Nik's Diary
The Indian markets opened flat tracking
marginally negative opening in most of the Asian markets and SGX Nifty. US
markets pulled back off after moving sharply higher in early trading but
managed to end the day in positive territory. The positive sentiment was led by
release of the report from the Conference Board which reported surge in
consumer confidence index to 76.2 in May (five-year high) from an upwardly
revised 69.0 in April. The pullback off the highs may have reflected lingering
concerns about the outlook for the Federal Reserve's asset purchase program, as
Fed officials have indicated that upbeat data may lead the central bank to
taper the program within the next few meetings. European markets ended the day
in green reacting positively to the release of better than expected U.S.
economic data. Meanwhile, Indian shares ended higher for a third consecutive
session on Tuesday following the firm global cues. Adding to the positive
sentiment, Prime Minister Manmohan Singh assured India would take more steps to
attract foreign investments. Terming the 5% growth witnessed last year a
temporary slowdown, Singh noted that India's fundamentals are still intact and
the country will revert to 8% growth.
Jet ties up with 6 brands for frequent
flyer programme
Jet Airways on Tuesday said it has
tied up with six new partners in retail, travel and publishing segments for its
frequent flyer programme JetPrivilege. "The partnership will help the
private airline over high value propositions to customers," Jet Chief
Commercial Officer Sudheer Raghavan said in a release. In the retail category,
JetPrivilege has partnered with Purplle.com, an integrated beauty and grooming
online store as well as with HighStreetLabels.in, an online shopping
destination that offers customers a range of contemporary apparel, handbags,
footwear, accessories, the release said. As part of the deal, JetPrivilege
members can earn five JPMiles for every Rs 100 purchase from these two portals,
it said. The company has joined hands another leading premium fashion retail
brand, Chic Outlet Shopping, to enable JetPrivilege members shop luxury brands
and earn JPMiles, the release said. In the retail category, Jet has forged a
partnership with Gili, a jewellery brand. Jet has also joined hands with a car
rental agency, Fortune India and Outlook Group for the programme. Source: Moneycontrol
Projects worth 4mn sqft in pipeline for
3-4 yrs: Peninsula
Peninsula Land 's Q4
revenue slipped 61 percent to Rs 106 crore against Rs 277.09
crore a year ago. The company's net profit was down 56 percent at Rs
35.8 crore against Rs 82.7 crore year-on-year. MD & VC Rajeev
Piramal said, there may some pressure on the company's margins in the
near-term, but with slew of launches scheduled ahead, he is confident of
keeping margins strong and getting profitability back. The company is planning to launch three projects
in Mumbai, two in South Mumbai and one in Central Mumbai soon. "We
have about 4 million sq ft in the pipeline. Its overall value could be anywhere
between Rs 6,000-8,000 crore depending on how the market goes. We will accrue
all of this over the next three-four years," he added.Source: Moneycontrol
RBI rules out ban on sale of gold coins
The Reserve Bank today
ruled out a ban on sale of gold coins but asked banks to refrain from
aggressively selling the precious metal. RBI Governor D Subbarao told reporters here that the RBI did not
intend to ban sale of gold coins by banks. "We do not want banks to
aggressively market gold. We do not want that to become a
business. Gold loans are a very small part of the banking
business," he said on the sidelines of a financial inclusion conference
here. In a bid to curb demand for gold, the RBI yesterday imposed
restrictions on banks and NBFCs for providing loans
against gold coins as well as units of gold ETFs and mutual funds.Saying
the route of buying gold for the purpose of genuinely saving should be
available to the people, Subbarao emphasised that investment in the financial
sector is good for the economy. He also noted that the attractiveness of gold
is a "consequence of high inflation". Talking about the need for
financial inclusion, he said the RBI had a two-fold responsibility as a
regulator and public policy institution and it was important to make people
understand viable alternative avenues of investment as part of financial
inclusion to wean them away from such schemes. Subbarao said there were
many "unscrupulous schemes" which did not come under regulatory
purview which lure people with exorbitant rates of interest. The conference was
attended by some 90 delegates comprising rural customers, business
correspondents and rural branch managers of commercial banks from Gujarat and
Chhattisgarh.
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