradesh, and the number of tourists can be increased ten-fold. Promoting tourism will also give a big boost to employment generation in the state. So the state is committed to promoting heritage tourism. So do you consider the Taj Mahal a part of Indian culture? I don't want to get into that. What is of utmost importance is that from, the point of view of tourism, it is an important landmark. Globally it is renowned for architecture. Every day, on an average, if 40,000-50,000 tourists are coming to Agra, then they do visit the Taj. To keep in mind the security, safety and convenience of those tourists is our moral responsibility. And my government will work towards it. You have been talking about ushering in Ram Rajya, which has a religious connotation The meaning of Ram Rajya is simple. It's a place where there is no discrimination, no sorrow, no poverty, where people love each other, there is no place for envy — that is Ram Rajya. And we are working towards making the dream of Ram Rajya come true. It's an ideal state, a state which works for the welfare of the people. Even Gandhiji has called such a state Ram Rajya. For villages that haven't had electricity since Independence, lighting a bulb is Ram Rajya. Feeding poor, removing poverty and giving jobs is Ram Rajya. Will this Ram Rajya have a place for Muslims? There is no place for discrimination in Ram Rajya. Uttar Pradesh has suffered enough by being divided along caste and religious lines. Ye nakaratmak rajniti hai (This is negative politics). The Samajwadi Party, Bahujan Samaj Party and the Congress have been practising this negative politics in the state. They have ruined the country over the last 70 years. Now there is an opportunity to shun such politics as Modiji has been aggressively promoting the politics of development. He has been framing welfare policies for all people, irrespective of caste and religion. Uttar Pradesh too is treading the path set by Modiji. Does this mean that Yogi Adityanathis as much for Hindus as for Muslims? I work for 22 crore people in the state. I respect their sentiments and am committed to working for their welfare. It's my responsibility and I will do it. What makes you so controversial? I am not controversial. I am a common, ordinary man who is committed to the welfare and security of the citizens. Your critics label you a Hindutva hardliner. It depends on how you define Hindutva, and how you are looking at it. Hindutva is a philosophy of life. It's an art of living. It's not a religion. If we take it as a way of life, then Hindutva clearly would be world's best way to lead life. Hindutva is built on the idea of welfare, and, if that's so, then everybody should follow it as it will lead to welfare of all. What's your stand on building a Ram temple at Ayodhya? It's a sub-judice matter. The Supreme Court will start hearing the case from December 5. Either wait for the verdict of the court or both the parties should reach a consensus and decide mutually. There is a bit of resentment among some sections of the state bureaucracy regarding your strict administrative approach I am disciplined, so I expect every official working for me to be disciplined. Over the last 15 years, the work culture in the state machinery has deteriorated. I am trying to ensure that people stay true to their work and commitments. Rahul Gandhi has been taking potshots at you. How can he do so? He himself is an object of ridicule in this country. Does the BJP stand a chance of retaining Gujarat in the forthcoming elections? Absolutely. 100%. There is no doubt about it. Who is going to contest for the Gorakhpur seat that you vacated? It's for the party to decide who would contest. Whoever that may be, that person is will definitely win. The Gorakhpur hospital tragedy highlighted the sorry state of healthcare in the state. How do you plan to revive it? The biggest healthcare problem in the state, as well as in the country, is paucity of doctors. The problem in Uttar Pradesh gets magnified because it is the largest state. Rural, as well as urban healthcare, is being strengthened at the grassroots level, and awareness campaigns are being carried out among people. I also intend to roll out a chain of hospitals and medical colleges so that healthcare reaches the needy and the poor. Didn't the children's death at the hospital happen because of lack of oxygen supply? It was never due to lack of oxygen. It was due to encephalitis. We have already administered the Japanese encephalitis vaccine to over 52 lakh kids in 38 sensitive districts. There has been a dip in the case of acute encephalitis syndrome as well. Paediatrics departments have been created and strengthened in district hospitals. If you look at the unfortunate deaths since 2015, there has been a dip this year. We are trying our best to contain the disease. Where do you see Uttar Pradesh in the next five years? I would like to make it one of the most prosperous states of India. |
| India becomes Honda’s No.1 market in Asia-Oceania Posted: 29 Oct 2017 01:53 AM PDT India has become the largest market in terms of retail sales for Japanese auto major Honda in the Asia Oceania region in the first half of this fiscal and the company is looking to build on the momentum, according to a senior company official. The Asia Oceania region for the company does not include home market of Japan and China. India overtook Indonesia this year to become its top market in the region. “We have grown 22 per cent in the first half of this fiscal and in terms of volumes (retail sales) we have become the number one market for Honda in Asia Oceania region,” Honda Cars India Ltd (HCIL) President and CEO Yoichiro Ueno said here. In the first nine months of this year, Honda’s retail sales in India stood at 1,35,501 units as against 1,30,587 units in Indonesia. Sales in India have been driven mainly by the company’s new compact SUV WR-V and its best selling sedan City. With a view to enhance its position in India, Honda has announced that it would launch six new products in the next three years and is reinforcing its position as a premium brand to build on its sales momentum. “There is a shifting of preference in India towards premium products and since last year we have repositioned our brand image. We have also reviewed specification levels of our products in line with consumer demand,” Ueno said. So far, the company has received good feedback from its consumers, he added. When asked about the company’s plans for the small car market in India, which accounts for over 70 per cent of the Indian market, he said Honda would play on its strength. “The small car market is very competitive and the market is gradually shifting upwards to premium, which is our strength,” Ueno said. While acknowledging that the small car segment in India was still very large, he did not comment on plans for new models in mass market entry level arena. At present, Honda sells Brio in the compact car segment in India along with sub-four metre sedan Amaze along with other premium products such as Jazz hatchback and SUVs BR-V and CR-V and Accord Hybrid besides WR-V and City. |
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| Bangalore Literature Festival 2017: Dravid, Prasanna, Kirmani and Chandrasekhar kick-off day 2 Posted: 29 Oct 2017 01:32 AM PDT Day two of the Bangalore Literature Festival 2017 was kicked off by cricketing greats from Karnataka – Rahul Dravid, B S Chandrasekhar, E A S Prasanna and Syed Kirmani – launching journalist Rajdeep Sardesais book Democracy XI. Prasanna recalled the commotion at home when he was selected to play for the Ranji Trophy for payment of Rs 5 per day, while Kirmani spoke of his proudest moment, being named the best wicket-keeper at the 1983 World Cup. In conversation with Sardesai, Dravid explained how there are more opportunities in cricket now for players from smaller towns. “Before you had to come to Bangalore to get access to good facilities. But now young guys and girls in Shivamogga also have the best grounds and practice nets,” Dravid said. Television has spread information about the game and aspiring cricketers can learn so much from the Internet and cricket analysis. The coach of the under-19 cricket team said players now have more confidence and fearlessness as there is financial security because of the money coming into the game from the Indian Premier League. Virat Kohli became a topic of discussion when Sardesai asked about aggression in the game being redefined. “It troubles me on one level that there is so much lip on the field. Are they becoming more like a macho rockstar?” Sardesai asked Dravid. Dravid replied that cricket was still about the performance. “Kohli is in your face but that is who he is. Needling the opposition works for him, it gets the best out of him. What worries me is that players at the junior level are just trying to copy that. They should be authentic to who they are,” said Dravid. Should Kohli be able to decide who the coach is and should Dhoni be able to decide when he should retire? Are the players becoming bigger than the game? Sardesai then posed these questions to Dravid. “Its not the fault of the players that they have become big figures. It is the media, television, advertising and so on that have made them big. Its just a reflection of the time we are in,” he said. On Anil Kumble resigning as coach of Team India, Dravid said it was unfortunate. “It shouldnt have played out that way, especially for someone like Kumble who has done so much for the sport. But players always have more power than the coach.”
Source: DH |
| Essar Group, Tatas, ArcelorMittal eye Essar Steel Posted: 29 Oct 2017 01:31 AM PDT Top global players including Tata Steel, Essar Group and ArcelorMittal are learnt to have submitted bids to acquire debt-laden Essar Steel which is going through the insolvency resolution process. Essar Steel India Ltd, an integrated steel producer with an installed capacity of 10 million tonne per annum (MTPA) is undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of Insolvency and Bankruptcy Code. The expression of interest (EoI) for the company was invited by October 23. “Essar Group has submitted EoI for Essar Steel. A resolution plan will be submitted to IRP within the scheduled time frame,” an Essar Group Spokesperson said. Asked about the rationale for bidding, the spokesperson said IBC allows promoters to bid for their company at the NCLT and there are no limitations. He added that the entire process is on purely commercial basis and the final selection is done based on the highest bid offered for the NCLT company. “This practice of promoters being permitted to bid in bankruptcy/insolvency cases is prevalent in the US, UK and many developed and developing countries,” the spokesperson said. Meanwhile, a source said: “Essar Group, participating in the bid has submitted EoI for Essar Steel along with a letter of comfort from Russia’s VTB capital which is a financial services company. It is the investment arm of the VTB group. A global financial services provider, the VTB group comprises over 20 credit institutions and financial companies operating across all key areas of the financial markets. The group operates a large international network and the majority shareholder of the VTB Bank is the Russian government, which owns 60.9 per cent of the voting shares. When contacted with regard to participation in the bid, a Tata Steel spokesperson said, “We keep looking at these options, these are all stressed assets in the country. And as a process…we keep looking at these assets.” A query sent to world’s largest steelmaker ArcelorMittal, however, remained unanswered. A Vedanta spokesperson, when asked in this regard, said the company has not shown any expression of interest. Essar Steel is among the largest single location steel producers with a 10 MTPA liquid steel capacity. Besides, it has beneficiation and pellet making capacity of 20 MTPA spread across Vizag and Paradeep. The company said it has made gross investment of over Rs 5,000 crore to set up the facilities. Besides, shareholders have infused equity of over Rs 16,000 crore till date. It employs approximately 4,500 persons directly and more than 30,000 people indirectly. Among state-owned firms, when contacted, a SAIL spokesperson, denied having any knowledge of the steel PSU submitting any expression of interest. Steel Minister Chaudhary Birender Singh had last month, when asked about plans for PSUs acquiring stressed assets of companies in the sector recommended for insolvency, had told that “As far as stressed assets are concerned, only a few companies are from the steel sector… One of the PSUs made request (for acquiring) to the Finance Ministry in this regard.” Promoted by Ruias, who recently exited Essar Oil, Essar Steel was among the initial 12 companies identified by the Reserve Bank of India (RBI) for insolvency proceedings. Led by SBI, lenders in June this year had decided to begin insolvency proceedings against Bhushan Steel, Essar Steel and Electrosteel Steels by referring them to the National Company Law Tribunal (NCLT) for recovery under IBC. The decision was taken at a marathon meeting chaired by the State Bank of India. Essar Steel owes about Rs 45,000 crore to lenders. |
| Google auto-detects your whereabouts to get local search results Posted: 29 Oct 2017 01:18 AM PDT
Source: engadget |
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| Saudi mulls more fiscal expansion to spur economy Posted: 29 Oct 2017 01:05 AM PDT By Vivian Nereim and Glen CareySaudi Arabia is considering a more expansionary budget than planned for 2018, Finance Minister Mohammed Al-Jadaan said, as authorities seek to support an economy struggling under the weight of austerity cutbacks.Authorities were already planning an expansionary budget, “and we are considering even a potential further expansion,” Al-Jadaan said in an interview at the Future Investment Initiative in Riyadh. “We think the economy requires that support and development requires that support.”The biggest Arab economy contracted two quarters in a row this year after the kingdom cut its crude output to support prices. Growth in non-oil industries was too slow to pick up the slack as Saudi Arabia struggles with the impact of spending cuts. The drive to repair public finances is part of a larger program to overhaul an economy too dependent on oil. The plan includes selling stakes in state assets, including oil giant Saudi Aramco, creating the world’s biggest sovereign wealth fund as well as balancing the budget by 2020.The International Monetary Fund told Saudi officials this year that they can afford to slow down the pace of austerity to avoid crippling growth.”They are saying you don’t need to do what you need to do in two years or three years, relax it,” Al-Jadaan said. “We are doing that.”Local Bond SalesThe drop in oil prices in 2014 caused Saudi Arabia’s budget deficit to balloon to more than 15 percent of gross domestic product. To finance the shortfall this year, the kingdom raised more than $20 billion from international bond and sukuk sales.Al-Jadaan said he doesn’t see the government selling more international bonds in 2017, but local sales are likely.”We will maintain the local market issuance just to make sure we are developing the debt market,” he said.Future international sales “are not limited to U.S. dollars, but today we don’t see the need to do anything but U.S. dollars,” he said. “There is significant demand on Saudi papers and we just need to make sure we issue at the right price.”The government is still planning a further round of subsidy cuts later in 2017, he said. Officials propose to start a cash transfer program called the Citizen’s Account before the cuts to compensate Saudis for the impact on their pockets, he said.Energy and utility subsidies have long been regarded as a key part of a social pact between the Gulf region’s absolute rulers and their citizens. But with oil prices down more than 50 percent since 2014, governments are looking for ways to save money.In 2016, the kingdom ordered cuts to allowances for state employees before reversing the decision in April after a surge in public grumbling. King Salman later ordered the payments returned retroactively after his son was named crown prince.Money Paid BackAl-Jadaan, seeking to dispel rumors that employees have not received their payments, said the money was given back. “If it didn’t happen in one department then it is just a technical issue that they need to deal with in their budget, and we are looking at it actually, because I’ve heard this,” he said. “But generally I could tell you that it has, the majority has been paid, including the back-dating of allowances.”The impact of the decision on the budget will be “very negligible” as the additional cost was made up for by extra efficiency in spending, he said. Reducing the government wage bill “will continue to be a goal,” but rather than cutting salaries, the government will rely on hiring fewer people to replace those who have retired, he said.The government is also saving “a significant amount” of money by not paying the annual raise that civil service employees are typically guaranteed, equal to roughly 3 percent of the wage bill each year, Al-Jadaan said.”We suspended it last year,” he said. “That is still suspended.” |
| ‘Lower rates, discounts to bring fence-sitting buyers in market’ Posted: 29 Oct 2017 01:05 AM PDT The fence-sitting buyers are likely to come into the market with a firm intention to buy a home if lower interest rates coincide with a hard discount or some other money-saving offer, says property consultant Jones Lang LaSalle. “We keep hearing of the ‘wait-and-watch’ or ‘fence-sitting’ syndrome on the residential property market, which basically means that a significant number of people who want to buy a home are not doing so for various reasons, including expectation of price correction, lower interest rates, among others,” Anarock Property Consultants CEO Ashwinder Raj Singh said. It is frequently said that buyers may also be waiting for lower interest rates on home loans, especially in the affordable housing segment, he noted. “However, lower interest rates alone are not a sufficiently compelling rationale for aspiring mid-range housing buyers to abandon their ‘wait-and-watch’ mode. “If, however, the lower interest rates coincide with a hard discount or some other money-saving offer, many people will certainly come onto the market with a firm intention to finally buy a home,” Singh said. As long as unofficial discounts to serious buyers serve the purpose, it is unlikely that there will be an official correction of prices, he said. “In other words, it is unwise to wait for a formal price correction, since prices may not reduce and could even increase in certain locations and projects,” Singh said. “The best course of action for ‘fence-sitting’ buyers today is to short-list the properties they are interested in, ensure that they are RERA-compliant, negotiate the best possible deal with the developer and go in for purchase,” he added. |
| Maruti earmarks Rs 1,000 cr to buy land parcels this fiscal Posted: 29 Oct 2017 01:01 AM PDT New Delhi, Oct 29 () Country’s largest carmaker Maruti Suzuki India (MSI) has earmarked Rs 1,000 crore in the current fiscal to buy land parcels for new dealerships. As part of its network expansion strategy, the company plans to buy land parcels, build dealerships and then lease them to selected dealers. MSI has already finalised 120 such land deals across the country in the first half of the current financial year. “We have earmarked a budget of Rs 1,000 crore for the current fiscal. We plan to have around 1,500 new dealerships over the next three years,” MSI Chief Financial Officer (CFO) Ajay Seth told . The trigger for the land purchase is increasing prices across the country, especially in high-potential belts, which impacted profitability of dealerships, he said. The company currently has the biggest sales network across the country which includes 2,069 dealerships in 1,700 cities. It also sells its premium models from 280 premium retail chain Nexa. It also runs a network of around 3,293 service centres across the country. MSI’s bid to enhance sales network comes at time when it has set a target to sell 20 lakh units per annum by 2020. The company sold over 15 lakh units during the last fiscal. The company is flush with funds and at the end of first half of the current fiscal, MSI had a cash reserve of around Rs 31,000 crore. |
| Khadim to premiumise sub-brands to spur growth, margins Posted: 29 Oct 2017 01:01 AM PDT KOLKATA: Footwear major Khadim India Ltd is looking at premiumisation of its sub-brands, which has surpassed the parent brand in terms of revenue, to boost growth and margins. The nine sub-brands of Khadim, including British Walkers, Lazard, Cleo, Sharon and Softouch clocked sales of Rs 256 crore out of the Rs 456-crore retail revenue as of March 31, 2017. “We are undergoing premiumisation with our sub-brands for consumers aspiring to move up from mass segment to affordable fashion. However, we will restrict our sub-brands to the tier-II cities,” Khadim India CFO Ishani Ray told . The Khadim brand alone will cater to the tier-III cities, with most products priced below Rs 500, she said. Products of the city-based company’s sub-brands will be capped at Rs 3,500. Khadim has 150 stores in metros and mini-metros, 109 in tier-I cities, 124 in tier-II and 446 in tier-III towns. According to CMD Siddhartha Roy Burman, the footwear maker will continue focusing on retail, distribution and manufacturing through the asset-light model. Khadim will will issue its maiden Rs 543-crore IPO on November 2, primarily to allow exit by PE investor Fairwinds, which currently holds 34 per cent stake in the company after investing Rs 90 crore in 2013. The IPO in the price band of Rs 745-750 a share of Rs 10 each is valued at Price Earning (PE) multiple of 43.7 times of FY17 earnings. |
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| Air India explores operating Tel Aviv flights from Mumbai Posted: 29 Oct 2017 12:10 AM PDT Air India is examining the possibility of operating flights from Mumbai to Tel Aviv as the carrier weighs various options amid issues of overflying rights, a senior airline official said. While the flagship carrier has been expanding its international presence, efforts to restart services to Israel are yet to take off. There were plans to commence the flight to Tel Aviv earlier this year. In the last four years, the airline has started services to 14 international destinations, with the latest being direct flight from the national capital to Danish capital Copenhagen. According to the official, the flight to Tel Aviv could have been started earlier, but the route available as of now is very long. A flight of more than nine-hour long journey to the Israeli city from Delhi would make the operations “commercially unviable” since duration of a flight on a straight route to this destination would take only around five-and-a-half hours, the official told . Against the backdrop of geopolitical issues, there are issues related to getting permission to overfly certain countries to reach Tel Aviv. In case, Air India is not getting permission to fly over countries such as Saudi Arabia and the UAE, other options will be looked at, the official said. “Instead of starting a flight from Delhi to Tel Aviv, we might start a flight from Mumbai to Tel Aviv, which would cut down the nine-and-a-half hour route to seven-and-a-half hour route,” the official noted. In March this year, Air India had announced that it would start flights to Israel in May with three weekly flights on the New Delhi-Tel Aviv route. However, the plan did not materialise. Later, during a visit to Israel in July, Prime Minister Narendra Modi had said direct flights would be launched between Delhi, Mumbai and Tel Aviv to encourage people-to- people contacts. Currently, the Air India group flies to 44 overseas and 75 domestic destinations. The airline has flights to Tokyo, Washington, Stockholm, Sydney, Hong Kong, Kabul, Colombo, Seoul, Singapore, London and Madrid, among other foreign cities. To revive the loss-making national airline, the government is working on the modalities for strategic disinvestment of Air India. |
| Zicom bets big on IoT, eyes revenue of Rs 200 crore by 2020 Posted: 29 Oct 2017 12:10 AM PDT Leading electronic security systems player Zicom today said it is looking at significant growth in the Internet of Things (IoT) and SaaS market place to clock a service revenue of about Rs 200 crore by 2020. “Zicom has moved from being a pure play, physical security company into an IoT and SaaS IT Services business model. With the exponential internet penetration growing in the country, Zicom is all set to take full advantage to become the market leader within the Internet of Things (IoT) and SaaS place,” Zicom Electronic Security Systems’ managing director Pramoud Rao told PTI here. “We have notched up a revenue of around Rs 50 crore in fiscal 2017 and expect to reach service revenue of Rs 175 crore to Rs 200 crore by 2020,” he said. “We are now looking at new avenues to grow the business by adopting newer technologies, like artificial intelligence. We are also investing in deep learning in the domain of access control as well as towards introducing voice-based security services under the Amazon, Alexa platform,” Rao said. The IoT market continues to see strong growth. The worldwide IoT market spend will grow from USD 625.2 billion in 2015 to USD 1.29 trillion in 2020, with a compound annual growth rate (CAGR) of 15.6 per cent, he said. The installed base of IoT end points will grow from USD 12.1 billion at the end of 2015 to more than USD 30 billion by 2020. The Indian security industry is in a state of big transition due to SaaS, IoT, smart city and safe city trends, he further said. In 2013, the company identified the potential of IoT business and started taking steps towards gaining leadership in the IoT space. It has set up the country’s largest command and control centre with service network in over 1,100 cities. The approach was to provide business intelligence together using safety and security, club it with loss prevention features combined with comfort and convenience, offering information on the mobile devises, Rao said. The Indian security market in 2017, according to Gartner, is growing at the rate of 10.6 per cent, from USD 1.24 billion and the number of connected devices in India is estimated to be around USD 200 million. This is expected to increase USD 3 billion in 2020. Hence, it augurs well for the security market in India and players like Zicom will have major role to play in the coming years, he said. Since the business model offers considerable cost reduction, without the customer having to invest or manage the equipment, Zicom’s pioneering concept met up with huge success since the USP offered by the company was a huge paradigm shift within the security industry, namely CCTVs systems always recorded a crime, Zicom prevented the crime, from reactive to being proactive, Rao said. In the case of ATM e-surveillance, the cost of managing an ATM was averaging between Rs 30,000 to Rs 40,000 for the bank. By using the e-surveillance technology, the cost was reduced to a mere Rs 4,000. This saved the bank almost 90 per cent on the safety and security cost, he added. |
| 5 of 10 most valued companies add Rs 94,689 cr to m-cap Posted: 29 Oct 2017 12:10 AM PDT NEW DELHI: The combined market valuation of five of the 10 most valued Indian companies zoomed Rs94,688.93 crore last week, mainly helped by a stellar rally in SBI. While Reliance Industries Ltd (RIL), SBI, Maruti, ONGC and Infosys saw a rise in their market capitalisation (m-cap) for the week ended Friday, TCS, HDFC Bank, ITC, HUL and HDFC suffered losses. State Bank of India (SBI) was the star performer as its mcap surged Rs 57,618.94 crore to Rs 2,68,413.61 crore. On Wednesday, SBI shares had zoomed 27.58 per cent after the government announced a Rs 2.11 lakh crore recapitalisation plan for PSU banks. The valuation of ONGC soared Rs 11,999.07 crore to Rs 2,35,554.03 crore and that of RIL jumped Rs 9,964.18 crore to Rs 5,88,601.05 crore. Maruti Suzuki India’s m-cap rose by Rs 9,823.65 crore to Rs 2,45,131.93 crore while that of Infosys advanced by Rs 5,283.09 crore to Rs 2,17,628.63 crore. In contrast, the market valuation of HDFC Bank slumped Rs 19,767.58 crore to Rs 4,63,336.43 crore. HDFC lost Rs 8,717.19 crore to Rs 2,70,847.09 crore and Tata Consultancy Services (TCS) suffered an erosion of Rs 1,885.57 crore to Rs 4,93,733.06 crore. The m-cap of Hindustan Unilever Ltd (HUL) fell by Rs 1,471.84 crore to Rs 2,72,161.54 crore and that of ITC went down by Rs 1,218.36 crore to Rs 3,28,166.52 crore. In the ranking of top-10 firms, RIL retained the number one position, followed by TCS, HDFC Bank ITC, HUL, HDFC, SBI, Maruti, ONGC and Infosys. Over the last week, the Sensex recorded handsome gains of 767.26 points or 2.37 per cent — its best weekly gain since January 27. |
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