Verschieben Durchschnitt Icici Bank

ICICI Bankrsquos Green Initiativen, die auf Kunden ausgerichtet sind, werden von dem Ziel getragen, mit jedem unserer Kunden zusammenzuarbeiten und lsquoGreenrsquo zu einem Teil unseres Lebens zu machen. Diese Initiativen reichen von Green Offerings Anreize, Green Engagement bis Green Kommunikation zu unseren Kunden. Grüne Produkte Dienstleistungen lsquoInstabankingrsquo - Es ist die Plattform, die alle unsere alternativen Kanäle unter einem Dach zusammenbringt und gibt Kunden die Bequemlichkeit des Bankverkehrs jederzeit und überall über Internet Banking, i-Mobile Banking, Tab-Banking und IVR Banking. Dies verringert die CO2-Bilanz der Kunden, indem sie sicherstellt, dass sie nicht auf physische Aussagen zurückgreifen oder in ihre Filialen reisen müssen. LsquoElectronic Branchesrsquo - Es wurden auch elektronische Filialen eingerichtet, in denen Kunden alle Bankgeschäfte tätigen können. LsquoE - Driversquo - Wir haben fast 200 Tausend Jahresberichte in elektronischer Form geschickt. Im letzten Quartal haben wir mehr als 60 Tonnen Papier gespart, indem wir E-Mails an über 6,5 Millionen Bankkonten und 300 Tausend Kunden senden. Weltumwelttag - 5. Juni 2014: Anlässlich des Weltumwelttags haben die Mitarbeiter der ICICI Bank zahlreiche Aktivitäten unternommen, um unser Engagement für Go Green zu zeigen. Ein Pan India Sapling Plantation-Laufwerk wurde über alle ICICI Bank Türme und Filialen durchgeführt, zusammen mit PUC-Laufwerk, wo Mitarbeiter wurden ermutigt, ihre Fahrzeuge PUC überprüft bekommen und Händler wurden an ausgewählten Türmen für den gleichen eingerichtet. Als fortgesetzte Bemühungen, die Verwendung von Papier zu reduzieren, hat die ICICI Bank eine E-Anweisung und e-Zulassungsantrag durchgeführt, wo Kunden dazu ermutigt werden, zu E-Mail-basierten Kontoauszügen und Rechnungen über das Filialbank - und Telefonbanking-Personal zu wechseln. Go Social Kampagne wurde für Mitarbeiter, in denen jeder Einzelne konnte Bilder von ihrer grünen Initiative auf Facebook und Twitter, und verbreitete das Wort an Familien und Freunde, um auf der Reise nach Go Green World Environment Week - von 9. bis 13. Juni mit jedem weiter Tag der Woche, die ein anderes grünes Thema darstellen: Kein Plastiktag, Wiederverwendung Papiertag, Mitfahrzentration Tag, Duplexdruck Tag und Energie sparen Tag. Die Mitarbeiterinnen und Mitarbeiter wurden sensibilisiert auf das bankweite Ziel, Papier, Energie und Wasser und ihre Bedeutung zu sparen. Solarbranchen - Im Rahmen der Initiative "Banken Go Green" wurden bis zum Juli 2014 rund 294 ländliche Low Cost Filialen mit Solarzellen ausgestattet, die bis Juli 2014 auf 122 weitere Filialen ausgedehnt werden sollen. Solarenergie ist eine Quelle erneuerbarer und nicht - Umweltverschmutzung saubere Energie. Als Ergebnis dieser Initiative werden jährlich pro Jahr 1440 Einheiten der Sonnenenergie erzeugt und die Energieverbrauchskosten deutlich gesenkt. Die ICICI Bank hat die vorhandenen internen Medienaussagen, Beilagen, Credit Card Charge-Slips ausgiebig kapitalisiert, um die Kunden zu erreichen und ihre Zusammenarbeit in der Go Green-Bewegung zu suchen. Die Kommunikation über Online Bill bezahlt, Online-Geldtransfer und Abonnieren von E-Anweisungen sind auf die Migration von Kunden zu papierlosen und pendelnden Modus der Durchführung einiger ihrer Bankgeschäfte gerichtet. Während der Weltumwelt Woche Juni 09 bis 13, Phone Banking hat auch eingeführt Eine Go Green-Nachricht auf dem IVR ermutigen Kunden auf E-Statements zu wechseln Save Paper. Speichern Bäume Kaufen Sie recyceltes Papier. Drucken auf wiederverwendbaren Blättern. Drucken Sie mehrere Seiten auf einzelne Blätter. Setzen Sie die Standardwerte, um doppelseitig zu drucken und auf beiden Seiten zu drucken. Drucken Sie nur die Seiten aus. Vorschau von Dokumenten vor dem Drucken. Erhöhen Sie die Randbreite der Dokumente. Ändern Sie die Standardschriftgröße von 12 Punkt zu 10, die Ihr Dokument um etwa 10 schrumpfen würde. Verwenden Sie E-Mail-Anweisungen. Wir können eine enorme Menge an Papier sparen. Energie sparen. Konservieren Sie natürliche Ressourcen Pflanze oder helfen Pflanze mehr Bäume und verhindern das Schneiden der vorhandenen, einen Beitrag zur Herstellung eines gesunden Planeten, ohne zusätzliche Kosten. Zahlen Sie Ihre Rechnungen online. Für alle 38.000 Rechnungen, die online gezahlt werden, werden 5.058 Pfund Treibhausgase vermieden und zwei Tonnen Bäume werden bewahrt. Verwenden Sie Fahrgemeinschaften, um zur Arbeit zu gehen. Vermeidung von 10 Meilen von Fahren pro Woche würde etwa 500 Pfund Kohlendioxid-Emissionen pro Jahr zu beseitigen. Verantwortungsbewusst handeln. Jede Gallone Gas verbrannt emittiert 20 Pfund Kohlendioxid, so machen das Beste aus Ihrem Tank. Verwenden Sie CFL-Leuchten. Kompakte Fluoreszenz produzieren die gleiche Menge an Licht wie normale Glühbirnen, aber verwenden etwa ein Viertel der Elektrizität und letzten zehnmal so lange. Ziehen Sie die Elektronik heraus. Handy-Ladegeräte, Fernseher, DVD-Player, Stereoanlagen, Mikrowellen und andere Elektronik mit Transformatoren weiterhin Strom zu ziehen, auch wenn theyre aus oder nicht aufladen nichts, solange theyre eingesteckt. Schalten Sie den Hahn, während Zähneputzen. Verwenden Sie immer eine Tuch Tasche. Verwenden Sie keine Papier oder Plastiktüten für Ihr Lebensmittelgeschäft. Bäume sind die längsten lebenden Organismen auf dem Planeten und einer der Erde die größten natürlichen Ressourcen. Durch Kühlung der Luft und Boden um sie herum, hilft der Schatten von Bäumen, die Erde-Temperatur zu kühlen. Bäume untere Lufttemperatur durch Verdampfen von Wasser in ihren Blättern. Bäume sind gute Lärmschutzwände, so dass eine Stadt und Nachbarschaft leiser. Bäume helfen zu verhindern, dass Überschwemmungen der Stadt durch Fang von Regentropfen und Offsetting Abfluss durch Gebäude und Parkplätze verursacht. Ein Baum-Linie Puffer zwischen Feldern und Bächen hilft, Landwirtschaft Schadstoffe zu entfernen, bevor sie das Wasser erreichen. Baumwurzeln stabilisieren den Boden und verhindern Erosion. Bäume verbessern die Wasserqualität durch Verlangsamung und Filterung von Regenwasser sowie Schutz von Grundwasserleitern und Wasserscheiden. Bäume bieten Schutz vor Abfall von Regen, Graupel und Hagel sowie reduzieren Sturmabfluss und die Möglichkeit der Überschwemmung. Bäume bieten Nahrung und Schutz für wild lebende Tiere. Bäume entlang der Straßen wirken als Blend - und Reflexionskontrolle. Bäume verbessern die Ästhetik unserer Umwelt. Ihre Großartigkeit, Hartnäckigkeit und Schönheit sind wahrscheinlich der schönste Aspekt der Bäume. Eine grünere Erde. Ein frisches Leben Bäume erneuern unsere Luftzufuhr, indem sie Kohlendioxid absorbieren und Sauerstoff produzieren. Ein einziger Baum produziert etwa 260 Pfund Sauerstoff pro Jahr. Das bedeutet, dass zwei ausgewachsene Bäume genügend Sauerstoff pro Jahr liefern können, um eine Familie von vier Bäumen zu unterstützen, um den "greengreenhouse effectquot" zu reduzieren, indem sie Kohlendioxid absorbieren. Die Menge an Sauerstoff produziert von einem Morgen von Bäumen pro Jahr entspricht der Menge von 18 Personen pro Jahr verbraucht. Ein Baum produziert fast 260 Pfund Sauerstoff pro Jahr. Eine Person verursacht etwa 10 Tonnen Kohlendioxid pro Jahr ausgestoßen werden. Ein Baum entfernt etwa 1 Tonne Kohlendioxid pro Jahr. Ein Baum kann so viel Kohlenstoff in einem Jahr aufnehmen, während ein Auto beim Fahren von 26.000 Meilen produziert. Ein durchschnittlicher Baum absorbiert jährlich 4,5 kg Luftschadstoffe. Pflanzung 30 Bäume pro Person wird jede Person, die Kohlenstoff-Schulden für das Jahr zu entfernen. Eine grünere Erde. Ein kostengünstiger Weg des Lebens In 50 Jahren ein Baum recycelt mehr als 37.000 Wert von Wasser, bietet 31.000 Wert der Erosionskontrolle, 62.000 Wert der Luftverschmutzung Kontrolle und produziert 37.000 Wert von Sauerstoff. Die Schatten - und Windpufferung von Bäumen verringert die jährlichen Heiz - und Kühlkosten um 2,1 Milliarden Dollar. Jeder durchschnittliche Baum liefert schätzungsweise 7 Einsparungen in jährlichen Umweltvorteile, einschließlich Energieeinsparung und verringerte Verschmutzung. Gut platzierte Bäume schneiden Energiekosten und Verbrauch durch sinkende Klimaanlage kostet 10-50 Ampere reduzieren Heizkosten so viel wie 4-22. Schatten Bäume können Gebäude bis zu 20 Grad kühler im Sommer. Die Energie, die aus dem Recycling einer Glasflasche gespart wird, reicht aus, um eine Glühbirne für vier Stunden anzutreiben. Recycling einer Kunststoff-Flasche kann sparen die gleiche Menge an Energie benötigt, um eine 60-Watt-Glühbirne für sechs Stunden power. Why Equity-Handel Equity-Handel gibt Ihnen die Möglichkeit, Ihre Investitionen mit der Marktdynamik zu wachsen. Es kann Ihre kurzfristigen sowie langfristigen finanziellen Ziele, je nach Ihren Bedürfnissen zu erfüllen. Bei KRChoksey führen unsere kompetenten Berater Sie stets zu den besten Scripten und dem Investitionszeitpunkt, um Gewinne zu buchen und Risiken der Volatilität der Risiken zu minimieren. Kurze Details Online-und Offline-Trading-Lösungen mit Value-Added-Tools Dienstleistungen i-Derivate Zukunft und Optionen Warum sollten Sie investieren in die Zukunft und Optionen Ausgezeichnete Werkzeuge zur Absicherung von Risiken Minimieren Exposition gegenüber riskanteren Ressourcen Emanation von Arbitrage-Chancen Effektive Entdeckung des Preises eines Vermögenswertes Mehrfachbezahlung Off-Szenarien erstellt werden können. Investmentfonds ICICI Prudential Value Fund - Folge 11 Floats Auf ICICI Der Prudential Mutual Fund hat einen neuen Plan mit dem Namen ICICI Prudential Value Fund - Serie 11, ein geschlossenes Aktienprogramm, auf den Markt gebracht. Die Regelung hat eine Laufzeit von 1100 Tagen ab dem Datum der Zuteilung der Einheiten. Der Nennwert der neuen Ausgabe beträgt Rs 10 pro Einheit. Die neue Emission ist für die Zeichnung vom 10. Januar bis zum 24. Januar 2017 offen. Das Anlageziel des Programms besteht darin, Kapitalwachstum durch Investitionen in ein gut diversifiziertes Aktienportfolio durch fundamentale Analyse bereitzustellen. Der Plan soll einen direkten Plan und einen regelmäßigen Plan mit Dividendenausschüttungsoption bieten. Der Plan würde 80 bis 100 von Vermögenswerten in Aktien und aktienbezogenen Instrumenten mit einem mittleren bis hohen Risikoprofil investieren und bis zu 20 in Schuldtiteln, Geldmarktinstrumenten und Bargeld mit niedrigem bis mittlerem Risikoprofil investieren. Die Anlage in Derivate kann bis zu 50 des Nettovermögens des Fonds betragen. Die minimale Anwendungsmenge beträgt Rs 5000 und in Vielfachen von Rs 10 danach. Der Fonds bemüht sich, während des NFO-Zeitraums einen Mindestabonnementbetrag (Mindestziel) von Rs 20 crore unter dem Plan zu sammeln. Das System wird vorgeschlagen, um aufgeführt werden BSE Limited. Ein - und Ausfahrten sind nicht zulässig. Benchmark Index für den Plan ist SP BSE 500 Index. Die Fondsmanager des Systems sind Manish Gunwani, Rajat Chandak und Ihab Dalwai (für Anlagen in ADR DDR und andere ausländische Wertpapiere). MF kündigt die Ernennung von Key Personnel Principal MF kündigt die Ernennung von Key Personal Principal Mutual Fund hat angekündigt, dass Gaurav Goyal zum National Head - Einzelhandelsumsatz der Principal Pnb Asset Management Company, mit Wirkung von 28 ernannt wurde Dezember 2011. Darüber hinaus wurde Suren Kochhar, National Head-Corporate Sales, mit Wirkung zum gleichen Zeitpunkt als Key Personnel des Unternehmens bezeichnet. ICICI Prudential Fixed Maturity Plan - Baureihe 72 - 1092 Tage ICICI Prudential Fixed Maturity Plan - Baureihe 72 - 1092 Tage Plan F gibt Rollover bekannt ICICI Prudential Mutual Fund hat Rollover unter ICICI angekündigt Prudential Fixed Maturity Plan - Baureihe 72 - Fälligkeitsdatum: 24. Januar 2017 Überschlagsdatum: 25. Januar 2017 Laufzeit: 98 Tage Verlängertes Fälligkeitsdatum: 02. Mai 2017 Das Programm wird 60-100 Euro investieren Vermögenswerte in Geldmarktinstrumenten und investieren bis zu 40 Vermögenswerte in Schuldverschreibungen einschließlich staatlicher Wertpapiere mit niedrigem bis mittlerem Risikoprofil. Powered by Capital Markt - Live News Mutualfonds weiterhin kaufen Investmentfonds weiter kaufen Investmentfonds kauften Aktien am Ende eines Netto-Rs 67 crore am Freitag, den 6. Januar 2017, niedriger als Netto-Zufluss von Rs 329,40 crore am 5. Januar 2017. Das Netz Zufluss von Rs 67 crore am 6. Januar 2017 war ein Ergebnis der Bruttoeinkäufe von Rs 822.10 crore und Bruttoverkäufe von Rs 755.10 crore. An diesem Tag fiel der Sensex um 119,01 Punkte oder 0,44 auf 26,759,23, der niedrigste Schlussstand seit dem 4. Januar 2017. Die Investmentfonds haben bis zum 6. Januar 2017 Aktien im Wert von netto Rs 1182,70 gekauft. Sie kauften Aktien im Wert von einem Netto Rs 9178,90 crore im Dezember 2016. Powered by Capital Markt - Live News UTI Dual Advantage Fixed Term Fund Serie IV - II (1278 Tage UTI Dual Advantage Fixed Term Fund Serie IV - II (1278 Tage) schwimmt auf UTI Der Investmentfonds hat einen neuen Fonds mit dem Namen UTI Dual Advantage Fixed Term Fund Series IV - II (1278 Tage), ein nah beendetes Hybridprogramm, auf den Markt gebracht. Die Laufzeit des Fonds beträgt 1278 Tage ab dem Zeitpunkt der Zuteilung ) Für die Regelung beträgt Rs 10 pro Einheit. Die neue Ausgabe ist für das Abo vom 09. Januar bis 23. Januar 2017 offen. Das Anlageziel des Fonds ist es, Einkommen zu generieren und die Zinsvolatilität zu reduzieren, indem in festverzinsliche Wertpapiere investiert werden Fälligkeit am oder vor dem Fälligkeitsdatum des Fonds und Erzielung eines Kapitalzuwachses durch Investitionen in Aktien und aktienbezogene Instrumente. Dieses Programm bietet Wachstums - und Dividendenoptionen (Auszahlungen) sowohl im Rahmen des regelmäßigen Plans als auch des Direktplans Vermögenswerte in Schuldinstrumenten mit einem niedrigen bis mittleren Risikoprofil, investieren bis zu 30 der Vermögenswerte in Geldmarktinstrumenten mit einem geringen Risikoprofil und investieren 5-35 Vermögenswerte in aktienbezogene Eigenkapitalinstrumente mit mittlerem bis hohem Risikoprofil. Der Mindestanwendungsbetrag beträgt Rs 5000 und in Vielfachen von Re 1 danach unter allen Optionen. Der Fonds bemüht sich, während der NFO-Periode eine Mindestzeichnung (Mindestziel) von Rs 20 crore im Rahmen der Regelung zu erheben. Die Entry - und Exit-Load-Gebühr wird für das System null sein. Benchmark Index für das System ist CRISIL MIP Blended Fund Index. Die Fondsmanager des Fonds sind Sunil Patil (Schuldenportfolio) und V. Srivasta (Aktienportfolio). In einem Interview mit Anjali Raulgaonkar vom Capital Market Publishers, Puneet Pal, Head Fixed Income, sagte BNP Paribas Mutual Fund, der entscheidende treibende Faktor für die Renditen niedriger Inflation und die positive Nachfrage Versorgungsdynamik nach Demonisierung als wäre Wird die Nachfrage nach Jungsauen durch die Zunahme der Bankeinlagen mittelfristig strukturell steigen. 1.Was sind Ihre Ansichten auf dem Rentenmarkt Wie haben sich die Renditen bewegt und in welche Richtung sehen Sie sie bewegen sich in der Nähe bis zur Halbzeit und warum Was sind die wichtigsten treibenden Faktoren für die Renditen in Indien sind um 50-60 Basispunkte gesunken Über die Kurve über den letzten Monat. Seit Anfang dieses Jahres sind die Renditen um 150 Basispunkte gesunken. Wir erwarten, dass die zehnjährige Anleiherendite bis März 2017 weiter auf 6,00 sinken wird, der Rückgang der Renditen spiegelt den Rückgang der Inflation wider und wir erwarten, dass die Inflation die RBIs im März 2017 um 5:00 unterschreitet. Die von der Regierung angekündigte Dämonisierung der hohen Nennwährung wird zu einem weiteren Rückgang der Inflation führen und der jüngste Rückgang der Renditen spiegelt diese Erwartungen wider. Wir erwarten eine Senkung der Rate von 50 bps bis März 2017. Der wichtigste treibende Faktor für die Renditen wäre geringer Inflation und die Nachfragenachfrage Dynamik nach Demonisierung als Nachfrage nach Jungsauen wird sich mittelfristig strukturell durch den Anstieg der Bankeinlagen erhöhen. Wir erwarten eine Nettozuführung von INR 2-3 Trn in Bankeinlagen auf mittlere Sicht wegen der Demonisierung. 2. Wie sehen Sie die Regierungen Dämonisierung bewegen Was sind negative und positive Implikationen Demonetisierung ist ein mutiger Schritt von der Regierung. Wir glauben, dass zusammen mit Demonetisierung andere folgen durch Maßnahmen erforderlich sein werden und mehr administrative Schritte erforderlich sein, um die starke Botschaft, die Demonstration geliefert hat, zu stärken. Demonetisierung, wenn durch andere administrative Schritte verfolgt, wird zu einer breiten Steuerbasis in der Wirtschaft führen und wird strukturell verbessern die Steuer-BIP-Verhältnis in der Wirtschaft. Darüber hinaus wird es auch zu einer Erhöhung der Anteil der finanziellen Einsparungen über einen Zeitraum und wird von Vorteil für die Financial Services Industry die Asset Management-Industrie. Es wird große positive Effekte auf mittlere Sicht, obwohl kurzfristige Anpassung kann stressig sein. 3.What ist Ihre Strategie für kurzfristige Fonds Was ist Ihr Engagement für langfristige Fonds und warum In unserer kurzfristigen Einkommensfonds halten wir das Portfolio durchschnittliche Reife in der Nähe von 3yrs, wie wir glauben, dass aus einer risikoangepassten Basis der 3yr Punkt Auf der Kurve sieht besser aus. Unser Portfolio umfasst eine Kombination aus Geldmarktinstrumenten und kurzfristigen Fremdkapitalinstrumenten und das Portfolio wird konservativ gehandhabt. Unsere Investitionsphilosophie ist es, eine überlegene risikoadjustierte Rendite zu liefern. Wir sind konservativ in Krediten in unseren Portfolios und investieren nur in Wertpapiere, deren Rating AA - und höher ist. 4.Kindly teilen Sie Ihre Ansichten über die jüngste Inflation Bewegung Wo wird die Inflationskurve in naher Zukunft zu bewegen Warum Die CPI-Inflation für Oktober kam bei 4,20, gehen wir voraus erwarten Inflation niedrig bleiben, wie normale Monster Lebensmittelpreise und die unmittelbaren Auswirkungen der gesenkt haben Demonetisierung wird geringer Inflation und Wachstum, die für die nächsten 2-3 Quartale fortsetzen können. Wir gehen davon aus, dass die Inflation bis März 2017 das Ziel von 5 RBIs unterschreiten wird. Für das nächste Jahr rechnen wir damit, dass die Inflation im Laufe des nächsten Jahres unter 5 bleibt und durchschnittlich rund 4,5 beträgt, was vor allem auf niedrigere Lebensmittelpreise und Demonisierung zurückzuführen ist. 5.Whats Ihre Anlagestrategie Unsere Investment-Philosophie ist es, überlegene risikoadjustierte Renditen an den Investor zu liefern. Dies ist das Leitmotiv in unseren Portfolios. Die Strategie für einzelne Portfolios wird von der Positionierung der jeweiligen Fonds abhängen. In einigen unserer Fonds können wir taktische Anrufe und in anderen Fonds können wir eine längerfristige Sicht nehmen. Unsere Anlagestrategie für einzelne Fonds beginnt von der Asset Allocation Entscheidung abhängig von der Produktpositionierung und den regulatorischen Anforderungen an den Fonds. Unser Ausblick auf die Zinssätze bestimmt die Art der Laufzeit, die wir in unseren Portfolios ausführen werden, und die relative Bewertung der verschiedenen Laufzeitsegmente bestimmt die Position auf der Zinsstrukturkurve. Ebenso wird der Ausblick auf das Kreditszenario unser Engagement in verschiedenen Sektoren bestimmen. Unsere Kreditpolitik ist insgesamt konservativ und wir gehen nicht in Wertpapiere, deren Rating unter AA - liegt. 6.Wie oft tun Sie wieder Gleichgewicht Ihre Schuldenallokation Im normalen Kurs, überprüfen wir unsere Portfolios monatlich, obwohl wir oder können nicht rebalance das Portfolio zum Zeitpunkt der Überprüfung. Die Notwendigkeit, unsere Portfolios neu auszugleichen, wird sich ergeben, wenn es zu einer Veränderung unserer Aussichten kommt, die von dem sich entwickelnden Marktszenario abhängt. Wir halten eine regelmäßige Tabulierung sowohl nationaler als auch globaler makroökonomischer Variablen und wie sie sich wahrscheinlich auf die Märkte auswirken werden. 7.If die Zinsen fallen weiter, was wird Ihre Strategie für Schulden Fonds Wir erwarten, dass der Leitzinssatz von einem anderen 50-bps gehen Faktor fallen und als wie pro die gegebene Positionierung der verschiedenen einzelnen Fonds, halten wir eine lange Dauer Bias In unseren Fonds. 8.Was ist Ihr Rat für die Investoren Derzeit aus einer Risiko-Belohnung Perspektive würden wir empfehlen Investoren in Short Term Income Funds unter Berücksichtigung der Tatsache, dass die Zinssätze und Renditen um 175 Basispunkte in den letzten zwei Jahren gefallen sind und obwohl wir erwarten weiter zu investieren Reduzierung der Leitzinsen in der Größenordnung von 50-70 bps. Empfehlen wir den Anlegern, über die kurzfristigen Einkommensfonds zu sein, wenn man bedenkt, dass sie für einen Zeitraum von 3 Jahren investieren werden. Diese Anleger mit einer kürzeren Laufzeit und taktischen Sicht können in Goldfonds oder dynamische Rentenfonds investieren. 9. Hat die Inflation wieder zu sinken begonnen? Was werden die RBIs in der kommenden Politik inmitten globaler und nationaler Ereignisse bewegen? Ja, die Inflation ist auf die niedrigeren Nahrungsmittelpreise zurückgegangen, und wir gehen davon aus, dass die Inflationstrajektorie im nächsten Jahr bei etwa 4,5 niedriger sein wird . Wir erwarten, dass RBI in den nächsten drei Monaten die Sätze um 50 Basispunkte senken wird. In einem Interview mit Anjali Raulgaonkar vom Capital Market Publishers, KarthikrajLakshmanan, Co-Fund Manager, BNP Paribas Mutual Fund sagte, Demonetisierung würde den Weg für die GST-Implementierung im nächsten Jahr ebnen und helfen bei der finanziellen Einbeziehung. Während die kurzfristige Störung wahrscheinlich ist, glauben wir, dass die langfristigen potenziellen Vorteile der Bewegung überwiegen. 1. Was werden die wichtigsten treibenden Faktoren für die bevorstehenden Märkte sein Wie sind Ihre Fonds in den aktuellen Marktbedingungen positioniert Die wichtigsten treibenden Faktoren für das nächste Jahr für die heimische Wirtschaft sind: Stabile Inflation Niedrige Zinsregelung Umsetzung mehrerer Reformen dh Demonetisierung , GST, etc., um den Wandel von unorganisiert zu organisieren Wir glauben, dass diese Regierung einen langfristigen Ansatz zur Stärkung und Lösung der inländischen Variablen. Union Budget wird im Februar 2017 präsentiert werden ein weiterer wichtiger Meilenstein zu beobachten. In den vergangenen EU-Haushalten hat die Regierung über ihre Absicht gesagt, sich auf Infrastrukturausgaben zu konzentrieren, die die wirtschaftliche Erholung, die vorhersehbaren und niedrigen Unternehmenssteuerregelungsbilanzen zwischen ländlicher und städtischer Bevölkerung konzentrieren. Während wir alle erwarten, dass die Zinsen sinken, wird es interessant sein, das Tempo und das Timing des gleichen zu sehen. Die wahrscheinliche Verlangsamung des Wachstumsmotor in der Folge der Dämonisierung kann RBIs Hände zwingen und wir könnten einen 50 bps Schnitt eher früher als später sehen. Wir erwarten, dass 50 BPS-Senkung von März 2017. Wir glauben, BFSI-Sektor wird wahrscheinlich zu einem der größten Nutznießer der wirtschaftlichen Erholung sein, niedrigere Zinsen stärker Kreditwachstum. Wir sind bei Privatbanken übergewichtet, die eine gute Erfolgsbilanz für profitable Marktanteile aufweisen, eine gute Mischung aus Einzel - und Firmenkrediten aufweisen und gut kapitalisiert sind. Wir sind positiv auf ausgewählte PSU-Banken. Unter Retail-Asset-Finanzierung NBFCs und Housing-Finance-Unternehmen, die hohen Bewertungen, die vorherig korrigiert Post Dämonisierung und sehen attraktiver. Kurzfristig kann es eine gewisse Erhöhung der Kredit-Schlupflöcher, aber nicht am Ende in erheblich höheren Kredit-Kosten. Sobald die neue Währungsumlaufzirkulation in den kommenden Monaten angemessen wird, sollten sich die Sammlungen für diese Unternehmen normalisieren. Es kann ein paar Monate niedrigeres Wachstum für sie geben. Allerdings bleibt die strukturelle Geschichte intakt. Ein weiterer Sektor, auf den wir von einer 2-3-jährigen Perspektive aus gesehen sind, ist Zement. Hier sind einige der großen und effizienten Spieler weiterhin Kapazität hinzuzufügen. Die Nachfrage dürfte sich in diesem Zeitraum verbessern, während das Angebot beschränkter sein wird. Wir sind untergewichtet in der Informationstechnologie. Darüber hinaus sind wir auch untergewichtig auf Auto, Öl und Verbrauchsgüter. 2. Hat sich die Änderung der Regierung als vorteilhaft für die Wirtschaft erwiesen so weit Wie Die Regierung hat verschiedene Reformmaßnahmen in den letzten paar Jahren, die Jan Dhan Konten für die finanzielle Einbeziehung und Erleichterung der direkten Nutzen Übertragung, Ernte Versicherung, Low-Cost-Gehäuse, Verbesserung der Benutzerfreundlichkeit, Passage von Konkurs-Code, geförderten wettbewerbsfähigen Föderalismus unter Staaten, Goods Services Steuerrechnung und Demonetisierung von hohen Wert Währung vor kurzem. Von diesen ist die Dienstleistungssteuer eine der wichtigsten Maßnahmen mit langfristigen strukturellen positiven Potenzialen, um den informellen Sektor in den Steuerbereich zu bringen, den Steuerauftrieb zu steigern und schließlich die Steuersätze zu senken. Wir glauben, dass Demonstration den Weg für die Implementierung von GST ebnen würde, da es die Wirtschaft dazu bringt, sich auf bargeldlose Transaktionen zu bewegen. 3. Wie sehen Sie die Regierungen Dämonisierung bewegen Was sind negative und positive Implikationen Die Regierungen bewegen, um höhere Währungsumrechnung zu demonstrieren und durch neue Noten ersetzen würde einen positiven Einfluss auf die indische Wirtschaft auf einer strukturellen Basis haben. Während kurzfristig könnte der Verbrauch Sektor durch hohe Cash-Nutzung beeinflusst werden, Immobilienpreise Mai sehen Korrektur und die Gesamtwirtschaft würde auf einige regelmäßige Unternehmen verpassen, die zu niedrigeren BIP-und Ergebniswachstum für FY17, die längerfristigen positiven werden Viele, aus unserer Sicht, wenn die neue Währung ist auf ein ausreichendes Niveau in den nächsten Monat oder so zu erleichtern die Cash-Crunch derzeit erlebt wird. Im Zuge der Demonstration gehen wir davon aus, dass ein Teil der dargelegten Währungen, die bei Banken hinterlegt sind, in Form von CASA-Einlagen (Low Cost) verbleiben kann, die zu ihrer Obergrenze (Net Interest Income) beitragen werden. Wir sind davon überzeugt, dass die daraus resultierende Kautionsakquisition in den kommenden Monaten zu weiteren niedrigeren Zinssätzen führen könnte. Aus der gesamten hochwährenden Währung wird der Betrag, der nicht zurück zum Bankensystem kommt, erloschen sein und wäre ein Überschuss für die Regierung. Außerdem konnten einige der nicht erklärten Einkommen berichtet werden, die zu besseren Steuereinnahmen dieses Jahr führen. Der Umstand, dass mehr Menschen unter das Steuerkennzeichen gebracht werden sollen, würde zu einer besseren Steuerbelastung führen und den mittel - bis langfristig niedrigeren Steuersätzen freien Lauf lassen. Auch würde dies helfen, die formale Industrie, wie sie Anteil gewinnen. Demonetisierung würde den Weg für die GST Umsetzung im nächsten Jahr ebnen und helfen bei der finanziellen Einbeziehung. Während die kurzfristige Störung wahrscheinlich ist, glauben wir, dass die langfristigen potenziellen Vorteile der Bewegung überwiegen. 4. Was sind die wesentlichen Merkmale der Bestände in Ihrem Portfolio? Bei BNP folgen wir der Investment-Philosophie BMV (Business-Management-Valuation). Nach unserer Philosophie analysieren wir das Geschäft des Unternehmens für säkulare Trends, Einzigartigkeit des Geschäftsmodells und andere Vorteile wie starke Marken, niedrige Kosten Produktionsvorteil, Lizenz in einem regulierten Geschäft, Netzwerk-Effekt, etc., die Nachhaltigkeit und höhere Sichtbarkeit bieten Unternehmen. Wir evaluieren auch die Managementfähigkeiten und die Corporate Governance. Zudem kaufen wir deutlich wachstumsorientiert Unternehmen mit einem höheren Ergebniswachstum bei vernünftigen Bewertungen. 5. Wie ist der Markt positioniert, um globalen Anhaltspunkten zu begegnen Teilen Sie Ihre Ansichten über die Weltwirtschaft und ihre Auswirkungen auf Indien Der globale Aktienmarkt wird voraussichtlich von bestimmten Entwicklungen vorangetrieben werden. Dazu gehören die Performance der Trump-Verwaltung, die wahrscheinliche Zinserhöhung durch die US-Notenbank und das politische Szenario in Europa. Die insgesamt entwickelten Marktwirtschaften, d. H. Europa, USA und Japan, werden weiterhin ein geringes Wachstum aufweisen. In den USA, wenn Präsident Trump auf seine Wahlkampfversprechen folgt, konnten wir eine neue Investitionsrunde in der Landinfrastruktur, niedrigere individuelle und Körperschaftssteuersätze und erhöhten Handelsprotektionismus erkennen. Dies hat das Potenzial, die US-Konjunkturaussichten einige Zeit in die Höhe zu treiben. Die Wahrscheinlichkeit einer Fed-Zinserhöhung im Dezember ist deutlich gestiegen und hat zu einer Stärkung des US-Dollars geführt. Infolgedessen korrigieren die meisten Schwellenländer-Währungen. Eine weitere interessante Entwicklung ist das politische Klima in der EU. Während globale Cues immer wichtig sind, um die Richtung der ausländischen Fondsströme zu messen, wird mittel - bis langfristig der indische Aktienmarkt in erster Linie durch die Tragweite des Ertragswachstums beeinflusst. 6. Indien ist nach wie vor ein attraktives Anlageziel Die kurzfristigen Auswirkungen der Demonstration auf das Wachstum und die Senkung der Schwellenmärkte seit den US-Präsidentschaftswahlen behindert, glauben wir, dass Indien eine gute Wachstumsmöglichkeit bietet, da sich die meisten Makrovariablen positiv entwickeln Richtung, lokale Währung wurde in den letzten Jahren stabil, Reformmaßnahmen werden wahrscheinlich positiv dazu beitragen und staatliche Regierungen zunehmend auf die Entwicklung als ein Weg, um wiedergewählt zu konzentrieren. Indien zählt nach wie vor zu den am schnellsten wachsenden Volkswirtschaften weltweit mit günstiger Bevölkerungsdichte in der Bevölkerung im mittleren Alter im erwerbsfähigen Alter. Indien ist im Vergleich zu anderen Schwellenländern relativ weniger vom Außenhandel abhängig. 7.Welche Sektoren betrachten Sie attraktiv aus Investitionssicht und warum und welche Sektoren Sie vermeiden und warum welche Art von Beständen nie Ihr Portfolio betreten Wir sind übergewichtig auf dem Bank - und Finanzdienstleistungsraum. Im Fall von Banken, wie ihre CASA-Verhältnis verbessert, werden die Zinsen sinken. Die Leute kommen in das formale Bankensystem von Bargeld, was zu einem höheren Wachstum führt. Und da einige der Bargeld-Wirtschaft Menschen eine Bank-Track Record, wird es einfacher für sie, um die Finanzierung aus dem organisierten Sektor zu bekommen. Dies wird eine Fülle an Retail-Kreditvergabe geben. Wir sind bei Privatbanken übergewichtet, die eine gute Erfolgsbilanz für profitables Marktwachstum aufweisen, eine gute Mischung aus Einzel - und Firmenkrediten aufweisen und gut kapitalisiert sind. Wir sind positiv auf ausgewählte PSU-Banken. Unter Retail-Asset-Finanzierung NBFCs und Housing-Finance-Unternehmen, die hohen Bewertungen, die vorherig korrigiert Post Dämonisierung und sehen attraktiver. Kurzfristig kann es eine gewisse Erhöhung der Kredit-Schlupflöcher, aber nicht am Ende in erheblich höheren Kredit-Kosten. Sobald die neue Währungsumlaufzirkulation in den kommenden Monaten angemessen wird, sollten sich die Sammlungen für diese Unternehmen normalisieren. Es kann ein paar Monate niedrigeres Wachstum für sie geben. Allerdings bleibt die strukturelle Geschichte intakt. Ein weiterer Sektor, auf den wir von einer 2-3-jährigen Perspektive aus gesehen sind, ist Zement. Hier sind einige der großen und effizienten Spieler weiterhin Kapazität hinzuzufügen. Die Nachfrage dürfte sich in diesem Zeitraum verbessern, während das Angebot beschränkter sein wird. Wir sind in der Informationstechnologie untergewichtet. Das sind gute Unternehmen, mit gutem Management und guten Renditeverhältnissen. Allerdings ist die Wachstumsaussichten für die nächsten paar Jahre gedämpft. Wir folgen einem BMV-Rahmen: Wirtschaft, Management und Bewertung. Und im Geschäft suchen wir für wachstumsorientierte Unternehmen. Wo Wachstum fehlt, neigen wir dazu, diese Sektoren zu vermeiden. Deshalb sind wir derzeit untergewichtet auf die IT, wo die Sichtbarkeit für Wachstum begrenzt ist. Darüber hinaus sind wir auch untergewichtig auf Auto, Öl und Verbrauchsgüter. 8. Donald Trumps Sieg und Auswirkungen auf Indien, wie Sie es erklären indischen Informationstechnologie (IT) Sektor ist deutlich abhängig von den Vereinigten Staaten. Während die US-Wahlergebnisse die mittelfristige Ungewissheit über die IT-Ausgaben in die GJ18 erhöhen, ist die FY17-Orientierung für die meisten indischen IT-Dienstleistungsunternehmen unverändert. Basierend auf Präsident Donald Trumps Ansichten während seiner Kampagne, wird es geglaubt, dass seine Politik wird expansiv, konzentrieren sich auf Infrastruktur-Ausgaben, niedrigere Steuern und er kann auch für eine Politik des Handels-Protektionismus gehen. Die Wahrscheinlichkeit einer Fed-Zinserhöhung im Dezember ist deutlich gestiegen und hat zu einer Stärkung des US-Dollars geführt. Der Dollarindex ist auf einem mehrjährigen Hoch. Die meisten Schwellenländer-Währungen korrigieren. Während die indische Rupie seit den letzten paar Jahren stabil ist, hat sie an der jüngsten Korrektur teilgenommen, da es FII-Abflüsse gab. Indien hat auch durch den breiten Schwellenmarkt Sell-off beeinflusst. Handel Protektionismus kann Indien weniger auf einer relativen Basis zu anderen Schwellenländern aufgrund der geringeren direkten Handel Exposition gegenüber den USA und es ist auch eher eine inländische Konsum konzentriert Wirtschaft. Außerdem ist die makroökonomische Lage Indiens heute viel besser als im Jahr 2013. 9. Hat die Inflation wieder zu sinken begonnen? Was werden die RBIs in der kommenden Politik inmitten globaler und inländischer Ereignisse bewegen? Die VPI-Inflationsrate ist in den letzten Monaten moderat Und die jüngste Lesung war niedriger bei 4,2 für Oktober 2016 von niedrigeren Preisen Kraftstoffpreise geführt. However core inflation has hovered around 5. With demonetization impacting demand too, CPI inflation may be lower and may be around 5 levels by the end of the financial year. We believe the RBI may cut interest rates by 50 bps till March 2017 in order to boost growth especially post the short term disruption caused by demonetization. 10.How often do you re-balance your equity allocation We do not actively take cash calls. If Business fundamentals of any company deteriorates we sell it and invest in other ideas that fit in our philosophy. 11. Kindly share your investment strategy with us. Are you making any changes to your schemes portfolio as we witness change in market Our investment style is to buy companies with a long term investment horizon, which is reflected in our bias towards B2C companies and structural themes like consumption retail financials in India. As highlighted above, we are overweight Financials and Cement while we are underweight Information Technology, Oil Gas, Auto and Consumer non-durables. 12. What would you like to advice to the investors in the current scenario What strategy would you suggest the investor to adopt at this point of time in the market Given the lower interest rate scenario, likely movement of some savings from physical to financial assets due to demonetization and higher earnings growth visibility in the medium term, prospects for equities as an asset class looks positive from a 3 year perspective and hence we believe long term investors have good opportunity to make healthy returns by staying invested in the same. Powered by Capital Market - Live News In an interview with Anjali Raulgaonkar from Capital Market Publishers, Akhil Mittal, Senior Fund Manager, Tata Mutual Fundsaid, With FY17 CPI inflation target of 5 having even probability of getting achieved, we believe that there is some space for easing with RBI and expect a 25 bps cut. However, any action beyond that will be purely data dependent . 1.What are your views on fixed income market How have the yields moved and which direction you see them moving in near to mid-term and why What will the key driving factors for yields Since beginning of 2015, RBI continued its accommodative stance, with cumulative rate cuts totalling 150bps. This was made possible by the CPI Inflation coming off despite a second successive year of deficient monsoon, largely aided by plunging crude prices and high base effect. The macroeconomic scenario was a mixed bag with inflation, CAD and reserves doing well but still reasonable slack in the economic activity although the GDP still ticked the worlds highest at 7.6. The sovereign bond yields remained volatile during the last 6 months. The 10-year benchmark yield which had touched a low of 7.5 in October 2015, when the RBI cut its policy rates by 50 bps from 7.25 to 6.75 taking comfort from the falling inflation, moved up during the subsequent months, mainly due to global factors. The US Dollar rally induced by the divergent monetary policy and the concerns of Chinese slow down led to Rupee coming under pressure, as the FIIs turned net sellers. Added to this, the concerns on the Governments intent to stick to the fiscal consolidation path resulted in 10-year benchmark yield touching a high of 7.88 during the month of Feb-16. However, since the month of March, the sentiments improved as both the domestic and external factors turned favorable. The big positive for the bond yields came from the budget, when the Government decided to opt for macro stability and stuck to the earlier agreed deficit reduction plan (3.5 for FY17 vs 3.9 for FY16). Another key positive for the fixed income market was moderating inflation situation. Added to all these macro factors, RBI changed the liquidity stance from deficit mode to neutral mode. All these factors resulted in massive rally in fixed income market and sharp fall in yields across the yield curve. 10 yr G-sec yield fell to 6.95 as on 27 th Sept and we also witnessed similar fall in corporate bond yields. Going ahead, we believe that monetary policy continues to look at easing space from fall in retail inflation, while keeping other factors at back of mind. With FY17 CPI inflation target of 5 having even probability of getting achieved, we believe that there is some space for easing with RBI and expect a 25 bps cut. However, any action beyond that will be purely data dependent. We expect 10 yr G-sec to trade in range of 6.75 - 7 in near term and settling around 6.65 - 6.90 by end of financial year. 2. What is your strategy for short term funds What is your exposure to long term funds and why Tata Short Term bond fund aims to generate regular accruals through investments in high credit quality debt and generate capital gains from fall in interest rates. The average maturity of the fund has been in range of 2 years to 3 years in recent past and given the easing monetary policy cycle and current position therein, we are currently cautiously bullish on duration. Especially at shorter end of the curve, we believe the risk adjusted return endeavour is more realisable. 3.Kindly share your views on recent inflation movement Where will the inflation curve move in near term Why India headline inflation surprised on the downside in August 2016 at 5.05 vs 6.1 in July. The decline was driven by a combination of lower food prices and favorable base effects. Food price inflation fell sharply to 5.9 y-o-y from a 23-month high of 8.4 in July, led by a sharp fall in prices of vegetables (-3.7), pulses (-1.0) and meat fish (-1.3). Meanwhile, core CPI moved up marginally to 4.7, from 4.6 in July. We expect the headline CPI inflation to moderate to below 5 in coming months owing to base effects, but we expect it to revert back towards the RBIs target of 5 by March 2017. However, potential increase in house rent allowances and GST implementation could push headline inflation above the RBIs 4-2 target in 2017. 4.Whats your investment strategy We follow a philosophy of SLR in managing our Fixed Income Portfolios where S for Safety, L for Liquidity and R for Returns is the guiding principle. We maintain high credit quality in our portfolios and do not go down the credit curve. This ensures safety of capital of investors. While allocating the portfolio, we maintain ample liquidity to ensure swift change is possible in case of change of stance events. Returns are envisaged to be generated in line with objectives of the scheme and risk is contained in the process 5.How often do you re-balance your debt allocation We keep a close watch on markets and our portfolios. In case any event occurrence in the market requires a change in stance, or any developments wherein our views have changed, we rebalance our debt allocation on real time basis. This is a continuous process and not dependent on period pre-specified date. However, we have formal process of discussions market update and forming a view on markets. We do this through Investments Committee meeting Debt Investment Committee meeting, which happens periodically 6.If the interest rates fall further what will be your strategy for debt funds Given the current position we are in the monetary policy easing cycle, and the future target of CPI inflation, we believe RBI has some space for easing but contingent to many variables. As we go accomplishing the CPI targets and hence easing, we will reach a point where further fall in inflation will be difficult. There, we expect RBI to change stance to neutral and we expect market to start contemplating for an eventual end to easing cycle. This would mean building in a term premium for longer duration, which will result in furthersteepening of yield curve . In line with our view on markets, if interest rates fall earlier than expected or steeper than expected, we would be looking to reduce interest rate risk (after having generated capital gains) by reducing duration 7.What is your advice to the investors We would ask investors to stay invested for a longer time period and choose product category depending upon their risk appetite. If one has greater appetite for risk and longer holding horizon, long duration funds could be considered, whereas for investors with shorter investment horizon and or lower risk appetite, short duration funds could be considered 8. Has the inflation started to rise again What will be the RBIs move in coming policy amidst rising CPI The recent headline inflation reading has surprised a bit on the downside. Large part of this fall can be attributed to food price decrease. Food prices especially the perishables, are highly volatile and persistence still needs to be ascertained. Meanwhile, core CPI moved up marginally to 4.7, from 4.6 in July. Going ahead, movement in pulses prices and any increase in crude prices are likely to impinge on inflation in the economy. Stickiness in the underlying gauge of inflation limits the scope of any sharp downside movement in inflation. On the policy front, RBI has indicated that it would look through the purely statistical element of movement in inflation, we still believe that benign core inflation provides some space for easing. Hence, given the recent readings, and evolving price dynamics, we do not rule out a rate cut in October policy meet. However, any policy move beyond 25 bps will be purely data dependent. 9. Foreign investors are shying from Indian markets. How do you explain it even after Prime Minister Narendra Modis 29 February budget sparked a rally in bonds and the rupee Foreign investors generally follow the broader capital flow in risk-on risk-off moves. Indias macro situation has been stabilizing and standing out within other EM peers over last 2 years. Thus, India has attracted lots of capital flows in last year or so. In recent times, the global volatility has increased and factors affecting capital flows have become more volatile. But even in this current scenario, India still continues to remain attractive, albeit temporary pause in inflows. Powered by Capital Market - Live News Mr. Pradeep Gokhale In an interview with Anjali Raulgaonkar from Capital Market Publishers, Pradeep Gokhale, Senior Fund Manager, Tata Mutual Fund said, We feel the earnings growth in India will come primarily from improving private consumption (helped in part by monsoons and the 7 th pay commission award), rising public sector capex and the impact of lower interest rates on corporate profits. 1. What will the key driving factors for markets going ahead How are your funds positioned in the current market conditions The equity markets have rerated substantially from February lows and valuations are slightly higher than long term averages. The progress from hereon would be dependent on the earnings recovery. While EPS growth estimated for FY17 is not very high, estimates for FY18 factor in growth in the region of 18-20. The other factor, obviously is the global risk on risk off sentiments which determine the global fund flows into or out of equity as an asset class. We feel the earnings growth in India will come primarily from improving private consumption (helped in part by monsoons and the 7 th pay commission award), rising public sector capex and the impact of lower interest rates on corporate profits. Our portfolios are positioned to benefit from these trends and hence are overweight domestic cyclical such as consumer discretionary, cement and select construction and industrial companies and retail lending oriented banks and NBFCs. We are underweight sectors with strong global linkages such as commodities and IT and also on corporate banks due to the impact on asset quality due to slower global growth. 2. Has the change in government proved beneficial to economy so far How We, for the first time in last 30 years, have a Government that has full majority in Lok Sabha. Thus, we see pace of decision making and execution improving. Government measures in general are oriented towards improving productivity levels in the economy. There is clear focus on improving infrastructure while at the same time keeping fiscal deficit and inflation under control. Reduction in subsidies, focus on implementation of Aadhar, steps to improve financial inclusions, UDAY scheme, progress on GST, strong increase in public sector capex, are some of the examples of Government initiatives. Also, the Government seems to be taking decisions with a longer term view and not trying to do aim for short term results. 3. What are the essential traits for the stocks to be in your portfolio We primarily follow Growth at Reasonable Price (GARP) style of investing. We believe in buying businesses with good earnings growth prospects over the medium term, which are run by quality managements with a track record of good capital allocation, with reasonable levels of debt. We focus on companys return of capital employed (ROCE) and cash generation, earnings growth prospects, management quality, valuations and liquidity. Our experience has been that even if one buys good businesses at fair prices, the compounding of earnings gives you good return over a two - three year period. The core of our portfolio is built using this approach. We also sometimes use the value strategy, where reasonable quality businesses are available at attractive valuation. However, such strategy is used more tactically. 4.How are the market positioned to face global clues Share your views on global economies and their impact on India In recent times, global markets have been dealing with the prospect of normalisation of interest rates by US Fed. At the same time, we have negative interest rates in many developed markets. A rise in interest rates can impact equity markets in the short term. However, we feel markets are in a sense prepared for it and it would not impact the longer term trend of the markets. However, many large economies of the world such as Japan, European Union, China are going through a phase of low growth. In recent times, we have seen some stabilization and improvement in these economies, which has been positive for equity markets across the globe. Any further slowdown in growth, particularly in China would have an adverse impact on the markets. 5. How is India Incs earnings picture getting affected by the collapse in commodities Is it possible to scale it The collapse in commodities has helped the commodity consuming sectors such as consumer staples, consumer durables, autos etc. These sectors have seen EBITDA margins improve to historically high levels. It has also helped moderate inflation and thus given a boost to consumer demand. However, it has badly impacted the profitability of commodity producers. This also has had an adverse impact on the asset quality of corporate lenders. Recently, we have seen a stabilization of commodity prices at lower levels. If these prices remain stable at current levels, next year we would not have the negative earnings impact as it is already in the base. 6.Which sectors you are considering attractive from investment point of view and why and which sectors you are avoiding and why What kind of stocks never enters your portfolio As stated above, we are overweight on domestic cyclical such as consumer discretionary, cement and select construction and industrial companies and retail lending oriented banks and NBFCs. We are also overweight on pharma and agrochemicals, more on a bottom up stock basis. We are underweight IT and commodity sectors due to weak global growth. We are also underweight corporate banks due to high NPA provisioning and resultant weak profitability. As regards what kind of stocks that never enter my portfolio, I would say that the saying Never say never is true in the investment business also where there are examples of companies staging smart turnarounds from the brink of bankruptcy. Having said that, generally I try to avoid businesses with low entry barriers or where the level of value addition by managements is low, companies with high debt levels and history of capital misallocation. 7.How your equity schemes differ from your competitors Growth at reasonable price (GARP) is my preferred investment style. Thus typically my portfolios have companies with secular growth potential and higher return on equity (ROE) which is normally associated with higher PE and PB ratios. Generally, we have a lower share of the typical value stocks. Also, our portfolio turnover is also on the lower side. 8. Has the inflation started to rise again What will be the RBIs move in coming policy amidst rising CPI We have seen some increase in inflation readings, partly due to lower base as the previous year we had record low inflation due to sharp fall in commodity prices. However, the increase in inflation has been moderate and within the limits stated by RBI in its monetary policy. Thus we dont expect a structural rise in inflation unless global commodity prices improve substantially. Our debt team expects RBI may do a rate cut of 25 bps by March 2017. 9.How often do you re-balance your equity allocation Typically, we dont take large cash calls in the equity portion of the balanced fund. Our equity investment ranges from 70-75 of the fund. If by capital appreciation, equity portion exceeds 75 of AUM, we tactically book profits. Similarly, in a market correction, if the value of equity portion goes down, we add to our equity weight. 10. Kindly share your investment strategy with us. Are you making any changes to your schemes portfolio as we witness change in market Our strategy is more focused on companies with earnings growth. In the equity market rally from February lows, value stocks have outperformed growth stocks. Thus the valuation differentials between value and growth stocks are not very high. Hence, we feel returns going forward will be more determined by earnings growth prospects. Hence, at this juncture we are not materially changing our strategy. 11. What would you like to advice to the investors in the current scenario What strategy would you suggest the investor to adopt at this point of time in the market We are positive on the Indian equities continues over the medium term. The Indian equity story is structurally very attractive due to factors such as its demographic profile, low household debt levels, scope for increasing share of financial savings within the total savings pool, increasing urbanization. The macro-economic fundamentals remain strong and earnings outlook is improving. We would therefore advise investors to continue to invest systematically in Indian equities and use any volatility caused by global factors to their advantage. Powered by Capital Market - Live News In an interview with Anjali Raulgaonkar from Capital Market Publishers, Puneet Pal, Debt Fund Manager, BNP Paribas Mutual Fund said, We expect rates to fall further and as such our various portfolios are positioned to take advantage of such a scenario within the respective market positioning of the funds. 1. What are your views on fixed income market How have the yields moved and which direction you see them moving in near to mid-term and why Over the last couple of months yields have been coming down. The benchmark 10 yr bond yield has softened by 35bps. This rally in domestic bond yields is in sync with bond yields coming down world-wide. Domestic money market liquidity has also improved which has supported the rally. Going forward we expect the bond yields to come down by further 15-20 bps over the next 6 months. 2. What will the key driving factors for yields The key driving factor for yields will be improved liquidity conditions due to further open market operations by RBI, Normal monsoons leading to lower food prices and lower bond yields world wide. 3. What is your strategy for short term funds What is your exposure to long term funds and why In our short term funds we are running a duration of 2.5 yrs and intend to keep the average duration in a range of 2-3 yrs. Our view is that the short end of the curve will continue to be supported by easy liquidity conditions and expectations of some more monetary easing by RBI. In long term funds we are currently running duration of 7 years as we still expect long bond yields to come down by 15-20 bps. 4. Kindly share your views on recent inflation movement Where will the inflation curve move in near term Why Inflation numbers over the last couple of months have surprised to the upside due to higher food Prices but we expect inflation to moderate going forward as food prices will likely ease on normal monsoons and commodity prices have also moderated with Oil coming down by 15 in the last 2 months. 5. Whats your investment strategy Our Investment strategy revolves around generating superior risk adjusted returns over the long term. We endeavour to achieve this by superior asset allocation and dynamic duration management which is backed by strong macro research. 6. How often do you re-balance your debt allocation We review our asset allocation on a monthly basis though it can be more frequent depending upon evolving market conditions. 7. If the interest rates fall further what will be your strategy for debt funds We expect rates to fall further and as such our various portfolios are positioned to take advantage of such a scenario within the respective market positioning of the funds. 8. What is your advice to the investors From a Fixed Income perspective. our advice to the investors is to have a 60:40 allocation to short term and dynamic bond funds respectively. We will also advice investors to invest in debt funds from an asset allocation perspective and not from a short term tactical perspective. 9. Has the inflation started to rise again What will be the RBIs move in coming policy amidst rising CPI As stated earlier. we expect inflation to moderate and the recent rise in Inflation is due to seasonal factors which are likely to reverse with normal monsoons and also the fact the oil has come down by 15. We expect status quo on rates in the upcoming credit policy. 10. When and how do you see rural consumption recovering About 45 of monsoon season is over and it has been normal so far. With good monsoon we expect rural economy to do well, coming off the base of two consecutive poor monsoon. The rural economy is likely to perform well in near future. The impact on volume growth may be visible 3QFY17 onwards, when the cash flow improves. 11. Foreign investors are shying from Indian markets. How do you explain it even after Prime Minister Narendra Modis 29 February budget sparked a rally in bonds and the rupee FII Inflows into debt have been quite robust over the last couple of years. FII flows into debt have been USD 34 bn (approx) since the beginning of the calendar year 2014 much more than the Equity Flows of USD 21 bn (approx). Thus the FII flows have been quite robust for the last 2-3 yrs and it is important to see the overall trend. which is quite good. Powered by Capital Market - Live News MRPL leads gainers in A group MRPL jumped 5.52 to Rs 113.80 at 13:21 IST. The stock topped the gainers in the BSEs A group. On the BSE, 7.16 lakh shares were traded on the counter so far as against the average daily volumes of 4.57 lakh shares in the past two weeks. Punj Lloyd surged 5.22 to Rs 21.15. The stock was the second biggest gainer in A group. On the BSE, 6.05 lakh shares were traded on the counter so far as against the average daily volumes of 1.53 lakh shares in the past two weeks. Hindustan Copper gained 5.11 at Rs 67.85. The stock was the third biggest gainer in A group. On the BSE, 9.89 lakh shares were traded on the counter so far as against the average daily volumes of 4.78 lakh shares in the past two weeks. Gujarat State Fertilizers Chemicals advanced 4.73 at Rs 113. The stock was the fourth biggest gainer in A group. On the BSE, 13.91 lakh shares were traded on the counter so far as against the average daily volumes of 6.41 lakh shares in the past two weeks. Ramco Cements rose 4.23 to Rs 600.85. The stock was the fifth biggest gainer in A group. On the BSE, 20,000 shares were traded on the counter so far as against the average daily volumes of 76,000 shares in the past two weeks. Powered by Capital Market - Live News Shiva Cement logs concrete gains on likely change of guard Shiva Cement logs concrete gains on likely change of guard The company announced the board meeting after trading hours yesterday, 9 January 2017. Meanwhile, the SP BSE Sensex was up 135.50 points, or 0.51 at 26,862.05 On the BSE, 18.56 lakh shares were traded on the counter so far as against the average daily volumes of 6.76 shares in the past one quarter. The stock hit a high of Rs 13.15 in intraday trade so far, which is 52-week high for the counter. The stock had hit a low of Rs 12.20 so far during the day. The stock hit a 52-week low of Rs 4.15 on 25 February 2016. The stock had outperformed the market over the past 30 days till 9 January 2017, gaining 26.95 compared with Sensexs 0.08 fall. The scrip had also outperformed the market in past one quarter, surging 46.55 as against Sensexs 4.83 decline. The small-cap company has equity capital of Rs 37.40 crore. Face value per share is Rs 2. Shiva Cement said that the board meeting of directors of the company will be held on 10 January 2017, to consider proposal of a cement company for purchasing promoters shares in Shiva Cement and thereby enabling them to invest and expand plant capacity of Shiva Cement. Promoter holding stood at 37.15 (as at 30 September 2016). Shiva Cement was incorporated in the year 1985 and first commercial production commenced in 1986. The companys manufacturing facility is located at Orissa. Both Portland Slag Cement (PSC) and Portland Pozzolana Cement (PPC) are produced and marketed under Sumangal brand. Powered by Capital Market - Live News Hikal gallops as USFDA issues zero observations after inspec Hikal gallops as USFDA issues zero observations after inspection of Jigani plant The announcement was made during market hours today, 10 January 2017. Meanwhile, the SP BSE Sensex was up 173.01 points, or 0.65, to 26,899.56 On the BSE, 2.01 lakh shares were traded in the counter so far, compared with an average volume of 13,030 shares in the past one quarter. The stock had hit a high of Rs 256.10 and a low of Rs 217.60 so far during the day. The stock hit a record high of Rs 241.30 on 3 November 2016. The stock hit a 52-week low of Rs 116.60 on 31 March 2016. The stock had underperformed the market over the past 30 days till 9 January 2017, falling 3.67 compared with Sensexs 0.08 fall. The scrip had, however, outperformed the market in past one quarter, gaining 1.85 as against Sensexs 4.83 decline. The small-cap company has an equity capital of Rs 16.44 crore. Face value per share is Rs 2. Hikal said that the companys API and intermediates manufacturing facility located at Jigani, Bangalore was recently inspected by the US Food and Drug Administration (US FDA) in compliance with their requirements. At the end of the successful inspection, the company have been informed by the investigator that zero 483 observations were issued. This was a routine inspection by the US FDA. Hikals net profit jumped 216.2 to Rs 15.24 crore on 13.9 rise in net sales to Rs 232.31 crore in Q2 September 2016 over Q2 September 2015. Hikal is engaged in research and development (RD), manufacturing and marketing of fine chemicals for the pharmaceutical and agrochemical industries. Powered by Capital Market - Live News Biocon drops on profit booking after hitting record high Biocon drops on profit booking after hitting record high Shares of Biocon had jumped 8.26 in three sessions to settle at Rs 1,013 yesterday, 9 January 2017, from a close of Rs 935.65 on 4 January 2017. Meanwhile, the SP BSE Sensex was up 156.03 points or 0.58 at 26,882.06. More than usual volumes were witnessed on the counter. On the BSE, 1.01 lakh shares were traded in the counter so far as against average daily volume of 75,444 shares in the past one quarter. The stock had hit a high of Rs 1,026 so far during the day, which is also a record high for the stock. The stock had hit a low of Rs 992.50 so far during the day. The stock had hit a 52-week low of Rs 430.80 on 12 February 2016. The stock had outperformed the market over the past one month till 9 January 2017, gaining 7.39 compared with the Sensexs 0.08 fall. The scrip had also outperformed the market in past one quarter, rising 7.32 as against the Sensexs 4.76 fall. The large-cap company has equity capital of Rs 100 crore. Face value per share is Rs 5. Biocon reported consolidated net profit of Rs 146.70 crore in Q2 September 2016 as compared with net loss of Rs 10.60 crore in Q2 September 2015. The consolidated net sales rose 19.9 to Rs 932.10 crore in Q2 September 2016 over Q2 September 2015. The company will announce its Q3 results on 24 January 2017. Biocon is Indias largest and fully-integrated, innovation-led biopharmaceutical company. Powered by Capital Market - Live News Centrum Capital spurts after bulk deal Centrum Capital spurts after bulk deal Meanwhile, the SP BSE Sensex was up 151.23 points, or 0.57, to 26,877.78 Bulk deal boosted volume on the scrip. On the BSE, 31.12 lakh shares were traded on the counter so far as against the average daily volumes of 6.27 lakh shares in the past one quarter. The stock hit a high of Rs 36.60 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 28.10 so far during the day. The stock hit a 52-week low of Rs 9.75 on 5 April 2016. The stock had outperformed the market over the past 30 days till 9 January 2017, rising 8.6 compared with Sensexs 0.08 fall. The scrip had also outperformed the market in past one quarter, gaining 6.72 as against Sensexs 4.83 decline. The small-cap financial services firm has an equity capital of Rs 41.60 crore. Face value per share is Re 1. Centrum Capitals net profit rose 34 to Rs 3.35 crore on 31.54 growth in total income to Rs 25.36 crore in Q2 September 2016 over Q2 September 2015. Centrum Capital is a Sebi registered category I merchant banker. It has expertise across equity debt spectrum with capabilities in equity capital markets, MA advisory, corporate finance advisory, primary secondary debt placement, project finance and corporate debt restructuring. Its retail arm provides integrated solutions for private wealth management, portfolio management, stock broking and foreign exchange. Powered by Capital Market - Live News Board of ISGEC Heavy Engineering declares interim dividend Board of ISGEC Heavy Engineering declares interim dividend ISGEC Heavy Engineering announced that the Board of Directors in its meeting held on 10 January 2017, has declared Interim Dividend of Rs. 15- per equity share of Rs. 10- each. Interim Dividend shall be paid on or before January 25, 2017. Powered by Capital Market - Live News UCO Bank revises MCLR rates UCO Bank revises MCLR rates UCO Bank has revised the Marginal Cost of Lending Rate (MCLR) with effect from 10 January 2017 as under - Overnight - 8.25 One month - 8.35 Three month - 8.40 Six month - 8.50 One year - 8.60. Powered by Capital Market - Live News Board of Stellar Capital Services to approve notice of EGM Board of Stellar Capital Services to approve notice of EGM Stellar Capital Services announced that the meeting of Board of Directors of the Company is scheduled to be held on 17 January 2017 to approve the notice of Extra-Ordinary General Meeting to be held on 14 February 2017. Powered by Capital Market - Live News Simplex Papers to consider December quarter results Simplex Papers to consider December quarter results Simplex Papers announced that a meeting of the Board of Directors of the Company will be held on 30 January 2017, inter alia, to consider and adoption of Un-audited Financial Results for the quarter ended 31 December 2016, Powered by Capital Market - Live News Board of Shiva Cement to consider proposal for purchase of p Board of Shiva Cement to consider proposal for purchase of promoters stake Shiva Cement announced that the Board Meeting of Directors of the Company will be held on 10 January 2017, inter alia, to transact following business: - To consider proposal of a Cement Company for purchasing Promoters shares in Shiva Cement and thereby enabling them to invest and expand Plant capacity of Shiva Cement. Powered by Capital Market - Live News Indias fuel product sales rise 4.4 in December 2016 Indias fuel product consumption or sales increased 4.4 to 16.53 mt in December 2016 over a year ago. Petcoke sales increased 28.8 to 1.94 mt, while LPG sales moved up 8.2 to 1.94 mt and petrol 7.8 to 1.96 mt. Consumption of fuel oil also gained 14.2 to 0.60 mt, ATF 12.6 to 0.62 mt, and diesel 1.0 to 6.55 mt. Further, the consumption of lubesgreases increased 14.6 to 0.30 mt, and light diesel oil 10.1 to 0.04 mt. However, the consumption of bitumen declined 2.0 to 0.56 mt, others 4.8 to 0.55 mt, naphtha 5.5 to 1.08 mt, and kerosene 30.5 to 0.40 mt in December 2016. Consumption or sales of fuel product increased 9.0 to 146.43 mt in April-December 2016 over April-December 2015. Sales of petcoke increased 42.4, diesel 3.8, petrol 11.2, and LPG 11.1. Consumption of fuel oil also moved up 17.1, ATF 11.6, bitumen 6.1 and lubesgreases 9.4. Further, the consumption of naphtha inched up 1.4, others 1.3 and light diesel oil 17.4, but declined for kerosene 17.4 in April-December 2016. Powered by Capital Market - Live News India amp Portugal to work out a co-production agreement in Fi India amp Portugal to work out a co-production agreement in Films Sector India and Portugal have agreed to work out modalities for a co-production agreement in the Film Sector. The agreement would be framed in a time-bound manner keeping in mind the legal aspects of such an agreement. A possibility of an MoU between the Public Broadcasters of both the Countries to share best practices and seek cooperation in Technical and Content related matters was also discussed. The discussions took place during a meeting between Minister of State for Information Broadcasting Col. Rajyavardhan Rathore and Portugal Minister of Culture, Mr. Luis Filipe Castro Mendes. During the deliberations, Col. Rathore apprised the Portuguese Minister on the initiatives taken by Ministry of IB to provide Single Window clearances for Foreign Film Producers in the country through the Film Facilitation Office. He also highlighted the prestigious National Film Heritage Mission of the Government to Digitise, Restore, Preserve the rich filmic heritage of the Country. Speaking on the occasion, the Minister also apprised the Portuguese Minister about the IIMC and FTII as the premier educational institutes in the field of Journalism and Film Production respectively in the country. The Ministers also discussed the possibility of Student Exchange programmes between educational institutions of both the countries. Ministers also expressed interest for possible co-operation in the areas of Renewable energy, information and communication technology and Start-ups. The Ministers also expressed interest in sharing of experiences and best practices in Social Media to enhance the outreach. Powered by Capital Market - Live News Over 69 million consumers shopped online in 2016: ASSOCHAM-R Over 69 million consumers shopped online in 2016: ASSOCHAM-Resurgent study In 2016, about 69 million consumers purchased online and the number is expected to cross 100 million by 2017 with the rise of digital natives, better infrastructure in terms of logistics, broadband and Internet-ready devices to fuel the demand in e-Commerce, according to an ASSOCHAM-Resurgent India study. As per the findings of the joint study, Bangalore has left behind all other cities in India shopping online in the year 2016. While Mumbai ranks second, Delhi ranks third in their preference for online shopping. In other cities like Bangalore, 69 of its population chose to buy daily routine products through e-shopping in 2015-16, which will go to 75 this year for apparel, gift articles, magazines, home tools, toys, jewellery, beauty products sporting goods categories. Likewise, Mumbai share was 65 in the last year, which might go up another 70 in this year for electronic gadgets, accessories, apparel, gifts, computer peripherals, movies, hotel booking, home appliances, movie tickets, health fitness products and apparel gift certificates etc whereas, Delhi, 61 of its population chose to buy daily routine products through e-shopping in 2015-16, which will go to 65-68 by the year end. The ASSOCHAM - Resurgent India joint study reveals, Indian e-Retail looks even more promising which is Up from 3.59 billion in 2013 to 5.30 billion in 2014 (a phenomenal increase of 48), by the end of 2018, it is expected to touch 17.52 billion (with growth of 65). The e-retail sale continues to register an unprecedented growth and increase by leaps and bounds over the 2013-2018 period. In 2017, mobile commerce will become more important as most of the companies are shifting to m-commerce. Mobile already accounts for 30-35 of e-commerce sales, and its share will jump to 45-50 by 2017, adds the report. E-commerce is big business and getting bigger every day. Online shopping has been embraced by Indians with close to 25-30 million adults making a purchase via the internet in the last year. The paper said, online shoppers and buyers starting with a base age of 18 are become more involved with ecommerce in their early teens, adds the paper. In 2016, it showed that a higher amount was being spent on average for popular categories such as apparel by 85 per cent, mobile phones by 68 per cent and cosmetics by 25 per cent, when it comes to online shopping. There was also a significant increase in spending on categories such as watches by 75 per cent and artificial jewellery by 65 per cent. Computer and consumer electronics, along with apparel and accessories, account for the bulk of Indias retail e-commerce sales. There is a surge in the number of people shopping on mobile across India with tier II and III cities displaying increased dominance. In fact, 50 of our traffic is coming from mobile and a majority of them are first time customers, adds the paper. The year 2017 will see large scale growth in the Indian e-commerce sector with increased participation from people across the country. This industry will continue to drive more employment opportunities and contribute towards creating more entrepreneurs through the e-commerce marketplace model, noted the study. As per the joint study, the total retail sales in India will likely to increase from the 717.73 billion during CY 2014 to touch 1,244.58 billion by 2018. The total retail sales is growing at an impressive rate of 15, registering a double digit growth figure year after year. Challenges for the e-Commerce The phenomenal growth of the e-Commerce sector is accompanied by certain challenges: Absence of e-Commerce laws Low entry barriers leading to reduced competitive advantages Rapidly changing business models Shortage of manpower Opportunities for the e-commerce: Reduction of money transactions in all sectors. Improvement of Net banking facilities across the country. Implementation of demonetization policy. Government policies on banking and financial sectors. Powered by Capital Market - Live News Tamil Nadu becomes 21st State to join UDAY Union Minister of State (IC) for Power, Coal, New Renewable Energy and Mines, Shri Piyush Goyal presided over the signing of the Memorandum of Understanding (MOU) under the Ujwal DISCOM Assurance Yojana (UDAY) Scheme with the Government of Tamil Nadu and its Discom TANGEDCO, for operational and financial turnaround of the DISCOM. The signing ceremony was held in the august presence of the Shri P. Thangamani, Minister for Electricity, Prohibition Excise, Government of Tamil Nadu. Tamil Nadu would derive an overall net benefit of approximately Rs. 11,000 crores through UDAY, by way of savings in interest cost, reduction in ATC and transmission losses, interventions in energy efficiency, coal reforms etc. The state also signed 24X7 Power For All document on the occasion. With Tamil Nadu joining the cause, 92 of countrys Discom debt has been covered under UDAY By signing the MOU under UDAY, the State Government is taking over 75 of debt of Rs. 30,420 crores of TANGEDCO. The scheme also provides for the balance debt to be re-priced or issued as State guaranteed Discom bonds, at coupon rates around 3-4 less than the average existing interest rate. The State would have savings of about Rs.950 cr. in annual interest cost through reduction of debt and through reduced interest rates on the balance debt. UDAY lays stress on improving operational efficiencies of the DISCOMs. Tamil Nadu and TANGEDCO have committed to bring about operational efficiency through compulsory feeder and distribution transformer metering, consumer indexing GIS mapping of losses, upgradechange transformers, meters etc. smart metering of high-end consumers, reduction in transmission losses and increased power supplies in areas with reduced ATC losses. The reduction in ATC losses and transmission losses to 13.5 and 3.7 respectively is likely to bring additional revenue of around Rs. 1,601 crores to TANGEDCO. Demand Side interventions in UDAY such as usage of energy-efficient LED bulbs, agricultural pumps, fans air-conditioners and efficient industrial equipment through PAT (Perform, Achieve and Trade) would help in reducing peak load, flatten load curve and thus help in reducing energy consumption in Tamil Nadu. The gain is expected to be around Rs. 2,304 crores. The Central government would also provide incentives to the State Government and the Discom for improving the power infrastructure in the State and for lowering the cost of power. The State would get additionalpriority funding through the Central schemes such as Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY), Integrated Power Development Scheme (IPDS), Power Sector Development Fund (PSDF) or such other schemes of the Ministries of Power and New Renewable Energy, if they meet the operational milestones outlined in the scheme. The State shall also be supported through additional coal at notified prices and in case of availability through higher capacity utilization, low cost power from NTPC and other CPSUs. Other benefits such as coal swapping, coal rationalization, correction in coal grade slippage, availability of 100 washed coal would help the state to further reduce the cost of power. The State would gain around Rs. 4,320 crores due to these coal reforms. With the financial turnaround through financial and operational efficiencies, TANGEDCOs rating would improve, which would help in raising cheaper funds for its future capital investment requirement. This is expected to provide interest cost saving of around Rs. 60 crores for TANGEDCO in 3 years. The ultimate benefit of signing the MOU would go to the people of Tamil Nadu. Higher demand for power from DISCOMs would mean higher Plant Load Factor (PLF) of generating units and therefore, lesser cost per unit of electricity thereby benefitting consumers. Availability of 24x7 power for all would increase the economic activity and improve employment opportunities in the State. UDAY was launched by the Government of India on 20th November, 2015 to ensure a permanent and sustainable solution to the debt-ridden Distribution utilities to achieve financial stability and growth, now has 21 States in the Club after Tamil Nadu coming on board. Powered by Capital Market - Live News Tamil Nadu becomes 21st State to join UDAY Tamil Nadu becomes 21st State to join UDAY Union Minister of State (IC) for Power, Coal, New Renewable Energy and Mines, Piyush Goyal presided over the signing of the Memorandum of Understanding (MOU) under the Ujwal DISCOM Assurance Yojana (UDAY) Scheme with the Government of Tamil Nadu and its Discom TANGEDCO, for operational and financial turnaround of the DISCOM, in New Delhi today. The signing ceremony was held in the august presence of P. Thangamani, Minister for Electricity, Prohibition Excise, Government of Tamil Nadu. Tamil Nadu would derive an overall net benefit of approximately Rs. 11,000 crore through UDAY, by way of savings in interest cost, reduction in ATC and transmission losses, interventions in energy efficiency, coal reforms etc. The state also signed 24X7 Power For All document on the occasion. With Tamil Nadu joining the cause, 92 of countrys Discom debt has been covered under UDAY By signing the MOU under UDAY, the State Government is taking over 75 of debt of Rs. 30,420 crore of TANGEDCO. The scheme also provides for the balance debt to be re-priced or issued as State guaranteed Discom bonds, at coupon rates around 3-4 less than the average existing interest rate. The State would have savings of about Rs.950 cr. in annual interest cost through reduction of debt and through reduced interest rates on the balance debt. UDAY lays stress on improving operational efficiencies of the DISCOMs. Tamil Nadu and TANGEDCO have committed to bring about operational efficiency through compulsory feeder and distribution transformer metering, consumer indexing GIS mapping of losses, upgradechange transformers, meters etc. smart metering of high-end consumers, reduction in transmission losses and increased power supplies in areas with reduced ATC losses. The reduction in ATC losses and transmission losses to 13.5 and 3.7 respectively is likely to bring additional revenue of around Rs. 1,601 crore to TANGEDCO. Demand Side interventions in UDAY such as usage of energy-efficient LED bulbs, agricultural pumps, fans air-conditioners and efficient industrial equipment through PAT (Perform, Achieve and Trade) would help in reducing peak load, flatten load curve and thus help in reducing energy consumption in Tamil Nadu. The gain is expected to be around Rs. 2,304 crore. The Central government would also provide incentives to the State Government and the Discom for improving the power infrastructure in the State and for lowering the cost of power. The State would get additionalpriority funding through the Central schemes such as Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY), Integrated Power Development Scheme (IPDS), Power Sector Development Fund (PSDF) or such other schemes of the Ministries of Power and New Renewable Energy, if they meet the operational milestones outlined in the scheme. The State shall also be supported through additional coal at notified prices and in case of availability through higher capacity utilization, low cost power from NTPC and other CPSUs. Other benefits such as coal swapping, coal rationalization, correction in coal grade slippage, availability of 100 washed coal would help the state to further reduce the cost of power. The State would gain around Rs. 4,320 crore due to these coal reforms. With the financial turnaround through financial and operational efficiencies, TANGEDCOs rating would improve, which would help in raising cheaper funds for its future capital investment requirement. This is expected to provide interest cost saving of around Rs. 60 crore for TANGEDCO in 3 years. The ultimate benefit of signing the MOU would go to the people of Tamil Nadu. Higher demand for power from DISCOMs would mean higher Plant Load Factor (PLF) of generating units and therefore, lesser cost per unit of electricity thereby benefitting consumers. Availability of 24x7 power for all would increase the economic activity and improve employment opportunities in the State. UDAY was launched by the Government of India on 20th November, 2015 to ensure a permanent and sustainable solution to the debt-ridden Distribution utilities to achieve financial stability and growth, now has 21 States in the Club after Tamil Nadu coming on board. PK. Pujari, Secretary, Power Ministry, Rajeev Ranjan, ACS (Energy), Government of Tamil Nadu, Dr. PV Ramesh, CMD, Rural Electrification Corporation, Dr. M. Sai Kumar, CMD, Tangedco and other senior officials of Power Ministry and Tamil Nadu government were present at the occasion. Powered by Capital Market - Live News Engineers India may advance after large order win Engineers India (EIL) announced that Hindustan Petroleum Corporation (HPCL) has entrusted the project for execution of Vizag Refinery Modernization Project (VRMP) to the company. EIL shall execute this project contract under two separate contracts, namely PMC Services for major process units and packages under UO and execution of UO and PRU revamp on open book estimate (OBE) Basis. The total awarded order value is more than Rs 2500 crore with a total project schedule of 43 months for Mechanical Completion. The announcement was made after market hours yesterday, 9 January 2017. Adani Ports and Special Economic Zone (APSEZ) said that pursuant to the powers delegated to the Finance Committee by the board of directors of the company, the Finance Committee has reviewed and approved the preliminary offering circular in relation to the proposed issuance of foreign currency denominated bonds (notes) in US dollars by the company. The issuance of notes offering may follow, subject to market conditions. The pricing, tenure and other terms of the bonds to be issued will be determined later. APSEZ is rated Baa3 (Negative) by Moodys, BBB - (Stable) by SP and BBB-(Negative) by Fitch and expects the same ratings for its notes. The announcement was made before market hours today, 10 January 2017. Ajanta Pharma announced the receipt of final approval for Duloxetine Hydrochloride Delayed Release Capsules from US FDA. It is a bioequivalent generic version of Cymbalta1 Delayed Release Capsules. The company will be launching the product shortly in 3 strengths, 20 mg, 30 mg and 60 mg strengths capsules. The announcement was made after market hours yesterday, 9 January 2017. Duloxetine Hydrochloride Delayed Release Capsules is part of an ever growing portfolio of products that Ajanta has developed for the US market. In total, Ajanta has 32 Abbreviated New Drug Application (ANDA) of which it has 17 final ANDA approvals, 2 tentative approvals and 13 ANDAs under review with US FDA. Shares of Max Ventures and Industries (MaxVIL) will be in focus after the companys board made a preferential offer, to issue common stock to a subsidiary of New York Life Insurance Company. New York Life is the largest mutual life insurance company in the United States and one of the largest life insurers in the world, with more than 500 billion under management. The announcement was made after market hours yesterday, 9 January 2017. Subject to MaxVIL shareholder approval, a subsidiary of New York Life Insurance Company will acquire a 22.51 equity stake in MaxVIL at an offer price of Rs 78 per share aggregating to Rs 121 crore on a diluted basis and will be entitled to one nominee director to the Board of MaxVIL. The board of MaxVIL also proposed an allotment of share warrants to the promoter group equivalent to 4.76 of the post-issue share capital of the company on a fully diluted basis assuming full conversion of the warrants. These share warrants will be issued at Rs 78 per warrant aggregating to Rs 26.9 crore and will be convertible into equivalent equity shares within 18 months, taking the shareholding of the promoter group in MaxVIL to around 38.02 on fully diluted basis. Shares of IndusInd Bank will be watched as the bank is scheduled to announce Q3 December 2016 earnings today, 10 January 2017. Voltamp Transformers said that working at the companys Savli factory situated at Vadadala, Vadodara, Gujarat has resumed from 7 January 2017 and the production activities at the companys Savli factory are normal at present. The announcement was made after market hours yesterday, 9 January 2017. Future Consumer said that a meeting of the board of directors of the company is scheduled to be held on 12 January 2017, to consider and approve issue of non-convertible debentures on private placement basis or otherwise. The announcement was made after market hours yesterday, 9 January 2017. Powered by Capital Market - Live News Aurobindo Pharma in spotlight after securing USFDA approval Aurobindo Pharma in spotlight after securing USFDA approval for Levetiracetam Aurobindo Pharma announced that the company has received final approval from the US Food Drug Administration (USFDA) to manufacture and market Levetiracetam in Sodium Chloride Injection, 500 mg100 mL (5 mgmL), 1000 mg100 mL (10 mgmL), and 1500 mg100 mL (15 mgmL) (single-use bags). Aurobindos Levetiracetam in Sodium Chloride Injection is a generic equivalent of HQ Specialty Pharma Corps Levetiracetam in Sodium Chloride Injection. The product will be launched in January 2017. The announcement was made on Saturday, 7 January 2017. Levetiracetam in Sodium Chloride Injection is a CNS drug and indicated for partial onset seizures in adults (16 years and older) with epilepsy myoclonic seizures in adults with juvenile myoclonic epilepsy primary generalized tonic-clonic seizures in adults with idiopathic generalized epilepsy. The approved product has an estimated market size of 32 million for the twelve months ended November 2016, according to IMS. Separately, Aurobindo Pharmas wholly owned step-down subsidiary Agile Pharma B. V. Netherlands announced entering into a binding agreement to acquire 100 shareholding in Generis Farmaceutica S. A for 135 million euro from Magnum Capital Partners. Generis is engaged in manufacture and sale of pharmaceutical products in Portugal. BEML said that the Government of India, Ministry of Defence, has communicated in-principal approval of the Cabinet Committee on Economic Affairs (CCEA) of the Government of India, for strategic disinvestment of 26 equity shares in BEML out of Government of India shareholding of 54.03. The shareholding would be sold to the strategic buyers to be identified by the Government of India by following due procedure. The announcement was made after market hours on Friday, 6 January 2017. Indian Overseas Bank announced fixation of the marginal cost of funds based lending rate for all rupee loans and advances including renewals for various tenors with effect from 7 January 2017. The MCLR for overnight loans was fixed at 8.45. The rate for one month was fixed at 8.5 and for three months it was fixed at 8.55. The MCLR on 6-month loans is 8.6 and for one-year loans the rate is 8.65, the bank said. The MCLR for two-year loans was fixed at 8.75 and the MCLR for three-year loans was fixed at 8.85, it added. The announcement was made after market hours on Friday, 6 January 2017. Vijaya Bank announced fixation of the marginal cost of funds based lending rate for all rupee loans and advances including renewals for various tenors with effect from 10 January 2017. The MCLR for overnight loans was fixed at 8.45. The rate for one month was fixed at 8.5 and for three months it was fixed at 8.55. The MCLR on 6-month loans is 8.6 and for one-year loans the rate is 8.65, the bank said. The MCLR for two-year loans was fixed at 8.65 and the MCLR for three-year loans was fixed at 8.75, it added. The announcement was made on Saturday, 7 January 2017. JSW Energy said that the company has secured an order from Power Company of Karnataka (PCKL) for supply of 650 megawatts (MW) upto 31 May 2017 for short term sale of power. The announcement was made after market hours on Friday, 6 January 2017. Rashtriya Chemicals and Fertilizers (RCF) said that in terms of the guidelines issued by the Reserve Bank of India (RBI), the company has issued Commercial Paper for Rs 75 crore on 6 January 2017, in favour of HDFC Bank, having maturity date as 30 March 2017. The announcement was made after market hours on Friday, 6 January 2017. Apcotex Industries said that the workmen union at the companys Taloja Plant has given notice of strike effective 9 January 2017. The management is making all efforts to settle the issue amicably. The management has also made all the necessary arrangements to try and ensure that the production activities are not hampered in any way and will try and ensure to maintain normal level of operations during this period. The announcement was made after market hours on Friday, 6 January 2017. Mirc Electronics said that preferential issue committee of the company has allotted 1.55 crore equity shares Rs 14.66 per share to BENNETT COLEMAN CO. being person other than promoter and or promoter group on preferential basis on 6 January 2017. The announcement was made after market hours on Friday, 6 January 2017. S H Kelkar and Company said that the companys subsidiary, Keva Flavours (KFL), has acquired business undertaking of Gujarat Flavours Private (GFPL) comprising of flavours division on 2 January 2017 in accordance with the business transfer agreement executed between KFL and GFPL on 26 October 2016. The announcement was made after market hours on Friday, 6 January 2017. Powered by Capital Market - Live News Wockhardt may gain after getting EU GMP certificate for Guja Wockhardt may gain after getting EU GMP certificate for Gujarat facility Wockhardt said that competent authority, Berlin, Germany has since issued EU GMP Certificate confirming that companys manufacturing facility at 138, GIDC Estate, Ankaleshwar, Gujarat, complies with the principles and guidelines of Good Manufacturing Practices. The certificate issued in this regard is valid for 3 years. The announcement was made after market hours yesterday, 5 January 2017. Piramal Enterprises said that the companys wholly owned subsidiary, Piramal Finance (PFL) is in the business of providing financial services. In line with the companys growth plans, PFL will now be making an application to the National Housing Bank (NHB) for incorporating a housing finance company (HFC) as its subsidiary. This has been approved by the companys board of directors at its meeting yesterday, 5 January 2017. The announcement was made after market hours yesterday, 5 January 2017. Credit Analysis and Research (CARE) announced that the company has been operating in Maldives based on licence issued by Capital Market Development Authority (CMDA), Maldives. The current licence issued by CMDA expired on 5 January 2017. After a review of the past operations and future prospects in Maldives, CARE has decided not to renew its licence. This has been already notified to CMDA. Hence, operations of CARE in Maldives stands closed from 6 January 2017. The announcement was made after market hours yesterday, 5 January 2017. Indian Bank announced different benchmark marginal cost of funds based lending rate (MCLR) rates with effect from 7 January 2017. The overnight MCLR stands at 8.4. The announcement was made after market hours yesterday, 5 January 2017. Majesco, USA, the insurance arm and subsidiary company of Majesco announced that Majesco Rating in cloud to be implemented by New York Life to offer real-time rate display across group online application portals. The announcement was made after market hours yesterday, 5 January 2017. New York Life implemented Majesco Rating, for their Group Membership Association Division (GMAD). New York Life Insurance Company is a mutually owned Fortune 100 company and one of the largest life insurers in the world. The Group Membership Association Division is a unit dedicated to serving the insurance needs of over 600 membership groups across North America. TCI Industries announced that pursuant to the members approval accorded in their meeting held on 2 August 2016, the share allotment committee of the board of directors of the company at a meeting held on 5 January 2017 has issued and allotted 13,444, 0 non-convertible redeemable preference shares (NCRPS) of face value of Rs 100 each at a premium of Rs 300 each. The announcement was made after market hours yesterday, 5 January 2017. Parag Milk Foods announced that Sales Tax Authorities had pursuant to Section 64 of Maharashtra Value Added Tax Act, 2002, conducted an inspection at the offices of the company at the registered office at Pune, at companys plant at Manchar and the corporate office at Nariman Point Mumbai, which is concluded on 5 January 2017. The Sales Tax Authorities have conducted inspection starting financial year 2012-2013 and identified some transactions in relation to the consignment agents which were made by the company for interstate transfer of goods and the company has agreed to reclassify the transactions of goods as local sales. The company have provided the fullest co-operation to the authorities to complete the enquiry and provided the information sought by them. The company has filed revised VAT returns and agreed to pay the additional tax liability on account of reclassification. There is no implication on the continued operations of the Company as a result of this visit. The announcement was made after market hours yesterday, 5 January 2017. Jubilant Life Sciences announced about the issuance of commercial papers of Rs 50 crore having coupon rate of 6.79 per annum. The tenure of the instrument is 61 days. The announcement was made after market hours yesterday, 5 January 2017. Powered by Capital Market - Live News Sun Pharma may gain after successful clinical trial of ophth Sun Pharma may gain after successful clinical trial of ophthalmic solution Sun Pharmaceutical Industries announced successful phase 3 confirmatory clinical trial results for Seciera (cyclosporine A, 0.09 ophthalmic solution), for the treatment of dry eye disease. Seciera is a patented, novel, proprietary nanomicellar formulation of cyclosporine A 0.09. It is a clear, preservative-free, aqueous solution. Seciera is being developed by Ocular Technologies, a company recently acquired by Sun Pharma. Following this acquisition, Sun Pharma owns exclusive, worldwide rights to Secier and is developing it to commercialize for global markets including US, Europe, and Japan, as well as several emerging markets. The announcement was made after market hours yesterday, 4 January 2017. Canara Bank announced fixation of the marginal cost of funds based lending rate for all rupee loans and credit limits renewed. The MCLR for overnight loans was fixed at 8.2. The rate for one month was fixed at 8.25 and for three months was fixed at 8.3. The MCLR on 6-month loans is 8.4 and for one-year loan is 8.45, the bank said. The announcement was made after market hours yesterday, 4 January 2017. LT Foods said that the board of directors of the company has fixed 8 February 2017 as the record date for 10-for-1 stock split. The announcement was made after market hours yesterday, 4 January 2017. Petron Engineering Construction said that the company has received letter of intent from Shree Cement, for civil work of plant building and silos and miscellaneous work at their Orissa grinding project at village. Chandrabali, Orissa for contract value of Rs 33 crore (approximately). The announcement was made after market hours yesterday, 4 January 2017. Pratibha Industries announced that a meeting of the board of directors of the company shall be held on 7 January 2017, to consider and approve, the issue and allotment of shares on preferential basis to the lenders of the company, who have not subscribed the shares till 4 January 2017 under strategic debt restructuring (SDR) scheme. The announcement was made before market hours today, 5 January 2017. Quick Heal Technologies announced that company has capitalized for incorporation of wholly owned subsidiary namely Seqrite Technologies DMCC, as a free zone company under the rules regulations of DMCA. The announcement was made after market hours yesterday, 4 January 2017. Dena Bank announced that a meeting of the board of directors of the bank will be held on 7 January 2017 to consider capital planning for FY 2016-17 i. e. raising of capital through equities andor bonds. The announcement was made after market hours yesterday, 4 January 2017. Tata Elxsi will be in focus. Irdeto, the world leader in digital platform security, announced a partnership with Tata Elxsi, a key global player in the automotive ecosystem, to provide automakers with secure in-car display systems for automobiles. The announcement was made after market hours yesterday, 4 January 2017. Irdeto has combined its Cloakware for automotive by Irdeto security solution with Tata Elxsis design and engineering expertise to offer secure, best-in-class user interface solutions and connected cockpit solutions to automotive clients around the world. IP Rings announced that the board of directors at a meeting held on 4 January 2017, decided rights entitlement ratio of 4:5 and offer price of Rs 88.75 per share for the proposed rights issue. The announcement was made after market hours yesterday, 4 January 2017. Bartronics India announced that meeting of the board of directors of the company is scheduled to be held on 11 January 2017, to consider making investments and to transfer the financial inclusion (FI) division to a wholly owned subsidiary of the company subject to approvals of members along with any other businessmatters as may be permitted by the Chairman. The announcement was made after market hours yesterday, 4 January 2017. Powered by Capital Market - Live News Hero MotoCorp may drop on weak sales in December Hero MotoCorp may drop on weak sales in December Hero MotoCorp announced before market hours today, 3 January 2017 that sales fell 33.91 to 3.3 lakh units in December 2016 over December 2015. The companys manufacturing facilities at Gurgaon, Neemrana and Haridwar were closed from 26-31 December 2016 on account of annual maintainence. ICICI Bank announced that it has reduced Marginal Cost of funds based Lending Rate (MCLR) by 0.7 across various maturities with effect from 3 January 2017. The announcement was made after market hours yesterday, 2 January 2017. HDFC announced the addendum - issue of secured redeemable non-convertible debentures of Rs 1 crore each under shelf disclosure document dated 5 August 2016 aggregating to Rs 35000 crore prepared as per the provisions of SEBI (Issue and Listing of Debt Securities) Regulations, 2008. The announcement was made after market hours yesterday, 2 January 2017. Tata Motors said its passenger and commercial vehicle total sales rose 2 to 40,944 units in December 2016 over December 2015. The companys domestic sales of Tata commercial and passenger vehicles rose 1 to 35,825 units in December 2016 over December 2015. Exports surged 12 to 5,119 units in December 2016 over December 2015. The sales figures were announced after market hours yesterday, 2 January 2017. SML Isuzus total sales rose 16.4 to 1,021 units in December 2016 over December 2015. The sales figures were announced after market hours yesterday, 2 January 2017. Power Grid Corporation of India announced that in terms of Government of India communication on 23 September 2016, on receipt of purchase consideration of Rs 81.21 crore, the company has transferred 3.06 crore equity shares of Rs 10 each of Power System Operation Corporation Limited (POSOCO) to Government of India. The announcement was made after market hours yesterday, 2 January 2017. Insilco after market hours yesterday, 2 January 2017, said that the company will continue plant shut down due to high inventory and low sales volume and restart in the evening of 4 January 2017. The company had on 19 December 2016, announced shut down of its plant from 19 December 2016 to 2 January 2017. Great Eastern Shipping Company (G E Shipping) has signed contracts to buy two Suezmax Crude Carriers of about 157,000 dwt each. The 2010 and 2011 built vessels are expected to join the companys fleet in Q4 FY 17. The companys current fleet stands at 38 vessels, comprising 24 tankers (7 crude carriers, 15 product tankers, 2 LPG carriers) and 14 dry bulk carriers (1 Capesize, 7 Kamsarmaxes, 6 Supramaxes) with an average age of 9.89 years aggregating 2.94 million dwt. Additionally, the company has 2 Secondhand Aframaxes, 1 Secondhand Suezmax and 1 Newbuilding Kamsarmax on order. After delivery of these 6 contracted vessels, the company will have a fleet of 44 vessels. The announcement was made after market hours yesterday, 2 January 2017. Aban Offshore announced that it has completed the sale of 59 equity shares held by Aban Offshore in Aban Green Power Private Limited and Radhapuram Wintech Private Limited - subsidiaries of Aban Offshore Limited. The company also completed the acquisition of 49 equity shares in Aban Drilling Services Private Limited. The announcement was made after market hours yesterday, 2 January 2017. Lakshmi Vilas Bank announced that the bank has launched Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 pursuant to the RBI notification dated 16 December 2016. The announcement was made after market hours yesterday, 2 January 2017. TVS Motor Companys sales fell 8.47 to 1.84 lakh units in December 2016 over December 2015. The announcement was made after market hours yesterday, 2 January 2017. Zicom Electronic Security Systems announced that Zicom SaaS Private Limited, a wholly owned subsidiary of the company, has launched managed security services in Hyderabad under Make Hyderabad Safe Initiative. The announcement was made after market hours yesterday, 2 January 2017. Powered by Capital Market - Live News K R Choksey Investment Managers Private Limited are Mumbai based wealth managers established in 1979. KRChoksey group is spread across various asset verticals, offering services in Wealth Management, Financial Planning, Equity, Derivatives, Portfolio Management, Depository Services NBFC. With an AUM of more than INR 1500 crores, our clientele comprises of high net worth individuals, corporates, NRI, mutual funds, as well as other financial institutions. More than 75,000 investors are served through online platforms our physical presence is spread over 250 locations across the country. We are one of the leading wealth management firm serving investors both in India and overseas. With an impressive track record in terms of services to its broad clientele, the key ingredient for the companys success has been its customer centric approach and capital growth through structured counselling and focus. Management Kisanbhai R. Choksey Kisanbhai, as he is respectfully called, is a fatherly figure of Indias Capital Markets. Kisanbhai R. Choksey Kisanbhai . as he is respectfully called, is a fatherly figure of Indias Capital Markets. He has a vast experience of more than 5 decades in Indias capital markets. He is an encyclopedia on Indias corporate sector. He is passionate about reading, understanding and investing in listed companies. Such is the vastness of his knowledge that. Read more Investor Attention Attention Investors - Prevent Unauthorized Transactions in your account. Update your mobile numbersemail IDs with your stock brokerDP. Receive information of your transactions directly from ExchangeDP on your mobileemail at the end of the day. Issued in the interest of the Investors. Info about KYC Procedure . KYC is one time exercise while dealing in securitiesw markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund, etc.), you need not undergo the same process again when you approach another intermediary. No need to issue cheques by investors while subscribing to IPO. 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