About 25% of 18,452 unelectrified villages got power since Aug

Government has electrified almost one fourth of 18,452 unelectrified villages since Prime Minister Narendra Modi's announcement in his Independence Day speech last year that these areas will be provided power within 1,000 days, said an official statement. As many as 4,319 villages have been electrified so far which constitute over 23 per cent of the targetted 18,452 villages to be provided power by government, as per the information updated on Centre's Garv portal which provides details in this regard. The process to electrify 940 other villages is on. Besides 1,457 villages are under energisation. Garv also states that the electrification work is yet to be started in as many as 11,736 villages. Earlier in the day, the Power Ministry said in a statement that it has electrified 276 villages across the country last week (January 11 to 17, 2016) under Deen Dayal Upadhyaya Gram Jyoti Yojna ( DDUGJY). Out of these electrified villages, 139 villages are in Assam, 25 villages in Bihar), 21 - Jharkhand, 60 - Odisha, 30 - Uttar Pradesh and one village in Rajasthan. The Centre has decided to provide power to 18,452 villages by May 1, 2018. The project has been taken up on mission mode and strategy for electrification consists of squeezed implementation schedule of 12 months with 12 Stage milestones for village electrification monitoring with defined timelines.

Rallis India Q3 net dips 20% at Rs 20.41 crore

Rallis India has reported a 20 per cent fall in its consolidated net profit at Rs 20.41 crore for the third quarter ended December 31, 2015. The company had reported a net profit of Rs 25.49 crore in the year-ago period, the company said in a filing to the Bombay Stock Exchange. Total income from operations during the October-December quarter of the current fiscal declined 20 per cent to Rs 311.11 crore as against Rs 388.18 crore in the same period last fiscal, the company said in a BSE filing. Commenting on the performance, Rallis India, Managing Director and CEO, V. Shankar, said, “2015 has been a difficult year for farmers and farming, impacted by climatic turbulence the quarter saw muted farmer sentiments due to reduced kharif yields and lower prices of key crops.” Rallis India is a subsidiary of Tata Chemicals with business presence in the Farm Essentials vertical. Meanwhile, shares of the company were trading at Rs 150 apiece, down 4.97 per cent from the previous close at 12:35 hours on BSE.

Godrej acquires 51% stake in India Circus

Business conglomerate Godrej today said it has acquired 51 per cent stake in home decor and personal accessories brand India Circus, which will increase its footprint in the lifestyle space. India Circus, owned by Krsna Mehta, is positioned as a lifestyle brand that offers home decor and accessories at an affordable price. Along with Godrej Interio, the furniture and home solutions business, India Circus will further strengthen the company's lifestyle business, Godrej said in a statement. With this merger, India Circus expects its market revenue to grow by 500 per cent over the next two years. "I'm excited to announce that we've acquired India Circus, a very niche and exclusive lifestyle brand. With this partnership, we look forward to strengthen our lifestyle footprint and also compliment our existing lifestyle brands like Godrej Interio. "The acquisition of India Circus is one of the steps towards building a robust lifestyle vertical," said Navroze Godrej, Head, Strategy and Innovation, Godrej & Boyce. India Circus will continue to retain its identity and brand name under Godrej, the statement said. India Circus Executive Director Krsna Mehta will be responsible for design and Godrej will be responsible for efficiencies in operations and marketing of the business. Furthermore, India Circus employees have been retained. In the coming years, Godrej will continue to expand its portfolio in the lifestyle segment by investing in existing lifestyle brands and by creating their own, he said.

Subex launches new version of fraud management soln

Bangalore-based Subex Ltd on Tuesday said it has launched a new version of the industry leading fraud management solution, ROC Fraud Management 8.3. In a filing to the Bombay Stock Exchange, the company said, “Subex launches ROC Fraud Management 8.3 Solution.” ROC Fraud Management is optimized for Big Data and efficiently handles huge amounts of data-to cater for exponential growth in transactions in 4G/LTE and data/IP product areas, it added. Alongside the new version of ROC Fraud Management, Subex also introduces the Fraud Manager's Toolkit (FMT) which is a set of tools designed to provide enhanced operational intelligence & best practice measurement metrics to support fast decision making for fraud operations managers, the company said in a statement. Meanwhile, shares of the company closed at Rs 10.08 apiece, up 3.81 per cent, from previous close on BSE.

RIL profit jumps 38.7% at Rs 7,290 cr in Dec quarter

After Anil Ambani-led Reliance Power’s fantastic Q3 numbers, Mukesh Ambani-led Reliance Industries Ltd on Tuesday posted stellar numbers with a jump of 38.7 per cent in its consolidated net profit after taxes at Rs 7,290 crore for the October- December quarter of FY16, as refining margins soared to seven-year high. “The consolidated net profit of the Indian conglomerate stood at Rs 5,256 crore during the same period a year ago,” said Reliance Industries Ltd in a filing to the Bombay Stock Exchange on January 19, 2016. However, RIL’s consolidated total income fell by 26.3 per cent at Rs 70,687 crore during Q3 2015-16, as compared to Rs 95,868 crore during the same period last year. During the quarter under review, the company’s net sales shrink to Rs 68,261 crore, as compared to Rs 93,528 crore during the same quarter last fiscal. RIL earned USD 11.5 on turning every barrel of crude oil into fuel in the third quarter of 2015-16 compared to USD 7.3 per barrel gross refining margin a year ago. Speaking on the performance, RIL, CMD, Mukesh D. Ambani said, “Refining business delivered yet another record performance on the back of seven-year high refining margins and highest ever crude throughput. In the current 9-month period, our refining business EBIT has surpassed the record earnings it achieved in FY15. The petrochemical business also delivered amongst its best quarterly performance, driven by robust polymer margins.” “The benefits of low crude oil and energy prices for our downstream businesses clearly outweigh the impact of these factors on our upstream segment, reflecting in the record earnings for the quarter,” he added. On standalone basis, the company’s net profit jumped to Rs 7,218 crore for the quarter ended December 31, 2015 as compared to Rs 5,085 crore for the quarter ended December 31, 2014. Total income has decreased from Rs 82,598 crore for the quarter ended December 31, 2014 to Rs 58,856 crore for the quarter ended December 31, 2015. Following Q3 earnings, shares of the company closed at Rs 1,043.6 apiece, up 2.51 per cent, from previous close on BSE.

Vishakha Mulye takes charge as ICICI Bank ED after RBI nod

Country’s leading private sector lender ICICI Bank Ltd on Tuesday said it has received Reserve Bank of India’s (RBI) approval for the appointment of Vishakha Mulye, Independent (Woman) Director of Tata Power Company Ltd, as an Executive Director of the Bank for a period of three years. “The appointment of Vishakha Mulye as an Executive Director of the Bank has been approved by Reserve Bank of India (RBI) for a period of three years effective from the date of her taking charge as an Executive Director,” ICICI Bank Ltd in a filing to the BSE. Further, “the Board of Directors vide a circular resolution dated January 19, 2016 has recorded January 19, 2016 as the effective date of appointment and taking charge by Vishakha Mulye as an Executive Director,” it added. On the other hand, Vishakha V. Mulye, Independent (Woman) Director, has stepped down from the Board of Tata Power Company Ltd effective January 18, 2016, consequent upon her being appointed as Executive Director of ICICI Bank Ltd, Tata Power Co said in a separate filing to the BSE. The Board places on record its appreciation for the valuable contribution made to the company by Mulye during her tenure as Director, Tata Power added. Meanwhile, shares of ICICI Bank closed at Rs 228.8 apiece, up 2.74 per cent, from previous close on BSE.

Pre Session-Sensex may witness positive opening on China stimulus bets

The key Indian equity benchmarks are poised to witness a gap up opening on Tuesday amidst bets of further China stimulus after underwhelming Q4 GDP data. China’s economy grew by 6.8 per cent, year on year in the December 2015 quarter, slowing from the 6.9 per cent expansion witnessed in Q3 while full-year 2015 growth came in at 6.9 per cent, the slowest since 1990 and missing the government target of about 7 per cent, raising calls for further monetary and fiscal easing measures to tame a deepening slowdown. Strength in the CNX Nifty Index futures for January delivery which advanced by 0.22 per cent or 16 points at 7,375 at 10:23 am Singapore time also signals that the Sensex may open higher today. The three-day run of losses at Dalal Street may offer a good bargain buying opportunity for investors, in beaten-down stocks, at existing levels, supporting the bourses. The Sensex has been hit hard lately as a China-induced global mayhem and sinking oil prices weigh alongside concerns over the domestic economy amidst tepid factory, exports and Q3 earnings numbers. Marking a third straight session in the red, the 30-share Sensex on Monday plunged by 266.67 points or by 1.09 per cent to end at a 20-month low of 24,188.37 as oil prices dipped to a fresh 12-year low to USD 28 per barrel, taking toll on energy stocks while exports shrank for a thirteenth straight month, down 14.75 per cent to USD 22.2 billion in December 2015 as the trade deficit widened to USD 11.6 billion from USD 9.1 billion in the same month a year ago, dimming the outlook for Asia’s third biggest economy. Shares of Reliance Industrial Limited and HCL Technologies Limited will be in focus today as the companies unveil their Q3 earnings numbers.

Asian stocks swung between gains and losses as traders weighed the Chinese Q4 GDP data which came in below estimates but raised the probability of a stimulus boost in the world’s second biggest economy. China’s industrial output grew 5.9 per cent in December 2015 from the same month a year ago, compared to an annual growth of 6.2 per cent in November 2015. China’s Shanghai Composite logged mild gains as energy companies rallied amid government measures to support fuel prices. Hang Seng was trading tad lower while Japan’s Nikkei 225 fell even as a weaker yen bolstered the appeal of exporter stocks. Wall Street was closed on Monday due to the Martin Luther King Holiday.

Top traded Volumes on NSE Nifty – State Bank of India 35653244.00, ICICI Bank Ltd. 27490009.00, Vedanta Ltd. 18767695.00, Axis Bank Ltd. 14117119.00 and Bank of Baroda 12717221.00.

On BSE, total number of shares traded was 38.95 Crore and total turnover stood at Rs. 3191.81 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 363562 with a total turnover of Rs. 18752.87 Crore. Along with this total number of contracts traded in stock futures were 665252 with a total turnover of Rs. 30532.85 Crore. Total numbers of contracts for index options were 4419641 with a total turnover of Rs. 243961.19 Crore and total numbers of contracts for stock options were 424634 with a total turnover of Rs. 21030.37 Crore.

The FIIs on 18/01/2016 stood as net seller in equity and debt. Gross equity purchased stood at Rs. 3176.35 Crore and gross debt purchased stood at Rs. 394.63 Crore, while the gross equity sold stood at Rs. 4211.22 Crore and gross debt sold stood at Rs. 668.23 Crore. Therefore, the net investment of equity and debt reported were Rs. -1034.87 Crore and Rs. -273.60 Crore.

Don't levy Swachh Bharat Cess on telecom services: COAI

GSM industry body COAI has asked the government that Swachh Bharat Cess (SBC) should not be levied on telecommunication services as there are multiple other levies applicable on the industry.

The government had imposed SBC at a rate of 0.5 per cent on provision of all taxable services with effect from November 15, reported PTI. Further, it was clarified that the credit of SBC cannot be availed and the cess cannot be paid by utilising credit of any other duty or tax.

In its budget recommendations, Cellular Operators Association of India (COAI) said with levy of SBC, effective rate of service tax has further increased to 14.5 per cent and this would increase the overall cost of telecommunication services for customers.

"Given the fact that there are multiple other levies such as licence fee, applicable on telecommunication industry, SBC should not be levied on telecommunication services," it said as per the media report.

Regarding direct taxes, COAI said there is some uncertainty on the withholding tax obligation, if any, under section 194J of the Income Tax Act, 1961 on payments made in consideration for spectrum acquired through trading.

"Therefore, a clarification may be issued that payments made in connection with the trading/sharing of spectrum are not in the nature of royalty and hence do not attract withholding tax obligations," it added.

It said this would facilitate an effective implementation of spectrum trading and reduce any potential tax dispute arising out of such transactions.

The industry body has also sought to amend the definition of the term 'Royalty' with retrospective effect to exclude telephony, internet bandwidth and other similar services.

COAI said domestic as well as cross-border payments in respect of a wide array of telecom services are under litigation on account of retrospective amendment in the definition of 'Royalty' vide Finance Act, 2012.

"By virtue of this amendment, payments made by telecom companies, even for standard telecom services could be considered as 'Royalty' by tax authorities, resulting in protracted litigation not only on characterisation but also on the aspect of retrospective withholding of taxes," it added.

Regarding withholding tax on distributors' margin on SIM cards and prepaid vouchers, COAI said it is suggested that the government clarify that distributors' margins on sale of SIM cards and prepaid vouchers are not in the nature of 'commission' and hence not subject to withholding tax provisions.

It also asked the government should issue a clarification that spectrum fees is an intangible asset eligible for depreciation under section 32 of the Act. COAI said in the budget of 2014-15, the rate of interest on delayed payment of service tax was increased to 30 per cent.

"This rate of interest is not compensatory but penal in nature and the same should be reduced to a more reasonable rate," it said.

States make out a case for key agri reforms

State governments called for key reforms in the agriculture sector, including convergence of schemes and an enabling environment to boost private investment, which Prime Minister Narendra Modi said could come up as new schemes, reported PTI.

The other proposals at the conference of agriculture ministers of states included launch of Pradhan Mantri Kisan Dhan Yojana, interest subvention for long-term investment credit, raising share of agri priority sector lending to 18 per cent and a cut in urea subsidy to make more funds available for investment in agriculture, among others.

"For the first time, agriculture ministers and officials have sat together for two days and come out with suggestions to improve the farm sector. Some are short term and long term. Some are related to regulation and pooling financial resources. All suggestions may not apply to all states... But some thing, new scheme or yojana, should emerge from this," Modi said at the valedictory session of the national conference here.

He also expressed confidence that these suggestions could find their way into the state and central agriculture development map. "This should also reflect in the state budget," he added.

Outlining the challenges of the farm sector, the state governments -- after deliberating on five key areas -- made a presentation to the Prime Minister, suggesting reforms in land leasing, enhanced investment in climate resilient agriculture, skilling centres for training rural youth, convergence of MNREGA for creating 5 lakh farm ponds over next 3 years, and linking solar energy programmes for irrigation.

They also suggested raising of resources through tax-free bonds by incitations like NABARD to fund irrigation projects, policy thrust to cover 1 crore farmers for the next 3 years, credit thrust on central, eastern and north-eastern region and access of farm credit and insurance to sharecroppers, small and marginal farmers.

Agriculture Minister Radha Mohan Sigh said, "The government firmly believes that farmers' welfare would improve if there is increase in net income. The approach, therefore, is to reduce cost of cultivation, enable higher yield per unit and realise remunerative prices."

Union Ministers Jitendra Singh, Sanjeev Kumar Balyan, Mohan Bhai Kundariya were among others present at the event. Agriculture ministers and officials from over 26 states participated in the event.

'India a land of opportunities among BRICS countries'

India is a land of opportunities among BRICS nations but lack of knowledge about various compliance requirements seem to be posing a challenge to the corporates here, said experts as per the PTI report.

In recent times, stricter regulatory framework and disclosure requirements have been put in place as part of the efforts to ensure protect investor interest, increased transparency and make India a more easier place for doing business.

Describing India as a "land of opportunities", a senior executive of global research group 'The Conference Board' today said efforts should be made to bring out the best practices of corporate governance here.

"The main challenge to companies in India for compliance is lack of knowledge about regulations and legislature," The Conference Board's Asia Pacific Executive Director Nick Sutcliffe told PTI.

Speaking on the sidelines of the launch of 'Handbook on Corporate Governance in India', Sutcliffe said there is significant interest among corporates to have a better understanding about good governance practices.

The book's author, Afra Afsharipour, a professor at the University of California, said India stands out among its BRICS peers.

"With most of the BRICS nation seeming to be in an economical difficulty, it is India which stands out and presents opportunity to the world. There was a real need to uncomplicate things," she noted.

About various changes brought in the regulations by capital markets regulator Sebi as well as those in the Companies Act, Afsharipour said more things have now been brought under the ambit of legislature in a more structured manner.

"These (the changes) are not drastic overhaul or a major change. These things were there and now it is brought under the purview of legislature in a more structure way," she added.

The book has been launched as part of the 'The Director's Collective' initiative by KPMG, Khaitan & Co, Russel Reynolds and The Conference Board.

Speciality Restaurant - Opening of new "Hoppipola" restaurant by Speciality Restaurants Limited (the "Company")

Speciality Restaurants Ltd has informed BSE that the Company has opened a new "Hoppipola" restaurant located at Third Floor, Infinity Mall - II, Link Road, Malad West, Mumbai - 400 064 with effect from January 18, 2016.

Accordingly, as of the date of this letter, the total number of restaurants and confectionaries of the Company are 103 (including 23 franchise restaurants) and 19 respectively.

Exim Bank inks MoU with Andhra to boost state's exports

Export-Import (Exim) Bank said it has entered into a memorandum of understanding (MoU) with Andhra Pradesh to promote exports from the state, reported PTI.

The MoU was signed by Exim Bank Chairman and Managing Director Yaduvendra Mathur and Shamsher Singh Rawat, Secretary and Commissioner for Industrial Promotion, Andhra Pradesh.

"Exim Bank seeks to support the exporters having operations in Andhra Pradesh in achieving higher exports by facilitation of market linkages through its market advisory services, which will assist in identifying suitable partners", Exim Bank said in a release.

Also, the bank would help develop skills through capacity building workshops, help exporters' participation in select trade fairs and exhibitions, and through research activities.

Exim Bank said it would also use its strong institutional linakges it has developed over the years with institutions in advanced markets -- USA, Singapore, Japan, Australia, EU, etc.

It said linkages will help facilitate technology transfer to the technology-seeking enterprises in Andhra Pradesh.

Exim Bank said it will further extend funding facilities to exporters from the state so as to provide them opportunity to access the global market.

MPS Ltd - Target 930

MPS Ltd - Target 930

Reliance Infra acquires mgmt. control of PDOC

Leading infra firm, Reliance Infrastructure Ltd has said that it has taken over the management and control of Pipavav Defence & Offshore Engineering Co Ltd (PDOC). Reliance Infrastructure will hold 36.5 per cent of the equity capital of Pipavav Defence & Offshore Engineering Co Ltd. Anil D Ambani has taken over as Chairman of PDOC. “RInfra along with defence SPVs are the new Promoters of PDOC and the company will be renamed as Reliance Defence and Engineering Ltd,” the company informed in a filing to the Bombay Stock Exchange. This is the largest acquisition in the defence sector in India and PDOC is uniquely placed to tap growth opportunities in the defence industry under Hon’ble Prime Minister Shri Narendra Modi’s ‘Make In India Programme’. Meanwhile, shares of the company closed at Rs 471 apiece, down 4.51 per cent from the previous close on BSE.

CG bags contract from Dominican Republic

Avantha Group Company Crompton Greaves Ltd (CG) on Monday said it has bagged a contract to equip 7 transmission substations of Dominican Republic Transmission Utility ETED with ZIV substation automation and telecommunication systems. In a filing to the Bombay Stock Exchange, the company informed, “CG's smart grid solutions to support the expansion of Dominican Republic's transmission network.” The delivery timing of the project is March 2016, followed by project commissioning by June 2016, it added. The project is part of the expansion of the electricity transmission system in the southern region of the Dominican Republic where the largest wind farm in the country is located, the company said in a statement. The awarded contract includes not only ZIV Protection, Control, Telecommunication and Engineering Services but also a complete telecom system for another four existing substations. They will be equipped with ZIV Universal Teleprotection Systems according to the Telecom Engineering Project, it added. Meanwhile, shares of the company closed at Rs 174.55 apiece, down 0.68 per cent, from previous close on BSE.