Thought of the Day:
“There is always time for failure.”
John Mortimer
Did you know?
In England, the Speaker of the House is not allowed to speak.
India:
International:
“There is always time for failure.”
John Mortimer
Did you know?
In England, the Speaker of the House is not allowed to speak.
India:
- Future Retail shares spurt 20% on turnaround in December earnings: Shares of Future Retail skyrocketed by 20 per cent today after the company reported a net profit of Rs 21.74 crore for the quarter ended December 31, 2013. Cheering the good results, the company's scrip opened the day on a strong note and gained 19.96 per cent to Rs 97.35 on the BSE. At the NSE, the stock soared 19.95 per cent to Rs 97.70. The company's result was announced after market hours yesterday. It had posted a net loss of Rs 20.41 crore in the same quarter last year. The company's net sales during the December quarter was Rs 2,276.30 crore, against Rs 1,252.85 crore in the year-ago period.
- Ibibo sells online payment unit PayU India to Naspers: E-commerce firm Ibibo said it has hived off its payments business, PayU India, to media and internet services firm Naspers for a stake in the global payments business of the South Africa-based company. Ibibo Group -- which owns Goibibo.com, redBus.in, Tradus.com and Travelboutique Online (51% stake) -- had launched its payments business, PayU India in 2011. The move is part of a consolidation process under which all the local payments of Naspers will be consolidated into a global payment group, PayU global. These local units are in countries like Czech Republic, Poland, Hungary, Turkey, Ukraine, Panama, Colombia, Romania Mexico, Peru, Russia, South Africa and India. "We have hived off our payments business to Naspers in return for a significant minority stake in its global payments business, which will provide us a global exposure," Ibibo Group CEO Ashish Kashyap said. While Ibibo Group builds its online travel assets and mobile marketplace businesses, this opportunity provides exposure to a piece in a global play, which could add strong value to the group, he added.
- Kingfisher Airlines CEO Sanjay Aggarwal resigns: Kingfisher Airlines Ltd’s chief executive officer (CEO) Sanjay Aggarwal has resigned, two company executives said, making him the last of the senior management executives from outside the UB Group to quit the grounded airline. “Aggarwal has put in his papers. The management is expected to accept his resignation,” one of the two persons said. They both declined to be identified. Kingfisher Airlines’ spokesperson declined to comment. Vijay Mallya, who is chairman of both Kingfisher Airlines and parent UB Group, also did not offer any comment. With Aggarwal’s exit, only A. Raghunathan, chief financial officer and a UB Group man, is left in a senior position at Kingfisher. Aggarwal had joined Kingfisher Airlines on 30 September 2010 from India’s second largest low-fare airline SpiceJet Ltd. Aggarwal had led SpiceJet as its CEO and led the low-cost airline back to profitability. He quit the airline when media baron Kalanithi Maran of Sun TV Network Ltd bought SpiceJet in June 2010. Prior to joining SpiceJet, Aggarwal was chief operating office of Flight Options, the world’s second largest private jet provider. He had also worked for US Airways for six years.
- Bharti to buy Loop Mobile for Rs 700 cr: In the first telecom merger & acquisition (M&A) deal since the government finalised its policy on this, Bharti Airtel, the country's largest operator by subscriber base, is set to buy Loop Mobile for about Rs 700 crore. The Dubai-based Khaitan family, which owns a 99 per cent equity in Loop, is likely to announce the deal in a day or two. Under the deal, besides subscribers, Bharti will take over the towers and other network assets of Loop. The government has yet to formally announce its M&A guidelines for the sector, but the deal can go through even under existing norms. The deal is also coming within days of the government completing its 900-MHz and 1,800-MHz spectrum auction, in which telecom operators committed themselves to shelling out Rs 61,000 crore. A spokesperson for Bharti Airtel declined to comment on the issue, while a Loop Mobile spokesperson could not be reached for comment.
- Myntra too Logs in to New Marketplace: Online fashion retailer Myntra will allow local stores and boutiques to sell their products on a new marketplace that it plans to launch by April, in a move aimed at earning profits and expanding its reach in India’s smaller towns and cities. Myntra is the latest of India’s large online retailers to launch a marketplace, where the company does not stock inventory but links sellers and buyers. Last April, multiproduct retailer Flipkart also switched to a hybrid model, by launching its own marketplace that now hosts about 1,000 retailers. The Bangalore-based company is the largest among the single-product portals to take this route and expects to have about 500 vendors signed up within the first year of its operations. “We would like to make a serious effort towards this (marketplace) direction,” said Ashutosh Lawania, co-founder of Myntra, who expects about a fifth of the company’s total business to come from the marketplace over the next one year. According to Lawania, Myntra will continue to sell premium and private label brands through the inventory model, while local and boutique brands will be sold through its marketplace. “For us, both components are very important. In the future, while the (marketplace) could grow and grab a larger slice of the pie, both will co-exist,” he said.
- Chinese Auto Co JAC Plans India Debut: One of China’s oldest automakers, Anhui Jianghuai Automobile Company, plans to launch passenger cars and medium to heavy trucks in India as demand wilts in a slowing home market. The company, also known as JAC, has sent its top executives to India in recent months to firm up its debut plans and to identify the location where it can set up a plant to assemble completely knocked down (CKD) kits imported from China, people aware of the development said. JAC is the third Chinese automaker after Beiqi Foton and Great Wall Motors to plan a foray in the domestic market. “JAC is looking at leveraging its strength as the biggest chassis manufacturer of China to develop a host of applications for the diverse Indian market,” a person aware of the company’s plan said quoting Jina Kang, JAC’s top representative in India. An email to Jina Kang seeking information of the company’s plans for India did not elicit a response. Based in Anhui province of China, state-run JAC is ranked among the top 10 Chinese automakers. Besides its cars and heavy duty trucks, the company is known for its small components and engines. Operating for more than 40 years, JAC has an annual vehicle production capacity of over 700,000 units. It also runs a 500,000 engines-a-year plant in China. Chinese automakers are increasingly focusing on India as the market here offers advantages of similar products range at affordable prices.
- Toshiba eyes Rs 18,000 cr sales from India; to invest Rs 3,000 crore: Japanese firm Toshiba Corporation today said it is expecting 7-fold increase in sales to Rs 18,000 crore from India by 2017, pushed by the power and infrastructure segments. The company will also invest over Rs 3,000 crore in India over the next five years, and double employee strength by 2017 to 8,000, Toshiba Corporation President Hisao Tanaka said at a press conference here. Of the total Rs 18,000 crore expected sales, 70 per cent is likely to come from the infrastructure and power business, Tanaka said. This is seven times the level of current sales, he added, without elaborating further. Toshiba also announced a comprehensive plan for expanding its social infrastructure business in Asia and around the world that positions India as a strategic business hub. Last month, the company had acquired Vijai Electricals Ltd's power transmission and distribution businesses. The acquired assets include power transformer, distribution transformers and switchgear businesses. Tanaka said: "For Toshiba, India is important not only as a market, but also as a strategic export and development base with highly talented people. Toshiba will position India as a strategic world business hub in its thermal power, energy transmission and distribution equipment, water and waste-water treatment, and software development businesses."
- Planning to start a new venture? Six start-up mistakes you must avoid: Starting your own business venture is a tempting thought. You can be your own boss instead of being hectored around. You have seen friends, relatives, neighbours and even colleagues do it. Yet, being your own boss is no easy task. For every business venture that is successful, there are two that bite the dust, and for good reasons too. To begin with, one of the biggest challenges that new entrepreneurs face is to convert the idea into a profitable business model. Have you done sufficient research? How much funding do you need and how will you arrange it? Should you approach a venture capitalist or a bank to fund your business? How much time should you give to your business to start churning profits? Is it a time to start a business or wait till you gain the required experience? Experts say that the first year of a venture is the most crucial. It can make or break the business. The market is a ruthless beast. You make one mistake and it will run over the business. Staying focused and handling the initial hurdles tactfully are key to survival. In our cover story this week, we look at some of the common mistakes that fresh entrepreneurs make in their first year of starting a business. Find out how you can avoid doing so.
International:
- J. Crew to Open in Hong Kong: J. Crew Group is planting its flag in Hong Kong. The retailer will open two stores in the city in May, its first locations in Asia-Pacific. “Opening in Hong Kong is an easy decision for us. It’s one of the world’s greatest cities with great energy and great appreciation of style, design and creativity,” said Millard “Mickey” Drexler, chairman and chief executive officer of J. Crew Group Inc. These two locations follow J. Crew’s three openings in the U.K. in the fall, and just last week, a J. Crew Collection women’s store that includes a men’s shop carrying Ludlow’s men’s suits opened in Toronto at 110 Bloor Street West. The store is J. Crew’s 10th location in Canada, and fifth in Toronto. All of J. Crew’s freestanding stores are company-owned, domestic and abroad. In Hong Kong, a 3,200-square-foot J. Crew Collection women’s store will open in the International Finance Centre, also known as the IFC mall. It will feature a “carefully edited selection of the most exclusive and special fabrics and prints, limited-edition designs, Italian cashmere and a dedicated shoe and handbag salon,” the company said.
- Fashion designer Miuccia Prada becomes company's co-CEO: Italian fashion house Prada said on Friday Miuccia Prada had left her role as chairwoman of the board to take up a new role as co-chief executive alongside her husband. There was no indication that Prada, who also acts as creative director, would play a substantially different role in the company which sells leather handbags for 2,000 euros. "This is just a formal move ... to comply with the rules of the Hong Kong bourse," said Bernstein analyst Mario Ortelli. "From an operational point of view, nothing changes." Deputy Chairman Carlo Mazzi will replace Miuccia as chairman of the group centred on a brand founded by her family in 1913. Prada posted a 9 percent rise in preliminary 2013 sales on Wednesday, down from 29 percent in the previous year, due in part to a weak European market.
- Mulberry Launches Cara Delevingne Bag Range: Luxury fashion group Mulberry has unveiled a new collection of bags in collaboration with British model Cara Delevingne, hoping to improve its fortunes after a profit warning and problems overseas. The made-in-England Cara Delevingne Collection, which features three sizes in three different finishes, was launched by Mulberry in London on Sunday. Delevingne, who has “Made in England” tattooed on her foot, has shot to fame modeling for luxury brands such as Burberry and Chanel and is a regular face in fashion magazines and on advertising billboards. She has also been the face of two recent Mulberry campaigns. Under its boss Bruno Guillon, Mulberry has increased prices to take its brand more upmarket from a traditional position of “affordable luxury” and moved to raise the company’s profile overseas, targeting affluent Asian shoppers with new stores in key tourist spots.
- Japan's Rakuten Buys Viber: Japanese e-commerce giant Rakuten said Friday it is buying voice call and messaging service provider Viber for $900 million. The deal is part of Rakuten's diversification strategy beyond retail into the realm of digital content and services. In 2012, it bought e-reader manufacturer Kobo Inc. and Europe-based video-on-demand and streaming service Wuaki.tv. In September, it bought Viki, a video website similar to Hulu, that features international television shows and movies. Rakuten said Viber's rapidly growing user base of 300 million registered users complements Rakuten's strategy "in the digital space." Rakuten, a retailer often compared to both Amazon and eBay, said it counts roughly 225 million global members. "Viber's fun approach to messaging and high quality VoIP [Voice over Internet Protocol] services is a perfect marriage with Rakuten's digital content offerings and its 'Shopping is Entertainment' philosophy laying the foundation for the world's most comprehensive and engaging daily online platform," Rakuten said.
- Does the Nokia deal still make sense for Microsoft?: US cosmetics group Avon Products may spend up to $132m (£79m) to resolve allegations it may have bribed officials in China and other countries. The firm has been under investigation for years over possible violations of the US Foreign Corrupt Practices Act. However, no deal has been reached with the US government and Avon said it had provisionally set aside the money in the event of a settlement. Shares of the loss-making firm fell by more than 3% in US trade on Thursday. The world's largest direct seller of beauty products has also been struggling with slowing growth in many of its major markets. The company reported a net loss of $69.1m in the three months to December, while revenue fell by 10% to $2.67bn. Avon chief executive officer Sheri McCoy said the company was "making headway" towards returning to profit. "Looking back at 2013, we made progress addressing tough legacy issues, identifying and beginning to resolve operational challenges, and rebuilding our management team," she said in a statement. "While much work remains to be done, we continue to make progress toward building a better, simpler and more stable business." Ms McCoy took the helm of the company in 2012 and has undertaken an aggressive cost-cutting plan. Last December, Avon announced plans to cut 650 jobs. It is also exiting unprofitable markets, including Vietnam and South Korea. However, Avon still has had to contend with rising competition, a lack of sales staff and problems with its technology systems.
Currency:
· 1 USD= ₹ 61.839
· 1 EUR= ₹ 84.770
· 1 GBP= ₹ 103.901
· 1 AUD= ₹ 55.995
Glitter Meter: India
Gold (INR/10g) | Silver (INR/kg) | |||
City | Current | Change | Current | Change |
Chennai | 30620.00 | 0 | 47890.00 | 1060 |
Mumbai | 30130.00 | 0 | 47890.00 | 1060 |
Delhi | 29880.00 | 0 | 47890.00 | 1060 |
Kolkata | 30010.00 | 0 | 47890.00 | 1060 |
World Indices:
Exchange | Last | Change |
DJIA | 16154.39 | +126.80 |
FTSE 100 | 6663.62 | +4.20 |
CAC 40 | 4340.014 | +27.34 |
DAX | 9662.40 | +65.63 |
Nikkei | 14383.68 | +70.65 |
Hang Seng | 22536.72 | +238.31 |
Sensex | 20366.82 | +173.47 |
NASDAQ | 4244.03 | +3.35 |
*Disclaimer:
World One Consulting Pvt Ltd will not accept any liability for loss or damage as a result of reliance on the information contained within this newsletter including data, quotes, charts and buy/sell signals.
World One Consulting Pvt Ltd will not accept any liability for loss or damage as a result of reliance on the information contained within this newsletter including data, quotes, charts and buy/sell signals.