New Delhi: Indian Potash Ltd (IPL) has signed a contract with Belarusian Potash Company (BPC) to import 1 million tonne of muriate of potash (MOP) at $427 a tonne this calendar year.
The pricing of the new deal is about 15 per cent lower than the previous contract signed at $490.
BPC, a joint venture distributor of Belaruskali and Uralkali, will begin MOP supplies to IPL from this month till January 2014.
“The delivery price of potash fertiliser for India has been set at $427 a tonne on CFR basis. BPC deliveries under the contract with IPL will total 1 million tonnes,” BPC said in a statement.
“We strongly believe that the agreement bringing us one step forward in restoring potash demand will influence positively both the domestic and global potash market,” said Valery Ivanov, CEO of BPC.
India, which is dependent on imports to meet its potash demand, imported about 5.5 million tonnes of the nutrient in the past 18 months.
The IPL-BPC deal is probably the first of its kind to be announced by the Indian fertiliser makers, who are going slow in signing new contracts this year as the country still has huge unsold stocks of the nutrients.
Erratic monsoon and high prices had impacted the fertiliser offtake last year, resulting in stock build-up.
Besides, the Government had recently told the fertiliser companies not to bring in any nutrients till the end of current fiscal.
IPL, the largest importer of potash in the country, expects to negotiate with other suppliers for another million tonnes in the current year, said Managing Director P.S. Gehlaut.
“We expect to bring in the MOP shipments from BPC into the country from April onward,” Gehlaut said.
Success in my Habit
Friday, February 8, 2013
Starbucks expects India to be among top 5 global markets in long term
New Delhi: US coffee chain Starbucks, which opened its seventh store in the country on Wednesday, expects India to be among the top five global markets for the company in the long term.
John Culver, President, Starbucks Coffee China and Asia Pacific, said, “We are committed to the Indian market for the long term and we are looking to grow our business aggressively, expand stores, make investments and offer locally relevant innovations.”
He did not specify the company’s expansion plans or investment figures but said that India is expected to be among the top five global markets of the company in the long term.
This is the company’s flagship store in New Delhi. It already has presence in the NCR region through two stores at the Delhi International Airport, besides four stores in Mumbai.
Starbucks entered the Indian market in October 2012, and its stores operate under a 50:50 joint venture partnership between Starbucks Coffee Co and Tata Global Beverages called Tata Starbucks Ltd.
He also said that the company was committed to ethically sourcing and roasting coffee through its partnership with Tata Coffee to elevate the story of the Indian coffee farmer, a unique initiative being undertaken in India.
The store at Delhi reflected examples of Indian craft of weaving and sported handicrafts made by local artists. The company has kept the Indian palette in mind as the menu includes Indian cuisine like Murg Makhani Pie, Mutton Seek in Roomali Roti, besides also offering Tata Tazo tea which is a co-branded product under its partnership with Tata Global Beverages.
On future locations that have been identified for opening new stores, Avani Saglani Davda, CEO, Tata Starbucks, said India offers diverse growth opportunities and the company will thoughtfully open stores in locations, “where customers want and expect us to be.”
John Culver, President, Starbucks Coffee China and Asia Pacific, said, “We are committed to the Indian market for the long term and we are looking to grow our business aggressively, expand stores, make investments and offer locally relevant innovations.”
He did not specify the company’s expansion plans or investment figures but said that India is expected to be among the top five global markets of the company in the long term.
This is the company’s flagship store in New Delhi. It already has presence in the NCR region through two stores at the Delhi International Airport, besides four stores in Mumbai.
Starbucks entered the Indian market in October 2012, and its stores operate under a 50:50 joint venture partnership between Starbucks Coffee Co and Tata Global Beverages called Tata Starbucks Ltd.
He also said that the company was committed to ethically sourcing and roasting coffee through its partnership with Tata Coffee to elevate the story of the Indian coffee farmer, a unique initiative being undertaken in India.
The store at Delhi reflected examples of Indian craft of weaving and sported handicrafts made by local artists. The company has kept the Indian palette in mind as the menu includes Indian cuisine like Murg Makhani Pie, Mutton Seek in Roomali Roti, besides also offering Tata Tazo tea which is a co-branded product under its partnership with Tata Global Beverages.
On future locations that have been identified for opening new stores, Avani Saglani Davda, CEO, Tata Starbucks, said India offers diverse growth opportunities and the company will thoughtfully open stores in locations, “where customers want and expect us to be.”
Indian manufacturing & natural resources industry to spend Rs 40,800 on IT in 2013
Chennai: Indian manufacturers and natural resources companies will spend Rs 40,800 crore on IT products and services in 2013, an increase of 9.1% over 2012 revenue of Rs 37,400 crore, according to Gartner, Inc. This forecast includes spending by manufacturers and natural resource companies on internal IT (including personnel), hardware, software, external IT services and telecommunications.
The telecommunications category remains the biggest spending category overall in the manufacturing and natural resources industry, and it is forecast to reach Rs 13,200 crore in 2013. Meanwhile, software is achieving the highest growth rate amongst the top level IT spending categories - forecast to exceed 15% in 2013, with especially strong growth forecast for enterprise resource planning (ERP)/supply chain management (SCM)/customer relationship management (CRM), desktop software, and manufacturing-specific applications. Gartner anticipates very high demand for consulting services as manufacturers plan for these implementations, forecasting growth of over 22% in 2013 alone.
"Despite India's slowing economic growth, manufacturing and natural resources remain large and important sectors in the Indian economy, and they are attracting increased IT spending to improve productivity and competitiveness," said Ken Brant, research director for manufacturing at Gartner. "Indian manufacturers are seeking to use IT to make process improvements and information from across manufacturing operations more transparent and actionable."
The telecommunications category remains the biggest spending category overall in the manufacturing and natural resources industry, and it is forecast to reach Rs 13,200 crore in 2013. Meanwhile, software is achieving the highest growth rate amongst the top level IT spending categories - forecast to exceed 15% in 2013, with especially strong growth forecast for enterprise resource planning (ERP)/supply chain management (SCM)/customer relationship management (CRM), desktop software, and manufacturing-specific applications. Gartner anticipates very high demand for consulting services as manufacturers plan for these implementations, forecasting growth of over 22% in 2013 alone.
"Despite India's slowing economic growth, manufacturing and natural resources remain large and important sectors in the Indian economy, and they are attracting increased IT spending to improve productivity and competitiveness," said Ken Brant, research director for manufacturing at Gartner. "Indian manufacturers are seeking to use IT to make process improvements and information from across manufacturing operations more transparent and actionable."
Net direct tax collections figures for April-January 2012-13 up by 12.49 per cent
New Delhi: Gross Direct Tax collection during April-January of the current fiscal (F.Y. 2012-13) was up by 7.02 percent at Rs. 4,55,125 crore as against Rs. 4,25,274 crore in the same period last fiscal. While gross collection of Corporate Taxes was up 3.71 percent (Rs. 2,96,451 crore against Rs. 2,85,837 crore last year), gross collection of Personal Income Tax was up by 13.81 percent (Rs. 1,57,913 crore against Rs. 1,38,746 crore last year). Net Direct Tax collections stood at Rs.3,90,310 crore, up from Rs. 3,46,959 crore in the same period last fiscal, registering a growth of 12.49 percent.
Growth in Wealth Tax was 2.85 percent (Rs. 685 crore against Rs. 666 crore), while growth in Securities Transaction Tax (STT) -9.99 percent (Rs. 3,731 crore against Rs. 4,145 crore).
Growth in Wealth Tax was 2.85 percent (Rs. 685 crore against Rs. 666 crore), while growth in Securities Transaction Tax (STT) -9.99 percent (Rs. 3,731 crore against Rs. 4,145 crore).
Wednesday, February 6, 2013
India-built bikes to burn rubber in the US
Mumbai: Come early 2014 Bajaj Auto will be the first Indian automobile company whose made in India motorcycle will burn rubber in the US.
The Indian motorcycle giant will maufacture a street bike for its partner KTM AG, the Austrian bike maker in which it has a over 47 stake for the US. KTM till now has been selling only off-road bikes in this market.
These, stylish, high performance and race-oriented KTM Duke 390s would be made in Chakan, Pune plant owned by Bajaj Auto.
Stefan Pierer, chief executive, KTM-Sportmotorcycle AG, in an interview to Business Standard says, “It is a strategic decision together with Bajaj to go for sporty, stylish motorcycles even for the saturated markets because cars have become too expensive. We are entering the street bike segment in the US for the first time and beginning next year the Duke 390 built in India by Bajaj will be sold in the US market.”
The US is the world’s biggest market for high-end super bikes (above 990cc). However, due to the on-going financial crises consumers are downtrading to suit themselves with more affordable, efficient and easy-on-pocket products.
The Duke 390, which prior to the US will be launched in Europe by the middle of this year followed by India, is the result of the joint development program by engineers of Bajaj and KTM.
The concept of the Duke 390 was developed in Austria but everything else including design and development to the final product was done in India by Bajaj Auto.
Bajaj Auto which owns stake in KTM has successfully launched two models – Duke 200 and Duke 125 – built and sold in India and exported to Europe and other markets.
These small displacement street bikes, which are very peppy by character are ideal for urban commuting especially in saturated markets such as the US and Europe with increasing demand, adds Pierer. So far no Indian company has been able to set foot in the US automotive market which is widely considered to be the most toughest market.
“What we are talking about is a very powerful (40-44bhp) yet affordable bike, 138kg, so its real powerful agile bike and based of the target price of around Euro 5,000, including VAT, we think it could be a very big success”, added Pierer.
Riding high on such India-made smaller bikes KTM achieved its set target of dethroning German giant BMW last year to become Europe’s largest bike maker with sales of 107,000 as against BMW’s 106,000 units.
The plan forward is to rapidly ramp up production from India and simultaneously hunt for newer markets in ASEAN region and in the Latin American markets.
In some markets of Asia, Bajaj Auto has a strong network of its own while in other areas it taps into resources of its other partner Kawasaki. Similarly the Pune-based India’s second biggest bike producer has a strong infrastructure in the Latin American areas.
Pierer expects to do a multi-fold increase in production from Chakan to at least 100,000 units per year from 17,000 units as of last year, in the next five years. This will also be exactly half of what KTM is expected to produce globally by that time.
“In all we will produce 200,000 in five years of which 100,000 will come from India. We expect 10,000 units sales from the Duke 390 from Europe and the US. India and other regions will be additional”, added Pierer.
For India KTM has committed a new model launch every six months. While the Duke 390 is slated to hit Bajaj-appointed KTM showrooms later this year, a full faired version of the existing Duke 200 and later a full faired version of the Duke 390 will also come in
The Indian motorcycle giant will maufacture a street bike for its partner KTM AG, the Austrian bike maker in which it has a over 47 stake for the US. KTM till now has been selling only off-road bikes in this market.
These, stylish, high performance and race-oriented KTM Duke 390s would be made in Chakan, Pune plant owned by Bajaj Auto.
Stefan Pierer, chief executive, KTM-Sportmotorcycle AG, in an interview to Business Standard says, “It is a strategic decision together with Bajaj to go for sporty, stylish motorcycles even for the saturated markets because cars have become too expensive. We are entering the street bike segment in the US for the first time and beginning next year the Duke 390 built in India by Bajaj will be sold in the US market.”
The US is the world’s biggest market for high-end super bikes (above 990cc). However, due to the on-going financial crises consumers are downtrading to suit themselves with more affordable, efficient and easy-on-pocket products.
The Duke 390, which prior to the US will be launched in Europe by the middle of this year followed by India, is the result of the joint development program by engineers of Bajaj and KTM.
The concept of the Duke 390 was developed in Austria but everything else including design and development to the final product was done in India by Bajaj Auto.
Bajaj Auto which owns stake in KTM has successfully launched two models – Duke 200 and Duke 125 – built and sold in India and exported to Europe and other markets.
These small displacement street bikes, which are very peppy by character are ideal for urban commuting especially in saturated markets such as the US and Europe with increasing demand, adds Pierer. So far no Indian company has been able to set foot in the US automotive market which is widely considered to be the most toughest market.
“What we are talking about is a very powerful (40-44bhp) yet affordable bike, 138kg, so its real powerful agile bike and based of the target price of around Euro 5,000, including VAT, we think it could be a very big success”, added Pierer.
Riding high on such India-made smaller bikes KTM achieved its set target of dethroning German giant BMW last year to become Europe’s largest bike maker with sales of 107,000 as against BMW’s 106,000 units.
The plan forward is to rapidly ramp up production from India and simultaneously hunt for newer markets in ASEAN region and in the Latin American markets.
In some markets of Asia, Bajaj Auto has a strong network of its own while in other areas it taps into resources of its other partner Kawasaki. Similarly the Pune-based India’s second biggest bike producer has a strong infrastructure in the Latin American areas.
Pierer expects to do a multi-fold increase in production from Chakan to at least 100,000 units per year from 17,000 units as of last year, in the next five years. This will also be exactly half of what KTM is expected to produce globally by that time.
“In all we will produce 200,000 in five years of which 100,000 will come from India. We expect 10,000 units sales from the Duke 390 from Europe and the US. India and other regions will be additional”, added Pierer.
For India KTM has committed a new model launch every six months. While the Duke 390 is slated to hit Bajaj-appointed KTM showrooms later this year, a full faired version of the existing Duke 200 and later a full faired version of the Duke 390 will also come in
Bharti to buy Alcatel-Lucent stake in JV
New Delhi: Bharti Airtel, India's largest private telecom firm, on Tuesday said it will buy out Alcatel-Lucent's entire stake in a joint venture company that manages the fixed-line and broadband network for Bharti. The companies did not give any financial detail of the deal.
Bharti and the Indian unit of Alcatel-Lucent had formed the 26:74 joint venture, Alcatel Lucent Managed Network Service India Ltd, in 2009 to manage Bharti's fixed-line and broadband networks. The five-year $500 million network contract for the joint venture was to end in April 2014.
Bharti said the company would operate independently and going forward it would invite other operators for equity participation and bring the management of their broadband and fixed-line networks under the entity. It named Shishir Kumar as the new CEO of the company. Kumar was earlier CEO for the northern region at Bharti Airtel. Bharti Airtel said it was introducing a new business model for managing fixed line and DSL broadband networks, on the lines of Indus Towers. Bharti Infratel holds 42% stake in Indus Towers, with Vodafone (42%) and Idea (16%) holding the rest.
Bharti and the Indian unit of Alcatel-Lucent had formed the 26:74 joint venture, Alcatel Lucent Managed Network Service India Ltd, in 2009 to manage Bharti's fixed-line and broadband networks. The five-year $500 million network contract for the joint venture was to end in April 2014.
Bharti said the company would operate independently and going forward it would invite other operators for equity participation and bring the management of their broadband and fixed-line networks under the entity. It named Shishir Kumar as the new CEO of the company. Kumar was earlier CEO for the northern region at Bharti Airtel. Bharti Airtel said it was introducing a new business model for managing fixed line and DSL broadband networks, on the lines of Indus Towers. Bharti Infratel holds 42% stake in Indus Towers, with Vodafone (42%) and Idea (16%) holding the rest.
BHEL bags Rs 2,854-cr Bihar project
New Delhi: Bharat Heavy Electricals Ltd (BHEL) on Tuesday said it has bagged a Rs 2,854-crore contract for supply of the steam generator package for three coal-fired thermal units of 660 MW each with supercritical parameters.
The order has been placed by Nabinagar Power Generation Company Ltd, a joint venture of NTPC Ltd and the Bihar State Electricity Board. The joint venture is setting up the 1,980 MW Nabinagar Supercritical Thermal Power Project (STPP) in Bihar.
The order has been placed by Nabinagar Power Generation Company Ltd, a joint venture of NTPC Ltd and the Bihar State Electricity Board. The joint venture is setting up the 1,980 MW Nabinagar Supercritical Thermal Power Project (STPP) in Bihar.
India tops list of skilled migrants to Australia
Hyderabad: In 2012, India topped the list of nations with skilled employees ‘Down Under’, said Lachlan Strahan, acting Australian High Commissioner.
With 30,000 migrants, Indians constituted a fifth of all the migrants to Australia last year, he said at a press conference, adding, “We are looking at skilled employees from a wide range of professionals as well as business people.”
In Hyderabad as part of the Oz Festival events during the weekend, Strahan said tourism between the two countries was growing along with bilateral trade. While 190,000 Australians travelled to India last year, about 160,000 Indians visited Australia. In answer to a question, he said there were a total of 4.3 lakh Indians in Australia.
The Oz Festival, which was launched on October 16, 2012, with a glittering show in Delhi’s Purana Qila, has run over a hundred events in 18 locations in an effort to go beyond ‘Cricket, Commonwealth and English (common language)’ and create more bridges between the two nations, said David Holly, Consul General for South India. The festival, the largest cultural event held in India, ends with a concert on Wednesday in New Delhi.
The two-way trade touched $20 billion last year, with India’s contribution being $11 billion. The expectations are that it will double in the next five years. Australia came up with a White Paper in 2012, which puts India as one of the top five countries for trade and relations.
With 30,000 migrants, Indians constituted a fifth of all the migrants to Australia last year, he said at a press conference, adding, “We are looking at skilled employees from a wide range of professionals as well as business people.”
In Hyderabad as part of the Oz Festival events during the weekend, Strahan said tourism between the two countries was growing along with bilateral trade. While 190,000 Australians travelled to India last year, about 160,000 Indians visited Australia. In answer to a question, he said there were a total of 4.3 lakh Indians in Australia.
The Oz Festival, which was launched on October 16, 2012, with a glittering show in Delhi’s Purana Qila, has run over a hundred events in 18 locations in an effort to go beyond ‘Cricket, Commonwealth and English (common language)’ and create more bridges between the two nations, said David Holly, Consul General for South India. The festival, the largest cultural event held in India, ends with a concert on Wednesday in New Delhi.
The two-way trade touched $20 billion last year, with India’s contribution being $11 billion. The expectations are that it will double in the next five years. Australia came up with a White Paper in 2012, which puts India as one of the top five countries for trade and relations.
HSBC's services PMI stood at 57.5 in January 2013
New Delhi: India’s services sector growth expanded to a 12 month high in January 2013, according to the HSBC Purchasing Managers’ Index (PMI), which stood at 57.5. The index stood at 55.6 during December 2012. The HSBC India Composite Output Index for manufacturing and services stood at 56.3 in January 2013.
The services sector contributes nearly 60 per cent of India’s economic output. The growth in the sector was driven by an increase in new business orders.
The private sector employment activity also increased for the 11th month running, highlighted the report.
“Service sector activity continued to pick up pace, led by the faster inflow of new business,” as per Mr Leif Eskesen, Chief Economist for India & ASEAN, HSBC.
Growth in the sector has continued for 15 successive months and the services firms in India remained positive regarding activity levels in the upcoming year, with around 42 per cent of services companies predicting overall activity at their units to increase.
Input prices at private sector companies in India rose for the 46th consecutive month during January 2013.
The Reserve Bank of India (RBI) has reduced the interest rates on January 29, 2013 for the first time in nine months, a move to boost economic growth by easing fund flow to perk up consumption and investment demand.
The services sector contributes nearly 60 per cent of India’s economic output. The growth in the sector was driven by an increase in new business orders.
The private sector employment activity also increased for the 11th month running, highlighted the report.
“Service sector activity continued to pick up pace, led by the faster inflow of new business,” as per Mr Leif Eskesen, Chief Economist for India & ASEAN, HSBC.
Growth in the sector has continued for 15 successive months and the services firms in India remained positive regarding activity levels in the upcoming year, with around 42 per cent of services companies predicting overall activity at their units to increase.
Input prices at private sector companies in India rose for the 46th consecutive month during January 2013.
The Reserve Bank of India (RBI) has reduced the interest rates on January 29, 2013 for the first time in nine months, a move to boost economic growth by easing fund flow to perk up consumption and investment demand.
Welspun is the top home textile supplier in the US
Ahmedabad: Welspun India Ltd (WIL) ranks first in the Top 15 Supplier Giants ( USA) by Home Textiles Today in a recently concluded survey.
Welspun has moved up the ladder to the number 1 position as compared to the number 2 position in the last year, the company said on Monday.
The survey mentions that refocusing on core competencies Welspun has reported higher volumes and has improved margins in terry towels, towels and rugs.
Dipali Goenka, MD, Welspun Global Brands Ltd said this is a significant achievement as US is one of the biggest and most competitive markets.
Welspun has moved up the ladder to the number 1 position as compared to the number 2 position in the last year, the company said on Monday.
The survey mentions that refocusing on core competencies Welspun has reported higher volumes and has improved margins in terry towels, towels and rugs.
Dipali Goenka, MD, Welspun Global Brands Ltd said this is a significant achievement as US is one of the biggest and most competitive markets.
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