Deadline for PAN card for MF investors extended to Dec

Market regulator SEBI has changed the rules again.

 

Now you don't need to possess a PAN card by the 2nd of July, if you want to invest in Mutual Funds. That deadline has been pushed to the end of December. But now, you must show that you have applied for a PAN card. But if you're applying for micro-pension, you don't even need to show that.

 

But the mutual fund industry feels the need for proof of application will dampen retail interest. 

 

AP Kurian, Chairman, AMFI says, "This would impact the momentum and interest of the common investors particularly the low income group and those who live in the tier two and tier three cities."

 

The mutual fund industry had been lobbying hard for a relaxation of the deadline, as it feared it would lose out heavily to ULIPs who have no such requirement. Moreover, with the industry trying hard to penetrate deeper into lower income groups, a mandatory pan would have been a deterrant.

Women's wear looking westwards?

Women's outfits seem to be looking westwards. After floundering for years, the Rs 400 crore Western women's wear segment seems to be ready for takeoff. It could triple in three years.

 

It's not just workwear. Mudra Garments' Van Heusen brand has garments for various occasions in its eight-month-old Western women's wear range. The revenues are small, but the company is betting big with exclusive outlets for women and selling its brand at department stores.

 

Hemu Javeri, President, Madura Garments said, "For Van Heusen, we would like it to be 5-7% in the next year or two, in the overall business. The main hurdle is distribution and if we get more distributors, I do not see why in five-seven years' time, the women wear is as big as men's wear. That is how it is abroad."

 

And as more female wardrobes give space to western wear, brands like Excalibur, Proline and Zodiac are sewing up entry plans.

 

In the past four to five years, men's wear brands like Allen Solly and Arrow, which expanded into women's wear, have not quite taken off. Experts say that is because the fits and styles were stuck in the trappings of men's wear.

 

Other players like ITC Wills and Benetton pinch the pocket. Retailers like Westside and Shoppers' Stop offer in-house labels for this price-conscious customer

 

Neeti Chopra, Head, Marketing, Westside said, "They have to keep thinking of the value of what they are buying because always at the back of their minds, they want to buy more. Consequently, price plays a very big factor in their minds."

 

A Technopak study shows that Western suits, coats and blazers grew best value wise in the segment. Trousers, skirts, tops and T-shirts followed.

 

It is a tough task for women's apparel companies. They need to constantly launch fresh designs as many women prefer exclusive designs to mass-produced ones. Besides, women are more prone than men to switch brands if an outfit catches their fancy.

Mumbai, a global financial hub?

Maharashtra become the first Indian state to hold its own investment forum in New York this week, reports CNBC-TV18.

Many Mumbaikars say they feel at home in New York, finding common ground in geography, soaring skylines, the daily bustle and of course, the frenetic pursuit of money. And some prominent Mumbai residents currently in the Big Apple for the Maharashtra Investment Forum held at the Metropolitan Club, found the admiration is mutual.

Said Vilasrao Deshmukh, Chief Minister, Maharashtra, "They feel it is a second home. That feeling is already there because of the cosmopolitan culture of Mumbai and English speaking population."

Over 180 delegates grilled the state government officials and industry experts on some of the major hurdles faced by foreign investors in Maharashtra.

Ajit Ranade, who is the Chief Economist, Aditya Birla Group emphasised on the need for infrastructure. He said that, "The main focus is on infrastructure, power, roadways, ports - everybody seems to be aware of port congestion at JNPT."

And on the question of Mumbai emerging as a global financial hub, Maharashtra's Chief Minister acknowledged there was still work to be done.

Said the CM, "We have to do more on infrastructure. Slums and lot of encroachments need some time and some more money."

Maharashtra is the first Indian state to hold its own Investment Forum in New York, on the lines of the annual India Investment Forum.

When the organisers started marketing the Maharashtra Investment Forum a few months ago, some investors who'd never heard of the state, wanted to know if Maharashtra was a developing country. Now thanks to the positive response, the event is likely to return to New York next year.

M&M to partner Nissan Renault' for $3K car project

Nissan Renault's Carlos Ghosn said today that Mahindra & Mahindra would be the natural partner for the company's 3000-dollar car. The project was at a preliminary stage, and for now, it remains focused on selling its low cost Logan in India.

Atlantis Lands Safely in California - The landing coverage

The following events took place prior to the start of today's landing
coverage:

At 10:25 a.m. EDT, Atlantis was given the go-ahead from Mission Control to
close the 60-foot-long payload bay doors in preparation for landing.

Astronaut Steve Lindsey is in the air to provide weather reconnaissance at
the Shuttle Landing Facility at Kennedy, relaying weather information to
Mission Control in Houston. Astronaut Scott Altman is ready to take off in a
T-38 jet aircraft at Edwards to monitor the weather conditions for the
secondary landing site.

Atlantis commander Rick Sturckow was instructed to go for "Ops 3" at 10:42
a.m. This action transitions the software to the onboard computers that is
used for entry and landing.

The Atlantis crew members donned their orange launch-and-entry suits and
after suiting up, will take their assigned seats for reentry. Commander
Sturckow and Pilot Lee Archambault have been seated and are going through
their checklists.

Mission Control is discussing the "go/no go" for fluid loading. This means
the astronauts will drink large amounts of fluids to aid them in their
re-acclimation into Earth's gravity. Each crewmember will drink
approximately 40 ounces of water -- about eight ounces every fifteen minutes
-- and take salt pills to help them increase their fluid volume. Crewmembers
will drink chicken consume, orange-aid or water.

12 p.m. - Welcome to the coverage of the landing of Space Shuttle Atlantis,
coming to you from the NASA News Center at Kennedy Space Center in Florida.
The orbiter is set to land today after a challenging but successful mission
to the International Space Station.

Both landing opportunities were waved off yesterday due to possible
thunderstorm activity over the Florida landing site. There are five landing
opportunities today; two at Kennedy and three at Edwards Air Force Base in
California.

12:07 p.m. - Mission Control has waved off the first landing attempt at
Kennedy. There are potential showers in the area of the landing facility
violating weather constraints.

12:10 p.m. - The second landing opportunity at Kennedy would be at 3:55 p.m.
and 3:49 p.m. EDT at Edwards. The flight controllers are weighing both
options with Kennedy being the preferred landing site.

12:20 p.m. - Space Shuttle Atlantis is 213 statute miles above the Pacific
Ocean in orbit around the Earth.

12:53 p.m. - Astronauts Steve Lindsey and Scott Altman have taken to the
skies on the east and west coast to monitor weather conditions for both
Kennedy and Edwards landing opportunities.

Atlantis has two different runway options when landing at Kennedy: Runway 33
at the Shuttle Landing Facility is used when the orbiter comes in from the
southeast and Runway 15 is used when it comes in from the northwest. The
runway determination is largely based on wind direction and speed.

1:11 p.m. - Altman is flying a Shuttle Training Aircraft, a modified
Gulfstream business jet. The aircraft is built to mimic the orbiter's glide
to Earth. He can then relay to Atlantis what to expect if the orbiter should
land at Edwards today.

1:25 p.m. - If landing is scheduled for Edwards Air Force Base, a ferry
flight to bring the orbiter back to Kennedy for processing could take place
after about 7 days.

1:35 p.m. - Mission Control has given the crew the go ahead for fluid
loading.

1:50 p.m. - After assessing the weather data flight controllers had to wave
off the second landing opportunity for Kennedy. The forecast for Edwards
appears to be clear.

1:55 p.m. With NASA planning to land Atlantis at Edwards Air Force Base in
California, the orbiter would fire its Orbital Maneuvering System engines at
2:43 p.m. EDT, 11:43 a.m. PDT.

1:57 p.m. - The landing time for Edwards would occur at 3:49 EDT, 12:49 PDT
with deorbit burn a little less than an hour prior.

2:12 p.m. - Fifty space shuttle missions have landed at Edwards Air Force
Base. The most recent was STS-114, when Discovery landed at the California
base in 2005.

The orbital maneuvering system engines are crucial for entry. The two
engines housed in the pods at the end of the orbiter, act as a brake in
space that allows the orbiter to fall into the atmosphere back to Earth.

2:16 p.m. - Atlantis will shortly be given the command for deorbit burn
scheduled for 2:43 p.m. EDT. The deorbit burn will slow Atlantis by 200 mph,
causing it to fall out of orbit and begin the descent for landing.

2:19 p.m. - Mission Control has given Atlantis the go for deorbit burn!

2:23 p.m. - There are less than 20 minutes until the deorbit burn for
Atlantis. The orbiter is being reoriented so its tail is in the direction of
travel.

2:30 p.m. - With less than 15 minutes left to go before the deorbit burn,
Mission Control is in constant communication with astronaut Scott Altman,
who is flying the Shuttle Training Aircraft, regarding the weather at
Edwards.

2:43 p.m. - DEORBIT BURN! Flight control confirms Atlantis' two engines are
burning normally as the vehicle begins its descent toward Earth. During the
burn, Atlantis flies upside down and backwards to decrease its speed.

2:46 p.m. - The orbiter will perform a series of roll maneuvers, banking
first to the right and then to the left to help slow down its speed as it
descends for a landing.

2:48 p.m. - The convoy of landing support vehicles is moving to the staging
point on the runway at Edwards.

2:53 p.m. - The Atlantis crew is now maneuvering the shuttle to the best
position for landing on Runway 22 at Edwards. The orbiter is less than an
hour from touchdown.

2:56 p.m. - The crew of STS-117 will be dumping excess fuel overboard.

3:05 p.m. - After nearly two weeks in space, Atlantis and the crew are
headed home.

There are six main events in the landing sequence: deorbit burn, entry
interface, maximum heating, exit blackout, terminal area and approach and
landing.

3:10 p.m. - All APUs, or auxiliary power units are working normally. These
units power pumps used to power Atlantis' hydraulic systems.

3:18 p.m. - Atlantis is approaching entry interface, which usually takes
place at an altitude of about 80 miles and more than 5,000 statute miles
from the landing site. At this point in the landing phase, the orbiter
begins to feel the first effects of the Earth's atmosphere.

Sunita Williams is riding back to Earth lying on her back. She has lived in
the weightless conditions aboard the International Space Station since
December. It is common for astronauts returning from long-duration missions
to recline during the return to Earth to ease the transition back to
gravity.

3:23 p.m. - Atlantis is traveling 25 times the speed of sound.

3:25 p.m. - Atlantis is traveling at 16,500 miles per hour and will perform
a series of roll maneuvers, banking first to the right and then to the left
to help slow its speed as it descends toward landing. Early in this segment
of reentry, the orbiter's orientation is controlled by the aft steering
jets.

3:29 p.m. - During reentry and landing, the orbiter is not powered by
engines and flies like a high-tech glider, relying first on its steering
jets and then its aerosurfaces to control the airflow around it.

3:35 p.m. - Atlantis is traveling at a speed of 15,000 miles per hour.

3:38 p.m - Atlantis is at 165,000 feet and traveling at 10,000 feet per
second.

3:43 p.m. - Commander Rick Sturckow is now controlling Atlantis and he has
Runway 22 in sight.

3:49 p.m. - Touchdown! Atlantis has safely landed at Edwards Air Force Base
in California.

3:50 p.m. - Atlantis' wheels have come to a stop. Welcome home, Atlantis,
after completing a journey of more than five million miles.

3:53 p.m. - The crew will now work through a checklist for shutting down the
orbiter and "safing" the vehicle.

3:58 p.m. - The external tank umbilical doors have been opened.

4:02 p.m. - The crew has been given the okay to begin powering down the
onboard computers and will be able to depart the orbiter in about 45
minutes.

4:06 p.m. - The orbiter's three APUs have been shut down.

4:08 p.m. - The astronauts have been cleared to remove their orange
flight-and-entry suits. Work to safely shut down Atlantis' systems is
continuing.

4:11 p.m. - The recovery operations convoy has arrived. When the vehicle is
considered safe from all potential hazards and free of toxic gases, the
purge and coolant umbilical access vehicle moves into position at the rear
of the orbiter.

4:16 p.m. - The crew transport vehicle has pulled up to the orbiter. There
are beds and comfortable seats inside so the astronauts can receive medical
checks immediately after returning to Earth.

4:22 p.m. - The main gear (rear wheels) touchdown was at 3:49:38 p.m., nose
gear was at 3:49:49 p.m., wheels stop was at 3:50:48 p.m. for a total
mission time of 13 days, 20 hours, 12 minutes and 44 seconds.

Now that Atlantis has landed, it will have about six months to be readied
for its next flight: STS-122. It will again fly a new segment to the
International Space Station.

4:43 p.m. - Once Atlantis is determined "safed," all crew members will exit
the orbiter and enter the crew transport vehicle, a modified "people mover."
There will be a physician on board to facilitate the brief medical exams.

4:56 p.m. - The crew has entered the crew transport vehicle and are
undergoing their medical checkups.

5:10 p.m. - Some of the crewmembers will take their typical walk around the
orbiter for one last look at the ship.

The astronauts and their families will be flown to Houston, Texas, for their
well-deserved reunion after a very successful mission.

'Sivaji' is box office boss

It was the biggest ever release in recent times. Touted to be the most expensive Indian film ever – the recently released Rajinikanth starrer 'Sivaji' created a lot of noise. And as the earnings at the box office shows, the hype might have been worth it.

 

A week after the release of 'Sivaji', there are still no tickets available at some theatres in Chennai. As the boards outside declare, tickets are sold out till June 26. This despite the fact that 'Sivaji' has released in a record 18 screens in the city.

 

Mahesh a Rajini fan said, "Tickets are not available. But we'll try to get it somehow and watch it."

 

Another Rajni fan, Christopher said, "You have to wait for at least three hours to get hold of a ticket and you have to book it at least two days in advance."

 

Yet another Rajni fan, Imtiaz said, "I went to three theatres, but still no tickets."

 

'Sivaji' opened at over 850 screens and so the expectations from the producers are already high. The movie opened with a record 600 plus prints in Tamil Nadu alone.

 

Meanwhile, 160 of them were distributed in the US, the UK, Malaysia, Singapore and Australia. Over 320 prints have been released in Telugu for Andhra Pradesh.

 

According to reports, 'Sivaji' has become the first-ever Tamil film to find a place in the UK Top 10 at No. 9. Filmed at a budget of Rs 85-90 crores, the revenue figures projected for 'Sivaji' from Tamil Nadu alone is 60-70 Crores. It's estimated to have grossed over 25 crores over the last one week in the state.

 

Overall, the film could be expected to gross over 150 crores from ticket sales alone. The producer's strategy to release a large number of prints, so as to rake in revenues within the first few weeks of release, seems to have paid off.

 

MS Guhan, the producer of 'Sivaji' said, "Our role-model here is not to run for a long time to take revenues the way Kollywood or Bollywood is doing today. We want to change the perception and say, if you run it for so many days, it doesn't make a difference, but it's how the revenue comes back to the distributors and exhibitors."

 

It's a week after the movie hit the theatres and 'Sivaji' is still running to packed houses even now. Moreove, by the looks of it, the film is sure to break some records at the box office.

Six Indian companies make it to BusinessWeek's top-100

Six Indian companies have made it to the 2007 Information Technology 100, BusinessWeek's ranking of the top 100 global technology performers. The list includes companies in Web retail, telecom, wireless, and technology product and software services.

The Indian companies are: Bharti Airtel, Tata Consultancy Services, Infosys, Wipro, Satyam Computer Services and HCL Technologies. The US-based Cognizant Technology Solutions, which has most of its development centres in India, is also in the list. This year cable companies that expanded into telecom were also included, says BusinessWeek on its Web site.

Bharti was the top ranking Indian company in the list, but dropped to 14th this year from the 10th place last year. Satyam dropped to 73 from 48 last year while Infosys, TCS and Wipro have moved up, and HCL made it to the list this year.

TCS moved to 23rd position from 34th last year; Infosys moved 12 places ahead to 30th and Wipro eight places ahead to 49. Cognizant was ranked this year at 70, up from 84th position last year, says the report to be published on July 2 issue of BusinessWeek.