Posts Tagged ‘india’

Weekly Update of The Market (1st – 5th February) Part 1

Hello Friends, here, we bring you the weekly overview of the Indian as well as of the Global economy and along with the latest global business and industry updates.

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Weekly Update of The Market (1st - 5th February) Part 1

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A bout of volatility was witnessed in the domestic market throughout the week due to

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1.  F&O expiry,

2.  unfavorable global cues because of gloomy earnings forecast,

3.  anxiety about China‘s monetary tightening,

4.  the deteriorating finances of countries ranging from Greece to Japan and

5.  India’s central bank‘s decision to raise the CRR to 5.75.

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🙂

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But on later days of the week, US Federal Reserve’s decision to keep interest rates unchanged boosted sentiments of global markets.

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Closer home, investors also heaved a sigh of relief as the central bank kept key interest rates unchanged at the quarterly policy review indicating that it would maintain a balance between price stability and growth and raised its GDP growth projection for the current fiscal to 7.5 %.

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The RBI at its quarterly monetary policy review raised CRR by 75 basis points to suck out excess liquidity from the banking system to the tune of Rs 36000 crore.

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On the flip side, the challenges that RBI foresees for the economy is fiscal consolidation.

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The central bank lifted its wholesale price index inflation forecast for the end of the fiscal year in March 2010 to 8.5% from its earlier forecast of 6.5%.

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RBI also said it expected inflation to moderate starting in July 2010, assuming a normal monsoon and global oil prices holding at current levels.

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Moreover, US Federal Reserve too maintained interest rates at near zero levels and vowed to do so for an extended period of time.

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Additionally, it also signaled its intention of unwinding the massive monetary stimulus that it had undertaken during the peak of the crisis.

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🙂

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Stay Tuned for More on weekly updates.

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Note : For More Latest Industry, Stock Market and Economy News and Updates, please click here

Morning News Capsules – 29th Jan 2010

Hello Friends, here, we bring you the latest updates from the Indian market and Industry.

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Latest updates from the Indian market and Industry

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NEWS CAPSULES

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India’s food price index rose 17.40 percent in the 12 months to Jan. 16, rising for the first time after falling for three consecutive weeks, while the fuel index was up 5.70 percent.

Bharat Heavy Electricals Ltd (BHEL), the country’s largest power equipment manufacturer, signed a joint venture (JV) deal with Madhya Pradesh Power Generation Company Ltd (MPPGCL) for setting up a 1,600-Mw supercritical thermal power plant in Khandwa district.

• State-run Hindustan Petroleum Corp plans to invest Rs 25,000 crore to set up a refinery with an annual capacity of 15 million tonnes a year on the west coast.

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The new refinery may be located anywhere between Mumbai and Goa on the western coast and is being mulled to make up for the space constraint the Mumbai refinery faces.

HCL Technologies said it has received a contract worth around Rs 231 crore from UK-based defence equipment maker Meggitt for providing engineering services.

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Meggitt signs $50 million (around Rs 231 crore) global engineering transformation services agreement with the company’s engineering and R&D services (HCL ERS) division.

Tata Steel said its net profit on a standalone basis for the quarter ended December 31 more than doubled to Rs 1,190 crore against Rs 466 crore a year ago.

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The company’s profit grew on the back of higher demand for steel from automakers and builders.

Sales for the company grew by 33 per cent to Rs 6,307 crore in the period.

Jindal Steel & Power (JSPL) said its consolidated net profit declined by 3.20 per cent to Rs 874.35 crore for the third quarter ended December 31, compared to the same period corresponding fiscal.

Cipla has posted a 29 per cent increase in net profit at Rs 289 crore for the quarter ended December 31, 2009.

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The company had registered a profit of Rs 223 crore in the corresponding quarter of the previous financial year.

Bharat Petroleum Corporation (BPCL) today reported a fall of 52.6 per cent in net profit at Rs 379.09 crore for the third quarter of 2009-10.

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It had a net profit of Rs 799.84 crore in the year-ago period.

Cairn India today reported a 23 per cent rise in net profit to Rs 291 crore in the third quarter.

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The company had a net profit of Rs 290.96 crore in October-December compared with Rs 236.42 crore in the corresponding period previous fiscal.

• An increase in total expenditure, coupled with a heavy deferred tax burden, pulled down the consolidated net profit of Tata Tea Ltd by 77 per cent to Rs 92.23 crore in the quarter ended December 31, 2009.

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The company had clocked a profit of Rs 396.12 crore in the corresponding period in the previous financial year.

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Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

Spices Exports to Cross $1 billion: V.Kurien

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the globe and country.

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Spices Exports to Cross $1 billion

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Spices exports to cross $1 billion: Kurien

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Spices exports from India will cross the $1-billion mark in the current financial year, according to VJ Kurien, chairman of the Spices Board.

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Till December, the country had exported spices worth $830 million, despite the economic recession.

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Addressing a press conference here, Kurien said in the first half of the current year, the export sector was in troubled waters due to the economic downturn.

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But, exports of chilli, coriander, mint and value-added spices picked up later, he said.

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At present, the demand from these countries is largely met through European re-sellers and the board plans to attract buyers from these countries to sourcing markets in India.

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Kurien said the Spices Park at Puttady in Idukki district of Kerala would commence operation in the first week of March.

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🙂

In Other major Commodities Updates we can read about palm oil prices growing at a weaker pace and about the starting of Wheat e-auction for open mkt sale from February.

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Palm oil prices likely to recover at weaker pace:

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Palm oil prices, which have lost about 8% so far this year, are expected to grow at a weaker pace as rival soyoil eats into the vegetable oil market following a bumper US and South American soybean crop.

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Benchmark crude palm oil futures on the Bursa Malaysia Derivatives Exchange hit an all-time record of 4,486 ringgit in early March 2008 and then tumbled  to a low of 1,331 ringgit in October the same year at the height of the financial crisis.

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It is now trading 44% below record levels.

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Indonesia, the world’s top palm oil producer has projected output in 2010 to reach 23 million tonnes, up from 21 million tonnes last year.

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Malaysia, the world’s No. 2 palm oil producer, may see production increase by 3.4%, to 18.1 million tonnes this year, on the weaker impact of the El Nino weather condition, which usually brings drier weather.

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A free trade agreement between China and the 10-member Association of South East Asian Nations will see China’s import tariffs for palm oil cut to zero and 5% by January 2018 from eight and 9%.

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🙂

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Wheat e-auction for open market sale to start from February:

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The government has decided to sell its excess wheat stocks through e-auction by the Food Corporation of India (FCI) from February.

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The e-auction intends to cut down prices of wheat offered under the open market sale scheme (OMSS) by reducing transaction cost.

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🙂

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Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

This is My INDIA – Just Beat That !

Facts To Make Every Indian Proud

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Facts To Make Every Indian Proud

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1. The name ‘India’ is derived from the River Indus, the valleys around which were the home of the early settlers.

The Aryan worshippers referred to the river Indus as the Sindhu.

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2. When many cultures were only nomadic forest dwellers over 5000 years ago, Indians established Harappan culture in Sindhu Valley (Indus Valley Civilization).

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3. India never invaded any country in her last 100000 years of history.

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4. Chess was invented in India.

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5. Algebra, Trigonometry and Calculus are studies, which originated in India.

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6. The ‘Place Value System‘ and the ‘Decimal System‘ were developed in India in 100 B.C.

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7.  The World’s First Granite Temple is the Brihadeswara Temple at Tanjavur, Tamil Nadu.

The shikhara of the temple is made from a single 80-tonne piece of granite.

This magnificent temple was built in just five years, (between 1004 AD and 1009 AD) during the reign of Rajaraja Chola.

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8. India is the largest democracy in the world, the 6th largest Country in the world, and one of the most ancient civilizations.

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9. The game of Snakes & Ladders was created by the 13th century poet saint Gyandev.

It was originally called ‘Mokshapat’.

In time, the game underwent several modifications, but its meaning remained the same,i.e. good deeds take people to heaven and evil to a cycle of re-births.

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10. India has the largest number of Post Offices in the world.

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11. The largest employer in the world is the Indian Railways, employing over a million people.

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12. The University of Nalanda built in the 4th century was one of the greatest achievements of ancient India in the field of education.

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13. Ayurveda is the earliest school of medicine known to mankind.

The Father of Medicine, Charaka, consolidated Ayurveda 2500 years ago.

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14. India was one of the richest countries till the time of British rule in the early 17th Century.

Christopher Columbus, attracted by India’s wealth, had come looking for a sea route to India when he discovered America by mistake.

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15. The Art of Navigation & Navigating was born in the river Sindh over 6000 years ago.

The very word Navigation is derived from the Sanskrit word ‘NAVGATIH’.

The word navy is also derived from the Sanskrit word ‘Nou’.

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16. Bhaskaracharya rightly calculated the time taken by the earth to orbit the Sun hundreds of years before the astronomer Smart.

According to his calculation, the time taken by the Earth to orbit the Sun was 365.258756484 days.

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17. The value of “pi” was first calculated by the Indian Mathematician Budhayana, and he explained the concept of what is known as the Pythagorean Theorem.

He discovered this in the 6th century, long before the European mathematicians.

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18. Taj Mahal World’s One of Finest Wonders is in Agra, India.

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19. Quadratic Equations were used by Sridharacharya in the 11th century.

The largest numbers the Greeks and the Romans used were 106 whereas Hindus used numbers as big as 10*53 (i.e. 10 to the power of 53) with specific names as early as 5000 B.C.during the Vedic period.

Even today, the largest used number is Terra: 10*12(10 to the power of 12).

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20. Indian dances styles based on the Tandava like the Urdhra Tandava, Sandhya Tandava, etc.

Indian classical dance found its way outside India, especially to the countries of Southeast Asia.

The dance styles of Thailand, Indonesia, Burma, etc., have so heavily borrowed from the Indian classical dance traditions that to a casual observer there would seem to be hardly any difference between the two.

While Western dance has not directly borrowed anything from Indian classical dance, it has borrowed from Indian folk dance through the medium of the Gypsies.

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21. The Baily Bridge is the highest bridge in the world.

It is located in the Ladakh valley between the Dras and Suru rivers in the Himalayan mountains.

It was built by the Indian Army in August 1982.

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22. Sushruta is regarded as the Father of Surgery.

Over 2600 years ago Sushrata & his team conducted complicated surgeries like cataract, artificial limbs, cesareans, fractures, urinary stones, plastic surgery and brain surgeries.

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23. Usage of anaesthesia was well known in ancient Indian medicine.

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24. Detailed knowledge of anatomy, embryology, digestion, metabolism, physiology, etiology, genetics and immunity is also found in many ancient Indian texts.

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25. India exports software to 90 countries.

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26. The four religions born in India – Hinduism, Buddhism, Jainism, and Sikhism, are followed by 25% of the world’s population.

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27. Jainism and Buddhism were founded in India in 600 B.C. and 500 B.C. respectively.

Islam is India’s and the world’s second largest religion.

There are 300,000 active mosques in India, more than in any other country, including the Muslim world.

Jews and Christians have lived continuously in India since 200 B.C. and 52 A.D. respectively.

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28. The largest Railroad system in the world, The longest paved Highway system in the world (1,517,080 km),

The largest Highway system in the world (3,319,640 km) and second largest food producer after China.

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29. India is in a select group of six nations which successfully accomplished mission of placing the 2000 Kg satellites into space.

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30. The oldest European church and synagogue in India are in the city of Cochin.

They were built in 1503 and 1568 respectively.

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31. India is today recognized as one of the countries most advanced in nuclear technology including production of source materials.

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32. The Vishnu Temple in the city of Tirupathi built in the 10th century, is the world’s largest religious pilgrimage destination.

An average of 30,000 visitors donate $6 million (US) to the temple everyday.

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33. Varanasi, also known as Benaras, was called “the Ancient City” when Lord Buddha visited it in 500 B.C., and is the oldest, continuously inhabited city in the world today.

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34. India provides safety for more than 300,000 refugees originally from Sri Lanka, Tibet, Bhutan, Afghanistan and Bangladesh, who escaped to flee religious and political persecution.

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35. Martial Arts were first created in India, and later spread to Asia by Buddhist missionaries.

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36. Yoga has its origins in India and has existed for over 5,000 years.

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37. Quotes about India :

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“We owe a lot to the Indians, who taught us how to count, without which no worthwhile scientific discovery could have been made!” – Albert Einstein (Theoretical Physicist, Germany)

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“India is the cradle of the human race, the birthplace of human speech, the mother of history, the grandmother of legend, and the great grand mother of tradition. Our most valuable and most artistic materials in the history of man are treasured up in India only!” – Mark Twain (Writer, America)

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38 .Co-founder of Sun Microsystems is an Indian that is Vinod Khosla and Creator of Pentium chip (needs no introduction as 90% of the today’s computers run on it) is also an Indian, Vinod Dahm.

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39. Largest contributor of United Nations peacekeepers (55,000 Indian personnel serving in thirty-five nations for peacekeeping)

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40. Founder and creator of Hotmail (Hotmail was world’s No.1 web based email program) is Sabeer Bhatia, an Indian.

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41. President of AT & T-Bell Labs (AT & T-Bell Labs is the creator of program languages such as C, C++, Unix to name a few) is Arun Netravalli , an Indian.

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42. GM of Hewlett Packard is Rajiv Gupta, an Indian.

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43. New MTD ( Microsoft Testing Director) of Windows 2000, responsible to iron out all initial problems.

Sanjay Tejwrika is an Indian.

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44. Chief Executives of CitiBank, Mckensey & Stanchart are Victor Menezes, Rajat Gupta, and Rana Talwar respectively, all Indians.

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45. India invented the Number system.

Aryabhatta invented ‘zero.’

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46. The world’s first University was established in Takshila in 700BC.

More than 10,500 students from all over the world studied more than 60 subjects.

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47. According to the Forbes magazine, Sanskrit is the most suitable language for computer software.

Indian Brahmi script was used in Malaysia and some other parts of South-east Asia.

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48. In the field of missile launch technology, India is among the five top nations of the world.

India has got second largest Army in World

World’s Fifth largest Navy and Fourth largest Air Force.

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49. According to the Gemological Institute of America, up until 1896, India was the only source of diamonds to the world.

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50.  In Biotechnology, Indian biotech industry is growing at an annual rate of 38% compared to 17% growth worldwide.

We are fourth largest producer of pharmaceuticals.

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🙂

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Proud to be an Indian. 🙂

JAI HIND 🙂

US Based VC Fund To Heavily Invest in Indian Firms

US Based VC Fund To Heavily Invest in Indian Firms

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New Enterprise Associates Inc. (NEA), an US-based venture capital (VC) fund will allocate 15%, or $375 million, for investment in Indian firms, a senior company official said.

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Earlier, it had also raised $2.5 billion (Rs 11,425 crore) in its 13th fund to focus on the emerging markets.

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Firm’s senior managing director told to media person that they will be only doing growth equity deals in India.

Moreover, they may enter early in some sectors and do follow-on funding till they reach $50 million.

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Firm does have plans of investing funds in India over a period of four years, with a deal size of $30-80 million.

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Though, their main focus will be the mid-market segment, all the way.

The new fund will also restructure its alliances in India.

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NEA – IndoUS, started in 2006 by Vinod Dham, Vani Kola and Kumar Shiralagi, when NEA had no direct presence in India.

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It raised $189 million in 2007 and has invested in firms such as mobile phone marketer mGinger, movie rental service Seventymm Services Pvt. Ltd, and online gift service Myntra Designs Pvt. Ltd.

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The services sector and the clean technology space are among sectors the company will invest in.

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The NEA fund also marks a revival of venture fund-raising.

The global financial meltdown that followed the September 2008 collapse of US investment bank Lehman Brothers Holdings Inc. dramatically affected the VC environment.

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“Even funds with a good track record have found it difficult to raise money with many trying to raise funds since the past one year,” said Jagannadham Thunuguntla, equity head at Delhi-based investment bank SMC Capitals Ltd.

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“It is not good news for first-time fund managers.

However, for the ones who have managed to raise money and invest in 2009-2010 they will get fair valuations and can at least expect modest returns” he added.

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🙂

Jaggery(Gur) – “The Medicinal Sugar” Part 1

Hello Friends here we come up with another write up on “Commodity Corner Series”.

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Jaggery(Gur) - "The Medicinal Sugar" Part 1

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Here we would touch upon the aspects related to the commodity “Jaggery” also termed as a “Gur”.

We would also read about how it is formed, what is the market scenario of this commodity, current price value and production volume of jiggery in India.


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Jaggery (Gur) is a coarse, unrefined sugar that has been made from sugar cane juice.

It is the natural mixture of sugar and molasses.

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Formation:


This is considered unrefined and is produced by boiling raw sugar cane or palm juice in iron pans.

It is then formed into blocks.


As it does not go through additional processing, it does retain some of the natural vitamins and minerals of the ingredients used, though boiling the juice does deplete some of these.

Many people do consider jaggery healthier than more refined sugar since it is less stripped of natural nutrients.


This may be eaten in small slices alone as a dessert, or it may be combined with spices to make a variety of Indian desserts and candies.

Jaggery is most often available in cake form, and ranges from fairly crumbly to nearly rock-hard.

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🙂

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Market Scenario:


It is popular throughout southern and Southeast Asia.

Maharashtra is India’s largest producer and consumer of gur, with even a dedicated agricultural export zone.

Anakapalle is the biggest jaggery market yard in Andhra Pradesh and it caters to Orissa,West Bengal, Assam and other states besides Andhra Pradesh.

The major spot market is at the major terminal markets including Muzaffarnagar and Hapur.

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🙂

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Price-production Factor:


In 2009, the journey of gur futures at the NCDEX counter started at Rs.750 and is now ruling at Rs. 1100 per quintal.

These surges in prices have been influenced by the high sugarcane rates.


In 2008-09 season, which ended in September, some gur-making units in UP have paid as high as Rs 250-260 a quintal for sugarcane compared to Rs 150-155 a quintal by sugar mills, as the cane production was lower in the state.


Steep fall in production in the northern markets such as Uttar Pradesh and also in the South Karnataka has contributed to the price rise here.

Even in the other markets in AP, such as Nidadavolu in West Godavari, production has fallen drastically.


Drought in the State and uncongenial climate in the northern States were some of the contributory factors to the steep fall in production.

The sugarcane yields in Visakhapatnam, Vizianagaram, and East Godavari districts had fallen due to drought conditions and the recovery was also poor this year.


The festival demand for jaggery is strong all over the country thanks to Pongal festival in Tamil Nadu and Makara Sankranti in the northern and western regions.

It is nearly 56% over last year, largely due to dip in sugarcane availability.


Farmers are selling more cane to gur-making units as they pay higher than sugar mills.

The production in India is expected increase to 8.2 million tonnes in the 2009-10 season on higher prices.

Gur price has outpaced sugar price and as a result more sugarcane would be diverted for making gur during the ensuing 2009-10 season (October-September).

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🙂

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In next blog we would read about the Karnatka Govt initiative of setting up a Jaggery park at Mandya, the country’s fourth largest jaggery market.

Stay Tuned 🙂

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Note : For More Latest Industry, Stock Market and Economy News and Updates, please click here

China May Become World Largest Economy by 2030 : Report

China May Pip USA to Become World largest Economy by 2030

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As per the latest report by Deutsche Bank, the economic and financial status of emerging market economies such as India and China will continue to do well in the future and the recent downturn will help accelerate the trend.

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Report also suggests that the (BRIC) economies” increasing size will be making itself increasingly felt in the world markets, ranging from trade and investment to commodity markets.

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Meanwhile, the BRIC economies of Brazil, Russia, India and China are likely to achieve significant growth in future.

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Meanwhile, BRIC nations are already ranked among the top 10 on a PPP (Purchasing Power Parity) basis.

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The impressive economic growth rates and greater participation in global trade and financial flows by the BRIC economies are re-shaping the global economic and financial architecture of these economies.

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It is expected that with the constant present growth of the BRIC economies, political, economic and financial realities  of the world is going to change to the extent that China will replace the US as the World’’s largest economy by 2030.

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All the four big BRIC economies carry at least one investment grade rating, currently, at the same time.

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Moreover, China’’s and Russia’’s international status has been enhanced due to their substantial holdings of government controlled foreign assets.

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Cashew Kernel Exports Decline to 1,07,496 Metric Tonnes

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

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Cashew Kernel Exports Decline to 1,07,496 Metric Tonnes

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Cashew kernel exports decline 4% in 2009

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India’s cashew kernel exports have showed an overall drop of a marginal 4 per cent to 1,07,496 metric tonnes during the calendar year 2009 compared to the previous year.

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During the period January to December 2009, the value of kernel exports was marginally lower by 2.2 per cent to Rs 2,869 crore as against the year ago period.

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The drop in exports was mainly attributed to a sharp rise in domestic consumption.

The exporters had to draw down to meet the domestic demand than export commitments.

The local consumption is pegged at around 1,30,000 tonnes for the year.

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According to Kochi based Cashew Export Promotion Council of India (CEPCI), the unit value realization was up by 2 per cent to Rs 266.87 per kg in the export market during 2009.

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🙂

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In Other major Commodities Updates we have news on the Govt Plans to buy 280 lakh tone of rice for central pool.

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Govt plans to buy 2.8 cr tonne of rice for central pool

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The government hopes to buy 280 lakh tonne of rice for the Central Pool during the ongoing 2009-10 marketing season, more than earlier target of 260 lakh tonne, even as the grain production this year is expected to be lower by 13 million tonne.

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According to the latest official data, total rice purchases by the Food Corporation of India (FCI) and state agencies stand at 178.30 lakh tonne as on Thursday, slightly below 182 lakh tonne procured in the same period of the 2008-09 season.

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The country’s rice production from the current Kharif season is estimated to be lower at 71.45 million tonne, compared with 84.58 million tonne in the last year season.

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🙂

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Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

India on the Verge of Getting a Non-Permanent UNSC Seat

India on the verge of getting a non-permanent UNSC seat

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With its sole competitor from Asia, Kazakhstan, backing out of the crucial race, India inched closer to getting a non-permanent seat on the 15-member UNSC.

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“We have done very well.  The kind of support that India commands is very substantial,” a senior diplomat said, with New Delhi enjoying extensive backing among UN member-states 10 months ahead of voting in the General Assembly.

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Even before Kazakhstan dropped out, diplomats here estimate that 122 votes were in the bag but now that it is the sole runner from Asia, more votes are expected.

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However, it is said that the kind of support that India commands is very substantial whereas to win, India needs two-thirds of the General Assembly vote.

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That adds up to about 128 member states supporting it while the voting for the term starting in 2011 will take place in October 2010.

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Meanwhile, Kazakhstan is a member of the Organization of Islamic Conference (OIC), an association of 56-Islamic states.

Being a member there, it was viewed by Indian as a serious competitor since it stood a good chance of getting the votes of a hefty number of Arab and Muslim nations in the General Assembly.

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On the other hand, there is no guarantee that all nations that promise to vote, will end up voting while a late entry in the coming months can also split the votes.

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The Security Council is made up of 15 statesfive permanent members who have the veto power and 15 non-permanent seats elected for a two-year term.

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The last time India had a seat at the Council was in 1992.

In 1996, Japan won with India trailing behind with approximately 40 votes.

🙂

Indian Industry Expanded At A Fastest Rate in 25 Months :)

Indian Industry Expanded At A Fastest Rate in 25 Months

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India’s industrial output rose at a faster-than-expected 11.7 per cent in November  from a year earlier, due to stimulus-backed demand for manufactured goods, particularly consumer goods.

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Part of the industrial growth, measured by IIP is no doubt due to a low base of last year but it is mostly attributable to stimulus-driven demand.

Stimulus measures have boosted domestic demand for sure.

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However, industrial growth was just 2.5% in November 2008.

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India’s factory production in November was the fastest in 25 months, raising a debate on whether stimulus provided to spur the economy should continue.

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Meanwhile, manufactured goods, which have around 80% weight in the Index of Industrial Production, which measures industrial growth, grew by 12.7% in November 2009 compared to 2.7% in the same month a year ago.

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Within this category, consumer durable goods production expanded by 37.3% in the month against just 0.3% a year ago  while industrial output in Q1 of 2009-10 stood at 3.8% and in Q2 at 9.2%.

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Moreover, with better-than-expected performance in November,  industrial production in the first 2 months of Q3 now expanded at more than 10%, as it grew by 10.3% in October.

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As such, if the trend is maintained in December, industry would expand at faster pace in the third quarter.

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On the other hand, the continuous rise of industrial production gives enough hope that the recovery is on a firm footing.

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Though it is going to fuel the debate whether stimulus provided by the government to boost the economy should be withdrawn now or not.

🙂

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Market experts believe that with respect to stimulus, there could be some withdrawal on the indirect taxes side. This could be required to make up for the fiscal deficit.

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As part of stimulus, government had cut excise duty by six per cent and service tax by two per cent, besides stepping up Plan expenditure taking the total value of stimulus to Rs 1,86,000 crore.

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🙂