tag:blogger.com,1999:blog-25196550116257243942024-03-06T12:01:44.964-08:00Layman's Newz.....Welcome & Thanks for visiting! ...... Take a drive around this blog!! ....... This blog and blogger is there with God's blessing! ...... God bless all!!Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.comBlogger35125tag:blogger.com,1999:blog-2519655011625724394.post-65328145780948929752009-11-28T23:05:00.000-08:002009-11-28T23:08:48.062-08:00DUBAI CRISIS: WHAT AILS DUBAI? AND WHY SHOULD WE CARE?<div align="justify">In order to transform its economy as a major tourist and financial hub, Dubai borrowed US$80bn. However, it suffered a massive property slump in last year’s credit crisis. Now, it is not able to repay its liabilities, and asking borrowers to postpone repayments. There were 53 lakh Indians in the Gulf, of which 31% were in the UAE, mostly employed by construction sector for Dubai’s real estate boom. The Gulf region accounts for over half the total inward remittances worth over USD 25 billion annually from expatriate Indians, out of which 10% of overall remittances to India could be from construction workers. If Dubai were to default, there would be repercussion in other parts of world, where banking would take a hit from lending to Dubai. Though the overall size of the liabilities are not very big compared to US banking problems, this could be a taken as an excuse for the markets to correct at lower levels.</div>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com3tag:blogger.com,1999:blog-2519655011625724394.post-62105053266206314982009-04-01T23:10:00.000-07:002009-04-01T23:14:03.448-07:00Financial panel for gradual opening up of sector to foreign banks<p align="center"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmEGPzN0p9wg-XOV2pgGP_hOtgnqL0hnJFXBSvlbOUBhvjnNaDheoGbkFZOn9WXbPMqkmL7_zbWoyHpaSh9uovwTINIPlMAgbiUD4pBscxhqafbQyhxWaqNB57c6cnaPmtQlykbWCsnEji/s1600-h/bank.bmp"><img id="BLOGGER_PHOTO_ID_5319972949793482018" style="WIDTH: 341px; CURSOR: hand; HEIGHT: 462px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmEGPzN0p9wg-XOV2pgGP_hOtgnqL0hnJFXBSvlbOUBhvjnNaDheoGbkFZOn9WXbPMqkmL7_zbWoyHpaSh9uovwTINIPlMAgbiUD4pBscxhqafbQyhxWaqNB57c6cnaPmtQlykbWCsnEji/s400/bank.bmp" border="0" /></a></p>Courtsey: Business Standard, MumbaiPraveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com1tag:blogger.com,1999:blog-2519655011625724394.post-91666969437231795582009-02-18T00:21:00.000-08:002009-02-18T00:25:13.491-08:00Rural focus excites Microfinance Sector<p align="left">Altough the Interim budget might be disappointing for India Inc. but the article clearly speaks that it will augur well for Microfinance sector.</p><p align="center"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_hCDTu-gcvyOjgy5s6eUgW5kTUu0wctMVUHShQmWsfvoxaye72DDw1dHpmTC8VWQFg93Z30Jp6lD4bMJc6ABQ3M_LQkXdr-kiDewfHFFJXdXHreN1LBhAMcTzeHDU9FKOdYdR-F7ZMxZz/s1600-h/image003.gif"><img id="BLOGGER_PHOTO_ID_5304049784395405202" style="WIDTH: 290px; CURSOR: hand; HEIGHT: 444px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_hCDTu-gcvyOjgy5s6eUgW5kTUu0wctMVUHShQmWsfvoxaye72DDw1dHpmTC8VWQFg93Z30Jp6lD4bMJc6ABQ3M_LQkXdr-kiDewfHFFJXdXHreN1LBhAMcTzeHDU9FKOdYdR-F7ZMxZz/s400/image003.gif" border="0" /></a></p>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-66741291095839918432009-02-10T21:03:00.000-08:002009-02-10T21:11:33.408-08:00TATA Capital Secured Non-Convertible Debentures (NCDs)<p align="center">Issue details</p><p align="center"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjT0TNroecz1VcyHf88hNXeLY98JakNhysGf7k-lyNC3Pbww9U5vEQ2sbeukq3zzQ_ktt53gQwX0_sYqnAGJyqkr67I32T6cBapdUDUYEbmddDOUYgdwHdutmIx99MWmThMQGyCgbz17A7m/s1600-h/Picture2.png"><img id="BLOGGER_PHOTO_ID_5301402468618488834" style="WIDTH: 354px; CURSOR: hand; HEIGHT: 69px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjT0TNroecz1VcyHf88hNXeLY98JakNhysGf7k-lyNC3Pbww9U5vEQ2sbeukq3zzQ_ktt53gQwX0_sYqnAGJyqkr67I32T6cBapdUDUYEbmddDOUYgdwHdutmIx99MWmThMQGyCgbz17A7m/s400/Picture2.png" border="0" /></a><br /><br /></p><p align="center"></p><p align="center"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiF1BtF_1uiM9dwRGuRydtSfqCZMHX1XpSOMnLtdCmD8ulOJHR1ngDkfUPK3pfIbaZZx8C197atlHAtaA6-HUQ8HKJF0IOSgCtcYaXIdRNp9xA68qnZhCBQ4pK2K2D7DJssK5yAkmCwUjZH/s1600-h/Picture1.png"><img id="BLOGGER_PHOTO_ID_5301401064247330770" style="WIDTH: 354px; CURSOR: hand; HEIGHT: 282px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiF1BtF_1uiM9dwRGuRydtSfqCZMHX1XpSOMnLtdCmD8ulOJHR1ngDkfUPK3pfIbaZZx8C197atlHAtaA6-HUQ8HKJF0IOSgCtcYaXIdRNp9xA68qnZhCBQ4pK2K2D7DJssK5yAkmCwUjZH/s400/Picture1.png" border="0" /></a></p><ul><li><div align="justify">No income tax is deductible at source as per the provisions of Section 193 of the I.T Act on interest on debentures issued by a company in a dematerialized form listed on recognized stock exchange in India </div></li><li><div align="justify">The NCDs will be issued in Demat mode only.</div></li></ul>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-34420805227821023672009-01-14T00:09:00.000-08:002009-01-14T00:19:33.919-08:00Finally, Mahindra XYLO Launched<table style="text-align: left; margin-left: 0px; margin-right: 0px;"><tbody><tr><td style="text-align: justify;">Mahindra and Mahindra inforemd the market that it launched the much hyped and much expected new vehicle Mahindra Xylo in four variants and 8 shades and the booking is almost open in all the Mhaindra dealership , the starting prioce is 6.25 lacs, My first impression after seeing XYLO why the heck they want to release a vehicle like this , but you never know. </td> <td><img src="http://autos.maxabout.com/images/cars_india/mahindra-15-xylo-288-xylocrde.jpg" /></td> </tr> </tbody></table><div> </div><p style="text-align: justify;">Image source:autos maxabout.<br /><strong><a href="http://www.bseindia.com/xml-data/corpfiling/announcement/Mahindra_&_Mahindra_Ltd_130109.pdf" target="new">Read more details here.</a></strong></p>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-84695140009323696622009-01-14T00:08:00.000-08:002009-01-14T00:09:04.321-08:00Rupee appreciates against dollar<div style="text-align: justify;">The Indian rupee appreciated 22 paise against the US currency today in early trade after ending at a five-week low of 49.12/14 yesterday.</div>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-10829548173194657672009-01-12T21:49:00.000-08:002009-01-12T21:50:15.897-08:00Infosys Q3 net up 33% at Rs 1,641 cr, beats expectations<p style="text-align: justify;" class="MsoNormal">Software major Infosys Technologies on Tuesday announced a 33.31 per cent growth in consolidated net profit at Rs 1,641 crore for the third quarter ended December 31, over the corresponding period a year ago.</p>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-36571489883547999742009-01-12T21:48:00.000-08:002009-01-12T21:49:36.923-08:00Wipro, Megasoft barred from World Bank contracts; Stock down by 10%<p style="text-align: justify;" class="MsoNormal">The World Bank on Monday said it has decided to debar Indian software vendors Wipro and Megasoft from directly doing business with the bank group under its corporate procurement programme, taking the number of large vendors debarred by it to three.</p>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-16946989504837512022009-01-12T21:47:00.000-08:002009-01-12T22:04:13.404-08:00Slumdog Millionaire sweeps all the 4 nominated Golden Globe AwardI could not resist putting this post on the blog. We will forever remember the 66th annual Golden Globes as the ceremony that pushed Indian cinema over the top, albeit indirectly. Majority the movie has been shot in the Slums of Mumbai.<div style="text-align: justify;"> </div><ul style="text-align: justify;"><li><span style="color: rgb(51, 51, 255);"><strong>Best Motion Picture (Drama)</strong> <span style="color: rgb(0, 0, 0);">- Slumdog Millionaire - Fox Searchlight Pictures and Warner Bros.; Fox Searchlight Pictures and Warner Bros.</span></span></li><li><span style="color: rgb(51, 51, 255);"><strong>Best Director (Motion Picture)</strong> <span style="color: rgb(0, 0, 0);">- Danny Boyle – Slumdog Millionaire</span></span></li><li><span style="color: rgb(51, 51, 255);"><strong>Best Screenplay (Motion Picture)</strong><span style="color: rgb(51, 51, 51);"> - Slumdog Millionaire - Written by Simon Beaufoy</span></span></li><li><span style="color: rgb(51, 51, 255);"><strong>Best Original Score (Motion Picture)</strong> <span style="color: rgb(0, 0, 0);">- Slumdog Millionaire - Composed by <strong>A. R. Rahman</strong></span></span></li></ul>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-58798332696948725662009-01-09T18:43:00.000-08:002009-01-09T18:44:40.427-08:00Statement from Satyam Interim CEO to Employees<div align="justify">The following letter has been issued to Satyam management and staff by Ram Mynampati, Interim CEO of Satyam.<br /><br />Dear colleagues<br /><br />I write this mail to update you on some critical Board and Leadership level changes in our company, effective immediately. A series of extremely unfortunate events led to this, which I am sure you have seen covered in the media over the past few hours.<br /><br />A SWAT team consisting of senior leaders has been formed. Many of them are Satyam veterans with a minimum of ten years experience in our company and more than twenty years in the industry. I have been requested to play the role of an Interim CEO and this team will support me, as we steer Satyam through this challenging phase. These are the leaders on the ground and have always had the final call on most customer and associate related matters in the company, so far. This team has committed to work together, to make it happen. The SWAT team represents all Customer Facing units, key Horizontal Competency Units and critical Support Units.<br /><br />Over the past twenty one years, with your passion and commitment we have built significant customer assets, formidable service offerings, excellent delivery processes and scalable support systems. Satyam has been consistently acknowledged for our leadership bandwidth and has a demonstrated reputation for collaborative functioning. Our renowned Full Life Cycle (FLC) model encouraged ‘Distributed and Empowered’ leadership and prepared us for all situations. This is the time when we have to apply it in real life. What we have been trained for, we will now put to work. Let us continue to handle our respective areas with total autonomy, freedom and control. This is as good a time, as any, to remind ourselves that we have been acknowledged as being amongst the top three Best Employers in India by Hewitt and Mercer in independent surveys in 2007 and American Society of Training & Development (ASTD) named us as the best globally, for our Learning practices - the first company outside USA to be ever awarded this honor. Satyam continues to have everything that is fundamentally required for its success - a strong customer base and a committed universe of approx 53,000 associates.<br /><br />What we are confronted with is the challenge of continuing our business operations, seamlessly. We will need your involvement and ideas to make it happen. This might involve even more effort at every level, in the near term. This is the time to prove to the world that we are united and will succeed in overcoming the challenges.<br /><br />This quarter will be tumultuous for us. Rumors will abound and it would be fair to assume that competition will try and leverage it to their advantage. As a proactive measure, we have formed fully empowered Cross Functional Teams, headed by seasoned leaders in the respective areas, to address pan-organizational issues like Delivery Excellence, Customer & Associate Retention, Pipeline Management, Cost Controls, Collections etc. You have helped to build Satyam to be what it is today - and we believe that this cannot be allowed to fail, at any cost. I am confident that I can count on your continued support as I commit to our customers that we will ensure deliverables and commitments are serviced.<br /><br />On behalf of our new leadership team, I apologize to you for the uncertainty and inconvenience that this incident has caused to you and your families. I assure you that we will emerge stronger, because of this. Increased focus on transparency at all levels, integrity and ethical functioning will be ensured. I want you to stand confidently in front of your families and friends and say that we will now be a better company and that we shall soon be a successful case study of how organizations have turned over a new leaf.<br /><br />We will be conducting “U Speak” (our Meet-the-Leadership sessions) in each city in India starting next week and will have numerous Webinars to address associates in various countries. We will be meeting many of our customers in person over the next two weeks and will meet those of you onsite, at that time. In these sessions, we will explain to you what happened and articulate the actions that are being taken to retain your confidence in our company.<br /><br />Let us fight this battle together. I am confident that we will emerge stronger, TOGETHER.<br /><br />Ram Mynampati </div>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-90393350300162179592009-01-09T18:37:00.000-08:002009-01-09T18:41:50.064-08:00Inflation for week ending December 27 2008 at 5.91 percent<div align="justify"><span style="font-family:times new roman;"><strong>The whole-sale price Index has come for the week-ended December 27 2008 just came in and its at 5.91 % compared to 6.38% week over week of december 27 2008. So good news for India.</strong></span></div>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-62183568752753724192009-01-05T03:15:00.000-08:002009-01-05T03:28:21.581-08:00Fiscal Package Part - II - Key Factors<p style="margin-left: 0.5in; text-indent: -0.25in;"><!--[if !supportLists]--><strong><span style="font-weight: normal;"><span style="">1.<span style="font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal;"> </span></span></span></strong><!--[endif]--><strong>IIFCL allowed to raise Rs 30,000 crores via tax free bonds.</strong><strong><span style="font-weight: normal;"><o:p></o:p></span></strong></p> <p class="MsoNormal" style="text-align: justify;">It was one month before that the government approved that IIFCL can borrow up to 10000 Crore in Tax free bonds which will be lend to infrastructure projects that are public and private partnership , As these projects are having high time getting long term loan from banks , Because Banks are also in need of money IIFCL might recapitalise banks through this .So they did not even fully get the 10000 Crore now Indian Government has approved for the second stimulus package that India Infrastructure Finance Company Ltd (IIFCL) to raise Rs 30,000 Crore for refinancing projects mainly in the highway and port sectors.</p> <p class="MsoNormal" style="text-align: justify;"><br />This will really help in financing big projects in turn will help the industry grow and also bring very good number of Job openings.</p> <p style="margin-left: 0.5in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="">2.<span style="font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal;"> </span></span><!--[endif]--><strong>Govt eases ceiling on ECB borrowings as part of the second stimulus package.</strong></p> <p style="margin-left: 0.5in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="">3.<span style="font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal;"> </span></span><!--[endif]--><strong>Recapitalize PSU banks by Rs 20,000 cr in two years.</strong></p> <p style="margin-left: 0.5in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="">4.<span style="font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal;"> </span></span><!--[endif]--><strong>Custom exemption on zinc and ferro alloys has been withdrawn</strong></p> <p style="margin-left: 0.5in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="">5.<span style="font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal;"> </span></span><!--[endif]--><strong>NBFCs in infrastructure sector can access ECBs.</strong></p> <p style="margin-left: 0.5in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="">6.<span style="font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal;"> </span></span><!--[endif]--><strong>FII investment limit in corporate bonds raised from 6 billion to 15 billion dollars.</strong></p> <p style="margin-left: 0.5in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="">7.<span style="font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal;"> </span></span><!--[endif]--><strong>Govt extends tax incentive scheme for exporters up to Dec 31.</strong></p> <p style="margin-left: 0.5in; text-indent: -0.25in;"><!--[if !supportLists]--><span style="">8.<span style="font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; font-size: 7pt; line-height: normal; font-size-adjust: none; font-stretch: normal;"> </span></span><!--[endif]--><strong>State governmnet allowed to market borrowing of 0.5 per cent of GDP.</strong> </p>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-91567214568079320252009-01-01T01:36:00.000-08:002009-01-01T01:41:31.170-08:00ICICI Bank to lower interest rates as New Year gift<div style="text-align: center;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkWhqFM4IOI94JhTieyioIa0ea3NPyAmAnWrKbKBESOjGMcG9dmtTFDiGQ5AAb9FvtUUtDQtE1ANdWKoNPCw9xHbYqmV3-5b7_kdmkGbZKs34lMHHFlBzNU3Cb2yw2AzQNFU_pa80pl5gr/s1600-h/ICICI.png"><img style="cursor: pointer; width: 335px; height: 85px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkWhqFM4IOI94JhTieyioIa0ea3NPyAmAnWrKbKBESOjGMcG9dmtTFDiGQ5AAb9FvtUUtDQtE1ANdWKoNPCw9xHbYqmV3-5b7_kdmkGbZKs34lMHHFlBzNU3Cb2yw2AzQNFU_pa80pl5gr/s400/ICICI.png" alt="" id="BLOGGER_PHOTO_ID_5286257809966554146" border="0" /></a><br /></div><br /><p style="text-align: justify;">New Delhi: The customers of ICICI Bank will get their New Year gift in the form of cut in interest rates, its CEO and Managing Director K V Kamath said today. "We are looking at cutting interest rates very early in January for our housing and other loan customers," Kamath said. </p><p style="text-align: justify;">He said that the extent of the rate cut is being calibrated and would be announced soon. Earlier this month, ICICI had reduced home loan rates for new customers by up to 1.5 percentage point. Currently the Prime Lending Rate of the bank stands at 17.25 per cent. </p><p style="text-align: justify;">SBI, the largest bank, has cut its prime lending rate by 75 basis points to 12.25 per cent with effect from January 1.Along with this, HDFC has also cut its prime lending rate by 50 basis points. Earlier in the day, Punjab National Bank and Bank of Baroda, leading public sector lenders said they would reduce their prime lending rates by 50 and 75 basis points respectively, with effect from January 1.</p>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-42520509511414614182008-12-30T02:48:00.000-08:002008-12-30T02:54:04.165-08:00Indian Economy Slowing down: The figures Speak Loud<div style="text-align: justify;"><span style="font-weight: bold;">Leading sector sales figure are showing that the demand is slowing down. I hope thats the reason why their is Fear Factor in Corporate sector.</span><br /></div><br /><br /><div style="text-align: center;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgke0jKti0-iQcy4TELhoz1rvDYKXqSwn2FWZaiBWScdPzpYclaFIjOkfhOz7QOOsvVweft8iSkmlz62OHSqPrIeyQw0yMBoNY-E_L2ib29HyXe4vAcjNJCG9qfaZiXjDfEboIZ8znp9aRn/s1600-h/Factor.png"><img style="cursor: pointer; width: 400px; height: 278px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgke0jKti0-iQcy4TELhoz1rvDYKXqSwn2FWZaiBWScdPzpYclaFIjOkfhOz7QOOsvVweft8iSkmlz62OHSqPrIeyQw0yMBoNY-E_L2ib29HyXe4vAcjNJCG9qfaZiXjDfEboIZ8znp9aRn/s400/Factor.png" alt="" id="BLOGGER_PHOTO_ID_5285533707615696418" border="0" /></a><br /></div><div style="text-align: center;"><span style="font-size:78%;">Source: CMA, SIAM, CEA, Trai, RBI, JPC, ICICIdirect.com</span><br /></div>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-36196166386964295512008-12-27T21:47:00.000-08:002008-12-27T21:49:35.075-08:00Punj Lloyd receives order worth 304 crore from Delhi Commonwealth games<div style="text-align: justify; font-weight: bold;"><span style="font-size:100%;">Punj Lloyd Ltd has informed the market on wednesday that they have received a contract from Municipal Corporation of Delhi for a value of Rs 303.95 Crores for development of parking facility near Jawaharlal Nehru Stadium for the forthcoming Commonwealth Games 2010.</span></div>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-13499574230835281382008-12-27T01:56:00.000-08:002008-12-29T05:52:22.735-08:00FAQ on Priority Sector Lending<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjv1Psnb50Kj1cYsyt40jeUSRqaY0zMOn8HS4ei0omOJgoaOx_NZClqB2wBdQJxCKB7vFjsqLy1O0RlVYQZdwhVnoZATLzkl9rNuEJJa-MhHwdEknhJxdjNsD_Z0Kbi1NWuBHiPN6AIunsZ/s1600-h/Picture1.png"></a><span style="color:#3333ff;"></span><div align="justify"><br />To meet the credit needs of large sections of the Indian poplulation who had no access to institutional finance, RBI has created an elaborate framework of Priority Sector Lending with mandated targets. Lets look at some of the Frequently Asked Question about the Priority Sector lending (taken from RBI website): </div><br /><strong><span style="color:#3333ff;">1. What are the targets under priority sector lending ?</span></strong><br />Ans : The targets and sub-targets set under priority sector lending for domestic and foreign banks operating in India are furnished below :<br /><p align="center"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjV2Ld-UbqmW-bPbjkKEvzJitNjLrDjfGM7yFOf5ZdMCkAa4CofvEKjEza5Cwc6wEEv762Hrg2VXlmfkU27aiK1X29tVSvwmNH8vrgnk45SiQWly48ZWhSp5l2a7W2KAi28s_-UITzMnwWV/s1600-h/Picture1.png"><img id="BLOGGER_PHOTO_ID_5285207126171009906" style="WIDTH: 400px; CURSOR: hand; HEIGHT: 245px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjV2Ld-UbqmW-bPbjkKEvzJitNjLrDjfGM7yFOf5ZdMCkAa4CofvEKjEza5Cwc6wEEv762Hrg2VXlmfkU27aiK1X29tVSvwmNH8vrgnk45SiQWly48ZWhSp5l2a7W2KAi28s_-UITzMnwWV/s400/Picture1.png" border="0" /></a></p><b> {note : NBC denotes net bank credit}</b><br /><b><span style="COLOR: rgb(51,51,255)">2. What constitutes net bank credit ?</span></b><br /><p style="TEXT-ALIGN: justify">The <b>net bank credit</b> should tally with the figure reported in the fortnightly return submitted under section 42(2) of the Reserve Bank of India Act, 1934. However, outstanding deposits under the FCNR(B) and NRNR Schemes are excluded from net bank credit for computation of priority sector lending target/ sub-targets.</p><p style="TEXT-ALIGN: justify"><b><span style="COLOR: rgb(51,51,255)">3. What does the priority sector comprise ?</span></b><br /></p><p style="TEXT-ALIGN: justify">Ans : Broadly, the priority sector comprises the following : </p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify"><a name="_Toc480025307"></a><a name="_Toc480026772"></a>1. <b>Agriculture</b> </p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">2. <b>Small scale industries</b> (including setting up of industrial estates)</p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">3. <b>Small road and water transport operators</b> (owning upto 10 vehicles). </p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">4. <b>Small business</b> (Original cost of equipment used for business not to exceed Rs 20 lakh) </p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">5. <b>Retail trade</b> (advances to private retail traders upto Rs.10 lakh)</p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">6. <b>Professional and self-employed persons</b> (borrowing limit not exceeding Rs.10 lakh of which not more than Rs.2 lakh for working capital; in the case of qualified medical practitioners setting up practice in rural areas, the limits are Rs 15 lakh and Rs 3 lakh respectively and purchase of one motor vehicle within these limits can be included under priority sector) </p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">7. State sponsored <b>organisations for Scheduled Castes/Scheduled Tribes</b></p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">8. <b>Education </b>(educational loans granted to individuals by banks)<br />9. <b>Housing [</b>both direct and indirect – loans upto Rs.5 lakhs (direct loans upto Rs 10 lakh in urban/ metropolitan areas), Loans upto Rs 1 lakh and Rs 2 lakh for repairing of houses in rural/ semi-urban and urban areas respectively]. </p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">10. <b>Consumption loans</b> (under the consumption credit scheme for weaker sections)</p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">11. Micro-credit provided by banks either directly or through any intermediaty; Loans to self help groups<b>(SHGs) / </b>Non Governmental Organisations<b> (NGOs)</b> for onlending to SHGs</p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">12. Loans to the <b>software industry</b> (having credit limit not exceeding Rs 1 crore from the banking system)</p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">13. Loans to specified industries in the <b>food and agro-processing sector </b>having investment in plant and machinery up to Rs 5 crore.</p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">14. <b>Investment by banks in venture capital </b>(venture capital funds/ companies registered with SEBI)</p><p style="TEXT-ALIGN: justify"><b style="COLOR: rgb(51,51,255)">4. What constitutes ‘Direct Finance’ for Agricultural Purposes ?</b><br /></p><p style="TEXT-ALIGN: justify"><a name="_Toc480026773">Ans : Direct Agricultural advances denote <b>advances given by banks directly to farmers for agricultural purposes</b>. These include short-term loans for raising crops i.e. for crop loans. In addition, advances upto Rs. 5 lakh to farmers against pledge/hypothecation of agricultural produce (including warehouse receipts) for a period not exceeding 12 months, where the farmers were given crop loans for raising the produce, provided the borrowers draw credit from one bank.</a> <?xml:namespace prefix = o /><o:p></o:p></p><br /><p style="TEXT-ALIGN: justify">Direct finance also includes <a name="_Toc480026774">medium and long-term loans (Provided directly to farmers for financing production and development needs)</a> such as Purchase of agricultural implements and machinery, Development of irrigation potential, Reclamation and Land Development Schemes, Construction of farm buildings and structures, etc. Other types of direct finance to farmers includes loans to plantations, development of allied activities such as fishery, poultry etc and also establishment of bio-gas plants, purchase of land for agricultural purposes by small and marginal farmers and loans to agri-clinics and agri-business centres.</p><p style="TEXT-ALIGN: justify"><a style="COLOR: rgb(51,51,255)" name="_Toc480026775"><b>5. What constitutes ‘Indirect Finance’ to Agriculture</b></a><b><span style="COLOR: rgb(51,51,255)"> ?</span></b><br /></p><p style="TEXT-ALIGN: justify">Indirect finance denotes to finance provided by banks to farmers indirectly, i.e., through other agencies. Important items included under indirect finance to agriculture are as under :</p><p style="TEXT-ALIGN: justify"><a name="_Toc480026776">(i) Credit for financing the <b>distribution</b> of fertilisers, pesticides, seeds, etc.</a></p><p style="TEXT-ALIGN: justify">(ii) Loans upto Rs. 25 lakhs granted for financing distribution of inputs for the allied activities such as, cattle feed, poultry feed, etc.</p><p style="TEXT-ALIGN: justify"><a name="_Toc480026777">(iii) Loans to Electricity Boards for reimbursing the expenditure already incurred by them for providing low tension connection from step-down point to individual farmers for energising their wells.</a></p><p style="TEXT-ALIGN: justify">(iv) Loans to State Electricity Boards for Systems Improvement Scheme under Special Project Agriculture (SI-SPA).</p><p style="TEXT-ALIGN: justify"><a name="_Toc480026779">(v) Deposits held by the banks in Rural Infrastructure Development Fund (RIDF) maintained with NABARD.</a></p><p style="TEXT-ALIGN: justify"><a name="_Toc480026782"></a>(vi) Subscription to bonds issued by Rural Electrification Corporation <a name="_Toc480026783"></a>(REC) exclusively for financing pump-set energisation programme in rural and semi-urban areas and also<b> </b>for financing System Improvement Programme (SI-SPA).</p><p style="TEXT-ALIGN: justify">(vii) Subscriptions to bonds issued by NABARD with the objective of financing agriculture/allied activities.</p><p style="TEXT-ALIGN: justify">(viii)Finance extended to dealers in drip irrigation/sprinkler irrigation system/agricultural machinery, subject to the following conditions:</p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">(a) The dealer should be located in the rural/semi-urban areas.</p><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">(b) He should be dealing exclusively in such items or if dealing in other products, should be maintaining separate and distinct records in respect of such items.<br />(c) A ceiling of upto Rs. 20 lakhs per dealer should be observed.</p><p style="TEXT-ALIGN: justify">(ix) Loans to Arthias (commission agents in rural/semi-urban areas) for meeting their working capital requirements on account of credit extended to farmers for supply of inputs. </p><p style="TEXT-ALIGN: justify">(x) Lending to Non Banking Financial Companies (NBFCs) for on-lending to agriculture. </p><p style="TEXT-ALIGN: justify"><a style="COLOR: rgb(51,51,255)" name="_Toc480026786"><b>6. What is the definition of ‘Small Scale Industries</b></a><b><span style="COLOR: rgb(51,51,255)">’ (SSI) ?</span></b><br /></p><p style="TEXT-ALIGN: justify"><a name="_Toc480026787">Small scale industrial units are those engaged in the manufacture, processing or preservation of goods and whose investment in plant and machinery (original cost) does not exceed Rs. 1 crore. These would, <i>inter alia</i>, include units engaged in mining or quarrying, servicing and repairing of machinery. In the case of ancillary units, the investment in plant and machinery (original cost) should also not exceed Rs. 1 crore to be classified under small-scale industry.</a></p><p style="TEXT-ALIGN: justify">The investment limit of Rs.1 crore for classification as SSI has been enhanced to Rs.5 crore in respect of certain specified items under hosiery and hand tools by the Government of India.</p><p style="TEXT-ALIGN: justify"><a style="COLOR: rgb(51,51,255)" name="_Toc480026793"><b>7. What is the definition of ‘Tiny Enterprises</b></a><b><span style="COLOR: rgb(51,51,255)">’ ?</span></b></p><p style="TEXT-ALIGN: justify"><a name="_Toc480026794">The status of ‘Tiny Enterprises’ is given to all small scale units whose investment in plant & machinery is upto Rs. 25 lakhs, irrespective of the location of the unit. </a><a name="_Toc480026795"></a><o:p></o:p></p><p style="COLOR: rgb(51,51,255); TEXT-ALIGN: justify"><b>8. What are ‘Small Scale Service & Business Enterprises’ (SSSBE’s) ?</b></p><p style="TEXT-ALIGN: justify"><a name="_Toc480026796">Industry related service and business enterprises with investment upto Rs. 10 lakhs in fixed assets, excluding land and building will be given benefits of small scale sector. For computation of value of fixed assets, the original price paid by the original owner will be considered irrespective of the price paid by subsequent owners.</a></p><p style="TEXT-ALIGN: justify"><a style="COLOR: rgb(51,51,255)" name="_Toc480026799"><b>9. What does indirect finance in the small-scale industrial sector include</b></a><a style="COLOR: rgb(51,51,255)" name="_Toc480026800"></a><b style="COLOR: rgb(51,51,255)">?</b></p><p style="TEXT-ALIGN: justify">Indirect finance to SSI includes the following important items:</p><ol type="i"><li class="MsoNormal" style="TEXT-ALIGN: justify">Financing of agencies involved in assisting the decentralised sector in the supply of inputs and marketing of outputs of artisans, village and cottage industries.<o:p></o:p></li><li class="MsoNormal" style="TEXT-ALIGN: justify">Finance extended to Government sponsored Corporation/organisations providing funds to the weaker sections in the priority sector.</li><li class="MsoNormal" style="TEXT-ALIGN: justify"><a name="_Toc480026802">Advances to handloom co-operatives.</a></li><li class="MsoNormal" style="TEXT-ALIGN: justify"><a name="_Toc480026803">Term finance/loans in the form of lines of credit made available to State Industrial Development Corporation/State Financial Corporations for financing SSIs.</a></li><li class="MsoNormal" style="TEXT-ALIGN: justify"><a name="_Toc480026805">Funds provided by banks to SIDBI/SFCs by way of rediscounting of bills</a>.</li><li class="MsoNormal" style="TEXT-ALIGN: justify"><a name="_Toc480026806">Subscription to bonds floated by SIDBI, SFCS, SIDCS and NSIC exclusively for financing SSI units.</a></li><li class="MsoNormal" style="TEXT-ALIGN: justify"><a name="_Toc480026807">Subscription to bonds issued by NABARD with the objective of financing exclusively non-farm sector.</a></li><li class="MsoNormal" style="TEXT-ALIGN: justify"><a name="_Toc480026808">Financing of NBFCS or other intermediaries for on-lending to the tiny sector.</a></li><li class="MsoNormal" style="TEXT-ALIGN: justify"><a name="_Toc480026809">Deposits placed with SIDBI by Foreign Banks in fulfilment of shortfall in attaining priority sector targets.</a></li><li class="MsoNormal" style="TEXT-ALIGN: justify"><a name="_Toc480026811">Bank finance to HUDCO either as a line of credit or by way of investment in special bonds issued by HUDCO for on-lending to artisans, handloom weavers, etc. under tiny sector may be treated as indirect lending to SSI (Tiny) Sector.</a></li></ol><p style="TEXT-ALIGN: justify"><a name="_Toc480025308"></a><b><span style="COLOR: rgb(51,51,255)">10. What type of investments made by banks are reckoned under priority sector </span><a style="COLOR: rgb(51,51,255)" name="_Toc480025309"></a><span style="COLOR: rgb(51,51,255)">?</span></b></p><p style="TEXT-ALIGN: justify">Investments made by the banks in special bonds issued by the specified institutions could be reckoned as part of priority sector advances, subject to the following conditions:</p><ol type="i"><li class="MsoNormal" style="TEXT-ALIGN: justify"><b><i>State Financial Corporations (SFCs)/State Industrial Development Corporations (SIDCs)</i></b></li></ol><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">Subscription to bonds exclusively floated by SFCs & SIDCs for financing SSI units will be eligible for inclusion under priority sector as<b> indirect finance to SSI</b>.<o:p></o:p></p><ol type="i" start="2"><li class="MsoNormal" style="TEXT-ALIGN: justify"><b><i>Rural Electrification Corporation (REC<u>)</u></i></b><o:p></o:p></li></ol><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">Subscription to special bonds issued by REC exclusively for financing pump-set energisation programme in rural and semi-urban areas and the System Improvement Programme under its Special Projects Agriculture (SI-SPA) will be eligible for inclusion under priority sector lending as <b>indirect finance to agriculture</b>.<o:p></o:p></p><ol type="i" start="3"><li class="MsoNormal" style="TEXT-ALIGN: justify"><b><i>NABARD</i></b><o:p></o:p></li></ol><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">Subscription to bonds issued by NABARD with the objective of financing exclusively agriculture/allied activities and the non-farm sector will be eligible for inclusion under the priority sector as <b>indirect finance to agriculture/ SSI</b>, as the case may be.</p><ol type="i" start="4"><li class="MsoNormal" style="TEXT-ALIGN: justify"><b><i>Small Industries Development Bank of <?xml:namespace prefix = st1 /><st1:country-region st="on"><st1:place st="on">India</st1:place></st1:country-region> (SIDBI)</i></b><o:p></o:p></li></ol><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">Subscriptions to bonds exclusively floated by SIDBI for financing of SSI units will be eligible for inclusion under priority sector as <b>indirect finance to SSIs</b>.<o:p></o:p></p><ol type="i" start="5"><li class="MsoNormal" style="TEXT-ALIGN: justify"><b><i>The National Small Industries Corporation Ltd. (NSIC)</i></b></li></ol><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">Subscription to bonds issued by NSIC exclusively for financing of SSI units will be eligible for inclusion under priority sector as <b>indirect finance to SSIs</b>.</p><ol type="i" start="6"><li class="MsoNormal" style="TEXT-ALIGN: justify"><b><i>National Housing Bank (NHB)</i></b></li></ol><p style="MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">Subscription to bonds issued by NHB exclusively for financing of housing, irrespective of the loan size per dwelling unit, will be eligible for inclusion under priority sector advances as <b>indirect housing finance.</b></p><ol type="i" start="7"><li class="MsoNormal" style="TEXT-ALIGN: justify"><b><i>Housing & Urban Development Corporation (HUDCO)</i></b></li></ol><p class="MsoNormal" style="MARGIN-LEFT: 1in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">Subscription to bonds issued by HUDCO exclusively for financing of housing, irrespective of the loan size<b> </b>per dwelling unit, will be eligible for inclusion under priority sector advances as <b>indirect housing finance</b>.<o:p></o:p></p><p class="MsoNormal" style="MARGIN-LEFT: 1in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">Investment in special bonds issued by HUDCO for on-lending to artisans, handloom weavers, etc. under tiny sector will be classified as indirect lending to SSI (Tiny) sector.</p><p style="TEXT-ALIGN: justify"><a style="COLOR: rgb(51,102,255)" name="_Toc480025296"><b>11. What are the weaker sections</b></a><b><span style="COLOR: rgb(51,102,255)"> within the priority sector ?</span></b><br /></p><p style="TEXT-ALIGN: justify">The weaker sections under priority sector include the following:</p><ol type="1"><li class="MsoNormal" style="TEXT-ALIGN: justify">Small and marginal farmers with land holding of 5 acres and less and landless labourers, tenant farmers and share croppers.</li><li class="MsoNormal" style="TEXT-ALIGN: justify">Artisans, village and cottage industries where individual credit limits do not exceed Rs. 50,000/- </li><li class="MsoNormal" style="TEXT-ALIGN: justify">Beneficiaries of Swarnjayanti Gram Swarojgar Yojana (SGSY)</li><li class="MsoNormal" style="TEXT-ALIGN: justify">Scheduled Castes and Scheduled Tribes</li><li class="MsoNormal" style="TEXT-ALIGN: justify">Beneficiaries of Differential Rate of Interest (DRI) scheme</li><li class="MsoNormal" style="TEXT-ALIGN: justify">Beneficiaries under Swarna Jayanti Shahari Rojgar Yojana (SJSRY)</li><li class="MsoNormal" style="TEXT-ALIGN: justify">Beneficiaries under the Scheme for Liberation and Rehabilitation of Scavangers (SLRS)</li><li class="MsoNormal" style="TEXT-ALIGN: justify">Self Help Groups <a name="_Toc480025297">(SHGs)</a></li></ol><p style="TEXT-ALIGN: justify"><b><span style="COLOR: rgb(51,51,255)">12. What action is taken in the case of non-achievement of priority sector lending target by a bank ?</span> </b></p><ol type="i"><li class="MsoNormal" style="TEXT-ALIGN: justify">Domestic scheduled commercial banks having shortfall in lending to priority sector / agriculture are allocated amounts for contribution to the Rural Infrastructure Development Fund (RIDF) established in NABARD. Details regarding operationalisation of the RIDF such as the amounts to be deposited by banks, interest rates on deposits, period of deposits etc., are decided every year after announcement in the Union Budget about setting up of RIDF. </li><li class="MsoNormal" style="TEXT-ALIGN: justify">In the case of foreign banks operating in <st1:country-region st="on"><st1:place st="on">India</st1:place></st1:country-region> which fail to achieve the priority sector lending target or sub-targets, an amount equivalent to the shortfall is required to be deposited with SIDBI for one year at the interest rate of 8 percent per annum.</li></ol><p style="TEXT-ALIGN: justify"><a name="_Toc480026687"></a><a name="_Toc480025342"></a><span style="COLOR: rgb(51,51,255)"><b>13. Whether there is any time limit for disposal of loan applications</b></span><b style="COLOR: rgb(51,51,255)"> ?</b></p><p style="TEXT-ALIGN: justify">All loan applications upto a credit limit of Rs. 25,000/- should be disposed of within a fortnight and those for over Rs. 25,000/- within 8 to 9 weeks.</p><p style="TEXT-ALIGN: justify"><a style="COLOR: rgb(51,51,255)" name="_Toc480026702"><b>14. What is the rate of interest</b></a><b style="COLOR: rgb(51,51,255)"> for loans under priority sector ?</b></p><p style="TEXT-ALIGN: justify">As per the current interest rate policy, in the case of loans upto Rs 2 lakh, the interest rate should not exceed the prime lending rate (PLR) of the bank, while in the case of loans above Rs 2 lakh, banks are free to determine the interest rate.</p><p style="TEXT-ALIGN: justify"><b><span style="COLOR: rgb(51,51,255)">15. How is priority sector lending monitored by the Reserve Bank ?</span></b></p><p style="TEXT-ALIGN: justify">Priority sector lending by commercial banks is monitored by Reserve Bank of <st1:country-region st="on"><st1:place st="on">India</st1:place></st1:country-region> through periodical Returns received from them. Performance of banks is also reviewed in the various fora set up under the Lead Bank Scheme (at State, District and Block levels).</p>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-39376210242599203122008-12-26T03:00:00.000-08:002008-12-26T03:08:07.857-08:00Global Markets this week<div align="justify"><strong><span style="color:#3333ff;">The markets has been extremelly volatile this week. The Indian SENSEX shed approximately 700 points and shed 239 points on Friday.</span></strong></div><p align="center"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEic06yiowd7An4CF-5bMopO6QTxhGmgFeUkJKEMceAiDDifDJIijIbttp7FhhUTLljFZjn7tsDzHP_9R7P0magI2qaHPbjh3J_45O-mMspdTh3WUcck3Sq4tS9TbhyphenhyphenGuH4yohpHAWLeHUkf/s1600-h/Market.png"><img id="BLOGGER_PHOTO_ID_5284052315101940050" style="WIDTH: 198px; CURSOR: hand; HEIGHT: 400px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEic06yiowd7An4CF-5bMopO6QTxhGmgFeUkJKEMceAiDDifDJIijIbttp7FhhUTLljFZjn7tsDzHP_9R7P0magI2qaHPbjh3J_45O-mMspdTh3WUcck3Sq4tS9TbhyphenhyphenGuH4yohpHAWLeHUkf/s400/Market.png" border="0" /></a></p> <strong><span style="color:#3333ff;">The Crude which was once soaring at $120/barrel, is now hovering at $36/barrel.</span></strong><br /><p align="center"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgW_3m-xGrbPofwksKqYhwBYWHz_LQMnsbumujv765ECI4QztyWoKGVxOpbA-t9zLWfD2U7R1539s2HyRo86pIX2M0Sl1sRw4hY2Su-E_1k2FREC02vJGoiFY3P46tx7GJDmxYD3M8QD7p1/s1600-h/oil.png"><img id="BLOGGER_PHOTO_ID_5284052013308651490" style="WIDTH: 231px; CURSOR: hand; HEIGHT: 253px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgW_3m-xGrbPofwksKqYhwBYWHz_LQMnsbumujv765ECI4QztyWoKGVxOpbA-t9zLWfD2U7R1539s2HyRo86pIX2M0Sl1sRw4hY2Su-E_1k2FREC02vJGoiFY3P46tx7GJDmxYD3M8QD7p1/s400/oil.png" border="0" /></a></p>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-54775385932800442622008-12-26T02:37:00.000-08:002008-12-26T03:12:39.634-08:00Inflation at 6.61%, going lower<div align="justify"><strong>Inflation has now reached 6.61% for the week ended Dec 6. It is likely to go lower, from reduced petrol prices, interest rate cuts and drop in global crude prices ($36 and not quite counting). Here's the inflation chart - the current WPI index.</strong></div><p align="center"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_PLEAiBiYEyAN2mjz3VNuD1rTkkUak6vj2iuVekL-KikuKmw-T2wbn4k0ar5XDmetsHQKfORSMFxS-AG6bbz-ilXARMFeZK3GjidU_d476CikIrbLJsmU3us2keQHs6W14kCvxD4XpWlv/s1600-h/Picture1.png"><img id="BLOGGER_PHOTO_ID_5284054898436643746" style="WIDTH: 400px; CURSOR: hand; HEIGHT: 306px" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_PLEAiBiYEyAN2mjz3VNuD1rTkkUak6vj2iuVekL-KikuKmw-T2wbn4k0ar5XDmetsHQKfORSMFxS-AG6bbz-ilXARMFeZK3GjidU_d476CikIrbLJsmU3us2keQHs6W14kCvxD4XpWlv/s400/Picture1.png" border="0" /></a></p><br /><br /><p align="justify"><strong></strong> </p><br /><br /><p align="center"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvoy2UPDr7zjsWHp033TJ1eIL2D0onhsI8WogltdqdpA8Gq05KrQKm9HsM5khUuDd7LValqpb4pgz7iT8Sci3Usb-HPk2UVaC3J5JbGbRKKumjxu48rp3TEtKhvujZUjpUWL7jgdMWKEk1/s1600-h/inflation2.jpg"></a></p>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-67032822274152551502008-12-24T21:06:00.000-08:002008-12-24T21:10:24.271-08:00British economy shrinks 0.6 pct in 3rd quarter<div style="text-align: center;"><span class="Apple-style-span" style="font-weight: bold; color: rgb(51, 51, 255); font-size: 130%;"></span><span class="Apple-style-span" style="color: rgb(51, 51, 255); font-size: 130%;">Britain's economy contracts 0.6 percent in 3rd quarter, heading for official recession<br /></span><span style="color: rgb(51, 51, 255); font-size: 130%;"></span><br /><div style="text-align: left;"><span style="color: rgb(51, 51, 255); font-size: 130%;"></span></div></div><div style="text-align: center;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMUzkj8usbA0t_zk6hlT3LrpcpPqTNbBuUXjlHJ5s7OFaZMB9HcsWTUU4TkFFDpGLyzOZW6EYLCa5d4NRCFcp1AYeW52Q3t2GmWi5knFRne9zv62jzXvTvZMCwfca8oMnLBdQHswDqXZ2H/s1600-h/images.jpg"><img style="cursor: pointer; width: 126px; height: 63px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMUzkj8usbA0t_zk6hlT3LrpcpPqTNbBuUXjlHJ5s7OFaZMB9HcsWTUU4TkFFDpGLyzOZW6EYLCa5d4NRCFcp1AYeW52Q3t2GmWi5knFRne9zv62jzXvTvZMCwfca8oMnLBdQHswDqXZ2H/s400/images.jpg" alt="" id="BLOGGER_PHOTO_ID_5283589939249792898" border="0" /></a><br /><br /><div style="text-align: justify; color: rgb(0, 0, 0);"><span style="font-size:100%;"><span style="font-size: 100%;"><span style="font-weight: bold;">LONDON (AP) -- The British economy contracted by more than previously thought during the third quarter of 2008, revised official figures showed Tuesday, stoking market expectations that the Bank of England may cut interest rates to near zero percent in the new year.</span></span></span></div></div>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-61212305340738131322008-12-24T21:04:00.000-08:002008-12-24T21:06:23.367-08:00US GDP shrank 0.5 percent in third quarter as forecast<div style="text-align: center;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlfGsVYa02fTwIN2khuAJyxz-xmOhpoiYtnBylm3uQf76gcW_n6gyux_XGDwIOYCGAkM37idvRPWIryzMdJN-TJxmqkwXwHCGCzqbolzfVywy8bb2kLdiTF0xOqBBeDrsFdyVJvpzoZYT4/s1600-h/US.jpg"><img style="cursor: pointer; width: 130px; height: 87px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlfGsVYa02fTwIN2khuAJyxz-xmOhpoiYtnBylm3uQf76gcW_n6gyux_XGDwIOYCGAkM37idvRPWIryzMdJN-TJxmqkwXwHCGCzqbolzfVywy8bb2kLdiTF0xOqBBeDrsFdyVJvpzoZYT4/s400/US.jpg" alt="" id="BLOGGER_PHOTO_ID_5283589293464917170" border="0" /></a><br /></div><span style="font-size:100%;"><span class="Apple-style-span" style="color: rgb(24, 24, 24); line-height: 20px;"><br /></span></span><div style="text-align: justify; font-weight: bold;"><span style="font-size:100%;"><span style="font-size:100%;"><span class="Apple-style-span" style="color: rgb(24, 24, 24); line-height: 20px;">WASHINGTON (Reuters) - The economy shrank at a 0.5 percent annual pace in the third quarter as expected after consumers and businesses cut spending and the country's recession gathered steam, government data showed on Tuesday.</span></span></span></div>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-36761028516327889882008-12-23T21:08:00.000-08:002008-12-23T21:14:18.454-08:00Jaiprakash Associates merges its companies into a Single Entitiy<div style="text-align: center;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNqt4Hz3NTmLELF9MZ9yRiAO8wANsh-ksWeRFQCPjPMWm2z00J6AvNvlpWeCfkP682dPi09gKjeXJDNoonCZgsBMcQmX5KsqVpI5hALiELMDQEepSE12i2jl-y-lxC934UNLz4XUdzHI6R/s1600-h/images.jpg"><img style="cursor: pointer; width: 141px; height: 132px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNqt4Hz3NTmLELF9MZ9yRiAO8wANsh-ksWeRFQCPjPMWm2z00J6AvNvlpWeCfkP682dPi09gKjeXJDNoonCZgsBMcQmX5KsqVpI5hALiELMDQEepSE12i2jl-y-lxC934UNLz4XUdzHI6R/s400/images.jpg" alt="" id="BLOGGER_PHOTO_ID_5283220523861095442" border="0" /></a><br /></div><div style="text-align: justify; font-weight: bold; color: rgb(51, 51, 255);">Jaiprakash Associates informed the market that on December 22nd 2008 they have approved the amalgamation of Jaypee Cement Ltd (JCL), Gujarat Anjan Cement Ltd (GACL), Jaypee Hotels Ltd (JHL) and Jaiprakash Enterprises Ltd (JEL), (the Transferor Companies) with Jaiprakash Associates Ltd (the Transferee Company).<br /><br />...............................................................................................................................................................................<br /><strong>Record Date will be fixed soon and the stocks will be trasfered in the following ratio:</strong><br /><strong></strong><br /></div><ul style="text-align: justify; font-weight: bold; color: rgb(0, 0, 0);"><li>If you have 10 JCL you will get 1 Jaiprakash Associates of Rs. 2 each.</li><li> If you have 11 GACL you will get 1 Jaiprakash Associates of Rs. 2 each.</li><li>If you have 1 JHL you will get 1 Jaiprakash Associates of Rs. 2 each.</li><li> If you have 1 JEL you will get 1 Jaiprakash Associates of Rs. 2 each.</li></ul>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-20816981729027202762008-12-23T21:03:00.001-08:002008-12-23T21:13:13.031-08:00Satyam Computer Services barred from doing business with World Bank<div style="text-align: center;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOdf9f3kTILQknWZFg_J1HZFOY42SGX_NVIFkaTXQG4pIZ_OiiBcjoYpEmLVGi1APOuKwZRFfaEzMiWWB5Gwks9obpEYJrwRNie9G7XdzeTyyhFNrtg1Y61CIfGrp3HcT4SNQv8PNhBHQv/s1600-h/images.jpg"><img style="cursor: pointer; width: 130px; height: 111px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOdf9f3kTILQknWZFg_J1HZFOY42SGX_NVIFkaTXQG4pIZ_OiiBcjoYpEmLVGi1APOuKwZRFfaEzMiWWB5Gwks9obpEYJrwRNie9G7XdzeTyyhFNrtg1Y61CIfGrp3HcT4SNQv8PNhBHQv/s400/images.jpg" alt="" id="BLOGGER_PHOTO_ID_5283218804232537282" border="0" /></a><br /></div><div style="text-align: justify; font-weight: bold;"><span style="font-size:100%;">Satyam Computer Services is barred from doing business with World Bank for the next 8 years this is kind of blow to satyam which is like trying to get out of the acquisition mess of Maytas Infra and Maytas Properties.There is some confirmed news in FOX new service that is saying this that st least in the earlier case of acquisition there is not direct impact in the revenue but this is big and it impacts the projects that they would have got from world bank and also this will impact the Clients Confidence of any Banks that they might get project from .The reason for barring i heard is that they provided improper benefits to bank staff and failed to maintain documentation to support fees charged for its subcontractors.<br />This came into effect from February and from that moment to September think it was temporary barring and now they have may be come out with the verdict after September.So today there was some rumor also that the President Ramalinga Raju is resigning and not sure if it was true the stock saw some pressure and closed at 140 , tomorrow will be more interesting to see.Already the stock got down by 13 to 15 percent today in ADR.</span></div>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-18089657463216294692008-12-05T05:47:00.000-08:002008-12-05T05:50:26.658-08:00Major Terrorist attacks in India since 2003<div style="text-align: justify; font-weight: bold;"><span style="font-size:100%;">Scores of tourists are being held hostage in two of the Mumbai's top hotels officials said on Thursday, after at least 101 people were killed in a wave of armed attacks in the Indian financial capital.<br /><br />Mumbai has been repeatedly hit by deadly militant attacks over the past 15 years, the worst of which targeted its suburban rail network and killed more than 180 people in July 2006.<br /><br />Following is a chronology of some of the major attacks in India in the past five years:<br /><br />March 13, 2003 - Bomb attack on a commuter train in Mumbai kills 11 people.<br /><br /><span style="color: rgb(51, 51, 255);">Aug. 25, 2003 - Two car bombs kill about 60 in Mumbai.</span><br /><br />Aug. 15, 2004 - A bomb explodes in the northeastern state of Assam, killing 16 people, mostly schoolchildren, and wounding dozens.<br /><br /><span style="color: rgb(51, 51, 255);">Oct. 29, 2005 - Sixty-six people are killed when three blasts rip through markets in New Delhi.</span><br /><br />March 7, 2006 - At least 15 people are killed and 60 wounded in three blasts in the northern Hindu pilgrimage city of Varanasi.<br /><br /><span style="color: rgb(51, 51, 255);">July 11, 2006 - More than 180 people are killed in seven bomb explosions at railway stations and on trains in Mumbai that are blamed on Islamist militants.</span><br /><br />Sept. 8, 2006 - At least 32 people are killed in a series of explosions, including one near a mosque, in Malegaon town, 260 km northeast of Mumbai.<br /><br /><span style="color: rgb(51, 51, 255);">Feb. 19, 2007 - Two bombs explode aboard a train heading from India to Pakistan; at least 66 passengers, most of them Pakistanis, burn to death.</span><br /><br />May 18, 2007 - A bomb explodes during Friday prayers at a historic mosque in the southern city of Hyderabad, killing 11 worshippers. Police later shoot dead five people in clashes with hundreds of enraged Muslims who protest against the attack.<br /><br /><span style="color: rgb(51, 51, 255);">Aug. 25, 2007 - Three coordinated explosions at an amusement park and a street stall in Hyderabad kill at least 40 people.</span><br /><br />May 13, 2008 - Seven bombs rip through the crowded streets of the western city of Jaipur, killing at least 63 people in markets and outside Hindu temples.<br /><br /><span style="color: rgb(51, 51, 255);">July 25 - Eight small bombs hit the IT city of Bangalore, killing at least one woman and wounding at least 15.</span><br /><br />July 26 - At least 16 small bombs explode in Ahmedabad in the state of Gujarat, killing 45 people and wounding 161. A little-known group called the "Indian Mujahideen" claims responsibility for the attack and the May 13 attack in Jaipur.<br /><br /><span style="color: rgb(51, 51, 255);">Sept 13 - At least five bombs explode in crowded markets and streets in the heart of New Delhi, killing at least 18 people and injuring scores more. The Indian Mujahideen again claim responsibility.</span><br /><br />Oct 30 - Eleven bomb blasts rip through Guwahati, the main city of northeastern Assam state. Detonated in quick succession, they kill at least 68 people and wound 335.<br /><br /><span style="color: rgb(51, 51, 255);">Nov 26 - At least 101 people are killed in Mumbai as an unidentified number of armed attackers shoot at and toss grenades into crowds at landmark hotels and buildings.</span><br /><br />Nov 27 - Scores of guests and workers remain trapped by gunmen inside the Trident-Oberoi and Taj Mahal hotels.</span></div>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0tag:blogger.com,1999:blog-2519655011625724394.post-48947563262871394532008-12-01T21:07:00.000-08:002008-12-01T21:27:53.405-08:00Dow crashes by 680 points after recession news<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Dow jones today crashed by almost 680 points, This is the 4th biggest single day loss in the history.The decline was almost 7.7 percent which is like 12th worst percentage drop on a single day.It all started when the US investors went through the Holiday sales report and also industrial growth which had already crashed the market but the whole market crash happened after the recession data came in from NBER which i have talked about it in the last post.<br /><br /><br /><strong>Market movers<br /></strong><ul><li>U.S. manufacturing contracts more-than-expected in November</li><li> U.S. credit card industry may cut credit lines by over $2 trillion</li><li>Black Friday sales up 3.0%, according to ShopperTrak</li><li> NBER officially declares U.S. recession started in Dec. 2007</li></ul></div>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com1tag:blogger.com,1999:blog-2519655011625724394.post-13419791167627761732008-12-01T01:28:00.000-08:002008-12-01T01:35:43.991-08:00Chidambaram is Home Minister after Shivraj Patil Quits<div style="text-align: justify; font-weight: bold; color: rgb(0, 0, 153);"><span style="font-size:100%;">After the Mumbai terror attack everything was clear that Mr.Home Minister dint do his homework which has led to this big loophole.Im just thinking if we are given a job like this we will be like traveling to every state not just the metros but to every state make sure law and order is under control and see if all the state is safe from all the side , I’m not saying we will do this all the time at least when we know that there is terror attack happening anyway he dint do the job so he had quit now.<br />Dr.Manmohan Singh has forwarded the resignation to the president and also then recommended the former finance minister Chidambaram as the new home minister and the finance ministry would be directly controlled by Prime minister himself.</span></div>Praveen Kumarhttp://www.blogger.com/profile/08920096479035265368noreply@blogger.com0