Govt gets electronics mfg proposals worth Rs 15,000 cr

The govt has also given an in-principle approval for setting up of 10 electronics clusters and plans to invest Rs 5000 crore on them via PPP.

The government had got electronics manufacturing proposals worth Rs 15,000 crore, from companies like Panasonic , Continental, Bosch , Samsung, Motherson Sumi , Sonic and Tata Power , sources  tell CNBC-TV18.

The government has been seeing interest in automotive electronics, consumer appliances and strategic electronics and is learnt to have received fifty-plus proposals since launch of Digital India.

It has also given an in-principle approval for setting up of 10 electronics clusters and plans to invest Rs 5000 crore on them via PPP.

Panasonic App stock price

On December 04, 2014, Panasonic Appliances India Company closed at Rs 249.15, up Rs 11.85, or 4.99 percent. The 52-week high of the share was Rs 286.90 and the 52-week low was Rs 47.05.

The latest book value of the company is Rs 7.87 per share. At current value, the price-to-book value of the company was 31.66.

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Vistara may take-off at the start of New Year: CEO

Since the Indian civil aviation was downgraded in January and the review will take place soon, Vistara had to make some changes in its certification process.

The joint venture between Tata Sons and Singapore Airlines, Vistara's take-off has been delayed. Speaking to CNBC-TV18, the CEO of the airline, Phee Teik Yeoh, said the launch could happen at the start of the New Year.

According to Yeoh, there have been changes in the plan as the Directorate General of Civil Aviation (DGCA) will soon be undergoing the Federal Aviation Administration (FAA) review.

Since the Indian civil aviation was downgraded in January and the review will be taking place very soon, Vistara had to make some changes in its certification process.

But the airline isn't disappointed. "While it was a setback to us, at the end of the day we would like to see the civil aviation get its rating restored. So, we duly comply with the changes and have made all the changes we have submitted and it has been accepted. Now we are just waiting for the final hurdle," added Yeoh.

Vistara is hopeful of getting a flying permit very soon. The company is finely tuning its plans and is hopeful of sharing its launching plan with the nation very soon.

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Indians: The top e-consumers

According to an A.T. Kearney study Indians are spending more and more time on the internet and the increasing hours spent on social networking have a direct link with online purchase decisions.

It is data that could further enthuse investors about the yet-to-be profitable e-commerce space in India. According to an A.T. Kearney study Indians are spending more and more time on the internet and the increasing hours spent on social networking have a direct link with online purchase decisions. Zahra khan and Pavni Mittal give us more details.

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Woodland expanding its footprint in India

It has seen several economic cycles, competition, and ever changing customer tastes and after two decades of being around in the market, Woodland India seems just as excited about the future as it was when it started out.

It has seen several economic cycles, competition, and ever changing customer tastes and after two decades of being around in the market, Woodland India seems just as excited about the future as it was when it started out. With the economic mood lifting across the country, the outdoor apparel and shoe maker is strapping up to make the most of improving customer sentiment. Zahra khan and Farah Bookwala Vhora give us more details.

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Select panel on insurance bill to submit report by Dec 11

The long pending insurance bill got its biggest boost in recent times with Congress coming on board and supporting the bill. The select panel on insurance bill met today for clause by clause discussion on the crucial legislation. The panel is likely to submit its report on December 10 or 11, reports, CNBC-TV18's Rituparna Bhuyan.

The long pending insurance bill got its biggest boost in recent times with Congress coming on board and supporting the bill. The select panel on insurance bill met today for clause by clause discussion on the crucial legislation. The panel is likely to submit its report on December 10 or 11, reports, CNBC-TV18's Rituparna Bhuyan.

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Sahara's bid to sell Bank of China's loan faces Sebi hurdle

Even as the Supreme Court grants its nod for sale of Sahara's domestic properties, the market regulator has thrown the spanner in the works with respect to Sahara's plans of raising funds through a fresh loan of Rs 3700 crore. Sebi hit out at the Parivar for resorting to complex transactions.

Even as the Supreme Court grants its nod for sale of Sahara's domestic properties, the market regulator has thrown the spanner in the works with respect to Sahara's plans of raising funds through a fresh loan of Rs 3700 crore. Sebi hit out at the Parivar for resorting to complex transactions and for not raising money through sale of overseas hotels, reports CNBC-TV18's Ashmit Kumar.

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Bank unions on relay strike from tomorrow after talks fail

The decision came after talks at a conciliation meeting called by the Deputy Chief Labour Commissioner of Mumbai, the Indian Banking Association (IBA) and the United Forum of Banking Unions (UFBU) failed.

Banking services are likely to be affected for the next four days as employees of PSU banks plan to go on a zone-wise relay strike beginning with Southern region tomorrow, after wage revision talks failed here today.

The decision came after talks at a conciliation meeting called by the Deputy Chief Labour Commissioner of Mumbai, the Indian Banking Association (IBA) and the United Forum of Banking Unions (UFBU) failed. The UFBU represents about five workmen unions and four officers' associations.

Accordingly, the first phase of the relay strike would be held in Southern India tomorrow (December 2), followed by Northern India on December 3, Eastern India on December 4 and Western India on December 5.

"The government and the IBA want us to call off our strike and then participate in negotiations, which is not acceptable to us," UFBU's convener for Maharashtra Vishwas Utagi said.

"They are not serious about wage revisions and so we are going ahead with our relay strike," Utagi, who is also senior vice-president of the All India Bank Employees' Association said.

Bank unions, which have demanded an immediate wage revision, had observed a national one-day strike on November 12.

Besides wage revision, bank unions have also demanded a reduction in the number of working days of employees to five days from six days as well as regulated working hours for officers.

Banking sector wages and service conditions are governed by industry-level bipartite settlements signed between the IBA and unions.

The last bipartite settlement was signed on April 27, 2010 and was valid from November 1, 2007 to October 31, 2012. All banks which gave mandate to the IBA to negotiate on their behalf are parties to the settlement.

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Diamler bets big on India

Mercedes Benz has just completed two decades in India this year but the truck manufacturing division is just getting started. Daimler India commercial vehicles has entered its third year of operations and its Bharat Benz brand, has already become the third largest truck brand in the country.

Mercedes Benz has just completed two decades in India this year but the truck manufacturing division is just getting started. Daimler India commercial vehicles has entered its third year of operations and its Bharat Benz brand, has already become the third largest truck brand in the country. CNBC-TV18's Dearton Thomas Hector visits the massive plant near Chennai to find out what has made this possible.

Watch video for more...

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CIL execs seek PM intervention for performance related pay

Coal India executives have sought Prime Minister Narendra Modi's intervention for implementation of performance related pay (PRP) for nearly 19,000 officers of the world's largest miner.

Coal India  executives have sought Prime Minister Narendra Modi's intervention for implementation of performance related pay (PRP) for nearly 19,000 officers of the world's largest miner.

The issue has been pending for long despite a high-level panel recommending its implementation. Executives in March had called off a three-day strike after the first day as they received assurances from CIL management in this regard.

"We solicit your intervention with a high hope considering your reputation and image all over the world for fast and timely decision making so that a genuine case which unfortunately got so delayed does not suffer any more," Coal Mines Officers' Association of India (CMOAI) said in a letter to the Prime Minister.

CMOAI Secretary General P K Singh said PRP is a part of pay implemented since January 1, 2007 and has been paid to all executives of other entitled PSUs, barring Coal India (CIL).

"The Committee of Secretaries (CoS) has recommended the PRP proposal of CIL on March 12, but it was kept pending due to code of conduct during Parliamentary election.

"After the formation of new government, a Cabinet note placed by the Ministry of Coal for final approval is still pending," Singh said in the letter.

Despite categorical assurance by CIL Chairman on March 13 after consultation with Coal Ministry that final approval of the Cabinet will be obtained with 2-6 weeks, the issue is yet to be resolved even after eight months, he added.

"75 percent of the payable amount has been paid to CIL executives for four years in 2012 but due to non-finalisation of the same, it is getting deducted from the retired/widows of deceased executives which is highly inhuman and painful," the letter said. 

Earlier, the Coal Ministry had sought comments from various ministries, including Finance, on the draft Cabinet note for implementation of PRP of CIL employees. 

The government had earlier floated a draft note to seek the approval of the Cabinet for permitting loss-making and marginally profit-making subsidiaries of CIL to adopt 2007 pay revision as an exception to the prescribed affordability clause and payment of performance related pay to the executives of all subsidiaries of CIL.

Coal India stock price

On November 28, 2014, Coal India closed at Rs 354.75, up Rs 5.55, or 1.59 percent. The 52-week high of the share was Rs 423.85 and the 52-week low was Rs 240.50.

The company's trailing 12-month (TTM) EPS was at Rs 21.06 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 16.84. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 13.62.

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No green nod needed for coal blocks to be auctioned in Feb

The 74 coal mines, which the government plans to auction to specific end-users in the first phase of bidding on February 11, will not require any green clearances, a top official has said. 

The auction will be for the private sector, while state-owned companies will get mines via allotment.

The 74 blocks to be auctioned are from 204 mines whose allocations were quashed terming their allotment as "arbitrary and illegal" by the Supreme Court.

"In these 74 blocks, the clearances that have been given in the past shall pass on to the new allotees. The Ministry of Environment and Forests is working out a formulation. But in principle they have agreed that there would not be any requirement for fresh clearances," Coal Secretary Anil Swarup told PTI an interview.

"Land acquisition is not an issue for these blocks, nor environment clearances," he added.

The government had last week announced auctioning and allotment of 74 blocks-- 42 blocks, which are already into production and another 32 which are ready for production -- in the first phase of bidding.

These blocks have a potential to produce 210 million tonnes of coal. 

Asked about the remaining 130 mines, Swarup said the focus as of now is on the blocks, which were already producing or ready for production, and the matters related to the remaining blocks would be taken up later as "there are many other things to be done. So there is no urgency in that". 

To a question when the government intends to allow commercial mining, Swarup said: "The government is first considering these 74 coal blocks. Thereafter, a view will be taken on whether or when or how commercial mining will happen."

The government had also announced that it is considering auctioning or allotting more than 74 blocks in the first phase as it wants enough number of coal mines available to power firms.

It is in the process of finalising the exact number of additional mines on the basis of the nature of the blocks. The government had already made it clear that the number of mines a company can bid will be capped to avoid monopoly. 

The e-auction of coal blocks will have a two-stage tender process of technical and financial bids.

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