Posts Tagged: crore

 

Corporates and business houses provided 90 per cent donations to national political parties in 2013-14, even as Bharatiya Janata Party was the only party not to furnishdetails of financial assistance to the Election Commission.

Advocacy group Association for Democratic Reforms in a report on Wednesday said total donations received by Congress, NCP and CPI during 2013-14 rose by Rs 62.69 crore – an increase of whopping 517 per cent from the previous financial year.

The ADR said donations to Congress rose from Rs 11.72 crore in 2012-13 to Rs 59.58 crore in 2013-14 which is an increase of 408 per cent. In 2012-13, donations declared by BJP was more than the aggregate declared by Congress, NCP, CPI and CPI-M during 2013-14. 

BJP had declared a total of Rs 83.19 crore received above Rs 20,000 during 2012-13. >> Read More

 

The Food Corporation of India’s (FCI) procurement operations could come to a halt by February unless it is paid a good part of its outstanding dues of a record Rs 58,000 crore soon.

For the Centre, which has admitted to a tax revenue buoyancy overestimate of R1 lakh crore, and could face a shortfall of R20,000 crore in disinvestment receipts, the demand from the FCI could not have come at a worse time.

Official sources told FE that for FCI, which is somehow managing the minimum support price (MSP) operations of wheat and rice at present thanks to the three short-term bank loans of R20,000 crore taken since the start of the current fiscal, the ability to sustain the operations is already waning. These loans carry an interest of 11.28%, which gets added to the government’s food subsidy burden.

The food ministry has requested the finance ministry for R1.47 lakh crore (including R92,000 crore budgeted for FCI’s MSP functions and overall food subsidy arrears from previous years) in the current fiscal, a tall order given the Centre’s strained fiscal situation. >> Read More

 

Investments into domestic shares through participatory notes (P-Notes) surged to the highest level in more than six-and-half years at Rs 2.65 lakh crore (about $ 43 billion) in October.

According to the data released by the Securities and Exchange Board of India (Sebi), the total value of P-Note investments in Indian markets (equity, debt and derivatives) rose to Rs 2,65,675 crore at the end of October from Rs 2,22,394 crore in September.

This is the highest level since February 2008, when the cumulative value of such investments stood at Rs 3,22,743 crore.

P-Notes, mostly used by overseas HNIs (High Networth Individuals), hedge funds and other foreign institutions, allow them to invest in Indian markets through registered Foreign Institutional Investors (FIIs), while saving on time and costs associated with direct registration.

According to market analysts, investment into the equity market via P-Notes had been rising in the past few months, mainly on account of the government’s reforms agenda and a rally in the country’s equity markets.

It shot up in May, post the General Election results, primarily on the new government’s promise to revive economic growth and the momentum continued till October.

P-Note investments in Indian markets have climbed to Rs 1.86 lakh crore in October from Rs 1.68 lakh crore in the preceding month.

 

The total wealth of the 35 Mumbai MLAs who are seeking re-election increased by 137 per cent since 2009, according to affidavits submitted by them along with their nomination papers. Their wealth grew from Rs 350 crore in 2009 to Rs 830 crore in 2014.

Over half-a-dozen MLAs registered an increase of more than 400 per cent in their wealth, with NCP’s MLA from Kurla Milind Kamble leading the list. Kamble’s wealth grew by 29,900 per cent — from Rs 25,000 in 2009 to Rs 75 lakh in 2014.

Mumbai has 36 constituencies. Of the total 36 MLAs, 35 are seeking re-election. Former BJP MLA Gopal Shetty is not contesting this time as he has been elected to the Lok Sabha.

The major gainer in wealth in terms of parties are the four Shiv Sena MLAs, whose cumulative wealth grew at 601 per cent, from Rs 4.68 crore to Rs 32.81 crore. They were followed by the Congress, whose 17 MLAs showed a cumulative growth of 238.40 per cent, from Rs 86.79 crore to Rs 293.7 crore. They are followed by the six MNS MLAs, whose cumulative wealth grew by 173.45 per cent, from Rs 27.09 crore to Rs 74.08 crore.

After NCP’s Kamble, the major individual gainer in wealth is Sena legislator Bala Sawant whose wealth increased by 1,945 per cent, from Rs 0.11 crore to Rs 2.25 crore. The third highest increase has been registered by Shiv Sena MLA Ravindra Waikar from Jogeshwari, who has shown an increase of 1,071 per cent, from Rs 1.75 crore in 2009 to 20.5 crore in 2014. >> Read More

 

Notwithstanding a 12.5% hike in defence budget taking the military spending for the year 2014-15 to Rs 2.29 lakh crore ($38 billion), India remains far below the Chinese allocation of $132 billion.

The analysis after the budget was announced last week suggests that the Chinese armed forces have got 3.5 times more allocation than their Indian counterparts for the year 2014-15.

The Indian armed forces got a budget of Rs 2.29 lakh crore from last years Rs 2.03 lakh crore.

Of the funds allocated, the Indian forces will spend Rs 94,500 crore on procurement of weapon systems while other amount would be used to maintaining existing assets and payment of salaries.

China had presented its budget in March in which raised its defence budget by 12.2% to 808.2 billion yuan (about $132 billion).

In 2013, China had spent 720.197 billion yuan on national defence budget (about $117.7 billion), a 10.7% increase from 2012.

>> Read More

25 Key Points of Union Budget 2014

10 July 2014 - 14:45 pm
 

· No changes in tax rates for individuals
· Personal income tax limit increased by Rs 50,000 for people below 60 years
· Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2 lakh to Rs 2.5 lakh25-number
· Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh
· Rs 100 crore for modernisation of madrasas
· Development of Metro rails in PPP mode; Rs 100 crore set aside for Metro scheme in Ahmedabad and Lucknow
· Rs 500 crore for digital India programme to ensure broadband connectivity at village level, transparency in governance
· Govt proposes to set up five new IIMs, four new AIIMS and five new IITs
· Jaitley announces ‘Beti padhao, beti badhao yojana’, sets aside Rs 100 crore for this
· 15 new Brail presses to be established and revival of 10 existing announced
· Rs 200 crore set aside to support Gujarat govt in the Sardar Patel statue installtion: Jaitley
· Sanitation: Government intends to cover every household in the country by 2019
· Govt to provide finance to five lakh landless farmers through NABARD
· Rs 100 crore set aside for Kisan Television to provide real time information on various farming and agriculture issues
· Trade facilitation centre to promote handloom work in Varanasi

>> Read More

 

This financial year is among the top five in terms of buying activity by foreign institutional investors (FIIs). This year, FIIs have been net buyers by Rs 73,235 crore, the fourth highest.

The last financial year had seen inflows of Rs 1.4 lakh crore, the highest. Both FY10 and FY11 saw net buying of Rs 1.1 lakh crore.

NAKE

Fii’s had Invested  Rs 22.61 Crore for Every one Point Rally in Sensex & Rs. 81.30 Crore for single point rally in Nifty !

No Need to USE BRAIN :They Control Market + Forex Market too !

Corporate +Insiders +Media :Control Market !

 

For every rupee that banks in India have lent in the nine months to December 2013, 13 paise has turned sour and has been classified a non-performing asset (NPA). For United Bank, 60 paise is bad for every rupee lent.

In the nine months during April-December in fiscal 2014, 42 banks have lent R5.02 lakh crore and their gross NPAs for the same period stood at R67,394 crore. In the same period, United Bank’s gross advances stood at R9, 268 crore, whereas gross NPAs were R5,581.18 crore. Most of the NPAs were, however, added by the public sector banks.

In these nine months, public sector lenders added R63,782 crore of bad loans to their books and accounted for 94% of the total NPAs.

An analyst at a foreign brokerage said that public sector lenders are burdened by bad loans from the mid-corporate and small and medium enterprises (SME). On the contrary, private banks focus on retail customers who account for lower NPAs. “PSBs have loans like Air India, Kingfisher and even discoms that have cost them dear,” he said. >> Read More

 

cdrStating that the overall asset restructuring in the banking system has touched Rs 3.25 lakh crore as of June, RBI Executive Director B Mahapatra today said loan recast has gone “out of control” and all stakeholders need to tackle the problem jointly.

“Till March 2011, things were manageable. We had around Rs 1.1 lakh crore in recast loans, but now if you see, things are quite out of control. It has gone up to Rs 2.7 lakh crore. This is only CDR (corporate debt restructuring) and if you put both (CDR and bilateral restructuring cases between banks and companies) together, may be it might exceed Rs 3.25 lakh crore,” he said at the annual Bancon here.

Mahapatra said the Reserve Bank of India was willing to “tolerate a bit of restructuring,” but he exhorted banks to provide more against potential asset quality troubles and promoters to get more equity and personal guarantees.

“We’ll tolerate a bit of restructuring, we will give the regulatory forbearance, offer more time — that is the loss or the sacrifice that we as regulators are willing to make. But you as bankers should also be willing to make more provisions…And the borrowers should also sacrifice, he should bring in more equity,” he said.

“It is a loss-sharing arrangement. In a system, when there is a problem, all the stakeholders should share the loss,” the executive director said.

Mahapatra pointed out that the RBI has increased the provisioning requirements for banks from 2% earlier to up to 5% in some cases. >> Read More

 

India’s top builders seem to be sitting on a huge unsold real estateinventory, worth nearly Rs 58,000 crore, which could take more than two years to sell, a Business Standard analysis of 19 listed realty firms on the BSE-500 index shows.

At the end of March, the combined unsold inventory of these companies rose 25 per cent from a year earlier. Their net sales remained almost flat during the same period (see chart).

Of the Rs 58,000-crore pile-up, DLF, India’s largest real estate developer, accounted for almost a third. As of March-end, the Delhi-based company reported an inventory worth Rs 17,600 crore, 18 per cent more than that two years earlier. The company’s consolidated net sales declined from Rs 9,561 crore to Rs 7,773 crore during this period. Following DLF is HDIL, which reported an inventory of Rs 12,043 crore at the end of March this year, more than six times its net sales last financial year.

Third on the list is Indiabulls Real Estate, with an unsold inventory worth Rs 5,111 crore, nearly four times its 2012-13 net sales.

The situation might look even grimmer if the figures for unfinished projects or those under construction (capital work in progress) were to be included. At March-end, the 19 firms in the sample reported Rs 12,300 crore of capital work in progress (see chart). >> Read More

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Technically Yours,
Team ASR,
Baroda, India.