Microsoft launches first desktop, Windows update with 3D features

The Windows update will let mobile devices scan objects on all sides so it can rotate 360 degree in a photograph.

Microsoft on October 26 unveiled its first-ever desktop computer and a free update to its Windows operating system that allows edits using 3D simulations, in hopes of reinvigorating its computing business.

The Windows 10 Creators Update, coming in early 2017, lets mobile devices scan an object on all sides so it can rotate 360 degrees in a photograph. It also allows for three-dimensional graphics in Microsoft's popular PowerPoint presentation software, and a new "Paint 3D" application allows edits in 3D simulations.

Sales for Microsoft's computing business have declined since 2015. With the new features, Microsoft is hoping to stand out from the pack and win over creative types who have long preferred products from rival Apple.

"Microsoft has its work cut out in trying to convince potential customers that its products are more than just the workhorses they've always been for many," analyst Jan Dawson of Jackdaw Research said in a note. "That won't change overnight."

Microsoft shares closed 0.6 per cent lower at $60.63.

The technology company's desktop computer, the Surface Studio, has a touch-screen monitor that can lie flat and be drawn on with a stylus. Microsoft also said it would introduce a new Surface Book laptop whose battery life is 30 per cent longer at 16 hours.

At $2,999 and up, the Surface Studio will be "out of reach for the vast majority of consumers," Dawson said.

The upgrade, for Windows 10 only, has limits as well. While more than 400 million devices run on Windows 10, far more computers still have Windows 7 installed, according to data from NetMarketShare. That means the majority of users will not see any changes.

Nonetheless, analysts said the upgrade puts Microsoft at the forefront of mass-market 3D technology, with the potential to please average users and intensive gamers alike.

"Microsoft is getting ahead of the curve," Tigress Financial Partners analyst Ivan Feinseth said. "Their marketing efforts to illustrate the 3D ability seems to be ahead of Apple's."

Apple has scheduled an event on Thursday where it is expected to unveil updated Mac computers.

Microsoft's update targets gamers in particular, who are keen on using new virtual reality headsets and have been turned on to augmented reality games since the July launch of hit mobile app Pokemon Go.

Business partners HP, Lenovo, Dell and others will introduce virtual reality headsets, starting at $299, that work with the new Windows 10, Microsoft said.

"We are building Windows for each of us (and enabling) people to experience computing in new ways," Chief Executive Satya Nadella said at a New York event to launch the new products.

Revenue for the Windows and computing unit fell 1.8 per cent last quarter to $9.29 billion, Microsoft said on Thursday. It forecast division sales of as much as $11.6 billion for this quarter, well below year-earlier results of $12.7 billion.

Nonetheless, Microsoft is riding high on its fast-growing cloud business, which companies can use to host their websites, apps or data. Shares of Microsoft have doubled since August 2013, with Nadella restoring investor confidence by focusing on mobile and cloud computing rather than PCs.

Rupee snaps 2-day gains, closes 1 paise lower

In restricted trade, the rupee snapped its 2-day winning spree against the American currency, slipping marginally by one paise to end at 66.83 per dollar on month-end dollar demand from importers.

The Indian rupee opened slightly higher by 2 paise at 66.80 as against Tuesday's closing level of 66.82 per dollar at the Interbank Foreign Exchange (Forex) market and moved in a range of 66.7550 per dollar and 66.8450 per dollar before ending at 66.83 per dollar, showing a loss of one paise.

The rupee had gained by seven paise or 0.10 per cent in previous two days.

The domestic unit moved in range of 66.7550 per dollar and 66.8450 per dollar during the day.

The dollar Index was trading down by 0.22 per cent against a basket of six currencies in the afternoon trade.

The RBI today fixed the reference rate for the dollar at 66.7621 and euro at 72.8174.

In cross-currency trades, the rupee firmed up further against the pound sterling to finish at 81.55 from 81.73 yesterday while dropped against the euro to 72.92 from 72.72.

It also fell against the Japanese yen to close at 64.09 from per 100 yens from 63.95.

In overseas market, the dollar took a breather in early Asia trade today, but was still not far from a nearly nine-month peak against a currency basket as expectations for a year-end rate hike by the Federal Reserve remained intact.

The US dollar strengthened slightly against the pound yesterday, as the British currency sold off sharply, extending its fall to fresh multi decade lows while it softened against the euro.

Foreign funds remained net sellers for the third day and sold shares worth a net Rs 606.34 crs, as per exchanges data.

The flagship BSE Sensex dropped further by 254.91 points or 0.91 per cent to close at 27,836.51 while broader Nifty moved down 76.05 points or 0.88 per cent to end at 8,615.25.

In the forward market, premium for dollar continued trade weak on sustained receiving by exporters.

The benchmark six-month premium for March softened to 147.5-149.5 paise from 150.5-152.5 paise on Tuesday and the forward-September 2017 contract also moved down further to 323-325 paise from 326-328.

Hero MotoCorp net profit rises 27.74% in Q2

Hero MotoCorp on Wednesday announced a 27.74 per cent rise in Q2 net profit, posting its highest-ever quarterly sales of 18,23,498 units (growth of 15.8% over corresponding period last year. During July 2015 to September 2015, the firm sold 15,74,861 units.

The firm posted an all-time high net profit of Rs 1,004.22 crore in the second quarter of current fiscal against Rs 786.12 crore in the corresponding quarter of the last fiscal. 

Earnings before interest, depreciation, tax, and amortisation (EBIDTA) margin improved to its highest-ever 16.20 per cent, as against 14.91 per cent over the corresponding quarter aided by softer commodities and cost control measures (LEAP).

Pawan Munjal, Chairman, Managing Director and Chief Executive Officer, Hero MotoCorp, said, "The second quarter of this fiscal has been a defining phase in the journey of our young brand. The highest-ever volume sales during the quarter is a reiteration of the overwhelming customer preference of our products, and a testimony to our market leadership." 

The earnings were announced after market hours. The Hero MotoCorp stock closed 1.92 per cent higher at Rs 3,421.55 levels on the BSE.

Don't buy gold jewellery this festive season. Here's why

The government has recently issued the sixth tranche of SGB. Unlike previous issuances, this time the government has launched it at discount of Rs50 at Rs, 2957, which is it the lowest subscription price for 2016-2017. But at the same time the government has reduced the interest rate from 2.75% to 2.5% on these bonds.

Indians love to invest in real estate and gold. While real estate has been going through tough phase for last few years, gold has risen around 20 per cent after giving negative returns for the last three years. With downside looking limited experts say it is the right time to add gold to your portfolio. But do you know apart from jewellery there are several other cost-efficient ways of investing in gold. Here are a few tips for you on how to invest in gold this festive season.

Sovereign Gold Bond (SGB)

The government has recently issued the sixth tranche of SGB. Unlike previous issuances, this time the government has launched it at discount of Rs50 at Rs, 2957, which is it the lowest subscription price for 2016-2017. But at the same time the government has reduced the interest rate from 2.75% to 2.5% on these bonds.

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So if you have been planning to invest in gold this festive season buy SGB before the closing date of November 2. The tenure will be the same for eight years with exit option being given from the fifth year. The minimum investment in these bonds in one gram with maximum buying limit of 500 grams. By investing in these bonds you can cash in on the upside movement in gold prices as well as earn 2.5% interest at the time of exit. It comes in the paperless form so you are saved from the hassle of keeping it safe inside lockers. The bonds are sold through banks and designated post offices. You can also convert it into demat form.

Taxation: Interest earned on gold will be added to your income and is taxable as per tax slab. There is no tax at the time of maturity. If you redeem it before maturity, you will have to pay capital gains tax on it. If the bonds are sold before three years, the short term capital gain is taxable as per one's tax bracket. If sold after three years, then gains would be treated as long term capital gain wherein a tax rate of 20 per cent with indexation will be applicable.

Exchange traded funds (ETFs)

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Another way to buy gold in electronic form is through demat account. Several mutual funds offer you this option by listing them just like stocks on exchanges and they are linked to international prices. One of the main advantages is you can invest in ETF whenever you want. Unlike, SGB they are not open for a short span of time. If you have a demat account you can invest according to your convenience. On the flip side there is an expense ratio of around one per cent on ETFs. It makes it costly compared with sovereign gold bonds.

Taxation: They are taxed just like debt funds. Capital gain tax has to be paid when you sell them off. If you hold them for more than three years long term capital gain is levied at the rate of 20 per cent with indexation. In case of less than three years short term capital gain is levied as per your income tax slab.

Gold Coins

If you are not convinced and still want to invest in physical form, go for gold coins from MMTC. Gold coins are available in denominations of 5 and 10 grams and bar or bullion of 20 grams through MMTC outlets. The 10 gramme coin of 24 karat purity and 999 fineness is available at Rs32,757 (excluding VAT and other taxes).

Banks also sell coins but they can be bit costly as they charge you premium of around 10 to 15 per cent. The flip side is MMTC and banks are not allowed to buy gold back from their customers. The local jeweller may sell you at lower cost but then you have to be sure of their quality. 

Taxation: For physical gold the taxation is same as ETFs. 

Gold prices are expected to rise in prices over long periods. One can add it to the portfolio as a hedge against inflation. The thumb rule is it should not be more than 10 to 15 percent of your portfolio.

DND flyway connecting Noida with Delhi made toll free

 

In a judgement that may bring relief to millions of commuters in the NCR region, the Allahabad High Court on Wednesday ruled that henceforth no toll tax shall be taken from those using the9.2-km-long, eight-lane Delhi-Noida Direct (DND) flyway.

A division bench comprising Justices Arun Tandon and Sunita Agarwal passed the order while allowing a public interest litigation filed by the Federation of Noida Residents' Welfare Association.

ALSO READ: Board's move unparalleled in corporate history, says 'shocked' Cyrus Mistry

The PIL, which was filed in 2012, had challenged the levy and collection of toll in the name of user fee by Noida Toll Bridge Company. The high court had on August 8 reserved its judgement on the plea. In a more than 100-page judgement, the court held, The user fee which is being levied/realised is not supported by the legal provisions relied upon by the Concessionaire (Noida Toll Bridge Company), Infrastructure Leaning and Financial Services (promoter and developer of the project) and the Noida Authority.

It said that the right to levy and collect user fee from the commuters as conferred upon the Concessionaire under the concession agreement suffers from excessive delegation and is contrary to the provisions the UP Industrial Development Act.

The court noted that the Concessionaire, according to their own financial statements, has recovered Rs 810.18 crore (approx) from toll income from the date of commencement of the project till 31.03.2014 and after deduction of operation and maintenance expenses and corporate income tax, the surplus was Rs 578.80 crore (computed before interest, depreciation, and lease rental received by the Concessionaire).

They have further realised user fee/toll two-and-a-half years thereafter between 01.04.2014 and 30.09.2016 which, as per the collection of user fee in the year 2013-14 would work out to an additional sum of Rs 300 crore (approx). "We are, therefore, more than satisfied that the Concessionaire cannot now recover the user fees from the users/commuters of the Noida Toll Bridge the DND Flyover," the high court said.

In the PIL, the petitioners had submitted that they, upon being aggrieved by the demand of the user fee made an enquiry and it then transpired that Noida Authority had authorised Noida Toll Bridge Company - which was a private company - to impose and realise user fee under a concession agreement and given power to increase the toll charges from time to time.

According to the petitioners, the toll charges were initially Rs 8 per entry of car which was later hiked to Rs 22 and then Rs 25 w.e.f. 09.02.2012. Similarly, two-wheelers are charged Rs 12 per vehicle. The court, however, made it clear that we are not entering into the rights of the contracting parties under the concession agreement.

It is open for them to make any agreements which they choose to agree. "We are only concerned with the rights of users/commuters of Noida Toll Bridge known as DND Flyway who are being illegally taxed in the name of user fee," the high court said.

Meanwhile, Noida Toll Bridge Company Ltd said in a BSE filing that it, in compliance with the judgement of the high court, has stopped collection of user fee, subject to the outcome of its appeal against the verdict before the Supreme Court.

The company is in the process of filing an appeal in the Supreme Court against this judgement. The rights of the company to the DND under the Concession Agreement remain valid and remains asset of the company, it said. As has been disclosed in the annual reports of the company, the local resident welfare associations (Federation of Noida Resident Welfare Associations-FONRWA) had filed a public interest litigation in the Allahabad High Court challenging the validity of the concession agreement.

The Honourable High Court of Judicature at Allahabad has pronounced its judgement today at 4 PM. The judgement although upholding the concession agreement has held the two specific provisions relating to levy and collection of fee to be inoperative and has directed the company to stop collecting the user fee thereby making the facility Toll Free, it said.

Sebi looking into Tata-Mistry saga; bourses seek clarification

Market regulator Sebi has begun looking into the high profile Tata-Mistry case for any possible breach of corporate governance norms and listing regulations at various listed companies of the over $100 billion conglomerate.

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Besides, stock exchanges, late this evening, sought clarification from many of the group's listed companies on the purported disclosure by ousted Chairman Cyrus Mistry of about Rs 1.18 lakh crore possible writedown at the group firms.

"We (Sebi) are taking note of each and every development and will act immediately on any hint of possible violation of corporate governance and listing norms or any other regulation under our jurisdiction," a senior official said.

The Securities and Exchange Board of India (Sebi) is looking into the alleged disclosure made in the purported letter written by Mistry to Tata Sons' board members including about financial and other irregularities as also lapses on the corporate governance front, sources said.

ALSO READ: Cyrus Mistry's letter to Tata executives: All you need to know

The stock exchanges and the regulators are also keeping a close watch on the price movement and trading activities of over two dozen listed companies of Tata group, which have seen an erosion in value in last two trading sessions after the surprise ouster of Mistry in less than four years of being made chairman of Tata Sons, the main holding company of the group.

The price movement and trading volumes for few days prior to the surprise announcement will also be looked into.

The exchanges have asked these companies, including Tata Motors, Tata Steel, Indian Hotels, Tata Teleservices and Tata Power, to provide full details about these issues.

The notices from the stock exchanges followed reports about Cyrus Mistry, who was ousted as the chairman of the group's main holding company Tata Sons, disclosing possible writedown to the tune of $18 billion faced by the conglomerate.

The exchanges have asked the companies to provide clarification/confirmation on the news item in detail. The companies have also been asked to explain whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the company, the exchanges said.

The companies have also been asked about any information that has not been announced to the exchanges as required under the Listing Regulations. The companies were yet to respond to the exchanges.

In an explosive confidential email to Tata Sons board members, Mistry warned that the salt-to-software giant may face Rs 1.18 lakh crore in writedowns because of five unprofitable businesses he inherited.

Mistry said he inherited a debt-laden enterprise saddled with losses and went on to single out Indian Hotels Co, passenger-vehicle operations of Tata Motors, European operations of Tata Steel and part of the group's power unit and its telecommunications subsidiary as legacy hotspots.

Hike messenger rolls out video calling in India

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New Delhi: India's first homegrown messaging app hike messenger on Wednesday launched video calling feature for its users.

Video calling - the beta version of which was rolled out in September this year to a select set of less than a hundred thousand users - will now begin to roll out to the entire user base, starting with Android users this week.

'We see India as primarily a sight and sound market and we believe video calling will have a large impact on how people communicate inside of hike,' Kavin Bharti Mittal, Founder and CEO, hike messenger, said in a statement.

With the video calling feature, users on hike can also see a live video preview of the caller before answering the call.

The feature has been built for a reliable and high quality video experience that works even under challenging network conditions, including good quality 2G.

Kratos, mobile ad-tech start-up aims at $50 million valuation in 5 years

By Anusha Ashwin

It is the age of digital advertisements. Catching a potential customer's attention just for seconds through an advertisement would mean success for advertisers. Little wonder then, that with an exponential boom in mobile phone users and data subscribers, there is a natural urge among advertisers to capitalize on mobile advertising. In fact, advertisers are conscious of the fact that currently mobile advertisements are eating into print and television genres of media.

Tapping mobile user base, maximizing ROI for advertisers through better targeting, analytics and consumer insights is thus the need of the hour and Singapore-incorporated mobile advertisement company - The Kratos - is just enabling all of that for advertisers.

Upal Pradhan is the Founder & MD of Kratos. He is backed by a 35-member team with Naveen Bhandari as the company's Director and Venkatakrishna (aka Venki) as the Chief Architect.

"Our objective is to enable brands to communicate with their target audience on various mobile devices in the most efficient manner and deliver measurable results. We work with various leading brands, app developers and publishers to achieve targets ranging from building brand visibility to increasing app penetration among relevant users," says Founder, Upal Pradhan in a chat with Voice&Data.

The Kratos Journey

Kratos was founded in 2013, by Naveen Bhandari, Upal Pradhan and Venkatakrishna. They were then already known as the creators of three successful startups in mobile technology space and one in the entertainment space. The founders envisioned that Kratos should be an exclusive mobile ad-serving platform that is scalable, robust and forms the foundation of ad networking.

Responding to how he embarked onto his entrepreneurial journey with Kratos, Pradhan recollects, "I started my career in Saregama, taking care of digital marketing for south India, which gave me exposure of the mobile and media industry and monetization avenues on various digital platforms. Then came Techzone where the journey kicked off. Tech zone at that point was at an inflection point, going through a hyper growth curve. Naveen and I were responsible for all the non-technical verticals - marketing, sales, product, finance and HR. Naveen is a serial entrepreneur and was already 10-plus years in the mobile and digital space at this point. I was also exposed to certain key ingredients of entrepreneurship like building team and culture, achieving hyper growth rates with limited finances and most importantly handling the strains caused by frequent highs and lows, many a times simultaneously. Tech zone at this point was spending good amount of money on mobile advertisement. Mobile is an ecosystem that we had in depth experience in. Moreover, mobile advertisement was in its initial stages where there was lot of scope for improvement and changes. Hence started the journey of Kratos."

As an ad tech company, Kratos has three products in its portfolio:

a) A demand side platform equipped with RTB and ROI optimization algorithms

b) A rewarded software development kit (SDK) called KuberPlay, which helps app developers monetize their apps by providing premium services free to their customers which are paid for by advertisers and

c) An affiliate management platform with tracking solutions

Winning Large Ad-agencies' Trust

Working with almost all the large media agencies in India and consumer tech companies, Kratos has proved its skill in the multi-billion-dollar advertisement industry. Kratos' USP lies in Pradhan and his team's in-depth knowledge of mobile ecosystem, and immense focus on increasing the ROI of advertisers. "All our systems are built for achieving this objective. We try to replace any manual process that is followed for optimization, targeting etc. with self-learning algorithms so that the systems become real time (instead of iteration time of weeks), efficient and error free," explains Pradhan.

Scalable global mobile ad networks; maximizing returns for ad investment; maximum value for publisher inventories are some notable services that Kratos gives its clients. Kratos' success is rooted in the experience of the founders as users of mobile ad technology and pioneers of mobile VAS (value-added-service). This has translated into deep consumer insights, as well as an understanding of the need of the publisher and the advertiser. Using these insights, the Kratos team leveraged advances in big data and cloud-based architectures to simplify mobile advertising for its customers. Innovating as they built adtech solution from ground up the quality of network combined with their strong targeting capabilities and proprietary quality assurance technologies have enabled them to deliver both, reach and performance for their advertisers. Kratos' principle of transparency with its customers makes it a preferred ad network to both advertisers and publishers.

Zapak was Kratos' first client. Kratos is continuing to render Wireless Application Protocol (WAP) services to Zapak, since its association two years back. Kratos admits that the company has been constant in delivering ROI with Zapak. Kratos has been successful with another startup in the food-tech space based out of Mumbai. Kratos was responsible for conducting digital campaigns to place orders and the team managed to garner 30,000 customers in a month's time for the food-tech startup.

Steady Growth Phase

Pradhan is confident that his company is growing steadily. He says, "We have always been consistent about our resources. We have hired people from some of the top educational institutions who have deep knowledge in their field. We have grown from 6 people to 40. Over a period of time, I have given them independence to take their own decisions by playing a larger role at Kratos. In terms of technology, we always have the latest technology stack available in market, especially when it comes to data and analytics."

Pradhan, at this moment, is content with the financial resources in hand. He intends to consolidate the market before he approaches an external investor. Kratos is notably a fast growing company. Its revenue has grown by 120% year-on-year to reach over Rs 16 crore in January 2016. On the product side, Pradhan intends to focus on on-boarding as many app developers as possible on KuberPlay and to expand the base of its white labeling solution over the next six months. On geographic expansion side, Pradhan wants to increase their presence in South East Asia by December 2016. With the registered office in Singapore, Pradhan is aggressive about foraying and expanding further in Asia, Australia followed by US and Europe. He foresees a company that can be valued at Rs 250 crore (USD 50 million) in five years.

Gold prices stay firm on strong festive demand in India

Gold prices stayed firm on Wednesday as stronger physical demand for the precious metal, ahead of India's late-October festival season, offset a firm US dollar.

Demand for bullion is expected to pick up ahead of festivals such as Dhanteras and Diwali, which is also a time when gold is traditionally given as a gift.

"A recovery in physical demand provided the foundation for the rally that carried over into later trading," HSBC analyst James Steel said in a note.

"Gold investors brushed aside the negative impact on bullion of a firmer USD."

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Spot gold was up about 0.1 per cent at $1,275.04 an ounce by 0445 GMT. In the previous session, it hit $1276.67, its highest since October 5.

US gold futures settled up 0.16 per cent at $1,275.7 an ounce.

Flows into exchange-traded funds and pick up in Asian demand were keeping the metal stable, said Dominic Schnider of UBS Wealth Management in Hong Kong.

"Markets having already priced in the Fed's interest rate hike move," Schnider added.

"Yellen may hike rates now, but the trajectory is going to be very modest, and so interest rates in the US in real terms will actually go down into more negative territory," he added.

ALSO READ: Why you should exit these six sectors before Samvat 2073 begins

A Reuters poll showed the Federal Reserve is expected to raise interest rates in December.

Bank of England Governor Mark Carney cast doubt on expectations for more monetary stimulus in Europe while ECB President Mario Draghi said on Tuesday he would prefer not to have to keep rates so low for too long.

Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.34 per cent to 956.83 tonnes on Tuesday from 953.56 tonnes on Monday.

"The extreme longs on Comex have been reduced significantly providing upside support for the yellow metal and potential for another assault on $1,300," MKS PAMP Group trader Jason Cerisola said.

Spot gold may rise towards $1,292 per ounce, having cleared a resistance at $1,273, according to Reuters technical analyst Wang Tao.

"For the remaining of 2016, the suspense given the US presidential election alone should be enough to support gold prices," OCBC analysts said in a note.

Silver climbed 0.22 per cent to $17.82 an ounce.

Platinum slipped 0.23 per cent to $961.00 an ounce, while palladium edged up 0.2 per cent to $634.20.

Another top executive leaves Flipkart: CFO Sanjay Baweja quits

Flipkart's Chief Financial Officer Sanjay Baweja has put in his papers after a two-year stint, marking the latest top-level exit at the e-commerce major.

"Flipkart CFO Sanjay Baweja has quit. The company has started searching for his replacement. Baweja will continue to work with company till December 31, 2016," an industry source told PTI.

When contacted, a Flipkart spokesperson confirmed the development.

Baweja joined Flipkart from Tata Communications about two years back.

Flipkart's head of commerce and advertising business Mukesh Bansal and Chief Business Officer Ankit Nagori resigned from the company in February this year.

Nagori quit the firm to start a venture in the sports domain where Flipkart's Co-Founders Sachin and Binny Bansal are the first investors.

Later in April, Flipkart's Chief Product Officer Punit Soni and Vice President and Head of Seller ecosystem Manish Maheshwari resigned from the company to join Web18.

In July, Flipkart lost two more senior executives -- Payment product head Lalit Sarna and product lead for marketplace division Sunil Gopinath.

Don't know what's Blockchain technology? Let us explain

Earlier this month, ICICI Bank announced that it has successfully executed transactions in international trade finance and remittances using blockchain technology in partnership with a Dubai based bank Emirates NBD.

In 2008, a cryptographer who goes by the pseudonym Satoshi Nakamoto created a crypto-currency called bitcoin. Bitcoin is digital currency that allows you to perform peer-to-peer transactions without the help of a third party such as banks.

Although the enthusiasm around Bitcoin waned after several governments refused to recognise the crypto-currency, but the underlying technology of blockchain has been hailed by the banking sector.

What is blockchain technology?

A blockchain is an anonymous online ledger that uses data structure to simplify the way we transact. Blockchain allows users to manipulate the ledger in a secure way without the help of a third party.

A bank's ledger is connected to a centralised network. However, a blockchain is anonymous, protecting the identities of the users. This makes blockchain a more secure way to carry out transactions.

The algorithm used in blockchain reduces the dependence on people to verify the transactions. This technology used for recording various transactions has the potential to disrupt the financial system.

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How it works?

According to Sunny Ray, Co-founder and President of India's leading bitcoin blockchain company, Unocoin, "blockchain enables two entities that do not know each other to agree that something is true without the need of a third party. As opposed to writing entries into a single sheet of paper, a blockchain is a distributed database that takes a number of inputs and places them into a block. Each block is then 'chained' to the next block using a cryptographic signature. This allows blockchains to be used as a ledger which is accessible by anyone with permission to do so. If everyone in the process is pre-selected, the ledger is termed 'permissioned'. If the process is open to the whole world, the ledger is called unpermissioned."

Why are banks interested?

All major banks are experimenting with blockchain as they can use it for money transfers, record keeping and other back-end functions.

The blockchain application replicates the paper-intensive international trade finance process as an electronic decentralised ledger, that gives all the participating entities, including banks, the ability to access a single source of information.

It also enables them to track documentation and authenticate ownership of assets digitally, as an un-alterable ledger in real time.

Indian IT service providers like Infosys and TCS have been throwing their weight around blockchain technology. Both these companies are using blockchain mechanism to create core banking platforms for banks.

Where can it be used?

Use of blockchain technology is not limited to the financial sector. It is being used in many other areas. For example, Honduras government has put all land records on a public ledger - the blockchain. The minute there is a change in ownership, it gets recorded publicly.

The Australian Securities Exchange (ASX) announced this year that it would move Australia's equities clearing and settlement system on to blockchain.

In October 2015, Nasdaq unveiled Linq, a solution enabling private companies to digitally represent share ownership using blockchain-based technology.

Is it safe?

The USP of blockchain is that it allows two parties to execute a transaction without any intermediary. Blockchain allows financial institutions to execute and verify transactions discretely without any human intervention.

The electronic ledger of transactions is continuously maintained and verified in 'blocks' of records. With the help of cryptography, the tamper-proof ledger is shared between parties on computer servers.

Experts believe that blockchain architecture can significantly bring down the costs and reduce inefficiencies in the financial sector.

Tata Group stocks tank up to 8% after Cyrus Mistry's ouster

Shares of Tata Group stocks such as Tata Steel, TCS and Tata Motors tanked up to 4% after, in a surprise move, Tata Sons announced that its board has replaced Cyrus Mistry as Chairman of Tata Sons.

In a brief statement, the group said Ratan Tata has been appointed interim chairman of Tata Sons and the board has constituted a Selection Committee to choose a new Chairman.

ALSO READ: Ratan Tata writes to PM Narendra Modi about Cyrus Mistry's ouster

Reacting to the development, the stock of Tata Steel fell 4 per cent, TCS shed 1.60 per cent, Tata Motors slipped 2 per cent, while Tata Metaliks tanked a whopping 8.72 per cent. Tata Elexsi, Tata Communications and Indian Hotels were also down up to 4 per cent.

Meanwhile, the combined market valuation of all listed companies of Tata Group almost doubled during the four-year tenure of outgoing chief Cyrus Mistry, but the growth was nearly 57-times under his predecessor Ratan Tata who has returned at the helms for now.

Tata Group currently commands a listed market capitalisation of over $125 billion (close to Rs 8.5 lakh crore), with the software giant TCS alone commanding a market value of nearly Rs 4.8 lakh crore.

ALSO READ: 9 possible reasons behind the removal of Cyrus Mistry

This marks a sharp rise from a market capitalisation of nearly Rs 4.6 lakh crore in December 2012 when Mistry took over from Ratan Tata as Chairman of Tata Sons Ltd, the main holding company of salt-to-software conglomerate.

Tata, who was today made interim Chairman of Tata Sons after Mistry was removed from the post he held for less than four years, had earlier headed the group for 21 years, during which the group's market cap rose from less than Rs 8,000 crore in 1991 to over Rs 4.62 lakh crore in December 2012.

Tata Group is the country's most valuable group and has an estimated 4.1 million shareholders across its various listed companies.

Individually, TCS is the country's most valuable company and has been the biggest contributor to the group's valuation.

Top ten Diwali picks for Samvat 2073 by brokerages

Domestic brokerages are bullish on Samvat 2073, the Hindu calendar year, thanks to a slew of positive domestic triggers such as good monsoon, lower inflation, roll-out of Goods and Services Tax (GST) and infrastructure reforms. However, geopolitical tension between Indian and Pakistan and global factors such as US Presidential election and Federal Reserve's monetary policy may lead to a volatile road ahead for markets, believe experts. 

"Strong pick-up in earnings and return to double digit growth in revenue is crucial for markets to move up on a sustainable basis. We remain bullish on markets," said brokerage Motilal Oswal Securities in a research note.

Samvat 2072 is ending with gains of about 11 per cent on the benchmark indices, which have come after significant volatility. With less than a week left for Samvat 2073 to begin, we have compiled ten stocks recommended by various brokerages to buy this Diwali:

Motilal Oswal Securities

1) HDFC Bank (Target price: Rs 1450)

Over the last 12 years, HDFC Bank's market share has increased significantly in (1) retail loans, (2) low-cost deposits and (3) profitability, indicating the strength of its franchisee. Strong fundamentals and near-nil stress loans would enable the bank to gain market share. Further, continued strong investment in people and branches indicating management positive outlook on business. RoEs are expected to be the best amongst private banks at nearly 20 per cent.

2) LIC Housing Finance (Target price: Rs 748)

LIC Housing Finance, the second largest housing finance company, will be the biggest beneficiary of falling GSec yields as more than 80 per cent of borrowings come from capital markets.

"We believe LIC Housing should sustain over 2 per cent incremental spreads in coming years, which would boost its earnings and RoE. We estimate 22 per cent EPS CAGR over FY16-19 with consistent RoEs of nearly 20 per cent which should drive re-rating," said MOSL.

3) Bharat Electronics (Target price: Rs 1450)

Bharat Electronics is well positioned to benefit from the rising defense expenditure supported by a) strong manufacturing base (capacity utilization of nearly 60 per cent) and execution track record, b) relationship with defense and government agencies, c) strategic collaboration with foreign technology partners for new products development d)in-house R&D capabilities (R&D spend at 8.2 per cent of revenues) and e) Increased focus on exports to friendly countries.

4) Amara Raja Batteries (Target price: Rs 1257)

Amara Raja is India's second-largest lead-acid battery manufacturer (next to market leader Exide), with market leadership in telecom and UPS segments. "Stable competitive environment, significant FCF generation (Rs 2.6 billion over FY16-18) and stable RoE of 25 per cent, coupled with potential shift from unorganized to organized players when GST rolls out is to sustain high growth trajectory.

HDFC Securities

5) Bajaj Electricals (Target Price: Rs 349)

A well-entrenched and expanding distribution network (2,200+ distributors, 4,000+ dealers, 5 lakh+ retailers) should enable Bajaj to capitalise on demand revival and regain lost market share. Improving cash flows, core WCC, return ratios and reducing debt/equity strengthen our view that the stock deserves higher multiples. Based upon Rs 19 earnings on FY18E; we value the stock ~18x on FY18E earnings and arrive price target of Rs 322 and Rs 349 over the next 3-4 quarters.

6) Lupin (Target Price: Rs 2,050)

After a 25-28 per cent fall from its peak, we believe most of the negatives are priced in for LPC and present a great opportunity to BUY this stock at attractive valuations (below 18x on FY18E EPS). "At CMP, the stock is trading at 21.3x FY17E EPS and 17.7x FY18E EPS, a hefty 25% discount to the trailing three-year average multiple. US FDA clearance for the Goa facility would be the key trigger in the near term," said the brokerage. Buy at CMP and add on declines

Kotak Securities

7) Allcargo (Target price: Rs 215)

Allcargo has a strong presence in the Multimodal Transport Operation (MTO) business through wide network of ECU Line. It also has a strong hold on domestic MTO business and continues to perform strongly in the MTO segment despite sluggish container shipping market We estimate the MTO segment to grow at nearly 6.2 per cent in FY17 and ~5.4% in FY18

"Relationship with shipping lines, vast experience in logistics business and presence in other verticals (MTO) should help Allcargo to outperform most of its peers in the CFS segment,".

8) Mahindra & Mahindra (Target price: Rs 1541)

In the auto segment, the brokerage expects volume growth to moderate to single digits in FY17. In FY18, we expect demand growth will benefit from full impact of likely rural recovery, launch of petrol variants for XUV500 and Scorpio and new product launch. Good monsoons is also likely to keep tractor demand robust in FY17 and the impact will likely roll over to FY18.

"Profit margin for M&M's auto segment is likely to stay subdued. However, tractor business is expected to witness strong margins due to healthy demand recovery. Overall, increased share of tractor revenues will be positive for overall EBITDA margins," said Kotak Securities.

Angel Broking

9) Axis Bank

Axis Bank has outpaced the industry growth rate in loan book (19 per cent CAGR over FY12-16), led by a 39 per cent CAGR in retail loans. Well capitalised balance sheet will help the bank in growing its loan book by more than 20 per cent over the next 2-3 years.

"We believe the current corrections in the stock gives long term investors an opportunity to enter the stock. We upgrade the stock to a 'buy' with a target price of Rs 630.

10) Equitas Holdings

Equitas was one of the ten NBFCs to get the license to start a small finance bank. As the entire book of Equitas qualifies for Priority Sector Lending, meeting the 75 per cent target will not be a challenge. Sizeable and diversified loan book will keep it ahead of other upcoming SFBs. "We maintain Buy on the stock, with a target price of Rs 235," said Angel Broking.

10 situations when you can say NO to your landlord

A relationship between a tenant and a landlord is documented in a lease agreement. It is therefore important to pay attention to the length and breadth of the lease in case of misconduct.

Most of us at some point of their lives have lived in a rented home, be with friends or as a family. But how much do we know about rights as tenants?

A relationship between a tenant and a landlord is documented in a lease agreement. It is therefore important to pay attention to the length and breadth of the lease in case of misconduct.

We have compiled 10 basic rights every tenant has and can lawfully say no to if breached:

1. Oral Agreement

If the landlord insists on an oral agreement for tenancy instead of a written agreement, say no.

It's important to note that under the tenancy laws all the agreements for tenure of 12 months or more, has to be made in writing and registered in order to avail recourse under these laws. 

2. Peace of living

Your landlord cannot simply walk in to the rented premises without prior notice or communication.

Every tenant has a right to enjoy peaceful possession of the property without any disturbance or encumbrance from anyone including the owner.

3. Unreasonable expectations

At no point of time under your tenancy can your landlord ask you to evict or leave the premises without assigning a valid reason.

4. Improper notice

The landlord does not have the right to ask you to evict the premises for a valid reason but within an unreasonable frame of time.

Generally the reasonable frame of time as per law is a one month period or the time stated in the terms of the Agreement.

5. Illegal liabilities

The landlord cannot transfer any liability of expenses incurred on the property for structural damages.

The expenses towards the structural changes carried out to the property shall be borne only by the owner as per law. 

6. Last month settlement

Your landlord has no legal right to ask you to pay the rent and not settle it against the deposit during a notice period.

7. Deposit Return

Your landlord has to refund the deposit paid as security for tenancy when you vacate the premises.

8. In case of a deceased tenant 

The landlord does not have the right to ask the legal heirs of a deceased tenant to vacate without assigning a valid reason. The legal heirs of a deceased tenant lawfully have the right to continue the tenancy.

9. Increase in rent

Landlords cannot ask for a hike in rent contrary to the terms agreed under the Agreement.

And according to the state laws, there is a formula for calculating the percentage of increase in rent every year or any other specified term.

The tenant is liable to pay the hike only if the increase in the rent amount complies with the formula.

10. Forced extension

Your landlord does not possess the right to insist on continued tenancy. The tenant has a right to vacate the premises for a valid reason.