India is 3rd most brand conscious country

An improving economy and the rapid opening up of the Indian market has given rise to a group of affluent consumers who are more than eager to adopt the latest fashion trends. According to the latest Nielsen Global Luxury Brands Study, 35% Indians who participated in the survey agreed to buying designer brands. This is the third highest percentage globally with Greece leading the countries with 46%, followed by Hong Kong with 38%. Despite the prevalence of imitation designer-branded goods in some markets, surprisingly more than three-fourth of Indians surveyed do not think that imitation products match up to the real deal.


The top brands that Indian consumers spend on are Calvin Klein (34%), Gucci (25%), Diesel (24%), Christian Dior (16%), and DKNY (10%). India has also made it to the top ten markets globally for some of the brands. India ranks third highest globally for people who buy Gucci products. It ranks sixth for Calvin Klein, ninth for Diesel, and tenth for Fendi for buying these brands globally.


“People are travelling overseas more frequently now and quite likely their interactions with foreign brands have increased considerably. Moreover, foreign brands are synonymous to status and our survey finds that 57% of Indians surveyed buys designer brands as a status symbol. The number of outlets that these brands have opened up in the country in recent times is a testimony in itself of the increasing fashion consciousness amongst Indians,” said Vatsala Pant, associate director, client solutions, The Nielsen Company.


Though 73% Indians feel that designer brands are usually overpriced for what they are, 35% also believe that designer brands are of a significantly higher quality than standard brands. India stands eighth globally which thinks designer brands are quality products and invest in it despite of the price. About 45% Indians think that only fashion conscious people consider buying designer brands.


“There seems to be a huge market potential for luxury brand line extensions into every corner of the home and office and cross-over between brands and products is certainly an opportunity to drive the demand for these products,” added Pant.

SBI's first Saudi branch in Jeddah soon

State Bank of India (SBI), which got a licence from Saudi Arabian Monetary Agency (SAMA) last year to open its full-fledged branch in the kingdom, will open its first branch in Jeddah soon.

J Parameshwarappa, general manager, SBI (Saudi Arabia), has inked the building lease, and the branch will be located at Al-Andalus Plaza on Sitteen Street in Jeddah.

The bank has, in recent years, sought to expand its overseas operations by buying foreign banks, launching new products and services for foreigners and the Indian diaspora as well as opening new branches in different countries including the Gulf states.

The bank's branch here will go a long way in meeting the requirements of businessmen and Indian expatriates. The Indian community has welcomed the SBI branch in Jeddah.

Short-selling to begin from April 21

The Securities and Exchange Board of India (Sebi) on Wednesday said short-selling and securities lending and borrowing will be operationalised from April 21.

The circular asked stock exchanges and depositories to make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the decision, bring the provisions of the circular to the notice of the member brokers/clearing members, depository participants and communicate to the Sebi the status of the implementation of the provisions of the circular in the monthly development report submitted to the market regulator.

Sebi had come out with a circular on December 20, 2007, specifying the broad framework for short selling by institutional investors and a full-fledged securities lending and borrowing scheme for all market participants.

I am living a dream, says Tendulkar

“I would pick the two shots I hit off Mitchell Johnson over the wicketkeeper,” he said when asked what would be the defining moments of his batting on the tour of Australia.

Excerpts:

You have not ceased to surprise the cricketing fraternity. It has been another great tour of Australia.


First of all, I don’t play to surprise people. My ultimate dream was to play for India and I am living it. I just want to go out there and enjoy.

You have often said that Australia is a special place you like to visit and play.


Right from my first tour to Australia in 1991, it has been tough, but fantastic. It was challenging for a 17-18 year-old youngster. The hundred at Perth in 1991 changed me as a player and I felt I had arrived in international cricket. The people there are friendly. It’s also a cricket loving nation. I also like the weather there.

After four tours to Australia you must be extremely pleased with what you have achieved, more significantly in terms of India having proved to be a competent side there?


In the 2003-04 tour we beat them in Adelaide. Then in Sydney we came close to winning the Test. But the recent tour was a special one because we beat them at Perth. If one looks back at the series we challenged them more than they did us.

What challenge does Australia pose? Wasim Jaffer and Yuvraj Singh could not find their bearings?


It’s not that Wasim or Yuvraj have not scored runs on seaming or bouncy tracks. Australia is not the only place in the world where there is pronounced seam and bounce and both these batsmen have scored runs on those tracks. It’s a case of ups and downs and it was just a coincidence that it happened in Australia.

Would you say cricketers should not be judged by setbacks in a single series?


They should not be, especially batsmen who have scored runs in international cricket. Wasim and Yuvraj have been around long enough and have scored big runs.

What difference do you find in the Australian teams of 1991 and thereafter?


Australian teams have always been competitive. Probably in 1991, they did not go on the defensive if an Indian batsman played a couple of shots. In the recent series, however, they immediately posted a deep point. This did not happen in 1999 and 2003 either. This was the first time they set a scattered field. This has been the big change.

You have faced various top class Australian bowlers. Have all of them been very intense and skill-wise testing for the batsmen?


Skill wise I would put McGrath and Warne at the top of the list. Just below them would be Lee because of the way he bowled in the recent series. McDermott was also very good. Yes, they have been very intense.

How about the Australian batsmen? Have they posed a typical Australian challenge to Indian bowlers?


Australia’s batting approach has been more or less the same. This time, India’s bowlers challenged them more often. On various occasions their temperament was tested. We created and sustained the pressure and the intensity was great.

India fielded different bowling attacks for almost all the matches? What signs do you see in this?


We wanted to surprise the Australians with certain strategies. Piyush Chawla had not played a single game until the finals. The idea was that the Australians, who had not faced him, would not know how to react to him. Praveen Kumar is a smart cricketer; he knows what he is doing.

Would you say the Australians are different from the rest?


They have always been aggressive and attacking in their approach. It’s nice to play against them because the game is always moving at a different pace altogether. I have not had a look at their juniors, but from the look of it that’s how they play. The bowlers like to challenge the batsmen even in their domestic competition. I saw a couple of matches. There were verbal exchanges as well.

Many former cricketers have said that Australia’s days of complete dominance are over?


McGrath and Warne, both world class bowlers, left at the same time. They were real match winners. It makes a huge difference to any team when match winners leave at the same time. That’s probably one of the reasons one can actually put them under pressure.

How can India take advantage of the present situation having won the ICC under-19 World Cup and a splendid series in Australia?


These are encouraging factors. We need to strike that balance between staying in the present and also looking at the future. But one cannot forget that the Test team has also tasted success. We should not forget that what the seniors did in the Tests laid the foundation for the tour.

After nearly two decades of international cricket your mind must be as intense as it was in 1989, but is the body complaining now. In England you said two days between one-day internationals is not enough time to recover?


In Australia we had just a day’s gap and spent the day travelling. These are the demands cricketers have to prepare for. It’s tough, when one plays a day/night match, gets back to the room, packs the bags and takes the morning flight, settles down again and be mentally prepared for the next match.

Would you say things have dramatically changed with a number of teenagers getting into Indian cricket?


That’s good and in a way bad as well. We need to look back and find out how many youngsters have made it to the Indian team as teenagers and have gone on to play for a long time. Ishant Sharma had a terrific tour, his future looks very good. But it’s equally important not only for him, but everyone else not to get carried away.

Ishant knows what he requires to do at this level. The physio and physical trainer will make sure that he’s in top condition to perform. It’s up to the individual to look after himself.

2 Tata firms to raise $1 billion each

Company's motor venture may use the funds to finance Jaguar, Land Rover buy.

Tata Motors, the country’s leading bus and truck maker and third-ranked passenger vehicle maker, plans to raise Rs 4,000 crore ($1 billion) by issuing appropriate securities in the foreign and domestic markets.

Its board of directors at a meeting held today gave an in-principle approval for the fund raising plan, to be raised in one or more tranches.

The funds raised will be over and above the Rs 10,000-12,000 crore capital expenditure (capex) plan announced earlier by the company for increasing capacity and launching new products in the Indian and overseas markets.

The Rs 4,000 crore thus raised would only part-finance the company’s acquisition plans or alliances in India and abroad, said a company release. The company may use the proceeds to partly fund the acquisition of luxury brands -- Jaguar and Land Rover.

“The company has major growth plans for expanding in the domestic and global markets in both the commercial and passenger vehicle businesses. This may require expenditure on organic growth over the next 3-4 years and the acquisition opportunities will have to be financed upfront,” said a Tata Motors release.

The company is also believed to be in the final round of negotiations with Ford Motor Co (FMC) to buy Jaguar and Land Rover (JLR), an announcement in this regard is due before March-end.

Collectively, the deal is expected to set Tata Motors back by $3 billion (Rs 12,000 crore), according to international media reports.

These funds may also be used for immediate expansion of the Nano car project. This project would require quick response from the company as the demand for the car was expected to go through the roof after the bookings open in June, said an analyst.

Currently, acquisition financing has become tough as companies face higher prices for raising high-yield bonds for takeovers, according to the analyst. Tata Motors is involved in advanced talks with leading banks around the world to raise funds to finance the JLR deal.

The loan, expected to be mostly short-term bridge financing, is larger than the expected purchase price, estimated to be around $2 billion. Citigroup and JP Morgan are the advisors to the deal.

The company’s stock has taken a beating at the Bombay Stock Exchange ever since it was named as the preferred bidder on January 3 by Ford. The stock has fallen by almost 14 per cent from Rs 763 per share.

The stock closed 2.28 per cent down or Rs 15.35 on the volatile BSE at Rs 658.55 per share as against its previous close of Rs 673.90 per share.

Indian Premier League IPL Schedule 2008

Schedule
* Day/Night Match
Date,Time________Match_________________________Venue
Apr 18*, 19:00 > IPL Bangalore v IPL Kolkata > Bangalore
Apr 19, 09:30 > IPL Mohali v IPL Chennai>Mohali
Apr 19*,14:30 > IPL Delhi v IPL Jaipur > Delhi
Apr 20 , 09:30 > IPL Mumbai v IPL Bangalore > Mumbai
Apr 20*,14:30 > IPL Kolkata v IPL Hyderabad > Kolkata
Apr 21*, 13:30 > IPL Jaipur v IPL Mohali > Jaipur
Apr 22*, 13:30 > IPL Hyderabad v IPL Delhi > Hyderabad
Apr 23*, 13:30 > IPL Chennai v IPL Mumbai > Chennai
Apr 24*, 13:30 > IPL Hyderabad v IPL Jaipur > Hyderabad
Apr 25*, 13:30 > IPL Mohali v IPL Mumbai > Mohali
Apr 26, 09:30 > IPL Bangalore v IPL Jaipur > Bangalore
Apr 26*, 14:30 > IPL Chennai v IPL Kolkata > Chennai

Tata Motors to raise Rs 4,000cr

Tata Motors is planning to raise Rs 4,000 crore of long-term resources by issuing securities in the domestic and overseas markets.

According to a release issued by the company to the BSE today, the funds are being raised to part-finance overall funding requirements to meet strategic plans.

The company has major growth plans for expanding its position in the domestic and global markets in both the commercial vehicle and passenger vehicle business. This will be achieved by upgrading and enhancing the company's product portfolio, expanding manufacturing facilities in India and strategic acquisitions or alliances in India and abroad.

"While this may require incurrence of expenditure for organic growth over the next 3-4 years, the acquisition opportunities will have to be financed upfront. The said funds are being raised to part-finance overall funding requirements to meet some of the strategic plans," the statement added.

Free ATM cash withdrawal from April 1, 2009

The Reserve Bank of India (RBI) on Monday directed banks to permit customers of one bank the free use of ATMs of other banks for all transactions from April 1, 2009. Meanwhile, customers can now walk into any bank ATM and check their account balance free of cost, according to an RBI notification.

The central bank, in a draft circular on ATMs in February, had proposed that customers should be able to access any ATM installed in the country free of charge through an equitable cooperative initiative by banks.

The central bank had rejected banks’ plea to cap the number of free cash withdrawals every month by saying that such a cap was not desirable and not practical. However, banks will have the freedom to fix the service charge on cash withdrawal through credit cards and for ATMs located abroad.

Banks with a large ATM network had cried foul over the free ATM use after RBI had said the use of ATMs of own banks for any purpose and of other banks for balance enquiries should be free of cost with immediate effect.

For withdrawal of cash from ATMs of other banks, RBI has asked them to cap charges at the rates prevailing as on December 23, 2007, and to reduce all charges to a maximum of Rs 20 per transaction from up to Rs 55 charged now from March 31, 2008. It has further directed banks to ensure cash withdrawal from any bank ATMs should be free of cost from April 2009.

As of December-end 2007, the number of ATMs deployed in India was 32,342. RBI Deputy Governor V Leeladhar had earlier indicated that commercial banks, which were raking in huge profits, needed to temper the urge to levy a fee on ATM transactions.

Banks were making profits in the region of Rs 2,000-3,000 crore. Many of them were prompt to announce how they had posted profits higher than those of competing banks every quarter, he had said.

The RBI deputy governor had said banks should do something for clients. The cost of setting up an ATM has come down from Rs 30 lakh a unit a few years ago to Rs 6 lakh now.

Videocon lines up Rs 6,000 cr for GSM services, plans May launch

Consumer durables major Videocon Industries has firmed up its telecom plans and is making an initial investment of Rs 6,000 crore for rolling out GSM services, notwithstanding spectrum and legal issues besieging the sector.
AIMING HIGH


Videocon plans to commence operations in two months through subsidiary Datacom Solutions
Open to renting of spectrum from other players
Eyes 4 crore subscribers in the next 5 years
Datacom Solutions to break even in the next 2 years



The services will be launched through its subsidiary, Datacom Solutions, by May. In case of a delay in spectrum allocation, the company may opt for taking spectrum on lease.

In another important move, the company has roped in former Alcatel-Lucent president and managing director (India and South Asia) Ravi Sharma to head its telecom operations.

This is the first instance of the head of a global telecom infrastructure major moving over to a service provider. However, this could become a trend as others in a situation of talent crunch will follow suit.

Videocon Chairman and Managing Director Venugopal Dhoot confirmed the development, “We are making an initial investment of Rs 6,000 crore to kick-start the services across all the 23 circles in the country. The investment would be made immediately and we would look at increasing capital expenditure depending on growth.”

The Rs 6,000-crore investment would be made immediately to roll out the services, while the company has completed all technical formalities and is awaiting spectrum allocation.

“We don’t think the spectrum allocation would be delayed as start-up spectrum is available in many circles. Moreover, spectrum is also lying unused that will be offered to new entrants,” Dhoot said.

In the worst case of spectrum allocation being delayed, Datacom Solutions would take spectrum and infrastructure on lease from the existing players.

Datacom would rope in over 4 crore subscribers in the next five years and expected to break even in the next couple of years, he added.

The department of telecommunications (DoT) is planning to allocate spectrum in four circles – Andhra Pradesh, Kerala, Orissa and Tamil Nadu (including Chennai) – to new licensees.

The move comes after the wireless planning and co-ordination (WPC) cell of DoT has identified 4.4 MHz spectrum under the 1,800 MHz band lying vacant in these 4 circles. This was expected to benefit nine new entrants, including Datacom Solutions.

Although renting out spectrum is not permitted under the existing telecom policy, DoT is looking at this option to enable new players commence operations.

Datacom Solutions has been awarded Universal Access Service Licence (UASL) that permits commencing telecom operations in all the 23 circles. The company is also leading the queue for spectrum allocation in these circles, except Mumbai and Delhi, where it is in the second position.

Dhoot also said that the company had completed all the technical formalities for the rollout. However, the company has neither engaged any handset manufacturer nor plans to manufacture handsets. Subscribers have been given the freedom to opt for handsets from the market.

Besides engaging Ravi Sharma as chief executive officer of Datacom Solutions, the company has appointed around 200 administrative staff for the rollout.

Alcatel-Lucent has recently rejigged India and South Asian operations by elevating Sharma as advisor to Frederic Rose, the president of Alcatel-Lucent’s Europe, Africa and Asia business. The company had appointed Vivek Mohan in his place.

India fails to qualify for the Olympics

Eight-time gold medallist India missed out on the Olympic Games men’s hockey event for the first time when it lost 2-0 to Britain in the final of a qualifying tournament here on Sunday.

Britain, gold medallist in 1988, scored two early goals to seal India’s fate and win the six-team competition which also featured the host, Austria, Russia and Mexico.

Ashley Jackson set up the first for Barry Middleton in the fourth minute and Richard Mantell flicked in the second in the 10th.

Forward Prabhjot Singh had two efforts blocked in quick succession as India, which won its last gold in 1980, tried to claw its way back and V.R. Raghunath then fired over from a rebound.

India, also beaten 3-2 by the same opponent in the round-robin stage, was unable to find a way through in the second half despite winning a flurry of penalty corners.

“We have been waiting for this for eight months,” said Britain captain Ben Hawes.

China, Netherlands, South Korea, Canada, South Africa, Spain, Belgium, Pakistan and Australia qualified directly for the Beijing Games.

India missed out on an automatic berth after it failed to reach the 2006 Asian Games final.

New Zealand beat Argentina in the final of the first qualifying tournament last month. The third is in Japan in April.

Meanwhile, Joaquim Carvalho resigned as coach of the Indian team.

DOWN AND OUT: India’s goalkeeper Baljit Singh tries to thwart Great Britain’s Rob Moore. India lost 2-0.

“When I took over 11 months ago, I had said I would resign if I could not deliver results,” Carvalho told the Indian media in Santiago.

“So now I am keeping my word. I am as disappointed and hurt as any other Indian hockey fan,” Carvalho said.

IHF vice-president Narendra Batra also resigned, hoping to put pressure on the entire IHF administration, led by K.P.S. Gill, to step down.

“I am ashamed because all of us have failed,” said Batra. “This is the lowest point in Indian hockey and we in the federation must take the blame.”

There was, however, no reaction from Gill.

Batra was unsure if any attempt would be made to overhaul the sport’s administration.

“Is anyone really concerned?” he asked. “The sports ministry has already demoted hockey as a priority sport although it remains our national sport. Gill and the others will lie low for a few days and the debacle will be forgotten soon. We will be back to square one.”