DGCA expands scope of scope of SpiceJet audit

SpiceJet today confirmed the Directorate General of Civil Aviation (DGCA) had formed a three-member committee to conduct an "engineering audit" even as it sought allay investor fears by saying it was "fully-compliant with all safety regulations".

The Directorate General of Civil Aviation (DGCA) has expanded the scope of an audit it will conduct on troubled airline firm SpiceJet .

Sources told CNBC-TV18 that the DGCA now will not just look into technical questions such as the condition of its stores, availability of spares and the qualification of its engineering staff but has also sought financial details such as what the carrier owes to its various creditors such as airports, oil marketing companies, tax departments, etc.

The aviation regulator had earlier taken up the "engineering audit" after a recent flight of the carrier got delayed by four and a half hours amid concerns over whether it is in the right financial condition required to run and maintain an airline.

Also read: Why the 'fasten seatbelt' sign is on for SpiceJet

Spice has been in the news after the company recorded its worst yearly loss ever in FY14, at Rs 1003 crore.

With total debt standing at Rs 1,736 crore, the carrier's net worth (assets minus liabilities) is at a negative Rs 1,020 crore.

The Kalanithi Maran-controlled SpiceJet was also the subject of another bad news after the Times of India recently reported that it had not yet disbursed Form 16 (used to file income-tax returns) to its employees even as the tax-filing deadline is due to expire on July 31.

This could be an indication the company may have not yet paid tax deducted at source to the tax department.

The airline has 52 aircraft fleet comprising Boeing 737s and Bombardier Q-400s, and had become India's third-largest carrier (after IndiGo and Jet Airways), displacing Air India with a market share of 19 percent in June.

This was achieved with a slew of aggressive fare war it has launched several times this year in a bid to increase occupancy and improve its financial position.

SpiceJet stock price

On July 28, 2014, SpiceJet closed at Rs 16.70, up Rs 0.05, or 0.30 percent. The 52-week high of the share was Rs 28.90 and the 52-week low was Rs 12.50.

The latest book value of the company is Rs -22.24 per share. At current value, the price-to-book value of the company was -0.75.

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IOB to raise $500 million through overseas bond sale

State-owned lender Indian Overseas Bank (IOB) announced here today that it plans to raise USD 500 million through a medium-term bond sale shortly. The bank has already received approval to raise up to USD 1 billion from its board.

State-owned lender  Indian Overseas Bank (IOB) announced here today that it plans to raise USD 500 million through a medium-term bond sale shortly. The bank has already received approval to raise up to USD 1 billion from its board.

"Currently, the market is very right. So, when we see good appetite from corporates, we will raise USD 500 million out of our medium term note programme," Indian Overseas Bank's outgoing Chairman and Managing Director M Narendra, who retires tomorrow, told reporters here.

He said that the bank would require Rs 3,500 crore as fresh capital during the current fiscal.

Also read: Indian Overseas Bank Q1 net zooms over 2-fold to Rs 271cr

"We have asked some amount from the government also. Last year, we got Rs 1,200 crore from the government and we hope this year we get a similar amount," Narendra said.

The bank also plans to raise some funds through Qualified Institutional Placement, but its timing and amount would be decided after government and Reserve Bank approvals.

In the quarter ended June, the bank's net profit more than doubled to Rs 271.72 crore from Rs 125.80 crore. Total income was tad up at Rs 6,284.69 crore compared to Rs 6,187.15 crore in the year-ago quarter.

Gross NPAs stood at 5.84 percent as against 4.45 percent, while net NPA increased to 3.85 percent from 2.81 percent in the year-ago period. Provision coverage ratio as on June 30 stood at 52.85 percent.

IOB stock price

On July 30, 2014, Indian Overseas Bank closed at Rs 70.90, up Rs 0.15, or 0.21 percent. The 52-week high of the share was Rs 89.90 and the 52-week low was Rs 37.15.

The company's trailing 12-month (TTM) EPS was at Rs 4.87 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 14.56. The latest book value of the company is Rs 130.90 per share. At current value, the price-to-book value of the company is 0.54.

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Flipkart raises USD 1bn funding; drops plans to go public

India's largest e-Commerce firm Flipkart today said it has raised USD 1 billion (over Rs 6,000 crore) in fresh funding from a group of investors, the largest so far in the fiercely competitive online shopping segment in the country.

The company did not disclose its new holding pattern.

The sources said, however, that with this round of fund raising, Flipkart is valued at about USD 7 billion (around Rs 42,000 crore).

Co-led by existing investors Tiger Global Management and Naspers, Singapore's sovereign wealth fund, GIC, Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina also participated in this latest financing round.

The Bangalore-based firm will utilise funds on expanding its online and mobile services, focusing on areas like R&D, enhancing customer experience and sellerbase.

Flush with cash, Flipkart is also scouting for acquisitions, which can help it expand into newer technologies like wearables and robotics, a move that it believes will impact mobile commerce in the days to come.

"The funds will be used to make long-term strategic investments in India, especially in mobile technology,"

Flipkart co-founder and CEO Sachin Bansal told reporters here.

The focus at Flipkart is to continue to make shopping online simpler and more accessible through the use of technology, he added.

"This funding will enable us to step up our investments for innovations in products and technologies, setting us up to become the mobile e-commerce company of the future. This funding will help us further accelerate momentum and build our presence to become a technology powerhouse," he said.

On the company's IPO plans, Bansal said: "IPO is not in consideration at all, we are not thinking about it. We have not settled on a business model that we can take public."

In May, Flipkart had raised USD 210 million funding, bringing private equity firm DST Global on board as an investor.

It is estimated that the firm has, so far, raised over USD 1.7 billion from investors, including the current transaction.

The Bangalore-based firm, founded by Sachin Bansal and Binny Bansal, counts Accel Partners, Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital among its other investors.

The home-grown e-retailer had acquired online fashion retailer Myntra in May in what is estimated to be a Rs 2,000-crore deal.

It had also announced an investment of USD 100 million (around Rs 600 crore) in its fashion business over the next 12-18 months.

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Future Retail files papers for Rs 1,600 cr rights issue

As per the draft letter of offer of Future Retail filed with Sebi, the company would issue certain classes of shares to its public shareholders on a rights basis.

Kishore Biyani-promoted  Future Retail has filed initial papers with market regulator Sebi to raise up to Rs 1,600 crore through a rights issue.

As per the draft letter of offer of Future Retail filed with Sebi, the company would issue certain classes of shares to its public shareholders on a rights basis.

"Total proceeds from the issue of equity shares and class B shares would aggregate up to Rs 1,600 crore," Future Retail said in the document.

In a rights issue shares are issued to existing investors as per their holding at a pre-determined price and ratio.

The funds from the issue would be utilised towards repayment/ pre-payment of certain borrowings availed by the company as well as for general corporate purposes.

Axis Capital, JM Financial Institutional Securities and Edelweiss Financial Services are the lead managers to the issue. Link Intime India is the registrar to the issue.

Future Retail is the flagship company of the Future Group and is into organised multi-format retail business in India.

The company has retail stores in various formats including food, fashion apparels, accessories and footwear, general merchandise, consumer durables and electronics.

The company has pan-India presence with 321 stores in 98 cities in the country as of March 31, 2014.

Future Retail stock price

On July 28, 2014, Future Retail closed at Rs 127.80, up Rs 0.90, or 0.71 percent. The 52-week high of the share was Rs 147.85 and the 52-week low was Rs 63.30.

The company's trailing 12-month (TTM) EPS was at Rs 0.17 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 751.76. The latest book value of the company is Rs 140.28 per share. At current value, the price-to-book value of the company is 0.91.

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MapmyIndia launches offline navigation app for Apple's iOS

Digital mapping firm MapmyIndia today launched offline navigation map, NaviMaps, for Apple's iOS for Rs 620 that will be able show house level addresses in around 80 Indian cities.

Digital mapping firm MapmyIndia today launched offline navigation map, NaviMaps, for Apple's iOS for Rs 620 that will be able show house level addresses in around 80 Indian cities.

"Millions of Apple users in India can now enjoy this app which features, for the first time in India, house-level navigation, regional language voice guidance in 10 languages and international navigation which included Sri Lanka, Bangladesh & Nepal," MapmyIndia Managing Director Rakesh Verma said in a statement.

The NaviMaps will work even if the phone does not have access to internet connection.

The application has house level data for all major Indian cities which include Delhi NCR, Mumbai, Pune, Chandigarh, Kolkata, Hyderabad, Chennai, Bangalore and Jaipur.

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NPPA's unilateral stand-off unhealthy for sector: Biocon

CII National Committee on Biotechnology Chairperson and Biocon CMD Kiran Mazumdar Shaw has written an open letter to the Prime Minister, seeking his intervention over "unilateral fixing" of drug prices by NPPA .

The government has to behave like a partner with the industry to address the healthcare issues.

Kiran Mazumdar Shaw

CMD

Biocon

The Indian Pharmaceutical Alliance (IPA) and the Organisation of Pharmaceutical Producers of India (OPPI) have taken the National Pharmaceutical Pricing Authority (NPPA) to court over a recent pricing order mandating price ceilings of several drugs.

Infact CII National Committee on Biotechnology Chairperson and Biocon  CMD Kiran Mazumdar Shaw has written an open letter to the Prime Minister Monday.

In her letter she has sought PM Narendra Modi's intervention over "unilateral fixing" of drug prices by NPPA saying the exercise based on "an inequitable formula" has done collateral damage to indigenous industry.

Below is the transcript of Kiran Mazumdar-Shaw's interview with CNBC-TV18's Shereen Bhan.

Q: The news that we have broken today is that the IPA and the OPPI have now decided to move court and have served a legal notice on this issue of price control. However our sources within the government and within the NPPA say, that the entire national list of essential medicines is under review and we are likely to see a new list by July 2015. It is implicit perhaps in the conversation that we have had that may be that list is going to be widened even further, your first reaction?

A: This kind of unilateral stand-off that is being created by NPPA is extremely unhealthy for such an important sector like the Indian pharma sector. The whole contentious issue that is being debated by the Indian pharma industry is the high handed unilateral measures taken by NPPA in arriving at the so called price ceiling formula. That is what the whole objection is about. Price ceiling per se is not the issue.

Q: What we are also being told is that this new price review order which was issued on July 10 is an interim arrangement, it is valid only for a year up until the government formalizes and puts forward the new list of National List of Essential Medicines which is expected in July 2015 making para 19 of the DPCO irrelevant perhaps?

A: The whole point is there has been no stakeholder consultation on arriving at an equitable formula. Today they have taken a simple average formula which cuts across different kinds of pharmaceutical companies from small to large, there is no semblance of reference to any of return on investments made by these kind of companies, there is no comparable basis on which these prices have been even referenced. So, there is a huge flaw in the way this price ceiling has been arrived at and that is really the contentious issue.

The government has to behave like a partner with the industry to address the healthcare issues. There are many market mechanisms available to bring in price discounting like government tenders where you are clearly seeing huge discounting on these very drugs.

Q: You have actually written and open letter to the Prime Minister, any response yet?

A: No response as yet. I am hoping that I will get a response soon.

Biocon stock price

On July 28, 2014, Biocon closed at Rs 465.15, down Rs 14.9, or 3.1 percent. The 52-week high of the share was Rs 553.70 and the 52-week low was Rs 312.00.

The company's trailing 12-month (TTM) EPS was at Rs 15.84 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 29.37. The latest book value of the company is Rs 120.89 per share. At current value, the price-to-book value of the company is 3.85.

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Tremendous mood swing, positivity on Modi govt: Indian CEOs

In his remarks, Chandrajit Banerjee, Director General, CII also appreciated the government's vision and receptivity to new ideas and thoughts, especially from industry.

After the formation of the Narendra Modi government, there is a tremendous mood swing and positivity in the country, a visiting delegation of Indian CEOs from CII said describing its maiden budget as visionary. The delegation of Indian CEOs from Confederation of Indian Industry in an interaction with the Washington audience at Carnegie Endowment for International Peace yesterday highlighted the growing sense of optimism amongst both the public and industry in India following the recent election results which brought BJP to power with a landslide majority.

Ajay Shriram, CII President described the unique nature of the recent elections, in which the BJP came to power solely on the campaign promise of growth and development, which speaks to the aspirations of India's young people. Describing the 2014-15 annual budget as visionary, Shriram commended the new government for moving very actively to ease and facilitate the way business is done in India. "Success in India will come with leadership, mindset change, philosophy and action," he said. In his remarks, Chandrajit Banerjee, Director General, CII also appreciated the government's vision and receptivity to new ideas and thoughts, especially from industry.

Also Read India refuses to endorse trade facilitation deal in WTO

Naushad Forbes, vice president, CII and director, Forbes Marshall Pvt Ltd focused on the promising steps being taken in India's education sector and the increasing role of the market in this sector which is having a net positive impact on issues related to quality and equity of access. He also specifically mentioned the community college model in the US as one worth looking at in India as well. Vikram Kirloskar, vice chairman, Toyota Kirloskar Motor, highlighted the importance of the manufacturing sector and pointed out that the role of industry in this sector related to enhancing quality, competitiveness and innovation.

Rajan Navani, chairman, CII National Committee on India@75 and managing director, Jetline Group of Companies  spoke about the need for India to channelize the power of India' youth through skilling and leadership development. He also spoke of the use of technology as a major potential game changer in India. The wide ranging discussion that followed came at a critical time in India's engagement with the US, with the resumption of several stalled bilateral dialogues , beginning with the US-India Strategic Dialogue in Delhi next week.

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Rel Power submits information on Sasan expansion to EAC

In its June 27 meeting to consider proposal for Moher and Moher Amlori coal mine capacity expansion, the Expert Appraisal Committee (EAC) had sought additional information from the company.

Reliance Power  has submitted additional information on expansion of coal mining for its Sasan power project in Madhya Pradesh for obtaining environment clearance.

In its June 27 meeting to consider proposal for Moher and Moher Amlori coal mine capacity expansion, the Expert Appraisal Committee (EAC) had sought additional information from the company.

Reliance Power has submitted the requisite information sought by EAC, a source said.

EAC had sought additional information by July 2. A company source confirmed that the additional information sought by EAC has been submitted within the deadline by Reliance Power.

Also read: Reliance Power consolidated Mar '14 sales at Rs 1,358.66 crore

The proposal was for expansion of production capacity at Moher coal mine from 12 million tonnes per annum (MTPA) to 15 MTPA and that at Moher Amlori mine from 16 MTPA to 20 MTPA to feed the ultra-mega Sasan power project.

The EAC "after detailed deliberations, sought information for further consideration of the project," minutes of the June 27 meeting stated.

It asked Reliance Power to submit details of land use pattern covering total project area; total mining lease area; total forest land; total forest clearance obtained and balance forest clearance awaited in a tabulated form.

Reliance Power had in September 2012 started mining for coal for the 4,000 MW Sasan project.

Reliance Power stock price

On July 25, 2014, Reliance Power closed at Rs 90.85, down Rs 3.65, or 3.86 percent. The 52-week high of the share was Rs 112.35 and the 52-week low was Rs 60.10.

The company's trailing 12-month (TTM) EPS was at Rs 0.07 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 1297.86. The latest book value of the company is Rs 60.18 per share. At current value, the price-to-book value of the company is 1.51.

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Tremendous mood swing, positivity on Modi govt: Indian CEOs

In his remarks, Chandrajit Banerjee, Director General, CII also appreciated the government's vision and receptivity to new ideas and thoughts, especially from industry.

After the formation of the Narendra Modi government, there is a tremendous mood swing and positivity in the country, a visiting delegation of Indian CEOs from CII said describing its maiden budget as visionary. The delegation of Indian CEOs from Confederation of Indian Industry in an interaction with the Washington audience at Carnegie Endowment for International Peace yesterday highlighted the growing sense of optimism amongst both the public and industry in India following the recent election results which brought BJP to power with a landslide majority.

Ajay Shriram, CII President described the unique nature of the recent elections, in which the BJP came to power solely on the campaign promise of growth and development, which speaks to the aspirations of India's young people. Describing the 2014-15 annual budget as visionary, Shriram commended the new government for moving very actively to ease and facilitate the way business is done in India. "Success in India will come with leadership, mindset change, philosophy and action," he said. In his remarks, Chandrajit Banerjee, Director General, CII also appreciated the government's vision and receptivity to new ideas and thoughts, especially from industry.

Also Read India refuses to endorse trade facilitation deal in WTO

Naushad Forbes, vice president, CII and director, Forbes Marshall Pvt Ltd focused on the promising steps being taken in India's education sector and the increasing role of the market in this sector which is having a net positive impact on issues related to quality and equity of access. He also specifically mentioned the community college model in the US as one worth looking at in India as well. Vikram Kirloskar, vice chairman, Toyota Kirloskar Motor, highlighted the importance of the manufacturing sector and pointed out that the role of industry in this sector related to enhancing quality, competitiveness and innovation.

Rajan Navani, chairman, CII National Committee on India@75 and managing director, Jetline Group of Companies  spoke about the need for India to channelize the power of India' youth through skilling and leadership development. He also spoke of the use of technology as a major potential game changer in India. The wide ranging discussion that followed came at a critical time in India's engagement with the US, with the resumption of several stalled bilateral dialogues , beginning with the US-India Strategic Dialogue in Delhi next week.

08.11 | 0 komentar | Read More

Rel Power submits information on Sasan expansion to EAC

In its June 27 meeting to consider proposal for Moher and Moher Amlori coal mine capacity expansion, the Expert Appraisal Committee (EAC) had sought additional information from the company.

Reliance Power  has submitted additional information on expansion of coal mining for its Sasan power project in Madhya Pradesh for obtaining environment clearance.

In its June 27 meeting to consider proposal for Moher and Moher Amlori coal mine capacity expansion, the Expert Appraisal Committee (EAC) had sought additional information from the company.

Reliance Power has submitted the requisite information sought by EAC, a source said.

EAC had sought additional information by July 2. A company source confirmed that the additional information sought by EAC has been submitted within the deadline by Reliance Power.

Also read: Reliance Power consolidated Mar '14 sales at Rs 1,358.66 crore

The proposal was for expansion of production capacity at Moher coal mine from 12 million tonnes per annum (MTPA) to 15 MTPA and that at Moher Amlori mine from 16 MTPA to 20 MTPA to feed the ultra-mega Sasan power project.

The EAC "after detailed deliberations, sought information for further consideration of the project," minutes of the June 27 meeting stated.

It asked Reliance Power to submit details of land use pattern covering total project area; total mining lease area; total forest land; total forest clearance obtained and balance forest clearance awaited in a tabulated form.

Reliance Power had in September 2012 started mining for coal for the 4,000 MW Sasan project.

Reliance Power stock price

On July 25, 2014, Reliance Power closed at Rs 90.85, down Rs 3.65, or 3.86 percent. The 52-week high of the share was Rs 112.35 and the 52-week low was Rs 60.10.

The company's trailing 12-month (TTM) EPS was at Rs 0.07 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 1297.86. The latest book value of the company is Rs 60.18 per share. At current value, the price-to-book value of the company is 1.51.

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Adani Group in talks with Jaypee for buying hydel projects

According to them, Adani Group is in discussions for purchasing Jaypee Group's hydel projects, having total capacity of 1,700 MW, including two in Himachal Pradesh. The deal is estimated to be worth over Rs 11,000 crore, including debt component, sources said.

Adani Group is in talks with diversified Jaypee Group for acquiring some of its hydro projects in a deal worth over Rs 11,000 crore. Besides, Sajjan Jindal-led  JSW Energy is discussing the possibility of acquiring some thermal assets of Jaypee Group, industry sources said.

According to them, Adani Group is in discussions for purchasing Jaypee Group's hydel projects, having total capacity of 1,700 MW, including two in Himachal Pradesh. The deal is estimated to be worth over Rs 11,000 crore, including debt component, sources said.

The projects being eyed by Adani Group include 1,000 MW Karcham-Wangtoo and 300 MW Baspa II -- both are in Himachal Pradesh. Sources said Adani Group Chairman Gautam Adani has already held talks with Jaypee Group Executive Chairman Manoj Gaur in this regard.

Also Read: Why Jaypee may be better off after Taqa sale call-off

The discussion comes against the backdrop of TAQA pulling out of the deal to acquire Jaypee's two hydro projects.

When contacted, an Adani Group spokesperson said it would not like to comment on any market speculation. A Jaypee Group spokesperson declined to comment.

At present,  Adani Power -- part of Adani Group -- has an installed generation capacity of 8,580 MW. The proposed acquisition would help it to expand its portfolio as well as diversify into hydro sector.

On Thursday, Jaypee Group announced that Abu Dhabi National Energy Company (TAQA) was withdrawing from the nearly Rs 10,000 crore deal to acquire Karcham Wangtoo and Baspa II hydel projects.

TAQA India Power Ventures Ltd has decided to withdraw from its agreement with  Jaiprakash Power Ventures Ltd (JPVL). Meanwhile, sources said that JSW Energy has expressed interest in the thermal power generation assets of Jaypee Group.

Query send to JSW Energy did not elicit any response while Jaypee Group spokesperson declined to comment.

Adani Power stock price

On July 25, 2014, Adani Power closed at Rs 56.20, down Rs 1.75, or 3.02 percent. The 52-week high of the share was Rs 68.50 and the 52-week low was Rs 29.45.

The company's trailing 12-month (TTM) EPS was at Rs 2.07 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 27.15. The latest book value of the company is Rs 27.11 per share. At current value, the price-to-book value of the company is 2.07.

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RBI penalises ICICI Bank, Canara Bank, Yes Bank 9 others

The Reserve Bank said it had "carried out a scrutiny of the loan and current accounts of Deccan Chronicle Holdings, in certain branches of the 12 banks in late 2013". Based on the findings of the scrutiny, the RBI issued showcause notices to these banks in March 2014, to which the individual banks submitted written replies.

ICICI Bank , Axis Bank , Canara Bank , IDBI Bank ,  Yes Bank and seven other banks have been penalised in the case of Deccan Chronicle Holdings , the RBI said today. The total penalty on the banks stands at Rs 1.5 crore, RBI said in a release.

The RBI has imposed a monetary penalty of Rs 40 lakh on ICICI Bank and Rs 15 lakh each on Axis Bank and IDBI Bank.

Further Rs 10 lakh penalty each has been imposed on Andhra Bank , Canara Bank , Corporation Bank , IndusInd Bank , Kotak Mahindra Bank , State Bank of Hyderabad and Yes Bank . Penalty of Rs 5 lakh each has been imposed on  HDFC Bank and Ratnakar Bank.

The Reserve Bank said it had "carried out a scrutiny of the loan and current accounts of Deccan Chronicle Holdings, in certain branches of the 12 banks in late 2013". Based on the findings of the scrutiny, the RBI issued showcause notices to these banks in March 2014, to which the individual banks submitted written replies.

"After considering the facts of each case and the individual bank's reply, as also, the personal submissions etc, by some of the banks...the RBI came to the conclusion that some of the violations were substantiated and warranted imposition of monetary penalty," the RBI said in a release.

The RBI, however added that "this action is not intended to pronounce upon the validity of any transaction or agreement entered into between the concerned bank and the borrower".

ICICI Bank stock price

On July 25, 2014, ICICI Bank closed at Rs 1475.90, down Rs 29.35, or 1.95 percent. The 52-week high of the share was Rs 1590.35 and the 52-week low was Rs 758.80.

The company's trailing 12-month (TTM) EPS was at Rs 84.83 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 17.4. The latest book value of the company is Rs 633.00 per share. At current value, the price-to-book value of the company is 2.33.

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CBI registers preliminary inquiry against Adani Group

CBI sources said the Adani Group had allegedly taken credit facilities from several public sector banks for equipment for power infrastructure

CBI has begun an inquiry into the alleged inflated credit facility availed from banks by Adani Group  by over-invoicing for importing power sector equipment to the tune of Rs 2300 crore.

CBI sources said the Adani Group had allegedly taken credit facilities from several public sector banks for equipment for power infrastructure.

When contacted, Adani group officials said they were not aware of any such development and no such communication is received from CBI in this regard.

The agency has filed a preliminary enquiry on the basis of a reference from Directorate of Revenue Intelligence (DRI) alleging that the company purchased the equipment from South Korea and China as power sector imports attract very less duty.

These inflated invoices were allegedly submitted to the banks to avail credit facilities of equivalent amount. The sources said since public sector banks were allegedly duped by over invoicing, the case was referred by Directorate of Revenue Intelligence on the basis of which a preliminary enquiry was registered by the agency last month.

Also read:  Adani & Posco agree to build rail line in Australia

Adani Enterpris stock price

On July 23, 2014, Adani Enterprises closed at Rs 444.25, down Rs 2.6, or 0.58 percent. The 52-week high of the share was Rs 585.00 and the 52-week low was Rs 126.05.

The latest book value of the company is Rs 91.24 per share. At current value, the price-to-book value of the company was 4.87.

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Tata Steel raises USD 1.5 billion in overseas bond sale

The Tata Steel issue is the second largest bond issue from the country after the ONGC Videsh, the international arm of oil major ONGC earlier this month had mopped up a whopping USD 2.3 billion in a dual tranche issue.

Tata Steel  today raised USD 1.5 billion (about Rs 9,000 crore) in a dual tranche bond sale in the international market, making it the largest such deal by the Tata group firm, sources said.

The dollar money was raised by the Singapore arm of Tata Steel ABJA Investments and the issue got an oversubscribed worth nearly USD 9 billion, according to the merchant banking sources.

The dual tranche RegS bond include USD 500 million of 5.5 year-money priced at 4.85 percent over the US treasury and the remaining USD 1 billion carries a tenure of 10 years carrying a coupon of 5.95 percent, the sources at the i-banks, which include RBS and BNP Paribas, told PTI.

The company could not be reached for comments.

The Tata Steel issue is the second largest bond issue from the country after the ONGC Videsh, the international arm of oil major ONGC earlier this month had mopped up a whopping USD 2.3 billion in a dual tranche issue.

Tata Steel, which is the top producer of the alloy in the country, has been trying it pare its huge debt to lower interest costs and has a headroom to raise USD 3.2 billion for debt repayment through refinancing.

The company has to repay USD 5 billion worth of debt by the end of 2015. According to the balancesheet, the company has over USD 14.4 billion of bonds and loans outstanding.

It can be noted that after struggling for years, the domestic business of the company turned around last fiscal, but its larger international subsidiary Corus or Tata Steel Europe has been a drain on the company ever since it bought out the struggling Anglo-Dutch steel maker in March 2008 for USD 12.04 billion.

Tata Steel stock price

On July 23, 2014, Tata Steel closed at Rs 554.95, down Rs 7.15, or 1.27 percent. The 52-week high of the share was Rs 578.60 and the 52-week low was Rs 195.40.

The company's trailing 12-month (TTM) EPS was at Rs 66.02 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 8.41. The latest book value of the company is Rs 629.60 per share. At current value, the price-to-book value of the company is 0.88.

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GMR eyes nod for buying out partner's stake in MRO facility

The MRO facility being operated under the name of MAS GMR Aerospace Engineering Company Ltd (MGAECL) was set up at an investment of around Rs 350 crore.

GMR Group may buyout the entire 50 percent stake owned by its partner Malaysian Aerospace Engineering in an aircraft maintenance repair and overhaul (MRO) unit located at an SEZ near Hyderabad International Airport.

The decision to acquire the stake came after the Malaysian partner expressed inability to infuse more funds into the loss making MRO facility, sources said.

The Malaysian Aerospace Engineering (MAE) has informed that its parent company Malaysia Airlines Systems has been incurring losses for the past few years. The losses have been further aggravated by the mysterious disappearance of flight MH370, the sources said.

Also read:  Will pare debt by Rs 1500cr by end-FY15: GMR Infra

The MRO facility being operated under the name of MAS GMR Aerospace Engineering Company Ltd (MGAECL) was set up at an investment of around Rs 350 crore.

It is a fully-owned subsidiary of MAS GMR Aerospace Engineering Co (MGAE), while MGAE itself is a 50:50 joint venture partnership between Malaysian Aerospace Engineering (MAE) and GMR Hyderabad International Airport (GHIAL).

MGAECL has made representations to the Board of Approvals (BoA), Ministry of Commerce, seeking clearance for the stake purchase and renaming the unit, sources said.

A decision with respect to the request made by GMR is expected to be taken up in a meeting scheduled for tomorrow by BoA, they added.

When contacted, a GMR spokesperson declined to comment.

MGAECL started its commercial operations in November, 2011. During the last three years, the company has incurred cumulative losses of Rs 240.30 crore as on March 31, 2014.

The promoters have been mostly funding for the operations.

After the acquisition of equity from MAE, GHIAL will hold 100 percent equity of MAS GMR Aerospace Engineering Ltd and the name will be changed from MAS GMR Aerospace Engineering Company Ltd to GMR Aerospace Engineering Company Ltd, sources said.

GMR Infra stock price

On July 23, 2014, GMR Infrastructure closed at Rs 26.45, up Rs 0.70, or 2.72 percent. The 52-week high of the share was Rs 38.30 and the 52-week low was Rs 10.65.

The company's trailing 12-month (TTM) EPS was at Rs 0.38 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 69.61. The latest book value of the company is Rs 16.96 per share. At current value, the price-to-book value of the company is 1.56.

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Wipro focused on strong profitable growth, says Azim Premji

Addressing the company's 68th Annual General Meeting here, he said the firm was focused on profitable growth and enhancing shareholder value. Premji also said the company will make investments in both organic and inorganic growth areas.

Wipro  Chairman Azim Premji today said the company is focused on strong profitable growth, and will make investment in both organic and inorganic growth areas.

Addressing the company's 68th Annual General Meeting here, he said the firm was focused on profitable growth and enhancing shareholder value. Premji also said the company will make investments in both organic and inorganic growth areas.

This comes less than a week after Wipro announced it has entered into a multi-million dollar dual pact with Canada's ATCO through which India's third largest software services company will provide a complete suite of outsourcing solutions to the Canadian firm as well as acquire its IT services arm. He further said Wipro is investing on its staff and training them.

Also read: IT cos eyeing for Modi govt's biggest Indian Railways deal

In addition, Premji also told investors that succession plans for the leadership at Wipro "is strongly in place". This come in the wake of concerns over leadership succession plans in IT services firms, which have seen series of top level exits at Infosys , another IT major.

The Wipro Chairman also informed that sanction from Karnataka Government to start new SEZ is long over due. Premji had earlier this month met Karnataka Chief Minister Siddaramaiah and sought speeding up of departmental clearances, including those relating to environment and forest, as part of setting up of Kodathi SEZ project here.

The SEZ is expected to create around 25,000 jobs in the first phase.

Wipro stock price

On July 23, 2014, Wipro closed at Rs 569.35, up Rs 10.45, or 1.87 percent. The 52-week high of the share was Rs 610.50 and the 52-week low was Rs 368.70.

The company's trailing 12-month (TTM) EPS was at Rs 29.68 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 19.18. The latest book value of the company is Rs 118.98 per share. At current value, the price-to-book value of the company is 4.79.

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BSE, NSE clear merger of 2 units with Sesa Sterlite

The 'no-objection' from the two exchanges would allow the companies to file their scheme of amalgamation with the High Court for further clearance of the deal. Both Goa Energy Ltd and Sterlite Infra Ltd are wholly owned subsidiaries of Sesa Sterlite Ltd.

The merger of Goa Energy and Sterlite Infra with  Sesa Sterlite has been cleared by the two leading stock exchanges - BSE and NSE.

The 'no-objection' from the two exchanges would allow the companies to file their scheme of amalgamation with the High Court for further clearance of the deal. Both Goa Energy Ltd and Sterlite Infra Ltd are wholly owned subsidiaries of Sesa Sterlite Ltd.

The exchanges have approved the merger of Goa Energy with Sesa Sterlite. They also gave the go-ahead for the amalgamation of Sterlite Infra with Sesa Sterlite.

The companies now need clearances of the High Court and the Competition Commission of India (CCI), among others.

In separate communications, BSE and NSE said that they are granting their 'no-objection approval' to the proposed scheme and this observation letter would be valid for six months, within which period the companies would have to file the scheme with the High Court for further clearance.

The exchanges have noted the confirmation given by the company stating that the scheme does not violate or over-ride or circumscribe the provisions of various regulatory norms.

"Accordingly, we do hereby convey our 'no-objection' with limited reference to those matters having a bearing on listing/delisting/continuous listing requirements within the provisions of the Listing Agreement, so as to enable the company to file the scheme with the High Court," the exchanges said in a similar-worded communications.

They mentioned that they reserve the rights to withdraw the no-objection approval at any stage if the information submitted to the exchange is found to be incomplete, incorrect, or misleading.

Sesa Sterlite stock price

On July 22, 2014, Sesa Sterlite closed at Rs 296.90, up Rs 2.10, or 0.71 percent. The 52-week high of the share was Rs 318.40 and the 52-week low was Rs 119.45.

The company's trailing 12-month (TTM) EPS was at Rs 3.63 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 81.79. The latest book value of the company is Rs 113.60 per share. At current value, the price-to-book value of the company is 2.61.

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Govt plans Waterport Authority of India, 7-star hotel

As part of its ambitious urban infrastructure plans, the government today said it will set up a Waterport Authority of India to facilitate plying of seaplanes and a plush 7-star hotel on the Mumbai seas.

"The way there is an Airports Authority of India (AAI), we are preparing a waterport authority in the country, we are going to begin the network of seaplanes in the country, we have discussed it with the Maharashtra state government," Minister for Road Transport, Highways and Shipping Nitin Gadkari said at a panel discussion on a TV channel.

"We have permitted plying of seaplanes in the country," Gadkari said. He said the plan will begin from Mumbai which will have a seaplane.

"We have discussed it with the Maharashtra government, we are also building a helipad in Mumbai close to Oberoi hotel and are also planning to set up a 7-star hotel in the sea," the Minister said.

Gadkari, who took charge of his office on May 29, plans to promote ethanol-friendly cars, turning river Ganga into a waterway and rolling out 50 stalled road projects. He said the government is hopeful of a solution to the Rs 1,80,000 crore worth of stalled highways projects by August 15.

"Before August 15, we are hopeful that we will be able to find a solution," he said.

On Ganga, he said his department in coordination of ministries of water resources, urban development, forest and environment, industry, tourism and power was exploring the possibility of a waterway of Gangotri-Kanpur-Allahabad-Kolkata for cargo and passenger movement.

The river bank can be developed in a such a fashion that tourism is also promoted by setting up airport-like terminals on its banks besides having light and sound shows, he added.

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USFDA gives nod to Indoco's facilities in Goa

The US Food and Drug Administration (US FDA) has approved the sterile facility (plant-II) and solid dosage facility (plant -III) located at Verna in the adjoining coastal state, a company release said.

Pharma player Indoco Remedies  today said it has received a nod from United States' drug regulator for two of its facilities in Goa.

The US Food and Drug Administration (US FDA) has approved the sterile facility (plant-II) and solid dosage facility (plant -III) located at Verna in the adjoining coastal state, a company release said.

"The nod will facilitate the generic approvals in the US market and subsequent product launches there," Indoco Chairman Suresh G Kare said.

It will also boost high-margin revenues from the highly remunerative US market, the world's largest player in pharma space, he added.

Also read:  Price control debate: Is the pharma sector crying 'wolf'?

Officials from USFDA visited the facilities in August last year. With this, the number of Indoco facilities having USFDA approvals has gone up to six, it said.

These are three for finished dosages, two for APIs or active pharmaceutical ingredients and one for analytical, it added.

The company derived 35 percent of its revenues from exports in 2013-14.

Indoco Remedies stock price

On July 14, 2014, Indoco Remedies closed at Rs 153.50, down Rs 0.7, or 0.45 percent. The 52-week high of the share was Rs 177.50 and the 52-week low was Rs 55.05.

The company's trailing 12-month (TTM) EPS was at Rs 6.28 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 24.44. The latest book value of the company is Rs 49.59 per share. At current value, the price-to-book value of the company is 3.10.

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Idea hopeful of maintaining market share momentum

Idea said it revenue grew to Rs 515.7 crore during the reporting quarter, thus achieving an Ebitda margin of 30 percent. During the quarter, it saw 136 percent year-on-year growth in mobile Internet business.

The country's third largest telecom player Idea Cellular , which today reported a 57 percent jump in net income at Rs 728.2 crore for the June quarter, driven by higher demand in mobile Internet services, said it expects to continue to raise its market share by 1 percent per year.

"Currently our market share in terms of revenue stands at 16.6 percent and in terms of incremental revenue market share, we are close to 30 percent. Over past three years, we have been gaining market share of 1.1 percent every year, we hope to continue to improve our market share in similar way," Idea Cellular managing director Himanshu Kapania said here today, while announcing the first quarter result.

He attributed the good numbers to the strong consumer demand and brand affinity, expanding network and steady cash flows from operations. The company expects that its Ebitda will also continue to grow in future.

"We believe that improvement in market share and Ebitda margins, which have been growing by 1.5 percent every year for the past three years, will continue to grow in a similar manner going forward," chief financial officer Akshaya Mondra said.

The company has got a subscriber base of 13.9 crore as of now, including a 3G subscriber base of 1.06 crore. "We have doubled our 3G subscriber base in the past one year to 1.06 crore from 55 lakh in the previous year. We hope it will also continue to grow in future," Moondra said, adding the combined 2G and 3G subscriber base stands at 2.76 crore.

Idea said it revenue grew to Rs 515.7 crore during the reporting quarter, thus achieving an Ebitda margin of 30 percent. During the quarter, it saw 136 percent year-on-year growth in mobile Internet business. It sold 32.5 billion megabytes of mobile data on its 2G and 3G platform during the quarter.

The network usage of the company grew by 12.2 percent on yearly basis. The higher voice rate realization and jump in data contribution to 11.5 percent of service revenue helped improve average realisation per minute by 1.5 paise from 43.6 paise in Q4 of FY14 to 45.1 paise in Q1 of FY15, while the value added services contribution improved sharply to 17.8 percent of overall service revenue.

It posted about 16 percent jump in its consolidated  revenue at Rs 7,484.8 crore during the quarter, up from Rs 6,470.93 crore a year ago. The blended data ARPU (2G+3G) also improved to Rs 108 and usage per data subscriber is at 409 MB. Shares of Idea closed at Rs 139.75 apiece, down by 1.01 percent over previous close at BSE, which closed 73 points up.

Idea Cellular stock price

On July 21, 2014, Idea Cellular closed at Rs 139.75, up Rs 1.40, or 1.01 percent. The 52-week high of the share was Rs 188.35 and the 52-week low was Rs 125.10.

The company's trailing 12-month (TTM) EPS was at Rs 4.77 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 29.3. The latest book value of the company is Rs 44.61 per share. At current value, the price-to-book value of the company is 3.13.

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FIIs up stake in RIL to 7-year high at about 20%

Foreign investors have hiked their stake in corporate behemoth  Reliance Industries (RIL) to a seven-year high of about 20 percent, even as holding of small individual investors has slipped below 10 percent.

Also Read: RIL Q1 net up 13.7% to Rs 5957 cr, beats analyst estimates

Billionaire industrialist Mukesh Ambani-led RIL has been among the most preferred stocks in Indian capital markets for domestic and overseas investors for many decades. It also figures among the most widely held stocks with an investor base of close to 30 lakh  shareholders.

An analysis of its latest shareholding pattern shows that Foreign Institutional Investors  (FIIs) increased their stake in the company to 19.91 percent in the latest quarter ended
last month, from 18.61 percent at the end of previous quarter.

This is the highest level of FIIs' holding in RIL since September 2007, when their stake stood at 20.64 percent. The all-time high FII stake in RIL was witnessed in December 2004, when overseas investors held close to 23 percent shareholding in the company, shows data available with BSE.

However, the stake held by small individual shareholders (those holding shares worth up to Rs 1 lakh) fell to 9.86 percent in the last quarter, from 10.07 per cent as on March 31, 2014.

This is the first time in five years that the holding of such small individual investors in the company has slipped below 10 percent level. As on June 30, 2009, the shareholding of such investors stood at 9.87 percent, while their stake has moved closer to even 12 percent in recent years.

This is also the lowest level of stake held by such small investors ever since listed companies started classifying public individual investors into two separate categories of
those holding shares worth up to Rs 1 lakh and those owning shares worth above Rs 1 lakh. Prior to such classification, the overall stake of public individual investors in RIL stood
at 13.59 percent in March 2006.

The stake of bigger individual investors (those holding shares worth above Rs 1 lakh) also fell marginally during the last quarter from 0.81 percent to 0.80 percent.

With their current holding of 19.91 percent, FIIs own shares worth about Rs 63,000 crore in RIL. Once the country's most valued company, RIL currently commands an overall market cap of about Rs 3.16 lakh crore and is now ranked third after Tata group's IT firm  TCS (Rs 4.78 lakh crore) and state-run  ONGC (Rs 3.51 lakh crore).

While promoters own shares worth about Rs 1.43 lakh crore with a 45.29 percent stake, domestic institutional investors hold shares worth Rs 34,000 crore (10.93 percent).

The small individual shareholders now own RIL shares worth about Rs 31,000 crore, while that of bigger individual investors stand at about Rs 2,500 crore. The Non-Resident
Indians (NRIs) also own shares worth about Rs 2,000 crore with about 0.61 percent stake.

Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.

Reliance stock price

On July 18, 2014, Reliance Industries closed at Rs 976.20, down Rs 6.15, or 0.63 percent. The 52-week high of the share was Rs 1142.50 and the 52-week low was Rs 765.00.

The company's trailing 12-month (TTM) EPS was at Rs 67.98 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 14.36. The latest book value of the company is Rs 609.45 per share. At current value, the price-to-book value of the company is 1.60.

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ONGC restores 'near normalcy' at Mumbai High

Saturday early morning, gas flow was observed from the outermost casing annulus. Operation was stopped for safety reasons. Forty eight persons were evacuated to nearby installations.

State-owned  Oil and Natural Gas Corp (ONGC) has restored "near normalcy" at its prime Mumbai High oil and gas fields after a minor gas leak from a well being drilled.

The western offshore fields of ONGC are producing at near normal rate of 310,000 barrels per day and all personnel and facilities are unharmed.

Also Read: ONGC opposes govt stake sale before issues are resolved

"I think the leak has been blown out of proportion. In course of drilling operations, minor leaks happen and it all depends on how the company responds to it. We had all emergency procedure in place. There was no blowout and all non-essential personnel were safely evacuated," a top ONGC official said.

Drilling rig Sagar Uday, was operating at NS platform in Mumbai High North oil and gas field on well number NSBX for side-tracking. The depth reached is around 1,183 metres.

Yesterday, early morning, gas flow was observed from the outermost casing annulus.The Operation has been stopped for safety reasons. Forty eight persons have been evacuated to nearby installations.

"It was a minor, non-threatening leak. Operations are normal and the leakage will be plugged today. Its near normalcy at the fields," he said.

As a precaution, ONGC had shut gas injection into some of the nearby wells in the Mumbai High North fields. "In a field with close to a thousand wells, stoppage of gas  injection in 3-4 wells will not lead to any significant loss of oil production," the official said.

The wells will be put to production after the leak isplugged.Five vessels, including two Multi Support Vessels (MSVs), are on the location for any immediate support. Crisis Management Team (CMT) of ONGC is on site. The preparation of plugging the leak is in progress. International expert from Boots & Coots has also been mobilised.

ONGC stock price

On July 14, 2014, Oil and Natural Gas Corporation closed at Rs 402.30, up Rs 6.35, or 1.60 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 234.40.

The company's trailing 12-month (TTM) EPS was at Rs 25.83 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 15.57. The latest book value of the company is Rs 171.29 per share. At current value, the price-to-book value of the company is 2.35.

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Checkout: Entrepreneurial headlines for the week gone by

Here is a roundup of entrepreneurial headlines for the week gone by.

Here is a roundup of entrepreneurial headlines for the week gone by.

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Draft Cab note for govt stake dilution in SBI next month

The Department is currently assessing the capital requirement of all public sector banks and likely to finalise the time schedule in one month, he said.

Finance Ministry is likely to prepare draft cabinet note for government stake dilution in State Bank of India in August to enable it to raise capital for meeting Basel III norms.

"Next month after Parliament session is over," Financial Services Secretary GS Sandhu said in response to a query on when the draft cabinet note on SBI stake dilution was expected.

"We have not decided yet on SBI stake dilution. We are preparing the roadmap at the moment (raising of capital by allpublic sector banks)," he said here today.

The Department is currently assessing the capital requirement of all public sector banks and likely to finalise the time schedule in one month, he said.

Public sector banks require equity capital of Rs 2.4 lakh crore by 2018 to meet Basel III norms. For the current fiscal, the government has allocated Rs 11,200 crore for bank capitalisation.

SBI is country's largest bank and government holds 58.60 percent stake in it. Earlier in January, SBI raised Rs 8,032 crore by selling 5.13 crore shares through qualified institutional placement (QIP).
SBI had raised over Rs 16,000 crore through a rights issue in 2008. As part of its contribution, the government issued bonds to the bank instead of cash.

Sandhu further said "my first priority is insurance bill which is before Parliament. The proposal to raise FDI cap has been pending since 2008 when the previous UPA government came up with Insurance Laws (Amendment) Bill to hike foreign holding in insurance joint ventures to 49 percent from the existing 26 percent.

Finance Minister Arun Jaitley, in the Budget speech, said that "it is also proposed to take up the pending Insurance Laws (Amendment) Bill for consideration of Parliament.

"The insurance sector is investment starved. Several segments of insurance sector need expansion. The composite cap of the insurance sector is proposed to be increased to 49 percent from the current level of 26 percent..."

The move would help insurance firms to get the much needed capital from overseas partners.

SBI stock price

On July 18, 2014, State Bank of India closed at Rs 2561.45, down Rs 36.2, or 1.39 percent. The 52-week high of the share was Rs 2833.85 and the 52-week low was Rs 1452.90.

The company's trailing 12-month (TTM) EPS was at Rs 145.88 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 17.56. The latest book value of the company is Rs 1584.34 per share. At current value, the price-to-book value of the company is 1.62.

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Why next-gen TVs can't save the market

Asian electronic firms are banking on a next generation of televisions known as 4K to bolster sales, but Jeffries warns that the new technology won`t make a dent in a saturated market.

"4K is not an impactful technology to revive the TV market and the price premium will keep decreasing rapidly. We think 4K is not really a differentiated offering and it may not be able to revive TV demand or average selling prices," said Atul Goya, equity analyst at Jeffries in a research report.

Also referred to as ultra-high definition (UHD), 4K is the new buzzword in the television industry this year. The technology essentially delivers four times the resolution of regular high definition (HD) units and is the latest venture in an industry full of tiny margins and continuous price pressures.

Data from research firm Display Search shows 4K accounted for less than 1 percent of TV sales in 2013, but is expected to rise to 5-6 percent this year.

Chinese maker Skyworth is estimating that 4K will make up 25 percent of total television sales this year, while Samsung is hoping for at least 1.5 million of its 47 million estimated sales.

Read MoreOld school tech makes a comeback

But a lack of content, a decline in price premiums and the advance of new technologies are all likely to make 4K just another additional feature, not a game changer, according to experts.

Lack of content

Currently, the only 4K content available is Youtube and the second season of Netflix`s `House of Cards.` This dearth of 4K-compatible content is a key factor that is expected to weigh on the adoption of the TVs, explained Bryan Ma, associate vice president for devices research at IDC Asia-Pacific.

"The content industry is definitely on the path towards 4K, but it won`t get mainstream anytime soon," he said, adding that the process could take several years.

But he remained optimistic, stating that live sporting events are usually a key driver for content. Sony hopes to sell nearly 1 million units this year after launching the world`s first 4K television broadcast earlier this month for the FIFA World Cup.

Competition from low-end models

Japanese brands like Sony focus on very high-end models for 4K televisions, pricing them around $2,500, which makes them vulnerable to increased competition from low-end Chinese makers, stated Jeffries` Goya.

As the gap between low- and high-end models shrink, average selling prices are also likely to decline, which would deal a further blow to the 4K market, he said.

With over 70 percent of 2013 demand for 4K TVs coming from the mainland, makers with just high end products really do not have a presence in China, he added.

Here comes 8K

Lastly, new technology in the form of 8K - an even higher resolution than 4K - could derail the advance of 4K.

"Japanese broadcaster NHK aims to start the test broadcasting in 2016 so that it can broadcast the 2020 Tokyo Olympics in 8K. Therefore 4K technology has very little runway, before 8K technology is ready to take off. Consumers may want to wait for 8K TV rather than pay high premiums on 4K TVs," Goya noted.

Copyright 2011 cnbc.com

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Coal India union says to oppose any stake sale

The government, which has a 90 percent stake in the company whose total value is about USD 40 billion, is considering the sale of a 10 percent stake, according to official sources.

Unions representing workers at Coal India  Ltd, the world's largest coal miner, will oppose any move to sell a stake in the state-owned company as part of the new government's plan to shore up its finances, a union leader said on Friday.

The government, which has a 90 percent stake in the company whose total value is about USD 40 billion, is considering the sale of a 10 percent stake, according to official sources.

Prime Minister Narendra Modi's administration is looking to raise a record USD 10.5 billion from asset sales this fiscal year ending March 31 to keep the deficit under control.

"We will not allow the government to sell any stake and will hit the streets if needed," said DD Ramanandan, vice president of the All India Coal Workers Federation, one of five unions representing workers at the company.

Union leaders representing more than 350,000 Coal India workers will meet on Aug. 31 in Pune to discuss their strategy.

Last year unions successfully blocked the previous government's move to sell a 10 percent stake of the company. Workers fear divestment or any restructuring of the company would eventually lead to jobs cuts.

The unions are also opposed to Power and Coal Minister Piyush Goyal's order to Coal India to reduce the volume of coal sold through electronic auctions that fetch higher prices, Ramanandan said.

Goyal said last month selling less via auction will help improve supplies to fuel-starved but debt-ridden power firms. Ramanandan said it was a plan to help "the big industrialists get cheap coal".

A spokesman for the Coal and Power Ministry had no comment.

Coal India, which produced 462 million tonnes in its last fiscal year, sells about 7 percent through e-auction, mainly to cement and other industries .

Coal India stock price

On July 18, 2014, Coal India closed at Rs 375.35, down Rs 0.35, or 0.09 percent. The 52-week high of the share was Rs 423.50 and the 52-week low was Rs 238.35.

The company's trailing 12-month (TTM) EPS was at Rs 23.76 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 15.8. The latest book value of the company is Rs 56.24 per share. At current value, the price-to-book value of the company is 6.67.

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Adani taps POSCO EC for $15bn Australia coal project

Adani Mining Pvt Ltd on Thursday said South Korea's POSCO Engineering & Construction Co Ltd will build the rail line for a long-delayed AUD 16.5 billion (USD 15 billion) coal and rail project in Australia.

The cost and other details of the contract to build a 388 kilometre rail line for the Carmichael coal mine in the eastern state of Queensland will be set by the end of 2014 under a binding agreement signed on Thursday, Adani said.

POSCO E&C will help fund the rail line by buying an equity stake, Adani said. That could help Adani raise debt funding from South Korea, essential for a project that analysts have said would be uneconomic at current weak coal prices.

"The binding agreement will enable us to develop a cost efficient rail solution and this relationship gives Adani access to the Korean market, POSCO's expertise and capital," Adani Australia Chief Executive Jeyakumar Janakaraj said in a statement.

Also read:  Govt to expedite construction of 3 rail lines to move coal

Adani bought the project in the untapped Galilee Basin in 2010, aiming to start mining in 2014. But, like others in the area, the project has run into delays due to environmental opposition and funding challenges for what would be Australia's biggest coal mine at 60 million tonnes a year.

A condition of the state government's approval for the project was allowing open access to the rail line for other coal producers, including a project planned by compatriot GVK and Hancock Prospecting, controlled by Australia's richest woman, Gina Rinehart.

GVK Hancock, aiming to start production in 2017, is working with Australian rail operator Aurizon Holdings Ltd on an alternative rail plan for its Alpha mine project, but has yet to sign a binding agreement.

"This is the largest EPC (engineering, procurement and construction) project in the region for POSCO E&C, and we will put in our best effort to maximise our engineering, procurement and financing capabilities to successfully complete the construction," POSCO E&C President Tae-Hyun Hwang said in a statement.

Adani and GVK Hancock still need clearance to expand the port of Abbot Point to export their coal. Environmentalists and tourist operators are fighting expansion plans involving dredging 3 million cubic metres of soil and dumping it near the Great Barrier Reef.

(USD 1 = 1.0673 Australian Dollars)

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Bajaj two-wheeler woes persist; Discover 150 next big hope

Moneycontrol Bureau

Bajaj Auto  announced first-quarter earnings today that symbolized much of the struggle that the two-and-three-wheeler maker has faced in the past few years.

The company's net profit stood at Rs 740 crore, flat when compared year-on-year, on account of rising labour and material costs. Analysts, on average, were expecting net profit of Rs 816 crore,

The company's lackluster financial performance, coupled with a steady loss in the two-wheeler segment has led analysts wondering when and whether the company would recover its lost share.

During the April-July quarter, TVS Motor overtook Bajaj as the country's third-largest two-wheeler maker, behind Hero MotoCorp and Honda India.

But for Bajaj, which has received flak for not launching new products quick enough as well over its decision to not re-enter the reinvigorated scooter space (a market it once dominated), the going may continue to remain tough for the next few quarters before one can look for signs of turnaround.

The company's big focus has been on the commuter bike Discover segment, which has seen its market share come off from 24 percent to 12 percent over the course of 10 quarters.

In an interview to CNBC-TV18, the company's chief financial officer Kevin D'Sa said he was hopeful fortunes of the Discover brand would turn around with the launch of a new 150 cc variant.

But he warned that results from the launch would not be immediate. "I would be very conscious saying that whether the 12 percent will run up immediately back to the earlier 18-20 percent in two quarters, I have my reservations," he said.

Further, D'Sa said that margins for the new Discover would be lower as Bajaj is focusing on adding a lot of features to the motorcycle and would look to price it attractively.

"The intention of the Discover 150 is not just to get the market share but also to get the mindshare of the customers," he said.

Also, while the company's Pulsar has held onto its around 44 percent market share in the premium segment, the segment itself took a severe knock during the economic downturn of the past two years.

But sales of three-wheelers, coupled with strong export growth, have held up for the company, and with exports contributing over 40 percent of its sales, it remains a highly profitable company.

But in line with lukewarm performance domestically, the Bajaj stock has under-performed the broader market, rising about 12 percent this year compared to about 32 percent rise for the benchmark index.

Bajaj Auto stock price

On July 17, 2014, Bajaj Auto closed at Rs 2091.70, down Rs 48.55, or 2.27 percent. The 52-week high of the share was Rs 2363.90 and the 52-week low was Rs 1683.35.

The company's trailing 12-month (TTM) EPS was at Rs 112.08 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 18.66. The latest book value of the company is Rs 332.04 per share. At current value, the price-to-book value of the company is 6.30.

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B Ashok takes over as IOC Chairman

Prior to his appointment as Chairman IOC, B Ashok was Executive Director (Retail Sales) and Executive Director in the Corporate Office at New Delhi.

B Ashok today took over as the Chairman of Indian Oil Corp , the nation's largest oil firm. Prior to his appointment as Chairman IOC, Ashok was Executive Director (Retail Sales) and Executive Director in the Corporate Office at New Delhi.

"Ashok has a wide experience in various roles of the Marketing Division and has also been a harbinger of the Business Development activities at its Corporate Headquarters," the company said in a statement here.

Having global exposure, he also has headed the overseas business of IOC in South-East Asia based at Kuala Lumpur, Malaysia and recently on Board of Lanka IOC.

A mechanical engineer from College of Engineering, Guindy, Madras University with a Post-Graduate Management degress from National Management Programme of Management Development Institute, Ashok has over 33 years of experience  in the oil and gas industry.

IOC stock price

On July 16, 2014, Indian Oil Corporation closed at Rs 338.25, up Rs 6.45, or 1.94 percent. The 52-week high of the share was Rs 385.35 and the 52-week low was Rs 186.20.

The company's trailing 12-month (TTM) EPS was at Rs 28.91 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 11.7. The latest book value of the company is Rs 280.66 per share. At current value, the price-to-book value of the company is 1.21.

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City's office space leasing to pick up in 2015: CBRE

Office space leasing activity in the city is not expected to move significantly before next year although the sentiment in the real estate sector is witnessing some improvement, says property consultant CBRE.

"Market sentiment in Mumbai's office space has seen a slight spurt in the April-June period compared to the last couple of quarters and is expected to fare better in Q3 of 2014," CBRE South Asia Chairman and Managing Director Anshuman Magazine said in a statement.

"However, ground realities in this segment are hardly likely to change this year as far as actual investments and project funding are concerned," he said. Although a gradual recovery is on the cards, office space leasing activity is not expected to move significantly before 2015, he said.

The micro-markets of Bandra-Kurla, Lower Parel and Andheri are likely to witness a reasonable level of corporate interest mainly due to a surplus supply situation, Magazine said. The rentals are, however, likely to remain stable in the micro-markets and would continue to remain so over the forthcoming quarters too, he added. According to CBRE, central business district of Nariman Point, Fort and Cuffe Parade saw sluggish transactions during the second quarter of the year.

Also read:  Asia commercial property set for boom in second half

Magazine said: "Enquires remained limited to small and medium sized office spaces in some of the prominent commercial developments. Vacancy levels increased marginally owing to shift in occupier interest towards other cost effective micro- markets, while rental values declined owing to subdued demand levels."

Office leasing activity, however, picked up in Lower Parel, mainly driven by financial services and FMCG sectors which took-up mostly small to medium format office spaces. Worli and Prabhadevi also witnessed an increase in leased space during the review period, driven by pre-commitment in IT development in the previous quarters. "Despite this increase in office space absorption, overall occupier demand remained largely subdued, leading to a rental correction of about 2-3 percent on a quarterly basis in these markets," the property consultant said.

Though Bandra-Kurla Complex, Kurla (W) and Kalina witnessed few large sized transactions from the banking financial services and pharmaceutical industries, existing vacancy pressures in the area resulted in a rental decline of 2-3 percent over January-March 2014. Rentals remained stable on a quarterly basis at Andheri, Ville Parle and Jogeshwari, however, the completion of various infrastructure projects propelled demand for office space, CBRE said.

"Going forward, demand for corporate office space is likely to be concentrated in the city's secondary and peripheral markets, owing to the abundant availability of cost-effective Grade A options. Additionally, the completion of key infrastructure projects may help improve demand in certain micro-markets in the medium term," Magazine said.

Along with financial institutions and pharmaceutical firms, engineering companies are also likely to lead office space demand in the forthcoming quarters, he said. More traction is expected from corporate occupiers in the back-office market of Powai and Goregaon to the peripheral locations of Navi Mumbai and Thane in the coming quarters, the release said.

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OnMobile Global announces divesting of French subsidiary

OnMobile had signed the Share Purchase Agreement with Synchronoss Technologies in May 2014, the Bangalore headquartered company said in a release.

Mobile value added services firm  OnMobile Global today announced the divestiture of its French subsidiary Voxmobili S.A to Synchronoss Technologies Inc for approximately USD 26 million.

Synchronoss Technologies Inc is a mobile cloud solutions firm headquartered in New Jersey.

OnMobile had signed the Share Purchase Agreement with Synchronoss Technologies in May 2014, the Bangalore headquartered company said in a release.

With the closure of this deal, OnMobile realises approximately USD 26 million subject to escrows and other conditions customarily contracted as part of such deals, it added.

OnMobile said the sale of Voxmobili is directly in line with OnMobile's strategy of focusing on its core products.

OnMobile Global stock price

On July 15, 2014, OnMobile Global closed at Rs 34.30, up Rs 1.45, or 4.41 percent. The 52-week high of the share was Rs 39.60 and the 52-week low was Rs 19.05.

The latest book value of the company is Rs 69.95 per share. At current value, the price-to-book value of the company was 0.49.

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REITs boost: Pros see $10bn flow into Indian realty sector

With REITs pass-through the real estate players seem to have wasted no time in getting the ball rolling. Now, USD 10 billion is set to flow into India's real estate sector.

The real estate sector received a much needed shot in the arm when the finance minister allowed pass-through status to real estate investment trusts (REITs).

With this pass-through the real estate players seem to have wasted no time in getting the ball rolling. Now, USD 10 billion is set to flow into India's real estate sector and it is all because finance minister Arun Jaitley took the long-awaited step of allowing pass through status on taxation to REITs.

What this means is that the income generated would be taxed in the hands of the investor and the fund would not have to pay tax on the same. So, now the real estate participants are falling over each other to get in line.

Michael Holland, CEO, Embassy Office Parks said: "The embassy portfolio at the moment is about 16 million(mn) sq ft with developable potential of 23 mn sq ft and its know that our partner Blackstone is on an expansion mode and with that it could become 40 mn sq ft. In terms of valuation it would be about USD 2 billion. So sometime early 2015 looks like a reasonable timeframe to launch.

"We have currently 10 mn sqft of leased portfolio and we are looking at expanding it to 23 mn sq ft before we list. This will come mostly though acquisitions and partly what is developed under our brand," says Raj Menda MD, RMZ Corp.

So, the list is long and has some heavy hitters in the mix; from developers like DLF , K Raheja Corp, Prestige Estate , Panchshil Realty and  Phoenix Mills to private equity players like Xander, Kotak Realty Fund, Red Fort Capital and Golden State Capital.

Also read: Realty: 6 issues that Jaitley left unanswered in Budget 

Experts say the list of beneficiaries stands at over 18 and is growing by the hour. So the cash-strapped real estate sector may soon put the troubling times behind it.
 
Anuj Puri, Chairman & Country Head, JLL said: "We have about 345mn sq ft of completed office stock which is leased of which 100 million can be REITed straight away. The balance will take some time and this in itself will bring in about USD 10-12 billion of value. So in effect you can raise Rs 60000-72000 crore in the current market.

This amount could very well get a lot bigger, a lot faster. After all, with more clarity coming in on the dividend distribution tax and capital gains tax for REITs, experts say many more developers will join the bandwagon soon.

DLF stock price

On July 15, 2014, DLF closed at Rs 213.05, up Rs 5.40, or 2.60 percent. The 52-week high of the share was Rs 242.80 and the 52-week low was Rs 120.25.

The company's trailing 12-month (TTM) EPS was at Rs 2.96 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 71.98. The latest book value of the company is Rs 85.08 per share. At current value, the price-to-book value of the company is 2.50.

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ITC eyes Telangana for paper unit; Microsoft to expand ops

Expressing happiness over the move, Rao said his government is ready to provide adequate land for establishing the plant, the release from Chief Minister's Office said.

Diversified group ITC  today expressed willingness to set up a paper manufacturing unit in Telangana with an investment of Rs 3,500 crore.

This was conveyed by top officials of ITC to Telangana Chief Minister K Chandrasekhar Rao during a meeting here, said an official release.

Expressing happiness over the move, Rao said his government is ready to provide adequate land for establishing the plant, the release from Chief Minister's Office said.

Microsoft India Chairman Bhaskar Pramanik, who also met the Chief Minister, said the company would like to expand its activities in the newly-created State, it said.

Hinduja Group Chairman Ashok Hinduja also called on Rao. Noting that the Telangana government is in the process of formulating an industrial policy, the Chief Minister said he would interact further with the industrialists after the policy is ready, the release added.

Also read:  Positive Packaging deal EPS accretive, debt-free: Huhtamaki

ITC stock price

On July 14, 2014, ITC closed at Rs 345.10, down Rs 0.95, or 0.27 percent. The 52-week high of the share was Rs 386.75 and the 52-week low was Rs 285.40.

The company's trailing 12-month (TTM) EPS was at Rs 11.04 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 31.26. The latest book value of the company is Rs 33.01 per share. At current value, the price-to-book value of the company is 10.45.

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Blackstone local partner Embassy developing maiden REIT

Embassy Property Developments' Michael Holland said his company expected more clarity on these issues, including exemption from capital gains, tax among other issues after the next Budget.

The Blackstone Group and its local partner Embassy Group are likely to set up India's first real estate investment trust (REIT) and list it in on domestic exchanges next year.

"We have already started the ground work. We were waiting for some positive steps from the government. We are evaluating all the regulatory issues and are hopeful to get some clarity on it by next year," Embassy Property Developments Chief Executive for Commercial Real Estate Division Michael Holland told reporters on the sidelines of an event here today.

He said his company expected more clarity on these issues, including exemption from capital gains, tax among other issues after the next Budget.

Embassy and Blackstone have a joint portfolio of over 16 million square feet of office space in Bangalore and Pune. "We wish to increase the portfolio to 30 million sq ft by looking at assets in the top five metros. We may consider this portfolio that is likely to have a value of USD 2 billion on the stock exchanges. Further, listing here makes more sense for our investors here," he said.

Also read:  Valuations will double once REIT is implemented: Prestige

He said both the companies are currently working towards meeting challenges on the operational and regulatory fronts. In his Budget, the Union Finance Minister had announced REITs as a pass-through entity and other incentives for it, including exemption form long-term capital gains tax.

A REIT is a company that, in most cases, operates income producing real estate properties by pooling in money from several investors. It is a pass-through entity which does not have to pay corporate tax.

The government had issued draft regulations for REITs way back in 2008, but was forced to shelve plans after the global financial crisis dried up investor interest and an economic downturn dimmed outlook for real estate investments.

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Here’s how industry reacts on fund to back start-ups

In the first Union Budget presented by the Modi government small and medium enterprises and start-ups attracted a lot attention with the Budget bringing them to the national economic discourse. The FM proposed a host of measures to encourage entrepreneurship including Rs 10,000 crore fund to back early stage companies.

In the first Union Budget presented by the Modi government small and medium enterprises and start-ups attracted a lot attention with the Budget bringing them to the national economic discourse. The FM proposed a host of measures to encourage entrepreneurship including Rs 10,000 crore fund to back early stage companies. Here is how the industry reacted.

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Watch 'The Knowledge Academy' battle against job loss in UK

To battle job loss in the UK, in 2009 Dilshad and Barinder Hothi setup The Knowledge Academy. It is a global training organisation that provides IT and project management training across all sectors to multinational clients and even government agencies.

To battle job loss in the UK, in 2009 Dilshad Hothi and Barinder Hothi setup The Knowledge Academy. It is a global training organisation that provides IT and project management training across all sectors to multinational clients and even government agencies.

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Here’s how industry reacts on fund to back start-ups

In the first Union Budget presented by the Modi government small and medium enterprises and start-ups attracted a lot attention with the Budget bringing them to the national economic discourse. The FM proposed a host of measures to encourage entrepreneurship including Rs 10,000 crore fund to back early stage companies.

In the first Union Budget presented by the Modi government small and medium enterprises and start-ups attracted a lot attention with the Budget bringing them to the national economic discourse. The FM proposed a host of measures to encourage entrepreneurship including Rs 10,000 crore fund to back early stage companies. Here is how the industry reacted.

08.11 | 0 komentar | Read More

Watch 'The Knowledge Academy' battle against job loss in UK

To battle job loss in the UK, in 2009 Dilshad and Barinder Hothi setup The Knowledge Academy. It is a global training organisation that provides IT and project management training across all sectors to multinational clients and even government agencies.

To battle job loss in the UK, in 2009 Dilshad Hothi and Barinder Hothi setup The Knowledge Academy. It is a global training organisation that provides IT and project management training across all sectors to multinational clients and even government agencies.

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17 new foreign cos registered in India during Apr-Jun qtr

In the entire 2013-14, 216 foreign companies were set-up in the country and a total of Rs 36.90 lakh were earned from their registration.

As many as 17 foreign companies have set-up their business in India during the first quarter of the current fiscal, Parliament was informed today. Interestingly, no overseas company shut-down their shops in India during the period.

In a written reply to Lok Sabha, Minister of State for Corporate Affairs Nirmala Sitharaman said that a total of 17 foreign companies were registered in India during the first quarter of the current fiscal, (2014-15) and Rs 3.75 lakh fee were collected from them.

In the entire 2013-14, 216 foreign companies were set-up in the country and a total of Rs 36.90 lakh were earned from their registration. However, 53 overseas firms had closed their business in India during the period. Besides, a total of 165 and 231 foreign firms were registered in the country during 2012-13 and 2011-12, respectively.

Further, 102 foreign companies closed their business in India during 2012-13, while 85 shut down their business in the country in the preceding financial year. "Decision on closure of businesses is taken by the management of the company concerned," Sitharaman said.

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JSW Steel Q1 output up over 8% at 3.1 MT

JSW Steel's production rose more than eight per cent to 3.1 million tonnes (MT) in the first quarter ended June 30.

JSW Steel's production rose more than eight per cent to 3.1 million tonnes (MT) in the first quarter ended June 30.

The Sajjan Jindal-led firm had produced 2.86 MT crude steel in the April-June quarter of last fiscal, it said in a statement.

Production of flat products was at 2.43 MT during the reporting quarter compared to 2.23 MT a year ago, clocking a growth of nine per cent. However, the rate of growth in the production of long products was better than flat products.

Also read: JSW Steel to import 6 million tones of iron ore

JSW Steel produced 0.52 MT long products during the quarter compared to 0.45 MT a year earlier. Flat products are generally used in automobile and consumer durables sectors. Long products find application in the construction sector.

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Aegis to sell US, Philippines, Costa Rica ops for $610 mn

Essar Group firm AGC Holdings will sell its BPO business in the US, the Philippines and Costa Rica to Paris-based outsourcing firm Tele-performance for USD 610 million (about Rs 3,638 crore).

AGC Holdings, a wholly owned portfolio company of Essar Global Fund has entered into a definitive agreement with Tele-performance to sell Aegis USA Inc (AUI), which has annual revenues of USD 400 million and employees over 19,000 across 16 centres in 3 countries, the company said in a statement.

It serves clients in the US market across industries like healthcare, financial services, travel and hospitality. The transaction is expected to close during the third quarter of 2014, subject to receipt of certain regulatory approvals and other customary closing conditions.

Aegis will continue to retain the remainder of the BPO business globally across India, Sri Lanka, Malaysia, Australia, South Africa, Peru, Argentina, Saudi Arabia and UK, it added. According to IT-BPO industry body Nasscom, Aegis is ranked as the fourth largest BPO company in India in terms of revenues after Genpact, TCS BPO and Serco.

"This transaction fits the strategic objectives of Essar Fund in the rapidly growing high quality assets and delivering value creation, in this case through a sale to a high quality strategic player in Tele performance," Uday Gujadhur, Board Member of Essar Capital Ltd and fund manager for Essar Global Fund Limited, said.

He added the transaction would yield many synergies and benefits for Aegis' employees and customers. "We look forward to continue to grow the Aegis portfolio in our other markets including India, Malaysia, Australia, Middle East, Europe and Latin America," he said.

Essar made a foray into the BPO business through the acquisition of Aegis Communication Group, US in 2004. Post transaction, Aegis would have operations in 37 locations across nine countries with more than 37,000 employees. Its clients would include players from verticals like Banking and Financial Services, Insurance, Technology, Telecom, Healthcare, Travel & Hospitality, Consumer Goods, Retail, and Energy and Utilities. "With this transaction, we will boost Tele-performances

US market share, adding USD 400 million to our annual revenue, for a total of USD 4 billion in worldwide revenue on a pro-forma basis," Tele performance Executive Chairman Daniel Julien said.

The deal will significantly strengthen the company's presence in the healthcare, financial services, travel and hospitality verticals in the US, thereby continuing to accelerate the diversification of business portfolio, he added.

The deal will create immediate value for Tele-performance shareholders as it will be accretive to earnings per share by above 10 per cent starting from 2015, with consolidated EBITA margin exceeding 10 per cent," he said.

In 2013, Tele-performance reported consolidated revenue of about USD 3.23 billion. Before the deal, the group had close to 149,000 employees across around 230 contact centres in 62 countries and serving more than 150 markets.

Also read: Aegis Logistics fixes book closure for final dividend, AGM

In the last few years, the BPO space has witnessed quite a few big ticket deals. In September last year, Synnex Corporation announced the acquisition of IBM's worldwide customer care business process outsourcing services business for USD 505 million, which was integrated with its subsidiary Concentrix
.
In January this year, The Aditya Birla Group sold its Canada-based business and technology outsourcing arm, Aditya Birla Minacs Worldwide, to private equity investors, for a reported Rs 1,600 crore.

In May 2011, Services and consulting firm Serco signed an agreement to acquire Indian BPO company Intelenet for up to GBP 385 million (Rs 2,772 crore). The deal was completed in 2012.

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Union Budget 2014: Well intentioned, but implementation is key, says India Inc

In an interview to CNBC-TV18's Shereen Bhan, Adi Godrej, Kiran Mazumdar Shaw, Ajay Shriram, Naina Lal Kidwai, Jayant Sinha and Madhu Kela discuss their take on Arun Jaitely's maiden Union Budget and their outlook on the road ahead for the Modi government.

Though Finance Minister Arun Jaitely's maiden Budget lacked big bang announcements , yet it brought clarity on the government's intent, feels India Inc.

In a post-Budget discussion on CNBC-TV18, Kiran Mazumdar Shaw, CMD, Biocon  said that it was a well intentioned, well directed and aspirational Budget, but the responsibility of execution now lies with ministries.

Shaw welcomed the government's emphasis on infra and healthcare business but thinks the FM missed opportunity to lift sentiment in the export sector.

Ajay S Shriram, President, CII, feels the investment sentiment has changed dramatically on actions prior to Budget. He said the Budget is a positive and inclusive that looks at all aspects of society. "The FM wants to simplify the tax regime and is focusing on GST," Shriram said.

Retrospective tax is not the way the government wants to go forward, feels Naina Lal Kidwai, Country Head, HSBC India and former President, FICCI. She thinks there's a need to bring back balance in the way tax is administered.

Kidwai said that she had always been critical of fiscal deficit being used to fund public sector banks, where the government holds up to 70 percent in certain PSBs.

Jayant Sinha, MP, BJP, said the Budget is competent, forward looking and is intended to be directional. "We have inherited a terrible economic mess. The Finance Minister has got it right in balancing the fiscal consolidation roadmap," he said.

Sinha said the FM had to deal with retrospective taxation in a judicious manner. He believes taking FDI cap in insurance to 49 percent is an indicator of intent.

Adi Godrej, Chairman, Godrej Group, feels GST could be implemented in 2015. He however thinks that there's a need to correct imbalances to boost consumer demand. Gorej expects GST to add 2 percentage points to GDP growth. He feels the government should resolve issue of sales taxes with states.

Madhu Kela, Chief Investment Strategist at Reliance Capital, believes the bull market remains intact. He said he wasn't expecting a roadmap on GST in this Budget.

Biocon stock price

On May 16, 2014, Biocon closed at Rs 425.85, down Rs 15.65, or 3.54 percent. The 52-week high of the share was Rs 513.65 and the 52-week low was Rs 264.45.

The company's trailing 12-month (TTM) EPS was at Rs 16.43 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 25.92. The latest book value of the company is Rs 120.89 per share. At current value, the price-to-book value of the company is 3.52.

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IB Min grants permission for 795 news channels

I&B minister Prakash Javadekar, in reply to a written question in the Lok Sabha, also said during the last three years and current year 200 applications were received for new channels in various languages, out of which 105 were for Malayalam and Kannada language channels.

A total of 795 television channels have been granted permission by Information and Broadcasting ministry to uplink from the country in the news and non-news categories while 235 applications were still pending for inter-ministerial clearances, Lok Sabha was informed today.

I&B minister Prakash Javadekar, in reply to a written question in the Lok Sabha, also said during the last three years and current year 200 applications were received for new channels in various languages, out of which 105 were for Malayalam and Kannada language channels.

Also read: Videocon d2h likely to bring IPO this fiscal

In reply to another question on whether Doordarshan proposes to launch a 'Krishi' channel devoted exclusively to agriculture and farmers, Javadekar responded in the affirmative and said the details were being worked out in consultation with the stakeholders. "No definite timeframe can be fixed as of now as the start of the channel will depend on the availability of resources and manpower after the details have been worked out," he said.

Responding to another question on Doordarshan, Javadekar said it was digitising its analogue terrestrial network. "Consequently the number of digitised channels would go
up. DD would thereafter be in a position to invite private free-to-air TV channels for meaningful business plan in this regard," he added

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