Airtel Zero, as also similar services launched by Reliance

Airtel Zero, as also similar services launched by Reliance Communications and Facebook, among others, have come under attack with critics slamming these as being against the 'net neutrality' regime.

Airtel Zero, as also similar services launched by  Reliance Communications and Facebook, among others, have come under attack with critics slamming these as being against the 'net neutrality' regime. They claim that such schemes are aimed at restricting 'free' Internet access to select platforms. A government-appointed panel is looking into these concerns and is likely to submit its report next month while the matter is also being separately studied by the Telecom Regulatory Authority of India (TRAI), which has already got submissions from over one lakh netizens in support of net neutrality in India.

Free Internet advocates and start-ups see the move as a violation of net neutrality and one that could even "lead to monopolisation by a few and squeezing out of small companies".

Reliance Comm stock price

On April 13, 2015, Reliance Communications closed at Rs 73.00, up Rs 1.10, or 1.53 percent. The 52-week high of the share was Rs 156.90 and the 52-week low was Rs 56.90.

The latest book value of the company is Rs 126.97 per share. At current value, the price-to-book value of the company was 0.57.

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Cairn tax demand has created uncertainty: Patricia Hewitt

The recent tax demand made on Cairn Energy under the retrospective tax clause has generated a lot of anxiety.

UK companies have been watching the Indian policy space very keenly while companies in UK are waiting to invest in sectors like defence, insurance. The recent tax demand made on Cairn Energy under the retrospective tax clause has generated a lot of anxiety. Patricia Hewitt, Chair - UK India Business Council told CNBC-TV18 the companies headquartered are disappointed even after Arun Jaitley had assured them the retro tax clause would not be used.

Watch accompanying video for more..

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Modi's Germany visit to open new avenues: Baba Kalyani

In an interview to CNBC-TV18, Baba Kalyani of Bharat Forge, discusses what Prime Minister Narendra Modi's Germany visit means to India Inc.

Prime Minister Narendra Modi is expected to attend a community meeting in Berlin hosted by the Indian ambassador. Earlier in the day Modi laid out the red carpet for German investors, promising a "predictable, stable and competitive" tax regime as he pitched his 'Make in India' agenda. In an interview to CNBC-TV18, Baba Kalyani of Bharat Forge , discusses what the development means for India Inc.

Below is the transcript of Baba Kalyani interview with CNBC-TV18's Sanjay Suri.

Q: At the Hannover Messe we have had the political speeches. What could be their fallout for industry we will hear from Baba Kalyani.

A: I think it has been a perfect venue to communicate India's new aspirations, specially the whole "Make in India" programme. I think Prime Minister Modi has communicated this extremely well at the Hannover Messe to the German industry, to the German government, to the German politicians and of course to the Indian industry that is present here.

Q: Any indication of the fallout? Of course it is early days but any indication that you are seeing?

A: From whatever private discussions that I have had with a number of my friends in the Germany industry, they are impressed, they are motivated. Nobody is going to jump in and open the floodgates and I don't think that is desirable. However, I think everybody is going to start looking at India in a new and a different way. Everybody is going to start looking at which areas they could invest in whether it is infrastructure, power. There was a lot of discussion on power and infrastructure. The Germans very rightly believe that unless you have high quality and 100 percent power you really can't develop business. Unless you have good quality of infrastructure you really can't make business productive.

Q: What about defence production, that should be an area that you should tell us more about?

A: Defence production was not on the discussion table from a business to business area right now. I think that is going to be discussed from what I hear in Berlin at a government to government level and I think some policy decisions on this might come out after tomorrow after which I think Indian business will engage with the German counterparts who are engaged in defence.

Q: We have had the Rafale deal which we are told is an of the shelf sale, whatever that may mean, but will there be a fallout benefit for Indian industry from it?

A: The most positive part of that is somebody has started making decisions and I think that is what in India we were lacking, decisions were not being made. I think the Prime Minister has made the right decision. I think Indian Air Force needs fighter jets. Their inventory of aircrafts has depleted quite a lot. So, it is a good thing. Now is this going to be the end game in itself? No. This is the beginning of creating a large aeronautics industry in India and I think as some weeks and months go by we will hear the contours of what this will bring to industry.

Bharat Forge stock price

On April 13, 2015, Bharat Forge closed at Rs 1309.45, down Rs 22.55, or 1.69 percent. The 52-week high of the share was Rs 1362.90 and the 52-week low was Rs 401.25.

The company's trailing 12-month (TTM) EPS was at Rs 27.26 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 48.04. The latest book value of the company is Rs 115.67 per share. At current value, the price-to-book value of the company is 11.32.

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80% of acquired land will be used for irrigation: Gadkari

The Supreme Court on Tuesday sought the government's response on a plea of farmers' organisations challenging the legality of the fresh promulgation of the Land Acquisition Ordinance. The farmers' organisations, in their plea filed on April 9, have challenged the re-promulgated land ordinance, terming it as "unconstitutional" and ultra vires of the Constitution, besides being a "colourful exercise of power" by the executive to "usurp" the law-making powers of the legislature.

The man who leads the government charge against UPA's Land Bill says the Centre will not budge on changes to the bill. Union transport and shipping minister Nitin Gadkari spoke exclusively to CNBC-TV18's Shereen Bhan- saying the Centre will also challenge the green tribunal's order against old diesel vehicles plying in Delhi.

He also spoke about his ambitious plans to spruce up road projects that are stalled.

Below is the transcript of Nitin Gadkari's interview with CNBC-TV18's Shereen Bhan

Q: Let me start by asking you about news that hit the headlines today and that is the Supreme Court issuing a notice on the Land ordinance to the government asking why the ordinance was re-promulgated. The appeal has been made by Non Government Organisations (NGOs) representing four farmer unions in specific and they say that the re-promulgation and the proroguing of the Budget session amounts to a fraud in the Constitution. What is the government's response going to be?

A: First of all they have right to appeal in the Supreme Court. Now the stay is not granted Supreme Court asking the government reply for that, we will submit to the Supreme Court, that is not the problem. The problem is that before December 31 if we cannot get that Ordinance, otherwise the situation will be such that – even we won't be in position to give the 1:4, 1:2 compensation to the farmer because in the previous Act there was a provision that the last date for execution will be up December 31.

Q: But there is opposition including from your own allies. In the Lok Sabha you enjoy the majority, but you didn't table it in the Rajya Sabha, you chose to prorogue the Budget session and instead re-promulgate the ordinance. It raises question in people's minds as to the desperation for this government to clear this Ordinance?

A: Who is responsible for that when the bill is passed by parliament? Only in the Rajya Sabha, for two times, it is the Rajya Sabha opposition. When there was a discussion we were ready to cooperate with them. We are ready to accept their suggestion at the same time. They have decided they should not pass this bill in the Rajya Sabha. That was the reason we had to make an ordinance. It is because of the non cooperation of the officials in the Rajya Sabha. How are we responsible for that?

Q: Are you going to make changes as far as the two contentious issues, 9 amendments have been moved by your government in the bill that has been passed by the Lok Sabha but are you willing to make any concessions on the two controversial and crucial issues of consent and social impact assessment? That is what the opposition claims is the effort to sort of try and be pro-corporate. You yourself have stated on record that you are willing to take more suggestions onboard and make more amendments. Can we expect any dilution as far as consent and social impact assessment is concerned?

A: First of all you have to understand what is the meaning of consent clause. Eighty percent of the land in the country, its acquisition is only for irrigation. Now in irrigation if we have to make one dam, for 3000 acre the dam is there and for 3 lakh acres of land they get  water from it. Now this consent clause says 80 percent of the farmers, if they give the permission, we can make the dam.

Now suppose you have a house in the road construction and widening of the road is very essential. Present road sees a lot of accidents. So, in the public interest we have to increase the width of the road. If we have taken their land for the widening of the road, if 80 percent of people say no we will not give you any land, we cannot extend that road.

Suppose if anywhere we want to make low cost housing for the poor people and if 80 percent of people say no we will not give you land, it means that. What is the meaning you understand?

Q: Then you go back to the original law, the law that was attempting to be changed by the 2013 Act. The eminent domain then comes right back to where it was?

A: You are not correct. In the bill which is passed by UPA in parliament, almost their 13 Acts – Coal Mines Act, Mining Act, Railways Act everywhere there is an exemption from consent clause and social impact assessment (SIA).

I am asking you a simple question, to the opposition party particularly the Congress — in the Coal Mines Act you acquire the land and without any transparent process you allot coal mines to big industrialists of this country, CAG gave a report that this is a loss to the country of Rs 1 lakh 88 thousand crore and in the auction of 20 mines we get Rs 2 lakh crore. Now I am asking a question to the Congress, at the time when you acquired the land and gave coal mines to the big people you never remembered this consent clause and SIA?

Q: Any dilution at all possible as far as SIA and consent is concerned?

A: What is the meaning of consent clause? If you accept consent clause and SIA means you cannot start any industry.

Q: Your former ministry, the rural development ministry has apparently written to state governments saying under the Pradhan Mantri Gram Sadak Yojana because the World Bank is funding large parts of that scheme please make sure that whatever clearances you need, whether it is environment, forest, SIA, consent is adhered to. Why then that double standard? If it is okay for the World Bank, why should it not be okay for all the other projects that the government is hoping to tale forward?

A: There is no double standard. There are three subjects in the constitution. One is in the state list where state is authorised to make the law for that.

Second list is the centre list where the central government is responsible and authorised to make the law and third list is the concurrent list. Already the Land Acquisition Act is in the concurrent list. When the Congress party passed the bill the Prithviraj Chavan government in Maharashtra they took an exact decision opposite this law.

The Hooda ministry, it is a great miracle for me, the person who acquired lakhs of acres of land of farmers – the Chief Minister of Haryana now he is fighting against land acquisition.

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Jet seeks to 'enhance presence' in US market

The airline would also take on board its strategic investment partner Etihad while carrying out the exercise to avoid any "cannibalisation" of routes, they said.

The Naresh Goyal-promoted  Jet Airways would soon draw up plans to expand in the US skies following the restoration last week by Federal Aviation Administration (FAA) of India's aviation safety rating to Category-1, sources have said.

The airline would also take on board its strategic investment partner Etihad while carrying out the exercise to avoid any "cannibalisation" of routes, they said. Jet Airways currently operates a daily direct service from New Delhi to Newark while Etihad, which holds a 24 per cent stake in Goyal's airline, flies to six US cities.

"The US market throws up a lot of opportunities and we would like to enhance our presence there. There are no immediate plans as such but we will definitely chalk out one soon," airline sources told PTI here. The Mumbai-based private airline had to put on hold its plans to restart its New York flight and commence air services to Chicago after the downgrade early last year, which also barred domestic carriers from launching new services to the US or enter into codeshare agreements with airlines there.

It may also be noted here that Etihad had launched its services to Chicago and New York using Jet Airways wide-body Boeing 777-300ERs. Besides, United Airlines, which had a codeshare agreement with Jet Airways, had also suspended the pact as soon as India's aviation safety rating was brought on a par with countries like Ghana, Barbados and Bangladesh in January of last year. Interline and code shares are commercial agreements which allow one airline to sell tickets on flights operated by a partner airline.

According to FAA annual aviation projections, presented last month, US airlines are expected to transport 1-billion passengers per year by 2029 and a total of 1.5 billion by 2035. In the period between 2014-2035, US carrier passenger will grow by an average 2.2 per cent every year, the forecast had said.

Sources said that Jet Airways would not only look to add new destinations in the US but also seek codeshare partnerships with more American airlines. "However, all these plans would be drawn up in consultation with our strategic investment partner, Etihad. There has to be synergy between the two partners," they said.

Jet Airways had said that India's aviation safety upgrade by FAA to Category-1 was a "positive development". The New York and Chicago flights can now be operated by Jet Airways via its overseas hub Abu Dhabi with Etihad placing its codeshare on these flights. "We don't want any cannibalisation of routes," sources said.

International revenue had accounted for almost 60 percent of Jet Airways' total revenue during the October-December quarter of the previous fiscal. The airline's total international revenues had logged a17.4 percent growth to Rs 3,089 crore in Q3 FY15 over a year ago period.

Jet Airways stock price

On April 10, 2015, Jet Airways closed at Rs 482.95, down Rs 4.4, or 0.9 percent. The 52-week high of the share was Rs 543.50 and the 52-week low was Rs 203.50.

The latest book value of the company is Rs -223.87 per share. At current value, the price-to-book value of the company was -2.16.

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Air Pegasus begins commercial operations

Air Pegasus, promoted by Decor Aviation Private Limited, today commenced its commercial operation with a daily to and fro flight to Hubballi and Thiruvananthapuram from here.

"Commercial operation with daily flight to Hubballi and Thiruvananthapuram from Bengaluru has commenced from today," Air Pegasus Managing Director Shyson Thomas told reporters.

The company plans to have five ATR aircraft in South India by December and would increase it to 20. "We plan to have five ATRs in Southern region of the country and will increase it to twenty," Thomas said.

"Connecting to the country's IT capital, the newly  launched flights will boost the economies of these two towns, by simplifying the travel options for both in-bound and out- bound passengers," he said.

Civil Aviation Minister Ashok Gajapathi Raju launched the operations of Air Pegasus.  Decor Aviation, which is part of the Decor Group of Companies, will provide ground handling services to Indian andforeign carriers across eleven airports in India, Thomas said.

Based out of the Kempegowda International Airport in Bangalore, Air Pegasus will subsequently scale up its services gradually to connect Kochi, Chennai, Thiruvananthapuram, Belagavi, Rajahmundry, Puducherry and Madurai, Thomas said.

Decor Aviation, which is part of the Decor Group of Companies, provides ground handling services to Indian and  foreign carriers across 11 airports in India. Bangalore-based Air Pegasus, which recently acquired flying permit from aviation regulator Directorate General of Civil Aviation, is the third new airline to receive it from the DGCA, after AirAsia India and Vistara, in last one year.

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Airbus supports Modi's 'Make in India' initiative

In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.

Expressing support to 'Make in India' initiative, aircraft manufacturer Airbus on Saturday said it is ready to manufacture in India, as Prime Minister Narendra Modi visited its facility here.

Modi took the tour of the facility where planes are manufactured. He was given a briefing by officials on the functioning.

Airbus Group CEO Tom Enders, who received the Indian leader, said: "We are honoured to host Prime Minister Modi in Toulouse and convey to him our desire to forge a stronger industrial bond with India. India already takes a centre-stage role in our international activities and we want to even increase its contribution to our products".

"We support Prime Minister Modi's 'Make in India' call and we are ready to manufacture in India, for India and the world," he added.

In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.

The group's senior representative conveyed their decision to expand these centres so that they can take on comprehensive design responsibilities for future Airbus group programmes. 

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Mobile clinic to detect kidney-related diseases

The Rs 15 lakh mobile clinic 'Muthoot Anbin Nizhal' through Muthoot M George Foundation, was flagged off by City Mayor, P Rajkumar and will traverse the district, educating people about the dreaded disease.

As part of its Corporate Social Responsibility, Muthoot Finance Ltd , which claims to be India's largest gold loan company, on Saturday launched its health care outreach program, with a mobile van for detection of kidney related diseases, diabetes and hyper tension ailments.

The Rs 15 lakh mobile clinic 'Muthoot Anbin Nizhal' through Muthoot M George Foundation, was flagged off by City Mayor, P Rajkumar and will traverse the district, educating people about the dreaded disease.

George M Jacob, Director, Muthoot Finance,said the mobile ambulance will hold exclusive camps across the state, where blood sample of people will be taken and tested for possible kidney related diseases. 

At the end of the camp there would be an awareness session which will provide information about the prevention and treatment of the disease, he said. Later,talking to reporters,Babu John Malayil,Coordinator, Anbhin Nizhal, said a similar project has ben running successfully in Kerala for the last one year and the company has helped carry out 25,000 dialysis for the needy and poor.

Stating that the company, with a net profit of Rs 800 crore, has kept Rs 16 crore towards CSR, of which Rs two to three crore was being spent in the health sector, Malayil said at least three out of 100 persons screened thus were affected by kidney diseases, who were either helped by the company by providing free treatment or partially financed for hospital expenses. 

Muthoot Finance stock price

On April 10, 2015, Muthoot Finance closed at Rs 202.20, up Rs 2.60, or 1.30 percent. The 52-week high of the share was Rs 253.50 and the 52-week low was Rs 162.55.

The company's trailing 12-month (TTM) EPS was at Rs 17.24 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 11.73. The latest book value of the company is Rs 107.82 per share. At current value, the price-to-book value of the company is 1.88.

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Nissan in top gear for Indian mkt; to launch 'The Leaf'

Nissan wants to electrify the Indian automobile market, quite literally. It has begun testing the waters for the potential launch of "The Leaf" - the world's first affordable, mass-produced, 100 percent electric & zero-emission car, which has clocked 160,000 units in sales in a short 5-year span.

Japanese automobile major Nissan is not wasting any time in taking advantage of the Indian government's policy to promote hybrid and electric vehicles. CNBC-TV18's Farah Bookwala Vhora reports that the car-maker is gearing up to bring its marquee electric vehicle "The Leaf" to Indian roads.

Nissan wants to electrify the Indian automobile market, quite literally. It has begun testing the waters for the potential launch of "The Leaf" - the world's first affordable, mass-produced, 100 percent electric & zero-emission car, which has clocked 160,000 units in sales in a short 5-year span. If all goes well, Nissan will become the first global Original Equipment Manufacturer to launch an all-electric vehicle in India.

Guillaume Sicard, president, Nissan India, says, "We have tested the leaf over the last 3 weeks now. we've tested the leaf with customers, with the press, with the government. We've shown the car to SIAM and what we hear now is extremely positive."

So Indian roads could soon see the world's highest-selling electric vehicle burning rubber. Sicard says this decision was spurred on by the government's new FAME policy- the Faster Adoption of Manufacturing of Electric Vehicles. But he adds that for the Leaf to make it here, three requisites have to be met.

He adds, "The first one is to have some customer subsidies. and just to benchmark with some countries in the world, in terms of subsidies per car, between 8,000-10,000 dollars. the second condition is we need to work with the government to implement infra and when I'm talking about infra, I'm talking about charging stations. And the third thing that is also a condition is to make sure the government and some administrations are showing the example to the rest of the country by getting some of the EVs."

Nissan says it will initially import The Leaf, even as it explores the possibility of local production over the next few years. Meanwhile, it has roped in IIT Madras to collaborate on improving battery performance from the current driving range of 135 km to 400 km.

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E-commerce co Urban Ladder bets big on Mobile Automation

Indian e-commerce company Urban Ladder is on a funding raising spree. After having mopped up USD 50 million, Urban Ladder is betting big on technology platform, automation of supply chain and mobile platform.

Indian e-commerce company Urban Ladder is on a funding raising spree. After having mopped up USD 50 million, Urban Ladder is betting big on technology platform, automation of supply chain and mobile platform.

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Six years for a self-confessesd crime is a long wait: Pros

Ramalinga Raju may be behind bars, but have ground realities changed? Have enough safeguards been brought in? What are the lessons from the Satyam scam? More than six years after the self-confessed crime that was termed as 'India's Enron', these questions continue to plague the minds of most people.

JN Gupta, former ED, Sebi stakeholders empowerment services, says the main problem was the failure of the audit system, failure of the board processes and disclosures. "We saw it in last couple of years - lot many measures have been taken which strengthen all these parameters but if you say sufficient – no law can be sufficient because there will always be loopholes and even if there are no loopholes creative people will find loopholes."

Amit Tandon, Founder, IiAS, says waiting six years for a judgement for a self confessed crime is an incredibly long wait.

Below is the verbatim transcript of JN Gupta and Amit Tandon with CNBC-TV18's Shereen Bhan.

Q: Let me start by asking you whether the lessons have been learnt from the Satyam scam and whether enough has been done from a regulatory point of view to enhance corporate governance? There was a lot of talk when the new Companies Act was being designed and being passed that this was actually going to be in a sense a Satyam proof corporate affairs law. Do you believe that whether it is the role of independent directors or it is corporate governance standards, we are much better placed today than we were when the Satyam scam unfolded in 2008?

Gupta: Lessons were learnt not today, they had started right from when the scam broke out. Certain actions were taken by the regulator and moreover over a period of last 5-6 years many changes have happened both in the Companies Act, in the listing agreement and in many regulations that Sebi has.

The main problem as we have seen was the failure of the audit system, failure of the board processes and disclosures. We see it in last couple of years lot many measures have been taken which strengthen all these parameters but if you say sufficient – no law can be sufficient because there will always be loopholes and even if there are no loopholes creative people will find loopholes. The most important thing is the role play. Even if the systems were not proper, if the people who were manning the system if they had played their role properly then probably this would not have happened.

I would say very simply in audit system there are standard operating procedures and if PwC people had followed standard operating procedures they would have discovered that there were no fixed deposits in the bank.

Q: PWC has reacted, it has come out with a statement saying it is actually disappointed with the verdict and it believes that the two former auditors of the firm will challenge this order legally, but on the issue of the role and responsibility of auditors do you really believe at this point in time that there is a need for us to overhaul the ICAI?

Tandon: You are absolutely right when you talk about that. If you look at it and if you go back to the events which had happened, the SEC had a fine of a little over USD 25 million on PWC which in other ways PWC paid out - the ADR at the holders of about USD 25.5 million. In addition SEC also passed fixtures against PWC India but here they seem to have got away with a rap on the knuckles, but let me make one other point. While there is some excitement about the fact that there is a judgement and people who commit white collar crimes will be held accountable.

Let us remember Ramalinga Raju admitted that he had frauded the company and the shareholders of about Rs 5,000 crore and then we have taken about six years. In case he had not said it and someone else had kind of just spoken about it and then the regulators had gone to it then we would still be talking about what needs to happen, what does not need to happen, the changes we need to see. So six years for a self confessed crime is an incredibly long wait.

Q: The Confederation of Indian Industry (CII) has also issued a statement saying that justice needs to be a lot swifter. The CBI has come out with a press release saying in record time the CBI had actually filed the charge sheet in this matter – it took about 10 months for the CBI to file the charge sheet in this matter and we are talking about a verdict now where it has taken six years for us to see light of day.

Gupta: I agree with that, it was a self confessed crime which was done in front of media and it was very clearly articulated by Ramalingam Raju that how he did the crime and then we have taken six years. Rather than blaming the judges or CBI or something, we have to look into the entire system.

As we were listening to other people this morning, first of all we have very poor infrastructure. Secondly proper manpower is not there, properly trained manpower is not there. Third our legal system itself is such that it take ages. I remember order of Justice Khehar in Sahara matter where he has said that we had given 85 hearings to Sahara. Now if that is the system in our country where hearing after hearing takes place and volumes and volumes are written, in my opinion it was a self confessed crime and it was a proven fact that the fixed deposits were not there. So, it should have taken shorter time.

Now it is not the end of the story here, it will go to High Court and then it will go to Supreme Court. So, I don't know how many more years.

Q: Let us talk about the road ahead and let us talk about what more needs to be done. We talked about the overhauling of the ICAI. What about independence of audit committees for instance, what about role of rating agencies, what about the role of independent advisory firms like yours, what about the role of banks when it comes to holding corporate boards accountable?

Tandon: You are absolutely right. At the end of the day the person who walks the longest and holds the hand of the company the most is the auditors and therefore there should be some punitive action against the auditors themselves because if the company wants or if the management wants they alone cannot doctor the accounts. At some stage someone needs to be working with them but I would like to actually just quickly come to since you spoke about a lot of the other people who are involved. I would very quickly like to talk about a lesson which we very quickly seem to have forgotten. No matter what you say about Satyam one of the things was that he confessed to everything in January, in April. It was the by the April of 2009 that the government had appointed a committee to look into it and very quickly it was sold. Tech Mahindra took it over and at that time I remember Ramalinga Raju's letter saying 53,000 employees it was important to get the company back on rails and working and that is how we need to proceed.

So whether it is the government, whether it is the bankers, whoever it is, whether it is the equity holders whoever is involved you need to recognise you have a problem and you need to go ahead and you need to fix it quickly and that unfortunately when I think about it I can only point to Satyam. Whatever reason we hit a sweet spot, we arrived at a solution and after that we have let a host of other companies go down the tune. We have let productive assets go to waste, we have let people lose their jobs, we have let equity holders lose money and we have not said okay, let us quickly find a solution to the problem and are Mr Gupta rightly pointed out let the law take its own course but let us find a solution to getting the asset up and running quickly. And that lesson unfortunately we need to be reminding about it.

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Greenpeace would challenge the govt order, says Samit Aich

The government today blocked foreign fundings to Greenpeace India with immediate effect by suspending its licence for six months and served a notice to the NGO asking why its registration should not be cancelled.

The NGO has been charged under the Foreign Contribution Regulation Act (FCRA), with the home ministry citing serious charges of its involvement in encouraging 'anti-development" campaigns across the country.

The government has also frozen all the 7 accounts operated by Greenpeace.

Reacting to the above suspension Samit Aich, executive director Greenpeace India said the company had not yet heard about the order directly from the government but believe it is a deliberate effort to cull down on the company.

Aich said the NGO would challenge the order in court point by point after receiving it. He is confident of having a strong case. Even the two previous judgements had been ruled in their favour, he added.

He said around 70% of Green Peace is funded by individual Indian citizens and only 30% comes from international grands largely from Green Peace International.

Below is the verbatim transcript.

Q: Let me start by asking you about your reaction to this order. I understand that this order has been dispatched to you by the Ministry of Home Affairs on April 9. You have heard nothing from the government so far?

A: Well no that is true. This has been also a trend since June 2014 where the news of Green peace comes on the news, it doesn't come to Greenpeace in the first place and this is a deliberate effort to cull down on Greenpeace. These are all tactics which are very dirty if I may say so, not very professional at all and we have to wait for this order to come. I am sure it is going to come very soon and we will study that order and give a point by point rebuttal.

Q: I know you will have to study that order when it comes to you but let me ask you for clarifications on what the order alleges and the order alleges several violations under the Foreign Contribution Regulation Act (FCRA). In fact if I look at it, it alleges about almost eight or nine violations under the FCRA which had to do with under reporting of your finances, it has to do with wilful suppression of information, it has to do with shifting your offices and activities from one state to one another without the required or requisite approvals and I am not going into the details because you clearly don't have the order yet but as I pointed out, there are about eight or nine violations under the FCRA that this order talks about. How will you respond to all of this and I understand that there have been investigations, on site investigation of your accounts between 24 and 27 September. What was your response then?

A: Well if I remember correctly it is about six months back they had some sixteen observations all of which we have responded and refuted point by point when we responded back. It is also important for you and our viewers to note that when our writ petition was admitted to the high court in Delhi when funds our were blocked way back in June, that time the judgement came to our favour and the learned judge at that point in time had clearly observed that there was no material evidence against green peace international at that point in time because of which our funds were blocked. So, I don't know what this new order is, I am sure we will study it point by point, we will give a point by point rebuttal once it comes to us but al this can be refuted. These are under the FCRA law, they are all technicalities. I must also say that FCRA law in this country is purposefully kept a bit open ended and draconian in nature to use it to their advantage when they want to go after a certain organisation like they are going after Greenpeace and all of that needs to be challenged and I am sure we will challenge it point by point. Like I said I would like to see the order and I am sure we will be given a chance to respond in time but these attacks on Green peace certainly does not seem to be very gracious in nature for a government which is so powerful and whose job is to ensure that all voice are heard and all uncomfortable voices are not culled in the way Greenpeace is being culled currently.

Q: I want to ask you and I want to get your response to the other allegation the government is making that you have been carrying out anti-development campaigns in India, that you have been working against the national economic security of this country and to my mind the final straw seems to have been the Greenpeace testimony to the UK government. Do you believe that that was in a sense the final nail in the coffin so to speak?

A: Well I don't know. Like I said only the government or the ministry of home affairs (MHA) may be in a position to respond to that but like I correctly said, we have been raising some pertinent questions. Our campaigns in the jungles of Mahan which eventually by the way the same government's Ministry of Environment's and Forests have agreed with us they are inviolate forest and they cannot be therefore cannot be destroyed but we have been asking some very pertinent questions and that is making uncomfortable not just the government but also some stake holders or some corporations who are very much interested seeing Greenpeace being culled or being destroyed. We will like I said, this is a malicious campaign, this thing about development and economic growth is intellectual conversation which the government should engage with. Development and economic growth is it for few people or is it for large parts of the country for people who have no access to electricity, no access to clean water, safe air-the campaigns we are running and we are raising some pertinent environmental questions and we are not raising anything so if that is coming in the way of countries' development, we need to have a more intellectual debate on the definition of development and the government should engage with NGOs including NGOs like Greenpeace.

Q: What is the legal strategy going to be? You had approached the Delhi High Court earlier, the government has now issued show cause notice asking why your registration in India should not be cancelled. As of now it has been suspended and your bank accounts have been frozen and you are not allowed to bring in any more money into this country. What is your legal strategy going to be?

A: It is also important for you and your viewers to know that a good 70 percent of Greenpeace India is funded by individual citizens, Indian like you and me who give you small sums of money to keep us going. 30 percent comes from international grants largely from Greenpeace International. We will study the order, I am sure we will have a good chance to defend our position. We will of course go to the courts and make a case for what is happening. The previous two judgements have come in our favour – foreign funds for the FCRA blockage and second one for the Priya Pillai case. So, we do think we have a strong case but let us wait and see and we will certainly approach the courts to get relief because this is just not good for democracy.

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HIC has helped co enter Indian mid-mkt segment: Philips

With the focus shifting on affordability the world over, Philips is now looking to make India & China its global manufacturing hub.

Philips Healthcare says manufacturing at its Healthcare Innovation Centre (HIC) in India has helped the company enter the lucrative mid-market segment in India.

With the focus shifting on affordability the world over, Philips is now looking to make India & China its global manufacturing hub.

Below are the excerpts from the interview.

Garde: In India Philips has been present and has dominated the premium segment in most categories. What happens as a result of having a local manufacturing plant is that now I can actually start participating. For example this BV Vectra that you see behind us is actually a mid-performance product for me and I wasn't even present in that segment till now. I was selling only premium products till now. Today I am getting into a mid-performance segment with a product which is priced appropriately both from profit margin for us and for an affordability for our customers.

Q: And that has happened because you are locally sourcing?

Garde: Because we are locally sourcing and because we are locally manufacturing.

Q: But in case you had to import BV Vectra versus (interrupted..)

Garde: We don't have that comparison, because this product did not exist and we did not participate in that segment at all.

Q: You said this is a facility that would cater also to international markets. Are you already exporting, if yes, how much and going forward which would be the focus markets that you would focus first from this unit and how much do you intend to increase the percent of exports?

Ranganathan: Yes, we are already exporting. We have been exporting from day one of our inception as an entity. So, we are already exporting. We export across the globe, we export to European markets, we export to Brazil and Latin America, we export to China, to all our markets in Africa and the Middle East as well.

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India growing faster than many other markets: Marriott Intl

Hospitality giant Marriott has big plans for India. Given the massive shortage of hotel rooms in the country -pegged at one room for 12,000 Indians - Marriott feels this is the place to be. So much so, Marriott International's president Arne M Sorenson is back in India just three months after his last visit.

Though revenue from India business is just about one percent of Marriott's total fees, Sorenson says the country is growing faster than many markets around the world. According to him, with the new government coming in, there is a lot of optimism surrounding India.

Currently, there are about 28 JW Marriott Hotels operational in India and 52 are still under development. "Our team is currently working on 10-20 more hotels," he told CNBC-TV18.

Ritz-Carlton has one hotel functioning and two are under development. Sorenson says Bulgari is currently under development and the hospitality chain is excited about Courtyard and Fairfield Hotel Properties. Marriott International acquired a 49 percent interest in Ritz-Carlton Hotel Company LLC in April 1995.

Sorenson is excited about Ritz-Carlton property in Bangalore and is eager to open other Ritz-Carlton properties in Mumbai and Delhi.

Below is the verbatim transcript of Arne M Sorenson's interview with CNBC-TV18's Nayantara Rai

Q: What are your plans now?

A: We are going to open a JW Marriott in Mumbai at the JW Sahara at the new terminal which we are very excited about. We are going to have a grand opening on Thursday afternoon and then we are going to fly around a little bit to see some of the other hotels. We have got about 28 hotels open in India and 52 under development.

Q: 52 under development, 28 operational - are you looking to sign on more hotels at the moment or is your plate full with 52?

A: Our plate is never full. We have got a team here that continues to work on probably right now another 10-20 hotels. They won't all come to pass but hopefully many of them will come to pass. We think with the new government in India there is greater optimism here. Hopefully we will see that translates into renewed effort to do some more development.

Q: You have many brands, which are the brands that you are looking at for India?

A: One of the great things about the India story for us has been about the number of brands that are engaged here. We have got Ritz Carlton - one open and two under development, we have got JW Marriot which is an extremely strong brand that is here and then Courtyard and Fairfield, we are also very excited about. Courtyard has 12 open and 18 under development. Fairfield just one open but there are almost 15 under development. Those brands are both sort of in the moderate tier and will provide a great entry point for the new Indian middle class, new travellers for the first time and hopefully they can grow with us in the higher and higher tiers of the marketplace.

Q: Where is the Bulgari one coming up and by when?

A: Bulgari is in Mumbai and hopefully we will have one in Maldives too.

Q: If you look at the supply in India it is very small, like it is one hotel room for 12000 people. Where does Marriott group feature into all of this because you have an asset light strategy as well? How many rooms are you targeting let's say over the next 5-10 years?

A: We would like to open these 52 hotels that are under development. So, that would get us to about 80 with hotels that are already open. Hopefully we will do another 10-20 hotels every year that we sign and will be entering into our system. I think in the fullness of time, we got to see brands like Fairfield and Courtyard each with well over a 100 hotels in India and hopefully we will see the higher end develop too. I think that will depend a little bit on the economic strength, not just being anticipated but being a reality.

Q: Revenues from India right now must be a drop in the ocean?

A: The revenues from India for us today are about 1 percent of our total fees. However, India is growing faster than many markets around the world. So, we will see that 1 percent grow meaningfully.

Q: What has the response to the Ritz Carlton been? You have one right now operational in Bangalore.

A: It has been great. It took a few years longer than we anticipated to get that hotel open and finished but it is open and finished and we are excited with the product that has come out. We are eager to open the next couple, we have got one in Mumbai, we have got one in Delhi that are both in the works and will open soon. We think the future for that brand here too is very strong.

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Dollar exchange ratio positive for TNT Express deal: FedEx

FedEx is set to buy its Dutch rival TNT Express for USD 4.8 billion. Both the firms expect the deal to be closed in the first half of 2016.

Us courier delivery company, FedEx is buying Dutch rival TNT Express for USD 4.8 billion. According to FedEx the tie-up will transform its European capabilities and allow its customers to enjoy access to an enhanced global network.

Both the firms anticipate that the deal would close in the first half of 2016.

Explaining the rationale behind the deal Fred Smith, Chairman & CEO, FedEx said the dollar exchange ratio is favourable at the current juncture. Moreover, quantitative easing and the lower oil prices also mean a better outlook for the European economy than it was for some period of time.

The Company he said has looked at this transaction very carefully. "We've got great lawyers. Both in Europe and here, we believe the market share numbers support approval of this deal by EU competitions authorities. We look forward to working with them through that process to get this approved," he added.

The deal represents a 33% premium over the TNT's closing share price on April 2.

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See more investments into India: Indo-German Chamber

Indian Prime Minister Narendra Modi is all set to visit Germany from April 9 and Duetshe land is looking forward to his visit.

Although it is not his first visit to the country what makes it special is the fact that India is the partner country at the Hannover fair.

Speaking to CNBC-TV18'S Sanjay Suri, Bernhard Steinrucke, director general, Indo-German Chamber of Commerce said for decades now German companies have been active in India.

There are more than 1000 German companies in India employing hundred thousands of people. Moreover, they are highly profitable and so they reinvest but that is not seen as foreign direct investment, he added.

According to him investment of German companies much bigger than that of British or Japanese or Korean companies.

Investments made by German companies into India have always paid off and so they have reinvested. Going forward too they are waiting to make further investments once the market picks up, said Steinruckle.

Below is the transcript of Bernhard Steinrucke's interview with CNBC-TV18's Sanjay Suri.

Q: What are you expectations from PM Modi's visit?
A: German companies have been very active in India for decades. They were always the front runners actually whether it was after the second World War or whether it was when the reforms started in 1991 or after the Asia crisis in 2003.

Q: The popular impression is that it is British companies in the lead.

A: No, look at the numbers. More than 1,000 German companies active in India employing hundreds of thousands of people, big investments in many fields, market leaders and when you look at the proper investment including reinvestment then certainly the investment of German companies in India is much bigger than British companies or even like Japanese or Korean.

Q: We are talking Foreign Direct Investment (FDI) here.

A: We are talking FDI but you have to look also at the reinvestment. German companies are highly profitable in India and so they reinvest their profits and this does not show as FDI, that is the problem. So the numbers per se may not look as big but if you only look at the market capitalisation of the 20 odd German companies listed at the Indian stock exchanges then you will what numbers we are talking about, we are talking about billions of Euros.

Q: Now with the Modi government in, is there going to be yet more investment, are we going to see more new investment or more reinvestment?

A: I am sure we are going to see more investment but also there we have a challenge because German companies have been doing so well after 2003-2004, they basically had almost 10 years success after success, and in 2010-2011 they decided to expand and to invest. Today I am invited almost every month for a new factory opening. So from that angle German companies have invested, they now have the capacity and now they wait for the market to pick up again. Actually that is the right thing to do, when it is more quiet, then you invest so you are ready when the boom comes and therefore I can tell you many German companies are ready.

Q: People compare India and China always. How many German companies are investing in China relative to India? What is the level of optimism with investments in India in relation to China?

A: I am not a Chinese expert. German companies no doubt have invested big in China because China as you know had started their reforms some 15 years earlier than India and from that angle German companies are there and are big there. Of course, China has impressive developments.

On the other hand India will be growing faster than China in just another 2-3 years as per the latest research by the World Bank and IMF. From that angle India is a very important market for the German companies and therefore as we always say don't talk about India or China, talk about India and China. At the moment as per my feeling the focus is more on India rather than on China because in China German companies have already invested so much that now India I think is more attractive.

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Tata Power Solar commissions 1.25 MW plants at TN varsity

SASTRA has inked a pact with Tata Power Trading Company (TPTCL) under which the latter will sell electricity generated from the facilities to the university for 15 years, the private solar firm said in a release here.

Tata Power Solar  today said it has commissioned 1.25 MW rooftop projects at SASTRA University's Thanjavur and Kumbakonam campuses in Tamil Nadu.

SASTRA has inked a pact with Tata Power Trading Company (TPTCL) under which the latter will sell electricity generated from the facilities to the university for 15 years, the private solar firm said in a release here.

Commissioned as a part of the university's green energy efforts, the plants are likely to offset 30 percent of its total power consumption.

These plants will generate nearly 20 lakh units of power annually and reduce more than 1,600 tonne of carbon dioxide emission, the company said.

Set up on 11 buildings across the two campuses, these plants come with in-built grid interactive string inverters to achieve efficiency up to 98 per cent and reduce losses.

To further minimise transmission and distribution losses, power generated by each rooftop plant will be used by the same building.

Tata Power stock price

On April 06, 2015, Tata Power Company closed at Rs 77.05, down Rs 0.5, or 0.64 percent. The 52-week high of the share was Rs 115.25 and the 52-week low was Rs 73.60.

The company's trailing 12-month (TTM) EPS was at Rs 3.26 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 23.63. The latest book value of the company is Rs 52.69 per share. At current value, the price-to-book value of the company is 1.46.

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Dena Bank, LIC sign MoU to provide life cover under PMJBY

Under the Memorandum of Understanding, LIC will give a life cover of Rs 2 lakh in case of death of the insured person at a nominal premium of Rs 330 per annum. Account holders in the age group of 18 to 50 years can avail of the product.

State-run lender  Dena Bank today signed agreement with LIC to provide insurance cover to its savings account holders under the Prime Minister's Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) scheme.

Under the Memorandum of Understanding, LIC will give a life cover of Rs 2 lakh in case of death of the insured person at a nominal premium of Rs 330 per annum. Account holders in the age group of 18 to 50 years can avail of the product.

People who join the scheme before completing 50 years can continue to have the risk of life cover up to the age of 55 years subject to payment of premium. The scheme will come into effect from June 1, 2015. The bank customers can join the scheme between June 1, 2015 to May 31, 2016.

"It is a very important step towards meeting the government financial inclusion plan. This will increase the insurance penetration," Dena Bank Chairman and Managing Director Ashwani Kumar told reporters after signing the MoU. LIC Chairman SK Roy said, "This represents version two of financial inclusion of India.

This will help in expanding the life insurance coverage through banking channel." "We have already signed agreements with two banks for this product. We are in discussion with our other partner banks and will complete (the process) in 10 days," he said. Dena bank will have separate branches for claim settlement.

The bank currently has 1.2 crore savings accounts and is targeting to extend the life cover benefit to all the customers.

Dena Bank stock price

On April 06, 2015, Dena Bank closed at Rs 51.65, up Rs 0.30, or 0.58 percent. The 52-week high of the share was Rs 94.40 and the 52-week low was Rs 46.75.

The company's trailing 12-month (TTM) EPS was at Rs 7.07 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 7.31. The latest book value of the company is Rs 127.70 per share. At current value, the price-to-book value of the company is 0.40.

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Post-merger, Kotak Bank sharpens focus on large corporates

Days after receiving the RBI nod for merging ING Vysya Bank with itself, Kotak Mahindra Bank (KMB) has integrated its corporate lending and investment banking verticals to serve large corporates, just like many Wall Street banks.

Days after receiving the RBI nod for merging  ING Vysya Bank with itself,  Kotak Mahindra Bank (KMB) has integrated its corporate lending and investment banking verticals to serve large corporates, just like many Wall Street banks. "We have the size now (post merger with ING Vysya) and think our large corporate clients can be served better by integrating the lending and the investment banking functions," TV Raghunath, who has just been appointed as the head of the specially created corporate and investment banking (CIB) vertical, told PTI. The Rs 15,000-crore merger, effective April 1, will make KMB the fourth largest private sector bank in the country.

Raghunath said the rationale behind the move is to have a single team which will be serving large corporate clients, rather than making corporate clients go to various teams within the same institution. In effect, this means KMB will act more like a wholesale banker to corporates offering a slew of services under one-roof. During the December quarter, KMB's asset book stood at Rs 86,058 crore, out of which corporate lending was Rs 25,933 crore, making it the largest subhead.

It can be noted that many Wall Street banks, which are mostly into investment and wholesale banking in the country, have similar organisational structures to leverage on strengths. KMB's investment banking vertical, including its equity and debt capital markets divisions, merger and acquisition functions and foreign currency loans, is one of the busiest in the industry. Raghunath said when it comes to lending, it has been staying off big transactions till now and has participated in a few syndications.

Also Read: ING Vysya Bk becomes Kotak Mahindra Bank; RBI okays merger

The new vertical will be like "a roof on an existing structure", he said, adding it will have select people in senior roles. Accordingly, Kotak investment banking's senior executive director Chetan Savla will be joining the CIB, while on the lending side, Anu Aggarwal, who has been with the bank for over 10 years and handles corporate lending, will also be part of the CIB, he said. When asked about the bonuses which i-bankers earn and if they can continue with the same in the new vertical, Raghunath hinted at life beyond bonuses, saying a group like Kotak helps someone grow beyond monetary factors.

ING Vysya Bank stock price

On April 01, 2015, ING Vysya Bank closed at Rs 976.65, up Rs 40.95, or 4.38 percent. The 52-week high of the share was Rs 1027.00 and the 52-week low was Rs 540.00.

The company's trailing 12-month (TTM) EPS was at Rs 31.70 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 30.81. The latest book value of the company is Rs 368.65 per share. At current value, the price-to-book value of the company is 2.65.

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Central Bank tops list with highest NPAs among PSU banks

Central Bank of India has topped the list of public sector banks with maximum bad loans including restructured assets as a percentage of total advances.

Central Bank of India  has topped the list of public sector banks with maximum bad loans including restructured assets as a percentage of total advances. According to the data provided by the RBI to the Finance Ministry, Central Bank of India's 21.5 per cent assets are either bad or have been restructured to save them turning non-performing assets (NPAs). The other banks which have significant amount of gross NPAs and restructured loans include,  United Bank of India (19.04 per cent),  Punjab & Sind Bank (18.25 per cent) and  Punjab National Bank with 17.85 per cent as on December 2014.

Indian Overseas Bank , State Bank of Patiala,  Allahabad Bank and  Oriental Bank of Commerce all have bad and restructured loans in excess of 15 per cent. The rising bad loans have become a major concern for the Reserve Bank as well as the government. Most of the restructured loans is from the corporate sector.

The top-30 defaulters are sitting on bad loans of Rs 95,122 crore, which is more than one-third of the gross non-performing assets of PSU banks at Rs 2,60,531 crore as on December 2014. There are four kinds of restructuring. The first and foremost is restructuring of advances extended to industrial units, restructuring under Corporate Debt Restructuring and restructuring of loans extended to MSME as per RBI guidelines.

Also Read: Dena Bank plans lower price to sell around Rs 500 cr NPAs

However, banks have their own operational rule for restructuring of small loans. RBI has not prescribed any board or bank level position at which these loans need to be approved.

Central Bank stock price

On April 01, 2015, Central Bank of India closed at Rs 105.25, down Rs 1.25, or 1.17 percent. The 52-week high of the share was Rs 121.00 and the 52-week low was Rs 48.30.

The company's trailing 12-month (TTM) EPS was at Rs 3.59 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 29.32. The latest book value of the company is Rs 87.32 per share. At current value, the price-to-book value of the company is 1.21.

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Frrole: A social intelligence company

IIM Kozhikode graduate Amarpreet Kalkat came up with an idea to setup a social intelligence company in 2012. Frrole – a Bangalore based venture lets brands amplify engagement with customers over social media and is partnered with Twitter in India.

IIM Kozhikode graduate Amarpreet Kalkat came up with an idea to setup a social intelligence company in 2012. Frrole – a Bangalore based venture lets brands amplify engagement with customers over social media and is partnered with Twitter in India.

For more, watch accompanying video.

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Kyoorius' AM fest, Melt to be held on May 21 22

Kyoorius announced the dates for its two day advertising, marketing and media festival Melt. Conceptualised in partnership with D&AD, Group M and Zee, Melt will be held on May 21st and 22nd in Mumbai and will host exhibitions, seminars and workshops for industry members.

Kyoorius announced the dates for its two day advertising, marketing and media festival Melt. Conceptualised in partnership with D&AD, Group M and Zee, Melt will be held on May 21st and 22nd in Mumbai and will host exhibitions, seminars and workshops for industry members. Watch accompanying video for more details.

Also watch the big winner of the 5th edition of the Olive Crown Awards. Hosted by the International Advertising Association or IAA, Olive Crown Awards recognise excellence in communicating sustainability or green advertising.

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Nissan India sales decline 32.91% in March

Nissan sells various models in the country, including hatchback Micra, sedan Sunny and premium SUV Terrano.

Japanese car maker Nissan on Thursday reported 32.91 percent decline in its India sales at 4,717 units in March. It had sold 7,031 units in the year-ago period, Nissan Motor India said in a statement.

Nissan sells various models in the country, including hatchback Micra, sedan Sunny and premium SUV Terrano.

However, for the entire 2014-15 fiscal ended March 31, Nissan reported 24.21 percent jump in sales at 47,474 units as against 38,220 units in FY 2013-14. Nissan said this is the highest ever volume achieved by it in India in any fiscal and the company is amongst the top 3 gainers in the auto industry here.

"FY'14 has been a significant year when we re-established our India business with an independent sales and marketing organisation.

The growth we achieved was supported by the launch of 2 new models and fastest growing network," Nissan India Operations President Guillaume Sicard said.

The company is targeting 5 percent market share by FY'20, he added. Nissan Motor India Managing Director Arun Malhotra said that 2014 saw a huge focus on sales and marketing activities.

"Our sales network grew to 176 outlets with 60 outlets added in FY14. We also launched a host of innovative integrated campaigns to bring our vehicles closer to our customers," Malhotra added. 

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Diageo to buy Mallya's remaining 50% stake in African firm

Diageo has entered into an agreement to acquire the remaining 50 per cent share of United National Breweries (UNB) interest in the company, thereby making it a wholly owned subsidiary, the company said in a statement.

Diageo, the world's largest spirits maker today took full control of South African beer maker United National Breweries by acquiring the additional 50 percent stake in the company from Vijay Mallya-controlled Pestello Investments for an initial payment of USD 22 million.

Diageo has entered into an agreement to acquire the remaining 50 percent share of United National Breweries (UNB) interest in the company, thereby making it a wholly owned subsidiary, the company said in a statement.

"Diageo will acquire this further interest from Pestello Investments Inc for an initial payment of USD 22 million and a potential earn-out payment of up to USD 14 million," the statement added.

It further said that the transaction is 'conditional on consent from the South African competition authority', and it is expected to complete within the current fiscal.

Diageo, which is also a major producer of beer and wine and owner of popular brands such as Johnnie Walker, Guinness and Smirnoff had in January 2013 acquired 50 percent interest in UNB's traditional sorghum beer business in South Africa reportedly at USD 36 million.

In 1996 Mallya's UB Group had acquired 30 percent stake in UNB and later increased it to 100 percent.

In 2000, UNB had acquired beer business from Traditional Beer Investments (TBI), a subsidiary of South African Breweries.

According to Diageo: "Once completed, this transaction will give Diageo control of the leading traditional sorghum beer business in South Africa, including the ability to make investment decisions to support the continued growth of United National Breweries brands in the sorghum beer category." 

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Nissan India sales decline 32.91% in March

Nissan sells various models in the country, including hatchback Micra, sedan Sunny and premium SUV Terrano.

Japanese car maker Nissan on Thursday reported 32.91 percent decline in its India sales at 4,717 units in March. It had sold 7,031 units in the year-ago period, Nissan Motor India said in a statement.

Nissan sells various models in the country, including hatchback Micra, sedan Sunny and premium SUV Terrano.

However, for the entire 2014-15 fiscal ended March 31, Nissan reported 24.21 percent jump in sales at 47,474 units as against 38,220 units in FY 2013-14. Nissan said this is the highest ever volume achieved by it in India in any fiscal and the company is amongst the top 3 gainers in the auto industry here.

"FY'14 has been a significant year when we re-established our India business with an independent sales and marketing organisation.

The growth we achieved was supported by the launch of 2 new models and fastest growing network," Nissan India Operations President Guillaume Sicard said.

The company is targeting 5 percent market share by FY'20, he added. Nissan Motor India Managing Director Arun Malhotra said that 2014 saw a huge focus on sales and marketing activities.

"Our sales network grew to 176 outlets with 60 outlets added in FY14. We also launched a host of innovative integrated campaigns to bring our vehicles closer to our customers," Malhotra added. 

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Diageo to buy Mallya's remaining 50% stake in African firm

Diageo has entered into an agreement to acquire the remaining 50 per cent share of United National Breweries (UNB) interest in the company, thereby making it a wholly owned subsidiary, the company said in a statement.

Diageo, the world's largest spirits maker today took full control of South African beer maker United National Breweries by acquiring the additional 50 percent stake in the company from Vijay Mallya-controlled Pestello Investments for an initial payment of USD 22 million.

Diageo has entered into an agreement to acquire the remaining 50 percent share of United National Breweries (UNB) interest in the company, thereby making it a wholly owned subsidiary, the company said in a statement.

"Diageo will acquire this further interest from Pestello Investments Inc for an initial payment of USD 22 million and a potential earn-out payment of up to USD 14 million," the statement added.

It further said that the transaction is 'conditional on consent from the South African competition authority', and it is expected to complete within the current fiscal.

Diageo, which is also a major producer of beer and wine and owner of popular brands such as Johnnie Walker, Guinness and Smirnoff had in January 2013 acquired 50 percent interest in UNB's traditional sorghum beer business in South Africa reportedly at USD 36 million.

In 1996 Mallya's UB Group had acquired 30 percent stake in UNB and later increased it to 100 percent.

In 2000, UNB had acquired beer business from Traditional Beer Investments (TBI), a subsidiary of South African Breweries.

According to Diageo: "Once completed, this transaction will give Diageo control of the leading traditional sorghum beer business in South Africa, including the ability to make investment decisions to support the continued growth of United National Breweries brands in the sorghum beer category." 

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JSW Energy two promoters buy Rs 89cr shares from JSW Steel

Little over 75 lakh shares were acquired by Amba River Coke Ltd (ARCL) and JSW Steel Coated Products Ltd (JSWCPL) -- both entities are wholly-owned subsidiaries of JSW Steel.

Sajjan Jindal-led JSW Energy's  two promoter entities have acquired shares worth nearly Rs 89 crore from another promoter of JSW Steel  as part of meeting certain regulatory norms.

Little over 75 lakh shares were acquired by Amba River Coke Ltd (ARCL) and JSW Steel Coated Products Ltd (JSWCPL) -- both entities are wholly-owned subsidiaries of JSW Steel.

According to a filing made by JSW Energy to the BSE, these shares were acquired from JSW Steel in order to meet certain regulatory requirement with regard to captive power plants.

Both entities acquired the shares to "align the percentage of their equity holding in JSW Energy with their respective power consumption from Unit 3 and Unit 4 of the power plant of JSW Energy at Ratnagiri, to meet eligibility criteria for captive power plant status," the filing said.

ARCL acquired 39.36 lakh shares valued at Rs 47.23 crore while JSWCPL acquired 34.67 lakh shares worth Rs 41.60 crore. The shares were bought at a price of Rs 120 apiece.

Post transaction, JSW Steel's stake has declined to 5.58 percent from 6.03 percent in JSW Energy. The shareholding of ARCL and JSWCPL have increased to 0.35 percent and 0.27 percent, respectively. Shares of JSW Energy rose nearly one percent to close at Rs 119.60 per scrip on the BSE. 

JSW Energy stock price

On April 01, 2015, JSW Energy closed at Rs 119.60, up Rs 1.15, or 0.97 percent. The 52-week high of the share was Rs 126.40 and the 52-week low was Rs 50.85.

The company's trailing 12-month (TTM) EPS was at Rs 6.01 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 19.9. The latest book value of the company is Rs 42.70 per share. At current value, the price-to-book value of the company is 2.80.

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India Infrastructure Fund takes 23.5% stake in ONGC Tripura

Oil and Natural Gas Corp (ONGC) will continue to hold 50 percent stake in OTPC while IL&FS Energy Development Co Ltd (IEDCL) will have 26 percent and Government of Tripura 0.5 percent stake.

An ONGC -promoted company has sold 23.5 percent stake to India Infrastructure Fund-II for Rs 426 crore. With this stake sale, all of the equity of ONGC Tripura Power Co Ltd has been tied up.

Oil and Natural Gas Corp (ONGC) will continue to hold 50 percent stake in OTPC while IL&FS Energy Development Co Ltd (IEDCL) will have 26 percent and Government of Tripura 0.5 percent stake.

"ONGC, IEDCL and Government of Tripura, three promoters of OTPC, have entered into definitive agreements with India Infrastructure Fund II by which the latter will be acquiring 23.5 percent stake in OTPC.

The total consideration of the transaction is about Rs 426 crore," the company said in a statement here. This consummates the equity structure as was envisaged at the time of setting up the project.

ONGC formed OTPC for implementation of a gas based 726.6 MW combined cycle thermal power project at Palatana, Tripura.

The project was conceived to utilise the stranded gas reserves of ONGC found in the state so as to aid in the economic progress of the north-eastern states.

The project is backed by a long term gas supply agreement with ONGC, while the power off-take is tied up on long term basis with the seven north-eastern states.

OTPC also owns 26 percent stake in North East Transmission Company Limited (NETCL), a joint-venture company of OTPC, Power Grid Corporation of India Ltd and the 7 north-eastern states.

NETCL has commissioned a dedicated 665 km long 400KV DC line for evacuation of power from the OTPC plant. "This investment by India Infrastructure Fund II (through its manager- IDFC Alternatives Ltd) brings on board a credible infrastructure partner, further strengthening the core development theme of the project," the statement said. 

ONGC stock price

On April 01, 2015, Oil and Natural Gas Corporation closed at Rs 306.45, down Rs 0.35, or 0.11 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 301.00.

The company's trailing 12-month (TTM) EPS was at Rs 21.84 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 14.03. The latest book value of the company is Rs 159.81 per share. At current value, the price-to-book value of the company is 1.92.

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eClerx to buy Italian co Clx for 25 mn euros

The city-headquartered company will be doing the acquisition through its British subsidiary and has signed an agreement to acquire the Italian company for the consideration, it said in a note.

Homegrown knowledge and business process outsourcing company eClerx  has agreed to acquire the Italian media content management company Clx Europe SPA for 25 million euros.

The city-headquartered company will be doing the acquisition through its British subsidiary and has signed an agreement to acquire the Italian company for the consideration, it said in a note.

"The combined companies' capabilities are highly complementary, and now form a continuous value chain of creative asset development, digital multi-channel production, data management and analytics," it said.

Clx Europe creates, manages and delivers creative assets globally to the multi-channel market for luxury brands and major retailers.

The acquisition will be funded by internal accruals and post-acquisition, CLX will operate as a subsidiary of Eclerx, it said. CLX's current management will continue to manage the day-to-day operations with support from Eclerx, it said.

"The acquisition strengthens eClerx's positioning and capabilities to service enterprises' rapidly increasing focus on digital content creation, management and delivery," said Puneet Shivam, an executive director at Avendus Capital, which advised eClerx for the deal.

The eClerx scrip corrected by 1.33 per cent to close at Rs 1,589.75 on the BSE, compared to the 0.07 per cent dip in the 30-share Sensex.

eClerx Services stock price

On March 31, 2015, eClerx Services closed at Rs 1589.75, down Rs 21.5, or 1.33 percent. The 52-week high of the share was Rs 1719.35 and the 52-week low was Rs 1045.00.

The company's trailing 12-month (TTM) EPS was at Rs 75.24 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 21.13. The latest book value of the company is Rs 177.47 per share. At current value, the price-to-book value of the company is 8.96.

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Mobile call, service rates can go up by 12-15%: COAI

Mobile call and service rates can go up by 12-15 per cent to make up for the Rs 1,09,874.91 spectrum price telecom operators need to pay to government, industry body COAI said on Tuesday.

The Cellular Operators Association of India (COAI), which represents all telecom companies that won spectrum in recent auction, contested the analysis shared by Telecom Minister Ravi Shankar Prasad and seconded by Telecom Secretary Rakesh Garg that there will an impact of only 1.3 paise per minute on call rates.

"While the industry would be happy to review this calculation by the DoT, the industry's analysis of the financial implications of the auction indicates an increase of more than 12-15 per cent on the present tariffs, to make up for the cash outflows of the operators," COAI said in a statement.

It said that the analysis shared by DoT does not seem to have factored in inflation, which is inevitable over a long period of 20 years. "It is confusing for the industry, that after taking all the factors such as inflation, high spectrum costs, high cost for equipment and substantial regulatory costs, combined with low returns, how a hike of 1.30 paise per minute in tariffs would address the industry's financial woes," COAI said.

In the auction, Idea has bought spectrum for Rs 30,306.98 crore, Airtel at Rs 29,130.20 crore, Vodafone at Rs 29,959.74 crore, Reliance Jio Infocomm at Rs 10,077.53 crore, Reliance Communication  at Rs 4,299.13 crore, Tata Teleservices  at Rs 7,851.33 crore and Aircel at Rs 2,250 crore.

Sharing the analysis of load on telecom operators due to spectrum payment, Prasad had said that companies have option to pay in parts and the annual load on telecom operators would be around Rs 5,300 crore.

Telecom operators are required to make upfront payment between 25-33 per cent depending on the kind of spectrum purchased by them and rest in 10 yearly installments after two years of moratorium. "At the current average annual inflation rate of 6-7 per cent, it seems to be a considerably hefty sum, further hiking up the tariffs significantly," COAI said.

It said that the Indian mobile telephony industry, in terms of costs, has been investing in spectrum prices which are above the international average and operators in India pay nearly 60-70 times the cost of spectrum in other countries.

"The government also seems to have missed out on the element of interest on the debt that needs to be raised to meet the current spectrum requirements of the industry and spectrum purchases to be made in the future," COAI said.

Bharti Airtel stock price

On March 31, 2015, Bharti Airtel closed at Rs 393.90, up Rs 4.35, or 1.12 percent. The 52-week high of the share was Rs 419.90 and the 52-week low was Rs 304.00.

The company's trailing 12-month (TTM) EPS was at Rs 28.61 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 13.77. The latest book value of the company is Rs 166.93 per share. At current value, the price-to-book value of the company is 2.36.

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