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Thursday, April 12, 2018

Mutual Funds see redemptions of Rs 50,000-cr in March
Mutual funds witnessed huge redemptions of over Rs 50,000 crore by investors in March on strong outflow from liquid and debt funds,  according to industry body Amfi. Besides, MF schemes saw a net inflow of Rs 2.72 lakh crore in 2017-18, much lower than Rs 3.4 lakh crore seen in the previous financial year. Net inflows into equity MFs slumped to 20-month low of Rs 2,954 crore last month. "Every year, March month high outflow is a routine phenomenon," Bajaj Capital Senior V-P and National Head-Mutual Funds Anjaneya Gautam said. "It happens due to high redemptions in liquid funds by big corporates for year closing. Like the trend of many years, even this year also, more than 90% of the redemptions for the March month is in liquid funds. These funds generally come back in the month of April, as per the trend,” he added.

Digital transformation to add $154 bln to India's GDP by 2021: Microsoft
Digital transformation in the country is expected to contribute about USD 154 billion to India's GDP by 2021, tech giant Microsoft yesterday said. The study by Microsoft and IDC, titled “Unlocking the economic impact of digital transformation in Asia Pacific", said there has been a dramatic acceleration in the pace of digital transformation across India and Asia-Pacific economies. "In 2017, about 4% of India's GDP was derived from digital products and services created directly through the use of digital technologies like mobility, cloud, internet of things (IoT), and artificial intelligence (AI)," Microsoft India President Anant Maheshwari told reporters here.

Ashok Leyland gung-ho about defence biz
Hinduja Group flagship Ashok Leyland was "gung ho" about its defence business and would focus only on mobility of defence products, a top official said yesterday. The city-based heavy commercial vehicle maker has showcased six advanced products and technology solutions at the DefExpo organised by Ministry of Defence at Thiruvadanthai about 40kms from here. "We are gung ho about our defence business. We are going to focus only on mobility. That means we will not manufacture submarines, missiles. You know, we have been the largest provider in transportation (business)," Ashok Leyland, Managing Director, Vinod K Dasari told reporters.

EsselWorld unveils TUNNEL TWISTER
One of the largest & leading amusement parks in the country, EsselWorld has launched India’s First roller coaster ride with virtual reality on 5th April, 2018. The Virtual Reality (VR) Coaster Ride – Tunnel Twister was unveiled by Mr. Shirish Deshpande, CEO – Essel World & Water Kingdom and the well-known Bollywood actor Kartik Aryan. Shirish Deshpande, CEO EsselWorld Leisure Pvt. Ltd, said, “This incredible technology is a definite game-changer for our amusement park rides. It represents everything our brand stands for - delivering the most thrilling and innovative rides and attractions for the family. This roller coaster gives immersive and authentic VR experience to our guests.”

Govt relaxes rules for Coal India to ease CBM extraction
The Cabinet yesterday relaxed rules for state-owned Coal India Ltd for extraction of natural gas lying below coal seams in its blocks in a bid to quickly boost production. Till now, Coal India Ltd had to apply to oil ministry for a licence to extract coal-bed methane (CBM) from its coal blocks. Now, the world's largest coal producer does not need such a permission. The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved an amendment to the November 2015 regulations issued by the Ministry of Petroleum & Natural Gas under Section 12 of the Oil Fields (Regulation and Development) Act, 1948 (ORD Act, 1948). "Due to this amendment relaxation is granted under the Petroleum & Natural Gas Rules 1959 (PNG Rules, 1959), to Coal India Ltd (CIL) and its subsidiaries for not applying for grant of licence/lease under the PNG Rules, 1959 for extraction of CBM under their Coal Bearing Areas," an official statement said.

Office space leasing up 25% at 10.8 mn sq ft in Jan-Mar : CBRE
Office space leasing rose by 25% during January-March in top eight cities to 10.8 million sq ft compared to year-ago period on increased demand from corporates, bucking the trend of low absorption in the first quarter, property consultant CBRE said yesterday. During January-March quarter of 2017, office space leasing stood at 8.6 million sq ft in eight cities -- NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune, Kolkata and Kochi. In its latest report for January-March quarter of 2018, CBRE said that close to 11 million sq ft of space take-up was recorded - a 25% increase from Q1 2017. This is a departure from the norm as the first quarter of the year usually witnesses subdued activity because corporates are still finalising their business strategies". Office leasing activity across India's top 8 markets was at an all-time high in the first quarter of the year.

Mahindra Powerol forays into gas genset segment
Mahindra Powerol, a unit of the Mahindra Group, yesterday forayed into the gas genset vertical with the launch of a CNG/NG powered product priced at Rs 9.5 lakh. The company, which is already selling diesel-powered gensets, plans to sell the new range through its own channel of 200 dealers across the country. "We are targeting telecom, retail, housing societies besides rental segment. Operating cost of our product is 45% less than a diesel genset and is environment friendly," Mahindra Powerol and Spares Business President Hemant Sikka told PTI.

WhatsApp scouts for India head
Messaging app WhatsApp is scouting for a full-time hire to lead its operations in India, its largest market globally. The individual will lead the company's operations in India, "including products for people and businesses along with our interest in peer to peer payments," a job advertisement on WhatsApp's website. WhatsApp has over one billion users globally. India is the largest market for the company with over 200 million monthly active users as of February 2017. "This is a senior leadership position that requires product experience as well as a track record of success leading partnerships and business development in India. This leader will need to build a close partnership with product and engineering teams to influence direction and to effectively represent WhatsApp's long term strategy," it added.

IEX, JEPX tie up to explore opportunities in electricity market
Indian Energy Exchange (IEX) and Japan Electric Power Exchange (JEPX) have tied up to jointly explore opportunities for a cooperation in electricity market. The scope of a memorandum of understanding (MoU) includes opportunities for training to augment the electricity trading through competitive market platforms by organising knowledge sharing programmes, an IEX statement said.

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