Now trading at 1380
Siemens has given break out with decent volumes. Such break our indication has come after several days of accumulation. Stock has witnessed the end of consolidation and resumption of the next up leg..!!!
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Right now trading at 2763
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OUR INTRADAY TARGET 2807, 2825 in futures intraday…!!!
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Prime minister Narendra Modi has got a return gift as he came back from the two-nation tour – India has become the top destination for FDI in the world.
With $31 billion of foreign capital inflows, India has surpassed China and the US to take the pole position in attracting largest FDI in the first half of 2015, a report in The Financial Times said on Tuesday.
The report titled “India grabs investment league pole position” was forwarded by the Finance Ministry, according to a PTI report. The report has come just as Modi has concluded his tour of Ireland and the US. He is slated to visit the UK in November.
The FT report said India has attracted $31 billion of FDI in the first half of 2015, ahead of $28 billion of China and $27 billion of the US.
“A ranking of the top destinations for greenfield investment (measured by estimated capital expenditure) in the first half of 2015 shows India at number one, having attracted roughly $3 billion more than China and $4 billion more than the US,” the FT report said.
The report also said the country is in the pole position to pass both China and US in FDI flows this year as it has outperformed others in economic growth, bucking the apparent slowdown in emerging markets.
“With midyear data on greenfield FDI now in, 2015 looks to be a milestone year for India following its impressive performance in 2014,” the report said.
India is tracking well ahead of where it was at this time last year: it has more than doubled its midyear investment levels, attracting $30 billion by the end of June 2015 compared with $12 billion in the first half of last year.
India’s achievement this year is particularly significant, considering that 97 of the 154 countries that are counted as emerging markets are seeing a decline in capital spend year on year in greenfield projects, the report pointed out.
The report said that in 2014 India ranked fifth in terms of capital investment, after China, the US, the UK and Mexico.
“In a year when many major FDI destinations posted declines, India experienced one of 2014′s best FDI growth rates, increasing its number of projects by 47%,” it said.
That year India saw a capital inflow of $24 billion, while China topped with $75 billion and the US at the second slot with $51 billion. The UK with a $35 billion capex was the thrid and Mexico ($33 billion) the fourth.
For sure, the FT report will help the government answer the criticisms on frequent foreign tours made by Modi and also the slow pace of some of the much-needed reforms. The officials are already projecting the report as a stamp of approval for the various measures taken by the government over the last one year.
“In the past one year, the government has initiated a number of measures to improve the investment climate and ease of doing business. Several policy initiatives and reforms have also been undertaken. The higher FDI inflows are reflective of the growing positive sentiment about India as an investment destination.
Global Competitiveness Report 2015-16 says improvement largely attributable to momentum initiated by election of Narendra Modi
India has jumped 16 places in the World Economic Forum’s global competitiveness ranking, a result of the positive way in which the current government is viewed by investors.
The rankings show India ranked 55 out of 140 countries. While this is an improvement over last year’s 71 out of 144 (and 2013’s 60 out of 148; 2012’s 59 out of 144; and 2011’s 56 of 142), it is lower than India’s rank in 2010 (49 of 133), 2009 (50 of 134), 2008 (48 of 131), and 2007 (43 of 125).
The last was India’s best year.
In its Global Competitiveness Report 2015-16, WEF said this dramatic reversal is largely attributable to the momentum initiated by the election of Narendra Modi, “whose pro-business, pro-growth, and anti-corruption stance has improved the business community’s sentiment toward the government”.
After taking charge in May last year, the National Democratic Alliance government has launched a drive to improve the country’s business environment, unveiling several campaigns (such as Make in India, to boost manufacturing; Skill India, to equip Indians with vocational skills), announcing swifter approvals for businesses; and moving towards a transparent and stable tax regime. It is also working on making it easy to do business in India and has said it will improve India’s ranking in the World Bank’s Ease of Doing Business rankings to under 50 in five years.
India dropped two places to rank 142 among 189 nations in the World Bank’s Ease of Doing Business 2015 study. The next study will be released in October. India expects its ranks to go up several notches.
Jaijit Bhattacharya, partner at consulting firm KPMG, said things have changed at a faster pace in the last couple of months, with the centre conducting the business reforms survey at the states level, and large businesses being able to set up business in 30-35 days which was earlier unheard of. However, though Bhattacharya expects India’s rank to improve in the Doing Business rankings, he added that areas like enforcing contracts (where India is ranked at 184 out of 189 countries) will keep its overall ranking low, as reforms in such areas fall under the judiciary where the executive has little say.
WEF said the quality of India’s institutions has improved (up 10 ranks to 60), although business leaders still consider corruption to be the biggest obstacle to doing business in the country. Other key problematic factors for doing business in India are policy instability and inflation, according to the survey which was conducted between February to June.
The Global Competitiveness Index combines 113 indicators that capture concepts that matter for productivity. These indicators are grouped into 12 pillars such as institutions, infrastructure and macroeconomic environment. These are, in turn, organized into three sub-indexes, in line with three main stages of development: basic requirements, efficiency enhancers and innovation and sophistication factors. The three sub-indexes are given different weights in the calculation of the overall index, depending on each economy’s stage of development, as proxied by its GDP per capita and the share of exports represented by raw materials. India is categorized as a factor-driven economy as its per capita income is less than $2,000.
The WEF report said the fact that the most notable improvements in India are in the basic drivers of competitiveness bodes well for the future, especially for the development of manufacturing sector. “But other areas also deserve attention, including technological readiness: India remains one of the least digitally connected countries in the world (up one rank to 120). Fewer than one in five Indians access the Internet on a regular basis, and fewer than two in five are estimated to own even a basic cell phone,” it added.
WEF said seven years after the global financial crisis, the world economy is evolving against the background of the “new normal” of lower economic growth, lower productivity growth, and high unemployment.
“Although overall prospects remain positive, growth is expected to remain below the levels recorded in previous decades in most developed economies and in many emerging markets. Growth prospects could still be derailed by the uncertainty fuelled by a slowdown in emerging markets, geopolitical tensions and conflicts around the world, as well as by the unfolding humanitarian crisis,” it added.
Rather than adjusting to this new normal, countries must step up their efforts to re-accelerate economic growth, the WEF report said.
“There is evidence that, in addition to lower capital accumulation that results from reduced investments, productivity over the past decade has been stagnating and even declining, which could have contributed to the current situation,” it added.
It’s 2015 and Twitter is reportedly finally doing something many assumed it wouldn’t ever do – expanding the 140 character-per-tweet limit. If true, this is a move that could fundamentally change how Twitter works, but it’s to be seen if that change would be good or bad for the company.
Re/Code has it on good authority that Twitter is set to roll out a “new product” to allow for longer tweets. That phrasing is interesting, as it indicates that Twitter won’t be completely ditching the current limit, but is also taking steps to deal with a feature that some instead view as a shortcoming.
For those not familiar with the history of the 140-character limit, we must go all the way back to 1985 when a German by the name of Friedhelm Hillebrand was working on a system to allow cell carriers to send out short text messages to their subscribers. The idea was to notify them when they were running low on minutes or their credit card didn’t clear. After some self-testing with a typewriter, Hillebrand decided somewhat arbitrarily that 160 was the “perfectly sufficient” number of characters for these short notices. He implemented this system and SMS – that many call text messaging – was born.
We are now many years past that, though. Most people use Twitter via apps now. A quick poll of this writer’s peers shows that he doesn’t know anyone that still uses the SMS version of twitter. And that’s likely why — if the Re/Code sources are accurate — Twitter is looking to move past limits placed upon it by deprecated technology.
Could save 800 MW of power this way, says government
Faced with an acute power crisis, the State government is considering replacing all light bulbs with light-emitting diode (LED) ones in households, besides streetlights coming under all local bodies. This, it is believed, will save about 800 MW power.
However, considering the high cost of LED bulbs, the government will convene a meeting of LED bulb manufacturers on October 5.
“The idea is to make LED bulb available at Rs. 100,” said Energy Minister D.K. Shivakumar here on Tuesday.
The issue of introducing LEDs in households and local bodies will come up in the next Cabinet meeting. The government is also planning to have a policy on the lines of the Bachat Lamp Yojana programme of the Centre to reduce the cost of Compact Fluorescent Lamps (CFLs).
The Energy Department’s plan to have a dedicated gas-based power generation plant, exclusively for Bengaluru, would be a reality soon, and the process of setting up the plant will commence soon at Yelahanka.
The government is waiting for a no-objection certificate from the Defence Ministry. “It will be 300 MW power plant set up at a cost of Rs.1,510 crore,” he said.
Solar energy park
On the progress of the Solar Energy Park at Pavagada, which is coming up on 12,000 acres of land with an approximate cost of Rs. 20,000 crore, Mr. Shivakumar said farmers have been asked to submit their land records with the Deputy Commissioner Tumakuru by October 30.
The farmers will get Rs. 21,000 as rent per acre a year, which would be enhanced by 5 per cent every two years. “On completion of documentation process, the work will commence with the Centre bearing 50 per cent of the total cost,” he explained.
To tide over the power crisis, the government will take a decision on purchase and production at a meeting of all stakeholders convened on October 1, he said.
The government is convening a meeting with LED manufacturers. The idea is to make LED bulb available at Rs. 100.