Tech Mahindra tanks 10% as visa wage hike ups earnings risk

Analysts feel that as compared to IT peers, Tech Mahindra stands at a higher risk of losing revenue if higher minimum wage for H1-B is fixed. Shares of Tech Mahindra   slumped 10 percent as minimum salary of H-1B visa holders is proposed to be more than double.  A legislation has been introduced in the US House of Representatives which among other things calls for more than doubling the minimum salary of H-1B visa holders to USD 130,000, making it difficult for firms to use the programme to replace American employees with foreign workers, including from India.

Analysts feel that as compared to IT peers, Tech Mahindra stands at a higher risk of losing revenue if higher minimum wage for H1-B is fixed. According to Bank of America Merrill Lynch every 10 percent hike in H-1B wages can hurt earnings is an earnings risk of 4-11 percent. Tech Mahindra has earnings negative impact of 11 percent due to 10 percent hike in wage bill. Tech Mahindra’s dependence on visas is high for core IT services. The acquisition of LCC (has improved the local mix. It has 9,000 people including LCC headcount in US of which about 5000 are on visas (45 percent locals). Tech Mahindra was quoting at Rs 442.70, down Rs 29.00, or 6.15 percent on the BSE.

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TCS, Gfi Informatique unveil smart city solution in France Country's largest 

software services firm Tata Consultancy Services (TCS) and Gfi Informatique today unveiled a smart solution for optimising Belfort's (France) urban bus transportation.  Country's largest software services firm Tata Consultancy Services   (TCS) and Gfi Informatique today unveiled a smart solution for optimising Belfort's (France) urban bus transportation. The solution, which uses big data analytics, is a collaboration between the city's Board of Public Transportation, Gfi Informatique and TCS. It will support Belfort's smart city strategy, which aims to help local authorities deploy digital transformation projects, TCS said in a statement. 

The companies are deploying TCS' Intelligent Urban Exchange software to help the city administrators and public transportation planners make more informed decisions through insights from historical and real time data. Both companies have worked with the city to enhance the capture and treatment of large amounts of information using big data analytics solutions designed specifically to help public sector customers, with the overall goal of driving further digital innovation across the city, it added. As a mid-sized city with a population of just over 50,000, Belfort is deploying advanced technologies to improve city services. "The results were very conclusive. The experiment allowed us to optimise our transportation network and realise savings. It was such a big success that it could be duplicated to improve not only transportation but also other major city services such as water, waste collection and electricity," Yannick Monnier, the Director of the Board of Public Transportation of Belfort, said. The 'Proof of Concept' spans across detection of network congestion points and putting in place appropriate changes, passenger flow as well as density on particular routes

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Sensex falls 100 pts, Nifty breaks 7800; Tata Motors, SBI slip

 Reliance Industries, ICICI Bank, M&M, Bharti Airtel and Tata Motors were losers while Lupin, HDFC, Axis Bank, Infosys and Sun Pharma were gainers.Equity benchmarks extended losses in afternoon trade with the Sensex falling 149.27 points to 25453.83. The 50-share NSE Nifty declined 44.50 points to 7802.75. The market breadth was weak as about 1372 shares declined against 885 advancing shares on Bombay Stock Exchange. 

Europe opens: European stocks traded lower today after declines on Wall Street and the Bank of Japan's (BOJ) decision to stand pat on monetary policy rattled investor sentiment. The pan-European STOXX 600 was down 1.2 percent. Asia markets were mixed on the final trading day of the week, following declines of more than 1 percent in certain US equity indexes, while the yen saw fresh strength against the dollar. Japanese markets are closed on Friday for a public holiday but on Thursday, Japan's Nikkei 225 index tumbled 3.61 percent after the BOJ stood pat on monetary policy, disappointing a section of the market that had anticipated further stimulus.  Earnings: ICICI Bank 's fourth quarter profit plunged sharply by 76 percent to Rs 702 crore compared to Rs 2,922.1 crore in year-ago period, impacted by exceptional provisioning. Net interest income, the difference between interest earned and interest expended, grew by 6.4 percent to Rs 5,404.51 crore on yearly basis.

The country's largest private sector lender missed analysts' expectations due to high provisions. According to analysts polled by profit was estimated at Rs 3,115.1 crore (6.6 percent growth YoY) and net interest income at Rs 5,565.2 crore crore (9.6 percent growth YoY) for the quarter. Also read - India to continue growing; like private banks: Macquarie Equity benchmarks continued to see volatile trade with the Nifty hovering around 7850 level. The broader markets, too, were in choppy mood. The 30-share BSE Sensex declined 7.87 points to 25595.23 and the 50-share NSE Nifty slipped 5.45 points to 7841.80. Reliance Industries, ICICI Bank, M&M, Bharti Airtel and Tata Motors were losers while Lupin, HDFC, Axis Bank, Infosys and Sun Pharma were gainers. Asia markets were mostly lower on the final trading day of the week, as investors digested major central banks' decisions to stand pat on their monetary policies. Stateside, the US Federal Reserve opted not to raise interest rates on Wednesday local time, citing a slowdown in economic activity in the country. Then on Thursday, the Bank of Japan (BOJ) unexpectedly kept its policy steady, disappointing a substantial section of the market that was betting on further stimulus

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Infosys, TCS fall 3-5%; H1-B bill proposes double minimum wage

A legislation has been introduced in the US House of Representatives which among other things calls for more than doubling the minimum salary of H-1B visa holders to USD 130,000, making it difficult for firms to use the programme to replace American employees with foreign workers, including from India  technology stocks tanked, dragging the index around 4 percent on visa concerns. Stocks like TCS   , Infosys   and Wipro   fell 3-5 percent while  Tech Mahindra   tanked 10 percent intraday Tuesday as minimum salary of H-1B visa holders is proposed to be more than double. A legislation has been introduced in the US House of Representatives which among other things calls for more than doubling the minimum salary of H-1B visa holders to USD 130,000, making it difficult for firms to use the programme to replace American employees with foreign workers, including from India. 

How the number stack up? Infosys had 14,659 employees on H-1B visas and 1364 employees on L-1 visas in the US at end-FY2016. So as per calculations, H-1B ratio would be 30:70. A look at FY2016 H-1B filings data indicates that Infosys has the highest per-capita onsite wage in the peer group. TCS historically had high dependence on visa but it would have reduced in the past three years given that the company has stepped up local hiring. As per H-1B filings data, TCS’ onsite compensation is on the lower side in the peer group. Wipro’s last disclosed local headcount was 40 percent in the US. The ratio between visa holders and locals would have remained steady or increased marginally in favor of locals since then. Additionally, acquisition of Appirio and HPS provides additional 3000 local headcount in the US. HCL Tech has 65 percent locals in its US workforce and its wages are also at the top end among Indian IT. Accordingly, it is likely to be the least impacted. Tech Mahindra’s dependence on visas is high for core IT services. The acquisition of LCC (has improved the local mix. It has 9,000 people including LCC headcount in US of which about 5000 are on visas (45 percent locals). According to Bank of America Merrill Lynch, every 10 percent hike in H-1B wages can hurt earnings of Tech Mahindra by 4-11 percent. Tech Mahindra has earnings negative impact of 11 percent due to 10 percent hike in wage bill. The legislation proposal

 The High-Skilled Integrity and Fairness Act of 2017 introduced by California Congressman Zoe Lofgren prioritises market based allocation of visas to those companies willing to pay 200 percent of a wage calculated by survey, eliminates the category of lowest pay, and raises the salary level at which H-1B dependent employer are exempt from non displacement and recruitment attestation requirements to greater than USD 130,000. This is more than double of the current H-1B minimum wage of USD 60,000 which was established in 1989 and since then has remained unchanged. It raises the salary level at which H-1B dependent employer are exempt from attestation requirements to a new required wage level of 35 percentile points above the median national annual wage for Computer and Mathematical Occupations published by the Department of Labour Occupational Employment Statistics (roughly USD132,000), which would be adjusted in the future without the need for new legislation, and eliminates the Master’s Degree exemption for dependent employers. 

  The legislation sets aside 20 percent of the annually allocated H-1B visas for small and start-up employers (50 or fewer employers) to ensure small businesses have an opportunity to compete for high-skilled workers, while still protecting against outsourcing. It among other things removes visa hurdles for students and other temporary visa holders by building a bridge from F-1 student status to Lawful Permanent Residence and removes paperwork burdens by streamlining H-1B filing requirements and reducing administrative costs. The legislation tightens employee protection by stipulating that employers may not reduce beneficiary wages, regardless of whether the deduction is in accordance with a voluntary authorisation by the employee.

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Asia mkts mixed in early trade, as investors await BOJ decision 

In Japan, the Nikkei 225 advanced 1.03 percent, while across the Korean Strait, the Kospi wavered between positive and negative territory before trading down 0.19 percent. Asian markets traded mixed on Thursday, ahead of a Bank of Japan monetary policy decision, and after most major US indexes held onto gains overnight following the US Federal Reserve's decision to stand pat on rates. Australia's ASX 200 was up 0.44 percent in early trade, boosted by advances in the energy, materials and financials sub-indexes. In Japan, the Nikkei 225 advanced 1.03 percent, while across the Korean Strait, the Kospi wavered between positive and negative territory before trading down 0.19 percent. 

The US Federal Reserve opted not to raise interest rates on Wednesday local time, citing a slowdown in economic activity stateside. The Federal Open Market Committee's (FOMC) statement highlighted the many conflicting signs in the economy that included consistent job growth and an improving housing market but slowdowns in business investment and exports. "The Fed statement was incrementally more hawkish than its March statement, removing its concerns about "global and financial developments"," said Angus Nicholson, a market analyst at IG. The removal of uncertainty following the end of the Fed meeting is "likely to be taken as a positive for Asian markets today," he said. Overnight, the Dow Jones industrial average closed up 0.28 percent and the  500 added 0.16 percent, while the Nasdaq composite closed down 0.51 percent. In the currency market, the dollar was flat against a basket of currencies; the dollar index traded at 94.403, compared to its previous close at 94.387. Kathy Lien, managing director of foreign exchange strategy at BK Asset Management, said the Fed's statement was a positive for the greenback. 

Global troubles no longer worry the Fed, putting them one step closer to raising interest rates," she said. The Japanese yen retreated 0.11 percent against the dollar as of 8:22 a.m. HK/SIN time, trading at 111.57. Last week, the dollar/yen pair fell as low as 109.24 at one point and earlier this week went as high as 111.88. "Over the past few trading days, we have seen a very nice breakout in dollar/yen," said Lien, adding the move was driven by reports that the BOJ could "introduce negative lending rates to complement negative deposit rates." She said traders were aggressively short on the dollar/yen and that it "won't take much to squeeze the currency pair higher." Major Japanese exporters saw their shares climb Thursday morning, with Toyota up 1.61 percent, Nissan higher by 1.05 percent and Sony adding 0.97 percent. A relatively weaker yen is a positive for exporters as it increases their overseas profits when converted to local currency.

 Elsewhere, the Australian dollar was up 0.2 percent at USD 0.7598, after dropping close to 1.8 percent at one point in the Wednesday session following fresh probability of monetary easing from the Reserve Bank of Australia (RBA) after inflation unexpectedly fell. Ray Attrill, global co-head of foreign exchange strategy at the National Australia Bank, said following the drop in consumer price index on Wednesday, the bank now expects "a 25 basis points reduction in the Cash Rate (to 1.75 percent)" when the RBA meets next week. Early morning Thursday, the Reserve Bank of New Zealand (RBNZ) left its official cash rate unchanged at 2.25 percent. In its monetary policy statement, the central bank said the global growth outlook had deteriorated due to weakness in China and other emerging 

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Asia stocks, dollar subdued on last trading day of 2016 

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed early on Friday. Asian stocks and the dollar were off to a subdued start  as investors took profits on the last trading day of 2016, while the euro briefly spiked in thin trade. The euro jumped as much as 2 percent early  its biggest intraday gain since November 8, before settling back down to trade 0.6 percent higher at USD 1.0559. "It's a really thin market and suddenly, offers disappeared and short-term players pushed the euro higher and took out stops. That's all," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo. The common currency is still down 2.8 percent for the year. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed early on Friday. In a year marked by major political surprises, including Brexit and the unexpected election of political novice Donald Trump to US President in November, Asia ex-Japan stocks are poised to post a 3.3 percent gain. Despite the modest figure -- the Dow Jones Industrial Average, in contrast, is up a whopping 14 percent -- that is the Asian index's best performance in four years and follows two years of losses. Japan's Nikkei retreated 0.7 percent on a stronger yen, on track for a 0.1 percent loss in 2016

That is its worst in five years, with the yen's 22 percent surge in the first half of the year slamming the index. The Japanese currency has since dropped 15 percent, most of that reflecting exuberance over Trump's anticipated stimulatory policies, but looks set to end the year over 3 percent higher. The greenback, which has soared almost 11 percent against the yen since before the election results were announced, is set to end the year down a little over 3 percent. It was last down 0.2 percent at 116.41 yen, extending a 0.5 percent slump seen overnight. The dollar index , which tracks the greenback against a basket of six major global peers, dropped 0.5 percent to 102.17  following a 0.6 percent slide on Thursday. It is poised to end 2016 3.5 percent higher. 

The Chinese yuan is on track to end the year weaker. The dollar has strengthened 7.1 percent versus the Chinese currency. US bond yields, which have reversed course to increase over the past two weeks as investors have sheltered in safer assets, continued that trend. They were at 2.4714 percent early on Friday, a little above a two-week low touched overnight. Gold held near a two-week high, basking in its safe haven status amid the broad pull back in risk amid reduced liquidity. Spot gold edged up 0.3 percent to USD 1,162.14 an ounce, adding to its 1.5 percent surge on Thursday. It's set to end the year up 9.6 percent. Oil prices inched up after sliding on Thursday in its first day of losses this week, after a surprising rise in US inventories. US crude added 0.3 percent to USD 53.95 a barrel on Friday, after falling 0.5 percent on Thursday. It is on track for a whopping 47 percent surge this year, recovering most of its 2015 losses.

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Source: Reuters Global shares wobbly, $ slips after

 Trump's protectionist speech Japan's Nikkei dropped 1.1 percent while shares in Australia dropped 0.7 percent after the Trump administration, on its first day in office, declared its intention to withdraw from the Trans-Pacific Partnership (TPP), a 12-nation trade pact that Japan and Australia also have signed up for. The dollar slipped broadly on Monday after US President Donald Trump struck a protectionist tone in his inauguration speech, offsetting optimism that he will follow through on promises of tax cuts and other stimulus. Japan's Nikkei dropped 1.1 percent while shares in Australia dropped 0.7 percent after the Trump administration, on its first day in office, declared its intention to withdraw from the Trans-Pacific Partnership (TPP), a 12-nation trade pact that Japan and Australia also have signed up for. Other Asian shares were resilient, however, in part due to a relief that there was no negative surprises, with Trump refraining from labelling 

China as a currency manipulator for now, an accusation he made while campaigning. Hong Kong shares rose 0.6 percent and Taiwan shares rose 0.8 percent, helping to boost MSCI's broadest index of Asia-Pacific shares outside Japan 0.4 percent. US stock futures dipped 0.2 percent, erasing gains made on Friday. In his inaugural address, Trump pledged to end what he called an "American carnage" of rusted factories and vowed to put "America first", laying out two simple rules - buy American and hire American. Trump also said on Sunday he plans talks soon with the leaders of Canada and Mexico to begin renegotiating the North American Free Trade Agreement (NAFTA). 

"The market is getting nervous about the possibility that the world's trade might shrink," said Koichi Yoshikawa, executive director of financial markets at Standard Chartered Bank in Tokyo. "Many of his policies, including tax cuts and infrastructure spending, need approval from the Senate and that (may not be) easy," he said. "The markets that had been led by expectations on his policy since the election are now the dragged down by the reality." The dollar had soared late last year on expectations that Trump's pledges to cut taxes and hike infrastructure spending would boost the US economy, but it has since lost steam. The dollar fell as much as 1.1 percent against the yen to 113.435 yen, edging towards its seven-week low of 112.57 yen touched on Wednesday. The euro gained 0.4 percent to USD1.0746, its highest level since Dec. 8. Most emerging market currencies gained. The Mexican peso, which has weakened the most on Trump's protectionist and anti-immigration stance, rose 0.6 percent to a two-week high of 21.44 per dollar.

 The rise came after its 1.7 percent gains on Friday, its biggest in two months. The 10-year US Treasuries yield fell to 2.432 percent, after having risen briefly on Friday to 2.513 percent, its highest since Jan. 3. The two-year yield, which is more sensitive to the Fed's policy outlook, dropped sharply to 1.180 percent from Thursday's three-week high of 1.250 percent, giving back much of gains made after Wednesday's upbeat comments from Federal Reserve Chair Janet Yellen. Oil edged up after statements over the weekend from OPEC and other producers that they have been successfully implementing output cuts, but gains were limited by a surge in US drilling. International benchmark Brent crude futures rose 0.2 percent to USD55.58 per barrel, building on Friday's 2.5 percent gains.

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Market may be cautious ahead of Trump inauguration; banks eyed 

Global markets end lower ahead of US President-Elect Donald Trump's inauguration as investors remain cautious of the leader's policies; Axis Bank, Yes Bank to remain in focus after the banks posted diverse set of earnings  The market may open slightly weaker  as indicated by the trend on SGX Nifty. Global markets were slightly lower as investors maintained caution ahead of US President-Elect Donald Trump’s inauguration later in the day. Asian markets slipped in morning trade as risk sentiment soured ahead of Trump’s event. The Nikkei and Hang Seng slipped 0.14 percent and 0.72 percent, respectively. Investors now await key data from China as it is set to announce its GDP, retail sales as well as industrial production figures . The US markets closed lower, with real estate falling around 1 percent, as investors eagerly awaited Trump's inauguration. 

The Dow Jones closed about 70 points lower, with Goldman Sachs contributing the most losses. The index also recorded a five-day losing streak. The S&P 500 and Nasdaq too lost 0.36 percent and 0.28 percent, respectively. The country also saw weekly jobless claims drop 15,000 to 2,34,000— the lowest level in 40 years. Housing starts surpassed expectations after it spiked 11.3 percent in December. In Europe, markets closed slightly lower after the European Central Bank announced it would keep its monetary policy stance unchanged. President Mario Draghi of the ECB said that the bank stood ready to increase its asset purchases in size and duration if it becomes necessary. The FTSE index ended the day half a percent lower. In India, equity benchmarks as well as broader markets closed higher for second consecutive session  as investors preferred to stay on sidelines ahead of corporate earnings and Union Budget.

 The 30-share BSE Sensex was up 50.96 points at 27308.60 and the 50-share NSE Nifty gained 18.10 points at 8435.10 while the BSE Midcap and Smallcap indices advanced 0.3 percent each. Stocks in focus will be Axis Bank and Yes Bank. Axis Bank disappointed analysts with its December quarter earnings on Thursday. Profit plunged sharply by 73.3 percent year-on-year to Rs Rs 579.6 crore despite sharp surge in other income and lower tax cost. Slow growth in net interest income and higher provisions dented profitability. Meanwhile, Yes Bank beat analysts' expectations, with profit rising 30.6 percent to Rs 882.6 crore compared to year-ago period. The growth was driven by strong net interest income, other income and lower provisions. Technology stocks may also be in focus as pressure on back of talks of re-introduction of Immigration Bill continues. 

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Gold futures fall 0.50% on profit-booking, global cues

 At the Multi Commodity Exchange, gold for delivery in February fell by Rs 145 or 0.50 percent to Rs 28,580 per 10 grams in a business turnover of 513 lots. | Gold futures fall 0.50% on profit-booking, global cues Gold prices drifted lower by 0.50 percent to Rs 28,580 per 10 ten grams in futures trade as speculators indulged in profit-booking at prevailing levels amid a weak trend overseas.

 At the Multi Commodity Exchange, gold for delivery in February fell by Rs 145 or 0.50 percent to Rs 28,580 per 10 grams in a business turnover of 513 lots. Similarly, metal for delivery in far-month April contracts traded lower by Rs 133 or 0.46 percent to Rs 28,645 per 10 grams in 68 lots. Analysts attributed the fall in gold futures to profit-booking by participants at existing levels and a weak trend overseas as higher dollar reduced the precious metal's appeal as a safe-haven. Globally, gold fell 0.26 percent to USD 1,205.40 an ounce in Singapore 

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Market may be cautious ahead of expiry; Maruti, Bharti eyed 

The IHS Markit manufacturing PMI for January rose to 55.1, from 54.3 in December, lifted by a surge in new orders. Existing home sales fell 2.8 percent in December for the US. The President signed orders smoothing the path for the controversial Keystone XL and Dakota access oil pipelines in a move to expand energy infrastructure and roll back key Obama administration environmental actions. Oil producers in Canada and North Dakota are expected to benefit from a quicker route for crude oil to US Gulf coast refiners. In Europe, markets closed higher as investors digested fresh economic data and earnings reports. In the United Kingdom, the Supreme Court said that the government will need Parliamentary approval to start Brexit negotiations with the European Union (EU). The FTSE 100 ended marginally flat, while the CAC 40 and DAX ended higher by 0.18 percent and 0.43 percent, respectively. In India, benchmark indices extended positive momentum for the second consecutive session Tuesday, with the Nifty closing a percent higher on short covering ahead of expiry of January derivative contracts tomorrow and ahead of Union Budget that will be presented on February 1.

 The 30-share BSE Sensex rallied 258.24 points to 27375.58, the highest level since November 10, 2016. The 50-share NSE Nifty gained 84.30 points at 8475.80, led by HDFC Group, auto, infra and oil stocks. Among stocks to watch today will be Wipro, Bharti Airtel, Ashok Leyland and Maruti. In key earnings, Maruti Suzuki will report its number on Wednesday.  that the company may report a whopping 74 percent surge in its profit. The company’s realisations is likely be aided by higher exports as well as success of premium vehicles Brezza and Baleno. Wipro will also post its earnings on Wednesday. A CNBC-TV18 poll expects constant currency growth of 1 percent. An absence of a wage hike may aid margins, while the firm’s Q4 guidance is seen at 2.5-4.5 percent Bharti Airtel, the country's largest telecom operator by subscriber base, has reported a massive 65.5 percent decline in third quarter profit at Rs 503.7 crore QoQ, which was far lower than analysts' estimates, despite 5 percent decline in finance cost. It was hit by exceptional loss, lower revenue and weak operational performance

Revenue during the quarter fell 5.3 percent to Rs 23,335.7 crore compared with Rs 24,671.5 crore in previous quarter as India business impacted by Reliance Jio's free services and demonetisation. Wockhardt posted a dismal Q3 performance as subdued US business and demonetisation in India and continued remediation costs hit its business. The company’s margins crashed to 2 percent. Biocon reported a strong performance with a 30 percent jump in its revenues. The US dollar held firm against the yen and euro, after several days of losses in the wake of Trump's inaugural speech promising more trade protectionism, as the US’ economic outlook was still seen better than that of Europe or Japan. Crude prices remained soft ahead of weekly US inventory data. Increased drilling in the United States also weighs on prices. 

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Biocon gains 5% on strong Q3 numbers; wins Rs 460 crore contract 

 The company's Q3 (Oct-Dec) consolidated net profit jumped 64.6 percent to Rs 171.3 crore from Rs 104.1 crore, in the same quarter last fiscal. Shares of Biocon gained 5 percent intraday Wednesday post strong December quarter numbers. The company's Q3 (Oct-Dec) consolidated net profit jumped 64.6 percent to Rs 171.3 crore from Rs 104.1 crore, in the same quarter last fiscal. Total income of the company was up 29.4 percent at Rs 1,044.4 crore and other income rose 119 percent at Rs 47.4 crore The company's EBITDA was up 49.4 percent at Rs 276.10 crore and EBITDA margin was up 350 bps at 26.4 percent. Meanwhile, it has also won a contract worth approximately Rs 460 crore.

 The Ministry of Health, Malaysia, has awarded a contract worth MYR 300 million (approximately Rs 460 crore), to Biocon subsidiary, Biocon SDN. BHD., Malaysia for supplying recombinant human insulin formulations manufactured at its large scale biopharmaceuticals facility in Johor, Malaysia. The company's rh-Insulin is Malaysia's first locally manufactured biosimilar biologic product approved by the National Pharmaceutical Regulatory Authority (NPRA), Malaysia, for commercial sales in the country, which makes the commercialisation milestone of company's first overseas facility in Malaysia. The company will distribute insulins and insulin delivery devices through leading local pharmaceutical player CCM Pharmaceuticals.

 The contract to be serviced over a period of three years and extendable for additional two years is subject to approval by the government of Malaysia. Kiran Mazumdar-Shaw, CMD of Biocon said, "It is a matter of pride that this is a 'Made in Malaysia' insulin product manufactured by Biocon Sdn. Bhd. at the BioXcell Biotech Part in Nusajaya, Johor." "We expect our Malaysian facility to cater to the growing needs for affordable insulins across the globe," she added 

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HC raps petitioner for arraigning PM in fake currency PIL

 The Bombay High Court today came down heavily on a petitioner for filing a PIL on the issue of fake currency notes and arraigning the Prime Minister of the country as a respondent to the petition. The Bombay High Court today came down heavily on a petitioner for filing a PIL on the issue of fake currency notes and arraigning the Prime Minister of the country as a respondent to the petition. "What does the Prime Minister of this country have to do with the issue of fake currency notes? You (petitioner) should have added the concerned ministry as respondent. Such type of frivolous PILs cannot be entertained. You deposit Rs 10 lakh first to prove your bonafide, then we will hear your petition," a division bench of Justices V M Kanade and Revati Mohite Dere said.

The bench was hearing a PIL filed by one Manoranjan Roy on the issue of fake currency notes in the country. In his public interest litigation (PIL), Roy has added the Prime Minister of India as the first respondent. "He is the Prime Minister of this country and not some Congress leader or BJP leader. Such PILs are filed just to harass," Justice Kanade said. When the petitioner's advocate expressed inability to deposit such a huge amount, the court said "we will hear the petition on February 2. If we do not find any merit in the petition then we will impose heavy cost on the petitioner." PTI SP NP PAL



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Counterfeits' fear stops RBI from issuing high value note'

 Rajan did not name any country while talking about the menace of fake currency, but investigating agencies suspect most of the counterfeit notes originate from Pakistan. Raghuram Rajan (more) Former Governor, RBI | Acknowledging that people's wallets are thickening as they are required to carry more notes for errands, RBI Governor Raghuram Rajan Friday said it is difficult to have currency notes of bigger denominations due to fear of counterfeiting. "Given that we are in a somewhat difficult neighbourhood, there is some concern on the extent of forgery that will take place if we do too large value notes," he said addressing the fourth CK Prahlad Memorial Lecture here. "If I have a Rs 10,000 note, the value from forging it and the incentive to do all the investment that is needed to do all the forging devices increases," he said, adding that counterfeiting a Rs 10 bill is the "foolest form of forging". Rajan did not name any country while talking about the menace of fake currency, but investigating agencies suspect most of the counterfeit notes originate from Pakistan. The RBI chief said he has seen some "incredibly good" fakes of Rs 500 notes, but added there are a slew of security features which keep getting added. "There have been arguments that we now carry very thick wallets because we need very many notes to make ordinary payments," he said. The real solution to this problem lies in doing transactions electronically through means like mobile payments, Rajan suggested

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No records of fake currency deposited in banks:

 RBI Responding to an RTI inquiry from Mumbai-based activist Anil Galgali seeking to know the extent of fake currency found in demonetised notes of Rs 1,000 and Rs 500 deposited in banks till December 10, 2016, the RBI has said no information is available with it. | There is no record available of the fake currency which has been detected in the demonetised notes deposited in banks, Reserve Bank of India has said. Responding to an RTI inquiry from Mumbai-based activist Anil Galgali seeking to know the extent of fake currency found in demonetised notes of Rs 1,000 and Rs 500 deposited in banks till December 10, 2016, the RBI has said no information is available with it. Earlier, RBI had refused to disclose information about consultation undertaken before the demonetisation move was announced by the Prime Minister on November 8. Even Prime Minister's Office had refused to disclose if Chief Economic Advisor and Finance Minister were consulted before the decision was announced

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China's 2016 fiscal revenue declines by half

 This was a sharp drop from 8.4 percent in 2015 and 8.6 percent in 2014, partly because China's business tax was replaced with a value-added tax, the ministry said in an online statement. |  China's fiscal revenue slumped nearly by half last year to USD 2.33 trillion compared to the year before that, partly due introduction of value added tax and downward economic pressures, the Ministry of Finance said. The fiscal revenue grew a modest 4.5 percent year-on-year in 2016 to 15.96 trillion yuan (USD 2.33 trillion).

 This was a sharp drop from 8.4 percent in 2015 and 8.6 percent in 2014, partly because China's business tax was replaced with a value-added tax, the ministry said in an online statement. The slow growth was also due to downward economic pressures. Despite a stabilising economy, the growth in fixed-asset investment and industrial output fell, hindering fiscal revenue growth. The central government collected 7.24 trillion yuan in fiscal revenue, up 4.7 percent year-on-year, while local governments saw fiscal revenue rise 4.2 percent to 8.72 trillion yuan. Value-added tax jumped 30.9 percent year on year to 4.07 trillion yuan in 2016, while business tax nosedived 40.4 percent to 1.15 trillion yuan. Consumption tax fell 3.1 percent due to a fall in the output and sales of tobacco and refined oil. Fiscal expenditure rose 6.4 percent year-on-year to 18.78 trillion yuan.

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Govt considering regulator for electronic payments 

 While the Ratan Watal committee on digital payments suggested that the government makes regulation of payments independent from the function of central banking, sources said the RBI is not very keen on giving up the regulation on Payment systems. Govt considering regulator for electronic payments With digital transactions gaining traction, the government is mulling setting up of a separate regulator for enabling electronic payment system in the country as well as regulate transaction charges. While the Ratan Watal committee on digital payments suggested that the government makes regulation of payments independent from the function of central banking, sources said the RBI is not very keen on giving up the regulation on Payment systems. Official sources said that RBI, as a banking regulator, frames policies to benefit banks and not enforcement of competition and innovation objectives in conduct of firms in the payment industry. "So far, regulations are becoming bank focused. 

If there is a separate regulator, the focus would be on ease of transaction and rationalisation of cost. Hence, there is a case for setting up of an authority for enabling electronic payment system in India," an official source told PTI. The Reserve Bank, in its representation before the Watal Committee, has stated that regulation of payments should be with the central bank because regulating money supply is an integral function of a central bank and includes maintaining the confidence in money as a means of exchange. Explaining the need for a separate regulator, the source said that electronic payment does not entail exchange of physical cash and it does not involve deposit taking or credit offtake or servicing of loans/deposits. "Payments can happen without banking. Payment regulation is different from banking regulation. RBI is not agreeing to it," the source said, adding the proposed regulator should have majority of its membership from businesses having direct familiarity with the payment process, or allied businesses. 

The Watal Committee, which submitted its report to Finance Minister Arun Jaitley last month, weighed two options on how best regulation of electronic payments can be made independent from the function of central banking. The committee considered creation of a new payments regulator, or making the current Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) within RBI more independent. Sources said that RBI, as a regulator, is focusing more on the interest of banks rather than creation of a financial ecosystem and even after coming up with consultation paper on fixing MDR charges in March 2016, it has not been able to fix the charges. 


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Order on notes not an attempt at demonetisation: Rajan

 

 "This is not an attempt to demonetise. It is an attempt to replace less effective notes with more effective notes. I understand people are making a different interpretations. Unfortunately that should not be the interpretation," he said. Order on notes not an attempt at demonetisation: Rajan Reserve Bank Governor Raghuram Rajan today said the order withdrawing all currency notes printed before 2005 was not an attempt at demonetisation or had anything to do with the general elections. He also made it clear that the pre-2005 notes will continue to be legal tender. "This is not an attempt to demonetise. It is an attempt to replace less effective notes with more effective notes. I understand people are making a different interpretations. Unfortunately that should not be the interpretation," he said. Rajan was answering a question on the RBI's last night decision to withdraw all currency notes printed before 2005 , after he delivered the 8th R N Kao Memorial Lecture here. 

CBI Director Ranjit Sinha had asked him about the significance of the decision coming before the general elections. "I have to say that it (withdrawal of notes) has nothing to do with elections which certainly is not the objective," Rajan said. He said there has been a long standing demand that these notes have unfortunately become less secure. The notes after 2005 have greater security features and the Finance Ministry sought withdrawal of the pre-2005 notes. RBI had yesterday said that after March 31, 2014, it will completely withdraw from circulation all bank notes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes 

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Office market to stay strong despite falling growth numbers:

 

Colliers report The policy changes that the government is implementing, should help improve business confidence in India and result in robust office leasing demand in the coming years. Occupiers looking for large, quality spaces, should consider R The policy changes that the government is implementing, should help improve business confidence in India and result in robust office leasing demand in the coming years. Occupiers looking for large, quality spaces, should consider making pre-commitments in new office buildings, especially in the technology-driven markets like Bengaluru, Hyderabad and Pune, according to a report by Colliers International ‘India Office Property Market Overview, Trends to watch for in 2017’.

 Bengaluru remained on a high growth trajectory and maintained its leading status among the key cities, by retaining a 31% share of the total occupier demand, followed by Delhi-NCR (18%.) Hyderabad and Chennai stood on 13% each, while Mumbai, Pune and Kolkata accounted for 14%, 9% and 2%, respectively, of the overall leasing volume. In 2016, 27.2 million sq ft (2.53 million sq metres) of grade A new supply was released into the market. This was insufficient to cope with the very strong demand, especially in markets such as Bengaluru, Hyderabad, and Pune and resulted in a significant fall in vacancy levels and an increase in office rents in most of the micro-markets in these cities. “In the technology-driven markets such as Hyderabad, Bengaluru and Pune, the demand-supply gap is likely to remain a concern in the short term. Tenant appetite for higher quality offices has been reflected in new leases being executed at above market rates, in select grade A buildings in all the cities. Expecting a similar trend in 2017 as well, we cannot rule out the possibility of upward pressure on rents, at least in the first half of the year in most of the preferred markets for grade A buildings,” said Surabhi Arora, senior associate director, research, at Colliers International.

 Bengaluru In 2016 Bengaluru accounted for the highest percentage of overall India leasing volume in the office space, recording 12.8 million sq ft (1,188,300 sq meters) gross absorption. This was the highest leasing across the top nine Indian cities. IT/ITeS companies were on an expansion spree and vigorous leasing is expected to continue in 2017. Despite significant supply pipeline, low vacancy in select micro-markets, should exert upward pressure on rents. Hyderabad For Hyderabad, demand outpaced supply in 2016. In terms of occupier demand, 2016 was a record year for Hyderabad, with the highest leasing volume since 2011. Recording a 37% year-on-year increase in gross leasing, nearly 5.6 million sq ft (521,250 sq meters) was leased in the city, outstripping the new supply addition of about 2.3 million sq ft (216,900 sq meters). Hyderabad’s office market is in transition and property owners have aggressively increased rents in 2016, as available office space diminished with massive expansion by IT occupiers. In the short term, supply should complement demand

In fact, closure of a few large transactions in Q4 2016, helped Chennai to achieve a gross absorption level of 4% above that of 2015. Peripheral micro-markets should continue to gain occupier preference, as most of the new supply is concentrated in this belt, mainly comprising Old Mahabalipuram Road (OMR). Kolkata Rents remained stable, as occupier-favourable conditions persisted. Leasing activity was relatively subdued during the year, as only 0.9 million sq ft (79,896 sq metres) of gross absorption was recorded, marking a 13% decline from 2015 levels. Most of the deals were small, with an average size of 8,000 sq ft (743 sq metres). Amid high vacancy and affordable rents in Sector V and the peripheral districts of Rajarhat and New Town, occupiers will probably continue to opt for grade A office space in these micro-markets, for expansion and upgradation. 

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LIC bucks demonetisation blues, new biz growth doubles in 

Nov Data from the Life Insurance Council, the industry body for the life insurance companies, showed LIC’s new premiums saw a 140 percent jump on a year-on-year basis with the insurer collecting Rs 12,528.07 crore as new premium. M Saraswathy (more) Special Correspondent, Life Insurance Corporation of India (LIC)--the country’s largest insurer--has seen its new business growth double in November, when the government declared that old denomination notes of Rs 500 and Rs 1000 were not legal tender.

 Data from the Life Insurance Council, the industry body for the life insurance companies, showed that LIC’s new premiums saw a 140 percent jump and collected Rs 12528.07 crore as new premium on a year-on-year basis. Private life insurance companies, on the other hand, saw an almost 50 per cent growth in new business premiums for the month of November 2016 compared to November 2015. These insurers collected Rs 3533.33 crore for the month and Rs 28141.51 crore up to the month of November in this financial year.

 For the April to November period, life insurers (LIC and private), collected Rs 103404.60 crore as first year premiums, showing a growth of 39 per cent compared to the same period last fiscal. During this period, LIC had seen a growth of 44 per cent while private insurers saw growth of 26 per cent. Insurance executives said that apart from very small ticket micro-insurance policies where premiums are a few hundred rupees, at least 50-55 per cent of premium payments have moved to online payment, payment through credit/debit card and cheque 

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Source: PTI 'Sweet spot' India, China to power global growth

As leaders and economists debated the future of globalisation here at WEF, the emerging narrative shifted to growth booster from Asia for the global economy amid darkening prospects for trade worldwide. Emerging as a sweet spot, India along with China are set to rev up world economic growth as a "new normal" of inward-looking approach raised questions over the future of globalisation at the WEF meet here, while Indian leaders listed out demonetisation as a measure owed to people in the fight against black money.

 As leaders and economists debated the future of globalisation here at WEF, the emerging narrative shifted to growth booster from Asia for the global economy amid darkening prospects for trade worldwide. While asserting that UK would retain its internationalist approach despite Brexit, Prime Minister Theresa May said the country's biggest manufacturer Tata is Indian but still there cannot be anything more British than its product Jaguar Land Rover. India was today applauded as a major driving force alongside China for world growth with leaders and economists emphasising the need for increased regional cooperation. Veteran banker and New Development Bank President K V Kamath said a "new normal" is emerging where many countries would prioritise an "inward look" at their national policies even as India remains in a comfortable position. While stating that India and China contribute a big chunk today to the global growth, he India is in a "sweet spot" as the country absorbs investments in infrastructure, manufacturing and areas driving the consumer sector...

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Invest in tax-saving instruments to meet financial goals 

Taxpayers’ habit of last minute rush to save tax is often cashed in by the financial instrument providers and advisors to meet their sales target instead of identifying and matching the investor financial needs. Sudhir Kaushik There is rush for identifying tax-saving investments during the annual ritual of submitting investment proof. Often in this stampede taxpayers throw their hard-earned money into sub-optimal investments without knowing all the options. Taxpayers’ habit of last minute rush to save tax is often cashed in by the financial instrument providers and advisors to meet their sales target instead of identifying and matching the investor financial needs. For example, if a person having four dependents may end up buying a high premium policy with lower risk cover without identifying the need of insurance cover required, when the required risk cover can be procured with term insurance at a lower premium. Similarly, ELSS offers higher return and liquidity as compare to fixed deposit while the tax saving is same

.And necessary expenses can also be claimed as expense instead of rushing for fresh investment such as rent to parents for HRA, stamp duty on purchase of house and children tuition fee. The tax rule The tax rules for the submission of proofs of investments and expenses for claiming deduction/exemptions are provided under section (u/s) 192 of the Act and details of which are updated in the annual TDS circular annually. The proof has to be submitted to employer in the month of January/February.Section 192 makes it obligatory for the employer to withhold taxes at the time of payment of salaries. The employer keeps on deducting TDS on the basis of estimated tax on the basis of declaration provided by employees in the month of April and the differential is covered in last 2-3 months on actual investment proof submission. Invest to meet your goals Often employees declare higher investments in April to keep the TDS low but fail to invest regularly and get the shock of higher TDS deduction in last months. Sometimes a major part of last month’s salary goes into taxes resulting in cash crunch plus tax loss.

 You should not take hasty decisions in this situation and invest to save tax without understanding the instrument required for meeting your financial goal. Tax planning is a complex activity which needs expertise in tax laws and avoiding it results in loss up to 30% of your earnings every year. And the prime reason for higher tax is self planning with limited tax knowledge and misconceptions. Take expert advice to optimise savings Many taxpayers manage their tax affairs themselves, without seeking help from an expert. Just as self-medicating is not advisable when we fall ill, the do-it-yourself approach can prove to be very costly for salaried people. We noticed that they missed out on several deductions and exemptions that a professional tax advisor could have saved for them. Taxpayers tend to underestimate the real cost of paying too much tax. Even a modest saving of Rs 3,000 a month, if invested for retirement, can grow to a massive Rs 10.3 lakh in 10 years. In 20 years, it would become Rs 50.9 lakh and in 30 years it would reach Rs 1.95 crore. So, poor tax planning could be robbing you of a comfortable retirement. The bigger problem is that a person who does not fully understand the tax laws or hasn’t updated his knowledge with the new regulations can make error

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Trump sworn-in, vows to obliterate radical Islamic terrorism

Donald Trump today assumed office as US President, vowing to obliterate "radical Islamic terrorism" from the face of the earth in a campaign-like speech in which he promised to restore jobs to Americans and protect borders, a veiled reference to pursuing a tough immigration policy. Donald Trump today assumed office as US President, vowing to obliterate "radical Islamic terrorism" from the face of the earth in a campaign-like speech in which he promised to restore jobs to Americans and protect borders, a veiled reference to pursuing a tough immigration policy. "We will reinforce old alliances and form new ones and unite the civilized world against radical Islamic terrorism, which we will eradicate from the face of the Earth," Trump said in his inaugural address moments after he was sworn in as the 45th president of the US, succeeding Barack Obama. 

Trump had been critical of Obama for not using the term "radical Islam" and repeatedly defended his stand arguing that the phraseology makes a "big difference" in the war against terrorism. Trump, 70, took the oath of office in front of about 800,000 people who braved chilly weather to gather on the National Mall in the center of the capital to celebrate the rank political outsider, who defied all odds to defeat political heavyweight Hillary Clinton in the November polls. In his address to the nation from the US Capitol, Trump sought friendship with the nations of the world, but made it clear that the US will do so with the understanding that it is the right of all nations to put their own interests first. "We do not seek to impose our way of life on anyone, but rather to let it shine as an example. We will shine for everyone to follow," he said in an optimistic and visionary inaugural speech that lasted for over 16 minutes. Continuing with one of his election campaign theme, 

Trump said that for many decades, Americans have enriched foreign industry at the expense of American industry. "Subsidized the armies of other countries while allowing for the very sad depletion of our military. We've defended other nation's borders while refusing to defend our own; and spent trillions of dollars overseas while America's infrastructure has fallen into disrepair and decay," he said. "We've made other countries rich while the wealth, strength, and confidence of our country has disappeared over the horizon. One by one, the factories shuttered and left our shores, with not even a thought about the millions upon millions of American workers left behind," he added. And the wealth of the middle class has been ripped from their homes and then redistributed across the entire world. "But that is the past. And now we are looking only to the future. We assembled here today are issuing a new decree to be heard in every city, in every foreign capital, and in every hall of power," Trump said. "From this day forward, a new vision will govern our land. From this moment on, it's going to be America First. Every decision on trade, on taxes, on immigration, on foreign affairs, will be made to benefit American workers and American families," he said. Reiterating his pledge to protect borders from the ravages of other countries making American products, stealing its companies, and destroying jobs, Trump said protection will lead to great prosperity and strength

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Expect huge gains from 250 mineral blocks' auction: Mines Secy 

 The deposits in these mines include iron-ore, bauxite, manganese, limestone as well as dolomite and their leases have lapsed this month in the absence of forest and environment clearances, required for execution of a lease deed. |  Expect huge gains from 250 mineral blocks auction: Mines Secy States will next fiscal auction up to 250 mineral blocks, mining leases of which have lapsed due to regulatory hurdles, and would generate lakhs of crores of rupees in revenue, a top official said today.

 The deposits in these mines include iron-ore, bauxite, manganese, limestone as well as dolomite and their leases have lapsed this month in the absence of forest and environment clearances, required for execution of a lease deed. Mines Secretary Balvinder Kumar told PTI that till now around 21 mineral blocks have gone under the hammer and fetch Rs 73,359.4 crore to the states. Auctioning off another 200-250 minerals blocks would be the major work for the government in the coming fiscal, Kumar said. "200 plus cases (mining lease approvals) have already lapsed. Very soon we will get the details of these cases," the Secretary said.

 The amended MMDR Act, which stipulated that all mining licences for major minerals be granted through auctions, had a saving clause, giving respite to those mining lease (ML) applications that had been approved by the Centre or in favour of which the state governments concerned had issued letters of intent (LoI) before the new Act. The Act gave these ML applicants a deadline of January 11, 2017 (i.e. 2 years from the date of notification of an MMDR ordinance) for execution of the lease deeds with the respective state, after fulfilment of the conditions prescribed in the ML approval/LoI. "The window of two years has come to an end...

Over 200 cases have been lapsed. States will put on auction 250 cases in the coming fiscal," the Secretary said. Of the 21 mineral blocks auctioned so far, Kumar said, seven are in Karanataka, three each are in Rajasthan, Odisha, Chhattisgarh, Jharkhand, one each Madhya Pradesh and Andhra Pradesh. "A total revenue of Rs 73,359.4 crore will go to the states over a period of 50 years due to the auction of 21 mineral blocks," Kumar said. The mines were auctioned for minerals like limestone, iron ore and diamond, the Secretary 


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