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Thursday, July 28, 2016

PM to hold NITI Aayog meeting to give shape to 15-year vision document
Prime Minister Narendra Modi will chair a meeting of NITI Aayog today to give concrete shape to 15-year vision document for accelerating all round development of the country. "During the meeting, NITI Aayog will make a presentation to the Prime Minister on the progress made so far on the vision document," a senior official said. Modi, the Chairman of NITI Aayog, will also take stock of the economy and progress over various government programmes which are monitored by the official think tank. The meeting will be attended by NITI Aayog Vice-Chairman Arvind Panagariya and other members.
Stalled 241 infra projects cause cost overrun of Rs 1.6 lakh cr
As many as 241 infrastructure projects including those delayed due to land acquisition, forest clearances and other reasons, have led to cost overrun of Rs 1.59 lakh crore, as per official data. The Statistics Ministry monitored 1,076 infrastructure projects, each worth Rs 150 crore or more across sectors such as power, railways and roads in May, 2016. It said that out of the 1,076 projects, 4 projects are ahead of schedule, 252 are on schedule, 330 are delayed, 241 projects reported cost overrun and 70 projects reported both time and cost overrun with respect to their original project implementation schedules.

HDFC plans to raise Rs 35,000 cr via NCDs
Housing Development Finance Corporation (HDFC) yesterday said it will raise Rs 35,000 crore through private placement. In a regulatory filing, HDFC said the board of directors has granted its approval for issuance of secured redeemable non-convertible debentures (NCDs) aggregating Rs 35,000 crore on a private placement basis under a Shelf Disclosure Document. HDFC, yesterday reported a 26.86% increase in consolidated net profit at Rs 2,796.92 crore, helped by receipts from stake sale in its general insurance arm. Its consolidated net profit during the April-June quarter of the previous fiscal stood at Rs 2,204.29 crore.

NAREDCO seeks easy bank finance for realtors
With real estate developers facing a liquidity crisis, realtors' body NAREDCO yesterday said banks should change their outlook towards the sector and be liberal in financing builders. National Real Estate Development Council (NAREDCO) also demanded that density and FAR (floor-area ratio) norms should be changed to boost housing supply. "Banks should change their outlook towards this sector. High risk weightage has been given to real estate by RBI," NAREDCO Chairman Rajeev Talwar told reporters.

Govt drops plan for Rs 17.5k-cr funds for telecom R&D, mfg
Government has dropped a proposal to create three funds worth Rs 17,500 crore for promoting production of telecom equipments in the country as it can be covered under the Electronic Development Fund, Parliament was informed yesterday. "Since the EDF (Electronic Development Fund) would also take care of R&D and manufacturing of telecom products, the proposal to set up three separate funds was dropped," Telecom Minister Manoj Sinha said in a written reply to the Lok Sabha.

CAMS Chairman V Balaraman Institute Chair launched at IIT Madras
IIT Madras launched an “Institute Chair” in its Department of Mechanical Engineering. The Chair has been established in the name of Mr. Venkataratnam Balaraman.  Balaraman, currently the Chairman of Computer Age Management Services (CAMS), India’s premium Mutual Fund service partner, is a manager par excellence with a long and distinguished career as the Managing Director, Pond’s India Limited and thereafter as Director, Hindustan Unilever Limited. Mr Balaraman, is a graduate in Mechanical Engineering from the prestigious College of Engineering, Guindy, affliated to the Anna University and a post graduate in Business management (PGDM) from IIM Ahmedabad.

Maruti to launch LCV Super Carry in India next month
Country's largest car maker Maruti Suzuki India (MSI) will start selling its first Light Commercial Vehicle (LCV) under the Super Carry brand priced up to Rs 4.11 lakh from the end of next month, marking its foray into the segment in the domestic market. Initially, the vehicle will be sold in three cities – Ahmedabad, Kolkata and Ludhiana - priced at Rs 4.03 lakh, Rs 4.11 lakh and Rs 4.01 lakh respectively, MSI said in a statement. "Super Carry is designed and developed on basis of detailed research and understanding of customer requirements. We are confident Super Carry will enhance the profitability of our customers," MSI Executive Director (Marketing & Sales), R S Kalsi said.

Central Bank of India provides barricades to RPF
Central Bank of India provided barricades to the Railway Police Force,Central Railway, Mumbai in a function organized in the Bank.
Sachin A. Bhalode, Senior Divisional Security  Commissioner of Railway  Police Force, Mumbai receiving  the barricades from K.K.Taneja, Field General Manager & P.J. Kumar, GM, CCD  of the bank. Seen along with him are KVS Rao, Dy. Zonal Manager and S.S. Batra, AGM of the bank.

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