Indian Economy-News & Updates

[Splurgenxs]

Sensex holds on to 18,000, Nifty takes 5,500

Sensex has finally broken the pre down spiral mark of 18000.

Markets have gathered momentum with the benchmark indices trading with over 1.5% gains after a strong start. The Sensex traded 270 points higher at 18,118 and the Nifty index advanced 83 points to 5,499 at 1115 hours. The Sensex and Nifty are trading at the highest level since August 2011.

However, analysts advised caution going ahead because Indian markets have gone up too fast, too soon. The Sensex has rallied over 15% in the last six weeks.

"Markets may continue to go up for few more days though they are in an overbought territory. I would not advise fresh buying though investors can continue to hold their stocks. Traders should book profits once this trend is seen ending," Hormuz Maloo, Technical Analyst at Geojit BNP Paribas Securities told NDTV Profit.

Auto and capital goods stocks outperformed the broader indices. Tata Motors (6.4%) supported the auto index (3.5%). The company had beat profit expectations in the third quarter. Engineering and construction conglomerate L&T (4.72%) helped the capital goods index.

The BSE oil and gas index was the exception, falling 0.15% in an up market. That was on account of the underperformance of Reliance Industries shares that traded over 1% lower at Rs 839.80. Selling pressure was seen in the counter on reports that gas production from the KG-D6 basin may fall to an all-time low.

Only 5 stocks -RIL, HUL, NTPC, Reliance Power and HCL Tech- traded lower on the 50-stock Nifty index.

The market breadth continued to be strong with 88% stocks rising on the broader BSE 500 index.

Strong gains across Asian markets supported Indian stocks. Global cues turned positive on hopes that Greece would soon implement cuts and reforms necessary to secure a bailout by March 20 to avoid a default. Japan's Nikkei index and Hong Kong's Hang Seng index traded with over 2% gains today.
Sensex holds on to 18,000, Nifty takes 5,500

 

[Nitin Goyal]

Crowning glory: IGI second best in world


New Delhi: Delhi's IGI airport has been ranked the second-best airport in the world for 2011 by the Airports Council International. The airport scored this distinction in the category of airports with 25-40 million passengers per annum. Last year, it had been ranked fourth in the same category.

The airport scored 4.72 of a possible 5 in the airport service quality index, coming 6th in the overall airport ranking for 2011. This is a massive jump for the airport which, before privatization in 2007, had scored 3.02 on the ASQ and did not manage a rank in the top 100.

Delhi International Airport (P) Ltd (DIAL) commended the efforts of agencies such as customs, immigration, CISF, airlines, concessionaires, housekeeping and other support staff for contributing to the image make-over for the airport.

DIAL's CEO I Prabhakara Rao said: "IGIA has come a long way in the last five years since we took over. We have ensured that quality has become a way of life not just with DIAL employees, but with all stakeholders of the IGI airport family. We are confident that all 30,000 plus members of the IGI airport family will continue to strive for excellence and we hope to improve our position even further in the coming years."

IGI airport handled a record number of 35 million passengers in 2011. The airport has an annual passenger capacity of over 60 million of which terminal 3 can alone handle 34 million passengers. The airport also handled over 6 lakh tonnes of cargo and over 3 lakh aircraft movements in 2011.

Airports Council International is the only global trade representative of airports with 580 members operating from 1,650 airports in 179 countries and territories.

Crowning glory: IGI second best in world - The Times of India

 

[Kesang]

India to produce record 250mn tonnes foodgrains: PM
15 Feb 15:33 pm IST


New Delhi: Prime Minister Manmohan Singh today expressed satisfaction as the country'sfoodgrains output is set to touch a record 250 million tonnes, exceeding the projected target, owing to efforts to increase production.
"Our farmers have done us proud again this year. ... but we still have a long way to go. ... we cannot afford to be complacent since demand of horticulture and animal products is increasing very rapidly and this will requiresome shift of area away from production of foodgrains.
"Therefore productivity in foodgrains has to go up handsomely," he said at a workshop atthe Rashtrapati Bhawan.
The workshop is the part of the initiative of President Pratibha Patil for enhancing farm productivity, especially in rainfed areas. A Committee of Governors constituted by the President has already met twice.
Besides Patil, today's meeting was attended by over 20 governors, eight Union ministers, five chief ministers and 37 vice-chancellors of agricultural universities.
The prime minister said foodgrains production will exceed the target by five million tonnes and cotton output at 34 million bales is a new record as per the latestestimates.
However, there was only 1% growth rate in food production in the country, against 2% required to meet India's grain requirement by 2020-21, he said.
The prime minister also pointed out distortions arising from pricing and subsidy regimes resulting into soil degradation.
He expressed concern over volatility in pricesof farm products.
"There is a big gap between farm gate and retail prices that the consumers pay. There is also volatility with prices being low after harvest. We need to address all this by reforming agricultural marketing systems and investing in supply chains," he said.
The prime minister stressed the need of private investment in marketing logistics, particularly in sub-sectors with perishable products, as well as in agricultural research areas like extension activities.
Singh called for a special focus on rainfed areas, where farm productivity continues to be low.
"Rainfed farming continues to be a gamble with nature and cases of distress continue tobe reported despite our efforts," he said, adding that productivity in rainfed areas, must be improved.
Rainfed farming account for about 60% of the country's total cropped area. It contributes more than 80% of the oilseeds and pulses grown in the country.
The prime minister also observed that a strong agriculture is necessary for food security and inclusive growth cannot be achieved in its true sense without providing livelihood security to the farmers.
Referring to the suggestions made by the three core groups, constituted by PMO, to look into agricultural issues, Singh said,"These groups have given their reports and Ministry of Food and Agriculture have examined them. I am told that most of the recommendations are acceptable and action on them has either already been taken or is underway."
Agriculture and allied sectors have grown at an estimated rate of 3.5% in the 11th Five-Year Plan (2007-12), compared to the growth rate of 2.4% in the previous plan period, he added.
The foodgrains production in 2010-11 crop year (July-June) stood at 244.78 million tonnes

http://www.firstpost.com/economy/india-to-produce-record-250mn-tonnes-foodgrains-pm-214147.html

 

[Shaurya]

India to produce record 250mn tonnes foodgrains: PM
15 Feb 15:33 pm IST


New Delhi: Prime Minister Manmohan Singh today expressed satisfaction as the country'sfoodgrains output is set to touch a record 250 million tonnes, exceeding the projected target, owing to efforts to increase production.
"Our farmers have done us proud again this year. ... but we still have a long way to go. ... we cannot afford to be complacent since demand of horticulture and animal products is increasing very rapidly and this will requiresome shift of area away from production of foodgrains.
"Therefore productivity in foodgrains has to go up handsomely," he said at a workshop atthe Rashtrapati Bhawan.
The workshop is the part of the initiative of President Pratibha Patil for enhancing farm productivity, especially in rainfed areas. A Committee of Governors constituted by the President has already met twice.
Besides Patil, today's meeting was attended by over 20 governors, eight Union ministers, five chief ministers and 37 vice-chancellors of agricultural universities.
The prime minister said foodgrains production will exceed the target by five million tonnes and cotton output at 34 million bales is a new record as per the latestestimates.
However, there was only 1% growth rate in food production in the country, against 2% required to meet India's grain requirement by 2020-21, he said.
The prime minister also pointed out distortions arising from pricing and subsidy regimes resulting into soil degradation.
He expressed concern over volatility in pricesof farm products.
"There is a big gap between farm gate and retail prices that the consumers pay. There is also volatility with prices being low after harvest. We need to address all this by reforming agricultural marketing systems and investing in supply chains," he said.
The prime minister stressed the need of private investment in marketing logistics, particularly in sub-sectors with perishable products, as well as in agricultural research areas like extension activities.
Singh called for a special focus on rainfed areas, where farm productivity continues to be low.
"Rainfed farming continues to be a gamble with nature and cases of distress continue tobe reported despite our efforts," he said, adding that productivity in rainfed areas, must be improved.
Rainfed farming account for about 60% of the country's total cropped area. It contributes more than 80% of the oilseeds and pulses grown in the country.
The prime minister also observed that a strong agriculture is necessary for food security and inclusive growth cannot be achieved in its true sense without providing livelihood security to the farmers.
Referring to the suggestions made by the three core groups, constituted by PMO, to look into agricultural issues, Singh said,"These groups have given their reports and Ministry of Food and Agriculture have examined them. I am told that most of the recommendations are acceptable and action on them has either already been taken or is underway."
Agriculture and allied sectors have grown at an estimated rate of 3.5% in the 11th Five-Year Plan (2007-12), compared to the growth rate of 2.4% in the previous plan period, he added.
The foodgrains production in 2010-11 crop year (July-June) stood at 244.78 million tonnes

India to produce record 250mn tonnes foodgrains: PM | Firstpost

Utilisation , not production is more important, anyways, good development

---------- Post added at 08:51 AM ---------- Previous post was at 08:50 AM ----------

India moves WTO against Turkey over cotton yarn import curbs

India has moved the World Trade Organisation's (WTO) Dispute Settlement Body against Turkey over the latter's safeguard measures on cotton yarn imports.

According to the WTO Web site, “On February 13, India requested consultations with Turkey under the dispute settlement system concerning” the issue.

Explaining the procedure the WTO said, “The request for consultations formally initiates a dispute in the WTO.”

“Consultations give the parties an opportunity to discuss the matter and to find a satisfactory solution without proceeding further with litigation. After 60 days, if consultations have failed to resolve the dispute, the complainant may request adjudication by a panel,” it added.

Confirming the development, Commerce Ministry sources told Business Line that Turkey's safeguard measures have ‘adversely affected' India's cotton yarn shipments to that country since July 2008.

Safeguard measures, allowed under the WTO norms, are duties imposed temporarily by a country to protect the local industry from a sudden import surge.

But India claims that Turkey's measures are ‘inconsistent' with WTO's safeguard norms. Turkey also “failed to respond to India's earlier requests to withdraw these measures,” the sources said.

Turkey had initially imposed the safeguard measures on cotton yarn imports for a three-year period from July 15, 2008.

India's cotton yarn exports to Turkey then fell from $197 million in 2007 to $141 million in 2008 and further to $47 million in 2009. Though it rose to $125 million in 2010, it is much lesser than the 2007 level, the sources said.

Owing to the safeguard measures expiring in July 2011, Turkey initiated a review on June 11, 2011, to consider extending its period.

The sources said Turkey then chose to impose provisional safeguard measures on the item on August 4, 2011, with retrospective effect from July 15, 2011, “without making a proper determination as required by the WTO norms”.

India claims that it is not permissible to impose provisional measures while undertaking a review for extension, adding that imposition of such provisional measures during an original investigation is allowed only in ‘critical circumstances'.

Following the review, Turkey decided on January 28, 2012, to extend the safeguard measure for three years till July 14, 2014, they said.

Also, these measures were applied retrospectively from July 15, 2011, they said, adding that the WTO norms on safeguards do not allow such measures to be applied retrospectively.

The Ministries of Commerce and Textiles as well as the cotton textiles export promotion body ‘TEXPROCIL' had in August 2011 informed Turkey about the “legal inconsistencies” of their safeguard measures, the sources said.

While imposing the safeguard duty, Turkey had cited a fall in employment in the local industry and an increase in the market share of such imports in the country. Later, Turkey had waived the safeguard duty for some developing countries as they had not exported as much as India did to that country.

Business Line : Industry & Economy / Agri-biz : India moves WTO against Turkey over cotton yarn import curbs

 

[illusion8]

Adani's plan $10-bn coalmine, railroad project in Australia

Sydney, Feb 14 (IANS) India's Adani Group has hit the Australian headlines with their $10-billion mega plan to build Queensland state's largest coalmine, a 500-km railroad, a new township and even a Greenfield airport.

According to sources, chairman Gautam Adani was in Queensland, in the north-east of this country, last weekend to finalise various acquisitions and infrastructure projects that are associated with the planned coalmine and railroad.

Towards this end, the group had already acquired what is called the Carmichael Coal Project with 7.8 billion tonnes reserves. The Galilee Basin in central queensland, where the project is located, has a mine life of 100 years, the group said.

As per estimates, the cost of constructing the coalmine would be about $6.5 billion and when production touches optimal level, it will produce some 60 million tonnes of coal per year -- mainly for exports to India.

"The initial output of 2 million tonnes per annum in 2014 will increase to deliver a maximum of 60 million tonnes from 2022," the group Web site says, adding: "The exported coal from the project will predominantly service the Indian domestic power market."

 

[StingRoy]

India’s consumer spending to soar to $3.6 trillion - The Times of India

NEW DELHI: India's consumer spending is likely to expand nearly four times to $3.6 trillion by 2020, fuelled by economic growth and rising household incomes, a new study said Thursday.

Consumer expenditure in India is set to increase 3.6 times from $991 billion in 2010, at an annual rate of 14 percent, the Boston Consulting Group and Confederation of Indian Industry ( CII) report said.

The BCG-CII report said India continues to "march along a robust growth path despite the current global economic environment."

"Consumer spending in India will continue to roar, but the firms that try to capture it have to work hard. India is a big, growing consumer market, but not an easy one," said Abheek Singhi a partner in BCG and an author of the report.

Food, housing, consumer durables, transport and communication are expected to remain the main categories of consumer spending, the report said.

By 2020, India's share of global consumption would have more than doubled to 5.8 percent, from the current 2.7 per cent, the report said.

The government expects India's economy to expand by 6.9 percent in this financial year to March -- its slowest pace in three years -- down from 8.4 per cent growth last year.

Growth in Asia's third-largest economy has slowed due to relentless interest rate hikes last year, a stumbling global economy and economic reform gridlock, analysts say.

Analysts are betting on retail and financial services sector growth, as India's 1.2 billion people move towards a more Western-style consumer economy.

 

[prabhakar]

Now movies to promote Incredible India abroad

NEW DELHI: Bollywood movies have for long popularised foreign destinations in India and now the same tool will be used to promote Indian destinations among foreign travellers and filmmakers.

The Ministry of Information and Broadcasting and Ministry of Tourism Thursday signed a Memorandum of Understanding (MoU) to enhance the reach of Incredible India through cinema with the aim of increasing inbound flow of tourists by five million over the next four years.

The MoU was signed in the presence of Minister for Information and Broadcasting Ambika Soni and Minister for Tourism Subodh Kant Sahai.

The MoU will provide an impetus to frame policies and guidelines for facilitating shooting of international films in India and promote the country as a destination for filming movies.

"Movies have played a big role in making destinations known... We will work with states for single-window permission so that movie makers find it easy to get permissions for shooting," Sahai said.

Tourism ministry official said that the MoU is expected to increase foreign tourists footfall in the country from 0.6 per cent to one per cent by the end of 12th Five Year plan and that India can register 11.37 million foreign tourist arrivals by 2016 compared to 6.29 million in 2011.

 

[Abingdonboy]

^^^ excellent move, indirectly these movies have already been a major attraction and projection of soft power now this is going to be actively channeled.

 

[luckych]

‘Indian IT cos employ over 1 lakh people in US’

Indian companies have invested more than $26 billion in the US in the last five years and the IT companies employ more than one lakh people in that country, New Delhi’s top diplomat in Washington has said.

“Indian companies are now contributing strongly to local State economies in the US with a presence in 43 states and having invested over $26 billion in the last five years in several key areas of the economy, in manufacturing as also in services,” the Indian Ambassador to the US, Ms Nirupama Rao, said yesterday.

India’s IT industry has in particular been a strong player in establishing value-based mutually beneficial partnerships, Ms Rao said in her address to Harvard’s Kennedy School of Government, India-South Asia Programme.

“As per our estimates, Indian IT companies employ over 100,000 people in the US and the Indian IT industry supports over 280,000 jobs indirectly out of which about 200,000 are with US residents,” she said.

Ms Rao said the steady growth of the Indian economy has not only helped improve the living standards of its own people, but has also opened up new opportunities to expand mutually beneficial economic and commercial ties with the US.

Goods, services trade

“Two-way trade in goods and services continues to grow steadily reaching over $100 billion last year. The US businesses are becoming strong partners in India’s economic growth story; and Indian businesses are creating value, wealth and jobs in the United States,” she said.

In order to continue on the high growth trajectory, India will need to invest more than $1 trillion in the coming years in building a world-class infrastructure that could cater to the demands of a billion plus population and ensure the availability of clean sources of energy, including nuclear energy, to fuel such growth.

Noting that the civil nuclear initiative has become a symbol of India-US transformed relationship and was welcomed by both sides, she said there are immense opportunities for US companies in this sector and Indian and US companies are already engaged in a discussion to take the cooperation forward in this crucial sector.

On its part, the Government of India is committed to providing a level-playing field for all its international partners, she reiterated.

Business Line : Industry & Economy / Economy :

 

[Shaurya]

^^^ still they cry for stealing jobs.... thanx to amreeki media

 

[Shaurya]

German institutions call on India to expand engagement in research and development

To coincide with the Year of Germany in India and its theme “Germany and India 2011-2012: Infinite Opportunities,” four German institutions will be coming together during the months of February and March to strengthen and expand research and development collaboration between the two countries.

While the German Academic Exchange Service (DAAD) will tour India to tell Indian scholars about the opportunities in Germany for them to conduct research or earn a degree, the German Research Foundation will exhibit outstanding examples of life science research collaborations between the two countries.

The Humboldt Foundation has organised a networking conference for India-based research alumni of German research organisations, and Fraunhofer, the final organisation involved in the project, will present an award for the nationwide business case competition in the field of sustainable transport for large Indian cities from February 18 to 26.

In addition to this, 18 German universities, research, and funding institutions will present their Master and PhD programs in New Delhi, Hyderabad, and Chennai. Organised by the DAAD, the Expo will provide Indian scholars with the opportunity to meet with German representatives face-to-face.

Similarly, an event running parallel to the aforementioned Expo, “Dialogues in the Life Sciences” will present cutting-edge research projects from the field in New Delhi, Hyderabad and Pune from February 20 to 24.

Talks will be given by researchers who have already successfully collaborated with German and/or Indian colleagues and offer perspective on creating effective joint international projects.

On March 29-30, the Alexander von Humboldt Foundation will host a conference in Gurgaon, Haryana for approximately 60 research alumni from major German research organisations. Indian academics who have spent time working in Germany will be a part of the launch of a cross-organisational network of research alumni in India with the theme “New Frontiers: Shifting Trends in the Global Research Landscape and their Impact on Researchers' Career Patterns.”

The Hindu : Cities / Delhi : Face to face

 

[Shaurya]

India's NMDC scouting for further mineral acquisitions

India's largest iron ore miner, NMDC Ltd, fresh from acquiring a 50% stake in Legacy Iron Ore (ASX: LCY) has its sights on further mineral acquisitions in Australia, Brazil and Mozambique.

Chairman of NMDC, N. K. Nanda said it was undertaking due diligence on Minemaker's (ASX:MAK) Wonarah Phosphate Project, after signing an MOU with Minemakers.
The agreement is to look for a pathway to development of the Wonarah project in the Northern Territory.

NMDC and Minemakers are aiming to jointly develop the Wonarah project, one of the largest underdeveloped phosphate deposits in Australia with estimated reserves of 1.26 billion tonnes, at an average phosphate content of 12%.
The combined investments by NMDC and Minemakers for development of the reserves had previously been estimated at $1 billion, which is well within NMDC's cash reserves.

NMDC has a cash pile of $3.6 billion.

Nanda was quoted as saying, “once it is over, we may go ahead with the acquisition process.”

NMDC has indicated it was seeking an extension of its exclusive negotiating agreement with Minemakers to acquire a 50% stake in its Wonarah phosphate deposits.

NMDC said "we expect the company to complete the exercise in a few more weeks and would hope that Minemakers would agree to an extension of the exclusive agreement."

The state-run miner is looking to meet its own requirements and ensure raw material security for the country's steel and fertilizer industries.

India's NMDC scouting for further mineral acquisitions - Proactiveinvestors (AU)

---------- Post added at 10:51 AM ---------- Previous post was at 10:49 AM ----------

Nissan India to double car exports

“We are currently running on a production capacity of 2 lakh units at our plant in Chennai. By the end of March we will increase that to 4 lakh units,” Nissan Motor India Managing Director and CEO Kiminobu Tokuyama said in Kolkata on Friday.

The company, which had a 1 percent share of the Indian auto market by the end of January this year and said it will sell 35 to 40 thousand cars in India for the current fiscal, aims to touch the 1 lakh sales figure for the domestic market by the 2013-14 financial year.

The excess production capacity, which will amount to over 3 lakhs units per annum from March, will continue to be used for Nissan’s exports to Europe, Africa and the Middle-East, however the sales in the domestic market shall remain the company’s first priority, Tokuyama said.


New Small Car

The top exec, speaking to reporters at the launch of Chandrani Nissan, the company’s first dealership in West Bengal, also said that Nissan is working on an offering for the entry level small car segment that would compete with likes of Maruti Alto.

“We are working on a car for what we like to call the ‘entry price segment’. The car is in the conceptualisation stage,” he said, adding that it would sell at a price lower than the company’s cheapest offering in India, the Micra, that is priced over Rs 4 lakh.

Earlier, Nissan had announced plans to develop an ultra-low-cost car for the Indian market, purportedly to compete with the Tata Nano, in collaboration with its French partner Renault SA and had formed a strategic alliance with the country’s No. 2 two-wheeler maker Bajaj Auto.

However, the outlook for such a car had appeared bleak especially after Bajaj unveiled its own ultra-low cost vehicle RE60 in January at the New Delhi Auto Expo even though it said that production of car could involve Nissan and Renault.

When asked about the status of the car and the partnership, Nissan officials on Friday dodged the questions, maintaining that the RE60 was a Bajaj vehicle and refusing to elaborate on the status of their alliance.


Evalia by December

The company however said its partnership with Ashok Leyland, India's second-biggest commercial vehicle maker, was “very successful” and Nissan was “very satisfied” with the 2008 joint venture that launched its first vehicle last year in September.

“Our first light commercial vehicle Dost has been a great success and has exceeded our sales targets. The next vehicle from that partnership, Evalia, will be launched in third quarter of the coming fiscal,” Tokuyama said.

Unveiled in the Delhi Auto Expo, the towering seven-seater multi-purpose vehicle (MPV) with sliding doos will go into production by the end of August and will compete with cars such as the Toyota Innova, he said.


Electric Vehicle

Speaking on Nissan’s plans of bringing to India the highly successful electric vehicle Leaf, that was also showcased at the auto show in Delhi, Tokuyama said that the company was ready but the right kind of infrastructure development and government support was needed.

“Electric vehicles are expensive to make. And without the right kind of government support in the form of tax incentives and infrastructure such as charging stations, they will not work here,” he said, adding that the company had already conducted feasibility tests for the vehicle in India.

Nissan, which has been one of the most aggressive proponents of pure electric vehicles in the auto industry globally, said it was hopeful that the Indian auto industry body SIAM’s talks with the government would bear fruit soon.

Media reports on Friday said that after over a year of discussions, the final roadmap for fostering a domestic electric and hybrid vehicle industry is likely to be unveiled by the Government in April, just missing the 2012-13 Annual Budget.

Nissan India to double car exports

 

[Shaurya]

Dosa Plaza: How Prem Ganapathy built Rs 30 crore empire with seed capital of just Rs 1000

A very inspirational story....

A class X passout with no particular skill set, I was lured to Mumbai, only to be robbed. It was an inauspicious start to my entrepreneurial journey, but it turned out for the best.

I belonged to a poor family from Nagalapuram in Tamil Nadu's Tuticorin district and had to abandon my dreams of higher studies to support my parents and seven siblings. I headed for Chennai, but only managed odd jobs, which fetched around Rs 250 a month that I'd send back home.

One day, an acquaintance offered me a job promising a salary of Rs 1,200 per month in Mumbai. I knew my parents would never approve of my decision to shift base, so I left for Mumbai without informing them. It was 1990 and I was just 17 years old. The acquaintance robbed me off the Rs 200 I had, leaving me stranded at Bandra.

I hardly understood the language and did not know anyone in the city, but returning wasn't an option since I was penniless. So I did the only thing I could: I decided to stay on and try my luck.

The very next day I got a job washing dishes at a local bakery at Mahim for a salary of Rs 150 a month. The good bit was that I could sleep at the bakery itself. In the next two years, I picked up odd jobs at various restaurants and tried to save as much as possible.

In 1992, I managed to save up enough to start my own food business, selling idlis and dosas. I rented a handcart for about Rs 150 and ploughed in another Rs 1,000 to buy utensils, a stove and basic ingredients, and set up shop on the street opposite the Vashi train station.



The same year, I brought in two of my brothers, Murugan and Paramashivan, who were younger than me by two and four years, respectively, to help with the business. We were very particular about quality and cleanliness, and unlike the people running other roadside eateries, we were very well-dressed and wore caps.

I got the recipes for dosas and the sambhar from my native place, which attracted a lot of customers. Soon enough, the business was booming and we were generating a net profit of around Rs 20,000 every month.

We even managed to rent out a small space at Vashi, which doubled as our living quarters and a makeshift kitchen, where we would prepare all the ingredients and masala every day.

However, it wasn't smooth sailing. We faced the risk of the cart being seized by the municipal authorities as handcart foodstalls do not get licences to ply their trade.

In fact, our cart was seized several times and I had to pay a fine to have it released. Thankfully, the harassment ended when we saved enough to open a restaurant.

Dosa Plaza: How Prem Ganapathy built Rs 30 crore empire with seed capital of just Rs 1000 - The Economic Times

 

[Splurgenxs]

Sensex target revised up to 20,800 after rally: CLSA

Two months is a long time for equity markets. In December, brokerage firm Credit Lyonnais Securities (CLSA) had said that the Sensex could fall to 11,000-12,000 levels. Now, it has raised its Sensex target to 20,800 from 18,500 levels.

The big fear in December was the sharp depreciation in the rupee. CLSA had said that the rupee may decline further to 60 levels against the US dollar if the RBI failed to defend the exchange rate.

However, a surge of liquidity since the beginning of 2012 has led to dramatic reversal in fortunes of Indian markets and the rupee. Indian markets have rallied over 20% backed by a surge of foreign liquidity. Since the beginning of 2012, the FIIs have infused a total of Rs 24,225 crore ($4 billion) into Indian stocks.

It is not only India which has witnessed an upsurge in investment, equity funds focused on all emerging markets put together have seen an inflow of over $19 billion in 2012.

The brokerage firm says that the strong performance is likely to continue on the back of liquidity. Initial signs of policy level improvement is visible, CLSA adds.
Sensex target revised up to 20,800 after rally: CLSA

 

[lamlap]

Fitch Says The risk of default is “extremely high” for 20 percent of Indian company this year

Feb. 22 (Bloomberg) -- The risk of default is “extremely high” for 20 percent of Indian company foreign-currency convertible bonds due this year, according to Fitch Ratings Ltd.

Another 17 percent of the debt may be restructured, mostly by extending maturities, Amey Joshi, a Mumbai-based analyst at Fitch, wrote in a report dated yesterday. Investor recoveries may be low in the event of a default, he wrote.



Fitch Says 20% of Indian Convertibles at Risk of Default in 2012 - Businessweek