Temptation Foods Ltd:Can it be a multibagger?prospects and analysis
FM Pranab Mukherjee presents Budget 2010-11 :
India has weathered economic crisis and the Indian economy is now in a better position that it was a year ago. However, challenges today are not any less than what it was 9 months back. Our task now is to quickly revert to a high GDP.
Finance Minister Pranab Mukerjee presented the Union Budget 2010-11 in the parliament today. Highlights of the Budget for the present fiscal is listed below:
Government committed to growth of SEZs.
Four-pronged strategy for growth of agricultural sector.
Rs.200 crore to be provided in 2010-11 for climate-resilient agricultural initiative.
Involvement of private sector in grain storage to continue for another two years.
In view of drought and floods, debt repayment period extended to June 2010.
Five more mega food processing projects in addition to 10 existing ones.
FDI flows in April-December 2009 $20.9 billion.
FDI policy to be made more user-friendly with one comprehensive document.
Apex level financial stability council to be set up for banking sector.
Indian Banking Association to give additional licences to private players.
Provision for further capital for regional rural banks.
Roadmap for reducing public debt in six months.
Implementation of direct tax code from April 2011.
Government actively engaged in finalising structure of general sales tax regime; hopes to implement it from April 2011.
Rs.35,000 crore raised from divestment in 2009-10; will be higher in 2010-11.
New fertiliser policy from April 2010; will lead to improved productively and more income for farmers.
Economy stabilised in first quarter of 2009-10; strong rebound in second quarter; overall growth at 7.2 and could be higher when Q3 and Q4 are taken into account.
Export figures for January encouraging.
Hope to breach 10 percent growth mark in not too distant future.
Government set in motion steps to bring down food inflation.
Need to review stimulus package; need to make growth more broad-based.
India has weathered global economic crisis well; Indian economy in far better position than it was a year ago. In 2009 Indian economy faced grave uncertainty; delay in southwest monsoon had undermined agricultural production.
First challenge now is to quickly revert to 9 percent growth and then aim for double digit growth; need to make recovery more broadbased.
Second challenge is to make growth more inclusive; have to strengthen food security.
Third challenge is to overcome weakness in government's public delivery mechanism; a long way to go in this.
Metlife India Insurance on massive branch expansion pan-India :
MetLife India Insurance plans to aggressively embark on a branch expansion programme and is eyeing a 275-strong (currently 195) network pan-India by end-March. The company has, so far this fiscal, infused a capital of Rs 370 crore into the company. The current capital base of the company is Rs 1,950 crore.
Central Bank finalising bids for NPA sale :
State-run Central Bank of India is in final stages of evaluating bids from asset reconstruction companies to sell non peforming assets worth 4 billion rupees. The bank is expecting a credit growth of 2009/10 at 15-16%, lower than target of 18%. Economic slowdown hit Indian bank loan growth that slid to 9.8% in November, but recovery led to pick up in loan growth in January to 14.8%. The bank also plans to raise its stake in its housing finance arm from 59% now to make it a wholly-owned unit. National Housing Bank, Housing Urban Development Co. and Unit Trust of India are the other stakeholders in the unit Cent Bank Home Finance.
Banks make a beeline for financial inclusion roadmap :
All the commercial banks, be it public, private or foreign banks, have been asked by RBI to report their specific board-approved plans for financial inclusion by March 2010. The lead bank in each district has been asked to draw a roadmap by March 2010 for ensuring that all villages with a population of over 2,000 will have access to financial services through a banking outlet. A total of 6,50,000 villages are to be covered under the programme
RBS slashes exposure to India by a third :
The beleaguered bank, which is 84 per cent owned by the UK government, has reduced its risk assets in India from 5.56 billion pounds (Rs 39,328 crore) at the end of 2008 to 3.60 billion pounds (Rs 25,458 crore) in 2009. The bank has divided its global businesses into a core group, which the bank plans to retain and the for-sale non-core division. In India, the global banking and markets (GBM) and global transaction services (GBS) divisions are part of the core group while consumer banking and commercial banking businesses are part of the non-core group.
Banking push may throw up Rs10,000 crore IT deals :
Top software firms are eyeing projects worth Rs 10,000 crore from the domestic banking, financial services and insurance (BFSI) sector this year. The immediate projects from BFSI sector include those relating to mobile banking and banks’ plan to integrate regional rural banks (RRBs) and branches. Wipro Infotech, which recently won a Rs 100 crore, 10-year IT outsourcing contract from Punjab and Sindh Bank, is eyeing a chunk of the emerging projects from banks.
GlobalLogic closes in on $40 m acquisition :
GlobalLogic Inc, a product development outsourcing company, said it has renewed its listing plans with improvements in capital markets and is also in advanced stages to acquire a $40 million technology firm. The company generates about 10% of its sales in India, mostly from the telecom sector, and has about 50 clients in the region. It is also looking to acquire firms in India. GlobalLogic recently announced acquisition of Cubika, a prominent Argentine company specialising in software development. The company has total workforce of 3,300 including 1,600 employees in India and is looking ramp it up by in 2010.
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