Now, Send Money Using Only Mobile Number.

  11:22    

Garima Vaish
(Editor DERIK TIMES)
ICICI Bank on Wednesday launched a facility under which an account holder can transfer money to a mobile phone user in the country even without the latter having an account with any lender.
A customer having a savings account with ICICI bank can initiate a fund transfer using online banking by providing only the mobile number and address of the beneficiary, the company’s largest private lender said in a statement.
Why? The bank’s executive director stated that he foresees tremendous growth potential in the usage of electronic payments. This innovative service will further empower our customers as well as their families by giving access to instant money even without having a bank account or a debit card. 
Key people. Rajiv Sabharwal


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The weekend special of Spice jet.

  11:21    

 Garima Vaish
(Editor DERIK TIMES)
Have you noticed anything different while flying SpiceJet over the weekend? If no, then a closer look at the cabin crew would make you realise they are not in their usual uniforms.
The SpiceJet cabin crew has a weekend uniform, the only Indian carrier to have separate attire for weekends. While the female crew wear colourful kurtis and jeans, the male cabin staff wear polo t-shirts with denims, from Friday to Sunday.
SpiceJet's new approach includes creating much warmer, friendlier, more natural ambience for its customers on board the aircraft. The weekend uniform was a natural extension of this philosophy. It would also  appeal to corporates who are increasingly into casual dressing on Fridays, it would improve their moods and make them more relaxed cheerful on Fridays and weekend flights.


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ITC’s Diversification to dairy sector.

  11:19    

Monika Prakash 
(Editor DERIK TIMES)
ITC plans to become a Pan Indian dairy entity and is going to set up plants across six states –Bihar, UP, Punjab, Maharashtra, Arunachal Pradesh and Telangana.
The company’s entry into dairy business is expected to make it 3rd biggest private player in the space after Nestle & Britannia.
The company’s turnover from its non-fast-moving consumer food business of WLC FOOD is the biggest contributor and has already exceeded Rs.10,000 crores
Linkages through ‘E-choupal’-  ITC’s initiative to connect with rural farmers via the Internet for procurement of agricultural products.
WHY. ITC’s mega move to dairy is a part of its strategy to reduce its dependence on tobacco legacy.
ITC might also face competition from ‘Danone’-a relatively competitive player in India’s  dairy space that had launched its ‘YOGHURT’ in selected cities & also sells packaged milk.                                                                                                                      
Competition. Nestle & Britannia are the biggest private players in India’s dairy space.


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JSW Steel to buy Welspun Maxsteel for over Rs 1,000 crore.

  11:19    

   Monika Prakash
  (Editor DERIK TIMES)
 JSW Steel, the country's third largest steel maker, has entered into an agreement to acquire sponge iron maker Welspun Maxsteel in a deal worth over Rs 1,000 crore. Under the JSW Steel-Welspun Maxsteel deal, the steel maker will take over the debt of Welspun Maxsteel. Welspun Maxsteel has a debt of Rs 1,030 crore on its financial books.
WHY? They are quitting Steel-making business because it has no synergy with core business. When they started this business in 2009,there  was no issue regarding gas availability but from the past few years scarcity of gas is their major concern. This acquisition is value-accretive to JSW Steel due to synergies in supplying surplus pellets. Deal will boost the cheaper supply of raw materials to the JSW steel.
Present Scenario. The sale is an all-debt deal, but a win-win situation for both the parties. It has strategic goal to enhance its steel production to 40MT in the next decade.



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China’s Factory Output Growth hits its lowest in last Six year.

  11:17    

 Neeraj Bhanot   
 (Editor DERIK TIMES)
China's factory output grew at the lowest pace in nearly six years in August while growth in retail sales and investment also decreased.
Industrial output rose 6.9 per cent in August from a year earlier - the lowest since December 2008 when the economy was suffering due to the global financial crisis, compared with expectations for an 8.8 per cent expansion and slowing from 9.0 per cent in July.
Retail sales climbed 11.9 per cent, lagging forecasts of 12.1 per cent and slowing from 12.2 per cent in July, the National Bureau of Statistics said.
China's economy got a weak start this year as first-quarter growth declined to an 18-month low of 7.4 per cent.
Property investment data showed further declines in sales and new construction along with a drop in mortgages, while growth in housing-related goods such as home appliances, furniture and building materials such as steel and cement all slowed.
Data showed on Friday that credit levels in China appeared to improve in August after an alarming drop in July, but remained below average.


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FDI Inflows Increased to $350 Crores in July

  11:16    

 Neeraj Bhanot 
(Editor DERIK TIMES)
Foreign direct investment (FDI) flows into India increased to $350 Crores  in July,
In July 2013, the country had received FDI worth $165 Crores . During April-July this fiscal year, foreign inflows grew 52 per cent to $1073 Crores as compared to $705 Crores in the same period last year.
Amongst the top 10 sectors, telecommunications received the maximum FDI at $233 Crores, followed by services ($100 Crores), pharmaceuticals ($88.60 Crores) and construction ($4.30 Crores) during the first-four months of the fiscal year. During the period, India received the maximum FDI from Mauritius at $338 Crores, followed by Singapore ($166 Crores), Netherlands ($149 Crores), Japan ($8.34 Crores), UK ($8.24 Crores) and the US ($3.51Crores).
In 2013-14, FDI inflows in India were $2429 Crores as against $2242 Crores in 2012-13.India requires around $100000 Crores in the next five years to overhaul its infrastructure sector, including ports, airports and highways to boost growth. The government has raised the foreign investment limit to 49 per cent in defence manufacturing and relaxed the policy in construction sector.
It has been also proposed to increase the FDI cap in insurance to 49 per cent.


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Affair of Gold Gets Intense: Peru and India.

  11:15    

D. Nikhil
(Editor DERIK TIMES)
World’s sixth largest producer of gold and a mineral rich country: Peru is eyeing on the world’s largest gold importer by weighing upon the FTA (Free Trade Agreement). Currently India is importing only 0.6% of its total gold import from Peru which increased slightly more than previous year. Peru got three Indian investors who are investing in their gold mines. The custom duties on gold have also come down and this contract is right before the festive season on India- that explains. Peru entered Indian gold market late but this proved to be beneficial for Peru .
Though the trade relationships are young and new, the rapid growth is a result of the concept of direct selling. This agreement is believed to last for a longer period. Whereas, global miners stress on entering into long term contract with financially strong and internationally accredited refiners.
 Key People: Javier Paulinich-Peru Ambassador to India.


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