/ Business Set Up in India

INDUSTRIAL UPDATE NOV 9,2015

  • India’s chemical industry to touch $214 billion by 2019: report Oct 30, 2015

India’s chemical industry is likely to touch $214 billion (approx Rs. 13,91,000 crore) in the next four years from $139 (approx Rs. 9,03,500 crore) in fiscal 2014 with estimated growth of around 9 per cent a year amid growing demand scenario. A Tata Strategic Management Group study noted that factors such as boost to specialty chemicals and pharmaceuticals segment, low per capital consumption including agrochemicals, likely growth in demand from paints, textiles and diversified manufacturing base would act as key driver for the growth of the sector. Manish Panchal, Practice Head – Chemical & Energy, Tata Strategic Management Group, said, “The Indian chemical industry is an integral component of the Indian economy and has the potential to grow at 9 per cent per annum to reach $214 billion by 2019.

  • No Capital gains tax on offshore rupee bonds: CBDT: Oct 30, 2015

The Central Board of Direct Taxes (CBDT), India’s apex direct taxes body, has said investors will not face any tax on capital gains on offshore rupee bonds. “It has been decided that capital gains, arising in case of appreciation of rupee between the date of Issue and the date of redemption against the foreign currency in which the investment is made; would be exempted from capital gains tax,” the Central Board of Direct Taxes said in a statement on Thursday.

  • New insurance rules may not help private players: Oct 30, 2015

In its effort to make the process of selling insurance as fair as possible, the Insurance Regulatory and development Authority of India, or IRDAI, has tweaked the distribution norms for banks to offer a wider array of choices to customers. According to the new rules for licensing of corporate agents announced in September, banks can now tie-up with up to three life, non-life and standalone insurers each, instead of just one insurance company earlier.

  • Alstom T&D India Q2 net profit rises 30% to Rs 46 crore : Oct 30, 2015

Alstom T&D India today reported 30.2 per cent increase in net profit at Rs 46.27 crore for the quarter ended September 30, 2015. The company’s net profit in the corresponding quarter of the previous fiscal was Rs 35.52 crore, Alstom T&D India said in BSE filing. The company’s net sales during July-September quarter was almost flat at Rs 903 crore over Rs 907 crore in the year-ago period, it added.

Market participants aren’t pinning much hope on a Bharatiya Janata Party (BJP) victory in the Bihar elections. Key benchmark indices may drop 3-5% if the BJP and its allies lose in Bihar as the election defeat could limit the ability of the central government to push through pro-business measures such as the Goods and Services Tax ( GST) and Land Bill, according to an ET poll of leading market participants.

MUMBAI: Years after being avoided, India’s aviation sector is now attracting some of the country’s wealthiest investors, driven by the market debut of a consistently profitable airline, a fall in fuel prices and steady rise in air travel demand.

Rakesh Jhunjhunwala, on Friday, bought 11.95 lakh shares or 1% of Jet Airways, the country’s second-biggest carrier. A day before, Jhunjhunwala, arguably India’s most successful individual investor, is said to have mopped up shares worth Rs 400.
NEW DELHI: Moody’s Investors Service today upgraded its outlook for India’s banking system to ‘stable’ from ‘negative’ on expectation that a gradual improvement in the operating environment for lenders will lead to lesser growth in bad loans in future.
Moody’s had assigned a negative outlook to the Indian banking system in November 2011 as it was of the view that the asset quality of the lenders was deteriorating.
MUMBAI: IFMR Capital, Asian Development Bank (ADB) and IndusInd Bank today signed a partial guarantee programme to provide local currency financing to microfinance institutions (MFIs) in the country.

The guarantee from ADB and IFMR Capital will cover default risk of selected MFIs at agreed proportions, IFMR said in a statement.

“ADB’s partial guarantee facility is designed to enable flow of credit to deserving microfinance companies across Asia,” ADB head of microfinance Hasib.

NEW DELHI: Air India has prepared a plan to add 25 aircraft, the state owned carrier’s first fleet expansion since an order for 111 aircraft placed in 2006, as it seeks to expand network to underserved regions.

“These aircraft will be used to strengthen our network to smaller cities, which will be connected through an Airbus 320 aircraft and supplemented by another flight with an ATR aircraft,” said a senior Air India official, who did not want to be identified. The official added that.

MUMBAI: Public relations firm Adfactors PR has said it has won the title of Global Financial Consultancy of the Year for 2015 at the Holmes Report Global Public Relations Summit.

Adfactors PR won the coveted title against competition from a set of finalists, which included several leading financial PR firms from the US, Europe and Australia. This is the first time that an Indian PR consultancy has been selected for the top global honors, it said.

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