Excel Crop Care : Outcome of AGM

Aug 02, 2013, 11.55 PM IST

Excel Crop Care has informed that the 49th Annual General Meeting of the Company was held on July 31, 2013.

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Excel Crop Care : Outcome of AGM

Excel Crop Care has informed that the 49th Annual General Meeting of the Company was held on July 31, 2013.

Like this story, share it with millions of investors on M3

Excel Crop Care : Outcome of AGM

Excel Crop Care has informed that the 49th Annual General Meeting of the Company was held on July 31, 2013.

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Action in Excel Crop Care

From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'

The latest earning numbers FIRST on CNBC-TV18

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Forex - Dollar moves broadly lower on disappointing U.S. jobs report

Investing.com - The dollar weakened against most major currencies on Friday after official data released earlier revealed that the U.S. economy added far fewer jobs in July than markets were expecting.

In U.S. trading on Friday, EUR/USD was up 0.57% at 1.3283.

The Bureau of Labor Statistics said the U.S. economy added 162,000 jobs in July, missing expectations for an increase of around 189,000.

The report also revealed that the U.S. unemployment rate ticked down to 7.4% in July from 7.6% the previous month. Analysts had expected the unemployment rate to slip to 7.5% last month.

Still, the numbers dampened expectations for the Federal Reserve to begin tapering its USD85 billion monthly bond-buying program, which seeks to spur recovery by keeping long-term interest rates low, weakening the greenback in the process.

The Fed is due to meet in September to discuss policy anew, though concerns began to build that monetary authorities may wait until December to begin tapering the stimulus program and let the economy stand on its own.

Meanwhile in the euro zone, official data showed that the number of unemployed people in Spain fell for the fifth consecutive month in July, declining by 64,900 after a 127,200 fall the previous month.

Analysts had expected the number of unemployed people to fall by 80,000 last month.

The greenback, meanwhile, was down against the pound, with GBP/USD trading up 1.11% at 1.5287.

London-based Markit research group reported earlier that its U.K. construction purchasing managers' index rose to 57.0 in July from 51.0 in June, blowing past expectations for a rise to 51.5 and expanding at the fastest pace since July 2010.

A separate report showed that house price inflation in the U.K. rose 0.8% last month, more than the expected 0.4% gain after an increase of 0.3% in June.

The dollar was down against the yen, with USD/JPY down 0.59% at 98.95, and down against the Swiss franc, with USD/CHF trading down 0.86% at 0.9286.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.41% at 1.0388, AUD/USD down 0.20% at 0.8908 and NZD/USD trading down 0.61% at 0.7844.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.52% at 82.00.

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Forex - USD/JPY falls after Fed says bond purchases to continue

Investing.com - The dollar fell against the yen on Wednesday after the Federal Reserve said it would continue buying bonds to stimulate the economy and added that policy would still remain accommodative even after special stimulus programs end.

The Fed also said it left interest rates unchanged at 0.25%.

In U.S. trading on Wednesday, USD/JPY was trading at 97.70 down 0.35%, up from a session low of 97.59 and off a high of 98.53.

The pair was likely to find resistance at 98.53, the earlier high, and support at 97.59, the earlier low.

The Fed is currently buying USD85 billion in Treasury holdings and mortgage debt a month from banks to keep long-term interest rates low across the economy, a stimulus tool known as quantitative easing, which weakens the dollar as a side effect.

"The committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes," the Fed said in a statement.

"The committee today reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens," the Fed added, which allowed the dollar to soften.

Elsewhere, the Bureau of Economic Analysis reported earlier that the U.S. gross domestic product grew at an annual rate of 1.7% in the three months to June, shooting past expectations for a 1.0% reading

The report showed personal consumption grew 1.8% in the second quarter, above expectations for 1.6%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.

Separately, payroll processing firm ADP said non-farm private employers created 200,000 jobs in July, above expectations for an increase of 180,000.

Data also showed that the Chicago purchasing managers' index rose less than expected in July, hitting 52.3 from 51.6 in June. Analysts had expected the index to rise to 54.0 for July.

The data gave the dollar some support, as sooner or later, the Fed will begin to taper asset purchases.

The yen, meanwhile, was up against the pound and down against the euro, with GBP/JPY down 0.20% and trading at 149.08 and EUR/JPY trading up 0.27% at 130.37.

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South Korean CPI rises less-than-expected

Investing.com - Consumer price inflation in South Korea rose less-than-expected last month, official data showed on Thursday.

In a report, Korea National Statistical Office said that South Korean CPI rose to a seasonally adjusted annual rate of 1.4%, from 1.0% in the preceding month.

Analysts had expected South Korean CPI to rise to 1.5% last month.

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Gold edges lower as market waits for Federal Reserve policy decision

Investing.com - Gold prices moved lower on Tuesday as investors avoided the metal and remained parked in the dollar to await the Federal Reserve's decision on monetary policy Wednesday, with many hoping the U.S. central bank will provide some clue as to when it may begin tapering stimulus programs.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,325.45 during U.S. afternoon hours, down 0.31%.

The December contract settled up 0.58% at USD1,329.60 a troy ounce on Monday.

Gold futures were likely to find support at USD1,308.75 a troy ounce, Thursday's low, and resistance at USD1,338.45, Monday's high.

Markets were quiet as investors remained on the sideline to see if the Federal Reserve makes any indication over when stimulus programs will end.

Stimulus programs such as the Fed's USD85 billion monthly asset-purchasing plan tend to weaken the dollar to spur recovery, making gold an attractive hedge.

Data released earlier Tuesday depicted a U.S. economy on the mend though doubts if recovery is going strong enough to prompt the Fed to wind down stimulus measures kept investors camped out in the dollar until the Fed's decision becomes public.

Earlier Tuesday, the Standard & Poor's/Case-Shiller Composite 20-city house price index rose by an annualized rate of 12.2% in May from 12.1% the previous month, compared to expectations for an increase to 12.4%.

While the figure missed market expectations, the numbers were strong enough to boost hopes for a more robust and sustained U.S. economic recovery, which gave the greenback some support and softened gold.

Elsewhere, the Conference Board research group said that its index of U.S. consumer confidence fell to 80.3 in July from 82.1 in June, whose figure was revised up from 81.4.

Analysts had expected consumer confidence to remain unchanged at 81.4 last month, which kept some expectations alive that dollar-weakening stimulus measures will stay in place.

Elsewhere on the Comex, silver for September delivery was down 0.84% at USD19.697 a troy ounce, while copper for September delivery was down 2.13% and trading at USD3.041 a pound.

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U.S. stocks mixed ahead of Federal Reserve meet; Dow dips 0.01%

Investing.com - U.S. stocks closed mixed to higher on Tuesday in quiet trading as many investors remained on the sidelines ahead of the Federal Reserve's Wednesday announcement on interest rates and monetary policy.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.01%, the S&P 500 index rose 0.04%, while the Nasdaq Composite index rose 0.48%.

Trading was rather quiet, as many investors were eager for fresh indications as to when stimulus tools such as the Fed's monthly USD85 billion bond-buying program will taper and eventually end.

Asset purchases depress borrowing costs across the economy and make equities rise as a side effect, and talk of an end to stimulus can send stocks falling on fears recent gains in the past few years won't sustain themselves without Fed support.

On the flip side, a decision to dismantle stimulus programs would signal the Fed feels the economy can stand on its own, which in turn, would push up stocks prices down the road.
Mixed data kept many investors in a wait-and-see mode.

Earlier Tuesday, the Standard & Poor's/Case-Shiller Composite 20-city house price index rose by an annualized rate of 12.2% in May from 12.1% the previous month, a little shy of expectations for an increase to 12.4%.

While the figure missed market expectations, the numbers were strong enough to boost hopes for a more robust and sustained U.S. economic recovery.

Elsewhere, the Conference Board research group said that its index of U.S. consumer confidence fell to 80.3 in July from 82.1 in June, whose figure was revised up from 81.4.

Analysts had expected consumer confidence to remain unchanged at 81.4 last month, which kept some expectations alive that dollar-weakening stimulus measures will stay in place.

Leading Dow Jones Industrial Average performers included Cisco Systems, up 1.50%, Microsoft, up 1.05%, and Boeing, up 0.89%.

The Dow Jones Industrial Average's worst performers included Verizon Communications, down 2.06%, AT&T, down 1.20%, and Walt Disney, down 0.67%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 0.64%, France's CAC 40 rose 0.45%, while Germany's DAX 30 finished up 0.15%. Meanwhile, in the U.K. the FTSE 100 finished up 0.16%.

Markets will move on the Federal Reserve's decision on monetary policy as well as on U.S. gross domestic product data due out Wednesday.

Investors will also keep an eye out for the July jobs report due out on Friday.

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Forex - USD/JPY falls on Japanese data, Fed uncertainty

Investing.com - The yen firmed against the dollar on Monday even after Japanese retail sales missed expectations, as the numbers came just one day after inflation figures outpaced market calls.

Ongoing uncertainty over the fate of U.S. monetary stimulus measures pushed the dollar lower against its Japanese counterpart as well.

In U.S. trading on Monday, USD/JPY was trading at 97.83 down 0.48%, up from a session low of 97.64 and off a high of 98.35.

The pair was likely to find resistance at 100.45, Wednesday's high, and support at 97.64, the earlier low.

In Japan, government data released earlier revealed that retail sales rose by an annualized rate of 1.6% in June, less than the expected 1.9% increase, but up from a 0.8% gain the previous month.

While shy of market calls, the numbers came in strong enough to spark demand for the safe haven yen, which performs well amid times of market uncertainty.

Separately, Bank of Japan Governor Haruhido Kuroda said the stimulus measures introduced by the central bank last April are having positive effects on financial markets, the economy, and expectations for price rises.

Speaking at the Research Institute of Japan, in Tokyo, Kuroda cautioned however that the BoJ is still far from achieving its 2% inflation goal

On Friday, Japan reported that the country's consumer price index rose 0.4% on year in June, beating expectations for a 0.3% gain, which continued to support the yen in Monday afternoon trading.

On a monthly basis, Japan's June inflation rate rose 0.2% from May, beating expectations for a 0.1% gain.

Meanwhile in the U.S., the National Association of Realtors reported that pending home sales in the U.S. fell 0.4% in June, less than an expected 1% decline but below a 5.8% rise the previous month, which added to the uncertainty surrounding the fate of U.S. stimulus programs.

Some viewed the data as positive enough to keep the Fed on track to wind down stimulus programs this year and open the door to a longer-term strengthening trend for the U.S. currency, though uncertainty surrounding the fate of U.S. stimulus programs such as the Fed's monthly USD85 billion bond-buying program made the yen an attractive buy on Monday.

The yen, meanwhile, was up against the pound and up against the euro, with GBP/JPY down 0.60% and trading at 150.32 and EUR/JPY trading down 0.61% at 150.31.

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U.S. stocks fall on Federal Reserve uncertainty; Dow dips 0.24%

Investing.com - U.S. stocks closed lower on Monday after investors avoided equities ahead of the Federal Reserve's Wednesday announcement on interest rates and monetary policy, which many hope will provide more guidance as to when stimulus measures may end.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.24%, the S&P 500 index fell 0.37%, while the Nasdaq Composite index fell 0.39%.

Uncertainty over when the Federal Reserve will begin to taper monetary stimulus programs such as its monthly USD85 billion bond-buying program watered down equities prices.

Monthly asset purchases tend to drive down borrowing costs across the economy, making stocks rise as a side effect, though uncertainty was when the U.S. central bank will unwind such programs largely sent investors avoiding stock prices on Monday.

Elsewhere on Monday, the National Association of Realtors reported that pending home sales in the U.S. fell 0.4% in June, less than an expected 1% decline but below a 5.8% rise the previous month, which added to the uncertainty surrounding the Federal Reserve's plans for the economy, dampening appetite for stocks throughout the session.

Leading Dow Jones Industrial Average performers included Caterpillar, up 1.18%, Verizon Communications, up 0.94%, and UnitedHealth Group, up 0.79%.

The Dow Jones Industrial Average's worst performers included Bank of America, down 1.36%, Hewlett-Packard, down 1.27%, and Chevron, down 1.05%.

European indices, meanwhile, finished mixed.

After the close of European trade, the EURO STOXX 50 fell 0.01%, France's CAC 40 rose 0.11%, while Germany's DAX 30 finished up 0.17%. Meanwhile, in the U.K. the FTSE 100 finished up 0.08%.

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Forex - EUR/USD up during the Asian session

Investing.com - The Euro was higher against the U.S. Dollar on Sunday.

EUR/USD was trading at 1.3282, up 0.02% at time of writing.

The pair was likely to find support at 1.3163, Tuesday's low, and resistance at 1.3296, Friday's high.

Meanwhile, the Euro was up against the British Pound and down against the Japanese Yen, with EUR/GBP gaining 0.01% to hit 0.8632 and EUR/JPY falling 0.11% to hit 130.39.

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Forex - GBP/USD up during the Asian session

Investing.com - The British Pound was higher against the U.S. Dollar on Sunday.

GBP/USD was trading at 1.5394, up 0.05% at time of writing.

The pair was likely to find support at 1.5265, Thursday's low, and resistance at 1.5434, Thursday's high.

Meanwhile, the British Pound was down against the Euro and the Japanese Yen, with EUR/GBP gaining 0.001% to hit 0.8632 and GBP/JPY falling 0.29% to hit 150.78.

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Restructure cheaper; no worry on fall in cash level: Ambuja

Forty-eight hours after Ambuja Cements announced restructuring of ownership by parent Holcim , the airwaves have been flooded with reactions and concerns from minority shareholders, investors, and analysts.

Ambuja Cements managing director, Onne Van Der Weijde, in an interview to CNBC-TV18, explains that a restructuring of operations is more cost-effective and offers more synergies than a full merger.

Weijde adds that deployment of cash does not deplete Ambuja's cash reserves significantly and would still allow for acquistions and expansion.

Below is the edited transcript of the interview on CNBC-TV18

Q: Let me start by asking you, if this was the structure that you had originally envisaged when you entered India and you acquired control over a period of time in two leading cement companies — ACC and Ambuja — was subsidiarisation the first step towards full consolidation?

A: No I don't think so. That was not part of our plans at that time. It was developed over time. But first I would like to explain what we are doing now. We want to create more value by going after synergies.

We have been working with Ambuja and I was previously the CFO of ACC . We have been working with both companies to achieve synergies, cost reductions, implement policies and set up governance structures. A lot has been already implemented. Earnings at Ambuja and ACC are under pressure due to impact on  the topline from poor growth in volumes and prices. So, we started to focus on measures to improve the bottomline.

Q: Can you explain why you did not find it appropriate to carry out a full merger at this point in time?

A: We have targeted two specific areas of synergies and I don't think a full merger is needed to achieve that.

Q: So is a merger still an option?

A: It is still an option that we will exercise after synergies in a majority of areas are achieved. Though a full merger may offer synergies, there is also a significant element of cost involved.

Q: Won't implementing synergies also take up a lot of time? In the newly-formed India management committee structure, the management of both ACC and Ambuja will have to work together along with representatives from parent Holcim to arrive at synergies. So why not conduct the merger and then arrive at synergies?

A: The synergies would result in benefits worth Rs 900 crore which is not a small amount.

Q: Wouldn't a merger offer increased benefits?

A: Yes, but a merger might turn out to be a distraction too. It is only after considerable evaluation of the options available that we decided to enable the synergies first.

I would also like to clarify the management structure you mentioned. There are completely two independent management teams and it is only in the targeted areas that the management of both companies will work together. And there will be no participation by representatives from Holcim.

Q: Did you get unanimous approval from the independent directors for this restructuring proposal?

A: Absolutely.

Q: And did your independent directors raise questions?

A: They raised a lot of questions and wanted a lot of explanations.

Q: Did any of your independent directors raise questions about the rationale for Ambuja Cements having to buyback 9.7 percent of its own equity owned by Holcim India?

A: They were some initial questions about whether it was necessary. But when I explained that it was basically a washout and was for historic reasons, they agreed. The shares that we are acquiring will be cancelled.

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Smart ways to deal with sudden lumpsum income

BankBazaar.com

Pavitra received Rs 3.5 lakh from the sale of a family property in her native place. She has a housing loan of Rs 30 Lakhs for which she is paying a monthly EMI of Rs 35,000. She has completed 2 years of the 7 years of the loan tenure. Pavitra is thinking about repaying a part of the loan with the entire inheritance amount, while her husband is of the opinion that they must invest a part of it for their children's education in mutual funds or equity shares.

Often, these complex decisions spring in front of us when confronted with a lump sum gain on one hand and a mortgage on the other. In case of a car loan or a personal loan, the choice is very clear - one must repay the loan as soon as possible as the interest is very high and the value of a loan investment only depreciates.

Besides, these loans do not have a long tenure as housing loans have.

Home Loan Outlook

In Pavitra's case, at a monthly interest of 10.5 percent, she ends up paying around Rs 3,15,000 annually only on the interest amount which works out to Rs 47,25,000 in 15 years, raising the cost of the house by over 50 percent.

If she uses her inheritance money to repay the loan, the number of instalments she has to pay will be reduced which implies that the total amount to be repaid will be reduced since the duration of the loan will come down from the remaining 5 years to just under 4 years

Comparative Analysis of Actual Savings and Growth of Corpus

How much benefit you accrue from investing on an alternate source depends on the type of investment you are making. In Pavitra's case, if instead of repaying the home loan, she would have invested the amount in purchasing a Blue Chip Fund or a child plan for her daughter's education, the returns cannot be forecasted.

However, if the blue chip fund returns after 3 years' investment were to give her a return of Rs 8 Lakhs then she would be able to pay off a bigger chunk of her debt and saved 2 years' instalments instead of 1 year.

Another scenario is where a person might also have a personal or a car loan. In such a case, it is best to pre-pay that loan first as the interest rate is higher in the shorter term.

A Case for Prepayment

The greatest advantage of pre-payment of a loan is that it significantly reduces the interest cost which will bring down the purchase price of the house by a large amount. So, even if you are considering reselling the property to purchase a bigger property in the future, you will be able to recover the cost faster and make better profits.

However, you must understand that you have already paid the loan processing charges for the entire tenure; so, if you are earning better returns elsewhere, then you can consider it so that you can utilise the returns to pay off a bigger portion of the loan.

Tax Rebate

Home loans attract a tax rebate under the Income Tax Act, so often individuals prefer to continue their loan for the entire duration. However, if you are paying an EMI of Rs 35,000 and your tax saving is Rs 1000; it does not appear to be a very big saving.

Besides, there are other tax saving avenues which are more beneficial. You could even invest in another property as real estate delivers the highest returns among all investment classes.

What are the Investment Avenues in Such Cases?

If you do not want to prepay your loan with the extra amount you have, then there are the following investment options:

• Equity: If you have a high risk appetite, then investing in equity can generate more returns than you would have saved from pre-paying the home loan.

• Real Estate: You can invest in another property. It would mean an additional loan, but if you can earn a rental income, then the loan will get repaid partly by the rental returns. Besides, you can sell one property to leverage the loan repayment for the other property.

• Provident Fund: PPF gives you a tax benefit for the entire Rs 1 Lakh you deposit in the account and attracts an interest of around 8 percent. You must ensure that you complete the entire deposit amount for the year before paying off the debt. This will also set up a savings corpus for the future.

You have to pay the EMI on your housing loan till it is completely repaid. The EMI and the interest rate amount also remain constant. On the other hand, the return on investment from equities fluctuates and from secured bank deposits, the interest rate is not as high as it is on the loan.

If you are nearing retirement, it is most likely you are close to the final installment of your home loan. If you repay your home loan earlier, you can concentrate on savings and investment for your post-retirement years

For those who are younger and still have a few years, do not compromise on your other financial responsibilities such as insurance premiums, child plans, savings corpus to pay off the home loan.

   
 

BankBazaar.com   is an online marketplace where you can instantly get the lowest loan rates , compare and apply online for your personal loan , home loan ,   car loan   and   credit card   from India's leading banks and NBFCs.

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