India Insight

India equity funds add Wipro, TCS in 2013; dump HUL, SBI

An increased number of India’s equity diversified funds favoured technology companies such as Wipro and Tata Consultancy Services (TCS) among Sensex stocks in 2013, raising their bets on a sector that benefited from a depreciating rupee and improving demand from developed economies.

Nearly 160 of 322 such funds had investments in India’s No. 3 IT services provider Wipro in December as compared to 91 funds a year ago, more than doubling the collective stake held in the company, data from Morningstar India showed. India’s top IT services exporter TCS was part of 190 portfolios, up from 155.

A weak rupee and improving business from clients in the United States and Europe propelled technology stocks to new highs in 2013 — TCS registered a rise of 73 percent while Wipro gained 61 percent, outperforming the BSE IT index that touched a life high and ended 59.7 percent higher. In comparison, the BSE Sensex had risen 9 percent.

“With the (domestic) economy slowing down and high interest rates, obviously the allocation shifted towards all these sectors where the outlook was improving and earnings were being revised upwards,” said Mahesh Patil, co-chief investment officer at Birla Sun Life Mutual Fund that manages assets of more than $12 billion and has investments in both TCS and Wipro.

India’s diversified equity mutual funds rose 4.8 percent on average in 2013 but underperformed the Sensex for the first time in five years, Lipper data showed, as the performance of mid- and small-cap shares and financial companies weighed.

Old Delhi food steps into the digital age with start-up

With thousands of shops, hundreds of carts, horses, cows, vehicles and an ever-rising number of visitors and shoppers, Delhi’s Chandni Chowk can be a menacing place if you just want to savour a jalebi. But the syrup-drenched, pretzel-like traditional sweet from one of the oldest shopping hubs in India is a mere click away.

A new start-up promises to come to the rescue of many Delhiwallas who want to eat good food from the Mughal-era Walled City, but can’t stand the chaos of what a government portal calls the food capital of India.

“Whenever we want to eat the food on weekdays, it becomes impossible for us,” said 24-year-old Rahul Garg. This and a desire to have their own business led Rahul and his IIT graduate brother Anshul to launch an online food delivery platform that focuses Chandni Chowk’s delicacies.

India won’t have misfortune of having Rahul Gandhi as PM: AAP’s Kumar Vishwas

By Sankalp Phartiyal and Aditya Kalra

The Aam Aadmi Party’s Kumar Vishwas, who plans to challenge the Congress party from the Gandhi family’s bastion in Uttar Pradesh, said it would be unfortunate if Rahul Gandhi became India’s prime minister.

Vishwas’s remarks came as Gandhi suggested in a rare interview published on Tuesday in the Dainik Bhaskar that he was ready to be prime minister if the Congress returns to power in the 2014 general election due by May.

“I don’t think that India has the misfortune of him (Rahul Gandhi) ever becoming prime minister,” Vishwas said in a telephone interview from Amethi district. “The direction in which the country is headed right now … things will only get worse (if Gandhi becomes PM).”

Movie Review: Dedh Ishqiya

(Any opinions expressed here are those of the author and not of Thomson Reuters)

What a difference a week makes. Last week, the sight of Vijay Raaz and Arshad Warsi in “Joe B Carvalho” was enough to drive someone up the wall. A week later, they are a sheer delight in film-maker Abhishek Chaubey’s “Dedh Ishqiya”.

A rollicking, irreverent and well-executed film, Chaubey’s sequel to his 2010 debut has more of the sparkling dialogue and wit, but better etched characters, and a story that will keep the viewer engaged till the end.

In “Dedh Ishqiya”, the adventures of Khalu and Babban continue with the two finding themselves in a crumbling mansion, owned by the aging, but beautiful Begum Para (Madhuri Dixit), who follows up on a promise made to her late husband. She organizes a poetry competition, and declares she will marry the one whose poems impress her the most.

Aamir Khan’s recipe for India’s biggest blockbuster

In the weeks before the release of “Dhoom 3“, actor Aamir Khan got a message from his dentist, who was concerned that his patient’s new film wasn’t being promoted enough.

That was exactly what Khan, who plans the marketing of his films as meticulously as he prepares for roles, wanted to hear.

“When people are concerned enough about your film that they ask you why they aren’t promoting it more, you know you’ve achieved what you wanted,” the 48-year-old Bollywood star told Reuters in an interview.

A Minute With: Aamir Khan on movie marketing

Dhoom 3”, the third instalment in India’s only action movie franchise, has become Bollywood’s highest-grossing film, raking in more than 5 billion rupees ($80 million) in global ticket sales.

Lead actor Aamir Khan spoke to India Insight about the film’s marketing strategy, why reality TV shows may not be ideal for publicity and what he would change about his 2005 film “Mangal Pandey – The Rising.” Edited excerpts.

How was the marketing strategy for “Dhoom 3” conceived?
When we sat down for the first time, Victor (director Vijay Krishna Acharya) and the whole team were trying to figure out what we wanted to convey for this film. And like any other film, and this is something that both Adi (producer Aditya Chopra) and I feel very strongly, what actually wants to make you see the film is the trailer. We wanted to let the creative of the film speak for itself. Over the years, certain conventions have been formed and we looked at each convention for its own merit. Do we want to continue what is happening, is it of any use to the film, or not?

from Expert Zone:

U.S.-India dispute: A diplomat and a double-standard laid bare

(The following essay is commentary. The views of the author do not necessarily reflect those of Reuters)

Relations between the United States and India have crashed to their lowest ebb since the last millennium, something many Americans might have missed during the holiday buzz.  A spat over the treatment of a diplomat and her maid threatens the foundations of a key international partnership, and the implications extend far beyond foreign policy. This case could endanger American diplomats, businesspeople and tourists travelling abroad.

The fight began with the December arrest of Devyani Khobragade, India’s Deputy Consul in New York.  Khobragade, a young mother accused of under-paying her maid and making a false statement on a visa form, says she was hand-cuffed, strip-searched, and thrown in a holding facility with violent criminals.  India regards her arrest as a violation of diplomatic immunity.  The United States argues that such immunity does not extend to consular officials.

from Expert Zone:

The return of the ugly American

(This piece comes from Project Syndicate. The opinions expressed are the author's own)

Nearly a month after American authorities arrested India’s deputy consul general in New York, Devyani Khobragade, outside her children’s school and charged her with paying her Indian domestic worker a salary below the minimum wage, bilateral relations remain tense. India’s government has reacted with fury to the mistreatment of an official enjoying diplomatic immunity, and public indignation has been widespread and nearly unanimous. So, has an era of steadily improving ties between the two countries come to an end?

Judging from Indian leaders’ statements, it would certainly seem so. India’s mild-mannered Prime Minister Manmohan Singh declared that Khobragade’s treatment was “deplorable.” National Security Adviser Shivshankar Menon called her arrest “despicable” and “barbaric,” and Foreign Minister Salman Khurshid refused to take a conciliatory phone call from US Secretary of State John Kerry.

Interview: BJP’s Harsh Vardhan slams AAP-Congress alliance in Delhi

By Aditya Kalra and Sankalp Phartiyal

India’s Congress party and the upstart Aam Aadmi Party (AAP) entered an “unholy alliance” to share power in Delhi following state elections in the national capital, the chief ministerial candidate of the Bharatiya Janata Party (BJP) said in an interview on Dec. 31.

Harsh Vardhan, who lost the race for chief minister of the capital region to AAP founder Arvind Kejriwal, said he thinks that the Congress party and the AAP had “some sort of understanding” before the elections. He offered no proof. Spokesmen for the AAP and the Congress party denied these charges.

Kejriwal, 45, was sworn in as the youngest chief minister of Delhi on Dec. 28. The anti-corruption activist and former civil servant surprised India with his strong showing and is likely to create uncertainty over how the 2014 general elections and race for the prime minister’s seat will turn out.

Movie Review: Joe B Carvalho

(Any opinions expressed here are those of the author and not of Thomson Reuters)

A contract killer with a schizophrenic personality; a woman who is blind but doesn’t know it; a police officer who spends more time in bikinis than catching criminals; and a detective who never shows any signs of intelligence — these are characters in Samir Tewari’s disaster of a movie “Mr Joe B Carvalho”.

Arshad Warsi plays the title character, that of a detective hired to stop a couple eloping, but finds himself embroiled in another matter. Mahesh Ramchandani’s hare-brained script stops making sense about ten minutes into the film.

Styled as somewhat of a surreal comedy, Tewari’s film has some bizarre situations that are impossible to make sense of or make us laugh. The reason why Carvalho and his lady love (Soha Ali Khan) break up is because he saves her from a snake, a scorpion and a live puppet — all of whom turn up in her bedroom — but in the process causes harm to her family members. The entire scene is absurd, badly acted and not even remotely funny. And this isn’t the only such scene.

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