Jio Prime membership opens on March 1:

New tariff plans revealed For Jio Prime Members, two more monthly plans will be available other than the Rs 303 plan announced last week. The cheapest monthly plan is Rs 149 which offers free domestic voice and 2GB data without any daily limits. Another plan offers 60 GB (2GB daily data allowance) and unlimited voice for Rs 499, according to a CLSA note. Reliance Jio is all set to begin enrolling customers on to its Jio Prime membership plans from March 1, effectively offering 1 GB high-speed 4G data and free calls for Rs 10 a day for an year. The membership fee for Jio Prime will be Rs 99 per year. The unlimited free voice, free data offered in the 'Happy New Year' scheme will be available to Jio Prime members for another 12 months for a price of Rs 303 per month.

Mercedes E Class, BMW 5 Series to slug it out

 Two noted German heavyweights Mercedes-Benz E Class and BMW 5 Series will take on each other in the mid-luxury sedan segment in the coming weeks. Two noted German heavyweights Mercedes-Benz E Class and BMW 5 Series will take on each other in the mid-luxury sedan segment in the coming weeks.The E Class, which goes on sale today, has a trick up its sleeve to counter its arch rival. Mercedes is launching the extended wheelbase version of the E Class which means it is longer by 140 mm than its standard version.The added length had provided the saloon with more interior space reinforcing the belief that the E Class largely is a chauffer-driven car. At least a third of Mercedes-Benz’s India sales comes from this model alone thus making it the highest selling car for the luxury car market leader.

Trai must set standard norms on offers, urge Airtel, Voda.....!

 Idea Battle between the players within the telecom industry is getting tough and now it is a matter of survival of the fittest for the telcos. According to sources, Bharti Airtel, Vodafone and Idea Cellular have presented their rebuttal to TRAI (Telecom Regulatory Authority of India) Error loading player: No playable sources found According to sources, Bharti Airtel , Vodafone and Idea Cellular have responded to TRAI's (Telecom Regulatory Authority of India) paper on promotional offers. The companies have put forth a few demands and have urged the regulator to set up standard norms on promotional offers across the board. 

MWC 2017: HMD Global relaunches Nokia 3310 

At EUR Seventeen years since its debut and 12 years after Nokia pulled curtains on it, the Finnish handset maker has relaunched the Nokia 3310. Perhaps, the launch of Nokia 3310 has been the most anticipated one in the history of any phone, smart or not.

Finnish company HMD Global revived the Nokia 3310 at the Mobile World Congress 2017 (MWC 2017) on Sunday night along with Nokia 3, 5 and 6 Android phones.

Reliance market capitalisation crosses Rs 4 lakh cr, stock up 6%

 Reliance stock gained nearly 17 percent in four consecutive sessions, especially after brokerages have given a thumbs up to Reliance Jio's new tariff plans and its announcement that it will start charging subscribers with effect from April 1, 2017. Reliance Industries shares climbed nearly 9-year high to Rs 1,253.45, surging 6 percent on the back of value buying. Strong rally helped it to cross Rs 4 lakh crore-mark in market recapitalisation, for the first time since January 18, 2008. Currently it is the second highest valuable stock in market capitalisation terms after TCS that is valued at Rs 4.88 lakh crore.

India is America's greatest strategic partner: top US Governor

 India is America's "greatest" strategic ally and the country has been instrumental in helping the US build technology and medical professions, a top US Governor has said. India is Americas greatest strategic partner: top US Governor India is America's "greatest" strategic ally and the country has been instrumental in helping the US build technology and medical professions, a top US Governor has said. "We clearly understand the strategic importance of India, of India-US relations. As we grow our 21st century economy, India has been so instrumental in helping us build our technology, medical professions," Virginia Governor Terry McAuliffe, who is also the chair of the powerful National Governors Association, told PTI. "We recognise a country that has been such a close strategic ally of the US. That's why we the Governors are here tonight," McAuliffe said at a reception hosted by Navtej Sarna, the Indian Ambassador to the US, at his residence in honour of members of the National Governors Association (NGA). Governors along with their spouses from a record number of 25 states attended the reception, which is one of the largest such gatherings at the Ambassador's residence in recent years and reflective of the strong partnership that India over the years has been able to build with each of these states. 

Govt to approach SC over ban on diesel taxis in Delhi

 As protesting taxi drivers created a traffic chaos in New Delhi today, the government said it will request the Supreme Court to reconsider the ban on plying of diesel taxis in the national capital. As protesting taxi drivers created a traffic chaos in  New Delhi today, the government said it will request the Supreme Court to reconsider the ban on plying of diesel taxis in the national capital. "The government has decided to request the Supreme Court to reconsider its decision on ban. The ban has created an unprecedented situation of thousands of taxis getting off road and people facing severe hardships," Transport Minister Nitin Gadkari told reporters. The decision was taken at an inter-ministerial meeting, attended by Gadkari, Heavy Industries Minister Anant Geete and Environment and Forest Minister Prakash Javadekar. Hundreds of taxi drivers today blocked National Highway 8 and the Ring Road here to protest against the action by enforcement agencies following the court order.

India wants certainty, transparency in US visa regime:

 Nirmala Commerce and Industry Minister Nirmala Sitharaman said that the issue has been discussed in detail with a group of US Congressmen. India wants certainty, transparency in US visa regime: Nirmala India today pitched for certainty in the US visa regime arguing that businesses flourish only in a stable environment. Commerce and Industry Minister Nirmala Sitharaman said that the issue has been discussed in detail with a group of US Congressmen. "We have discussed in detail as to what the uncertainties are all about...business always flourishes in an environment of certainty and transparency. So even this visa related issue is an issue on which we would want to have an air of certainty and also transparency," she told reporters. She said the bipartisan Congressmen stated at a meeting here yesterday that they are waiting for the new administration to fully settle down. "I hope as important Congressmen, they will play their role," she said. The minister was speaking on the sidelines of launch of a report by the United Nations. The US delegation was led by Bob Goodlatte, chairman, Judiciary committee, House of Representatives. 

Vodafone brings in former India MD to work on merger with Idea 

 British telecom major Vodafone has brought in Martin Pieters, former Managing Director and CEO of its Indian arm, to work on proposed merger of Vodafone India with Idea Cellular, sources said. Vodafone brings in former India MD to work on merger with Idea British telecom major Vodafone has brought in Martin Pieters, former Managing Director and CEO of its Indian arm, to work on proposed merger of Vodafone India with Idea Cellular , sources said. Vodafone Group Chief Executive Vittorio Colao is also likely to brief all business heads of the Indian arm over a conference call next week about the proposed merger. "Martin Pieters has reached India to oversee proposed merger of Vodafone India with Idea Cellular. Vittorio (Colao) will brief all business heads of Vodafone India over a conference call on the merger on February 24," said a source. Vodafone declined Pieters, the longest serving Chief Executive Officer of a telecom firm in the India, who stepped down on April 1, 2015 to be succeeded by present Vodafone India MD and CEO Sunil Sood.

India Economic Survey 2017:

 President highlights key schemes to promote digital infra From announcing a BPO promotion scheme for the North East to conversion of three core Kisan Credit cards to Rupay cards, President Mukherjee highlighted key schemes to promote digital transactions and entrepreneurship in India.While demonetisation has given an impetus to cashless payments in India, the President of India in his speech on Tuesday said that over 65% of population which is below the age of 35, which is being empowered with various schemes. He expressed his confidence in the outlook for the Indian economy. Here are the highlights on the digital from President Pranab Mukherjee’s Speech on how digital and entrepreneurship schemes will benefit India: # Over 26 crore plus Jan Dhan accounts have been opened for the unbanked during this government’s tenure # 

Idea soars 5.5% on buzz of merger with Vodafone in a month 

PTI, the companies are likely to announce a signing agreement by February 24-25. Telecom major has brought its ex-India unit chief Marten Pieters to work on the merger. Shares of Idea Cellular   were up over 5.5 percent intraday on Monday as investors placed positive bets on an escalation in the company’s merger plans with Vodafone. "The companies are likely to announce a definitive signing agreement by February 24-25," a source told news agency PTI. "They are almost ready to sign the agreement and should not take more than a month to announce it," another source told the agency. The British telecom major has brought its ex-India unit chief Marten Pieters to work on the proposed merger. Vodafone Group Chief Executive Vittorio Colao is also likely to brief all business heads of the Indian arm on a conference call this week about the proposed merger. If the deal is successful, the combined entity will create India's largest telecom firm with a revenue share of around 40 per cent and a subscriber base of over 380 million, according to India Ratings and Research

Budget 2017: Spend on education sector seen falling short

 Experts feel the Budget spend on education is woefully inadequate for a country which is aspiring to create a pool of skilled workforce to fuel economic growth  was billed as ‘no-nonsense’ by many, but its impact on the education sector is not yet clear. The government has allocated roughly Rs 80,000 crore for the sector, about 10 percent higher than last year. While the number may seem huge, one has to view it in proportion to the total expenditure. Compared to peers, India spends the least on education. Experts feel this is woefully inadequate for a country which is aspiring to create a pool of skilled workforce to fuel economic growth. The budget for Sarva Shiksha Abhiyan (SSA) was increased by Rs 1000 crore, and that for Rashtriya Madhayamik Shiksha Abhiyan (RMSA), teacher training and adult education has been increased by Rs 305 crore compared to the revised Budget estimate for FY17. The mid-day meals scheme, which continues to face problems and much criticism since inception, will get only Rs 300 crore more. Speaking to Moneycontrol, Rohin Kapoor, Director, Deloitte Haskins & Sells LLP says, “There has been shortage of funds, lack of quality control in schools and instances of vendors providing poor quality, sub-standard meals to kids

Nepal will focus on infrastructure development:

 PM Prachanda Nepal is lagging behind in the area of development mainly due to the lack of adequate infrastructure which is the backbone of economic development, Prachand said while addressing the second 'Nepal Infrastructure Summit 2017' here. | Nepal's Prime Minister Prachanda vowed to ramp up the country's infrastructure as India pledged support to the Himalayan nation in its developmental drive. Nepal is lagging behind in the area of development mainly due to the lack of adequate infrastructure which is the backbone of economic development, Prachand said while addressing the second 'Nepal Infrastructure Summit 2017' here. As the infrastructure gap has directly hurt the developmental activities, Nepal government has accorded top- most priority to its development with the aim of becoming a middle-income country by 2030, he said. "Aware of this, Government of Nepal is committed to work in partnership with the private sector to bridge the infrastructure gap," Prachanda said. "We have adopted the policy of Public Private-Partnership (PPP). Necessary acts, regulations and guidelines have been streamlined," he said. Welcoming Railways Minister Suresh Prabhu at the conference, the Prime Minister said, "Our close neighbour India is very much committed to supporting our efforts in infrastructure development."

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.

Jio row: Govt thinks TRAI's fine on telcos is on weak ground

 In October, the telecom regulator had recommended that a combined penalty of Rs 3,050 crore be imposed on Airtel, Vodafone and Idea for denying sufficient points of interconnect to new entrant Reliance Jio. Error loading player: No playable sources found The Department of Telecommunication believes that the telecom regulator’s recommendation to impose a combined penalty of Rs 3,050 crore on Bharti Airtel , Vodafone India and Idea Cellular last October was based on weak grounds, Telecom Regulatory Authority of India had recommended that DoT take action against the three carriers for violating licence norms by denying sufficient points of interconnect to new entrant Reliance Jio Infocomm. It said the carriers’ actions appeared to be aimed at stifling competition and were against public interest.

Patel keeps markets guessing; assures path to 

inflation, growth and his first since he became RBI Governor, Patel on Friday opened up on the latest monetary policy decision and the factors that will curate the future interest rates. Humorist and actor Will Rogers once said, "An economist's guess is liable to be as good as anybody else's." This quote was explained well when the Reserve Bank of India Governor Urjit Patel — who has announced three monetary policies since taking charge in September last year — has proven a majority economists wrong in all the three policy decisions. In a rare interview and his first since he became RBI Governor, Patel on Friday opened up on the latest monetary policy decision and the factors that will curate the future interest rates. In the wake of changing global dynamics, central banks across the world have had to take stronger policy actions given the various financial implications the monetary policy announcement, Patel reminded the market that interest rate decisions may grow unpredictable even as the RBI will continue its focus on the government mandated inflation target of 4 percent.

Idea Cellular posts Q3 loss at Rs 385 cr, voice volumes jump 7%

 Idea said in an effort to retain its existing mobile subscribers, it was forced to reduce on sequential quarterly basis its voice rates by 10.6 percent to 29.6 paisa per minute from 33.1 paisa in Q2FY17 and drop mobile data rates by 15.2 percent to 15.9 paisa per megabyte against 18.7 paisa in previous quarter. Error loading player: No playable sources found Moneycontrol Bureau Idea Cellular , the country's third largest telecom operator by subscriber base, has posted a consolidated loss of Rs 385.6 crore against profit of Rs 90.04 crore in previous quarter, impacted by demonetisation and Reliance Jio's free offerings that have been extended till March 31, 2017. On standalone basis, it reported a loss of Rs 478.9 crore in Q3FY17, for the first time in 40 quarters since its IPO in 2007, as last two years of high investments increased depreciation & amortisation charges to Rs 1,965.3 crore and finance cost to Rs 923.2 crore.

Under enigmatic Patel, Indians failing

 To RBI policy forecasting the Reserve Bank of India would cut its key rate by a quarter of a percentage point. But the RBI held rates and moved to a "neutral" policy stance, signalling an end to India's longest monetary easing cycle since the 2008-09 global financial crisis. Denny Jose, a small-town caterer in Kerala, was closely watching the RBI meeting last week. Newspapers and markets were forecasting the Reserve Bank of India would cut its key rate by a quarter of a percentage point. But the RBI held rates and moved to a "neutral" policy stance, signalling an end to India's longest monetary easing cycle since the 2008-09 global financial crisis. The move surprised Jose and crimped his expansion plans. "We were planning to buy two commercial vehicles to transport food and were expecting a rate cut. Now, we're forced to defer that plan." He was not the only one wrong-footed.

From rupee to Trump, a peek into RBI Guv Urjit Patel's 

 RBI Governor  Governor, Reserve Bank of India |  US policies and rate hikes by the Federal Reserve could stoke financial volatility. He listed hazy policy measures by developed economies and rising commodity prices as his key worries. Patel said the demonetisation move had to be backed up with more work so that the gains were durable, and that land and labour reforms were key to sustainable economic growth. Below are the key takeaways from the interview. On inflation: Need to look beyond the headline inflation number to see how the 4 percent inflation target can be achieved, given that non-food, non-fuel inflation remains high. A neutral stance gives the RBI three options if the inflation outlook changes— raise rates, pause or cut them. An accommodative policy would reduce options. On growth: Exports after a long time are now showing some life. Private investment demand may give a fillip to the recovery in the second half. On demonetisation: On the positive side, more savings have gone into deposits, mutual funds and insurance.

JLR to make in India, add local products to take on rivals

 India will get fresh investments and added product lines from Tata Motors-owned British brands Jaguar Land Rover even as the company has not lined up big-ticket investments for elsewhere across the globe. Swaraj Baggonkar India will get fresh investments and added product lines from Tata Motors-owned British brands Jaguar Land Rover even as the company has not lined up big-ticket investments for elsewhere across the globe. C Ramakrishnan, Group Chief Financial Officer, Tata Motors , said, “There will be some expansion of facilities here in India, where more product lines are getting added but beyond that in the immediate future or a short-term future we are not looking at any major investments of this nature”. JLR is adding capacity at the assembly plant in Pune where it presently makes five models – Jaguar XE, XF and XJ and Land Rover Discovery Sport and Range Rover Evoque – with the help of knocked down kits imported from JLR’s mother plant in the UK.

Government's pro-poor schemes are bleeding insurers' books

Government-sponsored insurance schemes -- Rashtriya Swasthya Bima Yojana (RSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (term insurance) and Pradhan Mantri Suraksha Bima Yojana (personal accident insurance) -- have led to heavy losses for the insurance companies. M Saraswathy (more) Special Correspondent, Moneycontrol | Government-sponsored insurance schemes -- Rashtriya Swasthya Bima Yojana (RSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (term insurance) and Pradhan Mantri Suraksha Bima Yojana (personal accident insurance) -- have led to heavy losses for the insurance companies. These schemes, which are pro-poor, have low premiums with a disproportionately high claim payout. As a result, they have resulted in huge losses sometimes exceeding 100 percent over and above the premium collected. For every Rs 100 collected as premium, claims of more than Rs 100 are paid. This leads to losses referred to as underwriting losses in a product portfolio. Jan Suraksha insurance schemes are loaded with an annual premium of only Rs 300 and Rs 12 for its term insurance and the personal accident cover, respectively. 

Expect Soybean prices to trade sideways to higher:

 Angel According to Angel Commodities, expect Soybean prices to trade sideways to higher due to lower level buying as the supplies are adequate in physical market. Soybean Soybean futures closed flat on Wednesday after two days of negative trading. There are sufficient supplies in the domestic market and the prices are at base level. The production will be higher this year and the oil millers are purchasing soybean at lower prices so that they can have parity to export soy meal at competitive rates. 

Data revolution, Trump, entrepreneurship:

 What Mukesh Ambani had to say about these at the NASSCOM summit Mukesh Ambani Chairman, Reliance Industries at the Nasscom Leadership forum spoke with Neelam Dhawan VP- Global Industries, HP on various challenges and way forward for businesses. Mukesh Ambani (more) Chairman & MD, Reliance Industries | Error loading player: No playable sources found At the NASSCOM summit yesterday, Mukesh Ambani, Chairman, Reliance Industries spoke about how data will revolutionise society, the launch of Jio, Donald Trump's impact on Indian IT and what entrepeneurs should do to succeed. Why data is the 'new oil' and will kickstart the fourth industrial revolution So, when you have everything converging, I understood very recently only 3 or 4 years ago, the meaning of the word exponential. I think all of you being in the IT industry understand exponential and I think that we are on the verge of exponential change. With this convergence that is happening in the world, we have the opportunity to solve big problems in a short time. That is why I say that in the next 20 years humankind can achieve much more than what we have in the last 300 years. It is a very exciting time. What data can do for society At the foundation of the fourth industrial revolution is connectivity and data. 

US probe of Saudi ties to 9/11 inconclusive After a 13-year wait, 

 US published a redacted version of the 28-unreleased pages from the 9/11 report that show that the probe into the links between Saudi Arabia and the attacks found multiple suspicions but no proven ties. but no proven ties. US probe of Saudi ties to 9/11 inconclusive After a 13-year wait, the US today published a redacted version of the 28-unreleased pages from the 9/11 report that show that the probe into the links between Saudi Arabia and the attacks found multiple suspicions but no proven ties. The report indicates links between Saudi Arabian government and those behind 9/11 but such links have been dismissed as preliminary allegations which could not be corroborated by subsequent investigations. The findings however showed an inability to "identify definitively" Saudi links to attacks on US soil and global terror. "While in the United States, some of the 9/11 hijackers were in contact with, and received support or assistance from, individuals who may be connected to the Saudi government," the declassified document said.

Donald Trump says may seek India's aid on 'unstable'

 Pak's nukes Donald Trump's such a remarks came during a town-hall in Indianapolis in response to a question on how he would deal with countries like Pakistan which has sometimes "double dealt" with the US. Donald Trump says may seek Indias aid on unstable Paks nukes Republican presidential front runner Donald Trump today hinted at seeking help from India and others to address the "problem" of what he described as a "semi-unstable" nuclear-armed Pakistan. Donald Trump's such a remarks came during a town-hall in Indianapolis in response to a question on how he would deal with countries like Pakistan which has sometimes "double dealt" with the US. "We've given them (Pakistan) money and they've double dealt us," the interviewer said. "Yes, but the problem with Pakistan, where they have nuclear weapons -- which is a real problem," Trump said.

Trai shifts deadline for comments on net neutrality to March 15 Telecom regulator

 TRAI today extended the last date for comments on the contentious Net neutrality by a month to March 15. Trai shifts deadline for comments on net neutrality to March 15 The Telecom Regulatory Authority of India (TRAI) today extended the last date for comments on the contentious net neutrality by a month to March 15. Telecom operators and Internet-based companies have been at loggerheads on the issue which is linked to providing preferential access to select customers. "On request from the stakeholders, the last date for receipt of written comments, if any, from the stakeholders has been extended up to March 15, 2017, and counter comments by March 22, 2017," the TRAI said in a statement. Earlier, the last date for comments was February 15 and counter comments February 28. The regulator has already conducted the first round of consultation to understand key issues that need to be looked at for framing rules around Net neutrality. The ongoing consultation process was initiated pursuant to reference from the Department of Telecom.

Proud moment for nation: PM on launch of 104 satellites

 ISRO chief A S Kiran Kumar said at the mission control centre at Sriharikota that the Prime Minister has congratulated the space agency team for the successful launch. Proud moment for nation: PM on launch of 104 satellites Prime Minister Narendra Modi today hailed scientists for the successful launch of 104 satellites on board a single rocket from the spaceport of Sriharikota. ISRO chief A S Kiran Kumar said at the mission control centre at Sriharikota that the Prime Minister has congratulated the space agency team for the successful launch. 

E-commerce expected to touch $50-55 billion by 2021: 

 The report by Retailers Association of India and Boston Consulting Group revealed that on decoding the digital opportunity sectors that could see maximum e-commerce penetration would be consumer electronics, apparel, homeware and furniture, luxury, health, FMCG and food and grocery. E-commerce expected to touch $50-55 billion by 2021: E-commerce market is expected to be at USD 50-55 billion by 2021 from the current USD 6-8 billion, according to a recent report. The report by Retailers Association of India and Boston Consulting Group revealed that on decoding the digital opportunity sectors that could see maximum e-commerce penetration would be consumer electronics, apparel, homeware and furniture, luxury, health, FMCG and food and grocery. By 2025, consumer electronics would see maximum penetration of e-commerce between 38-42 percent compared to 13-15 percent currently, while food and grocery could see the least growth with 1-3 percent of e-commerce penetration from under 1 percent currently, the report noted. In the last three years alone digital buying has increased from 3 percent in 2013, to 23 percent in 2016.

Fed's Yellen says fiscal policy adds 'uncertainty' to outlook

 Possible changes in fiscal policy by US President Donald Trump are among the factors adding "uncertainty" to the economic . Federal Reserve Chair Janet Yellen said today. Feds Yellen says fiscal policy adds uncertainty to outlook Possible changes in fiscal policy by US President Donald Trump are among the factors adding "uncertainty" to the economic outlook, Federal Reserve Chair Janet Yellen said today. She cautioned that any spending plans should be consistent with putting the budget on a "sustainable trajectory." Regardless, the central bank will decide at its upcoming monetary policy meetings -- the next one is March 14-15 -- whether to raise the key interest rate once inflation rises closer to the Fed's two percent target and as employment continues to strengthen, as expected, Yellen said in her semi-annual testimony to Congress. Her comments on monetary policy gave few additional hints on the timing of the Fed's next rate increase as she repeated familiar statements that "monetary policy is not on a preset course" and decisions will be made "in response to changes to the economic outlook and associated risks as informed by the economic data.

SC convicts Sasikala in assets case; political career in limbo

 The Supreme Court sentenced the AIADMK general secretary, who has been staking claim to the Tamil Nadu chief minister's post, to four years in jail and asked her to surrender immediately.AIADMK leader Sasikala was on Tuesday convicted by the Supreme Court in a disproportionate assets case, ending her hopes of becoming Tamil Nadu chief minister. Asking Sasikala to surrender immediately, the country’s top court sentenced her to four years in jail and fined her Rs 10 crore in connection with a two-decade-old case involving late Tamil Nadu chief minister Jayalalithaa and two of Sasikala’s relatives for amassing disproportionate wealth to the tune of Rs 66 crore. The court abated proceedings against Jayalalithaa, who passed away in December and was the prime accused in the case. The verdict means that Sasikala, who has been engaged in a tussle for the Tamil Nadu chief minister’s post for the past fortnight, will effectively be barred from electoral politics for at least a decade. The Supreme Court had ruled in 2014 that convicted lawmakers cannot fight an election for six years after their release. It also means that the AIADMK leader cannot lay claim to the post of chief minister. However, she can still prop a loyalist to rival current chief minister and AIADMK colleague O Panneerselvam.

TN political drama may worsen stasis in India's

 2nd biggest eco Political uncertainty in Tamil Nadu started months ago when the late chief minister Jayalalithaa was hospitalised, and peaked when she died, leaving Sasikala and perennial acting CM O Panneerselvam to scrap over the succession. Economy Editor, The Supreme Court decision to send Sasikala to jail for four years prolongs a drama that threatens to slow decision-making in the country’s second-largest state economy. The best outcome now for the state’s growth would be a quick resolution that installs a stable government; the worst outcome would be a split in the AIADMK between supporters of O Panneerselvam and Sasikala, and further wrangling. Political uncertainty in Tamil Nadu started months ago when the late chief minister Jayalalithaa was hospitalised, and peaked when she died, leaving Sasikala and perennial acting CM O Panneerselvam to scrap over the succession. The bureaucracy in the state has been focused primarily on running the day-to-day administration of a state that is home to several foreign investors, notably the car companies Hyundai and Ford. Sasikala has also moved to replace some of Jaya’s top officials, exacerbating the unsettled situation. Jayalalithaa herself spent time in jail over a corruption case in 2014, leaving Panneerselvam to mind the state, when a period of drift seems to have started. Her own populist measures built a votebank for her but hurt the state finances.

Wall Street hits records again, boosted by Trump economy hopes

 Wall Street's main stock indexes rose to fresh all-time closing highs as a spike in oil prices supported energy shares and investors renewed their optimism about President Donald Trump's economic agenda. Wall Street hits records again, boosted by Trump economy hopes Wall Street's main stock indexes rose to fresh all-time closing highs  as a spike in oil prices supported energy shares and investors renewed their optimism about President Donald Trump's economic agenda.  500 tallied its fourth straight session of gains, a day after Trump vowed a major tax announcement in the next few weeks.500 has surged 8.3 percent since Trump's November 8 election, fuelled by expectations he will lower corporate taxes, reduce regulations and increase infrastructure spending. The rally had stalled amid concerns over Trump's protectionist stance and lack of clarity on policy reforms. "Investors were worried that the administration may have gotten off track and was pursuing other items," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. "Tax cuts have gotten put back on the front burner," Forrest said, adding, "We are looking for gains in the economy at large from this, not just (earnings per share) gains in stocks."

Sebi to decide on Reliance settlement plea at 'earliest'

 Sebi itself initiated adjudication and prosecution proceedings in the matter in 2010, while show-cause notices were issued next year in 2011 -- the year when settlement applications were subsequently filed before the regulator. Sebi to decide on Reliance settlement plea at earliest Markets regulator Sebi expects to decide at the "earliest" on settlement pleas filed by Reliance Industries and 27 other related entities in a case that allegedly involved Rs 900-crore worth transactions nearly 18 years ago when Ambanis still had an undivided business empire. Sebi itself initiated adjudication and prosecution proceedings in the matter in 2010, while show-cause notices were issued next year in 2011 -- the year when settlement applications were subsequently filed before the regulator. The applicants included Reliance Industries as also virtually all members of the undivided Ambani family. The matter relates alleged lapses in issuance of debentures and their subsequent conversion into equity shares. Sebi has attributed the 'delay' to litigation by some concerned entities, insistence of some for "privileged and confidential documents relating to the case", disputes raised by Reliance Industries Ltd (RIL) on certain portions of the investigation report and the difficulties faced in getting some important documents.

Govt hopeful of passing GST bills in 2nd leg

 Budget session Replying to a question on GST bill, Parliamentary Affairs Minister Ananth Kumar said, "That is on the plate. GST council is meeting on 18th and it will be decided after that, but we are hopeful that supporting GST bills will be passed in the next phase of the session." Govt hopeful of passing GST bills in 2nd leg of Budget session Government is hopeful of getting the supporting legislations of Goods and Services Tax (GST) passed by Parliament in the second phase of the Budget session for rolling out the new indirect tax regime by July. Replying to a question on GST bill, Parliamentary Affairs Minister Ananth Kumar said, "That is on the plate. GST council is meeting on 18th and it will be decided after that, but we are hopeful that supporting GST bills will be passed in the next phase of the session."

Cong says govt delaying GST implementation Congress today accused

 The government of being "insensitive" towards implementing GST and said the blame for delaying the key tax reform measure for three years should be on the Modi dispensation. Cong says govt delaying GST implementation Congress today accused the government of being "insensitive" towards implementing  "That means they are most insensitive for implementing a very important enactment like GST, which was brought by us. If at all any blame should go, it is to the present government, which has delayed implementation of GST for more than three years," the former Union Minister said. He said the GST network had rejected CAG's request to name Auditor and do extra audit. "This has had sad reflection with regard to preparedness to launch the GST," he said. Moily said the Budget allocation for defence reflects the "sad affair" of allocations to the sector. He said the allocation has been reduced by 5 per cent and this will "decelerate military modernization and preparedness".

Govt may rework indirect tax maths mid-way after GST entry

 Perhaps in a first, the government may have to recalibrate its budgetary tax collection estimate half-way after the goods and services tax (GST) comes into effect from July. Govt may rework indirect tax maths mid-way after GST entry Perhaps in a first, the government may have to recalibrate its budgetary tax collection estimate half-way after the goods and services tax (GST) comes into effect from July. In Budget 2017-18, Finance Minister Arun Jaitley used the traditional tool of setting a modest growth to the expected revenue collection in the current fiscal for indirect tax projections of the next financial year. By that yardstick, 2017-18 will be a different year compared with the past. Mid-way, GST will kick in by subsuming all central indirect taxes such as central excise and service taxes as also state levies like VAT into one.

Trump says he is working on a major tax reform

 US President Donald Trump has said he is "working" on a major tax reform which would massively reduce taxes of workers and businesses of the country. Trump says he is working on a major tax reform US President Donald Trump has said he is "working" on a major tax reform which would massively reduce taxes of workers and businesses of the country. "We are in the process right now of working on a major tax reform that will massively reduce taxes on our workers and businesses," Trump said yesterday in his weekly web and radio address to the nation. "We want to make it much easier to do business in America, and that's what we're going to do. We're going to make it also much harder for companies to leave. They're not just going to say bye-bye and fire everybody. There will be consequences," he said. Trump said, he met the CEO of Intel (Brian Krzanich) this week, who announced that his company will invest USD 7 billion in a new manufacturing facility in Arizona, creating thousands of new American jobs. 

Aurobindo sees costs to double as it gets into biosimilars

 In addition to TL Biopharmaceutical’s four products – Aurobindo is also developing eight other biosimilars on its own targeting therapeutic segments such as oncology, rhemutology, ophthalmology and respiratory. The company has set up a fully functional research and development centre for biologics development and is also establishing a manufacturing facility in Hyderabad, which is likely to be ready by September. Aurobindo management said in the earnings  that the company will incur higher expenditure to the tune of 7-8 percent of its revenues going forward in contrast to its current spend of 3.5 percent. Aurobindo reported sales of Rs.13,896 crore in FY17. Aurobindo keeps its  expenditure much below the industry average spend of 7.1 percent, as it primarily focuses on generic drugs. Aurobindo said it may also consider the option of out-licensing some of its biosimilar molecules at a later stage close to completion of phase-1, to mitigate the high cost of development. The company said it plans to do almost 70 percent of clinical trial work in India and the rest in Europe to save costs.

India's factory output shrinks in December

 India’s factory output contracted 0.4 percent in December amid signs of faltering industrial activity because of demonetisation. India’s factory output contracted 0.4 percent in December amid signs of faltering industrial activity because of demonetisation. Factory output measured by the index of industrial production (IIP) is the closest approximation for measuring economic activity in the country’s business landscape. India’s factory output grew by a surprisingly robust 5.7 percent in November, running contrary to retail sales data showing slide in household spending and muted corporate investment hit by an economy-wide cash-crunch The opposition has been unsparing in its criticism about the government’s move to demonetise old Rs 500 and Rs 100 notes has forced many factories to cut down production, because of falling sales and low funds to pay wages in cash. Latest data shows that capital goods output, a metric to gauge capacity additions by companies, have contracted.

Need to attract investments for regional exploration:

 Govt The government today said there is a need for attracting investments and private exploration agencies in regional exploration. Need to attract investments for regional exploration: Govt The government today said there is a need for attracting investments and private exploration agencies in regional exploration. "Keeping in view the immense untapped mineral potential of the country, it was realised that there are many areas that need further facilitation," an official statement said. The compelling need to provide an impetus to exploration activity in the country at this juncture has prompted a thorough review of the government's Exploration Policy and strategy, it said. Accordingly, the new National Mineral Exploration Policy has been notified in July 2016 with a view to provide a new set of objectives, sense of purpose and direction within the amended legal framework. It is aimed at attracting private exploration agencies. Power, Coal and Mines Minister Piyush Goyal chaired a meeting of the parliamentary consultative committee attached to the Ministry of Coal and the Ministry of Mines on the issues of 'mines safety in coal mines' and 'initiatives in exploration regime respectively here last evening.

Buy, sell, hold: 8 stocks to watch out post Q3 results CLSA says

 Power Grid's best is yet to come in terms of capitalisation and estimates 50 percent rise in regulated equity over FY16-19. The brokerage house has reiterated buy call on the stock, with increased target at Rs 238 from Rs 225 as it feels valuations are inexpensive despite a 39 percent rally in one year. Lupin Bank of America Merrill Lynch has reiterated Lupin as its top pick in sector on account of near trough valuations, with increased target price at Rs 1,920 from Rs 1,865 after strong beat on earnings and better visibility on pipeline. Goldman Sachs revised FY17-19 EBITDA by 4-6 percent to factor in margin development and raised target to Rs 1,612 from Rs 1,541. The brokerage house feels product launch rate is a key upside risk for the stock while price erosion and execution at Gavis are downside risks. Nomura remained neutral on FY18/19 EPS by 6/7 percent, though it retained buy call on the stock, with increased target price at Rs 340 from Rs 315. Cost savings will enhance return profile, it feels. Power Grid CLSA says Power Grid's best is yet to come in terms of capitalisation and estimates 50 percent rise in regulated equity over FY16-19. The brokerage house has reiterated buy call on the stock, with increased target at Rs 238 from Rs 225 as it feels valuations are inexpensive despite a 39 percent rally in one year.

Rural areas to get 24x7 power supply after polls:

 UP CM "At present, power supply in urban area is 22 to 24 hours and in rural area, it is 14 to 16 hours. However, after the Assembly election, 22 to 24 hour supply would be ensured in rural areas as well," he said at an election rally in Kosi town of Chhata assembly constituency here. Rural areas to get 24x7 power supply after polls: UP CM Uttar Pradesh Chief Minister Akhilesh Yadav said rural areas of the state will get round the clock power supply after the Assembly polls. "At present, power supply in urban area is 22 to 24 hours and in rural area, it is 14 to 16 hours. However, after the Assembly election, 22 to 24 hour supply would be ensured in rural areas as well," he said at an election rally in Kosi town of Chhata assembly constituency here. He said 108 ambulance type services would be introduced for cattle.

Listing of state general insurers may be staggered

Here is why Two to be listed in FY18, others insurers' IPO to be done in subsequent financial years The public listing of five non-life general insurance companies will most likely be spaced out. New India Assurance and General Insurance Corporation of India (GIC Re) will probably be hitting the capital markets in FY18 while others will be listed in subsequent years. Last month, the Cabinet gave its nod to list five non-life general insurance companies as part of government's move to reduce its stake to 75 percent from 100 percent in the insurers. Oriental Insurance Company, National Insurance Company, New India Assurance, United India Insurance and national reinsurer General Insurance Corporation of India, or GIC Re are the five insurers who will be listing. “The aim is to complete the process of listing of at least two players by March 2018. Solvency and underwriting performance are the top criteria,” said a senior ministry official. The reasoning behind this more staggered listing process is to give investors enough time between each initial offer. The chairman of a public sector general insurance company on road to listing explained that it will not be wise to get all the PSU non-life insurers listed at the same time. 

Sensex, Nifty open flat; investors cautious ahead of RBI policy Infosys, Wipro, BHEL

Hero Motocorp, TCS, ITC, Axis Bank, Hero Motocorp and UltraTech Cement were early losers while Tata Steel, Tata Motors, HUL, Sun Pharma, NTPC, Hindalco, Tech Mahindra and Cipla were gainers. Sakthi Siva of Credit Suisse says with India up strongly in recent weeks, a key question from investors is whether the 'Cheapest 4' continues to outperform the 'Expensive 4'. The answer is still Yes. The 'Expensive 4' basket - India, Indonesia, Australia and the Philippines has underperformed MSCI Asia Pacific ex-Japan by 1.4 percent in 2017 so far, she adds. While India's return on equity bottomed at 11.6 percent and has risen to 12.4 percent, she estimates implied return on equity to be as high as 17.7 percesell, hold: 7 stocks to watch out post Q3 results Equity benchmarks started off Wednesday's trade on a cautious note ahead of outcome of two-day monetary policy committee meeting due later in the day.

Sensex rangebound as RBI policy eyed; Infosys dips, TCS gains Infosys 

Shares fell around 1 percent after sources told that founders NR Narayana Murthy, Kris Gopalakrishnan, and Nandan Nilekani among others are learnt to have raised concerns over the governance of the company. Sensex rangebound as RBI policy eyed; Infosys dips, TCS gain The market remained directionless in morning, with the Nifty gyrating in a 20 points range. Investors maintained cautious stance ahead of RBI monetary policy committee's decision. Motilal Oswal believes a favorable inflation trajectory and a brave Union Budget that resisted calls for consumption stimulus give sufficient room to the RBI to cut policy rates by 25 basis points to 6 percent. 

Budget 2017: Impact of Budget on various sectors Indian markets celebrated

  Finance Minister Arun Jaitley’s Budget with both Sensex and Nifty closing with a gain of around 1.8 percent as they celebrated no introduction of long term capital gain (LTCG) on equity stocks and keeping the service tax unchanged. Below is an analysis of how the Budget impact various sectors. Indian benchmark indices celebrated Finance Minister Arun Jaitley’s Budget with a run-up of 1.8 percent on Wednesday. While the Budget was a no-shocker event, a few key announcements stood out. 

The agriculture sector received a major boost with an outlay of Rs 10 lakh crore. In auto, the focus was on infrastructure and reduction in individual tax rates in the Rs 2.5-Rs 5 lakh category. Here, we present to you the measures, impact and stocks to watch for in key sectors.

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Fertiliser Min gets Rs 10,000 cr under spl banking arrangement

"Before placing the Budget, the Finance Ministry...granted us Rs 10,000 crore under special banking arrangement (SBA). | Fertiliser Min gets Rs 10,000 cr under spl banking arrangement The Finance Ministry has granted Rs 10,000 crore to Fertiliser Ministry under special banking arrangement to provide loan to cash-starved fertiliser companies at reasonable rates. "Before placing the Budget, the Finance Ministry...granted us Rs 10,000 crore under special banking arrangement (SBA). This has been sanctioned and lot of problems will be mitigated," Fertiliser Minister Ananth Kumar said at a press conference here.

Oil companies' merger can be challenging yet beneficial: Fitch 

"However, a merger would face significant execution challenges, particularly in terms of managing the integration of employees, addressing overcapacity in the merged entity, and winning the backing for the merger from private shareholders," the rating agency said in a statement. The proposed merger of state-owned oil companies could reduce inefficiencies across the sector and create an entity better placed to compete globally for resources, Fitch Ratings said today. "However, a merger would face significant execution challenges, particularly in terms of managing the integration of employees, addressing overcapacity in the merged entity, and winning the backing for the merger from private shareholders," the rating agency said in a statement. More than 12 years after a proposal to merge oil PSUs was first mooted by the then Oil Minister Mani Shankar Aiyar

Budget 2017: Is NPS a good retirement plan despite withdrawals being taxed?

 Experts feel NPS continues to be a good retiral product for the salaried segment since it is market-linked and professionally managed. The Finance Minister Arun Jaitley has left the taxation status of National Pension System (NPS) unchanged in Budget 2017. As a result, contrary to expectations, NPS remains an exempt, exempt, taxable (EET) scheme, whereas competing retirement schemes – Public Provident Fund (PPF) and Employees’ Provident Fund (EPF) -- have been enjoying the advantage of exempt, exempt, exempt (EEE) status. What does this mean for you as an investor looking to invest to build a pension corpus? Does NPS remain a good investment option in the retirement landscape to build a long-term corpus for old-age income? Investment experts believe that despite the disadvantage on the tax front, NPS remains an attractive investment option for retirement income. “NPS continues to be an excellent retiral product that the Indian salaried segment should leverage. The product is market-linked and professionally managed. In the NPS, we have an excellent platform to build social security for every Indian,” Ajit Narasimhan, Head of Savings and Investments, 

Budget 2017 strong on macro-economic intent:

 Govind Shrikhande In line with the PM’s vision to dismantle bureaucracy, the FM’s announcement to abolish the FIPB and further liberalize the FDI policy deserves a round of cheer! The government’s continuous focus to bolster the digital economy is definitely applause-worthy. Govind Shrikhande (more) MD, Shoppers Stop | Govind Shrikhande, Customer Care Associate and Managing Director, Shoppers Stop Limited The Union Budget is set amidst a complex geopolitical atmosphere punctuated by the US Fed rate, global protectionism and oil prices and a muted domestic sentiment owing to demonization. Against this challenging backdrop, the government’s efforts to maintain the fiscal deficit at 3.2 percent, CAD at 0.3 percent, forex reserves at USD 361 billion and increase FDI flow by 36 percent are indeed commendable. The Union Budget is clearly strong on macro-economic intent, as is evident from the FM’s focus on agricultural growth, rural development, up-skilling of the youth, war on black money and pushing the digital economy, among others. 

Indian real estate gets a measly 1% share of global capital inflows 

 It makes for a telling revelation that considering the 11,500 developers under the CREDAI (Confederation of Real Estate Developers’ Associations of India) umbrella, the number of developers who have consistently delivered projects across all R It makes for a telling revelation that considering the 11,500 developers under the CREDAI (Confederation of Real Estate Developers’ Associations of India) umbrella, the number of developers who have consistently delivered projects across all three phases of the Indian residential real estate cycle over a 11-year period, stands at a measly 124. As per sold out year/construction complete (residential) 2005-2008 2009-2011 2012-2016 Across all three phases* Number of developers 308 647 852 124 Source: JLL Research In percentage terms, it comes to just 1% and starkly exposes the lack of depth in India’s realty market. 

These statistics also reinforce the justification behind recent policy-level interventions, such as the Real Estate (Regulation & Development) Act (RERA) and demonetisation. The sector definitely needs a shot of corporate governance and better industry practices. A vibrant real estate industry, with greater degree of transparency, will bode well for future fund flows. On the back of higher transparency and corporate governance, many more developers will be able to attract private equity (PE) funding. Not only will this turnaround show the confidence in our real estate industry but will also help developers tide over the liquidity crisis, seen in recent years. See also: Total PE into Indian real estate in 2016 vastly exceeds 2015 inflows Why global funds have stayed away from Indian realty Out of the global capital inflows into real estate of more than USD 610 billion in 2016, India’s realty got a measly sum of approximately USD 6.6 billion. This amounts to 1% and is due to the lack of depth in India’s real estate industry and its highly-fragmented nature.

 PE funds have had to struggle with finding the right partners and in recent times, their focus has changed to quality of partners instead of IRR (internal rate of return). Only a few developers in India have been able to attract private equity over the years. In order to attract investments, developers need to have high levels of integrity, quality of assets, appropriate capital structure, experienced management teams, high levels of corporate governance and better financial and budgetary controls. The table below illustrates how a majority of today’s developers entered the business, 2012 onwards. Many others have been in this business for barely a decade. The market conditions are challenging for many, especially those with a poor track record. A lack of fiscal prudence, over-indulgence in land-banking and a lower degree of customer need analysis, with the associated failure to fulfil promises by some developers, has dealt a blow to the entire industry’s credibility and caused a wider trust deficit between them and buyers. As per launch year/construction start (residential) 2005-2008 2009-2011 2012-2016 Across all three phases*

 Number of developers 748 853 1621 240 Source: JLL ResearchWhat the industry needs to do, to attract capital inflows Going forward, however, increased consolidation and transparency is expected to boost foreign and domestic investor participation like never before. This will be a win-win situation for the developer community, as well as PE funds. The industry, then, would be able to get a higher share of the global capital inflows, which bodes well for its future. The developer community, on its part, would have to invest in building brands, forge partnerships and set up full-fledged teams, to manage investor relationships. The stock exchange-listed players should also maintain the highest ethical standards, while trading in their own stock, deciding on compensation structure for directors, reducing outstanding litigations and retention of key management personnel. * India’s property market growth cycle can be divided into three phases: The rapid growth witnessed from 2005 to 2008; the post-GFC (global financial crisis) period between 2009 and 2011; and the current phase of plateaued growth starting from the year 2012. 

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Only 54% of land title documents digitised so far in Maharashtra 

 Only 54% of the total 2.5 crore 7/12 receipts (a land title document) in Maharashtra have been digitised so far, a state government said. Maharashtra’s revenue minister Chandrakant Patil, in December 2016, had announced R Only 54% of the total 2.5 crore 7/12 receipts (a land title document) in Maharashtra have been digitised so far, a state government said. Maharashtra’s revenue minister Chandrakant Patil, in December 2016, had announced that digitisation of all 7/12 receipts will be completed by March 31, 2017. However, going by the current pace, it is highly unlikely that the state will be able to do so. See also: Maharashtra to have digitally signed 7/12 receipts from March 2017 “There have been a number of challenges, including poor internet connectivity, lack of skilled manpower and non-availability of infrastructure, to carry out the drive. 

There have been efforts to push the digitisation but other factors are affecting the progress of the project,” said an official, on the condition of anonymity. The 7/12 receipt is a crucial piece of document for the establishment of ownership of a land. The receipt is extensively used by farmers, for loan agreements, crop survey and availing government facilities. Till some years ago, hand-written 7/12 receipts were prepared by the village-level revenue officers (Talathi). Only Talathis are entrusted with the powers to make changes in these receipts and this resulted in several instances, wherein officers misused their authority. To avoid this, the state government had come up with an idea of digitisation of entire revenue documents. The aim is also to boost transparency and avoid any tampering with documents. The state government has made several provisions, including setting up optical fibre networks, providing high-speed internet connection and asking Talathis to use laptops instead of pen and paper, for issuing 7/12 receipts to needy people. We may miss the deadline but we will achieve it for sure, the official assured 

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Union Budget 2017-2018 Review: Yes Securities 

Government projects fiscal deficit target of 3.2%, in line with market consensus. FY18 Revenue deficit pegged at 1.9%, below FRBM mandated level of 2.0%. Focus of the Budget on Investment and Consumption revival Yes Securities (more) Government projects fiscal deficit target of 3.2%, in line with market consensus• Promises to remain committed to 3.0% FRBM target in FY19 FY18 Revenue deficit pegged at 1.9%, below FRBM mandated level of 2.0% Focus of the Budget on Investment and Consumption revival Realistic growth assumption of Gross tax revenues at 12.2%, lower than FY17 growth of 17% that was driven by additional revenue measures FY18 nominal GDP growth pegged at 11.8%, tad lower vs. advance estimate of 11.9% On direct taxes, key change of reduced personal income tax from 10% to 5% for income between Rs 0.25-0.50 mn.

 In addition, corporate tax rate for MSMEs with turnover up to Rs 500 mn reduced to 25% No key change on indirect tax front Tax receipts to be supplemented by Dividends & Profits (Rs 1424 bn) & disinvestment proceeds incl strategic sale (Rs 725bn) in FY18 • FY18 Non tax revenues assume no fresh spectrum auction On the expenditure side, total spending budgeted to rise by 6.6% lower than FY17 RE growth of 13.6% A faster growth in capital expenditure to improve ‘Quality of spending’ marginallyGross and net market borrowing budgeted at INR 6.05 tn and INR 4.23 tn respectively 

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Promotional free data plans in India fuel Facebook's Q4 growth

Terming India as its "strongest growth market" in the fourth quarter, Facebook said third-party promotional free data plans in geographies like India were "clearly having an impact in Asia Pacific". Promotional free data plans in India fuel Facebook  Q4 growth Promotional free data plans by telecom operators in India during the December quarter has helped social networking giant Facebook clock strong growth. Terming India as its "strongest growth market" in the fourth quarter, Facebook said third-party promotional free data plans in geographies like India were "clearly having an impact in Asia Pacific". 

The US-based company saw its revenues growing by 51 percent to USD 8.8 billion in the December quarter of 2016. "... particularly in the fourth quarter wanted to call out that we've seen an increase in third party promotional free data plans in places like India. "So that clearly is having an impact in Asia Pacific and India was our strongest growth market. So that would be something that I would say was a little bit more unique this past quarter," Facebook Chief Financial Officer David Wehner said. Facebook has nearly 1.9 billion users with more than 1.2 billion logging onto its platform every day. Of these, 1.1 billion used their mobile devices to access Facebook on a daily basis. India accounts for over 160 million users, the second highest after Facebook's home ground. During the December quarter, mobile advertising revenue grew 53 percent to USD 8.6 billion, representing about 84 percent of the quarter's revenue 

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