Vikram Akula no more promoter of SKS Microfinance

Akula was previously the executive chairman of the board of directors of the company. He resigned as a director of the company on November 23, 2011 and currently holds only 10 equity shares, the filing said, adding that he does not have any special rights in the company through formal or informal arrangements.

SKS Microfinance  today said it will cease to treat a few entities, including Vikram Akula and Sequoia Capital India Growth Investments, as its promoters. Mauritius Unitus Corporation and Mutual Benefit Trusts are the other entities that have been removed from the promoters list.

" ... taking cognisance of their (entities) requests and instructions, the company shall cease to treat them as its promoters with immediate effect," SKS Microfinance, the only listed microfinance company, said in a filing to the BSE. The micro-lender said that Mauritius Unitus Corporation and Sequoia Capital India Growth Investments have entirely divested their shareholding in the company and do not currently hold any equity shares.

Akula was previously the executive chairman of the board of directors of the company. He resigned as a director of the company on November 23, 2011 and currently holds only 10 equity shares, the filing said, adding that he does not have any special rights in the company through formal or informal arrangements.

Also Read: SKS Microfin standalone Mar '14 sales at Rs 138.30 crore

"Akula has informed the company through an e-mail dated April 24 2014, that he is not a promoter of the company," the filing said. The company's Mutual Benefit Trusts include SKS Mutual Benefit Trust Medak, Sangareddy, Jogipet, Narayankhed and Sadasivapet.

"The Mutual Benefit Trusts do not have any special rights in the company through formal or informal arrangements, except such rights that are available to every public shareholder of the company," the company said. Shares of the company closed at Rs 233.25, down 2.41 percent on the BSE.

SKS Microfin stock price

On April 17, 2014, SKS Microfinance closed at Rs 259.55, up Rs 9.05, or 3.61 percent. The 52-week high of the share was Rs 266.95 and the 52-week low was Rs 95.60.

The company's trailing 12-month (TTM) EPS was at Rs 6.45 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 40.24. The latest book value of the company is Rs 42.53 per share. At current value, the price-to-book value of the company is 6.10.

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Tata Motors sales decline 34% in April

Domestic passenger as well as commercial vehicle sales declined by 36 percent to 30,670 units in April, down from 47,595 units a year earlier.

Tata Motors  today reported 34 percent decline in total vehicle sales to 33,892 units in April.
The company had sold 51,160 vehicles in the same month last year.

Domestic passenger as well as commercial vehicle sales declined by 36 percent to 30,670 units in April, down from 47,595 units a year earlier.

In the passenger category, it sold 5,653 units of Nano, Indica and Indigo cars and 1,788 units of Sumo, Safari, Aria and Venture vehicles, the company said in a statement.

In the commercial vehicles segment, domestic sales declined by 36 percent to 23,229 units from 36,025 units in April last year.

Tata Motors stock price

On April 17, 2014, Tata Motors closed at Rs 424.50, up Rs 13.30, or 3.23 percent. The 52-week high of the share was Rs 437.70 and the 52-week low was Rs 263.10.

The company's trailing 12-month (TTM) EPS was at Rs 2.61 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 162.64. The latest book value of the company is Rs 59.47 per share. At current value, the price-to-book value of the company is 7.14.

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Vikram Akula no more promoter of SKS Microfinance

Akula was previously the executive chairman of the board of directors of the company. He resigned as a director of the company on November 23, 2011 and currently holds only 10 equity shares, the filing said, adding that he does not have any special rights in the company through formal or informal arrangements.

SKS Microfinance  today said it will cease to treat a few entities, including Vikram Akula and Sequoia Capital India Growth Investments, as its promoters. Mauritius Unitus Corporation and Mutual Benefit Trusts are the other entities that have been removed from the promoters list.

" ... taking cognisance of their (entities) requests and instructions, the company shall cease to treat them as its promoters with immediate effect," SKS Microfinance, the only listed microfinance company, said in a filing to the BSE. The micro-lender said that Mauritius Unitus Corporation and Sequoia Capital India Growth Investments have entirely divested their shareholding in the company and do not currently hold any equity shares.

Akula was previously the executive chairman of the board of directors of the company. He resigned as a director of the company on November 23, 2011 and currently holds only 10 equity shares, the filing said, adding that he does not have any special rights in the company through formal or informal arrangements.

Also Read: SKS Microfin standalone Mar '14 sales at Rs 138.30 crore

"Akula has informed the company through an e-mail dated April 24 2014, that he is not a promoter of the company," the filing said. The company's Mutual Benefit Trusts include SKS Mutual Benefit Trust Medak, Sangareddy, Jogipet, Narayankhed and Sadasivapet.

"The Mutual Benefit Trusts do not have any special rights in the company through formal or informal arrangements, except such rights that are available to every public shareholder of the company," the company said. Shares of the company closed at Rs 233.25, down 2.41 percent on the BSE.

SKS Microfin stock price

On May 02, 2014, SKS Microfinance closed at Rs 233.25, down Rs 5.75, or 2.41 percent. The 52-week high of the share was Rs 282.40 and the 52-week low was Rs 95.60.

The company's trailing 12-month (TTM) EPS was at Rs 6.45 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 36.16. The latest book value of the company is Rs 42.53 per share. At current value, the price-to-book value of the company is 5.48.

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Tata Motors sales decline 34% in April

Domestic passenger as well as commercial vehicle sales declined by 36 percent to 30,670 units in April, down from 47,595 units a year earlier.

Tata Motors  today reported 34 percent decline in total vehicle sales to 33,892 units in April.
The company had sold 51,160 vehicles in the same month last year.

Domestic passenger as well as commercial vehicle sales declined by 36 percent to 30,670 units in April, down from 47,595 units a year earlier.

In the passenger category, it sold 5,653 units of Nano, Indica and Indigo cars and 1,788 units of Sumo, Safari, Aria and Venture vehicles, the company said in a statement.

In the commercial vehicles segment, domestic sales declined by 36 percent to 23,229 units from 36,025 units in April last year.

Tata Motors stock price

On April 17, 2014, Tata Motors closed at Rs 424.50, up Rs 13.30, or 3.23 percent. The 52-week high of the share was Rs 437.70 and the 52-week low was Rs 263.10.

The company's trailing 12-month (TTM) EPS was at Rs 2.61 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 162.64. The latest book value of the company is Rs 59.47 per share. At current value, the price-to-book value of the company is 7.14.

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Puravankara sells 50% in Kochi proj to Sobha for Rs 326 cr

Both Bangalore-based companies will jointly develop a housing project on this 16.69 acres of land near Marine Drive in Kochi, Kerala.

Realty firm Puravankara Projects  has sold 50 percent stake in its upcoming project at Kochi to Sobha Developers  for Rs 326 crore.

Also Read: Sobha's sales bookings rise 6% in FY14 to Rs 2,343 crore

Both Bangalore-based companies will jointly develop a housing project on this 16.69 acres of land near Marine Drive in Kochi, Kerala. The company has entered into a co-owner agreement with Sobha Developers to develop this project.

"This is to inform that the Puravankara Projects has sold by way of sale deed and agreement for sale to Sobha Developers Ltd, lands in Marine Drive Kochi Kerala and as co-owner, Sobha Developers would be constructing a residential project at Marine Drive in Kochi Kerala," Puravankara said in a filing to the BSE on Friday.

As co-owners both firms will execute the project, with each being entitled to equal rights.

"The total consideration of Rs 326.56 crore will be paid by Sobha Developers," Puravankara said. Puravankara has already got Rs 161.56 crore and Sobha would pay rest of the amount within 9 months from the date of receipt of plan approval.

"The company would be using the proceeds substantially to prepay debt," Puravankara said. In a separate filing, Sobha said: "The total consideration for acquiring the co-ownership rights is Rs 326 crore".

Sobha said it will undertake the construction of the project and will be entitled to cost of construction plus a mark-up of 10 percent over and above such cost.

The company will also be entitled to an additional 5 percent of the net profits of the project as management fees from Puravankara.

Sobha has a strong presence in Kerala and is executing projects in three cities - Thrissur, Calicut and Kochi. The Kerala property market is one of the company's focus area in the southern markets apart from Bangalore.

Puravankara stock price

On May 02, 2014, Puravankara Projects closed at Rs 71.25, down Rs 1.3, or 1.79 percent. The 52-week high of the share was Rs 102.00 and the 52-week low was Rs 50.00.

The company's trailing 12-month (TTM) EPS was at Rs 3.94 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 18.08. The latest book value of the company is Rs 67.30 per share. At current value, the price-to-book value of the company is 1.06.

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Bayer nears deal to buy Merck consumer unit: Sources

Bayer and Merck are hammering out final terms of an agreement and could announce the transaction in the next several days, the people said, asking not to be named because the matter is not public.

German drugmaker Bayer AG is nearing an agreement to buy Merck & Co Inc's consumer healthcare unit, people familiar with the matter said, in a deal that could value the business at around USD 14 billion.

Reckitt Benckiser Group, one of the final contenders in the auction, said on Wednesday it was no longer in active talks to buy the Merck business, leaving Bayer in the pole position to win the asset, which is best known for Coppertone sunscreen and Claritin allergy medicine.

Bayer and Merck are hammering out final terms of an agreement and could announce the transaction in the next several days, the people said, asking not to be named because the matter is not public. Representatives for Bayer and Merck declined to comment.

Also read:  EID Parry acquires Bayer group firm Alimtec

Reuters first reported last week that Bayer and Reckitt had emerged as forerunners in the auction with each offering roughly USD 13.5 billion, a price that could come close to USD 14 billion when the deal is finalized.

Bloomberg News reported on Thursday that Bayer entered exclusive talks with Merck.

Bayer has also edged out other rival bidders in the auction, including Procter & Gamble Co, Boehringer Ingelheim, Novartis AG and Sanofi SA, people familiar with the matter said.

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MM tractor sales down 11 % in April

Domestic tractor sales in April 2014 stood at 19,895 units, against 22,196 units during April 2013, down 10 percent, it added. Exports during the month stood at 836 units as compared to 1,006 units in April last year, down 17 percent.

Mahindra and Mahindra  today reported 11 percent decline in total tractor sales at 20,731 units in April. The company had sold 23,202 units in the same month last year, Mahindra & Mahindra said in a statement.

Domestic tractor sales in April 2014 stood at 19,895 units, against 22,196 units during April 2013, down 10 percent, it added.

Also read: M&M sales decline 12% to 36,274 units in April 

Exports during the month stood at 836 units as compared to 1,006 units in April last year, down 17 percent.

Commenting on the monthly performance, Mahindra & Mahindra Chief Executive (Farm Equipment and Two Wheeler Division) Rajesh Jejurikar said, "Unseasonal rains and hail during March in some parts of the country has impacted sentiment leading to lower sales of tractors in April. We do hope that the onset of monsoon brings cheer to farmers and the agriculture industry alike."

M&M stock price

On April 17, 2014, Mahindra and Mahindra closed at Rs 990.00, up Rs 14.65, or 1.50 percent. The 52-week high of the share was Rs 1054.00 and the 52-week low was Rs 741.50.

The company's trailing 12-month (TTM) EPS was at Rs 60.90 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 16.26. The latest book value of the company is Rs 238.22 per share. At current value, the price-to-book value of the company is 4.16.

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Checkout: Real estate frenzy in Lucknow

This election season the team of Prime Property travelled Lucknow, which is one of the most keenly watched election battlefields in the crucial state of Uttar Pradesh. From a real estate angle, construction too is taking place at a frenzied pace with high rise apartments changing the city's skyline.

The team also tracked Chembur, a town in Mumbai whichis emerging as a new realty hotspot.

Talking about lucknow, which is the heart of Uttar Pradesh, the state that has a whopping 80 seats on offer and is going to be the karmabhoomi for BJP leader Rajnath Singh this election. Singh dumped Ghaziabad hoping to find safety in a city that has been a BJP stronghold. So, with political parties promising to modernise the city and the state we decided to travel to the city to assess if the realty index is in sync with the political climate.

The city of splendour, Lucknow has emerged as a major realty hotspot. With rating agency CRISIL ranking it as one of the top ten fastest growing cities for real estate and a drive through the city is a testament of that. It is hard not to get overwhelmed by the frenzied pace of construction and the high rise apartment buildings dotting the skyline standing out.

Lucknow isn't like most tier 2 cities. It has kept its tehzeeb and Awadh Heritage intact. Famous for its kebabs, biryani, zardozi and chicken work Lucknow in more recent times has emerged as a serious contender in attracting IT investments. Tata Consultancy Services ( TCS ) has a large campus in the city. Vodafone and Reliance also have big call centres. Besides that a 100 acre IT city near the international airport is on the anvil which will also house an IIT and a cancer hospital. However, like the rest of UP, industry fears a backlash in Lucknow when a new political regime comes to power in the state. Growing crime in the state is another concern. Experts say a strong MP can help Lucknow attract more investments.

Now, coming to the property market, there is a huge gap between demand and supply. Experts say there is a demand for almost 25000-30,000 units every year whereas the supply is almost half of that. Sensing an opportunity the country's big builders like DLF, AnsalApi, Omaxe and Emaar MGF have all moved in.

There are buildings coming up in the outskirts of Lucknow on two sides of the 22km long road, the Amar Shaheed Path, connecting the international airport to the City Centre. More than 10,000 units are being built on either side of this highway, which also connects the five most prominent districts for new real estate investments. Here property prices are almost 40 percent lower than the City Centre.

We drive down on Amar Shaheed Path from the City Centre towards the airport. First up is Sultanpur Road that has already established itself as a prime realty hotspot. AnsalApi is the biggest player here with its 3500 acre integrated township, the Sushant Golf City. AnsalApi is selling 1bhk to 4bhk options for Rs 3000-4500 a square foot. It is also betting big on penthouses and villas but these are far more expensive with a price tag of Rs 3-5 crore.

Brokerage firm commonfloor.com tells Prime Property, Sultanpur Road's prospects remain good, despite recording a 40 percent price appreciation over the last two years. This is mainly on account of an upcoming 60 acre IT city in Gajaria Farms.

The next locality to catch our eye was Gomti Nagar Extension. Here you will probably find the maximum number of options for affordable housing. 2 and 3bhk's are available for Rs 2000-3500 a square foot. Emaar MGF from Delhi has launched the 100 acre Gomti Green here. The company is offering a 2bhk at Rs 2700 a square foot as well as 4bhk luxury apartments for a jaw-dropping Rs 25,000 a square foot.

However, if you want to spend that kind of money, also consider options in the commercial hub of Lucknow i.e. Hazratganj. Premium flats are available here for Rs 40 lakh to Rs 1 crore.

The trend of high rise apartments in Lucknow began in Gomti Nagar. DLF and Omaxe both have projects here.

Upcoming infrastructure will be a booster shot for Lucknow's property market. The city's first metro is being built at an approximate cost of Rs 12,500 crore, incidentally by Sreedharan, the man behind the Delhi metro.

Commonfloor.com tells Prime Property, that Lucknow like many other cities has been suffering from a lull in the run-up to elections. Sales have fallen 30-40 percent in the last 3-4 months. The festive season of navratras in the first week of April was also disappointing. Commonfloor advices, now is the time to buy this as developers are willing to negotiate the final price and throw in freebies.

For more watch videos

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Kotak Mahindra Bank eyeing MCX stake?

"We are always open to new ideas and growth opportunities for our bank. Therefore, if there is an appropriate opportunity on terms that make sense, we will certainly look at all opportunities," said Kotak.

Meanwhile, Uday Kotak, Executive Vice Chairman & MD, Kotak Mahindra Bank  said today that they have not ruled out the possibility of his firm buying Financial Technologies ' stake in MCX.

Speaking after Kotak Mahindra Bank released its fourth quarter numbers, Kotak said they are open to new ideas. Speculation has been rife that Kotak is one among the interested players to invest in MCX.

"We are always open to new ideas and growth opportunities for our bank. Therefore, if there is an appropriate opportunity on terms that make sense, we will certainly look at all opportunities," said Kotak.

Without commenting specially on MCX, on a more general note, he believes that exchanges are considered as financial infrastructure & within the Banking Regulation Act, banks are allowed freely to invest in exchange infra space by the RBI.

"If & when we are considering it or doing anything, we will definitely come & share with you," he said while ending the note.

Also read:  Fin Tech rejects PwC special audit report on MCX: Sources

Kotak Mahindra stock price

On April 17, 2014, Kotak Mahindra Bank closed at Rs 791.55, up Rs 6.90, or 0.88 percent. The 52-week high of the share was Rs 811.00 and the 52-week low was Rs 588.00.

The company's trailing 12-month (TTM) EPS was at Rs 19.88 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 39.82. The latest book value of the company is Rs 122.79 per share. At current value, the price-to-book value of the company is 6.45.

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Mumbai Metro may start soon as RInfra allowed to fix fares

In a set-back to the Congress-NCP government in Maharashtra, the Centre has allowed Reliance Infrastructure -promoted Mumbai Metro to decide its own fare structure.

This will allow RInfra to fix the fares at higher rate than the one notified by the state government. The company today expressed hope that it will be able to operationalise the much-delayed Metro in May with the development. Fare was one of the issues that had delayed the commencement of Metro services.

"The Union Urban Department ministry has brought the Mumbai MetroOne under the Central Metro Act, which allows us to fix the fare structure. Therefore, the fares notified by the state earlier are no longer applicable," Mumbai MetroOne chief executive Abhay Mishra told PTI today.

As per the state government's notification, the minimum fare was to be Rs 9 and maximum Rs 13 in the first year. Later, after every four years, the fares were to increase by 11 per cent and at the end of the 35-year concession period (2044-45) the minimum fare was to be Rs 24 and maximum Rs 37.

RInfra has been seeking a steep revision at minimum fare of Rs 22 and maximum fare of Rs 33, citing a near-doubling of the cost, to which the state was opposed. The Centre, through a notification on February 7, had informed the state government that the Mumbai Metro will be governed by the Metro Railways (Construction of Works) Act of 1978, which makes the RInfra the administrator of the project which also can fix the fares afresh after obtaining a go ahead from the fare fixation committee (FFC).

Under the initial agreement between the state and RInfra, the state had the power to fix the fares. The Central notification further clarified that for the initial fare fixation, no FFC recommendation is necessary.

"However, for subsequent fare revisions, an FFC is a must," it said.

Last week the city's nodal development authority (MMDRA) had told the PTI that there was no question of it revising the fares upwards.

The new development could be an embarrassment for the Mumbai Metropolitan Region Development Authority, as well as the state government, which would be facing Assembly elections later this year.

Mumbai Metro has roped in a consultant to recommend fares for the 11.4-km Versova-Andheri-Ghatkopar corridor, which has received all but the Railway Safety Commissioner's approval to kick off the service.

"We expect to get the recommendations soon. Meanwhile, we will also receive the safety certificate from the Commissioner of Railway Safety, which has completed the inspection. We hope to commence operations in this month itself," Mishra said.

The cost of the project, which was earlier estimated at Rs 2,356 crore, jumped by a whopping 82 per cent to Rs 4,291 crore, largely due to delays in securing right-of-way from the Railways and civil authorities, as well as various other approvals from the Railways.

On fare fixation, Mishra further said, "The metro company, in line with the principles established in other metros, would fix the fares to ensure a sustainable  operation without compromising quality and safety. The company is equally concerned regarding the affordability of the fare keeping in mind the benefit it offers to the commuters."

Reliance Infra stock price

On April 30, 2014, Reliance Infrastructure closed at Rs 508.90, down Rs 22.45, or 4.23 percent. The 52-week high of the share was Rs 543.00 and the 52-week low was Rs 308.00.

The company's trailing 12-month (TTM) EPS was at Rs 64.16 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 7.93. The latest book value of the company is Rs 769.44 per share. At current value, the price-to-book value of the company is 0.66.

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