Tata Steel auto grade steel sales up 15% in FY14

The company said that despite a negative growth of 16 percent and 5 percent in CV and passenger cars, it could achieve growth in automative sales mainly on the back of replacing imports.

Domestic giant  Tata Steel has said despite a tough year for automobile sector, FY14 saw sales of its special grade steel used in vehicles jump 15 percent.

The player which is counted among top 10 steel producers in the world, in a latest publication has said that despite a negative growth of 16 percent and 5 percent in commercial vehicles and passenger cars it could achieve growth in automative sales mainly on the back of replacing imports.    

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"Despite this dismal growth, Tata Steel automotive sales could register a growth of 15 percent in FY14 over FY13, primarily by replacing imports and weaning away share from competition, supported by additional volumes from its newly-commissioned TSCR (Thin Slab Casting & Rolling) line," the company's Vice-President, Steel, Marketing & Sales, Peeyush Gupta said in the newsletter.    

Gupta said going forward, in the company's opinion, "the major steel consuming commercial vehicles (CV) segment will bounce back as the new Government provides growth impetus to the economy."

The car manufacturers are also bracing themselves for a growth period by  launching new variants/models and taking advantage of Government-aided schemes on excise duty cuts, he said.

"Thus, we anticipate the Automotive sector to show a growth of 3-4 percent in the coming fiscal and a further improved forecast for FY 16," Gupta added.    

One distinct feature of Tata Steel's approach to serve the automotive segment has been to migrate towards high-end products (essentially imports substitution and of higher value). 

In FY 14, Tata Steel touched its best ever high-end sales(comprising skin panel) of 226 kt (kilo tonnes), crossing the previous best of 192 kt achieved in FY13. In FY 15, as per the newsletter, the company intends to further strengthen its value proposition to the automotive customers with a wider product range from TSCR. 

"We have also made plans to ensure a smooth transition to JCAPCPL (Jamshedpur Continuous Annealing & Processing Company Private Limited) Products of CR Annealed range which will be produced by the Continuous Annealing line in a JV with Nippon Steel Sumitomo Metals Corporation."    

Tata Steel stock price

On April 25, 2014, Tata Steel closed at Rs 426.25, down Rs 0.35, or 0.08 percent. The 52-week high of the share was Rs 435.40 and the 52-week low was Rs 195.40.

The company's trailing 12-month (TTM) EPS was at Rs 59.13 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 7.21. The latest book value of the company is Rs 568.46 per share. At current value, the price-to-book value of the company is 0.75.

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Hope to launch 8 new stores in Mumbai by FY15: Jubilant

Two years after launching Dunkin Donuts in the capital, Jubilant Foodworks launched two stores in Mumbai today. The menu and interiors of the flagship store at Khar reflect the brand's new youth-centric positioning. Ajay Kaul, CEO of the company laid out the expansion plans for Dunkin Donuts.

Two years after launching Dunkin Donuts in the capital,  Jubilant Foodworks launched two stores in Mumbai today. The menu and interiors of the flagship store at Khar reflect the brand's new youth-centric positioning. Ajay Kaul, CEO of the company laid out the expansion plans for Dunkin Donuts.

Jubilant Food stock price

On May 09, 2014, Jubilant Foodworks closed at Rs 985.55, up Rs 12.30, or 1.26 percent. The 52-week high of the share was Rs 1389.95 and the 52-week low was Rs 928.00.

The company's trailing 12-month (TTM) EPS was at Rs 20.41 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 48.29. The latest book value of the company is Rs 66.68 per share. At current value, the price-to-book value of the company is 14.78.

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CBI joint director OP Galhotra opts out of Coalgate probe

The Supreme Court today accepted the recusal of OP Galhotra, a joint director in CBI from investigation in the case. This comes after Prashant Bhushan accused Galhotra of being related to Jindal's. The central vigilance commission will submit its report on the case within a month. Anshu Sharma gets us the details.

The Supreme Court today accepted the recusal of OP Galhotra, a joint director in CBI from investigation in the case. This comes after Prashant Bhushan accused Galhotra of being related to Jindal's. The central vigilance commission will submit its report on the case within a month. Anshu Sharma gets us the details.

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Airtel to invest USD 1bn every year in Africa

Airtel Africa witnessed 2 per cent growth in revenues for the last of quarter of 2013-14 to USD 1.14 billion. The company registered a net loss of USD 124 million in Africa as compared to a loss of USD 91 million in the corresponding quarter of the previous year.

Telecom major  Bharti Airtel will invest USD 1 billion every year on its African operations over the next few years. "Airtel will invest USD 1 billion in Africa per annum over the next few years," Bharti Enterprises Founder and Chairman Sunil Bharti Mittal said on the sidelines of the World Economic Forum here.

Airtel has operations in 17 African countries. The company has deployed 3G network in 14 of them. Mittal, who is the co-chair of the event, said that company will focus on existing operations across 17 countries rather than expanding to newer markets.

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Airtel had entered the African market in 2010 after acquiring Zain Telecom for about USD 10.7 billion. In the last fiscal, Airtel had made capital expenditure of USD 635 million in Africa. The cumulative investment of Airtel was USD 14,388 million in Africa at the end of 2013-14.

Airtel Africa witnessed 2 per cent growth in revenues for the last of quarter of 2013-14 to USD 1.14 billion.  The company registered a net loss of USD 124 million in Africa as compared to a loss of USD 91 million in the corresponding quarter of the previous year.

The average revenue per user for Airtel in Africa saw 7 percent decline to USD 5.5.
The number of data customers in Africa during the quarter increased by 53.5 percent to 22.3 million and now represent 32.1 percent of the total customer base.

Bharti Airtel stock price

On April 25, 2014, Bharti Airtel closed at Rs 341.05, up Rs 1.95, or 0.58 percent. The 52-week high of the share was Rs 373.50 and the 52-week low was Rs 274.50.

The company's trailing 12-month (TTM) EPS was at Rs 16.51 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 20.66. The latest book value of the company is Rs 152.21 per share. At current value, the price-to-book value of the company is 2.24.

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FedEx integrates with AFL, Unifreight; to grow by 15% CAGR

The world's leading global courier delivery services company FedEx has finally completed integration of its acquired Indian logistics companies AFL Pvt. Ltd and Unifreight India Pvt. Ltd. With an expanded network and a strong presence in ground services the company is expecting to grow over 15% CAGR in the next few years.

The world's leading global courier delivery services company FedEx has finally completed integration of its acquired Indian logistics companies AFL Pvt. Ltd and Unifreight India Pvt. Ltd, almost four years after their acquisition. With an expanded network and a strong presence in ground services the company is expecting to grow over 15% CAGR in the next few years, reports CNBC TV18's Archana Shukla.

David Canavan, vice-president, operations, FedEx Express India said, "The integration has resulted in its services coverage expanding from 4,000 postal codes to over 19,000 in India. The company's now has a fleet of over 1,000 trucks and has a total warehousing space nearly one million square feet."

Rakesh Shalia, MD Marketing/MEIA, Fedex India said, "The sharp rise in e-commerce in India will fuel further growth for the company."

The much there is a fierce competition in India in the express courier space with players like Blue Dart, a unit of DHL Express and TNT's local presence through Speedage Express Cargo Services, apart from a host of domestic companies; FedEx says it is positioned well as a one-stop-solution company to offer specialized solutions and take on competition.

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Timeline: Rise and fall of Jignesh Shah

April, 1988: Jignesh Shah-led FTIL was incorporated as company in Chennai

November 2003: Jignesh Shah enters into the business of commodity futures markets and commences MCX operations.

October 2008: FTIL subsidiary National Spot Exhange Ltd (NSEL), which is facing Rs 5,600 crore payment crisis, commenced live spot trading in commodities.

May 2012: The Consumer Affairs Ministry issued show cause notice to NSEL saying that the spot contracts allowed on the bourse violated forward contract law.

July 31, 2013: After government order, NSEL suspends most spot trading contracts in view of violation of certain regulatory norms.

August 6, 2013: Government bans trading in e-series contracts on NSEL, resulting into the complete halt of trading at the exchange.

August 15, 2013: NSEL submits 33-week settlement plan to regulator Forward Markets Commission (FMC).

August 20, 2013: NSEL defaults the first settlement and sacks exchange CEO & MD Anjani Sinha.

September 2013: Finance Ministry took over regulation of commodity futures markets from the Consumers Affairs Ministry after the payment crisis surfaced at NSEL.

October 9, 2013: NSEL Vice-President Business Development Amit Mukherjee arrested, the first arrest in the scam.

October 10, 2013: Jignesh Shah resigns as Vice Chairman and Shareholder Director of another group exchange MCX-SX.

October 17, 2013: Arrest of NSEL former MD and CEO Anjani Sinha.

October 31, 2013: Jignesh Shah resigns as Chairman of MCX.

December 17, 2013: Regulator FMC declares Jignesh Shah and FTIL as unfit to run any exchanges and orderd FTIL to reduce its stake in MCX from 26 percent to 2 percent.

December 20, 2013: FTIL moves High Court against the FMC order.
 
March 13, 2014: CBI files case against NSEL, questions Jignesh Shah for the whole day.

May 7, 2014: Mumbai Police arrests Jignesh Shah .

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Opto Circuits to raise up to USD 250 million

The board approved raising funds by issuing securities, including global depositary receipts (GDRs), American depository receipts (ADRs) and convertible debentures, bonds or warrants up to an aggregate amount not exceeding USD 250 million, the company said in a BSE filing.

Medical equipment maker  Opto Circuits (India) Ltd today said it plans to raise funds of as much as USD 250 million by issuing securities.

The board approved raising funds by issuing securities, including global depositary receipts (GDRs), American depository receipts (ADRs) and convertible debentures, bonds or warrants up to an aggregate amount not exceeding USD 250 million, the company said in a BSE filing.

Also Read: AIIMS doc questions quality of hospital's life saving drugs

Opto Circuits said the board also approved increasing the authorised share capital to Rs 700 crore from Rs 300 crore at present and making amendments to the memorandum of association in this regard.

Opto Circuits stock price

On May 06, 2014, Opto Circuits India closed at Rs 31.65, down Rs 1.5, or 4.52 percent. The 52-week high of the share was Rs 60.35 and the 52-week low was Rs 17.80.

The company's trailing 12-month (TTM) EPS was at Rs 3.79 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 8.35. The latest book value of the company is Rs 60.01 per share. At current value, the price-to-book value of the company is 0.53.

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Discounted airfares fail to yield airlines' expectation

Latest domestic air traffic figures released by the International Air Transport Association (IATA) showed that Indian airlines in March recorded minus 0.7 percent Revenue Passenger Kilometers (RPK), which measures actual passenger traffic.

The much-touted discounted airfares by Indian carriers did not draw many passengers in March as the actual passenger traffic and average revenue earned from it slid by almost one percent. Latest domestic air traffic figures released by the International Air Transport Association (IATA) showed that Indian airlines in March recorded minus 0.7 percent Revenue Passenger Kilometers (RPK), which measures actual passenger traffic.

Also Read: Swamy moves EC on issue of licenses to AirAsia, Tata-SIA

The available seat kilometers (ASK), which measures available passenger capacity, grew by 7.3 percent, while the passenger load factor, that shows the percentage of ASKs used or seats occupied, was 71.4 percent. The slowdown in revenue earned or passengers flying came in spite of the Indian airlines, especially no-frill carriers like SpiceJet and IndiGo, initiating a fare war to offer discounted tickets to attract passengers.

March also saw Asia Pacific carriers experiencing "some of the weakest traffic growth" with international traffic growing just by 1.1 percent compared to a year ago. Globally, the total RPKs increased 3.1 percent compared to March 2013, which represented a slowdown in comparison to the February year-over-year traffic increase of 5.6 percent.

"After a number of very strong months, we are seeing a slowing of demand growth. The strong performance of advanced economies nevertheless is likely to support the continued growth of traffic in the coming months," said Tony Tyler, IATA's Director General and CEO.

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Sun denies insider trading by arm ahead of Ranbaxy deal

Ahead of the announcement by Sun Pharma on April 7 to fully acquire Ranbaxy for a total of USD 4 billion, Ranbaxy shares had jumped 26 percent during the period from March 31 to April 4.

Sun Pharma  today denied any role by its arm Silver Street Developers LLP in the surge of Ranbaxy share prices in the run-up to USD 4 billion merger deal between the two drug majors. "Silver Street Developers LLP had bought the  Ranbaxy shares when we had no access to non-public information of Ranbaxy. We hereby confirm that we had not bought any shares in the period from April 1 to April 7," Sun Pharmaceutical Industries said in a statement to stock exchanges.

It further added: "Specifically, we had no role to play in the trading that happened in the week prior to the announcement wherein the share price of Ranbaxy went up." Ahead of the announcement by Sun Pharma on April 7 to fully acquire Ranbaxy for a total of USD 4 billion, Ranbaxy shares had jumped 26 per cent during the period from March 31 to April 4. This had led to insider trading charges.

Subsequently, the Andhra Pradesh High Court had suspended the deal and issued orders to BSE and NSE to maintain interim status quo on the matter. The court order came on a writ petition filed by some individual investors. Commenting on the court action, Sun Pharma said: "We were not served the notice of the hearing for the AP High Court case referred to and the matter was decided ex parte."

It further said: "We believe that, as advised by our advisers, the article/judgement would not have material impact on the merger process of Ranbaxy with our company." Last month, Sun Pharma had announced acquisition of troubled Ranbaxy Laboratories in an all-stock transaction with a total equity value of USD 3.2 billion, along with debt of USD 800 million taking the overall deal value to USD 4 billion.

Sun Pharma stock price

On May 05, 2014, Sun Pharmaceutical Industries closed at Rs 626.30, down Rs 3.7, or 0.59 percent. The 52-week high of the share was Rs 653.10 and the 52-week low was Rs 458.00.

The company's trailing 12-month (TTM) EPS was at Rs 0.95 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 659.26. The latest book value of the company is Rs 41.64 per share. At current value, the price-to-book value of the company is 15.04.

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Election fever heats up in Amritsar, but not its realty mkt

Team Prime Property walks the streets of Punjab's largest political battlefield to find out what it'll take for developers to put their faith in the city.

Amritsar may boast of the Golden Temple and it maybe a purlieu of old money, but the city's real estate market needs more than a prayer if it is to reclaim its lost glory. Team Prime Property walks the streets of Punjab's largest political battlefield to find out what it'll take for developers to put their faith in the city.

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