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FTIL exits MCX by selling 5% stake for over Rs 200cr

Written By komp limpulima on Rabu, 27 Agustus 2014 | 23.25

In July, Jignesh Shah-led FTIL, the erstwhile promoter of MCX, had announced sale of its 15 per cent stake in MCX to Kotak Mahindra Bank for Rs 459 crore. Yesterday, commodity market regulator FMC had approved the deal with Kotak.

Financial Technologies  (FTIL) today exited country's largest commodity exchange MCX by selling its residual 5 per cent stake in the bourse, it had originally promoted, for over Rs 200 crore.

In July, Jignesh Shah-led FTIL, the erstwhile promoter of MCX, had announced sale of its 15 per cent stake in  MCX to  Kotak Mahindra Bank for Rs 459 crore. Yesterday, commodity market regulator FMC had approved the deal with Kotak.

"...pursuant to the applicable clauses of the listing agreement, please be informed that without prejudice to the legal rights and remedies, the company has further sold balance 5 per cent equity shares of MCX in the market," FTIL said in a statement.

"Post the above selling and subject to unlocking of balance shares by MCX to complete the condition precedent of Share Purchase Agreement (SPA), the company holds nil shares in MCX," it added.

MCX shares rose by 5.08 per cent to settle at Rs 856.85 apiece on the BSE. Its total market cap stands at Rs 4,370 crore at today's closing price. Based on this, the five per cent stake is valued at Rs 218 crore.

As per exchange data, SBI Life Insurance has bought over 3 lakh shares in MCX today.

FTIL originally held a 26 per cent stake in MCX. It has divested stake in MCX after market regulator FMC had declared the company unfit to run any exchange in the wake of Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL).

The regulator had asked FTIL to reduce its stake in MCX to 2 per cent from 26 per cent.

Before the Kotak deal, FTIL had sold 6 per cent stake in MCX, including about 2 per cent sale to billionaire investor Rakesh Jhunjhunwala, in two rounds for about Rs 220 crore, bringing down its shareholding to 20 per cent. Shah founded the Multi-Commodity Exchange or MCX in November 2003 and then went on to set up a stock exchange called MCX-SX.

Financial Tech stock price

On August 22, 2014, Financial Technologies closed at Rs 261.50, up Rs 2.50, or 0.97 percent. The 52-week high of the share was Rs 403.60 and the 52-week low was Rs 102.05.


The latest book value of the company is Rs 531.33 per share. At current value, the price-to-book value of the company was 0.49.


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NTPC sees strong growth avenues with 24x7 power supply plan

Addressing the shareholders on Aug 27, NTPC Chairman and Managing Director Arup Roy Choudhury said the new government's strong focus on tapping all possible sources also opens up new business opportunities for the company.

Pinning hopes on the new government's initiatives,  NTPC today said plans to provide round-the-clock electricity to every household in the country translates to robust growth opportunities amid challenges faced by the power sector.

However, the country's largest power producer has also flagged concerns about the poor health of state electricity distribution companies.

Also read: SC verdict on coal blocks: Pros discuss impact on econom y  

Addressing the shareholders on Aug 27, NTPC Chairman and Managing Director Arup Roy Choudhury said the new government's strong focus on tapping all possible sources also opens up new business opportunities for the company.

"The new government's vision of providing 24X7 power to each household translates into robust growth opportunities amid challenges for the sector," he said at the company's Annual General Meeting.

Among others, he said creation of Telangana provides further opportunities to set up new power projects. NTPC has the mandate to set up a 4,000 MW power plant in the new state. State-owned NTPC has an installed generation capacity of 43,128 MW.

The utility is also looking to increase its green energy portfolio and currently, it has an installed renewable capacity of 95 MW.

With regard to challenges, NTPC chief mentioned high Aggregate Technical and Commercial (AT&C) losses as well as poor financial health of state distribution companies as concerns.

"Several measures have been introduced by the government which include R-APDRP scheme focused to reduce the AT&C losses to below 15 percent level," he said.

To help cash-strapped state discoms, the government is already working on a Financial Restructuring Plan (FRP). "Some states like Tamil Nadu, Rajasthan, etc have already started implementation of FRP. There has also been strategic rethink about the effectiveness of FRP and the ways and means to make such measure really effective," Choudhury added.

Noting that India has one of the lowest annual per capita power consumption of 917.18 Kwh, he said that demand, supply and consumption trends would be key to sectoral growth.

NTPC stock price

On August 22, 2014, NTPC closed at Rs 139.35, down Rs 1.65, or 1.17 percent. The 52-week high of the share was Rs 168.80 and the 52-week low was Rs 110.90.


The company's trailing 12-month (TTM) EPS was at Rs 12.91 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 10.79. The latest book value of the company is Rs 104.08 per share. At current value, the price-to-book value of the company is 1.34.


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Tech Mahindra launches national mobile job marketplace

The company also helps jobseekers to create their first ever resumes online and connecting them to potential corporate and mainstream employers. Additionally, SMEs or Entrepreneurs can also reach them via voice call, he added.

IT services major  Tech Mahindra today announced the national launch of Saral Rozgar Cards with seeking to create a common pool of jobs and job provider.Saral Rozgar is a mobile job marketplace that helps blue collared and entry level job seekers to connect to mainstream employers anywhere in India via mobile in their own language in an affordable manner, Tech Mahindra said in a release.

It aims to provide a connect jobs seekers below graduate level and job providers, it added. Job seekers can now easily access the service by buying the Saral Rozgar card for Rs 50 and registering through a simple voice call, in their preferred language, by dialling 1860-180-1100 from anywhere in India," Tech Mahindra Head Mobility Business Jagdish Mitra said.

The company also helps jobseekers to create their first ever resumes online and connecting them to potential corporate and mainstream employers. Additionally, SMEs or Entrepreneurs can also reach them via voice call, he added.

"Currently there are over 37 crore blue collared workers who are unskilled or semi-skilled. Our aim is to reduce this socio-economic imbalance and bridge the digital divide by ensuring that job seekers get ample job opportunities," Mitra said.

Presently, Saral Rozgar has over 1 lakh job openings in more than 100 job categories. In Delhi and NCR region, we have more than 15,000 jobs identified in major industrial clusters of Dharuhera, Manesar, Gurgaon, Faridabad, Noida, Sahibabad and Dadri, Tech Mahindra VP Mobility VAS Product and Portfolio Vivek Chandok said.

The top job categories in demand are retail, accounting, tailor, electrician, machine operator, cooks, security guards, F&B executives, delivery boys among others, he added.

 "Saral Rozgar cards will be available in more than 1 lakh point of sale outlets with telecom recharge retailers across the country," Chandok said.

Mobile customers across the country, especially in the semi-urban and rural parts can now easily subscribe to the service by buying the job card for an affordable price of Rs 50 and availing the service for 60 days. By removing the involvement of any intermediaries, Saral Rozgar reduces the cost of hiring, he added.

Tech Mahindra stock price

On August 22, 2014, Tech Mahindra closed at Rs 2329.75, down Rs 19.6, or 0.83 percent. The 52-week high of the share was Rs 2364.00 and the 52-week low was Rs 1259.40.


The company's trailing 12-month (TTM) EPS was at Rs 111.26 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 20.94. The latest book value of the company is Rs 365.67 per share. At current value, the price-to-book value of the company is 6.37.


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DLF penalty order a win for homebuyers' rights

Moneycontrol Bureau

A look at the some of the key clauses forming part of the agreement real estate major  DLF signed with homebuyers in its Belaire, Gurgraon project reads makes clear the one-sided nature of buyer agreements that are found aplenty with such deals.

Here are some, among many : the clause lays a high penalty if the buyer misses a payment but the same for the builder missing construction deadlines is extremely lax, the builder had the right to change the area to be delivered (if the area is increased, an upfront payment will be charged, if it is reduced, payment will adjusted from final installment), the right to bring about changes to the agreement, buyers had no legal right on community areas, while the builder would decide upon rates of power supply to be provided to the residents.

Today, the Supreme Court asked DLF to deposit Rs 630 crore, an amount that had been slapped on it by a 2011 Competition Commission of India order for "abusing its dominant market position" and undertaking unfair trade practices with respect to the abovementioned project.

The decision by the apex court raises hopes that it would uphold the CCI order that DLF later contested with the Competition Appellate Tribunal and subsequently lost. The company then appealed the SC.

If the SC upholds the CCI and Compat's contentions, such a ruling will provide a boost to rights of homebuyers across the country, who have often found themselves at the short end of the stick.

"Traditionally, builders have prepared residential property agreements in their favour, and the buyer has borne most of the risk - be it costs overrun due to additional construction beyond what was disclosed, legal issues pertaining to building approvals, or payments being made without any milestone commitments," Anil Rego, founder of advisory Right Horizons, wrote last year. "The CCI ruling laid the foundation for the buyers to assert their rights and will lead to demand for more transparency from builders."

CCI chief Ashok Chawla told CNBC-TV18 its ruling had set into motion a move where real estate developers will have to closely look at the arrangements they have with buyers.

However, earlier, CCI had faced a host a questions over the legal validity of its ruling as it was seen by some as trespassing the freedom provided by the Contracts Act and competition watchdog had to prove that DLF had abused its market position and arm-twisted buyers.

Similar agreements, even as they can be deemed unfair, may thus escape the CCI's noose where the developer cannot be termed as taking advantage of its market position (and where the buyer has the full right to opt for another property that offers better terms).

"We want to make sure such practices do not get entrenched and do not get part of the landscape for all times to come," Chawla said.

"But those [where it may be difficult to prove an anti-market effect] will be handled in a slightly different manner," the CCI chief added, "but the objective that we have in mind is that the DLF order takes the case of the leader and should set right the distortions in the real estate market pending the arrival of real estate regulators, which we believe is part of the policy framework which is on the anvil."

DLF stock price

On August 22, 2014, DLF closed at Rs 183.05, down Rs 8.5, or 4.44 percent. The 52-week high of the share was Rs 242.80 and the 52-week low was Rs 121.00.


The company's trailing 12-month (TTM) EPS was at Rs 2.52 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 72.64. The latest book value of the company is Rs 93.41 per share. At current value, the price-to-book value of the company is 1.96.


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RIL to save $450 mn/yr by importing ethane from US

"Given depressed US ethane prices and rising production, we estimate an annual saving of USD 450 million from this feedstock substitution from FY18," CLSA said in a research report.

Reliance Industries  will save about USD 450 million annually by importing 1.5 million tons ethane from US for its petrochemical plant, says a report.

Imported Ethane will substitute its current propane imports and a portion of naphtha used for ethylene production.

"Given depressed US ethane prices and rising production, we estimate an annual saving of USD 450 million from this feedstock substitution from FY18," CLSA said in a research report.

Reliance recently announced its plans to import 1.5 million tons per annum of ethane from North America which will be used as a feedstock in its existing crackers in India.

The company has executed storage and capacity agreements for liquefaction of ethane with a North American terminal and has also ordered six VLECs (Very Large Ethane Carriers) for transporting ethane to India.

Imports could start from end-2016. CLSA said: "While propane is a globally traded commodity, trade of ethane is a relatively new trend as it needs very low temperatures (minus 89 degrees Celsius) to be maintained."

Reliance's current ethylene capacity stands at about 1.9 million tons per annum. Of this, 0.8 million ton (40 percent) is gas (C2-C3) based while the remaining uses naphtha as a feedstock.

"As per our estimate, domestic natural gas makes up about 35 percent of current feedstock for its gas based capacity with imported Propane accounting for the rest," CLSA said.

Reliance is also likely to convert a large portion of its 0.9 million tons naphtha based Hazira cracker into dual feed to enable acceptance of imported ethane as a feedstock.

"Given current US ethane price of about USD 3, we estimate landed ethane price of USD 9 per million British thermal unit. Using current imported propane and naphtha price of USD 17 and 20 per mmBtu respectively, this arbitrage will reduce RIL's FY18 blended feedstock cost significantly. We estimate annual savings from FY18 of USD 450 million (USD 240 per ton) i.e. 8 percent of FY14 Ebitda," CLSA said.

This implies an attractive 3.3 years payback to USD 1.5 billion estimated investment on the project.

The cracker will be commissioned in the second half of 2016. It will nearly double its ethylene production capacity to 3.3 million tons a year.

The company has ordered six very large ethane carriers from South Korea's Samsung Heavy Industries for USD 723 million.

The vessels of 87,000 cubic meters each, will be the world's first very large carriers of ethane.

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

Reliance stock price

On August 22, 2014, Reliance Industries closed at Rs 994.35, up Rs 0.30, or 0.03 percent. The 52-week high of the share was Rs 1142.50 and the 52-week low was Rs 765.00.


The company's trailing 12-month (TTM) EPS was at Rs 68.90 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 14.43. The latest book value of the company is Rs 609.40 per share. At current value, the price-to-book value of the company is 1.63.


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Piramal, Navin Fluorine to form healthcare JV

In the first phase of development, the JV is expected to invest around Rs 120 crore in India, Piramal Enterprises said in a filing to BSE.

Piramal Enterprises  and Navin Fluorine International Ltd  have agreed to form a joint venture to develop, manufacture and sell speciality fluorochemicals with specific focus on applications in healthcare.

In the first phase of development, the JV is expected to invest around Rs 120 crore in India, Piramal Enterprises said in a filing to BSE.

"Piramal will hold 51 percent of the equity share capital of the proposed joint venture company and the remaining 49 percent will be held by Navin," it added.

The company said that with the increasing importance of fluorine in life sciences, there is considerable potential to exploit synergies between the two partners.

Piramal Enterprises scrip closed at Rs 680.15, down 2.26 percent, on the BSE.

Piramal Enter stock price

On August 22, 2014, Piramal Enterprises closed at Rs 680.15, down Rs 15.7, or 2.26 percent. The 52-week high of the share was Rs 791.00 and the 52-week low was Rs 482.65.


The company's trailing 12-month (TTM) EPS was at Rs 150.76 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 4.51. The latest book value of the company is Rs 528.91 per share. At current value, the price-to-book value of the company is 1.29.


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Indian infra, defence ripe for investment: UK Deputy PM

Written By komp limpulima on Selasa, 26 Agustus 2014 | 23.25

"Modi has made it quite clear that his central purpose and ambition in his government is to unlock the dynamism of the Indian economic," UK's Deputy Prime Minister Nick Clegg.

Prime Minister Narendra Modi's charms seem to have rubbed off on the British government. In an exclusive conversation with CNBC-TV18's Menaka Doshi, UK's Deputy Prime Minister Nick Clegg said that the Indian infra and defence sectors are ripe for investment .

"The opportunities are huge. If you bear in mind that the relationship is already very strong, sometimes we overlook how strong it is. After all Britain is the largest investor in India from all the G20 countries and in fact by some measures by quite some distance, but also conversely Indian investment in Britain is greater than all investment put in by the rest of the European Union put together," he added.

He further added that Modi's central purpose and ambition is to unlock the dynamism of the Indian economic, which was hit by slow decision making, regulatory and administrative obstacles. "This presents a massive opportunity for British investments and further two-way traffic in the commercial relationship between our two nations," he said.


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Coal scam verdict rattles street

Most power and steel companies were pummelled in today's trading session. The street fears that the impact of a blanket de-allocation will hurt most of the companies in the sector. CNBC-TV18's Nigel D'souza and Pragya Bhardwaj analyse how this verdict will impact the steel and power sector.

Most power and steel companies were pummelled in today's trading session. The street fears that the impact of a blanket de-allocation will hurt most of the companies in the sector. CNBC-TV18's Nigel D'souza and Pragya Bhardwaj analyse how this verdict will impact the steel and power sector.


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Making It Big: How Laurus Labs was built?

It is a growth story unmatched in the Indian pharma industry. This week HSBC Making It Big feature Vizag-based Laurus Labs, India's fastest growing Active Pharmacetuical Ingredient or API company.

It is a growth story unmatched in the Indian pharma industry. This week HSBC Making It Big feature Vizag-based Laurus Labs, India's fastest growing Active Pharmacetuical Ingredient or API company. In less than a decade this company promoted by Dr Satyanarayana Chava has crossed Rs 1,000 crore mark by capturing a significant market share for its products in the US market. Born into a middle class agricultural family in Andhra Pradesh, Dr Chava is a classic story of how to Make It Big in the world of business. His is the story of inspiration and aspiration.


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Few more quarters before attrition comes down, says Infosys

Attrition rate at India's second largest IT services firm had hit a record high of 19.5 percent for the April-June quarter this fiscal up from 18.7 percent in the previous quarter and 16.9 percent in the same period last year.

IT services major Infosys , which has been battling high attrition rates, expects the situation to continue for a few more quarters before it can be brought down to "comfortable" levels, its Chief Operating Officer U B Pravin Rao said today.

Attrition rate at India's second largest IT services firm had hit a record high of 19.5 percent for the April-June quarter this fiscal up from 18.7 percent in the previous quarter and 16.9 percent in the same period last year.

"We expect, over the next few quarters, that some of the actions we have taken to have an impact on our attrition. It will start trending down. We expect it to take a few more quarters, before we get back to 13-15 percent attrition, which is historically where we are comfortable," Rao told analysts.

The Bangalore-based firm had a total headcount of 1,61,284 as on June 30, 2014.

Rao said bringing down attrition rate is a focus area for the firm. "Attrition is on the higher side and is definitely an area of concern for us. Last quarter we had a rate of about 19 percent. We have done several things to arrest attrition. We have looked at some of the hygiene elements like more predictability to people in terms of compensation and promotion," he added.

Also read:  Attrition-wary Vishal Sikka promotes 5000 Infosys employees

Rao further said: "We continue to engage with people. In the recent past there was a lot of distraction around CEO change, high profile exits, but with the new CEO in place, we believe that distraction will go away and there will be a lot more positivity."

On revenue guidance, he said the company is sticking to its earlier expectation of 7-9 percent growth. "At the beginning of this quarter we had talked about a 7-9 percent growth. At this stage, we are not seeing anything fundamentally different, so we remain committed to the 7-9 percent growth. We have not seen any dramatic changes in the industry segments," he added.

Rao said there have been some marginal movements like better traction in Financial Services, decent traction in Manufacturing and the company is seeing good traction in Communication and Energy.

"On the other hand Consumer Packaged Goods (CPG) and Logistics continue to be a challenge. Life Sciences continues to be challenging. But, the net overall we are not seeing too much change in what we had talked about at the beginning of the quarter," he added.

Infosys stock price

On August 22, 2014, Infosys closed at Rs 3620.60, down Rs 0.9, or 0.02 percent. The 52-week high of the share was Rs 3847.20 and the 52-week low was Rs 2894.00.


The company's trailing 12-month (TTM) EPS was at Rs 185.71 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 19.5. The latest book value of the company is Rs 733.03 per share. At current value, the price-to-book value of the company is 4.94.


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