Saturday, 18 March 2017
Wednesday, 15 February 2017
Bolt, Biles win Laureus Sportsperson of the year award
Monaco, Feb 15, 2017, PTI:
Sprint king Usain Bolt pipped the likes of Cristiano Ronaldo and LeBron James to win the 'Sportsman of the Year' trophy for the record-equalling fourth time while gymnast Simone Biles clinched the top honour in the women's category at the Laureus World Awards here.
They are the little and large of sport – while Bolt stands 1.95 metres, Biles measures just 1.45 metres – but they were both giants at the Rio Olympics and enjoyed an ecstatic welcome as they received their statuettes here, the birthplace of the first ever Laureus awards 17 years ago.
Bolt, who won this award in 2009, 2010 and 2013, walked away with the ‘Oscar of Sports’ for the fourth time, joining tennis legends Roger Federer and Serena Williams, and surfer Kelly Slater as four-time Laureus award winner.
Bolt received his award from legendary Michael Johnson, who urged him not to break other people’s records.To which Bolt responded by saying, "I am sorry to have broken your record."
"Thanks for the wonderful award. Laureus is one of the biggest awards for me. This is my 4th award and to be equalling it with someone like Roger Federer is great. I am in great company. It is special," he added.
Olympic gymnastics champion Biles notched up the ‘Sportswoman of the Year’ trophy, courtesy her brilliant show at the Rio Games, where she finished with four golds and a bronze.
"Wow! I am speechless, it’s an honour to receive this award from Prince Albert and Nadia Comaneci who I looked up to for so many years. This award isn’t only for me but also for all the other nominees in my category. We went through everything to be where we are, we have achieved so much, so thank you so much," said Biles.
The most decorated Olympian of all-time, Michael Phelps bagged the ‘Comeback of the Year’ award after returning to the swimming pool and scooping five more gold medals.
After the 2012 Olympics, Phelps retired from swimming but came out of the retirement and subsequently at the Rio Games last year, he bagged as many as five gold medals and a silver. "Looking back at my career today, I can say that Rio was my greatest race," said Phelps.
Formula One champion Nico Rosberg claimed the Breakthrough of the year award. He ended runner-up in 2014 and 2015 but finally won the title last year. Rosberg said that the last two laps in Abu Dhabi were the most sensational moments in his racing career.
"I am really happy to have won the ‘Oscar of Sports’. The last two laps in Abu Dhabi, I didn’t know if my life’s dream was coming true. That stands second behind my wife giving birth to our girl," said Rosberg after winning the award.
In other categories, Italy’s Beatrice Vio, the only quadruple amputee in international wheelchair fencing, clinched the disability award, while the Olympic refugee team, led by Tegla Loroupe, won the Laureus Sport for Good award for sporting inspiration at the function, which was hosted by Hollywood star Hugh Grant.
The powerful surf therapy programme “Waves for Change” bagged the Sports for Good award. The South Africa based project used sport for vulnerable young adults growing up in the country’s most violent communities.
The world’s greatest downhill mountain biker Rachel Atherton won the Action Sportsperson of the year, while Leicester City bagged a special Laureus Spirit of Sport ward to mark their remarkable achievement by winning English football’s premier league.
Another historic team performance was Chicago Cubs’ first Major League Baseball World Series victory for 108 years. This feat won them Laureus Team of the year award. The winners were chosen by members of the Laureus World Sports Academy.
For the first time ever, sports fans had a chance to make their voices heard in a brand new Best Sporting Moment of the Year Award and that honour went to Barcelone Under-12 team.
They are the little and large of sport – while Bolt stands 1.95 metres, Biles measures just 1.45 metres – but they were both giants at the Rio Olympics and enjoyed an ecstatic welcome as they received their statuettes here, the birthplace of the first ever Laureus awards 17 years ago.
Bolt, who won this award in 2009, 2010 and 2013, walked away with the ‘Oscar of Sports’ for the fourth time, joining tennis legends Roger Federer and Serena Williams, and surfer Kelly Slater as four-time Laureus award winner.
Bolt received his award from legendary Michael Johnson, who urged him not to break other people’s records.To which Bolt responded by saying, "I am sorry to have broken your record."
"Thanks for the wonderful award. Laureus is one of the biggest awards for me. This is my 4th award and to be equalling it with someone like Roger Federer is great. I am in great company. It is special," he added.
Olympic gymnastics champion Biles notched up the ‘Sportswoman of the Year’ trophy, courtesy her brilliant show at the Rio Games, where she finished with four golds and a bronze.
"Wow! I am speechless, it’s an honour to receive this award from Prince Albert and Nadia Comaneci who I looked up to for so many years. This award isn’t only for me but also for all the other nominees in my category. We went through everything to be where we are, we have achieved so much, so thank you so much," said Biles.
The most decorated Olympian of all-time, Michael Phelps bagged the ‘Comeback of the Year’ award after returning to the swimming pool and scooping five more gold medals.
After the 2012 Olympics, Phelps retired from swimming but came out of the retirement and subsequently at the Rio Games last year, he bagged as many as five gold medals and a silver. "Looking back at my career today, I can say that Rio was my greatest race," said Phelps.
Formula One champion Nico Rosberg claimed the Breakthrough of the year award. He ended runner-up in 2014 and 2015 but finally won the title last year. Rosberg said that the last two laps in Abu Dhabi were the most sensational moments in his racing career.
"I am really happy to have won the ‘Oscar of Sports’. The last two laps in Abu Dhabi, I didn’t know if my life’s dream was coming true. That stands second behind my wife giving birth to our girl," said Rosberg after winning the award.
In other categories, Italy’s Beatrice Vio, the only quadruple amputee in international wheelchair fencing, clinched the disability award, while the Olympic refugee team, led by Tegla Loroupe, won the Laureus Sport for Good award for sporting inspiration at the function, which was hosted by Hollywood star Hugh Grant.
The powerful surf therapy programme “Waves for Change” bagged the Sports for Good award. The South Africa based project used sport for vulnerable young adults growing up in the country’s most violent communities.
The world’s greatest downhill mountain biker Rachel Atherton won the Action Sportsperson of the year, while Leicester City bagged a special Laureus Spirit of Sport ward to mark their remarkable achievement by winning English football’s premier league.
Another historic team performance was Chicago Cubs’ first Major League Baseball World Series victory for 108 years. This feat won them Laureus Team of the year award. The winners were chosen by members of the Laureus World Sports Academy.
For the first time ever, sports fans had a chance to make their voices heard in a brand new Best Sporting Moment of the Year Award and that honour went to Barcelone Under-12 team.
Starc will challenge Kohli throughout the series: Hussey
New Delhi, Feb 15, 2017 (PTI)
It will take a "collective bowling effort" from Australia to counter the Virat Kohli phenomenon but former batsman Mike Hussey believes that Mitchell Starc with his abilities will pose some serious challenge for the Indian captain throughout the Test series.
Kohli recently eclipsed Sir Don Bradman's world record scoring four double hundreds in four successive Test series.
"I think Starc is a brilliant bowler for the sub-continental conditions. He bowls at a genuine pace, can swing the new ball and is an excellent exponent of reverse swing. I am sure he will challenge Kohli throughout the series. It will, however, take a collective effort to stop Kohli, who has been phenomenal of late," Hussey told PTI in an exclusive interview.
Asked about the kind of challenges that Steve Smith will face, Hussey said that despite Indians being champion players of spin bowling, the Australian captain need to be patient with spinners Nathan Lyon and Steve O'Keefe.
"He has experience of playing in India, which is important both in Tests and at the IPL. I feel he needs to show a lot of faith and patience with his spinners and get the field right, with a nice balance of attacking and defending," observed Hussey, a veteran of 79 Test matches.
David Warner has been in form of his life, pretty similar to Kohli's purple patch but Hussey reckons that it will be a different challenge on very different tracks that both Warner as well skipper Smith will enjoy.
"There is always a lot of pressure on Warner and Steve Smith to score big runs for Australia. The good thing is that they are both very hungry for runs and love batting. India will be a huge challenge for both players but I am sure they are very determined to have an impact on the series."
Known as 'Mr Cricket' for his consistency, Hussey is happy with the kind of preparation that the Aussies have undertaken in Dubai but is keen to watch how much of it translates into performances.
"This tour of India has been a big focus for Cricket Australia for some time now and the preparation has been meticulous. Whether that transcends into performance on the field remains to be seen but the preparation has certainly been thorough," he said.
Australia is only playing one warm-up game, a three-day match against India A in the build up to their first Test against the hosts starting February 23 in Pune.
"I would have perhaps like to have seen a few more warm up matches in India to cap off the preparations."
For Hussey, a clear cut plan against Ravichandran Ashwin and Ravindra Jadeja is a must for the Aussie batsmen. Having played alongside the duo in CSK, Hussey would like to believe that simulating sub-continental conditions in Dubai will be good enough.
"Well it's going to have to be. Each batsman must have very clear plans on how they want to play both spinners and then execute that plan in the middle. It will be tough as they are both very effective bowlers in Indian conditions. Ashwin obviously understands the home conditions really well and knows how to utilise them. Similarly, Lyon probably has a better record in Australia for the same reasons."
For rookies like Matt Renshaw or Peter Handscomb (he has played in IPL for Supergiants) playing their first Test series, Hussey has one simple tip -- devise ways to get off strike quickly.
"Back your defence and have ways to get off strike. Be prepared to work very hard for long, long periods of time."
Under Kohli, India have started playing on better tracks of late with none of the pitches during the five-match series against England showing prodigious turn.
"Definitely, but India are a high quality team particularly at home and it will be a huge challenge for our team, but as long as they are prepared to play tough Test cricket for long, long periods of time then I think we have a chance."
Kohli recently eclipsed Sir Don Bradman's world record scoring four double hundreds in four successive Test series.
"I think Starc is a brilliant bowler for the sub-continental conditions. He bowls at a genuine pace, can swing the new ball and is an excellent exponent of reverse swing. I am sure he will challenge Kohli throughout the series. It will, however, take a collective effort to stop Kohli, who has been phenomenal of late," Hussey told PTI in an exclusive interview.
Asked about the kind of challenges that Steve Smith will face, Hussey said that despite Indians being champion players of spin bowling, the Australian captain need to be patient with spinners Nathan Lyon and Steve O'Keefe.
"He has experience of playing in India, which is important both in Tests and at the IPL. I feel he needs to show a lot of faith and patience with his spinners and get the field right, with a nice balance of attacking and defending," observed Hussey, a veteran of 79 Test matches.
David Warner has been in form of his life, pretty similar to Kohli's purple patch but Hussey reckons that it will be a different challenge on very different tracks that both Warner as well skipper Smith will enjoy.
"There is always a lot of pressure on Warner and Steve Smith to score big runs for Australia. The good thing is that they are both very hungry for runs and love batting. India will be a huge challenge for both players but I am sure they are very determined to have an impact on the series."
Known as 'Mr Cricket' for his consistency, Hussey is happy with the kind of preparation that the Aussies have undertaken in Dubai but is keen to watch how much of it translates into performances.
"This tour of India has been a big focus for Cricket Australia for some time now and the preparation has been meticulous. Whether that transcends into performance on the field remains to be seen but the preparation has certainly been thorough," he said.
Australia is only playing one warm-up game, a three-day match against India A in the build up to their first Test against the hosts starting February 23 in Pune.
"I would have perhaps like to have seen a few more warm up matches in India to cap off the preparations."
For Hussey, a clear cut plan against Ravichandran Ashwin and Ravindra Jadeja is a must for the Aussie batsmen. Having played alongside the duo in CSK, Hussey would like to believe that simulating sub-continental conditions in Dubai will be good enough.
"Well it's going to have to be. Each batsman must have very clear plans on how they want to play both spinners and then execute that plan in the middle. It will be tough as they are both very effective bowlers in Indian conditions. Ashwin obviously understands the home conditions really well and knows how to utilise them. Similarly, Lyon probably has a better record in Australia for the same reasons."
For rookies like Matt Renshaw or Peter Handscomb (he has played in IPL for Supergiants) playing their first Test series, Hussey has one simple tip -- devise ways to get off strike quickly.
"Back your defence and have ways to get off strike. Be prepared to work very hard for long, long periods of time."
Under Kohli, India have started playing on better tracks of late with none of the pitches during the five-match series against England showing prodigious turn.
"Definitely, but India are a high quality team particularly at home and it will be a huge challenge for our team, but as long as they are prepared to play tough Test cricket for long, long periods of time then I think we have a chance."
Sensex tanks 184 pts on earnings pain, Fed stance
Mumbai, Feb 15, 2017, PTI
Disappointing corporate earnings weighed on equities for the second straight session today, sending benchmark Sensex tumbling 184 points to a two-week closing low of 28,155, while hawkish comments from US Fed chair Janet Yellen heightened capital outflow fears.
Auto, realty and pharma counters took a big hit. Profit- booking by retail investors dragged small-cap and mid-cap indices lower by 1.52 per cent and 1.16 per cent, respectively.
On the global front, concerns of capital outflows from emerging economies, including India, intensified after Yellen said the Fed will probably need to raise interest rates at its upcoming meet in March.
After opening lower, the BSE Sensex bounced back briefly to hit a high of 28,382.32 on rebound in select stocks.
The gauge finally settled 183.75 points or 0.65 per cent lower at 28,155.56, its lowest closing since February 1 when it had ended at 28,141.64.
It had shed 12.31 points in the previous session.The NSE Nifty ended 67.60 points or 0.77 per cent down at 8,724.70. Intra-day, it moved between 8,712.85 and 8,807.90.
"Markets traded with losses as worries heightened over capital outflows from emerging economies, including India, after Yellen spoke in support of an interest rate hike next month," said Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 6.45 crore yesterday, as per provisional data released by the stock exchanges.
Tata Motors was the worst performer on the Sensex, plummeting 10.32 per cent to Rs 436.55 after the company yesterday reported a steep 96.22 per cent decline in consolidated net profit for the December quarter.
Sun Pharma too lost 4.25 per cent to Rs 622.50 on sustained selling after the company posted a 4.72 per cent decline in consolidated net profit for the third quarter of 2016-17.
Other Asian markets ended higher, tracking another record closing at the US stock markets.
Hong Kong's Hang Seng led the pack by rising 1.23 per cent, while Japan's Nikkei rose 1 per cent. Shanghai Composite Index shed 0.15 per cent.
Europe too was higher in early trading, with London's FTSE climbing 0.4 per cent and Paris 0.3 per cent and Frankfurt gaining.
Of the 30-share Sensex pack, 18 scrips ended lower while the remaining 12 firmed up.
Besides Tata Motors and Sun Pharma, losers included Tata Steel (2.57 per cent), Adani Ports (2.09 per cent), Hero MotoCorp (1.99 per cent), ICICI Bank (1.49 per cent), Maruti (1.32 per cent), Dr Reddy's (1.27 per cent), NTPC (1.08 per cent) and Bharti Airtel (0.99 per cent).
However, ITC rose by 0.96 per cent, followed by TCS (0.53 per cent), HDFC Bank (0.49 per cent), Bajaj Auto (0.38 per cent), Asian Paints (0.34 per cent) and Power Grid (0.32 per cent).
Among BSE sectoral indices, Realty fell 3.53 per cent, Industrials 3.10 per cent, Auto 3.03 per cent, Healthcare 1.90 per cent, Consumer Durables 1.61 per cent, Metal 1.35 per cent, Power 1.30 per cent, Telecom 1.15 per cent, Capital Goods 1.12 per cent and Oil and Gas 1.05 per cent.
FMCG was the sole gainer, rising 0.08 per cent.Market breadth remained negative as 2,147 stocks ended lower, 688 closed higher while 150 ruled steady.
Total turnover on BSE amounted to Rs 3,412.57 crore, higher than Rs 2,694.12 crore registered during the previous trading session.
Auto, realty and pharma counters took a big hit. Profit- booking by retail investors dragged small-cap and mid-cap indices lower by 1.52 per cent and 1.16 per cent, respectively.
On the global front, concerns of capital outflows from emerging economies, including India, intensified after Yellen said the Fed will probably need to raise interest rates at its upcoming meet in March.
After opening lower, the BSE Sensex bounced back briefly to hit a high of 28,382.32 on rebound in select stocks.
The gauge finally settled 183.75 points or 0.65 per cent lower at 28,155.56, its lowest closing since February 1 when it had ended at 28,141.64.
It had shed 12.31 points in the previous session.The NSE Nifty ended 67.60 points or 0.77 per cent down at 8,724.70. Intra-day, it moved between 8,712.85 and 8,807.90.
"Markets traded with losses as worries heightened over capital outflows from emerging economies, including India, after Yellen spoke in support of an interest rate hike next month," said Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 6.45 crore yesterday, as per provisional data released by the stock exchanges.
Tata Motors was the worst performer on the Sensex, plummeting 10.32 per cent to Rs 436.55 after the company yesterday reported a steep 96.22 per cent decline in consolidated net profit for the December quarter.
Sun Pharma too lost 4.25 per cent to Rs 622.50 on sustained selling after the company posted a 4.72 per cent decline in consolidated net profit for the third quarter of 2016-17.
Other Asian markets ended higher, tracking another record closing at the US stock markets.
Hong Kong's Hang Seng led the pack by rising 1.23 per cent, while Japan's Nikkei rose 1 per cent. Shanghai Composite Index shed 0.15 per cent.
Europe too was higher in early trading, with London's FTSE climbing 0.4 per cent and Paris 0.3 per cent and Frankfurt gaining.
Of the 30-share Sensex pack, 18 scrips ended lower while the remaining 12 firmed up.
Besides Tata Motors and Sun Pharma, losers included Tata Steel (2.57 per cent), Adani Ports (2.09 per cent), Hero MotoCorp (1.99 per cent), ICICI Bank (1.49 per cent), Maruti (1.32 per cent), Dr Reddy's (1.27 per cent), NTPC (1.08 per cent) and Bharti Airtel (0.99 per cent).
However, ITC rose by 0.96 per cent, followed by TCS (0.53 per cent), HDFC Bank (0.49 per cent), Bajaj Auto (0.38 per cent), Asian Paints (0.34 per cent) and Power Grid (0.32 per cent).
Among BSE sectoral indices, Realty fell 3.53 per cent, Industrials 3.10 per cent, Auto 3.03 per cent, Healthcare 1.90 per cent, Consumer Durables 1.61 per cent, Metal 1.35 per cent, Power 1.30 per cent, Telecom 1.15 per cent, Capital Goods 1.12 per cent and Oil and Gas 1.05 per cent.
FMCG was the sole gainer, rising 0.08 per cent.Market breadth remained negative as 2,147 stocks ended lower, 688 closed higher while 150 ruled steady.
Total turnover on BSE amounted to Rs 3,412.57 crore, higher than Rs 2,694.12 crore registered during the previous trading session.
E-commerce expected to touch USD 50-55 billion by 2021: Study
Mumbai, Feb 15, 2017, PTI:
E-commerce market is expected to be at USD 50-55 billion by 2021 from the current USD 6-8 billion, according to a recent report.
The report by Retailers Association of India and Boston Consulting Group revealed that on decoding the digital opportunity sectors that could see maximum e-commerce penetration would be consumer electronics, apparel, homeware and furniture, luxury, health, FMCG and food and grocery.
By 2025, consumer electronics would see maximum penetration of e-commerce between 38-42 per cent compared to 13-15 per cent currently, while food and grocery could see the least growth with 1-3 per cent of e-commerce penetration from under 1 per cent currently, the report noted.
In the last three years alone digital buying has increased from 3 per cent in 2013, to 23 per cent in 2016. The overall digital influence on consumers has increased from 9 per cent to 30 per cent during the same period.
The report notes that convenience has overtaken discounts as a key driver for buying online. From 40 per cent in 2014, the report notes that more than 55 per cent purchase online due to convenience.
The digital purchasing has been catalysed by progress in infrastructure, including falling smartphone prices, reducing data charges, and rising smartphone penetration.
"Smartphone penetration has increased from 3 per cent to 30 per cent in the past five years. Besides, the prices fell by up to 50 per cent between 2011 and 2015," it said.
The report also noted that digital adoption by a user base over 35 years of age is much higher in the past two years alone.
E-commerce adoption has increased 3.8 times from 4 per cent to 15 per cent in the over-35 age group between 2014 and 2016, it said. Similarly, social media adoption has increased 2.9 times from 8 per cent to 23 per cent in the same time period.
The report further noted that in order for companies to take advantage of the current digital wave, they will have to digitise their core business, to unlock significant value.
Besides, consumer engagement, integrating all the channels of sale from website and mobile to in-store, and collaborating with marketplaces is key, the report noted.
The report by Retailers Association of India and Boston Consulting Group revealed that on decoding the digital opportunity sectors that could see maximum e-commerce penetration would be consumer electronics, apparel, homeware and furniture, luxury, health, FMCG and food and grocery.
By 2025, consumer electronics would see maximum penetration of e-commerce between 38-42 per cent compared to 13-15 per cent currently, while food and grocery could see the least growth with 1-3 per cent of e-commerce penetration from under 1 per cent currently, the report noted.
In the last three years alone digital buying has increased from 3 per cent in 2013, to 23 per cent in 2016. The overall digital influence on consumers has increased from 9 per cent to 30 per cent during the same period.
The report notes that convenience has overtaken discounts as a key driver for buying online. From 40 per cent in 2014, the report notes that more than 55 per cent purchase online due to convenience.
The digital purchasing has been catalysed by progress in infrastructure, including falling smartphone prices, reducing data charges, and rising smartphone penetration.
"Smartphone penetration has increased from 3 per cent to 30 per cent in the past five years. Besides, the prices fell by up to 50 per cent between 2011 and 2015," it said.
The report also noted that digital adoption by a user base over 35 years of age is much higher in the past two years alone.
E-commerce adoption has increased 3.8 times from 4 per cent to 15 per cent in the over-35 age group between 2014 and 2016, it said. Similarly, social media adoption has increased 2.9 times from 8 per cent to 23 per cent in the same time period.
The report further noted that in order for companies to take advantage of the current digital wave, they will have to digitise their core business, to unlock significant value.
Besides, consumer engagement, integrating all the channels of sale from website and mobile to in-store, and collaborating with marketplaces is key, the report noted.
India, UAE trade to hit USD 100 billion by 2020: CII
Dubai, Feb 15, 2017 (PTI)
Trade between India and the UAE is set to hit USD 100 billion by 2020, up from the current USD 60 billion, the Confederation of Indian Industry has said.
"This is evident in the growing interest by the Indian companies towards the Middle East markets and in particular the UAE and efforts made by the Ministry of Commerce & Industry and CII to further strengthen the trade and investment ties," Confederation of Indian Industry (CII) said in a statement released here.
Currently, the trade between Indian and the UAE is estimated around USD 60 billion, it said.
The statement was issued on the sidelines of the Middle East Electricity Exhibition where about 50 leading Indian companies are participating.
The exhibition, which opened here yesterday, displayed a wide variety of electrical products and instruments ranging from cables to conductors, capacitors, transformers and switchgear products.
CII together with Ministry of Commerce & Industry, Government of India has arranged to showcase Indian industry participation at the event.
Hosted by the UAE Ministry of Energy and based in Dubai, Middle East Electricity is the largest international trade event for the power industry, covering the generation, transmission and distribution of electricity, the renewable and nuclear energy sectors and the lighting industry.
The various initiatives taken by the Government of India and the announcements made in the recent Budget 2017 shall certainly enhance industries competitiveness in the country and in particular the MSMEs, the statement said.
"The step towards reducing the corporate tax rate for small companies will have a positive impact on the viability of around 97 per cent (67 lakh) businesses in India. As the MSMEs become more viable and sustainable, the overall attractiveness of the small businesses will increase leading to the positive orientation and entrepreneurship in the country is bound to grow," CII said.
"This is evident in the growing interest by the Indian companies towards the Middle East markets and in particular the UAE and efforts made by the Ministry of Commerce & Industry and CII to further strengthen the trade and investment ties," Confederation of Indian Industry (CII) said in a statement released here.
Currently, the trade between Indian and the UAE is estimated around USD 60 billion, it said.
The statement was issued on the sidelines of the Middle East Electricity Exhibition where about 50 leading Indian companies are participating.
The exhibition, which opened here yesterday, displayed a wide variety of electrical products and instruments ranging from cables to conductors, capacitors, transformers and switchgear products.
CII together with Ministry of Commerce & Industry, Government of India has arranged to showcase Indian industry participation at the event.
Hosted by the UAE Ministry of Energy and based in Dubai, Middle East Electricity is the largest international trade event for the power industry, covering the generation, transmission and distribution of electricity, the renewable and nuclear energy sectors and the lighting industry.
The various initiatives taken by the Government of India and the announcements made in the recent Budget 2017 shall certainly enhance industries competitiveness in the country and in particular the MSMEs, the statement said.
"The step towards reducing the corporate tax rate for small companies will have a positive impact on the viability of around 97 per cent (67 lakh) businesses in India. As the MSMEs become more viable and sustainable, the overall attractiveness of the small businesses will increase leading to the positive orientation and entrepreneurship in the country is bound to grow," CII said.
HAL to invest about Rs 17,500 cr over 5 to 6 years
Bengaluru, Feb 15, 2017 (PTI)
Hindustan Aeronautics Ltd today said its overall investment over the next five to six years is expected to be about Rs 17,500 crore, and it may go for loans from banks soon to fund its projects.
The company also said it has contributed over Rs 5000 crore to the government exchequer through the buyback option.
"...we will be happy if we get more funds, but we will present the case. Not waiting for two or three years till CCS sanctions to meet the current expectations and requirements, we are funding from our own reserves," HAL Chairman and Managing Director T Suvarna Raju told reporters.
Responding to a question at the Aero India 2017 air show here, he said "you may watch during the month of March, maybe we are going to take loan from the banks for our projects."
"Overall expected investment as of now, approximately is Rs 17,500 crore, spread over five to six years," he added.
On disinvestment activity of the company based on the government approval of 10 per cent of the shareholding in 2013, Raju said progress has been made in this regard with the identification of Book Running Lead Managers and preparation of draft red herring prospectus. Necessary documents are in place.
"...10 per cent of the equity capital that is 3.615 crore of equity at the face value of Rs 10 would be considered for the IPO, the valuation will be done by the BRLMS and the other financial experts. We are awaiting for the valuations from them," a senior company official added.
Responding to a question about when the company will be filing red herring prospectus with SEBI, Raju said by the end of this financial year.
Raju also said the option of buyback of 25 per cent of share capital and reserves of the company has been executed through which the company has contributed over Rs 5000 crore to the government exchequer.
"During 2015-16 twelve crore five lakh shares have been offered for buyback amounting to Rs 4,284 crore apart from Rs 981 crore as buyback plan, in all amounting to Rs 5,265 crore. This is what we have paid back to the government by offering 25 per cent of the equity capital," a company official said.
Speaking about the financial performance of the company for 2015-16, Raju said it recorded the highest ever turnover of Rs 16,736 crore and registered a growth of 7.14 per cent compared with the previous year.
He said the profit before tax of the company for the year was Rs 3288 crore, adding, against the target turnover of Rs 17,100 crore at the end of January 2017, the company has achieved sales of Rs 10,086 crore with a healthy profit of Rs 1,621 crore.
The company also said it has contributed over Rs 5000 crore to the government exchequer through the buyback option.
"...we will be happy if we get more funds, but we will present the case. Not waiting for two or three years till CCS sanctions to meet the current expectations and requirements, we are funding from our own reserves," HAL Chairman and Managing Director T Suvarna Raju told reporters.
Responding to a question at the Aero India 2017 air show here, he said "you may watch during the month of March, maybe we are going to take loan from the banks for our projects."
"Overall expected investment as of now, approximately is Rs 17,500 crore, spread over five to six years," he added.
On disinvestment activity of the company based on the government approval of 10 per cent of the shareholding in 2013, Raju said progress has been made in this regard with the identification of Book Running Lead Managers and preparation of draft red herring prospectus. Necessary documents are in place.
"...10 per cent of the equity capital that is 3.615 crore of equity at the face value of Rs 10 would be considered for the IPO, the valuation will be done by the BRLMS and the other financial experts. We are awaiting for the valuations from them," a senior company official added.
Responding to a question about when the company will be filing red herring prospectus with SEBI, Raju said by the end of this financial year.
Raju also said the option of buyback of 25 per cent of share capital and reserves of the company has been executed through which the company has contributed over Rs 5000 crore to the government exchequer.
"During 2015-16 twelve crore five lakh shares have been offered for buyback amounting to Rs 4,284 crore apart from Rs 981 crore as buyback plan, in all amounting to Rs 5,265 crore. This is what we have paid back to the government by offering 25 per cent of the equity capital," a company official said.
Speaking about the financial performance of the company for 2015-16, Raju said it recorded the highest ever turnover of Rs 16,736 crore and registered a growth of 7.14 per cent compared with the previous year.
He said the profit before tax of the company for the year was Rs 3288 crore, adding, against the target turnover of Rs 17,100 crore at the end of January 2017, the company has achieved sales of Rs 10,086 crore with a healthy profit of Rs 1,621 crore.
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