Sun Pharma settles Novartis lawsuit over cancer drug

 

Sun Pharma says it is allowed to launch a generic version of Novartis' Gleevec in the US in 2016, under a settlement agreement between the two companies. (Reuters)

SummarySun Pharma's subsidiary holds a tentative approval from FDA for a generic version of Gleevec.

Sun Pharmaceutical Industries Ltd has inked a settlement pact with Novartis Pharmaceutical Corporation over cancer drug Gleevec, paving the way for the Indian drug major to launch a generic version of the medicine in the US market in 2016.
One of the subsidiaries of Sun Pharma has executed a settlement agreement with Novartis, stipulating a dismissal of the lawsuits filed in the United States against the company regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Gleevec, the Indian drug major said in a statement.
"Under the terms of the settlement agreement, Sun Pharma's subsidiary may launch its version of generic Gleevec in the United States on February 1, 2016," it added.
The other terms of the agreement are confidential, the Mumbai-based firm said, adding that the agreement is subject to customary regulatory approvals.
Sun Pharma's subsidiary holds a tentative approval from the US Food and Drug Administration for its ANDA for a generic version of Gleevec.
As per IMS sales data, Gleevec had annual sales of around USD 2 billion in the US.
Gleevec, which is the registered trademark of Novartis, is indicated for the treatment of chronic myeloid leukemia.
Sun Pharma shares were trading at Rs 622.75 apiece in morning trade on the BSE, up 1.87 per cent from its previous close

SARVESH SINGH
PGDM 2ND SEM

Asian shares step back from highs, bonds supported

Tokyo: Asian shares stepped back from a one-month high on Thursday, tracking a retreat on Wall Street, while expectations of credit easing by the European Central Bank knocked down yields on US and European bonds.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1% from one-month high hit on Wednesday as Wall Street shares retreated overnight from record highs hit the day before.

“Despite the modest decline in US equities on Thursday, the mood in equity markets globally remains buoyant, with major indices flirting with all-time highs and emerging equity markets rallying strongly,” Barclays analysts said in a research note.

 

While shares prices saw limited moves, there was more pronounced price action in the world’s largest bond markets, as expectations of monetary easing by the ECB drove prices up and yields down.

 

The central bank is preparing a package of policy options for its June meeting, including cuts in all its interest rates, and targeted measures aimed at boosting lending to small and mid-sized firms

 

The 10-year US Treasuries yields fell to six-month low of 2.5%, breaking out of a long-held range, and last stood at 2.5%.

 

The yield on 10-year German Bunds fell to a one-year low of 1.3% while Italian 10-year debt yielded a record low of 2.9%.

 

British government bond yields dropped to six-moth low of 2.5% when the Bank of England offered a surprisingly dovish monetary policy outlook, even though the BoE was seen as likely to be one of the earliest major central banks to raise interest rates sooner rather than later.

 

The BoE pushed back against expectations it might raise interest rates in less than a year’s time, leaving largely unchanged its assumptions on the timing of interest rate rises even as it acknowledged a strong recovery in the labour market.

 

“Their comments are extremely similar to what the Fed has said. Yes, the jobless rate is falling faster but wages are not rising much,” said Tohru Yamamoto, chief fixed-income strategist at Daiwa Securities.

 

Small wage rises mean low inflationary pressure, allowing central banks to maintain extremely easy monetary policy. “So you can say that markets are now starting to expect a new normal, where wages do not rise much (in developed countries). If even the BoE won’t raise rates, the Fed probably won’t either,” Yamamoto added.

 

In the currency market, sterling, which had been rallying so far this year on BoE expectations, fell to one-month low of $1.6753 and last stood at $1.6766.

 

The euro, on the other hand, stood not far from Tuesday’s one-month low of $1.36885, having fallen two percent from 2 1/2-year high just under $1.40 after ECB chief Mario Draghi last week indicated his readiness to ease policy next month.

 

The Japanese yen gained 0.2% in early trade to ¥101.69 to the dollar, after data showed Japan’s January-March GDP grew an annualised 5.9%, beating market expectations of a 4.2% expansion.

The yen’s gains hurt Japanese shares, pushing down the Nikkei share average 1.4%.

 

But the impact of the data is likely to be short-lived, given that growth was boosted by last-minute buying ahead of sales tax hike in April and looks set to slow.

 

Later in the day, the euro zone will publish its first quarter GDP data while in the United States, CPI and industrial output figures are due. Reuters

 

RANJAY KUMAR

PGDM 2nd SEM

SOURCE- MINT 

After exodus, Narayana Murthy's Infosys plans to retain high performers

 

 

The large number of exits of Infosy employees had raised serious concerns on the IT major's ability to retain talent.

SummaryNarayana Murthy's Infosys reported many top-end exits and clocked attrition rate of 18.7 pct.

Faced with a high level of attrition, India’s second-largest IT services exporter Infosys, is going all out to strengthen its human resources (HR) initiatives to reverse the trend of people leaving the organisation and build a culture of high performance.
Infosys, which had a total employee strength of 160,405 at the end of FY14 reported an attrition of 18.7%, which was a rise of 2.4% when compared to the previous fiscal. The large number of exits from the company had raised serious concerns on its ability to retain talent.
Talking to FE, Srikantan Moorthy, senior vice-president and group head (human resources), Infosys, said, “We have to continuously reduce the number of people that leave us especially the high performers. We have to bring down the exit of high performers as low as it can be and then the overall exits will also come down.”
According to the Infosys HR head, they would very clearly focus on the high performers and try to retain them either through higher compensation or putting their career on fast track. Infosys has already introduced the quarterly promotion scheme. Besides, the high performers will get increments much above the company’s average pay hike.
The other differentiation which is being brought about Infosys is to give greater prominence to the tech savvy professionals. The general norm within the IT services industry for any professional to rise up the ranks is to demonstrate the ability to manage people or team, with larger being better.
“We have started the tech expert track for people who have a deep competence in a specific area and are able to grow up the ranks without having to manage people,” Moorthy said. Employees under this programme would be given the labels of such as Infosys Fellow or Distinguish architect or engineer. “We need to show them the path so that these people do not fizzle out,” the Infosys HR head remarked.
In the last one year, the $8.2 billion IT services company has witnessed numerous exits which was not just at the senior management level but also at mid and junior levels. Many employees of Infosys at the mid level have in fact joined their competitors such as TCS and Wipro.
Realising that the situation was getting out the control, Infosys has intensified its HR efforts which looked at the three main components for employee retention: economic, education and emotional. The company announced


vijay kr yadav
pgdm sem-2nd
sou- times of india

Ambani, Adani gained most from stocks 

 

MODI EFFECT Banking stocks also rose smartly on expectations of a BJP election victory and economic revival

RELIANCE SHARES HAVE RISEN 9.2% SINCE FRIDAY, AND THE SHARES OF THE THREE LISTED ADANI GROUP COMPANIES EVEN MORE

From page 1 MUMBAI: Reliance Industries chairman and managing director Mukesh Ambani and Adani Group promoter Gautam Adani are the two biggest beneficiaries of the rally in the stock markets since Friday.

 

However, if the ` 1,062-crore value of the 3.73% shareholding of Petroleum Trust, that forms part of the promoter group but doesn’t belong to the Ambani family, is taken into account, the rise in the promoter group’s net worth is lower at ` 11,836 crore.
Raj gaurav
PGDM,1st Year
Source:-hindustan times

Sebi planning to relax some norms to revive primary market

 

Mumbai: The country’s capital market regulator plans to relax requirements on just how much of their stake promoters will have to dilute in an initial public offering (IPO) in a move aimed at reviving the primary markets.

 

The Securities and Exchange Board of India (Sebi) is considering a multiple slab system, under which the minimum amount of equity to be offloaded would be linked to the post-issue capital of the company, according to three persons, including a Sebi official, familiar with the matter. 

 

 

At present, all companies with a post-issue capital below Rs.4,000 crore are compulsorily required to offer at least 25% stake in the IPO, while companies with above Rs.4000 crore post-issue capital are required to offer at least 10%. 

 

 

“A number of IPO-ready firms, especially those with market capitalisation (post issue capital) less than Rs.4,000 crore, have stayed away from a listing over fears that they may not be able to offload 25% stake in one shot,” said one of the three people who asked not to be identified. 

 

While the new slabs are still to be decided, smaller companies may be allowed to sell less than the 25% stake that is currently mandatory, added this person. However, the required minimum offer size would remain 10% of the company’s share capital. 

 

“The present norm is somewhat restrictive. A company with a (post issue) capital of Rs.3,990 crore requires to float at least 25%, while a company with just Rs.10 crore more capital requires to dilute only 10%. The required offer size should be on a proportionate basis according to the size of the post issue capital,” said Prithvi Haldea, chairman and managing director, Prime Database, a primary market tracking firm.

 

On 16 April, Sebi chairman U.K. Sinha asked investment bankers to come up with suggestions to revive the primary markets after gathering views of exchanges, brokers and corporations. Weak sentiment in the secondary markets, tepid retail investor interest and stretched financials of corporations together caused a steep fall in the funds raised via the IPO market. 

 

 

In fiscal year 2013-14, Rs.1,204 crore was raised via 38 IPOs, compared with Rs.6,497 crore raised via 33 issues in the previous year.

 

“Sebi is concerned about the state of primary markets. The regulator is examining ways to encourage primary market issuances, reduce the timeline for IPOs and make the process more cost effective. 

 

Apart from introduction of a slab-based regime for IPOs, there could be some operative changes such as making IPOs mandatorily online, doing away with physical IPO application forms altogether,” the first person said. 

 

Sebi is also considering making mandatory the Application Supported by Blocked Amount, or ASBA mechanism, where applicants do not make any payments at the time of applying, the amount is “blocked” in their accounts, and deducted only after shares have been allotted.

 

This would be a pre-requisite for moving away from physical IPO applications to a purely online system, and will also cut down the overall time-frame for an IPO. “ASBA needs to be made available beyond the top cities and all brokers connected to the stock exchange mechanism should be told to offer it mandatorily. All bank branches should also be equipped with ASBA,” said an investment banker who did not wish to be named.

 

Another proposal made by investment bankers to Sebi is to increase the portion reserved for qualified institutional buyers (QIBs) in IPOs, to 60% from the current 50% of the issue size. Further, it has been suggested to increase the anchor investor quota to 60% of the QIB basket from the current 30%. QIBs include banks, financial institutions, state finance corporations, venture funds and just about any other entity considered sophisticated enough to understand and operate in markets. 

 

“The idea is to provide a larger room to institutional investors in the price discovery mechanism,” said a third person. 

 

 

Bankers also want Sebi to make insurance companies eligible to bid for the 5% quota reserved for mutual funds, and allow retail investors to be allotted shares at a discount of 10% to the issue price, the third person added. He too did not wish to be identified. 

 

 

A formal list of these suggestions is likely to be submitted by bankers to Sebi in the coming weeks, following which the regulator will put out a discussion paper by July. “Sebi as a regulator cannot create investor demand for IPOs. Primary market tends to follow secondary market, which in turn follows the state of economy. However, by changing norms, Sebi can indeed facilitate a smoother IPO process to encourage firms to get listed,” Haldea added.

Rahul kumar Gupta

PGDM,1st Year

Source:Mint

Now, a dollar SIP for Indian investors

 

PineBridge mutual fund has launched Dollar Systematic Investment Plan (SIP). Under this facility an investors will invest a fixed amount of US Dollar through SIP into PineBridge India US Equity Standard fund.
"Suppose you want to accumulate $10,000 for the higher education of your child in the US five years down the line, then dollar SIP will help you plan your investments in terms of dollar as it is difficult for an investor to calculate how much to save in terms of rupees every month to achieve the targeted amount in dollars due to the currency fluctuation" says Siddhartha Singh, CEO, PineBridge mutual fund.
So, how is it different from a normal SIP?
Unlike a normal SIP in which an investor invests a fixed sum in terms of Indian rupees on a fixed date every month, here the investors will be contributing in terms of fixed amount of dollar. The dollar SIP will be converted into rupee and then the rupee amount will be debited from the investor's bank account. Let us explain with an example how it will work.
Suppose, an investor decides to do an SIP of $1 and the exchange rate is Rs 50 to a dollar in the first month, then his SIP amount in terms of INR will be Rs 50. Suppose, in the next month, if rupee depreciates and $1 is equivalent to Rs 55 then he will have to increase the SIP to Rs 55. So, monthly SIP in terms of INR will depend on the exchange rate and will keep on increasing or decreasing accordingly, but will remain constant in dollar terms.
For conversion of dollar into rupee, the RBI reference rate prevailing on the 7 days prior to the transaction day shall be used. For example, if one executes the SIP on 21st of the month then the RBI reference rate of 14th of the month will be used.
The facility is available only in auto debit (ECS) mode and not through post-dated cheques. But one has to submit the application physically as it is not available online.
The investor can mention the maximum authorised debit (MAD) amount per SIP installment in the application form to keep a tab on the amount that can be debited from investor's account. Till the time SIP amount converted from dollar to rupees exceeds the MAD, the SIP amount will not processed and will start automatically as and when the installment amount falls below MAD.
The installment dates available for dollar SIP are 1st/7TH/14TH/21st of the month or quarter. Investor can opt for all the four dates.
The minimum installment amount under dollar SIP is $100 and in multiple sof $1 thereafter. There is no upper limit. The minimum tenure is 12 months.
Returns from a dollar SIP will be the same as a normal SIP.

ANAND MAURYA
PGDM-2SEM

Asian stocks steer through Ukraine woes, dollar up

 

Tokyo: Asian shares shrugged off tensions in the Ukraine and followed Wall Street higher on Tuesday, while the dollar held its recent gains against the yen and euro thanks to stronger US Treasury yields.

Indian shares were expected to rally strongly when markets open later in the day, boosted by exit polls predicting India’s business-friendly opposition party winning in the world’s biggest ever elections.

Indian-based assets in global markets surged on Monday after the exit polls, including the 1-month rupee NDF and US-listed shares of Indian banks such as ICICI Bank Ltd.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.4% and Tokyo’s Nikkei gained 1.9%.

The Dow and S&P 500 hit record closing highs on Monday, as strong corporate results and an improving economic outlook spurred a broad rally on Wall Street.

Equity markets have so far brushed off a weekend referendum in Ukraine, where pro-Moscow rebel organizers said nearly 90% had voted in favour of self-rule, possibly inflaming the conflict.

“Investors are so far taking (Russian President Vladimir Putin) at his word that eastern Ukraine will not be repeat performance of Crimea and don’t seem too concerned about the next round of US-EU sanctions given the weakness of those offered to date,” Jasper Lawler, market analyst at CMC Markets, wrote in a note to clients.

“With Donetsk now officially asking to join Russia, Putin’s diplomacy will be fully put to the test,” Lawler added.

The markets are also likely to be focused on industrial production and retail sales data from China expected later on Tuesday. Weak readings could depress risk-sentiment, though they may also fuel expectations for further stimulus measures from Beijing.

China’s economy is growing at its slowest pace in decades, with recent data suggesting a challenging outlook over the next year.

The dollar brushed a one-week high of ¥102.22, helped by higher US Treasury yields on investor caution ahead of a slew of data this week that could paint a brighter economic picture.

The euro remained on the defensive at $1.3755, stuck close to a one-month low of $1.3745 hit on Friday after European Central Bank president Mario Draghi fired a verbal warning against the common currency’s recent gains.

The benchmark 10-year US Treasury note yielded 2.6% after hitting 2.67% on Monday, its highest since 2 May.

The oil market remained a little more sensitive to tensions in the Ukraine, with US crude trading little changed at $100.55 a barrel after gaining 60 cents on Monday. Reuters

LOVE GUPTA
PGDM 1ST YEAR

Modi wave: Sensex hits new high 

 Experts caution against entering the bull-run on BSE, and see a correction soon

From page 01 As the Sensex surged to a new closing high of 23,551 and the Nifty crossed the psychological 7,000-mark on Monday, experts cautioned that the markets may correct during the week if political numbers don’t come through and advised investors to take a long-term view while avoiding risky bets.
 

The 30-share Bombay Stock Exchange benchmark index jumped 556.77 points, or 2.42%, to a new closing high of 23,551, while the broader NSE Nifty rose 155.45 points, or 2.27%, to end at an all-time high of 7,014.25. Intraday, the Sensex rose to an all-time high of 23,572.88, surpassing its previous high of 23,048.49 and the Nifty touched 7,020.75, breaking the earlier record of 6,871.35.
“The rally is not based on fundamentals and may not be sustainable. Retail investors should stay away,” said Kulbir Suri, managing director of KS Investment Services, a boutique investment firm.
Stocks have been running up on expectations that Narendra Modi-led Bharatiya Janata Party would form a government, but even if that happens, the sagging economy would not be immediately revived, said experts.
“This exuberance is irrational. Even if Modi comes to power, it will take him time to put the economy back on the rails. My advice is to stay away from stocks right now,” Parag Parikh, chairman of Parag Parikh Financial Advisory Services, a leading financial services fir m, had told HT after Friday’s rally in which the Sensex gained 650 points.
Of the 30 Sensex companies, 25 gained led by Coal India (up 7.00%), HDFC Bank (up 4.59%) and Tata Motors (up 4.09%).
Among sectoral indices, oil & gas rose 3.07%, followed by power (up 2.98%), auto (up 2.88%) and capital goods (up 2.78%).
As many as 189 stocks hit their 52-week highs on the BSE including Axis Bank, Coal India,
 Maruti Suzuki and RIL.
Political numbers from the exit polls will move markets in the days ahead, experts said. In case the BJP-led National Democratic Alliance does not win the requisite seats to form the new government, shares could plunge by as much as 8-10% in one day, and up to 20% in the aftermath, according to analysts.
“There may be a correction in equities in case of exit polls predicting less than 240 seats,” said Vinod Nair, research head, Geojit BNP Paribas. “Investors should stay invested in the market, provided the numbers come through.” Of course, exit polls have not always been right, either. (With agency inputs)
NAME- RAJ GAURAV
              PGDM 2 SEM

Sensex gains 1% to hit new high after exit polls back Narendra Modi as PM

 

Mumbai: Sensex, India’s benchmark equities index, scaled a fresh high on Tuesday, rising 1.14% to 23,820 points in morning trade, as exit polls predicted that Narendra Modi-led Bharatiya Janata Party (BJP) is likely to form the next coalition government.

The broader 50-share Nifty index on the National Stock Exchange also expanded 1.1% to 7,091 points.

“We expect further 5-10% gains in the market in the whole week,” said Rakesh Arora at Macquarie Capital Securities (India) Pvt. Ltd, a brokerage.

A positive election outcome was probably not yet be priced in, and indicative levels for the Nifty in this euphoric scenario, taking in 15% earnings growth expectations for 2014-15, would be near 7,800 points, analysts Gautam Chhaochharia and Sanjena Dadawala of financial services firm UBS said in a note after results of exit polls were broadcast on Monday.

“In our view, a more euphoric sentiment among investors (the National Democratic Alliance, or NDA, grabbing around 272 seats in the Lok Sabha) would likely imply higher multiples, though sustainability would depend on actual delivery in policymaking hopes,” the analysts said.

All the 30 Sensex stocks on BSE were trading in the green, with Oil and Natural Gas Corp. Ltd (ONGC), Bharat Heavy Electricals Ltd (Bhel) and NTPC Ltd being the top gainers.

NTPC shares gained 5.11% to Rs.127.5, ONGC gained 4.53% to Rs.345.65, while Bhel gained 2.85% to Rs.204.10.

Among the Sensex stocks, Maruti Suzuki India Ltd and Hero MotoCorp Ltd hit all-time highs at start of the day’s trading. At 9:16am, Maruti was trading up 0.62% at Rs.2,080, while Hero was up 0.89% to Rs.2,324.95 per share.

The oil and gas and power indices were the top sectoral gainers, up 2.29% and 1.82%, respectively.

Foreign institutional investors (FIIs) have pumped in a net $1 billion in 14 straight sessions ending 9 May, latest data from the Securities and Exchange Board of India (Sebi) showed.

Among stock-specific gainers, Mangalore Chemicals and Fertilizers Ltd gained 3.4% to Rs.72.85 after Zuari Fertilisers and Chemicals Ltd made a counter open offer of Rs.68.55 per share.

Shares in Bharti Airtel Ltd gained 1.05% to Rs.321 after the telecom company raised $1 billion in dollar bonds and €750 million through euro

raj kishore sharma

pgdm 2nd sem

A Stitch In Time

 

 

 

Most people will agree that giving a house on rent is not an easy task. It could become a serious headache if not handled properly.
The common problems include looking for new tenants every few years, misuse of the premises by the tenant or his refusal to vacate, delay in payment of rent and nonpayment of maintenance fee on time. We discuss points that a person should keep in mind while giving his house on rent so that he can avoid hassles later.
DECIDING RENT

A rent
agreement is a legal document which binds the landlord and the tenant to a set of mutually agreed conditions.

The first step is to ascertain the correct rent amount. It is crucial because in such a competitive market you can't ask for more than the market rate. Doing so will put off potential tenants. However, if your house is better maintained and furnished than that of others, you can charge a premium. Sanjay Sharma, managing director, Qubrex, says it is easier to determine the rent for a flat in a group housing society than for independent houses. "For group housing societies one can find the latest figure by asking others (there is more uniformity as all flats are similar). If the furnishings are excellent, you can ask for a premium, but may have to wait longer to find a tenant. For independent houses or floors, it is a trickier, but you can check the rent of nearby properties and arrive at an approximate rent per square feet figure and apply it to your property."Vineet Kumar Singh, executive vice president and business head, 99acres.com, says the rent is directly related to the capital value of the property. "The annual rent is 2.5-3% of the capital value and differs according to the location and amenities provided."
"You can also ascertain the rent by looking at the ready reckoner rate. This is specific to each locality and, therefore, a good method to compute the rent" says Shivanand Samant, CEO, Supreme Housing.
Therefore, the main factors that decide the rent are capital value, amenities provided, location and demand.

ADVERTISING THE HOUSEHow can you let it be known that you want to give your house on rent? In today's hi-tech world, it is quite easy to do so. A number of real estate websites like 99acres.com, magicbricks.com and makaan.com provide this service for free. You just need to upload the details of your property and, if possible, photographs on the website and wait for those interested to contact you. It is a good medium because generally house hunters visit these websites to get an idea about rent and the type of houses available. "With online portals charging very less or no commission and offering the facility to sort and search, both owners and renters are going online. Online portals also provide a list of brokers in the locality," says Ashok Mohanani, CMD, EKTA World, a real estate developer.
Those who are not tech-savvy can advertise in newspapers for a small fee. However, the traditional and most preferred way is to approach a broker. In fact, on online portals, most advertisements are placed by brokers on behalf of clients. This has many advantages. A broker gives personalised services to both the landlord and the tenant. He can also save you a lot of time and effort by helping with the tenant's police verification, preparation of lease agreement. However, this increases costs as he will typically charge half- or one-month rent from both the parties.
"Residential leasing is typically driven by local brokers. This is a local business as brokers have most information about the areas where they operate. Also, if a local broker is involved, one can inspect properties instantly," says AS Sivaramakrishnan, head, residential services, CBRE South Asia Pvt. Ltd.
PREPARATION OF LEASE AGREEMENT
A rent agreement is a legal document which binds the landlord and the tenant to comply with the mutually-agreed conditions. It is the most crucial document in case of a dispute between the two.
Therefore, utmost care should be taken in drafting the document. It should state all terms and conditions clearly to avoid any dispute in future. "Take the help of a legal expert to draft the lease agreement. Try doing a reference check and, most important, ensure that a police verification done. Its is in the best interest of all stakeholders" says Ashok Mohanani, CMD, EKTA World.
These are the points one must consider while finalising the agreement.
1) Name, address, father's name of both the tenant and the landlord should be clearly mentioned.

2) It should be verified that the lessor is the legal owner of the property or a person duly authorised by him or a person authorised by a court to enter into such a contract.3) The rent should be clearly mentioned (also whether it includes maintenance fee). The quantum of increase in rent and from which date should also be made clear. The mode of payment, whether in cheque or cash, plus the date of payment, is also important. Any interest to be paid in case of delayed payment should also be stated clearly.
4) The period of tenancy should be clearly mentioned. The security amount and the lock-in period are also important. How the amount will be refunded or whether it will be adjusted in the advance rent should also be clearly mentioned.
5) Who will pay water, electricity and maintenance charges is also important.
6) In case the flat is furnished, a list of fittings and fixtures should be made and penalty for damage decided in advance. The landlord should also check plumbing, electrical, sanitary fittings, etc, and mention their condition in the agreement. Details of the condition of walls, ceilings and rooftop should also be mentioned so that there is no dispute over damage to the house, if there is any.
7) The purpose of tenancy should be clearly written- whether it will be used for commercial or residential purpose.
8) The process for premature termination of the lease.
9) The agreement must specify the availability of facilities like common passage, roof, park, swimming pool, car parking, library, club, gymnasium, etc, besides the demarcated property, and charges payable, if any, for these.
This list is not exhaustive. The landlord and the tenant can add as many conditions as they want.
REGISTER THE LEASE

Section 17
of the Registration Act makes it mandatory to get the rent agreement registered if the lease period is more than 11 months.

After preparing the lease agreement, the most important task is to get it registered. As per Rajeev Aggarwal, partner, R. A. Law Co. Advocates & Consultants, every lease agreement should be registered because only then it can be used as evidence in the court in case of any litigation. However, as per Section 17 of the Registration Act 1908, it is compulsory to get the agreement registered only if the lease period is more than 11 months. For registration, stamp duty and registration fee have to be paid.POLICE VERIFICATION
This process helps in background check of the tenant. Not doing this is a punishable offence under Section 188 of the Indian Penal Code. This lowers the risk that the house is not being rented out to a personal with criminal background. For this the landlord simply has to fill the verification form and submit it to the local police station along with identification proof of the tenant. The forms are available online on websites of state police departments.
Apart from the above, the landlord should periodically visit the premises to check whether the tenant is violating any condition or if he has sublet the property. If yes, he can demand that he vacate the house. If the tenant refuses to vacate, the landlord can approach the authority which oversees disputes related to rent with all the documents.

 anand maurya 

pgdm-2sem

India’s cheaper than you thought

 

In an overview of prices and price indices of a wide array of goods and services from around the world, Australia emerges as the most expensive big economy overall, while the US is among the cheapest developed countries. The data for the report The Random Walk: Mapping the World’s Prices 2014 by Deutsche Bank has been gleaned both by directly surveying prices posted on the Internet and from secondary sources that have collated such data. To ensure that prices are comparable across countries, products that are standard across countries or have close substitutes have been used.

Brazil remains very expensive for a developing country. However, partly due to exchange rate movements, Australia and Brazil have had their prices tempered in US dollar terms. Similarly, Japan is no longer an outlier in most categories due to a weaker yen and the cumulative impact of years of deflation. There are many cities in the world that are now more expensive than Tokyo.

China remains very cheap in some categories such as car rentals, but in many categories it is steadily converging on US prices. Meanwhile, a weaker rupee has allowed India to remain the cheapest big economy (beer and taxi is cheaper but office space is expensive) in the world despite persistent highest inflation rate. The fact that India still runs a large current account deficit illustrates that being competitive is more than just being cheap.

Though the report includes many countries and cities, only 10 are shown here—Brazil, Russia, India, China and South Africa (the BRICS nations); Australia (the most expensive nation in most instances); US (as the base); and UK, Singapore and Hong Kong (for wider but comparable representation). If more than one city from a country was listed, the most expensive has been shown.

Sumit Kumar Singh

PGDM 1st Year

Source:-Mint

Jaguar Land Rover global sales up 30% in April

 

Mumbai: Jaguar Land Rover Automotive Plc., the British subsidiary of Tata Motors Ltd, sold a record 37,171 vehicles in April, up 30% from a year ago.

 

Sales rose 12% to 161,947 vehicles the first four months of 2014, the company said in a statement.

The maker of luxury cars saw a double-digit growth in sales across various markets including China region, Europe, Asia Pacific, the UK and North America. China, one of the fastest expanding markets for the firm, led the sales momentum with a 72% growth from a year earlier.

 

“April sales continue the positive momentum we saw in the first quarter of 2014. Alongside the F-Type, all three Range Rover models delivered record April sales performances reflecting the global appeal of our strongest ever vehicle line up,” Andy Goss, Jaguar Land Rover group’s sales operations director, said in the statement.

Among the two brands, Land Rover expanded at a brisk 33% to 31,660 units, and Jaguar volumes increased 17% 5,511 units over a year ago.

 

Tata Motors’ shares rose 4% to a record Rs445 on Monday. The benchmark Sensex closed at 23,551 points, up 2.42%

RANJAY KUMAR,
PGDM 2nd SEM,
SOURCE- MINT

 

After five years of populism, tough task for next govt

UPA-II made extravagant use of the fiscal room created by the high-growth-enabled tax revenue boom in the previous half a decade to buttress its social inclusion agenda. The difficult external situation created the setting conducive to enhanced government spending. Since this approach squeezed credit — particularly for corporates — outlived its purpose and was not complemented by much-needed structural reforms, the regime’s legacy has turned out to be a considerably weakened economy, marked by stubbornly high inflation, low rates of expansion and tepid growth impulses.
To be more current, in 2013-14 the average growth in industrial output was minus 0.1%, the lowest in at least three decades, according to data released on Monday. Also, retail inflation hit a three-month high in April of 8.59%, demonstrating the inflation genie’s untamed status. Clearly, as the second Manmohan Singh government leaves office later this week, the economy, having descended into a deep morass, will have barely reinvented itself.
Of course, although by largely artificial means, UPA-II managed to reverse the fiscal slippage and also rein in the current account deficit which for a while had looked ominous.
When judged by various other economic parameters, however, the track record of the outgoing coalition government, admittedly run by the left-of-centre elements in the Congress party led by its president Sonia Gandhi, doesn’t score well (see chart).
Of course, despite all this, GDP growth averaged 6.7% in the UPA-II tenure. Though this pales against 8.4% growth during the UPA-I period, it is still higher than 5.9% in the five years of NDA government. What takes away the sheen from the UPA’s economic management, however, is the apparent decline in the economy’s potential growth rate under its watch, reflected in and caused by the precipitous decline in both investment and consumption.
Worse, wholesale price inflation averaged a little over 7% in the UPA-II period, compared with 5.9% during the previous regime and 4.6% in the NDA (1999-2004) term. Factory output measured on the Index of Industrial Production (IIP) averaged a dismal 3.5% in the outgoing government’s tenure compared with 9.6% during UPA-I and 5.4% under the NDA.
Poverty reduction and, to a lesser extent, employment are the two areas in which the UPA-II outperformed the previous two regimes, UPA-I and NDA. But even the employment growth rate (on Current Daily Status basis) has in fact fallen sharply from 2.62% in the previous (2004-05) NSS round to 0.92% in the 2009-10

ANKUR MISHRA

PGDM SEM- 2ND

SOU- FINANCIAL EXPRESS

Bullish FIIs push Nifty past 7,000 for first time

 
MUMBAI: The sensex on Monday soared 557 points to close at 23,551 — a record high for the index for the second consecutive session — boosted by a Rs 1,200-crore net foreign fund inflow, mainly on expectations of an NDA win in the Lok Sabha polls. On Friday, with a 650-point rally, the sensex had gone beyond the 23,000 mark for the first time in its history.

The day's rally also took investors' wealth to a new record peak with BSE's market capitalization now at Rs 78.6 lakh crore, surpassing the previous high reached threeand-half years ago. During the day, the NSE nifty scaled the 7K mark for the first time in its life and closed at 7,014, up 115 points.
The day's gains came on expectations that a Narendra Modi-led NDA, which is considered to be more business friendly than the UPA government, could revive growth and boost infrastructure. "Sentiment (on Dalal Street) remained upbeat from the beginning on the prospect of a stable government after May 16. Investors are, however, keeping an eye on CPI inflation data and IIP data," said Jayant Manglik, president (retail distribution ), Religare Securities.
Data released in the evening showed retail inflation jumped to 8.6% in April from 8.3% in March as food inflation rose to 9.7%, while industrial production data disappointed yet again, declining by 0.5% in March.

As of now, the exit poll numbers hold the key for the next session. "So one should maintain extra caution and avoid over-leveraging at current levels," Manglik said. The exit poll results, which came after the markets closed for the day, showed that NDA could just about get the 272 seats needed to form a government.

However, historically, exit poll results in India have mostly been wide off the mark, and this should keep Dalal Street investors on guard till the actual results are out on May 16, market players said. Several broking houses are also taking a cautious stance ahead of the results on Friday, which should come in before noon when trading is on.

The day's rally, during which FIIs pumped in Rs 1,276 crore in the stock market, was across sectors. On Friday, FIIs had pumped in Rs 1,269 crore. The top sensex gainer was PSU major Coal India, which ended 7% up at Rs 331 while HDFC Bank closed 4.6% up at Rs 792 and Tata Motors closed 4.1% up at Rs 445. Among the 30 sensex stocks, only five ended in the red with Sun Pharma down 1.7% at Rs 613 as the top laggard.
PRASHANT SHARMA
PGDM-IIsem 

Indian ADRs jump to 3-year high as exit polls point to BJP win

The Bank of New York Mellon India ADR Index jumps 3.2% to 1,291.35, poised for the highest level since Apr 2011

Mumbai: Indian stocks headed to a three-year high in New York and rupee forwards advanced after exit polls showed the National Democratic Alliance (NDA) led by Narendra Modi probably won the most seats in Lok Sabha elections.

The Bank of New York Mellon India ADR Index jumped 3.2% to 1,291.35 at 10:35 am local time, poised for the highest level since April 2011. One-month non-deliverable forwards (NDFs) on the rupee gained as much as 0.8%. The S&P BSE Sensex climbed 2.4% to a record 23,551 in Mumbai on Monday and the rupee touched a nine-month high before the exit-poll results. The 50-stock CNX Nifty Index rose 2.3% to an all-time high.

The Bharatiya Janata Party (BJP)-led alliance is estimated to have captured 261 to 289 seats, according to two exit polls released on Monday, with 272 needed for a majority. The Sensex has beaten peers in Brazil, Russia and China this year as investors bet that a Modi-led government will do more to revive an economy growing at near the weakest pace in a decade. Actual election results will be released on Friday, 16 May.

The Nifty may rally 5% this week if the exit polls show the BJP-led alliance getting close to 272 seats, U.R. Bhat, managing director of India unit of the UK-based Dalton Strategic Partnership LLP, said by phone from Mumbai.

The Sensex has risen 19% since 13 September, when the BJP named Modi as its candidate for prime minister, while the rupee has gained 5.7%. Global investors have plowed more than $10 billion into local equities and bonds this year.

Accuracy of Polls

The BJP and its allies are estimated to have won 289 seats, compared with 101 for the Congress group, Bloomberg TV India reported, citing a Cvoterexit poll. The BJP bloc probably won 261 to 283 seats, according to an India Today exit poll, while the Congress-led alliance won 110 to 120 seats. No margin of error was given for either poll.

In the last two elections, exit polls have overestimated the strength of the BJP, by about 30 seats in 2009 and as many as 70 seats in 2004. Congress’s surprise win to take power in 2004 led to the biggest one-day sell-off of stocks in more than four years, while its re-election in 2009 lifted the Sensex by a record 17% in its next session.

Nine rounds of voting started on 7 April to pick 543 parliamentary seats in the world’s second-most populous country. Turnout averaged a record 66.4%, the Election Commission of India said on Monday, compared with 58% in the 2009 election and the previous high of 64% in the 1984 vote.Bloomberg

Source- Livemint.com

                                By

Shah Mohammad Abdul Qadir

        PGDM 1st Year

IIM college Of management

      Greater Noida, U. P.

Rupee jumps to 59.59 per dollar on hopes of clear majority for NDA

Rupee jumps to 59.59 per dollar on hopes of clear majority NDA

 

Mumbai: The Indian rupee on Tuesday opened higher against the dollar on increased optimism that India will have a stable government after the election results due on Friday. 

 

At 9.08am, the rupee strengthened 0.76% to 59.59 per dollar compared with its previous close of 60.05, its strongest rise since 25 April.

 

Some of the exit poll surveys released on Monday after the last phase of polling gave the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) a simple majority in the Lok Sabha.

 

“The market is now more confident about a stable government. We have seen a lot of inflows from foreign funds and exporters in the last two days. How high rupee will go will depend on when the Reserve Bank of India (RBI) stepped in to buy dollars” said a dealer with a French Bank. 

He added that he expects the rupee to move in the of range 59.40 to 60 per dollar.

 

RBI has been actively mopping up dollars from the markets to avoid a sharp appreciation in the rupee, said dealers. Data released on Monday showed that RBI bought dollars worth $7.78 billion in March. The data which comes with a lag of two months,

 

 

 showed that RBI purchased a total of $8.75 billion in the spot market in March and sold $970 million which meant that the central bank pulled out a net $7.78 billion from the local foreign exchange market.

 

The dollar buying by the central bank was the highest in three months and the first time since December when the RBI had bought a net $3.48 billion from the forex market.

 

 

So far this year, the rupee has gained 3.44% against the dollar, while foreign institutional investors have pumped in $5.7 billion in the local equity markets.

 

Meanwhile, RBI’s dollar purchases has meant relatively comfortable liquidity conditions, as purchase of dollars infuses rupee into the market. As a result, demand for government bonds has remained strong, pushing yields lower, say traders.

 

At 9.15am, the yield on India’s 10-year benchmark bond was trading at 8.72%, flat compared with its previous close. Yields continue to hover near two-month lows.

Bond yields and prices move in opposite directions.

Rahul kumar Gupta

PGDM 1st Year

Source:Mint

BSE Sensex, NSE Nifty hit new high on Lok Sabha exit polls forecast

 

 

 

Market soar to new highs as exit polls see Narendra Modi-led govt win; BSE Sensex up over 300 points, NSE Nifty hits 7100 (AP)

SummaryIndian rupee was trading at 59.62/63 per dollar by 0340 GMT, compared with its previous close of 60.05/06

Riding on the exit polls forecast that shows a stable govt led by BJP coming to power at the Centre, the benchmark BSE Sensex hit yet another record high of 23,921.91 in opening trade today on heavy fund inflows.
All the sectoral indices led by oil and gas, PSUs, power, banking, realty and capital goods sectors were trading in the positive zone with gains up to 2.21 per cent.
The 50-share NSE Nifty also breached the psychological 7,100 mark for the first time by surging 101.95 points, or 1.45 per cent, to trade at a new high of 7,116.20.
The 30-share Sensex rose by 370.91 points, or 1.57 per cent, to trade at an all-time high of 23,921.91, surpassing its previous intra-day record of 23,572.88 reached yesterday. The gauge had rallied over 1,206 points in the past two sessions.
Brokers said sustained capital inflows by foreign funds at the domestic bourses and widespread buying by retail investors after exit polls showing the BJP-led NDA forming the government lifted the key indices to new highs.
Further, a firming trend in other Asian markets following overnight gains on the US bourses buoyed the trading sentiment here, they said.
Sectorally, the BSE oil and gas sector index gained the most, rising 2.21 per cent, followed by PSU index 2.16 per cent and capital goods by 1.98 per cent.
Among other Asian markets, Hong Kong's Hang Seng rose 0.78 per cent while Japan's Nikkei gained 1.79 per cent in early trade today.
The US Dow Jones Industrial Average gained 0.68 per cent to close at record high in yesterday's trade.
Markets continue to rally on hopes of clear victory for NDA; BSE Sensex up over 350 points
(Reuters) - BSE Sensex hit a third consecutive record high while the rupee and bonds gained in early trade on Tuesday after exit polls showed the Bharatiya Janata Party and its allies winning a majority in the country's elections.
BSE Sensex soars 370.91 points to hit new record high of 23,921.91 in opening trade while NSE Nifty scales new peak of 7,116.20.
Hindu nationalist Narendra Modi is set to become India's next prime minister, four major exit polls showed on Monday, with his opposition party and its allies forecast to sweep to a parliamentary majority in the world's biggest ever election.
The broader NSE stock index surged 0.94 percent to a record high of 7,080 in pre-open trade. The partially convertible Indian rupee was trading at 59.62/


vijay kr yadav
pgdm sem-2nd
sou- times of india

Japan to give Rs.15,000 crore development assistance for Delhi Metro, 4 other projects

New Delhi: Japan on Monday announced a Rs.15,000 -crore official development assistance loan for five projects in India including expansion of Delhi Metro and works related to wind and solar energy.

 

The loan has provided approximately Rs8,933 crore to Delhi Mass Rapid Transport System Project (Phase 3) in order to enhance its transportation capacity.

The move reaffirms the two nation’s commitment to bring the strategic global partnership to a higher degree of cooperation and to India’s sustainable development, a Japanese Embassy statement said.

 

“Government of Japan and government of India signed the official development assistance (ODA) loan agreement for five projects totalling more than Rs.15,000 crore. This is the largest amount ever signed at a single signing occasion in the history of Japanese ODA,” it said.

The loan agreement will include three energy sector projects—new and renewable energy, micro, small and medium enterprises energy saving, and Haryana Distribution System Upgradation.

The development comes after Japanese Prime Minister Shinzo Abe and his Indian counterpart Manmohan Singh met during a summit meeting in January this year.\

The ODA loan agreement was signed by Takeshi Yagi, ambassador of Japan to India, and Rajesh Khullar, joint secretary, Department of Economic Affairs in finance ministry.

Elaborating on the projects, the statement said that the ODA loan has provided approximately Rs.8,933 crore to Delhi Mass Rapid Transport System Project (Phase 3) in order to enhance its transportation capacity. This project intends to link the existing 190 km radially developed network with additional 116 km belt line including six routes and six intervals which connect Indira Gandhi International Airport and Noida district and construction of heritage line connecting Central Secretariat, Delhi Gate, Lal Qila and Kashmir Gate.

 

“The completion of the project will extend the length of network to 329.4 km and will transform Delhi Metro into a global standard urban transportation system, comparable to the Tokyo metro,” the statement said.

 

The statement said that for new and renewable energy development project—Phase 2, Rs.1,800 crore loan has been granted to power producers through Indian Renewable Energy Development Agency Limited (IREDA) for the development solar and wind power succeding Phase I of the project. The ongoing project includes a loan of Rs.1,160 crore for wind power projects in Andhra Pradesh, Gujarat and Karnataka and Rs.220 crore for solar power project in Andhra Pradesh

Vikash Chandra Mishra
PGDM 1st  Year
Source: Mint

Emission panel for pan-India shift to Bharat Stage V fuel by 2020

 

New Delhi: A panel on automobile fuel emissions standards has recommended that the government introduce the stricter Bharat Stage V emission norms across India by 2020 to curb growing air pollution in the country, which is home to 13 of the dirtiest 20 cities, according to a World Health Organisation study.

Planning Commission member Saumitra Chaudhuri, who heads the panel to draw up India’s auto fuel emissions standards road map till 2025, said that oil refineries, as a first step, will be required to stop production of the Bharat Stage III fuel and move to Bharat Stage IV by January 2017. Adoption of Bharat Stage IV fuel in India is restricted to just 30 cities after being introduced in 2010.  

The panel, which was set up in December 2012 to revise India’s auto fuel emissions standards, submitted its report to the petroleum ministry on 3 May.

India is almost a decade behind developing countries such as Turkey and Brazil in introducing cleaner-burning fuel, Bloomberg News reported in April

The Chaudhuri panel’s report was submitted even as the WHO study dubbed Delhi the world’s most polluted city. While the WHO study has been challenged by the government, automobile fuel emissions are seen as a leading cause for detriorating air quality

In 2013, the Global Burden of Disease study said that outdoor air pollution was the fifth-largest killer in India and around 620,000 early deaths occurred from air pollution-related diseases in 2010.

Bharat Stage V standard specifies a maximum of 10 parts per million (ppm) of sulphur in fuel as against 50 ppm in Bharat Stage IV and Bharat Stage III 150 ppm. Sulphur in fuel makes it dirtier and lowers the efficiency of catalytic converters which control emissions

To meet the stricter fuel emissions standard, refiners will have to spend an estimated Rs.80,000 crore, while auto makers will also have to make vehicles suited to the higher quality fuel.

The recommendations, if accepted, may lead to an increase in the price of the older Stage III fuel, as the committee has recommended closing the 75 paisa price gap between Stage III and IV fuel

The panel has also suggested that the difference in excise duty on standard and premium fuel be removed. Currently, the cleaner branded fuel is taxed at a higher rate

If the report is accepted by the new government, most of north India will introduce Bharat Stage IV by 1 April 2015. Other regions, including Kerala, Karnataka, Telangana, Goa and Union Territories in western India, will shift by 1 April 2016. The panel has recommended that all of north India will then shift to Bharat Stage V by 1 April 2019.

RANJAY KUMAR,

PGDM 2nd SEM,

SOURCE- MINT