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JSW Steel to increase capacity to 40 mn tonnes by 2025

Written By komp limpulima on Kamis, 31 Juli 2014 | 23.25

Steel major JSW Steel  today said it has prepared a blue print to increase overall steel capacity to 40 million tonnes per annum by 2025 in order to retain market share of 13-14 percent.

The company has installed capacity of 14.3 million tonnes. "In order to retain market share of 13-14 per cent, the company has prepared a blue print to increase overall steel capacity to 40 million tonnes per annum by 2025, which will entail a capital outlay in the range of USD 22 billion over the next decade," JSW Steel Chairman Sajjan Jindal told shareholders at the company's 20th annual general meeting here.

Acknowledging the country's enormous potential for steel consumption, the Government of India has set a target of 300 million tonne capacity by 2025 from the current level of around 105 million tonnes. This would require huge investments to the tune of USD 200 billion within a span of around one decade, he said.

"I believe that India's steel industry is fully equipped to meet this challenge, duly supported by proactive policy reforms and forward-looking initiatives by the Government," Jindal said.

India has several competitive advantages like abundant reserves of iron ore, coal, a growing pool of technical talent and a huge market. It is high time India started leveraging its indigenous resources to emerge as the world's leading exporter of manufactured commodities and products, rather than being an importer, the chairman said.

Despite India being endowed with high quality iron ore resources, we have now resorted to importing iron ore. Additionally, as other nations restrict exports of valuable natural resources, India continues to export iron ore, he said.

Policies addressing these issues will go a long way in protecting and augmenting the capabilities of the Indian steel industry. A transparent process of allocating natural resources through auctions is a necessity and the government must seriously consider and implement such measures, he said.

JSW Steel remain committed to the planned Greenfield projects in West Bengal and Jharkhand, committing additional capital to these projects is limited to securing raw material linkages as it is fundamental to achieve financial closure.

"During the FY 14, despite sluggish domestic demand, constrained iron ore availability and higher procurement costs, not only we improved margins from 17.8 to 19.4 percent but our overall market share too rose to 13.2 percent," he said.

JSW Steel stock price

On July 31, 2014, JSW Steel closed at Rs 1179.80, down Rs 1.35, or 0.11 percent. The 52-week high of the share was Rs 1317.00 and the 52-week low was Rs 451.50.


The company's trailing 12-month (TTM) EPS was at Rs 55.21 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 21.37. The latest book value of the company is Rs 970.48 per share. At current value, the price-to-book value of the company is 1.22.


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Gulf Oil's RoE to be 30-35%: PBT to touch Rs 140cr in FY15

The Hinduja Group-owned Gulf Oil Corporation  on Thursday demerged its lubricants business to Gulf Oil Lubricants India Ltd and listed the latter as a separate entity on both domestic stock exchanges under the 'Gulf Oil' brand.

Sanjay Hinduja, Chairman of Gulf Oil Lubricants India is confident of the company's profit before tax (PBT) to grow significantly and touch Rs 140 crore in the coming fiscal itself.

In addition, EBIDTA margin is anticipated to improve substantially coupled with a double-digit topline growth, he says in an interview with CNBC-TV18 adding that Gulf Oil's return on equity (RoE) will advance to 30-35 percent.

Below is the edited transcript of the interview:

Q: Can you take us through the financials of the company in terms of projection for the current financial year and next financial year?

A: In terms of PBT, last year we closed around Rs 103 crore and this year expectation is to do significantly better than that and it terms of EBITDA Margins we are around 12 percent. I am expecting double-digit topline growth, both this year and going forward '15-16. We are in a growth pattern at the moment and all investments have been made for capturing this double digit growth.

Q: Can you focus a bit on your profits and what are the projections at least that you are working with in the foreseeable future?

A: Profit after tax (PAT) level we would be around Rs 70 crore plus and again the plan is to deliver significant value to the shareholders so PAT also will continue to grow northwards as we deliver double digit revenue growth.

Q: In that case, can you tell us if you would see some improvement in your return on assets and return on equity going forward?

A: Definitely, yes and this is one of the reasons we went ahead with this whole demerger process and we have been looking at this for the last one year and we can achieve those numbers. Of course on the other side, as you know on the real estate side also work has commenced on the Bangalore project. So I am expecting also on the Gulf Oil Corporation Limited side with the land projects now beginning to deliver revenue, I am sure both stocks will perform very well.

Q: Market share for lubricant side is around 5 percent. Where will the growth come from and what is the expected market share as well?

A: We are going to focus more on B2B tractor. We are going to be announcing in the next two weeks and other major OE tie-up. So, in terms of volumes, as I have mentioned before, the goal is to be the top three amongst the private sector players.

Q: Going back to number projection, for full year '15 can we expect a profit of Rs 100 crore or so?

A: On the PBT side right now, we are definitely looking at FY15 in excess of Rs 140 crore. So we are there near about I would say.

Q: And capex?

A: Yes we have acquired land in Chennai and we are going ahead with a second plant in Chennai, and I am expecting that will cost around Rs 120-130 crore and debottlenecking is happening in the existing plant in Silvassa which is Rs 30-40 crore.

Q: What about the promoter stake, are promoters looking to increase stake in the company going forward?

A: The promoter group GOI already has 60 percent, so we are well over 50 percent minimum. Therefore, we have no such plans for the moment.

Gulf Oil Corp stock price

On July 28, 2014, Gulf Oil Corporation closed at Rs 158.80, down Rs 4.2, or 2.58 percent. The 52-week high of the share was Rs 197.00 and the 52-week low was Rs 62.10.


The company's trailing 12-month (TTM) EPS was at Rs 11.77 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 13.49. The latest book value of the company is Rs 232.56 per share. At current value, the price-to-book value of the company is 0.68.


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Cipla, BioQuiddity ink pact to sell pain management product

The pact between Cipla Europe (CE) NV, the company's wholly owned arm, and BioQuiddity Inc will cover countries in Europe, the company said in a statement.

Pharmaceutical firm Cipla  today announced a partnership with US-based BioQuiddity Inc for collaboration to sell the latter's post-surgical pain management product OneDose ReadyfusORTM in Europe.

The pact between Cipla Europe (CE) NV, the company's wholly owned arm, and BioQuiddity Inc will cover countries in Europe, the company said in a statement.

The Indian firm intends to launch the CE marked OneDose ReadyfusOR pre-filled with Ropivacaine under its own label into the German market late this year, it added.

"Cipla believes that this post-surgical pain product candidate presents a unique opportunity to provide an easy to use, well-tolerated, and efficient regional anesthesia system that could make savings for healthcare providers and patients," Cipla Europe Head Frank Pieters said.

BioQuiddity President and CEO Joshua Kriesel said: "Cipla's strong commercial record puts them in an outstanding position to detail the OneDose ReadyfusOR's safety, sterility, and ease of use value proposition objectives.

Also read:  FDA raises concern over drug production process at Cadila

Cipla stock price

On July 31, 2014, Cipla closed at Rs 456.30, up Rs 8.60, or 1.92 percent. The 52-week high of the share was Rs 462.65 and the 52-week low was Rs 366.70.


The company's trailing 12-month (TTM) EPS was at Rs 17.29 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 26.39. The latest book value of the company is Rs 127.76 per share. At current value, the price-to-book value of the company is 3.57.


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DGCA expands scope of SpiceJet audit

SpiceJet today confirmed the Directorate General of Civil Aviation (DGCA) had formed a three-member committee to conduct an "engineering audit" even as it sought allay investor fears by saying it was "fully-compliant with all safety regulations".

The Directorate General of Civil Aviation (DGCA) has expanded the scope of an audit it will conduct on troubled airline firm SpiceJet .

Sources told CNBC-TV18 that the DGCA now will not just look into technical questions such as the condition of its stores, availability of spares and the qualification of its engineering staff but has also sought financial details such as what the carrier owes to its various creditors such as airports, oil marketing companies, tax departments, etc.

The aviation regulator had earlier taken up the "engineering audit" after a recent flight of the carrier got delayed by four and a half hours amid concerns over whether it is in the right financial condition required to run and maintain an airline.

Also read: Why the 'fasten seatbelt' sign is on for SpiceJet

Spice has been in the news after the company recorded its worst yearly loss ever in FY14, at Rs 1003 crore.

With total debt standing at Rs 1,736 crore, the carrier's net worth (assets minus liabilities) is at a negative Rs 1,020 crore.

The Kalanithi Maran-controlled SpiceJet was also the subject of another bad news after the Times of India recently reported that it had not yet disbursed Form 16 (used to file income-tax returns) to its employees even as the tax-filing deadline is due to expire on July 31.

This could be an indication the company may have not yet paid tax deducted at source to the tax department.

The airline has 52 aircraft fleet comprising Boeing 737s and Bombardier Q-400s, and had become India's third-largest carrier (after IndiGo and Jet Airways), displacing Air India with a market share of 19 percent in June.

This was achieved with a slew of aggressive fare war it has launched several times this year in a bid to increase occupancy and improve its financial position.

SpiceJet stock price

On July 31, 2014, SpiceJet closed at Rs 13.80, down Rs 0.2, or 1.43 percent. The 52-week high of the share was Rs 28.40 and the 52-week low was Rs 12.50.


The latest book value of the company is Rs -22.24 per share. At current value, the price-to-book value of the company was -0.62.


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IOB to raise $500 million through overseas bond sale

State-owned lender Indian Overseas Bank (IOB) announced here today that it plans to raise USD 500 million through a medium-term bond sale shortly. The bank has already received approval to raise up to USD 1 billion from its board.

State-owned lender  Indian Overseas Bank (IOB) announced here today that it plans to raise USD 500 million through a medium-term bond sale shortly. The bank has already received approval to raise up to USD 1 billion from its board.

"Currently, the market is very right. So, when we see good appetite from corporates, we will raise USD 500 million out of our medium term note programme," Indian Overseas Bank's outgoing Chairman and Managing Director M Narendra, who retires tomorrow, told reporters here.

He said that the bank would require Rs 3,500 crore as fresh capital during the current fiscal.

Also read: Indian Overseas Bank Q1 net zooms over 2-fold to Rs 271cr

"We have asked some amount from the government also. Last year, we got Rs 1,200 crore from the government and we hope this year we get a similar amount," Narendra said.

The bank also plans to raise some funds through Qualified Institutional Placement, but its timing and amount would be decided after government and Reserve Bank approvals.

In the quarter ended June, the bank's net profit more than doubled to Rs 271.72 crore from Rs 125.80 crore. Total income was tad up at Rs 6,284.69 crore compared to Rs 6,187.15 crore in the year-ago quarter.

Gross NPAs stood at 5.84 percent as against 4.45 percent, while net NPA increased to 3.85 percent from 2.81 percent in the year-ago period. Provision coverage ratio as on June 30 stood at 52.85 percent.

IOB stock price

On July 31, 2014, Indian Overseas Bank closed at Rs 70.10, down Rs 0.8, or 1.13 percent. The 52-week high of the share was Rs 89.90 and the 52-week low was Rs 37.15.


The company's trailing 12-month (TTM) EPS was at Rs 6.05 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 11.59. The latest book value of the company is Rs 130.90 per share. At current value, the price-to-book value of the company is 0.54.


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FDA raises concern over drug production process at Cadila

The FDA has not expressed concerns over the entire facility, said the sources. The US agency communicated its concern to Cadila in a Form 483, a letter in which the agency typically outlines violations of standard manufacturing practices.

The US Food and Drug Administration (FDA) has expressed concerns over the manufacturing process of at least one product at drugmaker Cadila Healthcare Ltd 's Moraiya facility, two sources with direct knowledge of the matter said.

The FDA has not expressed concerns over the entire facility, said the sources. The US agency communicated its concern to Cadila in a Form 483, a letter in which the agency typically outlines violations of standard manufacturing practices.

Once the Form 483 is sent, the company has 15 days to respond before the FDA takes any further action.

The FDA inspected the Moraiya plant, based in Gujarat, in the second week of July, one of the sources said.

The sources declined to be named as the information is not public yet. A Cadila spokeswoman declined to comment.

Cadila's shares dropped as much as 10.5 percent on Thursday and were trading down 5.3 percent to 1,106.50 rupees at 1:01 p.m., while the broader Nifty was down 0.22 percent.

Also read:  Cadila Health Q1 profit up 23% to Rs 240 cr led by US sales

Cadila Health stock price

On July 31, 2014, Cadila Healthcare closed at Rs 1118.55, down Rs 46.9, or 4.02 percent. The 52-week high of the share was Rs 1195.00 and the 52-week low was Rs 631.00.


The company's trailing 12-month (TTM) EPS was at Rs 43.13 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 25.93. The latest book value of the company is Rs 177.28 per share. At current value, the price-to-book value of the company is 6.31.


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NPPA's unilateral stand-off unhealthy for sector: Biocon

Written By komp limpulima on Selasa, 29 Juli 2014 | 23.25

CII National Committee on Biotechnology Chairperson and Biocon CMD Kiran Mazumdar Shaw has written an open letter to the Prime Minister, seeking his intervention over "unilateral fixing" of drug prices by NPPA .

The government has to behave like a partner with the industry to address the healthcare issues.

Kiran Mazumdar Shaw

CMD

Biocon

The Indian Pharmaceutical Alliance (IPA) and the Organisation of Pharmaceutical Producers of India (OPPI) have taken the National Pharmaceutical Pricing Authority (NPPA) to court over a recent pricing order mandating price ceilings of several drugs.

Infact CII National Committee on Biotechnology Chairperson and Biocon  CMD Kiran Mazumdar Shaw has written an open letter to the Prime Minister Monday.

In her letter she has sought PM Narendra Modi's intervention over "unilateral fixing" of drug prices by NPPA saying the exercise based on "an inequitable formula" has done collateral damage to indigenous industry.

Below is the transcript of Kiran Mazumdar-Shaw's interview with CNBC-TV18's Shereen Bhan.

Q: The news that we have broken today is that the IPA and the OPPI have now decided to move court and have served a legal notice on this issue of price control. However our sources within the government and within the NPPA say, that the entire national list of essential medicines is under review and we are likely to see a new list by July 2015. It is implicit perhaps in the conversation that we have had that may be that list is going to be widened even further, your first reaction?

A: This kind of unilateral stand-off that is being created by NPPA is extremely unhealthy for such an important sector like the Indian pharma sector. The whole contentious issue that is being debated by the Indian pharma industry is the high handed unilateral measures taken by NPPA in arriving at the so called price ceiling formula. That is what the whole objection is about. Price ceiling per se is not the issue.

Q: What we are also being told is that this new price review order which was issued on July 10 is an interim arrangement, it is valid only for a year up until the government formalizes and puts forward the new list of National List of Essential Medicines which is expected in July 2015 making para 19 of the DPCO irrelevant perhaps?

A: The whole point is there has been no stakeholder consultation on arriving at an equitable formula. Today they have taken a simple average formula which cuts across different kinds of pharmaceutical companies from small to large, there is no semblance of reference to any of return on investments made by these kind of companies, there is no comparable basis on which these prices have been even referenced. So, there is a huge flaw in the way this price ceiling has been arrived at and that is really the contentious issue.

The government has to behave like a partner with the industry to address the healthcare issues. There are many market mechanisms available to bring in price discounting like government tenders where you are clearly seeing huge discounting on these very drugs.

Q: You have actually written and open letter to the Prime Minister, any response yet?

A: No response as yet. I am hoping that I will get a response soon.

Biocon stock price

On July 28, 2014, Biocon closed at Rs 465.15, down Rs 14.9, or 3.1 percent. The 52-week high of the share was Rs 553.70 and the 52-week low was Rs 312.00.


The company's trailing 12-month (TTM) EPS was at Rs 15.84 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 29.37. The latest book value of the company is Rs 120.89 per share. At current value, the price-to-book value of the company is 3.85.


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CoalMin to review status of formation of JV, SPV next week

Kick-starting the process of coal blocks allocation, the government had last year allocated 17 coal mines - 14 to power and 3 to mining public sector undertakings (PSUs).

The Coal Ministry has convened a meeting next week to review the progress on setting up special purpose vehicles (SPV) and joint ventures (JV) among state-owned firms which have been jointly allocated coal blocks.

"Additional Secretary, Ministry of Coal, will hold a meeting with the representatives of the state government on August 4...to review the current status of formation of SPV/JV
company amongst the state government companies/corporations, those who have been allocated coal blocks jointly for the end use i.e power as well as for mining," according to the meeting notice.

The Coal Ministry had earlier asked states to advise the companies that have been allocated mines to either form SPVs or JVs for projects.

Kick-starting the process of coal blocks allocation, the government had last year allocated 17 coal mines - 14 to power and 3 to mining public sector undertakings (PSUs).

Of the 14 blocks alloted to power PSUs, four were alloted to NTPC.

Other power PSUs that were allocated mines included Neyveli Uttar Pradesh Power Ltd, Odisha Thermal Power Corp, Jammu & Kashmir State Power Dev Corp, Chhattisgarh State Power Gen Co Ltd, Andhra Pradesh Generation Co, Maharashtra State Power Generation Co, Rajasthan Vidyut Utpadan Nigam and Punjab State Power Corp Ltd.

Three three blocks were alloted to mining PSUs like Jharkhand State Mineral Development Corp and MP State Mining Corporation Ltd.


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New Jaguar XE sedan to make global debut in September

The Jaguar XE will use a new grade of high strength aluminium called 'RC 5754', which has been developed specifically for the XE, the company said in a statement.

Tata Motors -owned Jaguar Land rover will hold the global premiere of the new Jaguar XE luxury sedan in London on September 8 with which it is looking to bring new levels of aluminium-intensive lightweight construction expertise to the segment.

The Jaguar XE will use a new grade of high strength aluminium called 'RC 5754', which has been developed specifically for the XE, the company said in a statement.

"This new alloy features a high level of recycled material and makes a significant contribution to Jaguar's goal of using 75 percent recycled material by 2020," it said.

Commenting on the new product, Jaguar's Chief Technical Specialist Mark White said: "The Jaguar XE body uses over 75 percent aluminium content, which far exceeds any other car in its class."

He further said: "We've made sure our aluminium-intensive body structure exceeds all global safety standards without compromising on vehicle design or refinement."

Designed and engineered in the UK, the Jaguar XE will be the first Jaguar to be manufactured at a new purpose-built production facility at the company's Solihull plant in the West Midlands in the UK.

"The world premiere of the new Jaguar XE will be held in London on September 8," the company added.

It further said the XE is projected to deliver fuel economy of less than 4 litres/100km on EU combined cycle.

JLR has been focussing on lightweight construction for its Jaguar brand. The Jaguar XJ, XK and F-Type have all been developed using aluminium structures. The XE becomes the
latest model to use aerospace-inspired technology in cars.

Tata Motors stock price

On July 28, 2014, Tata Motors closed at Rs 453.15, down Rs 8.75, or 1.89 percent. The 52-week high of the share was Rs 488.05 and the 52-week low was Rs 272.50.


The company's trailing 12-month (TTM) EPS was at Rs 1.04 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 435.72. The latest book value of the company is Rs 59.58 per share. At current value, the price-to-book value of the company is 7.61.


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AP govt gives nod to LNG Terminal at Gangavaram Port

Petronet is a Joint Venture set up by GAIL (India) Ltd ONGC, Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd to import LNG and set up LNG terminals in the country with an authorised capital is Rs 1,200 crore (USD 240 million).

The Andhra Pradesh government has given its nod for setting up the LNG Terminal by  Petronet LNG Ltd at Gangavaram Port on the East Coast near Visakhapatnam.

However, it has refused Gangavaram Port's proposal to collect the water front charges at the rate of Rs 103.68 per metric tonne of LNG cargo handled from Petronet.

Petronet is a Joint Venture set up by  GAIL (India) Ltd ONGC ,  Indian Oil Corporation Ltd and  Bharat Petroleum Corporation Ltd to import LNG and set up LNG terminals in the country with an authorised capital is Rs 1,200 crore (USD 240 million).

Gangavaram Port Ltd along with PLL has proposed to construct and operate a 5 MMTPA LNG Terminal with a provision to expand further to 10 MMTPA.

The JV company will have equity contributions from PLL (76 percent) Gangavaram Port Ltd (8 percent) and other parties such as prospective LNG suppliers/buyers or any strategic investor.

PLL will be the majority share holder and will have complete management control over the JV Company.

According to a government order issued yesterday, the Gangavaram Port Ltd will submit to the government the Detailed Project Report that was submitted to the lenders for achieving Financial Closure and ensure financial sustainability of the project.

"Government after detailed examination of the proposal in consultation with Law and Finance Departments and keeping in view the recommendations of the Empowered Group of Ministers, hereby accord approval to M/s Gangavaram Port Limited, Visakhapatnam District for establishing LNG Terminal at Gangavaram Port," the order said.

Petronet LNG stock price

On July 28, 2014, Petronet LNG closed at Rs 183.50, down Rs 0.8, or 0.43 percent. The 52-week high of the share was Rs 189.50 and the 52-week low was Rs 102.50.


The company's trailing 12-month (TTM) EPS was at Rs 9.49 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 19.34. The latest book value of the company is Rs 68.82 per share. At current value, the price-to-book value of the company is 2.67.


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