Fw: Cygnus Daily Business Update 08 Jan 10

[G.V.Sandeep]

 

 

 

 

	CygnusDailyBusiness Updates                                                                                             08 January 2010     Indian Economy SBI sees no CRR hike at Jan 29 policy review State Bank of India, the country's largest lender, does not expect an increase in banks' cash reserve ratio (CRR) at the monetary policy review. CRR is the level of deposits banks are mandated to park with the central bank. It now stands at 5 percent. Credit growth is picking up, and excess liquidity is expected to get disbursed in the next few quarters.     GST bill likely in budget session, no pact on kickoff The Government may introduce a legislation in the budget session of Parliament to make necessary constitutional amendments and facilitate the launch of the goods and services tax (GST) although the rollout of this comprehensive indirect tax reform from the scheduled date of April 1, 2010, seems unlikely. The joint working group set up to formulate the constitutional changes has already finalised the draft of the legislation. Constitutional amendments are required for a rollout of GST as states need to be empowered to levy and collect tax on services. At present, the power to levy this tax rests with the Centre. Similarly , the Centre needs the authority to levy and collect tax on trade and levy of GST on imports.     Industry News   Banking SBI to install 7,000 talking ATMs for visually challenged India's largest lender, State Bank of India (SBI) plans to introduce 7,000 voice enabled ATMs across the country for visually challenged customers beginning next month. Out of our 18,500 ATMs, 7,000 will be made voice enabled for visually challenged people. These voice enabled ATMs, customised with headphones and braille key pads, will offer services like funds transfer and downloading of account statements. SBI plans to install these ATMs in metro, urban and semi urban towns across the country. ICICI Bank has installed its first talking ATM in 2003. Over the years, the bank has also ensured that the basic banking facilities can be used by physically handicapped people.     Banks, ARCs to standardise bad loan auction procedure Commercial banks and asset reconstruction companies (ARC) are considering joining hands to standardise the process for auction of stressed assets in the banking sector, a move which may help revive the secondary market for bad loans. Further, ARCs fear that some borrowers may file a counter claim after they have acquired the loan from the bank and have suggested that banks themselves should handle these claims. A major bone of contention between the bank and an ARC now relates to the claims made by a bank’s borrower. Very often, a borrower makes a claim in the court that he has defaulted because the bank did not provide him credit on time and hence, suffered losses. The amount (losses incurred by him in business due to delay in credit) should be set off against his liabilities to the bank. ARCs are of the view that such counter claims should not be transferred to them while banks are of the view that since it is a true sale, it should be without recourse. But banks don’t seem to agree on this. The standardisation of deed of agreement is expected to address this issue and help resolve such disputes. Since the ARC industry is still in a nascent stage having been in operation for just five years, there are no standardised procedures. Each bank pursues its own strategy to sell bad loans.     Bulk Drugs Transgene in pact with Dr Reddy's for obesity drug Biotechnology firm Transgene Biotek has signed a pact with Dr Reddy's Lab to manufacture a drug named, Orlistat used in treating obesity. Under the terms of the compact, effective in due course of time, Dr Reddy's would gain worldwide rights to a unique technology to produce and commercialize Orlistat active pharmaceutical ingredients (API) which is developed exclusively by Transgene Biotek. Transgene Biotek would receive an upfront payments for certain commercial milestone, and royalties on the sale of Orlistat API in all countries worldwide. Orlistat is used in the treatment of obesity, including weight loss and weight maintenance.   Consumer durables Samsung's revenue from India likely to double this year Electronic goods manufacturer Samsung Electronics expects to double its revenue from the Indian market to Rs 200-crore in the digital imaging portfolio segment in the current year. Samsung clocked Rs 95-crore revenue from its operations in the digital imaging segment in 2009. It expects a visible pick up in sales with the launch of some unique and customised products this year. Samsung's sales in the compact camera segment is likely to go up to 3 lakh units this year from 1.6 lakh units in 2009. In the camcorders division, it targets to sell 30,000 units in this year as against 11,000 units last year.   Education Don't go to Australia for frivolous courses: External affairs minister S M Krishna has a solution to end the racial violence against Indian students in Australia: just stop sending students for “frivolous” professional courses. Expressing doubts about Indian students going for professional courses that could be found in India, Mumbai, Delhi and Bangalore offered excellent courses. There are any number of excellent institutes in India — in Delhi, Mumbai and Bangalore and suggest to parents that they should be discreet in choosing higher education institutions for their children. The Australian immigration department figures, for the period from July to October 31 last year, show a 46% drop in student visa applications from India compared with the same period in 2008. India had asked student studying or planning to pursue education in Australia to take basic precautions to ensure their safety, and warned that drug and alcohol-fuelled crimes against Indians were on the rise.     Health Care KeraSoft, Chaithanya eye contact lens market KeraSoft Eyecare, the Indian arm of UK-based UltraVision, has tied up with the Chaithanya Eye Hospital and Research Institute in Thiruvananthapuram, targeting the domestic market for treating eye disorders like irregular corneas and keratoconus. Keratoconus is an eye disorder in which the curvature of the cornea is ever changing and leads to corneal distortion and reduced vision. KeraSoft, which has rolled out its India marketing operations in Thiruvananthapuram, will launch its specialised soft contact lenses that will tackle problems related to irregular corneas and keratoconus in Hyderabad later this month, and plans to have a distribution network covering 30 cities across the country by the year-end.   IT hardware Microsoft CEO unveils new HP tablet Microsoft Corp unveiled a new Hewlett-Packard Co tablet computer, beating Apple Inc's. But analysts were skeptical that Microsoft and HP could generate as much consumer excitement as Apple's new device, widely expected to be unveiled on Jan. 27, though the company has not said anything about it publicly. This great little PC -which will be available later this year. Microsoft's presentation, which kicked off the world's biggest consumer technology show, started late after a power outage and suffered a few tech hiccups. BIG HYPE Microsoft, the world's largest software maker, and HP, the top personal computer maker, are the latest companies to eye tablets that bridge the gap between laptops and smart phones.     Media Coke India's new Thums Up ad most expensive ever Beverage maker Coca-Cola India, the country’s third largest advertiser, has just shot its most expensive television commercial with actor Akshay Kumar for Thums Up the country’s largest fizzy drink at an estimated cost of Rs 4.5 crore. More than three decades after it was launched, Thums Up continues to be ahead of all aerated drinks put together including Coca-Cola’s own brands and those of rival PepsiCo. The largest chunk of Coca-Cola India’s marketing and ad budgets are allocated to brand Thums Up. This is a far cry from the strategy adopted by the company soon after it had acquired Ramesh Chauhan’s portfolio of aerated drinks in 1993 when Coca-Cola India had faced allegations of neglecting Thums Up.   Metals Arcelor, Posco gear up for new India ventures Mittal, who built his global steel empire starting off with a small steel plant in Indonesia in the 1970s, is not giving up on his ambitions in the country of his birth yet. While he lives in London, Mr Mittal continues to retain an Indian passport. With his efforts to kick-start greenfield projects in India not gaining traction , Mr Mittal, who has most of his assets overseas, last year sought to build up an Indian presence using another route. He has agreed to buy up a 35% stake in Uttam Galva Steels for an estimated Rs 500 crore. Plans of companies such as Tata Steel, which announced a 6-milliontonne plant in Orissa in 2004, and JSW Steel, which wants to boost capacity by 12 million tonnes in setting up plans in three states, are all crawling and it may be difficult for many companies to complete the projects on schedule.     Oil & Gas FinMin keen on ONGC, Indian Oil follow-on offers The finance ministry is keen on selling stakes in Oil and Natural Gas Corporation and Indian Oil Corporation but follow-on public offers in the two blue chips. PSUs are unlikely as unresolved issues are affecting their valuations. The oil ministry, however, was of the view that raising funds from the capital market was not prudent till issues like fuel pricing and subsidies were resolved which were affecting share price of ONGC and IOC. The three retailers have not been issued the promised oil bonds or given cash to make up for the over Rs 20,000 crore loss they incurred on selling LPG and kerosene.     Placement IIMC to take IIMA line, alter placements procedure IIM Calcutta (IIMC) is considering changes in its placement process, keeping in mind increasingly large batch sizes year on year. While IIM Ahmedabad recently announced it would do away with the traditional placement process and adopt a ‘cohort’ system for this year’s final placements, IIMC is still weighing its options. The changes may not be in place by 2010. While a batch size of around 280 will be participating in the placements this year, the Class of 2011 will see 407 students graduating. The year after, the tally will go up to 460. These ever-increasing batch sizes and placing them is what is making us think of an innovative process. Students may also be given a choice. Among the options being considered is increasing the number of students in the final placements. At present, the number of firms such students can apply to is restricted, as during laterals they get to negotiate their roles with the firms. But such restrictions may be removed, with people with even two or more offers in laterals being allowed to sit for finals.

 

 

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