Gionee to launch M7 Power in India today

Source: Company website.

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Joining the bandwagon to launch bezel-less (edge-to-edge) display devices, Chinese smartphone maker Gionee will launch “M7 Power” on November 15.


Introduced in September in China and other markets, the mid-price segment device is the first product from the Gionee stable to have a Full-View Display, industry sources told IANS.


The variant that is already available in other markets features 6-inch display covered with 2.5D glass and an 18:9 aspect ratio for better viewing experience.


Gionee M7 Power” houses Qualcomm Snapdragon 435 chipset, paired with 4GB of RAM and 64GB internal memory that can be expanded up to 256GB.


The device that is available in global markets has 5,000mAh battery, 13-MP primary camera, 8-MP selfie shooter and a fingerprint scanner at the rear.

In September, expanding its X series smartphone portfolio, Gionee India launched ‘X1s’ for Rs 12,999.


‘X1s’ sports 13MP rear camera and 16MP selfie camera with flash and is equipped with 4000mAh battery.


The smartphone comes with 3GB RAM and 16GB internal storage which is expandable up to 256GB using microSD card. Powered by 1.5GHz Quad-core processor, the device runs on Android 7.0 OS.



UP to have civic polls from Nov 22

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Uttar Pradesh will have civic polls in three phases from November 22, making it the first electoral test for the ruling BJP which stormed to power in the Assembly elections with a massive mandate earlier this year.


“As per the schedule, 24 districts will go to polls on November 22, 25 districts on November 26, and 26 districts on November 29,” State Election Commissioner SK Agarwal told reporters here.


He said no central para-military force would be used for exercise, which will be conducted by the state police alone.


“Counting of votes polled for 16 nagar nigam, 118 nagar palika parishad and 438 nagar panchyat will be done December one,” he said.


Agarwal said 3.32 crore voters will be eligible to cast their ballots at 36,269 polling booths and 11,389 polling stations.


Giving phase-wise details, he said the first phase will cover 24 districts in which 230 local bodies, spread over 4,095 wards, will got to polls.


For this phase, there will be 3,731 polling centres and 11,683 polling booths with total over 1.09 crore voters.


The second phase will cover 25 districts having 189 local bodies covering 3,601 wards.


The polls will be held at 13,776 polling booths to be set up for 1.29 crore voters, he said.


In the third and last phases, 26 districts will go to polls in which there are 233 local bodies spread over 4,299 wards.


For this phase, there will be 10,810 polling booths for over 94 lakh voters.


These Uttar pradesh Civic polls will mark the first test for the Yogi Adityanath government which came to power in March, with the BJP getting a landslide victory.


In first trading session of Samvat 2074, Sensex dives 194 pts


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Trading in Samvat 2074 got off to a rocky start, with the benchmark indices ending more than half a% lower and gauge for banking stocks dropping 1.25%. The BSE Sensex on Thursday fell 194.4 points, or 0.6% to close at 32,390, the Nifty 50 index fell 64.3, or 0.63% to close at 10,147.


The Indian markets were open for an hour-long Muhurat trading 2017 to mark the start of the new Hindu calendar year — Samvat 2074. This was worst Muhurat day performance since 2007, when markets had declined 0.8%.


The fall in the market was on account of a global sell-off which saw the Hong Kong market tumble the most this year and the European equities fall the most in two months. Market players said some domestic investors also resorted to profit-booking after a healthy 18% rally in the just-concluded Samvat 2073.


The markets have been weak in the past few sessions.


However, gains in certain index heavyweights, like Reliance Industries and HDFC Bank, prevented a big fall at the index level. Thursday’s fall was more pronounced as the banking stocks, which have a huge weightage in the indices, saw sharp selling,” said Ambareesh Baliga, a senior research analyst.


The BSE Bankex fell 1.3%, with ICICI Bank, Kotak Mahindra Bank and HDFC Bank declining 2%, 1.6% and one% respectively. These three stocks accounted for half of the fall in the benchmark Sensex.


Globally, Hong Kong’s Hang Seng Index fell 1.9%, while China market too ended weak. Most European markets too were down 0.6%, while the US market had opened 0.3% lower.


Experts said the political crisis in Spain, earnings disappointment in Europe and the Hong Kong sell-off impacted global investor sentiment. Oil prices fell for the first time in five days, while safe-haven assets such as Swiss franc, Japanese yen and gold rallied.


Thursday’s weakness notwithstanding, most market players are hopeful that the Indian markets will once again deliver double-digit returns over the next one year.


Next Samvat, the market returns could be even better. We expect double-digit earnings growth from this year onwards. The earnings momentum will sustain for the over the next three to five years, which will ensure huge upside in stock prices,” said Deven Choksey, MD, KR Choksey Investment Managers.



Cuba marks 50th anniversary of Che Guevara’s death

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More than 60,000 people took to the streets gathered to commemorate the 50th death anniversary of Latin American revolutionary Ernesto Che Guevara.


Cuban President Raul Castro was present at a mass rally on Sunday at the Che Guevara Mausoleum in the town of Santa Clara, 300 km east of Havana, reports Xinhua news agency.


The rally capped a week of tributes to the guerrilla fighter that helped overthrow Cuba’s dictatorship and bring Fidel Castro to power, before he was ambushed and killed in Bolivia on October 9, 1967.


On the ground floor of the memorial, a cavern-like enclosure holds the remains of Guevara and 30 of his comrades fallen in Bolivia. An eternal flame, lit by then President Fidel Castro, pays homage to the fighters.


On Sunday, Raul Castro and other Communist Party leaders paid tribute to Guevara and his guerrilla partners inside the memorial.

Cuban First Vice President Miguel Diaz-Canel said:” Che is not dead, as his enemies wanted. His figure grows larger as time passes and younger generations recognize his revolutionary paradigm.”


Guevara is now a “universal symbol” and inspiration in the struggle for the liberation of different nations “oppressed by imperialism”, said Diaz-Canel.


“He had a very original way of facing life, and his comrades knew how to appreciate his simplicity, sincerity, naturalness, companionship, stoicism, reckless disposition to always face the most difficult situation.”


His altruism and conscious revolutionary spirit have become an ideal to follow, said Diaz-Canel.


In Bolivia, President Evo Morales, accompanied by his cabinet and other leading figures, completed a 2-km pilgrimage to La Higuera, where Guevara was killed by CIA-backed mercenaries.

Born in the Argentine city of Rosario in 1928 and trained as a doctor, Guevara joined Fidel Castro’s insurgency in 1956 to overthrow Cuban dictator Fulgencio Batista, and played a leading role in the rebel victory.


With Cuba under new leadership, he left the country to continue his struggle against oppression, first to Congo and then to Bolivia, where he was ambushed and killed by mercenaries.



ICICI Lombard General Insurance pares losses, gains 4% against issue price

icici lombard


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ICICI Lombard General Insurance Company pared losses to gain as much as 4% after getting listed at Rs 650, 2% lower that its initial public offer (IPO) price of Rs 661 per share on the BSE. The stock listed at Rs 651 on the National Stock Exchange (NSE). Post listing, the stock hit a high of Rs 694 and a low of Rs 638 on BSE so far.


At 12:38 pm, it was trading 2.5% higher at Rs 677 against its issue price on BSE and NSE. A combined 6.44 million shares changed hands on the counter on both the exchanges.


The Rs 5,700-crore IPO of ICICI Lombard garnered three times subscription. Its 61.67-million share offering saw a total bid of 183.6 million shares.


Nearly 78% of the bids came from institutional investors, with the qualified institutional buyer (QIB) seeing eight times more demand than the shares on offer. The retail investor category saw 1.2 times subscription; high net worth individual (HNI) segment was subscribed only 83%, the stock exchanges data shows.


Many brokerages have recommended their clients to subscribe to the IPO with a long-term investment horizon.


ICICI Lombard is the largest non-life private sector insurer in India. It is a joint venture between ICICI Bank and Fairfax Financial Holdings Ltd of Canada. Backed by strong parentage, and under penetration of non-life insurance business in India, the company has been on a strong growth path with its Gross Direct Premium Income growing by 26.7% over FY2015-17,” Angel Broking said in IPO note.


At the upper price band of Rs 661 the issue is offered at 8x its FY2017 BV. While on the reported numbers it might appear to be fairly valued, we believe with strong potential to deliver high double digit growth for next multiple years, the issue looks decently priced, it added.




Prataap Snacks IPO oversubscribed as on Day 2


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Prataap Snacks initial share sale offer was oversubscribed 1.08 times so far on the second day of bidding today.


The initial public offer IPO, which aims to raise Rs 482 crore, received bids for 39,14,325 shares against the total issue size of 36,27,518, data available with the NSE till 1445 hours showed. Prataap Snacks last week garnered a little over Rs 143 crore from anchor investors.


The company’s Rs 482-crore issue size includes Rs 200 crore through fresh equity issue and the rest from sale of 30,05,770 shares. The issue, with a price band of Rs 930-938 per share, will close for subscription tomorrow.


The company, which makes products under the ‘Yellow Diamond’ brand, aims to use the proceeds to expand capacity, marketing and brand building activities and retire the debt on its books.


Edelweiss, JM Financial and Spark Capital are managing the issue.