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Maha govt's realty agenda: Reviving property market

Written By komp limpulima on Jumat, 31 Oktober 2014 | 23.26

Maharashtra's new Chief Minister Devendra Fadnavis has many challenges to deal with as he gets down to business. The new CM is understood to be keen on keeping a close watch on urban development and housing but addressing the sectors woes may not be an easy ride, reports CNBC-TV18's Manasvi Ghelani.

"I would like to assure people of Maharashtra that we will follow the same path as Prime Minister Narendra Modi -- the path of inclusiveness, development and transparency," said Devendra Fadnavis, CM, Maharashtra.

Fadnavis superceded several state leaders, to become one of Maharashtra's youngest chief ministers, and now the 44-year-old has his task cut out.

Urban development and housing are expected to be high on his priority list, but rather than announcing new policies, the task before Fadnavis is to first tie up loose ends left behind by the previous government. For instance, setting up of state's housing regulator. The plan received presidential assent in February this year, but it still hasn't seen light of day.

According to Ashutosh Limaye, Head - Research, JLL India: "The guidelines are pretty much laid out, once the agency starts functioning, it will protect interest from everybody. The public agencies that are responsible for granting permissions they also should be brought under the purview of this agency. They also have to own up the responsibility of prompt permission or at least examine the proposals on time. If the proposals are faulty, go ahead and reject them but just sitting on proposals for long time is certainly not acceptable, that is missing."

Clearing the Red Tape & Delays

Digitization is expected to be a key focus area for the new government. Fadnavis is likely to take a cue from central government and move towards online applications for all projects. This is likely to cut down delays in project approvals. The BJP manifesto promised development of business districts in all municipalities within Mumbai Metropolitan Region and establishment of 10 smart cities in Maharashtra.

But, experts believe issues specific to the state like the cluster policy which was cleared by Maharashtra Cabinet in September this year, needs to be addressed first. The policy entitles redevelopment of buildings which are more than 40 years old, and it also allows 1,000-1,500 land parcels to be opened up for development in Mumbai.

"Development of old, dilapidated buildings and its not just related to Mumbai even other cities, we need to ensure there is enough economic relief for all stake holders for the scheme to take off," Limaye said.

Development Of Dilapidated Buildings: Key Focus Area

The list of old unfinished projects is a long one. The elevated railway corridor, water transport, metro and monorail connectivity are again in the spotlight. As Maharashtra's first BJP government gears up to invite industries to 'Make In Maharashtra', it is perhaps aware that expectations of removing the state's long standing infrastructure bottlenecks run high.


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Android co-founder Andy Rubin to leave Google

James Kuffner, a research scientist at Google and a member of the robotics group, will replace Rubin, the company added.

Google Inc said on Thursday that Andy Rubin, co-founder of its Android mobile business and head of its nascent robotics effort is leaving the company.

Rubin will start a company to support startups interested in building technology-hardware products, Google said in an emailed response for comment on a Wall Street Journal report about his move.

James Kuffner, a research scientist at Google and a member of the robotics group, will replace Rubin, the company added.

Last year, Google's browser and applications chief Sundar Pichai replaced Rubin as head of the Android division, bringing the firm's mobile software, applications and Chrome browser under one roof.

Rubin built Android into a free, open-source software platform now used by most of the world's largest handset manufacturers, from Samsung Electronics Co Ltd to HTC Corp .


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Leading telcos seek to defer spectrum auction

In a letter to Telecom Minister Ravi Shankar Prasad, they have also written that operators whose permits are expiring in 2015-16 may be allowed to continue with their existing in-use spectrum.

Leading telecom firms have said the government should defer the upcoming spectrum auction till the time adequate radiowaves are made available across bands.

In a letter to Telecom Minister Ravi Shankar Prasad, they have also written that operators whose permits are expiring in 2015-16 may be allowed to continue with their existing in-use spectrum.

The operators, Bharti Airtel , Vodafone, Idea Cellular  and Reliance Communications , have proposed to pay the price discovered in February 2014 for 1800 MHz with 900 MHz multiplier as recently recommended by telecom regulator Trai.

"This may be adjusted subsequently if required, for the price discovered in the next round of auctions," the letter said, a copy of which has also been marked to Prime Minister Narendra Modi.

The operators said conducting auctions in an environment of spectrum shortage, has serious implications on investments, predatory pricing and continuity of services and on public interest.

"We believe that our proposed solution will be in public interest as it will protect the revenues of government, ensure continuity of service to subscribers, security of existing investments as also maintain/restore investor confidence in the sector," the letter said.

Bharti Airtel stock price

On October 31, 2014, Bharti Airtel closed at Rs 398.30, down Rs 9.2, or 2.26 percent. The 52-week high of the share was Rs 419.90 and the 52-week low was Rs 282.10.


The company's trailing 12-month (TTM) EPS was at Rs 19.52 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 20.4. 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 2.39.


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UCO Bank sends notices to Kingfisher Airlines, another firm

The source said the letter sought to explain the reasons behind identifying the two firms as `wilful defaulters', adding that time had been given to them for giving reply on why they should not be declared as `wilful defaulters' as per RBI guidelines.

City-based UCO Bank  has shot off notices to Vijay Mallya-owned Kingfisher Airlines  and United Beverages after identifying the two firms as `wilful defaulters'.

"We have sent notices to the defunct carrier Kingfisher Airlines and United Beverages, which had given a corporate guarantee to the bank for availing of the loan", a source in UCO Bank told PTI.

The source said the letter sought to explain the reasons behind identifying the two firms as `wilful defaulters', adding that time had been given to them for giving reply on why they should not be declared as `wilful defaulters' as per RBI guidelines.

The notices had been sent to the companies' corporate offices in Bangalore.

He said that Kingfisher Airliners had availed a loan amount of Rs 300 crore as working capital from the bank, but had defaulted in making the repayments.

The interest accrued on the loan would be to the tune of Rs 100 crore, the source said.

While another city-based United Bank of India  had declared Kingfisher Airlines as `wilful defaulter', two other banks, State Bank of India  and Punjab National Bank , were also pursuing on those lines.

UCO Bank stock price

On October 31, 2014, UCO Bank closed at Rs 87.30, up Rs 1.35, or 1.57 percent. The 52-week high of the share was Rs 115.75 and the 52-week low was Rs 62.05.


The company's trailing 12-month (TTM) EPS was at Rs 14.99 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 5.82. The latest book value of the company is Rs 110.64 per share. At current value, the price-to-book value of the company is 0.79.


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Vigneshwara Group MD Sunil Dahiya arrested by EOW

Dahiya is accused of duping investors of over Rs 1,000 crore. He had promised huge returns for people investing in his real estate deals.

Sunil Dahiya, the managing director of real estate company Vigneshwara Group has been arrested by the Economic Offences Wing.

Dahiya is accused of duping investors of over Rs 1,000 crore. He had promised huge returns for people investing in his real estate deals.

The Delhi and Gurgaon police have received complaints alleging Vigneshwara Developers had stopped paying the promised rate of return.


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Selection process for 8 PSB chiefs to start on Nov 13: Govt

The selection process for appointing chief executives to eight public sector banks will start on November 13 and the appointments will be made by November end, banking secretary GS Sandhu has said.

The selection process for appointing chief executives to eight public sector banks will start on November 13 and the appointments will be made by November end, banking secretary GS Sandhu has said.

There would be three sub-committees under the appointment board that is in charge of the selection process, and which would be headed by the governor of the Reserve Bank of India, the banking secretary added. All candidates would be evaluated by the three sub-committees.

The selected names of CMDs would then be sent for the Appointments Committee of Cabinet.

The government was recently in the news after it sacked the chairman and managing directors (CMDs) of six public sector banks that were appointed by its predecessor and said there was a need to rehaul the selection process.

Under the new framework, the government will also only state-run banks to appoint their statutory auditors from the next fiscal, Sandhu said.

He also touched upon other issues concerning the banking sector and said the government may have to infuse Rs 75,000-80,000 crore over the next four years and plan for the same would be taken to the Cabinet this month.

While the government was working on a plan to merge some banks, the proposal to create a holding company to which all of India's state-run banks should be transferred was not being considered, he said.


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Mahindra Logistics inks pact with IVC to form 2x2 Logistics

Written By komp limpulima on Kamis, 30 Oktober 2014 | 23.25

Third party logistics service provider Mahindra Logistics (MLL) today said it has partnered with Indian Vehicle Carriers to form a new entity '2x2 Logistics' with an aim to offer original equipment manufacturers global standards of service and technology.

"MLL has announced a partnership with Indian Vehicle Carriers (IVC), to be branded as 2x2 Logistics, aimed at launching assetised operations in outbound automotive logistics, offering OEMs global standards of service and technology," a release issued here said.

Mahindra Logistics, a subsidiary of Mahindra & Mahindra , will have a majority stake in the new entity and will initially invest in 100 specially designed car carriers to serve automobile and two-wheeler OEMs.

"This is the first time we will be significantly assetising our business by investing in 100 car carriers to begin with, and then ramping up capacity.

"It will help strengthen our operating capabilities in automotive logistics, our largest target industry vertical, with a clear focus on technology, quality and corporate governance. Forming such partnerships with our business associates will be an important part of our growth and success," MLL Chief Executive Pirojshaw Sarkari said.

This partnership will allow MLL and IVC to further develop and expand their transportation networks, linking the north, west, south and east clusters of production and consumption of automobiles, the release said.

As OEMs expand their product lines in India, MLL sees a significant potential for car carriers, which are specially designed to meet a variety of needs, both in terms of dimensions of the vehicles being carried as well as special handling requirements.

"We will have a very specific focus on design innovation in car carriers in 2x2 Logistics. We are already one of the largest automotive logistics service providers in India and this joint venture will allow us to directly operate assets and serve our customers with a greater degree of predictability and control," MLL Senior Vice-President Sushil Rathi said.

Commenting on the deal, Indian Vehicle Carriers Founder and Owner KS Singhal said, "This new entity will have all the capabilities to become a one stop solution for outbound logistics. We hope to leverage each other's strengths and offer the highest level of quality and service to our customers."

2x2 Logistics will allow MLL to build a significant asset base and enhance its pan-India transportation network, leading us that much closer to an IPO by 2017.

MLL has been aggressively expanding its business with a focus on multiple industry verticals. In August, MLL acquired a majority stake in Lords Freight soon after private equity firm Kedaara Capital bought a significant minority stake for Rs 200 crore in the logistics company.

M&M stock price

On October 30, 2014, Mahindra and Mahindra closed at Rs 1287.60, down Rs 8.75, or 0.67 percent. The 52-week high of the share was Rs 1421.00 and the 52-week low was Rs 847.00.


The company's trailing 12-month (TTM) EPS was at Rs 59.61 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 21.6. The latest book value of the company is Rs 270.60 per share. At current value, the price-to-book value of the company is 4.76.


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Eased FDI norms mere sentiment positive: Knight Frank

The Union Cabinet's move to ease the FDI policy in construction is merely a sentiment positive for the sectors, says Gulam Zia, executive director, Knight Frank.

In an interview to CNBC-TV18, Zia says one of the biggest obstacle for the sector is that it continues to be a state subject.

"So, despite all these moves the Centre can do very little about it," he says.

Also read: FDI move boon for cheap homes but issues exist: Kolte-Patil

On what can be done to boost the sector, Zia says land acquisition, insurance and a real estate regulator is direly needed right now.

"Also the government should make a mechanism that can check whether the FDI inflows go into high-end realty or into affordable housing," he adds.

Below is the verbatim transcript of the interview to CNBC-TV18.

Ekta: First I just wanted to ask you about what the Kolte Patil Management told us they are not present in affordable housing but when they spoke to us sometimes back they said that there are too many other bottlenecks so this is just a sentiment positive at this point in time but there are lots of other issues to solve such as environment clearance etc. Do you share the same thought?

A: Even I do share the same thoughts, first of all the biggest obstacle about real estate and housing is that it is a state subject and central government can actually do very well in terms of advisory or just showing some right directions. Having said that ultimately state governments decide or fine tuned the ultimate clauses or laws that they have to be followed on the ground realities.

Having said that still the first foreign direct investment (FDI) opening that happened sometime in 2005 that really gave a huge impact to real estate. We saw the swanky new buildings coming up in last ten years. It was obviously on the back of huge amount of capital inflow that happened in real estate. This easing of norms while it will have a good impact on real estate but lot many things are yet to be finalised before we can really go upbeat and gung ho that yes it is going to work for real estate.

Reema: What are the bottlenecks from this policy FDI and real estate being a game changer? List out the three biggest bottlenecks and do you see them getting erased in the next few years at least?

A: I will qualify these in two categories, one is generic issues which I have always been there and will have to be sorted out. One is about land acquisition, second is about title insurance etc. and third is about real estate regulator. These are three very generic things which have been plaguing anything in real estate and which have to be first put in order before we call FDI or foreign investors to come to India. So that is actually about putting your house in order number one.

Number two there are lot many of these permissions that we speak which are different in different states. Even centrally say the environment issues etc that have to be taken care of are really something which takes time. We have to really work towards making a single window system work in real estate. Having said all that what we are talking about currently is affordable housing. Whatever housing that we are aware of for historic time perspective is something which caters to hardly 5 percent of consumer base remaining 95 percent is into affordable housing category or perhaps social housing category where they can't even buy a house.

That is where the effect of all these policies is not yet felt. Going forward we will have to really work out some incentives, some schemes to ensure that the money that has coming from aboard is not once again sucked in to the normal high and real estate alone and not diverted for a affordable housing.

Reema: Tell us about the listed player, which ones do you think will immediately benefit or could see where FDI could immediately come in?

A: The biggest one is obviously for  Puravankara because they have been one of the earliest entrances into affordable housing scenario. But even otherwise not talking only on affordable housing or not just focusing on affordable housing this whole FDI is going to impact the overall real estate. So it is not just that those who are focusing on affordable but otherwise who are doing other real estate works. So all those listed players that we have on our list are the people who will be definitely benefited.

Puravankara stock price

On October 30, 2014, Puravankara Projects closed at Rs 102.25, up Rs 5.20, or 5.36 percent. The 52-week high of the share was Rs 133.90 and the 52-week low was Rs 50.00.


The company's trailing 12-month (TTM) EPS was at Rs 4.85 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 21.08. The latest book value of the company is Rs 76.36 per share. At current value, the price-to-book value of the company is 1.34.


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Boeing-SIA JV gets CCI green signal

Boeing Singapore, an arm of US major Boeing Company, and SIA Engineering Company's proposed joint venture has got the approval from fair trade regulator CCI, as the deal does not raise anti-competition concerns in the country.

Under the proposed combination, Boeing Singapore would hold 51 percent stake in the Singapore-based joint venture company, while 49 percent would be with SIA Engineering Company Ltd (SIAEC) -- a subsidiary of Singapore Airlines.

The joint venture company would offer maintenance, repair and overhaul (MRO) services together with related engineering, logistics and supply chain and inventory management services in South Asia Pacific region, including India, with respect to certain aircrafts manufactured by the Boeing Company.

Also read: Airbus offers long-range A321neo, targets Boeing 757

In an order released today, CCI said that "the proposed combination is not likely to have an appreciable adverse effect on competition in India". CCI noted that the Boeing Company did not have arrangement with any of the Indian carriers or the MRO service providers in the country and that post combination "Indian carriers using Boeing aircrafts will be free to procure MRO services from any MRO service provider".

Further, the Boeing Company will not be prevented from supplying spare parts or technical support to MRO service providers in India. The Commission said that the assessment with respect to the joint venture was limited to the effect of the proposed deal on two market segments -- heavy maintenance and component maintenance. These segments fall under MRO services.

"It is observed that in both of the said segments of MRO services, the parties have no presence in India since neither the Boeing Company nor SIAEC provides any MRO services in India," CCI said in the order.

Observing that the Boeing Company, through its group companies, has provided adhoc services to Indian carriers outside India, CCI said the revenues from such services were "insignificant".

It also noted that several Indian players were "active in both these segments and have a significantly larger market share vis-a-vis the parties". As per details in the order, post the combination, Boeing and SIAEC would "novate contracts" to the joint venture related to MRO services.

Following an agreement over the joint venture in July, this year, the companies had approached CCI for its green signal in August. Boeing Singapore is currently engaged in the field of fleet management solutions, while SIAEC is into the business of provision of MRO services for aircraft, engines and related components.'


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Thermax bags Rs 321 crore contract in Africa

The scope of work includes system design, manufacture, supply and supervision of erection and commissioning of the power plant.

Energy and environment solutions provider  Thermax today said it has bagged a contract worth Rs 321 crore for setting up a captive power plant in Africa.

"Thermax has received an order worth Rs 321 crore from a leading African conglomerate to supply a captive power project for one of their cement plants," a release issued here said.

The scope of work includes system design, manufacture, supply and supervision of erection and commissioning of the power plant.

"We had initiated the entry of our project business in Africa two years ago. It is encouraging that we have already gained customer trust and begun supporting their power requirements," company's Managing Director and CEO M S Unnikrishnan said.

The power plant, to be commissioned within a timeframe of 15-16 months, will utilise the latest generation AFBC (atmospheric fluidised bed combustion) boilers and high pressure steam cycle to facilitate optimal plant efficiency, the release said.

Thermax stock price

On October 30, 2014, Thermax closed at Rs 881.20, down Rs 15.5, or 1.73 percent. The 52-week high of the share was Rs 989.70 and the 52-week low was Rs 609.35.


The company's trailing 12-month (TTM) EPS was at Rs 20.49 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 43.01. The latest book value of the company is Rs 169.94 per share. At current value, the price-to-book value of the company is 5.19.


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