New Delhi, June 29 (PTI) Homegrown FMCG major Dabur is
embarking on an aggressive campaign for its fruit juices
riding on the health plank.
The company, whose 'Real' and 'Active' juices account for
13 per cent of sales in its consumer care division, is aiming
for more and is focusing on differentiating between fruit
juice and fruit drink and highlighting health benefits.
Dabur has hired international advertising agency Lowe for
its '8 times more' campaign to promote Real juices as healthy
and nutritious fruit juice.
"Lots of players in the market are selling fruit drinks
under the garb of fruit juices. Being the leader in the
market, its our responsibility to educate the consumer about
the difference between a fruit juice and a fruit drink and
whats truly healthy for them," Dabur India General Manager -
Marketing (Foods), K K Chutani told PTI.
This campaign would focus on the Real brand and the
company could come out with a plan for their Active brand in
next 15 days, he added.
Dabur has adopted a 360 degree approach towards the
campaign, which includes print and electronic media campaigns
and also heavy outdoor activity through branding on buses,
mall activations and consumer events at modern trade outlets
across the country.
"We see a good double digit growth this fiscal, in this
segment," Chutani said.
Currently Dabur competes with fruit drinks like 'Maaza',
'Frooti', 'Minute Maid' (pulpy).
Showing posts with label BUSINESS. Show all posts
Showing posts with label BUSINESS. Show all posts
Sunday, June 29, 2008
Omaxe to foray into Mauritius property market
New Delhi, June 29 (PTI) After foraying into Dubai, real
estate player Omaxe is all set to enter the Mauritian property
market with a plan to develop a 50-acre residential project.
The Delhi-based company has identified a project of 50
acres and planning to develop a residential township there,
sources told PTI.
The land for the township is likely to be provided by the
government and the company is expecting to receive the
ownership of the land within a week, they added.
Unlike Dubai, where the company's subsidiary would
develop the projects with local partners, Omaxe would carry
out the Mauritian project alone without any help from local
firms.
Earlier, the realty major had announced to set up a
wholly-owned subsidiary Rohtas Holdings (Gulf) which would
develop two projects worth Rs 2,850 crore in Dubai.
The company would develop a residential project worth Rs
1,350 crore through special purpose vehicle Golden Crescent
RED and General Trading Ltd. Another project worth Rs 1,500
crore would be developed through SPV Marine Sands.
Last month, Omaxe said that it would develop 10 lakh
affordable housing units with an investment of Rs 80,000 crore
in India over the next five years. For this purpose, it has
set up a new subsidiary named National Affordable Housing and
Infrastructure Ltd.
Omaxe has a land bank of about 3,600 acres with major
presence in North India. It had launched its initial public
offer last year to raise over Rs 600 crore.
estate player Omaxe is all set to enter the Mauritian property
market with a plan to develop a 50-acre residential project.
The Delhi-based company has identified a project of 50
acres and planning to develop a residential township there,
sources told PTI.
The land for the township is likely to be provided by the
government and the company is expecting to receive the
ownership of the land within a week, they added.
Unlike Dubai, where the company's subsidiary would
develop the projects with local partners, Omaxe would carry
out the Mauritian project alone without any help from local
firms.
Earlier, the realty major had announced to set up a
wholly-owned subsidiary Rohtas Holdings (Gulf) which would
develop two projects worth Rs 2,850 crore in Dubai.
The company would develop a residential project worth Rs
1,350 crore through special purpose vehicle Golden Crescent
RED and General Trading Ltd. Another project worth Rs 1,500
crore would be developed through SPV Marine Sands.
Last month, Omaxe said that it would develop 10 lakh
affordable housing units with an investment of Rs 80,000 crore
in India over the next five years. For this purpose, it has
set up a new subsidiary named National Affordable Housing and
Infrastructure Ltd.
Omaxe has a land bank of about 3,600 acres with major
presence in North India. It had launched its initial public
offer last year to raise over Rs 600 crore.
Need to give thrust to municipal bonds, says experts
Mumbai, Jun 29 (PTI) There is a need to give a push to
the Municipal Bonds in the country as state governments are
struggling hard to raise money to fund infrastructure projects
at the local level.
"The municipal bonds' market in the country remains
minuscule despite being around for nearly 11 years," rating
agency, CRISIL's Corporate and Infrastructure (Rating) Head,
Akash Deep Jyoti told PTI here.
Since 2001, 13 municpal bonds have been issued to the
tune of Rs 733 crore, which constitutes only 0.2 per cent of
the total bond market, he said.
"We need to enhance this market, which has the potential
to grow to the tune of an additional Rs 2,000-4,000 crore in
the next five years," Jyoti said.
This is, however, under the condition that municipal
corporations take up the infrastructure projects in a
time-bound manner under the Jawaharlal Nehru Renewable Urban
Mission (JNRUM), he said.
The government has rated 63 municipal corporations
pan-India to enable them to raise funds for JNRUM projects.
Concerted and concrete efforts are required not only
by the government and regulators, but also by issuers and
investors to utilise the optimum potential of these bonds,
Jyoti said.
In the US, the MBs market is huge and constitutes as
much as 15 per cent of the total bonds market as it is looked
upon as a sound asset class, he said.
the Municipal Bonds in the country as state governments are
struggling hard to raise money to fund infrastructure projects
at the local level.
"The municipal bonds' market in the country remains
minuscule despite being around for nearly 11 years," rating
agency, CRISIL's Corporate and Infrastructure (Rating) Head,
Akash Deep Jyoti told PTI here.
Since 2001, 13 municpal bonds have been issued to the
tune of Rs 733 crore, which constitutes only 0.2 per cent of
the total bond market, he said.
"We need to enhance this market, which has the potential
to grow to the tune of an additional Rs 2,000-4,000 crore in
the next five years," Jyoti said.
This is, however, under the condition that municipal
corporations take up the infrastructure projects in a
time-bound manner under the Jawaharlal Nehru Renewable Urban
Mission (JNRUM), he said.
The government has rated 63 municipal corporations
pan-India to enable them to raise funds for JNRUM projects.
Concerted and concrete efforts are required not only
by the government and regulators, but also by issuers and
investors to utilise the optimum potential of these bonds,
Jyoti said.
In the US, the MBs market is huge and constitutes as
much as 15 per cent of the total bonds market as it is looked
upon as a sound asset class, he said.
MCX to launch ATF future contracts to help refiners, airlines
Mumbai, Jun 29 (PTI) The Multi Commodity Exchange
is all set to launch Aviation Turbine Fuel (ATF) futures
contracts early next month, which is expected to help refiners
and airlines facing trouble in a turbulent oil market, a top
company official said.
"We have received permission from the Forward Markets
Commission (FMC) and will firm up plans shortly to launch ATF
futures contracts. We are in touch with leading airline
companies for hedging," MCX Managing Director, Joseph Massey,
told PTI here.
Oil refining companies and airlines are presently
hedging in MCX crude oil contracts, which has a 90 per cent
co-relation with ATF futures, Massey said.
A relentless rise in global crude oil prices combined
with uncertainty surrounding its supply, has pushed
air-carriers into a tricky situation.
The Indian aviation sector, especially airlines,
suffers from a sure and steady supply of fuels. MCX has
spotted this need and decided to launch ATF futures that are
expected to benefit both oil refining companies and airlines,
company officials said.
The country is seeing a major spurt in air traffic,
both domestic and international. As a result, there has been a
steady rise in fuel demand and refiners need an assured supply
to cater to the growing demand. Airline companies are also
looking at hedging on long-term contracts with refineries.
Today, in the absence of such futures contracts,
aviation companies are forced to buy in the spot markets that
often may not turn out to be a commercial proposition.
is all set to launch Aviation Turbine Fuel (ATF) futures
contracts early next month, which is expected to help refiners
and airlines facing trouble in a turbulent oil market, a top
company official said.
"We have received permission from the Forward Markets
Commission (FMC) and will firm up plans shortly to launch ATF
futures contracts. We are in touch with leading airline
companies for hedging," MCX Managing Director, Joseph Massey,
told PTI here.
Oil refining companies and airlines are presently
hedging in MCX crude oil contracts, which has a 90 per cent
co-relation with ATF futures, Massey said.
A relentless rise in global crude oil prices combined
with uncertainty surrounding its supply, has pushed
air-carriers into a tricky situation.
The Indian aviation sector, especially airlines,
suffers from a sure and steady supply of fuels. MCX has
spotted this need and decided to launch ATF futures that are
expected to benefit both oil refining companies and airlines,
company officials said.
The country is seeing a major spurt in air traffic,
both domestic and international. As a result, there has been a
steady rise in fuel demand and refiners need an assured supply
to cater to the growing demand. Airline companies are also
looking at hedging on long-term contracts with refineries.
Today, in the absence of such futures contracts,
aviation companies are forced to buy in the spot markets that
often may not turn out to be a commercial proposition.
SBI plans M-Banking roll out in July; BOI, UBI likely in June
mumbai, Jun 29 (PTI) With the Reserve Bank issuing draft
guidelines for mobile banking, at least three leading public
sector banks are getting ready to roll out full-banking
services via cell phones in the coming few weeks.
Country's largest lender State Bank India said it is in
the final stages of its M-Banking roll-out and has scheduled
its launch in middle of July, while Bank of India and Union
Bank of India plan to introduce their services by June-end.
SBI, which had earlier planned the launch for June, had
to reschedule it in order to get a suitable aggregator, a
senior bank official told PTI.
"We expect to launch our services in the second-half of
July. We are on the look out for an SMS-aggregator and would
short list a player soon. This would be primarily for
SMS-based transactions," the official said.
SBI is also understood to have plans to tie up with a
number of service providers to take the service to remote
corners of the country.
SBI plans to offer end-to-end banking services such as
account-to-account money transfer, utility bill payments and
account-related queries, amongst others.
Bank of India has also finalised its M-Banking plans and
is likely to announce the launch by June-end. The bank has
tied up with local technology services provider BillDesk, an
official said
guidelines for mobile banking, at least three leading public
sector banks are getting ready to roll out full-banking
services via cell phones in the coming few weeks.
Country's largest lender State Bank India said it is in
the final stages of its M-Banking roll-out and has scheduled
its launch in middle of July, while Bank of India and Union
Bank of India plan to introduce their services by June-end.
SBI, which had earlier planned the launch for June, had
to reschedule it in order to get a suitable aggregator, a
senior bank official told PTI.
"We expect to launch our services in the second-half of
July. We are on the look out for an SMS-aggregator and would
short list a player soon. This would be primarily for
SMS-based transactions," the official said.
SBI is also understood to have plans to tie up with a
number of service providers to take the service to remote
corners of the country.
SBI plans to offer end-to-end banking services such as
account-to-account money transfer, utility bill payments and
account-related queries, amongst others.
Bank of India has also finalised its M-Banking plans and
is likely to announce the launch by June-end. The bank has
tied up with local technology services provider BillDesk, an
official said
Vishal Retail to invest Rs 700 cr for expansion
New Delhi, June 29 (PTI) Delhi-based Vishal Retail today
said it would open 70 more stores at a cost of around Rs 700
crore by the end of this year, taking the total number to 190,
while playing down the chances of high inflation dampening its
expansion plans.
"Inflation has made no impact on our growth plan. We are
going to open 70 more stores by the end of the current year
and will invest Rs 700 crore for the purpose," Vishal Retail
Chairman Ram Chandra Agarwal told reporters on the side lines
of Pure&Play Retail Summit here.
The company is also looking to raise Rs 200 crore through
a private equity investment for the expansion plans, while the
remaining fund will be arranged through debt.
"In order to fund our expansion plans we are looking at a
debt equity ration of 2:1," Agarwal said.
Currently, the company is in talks with various private
equity firms. However, Agarwal declined to divulge the names
of the PEs.
About the measures taken to counter the inflationary
pressure, he said, "We are cutting cost on manpower and
improving our efficiency by switching to larger warehouses and
cost effective supply chains."
Vishal Retail is also planning to launch loyalty cards to
attract customers, particularly females, besides introducing
new brands in women's wear category this year.
said it would open 70 more stores at a cost of around Rs 700
crore by the end of this year, taking the total number to 190,
while playing down the chances of high inflation dampening its
expansion plans.
"Inflation has made no impact on our growth plan. We are
going to open 70 more stores by the end of the current year
and will invest Rs 700 crore for the purpose," Vishal Retail
Chairman Ram Chandra Agarwal told reporters on the side lines
of Pure&Play Retail Summit here.
The company is also looking to raise Rs 200 crore through
a private equity investment for the expansion plans, while the
remaining fund will be arranged through debt.
"In order to fund our expansion plans we are looking at a
debt equity ration of 2:1," Agarwal said.
Currently, the company is in talks with various private
equity firms. However, Agarwal declined to divulge the names
of the PEs.
About the measures taken to counter the inflationary
pressure, he said, "We are cutting cost on manpower and
improving our efficiency by switching to larger warehouses and
cost effective supply chains."
Vishal Retail is also planning to launch loyalty cards to
attract customers, particularly females, besides introducing
new brands in women's wear category this year.
Bata to open 260 new stores in next 3 yrs
New Delhi, June 29 (PTI) Footwear major Bata today said
it will open about 260 new exclusive stores at an investment
of up to Rs 400 crore in the next three years.
"In the next three years, we will add another 240-260
stores in the country, out of which 100 would be in the high
foot fall shopping malls," Bata Vice-President Retail
Operations Deepak Deshpande told reporters on the sidelines
of Pure&Play Retail Summit here.
Each of the new stores would cost around Rs 1.25-1.5
crore, he said.
He further said that the company is also remodelling its
old popular brands like Ambassador, Jubilee and it will focus
on women footwear brands.
The company is also looking at expanding its exclusive
stores dedicated to children wears - Hush Puppy. The company
has presently four such stores and is talking to various mall
developers for opening of more such stores.
The company plans to close down around 40-50 small stores
across the country which, the firm thinks, are not making
enough profits.
"As a strategic decision, we are shifting our focus to
large format stores which would be of 5,000-10,000 sq ft and
at the same time we are evaluating the closing down of about
40-50 small stores across the country," Deshpande added.
it will open about 260 new exclusive stores at an investment
of up to Rs 400 crore in the next three years.
"In the next three years, we will add another 240-260
stores in the country, out of which 100 would be in the high
foot fall shopping malls," Bata Vice-President Retail
Operations Deepak Deshpande told reporters on the sidelines
of Pure&Play Retail Summit here.
Each of the new stores would cost around Rs 1.25-1.5
crore, he said.
He further said that the company is also remodelling its
old popular brands like Ambassador, Jubilee and it will focus
on women footwear brands.
The company is also looking at expanding its exclusive
stores dedicated to children wears - Hush Puppy. The company
has presently four such stores and is talking to various mall
developers for opening of more such stores.
The company plans to close down around 40-50 small stores
across the country which, the firm thinks, are not making
enough profits.
"As a strategic decision, we are shifting our focus to
large format stores which would be of 5,000-10,000 sq ft and
at the same time we are evaluating the closing down of about
40-50 small stores across the country," Deshpande added.
Sahara MF to scale-up operations, plans nine new funds
Mumbai, Jun 29 (PTI) Sahara group's asset management arm
Sahara Mutual Fund plans to ramp up its operations and would
launch nine more equity and debt-related funds this year, a
top company official said.
"We plan to launch nine more equity and debt-related
funds this financial year. The idea is to grow our
customer-base by introducing a new array of products in line
with market requirements," Sahara Mutual Fund's CEO N K Garg
told PTI on the sidelines of a seminar here.
The company aims to double its customer-base to two
lakh by the year-end while enhancing its branch network to 30
during the period, Garg said.
Sahara MF presently offers seven equity schemes and
nine debt-related schemes. The company's Assets Under
Management (AUM) stands at nearly USD 60 million (around Rs
250 crore).
The equity schemes include Sahara Growth Fund, Tax
Gain Fund, Midcap Fund, Wealth Plus Fund, Infrastructure Fund,
Real Fund, Power and Natural Resources Fund.
The debt-oriented schemes offered by the company include
Sahara Income Fund, Liquid Fund, Gilt Fund and Classic Fund
and different Fixed Maturity Plans-395 days, Garg said. (MORE)
Sahara Mutual Fund plans to ramp up its operations and would
launch nine more equity and debt-related funds this year, a
top company official said.
"We plan to launch nine more equity and debt-related
funds this financial year. The idea is to grow our
customer-base by introducing a new array of products in line
with market requirements," Sahara Mutual Fund's CEO N K Garg
told PTI on the sidelines of a seminar here.
The company aims to double its customer-base to two
lakh by the year-end while enhancing its branch network to 30
during the period, Garg said.
Sahara MF presently offers seven equity schemes and
nine debt-related schemes. The company's Assets Under
Management (AUM) stands at nearly USD 60 million (around Rs
250 crore).
The equity schemes include Sahara Growth Fund, Tax
Gain Fund, Midcap Fund, Wealth Plus Fund, Infrastructure Fund,
Real Fund, Power and Natural Resources Fund.
The debt-oriented schemes offered by the company include
Sahara Income Fund, Liquid Fund, Gilt Fund and Classic Fund
and different Fixed Maturity Plans-395 days, Garg said. (MORE)
Aditya Birla Group chalks out strategy for fin services biz
Mumbai, June 29 (PTI) Aditya Birla Financial Services
Group has chalked out steps, including launching innovative
products, strong branding and enhancing distribution network,
to emerge as leading player in the field.
"We see tremendous opportunity in the sector as less
than five percent of the country's savings go into mutual
funds, a mere two per cent into general insurance and 15 per
cent into life insurance," Aditya Birla Financial Services
Group Chief Marketing Officer Ajay Kakar told PTI.
"We are currently working on these areas to become a
leading player in this sector," he added.
The company, which operates in life insurance and mutual
fund verticals among others within the financial services
business, plans to launch a new product in the life insurance
business aimed at senior citizens.
A mutual fund product aimed at investing in the
commodities market is also in the offing, he said.
Kakar said while the mutual fund for investing in the
commodities market will be launched in the next quarter, the
insurance product for senior citizens would come by the end of
the year.
Aditya Birla Group was the first to introduce ULIPs
in the market, he said.
To expand the life insurance business, in which it is
already among the top five players in the country, ABFSG plans
to expand its branch network to 600 by the next few months
from 339 now.
Group has chalked out steps, including launching innovative
products, strong branding and enhancing distribution network,
to emerge as leading player in the field.
"We see tremendous opportunity in the sector as less
than five percent of the country's savings go into mutual
funds, a mere two per cent into general insurance and 15 per
cent into life insurance," Aditya Birla Financial Services
Group Chief Marketing Officer Ajay Kakar told PTI.
"We are currently working on these areas to become a
leading player in this sector," he added.
The company, which operates in life insurance and mutual
fund verticals among others within the financial services
business, plans to launch a new product in the life insurance
business aimed at senior citizens.
A mutual fund product aimed at investing in the
commodities market is also in the offing, he said.
Kakar said while the mutual fund for investing in the
commodities market will be launched in the next quarter, the
insurance product for senior citizens would come by the end of
the year.
Aditya Birla Group was the first to introduce ULIPs
in the market, he said.
To expand the life insurance business, in which it is
already among the top five players in the country, ABFSG plans
to expand its branch network to 600 by the next few months
from 339 now.
Overseas borrowings may go up after dipping in Apr, May
Mumbai, Jun 29 (PTI) Overseas borrowings by corporates
are likely to turn upbeat in the months to come in the wake of
government easing the curbs on fund raising abroad and
prevailing high interest rates on domestic loans.
According to figures released by the Reserve Bank, the
total overseas borrowing of Indian companies went down to USD
1.16 billion and USD 1.29 billion in April and May
respectively from USD 4.4 billion in March.
The release further stated that in April as many as 25
firms raised funds via external commercial borrowings (ECB)
and foreign currency convertible bonds (FCCB), while in May 30
companies raised money through these two routes.
Among the major borrowers in April, Petronet LNG raised
USD 200 million for rupee expenditure and import of capital
goods, while Reliance Communications raised USD 250 million
for import of capital goods. Further, Reliance Pharmaceuticals
raised USD 180 million for shipment of capital goods.
In May, Jet Airways (India) raised USD 287 million for
financial lease and import of capital goods.
In the month of February, the overseas borrowing had
declined to less than USD 1 billion, though six companies
during the month raised money from abroad for acquisitions.
However, in March the ECB rose to USD 4.4 billion with
corporate biggies like Reliance Communications, Adani Power,
Tata Group and Essar Oil borrowing massively for various
purposes like import of capital goods etc.
The government relaxed ECB curbs particularly for
infrastructure companies towards May-end. Earlier, companies
were allowed to bring up to USD 20 million raised abroad for
rupee expenditure. This limit has been enhanced to USD 100
million for infrastructure companies and USD 50 million for
others
are likely to turn upbeat in the months to come in the wake of
government easing the curbs on fund raising abroad and
prevailing high interest rates on domestic loans.
According to figures released by the Reserve Bank, the
total overseas borrowing of Indian companies went down to USD
1.16 billion and USD 1.29 billion in April and May
respectively from USD 4.4 billion in March.
The release further stated that in April as many as 25
firms raised funds via external commercial borrowings (ECB)
and foreign currency convertible bonds (FCCB), while in May 30
companies raised money through these two routes.
Among the major borrowers in April, Petronet LNG raised
USD 200 million for rupee expenditure and import of capital
goods, while Reliance Communications raised USD 250 million
for import of capital goods. Further, Reliance Pharmaceuticals
raised USD 180 million for shipment of capital goods.
In May, Jet Airways (India) raised USD 287 million for
financial lease and import of capital goods.
In the month of February, the overseas borrowing had
declined to less than USD 1 billion, though six companies
during the month raised money from abroad for acquisitions.
However, in March the ECB rose to USD 4.4 billion with
corporate biggies like Reliance Communications, Adani Power,
Tata Group and Essar Oil borrowing massively for various
purposes like import of capital goods etc.
The government relaxed ECB curbs particularly for
infrastructure companies towards May-end. Earlier, companies
were allowed to bring up to USD 20 million raised abroad for
rupee expenditure. This limit has been enhanced to USD 100
million for infrastructure companies and USD 50 million for
others
Karnataka govt approves 65 proposals of Rs 1,062.20 cr
Bangalore, Jun 29 (PTI) Karnataka government has approved
65 proposals with an envisaged investment of Rs 1,062.20 crore
in the sectors like steel, tourism and hospitals, which will
generate 29,024 jobs.
The State Level Single Window Clearance Committee at its
meeting here yesterday examined various proposals and gave its
nod to 65 of them, an official press release said.
The maximum investment would be in the steel sector (Rs
350.42 crore), followed by tourism (208.05 crore), engineering
(Rs 97.13 crore), flight training academy (Rs 49.86 crore),
ready-made garments (Rs 48.95 crore) and hospital (Rs 48.79
crore).
"Some of the important proposals cleared include flight
training academy in Mysore, and super speciality hospital for
dialysis in Bidar, Gulbarga, Bijapur, Davangere, Mangalore and
Mysore", the Committee Chairman and Principal Secretary in
Commerce and Industry Department V Umesh said.
In the winery field, two proposals were cleared with a
proposed investment of Rs 11.91 crore.
65 proposals with an envisaged investment of Rs 1,062.20 crore
in the sectors like steel, tourism and hospitals, which will
generate 29,024 jobs.
The State Level Single Window Clearance Committee at its
meeting here yesterday examined various proposals and gave its
nod to 65 of them, an official press release said.
The maximum investment would be in the steel sector (Rs
350.42 crore), followed by tourism (208.05 crore), engineering
(Rs 97.13 crore), flight training academy (Rs 49.86 crore),
ready-made garments (Rs 48.95 crore) and hospital (Rs 48.79
crore).
"Some of the important proposals cleared include flight
training academy in Mysore, and super speciality hospital for
dialysis in Bidar, Gulbarga, Bijapur, Davangere, Mangalore and
Mysore", the Committee Chairman and Principal Secretary in
Commerce and Industry Department V Umesh said.
In the winery field, two proposals were cleared with a
proposed investment of Rs 11.91 crore.
India takes to Google Trends so fast
HYDERABAD: Inflation seems to be is worrying Mumbaikars the most in the world, followed by residents of Chennai and Singapore if one is to go by late-evening results on Google Trends, the tool that gives hourly reports of what is on the collective minds of people using the Internet search globally.
While the jury is still out on how accurate Google Trends actually is, the not-so-surprising conclusion could also be that Indians have taken to the Net like fish to water and more importantly use search much more than others in the world. More interestingly, they also want to find out what others are searching for.
“India has emerged next only to the US in the usage of Google Trends, which was launched in February in India without much fanfare. And that is not something unexpected,” said Amit Somani, product management head of search, consumer applications and infrastructure, Google India.
“We were surprised that in a matter of weeks India emerged within the top 2-3 in the world in the usage of Google Trends and in fact it is neck and neck with the US now,” Somani told DNA Money.
The reasons may not be far to seek. The Internet market in India, of about 50 million users, is young and eager to discover the cyber world. So search is growing as fast if not faster than the 15-25% growth that Internet usage in India.
“But then we want to make search universal and that has led us to explore other platforms to offer it,” added Somani, who kicked off a novel voice search service in Hyderabad on a test basis some two months back.
While Google.com and Google Local will continue to be the flagship search offerings from the search giant, voice and SMS could result in a shift in search usage patterns if early results are anything to go by. ”The voice search is currently being offered in three languages and we are doing pretty well,” said Somani, though he was reluctant to give out numbers.Quite understandably most queries are about the city and local businesses.
Unlike some other voice query services such as Just Dial, the advantage that Google has is that it is able to mine the humungous data that its Internet products throw up from business listings on properties such as Google Local, which is currently available in 25 Indian cities after Bhopal was added recently.
“People are discovering Google voice and SMS,” stressed Somani adding its success could result in a faster roll out to other cities in the country.
But it is anybody’s guess when these properties can be monetized and what kind of business model could emerge, he says adding it took over five years to make money even on a product like Google AdSense, which, by any measure, is a runaway success.
A business model for Google Trends and Hot Trends, the other product, is not yet evident. But in the meantime they continue to throw up new insights into collective human behaviour while on the Net.
While the jury is still out on how accurate Google Trends actually is, the not-so-surprising conclusion could also be that Indians have taken to the Net like fish to water and more importantly use search much more than others in the world. More interestingly, they also want to find out what others are searching for.
“India has emerged next only to the US in the usage of Google Trends, which was launched in February in India without much fanfare. And that is not something unexpected,” said Amit Somani, product management head of search, consumer applications and infrastructure, Google India.
“We were surprised that in a matter of weeks India emerged within the top 2-3 in the world in the usage of Google Trends and in fact it is neck and neck with the US now,” Somani told DNA Money.
The reasons may not be far to seek. The Internet market in India, of about 50 million users, is young and eager to discover the cyber world. So search is growing as fast if not faster than the 15-25% growth that Internet usage in India.
“But then we want to make search universal and that has led us to explore other platforms to offer it,” added Somani, who kicked off a novel voice search service in Hyderabad on a test basis some two months back.
While Google.com and Google Local will continue to be the flagship search offerings from the search giant, voice and SMS could result in a shift in search usage patterns if early results are anything to go by. ”The voice search is currently being offered in three languages and we are doing pretty well,” said Somani, though he was reluctant to give out numbers.Quite understandably most queries are about the city and local businesses.
Unlike some other voice query services such as Just Dial, the advantage that Google has is that it is able to mine the humungous data that its Internet products throw up from business listings on properties such as Google Local, which is currently available in 25 Indian cities after Bhopal was added recently.
“People are discovering Google voice and SMS,” stressed Somani adding its success could result in a faster roll out to other cities in the country.
But it is anybody’s guess when these properties can be monetized and what kind of business model could emerge, he says adding it took over five years to make money even on a product like Google AdSense, which, by any measure, is a runaway success.
A business model for Google Trends and Hot Trends, the other product, is not yet evident. But in the meantime they continue to throw up new insights into collective human behaviour while on the Net.
India's poor pay Rs.9 bn in bribes
NEW DELHI: India's poor paid nearly Rs.9 billion in bribes over only three months to avail basic public utility services, a new study said on Saturday.
NGO Transparency International India (TII) found in its survey conducted between November 2007 and January 2008 that Rs.8.83 billion was paid as bribes by those living below the poverty line (BPL) to avail 11 types of services.
The survey found that the police department was the most corrupt, with two out of every five people seeking its help forced to pay bribes.
According to the survey conducted by the Centre for Media Studies and issued by TII, those involved in land records and registration services took the second spot in the list of bribe takers.
The ambitious National Rural Employment Guarantee Scheme (NREGS) launched by the Congress-led United Progressive Alliance government is also plagued by corruption, it said.
Even though the 'school education up to Class 12' was the least corrupt service, it was found that BPL households paid Rs.120 million in bribes to put their children to school.
"This kind of corruption that denies people their entitlement to basic and need based services, many of which may be 'free' by law, results in the poor finding themselves at the losing end of the corruption chain," said TII chairman Admiral (retd.) R.H. Tahiliani.
"This increases disparity in income and deepens poverty," he added.
NGO Transparency International India (TII) found in its survey conducted between November 2007 and January 2008 that Rs.8.83 billion was paid as bribes by those living below the poverty line (BPL) to avail 11 types of services.
The survey found that the police department was the most corrupt, with two out of every five people seeking its help forced to pay bribes.
According to the survey conducted by the Centre for Media Studies and issued by TII, those involved in land records and registration services took the second spot in the list of bribe takers.
The ambitious National Rural Employment Guarantee Scheme (NREGS) launched by the Congress-led United Progressive Alliance government is also plagued by corruption, it said.
Even though the 'school education up to Class 12' was the least corrupt service, it was found that BPL households paid Rs.120 million in bribes to put their children to school.
"This kind of corruption that denies people their entitlement to basic and need based services, many of which may be 'free' by law, results in the poor finding themselves at the losing end of the corruption chain," said TII chairman Admiral (retd.) R.H. Tahiliani.
"This increases disparity in income and deepens poverty," he added.
Saturday, June 28, 2008
Billionaires turn millionaires after market crash
MUMBAI: Who wouldn’t want to be a millionaire? Well, here’s news. A host of India’s ultra-affluent individuals may actually be losing sleep over becoming millionaires, having already enjoyed the status of billionaires when the markets had taken personal fortunes to dizzying heights.
After Friday’s Sensex fall of 619 points, which made the index close at 13,802.22, or 33.8% below its January high, there were 23 such reluctant millionaires.
That shrinks the list of India’s billionaires as on date to 39, a far stretch from the 62 who enjoyed such status on January 8, 2008, when the Sensex had peaked at 20,873 points.
So who are these billionaires-turned-millionaires?
RP Goenka & family, who run companies such as RPG Life Sciences, Ceat, KEC International and Zensar Technologies, have lost $890 million since January, with their personal net worth now coming in just shy of the billion-dollar mark at $980 million.
Others include Birla patriarchs KK Birla and BK Birla, Mukesh Ambani’s right hand man Anand Jain, commodities king Jignesh Shah, Jet Airways boss Naresh Goyal, Bombay Dyeing’s Nusli Wadia, retailer Kishore Biyani, and stock broker Nimesh Kampani.
Apart from the bear onslaught on stocks of companies they promote, these ex-billionaires have also had to contend with a weaker rupee. Since January 8, 2008, the rupee has lost 8.89%, further exacerbating wealth erosion in terms of dollars.
The relentless bear attack shows no signs of petering out, what with record-high oil prices, high inflation and a non-conducive global macroeconomic environment adding fuel to the fire. That’s only set to swell the ranks of these reluctant millionaires.
Among those who are still billionaires, Reliance ADAG’s Anil Ambani and DLF’s KP Singh were the worst-hit as far as rate of wealth erosion was concerned.
Their personal fortunes dwindled at the rate of $12,000 per trading second each since January 8, 2008. While the former’s total net worth stands at $25 billion now, the latter is worth $15 billion. Mukesh Ambani, the richest resident Indian, also lost at the rate of $8,000 per trading second, his total personal wealth as on date coming in at $38 billion.
After Friday’s Sensex fall of 619 points, which made the index close at 13,802.22, or 33.8% below its January high, there were 23 such reluctant millionaires.
That shrinks the list of India’s billionaires as on date to 39, a far stretch from the 62 who enjoyed such status on January 8, 2008, when the Sensex had peaked at 20,873 points.
So who are these billionaires-turned-millionaires?
RP Goenka & family, who run companies such as RPG Life Sciences, Ceat, KEC International and Zensar Technologies, have lost $890 million since January, with their personal net worth now coming in just shy of the billion-dollar mark at $980 million.
Others include Birla patriarchs KK Birla and BK Birla, Mukesh Ambani’s right hand man Anand Jain, commodities king Jignesh Shah, Jet Airways boss Naresh Goyal, Bombay Dyeing’s Nusli Wadia, retailer Kishore Biyani, and stock broker Nimesh Kampani.
Apart from the bear onslaught on stocks of companies they promote, these ex-billionaires have also had to contend with a weaker rupee. Since January 8, 2008, the rupee has lost 8.89%, further exacerbating wealth erosion in terms of dollars.
The relentless bear attack shows no signs of petering out, what with record-high oil prices, high inflation and a non-conducive global macroeconomic environment adding fuel to the fire. That’s only set to swell the ranks of these reluctant millionaires.
Among those who are still billionaires, Reliance ADAG’s Anil Ambani and DLF’s KP Singh were the worst-hit as far as rate of wealth erosion was concerned.
Their personal fortunes dwindled at the rate of $12,000 per trading second each since January 8, 2008. While the former’s total net worth stands at $25 billion now, the latter is worth $15 billion. Mukesh Ambani, the richest resident Indian, also lost at the rate of $8,000 per trading second, his total personal wealth as on date coming in at $38 billion.
'India ranks low among countries for business'
NEW YORK: India has been ranked 64th in a global list of best countries to do business in, dropping from 51st place last year. While India has dropped 13 places, China is down two notches to No 79.
In the new Forbes study that compared business climate from various angles in 121 countries, Denmark tops the list, having displaced the US, last year's leader. Ireland and Finland follow at No 2 and No 3 spots. US is at No 4 now, followed by UK.
The Forbes report has ascribed India and China's fall in rankings this year to "demonstrated resistance to increasing personal freedoms. Higher inflation from food and other commodity costs, as well as increased burdens on entrepreneurs also held the world's most populous nations back as business destinations".
Pointing out that the Indian government has reduced controls on foreign trade and investment, the business magazine said tariff spikes in sensitive categories, including agriculture, and incremental progress on economic reforms still hinder foreign access to India's vast and growing market.
"Privatisation of government-owned industries remains stalled and continues to generate political debate; populist pressure from within the UPA government and from its Left Front allies continues to restrain needed initiatives," the report added.
Forbes said that strong growth combined with easy consumer credit and a real estate boom fuelled inflation concerns in 2006 and 2007. This had led to a series of central bank interest rate hikes that have slowed credit growth and eased inflation concerns.
For the study, the magazine said it used expertise, research and published reports from the Heritage Foundation, World Economic Forum, World Bank, Transparency International, Freedom House, Deloitte Tax, the US Chamber of Commerce and Central Intelligence Agency and their vital analyses of various socioeconomic indicators on the countries included.
To find the best countries to do business in, the magazine said, "We analyze business climates in each of more than 120 national economies, focusing on degrees of personal freedoms, like the right to participate in free and fair elections, or freedom of expression and organisation."
Investor protection examines the recourse held by minority shareholders in cases of corporate misdeeds, while corruption looks at the number and frequency of similar misuse of corporate assets for personal gain. Together with economic policies supportive of free trade and low inflation, these key points form a snapshot of countries' suitability for capital investment.
In developed nations like Germany (No. 21, down nine) and France (No. 25, down nine), scandals in the banking sector and tougher barriers for entrepreneurs led to declines.
One of the biggest declines, the magazine said, came from Japan (No. 24, down 21), where a Council on Economic and Fiscal Policy spelled out problems with the world's second-largest economy earlier this year. Among others, the committee's report cites the nation's 40 percent corporate tax rate as uncompetitive compared with regional rivals like Hong Kong at 17.5 percent and South Korea at 25 percent.
In the new Forbes study that compared business climate from various angles in 121 countries, Denmark tops the list, having displaced the US, last year's leader. Ireland and Finland follow at No 2 and No 3 spots. US is at No 4 now, followed by UK.
The Forbes report has ascribed India and China's fall in rankings this year to "demonstrated resistance to increasing personal freedoms. Higher inflation from food and other commodity costs, as well as increased burdens on entrepreneurs also held the world's most populous nations back as business destinations".
Pointing out that the Indian government has reduced controls on foreign trade and investment, the business magazine said tariff spikes in sensitive categories, including agriculture, and incremental progress on economic reforms still hinder foreign access to India's vast and growing market.
"Privatisation of government-owned industries remains stalled and continues to generate political debate; populist pressure from within the UPA government and from its Left Front allies continues to restrain needed initiatives," the report added.
Forbes said that strong growth combined with easy consumer credit and a real estate boom fuelled inflation concerns in 2006 and 2007. This had led to a series of central bank interest rate hikes that have slowed credit growth and eased inflation concerns.
For the study, the magazine said it used expertise, research and published reports from the Heritage Foundation, World Economic Forum, World Bank, Transparency International, Freedom House, Deloitte Tax, the US Chamber of Commerce and Central Intelligence Agency and their vital analyses of various socioeconomic indicators on the countries included.
To find the best countries to do business in, the magazine said, "We analyze business climates in each of more than 120 national economies, focusing on degrees of personal freedoms, like the right to participate in free and fair elections, or freedom of expression and organisation."
Investor protection examines the recourse held by minority shareholders in cases of corporate misdeeds, while corruption looks at the number and frequency of similar misuse of corporate assets for personal gain. Together with economic policies supportive of free trade and low inflation, these key points form a snapshot of countries' suitability for capital investment.
In developed nations like Germany (No. 21, down nine) and France (No. 25, down nine), scandals in the banking sector and tougher barriers for entrepreneurs led to declines.
One of the biggest declines, the magazine said, came from Japan (No. 24, down 21), where a Council on Economic and Fiscal Policy spelled out problems with the world's second-largest economy earlier this year. Among others, the committee's report cites the nation's 40 percent corporate tax rate as uncompetitive compared with regional rivals like Hong Kong at 17.5 percent and South Korea at 25 percent.
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