BSE midcap & smallcap outperform; oil & gas stocks weigh 01/01/2015

BSE midcap & smallcap outperform; oil & gas stocks weigh
01/01/2015 11:48
Weighed down by losses in the oil & gas and FMCG sector stocks, the Indian benchmark index Sensex was trading in red in the late morning session on Thursday. BSE Sensex slipped over 16 points while NSE Nifty was trading down nearly 13 points. Market sentiments were influenced as traders indulged in profit booking on the first trading day of 2015. However, the broader markets both BSE midcap and smallcap were performed better than the front-liners with gains of around 0.6 per cent to 0.9 per cent. Major show spoilers included were NTPC, Housing Development Finance Corporation, Coal India, Dr. Reddy's Laboratories and GAIL (India).

At 11:23 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 27483.11 down by 16.31 points or by 0.06 per cent while the NSE Nifty was at 8269.1 down by 13.6 points or by 0.16 per cent.

The broader market was moving below baseline. The BSE MIDCAP was at 10434.02 up by 61.44 points or by 0.59 per cent, while the BSE SMLCAP was at 11189.62 up by 102.55 points or by 0.92 per cent.

The Market breadth, indicating the overall strength of the market, was positive. On BSE out of the total 2338 shares traded, 1489 advanced while 765 shares declined and 84 remained unchanged.

The top losers of the BSE Sensex pack were NTPC Ltd. (Rs. 142.90,-0.83%), Housing Development Finance Corporation Ltd. (Rs. 1126.65,-0.74%), Coal India Ltd. (Rs. 381.00,-0.72%), Dr. Reddy's Laboratories Ltd. (Rs. 3222.10,-0.70%), GAIL (India) Ltd. (Rs. 442.05,-0.65%), among others.

Meanwhile, Sesa Sterlite Ltd. (Rs. 217.80,+1.73%), Bharti Airtel Ltd. (Rs. 356.10,+0.92%), Cipla Ltd. (Rs. 631.55,+0.92%), Tata Steel Ltd. (Rs. 402.90,+0.89%), Maruti Suzuki India Ltd. (Rs. 3351.75,+0.70%), were among notable gainers on BSE.

Among the thirteen sectoral indices on BSE, BSE Oil&Gas index was trading at 9879.76 down by 15.45 points or by 0.16 per cent. GAIL (India) Ltd. (Rs. 442.05,-0.65%), Reliance Industries Ltd. (Rs. 886.45,-0.53%), Cairn India Ltd. (Rs. 239.30,-0.33%), Oil India Ltd. (Rs. 574.00,-0.27%), were among the notable losers on BSE.

Following the BSE Oil&Gas, BSE_FMCG index was at 7758.34 down by 8.23 points or by 0.11 per cent. United Spirits Ltd. (Rs. 2757.95,-0.86%), Marico Ltd. (Rs. 324.00,-0.61%), Nestle India Ltd. (Rs. 6357.05,-0.36%), ITC Ltd. (Rs. 367.15,-0.34%), United Breweries Ltd. (Rs. 833.35,-0.07%), were among others.

Oil & Gas shares decline; NTPC, HDFC Ltd down 01/01/2015

Oil & Gas shares decline; NTPC, HDFC Ltd down
01/01/2015 10:42
The Indian benchmark continued trading in red in the morning session of day’s trade. Oil & gas sector stocks were on the decline with Cairn India leading the pack followed by GAIL, Oil India and Reliance Industries. DB Realty rose as investors' interest in the stock remained upbeat on positive cues generated by the Bombay High court orders related to three large projects being developed by companies in which DB Realty either has either controlling or significant stakes. At 10:38AM BSE SENSEX was at 27456.8 down by -42.62 points or by -0.15 per cent and then NSE Nifty was at 8268.85 down by -13.85 points or by -0.17 per cent.

The BSE MIDCAP was at 10421.74 up by 49.16 points or by 0.47 per cent. while the BSE SMLCAP was at 11165.94 up by 78.87 points or by 0.71 per cent.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2074 , shares advanced were 1319 while 685 shares declined and 70 were unchanged

The top gainers of the BSE Sensex pack were Cipla Ltd. (Rs. 632.00,+0.99 per cent), Bharat Heavy Electricals Ltd. (Rs. 267.60,+0.90 per cent), State Bank of India (Rs. 313.80,+0.63 per cent), Bharti Airtel Ltd. (Rs. 354.40,+0.44 per cent), Tata Power Company Ltd. (Rs. 82.50,+0.43 per cent), among others.

The top losers of the BSE Sensex pack were NTPC Ltd. (Rs. 142.95,-0.80 per cent), Housing Development Finance Corporation Ltd. (Rs. 1126.00,-0.79 per cent), Hindalco Industries Ltd. (Rs. 156.45,-0.79 per cent), Coal India Ltd. (Rs. 380.80,-0.77 per cent), Dr. Reddy's Laboratories Ltd. (Rs. 3225.60,-0.60 per cent), among others.

The top gainers of the NSE Nifty pack were NMDC Ltd. (Rs. 146.80,+1.24 per cent), Punjab National Bank (Rs. 221.75,+1.21 per cent), Bharat Heavy Electricals Ltd. (Rs. 267.95,+1.02 per cent), IDFC Ltd. (Rs. 158.80,+0.92 per cent), HCL Technologies Ltd. (Rs. 1610.70,+0.86 per cent), among others.

The top losers of the NSE Nifty pack were Housing Development Finance Corporation Ltd. (Rs. 1124.40,-1.01 per cent), Dr. Reddy's Laboratories Ltd. (Rs. 3218.25,-0.86 per cent), Cairn India Ltd. (Rs. 238.55,-0.83 per cent), Coal India Ltd. (Rs. 381.00,-0.74 per cent), Hindalco Industries Ltd. (Rs. 156.40,-0.73 per cent), among others.

Among the sectoral indices on BSE, BSE Oil & Gas index was at 9874.74 down by -20.47 points or by -0.21 per cent. Cairn India Ltd. (Rs. 238.40,-0.71 per cent), GAIL (India) Ltd. (Rs. 442.45,-0.56 per cent), Oil India Ltd. (Rs. 572.45,-0.54 per cent), Reliance Industries Ltd. (Rs. 886.40,-0.53 per cent

Sensex dips on first day of 2015 on weak global cues 01/01/2015

Sensex dips on first day of 2015 on weak global cues
01/01/2015 09:57
Indian markets opened on a negative note during the morning trading session for the calendar 2015 on a subdued note tracking weak global cues along with metal shares leading the fall. India's fiscal deficit was Rs 5.25 trillion ($83.08 billion) during April-November, or 98.9 per cent of the full-year target, data released after market hours yesterday showed. The deficit was 93.9 per cent during the same period a year ago. At 9:41AM BSE SENSEX was at 27434.86 down by 64.56 points or by 0.23 per cent and then NSE Nifty was at 8261.3 down by 21.4 points or by 0.26 per cent.

The BSE MIDCAP was at 10400.41 up by 27.83 points or by 0.27 per cent. while the BSE SMLCAP was at 11120.87 up by 33.8 points or by 0.3 per cent

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 1527 , shares advanced were 887 while 586 shares declined and 54 were unchanged

The top gainers of the BSE Sensex pack were Cipla Ltd. (Rs. 633.15,+1.17 per cent), Maruti Suzuki India Ltd. (Rs. 3351.75,+0.70 per cent), Mahindra & Mahindra Ltd. (Rs. 1242.00,+0.61 per cent), Tata Power Company Ltd. (Rs. 82.40,+0.30 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 341.95,+0.22 per cent), among others.

The top losers of the BSE Sensex pack were Coal India Ltd. (Rs. 379.80,-1.03 per cent), NTPC Ltd. (Rs. 142.65,-1.01 per cent), Dr. Reddy's Laboratories Ltd. (Rs. 3216.00,-0.89 per cent), Hindalco Industries Ltd. (Rs. 156.40,-0.82 per cent), Housing Development Finance Corporation Ltd. (Rs. 1125.90,-0.80 per cent), among others.

The top gainers of the NSE Nifty pack were Cipla Ltd. (Rs. 630.40,+0.64 per cent), Mahindra & Mahindra Ltd. (Rs. 1241.50,+0.57 per cent), Bharat Petroleum Corporation Ltd. (Rs. 648.90,+0.45 per cent), ACC Ltd. (Rs. 1404.50,+0.31 per cent), IDFC Ltd. (Rs. 157.80,+0.29 per cent), among others.

Pre Session: Market seen kick-off 2015 on negative note 01/01/2015

Pre Session: Market seen kick-off 2015 on negative note
01/01/2015 08:16
The key domestic benchmarks are expected to open on bearish note today tracking a subdued trend in global market as Wall Street ended lower in overnight trade. Most Asian stocks remained closed on eve of New Year holiday. The trading volumes are may remain thin as investors stayed on the sidelines ahead of the year-end while a slump in commodity prices and political uncertainty in Greece curbed risk taking appetite. Back home, markets may be supported by the latest reform unleashed by the Modi government which issued an executive order making it easier for companies to buy land, a move which may help kick-start stalled infrastructure projects.

The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 3144, shares advanced were 1516 while 1481 shares declined and 147 were unchanged.

Top traded Volumes on NSE Nifty were State Bank of India 6305857.00, Bharat Heavy Electricals Ltd. 5363890.00, ICICI Bank Ltd. 4609082.00, DLF Ltd. 4360342.00, Hindalco Industries Ltd. 4327309.00.

Clearly mention conditions,benefits of insurance products:Irda 29/12/2014

Clearly mention conditions,benefits of insurance products:Irda
29/12/2014 00:17
To help consumers guard against bogus claims being made by insurers, sector regulator IRDA has said the companies will have to clearly define conditions along with benefits and riders of products to customers, reported PTI. Insurance Regulatory and Development Authority (Irda), in its revised draft regulations on consumer protection, has also said that insurance companies must place all the product information in public domain. The regulator has also sought comments from the public and all stakeholders on the draft regulations on or before January 19, 2015. "A prospectus of any insurance product shall clearly state the scope of benefits, the extent of insurance cover and in an explicit manner explain the warranties, exceptions and conditions of the insurance cover. "Every insurer shall place in public domain complete details of product particulars of each and every product that was offered for sale by the insurer as it was filed and approved by Irda," said the draft regulations. In case of life insurance products, they should clearly mention if it comes with profit or without profits and the riders on products shall be clearly spelt out with regard to scope of benefits, as per the draft norms. Among others, it said the insurers should formulate an insurance awareness policy to educate customers, constitute a policyholder protection committee ensuring its proper functioning as well as formulate a grievance redressal policy for speedy resolution of grievances. The draft has also suggested comprehensive, dispassionate and true information about products by the companies. "The insurers shall ensure that the benefit/returns of the policy are not mis-stated/mis-represented or the prospect is not forced to buy a policy. "Insurers shall disclose restrictions/conditions of all aspects of benefits that are material," it added. The draft norms further said that the products should suit policyholders with respect to income, personal and family circumstances, life stage, financial goals and risk appetite as the customer has the right to service of the proper kind. It said that name and address of agent/insurance intermediary should also be mentioned in the policy document and premium receipts or any such communication. The insurers, agents and intermediaries shall strictly adhere to Irda advertisement regulations and shall not issue any misleading or unfair advertisement," it added. "Violations of any provisions of Advertisement Regulations and guidelines...Shall be dealt with as per provisions of the relevant regulations/provisions of the Act," it added. Irda said the revised regulations may be known as IRDA (Protection of Policyholder's Interests) Regulations 2014 as and when they come to force..

Govt sets up panel to review Drugs and Cosmetics Rules 29/12/2014

Govt sets up panel to review Drugs and Cosmetics Rules
29/12/2014 00:07
The government has constituted a committee to examine and recommend amendments to the Drugs and Cosmetics Rules, 1945, reported PTI. "The Committee will revisit the Drugs and Cosmetics Rules, 1945 and make recommendations for amending the same in order to make these rules contemporary while keeping in view the requirements of quality, safety and efficacy of medical products and also the efficiency of regulatory structures and the industry to keep pace with changing scenario of drugs and medical devices and cosmetics industry," according to a Health Ministry order dated December 24. "In 2012, the government had finally given a green signal to foreign pharmaceutical companies to invest in India as clinical trial is a very positive requirement to strive towards the growing developments in the present Pharmaceutical market worldwide," a Ministry official said. "With that, awareness about concept of Good Clinical Practices (GCP) was created. However, till some time back, the provisions of compensation to the vulnerable subjects who suffer injury or death during participation in clinical trial of a new drug were not covered under the Drug and Cosmetics Rule, 1945. "However, the insertion of the new Rules 122-DAB, Rule 122-DAC and Rule 122 DD vide first, second and third amendments respectively in 2013 have been able to fulfil the lacuna of the need of such compensatory provisions," the official added. The Committee members included Joint Secretary (Regulation) and Director (Drugs) from Health Ministry, Dr B R Jagashetty, National Advisor (Drugs Control) and Project in-charge, S R Dhaleta, retired Joint Secretary and Legislative Counsel, Legislative Department, Ministry of Law and Justice, and representatives of Department of Pharmaceuticals from Ministry of Chemicals and Fertilisers, a representative from Legal Affairs, Ministry of Law and Justice.

India granted 77% patents to foreign pharma firms 29/12/2014

India granted 77% patents to foreign pharma firms
29/12/2014 07:28
India has granted over 77 per cent of total 4,614 patents in the pharmaceuticals sector to foreign companies in the last ten years, as per the PTI report. Between January 2005 and December 10, 2014, the country granted 3,575 patents to foreign companies against only 1,039 patents to domestic firms in the pharmaceuticals sector, added the media reports. The large portion of patents going to foreign companies clearly indicates that the Indian patent regime is non-discriminatory and strong, sources said. Similarly in 18 other sectors, including agriculture engineering, bio-chemistry, bio-technology, chemical and mechanical engineering, India has accorded over 70 per cent of legal protection to foreign companies. In fact, in sectors such as communication technology, computer science and electronics, the country granted over 90 per cent of patents to global firms during that period. To global firms, India has granted 10,398 patents in mechanical engineering sector, 9,506 in chemicals, 4,937 in electronics, 2,896 in communications technology, 2,236 in bio-technology and 1,709 in computer sciences. On the other hand, domestic firms have got 339 patents in biotechnology, 3,354 in chemicals, 243 in communication technology, 150 in computer science, 384 in electronics and 2,168 in mechanical engineering. The data was collated by the Commerce and Industry Ministry. In recent times, multi-national companies in sectors including pharmaceutical have alleged that Indian intellectual property rights (IPR) laws are weak. However, India has always maintained its stand that its IPR laws are in compliance with international obligations. Commenting on the development, National Intellectual Property Organisation (NIPO), President, T C James said, "These numbers clearly refutes allegations of multi-national firms. After 2005, India has granted maximum number of patents to foreign firms."

FM highlights achievements during past 6 months 29/12/2014

FM highlights achievements during past 6 months
29/12/2014 00:29
The Finance Ministry highlighted its achievements during the past six months including Pradhan Mantri Jan-Dhan Yojana (PMJDY), Varishtha Pension Bima Yojana (VPBY) and actions taken to curb black money, reported PTI. The new government has, after taking over reins of power in May, 2014, constituted a Special Investigating Team (SIT) to implement the decision of the Supreme Court on large amount of money stashed abroad by evading taxes or generated through unlawful activities, the Ministry said in a presentation. It added that India has joined global efforts to combat tax evasion, including supporting implementation of a uniform global standard on Automatic Exchange of Information on a fully reciprocal basis, facilitating exchange of information regarding persons hiding money in offshore centres. Under PMJDY, the government aimed to open 7.5 crore accounts by January 26, 2015. The target has now been revised to 10 crore. "As on December 23, 2014, 9.91 crore accounts have been opened under PMJDY...As on December 1, states of Goa, Kerala, Tripura and Madhya Pradesh, Union Territories of Chandigarh, Puducherry and Lakshadweep have achieved 100 per cent Saturation (all households with at least one bank account)," it said. The government has launched VPBY for the benefit of the vulnerable section of society with limited resources. A monthly pension ranging from Rs 500 to Rs 5,000 per month will be provided to senior citizens of the country. The government re-launched the Kisan Vikas Patra (KVP)to attract investment of people for small savings scheme. The certificate can also be pledged as security to avail loans from the banks and in other case, where security is required to be deposited. A Swachh Bharat Kosh (SBK) has been set up to attract Corporate Social Responsibility (CSR) funds from corporate sector and contributions from individuals and philanthropists to achieve the objective of Clean India (Swachh Bharat) by the year 2019. Also, a 'Nirbhaya Fund' with a corpus of Rs 2,000 crore has been created ensure dignity and safety of girl children and women. To provide a fillip to capital goods and automobile sector, the duty concessions have been extended up to December 31 on small cars, motorcycles, scooters, three wheelers and commercial vehicles to 8 per cent, mid-segment cars to 20 per cent, large cars to 24 per cent and SUVs to 24 per cent.

M-cap of top 7 Sensex firms dips Rs 18,471 cr 29/12/2014

M-cap of top 7 Sensex firms dips Rs 18,471 cr
29/12/2014 00:02
Market captilisation of top seven Sensex companies fell by a combined Rs 18,470.91 crore last week with TCS, ONGC, RIL and Infosys among the losers. However, CIL, SBI and HDFC Bank were the gainers last week in terms of market capitalisation. IT sector bellwether Infosys witnessed an Rs 5,920.38 crore dip in its market value to Rs 223,992.3 crore, being the hardest hit last week. The m-cap of state-run oil & gas sector major ONGC fell by Rs 4,491.63 crore to Rs 294,351.64 crore while that of private sector conglomerate RIL fell by Rs 3,607.1 crore to Rs 287,597.62 crore. The market value of FMCG giant ITC fell by Rs 1,119.17 crore to Rs 293,992.16 crore last week. India’s biggest IT services software exporter TCS witnessed a Rs 675.76 crore decline in its market value to Rs 490,759.30 crore while that of financial player HDFC fell Rs 124.07 crore to Rs 175,134.69 crore last week. The country’s largest lender SBI witnessed an Rs 2,538.35 crore rise in its market cap to Rs 229,683.21 crore last week while that of HDFC Bank rose by Rs 1,715.47 crore to Rs 229,027.50 crore. The market value of state-run coal player CIL climbed by Rs 821.13 crore to Rs 238,663.83 crore last week

Post Session-Sensex surges on firm global cues 29/12/2014

Post Session-Sensex surges on firm global cues
29/12/2014 15:45
The key domestic benchmarks advanced for a second session on the trot on Monday as the Sensex rallied by more than 150 points led by gains in metal and auto stocks tracking a firm trend in Asia and a record finish at Wall Street on Friday. China’s Shanghai Composite rose while Hang Seng surged after reports suggested that China’s central bank eased rules for calculation of deposits and reserve requirements, allowing lenders to make more loans to boost credit growth and help spur a revival in the world’s second biggest economy. However, Japan’s Nikkei 225 fell as a stronger yen curbed the demand for exporter stocks. Back home, the Sensex may trade side-ways this week as investors stick to a cautious approach with the year approaching a close and ahead of the HSBC Manufacturing PMI to be released on Friday.

The BSE SENSEX closed at 27,395.73, up by 153.95 points or by 0.57 per cent, and then NSE Nifty ended at 8,245.85, up by 45.15 points or by 0.55 per cent.

Post Session- Profit booking drags down Sensex 25/11/2014

Post Session- Profit booking drags down Sensex
25/11/2014 16:29
The key domestic benchmarks ended lower today as the Sensex retreated by over 160 points led by losses in realty and FMCG stocks amid profit booking by investors after Dalal Street hit record highs for two straight sessions. Moreover, a SEBI crackdown on participatory notes (P-Notes), a popular investment product used by foreign investors also weighed on sentiment as the capital market regulator said that it is changing the rules for offshore derivative instruments to bring them in line with new foreign investment norms. Further, caution remained ahead of Q2 GDP numbers due to be released later in the week which may show a slowdown in economic growth, and ahead of the expiry of November F&O contracts on Thursday.

Most Asian stocks closed higher as investors continued to cheer the surprise interest rate cut by Beijing which is expected to help stem a lingering slowdown in the world’s second biggest economy. China’s Shanghai Composite surged on hopes of another interest rate cut on the back of the one undertaken last week while Hang Seng ended lower and Japan’s Nikkei 225 advanced as the Bank of Japan pledged its commitment to achieving the 2 per cent inflation target.

The BSE SENSEX closed at 28,338.05, down by 161.49 points or by 0.57 per cent, and the NSE Nifty ended at 8,463.1, down by 67.05 points or by 0.79 per cent.

Ten names shortlisted for appointment as CMDs in eight PSU banks 25/11/2014

Ten names shortlisted for appointment as CMDs in eight PSU banks
25/11/2014 00:30
A high-level search panel headed by Reserve Bank Governor Raghuram Rajan has shortlisted ten Executive Directors for the post of Chairman and Managing Director (CMD) in eight public sector banks, reported PTI. Bank of Baroda Executive Directors (ED) B B Joshi and P Srinivas, Punjab & Sind Bank's M K Jain and K K Sansi, IDBI Bank Deputy Managing Director B K Batra are among the 10 who have been shortlisted, sources said. Their names have been sent to the Finance Ministry and would be subsequently forwarded to the Appointments Committee of Cabinet (ACC) after vigilance and other necessary clearances. According to sources, eight names may get the ACC approval for appointment by the end of this month. Two names could be put on waiting list or dropped subject to certain clearances, they added. It is not clear if the lone CMD Ashwini Kumar of Dena Bank, who appeared for the interview on November 14 for lateral transfer to a bigger bank, has been shortlisted by the panel or not. Nineteen candidates appeared for eight vacant posts of CMDs in PSU banks. These 19 candidates were interviewed by three sub-panels separately. The vacant posts of CMDs are in Punjab National Bank, Bank of Baroda, Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce, United Bank of India and Syndicate Bank. The post of CMD in Vijaya Bank will fall vacant next month. Earlier this month, the government had decided that all eligible candidates will have to go through sub-committees having two members. The sub-committees had three outside experts. These experts are former Managing Director of State Bank of India S Viswanathan, IIM Indore Director Rishikesha T Krishnan and former Chairperson and Managing Director of Allahabad Bank S Panse, sources said. The other three members of screening committees were Secretary and Additional Secretary in the Department of Financial Services, and an RBI Deputy Governor. The names have been shortlisted by the appointment board chaired by RBI Governor. It was based on the weighted average marks given by each sub-committee to ensure objectivity and transparency. The selection process for appointment as Chairman and Managing Director of public sector banks was changed following government scrapping the selections made by previous UPA regime. Last month, the government had cancelled selection of heads of six PSU banks and 14 executive directors made during the UPA tenure following a government-appointed panel finding irregularities in the process.

US-India told to address trade barriers 25/11/2014

US-India told to address trade barriers
25/11/2014 16:33
According to media reports, 15 major American business organisations have called on India and the US to address lingering bilateral trade barriers which may help in boosting investment relations between two of the world’s major economies. The India-US Trade Policy Forum, in which government officials from both countries will come face to face to discuss ways to boost bilateral investment, will take place on Tuesday. The forum will be co-chaired by US Trade Representative Michael Froman and Indian Commerce and Industry Minister Nirmala Sitharaman.
Top American business organisations have urged Froman to take up specific issues in the forum related with current Indian policies such as high tariffs and discriminatory forced localisation policies, burdensome requirements on information and communication technology products.
However, American business groups have given thumps up to the measures taken to resolve the stalled WTO Trade Facilitation Agreement while urging strong action on many longstanding and new trade barriers.
“For the Trade Policy Forum to be meaningful, it must ultimately lead to concrete steps to improve the environment for businesses in the US that are exporting to and operating in India,” a statement quoting US business groups said.

India Inc. lacks awareness on IPR: Report 25/11/2014

India Inc. lacks awareness on IPR: Report
25/11/2014 16:32
According to media reports, a government official noted the industry’s lack of awareness on Intellectual Property Rights (IPR) which is inhibiting India Inc. in exploiting the advantages of registering and protecting trademarks internationally.
Chaitanya Prasad, Controller General of Patents, Designs and Trade Marks, DIPP, Ministry of Commerce and Industry, stressed that despite joining the Madrid System for the International Registration of Marks (Madrid System) since July 2013, Asia’s third biggest economy has failed to capitalise on its benefits.
“After joining the protocol we have had over 11,618 designations of India for foreign countries. As against that, we have received 8,397 applications to India after international registration. As against that, from India we have only 185 applications,” Prasad said.
“People from outside are taking advantage to come to India but the industry in India is not taking that advantage,” he added.
The Madrid System which is governed by two treaties, the Madrid Agreement and the Madrid Protocol, and is administered by the International Bureau of World Intellectual Property Organisation (WIPO) in Geneva, Switzerland, provides trademark (TM) owners a cost effective, user friendly and streamlined way of protecting and managing their trademark portfolio internationally.
“Despite the ease of use and less expenditure, we have only 185 applications (in one year). Out of that, 97 have already had international registrations and they will proceed to national registrations in various countries where they are designated”, he added.

No immediate plan to curb LPG subsidy: Dharmendra Pradhan 25/11/2014


No immediate plan to curb LPG subsidy: Dharmendra Pradhan
25/11/2014 11:39
The government is not planning to take away the subsidy from the Liquefied Petroleum Gas (LPG) in near term, said Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan. Pradhan, said the issue of who should get the subsidy and who should not needs to be debated, said the media report. Earlier on Friday, Union Finance Minister Arun Jaitley had stated that the government was considering removal of subsidy on the cooking gas for well-off consumers. The removal of the subsidy on LPG for better off consumers would help the government to reduce its expenditure thereby aiding it to curb the fiscal deficit.

Pre Session- Sensex set for bullish start amid firm global cues 25/11/2014

Pre Session- Sensex set for bullish start amid firm global cues
25/11/2014 08:29
The key domestic benchmarks are likely to open on a positive note tracking a firm trend in fellow Asian stocks and yet another record high closing at Wall Street amid easing concerns over the health of the global economy on central bank action in China and Europe. Asian stocks advanced as investors continued to cheer the surprise interest rate cut by Beijing which is expected to help stem a lingering slowdown in the world’s second biggest economy. China’s Shanghai Composite climbed while Hang Seng was trading tad higher and Japan’s Nikkei 225 advanced as a weaker yen boosted the appeal of exporter stocks. Back home, investor sentiment remains positive as the Winter Session of Parliament which began yesterday offers hopes that the Modi government may be successful in passing key bills to reduce red tape and bolstering FDI investment in sectors such as insurance. Some volatility may be seen in markets ahead of the expiry of the November F&O contracts on Thursday.

Top traded Volumes on NSE Nifty – State Bank of India 18631463.00, Hindalco Industries Ltd. 10540335.00, DLF Ltd. 10430203.00, Jindal Steel & Power Ltd. 7012082.00 and Sesa Sterlite Ltd. 6214657.00.

Post Session- Sensex scales past 28K on growth hopes 12/11/2014

Post Session- Sensex scales past 28K on growth hopes
12/11/2014 16:42
Dalal Street was in bullish mood today as the Sensex hit a life-time high, conquering the 28,000 mark on sustained foreign investor inflows amid hopes that the Modi government’s reform spree may bolster the country’s economic growth. The government which recently unveiled oil & gas reforms and eased FDI norms in the construction sector may push the insurance bill and Constitutional amendment bill on Goods and Services Tax (GST) during the Winter Session of Parliament beginning November 24. All eyes were on the IIP and CPI data to be released after market hours. Industrial output may have expanded 0.8 per cent in September 2014 from the year ago month, up from an annual 0.4 per cent in August 2014 while consumer inflation may have eased to 5.8 per cent in October 2014 from 6.46 per cent in September 2014.

The BSE SENSEX closed at 28,008.9, up by 98.84 points or by 0.35 per cent, and the NSE Nifty ended at 8,383.3, up by 20.65 points or by 0.25 per cent.

The BSE Sensex touched intraday high of 28,126.48 and intraday low of 27,958.64 The NSE Nifty touched intraday high of 8,415.05 and intraday low of 8,370.5.

'Make in India' concept can also drive Thailand economy: Thai PM 12/11/2014

'Make in India' concept can also drive Thailand economy: Thai PM
12/11/2014 15:28
Prime Minister Narendra Modi's strong 'Make in India' pitch today got the full support of his Thai counterpart Gen Prayut Chan-o-cha who said this concept can also be applied to drive the economy of his country.
At a bilateral meeting on the sidelines of the ASEAN-India summit, Gen Prayut also had a word of praise for India's 'Act East' policy, saying it is important for the 10-member southeast nations grouping. The 'Act East' policy seeks to deepen India's ties with the southeast nations and other East Asian countries. Bilateral trade between Indian and Thailand has multiplied eight times since 2000 to reach USD 8.68 billion in 2012. During the period of January-February, 2013, bilateral trade was USD 1.68 billion.

Nitin Gadkari proposes motor vehicle pact across SAARC countries 12/11/2014

Nitin Gadkari proposes motor vehicle pact across SAARC countries
12/11/2014 13:39
The Minister of Road Transport & Highways, Nitin Gadkari has pushed the proposal of an umbrella agreement among all nations in the region for seamless movement of passengers and cargo across borders.
“The proposed SAARC Motor Vehicle Agreement has wider scope for movement of all types of vehicles across SAARC member States and will be a path breaking endeavour”, said the Minister while addressing the Infrastructure Summit organized by the Confederation of Nepalese Industries (CNI) at Kathmandu.
According to the reports, the pact for passenger and cargo vehicles movement in SAARC countries (South Asian Association for Regional Co-operation) is expected to be signed soon.
He further ensured that the India is doing its bit to support the development of infrastructure in Nepal, particularly for connectivity and people-to-people contact.
Both the countries have agreed on adopting the SAARC Motor Vehicle Agreement, which was approved by both the technical level as well as by the Expert Group Meeting in September.
This agreement would facilitate Nepal-India bus services on reciprocal basis.
It would promote tourism and people-to-people interaction. The bus service will connect Kathmandu with Uttar Pradesh and Delhi, the statement added.

Oil price slump helps stem India inflation 12/11/2014

Oil price slump helps stem India inflation
12/11/2014 12:16
The sharp fall in oil prices and other global commodity prices has come as a much needed boon for the Indian economy which has been battling the persistent problem of high inflation, raising optimism over sooner than earlier expected monetary easing by the Reserve Bank of India (RBI).
“Whatever assumptions we made in terms of oil prices and other commodity prices, subsequently what we see now is that the prices have come off even more. So, the disinflationary process would see a bit stronger than what the last policy had done”, said RBI Executive Director Deepak Mohanty, PTI reported.
The price of Indian crude basket now stands at around USD 81 per barrel compared to USD 108.05 per barrel in May, heling to lower the government’s subsidy burden and trimming the fiscal and CAD shortfall.
At the same time, lower cost oil imports has pushed wholesale inflation to five-year low of 2.38 per cent in September 2014 while consumer inflation, the most watched gauge of the RBI retreated to 6.46 per cent in September 2014 from a revised 7.73 per cent in August 2014. More than 70 per cent of India’s oil needs are met through imports.
While the RBI is likely to resist cutting rates in its December meeting, a February rate cut is on the cards given that the central bank is on target to undershoot its 8 per cent consumer inflation target for January.

India to rebound to 6% growth in FY’16: Sinha 12/11/2014

India to rebound to 6% growth in FY’16: Sinha
12/11/2014 11:57
Against the backdrop of the Modi government’s aggressive reform spree, Asia’s third biggest economy may return to higher growth trajectory, going forward, with a six per cent growth rate very possible next fiscal. The new Minister of State for Finance Jayant Sinha sees the Indian economy expanding by 6-6.5 per cent in FY 2015-16, as he stressed that job creation and inflation management were the two major goals of his government. “We are expecting the growth to pick up and be on the accelerating trajectory. Hopefully we will cross 6-6.5 per cent next year," Mr Sinha told the PTI. Sinha expects the economy rebounding to 7-8 per cent sustainable growth in the coming years. The economy is expected to grow 5.4-5.9 per cent in the current fiscal year ending March 31, 2015, according to the Economic Survey. The Indian economy, which has grown below the 5 per cent mark in the past two fiscals, expanded at 5.7 per cent in Q1 FY 2014-15, year on year, bouncing back from a 4.7 per cent growth in FY 2013-14. Among the recent measures taken by the government include liberalisation of FDI norms in construction, defence and railways, oil & gas reforms, labour market reforms and measures to reduce rep tape and make it easier for companies to do business in the country. The government is also likely to push the insurance bill and Constitutional amendment bill on Goods and Services Tax (GST) during the Winter Session of Parliament beginning November 24.

Need to strengthen MGNREGA to empower poor: Birender Singh 12/11/2014

Need to strengthen MGNREGA to empower poor: Birender Singh
12/11/2014 11:50
According to the Union Minister for Rural Development, Birender Singh, there is a need to strengthen Mahatma Gandhi National Rural Employment Gurantee Act (MGNREGA) as the rural job scheme has led to empowerment of poor people in the villages. On assuming his ministerial charge, Singh said, "There were people in remote villages who had not seen the currency note of Rs 500. Thanks to MGNREGA, they have seen it. There will be no changes in the job scheme that would hurt the poor." The statement comes in the wake of unease among civil society members over a proposal to limit the MGNREGA to 200 backward districts. He, however, acknowledged that there were some problems in implementation of the ambitious scheme, launched by the UPA government and the present dispensation will "correct" them. "So far, the working of MNREGA is concerned, if there are lacunae, we will correct them," Singh said. Launched in 2005, MNREGA has been an important source of income for millions of rural households

Include industry bodies in PM's foreign trips: Assocham 12/11/2014

Include industry bodies in PM's foreign trips: Assocham
12/11/2014 11:07
Apex industry body Assocham has requested Prime Minister Narendra Modi to include top leaders of the country’s industry chambers as part of the official delegations in his overseas tours. Economic and business agenda invariably occupies the centre stage in the international deliberations, Assocham said in a statement. "Business chambers such as ASSOCHAM with rich history, goodwill and a reach out to lakhs of businesses and trade can provide very useful inputs for the multilateral or bilateral talks, well representing a cross section of the stakeholders," ASSOCHAM Secretary General D.S. Rawat said. “Initiatives such as Make in India would certainly need a strong endorsement from the Indian industry in the presence of global business leaders,” Rawat said. Rawat added that the inclusion of business chambers in PM's visit should be only as official delegates and they should not be included as participants on the sidelines of the central agenda.

Infosys reports 56% energy saving; Govt to start a pilot project with IT major 12/11/2014

Infosys reports 56% energy saving; Govt to start a pilot project with IT major
12/11/2014 12:15
Country’s second largest software exporter Infosys, which has its campuses across the country, has reported substantial savings in consumption of scarce electricity and water through smart and sustainable design and operational practices.
A delegation of Infosys led by Mohandas Pai on Tuesday made a detailed presentation to a group of Union Ministers including Urban Development Minister M.Venkaiah Naidu, Power Minister Piyush Goyal, Environment Minister Prakash Javadekar.
Pai informed the minsters that the innovative practices being adopted by Infosys are standardized, replicable and scalable. He said that the smart design and operational practices being followed by Infosys has resulted in substantial savings in capital costs.
The gains reported by Infosys include: a total energy saving of 56 per cent through smart building design, cost saving of Rs 9.50 cr per year on energy consumption by a building of 10 lakh sq. feet which works out to be a saving of Rs.95 per sq.ft per year.
Ministers have welcomed the experiences shared by Infosys. Urban Development Minister M.Venkaiah Naidu directed Secretary(UD) to set up a Committee with representatives of CPWD, NBCC, DDA and DMRC to hold further talks with Infosys on their experiences and report on the feasibility of taking up a Pilot Project with Infosys technologies. The report is to be submitted by the end of this month.
Naidu said, he will visit Infosys campus in Hyderabad while Piyush Goyal will visit a university campus built by Infosys in Jaipur. He said that the experiences of Infosys would be useful in the context of the government’s initiative of building smart cities

Railways’ freight revenue rises 5% during Apr-Oct 2014 12/11/2014

Railways’ freight revenue rises 5% during Apr-Oct 2014
12/11/2014 12:14
Indian Railways carried 621.66 million tonnes of revenue earning freight traffic during 1st April to 31st October 2014, according to data reveled by Ministry of Railways.
The freight carried shows an increase of 28.41 million tonnes over the freight traffic of 593.25 million tonnes actually carried during the corresponding period last year, registering an increase of 4.79 per cent, the data highlighted.
During the month of October 2014, the revenue earning freight traffic carried by Indian Railways was 89.22 million tonnes. There is an increase of 6.97 million tonnes over the actual freight traffic of 82.25 million tonnes carried by the Indian Railways during the same period last year, showing an increase of 8.47 per cent.

New FDI norms to improve builder’s liquidity, says Fitch 12/11/2014

New FDI norms to improve builder’s liquidity, says Fitch
12/11/2014 11:25
According to the rating agency Fitch, the easing of FDI rules in realty sector is likely to improve the liquidity situation of developers as well as enhance the supply, said the media report. "Relaxation of rules on foreign direct investments into India's property development sector, will improve developers' liquidity and speed-up project-turnaround times, but may also increase competition," Fitch Ratings said in a statement. On October 29, the Cabinet had relaxed FDI rules in construction sector by reducing minimum built-up area as well as capital requirement and easing the exit norms. Under new FDI norms, foreign developers have been allowed to invest in smaller property development projects - with a minimum floor area of 20,000 sq meters compared to 50,000 sq meter previously. The minimum foreign-investment threshold was also lowered to USD 5 million per project, from USD 10 million. "These moves may encourage more foreign developers to tie-up with their domestic counterparts, which will improve domestic developers' liquidity and speed up project turnaround times," it added. On the flip side, Fitch said the relaxed rules will also mean a higher supply of property projects and more price-competition among domestic developers, which will pressure profit margins.

Panel to seek cabinet approval for coal auction reserve price method 12/11/2014

Panel to seek cabinet approval for coal auction reserve price method
12/11/2014 10:56
An inter-ministerial panel is likely to seek Cabinet approval for fixing the reserve price for coal auction, said the media report. According to the report, the Cabinet met on November 11, 2014 and decided on methodology for fixing the auction start price for allotting coal blocks whose allotments were quashed by the Supreme Court in September. The apex court had quashed allotment of 204 coal blocks to various companies between 1993 and 2009. Out of these, 37 are running coal mines and another five are ready to produce by April. "The Cabinet will take the final call on fixing methodology for reserve price....," the media report said. The government had in 2012 constituted inter-ministerial panel (IMC) to consider and examine the formulation of methodology for fixing floor/reserve price of coal blocks to be allocated through auction. Based on proposal of consultant Crisil, it had planned allotting coal blocks only to government companies or to power plants with tariff-based bidding, in order to ensure cheaper domestic coal to consumers.

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Diesel deregulation credit positive: Moody's 21/10/2014

Diesel deregulation credit positive: Moody's
21/10/2014 17:11
Moody's Investors Service, which has a Baa3 stable rating on the country, today said the diesel price deregulation announced over the past weekend is "credit positive", reported PTI.
In a note issued from Singapore, its senior vice-president for sovereign risk group Atsi Sheth said, "The decision to fully deregulate diesel prices signals fiscal discipline on the part of the sovereign, which we view as credit positive.
"Diesel price deregulation will reduce the subsidy burden for the government, although fiscal savings are likely to be limited."
Last Saturday, the government linked the retail price of diesel by slashing prices up to Rs 3.77 a litre. Diesel price was cut after a gap of over five years.
She said the government decision to fully liberalise diesel prices and ease controls over natural gas prices, allowing the latter to increase by about 33 per cent, are credit positive.
This is because they allow the market to adjust to global commodity price trends and reduce the exposure of government finances to those trends, she said.
"Our stable outlook on the sovereign is based on our expectation of incremental credit positive policy changes in multiple areas over the coming months, and our assumption that the fuel subsidy reforms, which were introduced some years ago, will continue," Sheth said.
It can be noted that since September 2012, the government has implemented various reforms to the fuel subsidy programme, including allowing oil companies to increase diesel prices incrementally by 50 paise a month, withdrawing the subsidy on diesel sold in bulk, and limiting subsidised consumption of cooking gas.
Despite these steps, rising commodity prices actually led to a significant increase in the subsidy outlay, she said, adding in fact, the oil subsidy bill grew nearly six-fold over the past five years to Rs 85,500 crore in FY14, from Rs 15,000 crore in FY10. Total fuel subsidies accounted for less than 1 per cent of GDP and under 3 per cent of total government expenditures in FY14.

Govt committed to protect interest of workers: Narendra Singh Tomar 21/10/2014

Govt committed to protect interest of workers: Narendra Singh Tomar
21/10/2014 12:52
The Union Government is committed to protect the interests of the workers in the country. The Union Minister of Labour & Employment, Steel and Mines, Narendra Singh Tomar said this while chairing a discussion on Bill for participation of Workers in Management here today.
He said that to protect the interests of the workers, proper steps will continue to be taken in future.
Tomar said that conducive environment will be created simultaneously for working of industrial establishments to generate more jobs, as the government is committed to increase employment opportunities.
Tomar further added that this meeting was convened to build a consensus on finalising the content of the Workers’ participation in Management Bill, 1990. He said, “There had been attempts in the past to formulate schemes for workers’ participation in varying forms but the schemes were mainly to be implemented on a voluntary basis.”
He further added that adopting the participation of workers at apex level should remain voluntary for industry and not statutory.
The meeting aimed to get feedback from the management of leading CPSUs and apex Employer’s Organisations like CII, FICCI, CIE, ASSOCHAM and Trade Unions for arriving at a consensus on the issue of workers participation in management at the board/ apex level.
Present on the occasion were Secretary, Ministry of Labour and Employment, Smt. Gauri Kumar, senior officials of various central ministries, representatives of the CPSUs and central trade unions.

Modi reform push lifts India economic outlook 21/10/2014

Modi reform push lifts India economic outlook
21/10/2014 12:40
The Modi government means business as it steps up its big-bang reform agenda in a bid to bolster growth in Asia’s third biggest economy which has rebounded into the 5 per cent plus growth category.
Over the weekend, the cabinet freed diesel prices from government control, a move which may go a long way in reducing the oil subsidy burden and taming the long-standing problem of high fiscal deficit creating more policy easing room for the RBI.
The cabinet also raised the cost of natural gas from the current USD 4.20 per mmBtu to USD 5.61 per mmBtu, effective from November 1, with prices to be revised half-yearly. The revised gas pricing formula is expected to provide drilling and investment incentive to gas producers, while taking consumers’ interests into consideration.
In a bid to woo foreign investment, Modi raised the cap on FDI in sectors such as defence and railways while his ambitious ‘Make in India’ campaign seeks to make the country a leading global manufacturing base by easing norms of doing business in India by slashing red tape and overhauling redundant labour laws.
Modi has also decided to open up the state-run coal sector to private players, a major liberalisation move for the sector. The government is planning to auction all 204 coal blocks that are operating or non-operating, to end-users in power, cement and steel sector.

Diesel price de-regulation may prompt rate cut: Ind-Ra 21/10/2014

Diesel price de-regulation may prompt rate cut: Ind-Ra
21/10/2014 12:38
Leading rating agency India Ratings (Ind-Ra) reckons that the government decision to decontrol diesel prices may prompt a swifter policy easing move from the Reserve Bank of India (RBI) while scrapping the diesel subsidy will lower the fiscal burden on Asia’s third biggest economy which grew at the fastest pace in more than two years in Q1 FY 2014-15.
The cabinet over the weekend decided to deregulate the prices of diesel; India’s most consumed fuel, which resulted in an Rs 3.37 per litre cut in the retail rate of diesel. .
Allowing prices of diesel to move as per market rates may help bring down the exchequer’s oil subsidy burden by Rs 15,000 crore, India Ratings reckons.
Further, a cut in diesel prices may help lower inflation, leaving more room for the RBI to cut interest rates.
“The union government’s decision to deregulate diesel prices will significantly improve the country’s finances as the oil subsidy will come down by INR150bn. Also, the cut in diesel prices by INR3.56/litre will go a long way in fighting inflation, which is trending downwards. This will create more space for the Reserve Bank of India to ease its policy stance and cut policy rate sooner than hitherto believed”, the rating agency said.

Defence sector norms eased by Govt 21/10/2014

Defence sector norms eased by Govt
21/10/2014 12:37
In a bid to boost investments in the country’s defence sector, the Modi government on Monday eased licensing norms by giving the go-ahead to private players in the sector to sell equipment to state-run firms without prior approval of the defence ministry.
“The licencee shall be allowed to sell defence items to government entities under the control of ministry of home affairs, state governments, PSUs and other valid defence licensed companies without prior approval of the department of defence production," a commerce and industry ministry statement said.
However, the licensee will still need to take permission from the department of defence production (DoDP) in case the sale of the defence equipment is to be made to any other entity.
“However, for sale of the item to any other entity, the licensee shall take prior permission from DoDP”, the statement added.
Further, in a bid to prompt more companies to enter the defence sector; the DoDP also eased the norms on annual capacity for defence items for industrial licences. Licensees will be required to submit half yearly production returns to DoDP and the department of industrial policy and promotion (DIPP).
The FDI cap in the sector was recently raised to 49 per cent from 26 per cent.

RBI releases minutes of meeting for greater transparency 21/10/2014

RBI releases minutes of meeting for greater transparency
21/10/2014 10:33
The Reserve Bank of India (RBI) has released the minutes of the meeting of the sub-committee on Financial Stability and Development Council (SC-FSDC) held in August, for the first time, in an attempt to bring in greater transparency, said the media report. The abridged version of the detailed minutes of the FSDC and SC-FSDC meetings will be published with a lag of about four weeks, the central bank said in a release. Officials who attended the meeting included the central bank governor, deputy governors, executive director, officials from the finance ministry and other stock and insurance sector regulators, among others. The committee discussed emerging risks to the economy from a potential rise in oil prices due to geopolitical events and a likely tightening of interest rates by the United States, the minutes said. The sub-committee took note of the steps taken by the RBI to deepen the currency futures market by eliminating unnecessary restrictions and also decided to move with caution on further steps in view of the interest rate scenario across the globe.

FTAs not hurting domestic manufacturing: Commerce Ministry 21/10/2014

FTAs not hurting domestic manufacturing: Commerce Ministry
21/10/2014 01:24
Brushing aside concerns of Indian industry over free trade agreements (FTAs), senior commerce ministry officials said it has not led to any spurt in imports or export of raw materials, reported PTI. A Commerce Ministry's study and analysis on impact of FTAs have found that "the imports have not increased to any level that would create concerns and we have not become suppliers of raw materials. This is good part," the officials said. However, officials did not provide any concrete data to substantiate their claims on the impact of FTAs on domestic manufacturing. Imports of intermediate goods have increased which means that India is becoming part of the regional value chain of South Asia, they said adding Indian exporters and industry are not able to exploit these pacts fully. "The use of these agreements by our exporters are perhaps a matter of concern. But we are making lot of efforts to disseminate informations, " the officials said. The ministry has drawn up a strategy for the coming six months to accelerate and strengthen outreach programmes which would include workshops. "We will also try to go down to industrial clusters where potential exporters can understand what are the benefits they have of using the preferential tariff under the FTAs. We want to them about rules of origin, sanitary and phyto-sanitary moves, technical barriers to trade," they said. The ministry is also in the process of developing a comprehensive portal about FTAs. "It will tell about different product regime. It will serve the purpose of promoting FTAs and helping exporters to know about tariff and non-tariff and preferential tariff regime in the partner country. That portal is for about 30 countries who are our major trade partners, including FTA partners," they added. India has so far entered into FTAs with Japan, Singapore, South Korea, Malaysia, Asean and South Asia. Indian industry and exporters have raised serious concerns about these pacts saying that they are benefiting partner countries more and impacting domestic manufacturing. Citing few figures, the officials said that out of India's total overall inbound shipments, imports from ASEAN, Singapore, S Korea and Japan at preferential duty rates stood at 14.5 percent, 10.8 percent, 21.8 percent and 22.4 percent respectively. "This clearly indicates that the preferential imports under FTAs have not contributed to the increase in trade deficits with some countries," they said adding it was difficult to collect data on exports as it have to shared by the FTA partner country. The Commerce Ministry officials also said that India is losing its price competitiveness in the global market but not because of free trade agreements. "We did a study about global competitiveness of Indian manufacturing. We found that we are losing competitiveness due to factors such as infrastructural bottlenecks, deficiencies in customs procedures and trade logistics, inadequate communication infrastructure and lack of uniform system of indirect taxes," they said. India is losing its price competitiveness in some of its traditional strengths like textiles, clothing, leather, automotive components and engineering machinery. Further allaying concerns of Indian industry, they said that imports of consumer goods too have not increased at higher rates due to these FTAs. "It has remain stagnant. We have certainly not moved down in the value chain in our exports also. We have also not become a market where consumer goods have dumped under preferential tariff so that could have been a worry but that has not happened," they added. "One moderating feature is that we have not been able to use these FTAs as they could have been. They are not as widely used as they could be," the officials said. On complains of the automobile industry on spurt in imports of auto components such as gear boxes, they said that "they are nothing alarming. Auto percentage of imports under different free trade agreements are very low". About increase in imports of electronic goods, they said that it was because of the Information Technology Agreement (ITA) of the WTO and not because of trade pacts. India's rationale for entering into FTAs was the diversification and expansion of exports to the partners and region as well ass access to raw materials, intermediate products and capital goods for stimulating value added domestic manufacturing, they said. "FTAs have adequate safeguard mechanisms to tackle the adverse effect of imports on the domestic industry and take corrective action against import surges," they said.