Delhi's trial run with odd-even system begins today

A ambitious odd-even plan for vehicles has kicked off from 8 am in Delhi today. The plan, devised by the Arvind Kejriwal led Delhi government is on a 15-day trial and is aimed to reduce vehicular pollution in the capital city which is at an all time high, and is often compared with Beijing, the most polluted city in the world. 

Only odd-numbered cars can be driven on Delhi streets today if you are not on the multiple exemption lists released by the government last week. 

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Odd-even formula: A guide to how Delhi’s new traffic experiment will work

Partnering with Twitter, the delhi transport department has also advised commuters to tweet @TransportDelhi to get real time information on shortest routes.Read More.

Delhi diesel car market shrinks after court orders

Car buyers in this city, one of the country’s top car markets, are showing less interest in purchase of diesel vehicles after the twin orders by the National Green Tribunal (NGT) and the Supreme Court this month.

Dealers say there’s been a 20-25 per cent drop in demand for diesel vehicles with an engine capacity below 2,000cc. Earlier, for two weeks, they'd been unable to sell any diesel vehicle after the NGT order, leaving unsold stock of 8,000 units.

“The action against diesel passenger vehicles is fresh in the mind of buyers. Some also apprehend restrictions on use of diesel vehicles in the future. On an average, the share of diesel-run cars in our daily sales used to be about 20 per cent before these developments. It is now 15-16 per cent,” said an executive with a company owning multiple Maruti Suzuki dealerships in the capital.

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Indian Navy successfully tests long-delayed air defence missile

In a giant capability boost for the Indian Navy, a naval warship on Wednesday test-fired a new missile that can shoot down incoming aerial threats – aircraft and missiles – whilst they are still 70 kilometres away.

A defence ministry press release stated: “Adding a quantum jump in its air defence capability, INS Kolkata, Indian Navy’s state of art, indigenous stealth destroyer, successfully test fired the Long Range Surface to Air Missile (LR-SAM).  Two missiles were fired on December 29 and 30 of on high-speed targets, during naval exercises being undertaken in the Arabian Sea.”

Israel Aerospace Industries (IAI) and India’s Defence R&D Organisation (DRDO) have jointly developed the LR-SAM. The Israelis call this cutting-edge missile system the Barak-8, while India calls it the LR-SAM. In earlier days, ship-to-ship battles were fought with heavy-calibre guns, requiring warships to come within gun range of each other. Once a shell was fired from a gun, there was no way of intercepting it in mid-flight.Read More.

Dilwale enters list of highest foreign grossers in 10 days

Shah Rukh Khan has added another film to the top 10 foreign collectors from Bollywood with Dilwale.

The pre-Christmas release, starring Khan, Kajol, Varun Dhawan and Kriti Sanon in lead roles, has grossed $18.5 million in the first 10 days. This puts the Rohit Shettydirectorial at the number seven spot in the top 10, overtaking Happy New Year.

The highest foreign collector from Bollywood is Aamir Khan’s PK, released last December. The film has made about $47 million in the international circuit, with China contributing almost $17 million to this number. Salman Khan’s 2015 Eid release Bajrangi Bhaijaan takes the second spot with $29 million, followed by Dhoom 3 (2013) at $28 million.

Dilwale is co-produced by SRK’s Red Chillies Entertainment and Rohit Shetty and was released in 1,210 screens abroad. While the majority of the screens were in traditional markets–North America (the US and Canada), the UK and West Asia, the film also released day and date in new territories like Jordan, Spain, Finland, Trinidad and Guyana. Read More.

Online food-ordering site Foodpanda lays off 300 employees in India

Rocket Internet-backed online food ordering service Foodpanda’s India unit has laid off over 300 people, joining rivals Zomato, Swiggy and TinyOwl in scaling down its business in the country to curb cash burn.

The downsizing, which was confirmed by Foodpanda India CEO Saurabh Kochhar, will see the company losing close to 15 per cent of its staff from across business segments. The layoffs will be restricted only to Foodpanda’s Indian business.

“While we continued to invest in processes and technology we also had to take some difficult decisions but we believe them to be necessary steps on our path to become sustainable and profitable within the targeted timeline,” said Kochhar, in a statement.

The company claims the layoffs were triggered due to the achievement of “about 98% automation rate in order processing”, which meant it needed fewer staffers to handle the same amount of orders. The biggest chunk of layoffs - 250 employees - came from the shutting down of an in-house call centre.

PM delivers a moving speech, but Dalit entreprenurs want action on the ground

Prime Minister Narendra Modi gave a stirring speech at a meeting of the Dalit Indian Chambers of Commerce and Industry (DICCI) on Tuesday, but several Dalit entrepreneurs who were present said they would like to see more action on the ground by government to foster the Dalit entrepreneurial spirit.

DICCI was formed as a parallel body to industry and trade pressure groups such as the Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry (Ficci) because Dalit entrepreneurs saw these groups as old boys’ clubs where everyone knew everyone and helped each other, but were unable to appreciate the special handicaps that weighed down the socially disempowered. 

The idea of a venture capital (VC) fund only for Dalits was floated by DICCI and was seized upon enthusiastically by the then deputy chairman of Planning Commission, Montek Singh Ahluwalia, who took a personal interest in the architecture of the fund. It was announced amid great fanfare by the United Progressive Alliance (UPA) in 2012 as a way to financing the expansion and modernisation of Dalit-run businesses and funding prospective Dalit entrepreneurs. 

Tax-free bonds give better returns than tax-saving FDs

Tax-free bond issues are witnessing record subscription. In the latest development, National Highways Authority of India (NHAI)’s Rs 10,000-crore issue was subscribed 2.4 times. Investors had similarly lapped up earlier ones by NTPC, IRFC and Power Finance Corporation.

Investment advisors and financial planners say investors are choosing these issues over bank fixed deposits (FD) for the attractive after-tax returns that Tax-free bonds offer. “We are in a downward interest rate cycle. The returns on fixed deposit can go down further, and so investors are looking at these issues to lock in their investments at the current rates,” says Suresh Sadagopan, founder, Ladder 7 Financial Advisors.

It’s not only the higher post-tax returns that are attracting investors to these bonds. These bonds are issued by the government-backed companies that guarantees safety of capital, says Malhar Majumder, partner and consultant at Positive Vibes Consulting and Advisory. Read More.

Govt eyes annual savings of Rs 300 crore from removal of LPG subsidy

The government’s latest decision to cut subsidised cooking gas sales to consumers with an annual taxable income of above Rs 10 lakh is likely to translate into annual Liquefied Petroleum Gas (LPG) subsidy savings of Rs 300 crore, according to the oil ministry.

This is in addition to savings from the elimination of duplicate or fake connections as a result of implementation of the direct benefit transfer for LPG (DBTL) scheme — Rs 14,600 crore in FY15 — and additional savings of around Rs 2,000 crore through the GiveitUp campaign under which 5.7 million consumers have voluntarily surrendered their subsidy so far.

“According to our estimates, there are two million consumers in the Rs 10 lakh-plus slab (of taxable income). Some of these are already covered under GiveitUp. We are estimating savings of roughly Rs 300 crore per annum,” said a senior

Army cooperating with police in finding rape accused jawans

Army is cooperating with the police in tracing the two jawans accused in therape case of a minor girl during a train journey to Amritsar.

“Police are doing all the investigation and we are co-operating with them. We are sharing all the information we have so that the accused can be caught and action taken against them as per the law of the land,” Army sources said today.

A 14-year-old girl from Kolkata was allegedly raped by two Army jawans inside a compartment of the Howrah-Amritsar Express yesterday.

Third jawan who allegedly compelled her to consume alcohol has already been arrested from Madhupur railway station in Jharkhand.

Sources said the jawan is posted in Kolkata at the Eastern Command headquarters.

Twitter to help Delhi's odd-even car system

With vehicle owners anxious about implementation of the odd-even car number plying system here from January 1, Friday, Twitter India has joined hands with the city government to give real-time information about available public transport in an area, through a @TransportDelhi and #pollutionfreeDelhi handle.

Women can get this information through direct messaging without disclosing their location and destination on the public platform. Gopal Rai, the city government’s transport minister, said on Monday he hoped these initiatives, and the ‘PoochhO’ app that can be downloaded on smartphones, would enable car owners to use public transport with minimum inconvenience between January 1 and 15, when the experiment is on.

Cars operating on compressed natural gas are exempt and Indraprastha Gas will be issuing hologrammed stickers from Tuesday morning for affixing on the estimated 500,000 such vehicles in the National Capital Region.Read More.

Supreme Court upholds Kerala's prohibition policy

The Supreme Court on Tuesday upheld the Kerala government’s liquor policy restricting service and consumption of liquor at bars in five star hotels only.

An apex court bench comprising Justice Vikramjit Sen and Justice Shiva Kirti Singh in their judgement pronounced on Tuesday said that petitions challenging the Kerala liquor policy are dismissed and the Kerala High Court judgement sustaining the liquor policy is upheld.

The liquor policy, upheld by the apex court, allows service of liquor at bars in five star hotels only. Under the policy, the sale and consumption of liquor at the bars in hotels below five star is prohibited.

Kerala government, defending its policy, had said that those ousted from the business had no fundamental right to continue selling liquor at the bar.

Kerala government also contended that liquor was available in retail outlets and people can buy and drink at their homes. The state government had told the court that drinking at home, with wife and children present, will act as a discouragement.

The 4G era: Will it change the game for media firms?

The data party just began. Earlier this month, Vodafone launched its 4Gservice in Kerala. This Sunday, Mukesh Ambani-controlled Reliance Industries launched Lyf, its 4G-enabled phone, and its Jio 4G services - only for employees currently. A full commercial launch is due in end March or early April 2016. Just before Jio, came Idea. Airtel and Aircel have already launched their 4G services.

4G, or LTE as it is called globally, compresses huge amounts of data making it easier to transport it over the airwaves. This means “better speeds and, therefore, more video consumption. And anything that pushes up video consumption is good for us,” says Sudhanshu Vats, group CEO, Viacom18 Media.

That is an understatement. 4G, say analysts, is the single biggest game changer in the Rs 100,000-crore market for media and entertainment in India. Largely because it could trigger massive consumption of mobile video, expanding the market for everything - from films and music to newspapers and TV shows. And because it brings the big boys, the telecom and broadband network operators, back into the media game. 

The Force is strong with this one

The new instalment in the Star Wars franchise comes a decade after the last film (Revenge of the Sith in 2005) and three decades after the original trilogy (Return of the Jediin 1983). Directed by J J Abrams - famous for his Star Trekmovies and TV show Lost - the film features Harrison Ford, Mark Hamill and Carrie Fisher, who also starred in the original trilogy. Besides, Adam Driver, Daisy Ridley,John Boyega and Oscar Isaac appear in lead roles.

Ever since the prequels were released, the fans of the saga were divided into two segments: one for whom the original trilogy constitutes the franchise and the other that does not discriminate and loves all six films equally. Star Wars: Episode VII - The Force Awakens hoped to please both segments.

The Force Awakens begins where Return of the Jedi left off, set 30 years after the events of the latter. The film features nostalgic elements synonymous with the franchise, such as lightsabers, Death Stars and the Skywalker family. However, for those new to the franchise, certain concepts need to be grasped: the Force, an energy that flows through all living beings, can be used for both good and bad and is measured through the number of midi-chlorians, a fictional microorganism, in one's body. There are two monastic orders in the cinematic universe - the Jedi (the light side) and the Sith (the dark side) - who are also at war with each other.

SpiceJet announces special fares under 'Happy New Year Sale'

No-frills airline SpiceJet today announced a four-day sale, offering one-way base fares as low as Rs 716 for the journey period between January 15 and April 12 next year for domestic fliers.

The special fares under “Happy New Year Sale” are available for flying on domestic routes, SpiceJet said in a release.

As a part of this sale launched today, for which bookings will remain open till midnight of December 31, one-way base fares start at Rs 716 (excluding taxes) for domestic network, the release said.

The travel period for tickets availed under this offer stands between January 15 and April 12, 2016 and only for flying on direct flights on the domestic network, it said.

Tickets under this offer are refundable (only taxes and fees) and changeable with a change fee and payment of fare difference, the airline added. Read More.

Mumbai Congress journal lauds Patel, blames Nehru for foreign policy errors

As the Congress celebrates its 131st foundation day today, an article published by the party's Mumbai unit has caused a stir as it blames Jawaharlal Nehru for the state of affairs in Kashmir, China and Tibet.

The article states that Nehru should have listened to freedom fighter and former Home Minister, Sardar Vallabhbhai Patel's views on international affairs.

The article, which does not bear the name of the writer, has been published in this month's issue of 'Congress Darshan' Hindi edition as a tribute piece to mark Patel's death anniversary on December 15.

"Despite Patel getting the post of deputy prime minister and home minister, the relations between the two leaders remained strained, and both had threatened to resign time and again," the article says.

If Nehru had embraced Patel's foresight, many problems in international affairs would not have arisen, it adds.

The article cites a letter that Patel reportedly wrote in 1950 to caution Nehru against China's policy towards Tibet and where "Patel described China as unfaithful, and a future enemy of India."Read more.

Pak visit finds no mention on Modi's Mann ki Baat

Prime Minister Narendra Modi is 15th edition of the radio programme Mann Ki Baat, aired on Sunday, remained in line with the National Democratic Alliance (NDA) government’s campaigns such as Swachh Bharat and Start-Up India, Stand Up India, a project that will be launched on January 16. Although a large number of questions sent to mygov.in, a discussion forum floated by the government, revolved around the PM’s visit to Pakistan, Modi did not bring it up.

Among the few ideas that the PM picked up from inputs received from the masses was one on keeping places of tourist interest clean through the Swachh Bharat project. “As you know, I use technology a lot. And I do keep an eye on mygov.in…. I agree Swachh Bharat should be a focus area, especially in tourist destinations.” To continue the initiative, Modi wants people of this country to clean up statues of national leaders across the country on January 26.

While pointing out the action plan for Start-Up India, Stand Up India will be unveiled on January 16, Modi said Indian Institues of Technology and other universities will be connected live for the event. Modi wants India to be the start-up capital of the world.

Asking people to connect with him through the Narendra Modi app and viamygov.in, the PM sought citizens’ views on anything from Swachh Bharat to inspirational examples of charity and bravery; ideas for the national youth festival at Raipur on Swami Vivekananda’s birth anniversary to thoughts on duty and responsibility. “Why should we not discuss duties and responsibilities in schools and colleges and other places on Republic Day?”

Delhi's transport sector 3 times more polluting than Mumbai's

Delhi’s transport sector produces six times as much greenhouse gas emissions (GHG) as that of Kolkata’s, five times as much as Ahmedabad’s and three times as much as Greater Mumbai and Chennai, according to a study.

Delhi’s transport sector contributes 32% of the city’s GHG emissions—gases responsible for global warming—said the report, GHG Footprint of Major Cities in India, conducted by the Centre for Ecological Sciences of the Indian Institute of Science (IISc), Bangalore.

However, data presented to the Lok Sabha (lower house of Parliament) said that Delhi transport sector contributes only 28% to the total greenhouse gas emissions, excluding emissions from compressed natural gas (CNG) vehicles.

Despite a 187 km, seven-line metro network carrying 2.4 million commuters every day, private vehicles rose 92% over the last 15 years, even as buses and their ridership declined, according to Delhi’s Economic Survey 2014-15, as we will detail in part two of this series.

Delhi’s transport sector emits 12.39 million tonne of carbon-dioxide (CO2) equivalent, followed by Greater Bangalore (8.61) and Hyderabad (7.81). The transport sector in Hyderabad emits the greatest proportion (56.86%) of GHG emissions compared to other Indian cities.

The transport sector includes motor cycles, scooters and mopeds, cars and jeeps, taxis, buses, light motor vehicles (passengers), light motor vehicles (goods), trucks and lorries, tractors and trailers. Transport emissions of Chennai, Kolkata and Mumbai also include emissions from shipping.

Box office may see Rs 400-cr collection as Bajirao clashes with Dilwale

With Dilwale and Bajirao Mastani releasing simultaneously on pre-Christmas weekend, Shah Rukh Khan and Sanjay Leela Bhansali are set for a major box office clash. But this is not the first time one of India’s top actors and one of India’s finest directors are fighting it out on the big screen.

In 2007, Khan’s Om Shanti Om, a reincarnation drama with all the trappings of a masala flick, trounced Bhansali’sSaawariya, an interpretation of Fyodor Dostoyevsky’s White Nights. With Rs 90-crore business, OSO became one of the year’s highest-grossing movies. On the other hand, Saawariya failed to recover money.

While history seems to be in favour of King Khan, no one can rule out Bhansali who has directed blockbusters likeDevdas and Hum Dil De Chuke Sanam. Both the movies have been mounted on Rs 100-crore-plus budget and both sides have put up unprecedented marketing campaigns, leading to a nail-biting contest.

Analysts believe both the films have what it takes to be a top-grosser in Bollywood. However, Dilwale seems to have an upper hand on the opening day. “It seems very safe to assume that Dilwale will top (Bajirao Mastani) as it offers wholesome entertainment for the masses. Bajirao may appeal more to the urban audience,” said Suniel Wadhwa, an independent distributor and box office analyst.

12-year-old Sikh boy arrested in US after classmate accuses him of carrying a bomb

Armaan Singh Sarai, a 12-year-old boy from an American-Sikh family, was arrested by the Dallas police on December 11 and held for three consecutive days after he was accused by a “bully” in his class of carrying a bomb to school, claims his cousin in a Facebook post.  

Ginee Haer, who claims to be Armaan’s cousin, took to Facebook to describe the boy’s ordeal. Describing Armaan as a “goofball”, Haer tells us how her cousin was born and raised in Texas and recently moved to Dallas with his family. 

The post goes on to describe Armaan’s congenital heart condition, which has led him to having three open heart surgeries. This she said  had already made settling in a new location difficult. 

According to Haer, Armaan was arrested by the police on December 11 on the basis of an accusation by one of his school-mates. Haer writes: “A bully in class thought it would be funny to accuse him of having a bomb, and so the principal, without any questioning, interrogation, or notification to his parents, called the police.”

Haer goes on to describe how Armaan’s family contacted every police department in the area in a bid to locate him, only to find out that he had been sent to a juvenile facility. 

'Star Wars 7' makes it to AFI best films list before release

“Star Wars: The Force Awakens” is already a big hit with US critics - it has made the American Film Institute’s annual list of movies of the year a full day before its release. 

 

The highly-anticipated new installment of the blockbuster sci-fi franchise had its world premiere on Monday (December 14) and doesn’t hit cinemas until Friday, but the jury of AFI members, scholars, artists and critics have named the movie among the best of 2015, The Hollywood Reporter. 

 

The new “Star Wars” film has already received rave reviews and has broken records in advance ticket sales in the US, with more than USD 100 million for its opening weekend. 

 

The previous record holder was Batman film “The Dark Knight” in 2012, which raked in USD 25 million prior to its release. 

 

The other AFI best film honourees include acclaimed movies “Spotlight”, “Mad Max: Fury Road”, “Carol”, “The Big Short”, “Bridge of Spies”, “Inside Out”, “The Martian”, “Room”, and “Straight Outta Compton”.

The AFI list often mirrors the Academy Awards Best Picture nominations, which will be announced on January 14. 

 

Officials also selected 10 TV shows for its top 2015 picks with returning favourites “The Americans”, “Fargo”, “Game of Thrones”, and “Homeland”. 

 

The rest of the list is comprised of new series “Better Call Saul”, “Black-ish”, “Empire”, “Master of None”, “Mr Robot”, and “UnReal”. 

 

Matthew Weiner, the creator of Emmy-winning series “Mad Men”, which ended its seven-season run earlier this year (15), will receive the AFI Special Award during a luncheon on January 8 in Los Angeles.

Arvind Kejriwal ko gussa kyon aata hai?

After day-long raids by the Central Bureau of Investigation at the Delhi Secretariat, Chief Minister Arvind Kejriwal looked directly into the television cameras, struck an aggressive pose, pointed his index finger and sent out a warning to the Prime Minister: “Modiji, others might get scared of your strong arm tactics – CBI raids etc. I’m not intimidated. You don’t know as yet what mettle I am made of. I will fight for the country till my last breath.”

Earlier in the day, he had taken to Twitter to label PM Modi a “coward and a psychopath”, later refusing to retract his invective. 

The histrionics on display did enough to project a CBI raid as a direct confrontation between Modi and Kejriwal. The Chief Minister had successfully upped the stakes and grabbed the national headlines.

He then went a step further and levelled a direct accusation against one of the most important ministers in the Modi Cabinet: Finance Minister Arun Jaitley, a charge that was bound to make the government squirm.

Kejriwal alleged the CBI raids were aimed at getting hold of an inquiry committee file relating to the functioning of the Delhi District Cricket Association (DDCA), of which Jaitley is a past president. “Yeh file hai DDCA ka file jiske andar Arun Jaitley phas rahe hain (This file pertains to the DDCA probe in which Arun Jaitley is getting trapped),” Kejriwal said.

Markets gain for the thrid straight session; Nifty ends above 7,750

Markets gained for the third straight day as market players seem to have already discounted the much expected US interest rate hike that is due later today. The rally in the Market was led by oil & gas and energy shares.

Provisionally, the S&P BSE Sensex has climbed 169 points to trade at 25,490 and the Nifty50 has gained 52 points to quote at 7,752

Markets have maintained an uptrend in the late afternoon trades and are heading towards the third straight session of gains as market players seem to have already discounted the much expected US interest rate hike that is due later today.

By 2:45 pm, the S&P BSE Sensex has climbed 205 points to trade at 25,525 and the Nifty50 has gained 60 points to quote at 7,761.

The two day FOMC meet of the US Federal Reserve will conclude today in which the Fed Chair Janet Yellen is widely expected to announce the hike in the interest rates for the first time in almost a decade. 

In another major development for the day, the Supreme Court of India has banned the registration of all new diesel cars with over 2000 cc capacity in Delhi-NCR till March 31st, 2016. As a step to curb pollution in the capital city, the apex court has also ordered that the taxis in Delhi be converted to CNG by March 31, 2016.

Following the order, the shares of CNG manufacturers are trading higher. Everest Kanto Cylinder has surged 16% on the BSE while Nitin Fire Protection Industries has climbed 1%

Meanwhile, while speaking at the Rajya Sabha, Finance Minister Arun Jaitley said the government will achieve its fiscal deficit target without any cuts in the government spending.

On the macro-economic front, India’s merchandise exports fell for the twelfth consecutive month in November this year.

**Wipro says Chennai flood to impact revenues, margins for December quarter**

After Tata Consultancy Services (TCS), Wipro too has issued a warning saying that disruption at its Chennai facilities due to recent floods and the costs associated with subsequent invocation of business continuity plans would have a material impact on the performance of the company in the October-December quarter of FY16.

Wipro’s warning comes on the heels of a similar announcement by India’s largest IT services firm Tata Consultancy Services.

The Bengaluru-based Wipro, India’s third largest IT services company which has over 22,000 employees in Chennai across multiple centres, said it would incur a “higher one-time cost” towards deployment of business continuity plan which would not only adversely impact its revenue performance during the quarter, but also its operating margins.

“For the quarter ending December 31, 2015, the incident is expected to have a material impact on the revenues and will result in higher one-time cost incurred towards deployment of our business continuity plan. Both these factors will impact our operating margins for the quarter,” Wipro said in a statutory filing to stock exchanges on Wednesday.

For the quarter ended September 30, 2015, operating margins for Wipro’s IT services business stood at 20.7%.

The company also said that it expects its revenues to be in the lower half of its guidance range. For the December quarter, Wipro had said it was expecting IT services revenues to be in the range of $1,841 mn -$1,878 mn.

Last week, TCS had also issued a similar warning saying that the company was expecting material impact on its revenues in the seasonally weak December quarter due to Chennai rains.

Meanwhile, Wipro said its Chennai operations has largely been restored to normal. The company is in touch with insurance companies to assess the damage. Wipro’s share price was down 0.51% at Rs 555.75 on the BSE in early trade.