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FIPB clears HDFC Bank Ratnakar Bank FDI proposals

Written By komp limpulima on Jumat, 19 Desember 2014 | 23.25

HDFC Bank had applied for yet another FIPB approval, this time for expanding its equity base by up to Rs 10,000 crore, sources said.

HDFC Bank  and Ratnakar Bank today got clearance from government panel Foreign Investment Promotion Board for their respective FDI proposals.

HDFC Bank had applied for yet another FIPB approval, this time for expanding its equity base by up to Rs 10,000 crore, sources said.

The board headed by Economic Affairs Secretary Rajiv Mehrishi has approved bank's proposal, sources said, adding that the bank requires FIPB nod for expanding equity before Cabinet Committee on Economic Affairs CCEA's clearance.

HDFC Bank sought fresh FIPB clearance for expanding equity. It already has shareholders' nod to raise up to Rs 10,000 crore by July, the sources added. Besides, the board has also cleared Ratnakar Bank's proposal for capital raising.

Last month, the FIPB cleared the long-pending proposal of HDFC Bank to hike foreign holding in the bank to 74 percent. The FIPB felt that the bank's parent HDFC Ltd's 22.5 percent holding in it is FDI and hence total foreign holding is 73.2 percent, which includes FII, FDI, ADR and GDR. Total foreign investment in HDFC Bank was 73.39 percent at the end of June 2014. It came down to 73.2 percent at the end of September 2014.

Late last year, HDFC Bank, a foreign-owned lender, had approached the FIPB for increasing the foreign holding in the bank to 67.55 percent from 49 percent. The bank had sought permission for raising foreign investment limit representing that 22 percent stake held by the parent HDFC Limited is a domestic investment.

However, the proposal was not cleared by the FIPB as the Finance and Industry ministries were of the view that HDFC Ltd's 22.5 percent holding in the bank is FDI.

Also read:  RBI deputy governors defend new refinancing norms

Taking into consideration the 22.5 percent parent holding as FDI, the total foreign holding was more than 67.55 percent when they approached the FIPB for the first time.

Following clarification sought by FIPB earlier this year, HDFC Bank had sent a revised proposal raising its foreign holding ceiling request to 74 percent, from its earlier proposal of 67.55 percent.

Banks can have up to 49 percent foreign investment without regulatory approval but require approval from RBI and the FIPB if they want to increase the foreign investment limit to 74 percent.

While India allows FDI in most of the sectors through automatic route, FIPB in the Finance Ministry is required in certain sectors like pharmaceutical and defence, considered sensitive for the economy.

HDFC Bank stock price

On December 19, 2014, HDFC Bank closed at Rs 940.80, up Rs 6.75, or 0.72 percent. The 52-week high of the share was Rs 965.45 and the 52-week low was Rs 618.00.


The company's trailing 12-month (TTM) EPS was at Rs 38.35 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 24.53. The latest book value of the company is Rs 179.96 per share. At current value, the price-to-book value of the company is 5.23.


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Pages of file pertaining to Vadra-DLF deal missing: Khemka

IAS officer Ashok Khemka has sought registration of an FIR after an RTI filed by him found that two pages of a file pertaining to the controversial DLF -Robert Vadra deal are missing from government records. Admitting that the pages were missing, Chief Secretary P K Gupta said an internal inquiry has been instituted in the matter and efforts are on to reconstruct the file.

Khemka, who had over two years back cancelled mutation of the land deal between Robert Vadra's company and DLF, said, official notings pertaining to setting up a three-member committee by the previous Hooda government, which gave clean chit to Vadra's firm, are "missing" from the main file, Demanding that a case be registered in the matter, Khemka told PTI today that "it is a serious matter and it should be probed...how can the notings suddenly be untraceable".

"The file noting is a very important piece of record which would establish that the three members were specifically appointed to an illegally constituted Committee by the then political executive, where the only remedy to an aggrieved party was to file a writ petition in High Court, with the pre-determined objective to accord clean chit to black-marketing of colony license by M/s Skylight Hospitality, a company belonging to Robert Vadra, and to discredit my action of cancelling the land mutation from M/s Skylight Hospitality to M/s DLF," Khemka charged in a letter yesterday to the Haryana Chief Secretary.

The two pages with notings on the previous Congress government's decision to constitute an official probe committee that later gave clean chit to Vadra and DLF of any wrongdoing in Gurgaon land deal are untraceable, the present State Government has said responding to Khemka's RTI plea.

State Public Information Officer D R Wadhwa, in an affidavit before State Information Commission a week back, has mentioned that despite efforts to trace out Page No 1 and 2 of the noting of the file, these could not be traced and therefore, these pages, could not be provided to Khemka.

The 48-year-old IAS officer, whose action to cancel the mutation in October 2012 had raised a political storm, had sought the documents to ascertain how the official committee, which later on gave clean chit to Vadra, was constituted. The Chief Secretary on his part said that it was a fact that a page of the file was missing.

"This is a fact that one page of the file is missing, which is two numbers - 1 and 2. I have seen this filed today itself and this page is missing. For this we are instituting an inquiry...if somebody is guilty, we will take action," he said

The Chief Secretary also said that they would reconstruct the file. "We are trying to reconstruct the file because I think it was six-seven months back somebody asked for information under RTI, somebody other than Khemka. He had asked for information and that information was given to him...We are approaching the Information Commissioner's office to see if a copy of that is available with that office," Gupta said.

Khemka wrote to the Chief Secretary that under RTI the former has been informed that noting related to constitution of the Committee constituted on October 19, 2012, barely a week after the mutation was cancelled, "by the then political executive to give clean chit to Skylight Hospitality and to discredit my action of cancelling the mutation is detached from main file and is denied to me under RTI Act".

"This is serious, now there can be no scrutiny of the matter as to how Krishna Mohan, K K Jalan and Rajan Gupta became members, what were the terms of reference and what occasioned the constitution of the committee when the parties were not aggrieved against my orders and the only remedy against the order was to approach the High Court," he wrote.

The previous Hooda government had constituted the committee after Khemka cancelled the mutation and IAS officers Krishna Mohan, K K Jalan and Rajan Gupta were part of the committee.

Of the three officers in the probe committee, Krishna Mohan has retired.

In May 2013, the State had served a chargesheet on Khemka for administrative misconduct and exceeding his jurisdiction while cancelling the mutation of the Rs 58 crore land deal between Vadra's company and DLF, on October 15, 2012.

"..It is definite that persons with ulterior motives have stolen important pages from the file, including the two pages leading to the constitution of the three member Inquiry Committee on October 19, 2012, to avoid scrutiny of their wrong actions.

"If the two important pages are actually missing as alleged, I request you to order an FIR against all persons in the office of the then Chief Minister to whom the file should not have been sent ordinarily as per the work distribution in the then Chief Minister's Office," Khemka further wrote.

He also said that one of the charges against him is based on the allegation that he did not hand over charge of the Departments of Land Records and Consolidation (Khemka was then DG of the Department) on the day of transfer.

"There are umpteen number of other cases where IAS officers did not hand over charge on the day of transfer, but nobody else was put to a charge sheet on this count. The Personnel Department must have noticed the violation of some instruction of the State Government on file before framing the said charge.

"Please allow me access to the said instruction of the State Government, if any, and provide a list of all IAS officers transferred along with the date of transfer and the date of relinquishment of charge during any one-year period," he further wrote.

Khemka also said that another charge against him is based on the allegation that he took cognizance of allegations made in the media and ordered an inquiry into the alleged undervalued deeds of the companies belonging to Robert Vadra.

"The Government routinely takes cognizance of allegations appearing in the media. An instance is the recent rape in a taxi provided by Uber, where orders banning unregistered web based taxi services were issued recently by the Delhi Transport Department and the Home Ministry.

"The Personnel Department must have noticed the violation of some instruction of the State Government on file before framing the said charge. Please allow me access to the said instruction of the State Government, if any, in order to effectively reply to the charge," Khemka, who is at present Transport Commissioner and Secretary to Government of Haryana, Transport Department, said in his letter.

Meanwhile, Congress spokesman and former Haryana Minister Randeep Singh Surjewala said that he fails to understand why the issue is being raked up.

"Question arises whether inquiry committee's report is in the file, it is very much so, was an inquiry committee constituted and was inquiry held, facts pertaining to this are on the file. So where have things been impacted?" Surjewala asked.

He further said that "all those officers who conducted inquiry are still serving in the (Narendra) Modi government (at Centre) and (Manohar Lal) Khattar government (BJP govt in Haryana)."

"When inquiry committee report is public and that has not changed, inquiry is recorded on the file, inquiry committee's order is recorded on the file, Khemka's reply is there on the file...where does this affect the merits of the whole thing.. What is the issue or is the issue being created for the sake of creating one?" the Congress MLA asked. Haryana's Health Minister Anil Vij said that inquiry will be conducted and those found guilty in the matter will not be spared. 

Meanwhile, Haryana Finance Minister Capt Abhimanyu today said action would be taken and those found guilty would not be spared when asked about investigation in the incident pertaining to missing of pages from the official file concerning the land deal.

"Necessary action will be taken in this regard and those found guilty will not be spared," he said here, saying that no one is above law and constitution.


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Bajaj bags order from Sri Lankan govt for 1.25 lakh bikes

The company has already supplied 48,000 units successfully against this order, Bajaj Auto Ltd said in a filing to the BSE.

Bajaj Auto  today has bagged an order for 1.25 lakh units of Discover-125M motorcycles from Sri Lankan government.

The company through its distributor David Pieris Motor Company in Sri Lanka had secured, after a detailed evaluation process by the Government of Sri Lanka, an order from them for supply of around 50,000 units of Discover-125M motorcycles.

The company has already supplied 48,000 units successfully against this order, Bajaj Auto Ltd said in a filing to the BSE.

"The company has now secured a repeat order from them through the company's distributor in Sri Lanka for the supply of 1.25 lakh units of Discover-125M, which the company expects to execute in next 3-4 months," it added.

Discover-125M is priced up to Rs 50,530 (ex-showroom Delhi).  Bajaj Auto shares closed at Rs 2,466.30 apiece on the BSE, down 1.58 per cent from its previous close.

Bajaj Auto stock price

On December 19, 2014, Bajaj Auto closed at Rs 2466.30, down Rs 39.5, or 1.58 percent. The 52-week high of the share was Rs 2690.00 and the 52-week low was Rs 1796.00.


The company's trailing 12-month (TTM) EPS was at Rs 103.65 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 23.79. The latest book value of the company is Rs 332.04 per share. At current value, the price-to-book value of the company is 7.43.


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SEBI didn't follow FUTP while taking action: DLF lawyers

SEBI, in its June 2013 show-cause notice, had accused DLF of "suppressing facts in the IPO offer document to defraud investors".

Banned by SEBI from the market for three years, real estate major DLF  today argued before the SAT that the regulator had not followed the Fraudulent and Unfair Trade Practices (FUTP) rules while penalising the company.

The Securities Appellate Tribunal is hearing DLF's plea against a SEBI order, passed in October, wherein the company and its six top executives were barred from securities markets for three years due to non-compliance to disclosure norms during its IPO seven years ago.

DLF lawyers today concluded arguments. Securities Appellate Tribunal's presiding officer J P Devadhar said it will hear SEBI's arguments from Monday.

Advocate Janak Dwarkadas, for DLF, contended that SEBI failed to furnish a post-investigation report under FUTP regulations and did not give DLF opportunity to represent itself, which is mandatory under the law.

SEBI, in its June 2013 show-cause notice, had accused DLF of "suppressing facts in the IPO offer document to defraud investors".

Also read:  Pages of file pertaining to Vadra-DLF deal missing: Khemka

Advocate J J Bhat, representing some of the top DLF executives, including K P Singh, his son Rajiv Singh and daughter Pia Singh, said the notice did not speak about the role played by the directors in non-disclosure of information in the IPO offer documents.

"The SEBI Act does not provide for vicarious liability of directors," said Bhat.

Meanwhile, SAT today said it would hear the original complainant Kimsumk Krishna Sinha once it hears both SEBI and DLF. Yesterday Sinha had produced a Supreme Court order allowing him to become a party to proceedings before SAT.

The case before SAT relates to an October 13 SEBI order banning DLF, its chairman K P Singh and five other senior-most officials from the market for three years for not disclosing the names of two of its over 250 subsidiaries in the 2007 IPO documents. The company has challenged this ban.

The SEBI's action followed Delhi High Court's order to probe Sinha's allegation that one of the DLF subsidiaries - Sudipti Estates - and certain other persons duped him of Rs 34 crore in a land deal.

DLF stock price

On December 19, 2014, DLF closed at Rs 132.00, down Rs 3.95, or 2.91 percent. The 52-week high of the share was Rs 242.80 and the 52-week low was Rs 100.00.


The company's trailing 12-month (TTM) EPS was at Rs 3.29 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 40.12. The latest book value of the company is Rs 93.40 per share. At current value, the price-to-book value of the company is 1.41.


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Delays hit SpiceJet operations

SpiceJet, in a statement, claimed that its operations, which were disrupted due to the non-payment of dues to the oil companies early this week, have returned to normal and it will operate all 232 flights according to the schedule.

Operations of beleaguered SpiceJet  continued to be hit today with most of its flights from New Delhi and Mumbai getting delayed even as the airline claimed it was operating full curtailed schedule of 230 flights per day.

"SpiceJet operations continues to be delayed and most of the flights have either departed from or arrived late at the Delhi airport," a source said.

In all, the airline operated 40 flights including 21 departures from the Delhi airport till this evening, the source said, adding shortage of aircraft has led to the delay.

The airline's flight to Aurangabad scheduled for departure from Delhi airport at 1330 hours could take off only at 1534 hrs while its Goa flight from Mumbai scheduled for departure at 15:10 hours was also delayed.

SpiceJet, in a statement, claimed that its operations, which were disrupted due to the non-payment of dues to the oil companies early this week, have returned to normal and it will operate all 232 flights according to the schedule.

Also read:  Five things Ajay Singh should do if he has to save SpiceJet

The airline also said that it has been operating additional services to tourist hubs such as Port Blair and Goa since Wednesday evening to accommodate passengers who were left stranded due to the grounding of its operations for nearly 10 hours on Wednesday.

"SpiceJet is pleased to announce that it is continuing to operate its full schedule of flights. We have also operated extra flights since Wednesday evening to accommodate backlogged passengers in locations such as Port Blair and Goa," the statement said.

"We apologise once again for the inconvenience caused to customers from our flight disruptions earlier this week. We will do our best to make it up to you," it said.

Large number of travellers went on a spree cancelling SpiceJet tickets, with many of them shifting to other airlines, leading to massive jump in air fares.

"Air fares which had gone to astronomical levels are once again coming back to more normal levels after normalcy in our operations," SpiceJet claimed.

SpiceJet stock price

On December 19, 2014, SpiceJet closed at Rs 15.80, up Rs 2.60, or 19.70 percent. The 52-week high of the share was Rs 22.20 and the 52-week low was Rs 11.10.


The latest book value of the company is Rs -16.49 per share. At current value, the price-to-book value of the company was -0.96.


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RBI to ease norms for online deals of small value

In-store mobile banking, which allows mobile to mobile transfer of money has a huge potential. Khan said the country is a cash-incentive economy and the objective of the central bank is to move towards a near zero cash society.

Reserve Bank deputy Governor H R Khan today said the central bank is in the process of formulating some guidelines, which will allow customers to do small value transactions without the second factor authentication.

"We have a 'tap and go' method wherein the second factor authentication is required. We are working on that and may be in a couple of months we will issue some guidelines for a certain amount of transaction (for which) the second factor authentication is not required," he told reporters at the launch of SBI's Tech Learning Centre for customers.

He said there are some issues in removing the second-factor authentication and the RBI is in discussions with banks and Nasscom for the same.

On the payment controversy involving the US-based taxi aggregator Uber, Khan said RBI had reservations over the card details of customers going abroad as the tax-aggregate has been surpassing the second factor authentication while receiving payments.

It can be noted that RBI in August had asked Uber to stop single-factor authentication payments by October end, following which the company had tied up a payment service provider Paytm.

He also said in-store mobile banking, which allows mobile to mobile transfer of money has a huge potential. Khan said the country is a cash-incentive economy and the objective of the central bank is to move towards a near zero cash society.

"To replace cash we need acceptable products, simple to use and ease of operations. Such products should be available and should be affordable," he said, adding one of the areas where RBI is focusing now is on mobile banking as the density of mobile banking is not very high.

"Though volume in mobile banking has increased it has not gone that high," he said.


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SpiceJet may soon get investor on board

Written By komp limpulima on Kamis, 18 Desember 2014 | 23.25

Sources say that the airline has informed the government that an investor will be coming on board soon. The low-cost airline's former promoter Ajay Singh has expressed an interest in buying back into the airline, and is even learnt to be helping it draw up a revival plan.

Beleagured low-cost airline  SpiceJet finally has something to smile about. SpiceJet has announced the resumption of normal operations, though CNBC-TV18 learned that most of these were on a cash and carry basis as far as fuel supplies were concerned.

But that's not all. Sources say that the airline has informed the government that an investor will be coming on board soon. This is a signal that the airline's money trouble may decrease drastically. The low-cost airline's former promoter Ajay Singh has expressed an interest in buying back into the airline, and is even learnt to be helping it draw up a revival plan.

However, while aviation minister Ashok Gajapathi Raju declined to confirm this, he did add that the airline has operated all scheduled flights today, except one, which was cancelled. "From yesterday if you see today there's slight improvement. So like that if they are able to continue to improve and come back to normal we have no problem."

SpiceJet has promised about Rs 120 crore in fresh bank guarantees to AAI, sources said. The airline's total outstanding dues stand at about Rs 200 crore, the remaining Rs 80 crore odd have already been covered by bank guarantees.

SpiceJet stock price

On December 10, 2014, SpiceJet closed at Rs 13.20, up Rs 0.05, or 0.38 percent. The 52-week high of the share was Rs 22.20 and the 52-week low was Rs 11.10.


The latest book value of the company is Rs -16.49 per share. At current value, the price-to-book value of the company was -0.80.


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CIL to get new chairman ahead of key meeting: Source

Career bureaucrat Sutirtha Bhattacharya, chairman of India's second-largest coal producer Singareni Collieries, will take over as the head of its bigger rival ahead of a key meeting at Coal India's headquarters on December 30, the officials said.

Coal India Ltd  will get a new chairman in the next few days, two officials with direct knowledge of the matter said, as the state-owned miner readies a plan to double its output in four years amid a severe shortage that has crippled power plants.

Career bureaucrat Sutirtha Bhattacharya, chairman of India's second-largest coal producer Singareni Collieries, will take over as the head of its bigger rival ahead of a key meeting at Coal India's headquarters on December 30, the officials said.

The world's largest coal miner by output has been without a full-time chairman since June. The appointment comes at a time when the Narendra Modi government is trying to sell a 10 percent stake in the company and break its near-monopoly by allowing private firms to mine and sell coal.

The officials did not want to be named before an announcement, which may come as soon as this week, but said the meeting is to discuss a detailed plan to raise output to 1 billion tonnes.

Under Bhattacharya, Singareni, majority owned by the state of Telangana, has been able to easily beat its production targets, unlike Coal India that has not met its target for the past several years.

Disruptions by worker unions, a lack of adequate railway lines and less use of machines have dragged Coal India's output. Its unions have threatened to go on a five-day strike starting January 6, opposing the divestment plan and opening up of the industry for the first time in 42 years.

Coal India stock price

On December 10, 2014, Coal India closed at Rs 367.40, up Rs 0.55, or 0.15 percent. The 52-week high of the share was Rs 423.85 and the 52-week low was Rs 240.50.


The company's trailing 12-month (TTM) EPS was at Rs 21.06 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 17.45. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 14.11.


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HMSI plans to launch over ten two-wheeler models next year

The company, which today expanded its mid-sized motorcycle range with the launch of CB Unicorn 160, sells a total of over 20 motorcycle and scooter models in the country.

Honda Motorcycle & Scooter India plans to launch over ten two-wheeler models next year, including seven all new products, as the company aims to further strengthen its presence in the country.

The company, which today expanded its mid-sized motorcycle range with the launch of CB Unicorn 160, sells a total of over 20 motorcycle and scooter models in the country. "CB Unicorn 160 despatches will begin in the third week of January, so it would be our first model of 2015. During the course of next year we plan to launch over ten models," HMSI President & CEO Keita Muramatsu told reporters here.

Out of over ten product launches planned for the next year, seven would be completely new platforms while others would be upgrades of the existing models, he added.

When asked about plans to launch low-cost models in the country, Muramatsu said: "We are working on two models, a bike and a scooter, but there is no definite time frame set for the project."

Honda sells a low-cost bike priced at around USD 600 (about Rs 37,500) in Africa. "It is not easy to launch low cost bikes. I have learnt that in the last three years. It is not easy to go for cost reduction when more technology is needed. In the last three years the cost of production has gone up. Even our in-house cost has gone up by 15 per cent over the last year," Muramatsu said.


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RBI allows up to 100% FII investment in Crompton Greaves

The decision follows passage of resolutions at company's board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.

Foreign institutional investors are now allowed to invest up to 100 percent of the paid up capital in Crompton Greaves , the RBI said in a notification.

"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100 percent of the paid up capital of Crompton Greaves Limited under the Portfolio Investment Scheme (PIS)," RBI said in a release.

The decision follows passage of resolutions at company's board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.

FIIs held 15.93 percent shares in the company as of quarter ended September 30, 2014.

FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.

The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points two percentage points lower than the actual ceiling.

Crompton Greaves shares closed at Rs 178.55 a piece on the BSE today, up 4.6 percent from the previous close.

Crompton Greave stock price

On December 10, 2014, Crompton Greaves closed at Rs 178.55, up Rs 7.80, or 4.57 percent. The 52-week high of the share was Rs 231.00 and the 52-week low was Rs 101.65.


The company's trailing 12-month (TTM) EPS was at Rs 8.20 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 21.77. The latest book value of the company is Rs 53.55 per share. At current value, the price-to-book value of the company is 3.33.


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