Ever since the white paper gave a virtual clean chit to Ajit Pawar, the chorus for his return had been growing louder and it was only a matter of time before the nephew of NCP chief was brought back as deputy chief minister
During November, BluFin's Consumer Confidence Index grew by 3.4 points from the previous month to 41.6 points, the highest increase since October 2011, despite inflationary concerns
New Delhi: Indian consumers' confidence level rose in November owing to increase in spending due to festive season as well on expectations of improved job security, reports PTI quoting a study by financial services provider BluFin.
The BluFin's Consumer Confidence Index (CCI) grew by 3.4 points from the previous month to 41.6 points in November despite inflationary concerns. This was the highest increase since October 2011.
The index is a key 'aggregate' indicator that assesses the pulse of urban Indian consumers with regard to the economy, spending behaviour and employment. The index reflects pessimism at below 50 score and optimism above that.
"... increase in the CCI is noteworthy as it indicates Indian consumers' upbeat response to the ongoing festive season. The rising score since past two months and the slight uptick compared to the previous year could be an early sign of the consumer sector eventually bottoming out and making way for a recovery," BluFin CEO Rashid Bilimoria said.
"However, the current positive trend will be validated provided this upward pattern persists in the coming months.
Moreover, it's important to note that the inflation sentiment index continues to trickle reaching to the lowest level in the last two quarters, hence, slowing the overall progress of the CCI," he added.
A sub index, which rates spending sentiment, improved by by 1.8 points to 26.9 in the month of November. The uptick in the index is primarily due to the festive season that generally encourages consumer spending. Nevertheless, the level still indicates that consumers are quite pessimistic.
Another sub-index, which measures employment sentiments, grew by 1.2 points to 43.4 owing to an improvement in job security outlook and household income. However, the index still suggests pessimism, which can be improved only by new job creation.
The future expectations index was at 38.7 points indicating consumers were still pessimistic about the economy's prospects. However, consumers were more comfortable about their present situation with a score of 48.6 points.
In terms of geography, west and south regions lead the consumer confidence levels with scores of 44.2 points and 35.5 points respectively.
The study was based upon interview of 4,000 urban consumers in 18 Indian cities, including metros and smaller cities.
Care Rating's IPO opened on Friday with a price band of Rs700-Rs750 per share
New Delhi: Credit analysis and research firm Care Ratings has said it plans to set up a rating agency in Mauritius and is in process of establishing an international rating unit along with four global partners, reports PTI.
"We are planning to set up a rating agency in Mauritius. We are also in the process of setting up an international rating agency...companies in Brazil, Portugal, Malaysia and South Africa are the partners," Care Ratings Deputy Managing Director Rajesh Mokashi told reporters during its initial public offer (IPO) details.
The rating agency's Rs504-Rs540 crore IPO will open for subscription on 7th December and close on 11th December, he said.
The company has fixed the price band at Rs700-Rs750 per share. The issue will constitute 25.22% of the post- offer paid-up equity share capital of the company.
"The purpose of the IPO is to unlock value...there is no monetary requirement by the company for any expansion," Mokashi said.
The credit analysis company is proposing a public offer of 71.9 lakh shares of Rs10 each through an offer for sale by the selling shareholders.
The bids can be made for a minimum of 20 shares and in multiples of 20 shares thereafter.
Care is promoted by major banks and financial institutions and its three largest shareholders are IDBI Bank with 26%, Canara Bank with 23% and State Bank of India with 9%.
Care Ratings is the second largest rating agency in the country which has seen 40% growth in profits and revenue in the last few years, Mokashi added.
In the IPO, 50% of the offer shall be allocated on a proportionate basis to QIBs (qualified institutional buyers), 15% to non-institutional buyers and 35% to retail individual investors.