Watch the interview of Tim Ghriskey, Chief Investment Officer, Solaris Asset Mgmt with Surabhi Upadhyay on CNBC-TV18, in which he shared his reading and outlook on US equity markets.
Watch the interview of Tim Ghriskey, Chief Investment Officer Solaris Asset Management, with Surabhi Upadhyay on CNBC-TV18, in which he shared his reading and outlook on US equity markets.
Published on Fri, Feb 13,2015 | 22:32, Updated at Fri, Feb 13 at 23:20Source : CNBC-TV18 | Watch Video : 
American Depository Receipts of over 50 Indian companies including TCS, Bajaj Finance, Apollo Tyres, United Breweries, Zee Entertainment, Titan, NTPC, Britannia, Unitech, Power Grid, Motherson Sumi, Tech Mahindra – will soon be trading over the counter in the US and many of these companies may not even be aware of this!
Last year the government notified a new depository receipts scheme that permitted the establishment of Level 1, sponsored and unsponsored ADRs for the first time. Level 1 ADRs are non-capital raising ADRs. An unsponsored ADR program is established by a foreign depository bank, without the participation or consent of the company whose shares underlie the ADR. Unsponsored ADRs trade only in the US O-T-C market. Competing depositories can establish multiple unsponsored ADRs for the same company. And an unsponsored ADR and a sponsored ADR cannot co-exist. So if a company wants to do a sponsored ADR then it has to have the unsponsored facility terminated.
The new scheme applies conditions to unsponsored ADRs – the DR holder must get voting rights and the DRs must be listed on an international exchange that means a platform for trading depository receipts, which is in a permissible jurisdiction, is accessible to the public for trading and provides pre & post trade transparency.
The scheme came into effect on December 15th and since then, Bank of New York Mellon and other foreign depository banks have made a slew of filings for Level 1, unsponsored ADRs on the back of Indian shares. When will all these ADRs start trading? And what impact could these unsponsored ADR programmes have on the Indian companies, involved…well actually uninvolved! To talk about that, CNBC-TV 18's Menaka Doshi speaks to Rajiv Gupta of Latham Watkins and Varoon Chandra of AZB.
Watch the interview of Joe Bell, Senior Equity Analyst, Schaeffer's Investment with Surabhi Upadhyay on CNBC-TV18, in which he shared his reading and outlook on US equity markets.
Watch the interview of Joe Bell, Senior Equity Analyst, Schaeffer's Investment with Surabhi Upadhyay on CNBC-TV18, in which he shared his reading and outlook on US equity markets.
Flipkart's Mukesh Bansal shares his view on the company's future ahead.
Below is the verbatim transcript of Mukesh Bansal's interview on CNBC-TV18
Q: 2014 was an amazing year for e-commerce, good growth. Going forward how are you planning to pan out in terms of operations going forward?
A: Going into 2015, there is huge momentum for e-commerce. We feel that this year, there will be massive growth. We expect the industry to double this year.
Q: If you look at the fashion segment it is doing pretty well. Your competitors and even Flipkart have achieved USD 1 billion run rate this year, what is your target for 2015?
A: Fashion category will grow more than 100 percent. We think all categories will grow proportionately. Fashion segment is very large in market size. We expect fashion to continue grow in our portfolio this year. Between Flipkart and Myntra, we are happy that we are more than half the market share of all fashion transactions and we will continue to grow aggressively this year.
Q: What is your target for the fashion segment this year?
A: As the category grows more than 2X we will at least grow 100-150 percent in this category this year.
Q: You are planning to enter the furniture segment, you have very few e-commerce players when it comes to furniture segment. By when can we expect the furniture segment online?
A: This year we are actually focusing on almost all the consumer categories. We are expanding our selection including home and furniture as well .We will get a lot more third party retailers on board. We focus this year to establish Flipkart as destination for home and furniture as well.
Q: You are working with the government for training and employee generation, can you throw some light on this new initiative?
A: With Flipkart footprint expanding, we believe there is a huge requirement for training. We are collaborating with the government, giving inputs on what kind of skills are required and generate hundreds of thousands of jobs in next few years.
Q: You are investing heavily in technology automation, data analytics, can you give us some details in terms of the technology front?
A: We are focusing on technology. We need to have world class technology infrastructure. We work with various providers. We will start to have some of the largest data centers and exploring multiple options to build that.
Q: You are now shifting focus to mobile shopping. There is a special mobile app through which consumers can actually buy online. How do you see this trend picking up?
A: Mobile platform is a massive trend. In India, most of the internet traffic is through mobile. Over 80 percent of the internet traffic is through mobile. This year, we will continue to focus on improving our experience through mobile. We see huge traction of Flipkart mobile app.
Q: Does it mean to say that you will be shutting the websites and focus more on the mobile app considering that is the future trend?
A: There are different needs of different platform. There are people who use computer in some cases. We will focus on all platforms, and we are not looking to close our website.
Q: What is the investment for the mobile app?
A: Most of our investment on technology side is building differentiated experience for consumers, building all the back end system for supply chain and infrastructure for data centers.
Q: How are you ramping up the hiring front? By how much percent will you increase your hiring numbers this year?
A: Focus is lot more on quality than numbers. We are already a pretty large organisation. There is huge amount of interest in people wanting to work at Flipkart. Our focus would be to get really top technology people and create an environment for us to do good work. There will be sizeable growth probably propionate to the business growth we are expecting this year.
Q: You have been elevated on the board of Flipkart. We hear that there is another complete restructuring that is happening currently, first time in seven and a half years. What is your new role and what are the challenges ahead?
A: Restructuring is an ongoing process. We will continue to restructure. We are focusing on bringing new leaders in the organisation. As size of the business increases, we are identifying into new areas. We have done some reorganisation recently for this process.
Q: One much awaited answer from you is, is there a merger between Flipkart and Myntra on the cards?
A: There is no plan to merge Flipkart and Myntra. Flipkart and Myntra are big brands in their respective space. Value proposition for both are different. We have no plans to merge.
Q: Everyone is awaiting the Budget announcement, what are your expectations from the Budget?
A: Biggest expectation is clarity around GST rollout.
Q: Government is mulling regulatory regime for e-commerce, is it a welcome sign?
A: It is a positive sign that government is trying to look more into it. It will lead to better laws and regulations and it will ease of doing business in the online world.
The Performance Car of the Year Award went to the Jaguar F-Type Coupe and the Triumph Daytona 675-R was named the performance bike of the year.
The CNBC-TV18 Overdrive Awards 2015 were given out at a glittering ceremony in New Delhi earlier this evening, presided over by power and coal minister Piyush Goyal.
The Performance Car of the Year Award went to the Jaguar F-Type Coupe and the Triumph Daytona 675-R was named the performance bike of the year.
The Hyundai Elite I-20 won hatchback of the year and also drove away with the top honours of Car Of The Year.
The KTM RC-390 was named the king among motorcycles, and the TVS Scooty Zest was named the king of scooters.
IT software exporter Infosys is gearing up for a ride on the digital super-highway and initial steps have already been taken. The company has shuffled its top cadre to make delivery of services more agile. It is investing in start-ups, and pushing design thinking among its people.
IT software exporter Infosys is gearing up for a ride on the digital super-highway and initial steps have already been taken. The company has shuffled its top cadre to make delivery of services more agile. It is investing in start-ups, and pushing design thinking among its people. CEO Vishal Sikka says all this will soon reflect on the balance sheet, reports Poornima Murali and Pavni Mittal.
A tsunami, a clean sweep, a thunderstorm or a duststorm - call it what you may but one thing that is crystal clear is that the Aam Aadmi Party (AAP) has done what no other party has been able to do in the electoral history of India.
In a literal indication of its poll symbol - the broom - the party swept almost the entire Delhi winning a mind boggling 67 seats in the 70-member assembly which is a strike rate of 95% and reduced the Bharatiya Janata Party to single digits and Congress to a big zero.
The fierce poll battle in Delhi witnessed several allegations and counter allegations, but the AAP had the last laugh. Its closest rival BJP has been decimated winning just three seats, losing the entitlement of even getting the Leader of Opposition in Delhi Assembly. The Congress on the other hand, faced complete rout to touch yet another historic low when it could not secure even a single seat for itself in Delhi.
In what certainly did not come as a surprise, AAP's chief ministerial candidate Arvind Kejriwal won the New Delhi seat by a massive margin of over 31,583 votes bettering his 2013 record. Such has been AAP's march that Mustafabad in North East Delhi is the only seat where its candidate is not in the top two. Vishwas Nagar and Rohini are the only other seats where AAP candidates could not use their broom successfully.
However, nothing could have been worst for the BJP than the party's chief ministerial candidate losing from her own seat. After a nail biting counting, Bedi lost the Krishna Nagar, considered BJP's bastion, to AAP's SK Bagga by 2,277 votes.
Accepting the people's verdict, the BJP congratulated AAP and hoped Kejriwal will fulfil the promises that he and the party have made to the people. Despite the humiliation BJP leaders denied the result was a referendum on Prime Minister Narendra Modi. "We take collective responsibility for the results. There is nothing humiliating in a defeat in a democracy," BJP spokesperson Ravi Shankar Prasad said.
Much like Bedi, and reflecting the disenchantment with Congress it Delhi campaign chief Ajay Maken failed to even put up a fight in his constituency. In fact, Maken could not even hold on to the second spot in the Sadar Bazar seat and lost by a margin of over 51,000 votes.
Conceding defeat, a belittled Maken accepted that he had no right to hold his position adding that he would soon hand over his resignation to party president Sonia Gandhi. "I take responsibility of this loss. I have no right to stay on this position. I should resign from my post," he said.
Though the post-poll surveys had predicted a massive majority for AAP, they failed to gauze the massive groundswell of support in its favour. The actual results not only matched the poll verdict, but even surpassed the numbers that even the AAP predicted for itself.
With the party sweeping entire Delhi with its broom, celebrations by supporters also reached a crescendo at party offices across the national capital. Boisterous celebrations were seen across the capital with their signature poll tune 'Paanch Saal Kejriwal' blaring over loudspeakers. Massive LCD screens were set up at party offices and every lead drew a thunderous applause from the supporters proudly waving the party flags.
Back in 2012, Kejriwal launched the AAP and widely got accepted as the leader of the masses with the image of the 'mufflerman'. Just a year later, he defeated three-time Chief Minister Sheila Dikshit in the 2013 Delhi Legislative Assembly election. Though within 49 days, in what could be considered a major blunder by the party, they resigned after failing to table the Jan Lokpal Bill in the Delhi Assembly.
Facing severe criticism, within and outside the party, Kejriwal accepted that it was a mistake to have resigned from the CM's post so soon. However, AAP did not lose hope and readied to fight the polls yet again in 2015.
Finally, after several months of groundwork, strategising and fine tuning his party, Kejriwal led his party to a massive majority in the national capital as his cash-strapped outfit won more than 95% of the seats.
Making February 10 a red letter day, Kejriwal and his team showed how to throw a spanner into the BJP's massive and well-oiled election machinery. BJP's victory march which began with the super show in Lok Sabha polls followed by big wins in various state assembly elections met its match in a wiry man who made the muffler a fashion statement.
The AAP single-handedly shook up the entire political arena of the national capital, dismantling the two national parties - BJP and Congress.
With the BJP and the Congress - one decimated to single digits and the other firmly ducked in a box - the BJP and the Congress have much to introspect. On the other hand, the AAP seated comfortably at the top, now has its work cut out.
Bank of India is expected to register a solid 39.8 percent increase (year-on-year) in profit at Rs 818.6 crore for October-December quarter, according to a CNBC-TV18 poll.
Bank of India is expected to register a solid 39.8 percent increase (year-on-year) in profit at Rs 818.6 crore for October-December quarter, according to a CNBC-TV18 poll.
The sharp spike in profitability is on the back of low base in the year-ago period. In Q3FY14, profit had fallen 27 percent Y-o-Y to Rs 586 crore as provisions climbed 53 percent Y-o-Y to Rs 1,404 crore.
Net interest income, the difference between interest earned and interest expended, may jump 15.8 percent to Rs 3,148.3 crore in the quarter ended December 2014 from Rs 2,719 crore in same quarter last year.
As far as asset quality is concerned, analysts expect Rs 1,400 crore at least in restructured book in Q3 (especially from EPC contractors. They expect upgrades to support.
The public sector lender's advances to power and infrastructure stands at Rs 44,136 crore.
CNBC-TV18s Nigel D'Souza wraps up today's market trading action.
CNBC-TV18s Nigel D'Souza wraps up today's market trading action.
Investing.com - Investing.com - The Australian dollar was a tad weaker in early Asia on Tuesday ahead of price data in China and a business survey at home.
AUD/USD traded at 0.7799, down 0.04%, while USD/JPY changed hands at 118.63, down 0.01%.
China's January CPI and PPI data are due at 0930 Beijing time (0130 GMT). Economists are forecasting that consumer inflation dropped to 1.0% year-on-year last month from December's gain of 1.5%, representing the slowest pace of growth since November 2009. The National Bureau of Statistics is also expected to say that producer prices fell 3.8% in January,representing the steepest drop since October 2009.
In Australia, the NAB's business confidence and business conditions are due at 1130 Sydney time (0030 GMT). Expectation is for a fall in both conditions and confidence. Also at the same time is house price index for the fourth quarter published by the ABS which, based on other indexes, is likely to show a 1.8% quarter-on-quarter rise versus a 1.5% gain in the third quarter.
Overnight, the dollar edged lower against the other major currencies in quiet on Monday, but losses were expected to remain limited as Friday's strong U.S. jobs data continued to support the greenback.
The dollar remained supported after the Labor Department reported on Friday that the U.S. economy added 257,000 jobs in January, far more than the 234,000 forecast by economists. December's figure was revised to 329,000 from a previously reported 252,000.
The unemployment rate ticked up to 5.7% last month from December's 5.6% hourly earnings and the participation rate both saw increases in January.
The upbeat jobs report was seen as strong enough to indicate that the Fed will remain on track to start raising rates from near zero levels as early as June.
The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was quoted flat at 94.70.
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All exit polls are predicting that AAP will easily cross the halfway mark of 35 in the 70-member Delhi Assembly, voting for which took place on Saturday.
Arvind Kejriwal-led Aam Aadmi Party is likely to get a clear majority and form the next government in Delhi according to the exit polls conducted by major news organisation. All exit polls are predicting that AAP will easily cross the halfway mark of 35 in the 70-member Delhi Assembly, voting for which took place on Saturday.
According to the exit poll conducted by India Today-Cicero, the AAP will easily get majority in Delhi Assembly. The exit poll gives 35 to 43 seats to AAP, 23 to 29 seats to BJP while Congress is facing another rout and is likely to get only 3 to 5 seats.
The India TV-C Voter exit poll has given 31-39 seats to AAP, 27-35 seats to BJP and only 2-4 seats to Congress. As per this poll others are expected to bag just two seats.
Times Now which also conducted the exit poll with C Voter, too, has given the edge to AAP with 31-39 seats. BJP will end second with 27-35 seats and Congress will end up with just 2-4 seats.
The ABP News-Nielsen exit poll for Delhi gave a clear majority to AAP with 39 seats and restricted BJP at 28 leaving only three for Congress.
In the 2013 Assembly elections, BJP and its allies got 32 seats, AAP 28 and Congress 8, JDU and Independent one each.
All the exit polls have predicted a majority for the Aam Aadmi Party (AAP) in the Delhi Assembly elections with one of them giving it as high as 53 seats in the 70-member House.
All the exit polls have predicted a majority for the Aam Aadmi Party (AAP) in the Delhi Assembly elections with one of them giving it as high as 53 seats in the 70-member House. In the elections, billed as a referendum on Prime Minister Narendra Modi but rejected as such by the BJP leadership, a resurgent AAP-led by Arvind Kejriwal has emerged the winner in all the polls. The polls shown on television channels today have predicted that BJP as the number two party and Congress way behind with none of them giving it more than 5 seats.
The exit polls, by and large, were taken up to 3 PM while the polling ended at 6 PM. AAP had got 28 seats had to tie up with Congress' 8 to form a short-lived government of 49 days in the 2013 polls. The BJP had then emerged the single largest with 32 seats.
India Today-Cicero exit poll on Headlines Today channel has projected that AAP will get between 35 and 43 and for BJP 23 and 29. Congress has been projected to get up to 5 seats. The ABP-Nielsen poll said that AAP will get 39 while BJP 28 and Congress 3.
Zee TV-C Voter poll projected 31 to 39 seats for AAP and 27 to 35 seats for BJP. Congress gets 2 to 4 in the poll. The highest number of 53 seats for AAP has been predicted by India News-Axis poll, which gave BJP 17 and Congress upto 2.
The India TV's exit poll put AAP in the top with 31 to 39 seats. BJP 27 to 35 and Congress 2 to 4..
