Reliance Retail to turn hypermarkets into wholesale stores

NEW DELHI: Mukesh Ambani's Reliance Retail is converting some of its big hypermarkets into wholesale cash-and-carry stores, in an apparent sign of modern retail's inability to effectively take on neighbourhood stores in India.

The Reliance Mart hypermarket in Bhopal's Aashima Mall is currently under renovation and getting refitted to be reopened in February in a new avatar, as a cash-and-carry store.

This 44,000-sq-ft hypermarket is among Reliance's big-box stores, including one in Ludhiana and another in Aurangabad, that are being converted into cash-and-carry formats.




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SMS to be accepted soon by govt departments as official document

NEW DELHI: People may soon be able to use SMS communication with government departments as a documentary proof while utilising citizen-services for making payments, registrations and various other schemes.

The Centre today launched a platform with about 241 applications for the public after completing pilot project of mobile governance with about 100 departments and testing proof of concepts.

The applications relate to services covering areas such as Right to Information (RTI), health, Aadhaar, education, directory services and so on.


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From Rs 250 to Rs 2,700 crore, R K Sinha's SIS is the first Indian MNC in security

As one of the seven children born in a Patna-based family of limited means, I had a hard time growing up. So, in 1971, while pursuing a degree in political science, I picked a part-time job as a trainee reporter at a publication called Searchlight, in an attempt to supplement the family income. As part of my job, I had to cover the Indo-Pak conflict, and in the process, stayed with the Bihar Regiment at a border post. This is where I made friends with the army personnel, who helped breathe life into my entrepreneurial venture—Security and Intelligence Services (SIS)—two years on.

Before this, I had to complete my graduation and file stories as a full-time reporter with Searchlight. In 1973, deeply influenced by Jayprakash Narayan and his political activism, I openly advocated his ideas. As a result, I got into trouble with the company management and was asked to resign. As part of the severance package, I was given two months' salary, which came to around Rs 250. I had no idea what to do, but then a friend, who was in the construction business, informed me that he was looking for former armymen to guard his project site. When I told him that I knew some soldiers who would be able to help, he suggested that I form a company and handle all such work for him.

Recognising the potential of the idea, I leased a small garage in Patna with my severance pay and set up SIS in February 1974 when I was 23 years old. The next step was to scout for manpower. I met my contacts in the Bihar Regiment and took the details of retired personnel. I got in touch with them and convinced them to join my venture.

In those days, private security agencies were unheard of, and since these people were idle after retirement, they agreed to work with me. I employed 14 ex-army men as private security guards and met my friend's requirement, for which he paid me nearly Rs 400 per person, per month.


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UN mission: The place where Devyani Khobragade has been shifted to

The Indian diplomat Devyani Khobragade who was strip-searched after her arrest in New York City on visa charges has been transferred to India's mission to the United Nations, her lawyer and a former colleague said.Clt is unclear how such a move might affect Devyani Khobragade's immunity from prosecution. A UN spokesman, however, said the world body had not received the necessary transfer request for her as of Wednesday evening.ick through to take a look at the building.

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Handcuffed and strip-searched, I broke down several times: Devyani Khobragade

NEW DELHI: US authorities subjected Devyani Khobragade to treatment reserved for hardened criminals. On Tuesday the government was spurred into action by an email she wrote to her IFS colleagues. She was not just handcuffed but subjected to strip-search, DNA swabbing and cavity searches, she wrote.

On Tuesday, the IFS Officers' Association met to ramp up pressure on the government to consider further retaliatory action if Washington did not offer an unconditional apology.

In her email, Khobragade implored the government to ensure her and her children's safety and preserve the dignity of the IFS, which was "unquestionably under siege". She said she broke down several times but tried to maintain her dignity and composure as she was representing her country.

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Bigg Boss 7: Armaan Kohli arrested for 'assaulting' contestant Sofia Hayat

MUMBAI: Actor Armaan Kohli was arrested tonight for allegedly assaulting British-Pakistani actress Sofia Hayat during their stay at a Lonavala-based bungalow for the shooting of reality show 'Bigg Boss'.

Kohli was picked up from the Bigg Boss house by Lonavala city police in connection with the complaint registered against him by Hayat, police said.

On December 11, Hayat, who was recently evicted from 'Bigg Boss 7', had filed an FIR against Kohli at Santacruz police station here alleging that she was manhandled and subjected to unparliamentary language by him inside the 'Bigg Boss' house.      

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Consensus exists over Rahul Gandhi as Prime Ministerial candidate

NEW DELHI: Congress has "consensus" over the leadership of Rahul Gandhi as its Prime Ministerial candidate, a party spokesperson said today amid speculation that he may be anointed as the party nominee at the AICC meeting being held here on Jan 17.

"Right now Congress party wishes that Rahul is projected as PM candidate....If this announcement is made, we all will be very happy. Right now there is a consensus in the party on his leadership....Today we feel people are looking at a face," party spokesperson Priya Dutt told reporters at the AICC briefing.

She was replying to a question as to who is the candidate of the party for Prime Ministership, especially of the younger generation at a time when BJP has rooted for Narendra Modi.

To another question whether Rahul is the panacea for all ills facing the party, she said, "We should not think of anything as a remedy.

"I do not agree....We have never mentioned anything like this," she said when told that the party had earlier spoken of a third term for Prime Minister Manmohan Singh.

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Suzanne Roshan finally speaks out about her split from Hrithik Roshan

Sussanne, Bollywood actor Hrithik Roshan's wife of 13 years, Saturday said their separation is based on their "individual choices". But, they will continue to care for each other and for their two sons.

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AAP to organise 'broom yatra' in Gujarat over corruption issue

AHMEDABAD: The Aam Aadmi Party (AAP) said that as part of its 2014 Lok Sabha election campaign, it will launch a "broom yatra" in Gujarat to "expose state government's corruption".

"The broom yatra will be launched on January 26. During the yatra, we will expose the Gujarat government's corrupt practices. We aim to clean the political filth in the state," member of AAP national executive committee, Dinesh Vaghela said.

The decision to organise the yatra was taken during AAP's two-day state executive meet, which ended here yesterday.

Vaghela said that before the results for Assembly polls were declared, there were 5,000 active AAP members.

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1984 anti-Sikh riots: US court asks Sonia Gandhi to respond to lawsuit

NEW YORK: A US federal court here has given Congress President Sonia Gandhi time till January 2 to respond to charges of "shielding, protecting and rewarding" the perpetrators of the 1984 anti-Sikh riots.

The court's direction came after rights group Sikhs for Justice (SFJ) filed an amended class action complaint early this month against Gandhi, with specific instances of impunity and promotions for Congress leaders and police officials who were allegedly involved in attacks on the Sikh community in November 1984 following the assassination of Prime Minister Indira Gandhi.

SFJ claimed that it served a summons issued by the court on staff of New York's Sloan-Kettering Hospital where Gandhi reportedly underwent a checkup in September.

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India Inc raised $1.93 billion from abroad in October: RBI data

MUMBAI: Indian companies raised $1.93 billion from overseas markets in October through external commercial borrowings and foreign currency convertible bonds, according to RBI data.

In September, the domestic firms had raised $3.35 billion from abroad.

As many as 52 Indian companies raised money from external sources in October, of which $719.52 million was raised through automatic route for which no approval is required from the Reserve Bank of India (RBI) or the government. While, 12 firms raised a total of $1.21 billion through approval route.

Under the approval route, Bharat Petroleum CorporationBSE -1.26 % raised $500 million for working capital requirement, Tata ChemicalsBSE -1.23 % and Tata Sons raised $190 million and $150 million respectively for refinancing of earlier external commercial borrowings (ECB).


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Losses on diesel sales climb to Rs 10.48 a litre

NEW DELHI: Losses on diesel sales have climbed to Rs 10.48 per litre after international oil rates inched up, the Oil Ministry said today.

Under-recovery or revenue loss on diesel has risen to Rs 10.48 per litre from Rs 9.99 a litre in the first fortnight of December, an official statement said here.

This followed marginal increase in gas oil rates in the international markets and rupee value falling from Rs 61.78 to a US dollar to Rs 62.13.

Oil firms calculate the desired retail selling price of diesel on 1st and 16th of every month based on average international oil rate and the foreign exchange rate of the preceding fortnight.

"Oil marketing companies (OMCs), effective December 16, are now incurring combined daily under-recovery of about Rs 434 crore on the sale of diesel, PDS kerosene and domestic LPG. This is slightly more than Rs 429 crore daily under-recoveries during previous fortnight effective beginning December 1," the statement

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Datawind enters into low-cost smartphone segment

Low-cost Aakash tablet maker Datawind made a foray into touch-screen smartphone segment with the launch of three handsets at a price starting from Rs 3,499, which are equipped with its patented mobile internet technology


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Krispy Kreme opens first doughnut retail outlet in Delhi

NEW DELHI: US doughnuts major Krispy Kreme on Saturday opened its first retail outlet in the national capital, taking the total number of outlets in the country to nine.

Krispy Kreme entered the India market in January this year and has eight franchised stores in Bangalore.

The 76-year-old multinational will sell its doughnutss in north India through franchisee Bedrock Foods Pvt Ltd.

"To cater to vegetarian consumers in India, we will be selling eggless doughnuts," Krispy Kreme Doughnut Corp President (International) Jeffrey B. Welch told PTI.

"India presents a great opportunity for brands like ours as the country's consumer growth is expected to rise driven by demographics, urbanisation, higher disposable incomes and aspiring younger generation," he said.

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Tata Group to inject Rs 4,000 crore into Tata Teleservices

MUMBAI: The Tata Group is investing around Rs 4,000 crore in two tranches in its telecom arm Tata Teleservices, said four people aware of the matter, after banks said they could not renew loans for Tata Tele until the company's annual losses were funded.

The investment is likely to be through a convertible loan instrument the exact terms of which are yet to be finalised. The group will invest Rs 2,500 crore now and Rs 1,500 crore in a few months, said one of the people.

The investment isn't meant to fund spending on the impending airwave auction to be conducted by the government, he said.



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Microsoft turns to Bollywood to spruce up Apps store

MUMBAI: Microsoft, beaten badly in the global mobile apps race by Apple and Google, is trying to cover some lost ground, at least in India. To make its mobile Apps store richer with local content, the American software giant is turning towards Bollywood.

A game based on the upcoming action movie Dhoom 3 starring Aamir Khan and Abhishek Bachchan was downloaded nearly a million times on Microsoft's MS platform before it was launched on Apple's iOS and Google's Playstore.

Another modelled on Rakesh Roshan's Krrish 3 was also launched first on the MS platform and has so far seen some 2.5-million downloads. Both games were made with support from Microsoft, according to their developers.




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IOC tops Fortune India 500 list; RIL at second spot

NEW DELHI: State-run Indian Oil Corp has emerged as the country's biggest company in terms of annual revenue, followed by Mukesh Ambani-led private sector giant Reliance IndustriesBSE 0.57 % at the second place, as per an annual list of Fortune 500 companies in India.

This year's list of the country's 500 largest corporations, compiled by the global business magazine Fortune's Indian edition, shows that there are as many as seven energy companies in the top 10 list.

Indian Oil Corp ( IOCBSE -1.94 %) was the biggest with annual revenue of Rs 4,75,867 crore, followed by Reliance Industries (RIL) with a full-year revenue of Rs 4,09,883 crore.

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Nokia offers government Rs 2,250 crore to save Microsoft deal

NEW DELHI: Finnish handset maker Nokia has offered to deposit the entire proceeds from the sale of its Chennai factory to Microsoft into an escrow account, pending the court order on its tax dispute with the government.

The government has frozen the Chennai unit as a result of the tax issue and the lifting of the freeze will allow the company to transfer its India assets to Microsoft by the December 12 deadline. The Delhi High Court which had to hear the matter on Monday has now deferred it to Tuesday.

As part of the proposal, Nokia has offered to deposit a minimum of Rs 2,250 crore into the escrow account in case the sale yielded lesser proceeds. According to $7.3-billion deal between Nokia and Microsoft announced in September, Nokia has to transfer the Chennai factory proceeds to the books of Microsoft by December 12 failing which Microsoft will not acquire the factory.


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UK unveils Rs 100 million worth scholarship program for India

COIMBATORE: To attract more Indian students to the United Kingdom, the GREAT Britain Campaign (GREAT), today announced its "largest ever" scholarship programme for India worth almost one million Pounds (about Rs 100 million) for the coming academic year.

Announcing the scheme, Andrew Soper, Counsellor (Prosperity), British High Commission, Delhi, told reporters here that there would be 370 scholarships for 260 Undergraduate and Post Graduate Course in England, Scotland Wales and Northern Ireland.

The courses offered ranged from Engineering, Law and Business to Art and Design, Biosciences and IT and the scholarship will be tenable for Sept 2014 and Jan 2015 intakes, Soper said.

Stating that there was good market and demand for higher education in India, which was growing, he said that foreign students studied in England got significantly higher salary than in any part of the globe.

Moreover, the students can continue to stay in England and can get visa to work for three years with a minimum salary of 20,000 Pounds a year, which can be extended for another three years, he said.

When asked how the local students looked upon the challenge from foreign students, particularly India, Soper said that the Government has taken stringent steps to protect them, who can feel their place of study and the Nation as 'home away home.

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ET Awards 2012-13: How IIT-alumnus Sachin Bansal built Flipkart into a big online brand

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Entrepreneur of the Year: Sachin Bansal, Flipkart
The award seeks to recognise the ability of a business leader to enter the big league and take on the best in the world
It has taken Sachin Bansal, 32, a mere six years to build Flipkart, the country's best-known online retail brand. In awarding him the Entrepreneur of The Year award, the jury recognised Bansal's acumen by saying he has "out-innovated everyone else" in the sector.
 

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Opportunities provided by Indo-US nuke deal yet to be tapped: Condoleezza Rice

NEW DELHI: The technological opportunities provided by the Indo-US civil nuclear deal are yet to be tapped, former US Secretary of State Condoleezza Rice today said.

"The Civil Nuclear Deal opened the way for extraordinary technological cooperation. I am not sure we could quickly make advantage of the opportunities of the technological cooperation it presented," she said.

Rice, who had played a crucial role in the negotiations during the deal, was speaking at the Hindustan Times Leadership Summit here during a seminar on 'USA and India: Building Stronger Ties'.

Although the deal was signed during the Bush regime in 2008, both the countries have not been able to make good use of it with concerns of "liability" clause of the Civil Liability Nuclear Damage Act raised by many foreign collaborators.

Rice noted that a lot of effort had been put in by both the nations for the deal to be worked out.

"I hope, when we go back and think of how hard that was to make this nuclear deal possible (and) that we will work, (to) use the technological cooperation and opportunities," she said.

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Foreign buying in markets crosses Rs 1 trillion mark for 2013

MUMBAI: Overseas investors were buyers of Rs 11.51 billion ($186.3 million) worth of Indian shares on Thursday, taking total inflows for the year to over Rs 1 trillion, regulatory and exchange data show.

Shares rose on Friday to their highest close in more than a month, extending gains for a second consecutive session on hopes that state elections results on Sunday will show strong support for BJP ahead of general elections next year.

Continued foreign investor buying has also supported shares.

BJP is perceived by many investors as being more business-friendly, and investors say a good showing in state elections held since last month could spark further gains in Indian indexes that are already near record highs.

The uncertainty about when the US Federal Reserve would begin to halt the flow of easy money has dominated trading worldwide for months and the main US jobs indicator, the non-farm payrolls data, due at 1330 GMT - may yet tip the balance again.

The median forecast is for an increase of 180,000 in USpayrolls with the jobless rate steady at 7.2 per cent.

"We believe that while our markets will get impacted if the Fed tapers, but they will not be in a mood to even consider the news unless it gets the actual assembly (election) results out of the way," said Jyotheesh Kumar, executive vice-president of HDFC Securities.

The benchmark BSE index rose 0.18 per cent, or 38.72 points, to end at 20,996.53, its highest close since November 1. This also marked its second consecutive weekly gain.

The index is not far from a record high of 21,321.53 hit on November 3.

The broader NSE index rose 0.3 per cent, or 18.80 points, to end at 6,259.90, also gaining 1.4 per cent for the week, not far from a record 6,357.10 hit on Jan. 8, 2010.

The share rally is, however, masking an underlying weakness. The market has been lifted by just a handful of stocks of exporters reaping the benefits of a slump in the rupee.

Blue chips rose again on Friday. Axis BankBSE 3.18 % Ltd rose 3.1 per cent, while ICICI BankBSE 0.59 % Ltd ended 0.7 per cent higher

Shares of two-wheeler companies gained on optimism about their earnings outlook. Hero MotoCorpBSE 2.33 % Ltd rose 2.2 per cent, Bajaj AutoBSE 0.55 % Ltd gained 0.5 per cent, while Eicher Motors Ltd rose 1.5 per cent.

Power Grid Corp of India Ltd shares rose 2.8 per cent after stronger-than-expected demand for its $1.1 billion share sale.

Sugar companies surged after farm minister Sharad Pawar said India was looking at providing incentives for production of raw sugar and also at doubling the mandatory blending of ethanol in gasoline to 10 per cent.

Balrampur Chini Mills Ltd gained 2.6 per cent, Bajaj Hindusthan Ltd surged 5.8 per cent, while Shree Renuka Sugars Ltd ended 5 per cent higher.

Among stocks that fell, Jubilant Life Sciences Ltd shares fell 7.5 per cent adding to Thursday's 10 per cent fall after the company said it

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Enduring legacy of Nelson Mandela: A leader, and bright light of peace and justice

It is a mark of Nelson Mandela's stature that his death is being mourned — not the formal protocol that follows the passing of heads of state, but genuinely mourned, by leaders and masses alike -— across the world almost as a personal loss. And that is primarily because in a world where hopes of peace, reconciliation and brotherhood seem to lie in tatters, where dictators and oppressive regimes still trample over people's rights, and where violence and bitterness, rancour and hostility seem rife, he shone, graceful, smiling, black and beautiful as a message of peace and hope, a moral authority and guide whose presence and life seemed to reassure us that a better world is yet possible.

Years after the struggle to end apartheid was over, he still symbolised the struggle against discrimination and oppression. And that, not in violent ways, though he did have a past as a military commander of the ANC, but in a Gandhian way, the way of mutual respect, even for former opponents, and a belief in the goodness of humans, with a remarkable ability to infuse that goodness into others, and mould a segregated, divided nation into a unified, multicultural one. He was, simply, one of the greatest leaders in world history. And, in our age, he towered above everyone else on the world stage. For a man who spent more than a quarter of his life in a harsh prison, to come out and amaze former enemies with his unifying spirit, to step down after just one five-year term as the first black President of South Africa elected in 1994, while he could have gone on, and to emerge as a world leader — not because he commanded armies and battle groups, but by dint of commanding sheer respect — who spoke out against continuing injustices in other parts of the world, his life and persona make one recall words once used about Gandhi: that generations to come will scarce believe that someone like Mandela walked the earth.

Of course, there was criticism. The ANC broke some of its promises. But neither that criticism nor the vicissitudes of personal life ever touched Mandela's aura of grace. Nelson Mandela was a truly great man. RIP.

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How Flipkart's Sachin and Binny Bansal revolutionised e-commerce in India

In 2007, two twenty something IIT, Delhi graduates quit their cushy jobs at Amazon to turn entrepreneurs. The duo, Sachin Bansal and Binny Bansal, weathered fierce parental opposition to start up on their own, first attempting to build an online shopping comparison engine, before turning their attention to ecommerce and Flipkart.

In the months—and many sleepless nights they agonised over the decision—the unrelated Bansals discovered that they had to write and rewrite many rules of the game. Back in 2007, e-commerce was a fledgling opportunity—it has just crossed the billion dollar mark in India—and back then companies were struggling with poor internet penetration, limited engineering skills and scratchy customer experience.

Beginning with book delivery and relying on creaky logistics of India Posts and private courier companies, Flipkart has grossed some $500 million in merchandise shipped and wants to double that in, hold your breath, just two years. Along the way, Flipkart has gone from an investor pariah to darling, raising some $381 million in funding and today is turning eager risk capital away.

The Bansals tell CD how they drew and redrew the rules of the game to catalyse Flipkart's breathless growth.

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