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 CM YK ND-ND BUSINESS 13 THE HINDU FRIDAY, JANUARY 2, 2015 NOIDA/DELHI BRIEFLY LIC to launch co-branded credit card with UAE bank DUBAI: LIC International and Abu Dhabi-based First Gulf Bank are planning to introduce a unique co- branded credit card in the UAE to address concerns o f insurance policyholders. LIC Internationalhas over 350 million policyholders worldwide. — PTI Airtel opens bookings for Redmi Note NEW DELHI: To give a fillip to its super fast fourth- generation mobile services, Bharti Airtel has tied up with Chinese handset maker Xiaomi to provide 4G device Redmi Note at a price of Rs.9,999 in six cities.The operator provides 4G services in 16 cities, but Airtel will provide Redmi Note at 133 stores across Mumbai, Bengaluru, Hyderabad, Chennai, Delhi-NCR and Kolkata.— PTI SRF acquires DuPont’s Dymel pharma propellant biz NEW DELHI: Diversified firm SRF, on Thursday, announced the acquisition of U.S.-based DuPont’s pharmaceutical propellant business under the Dymel brand for $20 million (over Rs.120 crore) in an all-cash deal. The company has signed a definitive agreement with E I DuPont De Nemours and Company USA for the transactio n, SRF said in a filing to the BSE. — PTI House panel to visit Dunlop KOLKATA: The Parliamentary Standing Committee on Commerce, headed by Rajya Sabha MP Chandan Mitra, will soon pay a visit to Dunlop India’s Sahaganj unit on January 5 to explore revival options. “The committee will visit the factory as part of its fact-finding review of West Bengals’s rubber and tyre industry,” Mr. Mitra told PTI. Central Bank revises rates on FCNR deposits NEW DELHI: Central Bank of India has revised the interest rates on Foreign Currency Non-resident (Bank) Account (FCNR-B). The new rates will be applicable from Thursday, the bank said in a release. The bank now offers interest of 3.82 per cent on dollar deposits, 3.5 per cent on pound deposits, 2.41 per cent on euro deposits, 3.86 per cent on Canadian dollar deposits and 4.74 per cent on Australian dollar deposits (all of five-year maturity). These revised rates are  valid till January 31. — PTI EXCHANGE RATES Indicative direct rates in rupees a unit except yen at 4 p.m on January 01 Currencies TT T T Buying Selling U.S. Dollar 63.15 63.47 Euro 76.39 76.79 PoundS t erling 98.20 98.71 Ja p Yen (100 Unit s) 52 .76 53 .0 4 Chinese Yuan 10.17 10.23 Swiss Franc 63.47 63.80 Si ng ap or e Doll ar 47 . 62 47.9 1 Au st ra li an Do ll ar 51 .5 6 51 .8 6 Ca na dia n Do ll ar 54 .3 1 54. 61 Swedish Kroner 8.06 8.11 Danish Kroner 10.26 10.31 Ne w Zea la nd Do ll ar 49 .33 49 .6 1 Hongkong Do llar 8.14 8.18 Ma la ys ia n Rin gi tt 18 .0 6 1 8. 15 Ku wa it i Din ar 215 .3 1 21 7. 14 UAE Dirham 17.19 17.28 Bahr ai ni Di n ar 16 7. 44 16 8. 36 Qatari Riyal 17.40 17.41 Saudi Riyal 16.88 16.89 Omani Riyal 164.00 164.86 Source: Indian Bank BULLION RATES January 01 rates in rupees with previousratesinbrackets Chennai BarSil ver (1 k g) 35,965 (36 ,91 0) Retail ( 1 g) 38.50 (39.50) 24 c t go ld ( 10 g ) 26, 990 (27 ,18 0) 22 ct go ld (1 g) 2, 52 4 (2 ,5 41 ) Delhi Silver 36,200 (37,000) S ta nd ard go ld 27 ,100 (27, 200) So ve re ig n 23, 7 00 (2 3, 70 0) cided with some modifications. These include asking the small tea growers to give a declaration of their output conforming to the PPC before it is sent to the factories. This was necessary as currently this sector ac- counts for over 30 per cent of the Indian tea output. The awareness campaign, now on among small tea growers, would be continued, a Tea Board said. It may be mentioned here that recently Greenpeace had released a report alleging presence of pesticide resid- ues in Indian tea. The Tea Board and industry had flayed the report. The PPF, evolv ed by Tea Board, has detailed the chem- icals that can be used in tea plantations making some ex- ceptions for South India. It said that chemical use should be restricted not only in tea estates, but also near water bodies, wildlife habitats and human dwelling to check con- tamination. PPF covers insecticides, fungicides, herbicides and bio pesticides. Tea Board noted that in spite of using PPFs, the tea industry loses nearly 30 per cent of its crop due to pests, weeds and diseases. The tea research institutes, which were engaged in the PPF exercise, have ensured that their recommendations comply with food safety stan- dards as stipulated by the Food Safety & Standards Au- thority of India. KOLKATA: Plant Protection Code (PPC), a set of guide- lines for regulating the chem- ical inputs in tea cultivation, was rolled out on January 1, 2015. The aim is to make Indi- an tea a safe and healthy drink. The PPC is a comprehen- sive document, which deals with safe usage of crop pro- tection products and metho- dologies that would be followed to reduce pesticide residues in tea. The code encourages tea growers to critically review their plant protection formu- lations (PPF), which are a list of chemicals that are used in tea. The code is based on the Codex Alimentarius, which is a set of international food standards and guidelines. Tea Board Chairman Sidd- harth said a roll-out was de- Plant Protection Code rolls out to make tea a safer beverage Indrani Dutta The document deals  with safe usage of crop protection products and methodologies MUMBAI: The benchmark Sensex on Thursday ended with a marginal gain of about 8 points at 27507.54 in the first trading session of the New Year in lacklustre trade. Traders said direction-less investors confined their com- mitments to select stocks, having strong fundamentals amid most Asian financial markets remaining closed. On Wednesday, markets closed higher for the fourth straight day and wrapped up 2014 with the best annual gain in five years. Telecom, auto, infrastruc- ture and metal sector stocks saw some activity on Thursday.  After a lower start at 27485.77, the 30-share BSE Sensex slipped further to 27395.34. However, losses were wiped off on the back of gains in select blue-chips to- wards the fag-end. The Sensex closed at 27507.54 after touching a high of 27545.61. Bharti Airtel counter emerged the top gainer among Sensex stocks by surg- ing 2.86 per cent after the telecom regulator recom- mended base price for Rs.2,720 crore/megahertz for 3G mobile spectrum. The 50-share Nifty on the National Stock Exchange edged up by 1.30 points to 8284 after moving between 8294.70 and 8248.75 intra-day. Meanwhile, foreign portfo- lio investors bought shares worth Rs.481.08 crore on  Wednesday.  Among auto stocks, Maruti Suzuki gained after it report- ed a 20.8 per cent increase in total sales in December. Oth- er auto stocks such as M&M, Bajaj Auto, Hero MotoCorp and Tata Motors also ended in positive terrain. In metal space, Sesa Sterlite was up 2.34 per cent. — PTI Sensex flat on Day One of New Year  Stock brokers hope the bull run will extend in 2015 — PHOTO: VIVEK BENDRE MUMBAI: The Indian rupee was off to a bad start in the new year as it suffered the worst single-day drop in over two weeks on Thurs- day by falling 32 paise to end at 63.35 against the dollar. Demand for the green- back from banks and im- porters and little support from local share market, where benchmark indices ended almost flat, led to ru- pee snapping a two-session uptrend. The dollar gained strength overseas against most peers on speculation that U.S. Federal Reserve will raise rates by the mid- dle of this year, said forex traders. On Wednesday, the ru- pee had gained 35 paise against the greenback but lost ground on an annual basis for the fourth year in a row. In the previous two sessions, the rupee had gained 64 paise. — PTI Rupee tumbles construction and infrastruc- ture sector. Major and secondary pro- ducers such as SAIL, RINL, JSW, JSPL and Monnet Ispat have started adding capacity. City-headquartered Rash- triya Ispat Nigam Ltd., the corporate entity of the Visak- hapatnam Steel Plant, is ramping up new units under its 6.3-million tonne expan- sion project at a cost of Rs.12,500 crore. When con- tacted on threat of imports, RINL Director (Commercial) T. K. Chand underlined the need for cost reduction and quality. He told The Hindu that “2015 may prove to be a year of turnaround for the steel in- dustry with business senti- ment firming up, and the government going ahead with its growth agenda.” He said the industry might be de-cou- pled from the global trend of slowdown, and was likely to register growth in tandem with GDP growth.Twenty in- dustrial clusters such as Ben- galuru-Mumbai as well as  Vizag-Chennai, seven indus- trial cities and 100 smart ci- ties are expected to accelerate growth in manufacturing. The rural market is also look- ing up for long producers. It is estimated that around 17 million tonnes of addition- al capacity are likely to be added in the next 2-3 years, around five million tonnes on an average a year in long products as against the earli- er average of maximum two million tonnes a year. VISAKHAPATNAM: The steel in- dustry, hit by slowdown in the last couple of years, is ex- pecting to bounce back in 2015. The industry is bogged down due to cyclone Hudhud mainly in the second-half of 2014. Besides, the industry is faced with surging Chinese imports and sluggish domes- tic demand due to excess sup- ply and slowdown in the Steel units expect turnaround Santosh Patnaik NEW DELHI: The government has extended duty-free im- port of chana, also known as gram or chickpeas, till March- end in view of fall in sowing area under the crop. The Finance Ministry has extended the zero duty re- gime for chana although the  Agriculture Ministry was pushing for a 10-per cent duty in view of declining chana prices, which have fallen even below the minimum support price of Rs.3,100 a quintal in some parts of the country. In a notification, the Cen- tral Board of Excise and Cus- toms (CBEC) said it had extended the “zero customs duty on chickpeas (gram) up to March 31.” The zero duty on imported chana was valid till  Wednesday.  At p resent, pulses are im- ported at zero duty across the board for any category. Similarly, export of pulses is prohibited except for chick- peas (Kabuli chana) and orga- nic pulses. — PTI Duty-free import of chana allowed till March MUMBAI: The banking sector is faced with downgrading of rating as deteriorating asset quality would put further pressure on its finances, make international operations and funding much more difficult during 2015, said the Associ- ated Chambers of Commerce and Industry of India (Assco- ham) in a report ‘Non per- forming assets: current and expected scenario’. Considering this, the re- port said, the banking sector would attract additional pro-  visioning, which would fur- ther put pressure on the profits of banks, which are al- ready under tremendous stress. “This would reduce the effective internal source of increasing capital which is even under a lot of pressure on account of the impending Basel-III guidelines and the capital adequacy ratio is ad-  versely affected,” the report said. Gross NPAs  As per the report, the gross non-performing assets (NPAs) of banks are expected to be 4.4 to 4.7 per cent for public sector banks by March, 2015, (as against 4.4 per cent as on March, 2014) and 4-4.2 per cent for the whole bank- ing sector (as against 3.9 per cent for March, 2014). The year 2013-14 saw in- cremental restructuring of Rs.1.20 lakh crore, and Asso- cham believes that the same figure would be maintained for 2014-15. “Weak asset in the banking sector is likely to be 5.7 per cent by March, 2015, as com- pared to 5.6 per cent in March, 2014, and 4.3 per cent in March, 2013, bad and res- tructured loans are expected to touch the 15 per cent mark by the end of 2014-15,” the report said.  According to the report, standard assets incremental restructuring would continue in 2014-15 and not much headway is expected in sale of assets to assert reconstruct- ion companies after the gui- delines have been changed. For reducing NPAs, Asso- cham has suggested a four- pronged strategy for early recognition of stress and re- medial action thereafter. The measures are categorised un- der ‘preventive and correc- tive Management’, it said. Deteriorating asset quality will put pressure on bank finances Special Correspondent NEW DELHI: Even as major car makers such as Maruti Suzuki and Hyundai Motor posted double-digit growth in do- mestic sales in December, the Centre’s decision not to ex- tend excise duty benefits has put the industry on the back foot.  As an interim measure to give a boost to the struggling automobile industry, the gov- ernment had announced a cut in the range of 4 to 6 per cent in excise duty on various  vehicles. Hike in prices  While most of the p layers have already announced plans to hike prices due to increasing input costs, with the concession lapsing, the quantum of price rise could be over Rs.20,000 for small cars and around Rs.40,000 for sedans. Country’s largest car mak- er Maruti Suzuki reported a 13.3 per cent year-on-year in- crease in domestic sales at 98,109 units in December 2014, while Hyundai Motor India’s sales were up 14.7 per cent at 32,504 units. Toyota Kirloskar Motor (TKM) said it sold 11,740 units last month, a growth of 10.25 per cent. “In continuation of the No-  vember upswing, we have reg- istered growth in the domestic and overall sales in December as well. This mo- mentum can be attributed to the year ending,” Toyota Kir- loskar Motor Senior Vice- President (Sales and Market- ing) N. Raja said. On the other hand, Mahin- dra & Mahindra’s vehicle sales declined by 7 per cent to 34,460 units. The company, however, reported growth of 5 per cent in sales of passen- ger vehicles, including Scor- pio, XUV 500, Xylo, Bolero and Verito. “We are happy to have achieved a growth of 5 per cent in our passenger vehicle segment in December with 2014, an immensely challeng- ing year for the auto indus- try,” M&M Chief Executive (Automotive Division and In- ternational Operations) Pra-  vin Shah said. General Motors India re- ported a 36.56 per cent de- cline in sales at 3,619 units in December. “Demand contin- ues to remain suppressed on account of high interest rates and weak economic funda- mentals. The withdrawal of excise duty benefits is also a big jolt for the automobile in- dustry,” General Motors In- dia Vice-President P. Balendran said. In the two-wheeler seg- ment, market leader Hero MotoCorp reported a margin- al rise of 0.21 per cent in sales at 5.26 lakh units in Decem- ber 2014. Chennai-based TVS Motor Company said domes- tic two-wheeler sales stood at 1.57 lakh units last month, up 18.67 per cent. Royal Enfield reported a 47.78 per cent increase in do- mestic sales in December at 28,179 units as against 19,067 units in December, 2013.  Withdrawal of excis e duty benefit will have neg ative impact Yuthika Bhargava Maruti, Hyundai post strong growth in December MUMBAI: The Reserve Bank of India on Thursday intro- duced changes in external commercial borrowings (ECB) norms under which authorised money changing banks had been allowed to create a charge on securities.  At present, the ch oice of se- curity to be provided to the overseas lender or the suppli- er for securing ECB is left to the borrower. The decision was taken “with a view to liberalising, expanding the options of se- curities and consolidating  various provisions related to creation of charge over secu- rities for ECB at one place,” the RBI said in a notification. Immediate effect The relaxations are with immediate effect. “It has been decided that AD Category-I banks may allow creation of charge on immovable assets, movable assets, financial se- curities and issue of corpo- rate and/or personal guarantees in favour of over- seas lender/security trustee, to secure the ECB to be raised/raised by the borrow- er,” it added. However, the new rules are subject to certain conditions. The underlying ECB must be in compliance with extant ECB guidelines, there should be a security clause in the loan agreement, requiring the ECB borrower to create charge, and a no objection certificate will have to be ob- tained from an existing do- mestic lender.  Additionally, AD Catego- ry-I bank may permit cre- ation of charge on immovable assets, movable assets, finan- cial securities and issue of corporate and/or personal guarantees. — PTI RBI relaxes ECB norms MUMBAI: The Reserve Bank of India on Thursday extended the deadline for submission of applications for licensing of Small Finance Banks (SFBs) and Payments Banks (PBs) to February 2, and clar- ified that a minimum capital of Rs.100 crore is must for setting up niche banking entities. “Keeping in view the diffi- culties expressed by various parties, it has been decided to extend the last date of receipt of applications to February 2,” the RBI said. The earlier deadline was January 16. The RBI had issued guide- lines for licensing for SFBs and PBs in November. Re- sponding to queries from in- dividuals and organisations relating to SBFs, the RBI said promoter (individual) of large business or industrial house cannot act as promoter him- self to form a small bank. It also said there is no such stipulation regarding the ide- al number of branches a SBF shall have to be eligible for the licence. The RBI also clarified the proposed SBFs would be ‘re- quired’ to use ‘Small Finance Bank’ in its name and the minimum paid-up capital of Rs.100 crore should be read- ily available at the time of ob- taining banking licence.  Also, after setting up of the bank, if the lender proposes to go for an IPO, prior approv- al of the RBI is necessary.  While answering questions on Payment Banks, the RBI said “there is no cap envi- saged on the number of li- cences proposed to be issued.’’ PBs are allowed to offer locker and vault facilities. It further said the balance at the close of business on any day should not exceed Rs.100,000 per individual customer in a Payment Bank. On payment of utility (like power and telephone) bills, the RBI said this was not al- lowed for Payment Banks. The Reserve Bank had re- ceived 176 and 144 queries from individuals/organisa- tions relating to Small Fi- nance Banks and Payment Banks. — PTI More time to apply for niche  bank licence MUMBAI: The Reserve Bank of India, on Thursday, cautioned investors against multi- level marketing firms that promised high returns and run on hefty member subscription fees, warning such offers could result in direct financial losses. The central bank also said accepting money under such structures was a cognizable offence under the Prize Chits and Money Circulation Schemes (Banning) Act of 1978. — Reuters Beware of MLM firms, investors told tice is followed all over the world,” said Shailesh Hari- bhakti, Chairman, DH Consultants. “Combining the positions of Chairman and Managing Director with one person is contradictory to the effective functioning of the organisa- tion as the Chairman is the custodian of governance, while the MD/CEO is the cus- todian of assets and efficiency of running of the organisa- tion. When the same person holds both positions, it leads to confusion and some time even to sacrifices. These are different roles, and so these positions must be occupied by different individuals,” Mr. Haribhakti added. The move to separate the posts would bring in more professionalism in their func- tioning, said D. S. Rawat, na- tional Secretary-General,  Associated Chambers of Commerce and Industry of India. “It looks as though the gov- ernment wants to bring in outside experts as chairmen in some of the banks, which will be a great value addition to the state-owned banks,” said Mr. Rawat. “However, it is time the re- muneration of CEOs in PSU banks is enhanced some- where near to their peers in the private sector. It cannot be that while we expect the CEO to give performance un- der challenging circumstanc- es taking into account the social obligations of these banks, but we do not pay them the commensurate sala- ries,” he added. MUMBAI: The government’s decision to bifurcate the top position at public sector banks will bring in transpar- ency and accountability, say experts. On Wednesday, the gov- ernment initiated manage- ment reforms in public sector banks by splitting the post of Chairman and Managing Di- rector in four banks and ap- pointing managing directors (MDs)/chief executive offi- cers (CEOs) in Vijaya Bank, Indian Overseas Bank, Unit- ed Bank of India and Oriental Bank of Commerce. “It is an extremely healthy move, and will improve gov- ernance. In the U.S., more than 50 per cent of enterpris- es follow this and this prac- Bifurcating top post in PSBs will  bring in transparency: experts Lalatendu Mishra NEW DELHI: Wipro Enterprises will seek nod from its mem- bers to reduce the share cap- ital to provide an exit option to non-promoter shareholders. The company, which was de-merged from flagship firm  Wipro in 2012, has called an EGM on January 13 to reduce its share capital to Rs.476.14 crore from Rs.492.32 crore. “Hence, it is proposed to satisfy the requirement of the shareholders and to give an exit opportunity to them,” the company said. — PTI  Wipro Enterprises convenes EGM

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  • 5/19/2018 13

    1/2

    CMYK

    ND-ND

    BUSINESS

    13THE HIN DU F RIDAY, J AN UARY 2 , 2 0 15NOIDA/DELHI

    BRIEFLYLIC to launchco-branded creditcard with UAE bank

    DUBAI: LIC Internationaland Abu Dhabi-based FirstGulf Bank are planning tointroduce a unique co-branded credit card in theUAE to address concerns ofinsurance policyholders.

    LIC Internationalhas over350 million policyholdersworldwide. PTI

    Airtel opens bookingsfor Redmi NoteNEW DELHI: To give a fillip toits super fast fourth-

    generation mobile services,Bharti Airtel has tied upwith Chinese handsetmaker Xiaomi to provide4G device Redmi Note at aprice of Rs.9,999 in sixcities.The operatorprovides 4G services in 16cities, but Airtel willprovide Redmi Note at 133stores across Mumbai,Bengaluru, Hyderabad,Chennai, Delhi-NCR andKolkata. PTI

    SRF acquiresDuPonts Dymelpharma propellant biz

    NEW DELHI: Diversified firmSRF, on Thursday,announced the acquisitionof U.S.-based DuPontspharmaceutical propellantbusiness under the Dymelbrand for $20 million (overRs.120 crore) in an all-cashdeal. The company hassigned a definitiveagreement with E I DuPontDe Nemours and CompanyUSA for the transaction,SRF said in a filing to theBSE. PTI

    House panel tovisit DunlopKOLKATA: TheParliamentary StandingCommittee on Commerce,headed by Rajya Sabha MPChandan Mitra, will soonpay a visit to DunlopIndias Sahaganj unit onJanuary 5 to explorerevival options.The committee will visitthe factory as part of itsfact-finding review of WestBengalss rubber and tyreindustry, Mr. Mitra toldPTI.

    Central Bank

    revises rates on

    FCNR deposits

    NEW DELHI: Central Bank ofIndia has revised theinterest rates on ForeignCurrency Non-resident(Bank) Account (FCNR-B).The new rates will beapplicable from Thursday,the bank said in a release.The bank now offersinterest of 3.82 per cent ondollar deposits, 3.5 per cent

    on pound deposits, 2.41 percent on euro deposits, 3.86per cent on Canadiandollar deposits and 4.74 percent on Australian dollardeposits (all of five-yearmaturity).These revised rates arevalid till January 31. PTI

    EXCHANGE RATES

    Indicative direct rates in rupees a unitexcept yen at 4 p.m on January 01

    Currencies TT TTBuying Selling

    U.S. Dollar 63.15 63.47Euro 76.39 76.79Pound S terling 98.20 98.71J ap Ye n (10 0 Uni ts ) 5 2. 76 5 3. 04Chinese Yuan 10.17 10.23Swiss Franc 63.47 63.80S in ga po re D ol la r 4 7. 62 4 7. 91A us tr al ia n D ol la r 5 1. 56 5 1. 86C an adi an D ol lar 5 4. 31 54 .61Swedish Kroner 8.06 8.11Danish Kroner 10.26 10.31New Ze al an d Dol la r 4 9. 33 4 9. 61Hongkong D ollar 8.14 8.18M al ay si an Ri ng it t 1 8. 06 1 8. 15K uw ai ti Din ar 21 5. 31 2 17 .14UAE Dirham 17.19 17.28B ah ra in i D in ar 1 67 .4 4 1 68 .3 6Qatari Riyal 17.40 17.41Saudi Riyal 16.88 16.89Omani Riyal 164.00 164.86

    Source: Indian Bank

    BULLION RATES

    January 01 rates in rupees withprevious rates in brackets

    ChennaiBar Si lver (1 kg) 35,965 (36,910)Retail (1 g) 38.50 (39.50)24 ct gold (10 g) 26,990 (27,180)

    2 2 c t g ol d ( 1 g ) 2 ,5 24 ( 2, 54 1)DelhiSilver 36,200 (37,000)S tandard gold 27,100 (27,200)S ov er ei gn 23 ,7 00 ( 23 ,7 00 )

    cided with somemodifications. These includeasking the small tea growersto give a declaration of theiroutput conforming to thePPC before it is sent to thefactories. This was necessaryas currently this sector ac-counts for over 30 per cent ofthe Indian tea output.

    The awareness campaign,now on among small teagrowers, would be continued,a Tea Board said.

    It may be mentioned herethat recently Greenpeace hadreleased a report allegingpresence of pesticide resid-ues in Indian tea. The Tea

    Board and industry had flayedthe report.

    The PPF, evolved by TeaBoard, has detailed the chem-icals that can be used in teaplantations making some ex-ceptions for South India. Itsaid that chemical use shouldbe restricted not only in teaestates, but also near waterbodies, wildlife habitats andhuman dwelling to check con-tamination.

    PPF covers insecticides,fungicides, herbicides and biopesticides. Tea Board notedthat in spite of using PPFs,the tea industry loses nearly30 per cent of its crop due topests, weeds and diseases.The tea research institutes,which were engaged in thePPF exercise, have ensuredthat their recommendationscomply with food safety stan-dards as stipulated by theFood Safety & Standards Au-thority of India.

    KOLKATA: Plant ProtectionCode (PPC), a set of guide-lines for regulating the chem-ical inputs in tea cultivation,was rolled out on January 1,2015. The aim is to make Indi-an tea a safe and healthydrink.

    The PPC is a comprehen-sive document, which dealswith safe usage of crop pro-tection products and metho-dologies that would befollowed to reduce pesticideresidues in tea.

    The code encourages teagrowers to critically reviewtheir plant protection formu-lations (PPF), which are a listof chemicals that are used intea. The code is based on theCodex Alimentarius, which isa set of international foodstandards and guidelines.

    Tea Board Chairman Sidd-harth said a roll-out was de-

    Plant Protection Code rolls outto make tea a safer beverageIndrani Dutta

    The document dealswith safe usage ofcrop protectionproducts andmethodologies

    MUMBAI: The benchmarkSensex on Thursday endedwith a marginal gain of about8 points at 27507.54 in thefirst trading session of theNew Year in lacklustre trade.

    Traders said direction-lessinvestors confined their com-mitments to select stocks,having strong fundamentalsamid most Asian financialmarkets remaining closed.On Wednesday, marketsclosed higher for the fourthstraight day and wrapped up2014 with the best annualgain in five years.

    Telecom, auto, infrastruc-ture and metal sector stockssaw some activity onThursday.

    After a lower start at27485.77, the 30-share BSESensex slipped further to27395.34. However, losseswere wiped off on the back of

    gains in select blue-chips to-wards the fag-end.The Sensex closed at

    27507.54 after touching ahigh of 27545.61.

    Bharti Airtel counteremerged the top gaineramong Sensex stocks by surg-ing 2.86 per cent after thetelecom regulator recom-mended base price forRs.2,720 crore/megahertz for3G mobile spectrum.

    The 50-share Nifty on the

    National Stock Exchangeedged up by 1.30 points to8284 after moving between8294.70 and 8248.75intra-day.

    Meanwhile, foreign portfo-lio investors bought sharesworth Rs.481.08 crore onWednesday.

    Among auto stocks, MarutiSuzuki gained after it report-ed a 20.8 per cent increase intotal sales in December. Oth-er auto stocks such as M&M,

    Bajaj Auto, Hero MotoCorpand Tata Motors also endedin positive terrain. In metalspace, Sesa Sterlite was up2.34 per cent. PTI

    Sensex flat on Day One of New Year

    Stock brokers hope the bull run will extendin 2015 PHOTO: VIVEK BENDRE

    MUMBAI: The Indian rupeewas off to a bad start in thenew year as it suffered theworst single-day drop inover two weeks on Thurs-day by falling 32 paise toend at 63.35 against thedollar.

    Demand for the green-back from banks and im-porters and little supportfrom local share market,where benchmark indicesended almost flat, led to ru-pee snapping a two-session

    uptrend. The dollar gainedstrength overseas againstmost peers on speculationthat U.S. Federal Reservewill raise rates by the mid-dle of this year, said forextraders.

    On Wednesday, the ru-pee had gained 35 paiseagainst the greenback butlost ground on an annualbasis for the fourth year ina row. In the previous twosessions, the rupee hadgained 64 paise. PTI

    Rupee tumblesconstruction and infrastruc-ture sector.

    Major and secondary pro-ducers such as SAIL, RINL,JSW, JSPL and Monnet Ispathave started adding capacity.

    City-headquartered Rash-triya Ispat Nigam Ltd., thecorporate entity of the Visak-hapatnam Steel Plant, isramping up new units underits 6.3-million tonne expan-sion project at a cost ofRs.12,500 crore. When con-tacted on threat of imports,RINL Director (Commercial)

    T. K. Chand underlined theneed for cost reduction andquality.

    He told The Hindu that2015 may prove to be a yearof turnaround for the steel in-dustry with business senti-ment firming up, and thegovernment going ahead withits growth agenda. He saidthe industry might be de-cou-pled from the global trend ofslowdown, and was likely toregister growth in tandemwith GDP growth.Twenty in-dustrial clusters such as Ben-

    galuru-Mumbai as well asVizag-Chennai, seven indus-trial cities and 100 smart ci-ties are expected to accelerategrowth in manufacturing.The rural market is also look-ing up for long producers.

    It is estimated that around17 million tonnes of addition-al capacity are likely to beadded in the next 2-3 years,around five million tonnes onan average a year in longproducts as against the earli-er average of maximum twomillion tonnes a year.

    VISAKHAPATNAM: The steel in-dustry, hit by slowdown inthe last couple of years, is ex-pecting to bounce back in2015.

    The industry is boggeddown due to cyclone Hudhudmainly in the second-half of2014.

    Besides, the industry isfaced with surging Chineseimports and sluggish domes-tic demand due to excess sup-ply and slowdown in the

    Steel units expect turnaroundSantosh Patnaik

    NEW DELHI: The governmenthas extended duty-free im-port of chana, also known asgram or chickpeas, till March-end in view of fall in sowingarea under the crop.

    The Finance Ministry hasextended the zero duty re-gime for chana although theAgriculture Ministry waspushing for a 10-per cent dutyin view of declining chanaprices, which have fallen evenbelow the minimum supportprice of Rs.3,100 a quintal insome parts of the country.

    In a notification, the Cen-tral Board of Excise and Cus-toms (CBEC) said it hadextended the zero customsduty on chickpeas (gram) upto March 31.

    The zero duty on importedchana was valid tillWednesday.

    At p resent, pulses are im-ported at zero duty across theboard for any category.

    Similarly, export of pulsesis prohibited except for chick-peas (Kabuli chana) and orga-nic pulses. PTI

    Duty-freeimport ofchana allowedtill March

    MUMBAI: The banking sector isfaced with downgrading ofrating as deteriorating assetquality would put furtherpressure on its finances, makeinternational operations andfunding much more difficultduring 2015, said the Associ-ated Chambers of Commerceand Industry of India (Assco-ham) in a report Non per-forming assets: current andexpected scenario.

    Considering this, the re-port said, the banking sector

    would attract additional pro-visioning, which would fur-ther put pressure on theprofits of banks, which are al-ready under tremendousstress. This would reducethe effective internal sourceof increasing capital which is

    even under a lot of pressureon account of the impendingBasel-III guidelines and thecapital adequacy ratio is ad-versely affected, the reportsaid.

    Gross NPAs

    As per the report, the grossnon-performing assets(NPAs) of banks are expectedto be 4.4 to 4.7 per cent forpublic sector banks by March,2015, (as against 4.4 per centas on March, 2014) and 4-4.2per cent for the whole bank-ing sector (as against 3.9 per

    cent for March, 2014).The year 2013-14 saw in-cremental restructuring ofRs.1.20 lakh crore, and Asso-cham believes that the samefigure would be maintainedfor 2014-15.

    Weak asset in the banking

    sector is likely to be 5.7 percent by March, 2015, as com-pared to 5.6 per cent inMarch, 2014, and 4.3 per centin March, 2013, bad and res-tructured loans are expectedto touch the 15 per cent markby the end of 2014-15, thereport said.

    According to the report,standard assets incrementalrestructuring would continuein 2014-15 and not muchheadway is expected in sale ofassets to assert reconstruct-ion companies after the gui-delines have been changed.

    For reducing NPAs, Asso-cham has suggested a four-pronged strategy for earlyrecognition of stress and re-medial action thereafter. Themeasures are categorised un-der preventive and correc-tive Management, it said.

    Deteriorating asset quality willput pressure on bank financesSpecial Correspondent

    NEW DELHI: Even as major carmakers such as Maruti Suzukiand Hyundai Motor posteddouble-digit growth in do-mestic sales in December, theCentres decision not to ex-tend excise duty benefits hasput the industry on the backfoot.

    As an interim measure togive a boost to the strugglingautomobile industry, the gov-ernment had announced a cutin the range of 4 to 6 per centin excise duty on variousvehicles.

    Hike in prices

    While most of the p layershave already announcedplans to hike prices due toincreasing input costs, withthe concession lapsing, thequantum of price rise couldbe over Rs.20,000 for smallcars and around Rs.40,000for sedans.

    Countrys largest car mak-er Maruti Suzuki reported a13.3 per cent year-on-year in-crease in domestic sales at

    98,109 units in December2014, while Hyundai MotorIndias sales were up 14.7 percent at 32,504 units. ToyotaKirloskar Motor (TKM) said

    it sold 11,740 units lastmonth, a growth of 10.25 percent.

    In continuation of the No-vember upswing, we have reg-istered growth in the

    domestic and overall sales inDecember as well. This mo-mentum can be attributed tothe year ending, Toyota Kir-loskar Motor Senior Vice-

    President (Sales and Market-ing) N. Raja said.

    On the other hand, Mahin-dra & Mahindras vehiclesales declined by 7 per cent to34,460 units. The company,

    however, reported growth of5 per cent in sales of passen-ger vehicles, including Scor-pio, XUV 500, Xylo, Boleroand Verito.

    We are happy to haveachieved a growth of 5 per

    cent in our passenger vehiclesegment in December with2014, an immensely challeng-ing year for the auto indus-try, M&M Chief Executive(Automotive Division and In-ternational Operations) Pra-vin Shah said.

    General Motors India re-ported a 36.56 per cent de-cline in sales at 3,619 units inDecember. Demand contin-ues to remain suppressed onaccount of high interest ratesand weak economic funda-mentals. The withdrawal ofexcise duty benefits is also abig jolt for the automobile in-dustry, General Motors In-dia Vice-President P.Balendran said.

    In the two-wheeler seg-ment, market leader HeroMotoCorp reported a margin-al rise of 0.21 per cent in salesat 5.26 lakh units in Decem-ber 2014. Chennai-based TVSMotor Company said domes-tic two-wheeler sales stood at1.57 lakh units last month, up18.67 per cent.

    Royal Enfield reported a47.78 per cent increase in do-mestic sales in December at28,179 units as against 19,067units in December, 2013.

    Withdrawal of excise duty benefit will have negative impact

    Yuthika Bhargava

    Maruti, Hyundai post stronggrowth in December MUMBAI: The Reserve Bank of

    India on Thursday intro-duced changes in externalcommercial borrowings(ECB) norms under whichauthorised money changingbanks had been allowed to

    create a charge on securities.At present, the choice of se-

    curity to be provided to theoverseas lender or the suppli-er for securing ECB is left to

    the borrower.The decision was taken

    with a view to liberalising,expanding the options of se-curities and consolidatingvarious provisions related tocreation of charge over secu-

    rities for ECB at one place,the RBI said in a notification.

    Immediate effect

    The relaxations are withimmediate effect. It has beendecided that AD Category-Ibanks may allow creation ofcharge on immovable assets,movable assets, financial se-curities and issue of corpo-rate and/or personalguarantees in favour of over-seas lender/security trustee,to secure the ECB to beraised/raised by the borrow-er, it added.

    However, the new rules aresubject to certain conditions.

    The underlying ECB mustbe in compliance with extantECB guidelines, there shouldbe a security clause in theloan agreement, requiring theECB borrower to createcharge, and a no objectioncertificate will have to be ob-tained from an existing do-mestic lender.

    Additionally, AD Catego-ry-I bank may permit cre-

    ation of charge on immovableassets, movable assets, finan-cial securities and issue ofcorporate and/or personalguarantees. PTI

    RBI relaxesECB norms

    MUMBAI: The Reserve Bank ofIndia on Thursday extendedthe deadline for submissionof applications for licensingof Small Finance Banks(SFBs) and Payments Banks(PBs) to February 2, and clar-ified that a minimum capitalof Rs.100 crore is must for

    setting up niche bankingentities.

    Keeping in view the diffi-culties expressed by variousparties, it has been decided toextend the last date of receiptof applications to February2, the RBI said.

    The earlier deadline wasJanuary 16.

    The RBI had issued guide-lines for licensing for SFBsand PBs in November. Re-sponding to queries from in-dividuals and organisationsrelating to SBFs, the RBI saidpromoter (individual) of largebusiness or industrial housecannot act as promoter him-self to form a small bank.

    It also said there is no suchstipulation regarding the ide-al number of branches a SBFshall have to be eligible forthe licence.

    The RBI also clarified theproposed SBFs would be re-quired to use Small FinanceBank in its name and theminimum paid-up capital ofRs.100 crore should be read-

    ily available at the time of ob-taining banking licence.

    Also, after setting up of thebank, if the lender proposesto go for an IPO, prior approv-al of the RBI is necessary.

    While answering questionson Payment Banks, the RBIsaid there is no cap envi-saged on the number of li-cences proposed to beissued.

    PBs are allowed to offerlocker and vault facilities.

    It further said the balanceat the close of business on anyday should not exceedRs.100,000 per individualcustomer in a Payment Bank.

    On payment of utility (likepower and telephone) bills,the RBI said this was not al-lowed for Payment Banks.

    The Reserve Bank had re-ceived 176 and 144 queriesfrom individuals/organisa-tions relating to Small Fi-nance Banks and PaymentBanks. PTI

    More time toapply for niche

    bank licence

    MUMBAI: The ReserveBank of India, onThursday, cautionedinvestors against multi-level marketing firmsthat promised highreturns and run onhefty membersubscription fees,warning such offerscould result in directfinancial losses.

    The central bank alsosaid accepting moneyunder such structureswas a cognizableoffence under the Prize

    Chits and MoneyCirculation Schemes(Banning) Act of 1978. Reuters

    Beware of

    MLM firms,

    investors told

    tice is followed all over theworld, said Shailesh Hari-bhakti, Chairman, DHConsultants.

    Combining the positionsof Chairman and ManagingDirector with one person iscontradictory to the effectivefunctioning of the organisa-tion as the Chairman is thecustodian of governance,while the MD/CEO is the cus-todian of assets and efficiencyof running of the organisa-tion. When the same personholds both positions, it leadsto confusion and some time

    even to sacrifices. These aredifferent roles, and so thesepositions must be occupiedby different individuals, Mr.Haribhakti added.

    The move to separate theposts would bring in moreprofessionalism in their func-

    tioning, said D. S. Rawat, na-tional Secretary-General,Associated Chambers ofCommerce and Industry ofIndia.

    It looks as though the gov-ernment wants to bring inoutside experts as chairmenin some of the banks, whichwill be a great value additionto the state-owned banks,said Mr. Rawat.

    However, it is time the re-muneration of CEOs in PSUbanks is enhanced some-where near to their peers inthe private sector. It cannot

    be that while we expect theCEO to give performance un-der challenging circumstanc-es taking into account thesocial obligations of thesebanks, but we do not paythem the commensurate sala-ries, he added.

    MUMBAI: The governmentsdecision to bifurcate the topposition at public sectorbanks will bring in transpar-ency and accountability, sayexperts.

    On Wednesday, the gov-ernment initiated manage-ment reforms in public sectorbanks by splitting the post ofChairman and Managing Di-rector in four banks and ap-pointing managing directors(MDs)/chief executive offi-cers (CEOs) in Vijaya Bank,

    Indian Overseas Bank, Unit-ed Bank of India and OrientalBank of Commerce.

    It is an extremely healthymove, and will improve gov-ernance. In the U.S., morethan 50 per cent of enterpris-es follow this and this prac-

    Bifurcating top post in PSBs will

    bring in transparency: expertsLalatendu Mishra

    NEW DELHI: Wipro Enterpriseswill seek nod from its mem-bers to reduce the share cap-ital to provide an exit optionto non-promotershareholders.

    The company, which wasde-merged from flagship firmWipro in 2012, has called anEGM on January 13 to reduceits share capital to Rs.476.14crore from Rs.492.32 crore.

    Hence, it is proposed tosatisfy the requirement of theshareholders and to give anexit opportunity to them,the company said. PTI

    WiproEnterprisesconvenes EGM

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