Sri Lanka detains 23 TN fishermen

Even as diplomatic talks between India and Sri Lanka were going on over Tamil Nadu's complaints of attacks on its fishermen, theLankan navy on Monday detained 23 fishermenfrom Rameswaram after they strayed into its territorial waters. The fishermen have been detained in a police station in Talaimannar in Sri Lanka's northwestern coast. Tension prevailed in Rameswaram when the fishermen did not return. Their colleagues, who had also put out to sea along with them but managed to get back, met officials of the state fisheries department and demanded that steps be taken for their immediate release. Hours after the news broke, chief minister J Jayalalithaa wrote a letter to Prime Minister Manmohan Singh seeking his intervention to prevail upon the Lankan government to release the fishermen and their five boats. Jayalalithaa said the frequent arrests of fishermen by the Lankan navy created a lot of tension and unrest among fishermen in the state. She reminded Singh that last month when four fishermen whose boat had capsized were arrested and remanded in custody by Kayts Court in Sri Lanka she had written to him. In your June 15 letter you had informed me that the matter had been taken up with the Sri Lankan government, she said.

The incident comes barely two weeks after both national security adviser Shiv Shankar Menon and external affairs secretary Nirupama Rao met their counterparts in Sri Lanka to apprise them about the problems faced by Indian fishermen. Menon had met Jayalalithaa before he left for Colombo. In her letter, Jayalalithaa said Shivshankar Menon had met her on two occasions, once before leaving for Colombo and again during her meeting with the Prime Minister.

According to reports from Rameswaram, the fishermen put out to sea on Monday in about 620 mechanised boats. With fish catch sparse in the Indian waters, they headed for the Kachchativu island. On spotting the Lankan naval vessels, most of the fishermen turned back and escaped. But the 23 fishermen along with their five boats were nabbed.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Morgan Stanley cuts FY'12 India growth to 7.7 per cent

The next three to six months may not be very good for the Indian equities market, but it makes a very good investment proposition with a 12-18 months view, and India would continue to be on a high-growth path posting 7.7 per cent in 2011-12, said Morgan Stanley analysts. "There is a 19 per cent upside for the BSE Sensex considering our target of 22,100 points. And the market provides a great environment for the stock pickers, as the macro influence on stock prices has already peaked," said Ridham Desai, MD and head of Indian equity research team of Morgan Stanley.

"Valuations are looking attractive, especially on an absolute basis, and for the broader market, the market is pricing in slower near-term growth," he added. Morgan Stanley has shifted its focus from global commodities to domestic consumer-driven sectors. "We remain overweight on industrials and are cognizant of the downside to capital expansion," Desai added. Industrials include engineering, capital goods and infrastructure sectors.

Other favourites include energy, telecom and utilities, while sectors that are underweight are consumer staples, healthcare, financials and materials (commodities). Technology is in the neutral. "Risk-return analysis is in favour of small- and mid-cap stocks, compared to frontline stocks," Desai said. Global risks apart, the market performance would depend on the policy initiatives of the government in the coming quarters. Desai listed expected policy decisions as fuel price hikes, fertiliser prices, FDI in retail and coal mining policy.
"Higher interest rates are likely to put pressure on corporate profitability, but are unlikely to affect them much," said Desai, reasoning that the current debt levels of Indian companies was much lower compared to its own past. On the global front, the impact of withdrawal of quantitative easing (QE-II) in the US on commodity prices was identified as a major surprise in store. Consequent to the US launching the QE-II in September 2010, commodity prices shot up as the US dollar slid.

Responding to a query on the attractiveness of the Indian market for foreign institutional investors (FIIs), Desai said, "Foreign investors are cautious at present and are waiting to invest. But typically foreign inflows follow performance and not the other way round."

Chetan Ahya, MD and Asia Pacific economist at Morgan Stanley, said the government spending will nosedive this fiscal to seven to eight per cent of GDP from 18-19 per cent of CAGR (compounded annual growth rate) in the last five years.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Angela Merkel in India for joint cabinet meet

India and Germany will hold their first inter-governmental consultations at the cabinet-level when Chancellor Angela Merkel visits New Delhi Tuesday on an invitation from Prime Minister Manmohan Singh. India is the first Asian country and one of very few nations with which Germany holds a joint cabinet meeting and this is seen as a demonstration of its high esteem for India as a long-standing and reliable partner and as a recognition of the country's rapidly growing economic clout and technological prowess. The Indo-German inter-governmental consultations in New Delhi will be chaired jointly by Chancellor Merkel and Singh and it will be attended by five German cabinet ministers as well as senior officials from several ministries. Further expanding and intensifying the economic cooperation between the two countries will be high on the agenda of the meeting and the two sides are expected to explore ways to step up bilateral trade as well as to promote German investments in India and vice-versa. Discussions will also focus on new possibilities for cooperation in building up and modernising India's infrastructure, development of renewable and conventional energy sources and promotion of technical education and vocational training as well as new avenues for cooperation in the field of defence.

Economic Cooperation has been the main pillar of Indo-German relations and its continuing importance is evident from the fact that Ms Merkel is taking with her a high-ranking business delegation of 19 top managers of leading companies representing key industrial sectors such as civil and military aerospace, auto ancillaries, electrical industry, chemicals, machine tools, railway technology and technical services.

Germany is India's largest trading partner in the European Union and bilateral trade has been growing rapidly in recent years. The exchange of goods and services between the two countries went up by 17.8 per cent in 2010 and reached a record level of 15.44 billion euros.

However, the India's deficit in bilateral trade widened as it imported goods from Germany worth 9.25 billion euros, 14.32 per cent more than in 2009, compared to its exports to Germany worth 6.19 billion euros, 21.49 per cent up from the level of the previous year.

India's main imports from Germany include machinery, engineering goods, aircraft, precision equipment and control systems, metal products, chemicals and synthetic items.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Sensex, Nifty hit highest level in more than a week

The key benchmark indices hit their highest levels in more than a week as most Asian stocks rose. The market breadth was strong. Index heavyweight Reliance Industries edged higher. The BSE Sensex was up 63.14 points or 0.35%. ONGC, Mahindra & Mahindra (M&M), Indian Oil Corporation, BPCL and National Aluminium Company rose ahead of their Q4 results due today. Reliance Communications (RCom) fell ahead of its Q4 results today. A bout of volatility was witnessed in early trade as the market pared gains after a firm start. The market soon regained strength.

At 09:25 IST, the BSE Sensex was up 63.14 points or 0.35% to 18,329.24. The Sensex jumped 114.07 points at the day's high of 18,380.17 in early trade, its highest level since 20 May 2011. The index rose 51.06 points at the day's low of 18,317.16 in early trade.
The S&P CNX Nifty was up 21.05 points or 0.39% to 5,497.60. The Nifty hit high of 5,509.30 in early trade, its highest level since 20 May 2011.

The market breadth, indicating the health of the market, was strong. On BSE, 483 shares advanced while 113 shares declined. A total of 13 shares remained unchanged.
Among the 30-member Sensex pack, 24 stocks rose while the rest of them fell.
Index heavyweight Reliance Industries (RIL) gained 0.39%, with the stock gaining for the third straight day.

India's largest oil & gas exploration firm by sales ONGC gained 0.55% ahead of its Q4 results today. India's largest tractor maker by sales Mahindra & Mahindra rose 0.87% ahead of its Q4 results today.

Shares of state-run oil marketing firm BPCL rose 0.86% ahead of its Q4 results today. Another oil marketing firm Indian Oil Corporation gained 0.26% ahead of its Q4 results today.

India's second largest mobile services provider by sales Reliance Communications fell 0.24% ahead of its Q4 results today. Public sector aluminum producer National Aluminum Company rose 1.98% ahead of its Q4 results today.

Reliance Infrastructure (R-Infra) rose 0.53% after the company announced after market hours on Friday that consolidated net profit rose 2% to Rs. 1552 crore on 4% rise in total operating income to Rs. 15408 crore in the year ended March 2011 over the year ended March 2010. The company said it remains debt free at the net level and enjoys top end ratings from CRISIL and Fitch.

The company said it is developing 11 road projects worth Rs. 12000 crore and three metro rail projects in Mumbai and Delhi worth about Rs. 16000 crore. The Delhi metro rail project has already become operational. The company said the order book of its engineering, procurement and construction (EPC) division stood at Rs. 29635 crore as on 31 March 2011.
DLF gained 2.24% and was the top gainer from the Sensex pack. DLF, last week, said it is focusing on high margin residential projects. In the commercial leasing segment, the company's strategy is to increase average rentals and focus on leasing of semi-finished and ready-to-occupy properties. DLF also said it intends to strengthen operational cash flows and enhance momentum on non-core divestments. The company said it will moderate investments in land aggregation and capex. DLF said it has raised its overall target for asset divestments to Rs. 10000 crore from Rs. 4500 crore previously.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Arindam Chaudhuri (IIPM Dean) – ‘Every human being is a diamond’
Arindam Chaudhuri – Everything is not in our hands
Planman Technologies – IT Solutions at your finger tips
Planman Consulting
Arindam Chaudhuri's Portfolio - he is at his candid best by Society Magazine

IIPM ranked No 1 B-School in India
domain-b.com : IIPM ranked ahead of IIMs
IIPM: Management Education India
Prof. Rajita Chaudhuri's Website

IIPM B-School
Arindam Chaudhuri
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Planman Consulting

IIPM in sync with the best of the business world.......

IIPM Prof. Arindam Chaudhuri on Internet Hooliganism
Arindam Chaudhuri: We need Hazare's leadership
Professor Arindam Chaudhuri - A Man For The Society....
IIPM: Indian Institute of Planning and Management