The Asian Age : 2019-02-11

Financial Chronicle : 9 : 9

Financial Chronicle

SIP avoids perils of direct investment | 11 FEBRUARY 2019 OVERLEAF BITES Between showing the export turnover to the bank and the revised turnover after receiving the return consignment, the exporter gets time of six months to a year Thermal projects worth 2.5 L cr facing stress ■ ` Investments of Rs 2.50 lakh cr in thermal projects are facing stress. The Assocham- Grant Thornton joint study noted that the power sector has been one of the highly stressed sectors in recent times, with loans worth about Rs 1 lakh cr having turned bad or been recast. “As per the recent estimates, around 66,000 MW capacity is facing various degrees of financial stress with the lenders having an exposure of around Rs 3 lakh cr to these assets, which is alarming, to say the least,” noted the report. ICSI welcomes Sebi norms on secretarial audit Firms asked speed up shale efforts PROMIT MUKHERJEE, NIDHI VERMA NEW DELHI, FEB. 10 India is looking to expedite discovery efforts to establish the country’s shale oil and gas potential and has asked companies to submit a plan, two industry sources said on Sunday. In late 2013, India gave rights to Oil and Natural Gas Corp to explore for shale oil and gas reserves. However, after years of exploratory reserves, it has failed to find significant resources. In January, India’s oil and gas regulator directorate general of hydrocarbons ( DGH) held a meeting with representatives from various private and government companies to urge them to pursue shale resources in the oil and gas blocks already held by them, a source at the regulator said. “The idea is to bring shale on the map of India or just close the chapter once and for all within three years,” an executive from one of the companies who attended the meeting said. India is a gas- starved country and imports almost half of its annual natural gas consumption. Philips to enter oral care market Prime minister Narendra Modi wants India to be a gas- based economy and increase the share of gas in the country’s energy mix to 15 per cent by 2030 from 6.5 per cent now. All coal bed methane ( CBM) developers were invited to the meeting in January, the executive said. “A joint group plan is also being explored which will act as a platform of knowledge and infrastructure sharing which could help in expediting shale development,” according to the executive. Currently, CBM gas is produced by three companies— ARCHAK SENGUPTA country with a strong focus on Indian consumer needs.” Ratnam didn’t spell out the specific products to be launched here. Globally, Philips’ oral healthcare portfolio falls under five categories: power toothbrushes; brush heads; interdental cleaning; oral hygiene; and whitening. While the global oral care market, valued at $ 40.63 billion in 2016, is estimated to reach $ 63.48 billion by 2023, awareness about oral hygiene in India remains experts. Philips India, known for its grooming products, recorded 15 per cent CAGR in the last seven years in the beauty segment. “This year the personal health division grew by about 12- 15 per cent by strengthening its presence in new categories besides launching new products. India is among the top ten markets for the personal health business of Philips globally,” said Mr Ratnam. low, say HYDERABAD Consumer goods major Phillips India is set to expand its oral healthcare portfolio in the country, a top company official said. Speaking to ADA Ratnam, president- personal health, Philips India Subcontinent, said, “We are looking at expanding in oral healthcare segment in India. It is a big business for us globally. We would like to introduce products in the Voltas to set up 500- crore plant in Tirupati ` FC, Tata group firm Voltas said it will invest over Rs 500 crore to set up a manufacturing facility in Tirupati. “This facility will initially manufacture and assemble air- conditioners and related cooling products with a total capacity of more than 1 million units to start with,” the company said. The manufacturing facility, spread over 65 acres, will be one of the first cooling appliances unit in Andhra Pradesh. Honda brings premium bike CB300R at 2.41 L Economic data, earnings to drive market this week Significant beneficial owners face strict action ` MSME package can help 7 crore accounts: Fin Secy The stock market this week would be driven by key economic data, corporate earnings and global developments. Analysts expect the market to remain volatile given pessimism over global growth and trade disputes. They said retail inflation and wholesale inflation numbers for January, due this week, will set the tone for the market. Recently, the RBI cut its repo rate by 25 basis points considering the benign inflation level. Lower fuel prices eased India's retail inflation in December to 2.19 per cent from the annual rate of 2.33 per cent in November. The annual rate of inflation, based on monthly Wholesale Price Index, stood at 3.80 per cent for December compared to 4.64 per cent for November. “WPI Inflation is expected to remain subdued around 3.70 per cent. The industrial output, which nosedived to 0.5 per cent previously, is expected to come with improved numbers and any disappointment can give a jolt to the market,” said Mustafa Nadeem, CEO, Epic Research. A key watched momentum for technical charts. “Nifty forms a shooting star as false breakout traps the bulls on the upside and ended down with marginal gains. A shooting star is a reversal pattern which is characterised as a small body with an upper shadow twice the range of the body that indicates weakness at higher levels and a possible impending reversal,” said Nadeem of Epic Research. “A Doji star followed by a falling window on a daily scale has seriously put some dent on the charged bulls,” he further said. Derivatives data, which saw a huge change on the RBI event, has turned upside down and has hinted a cautious stance for any trader seeking a directional move. Short built- up is seen on higher strikes of 11100- 11200, making it a resistance too hard to break in February series while lower strikes have seen some long build- up. This is a classic trap for the bulls. It is very much not a trending market as it has been oscillating in a very short range between 10600 and 11000. Nifty on Honda Brio production stopped OPENING MICHAEL GONSALVES PUNE, FEB. 10 BELL New Delhi, Feb. 10: Significant beneficial owners in corporates might face strict action for inadequate or wrong disclosures about their ownership and companies too can seek action against entities in case they fail to provide satisfactory responses, according to rules. With the corporate affairs ministry amending the rules for significant beneficial owners under the Companies Act, 2013, corporates are required to take necessary steps to identify such owners and obtain a declaration from them. Significant beneficial owners, who fail to make a declaration regarding their ownership, could face fine, imprisonment or both under the Companies Act. In instances, where such entities have wilfully provided incorrect information, such acts would be considered as fraud under the Act. Companies that fail to maintain registers of significant beneficial owners would also face action New Delhi, Feb 10: Japanese carmaker Honda has stopped production of its entry- level hatchback Brio in India, cutting short the vehicles over seventeen- year long stint in the country. Honda Cars India plans to maximise sales and visibility of its compact sedan Amaze which would now be its entrylevel offering in the market. “Our entry car is now Amaze. We have stopped production of Brio and as of now we do not intend to bring next generation Brio into India,” Honda Cars India senior vice president and director ( sales and marketing) Rajesh Goel said. Customer preference has started to shift towards comparatively bigger models, a trend similar to other global markets. “A sedan was the top seller last year. It is a typical motorisation cycle followed in every country,” Goyal said. Theoretically, this change should have happened 6- 7 years earlier, he said. — Japanese two- wheeler giant Honda Motorcycles is expanding its offering in the rapidly growing middle weight premium bike segment by introducing much awaited CB300R motorcycle. Priced at Rs 2.41 lakh at pan- India showroom, the CB300R bike is its second Neo Sports Café offering in India. The Neo Sports Café family is Honda’s ultramodern minimalistic take on the timeless roadster design. CB300R is inspired from its powerful sibling CB1000R Neo Sports Café which was originally showcased at the Tokyo Motor Show 2017. Developed as the ultimate sports roadster to ‘ t r a n s f o r m mere travel into a playful ride’, CB300R is pure fun to ride and an absolute joy to own. The middleweight augment between 300 and 600 cc engine has dominated market leader Royal Enfield and the market size is pegged around 2 The RBI’s restructuring package for small firms announced last month will help recast Rs 1 lakh crore of loans for 7 lakh eligible MSME, a top official has said. The estimate from the dept. of financial services secretary Rajiv Kumar is much higher than Icra’s assessment of Rs 10,000 crore. He said 7 lakh MSME units need restructuring. “They all can be restructured till March 2020 without downgrading the asset. Rs 1 lakh crore worth loans will get restructured,” Kumar said. PROJECTION FOR TODAY the Index Industrial Production ( IIP) for December, which will be released on Tuesday. A dismal IIP data for the past two consecutive months had caused nervousness in the market. “A fall in interest rates and improving outlook for consumption- oriented sectors after the interim budget will provide support to the market,” Vinod Nair, head of research, Geojit Financial Services, said. "On the global front, pessimism over growth and trade disputes may lead to volatility," he added. Earnings numbers from companies like Coal India, Hindalco, Eicher Motors, ONGC and Sun Pharma will be closely watched by the market. of Cremica to set up HP’s first mega food park PTI put the spotlight on the growing middleweight category and motor enthusiasts across India have responded, he claimed. “In just 25 days since start of bookings, CB300R is already booked for over 3 months based on our current production plan. Introduction of CB300R will debut the new premium Silver Wing- mark in India,” Guleria said. Silver Wing is its global strategy to introduce middleweight bikes to the customers. lakh units annually. “The all new Neo Sports C a f é inspired CB300R is a breakt h r o u g h modern take on the classic roadster design,” Yadvinder Singh Guleria, senior vice president, sales and marketing at Honda Motorcycle and Scooter India, said. With strategic pricing of Rs 2.41 lakh, Honda has Union food processing minister Harsimrat Kaur Badal on Sunday inaugurated Cremica Food Park, which is the first mega food park in the state of Himachal Pradesh. The mega food park has been set up at a cost of Rs 107.34 crore. The Cremica Mega Food Park will benefit people of Una district and nearby districts of Kangra, Hamirpur and Bilaspur. Technical View According to technical analysts, Friday's losses indicated a downside data closely by investors is — PTI — Ashwin J Punnen

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