Indian Economy-News & Updates

[illusion8]

Core sector growth up at 5.1% in September

NEW DELHI: The infrastructure sector showed some signs of a rebound with coal, refinery products and cement posting robust gains in September after nearly seven months of sluggish growth. Data released by the commerce and industry ministry on Wednesday showed the eight core industries spanning coal, cement, crude oil, natural gas, petroleum products, fertilizers, steel and electricity rose an annual 5.1% in September, faster than the upwardly revised 2.3% in August and 2.5% in September, 2011.


India Inc scores as 58% cos beat Q2 net estimates
NEW DELHi: India Inc may not be fully out of the woods, but, a large number of companies are beating analysts' estimates this earnings season. The earnings surprise breadth, or the number of companies reporting higher profits than estimates, stands at 58% so far in the second quarter of the current financial year.
In all, 33 of 57 companies have beaten analyst estimates for profit growth during the quarter, according to data compiled by investment banking major Morgan Stanley. Profit margins have expanded by 17 basis points (0.17%) for the broader market so far. The broader market (comprising 658 companies) has seen revenues and earnings grow by 14% and 16% year-on-year respectively.
The reading looks much better for blue-chip companies. Earnings have trailed analysts' forecasts at only three of the 18 sensex companies that have posted results for the second quarter so far, according to Bloomberg estimates. This is in sharp contrast to the previous quarter when 40% of sensex firms trailed analysts' forecasts on profits. The net profit of sensex companies, which have come out with their earnings so far, increased 12% year-on-year (y-o-y), ahead of expectations.
In all, 50 large companies (market capitalization of $2 billion and above) have reported a strong growth in net profits, revenues and EBITDA (earnings before interest, taxes, depreciation and amortization) than the broader market and other categories.

India Inc scores as 58% cos beat Q2 net estimates - The Times of India

 

[idune]

Kejriwal Targets Ambani in Gas Pricing Scam; Cites ₹43,000 in Benefits for RIL


In his unstoppable campaign against corruption, Kejriwal alleged at a press conference that India's richest tycoon worked hand-in-glove with the BJP-led NDA and Congress-led UPA in signing a contract on gas exploration in the Krishna Godavari (KG) basin.

Backed by lawyer, colleague Prashant Bhushan, Kejriwal said the two political parties were responsible for getting RIL to sign the contract in 2000, and had acted in the interests of the company at the cost of causing a massive dent in the exchequer pocket.

The alleged deal, the activist said, would benefit RIL by ₹43,000 crores, but would lead to the shutdown of many gas-based power plants and inflation, Hindustan Times (HT) reported.

It was also said that RIL was hoarding gas, reducing its production in a bid to pressurise the government to hike gas prices to $14.25 per unit from the present rate at $4.25. The refusal to accept RIL's proposal to increase rates led to the ousting of Jaipal Reddy from his post as Union minister for Petroleum and Natural Gas last week. Veerappa Moily was brought in to take his place.

"RIL has the contract to extract oil from KG (Krishna-Godavari) basin. Under an agreement of 2009 with the government, they are supposed to sell gas at $4.2 per mmBTU up to 31st March 2014. Midway now, RIL is demanding that the price be increased to $14.2 per mmBTU. Jaipal Reddy resisted that and he was thrown out," Kejriwal said, according to Business Standard.

The output of gas had also steadily fallen, which Kejriwal said was a pressure tactic by RIL. Out of 31 oil producing wells in the KG basin, only 13 are in function, HT reported.

Hours after Kejriwal made his third exposé on crony capitalism, RIL lashed out saying, "The statements made by IAC... are devoid of any truth or substance whatsoever and are denied."

The alleged findings on RIL by the IAC members gave them reason to say that even Prime Minister Manmohan Singh is leaning more towards corporate profits and is powerless in the hands of India's biggest conglomerate.

"It appears that Mukesh Ambani and not the PM runs the country," NDTV quoted Kejriwal as saying. "The PM's heart beats for Reliance and not the people of India."

Kejriwal Targets Ambani in Gas Pricing Scam; Cites ?43,000 in Benefits for RIL - International Business Times

 

[Azazel]

Kejriwal Targets Ambani in Gas Pricing Scam; Cites ₹43,000 in Benefits for RIL


In his unstoppable campaign against corruption, Kejriwal alleged at a press conference that India's richest tycoon worked hand-in-glove with the BJP-led NDA and Congress-led UPA in signing a contract on gas exploration in the Krishna Godavari (KG) basin.

Backed by lawyer, colleague Prashant Bhushan, Kejriwal said the two political parties were responsible for getting RIL to sign the contract in 2000, and had acted in the interests of the company at the cost of causing a massive dent in the exchequer pocket.

The alleged deal, the activist said, would benefit RIL by ₹43,000 crores, but would lead to the shutdown of many gas-based power plants and inflation, Hindustan Times (HT) reported.

It was also said that RIL was hoarding gas, reducing its production in a bid to pressurise the government to hike gas prices to $14.25 per unit from the present rate at $4.25. The refusal to accept RIL's proposal to increase rates led to the ousting of Jaipal Reddy from his post as Union minister for Petroleum and Natural Gas last week. Veerappa Moily was brought in to take his place.

"RIL has the contract to extract oil from KG (Krishna-Godavari) basin. Under an agreement of 2009 with the government, they are supposed to sell gas at $4.2 per mmBTU up to 31st March 2014. Midway now, RIL is demanding that the price be increased to $14.2 per mmBTU. Jaipal Reddy resisted that and he was thrown out," Kejriwal said, according to Business Standard.

The output of gas had also steadily fallen, which Kejriwal said was a pressure tactic by RIL. Out of 31 oil producing wells in the KG basin, only 13 are in function, HT reported.

Hours after Kejriwal made his third exposé on crony capitalism, RIL lashed out saying, "The statements made by IAC... are devoid of any truth or substance whatsoever and are denied."

The alleged findings on RIL by the IAC members gave them reason to say that even Prime Minister Manmohan Singh is leaning more towards corporate profits and is powerless in the hands of India's biggest conglomerate.

"It appears that Mukesh Ambani and not the PM runs the country," NDTV quoted Kejriwal as saying. "The PM's heart beats for Reliance and not the people of India."

Kejriwal Targets Ambani in Gas Pricing Scam; Cites ?43,000 in Benefits for RIL - International Business Times

hey,if you wanna post scams make a new sticky thread for it.Because this thread ain't gonna enough for it.

 

[idune]

If indian congress govt allows hike of gas prices to $14.25 per unit from the present rate at $4.25, what would the impact on consumers and industry?

How much of indian industry depends on gas?

 

[Azazel]

If indian congress govt allows hike of gas prices to $14.25 per unit from the present rate at $4.25, what would the impact on consumers and industry?

How much of indian industry depends on gas?

Ask someone who knows Energy Conversion.The amount is given in a unit of Energy. mmBTU(Million Metric British Thermal Units)
And Indian Industry is not very depended on gas.They only contribute 9.2% in energy production.

 

[jandk]

anyone else sick of hering about Kejriwal 24/7??

 

[IndoCarib]

Indian investment in Zambia exceeds $3 billion

GOVERNMNT says India’s foreign direct investment to Zambia has exceeded US$3 billion in various economic sectors of the country. Justice Minister Wynter Kabimba said Zambia’s export to India has continued to grow due to the country’s favourable economic conditions. India’s investment to Zambia covers mining, agriculture, information technology and infrastructure among others. He said Zambia’s export to India increased from US$51.4 million in 2009 compared to US$102.67 million in 2010 while India’s exports to Zambia stood at US$131.6 million in 2009 and US$88.34 in 2010. “AS Government we take note of the contribution that India has made to the economy as FDI. India today stands as one of the emerging economic giants in the world, it is therefore true that Zambia has a lot to learn from the country in catalysing its own economic growth using India’s experience,” he said.

http://www.daily-mail.co.zm/index.php?option=com_k2&view=item&id=72:india%E2%80%99s-investment-exceeds-$3-billion&Itemid=188

 

[kurup]

Andhra Pradesh govt okays construction of 6000 MW nuclear power plant


Even as the protests against the controversial Kudankulam nuclear power plant in Tamil Nadu have been on the rise, the Andhra Pradesh government has quietly set in motion the process for construction of 6,000 MW nuclear power plant at Kovvada block in Srikakulam district.

The state energy department on Thursday night issued an order (GO Ms No. 42 dated November 1, 2012) and a subsequent gazette notification declaring five villages covering 1,916.27 acre of land as "protected zone" for setting of 6 light weight nuclear reactors, each of 1,000 MW capacity by the Nuclear Power Corporation of India Limited (NPCIL). The total land being acquired for the nuclear power project is 2,436 acres, including the area assigned for township for the staff and the Central Industrial Security Forces to take care of the security needs of the project.

According to the notification, the five villages which would fall under the nuclear protected zone are: Ramachandrapura, Gudem, Kotapalem, Tekkali and Jeeru Kovvada. In all, 1,983 households with a population of 7,960 would be displaced from the project area and rehabilitated at a distant location, so as to protect them from adverse effect of the nuclear power project.

The notification said since the project is being set up by the NPCIL with the support of the Central government, the rehabilitation and resettlement benefits would be extended to the displaced people as per the provisions of the National R&R policy, 2007.

In fact, the government had issued land acquisition notices in December 2011 itself in order to facilitate the NPCIL to build its office complex, besides staff quarters. The government had constituted a team of 11 officials headed by a deputy collector rank officer, besides appointing another 28 lower rung staff on contract basis for acquisition of land from farmers in and around Ranasthalam area. The entire cost of land acquisition and salaries to the land acquisition staff would be borne by NPCIL.

While the NPCIL would build the nuclear reactors, state-run AP Power Generation Corporation would act as the nodal agency for the execution of the power plant, including overseeing the land acquisition and the project works.

Kovvada was among the first set of four sites identified by the Central government last year for setting up nuclear power plants as part of the civil nuclear agreement with United States. The ambitious Rs.1 lakh crore power project at Kovvada would be developed with the US technical know-how.

The local people, backed by environmental groups, however, have been opposing the Kovvada nuclear power plant. They asserted that they would not allow commencement of any work of the project and take up large scale protests as was done in Kudankulam.

Andhra Pradesh govt okays construction of nuclear power plant : South, News - India Today

 

[kkacer]

High fiscal deficit deterrent for investment

Nov 1, 2012

NEW DELHI: Holding that "high" fiscal deficit is a deterrent for domestic and foreign investments, Prime Minister Manmohan Singh said.

"As a result, our growth has decelerated, our exports have fallen and our fiscal deficits are expanding. Of particular concern is the fiscal deficit, which is too high and acts as a deterrent for domestic and foreign investment," he said.

BERNAMA - India's High Fiscal Deficit A Deterrent For Investment

 

[shuttler]

If indian congress govt allows hike of gas prices to $14.25 per unit from the present rate at $4.25, what would the impact on consumers and industry?

How much of indian industry depends on gas?

over 70% of indian oil relies on import.

there is a sensitivity analysis, every $10 increase in oil will widen indian current account deficit by 0.4 % point.

 

[Agent_47]

Volkswagen to reposition Skoda, other brands in India

NEW DELHI, NOV 4:
German automotive giant Volkswagen is undertaking a repositioning for its group brands in India to align with its global practice, which may see Skoda moving down in the pecking order.

The group has three brands — Audi, Volkswagen and Skoda — in the Indian market. Audi is in the luxury segment. Skoda, however, has taken a more premium positioning compared to the Volkswagen brand, contrary to the group’s global practice.

“It’s a question of how different brands are placed against themselves in the market. Skoda has a quite high position (in India). In the group, Skoda is little bit positioned under Volkswagen. So, we are on the way to make a correction,” Volkswagen Group Board Member and Executive Vice President Ulrich Hackenberg said.

Currently, the Volkswagen sells seven brands in India — hatchback Polo, sedans Vento, Jetta, Passat and Phaeton along with SUV Touareg and the iconic Beetle.

Skoda, on the other hand, has five models — hatchback Fabia, sedans Rapid, Laura and Superb along with compact SUV Yeti.

At present, on a comparative basis hatchback Skoda Fabia is priced between Rs 4.60 lakh and Rs 8.10 lakh, while Volkswagen Polo is tagged at Rs 4.8 lakh to Rs 6.94 lakh.

Similarly, mid-sized sedan Skoda Rapid is tagged between Rs 6.90 lakh and Rs 9.50 lakh compared to Volkswagen Vento which costs between Rs 7.29 lakh and Rs 9.89 lakh.

In the premium sedan segment, Skoda Laura comes for Rs 12.9 lakh to Rs 18.97 lakh, while Volkswagen Jetta is priced at Rs 13.6 lakh and Rs 18.9 lakh.

In the luxury segment, Skoda Superb is available for Rs 18 lakh to Rs 24 lakh (ex-showroom Delhi), while that of Volkswagen Passat is available from Rs 22 lakh to Rs 27.26 lakh.

The VW group has said that till 2015, India will not be a priority market for introduction of new models, such as small car Up! and major investments as the “business case is not positive“.

“We are looking at the business case, which is not positive. In connection to the investment we need to do, we are not in the situation to do that,” Hackenberg had said.

Volkswagen Group Chief Representative (India) John Chacko had said the firm will hold itself from taking any major decision or introducing new models in India.

During the interim period, the company will continue to launch more derivatives of models from the existing platforms, Chacko had added.

Business Line : Companies News : Volkswagen to reposition Skoda, other brands in India

 

[Agent_47]

 

[laman12345]

rofl

India GDP growth is even slower than Indonesia

Indonesia 6.2% in Q3

 

[Agent_47]

rofl

India GDP growth is even slower than Indonesia

Indonesia 6.2% in Q3

China's GDP growth is even slower than Iraq !



Iraq

 

[INDIC]

rofl

India GDP growth is even slower than Indonesia

Indonesia 6.2% in Q3

You are laughing at Reuters.