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Monday, March 31, 2014

Sensex, Nifty at new peaks, gain nearly 20% in a yr

Mumbai: Boosted by strong foreign fund buying, both the BSE sensex and the NSE nifty closed at new highs for the sixth consecutive session on Monday, taking the total gain for the just concluded financial year to 19% for the sensex and 18% for the nifty. 

    The gains in the benchmark indices came on the back of a $13.4 billion net buying by foreign investors even as mutual funds were net sellers. Significantly, the 
market gains during FY14 also propelled the total wealth of investors to Rs 74 lakh crore, near the all-time peak of Rs 77.6 lakh crore recorded on November 5, 2010. The gains in the sensex during the year came as 26 of its 30 constituents closed higher, led by Hindalco, Maruti Suzuki and Tata Motors. 
    One of the highlights of the year was the sharp slide in the market between July and 
August when the Indian rupee went into a tailspin and touched its lifetime low against the dollar at 68.93 in intra-day trades. From its August 28 low of 17,449, the sensex has rallied a little over 28% to its current all-time closing high level. Since the August dip, as the rupee appreciated about 10% to its sub-60 close now, FIIs have been net buyers in the stock markets. 
    In addition, falling inflation, improved current account deficit and a gradual strengthening of other economic fundamentals also helped the market, brokers and dealers said. A strong mandate in favour of the BJP in four state elections in December last also helped improved investor sentiment.


Sunday, March 30, 2014

Modi promises to act against Ashok Chavan Slams Cong For Ticket To Ex-CM Tainted By Adarsh

Mumbai/Nanded:The BJP’s prime ministerial candidate, Narendra Modi, on Sunday lashed out against Congress president Sonia Gandhi and vicepresident Rahul Gandhi for nominating former chief minister Ashok Chavan as a candidate for the general elections. He also promised to prosecute all politicians involved in the Adarsh scam if the BJP came 

to power after the polls. 
    Addressing an election rally in Nanded, Chavan’s home town and from where he has been nominated, Modi said it appeared that neither Sonia nor Rahul were determined to eradicate corruption in politics. “It’s doublespeak. Rahul Gandhi had declared that there will be absolutely no compromise with corrupt politicians and stern action will be taken against politicians involved in the Adarsh scam. I was shocked to see Ashok Chavan’s name in the list of Congress candidates. It’s a gift to Chavan and reflects Rahul Gandhi’s doublespeak on corruption,” Modi said. “The shahzada (prince) has been misleading the people of the country, saying that he doesn’t tolerate corruption or corrupt people. Is this the Congress’s way of tackling corruption?” 
    Modi said it was shocking that Adarsh flats meant for the widows of Kargil war heroes had been sold to netas and looted for obvious reasons (the society was actually set up for the ‘welfare of retired and serving defence personnel’). 

Youth Congress leader’s ‘rape-murder’ may hit party’s poll chances in Latur 
he alleged rape and murder of a female Youth Congress leader in Latur on March 21 and the subsequent arrest of two party office-bearers on Saturday could hit the party’s prospects in Latur, report Syed Rizwanullah & Himanshu Nitnaware. Mahendra Vikramsinh Chavan, president of the Latur assembly constituency affairs in-charge of the YC, and his associate Sameer Killarikar were on Sunday remanded in police custody. According to police, the 26-year-old woman had gone with the duo who asked her to attend some programmes to mark MLA Amit Deshmukh’s birthday celebrations. Deshmukh is the son of the late former chief minister Vilasrao Deshmukh. P 9 ‘BJP will stagger food security rollout’ JP leader Yashwant Sinha on Sunday hit out at Union finance minister P Chidambaram for “making it a habit” to leave behind a fragile economy, and indicated that his party, if voted to power, may stagger the rollout of the food security law. “(Managing) inflation will be the first priority. Or else, the RBI will not be able to get space for a cut in interest rates,” Sinha said, adding that there was a case for reviewing the controversial gas price formula, which will double the price of the fuel. P 8 Smriti Irani is set to fight Rahul in Amethi The BJP appears on the verge of fielding Smriti Irani against Rahul Gandhi in a bid to tilt the hitherto lopsided battle in Amethi. If it does go ahead, it will be a three-way fight between Rahul, Smriti and AAP’s Kumar Vishwas. The decision to field Smriti, a Rajya Sabha MP, stems from the estimate that the anti-Congress mood in the country may have rendered even the family stronghold of Amethi vulnerable. However, there is no clarity on pitting Uma Bharati against Sonia Gandhi in Rae Bareli. P 9 Modi vows to purge politics of crime 
    In a speech that lasted 25 minutes, the BJP’s prime ministerial candidate, Narendra Modi, devoted 15 minutes to Ashok Chavan and the Gandhis. 
    Taking a dig at Chavan, the BJP leader said, “The former CM has not spared even his sister (by opposing the re-nomination of her husband and sitting MP Bhaskrao Patil Khatgaonkar). No one steals the right of a sister, but Chavan has done so. Instead of withdrawing in favour of his sister (her husband), he snatched her right.’’ 
    He said the nation was keen to know from both Sonia and Rahul as to what prompted them to nominate Chavan. “They have been promising a corruption-free India, but their actions do not reflect their promises. Once we come to power, we will take stern action against all politicians named in the [report of the Adarsh judicial] commission,” Modi said. 
    He said it was unfortunate that 
despite strictures against Chavan by the judicial commission, the Congress chose to nominate him. “I am surprised at (Sonia) Gandhi’s statement that since no court has barred him from contesting the polls, the Congress has nominated him... A crime was committed in the name of providing benefits to the widows of Kargil war martyrs. I will not spare those who have looted the widows of the Kargil martyrs.” 
    Modi said he intended to cleanse politics of criminal elements and corruption. “It’s a part of my cleansing (shuddhikaran) plan. All pending cases against MLAs and MPs will be tackled within a year. I will not discriminate while cleansing the system. The guilty will have to spend time in jails and those found innocent will be spared. Even other parties will have to toe the line, and will not dare field criminal or corrupt candidates in future.” 
    Modi instantly struck a chord with the gathering when he spoke in Marathi, wishing everyone on 
Gudi Padwa. He said that one of the ‘panchpyaras’ accompanying Guru Gobind Singh was a Gujarati. “We have constructed a big hospital in Gujarat to commemorate the association of the Gujarati panchpyara with Guru Gobind Singhji.” 
    Modi reiterated that he would bring back black money stashed in 
foreign banks. Corrupt officials will be dealt with sternly while honest ones will be rewarded, he said. He also launched a scathing attack on the central government for “playing with the sentiments of the people”, particularly women who have faced sexual assault, by introducing “Nirbhaya funds”. “Last year, they said they had made a provision of Rs 1,000 crore in Nirbhaya funds to help oppressed women, but not a single paisa was spent. This year, too, they have made a similar provision,” he said. 
    As per Modi’s original itinerary, he was expected to address election rallies in Amravati and Akola. But when the Congress nominated Chavan, Nanded was added to Modi’s campaign list. 
    Refuting Modi’s allegations, Chavan said it was unfortunate that the BJP’s prime ministerial candidate was making allegations without doing his homework. “I am innocent. I am not involved in corruption. Neither am I convicted, nor have I been barred by any court or the EC from contesting the polls,” Chavan said. 
    Congress spokesperson Sachin Sawant criticized Modi for his uncalled-for statement against the Gandhis. “Modi has no moral right to speak against Chavan. Politicians who were convicted or jailed were members of Modi’s Gujarat cabinet,” Sawant said.



Pending criminal cases against MLAs and MPs will be tackled within a year if Narendra Modi becomes the PM, the BJP leader told voters in Nanded

Saturday, March 29, 2014

65% more vehicles bought than usual for Gudi Padwa

Mumbai: As Maharashtrians prepare to celebrate Gudi Padwa, there is a heavy rush at the city’s RTOs to register new cars, SUVs, and two-wheelers for the auspicious day. 
    RTO officials are working overtime and on Sunday to register new vehicles and two-wheelers, sources said. Most will take delivery of their new cars on Sunday and Monday. “We get requests from several car dealers 10 to 14 days in advance. They also pay the taxes a week ahead of registration and keep all the documents ready. The registration process begins a couple of days before the festival,” an RTO official said. 
    On Saturday, Tardeo, Andheri and Wadala RTOs were in the process of registering the new vehicles and many also chose the new numbers from the current MH-01, MH-02 and MH-03 series. 
    Some opted for VIP numbers by blocking them with a reserve price. They paid anywhere between Rs 5,000 to Rs 50,000 to secure a special number plate, an official said. While 100 cars and 240 bikes are registered daily on average at all the three RTOs, the number of registrations went up on Saturday and is expected to rise till Monday. “Even after registering new vehicles for Gudi Padwa till Monday, our workload will continue for the next one week,” said an assistant RTO. “There are buyers who will walk into a showroom on Gudi Padwa day and select a car or bike. They will then pay a booking amount on that day and get it registered with the local RTO within a week,” he said. 
    An official from the Andheri RTO said the purchase of new automobiles in Mumbai usually peaks during four days of the year, Gudi Padwa, Akshaya Tritiya, Dussehra and Diwali. These are auspicious days for starting new ventures, shifting to a new apartment or buying a new car or a two-wheeler. 

    There are many who prefer to buy new vehicles in December, when car dealers offer loads of discounts and freebies. According to some estimates by sources, more than Rs 2 crore will be collected in the form of motor vehicle tax for the new registrations. The taxes range between 9 and 11 % for petrol-driven cars, 11-13% for diesel vehicles. 

File property agreements today and tomorrow 
he stamp duty and registration department has kept some offices open each in each zone on Sunday and Monday when Gudi Padwa is celebrated. In the Andheri zone, the Bandra and Jogeshwari branches will remain open (from 7am to 2pm), the Khar branch will work from 2pm to 9pm. In the Kurla zone, the Chembur branch timings are 7am to 2pm, the Nahur branch (2pm to 7pm). In the Borivli zone, the Goregaon telephone branch (7am to 2 pm), the Magathane branch (2 pm to 9 pm) and the Borivli branch (10am to 6 pm). TNN



Sunday, March 23, 2014

Bad loans worth Rs 42k cr offered for sale this year: ARCIL ARCIL indicates that around Rs 42,000 crore of bad loans have been put up for sale in FY14, nearly 4 times the amount put in FY13.


Banking major  State Bank of India  for the first time, last week,  looked to sell upto Rs 5,000 crore in bad loans to asset restructuring companies (ARCs ). The list of banks looking to offload non-performing assets (NPAs) is getting longer by the day. The Asset Reconstruction Company of India (ARCIL) indicates that around Rs 42,000 crore of bad loans have been put up for sale in FY14, nearly 4 times the amount put in FY13. CNBC-TV18’s Senthil Chengalvarayan and Menaka Doshi spoke to P Rudran, MD and CEO of ARCIL to discuss more on the same. Below are the excerpts from the interview: Menaka: The total amount of bad loans is Rs 2.43 lakh crore. So, Rs 20,000 crore is a small fraction in terms of what will be available to your industry. However, for your industry it is huge and this is the first time you are seeing this kind of business, isn’t it? A: This is the first time. In fact it is not Rs 20,000 crore, I think Rs 20,000 crore came from last year, this year around Rs 42,000 crore loans have already been offered for sale by the banks. Menaka: Does this include the Rs 5,000 crore that SBI was supposed to offer last week? A: I don’t know the amount offered by SBI exactly but this is a rough estimate that we have done. There is no authentic information as such but we have done a rough calculation of the various offers which is more than Rs 40,000 crore. Senthil: How much would it have been last year? A: Last year it was pretty less and would have not crossed Rs 10,000 crore. It is almost 4 times. Menaka: How many have ARCIL been able to purchase? A: Last year we had purchased about Rs 740 crore. This year also we are substantially high. Menaka: Is there appetite for Rs 40,000 crore of bad loans amongst all the asset reconstruction companies given some private equity players are jumping into the fray? A: There may not be an appetite for the entire Rs 42,000 crore or Rs 50,000 crore but substantially all the ARCs have strengthened themselves to take over more assets. Secondly, compared to the previous years this year the asset sale has been mainly on security receipts basis. There the investment by the ARCs is only 5 percent, mandatory 5 percent, ofcourse you can offer more. There are certain ARCs that are offering more than 5 percent. Mandatory requirement is only 5 percent. Due to that many ARCs will be able to acquire. Menaka: What is the capacity of all the ARCs put together in this country in terms of the number of loans that they can purchase because I am trying to understand whether entire Rs 40,000 crore can be absorbed by the reconstruction industry or many of these banks hope to sell these loans but will find no takers? A: I will not be able to assess that at this point in time because in 10 years history of asset reconstruction companies this is the first time so much of assets have come in the market. People are not prepared or all the organisations are not prepared. So, taking positions this year becomes a benchmark. Senthil: How does volume affect pricing for you? Does it make it much more attractive for you? A: It is not attractive. Quality depends upon the availability of underlying assets, if underlying assets are there. Firstly, when an account becomes NPA, the bank will try its own and after some time there will be enough number of reasons for them to offload it to ARCs. Menaka: The low hanging fruit in terms of asset has already been exploited by the banks, only after that it comes to you and so, is your job more difficult to be able to recover that account? A: Yes, more difficult but we are a specialised institution. ARCIL is a specialised institution for recovery of NPAs and for distressed assets management so that specialisation will help them to recover more money which ordinarily would not have been there in the hands of the banks. SBI stock price On March 22, 2014, State Bank of India closed at Rs 1702.40, down Rs 0.2, or 0.01 percent. The 52-week high of the share was Rs 2469.25 and the 52-week low was Rs 1452.90. The company's trailing 12-month (TTM) EPS was at Rs 149.34 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 11.4. The latest book value of the company is Rs 1325.34 per share. At current value, the price-to-book value of the company is 1.28.

Read more at: http://www.moneycontrol.com/news/business/bad-loans-worth-rs-42k-cr-offered-for-sale-this-year-arcil_1055713.html?utm_source=executive-briefing

Tuesday, March 18, 2014

Sensex seen breaching 25k in a yr Index Hits New Peak At 22,041 | Goldman Forecasts 17% Gain For Markets

Mumbai: On a day when Goldman Sachs, the global financial major, upgraded the Indian market to overweight with an estimated 17% rally in 12 months, the sensex climbed to a new life high but closed nearly flat because of profit-taking. The day’s session also saw the Maruti stock rallying to close with a 7.6% gain after the company decided to ask its minority shareholders for their say if the proposed Gujarat plant should be under the company or its parent Suzuki Motor Corp. 

    Tracking global markets which rallied on defusing tension in Ukraine, in early trades the sensex touched a new all-time peak at 22,041 but profit-taking at higher levels pulled it down below the 22k and the index finally settled at 21,833, up just 23 points. Other than Maruti, SBI and ITC led the gainers while Tata Motors and M&M were among the laggards. 
    On Tuesday, Goldman Sachs said that it was up
grading India’s ratings to overweight and said that the nifty index is expected to touch 7,600 in the next 12 months, an upside of nearly 17% from the current levels. If one extrapolates the same on sensex, the index should see a new peak at around 25,500 points in the next one year. 
    The day’s gains were again backed by foreign fund 
buying with net FII inflow for the day at Rs 1,012 crore, BSE data showed. In the last one month, FIIs were net buyers in all but one session, taking the year’s aggregate net inflow figure to about $1.5 billion, Sebi and market data showed. With the Goldman upgrade, more FII money is expected to flow into the market, institutional dealers said. One of the main reasons for this optimism is the expectation that after a new government is formed in mid-May, there would be decisions that would help pace up the currently slowing economy. 
    Technically too, the market is poised for an upmove. “We have been seeing that nifty is struggling to overcome the resistance barrier around 6,600 but it also has strong cushion at 6,350 on the 
downside. Despite prevailing consolidation phase, we uphold our positive bias and advise to continue with buy on dips approach,” said Jayant Manglik, presidentretail distribution, Religare Securities. On the sectoral front, preference should be given to metal, FMCG, select banking counters for short term buying, Manglik said in a note on the market. 
PSU ETF draws 835cr bids from anchor investors on Day 1 

New Delhi: Seven anchor investors put in bids worth Rs 835 crore in the CPSE Exchange Traded Fund (ETF) that was launched on Tuesday to help the government meet its disinvestment target. The non-anchor portion will open on Wednesday and close on Friday. 
    The anchor investors were Bharti AXA, General Insurance Corp, LIC, National Insurance Corp, SBI, New India Assurance and United India 
Insurance, Goldman Sachs AMC, the managers to the fund disclosed on its website late on Tuesday. The government had reserved Rs 900 crore for anchor investors, or those bidding for more than Rs 10 crore of shares. 
    The new fund offer of the CPSE ETF, through which the government aims to garner Rs 3,000 crore, opens for retail and other investor categories on Wednesday and closes on March 21. AGENCIES


Thursday, March 13, 2014

Maruti investors eye legal recourse May Approach CLB To Oppose Handover Of Gujarat Plant To Suzuki

New Delhi: Maruti Suzuki’s angry investors are looking at alegal challenge to the company’s plan to hand over the proposed Gujarat plant to parent Suzuki and may approach the Company Law Board (CLB) soon, a section of the institutional investors said. 

    The investors are not satisfied with the response of the company management to their queries. “We are studying how many of our schemes own Maruti shares and after completing this exercise, we will look at the option of approaching the CLB,” said a senior executive at one of the fund houses that have questioned the decision. 
    The Companies Act allows three scenarios — either 
those holding 10% of the issued capital (by value), or onetenth of the shareholders, or at least 100 shareholders — to challenge a decision in CLB. 
    Corporate lawyer Saurabh Kalia, partner at Sastra Legal, said the investors can challenge the deal under Section 397-398 of the Companies Act before the CLB on grounds of 
oppression and mismanagement. “This option is available if they feel that the affairs of the company are managed in a way that is prejudicial to public interest or are oppressive to members.” 
    The fund houses are also waiting to get a clear picture about the steps to be taken by LIC, which holds nearly 7% 
stake in Maruti Suzuki. Top sources in LIC have told TOI that they are studying the development and may soon take a stand on the matter. In addition, they are awaiting the outcome of the board meeting on Saturday as well as market regulator Sebi’s response. 
    “So far, the small investors have not protested the move. So, 

we are seeing if we can take up achallenge on behalf of our investors who are retail investors,” said a fund manager. 
    UK Chaudhury, a senior advocate specializing in corporate law, said either the fund houses will have to cobble together 10% shareholding or 
will have to get the consent of at least 100 investors, who own shares through their schemes. In addition, the executive at a fund house said the issue needs to be cleared by the boards of the asset management companies as well as the trustees. 
    While questioning the role of independent directors, who have also raised the alarm, fund managers said that the Maruti board did not maintain the highest levels of corporate governance. A fund manager complained that the company has not responded to six of the seven questions and turned down suggestions. 
    The legal battle may not be a long-drawn one, Kalia said, but added that it will have an effect on the goodwill and reputation of the management. 
Union adds to pressure on Maruti’s plan Pankaj Doval TNN 
New Delhi: Maruti’s mercurial labour union is demanding that workers at the proposed Gujarat factory be chosen from the temporary workforce in Haryana, instead of local recruits from the state. The demand, that has been conveyed to the company’s MD and CEO Kenichi Ayukawa, is expected to put further pressure on the company over the new plant. 
    “We have around 4,000 temporary staff and these should be the first ones to get an opportunity at the Gujarat plant,” said Kuldeep Jhangu, general secretary of the Maruti Udyog Kamgar Union (MUKU) that controls the company’s key Gurgaon plant. 
    Jhangu said the temporary workers at Maruti are from various states and should have the first right to any new employment opportunity. “We have workers from various places like Bihar, Orissa, Uttar Pradesh and Rajasthan. They should get a chance,” Jhangu told TOI. 
    He said that having experienced workers in the new plant would benefit the company. “Please remember that these workers are technically sound and mature. Their experience will be an asset for the new factory.” About locals in Gujarat, Jhangu said they should be inducted as temporary workers in the beginning. “They should be first trained and only then come up for regularization.”

Suzuki coming to India for board meet 
Suzuki chairman Osamu Suzuki, who is also on the Maruti board, is flying in for Saturday’s board meeting. The board meeting, scheduled to fix budgetary allocations for the next fiscal, is expected to be a stormy one with some of the independent directors likely to raise questions over the Gujarat deal. Suzuki is expected to answer some of these 
queries and clear the air over the change in investment plan. TNN


30,000cr stimulus to economy expected from poll spending From Advertising To Travel, Many Sectors Will Gain

NewDelhi:The country’s faltering economy is likely to get a significant stimulus from election spending by political parties, candidates and the government, which estimates suggest could be as much as Rs 30,000 crore. 

    The Rs 30,000 crore figure is comparable to the $4 billion (around Rs 20,000 crore at the prevailing exchange rate) additional spending that the government announced in 2008 to shield the economy from the impact of the global financial crisis. 
    It is, however, less than the $7 billion raised and spent by political parties in the 2012 US presidential polls. 
‘Notes for votes’ will be big part of poll spend 
New Delhi: The election spend is often more effective than official economic stimuli as the money is actually spent—virtually without any transmission loss—in a short time. Moreover, there is a “trickledown effect” as it often reaches the poorest voter. 
    This poll there will be a sharp increase in expenditure from the 2009 elections, when total spending was estimated at Rs 10,000-Rs 15,000 crore. Experts pointed out that a large chunk of the spending by political parties and candidates is in cash, which makes it difficult to estimate the actual amount spent. 
    “Spending will increase significantly in these elections. The estimate is about Rs 30,000 crore,” said N Bhaskara Rao, chairman of the Centre for Media Studies, a New Delhibased think tank, adding that the figure includes the expenditure by the Centre. “No other election can match the 2014 elections.” He said the figure was based on an elaborate analysis undertaken by the think tank, which has been tracking various segments of elections since 1997. 
    The 2014 general elections come at a time when growth is estimated to have slowed to a decade low of 4.9% 
and the industrial sector is weighed down by the slowdown in global and domestic demand. 
    Several sectors of the economy, ranging from advertising, air charter services, security services, food and beverages, transport, liquor, fuel and automobiles are expected to see hefty activity thanks to the sharp increase in spending. “Election spending provides a very sizeable boost to the economy. Traditionally we have seen it adds 0.2-0.3% to growth,” said Pronob Sen, chairman of the National Statistical Commission. 
    Officially, the spending will only be a fraction of the amounts being talked about. In 2009, 8,070 candidates contested the polls. Assuming a similar number this time, and taking into account the expenditure ceiling for each candidate of Rs 70 lakh for the 2014 polls in most states, spending by candidates should officially be in the region of Rs 560 crore. In addition, government spending on general elections would add up to about Rs 1,000 crore. 
    Rao said a large chunk of the expenditure by parties and candidates is likely to involve unaccounted money, which is used for what he described as “notes for votes”. 
    For the full report, log on to www.timesofindia.com 

VETERANS BACK IN FRAY 
CONGRESS Veerappa Moily 
| CHIKKABALLAPUR 
Pawan Kumar Bansal | CHANDIGARH V Narayanasamy 
| PUDUCHERRY 

Rita Bahuguna Joshi 
| LUCKNOW 
Shashi Tharoor 
| THIRUVANANTHAPURAM 
Subodh Kant Sahay 
| RANCHI Raj Babbar | GHAZIABAD 
GLAM QUOTIENT Nagma MEERUTBJP Shobha Karandlaje | UDUPI-CHIKMAGALUR 
Shahnawaz Hussain | 
BHAGALPUR 
RJD rebel Ramkripal Yadav | PATLIPUTRA Yashwant Sinha’s son Jayant | HAZARIBAGH 
Rajiv Pratap Rudy | SARAN Ex-home secy R K Singh | ARA S S Ahluwalia l DARJEELING Sushma Swaraj | 
VIDISHA 
Poonam Mahajan 
MUMBAI NORTH-CENTRAL





Tuesday, March 11, 2014

Online ads firm Quikr raises 548cr from foreign investors


Mumbai: Quikr, a Mumbai-based online and mobile classifieds player, has raised $90 million (Rs 548 crore) from a clutch of marquee investors led by a Swedish private equity fund, Kinnevik. 
    The development 
signals the robust growth in India’s consumer internet businesses which have seen a steady flow of investor funds on the back of a fast growing internet population. The other big investors which have pumped in funds in Quikr are PE major Warburg Pincus, Norwest Venture Partners, Ebay and Nokia Growth Partners. 
    Last month, Ebay Inc led a $134 million investment in online marketplace Snapdeal, even as collectively domestic online retailers such as Flipkart, Myntra, Ja
bong raised more than $600 million in the past nine months. 
    The five-year old 
company, founded by Pranay Chulet, an IIT-Delhi and IIMCalcutta alumnus has to date raised $150 million in funds, and competes withthe likes of OLX, which is backed by the South African internet and media giant Naspers. Quikr boasts of 30 million unique monthly users across 1,000 cities and towns with as many as 12 million listings through its mobile and online platforms and is being valued at about $250 million. Quikr eyes 100m users in 3-4 years 
Mumbai: Based on the concept of the American classifieds giant Craigslist, Quikr registers listings for categories like jobs, automobiles, used goods, services and electronics. 
    Pranay Chulet told TOI that the investment will be used to continue to build the business. 
    “We should be able to cross 100 million unique users in about three to four years,” said Chulet, who grew up in a small mining town in Rajasthan before going to IIT-Delhi and IIM-Calcutta. He later worked in New York for ten years as a consultant before coming back to India in 2008 to start Quikr a year later. 
    Quikr which provides a platform to consumers to help them buy, sell, rent various products and services has other investors including Matrix Partners India and Omidyar Network. Quikr was formerly known as Kijiji.in an Ebay-owned platform . 
    This $90 million round, which is by far the biggest for Quikr, has got on board a new investor in Kinnevik, one of the largest listed investment 
companies in Europe with total assets of $7 billion, which has ploughed in top dollars in Rocket Internet, the world famous German incubator of internet companies including Jabong and FabFurnish in India. 
    However, Quikr will be the Stockholm-based fund’s first direct investment in India. The PE firm specialises in online investments mainly focused around e-commerce and marketplaces. Warburg Pincus, the New York-based PE biggie, which is also a part of this round of 

funding, first invested first in Quikr in 2012. 
    “We are excited about Kinnevik joining us in our journey as we build the business from here on. We liked their experience in the classifieds space,” Chulet said. A decade long economic buoyancy and changing lifestyles of a large demography makes India one of the last potentially big frontiers for global investors both financial and strategic ones like Ebay. Mumbai-based investment bank Avendus Capital was the lead advisor to Quikr on the deal along with Investec.

Pranay Chulet (40), founder of Quikr


Rahul compares Modi to Hitler, says he stole Guj farmers' land Can A Thief Be A Chowkidar, Asks Cong VP

Balasinor (Gujarat): In what could turn out to be the “maut ka saudagar” moment of this Lok Sabha elections, Congress vice-president Rahul Gandhi on Tuesday compared the BJP’s prime ministerial candidate Narendra Modi to Hitler, and accused him of stealing land belonging to farmers, calling him a thief. 

    Addressing a large crowd in Balasinor in Gujarat’s Panchmahal Lok Sabha constituency, Rahul hit out without taking Modi’s name but his target was unmistakable: “Congressmen follow Mahatma Gandhi and meet people 
and visit their homes. Other leaders are like Hitler. Hitler believed there was no need to learn from the people. Whatever will happen in Germany will be done by Hitler.” 
    Ridiculing Modi for his request to the people to make him the “chowkidar” of the country, Rahul said, “This man says make me the chowkidar and corruption will go. How can he be the chowkidar of India when in Gujarat he has stolen farmers’ land and gifted it to select industrialists?” Rahul added, “Chor ko chowkidar kaise bana dein?” 
    Responding to Rahul’s reference to Hitler, BJP spokes
man Ravi Shankar Prasad told TV channels, “These are dialogues of the 1970s. They have no relevance in 2014.” 
    During his 25-minute address, Rahul raked up the issue of former Karnataka chief minister B S Yeddyurappa being brought back into the BJP and mocked the party’s claim of battling corruption. 
    “If they were serious then why did they allow three convicted ministers to serve in 
Gujarat? There was no Lokayukta in Gujarat until the Supreme Court intervened,” Rahul said. 
    The last time a Nehru-Gandhi family member had addressed a gathering in Balasinor was Indira Gandhi in 1972. 
    Rahul also derided the BJP’s schemes of raising money from people who attended Modi’s rallies. 

Cong leaders shy away from poll race 
n a development that betrays nervousness in the Congress ranks about the party’s prospects, shipping minister G K Vasan has pulled out of the Lok Sabha poll fray, citing his responsibilities as a campaigner in Tamil Nadu. I&B minister Manish Tewari too is reportedly not keen to take the field from his constituency Ludhiana, where the scene has become complicated with the entry of noted activist H S Phoolka on a AAP ticket. P 19 Record 75L voters enrol at spl camp The Election Commission’s special camp on March 9 drew some 75 lakh people to enroll as voters across the country. EC sources said this was the highest number of applications they had received in a single day. UP led the count, with 15.4 lakh enrolment requests, followed by Andhra with 11 lakh and Maharashtra with 6.88 lakh. Delhi had 1.5 lakh requests, beating states like Jharkhand and Haryana. P 7 & 13 ‘Money collected from Guj being used for one person’s marketing’ 
    We don’t take money from youtoshow you our advertisements. Money collected from Gujarat is being used for one person’s marketing across India. We use your money for your welfare,”Rahulsaid. 
    On Modi’s efforts to usurp Sardar Patel’s legacy, Rahul advised him to spend time reading about Sardar. “Building a statue of Sardar is fine but you need to know a little more about him before building it. Sardar Patel had said RSS philosophy was toxic for the country,” he said. Rahul claimed the BJP had originally even opposed naming the Ahmedabad airport after the freedom-fighter. 
    Rahul said as a seven-yearold,hedrankAmul milk in Delhi. “Now, it’s being projected 
as if it is alsosomeone’s personal achievement. The BJP would even take credit for RTI, MNREGA, andtheRighttoFood Act, if they were given the chance in thefuture,”hesaid. 
    “This person talks of eliminating the Congress but no one can wipe out the organization nurturedby Gandhiji and 
Sardar Patel. He talks of Gujarat model in thecountry buthere BPL criteria is only Rs 11 per day. In malnutrition, Gujarat model is shining,” Rahul said, adding, “despitecourtorders RTI commissioners have not been appointed and Lokayukta could be appointed only after a gap of 10 years and court’s interference.” 
    Seeking to draw a parallel between the BJP's India Shining Campaign in 2004 Lok Sabha polls and its focus on Gujarat’s development under Modi, Rahul said it is being publicized in the whole country that Gujarat shines but its glitter is limited to “10-15 industrialists” andthe poor have notbenefitedfrom it.

IN, OUT & ON THE FENCE


Actor-activist GUL PANAG likely to contest from Chandigarh on AAP ticket. Her dad, Lt Gen H S Panag is already an AAP member. Gul, a postgraduate from Punjab Univ, also runs an NGO


MODI-KEJRIWAL faceoff likely if the Gujarat CM contests outside the state. If Modi sticks to home turf, AAP chief likely to sit out polls, prepare for Delhi assembly re-election


Comedian RAJU SRIVASTAVA 
returned his SP ticket from Kanpur, alleging lack of support from the local unit, which has since been dissolved


Rahul said the BJP had initially opposed naming the Ahmedabad airport after freedom-fighter Sardar Patel

Monday, March 10, 2014

From E-comm to B-comm, the Bansals Get IT Right Flipkart, Lenskart, Myntra & Snapdeal, led by Bansals, command . 10k cr of the . 12k-cr mkt

Even a decade ago, the name “Bansal” would have broughtin imagesof coaching classes in Rajasthan’s Kota, but today it is the common factor binding the who’s who of India’s fledgling e-commerce sector. 

Five young men who answer to that name have emerged as trailblazers of Indian e-commerce, taking on global biggies like Amazon and eBay for top honours in the country’s exploding market for online retail. 
Online marketplaces Flipkart and Snapdeal, apparel retailer Myntra and eyewear retailer LensKart all have Bansals at the helm. Such is their clout that they account for nearly . 10,000 crore of the total online retail pie of about $2 billion (. 12,200 crore). 
Buttheir adeptness attrade and commerce is not a state secret. As a sub-sect of the Aggarwal community, the Bansals are known for running a tight ship when it comes to business and entrepreneurship. 
“We(Bansals)havethe math,finance and data skills that are extremely important for e-commerce,” said Rohit Bansal who teamed up with schoolmate and Wharton alumnusKunalBahlto set up online marketplace Snapdeal in 2010. 

The Bansals of the new economy also sport degrees from IIT and IIMs. The five Bansals with their four companies — Flipkart, Myntra, Snapdeal and LensKart — set up shop within the last seven years andcontrol about85%of India’s entire e-tailing industry. But they have to contend with the might of $75-billion (. 4.5 
lakh crore) Amazon, which entered India last year and is investing heavily. 
Heading the fightback are Sachin Bansal, 32, and Binny Bansal, 31— founders of Bangalorebased Flipkart — who met each other while studying at IIT-Delhi. Their company today generates about . 6,100 crore in sales, half the industry total. 
Flipkart is also the biggest challenge for Amazon, a company where both the Bansals honed their skills before setting up on their own in 2007. 

Coming second is Snapdeal, whose Rohit Bansal, 31, graduated ahead of Sachin and Binny from IIT Delhi. “My ancestors from my paternal and maternal sides have all been businessmen,” said Rohit Ban
sal, who is from Malout, a small town in Punjab, just four hours from Chandigarh where the Bansals from Flipkart grew up. Snapdeal’s turnover is now half of Flipkart, and it is expected to cross the $1 billion mark next year. 
The Bansals are making a mark not just in horizontal marketplaces, but also single-category retail. Bangalore-based Myntra Designs, founded by another IITian Mukesh Bansal, is giving stiff competition to Flipkart in apparel, one of the highest-margin categories, where profits range from 30% to 50%. 
“It has come full circle with me getting in fashion retail online,” said Mukesh Bansal, CEO at Myntra, who hails from Haridwar. His father had opted for a public sector job over joining the family business — ironically, clothes trading. “No family influence made me think of entrepreneurship. But the startup bug bit me in Silicon Valley,” said Myntra’s Bansal, 38, who moved to India to start Myntra in 2007. His venture is targeting sales of . 1,500 crore next fiscal from apparel sales, the largest in its category. 
LensKart, founded by another Peyush Bansal, 30, is consider
ing selling his other portals such as WatchKart, BagsKart and JewelKart to a horizontal player at the ‘right price’ to focus on the eyewear market. “My parents didn’t understand while I was starting up. But they came around later. You have to understand that they are products of their generation,” said Bansal, who is targeting revenue of . 100 crore from LensKart next fiscal. 
RBI Chair Professor for Economics & Social Sciences at IIM Bangalore Charan Singh says that a community’s dominance over a certain trade is a factor of 
its social interactions. “It can be likened to the Jewish community in the US which continues to hold top posts in US banking and technology industry.” 
Ashish Jhalani, head of retail advisory firm eTailing India, agrees. “Certain communities in India do encourage entrepreneurship. The Bansals and Aggarwals have definitely dominated businesses in India, particularly retail trading, for centuries.” 
    (With inputs from 
    Radhika P Nair) 
harsimran.julka@timesgroup.com 


Sunday, March 9, 2014

For 3rd Microsoft CEO Mobile Comes First "India has helped me gain a recognition of the diversity of people, cultures, and points of view" SATYA NADELLA Chief Executive Officer, Microsoft

India has schooled him in dealing with diversity, Satya Nadella, the new chief executive officer of Microsoft, said in an interview to ET. Hyderabad-born Nadella, 46, who was appointed to the top job just over a month ago, said in an email interview that he is “proud of his Indian heritage” and “incredibly thankful” for the good wishes he has received after his elevation as CEO. 

“I could never put into words all of the ways that India has shaped me, but I believe it’s helped me gain a recognition of the incredible diversity of people, cultures, and points of view that exist in the world, and a desire to understand where people are coming from, be they partners, customers or colleagues,” Nadella wrote. 
Only the third chief executive officer of Microsoft after cofounders Bill 
Gates and Steve Ballmer, Nadella is taking over during a challenging period for the Redmond, Washington-based company. Microsoft Trying to Become Nimbler 
Traditionally strong in a desktop environment, Microsoft is scrambling to adapt to a mobilecentred world, where companies such as Google and Apple dominate. 
The former head of the cloud and enterprise group, Nadella said new products with ‘mobile first’ and ‘cloud first’ as their mantra are in the pipeline, but declined to divulge specifics. 
“I can’t disclose too much before we are ready to bring them to market, but I can tell you that you will see Microsoft focusing even more intensely on products and services that fully embrace ‘mobile first’ and ‘cloud first’ value.” The acquisition of Nokia’s devices and services business during Ballmer’s watch is an important element of Microsoft’s mobile strategy. But with Google deciding to jettison Motorola, questions have been raised about the soundness of Microsoft’s decision to buy the Nokia business. Microsoft declined to answer queries relating to No
kia, including one about the income-tax troubles at the Chennai unit of the Finnish handset maker. 
An alumnus of Hyderabad Public School, Manipal University and Chicago Booth School, Nadella said Microsoft is taking steps to become nimbler. “I tell people at Microsoft that we sometimes overestimate how much we need others to do, and underestimate the power each of us have to make things happen.” Out of its 1.3 lakh employees worldwide, Microsoft has 6,000 staff in India, where it established a base more than two decades ago. “India has always been a vital part of Microsoft’s plans, and I think that only increases going forward,” the 22-year Microsoft veteran said. 
A cricket buff, Nadella said Australian fast bowler Mitchell Johnson and Indian batsman Virat Kohli are the most impressive contemporary cricketers. But he is “nostalgic about Hyderabadi batsmen who could play those wristy on-drives from outside off !”



Wednesday, March 5, 2014

THE POWER OF ONE

Almost exactly a decade ago, the day after the 2004 Lok Sabha elections were announced, The Times of India launched its special ‘Dance of Democracy’ coverage, bringing readers a 360° ringside view of one of the great wonders of the modern world. In every election since, whether general or state, ‘Dance of Democracy’ has sought to empower, entertain and enlighten you with ground-level reportage, numbers-driven analyses, and agenda-setting thought pieces. We will do all that and more in the weeks to come, capturing the sights, smells and sounds of the mother-of-all political carnivals on earth, even as we help you separate choice from noise. 

    Ours is by far the largest democracy in the known universe, equal to the population of the next five democracies, including the US and Brazil. We have been called a flawed democracy, and indeed there are times when we find ourselves drowning in hopelessness and cynicism, when the only change we see is for the worse. But it is also the flaws that help us appreciate beauty when it shines through. And there is no greater beauty than to behold the will of the people being given voice without their having to resort to violence. “Ballot over bullet” has become a clichéd newspaper headline, but it’s one of those clichés we should never take for granted. Imagine the power of 815 million people exercising their constitutionally-given franchise in a largely disciplined and peaceable manner, voting in and out representatives and governments that they, in their collective wisdom, believe will or won’t serve their interests. There is a magic to it that people in totalitarian states can never grasp, and those in smaller democracies can only wonder at. How can a nation where so many cannot read or write, or get a decent meal a day, or have access to basic amenities like water and electricity show such dignity in the face of so much adversity? Much of the credit goes to our founding fathers, who set a path that their often-lessthan-illustrious successors have not been able to deviate from (except one, and she paid the price when she did call an election). 
    No one can dispute that the ‘system’ has imperfections. We know only too well how routinely and horribly our elected representatives let us down, through sloth, corruption and worse — forgetting that they are meant to be servants, not masters. But at least there is a check-and-balance in the form of elections. They give us a chance to hold our representatives accountable. The Times of India will try to help you make the best decision you can — not by telling you whom you should vote for, because that’s your call to make and nobody else’s, but by bringing you all the information and insight you need. The stakes are huge — for you, and for the nation. These elections could well shape the destiny of India, for better or for worse. (We can only hope it will be for the better.) The best thing about an election is that each of us has a voice — an equal music, if you will. An opportunity such as this comes to us but once in five years. Do you want to let it pass you by? Democracy, in its purest form, is about the power of one. Be the one.

 

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