Samsung Electronics unveils many new products, including the highly anticipated Samsung Galaxy Note 3, Gear smartwatch during IFA Berlin 2013.
Samsung Galaxy Note 3 boasts of a larger screen and a 'much
more enhanced' S Pen. According to Samsung, the phone has enhanced
multitasking features, "you do not have to switch between tasks, one to
the other."
Galaxy Note 3, which has a 5.7 inch Super-Amoled screen will
weigh 168 grams. The device will be available in 140 countries from
September 25 starting at price tag of $860 and the worldwide
availability will be from Octobe
New
Reserve Bank of India (RBI) chief Raghuram Rajan kicked-off his term
with a bang, announcing a spate of measures to support the embattled
rupee and unveiling a raft of steps to liberalise financial markets and
the banking sector. Full Article
The
rupee has slumped to record lows in recent months on worries that FIIs
will continue to sell out of a country facing stiff economic challenges
and volatile global markets. Full Coverage
(Reuters) - The rupee rallied and shares surged on Thursday after the
Reserve Bank of India (RBI) chief unveiled a slew of measures to support
the ailing currency and open markets, providing a shot of confidence
for investors unnerved by the country's worst economic crisis in two
decades. The rupee rose as much as 2.3 percent to 65.53 per dollar, well off the record low 68.85 hit on August 28.
The Nifty rose as much as 3.3 percent, propelled by lenders such as HDFC Bank, which surged after the new measures included increasing overseas borrowing limits for banks.
However,
amid the euphoria over RBI Governor Raghuram Rajan's strong Wednesday
debut, economists warned he cannot by himself solve the challenges in an
economy facing a sharp growth slowdown and a record high current
account deficit, which have fueled a 16 percent slide in the rupee so
far this year.
The government has
failed to push through politically tough reforms needed to fix the
economy, and elections due by next May instead raise the prospect of
expensive populist spending that could threaten the country's sovereign
credit rating, which is one notch above junk status.
"To
a certain extent, the recent rupee tumble and instability in the
financial markets, has been a crisis of confidence. To that end, the
path of action provided by the new governor and the stress on keeping
communications predictable and consistent will be a welcome move,"
Radhika Rao, an economist at DBS in Singapore, said in an email to
clients.
"Still, the external
drivers of the rupee weakness will continue to dictate the momentum,
along with the urgent need to address domestic structural pitfalls -
fiscal and current account deficits, along with reviving investment
activity."
At least for Thursday,
Indian markets reflected the optimism placed on Rajan, a former chief
economist at the International Monetary Fund who unexpectedly unveiled a
flurry of proposals in his first day at the helm of the central bank.
In
terms of action to prop up the rupee, the measures included providing
exporters and importers more flexibility in hedging their forward
currency contracts, as trading firms had long complained about
regulations that left them unable to quickly cope with rapid currency
movements.
"The statement is impressive and a must-read, in our view," Deutsche Bank said in a note.
"India's
myriad cyclical and structural impediments will continue to hold back
the economy for the time being, and risks of a deeper crisis are
non-trivial, but (Wednesday's) statement shows a fresh and cohesive
vision of monetary and financial sector policy from a newly appointed
central bank governor can shine a much-needed light on India's promise
and potential."
India's defence of
the rupee has so far relied on controversial steps taken by the RBI,
which have included draining cash from the market, raising short-term
interest rates and imposing capital controls on resident Indians.
Investors
have expressed little faith that the government can push through
substantial reforms, such as a hike in subsidised fuel prices, that
could help revive confidence in the economy.
Asia's
third-largest economy is suffering from a dearth of investment and
sharp slowdowns in the manufacturing and services sectors.
(Additional reporting by Subhadip Sircar; Editing by Tony Munroe & Kim Coghill)
Bet on infrastructure stocks, but with a long-term view
By Nikhil Walavalkar, ET Bureau | 5 Sep, 2013, 09.24AM IST
Infrastructure sector is in focus again. After being in the news for
all depressing reasons, the sector has finally got some good news for
investors: Be it the power tariff hikes in many states, allowing import
coal price pass-through in power projects under public private
partnership or the recent announcement of clearing projects worth Rs 1
lakh crore. Nobody can say that there is no positive news flow.
However, most investors
are still not very enthused about the sector. Investors can see stocks
quoting at very low valuations but most of them are not ready for bottom
fishing because of their confidence in the infrastructure theme, which
ruled the roost in 2007.
However, some brave investors have
started selectively accumulating stocks lately. "We see pockets of value
emerging in individual stocks because of the sharp price correction,
and we are taking selective stance looking at the balance sheet risk and
corporate governance record on each individual stock we invest in,"
says Nobutaka Kitajima, chief investment officer — equity, LIC Nomura
Mutual Fund.
"For investors willing to look through the cycle,
with staying power and long-term horizon, it is a good segment of the
market to gradually accumulate on the dip," he adds.
"Over the next one year, interest rates may come down and will act as a trigger for stock prices of infrastructure stocks
to bounce," says Vikram Dhawan, director — wealth management, Equentis
Capital. He prefers to look at select stocks in the industrial segment
over infrastructure asset owners. He likes VoltasBSE 2.08 %
and ABB. "These stocks are quoting at attractive valuations and have a
good order book. If there is an up-tick in infrastructure spending,
these stocks will benefit," adds Dhawan.
Dipen Shah, senior
vice president — private client group (research), Kotak Securities,
likes L&T as it should benefit from the new projects announced. He
also recommends accumulating Cummins IndiaBSE 1.70 %
and Voltas due to their sound balance sheet. While infrastructure
stocks become attractive, most market participants warn against buying
in one go. And instead ask accumulating on weakness in the market with a
three-year view. If you are not a direct equity investor, consider
investing in a dedicated infrastructure fund.
Uncertainties Weigh
Though there is an opportunity of accumulating quality stocks, one
cannot ignore the sector fundamentals, which are not particularly
attractive. The news flow is a mix bag. Though the government has
announced some positive measures, there are some developments that may
not work in favour of companies in the infrastructure sector.
A
case in point is the Land Acquisition Bill. It seeks to provide just
and fair compensation to landowners while ensuring that no land can be
acquired forcibly without getting the consent from a certain number, say
70-80 %, of land owners. "This bill is expected to drive up the project
costs in money terms as well as in terms of time spent," says Shah.
Even if the government has announced many new projects, how many will
take off on time after this bill goes through is anybody's guess.
Samsung Electronics unveils many new products, including the highly anticipated Samsung Galaxy Note 3, Gear smartwatch during IFA Berlin 2013.
Samsung Galaxy Note 3 boasts of a larger screen and a 'much
more enhanced' S Pen. According to Samsung, the phone has enhanced
multitasking features, "you do not have to switch between tasks, one to
the other."
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