Companies & Sectors
In a first, Reliance Industries streams results live on Facebook
Mumbai : Exactly a month after Facebook allowed live streaming of commercial events, Reliance Industries on Tuesday took to the social networking site to announce its results for the third quarter of this financial year. Company officials said it was among the first such live posts in India.
 
The live video featured the company's chief financial officer Alok Agarwal make a presentation on the financial and operational performance, which was also featured on the group's YouTube channel "Flame of Truth" as also on its Twitter handle -- a 19:14-minute presentation.
 
In a statement, Facebook had said on December 17 last year that in August, after introducing live streaming for public figures, thousands of athletes, musicians, politicians and others used the media to connect with their millions of fans behind the scenes in real time. 
 
"Today we’re beginning to roll out the ability for verified pages with a blue badge to share live video using Facebook for iOS," it said, adding this will enable sports teams, media firms, brands and other verified users to break news, take fans behind the scenes, host Q&As and more.
 
One of the examples featured by Facebook on this new media avenue was by the Indian cricket team, featuring a live, 19:30-minute session with ace batsman Ajinkya Rahane, during which he was posed written questions on Facebook while the replies were live-streamed.
 
When contacted, a spokesperson for Reliance Industries confirmed the help extended by Facebook to set up the live-streaming. The event, verified via the page of a media director, was also tested for various parameters.
 
"Three quarters ago we had pioneered the reach-out via YouTube. Facebook's now the all-important platform for our CFO's discerning analysis to reach the global audience," the spokesperson told IANS.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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'Private banks' loan growth to be double of PSBs till 2019'
Mumbai : Private sector bank credits will see a compound annual growth rate (CAGR) of 24 percent till fiscal 2019, as compared to 12 percent for the state-run ones, a joint study by industry chamber Assocham and ratings agency Crisil said on Tuesday.
 
"Advances of private banks are likely to grow at a compounded annual growth rate of 24 percent between fiscal years 2016 and 2019, materially ahead of 12 percent for public sector banks over the same four-year period," the report said.
 
"Private banks are expected to play an increasing role in banking sector's growth over the medium term, given their strong balance sheet, large presence in retail segment and strong, low-cost liability franchise," said the study titled "Indian banking sector: The changing landscape".
 
Bank credit growth, which remained muted at around eight percent in first half of the current fiscal, is expected to remain subdued at about 11 percent in the full fiscal as credit demand from corporate sector remains muted, it said.
 
"Near term growth will be driven by sectors like retail, agriculture, small and medium enterprises segments in private banks' advances," the report said.
 
"Private banks have developed an expertise and can offer quick end-to-end solutions to customers in these segments as they have invested significantly in developing branch network, retail franchise and technology platforms," it added.
 
Private banks have grown at a CAGR of 20 percent between fiscals 2010-2015 compared to 16 percent CAGR clocked by public sector banks (PSBs), Assocham said in a statement here.
 
"PSBs will be forced to focus on reorienting their business model and become more competitive and will need to increase focus on improving their performance instead of chasing growth," the report said.
 
It also said small and medium PSBs will face "greater challenges" and have to focus on developing regional expertise and small-ticket lending in retail and SMEs segments.
 
"PSBs will face strong competition from private banks in the low yield segments like mortgage, auto and from non-banking finance companies in the high yield segments like loan against property, used vehicles, personal loan, gold loan and others," it said.
 
Within private banks, growth is driven by new private banks, whose advances grew by 21 percent CAGR over fiscals 2010 and 2015, compared to 17 percent for old private regional banks, Assocham said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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India set to grow fastest at 7.5 percent
Washington : Growing at the fastest pace, India is projected to grow at 7.5 percent in 2016 and 2017 fiscal as China slows to 6.3 percent in 2016 and 6.0 percent in 2017, according to the IMF.
 
The slower pace of China's growth primarily reflects weaker investment growth as the economy continues to rebalance, the International Monetary Fund said in its January update of the World Economic Outlook (WEO).
 
India and the rest of emerging Asia are generally projected to continue growing at a robust pace, although with some countries facing strong headwinds from China's economic rebalancing and global manufacturing weakness.
 
Growth prospects in parts of Asia have diminished somewhat as a result of the unexpectedly big external spillovers from China's growth transition, the WEO said.
 
In contrast, India, a major net commodity importer, continues to grow at the fastest pace among emerging economies.
 
Growth forecasts for most emerging market and developing economies reveal a slower pickup than previously predicted.
 
Still, growth is projected to increase from 4 percent in 2015- the lowest rate since the 2008-09 financial crisis- to 4.3 and 4.7 percent in 2016 and 2017, respectively.
 
Global growth, currently estimated at 3.1 percent in 2015, is projected at 3.4 percent in 2016 and 3.6 percent in 2017 with growth in advanced economies projected to rise by 0.2 percentage point in 2016 to 2.1 percent, and hold steady in 2017.
 
The pickup in global activity is projected to be more gradual than in the October 2015 WEO, especially in emerging market and developing economies.
 
In advanced economies, a modest and uneven recovery is expected to continue, with a gradual further narrowing of output gaps.
 
Risks to the global outlook remain tilted to the downside and relate to ongoing adjustments in the global economy: a generalized slowdown in emerging market economies, China's rebalancing, lower commodity prices, and the gradual exit from extraordinarily accommodative monetary conditions in the United States.
 
If these key challenges are not successfully managed, global growth could be derailed, the WEO warned.
 
In emerging market and developing economies, policymakers need to manage vulnerabilities and rebuild resilience against potential shocks while lifting growth and ensuring continued convergence toward advanced economy income levels, the WEO suggested.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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