TCS becomes India’s second most valued co; Attrition rates at a new high

TCS becomes India’s second most valued company

For the second time within a week, Tata Group software services company TCS became the country’s second most-valued firm with a market capitalization of Rs 2.43 lakh crore, surpassing oil and gas major ONGC.

At the end of trade, Tata Consultancy Services (TCS) commanded a market value of Rs 2.43 lakh crore — the second highest for any listed company in India. This is nearly Rs 13,000 crore more than state-run ONGC’s market value of around Rs 2.30 lakh crore.

Read more: The Times of India

Clubhouse at Ireo Waterfront, Ludhiana, Punjab

India Inc may see attrition rates as high as 31%

India Inc is likely to see attrition rates as high as 31 percent during the three months ending June, as employees unsatisfied with annual salary hikes would look out for better prospects, say experts.

According to human resource experts, the average attrition rate is projected to grow at 31 percent in Indian firms in the April-June quarter, a rise of 9-10 percent from the preceding quarter (January-March). In the April-June quarter of 2011-12, the average attrition rate was 27 percent.

Read more: The Economic Times

Indian wine market to touch 2.4 million cases by 2020

Indian wine consumption could touch 2.4 million (nine-litre) cases by 2020, London-based market researcher The IWSR says.

“Despite the difficulties of matching wine with Indian food, a cult enthusiasm is developing for wine consumption and it has become a more regular offering at launch parties, business receptions and sometimes weddings,” the report says.

The wine market report, released in April, says wine is largely consumed by a small segment of well-travelled businessmen, expatriates and cosmopolitan affluent youth. But expansion is hindered by difficulties of trading on the Indian market, such as a limited number of skilled importers, underdeveloped infrastructure and retail system as well as taxes and licenses. The Indian wine market, which was in a slump for at least two years, scripted its first consolidation in March.

Read more: The Economic Times

Subway to open 1,000 stores in India by 2015

Quick service restaurant chain Subway said it plans to operate 1,000 stores in India by 2015 through franchise route, which will entail an investment of $58 million (over Rs 300 crore).

The Connecticut-headquartered brand is present in 50 Indian cities with 263 franchisee-run restaurants across the country.

Commenting on the potential of the market, Subway President and Co-founder Fred DeLuca said: “India is a promising business destination with a young, educated population having growing disposable income.”

Read more: The Economic Times

Dow hits more than 4-year high as economy fears ease

US stocks rallied on Tuesday and the Dow hit its highest level since December 2007, after data showed the US manufacturing sector expanded at a faster pace than expected in April, easing jitters about a slowdown in the economic recovery.

With most markets in Europe and several major Asian markets closed for the May Day holiday, investors shifted their attention to US economic data. Data from the Institute for Supply Management showed growth in U.S. manufacturing came in its strongest rate in 10 months in April, suggesting the economy remains resilient after indications it had lost momentum at the start of the second quarter.

Read more: The Economic Times

Gold retreats from two-week highs as dollar bounces

Gold retreated from two-week highs on Tuesday as the dollar rallied in the wake of a better-than-expected reading of US manufacturing data, which dampened speculation the Federal Reserve could extend monetary easing measures to boost growth.

Spot gold was down 0.2 percent at $1,660.01 an ounce by 1426 GMT, while U..gold futures for June delivery were down 50 cents at $1,662.90. The metal earlier hit a high of $1,671.20 as the dollar fell against a basket of currencies.

A recent spate of soft US data revived some expectations that the Fed would offer additional support to the economy via a third round of quantitative easing, or purchases of government bonds to anchor market interest rates.

Read more: The Economic Times

Citi warns of more headwinds to economic growth, rupee may touch 54

Citigroup Global Markets has warned of further downside risks to the economy, saying the problems faced by way of ballooning current account deficit and fiscal deficits are much more than they appear to be and rupee could depreciate to 54 to a US dollar over 6-12 months.

Stating that the fiscal deficit and current account deficit (CAD) are “not twins but quadruplets,” a Citigroup report said, these have larger implications.

“Given the rise in each of these deficits – CAD at 4.3 percent of GDP, fiscal deficit at 5.9 percent due to government profligacy, self-inflicted governance issues and the cyclical liquidity crunch, the country’s growth story has likely de-rated,” the report said.

Read more: The Economic Times

Office Space overlooking the lake at Ireo Waterfront, Ludhiana, Punjab

Real Estate News

Maharashtra Housing Act will protect interests of flat owners: Sankaranarayanan

The proposed Maharashtra Housing Act will bring greater transparency and discipline in the transactions of flats and put a check on malpractices, Maharashtra Governor K Sankaranarayanan said here today.

“The Act will remove information asymmetry by ensuring full disclosure by promoters or developers and also ensure compliance of agreed terms and conditions between developer and the flat buyers,” he said.

Read more: The Economic Times

Maharashtra plans low-cost houses for Mumbai mill workers

As Maharashtra turned 52 Tuesday, the government said it would provide low-cost housing to mill workers and free houses to kin of mill workers who died during struggle for a state for Marathi-speaking people.
“The government has decided to provide 6,948 houses to mill workers at reduced and affordable rates, at Rs.7,50,000 in multi-storeyed buildings. The government will also give free houses to the survivors of the mill workers who lost their lives in the Samyukta Maharashtra Movement,” Governor K. Sankaranarayanan said at a function held to mark the state’s 52nd anniversary here.

Read more: The Economic Times

No relief in borrowing costs for India Inc

The rates for short-term corporate funds are returning to levels before the RBI cut the repo rate, offsetting the impact of the 50 basis cut earlier this month and failing to provide much relief for companies that need to borrow.

The easing has failed to have much of an impact given investors expect the RBI to hold off on further rate cuts. Tight liquidity conditions and the government’s heavy borrowing plans are also helping keep corporate borrowing costs elevated.

Read more: The Economic Times

Policy

India’s proposed tax rules a ‘big mistake’: Mark Mobius

India is faltering as an investment destination because of significant policy mistakes and stock prices will slide if the nation’s credit rating is cut, according to Mark Mobius, one of the world’s best-known emerging market investors.
“The Indian government has been making many, many big policy mistakes. The most important of all is the idea of having retroactive taxation,” Mobius, executive chairman of Templeton Emerging Markets Group, told Reuters in a phone interview from the Bahamas.
Foreign investors have raised concerns on two Indian provisions seeking to tax indirect investments and combat tax evasion.

Read more: The Economic Times

Haryana’s annual plan outlay hiked 30% to Rs 26,485 crore

Three days after advising the Haryana government to ensure improvement of sex ratio in the state as well as security to working women, the Planning Commission on Monday approved an annual plan outlay of Rs 26,485 crore for Haryana for financial year 2012-13, representing an increase of 30% over the approved outlay of Rs 20,358 crore in the annual plan 2011-12.

The outlay includes Rs 14,500 crore for state budget, Rs 9,950 crore for state public sector enterprises (PSEs) and Rs 2,035 crore for local bodies.

Read more: The Times of India

Infrastructure

Infrastructure snapshot, at Ireo Waterfront, Ludhiana, Punjab

Urban development ministry to study feasibility of high speed train services in Delhi-Rohtak-Hisar corridor

The union urban development ministry has agreed to conduct feasibility study for high speed train services on Delhi-Rohtak-Hisar corridor under the regional rapid transit system (RRTS) for better connectivity in the national capital region.

The union urban development minister Kamal Nath agreed for feasibility study on the Delhi-Rohtak-Hisar section on the demand raised by the Rohtak MP Deepender Singh Hooda in Lok Sabha on Monday during discussion for grant on demands.

Read more: The Times of India

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