Rupee down 7 paise against dollar in early trade

MUMBAI: The rupee fell by 7 paise to 63.98 a dollar in early trade at the Interbank Foreign Exchange market on Thursday as the American curreny strengthened overseas after the Federal Reserve upgraded its outlook on the US economy.

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Besides, month-end demand for the US currency from importers also weighed on the rupee. Early gains in the stock markets, however, capped the rupee fall, dealers said.

The rupee had ended steady at 63.91 against the American currency yesterday on fag-end dollar demand from importers coupled with emerMeanwhile, the BSE benchmark sensex rose by 156.72 points, or 0.56 per cent, to 27,720.15 in early trade today. P

gence of weak sentiment on the global front.

Source - TOI 

Sensex gains 156 points on F&O expiry, positive global cues

MUMBAI: The benchmark BSE sensex rose over 156 points in early trade on Thursday as participants indulged in covering their short positions in view of the monthly expiry in the derivatives segment amid positive global cues. 

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The 30-share barometer, which had gained 104.20 points in the previous session, rose further 156.72 points, or 0.56%, to 27,720.15. 

Besides, value-buying in capital goods, healthcare, realty, PSUs, auto and banking stocks positively impacted trading sentiment. 

Also, the NSE Nifty regained the 8,400-mark by surging 46.60 points, or 0.55%, to 8,421.65. 

Brokers said that apart from the short covering as today being the last trading session of July expiry in the derivatives space, a firming trend at other Asian bourses supported the uptrend. 

Among other Asian markets, Hong Kong's Hang Seng firmed up 0.22% while Japan's Nikkei higher by 1.36% in early trade today. 

The US Dow Jones Industrial Average ended 0.69% higher in yesterday's trade after the Federal Reserve upgraded its outlook on the economy, buoyed sentiment.

Source - TOI 

Gurgaon best bet for office, Noida loses out: Report

NOIDA: Noida has few takers for office space, despite being more affordable than Gurgaon. This inference can be drawn from a recent study by an international real estate research group. Experts attribute it to a lack of support infrastructure for businesses in this city.

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According to the report by Colliers International, the office market in Noida witnessed 0.5 million sq ft of space absorption only till the second quarter of 2015, with expansion and relocation being the primary demand drivers - all thanks to big players like Big Basket, Cognizant and We Technologies.

However, in Gurgaon, approximately 1.8 million sq ft of office space was absorbed just in the second quarter of 2015, about 60% more than the previous quarter, says Colliers.

The report further states that there could actually be no demand for office spaces in Noida and the trend could continue to exist for the next few quarters. This indicates that it could be a good bargaining time for those IT and ITeS tenants to seek discounts while striking fresh lease deeds.

"Despite the slump, some big projects have recently been completed in Noida like the NPX Tower by Urbatech in Sector 153; Elixr Tower by Cosmic Group in Sector 127; an independent building in Sector 16A. But no new project has been launched," Surabhi Arora, associate director (research) at Colliers International India, told TOI on Tuesday.

According to experts, Noida's disadvantage as a corporate location springs from its lack of infrastructure. Gurgaon scores over Noida when it comes to proximity to an airport, law and order situation, power scenario and accessibility, they say. While the proposal to build an international airport at Jewar was shelved

recently, Gurgaon's proximity to IGI International Airport, barely 20km away, gives the city an edge over Noida.

"Oversupply of office spaces may be the reason due to which the rent and purchase price have gone down in recent times in Noida and Greater Noida. One disadvantage Noida has is unavailability of an international airport. Availability of an airport, good connectivity and lower rent than Delhi and Gurgaon can help recover value for the office space market in Noida in future," Deepak Kapoor, president of Credai (western UP), said.

"Business is about saving time, and increasing productivity. With the airport so far away, Noida has been suffering a distinctive disadvantage. There are traffic jams, distances are huge. Why would anyone come here? People do not mind paying extra rent and leasing out in Gurgaon because it works for the IT ad ITeS companies. The future of IT driven business looks bleak in Noida until major infrastructure development takes place here, like the Jewar airport," Vipin Malhan, president of Noida Entrepreneurs Association, said.

According to Amit Modi, director ABA Corp and vice-president of Credai (western UP), Gurgaon takes up the major chunk of corporate office space demand the NCR because of its location and proximity to the airport. "Noida, with its affordability advantage may see a renewed interest from mid-size players from IT/ITeS sector which also happens to be the largest occupier of office space in the NCR, followed by the e-commerce segment and manufacturing sector," he added.

However, Colliers says the proposed six-lane elevated flyover signal-free drive from Sector 41 to SEZ Phase II could bring about a change in the situation. "There is a lack of demand in Noida's office spaces. One of the major reasons is the distance factor. The Noida Authority has plans for a six-lane elevated flyover signal-free drive from Sector 41 to SEZ Phase II, which will be ready by 2017. This could make a difference in the flow of companies into the city," Arora said.

Source - TOI

Pune steals a march over Delhi in residential realty

PUNE: Sales and new project launches in the country's real estate sector are recording a dip, but analysts observe that Pune continues to see an increase in sales and prices.


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The city has emerged as one of the best performers in terms of age of inventory and time taken for inventory to be sold.

Although residential markets in all major cities are still experiencing a pressure, Pune has shown promising growth. The city has replaced Delhi-NCR to occupy the third slot in absorption or sales figures. Even in the number of new launches, Pune has surged ahead of Delhi-NCR, standing third after Bengaluru and Mumbai in the first half of 2015. Real estate consultant Knight Frank released the half-yearly report on Tuesday.

The research firm has given their findings for the top eight cities — Mumbai, Delhi-NCR, Bengaluru, Pune, Chennai, Ahmedabad, Hyderabad and Kolkata. It stated that these residential markets were expected to witness a slight improvement in demand during the second half of 2015. However, this year, annual sales will fall behind that of 2014 across markets, barring Pune.

Ghulam Zia, executive director of Knight Frank, explained, "While there has been a continuous fall in the residential markets since the past 30 months, an inflexion point is seen now. Particularly, Pune has shown a steady growth and has surpassed Delhi-NCR in the number of units sold." He added that while the Delhi-NCR market has primarily been investor-driven, Pune is an end-user market. "Delhi has been affected due to developer delays and loss of faith among investors," Zia said.

Sanjay Bajaj, managing director, Jones Lang Lasalle (JLL), Pune, also observed that the city is still stable in terms of residential real-estate market. He added, "Although I am not sure that the costs would surpass big cities, it can be said that the decrease in new launches seen in the previous months would help offset the absorption rate."

In terms of office space, Pune recorded the fastest growth in rentals as compared to the top eight cities and is expected to rise further in the coming months due to shortage of supply. "This is a great time for landlords," said Shantanu Mazumder, director, Knight Frank Pune. The report also mentions that although there is a dearth of quality office spaces, vacancy has decreased.

While other cities will take three years to offload premium or high-end residential unsold inventory, Pune is expected to take only two years to do so.

In the next six months, the number of project launches and sales figures are expected to see an increase in the city.



Source - TOI

HDFC takes over HUL's Lever House for Rs 398cr

MUMBAI: HDFC has completed the acquisition of Hindustan Unilever's (HUL's) 1.53 lakh sq ft former headquarters in south Mumbai for Rs 398 crore. HDFC had moved into the building as a tenant in 2012 following a deal with HUL which was looking for buyers after it moved to its suburban office at Andheri. 

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The Lever House building is adjacent to HDFC's own headquarters Ramon House in Backbay near Churchgate station. Besides HDFC, its group companies HDFC Ergo General Insurance, HDFC Properties and HDFC Sales occupy the new premises. The corporation completed the deal in December 2014 to beat a revision in Stamp Duty rate which took place this year. 

Speaking at the annual general meeting, HDFC chairman Deepak Parekh said that the corporation was in discussion with partners to sell its stake in its insurance joint venture to its foreign partner. HDFC has two insurance subsidiaries - HDFC Standard Life Insurance and HDFC Ergo General Insurance. The corporation on Tuesday reported a flat net profit growth at Rs 1,361 crore compared with Rs 1,345 crore in the first quarter last year. According to Parekh, the numbers are not comparable because last year's number included the dividend paid out by HDFC Bank. For FY16, the bank's dividend of Rs 350 crore would be received in the second quarter. 

Speaking to newspersons, VC & CEO Keki Mistry said that the corporation would be floating bonds worth Rs 5,000 crore under a qualified institutional placement. "Along with the debt, there will be warrants which will give the holder an option to convert one warrant into shares at a fixed premium," said Mistry. He added that the capital-raising would happen three years from now as that is when the funds would be required. On the prospects of an HDFC-HDFC Bank merger, Mistry said, "Ideally, what we would like to say is that HDFC balance sheet was not created out of current and savings account deposits. Our liability was created out of long-term funding. If we were to merge, the new entity would have to create reserves for cash reserve ratio, statutory liquidity ratio and meet priority sector norms. If the existing balance sheets were to be grandfathered and we could do CRR, SLR and priority sector only on new loans, it would be a great thing," said Mistry. 

According to Mistry, the demand for housing in India would continue to remain strong because of structural reasons. "The average age at which our borrowers buy a home is between 35 and 38. With 62% of the country's population below 32, all these people will need to buy a house," said Mistry. 

Source - TOI 

Sensex rebounds 132 points ahead of July derivatives expiry

MUMBAI: After falling for four straight sessions, the benchmark BSE sensex recovered over 132 points in early trade on Wednesday as stocks of metal, auto, IT and banking led gains on fresh buying by investors. 

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The 30-share index rose by 132.42 points, or 0.48%, to 27,591.65. The gauge had lost 1,045.70 points in the previous four sessions. 

In similar fashion, the National Stock Exchange index nifty edged higher by 37.90 points, or 0.59%, to 8,374.90. 

Brokers said covering-up of short positions in some bluechip stocks by speculators in view of July's derivatives expiry tomorrow helped snapping the four-session long falling streak. 

Besides, a mixed trend at other Asian markets with investors taking cues from a rally on US markets ahead of a policy decision from the Federal Reserve, influenced the sentiments, they added. 

Among other Asian markets, Hong Kong Hang Seng was up by 0.19 per cent, while Japan's Nikkei shed 0.58% in early trade today. 

The US Dow Jones Industrial Average ended 1.09% higher in yesterday's trade.

Source - TOI

Rupee gains 6 paise against dollar in early trade

MUMBAI: The rupee strengthened by 6 paise to 63.85 against the dollar in early trade on Wednesday on increased selling of the US currency by exporters and banks amid firm domestic equity markets. 

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Forex dealers said that weakness in the dollar against other currencies overseas also supported the rupee. 

Yesterday, the rupee ended 25 paise higher at 63.91 against theUS dollar on fresh selling of the American currency by banks and exporters. Meanwhile, the benchmark BSE sensex rose 132.42 points, or 0.48%, at 27,591.65 in early trade today.

Source - TOI 

MMR housing market records worst half year post global financial crisis

MUMBAI: Housing market in Mumbai Metropolitan Region has recorded worst half-yearly performance since global financial crisis in 2008 with around 2 lakh unsold homes and weakening sales, showed a report released by Knight Frank India for the period ending June.

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According to the report, last 30 months have seen a continuous fall in launches and sales across Mumbai, National Capital Region, Pune, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Residential property market across the country is still reeling under tremendous pressure and no recovery is visible in the coming 6 months.

In Mumbai, the most expensive property market in the country, saw 47% drop in new housing project launches during the first half of the year. Over the last two years, demand has slipped 30%, while launches have plummeted nearly 70%. Luxury residential market with price tag of over Rs 5 crore per apartment has also run into rough weather and has not seen any new launch in the last six months.

However, Knight Frank claimed that residential market in central Mumbai and central suburbs have seen good growth from a year ago. In MMR, builders have been foraying into locations beyond Thane for affordable housing projects. Around 59% of new launches with price tag below Rs 25 lakh are in locations like Kalwa, Kalyan, Dombivali and Ambarnath. Locations like Mulund, Kanjurmarg and Chembur have seen big launches contributing 28% of new launches in these six months.
The report also added that commercial property across the country has turned around driven by office space pick up by companies in IT/ITeS, banking and financial services sectors.

"Going forward, we expect Mumbai to clock office transactions of 7.7 million sq ft during 2015. Residential market on the other hand is still reeling under tremendous pressure with drastic drop in new launches at the back of falling demand. The recovery of the residential market does not seem eminent until 2015 and we expect sales to be in the range of 63, 000 units which is marginally below the 2014 levels," Dr. Samantak Das, Chief Economist & National Director - Research, Knight Frank India.

Mumbai, the country's commercial capital, has recorded office space transactions of 2.5 million sq ft during the six months ending June. Banks, manufacturing and media consulting continues being the anchor for Mumbai Metropolitan Region's office market, the report added.

"Mumbai developers have begun showing interest towards commercial developments which was not the case in the last 2-3 years... Going forward, I expect absorption to clock 5.8 million sq ft - an increase of 20% compared to H2 2014," said Viral Desai, National Director, Office Transactions, Knight Frank India.

In recent months, e-commerce players such as Flipkart, Amazon and Snapdeal have inked office space deals upwards of a million sq ft each, resulting in an unprecedented upsurge in transaction activity in the office market. Ends

According to the poll, in inflation-adjusted terms, property prices have appreciated, particularly rapidly, in Hong Kong, India, Malaysia and Singapore since 2008-09 global financial crisis that was triggered by the housing sector.

Respondents were split when asked whether they expect meaningful reform of corporate governance of the PSU banks over the next three years.

"There was 60:40 split between respondents expecting improvements in Indian  banks' asset quality in the financial year ending March 2016 and those who saw a stable trend," the poll said.

The poll was conducted real time on a combined audience of around 230 professionals from Hong Kong and Singapore.

Source - ET 

Bharti Realty ties up with Eros group

NEW DELHI: Bharti Enterprises' real estate firm Bharti Realty on Monday said it has tied up with Eros Group to develop a housing project at Surajkund. The move signals Bharti Realty's foray into the residential segment. It will develop over 2,000 apartments in this project, covering about 5.2 million sq ft of area. The land size is about 50 acres, owned by Eros group which is into real estate, hospitality, entertainment and education businesses.

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"Bharti Land (the new development arm of Bharti Realty), has entered into an agreement with Eros Group to develop a 'smart' residential project in Surajkund, south of South Delhi," Bhartigroup said in a statement.

Bharti Realty, the subsidiary of Sunil Bharti Mittal-led Bharti Enterprises, manages around three million sq ft of Grade-A commercial real estate space. It is developing another four million sq ft of commercial real estate office space across prominent cities in the country.

Soource - TOI

Pune's realty market offers an ideal investment

Pune's realty market is an ideal and safe residential investment market as compared to other Indian cities. Pune has maintained its status as a safe residential realty investment destination unlike Delhi NCR, where residential real estate prices saw depreciation during the last two years and Mumbai, which saw a marginal appreciation over the same period.

It is one market where the real estate is well priced with a wide assortment for different buyer needs. The city being an IT and manufacturing hub, there is a continuous demand for homes. “With assured returns on houses at a constant rate of year-on-year appreciation, Pune has been a favourite location with investors who are averse to high risks,“ says Sanjay Bajaj, managing director Pune , JLL India.

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Pune also has a great opportunity for geographical expansion. The city is well connected to Mumbai and several holiday destinations like Goa, Mahableshwar and Khandala making it a perfect city to invest in real estate. “We see real estate prices in the city starting from Rs 4,000 per sq ft and ranging up to Rs 15,000 per sq ft, says Kishore Bhatija , MD Real Estate Development, K Raheja Corp.

In the eastern corridor of Pune, Wagholi and Kharadi have close proximity to major IT development and manufacturing hub and developing quickly. “In the southeast of Pune, NIBM, Undri and Hadapsar are emerging residential locations with quick access to camp, Pune station, Swargate, major highways and in close proximity to Magarpatta IT Park, major schools, clubs and hospitals,“ says Bhatija. He adds that Hinjewadi and adjoining areas like Wakad, Baner, Balewadi, Pirangut belonging to the western corridor of Pune are developing excellently. Additionally, connectivity to Mumbai and infrastructure development by PCMC have played a key role in accelerating development in these city parts.

The city is largely a mid-segment market when it comes to residential properties. 'Sweet spot' for buyers in this segment lies between Rs 4,500 and Rs 5,200 per sq ft. “In other words, a 1,000 sq ft flat costing about Rs 50 lakh forms the median ticket size in the city. Most buyers prefer to book houses in the pre-launch stage, especially at rates around Rs 4,600 per sq ft,“ says Bajaj.

Despite their proximity to each other, Mumbai and Pune are two very different markets. Mumbai's legendary space crunch has made residential property there exorbitantly costly, driving more and more aspiring middle-income home buyers to the fringes. Meanwhile, Mumbai continues to grapple with its infrastructure deadlock. Prices in most areas of Mumbai have stagnated and there is a considerable pressure from the market to bring them down. On the other hand, Pune's residential property market has maintained its momentum even in a challenging economic environment. Various research agencies have confirmed that Pune has prevailed as one of the best-performing residential real estate markets over the past two years. Residential sales have remained healthy enough to sustain the viability of the city's real estate market, encouraging Pune's developers continue to launch fresh residential projects in all budget categories affordable housing, mid-income housing and even in the super-luxury category.

“Today, the annual demand for homes in Pune is close to 46,000 units, where it was less than 20,000 units per annum just 15 to 20 years ago. While Mumbai is staggering under the weight of unsold units all across the city, supply and absorption of homes in Pune continues to make both property development and property investment eminently viable , “ says Kishor Pate, CMD Amit Enterprises Housing Ltd.

Bajaj concludes that the current inventory level stands at 16 months, which is slightly higher than the last six year's quarterly average of 15 months. This is a healthy figure, and reflects demand-supply equilibrium. For buyers, this means that once the right price point and overall ticket size as well as the location matches their requirements, it is advisable to go ahead with the purchase.

Source - Magicbricks News

Sensex recovers 100 points on value buying

MUMBAI: The benchmark BSE Sensex rebounded over 100 points in early trade on Tuesday, after three sessions of losses, on value-buying by investors in select blue-chips amid a mixed trend at other Asian markets. 

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Besides, covering-up of pending short positions by speculators ahead of the July month's expiry in the derivatives segment on Thursday supported the recovery. 

The 30-share index was trading higher by 100.08 points, or 0.36 per cent, at 27,661.46, with teck, IT, consumer durables, capital goods, healthcare and banking sectors leading the recovery. The gauge had lost 943.55 points in the previous three sessions on muted earnings by some bluechip companies amid fears over stricter norms on participatory notes (PNs) and a Chinese stock rout. 

On similar lines, the NSE Nifty was up 30.75 points, or 0.36 per cent, at 8,391.75 in early trade. 

Brokers said value-buying in recently beaten down select blue-chip stocks coupled with covering-up of short positions by speculators influenced trading sentiments. 

Among Asian markets, Hong Kong's Hang Seng gained 1.86 per cent while Japan's Nikkei fell 0.94 per cent in early trade on Tuesday. 

The US Dow Jones Industrial Average fell 0.73 per cent in Monday's trade.

Source - TOI 

Rupee gains 17 paise vs dollar in late morning deals

MUMBAI: The Indian rupee gained by 17 paise to 63.99 against the US currency in late morning deals on sustained bouts of dollar selling by banks and exporters. 

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The rupee resumed higher at 64.14 per dollar as against yesterday's closing level of 64.16 at the Interbank Foreign Exchange (Forex) market, later it gained further and was quoting at 63.99 at 1105 hours. 

The domestic unit moved in a range of 64.14 and 63.99 in the morning trade. 

Globally, the US dollar were a tad lower against its major rivals in early Asian trade as investors remained cautious ahead of a two-day US Federal Reserve meeting beginning later this session. 

Meanwhile, the benchmark BSE index was trading flat by 4.70 points or 0.02 per cent up at 27,566.08 at 1115 hrs.

Source - TOI 

Reliance Industries' shares down over 1% on profit-booking

Shares of Reliance Industries fell by over 1% on profit-taking amid an overall weak broader market even as the company reported highest quarterly profit in seven-and-a-half years on strong refining and petrochemical margins. 

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The stock opened the day on a positive note but later fell by 1.24% to Rs 1,012.25 on BSE. 

At the NSE, shares of the company were down 1.31% to Rs 1,011.55. 

On Friday, RIL had reported a standalone net profit of Rs 6,318 crore or Rs 19.5 per share in April-June quarter, which  was 11.8 per cent higher than Rs 5,649 crore or Rs 17.5 a share in the same period a year ago.The first quarter profit in the current financial year 2015-16 was highest since earning in October-December 2007. 

Revenue fell 26 per cent to Rs 77,130 crore, hurt by a sharp fall in prices of crude oil and petroleum products, the company had said in a statement. 

Consolidated net profit rose 4.4% to Rs 6,222 crore in April-June quarter of the current fiscal as against Rs 5,957 crore a year ago, the statement said. 

In the broader market, the BSE Sensex was quoting 326.60 points down at 27,760.89. 

Source - DNA

Office space rentals to yield positive growth in 2015: RICS

Commercial office space rentals in India are expected to yield positive growth in 2015, according to standards setting body Royal Institution of Chartered Surveyors (RICS). 

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According to RICS' Global Commercial Property Monitor for Q2, the Occupier Sentiment Index edged up from 2 to 8 suggesting a slight improvement in sentiment compared to the previous quarter. "This was driven by a further modest rise in occupier demand over the quarter. At a sector level, the latest results show offices continue to demonstrate greatest reslience with the demand indicator running ahead of the leasable space measure for the sixth successive quarter. This is reflected in rent expectations which are more upbeat in offices than other sectors," said the report.

The Investment Sentiment Index, however, did not see much change over the quarter. "Investment enquiries continue to increase and at a similar pace to the early part of the year. The supply of property for sale also rose at pretty much the same rate. Despite this, expectations for capital values remain firmly in positive territory both at the short and medium term time horizons," RICS said.

Sachin Sandhir, global managing director, emerging business at RICS said growth in investment demand is being outpaced by that of supply across South Africa, China and India. "Notably amongst the emerging markets, India is the only country, which has recorded a marginal positive growth in both occupier and investment community," he said.

The commercial real estate market in India seems to be showing signs of improvement, said Devina Ghildial, managing director, South Asia at RICS. "On account of positive capital value expectations, demand for quality office space seems to be holding ground and investors seem to be looking at adding stabilized assets to their portfolio. A careful watch on how much is being absorbed over the coming quarter will determine the fate for the rest of the year." 

Source - Magicbricks news 

Rupee declines 4 paise against dollar in early trade

MUMBAI: The rupee depreciated by 4 paise to 64.08 against the dollar in early trade due to month-end dollar demand from importers. 

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Besides, a weak opening in the domestic equity market weighed on the rupee, dealers said. A weakness in the US dollar against major world currencies in global market however limited rupee fall. 

The rupee had lost 27 paise to close at more than 5-week low of 64.04 per dollar in the precious session on Friday following persistent demand for the US currency from banks and imMeanwhile, the benchmark BSE Sensex fell below the 28,000-mark to trade at 27,875.31, down by 237 points, or 0.84 per cent over previous close.

porters. 

Source - TOI

Sensex, nifty down 1% each on P-Note, MAT concerns

MUMBAI: In a knee jerk reaction to probable implications of government's move on participatory notes (P-Notes) to curb black money and also its stand relating to minimum alternate tax (MAT) on FIIs, sensex and nifty each fell over 1% in early trade on Monday. Banks and companies with high FII holding, like ICICI Bank and Axis Bank led the slide along with stocks like L&T, Tata Motors and Tata Steel. 

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On Friday evening, the SIT against black money recommended that Sebi should take steps to curb flow of black money into the stock market, including various measures relating to the origin and use of P-Notes, a form of offshore derivatives contract that foreign players invest in which are relatively opaque relating to their actual ownership. For long it has been suspected that P-Notes are used to route black money into the stock market. Dealers said market will remain cautious and wait for further action from the government and Sebi on usage of P-Notes by FIIs. 

Dalal Street is also waiting to see what stand the government takes on MAT before the Supreme Court when a case relating to its applicability comes up for hearing on August 4. 

Last week Shah Committee presented its report to the government on the applicability of MAT. The committee was set up after the income tax department last year issued notices to several FIIs for payment of MAT on their gains from stock trading for the past few years. In case the government presses ahead with MAT on FIIs' operations in India, market may see a sharp correction, dealers said. 

At 1005 IST, sensex was down 304 points at 27,809 while nifty was down 88 points at 8,433.

Source - TOI

Rupee tumbles to over 5-week low at 64.04 vs dollar

MUMBAI: Extending its losses for the third day, the rupee today fell by another 27 paise to end at more than 5-week low of 64.04 per dollar on persistent demand for the US currency from banks and importers amid higher greenback against major rivals overseas. 

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Persistent fall in equity market also affected the rupee value against the dollar, a forex dealer said. 

The rupee resumed sharply lower at 63.99 per dollar as against the last closing level of 63.77 at the Interbank Foreign Exchangemarket and dropped further to 64.06 to close at more than 5-week low of 64.04, showing a loss of 27 paise or 0.42 per cent. 

The rupee had last closed above the 64 level on June 17, 2015, when it ended at 64.12. 

The rupee has lost 49 paise or 0.77 per cent in the three days. 

It moved in a range of 63.87-64.06 per dollar during the day. 

The dollar index, which tracks the greenback against a basket of major currencies, was trading up by 0.19 per cent. 

Oil prices rebounded in early trade after settling at their lowest in the previous session as worries over the demand outlook and continued oversupply weighed on the market. 

Several currencies in the Asian Pacific region dropped to fresh multi-year lows today, while the dollar advanced against its major rivals. 

"The weaker commodity price is helping to boost the dollar's value against emerging market currencies," said Marshall Gittler, head of global foreign-exchange strategy, at Iron FX, in a note tdoay. 

Meanwhile, the benchmark 30-share index Sensex ended lower by 258.53 points or 0.91 per cent.

Source - TOI 

Sensex slides 259 points; extends losses on muted earnings

MUMBAI: Falling for the second straight day, the benchmark BSE Sensex today slipped 258.53 points to end at nearly two-week low of 28,112.31 on muted earning figures reported by companies so far and weak global cues. 

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Moreover, weakness in rupee, which fell 23 paise against dollar (intra-day) too hit sentiments, brokers said. 

Asian markets ended lower after a survey showed China's manufacturing activity tumbled to 15-month lows in July. 

The 30-share BSE barometer fell by 258.53 points or 0.91 per cent to 28,112.31, with all the sectoral indices, except consumer durables and FMCG, ending in negative zone. 

The gauge has now lost 392.62 points in two days. 

The NSE Nifty ended 68.25 points or 0.79 per cent down at 8,521.55 after shuttling between 8,513.50 and 8,589.15 intra-day. 

On a weekly basis, the Sensex and Nifty ended lower by 351 points (1.23 per cent) and 88.30 points (1.02 per cent), respectively. 

Sentiments were also dampened on investors' worries over the fate of key reforms bills including GST, with Parliament's proceedings in the first week of the Monsoon Session completely washed out, they said. 

ICICI Bank suffered the most among Sensex stocks by falling 3.96 per cent to Rs 300.50 ahead of earnings, followed by Wipro down 3.73 per cent to Rs 566.45 after the company's June quarter earnings failed to impress investors. 

Other prominent losers were Lupin, Tata Motors, GAIL, SBI, Vedanta, M&M, Tata Steel, BHEL, L&T, Coal India, Infosys, Axis Bank, Maruti Suzuki, ITC, Dr Reddy's and ONGC. 

Sectorwise, BSE capital goods index suffered the most by falling 1.57 per cent, followed by realty 1.32 per cent. 

Broader markets also depicted a weak trend with the BSE mid-cap index falling 0.61 per cent and small-cap by 0.58 per cent. 

Out of 30-share Sensex stocks, 21 ended lower. 

Meanwhile, foreign investors bought shares worth Rs 185.42 crore yesterday as per provisional data. 

Globally, a rise in European stocks at opening on better corporate earnings and a weak trend at the other Asian markets also influenced the trading sentiments.


Source - TOI 

JLL India asks home buyers to avoid Noida Extension, Greater Faridabad

NEW DELHI: Property consultant JLL India has advised home buyers to avoid certain locations, including Noida Extension, in Delhi-NCR real estate market due to delays in projects delivery, oversupply, speculation and lack of infrastructure.

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JLL India has declared Noida Extension, Greater Faridabad and Delhi's L & J zones as 'high-caution' areas.

"The National Capital Region (NCR) has some locations that buyers are best advised to avoid. Various issues like delays in delivery , oversupply, speculation and infrastructure deficit have been plaguing these markets, rendering them unsuitable for first-time home purchase," JLL India CEO - Operations & International Director Santhosh Kumar said.

On Noida Extension, which is part of Greater Noida, Kumar said the primary issue impacting this location's viability as an investment destination is the oversupply of housing units.

"With 1.5-2 lakh units slated to hit this market, prices are unlikely to appreciate much. Many land acquisition issues involving local farmers have sullied the market here over the last few years. The ensuing delays and litigations, resulting higher compensation being paid to farmers for their land, has also decreased overall affordability," he said.

The government's decision to compensate developers for their losses by allotting them higher floor area ratio (FAR) would result in far greater development congestion than was originally envisaged for this area, Kumar said, adding that delays in completion of projects being another concern.

"Despite its disproportionate housing supply, Noida Extension has lost much of its earlier attractiveness," he said.

JLL said that congestion will turn this area into an uninspiring concrete jungle even though metro and a wide road connecting Noida Extension to Noida are on anvil.

Source - Economic Times

Fullerton India receives housing finance licence from NHB

Mumbai: Non-banking finance company Fullerton India on Thursday announced the receipt of housing finance licence from National Housing Bank.

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The NBFC said it has set up a new housing finance company — Fullerton India Home Finance Company Ltd — as its fully-owned subsidiary.

Fullerton India Home Finance will largely cater to affordable housing in the lower and middle-income segments through Fullerton India’s branch network.

The new company will provide customers access to a diversified loan portfolio across loan against property, mortgage loans and home loans. The average ticket size of these loans will be in the range of Rs. 6-7 lakh.

Source : Business Line

'Housing for all' project to give Indian economy a much needed boost

MUMBAI: The Housing for All (HFA) project will give the Indian economy a much needed boost. However, its success will depend on the ramping up of the existing urban infrastructure, fast tracking of approval processes and also targeting the actual beneficiary, says India Ratings and Research (Ind-Ra).
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The direct benefit of HFA to the economy is estimated to be Rs 15 trillion in a seven-year timeframe (FY16-FY22). "Funding of the investment of Rs 15 trillion through public-private partnerships and ramping up the supply of raw materials for construction namely steel and cement are big challenges for the execution of the HFA scheme," it said.

Municipal services such as supplying piped water, sewerage, sanitation and municipal solid waste management are also far from being equipped to take on a project of this magnitude in the next seven years.

"Apart from providing impetus to the construction sector, the scheme will increase employment opportunities and help grow the services sector. Sectors supplying crucial inputs to the construction sector, such as cement, iron and steel, will also grow. The growth of other sectors will depend on the strength of the forward and backward linkages of the construction sector with the rest of the economy," said Ind-Ra.

As the output of sectors supplying inputs to the construction sector increases, it will increase the demand for goods and services in the economy due to higher income generation. The economic impact of the scheme will also be felt at the state level. The biggest beneficiary of this will be Uttar Pradesh, followed by Maharashtra and West Bengal. These are the top three states in terms of housing shortages and increased construction activities will help these states' economies to grow.

The scheme to provide 20 million houses in three phases over FY16-FY22 has a central grant component (Rs 100,000 per slum household) going to the state government, and central assistance (Rs 150,000 other households) is likely to go directly to households. Also, the central government will provide interest subvention to households at 6.5% for loans up to a 15-year tenor through two nodal agencies - Housing and Urban Development Corporation Limited and National Housing Bank.

Source : Toi