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Real chance of diesel deregulation in 2014: Essar Oil

Written By Unknown on Selasa, 31 Desember 2013 | 23.25

In an interview with CNBC-TV18, Lalit Kumar Gupta, CEO of Essar Oil , spoke about a host of issues, including the possibility of complete diesel deregulation in 2014, the company's refining margins and its expansion plans.

Also read: Essar Energy reiterates outlook, shares rise

Below is the transcript of the interview.

Q: I want to ask you on diesel prices in 2014 and your diesel business in 2014, there is a good chance that in 2014 it will be fully deregulated, what kind of addition do you see from diesel to your topline and bottomline in 2014?

A: You are right that in 2014, there is a real chance of diesel getting deregulated considering that rupee is now more or less stabilised and we believe crude prices are going to slightly soften from here.

We have 1,400 retail outlets across the country and have started working on expanding the network. Once diesel deregulation happens, we can certainly see a major boost to Essar Oil bottomline, if not on the bottomline.

Q: You all had indicated that you see the possibility of your gross refining margins (GRMs) improving by USD 1.5 within next three years, how much of it can come through in the next year itself?

A: Once we completed our plants' expansion and optimization, we structurally upgraded Essar Oil margins from USD 3-4 to USD 7-8. This year, we started an optima plus scheme to try to increase our GRMs by about USD 1.5 in next three years. We have already started and the progress is satisfactory. In the next fiscal, you should see a substantial part of it coming through.

Q: We will soon have that New Exploration Licensing Policy (NELP) auction and a lot of people believe that the recent gas price confusion was cleared to attract good interest for NELP. What is your own call and would you be participating in some of these auctions?

A: Essar Oil is definitely committed to India's oil and gas sector but it is too premature to say that whether we are going to participate. We will definitely look at the auctions available in the forthcoming NELP round and take an appropriate decision in due course.

Q: Post your earnings you had indicated that you are awaiting the gas price confirmation for the coal bed methane (CBM), has that come through? If yes, at what pricing?

A: It is still under the government's consideration and a formal notification is yet to come but the decision is there. All of us are aware that the government has taken this very bold step, which is going to unleash a new era of gas exploration and production in India.

Q: What is the latest on the big sales tax issue with the state government that you had? I believe the Supreme Court (SC) had also overruled your application, what is your next step?

A: Considering all refineries in the country had got this incentive benefit and as refineries require huge investment and as the new refinery in Rajasthan was going to get almost Rs 55,000 crore of incentive in next 15 years, we had requested the SC to review whether a feasibility package could be considered for Essar Oil. However, SC did not consider it and we are paying the sales tax dues as per the installments granted by the SC. That is all.

Q: You also have Reserve Bank of India (RBI) approvals in place which can allow you to raise further overseas debt and perhaps refinance, which will help in reducing your interest cost, could you tell us the headroom which you have available and are you all planning to go ahead and raise more overseas debt?

A: We have done almost USD 900 million of conversion or pause in terms of dollarization. We had permission for USD 2.27 billion from RBI. We have already made substantial progress and I think that 2014 should see a lot of progress on that front.

Q: Can you give us some numbers for next year, any kind of projections in terms of topline and bottomline?

A: In terms of topline, next year is the year where we will be taking our annual turnaround of the refinery. So we expect the refinery, barring a period of about 25-30 days, to run at more than 100 percent capacity utilisation. We will be as I mentioned completing a lot of part of this optima plus so our refining margins should increase further.

As far as refining margin per se is concerned, I don't think we can make any definitive assessment of that but IEA has upgraded the demand forecast by about 1.4 million barrels per day for 2014.

The growth in US is picking up, a lot of crude from Canada and central America should reach the US gulf cost because of the starting of a pipeline in January, which will result in firming up of West Texas Intermediaries (WTI). Going forward, all I can say is that the refining margins, which have recently improved should remain healthy.



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SBI gets shareholders' nod for Rs 11,500-cr QIP

Dec 31, 2013, 05.41 PM IST

The dilution of the government shareholding will be to the extent of the level approved, it said. The government's holding in the bank will not decline below 58 percent pursuant to the QIP.

Tags  QIP, State Bank of India , SBI, FPO

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SBI gets shareholders' nod for Rs 11,500-cr QIP

The dilution of the government shareholding will be to the extent of the level approved, it said. The government's holding in the bank will not decline below 58 percent pursuant to the QIP.

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SBI gets shareholders' nod for Rs 11,500-cr QIP

The dilution of the government shareholding will be to the extent of the level approved, it said. The government's holding in the bank will not decline below 58 percent pursuant to the QIP.

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State Bank of India (SBI) has got shareholders' approval for raising up to Rs 11,500 crore by way of Qualified Institutional Placement (QIP) or public offer. "Shareholders have passed special resolution to create offer to issue and allot by way of QIP/FPO or any other mode, as may be approved by the government and RBI, such number of shares of Rs 10 each as decided by the board in their discretion, up to Rs 11,500 crore or such amounts," SBI said in a filing with the BSE.

The dilution of the government shareholding will be to the extent of the level approved, it said. The government's holding in the bank will not decline below 58 percent pursuant to the QIP. At present, it holds 62.31 percent in SBI. Besides, the meeting held yesterday also approved the preferential issue of equity shares of Rs 10 each to the government up to Rs 2,000 crore.

Also Read: NPA menace: Banks must take haircut, says KV Kamath

The bank has fixed an issue price of Rs 1,782.74 per share for a preferential stock allotment to the government as part of the capital infusion plan for this fiscal. The bank will issue 1.12 crore shares on a preferential basis to the government for a consideration of about Rs 2,000 crore, it said. The SBI board had approved the preferential allotment in October.

The additional funds will enable the bank to support national and international banking operations undertaken through its subsidiaries and associates. Last fiscal, the government infused Rs 3,004 crore in the bank.


SBI stock price

On December 31, 2013, State Bank of India closed at Rs 1765.50, up Rs 2.10, or 0.12 percent. The 52-week high of the share was Rs 2550.00 and the 52-week low was Rs 1452.90.


The company's trailing 12-month (TTM) EPS was at Rs 179.98 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 9.81. The latest book value of the company is Rs 1445.60 per share. At current value, the price-to-book value of the company is 1.22.


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Stake sale to deleverage debt balance sheet: Welspun Proj

Welspun Projects ' decision to exit joint venture with Leighton Group by selling its entire stake will realign the company's interests in infrastructure space and synergise with its existing businesses, says Sandeep Garg, MD and CEO, Welspun Projects.

In an interview to CNBC-TV18, Garg says that the 40 percent stake sale which will fetch around Rs 620 crore and will be used to delevarge the company's current debt, which currently stands at around Rs 2,600 crore.

Below is the verbatim transcript of Sandeep Garg's interview on CNBC-TV18

Q: Could you tell us the rationale for selling your close to 40 percent stake in JV to Leighton?

A: The rationale for selling was primarily to realign Welspun's interest in infrastructure space to synergise with its existing businesses which was the primary driver. Also, in slowdown, we got a good valuation and decided to en-cash.

Q: There were plans in terms of deleveraging the balance sheet. Can you give us an update on what the current balance sheet looks like? Post this deal, how much lighter do you think the debt could possibly get?

A: It would be futuristic statement, but currently the debt stands at about Rs 2,600 crore and this deal is worth about Rs 620 crore in cash. Most of it will be used to deleverage the balance sheet and hence you can make the maths.

Q: What were the financials of this JV? What was the contribution in terms of revenue as well as in terms of EPS that it had to the company which will now get stripped away because you all have sold your minority stake?

A: It is a slowdown in infrastructure industry for the last couple of years, so the contribution in terms of the P&L from the JV was minimal and it was forecasted to be minimal going forward. Hence, I do not foresee any substantial change in profitability of the company.

Q: Would you be looking to monetise any more of your assets or any more stake sales on the cards for the company as a whole?

A: This was an opportunistic decision. It was a good valuation and as a listed entity and in fiduciary capacity if a good opportunity would come, we would take that opportunity, but currently there is nothing on cards.

Q: What was the investment that the company had ploughed in into the JV? You all have got back Rs 620 crore, but what was the investment so that we could analyse the kind of returns?

A: The initial investment was Rs 470 crore in cash.

Q: Thereafter, did you put in some more money?

A: There is no cash consideration and the deal that we are talking about is of cash consideration. The non-cash considerations are set aside.

Q: You said if you do get great opportunity, you could go ahead and sell some more stake to deleverage your balance sheet. You are always open if you get a great opportunity. Could you tell us the other non-core assets that the company has and could be potentially on the block if you get a great valuation?

A: We own a lot of JVs in boot assets and could look at those if there is a value creation. So, it is an opportunistic market. If something comes up, we surely will look at it.


Welspun Project stock price

On December 31, 2013, Welspun Projects closed at Rs 13.31, up Rs 0.63, or 4.97 percent. The 52-week high of the share was Rs 25.00 and the 52-week low was Rs 7.81.


The latest book value of the company is Rs 121.29 per share. At current value, the price-to-book value of the company was 0.11.


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Apollo-Cooper: The biggest Indian MA deal that wasn't

On Monday, US-based Cooper Tire announced it was calling off a USD 2.5 billion merger agreement it had signed with India's second-largest tyremaker Apollo Tyres .

Both parties put out statements blaming the other for the deal falling through and have promised to pursue legal action in a bid to extract a breakup fee that both claim they are owed.

The agreement had specified a liability for both Apollo (USD 112 million) and Cooper (USD 50 million) should either party choose to walk out.

Also read: Apollo Tyres up 12% after Cooper annuls $2.5 bn merger deal

But with both parties blaming each other, we trace our story archives to put together a timeline of an acrimonious corporate battle that brewed right since the deal was announced:

- June 12: Apollo and Cooper announce a merger agreement, consummation of which would create the seventh largest tyre company in the world, and the biggest M&A deal by an Indian company, surpassing Tata's buyout of JLR.

- Within days, Apollo stock falls from a high of Rs 90 to a low of Rs 55 amid concerns over both the leverage it was willing to take on to close the deal and the supposedly rich valuations it had offered for Cooper.

- July 13: 5000 workers in Cooper Chengshan, the US company's joint venture go on strike to protest the deal, citing Apollo's potential debt burden and culture clashes with an Indian management.

- August 1: The United SteelWorkers (USW), a Texas labour union, files a grievance with an arbitrator saying it has right to decide on the terms of the deal with Apollo.

- September 15: Arbitrator upholds USW's grievance, bars Cooper from going ahead until Apollo reached a satisfactory deal with the union over job security.

- September 17: Cooper provides a new forecast for 2013, saying it expects operating profits to fall about 33 percent, blaming the China strike for lower-than-expected revenue and profits. This is the fourth such projection revision Cooper has made since the deal was announced.

- October 8: Apollo seeks a price cut of about "USD 8 or USD 9" per share from the USD 35 it was willing to pay as per the original agreement, citing delays over the union troubles. Cooper says Apollo is suffering from "buyers' remorse" and drags the company to a Delaware court accusing Apollo of breaching its agreement.

- November 9: Delaware court rules in favour of Apollo and says the company did not breach its contractual agreement. Cooper appeals in a higher court.

- December 16: Delaware Supreme Court dismisses Cooper plea asking for the agreement to be enforced.

- December 30: Cooper announces deal is called off as Apollo "could not arrange for financing" required for the deal. Seeks to claim breakup fee and damages. Apollo says Cooper responsible for deal failure and also seeks breakup fee.


Apollo Tyres stock price

On December 31, 2013, Apollo Tyres closed at Rs 107.15, up Rs 5.85, or 5.77 percent. The 52-week high of the share was Rs 113.00 and the 52-week low was Rs 54.60.


The company's trailing 12-month (TTM) EPS was at Rs 7.24 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 14.8. The latest book value of the company is Rs 46.24 per share. At current value, the price-to-book value of the company is 2.32.


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New Year, festivals, winter to cheer 2nd half: Tilaknagar

The second half of the year is always better than the first half due to New Year, festivals and winter, says K Laxmi Narasimhan, deputy MD, Tilaknagar Industries . According to him, the company is betting on brandy and rum which are consumed more in cold climate and if the traction of these drinks continue, there will be good demand in third and fourth quarter.

Below is the verbatim transcript of his interview on CNBC-TV18

Q: Is Q3 seasonally a stronger quarter for you given that we do see higher demand for spirits?

A: Q3, the second half of the year is always better than the first half. That is a bit natural because of the New Year, festival and a colder season and particularly for Tilaknagar Industries because we are rooted in brandy and rum which has a greater traction in colder climates.

Also, for other spirits beer consumption goes down in winter and the spirits consumption goes up in winter. So, if the same traction continues, if the seasonality continues, it will be good demand in the third and the fourth quarter.

Q: If you could quantify some numbers for us, what kind of second half will your company have?

A: I would not want to hazard a guess at this point in time because we have closed our Q3. However, I will suffice to say as we cannot read too much into the Q3 and Q4 for our company or others because volume is one part of the story. The second part of the story is the price decontrol.

Unlike last year, this year had more than fresh air of negative surprises for the industry. Possibly not surprisingly because elections are around the corner and there has been a complete stop in any decision making in terms of decontrols and very critically needed price increases have not come through. However, this just puts off by another 6-8 months, then the industry will see few more decontrols coming in the industry to take care of the inflation and the cost.


Tilaknagar Ind stock price

On December 31, 2013, Tilaknagar Industries closed at Rs 57.75, down Rs 0.1, or 0.17 percent. The 52-week high of the share was Rs 86.95 and the 52-week low was Rs 44.85.


The company's trailing 12-month (TTM) EPS was at Rs 4.68 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 12.34. The latest book value of the company is Rs 40.67 per share. At current value, the price-to-book value of the company is 1.42.


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'Voda payment to Analjit Singh consistent with agreement'

Dec 31, 2013, 06.12 PM IST

Analjit Singh, who is Founder and Chairman of Max India, owns 51 percent interest in Scorpio Beverages Pvt Ltd, which is being paid Rs 1,241 crore for the 24.65 percent stake it holds in Vodafone India. Piramal, the only other minority shareholder in Vodafone India, is being paid Rs 8,900 crore for its 10.97 percent stake.

Tags  FIPB, Vodafone, AnaljitSingh, Scorpio Beverages, Max India

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'Voda payment to Analjit Singh consistent with agreement'

Analjit Singh, who is Founder and Chairman of Max India, owns 51 percent interest in Scorpio Beverages Pvt Ltd, which is being paid Rs 1,241 crore for the 24.65 percent stake it holds in Vodafone India. Piramal, the only other minority shareholder in Vodafone India, is being paid Rs 8,900 crore for its 10.97 percent stake.

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'Voda payment to Analjit Singh consistent with agreement'

Analjit Singh, who is Founder and Chairman of Max India, owns 51 percent interest in Scorpio Beverages Pvt Ltd, which is being paid Rs 1,241 crore for the 24.65 percent stake it holds in Vodafone India. Piramal, the only other minority shareholder in Vodafone India, is being paid Rs 8,900 crore for its 10.97 percent stake.

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A day after FIPB cleared Vodafone plc buying out minority stakeholders for Rs 10,141 crore in its India arm, Vodafone India's Non Executive Chairman Analjit Singh today said payments being made to him were consistent with agreement he had signed with the British telecom giant.

Analjit Singh, who is Founder and Chairman of Max India , owns 51 percent interest in Scorpio Beverages Pvt Ltd, which is being paid Rs 1,241 crore for the 24.65 percent stake it holds in Vodafone India. Piramal, the only other minority shareholder in Vodafone India, is being paid Rs 8,900 crore for its 10.97 percent stake.

Also Read: FIPB clears Vodafone, Tesco proposals

"The consideration payable to Mr Analjit Singh is consistent with the agreements signed between him and Vodafone, which were filed with the FIPB in 2007 and 2009," the statement said.

Singh hailed the decision of the Foreign Investment Promotion Board (FIPB) wherein it approved Vodafone's proposal to increase its shareholding in the UK based telecom major's Indian arm.

Terming the decision as "extremely encouraging and most forward looking", Singh said that this would send the right signal to investors all over the globe who have plans to invest in India.

"The decision is very important for ongoing reforms in India. In fact, it has a lot of symbolic significance because telecom is the first regulated sector to benefit from 100 percent FDI," he said.

On the issue of his own shareholding in Vodafone, Singh clarified that he did not own any shares directly in Vodafone India Limited but holds an indirect equity interest in VIL through various holding companies, some of which have significant debt.

"The valuation of his stake in VIL will have to take this debt into consideration as well as the fact that the holdings are indirect unlike Piramal Enterprises Limited's direct interest in VIL," the statement said.

The decision of Foreign Investment Promotion Board (FIPB) will now go to the Cabinet Committee of Economic Affairs for final approval.

Vodafone India is second largest telecom operator in the country with over 15.6 crore mobile subscribers. The company is bullish on Indian market. Vodafone Group has earmarked investment of USD three billion on its telecom networks in India over next two years.


Max India stock price

On December 31, 2013, Max India closed at Rs 215.20, up Rs 0.60, or 0.28 percent. The 52-week high of the share was Rs 264.90 and the 52-week low was Rs 150.50.


The company's trailing 12-month (TTM) EPS was at Rs 5.47 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 39.34. The latest book value of the company is Rs 115.98 per share. At current value, the price-to-book value of the company is 1.86.


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JSW Steel promoter hikes stake in co to 4.74%

Written By Unknown on Senin, 30 Desember 2013 | 23.26

Dec 30, 2013, 08.28 PM IST

JSW Investments had 4.61 per cent stake or 11,14,55,761 shares in the steel maker before it started buying, the company said in a filing with BSE today.

Tags  JSW Steel, JSW Investments, BSE

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JSW Steel promoter hikes stake in co to 4.74%

JSW Investments had 4.61 per cent stake or 11,14,55,761 shares in the steel maker before it started buying, the company said in a filing with BSE today.

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JSW Steel promoter hikes stake in co to 4.74%

JSW Investments had 4.61 per cent stake or 11,14,55,761 shares in the steel maker before it started buying, the company said in a filing with BSE today.

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JSW Investments, a promoter group firm of JSW Steel , has increased stake in the company by 0.13 percent to 4.74 percent for nearly Rs 32 crore through open market transactions.
JSW Investments had 4.61 per cent stake or 11,14,55,761 shares in the steel maker before it started buying, the company said in a filing with BSE today.

On December 20, it bought 4,132 shares for Rs 13.35 lakh, followed by another 12,000 shares for Rs 1.18 crore on December 23. It again bought 1.35 lakh shares for Rs 13.35 crore on December 24 and 1.69 lakh shares on December 26 for Rs 16.93 crore. Following the transactions, JSW Investments now holds 4.74 per cent stake or 1.13 lakh shares in JSW Steel.

As on September 30, JSW Steel's promoters held 36.25 per cent stake in the firm. Jindal South West Holdings and Jindal Energy Investments have more than five per cent stake in the company. Shares of the company closed at Rs 1,020 apiece, up 1.30 per cent on the BSE today.


JSW Steel stock price

On December 30, 2013, JSW Steel closed at Rs 1022.75, up Rs 15.85, or 1.57 percent. The 52-week high of the share was Rs 1024.90 and the 52-week low was Rs 451.50.


The company's trailing 12-month (TTM) EPS was at Rs 24.43 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 41.86. The latest book value of the company is Rs 811.51 per share. At current value, the price-to-book value of the company is 1.26.

The Best New Year Parties in India


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Canara Bank hikes lending rate by 0.25%

Dec 30, 2013, 08.33 PM IST

Base rate is the minimum lending rate below which banks can not lend to a borrower. The bank has also aligned its benchmark prime lending rate to 14.45 percent from 14.20 percent.

Tags  Canara Bank, HDFC, ICICI Bank, BSE, Base rate, SBI

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Canara Bank hikes lending rate by 0.25%

Base rate is the minimum lending rate below which banks can not lend to a borrower. The bank has also aligned its benchmark prime lending rate to 14.45 percent from 14.20 percent.

Like this story, share it with millions of investors on M3

Canara Bank hikes lending rate by 0.25%

Base rate is the minimum lending rate below which banks can not lend to a borrower. The bank has also aligned its benchmark prime lending rate to 14.45 percent from 14.20 percent.

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State-owned  Canara Bank today raised base rate or the minimum lending rate by 0.25 percent to 10.20 percent even as RBI kept its policy rates unchanged in its mid-quarter review earlier this month. Canara Bank becomes the first major state-owned bank to increase base rate after RBI's policy announcement, a move that will make loans, including home and auto, costlier. The base rate stands modified from 9.95 percent to 10.20 percent, Canara Bank said in a filing to the BSE.

Base rate is the minimum lending rate below which banks can not lend to a borrower. The bank has also aligned its benchmark prime lending rate to 14.45 percent from 14.20 percent, it said. In tune with the market conditions, the bank has aligned its lending rates, it said, adding, the new rates would be effective from January 1. On December 18, RBI in its mid-quarter review kept its policy rates unchanged. RBI has kept short-term lending rate unchanged at 7.75 percent, while the cash reserve ratio (CRR) remained at 4 percent.

Also Read: Never bet against RBI, it can hurt you: Rajan to traders

A day after RBI policy announcement, biggest housing financiers SBI , ICICI Bank and  HDFC slashed home loan rates by up to 0.4 percent for new borrowers. SBI loans of up to Rs 75 lakh is available to fresh borrowers at 10.15 percent against the existing rate of 10.50 percent. For women borrowers, the rate of interest after an additional concession of 0.05 percent is at 10.10 percent for home loans of up to Rs 75 lakh. The new rates for HDFC home loans of up to Rs 75 lakh will be 10.25 percent as against the existing 10.50 percent.


Canara Bank stock price

On December 30, 2013, Canara Bank closed at Rs 276.55, down Rs 5.6, or 1.98 percent. The 52-week high of the share was Rs 550.00 and the 52-week low was Rs 189.90.


The company's trailing 12-month (TTM) EPS was at Rs 64.42 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 4.29. The latest book value of the company is Rs 561.58 per share. At current value, the price-to-book value of the company is 0.49.

The Best New Year Parties in India


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Aker may submit report in Apr on ONGC-RIL tie-up prospect

Aker Solutions, appointed by state-owned  ONGC to explore possibility of sharing Reliance Industries Ltd (RIL) infrastructural facilities on East coast of the country, is expected to submit its report by April next year. Based on Aker's report, ONGC will decide whether to enter into an agreement with RIL or not and modalities if it decides to go with the Mukesh Ambani-led company, according to Ashok Varma, Executive Director (Asset Manager) Eastern Offshore Asset.

"The agreement with RIL is valid for nine months. Aker is expected to give their report by April. After that we need to do the engineering of the entire thing we put up and float tenders," Varma told PTI. "Within nine months we have to finish studies. We are on schedule. They will do the complete analysis of their (RIL) system, our system, quantities of gas and whether we can process our production there or not," he said.

Also Read: RIL, BP to give $1.2 bn bank guarantee for higher gas price

In July, ONGC had inked a Memorandum of Understanding with RIL to explore the possibility of sharing the latter's infrastructural facility in the east coast. The MoU aims at working out the modalities for sharing of infrastructure, identifying additional requirements as well as firming up the commercial terms.

This shall not only minimise ONGC's initial Capex but also expedite its field development resulting in early monetisation of its deep water fields adjacent to the fields of RIL, ONGC had earlier said.

Aker Solutions provides oilfield products, systems and services for customers in the oil and gas industry worldwide. "If everything is well then we will start working with them from 2017," Varma added. ONGC has made nine gas discoveries in its KG block KG-DWN-98/2, which sits next to RIL's flagging KG-DWN-98/3 or

KG-D6 block. The state-owned firm plans to club these finds with discoveries in another neighbouring block to begin gas production from 2016-17, ONGC had earlier said.


ONGC stock price

On December 30, 2013, Oil and Natural Gas Corporation closed at Rs 289.25, down Rs 2.8, or 0.96 percent. The 52-week high of the share was Rs 354.10 and the 52-week low was Rs 234.40.


The company's trailing 12-month (TTM) EPS was at Rs 22.24 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 13.01. The latest book value of the company is Rs 145.47 per share. At current value, the price-to-book value of the company is 1.99.


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Icra rates 1st Basel III tier I bonds from YES Bank

Domestic rating agency Icra today gave a stable outlook to the Basel III-compliant Rs 300 crore tier-I bond issuance by YES Bank, making it the first such instrument from the country.

YES Bank is the first domestic bank to issue a capital instrument that is compliant with the Basel III capital norms, which has been assigned an A (Hyb) rating by Icra, the agency said.

Also Read: 2014 will be a milestone for economy: Ajay Jain

Though many banks have raised money through Basel III- compliant tier II bonds, YES Bank is the first to issue tier I bonds meeting the stringent Basel III norms. Last month state-run Union Bank of India had raised additional capital to the extent of Rs 2,000 crore by issuing Basel III compliant tier II bonds.

In September, another state-run lender Bank of India had also mopped up Rs 1000 crore by issuing Basel III-complaint tier-ll bonds to LIC with a one-year maturity. The rating for the Basel III-compliant tier I bonds is three notches lower than the Basel II-complaint lower tier II bonds of the bank as they have the loss absorption features in compliance with RBI guidelines on Basel III capital norms, issued in May 2012, that make them riskier, the agency said.

Commenting on the rating, Vibha Batra of Icra said the rating factors in YES Bank's continued robust operating performance with strong profitability indicators on the back of its ability to generate high levels of fee income, comfortable asset quality technology initiatives and rising Casa base, which stood at 20.39 per cent as of Q2.

Karthik Srinivasan of Icra said as local market evolves, this instrument would be an important tool to partly meet large capital requirements of domestic banks. While Basel III bonds are likely to absorb losses on breach of loss triggers, Icra expects prudent regulatory provisions, close supervision and RBI oversight to help banks lower probability of capital erosion, and thus triggering any breach.


Yes Bank stock price

On December 30, 2013, Yes Bank closed at Rs 368.50, down Rs 5.25, or 1.4 percent. The 52-week high of the share was Rs 547.15 and the 52-week low was Rs 216.10.


The company's trailing 12-month (TTM) EPS was at Rs 40.95 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 9. The latest book value of the company is Rs 161.13 per share. At current value, the price-to-book value of the company is 2.29.


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UPL unveils Rs 308cr buyback offer

Agrochemical firm  UPL Ltd today approved the buyback of upto 1.40 crore shares from the market by paying cash with aggregate amount not exceeding Rs 308 crore as the present value of shares does not reflect its true valuation.

In its meeting held today, the Board of the company has approved the buyback of shares at a maximum price of Rs 220 per share, UPL said in a BSE filing.

"... approval of board of directors be and is hereby accorded for purchase of up to 1.40 crore fully paid up equity shares of Rs 2 each at a price not exceeding Rs 220 payable in cash, up to an aggregate amount not exceeding Rs 308 crore," it added.

According to the filing, the Chairman of the company informed the board that present market value of equity shares does not reflect its true valuation. One of the ways to get true valuation will be to make buyback of shares from the
market.

The company has sufficient financial resources. These resources can be gainfully employed in buyback of shares which will increase shareholder value, it said.

"... buyback will result in reduction of number of shares accompanied by possible increase in earnings per share and return on capital," it added.

UPL, which was formerly known as United Phosphorus, had reported a consolidated net profit for the second quarter at Rs 154.63 crore as against Rs 119.80 crore in the same quarter last year.

The company has 23 manufacturing sites, out of which nine are in India, four in France, two in Spain, three in Argentina, one each in UK, Vietnam, Netherlands, Italy and China.

Shares of the company closed at Rs 194.90 apiece, up 0.85 percent on the BSE.


UPL stock price

On December 30, 2013, UPL closed at Rs 196.45, up Rs 3.20, or 1.66 percent. The 52-week high of the share was Rs 198.40 and the 52-week low was Rs 113.30.


The company's trailing 12-month (TTM) EPS was at Rs 6.97 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 28.19. The latest book value of the company is Rs 75.86 per share. At current value, the price-to-book value of the company is 2.59.


23.26 | 0 komentar | Read More

FIPB nod to Vodafone step in right direction: Sanjay Kapoor

The Foreign Investment Promotion Board (FIPB) decision to clear Vodafone Plc's proposal to hike stake in its Indian subsidiary indicates that winds have started blowing in the right direction for the telecom sector and the industry is now transforming from being voice led to data led, Sanjay Kapoor, Former CEO, Bharti Airtel told CNBC-TV18 in an interview.

However, to attract more global investors to this sector, more clarity on policies like M&A norms is required, he added.

Meanwhile, speaking about the upcoming spectrum auctions, he said that 1800 MHz band auction may not interest participants much, but investors are likely to show interest in 900 MHz band auction.

Below is the verbatim transcript of Sanjay Kapoor's interview with CNBC-TV18

Q: As an industry observer just want to get your reaction to this decision from the FIPB. What does it mean for the market as a whole?

A: Very categorically winds have started blowing in the right direction for the telecom. A little while back we have had some positive news from the regulatory action. Now we are getting a FIPB approval for Vodafone. This is all positive. We are at a very interesting juncture as far as telecommunications is concerned. We are transforming. From being a voice led industry to becoming a data led industry.

We know in a country like ours where the physical infrastructure happens to be weak even today, the virtual infrastructure which is atleast the voice network has been absolutely benchmarked with the best in the world. Now we are transforming that voice based network to a data based network, which will require huge amounts of investments to be made. I don't believe that only local pockets will be able to bridge the gap. Therefore this approval is coming at a very apt juncture.

While I say that, I also must say that it is not just giving an approval for FDI that will attract the investors. When we speak to investors in any part of the world we clearly see that what they don't like is uncertainty. They like clarity and therefore the sooner we come out clarification on the policies whether they are mergers or they are sharing of spectrum or renewal of the licenses going forward, all these need to be set to rest. This push by FDI is definitely a welcome move for India because India needs a lot of investment.

When you look at the telecom industry in other parts of the world, they are very data centric for example Japan, Korea and United States. Billions of dollars are being invested to create a very robust data network because we all know that countries in future will not compete only on their physical infrastructure but a mix of physical and virtual infrastructure. Therefore this is a golden opportunity for India to render itself to be globally competitive.

Q: You seem to be stressing on the fact that the industry is moving from being voice based to data led. How do you see the data market now panning out? Do you see Vodafone coming in with guns blazing specifically in that space? Do you see more aggressive tariffs because of this move?

A: I have always believed that no one company can create an eco-system that can transform the services in a nation. It is not about one company. The whole industry will have to take a significant step towards transforming their businesses towards data centric businesses.

India is capable of doing, but it requires a huge amount of investment both in access and in backhaul. Telecommunications is a spectrum hungry industry. With abundance of spectrum, with backhaul clubbed with devices, which are flowing heavily into this country everyday and content, we can have a major transformation from voice to data. We know that India has a privilege of having 50 percent of its population below the age group of 26 which makes it one of the most potent data markets in the world.

Q: Do you now see other companies with significant foreign interest going in for a similar move to hike stake here in India and if so who would be your suspects?

A: India will remain a market that everybody will look at positively, provided we are able to set the stage with certainty behind us and with complete clarity on how we are going to transform this country from voice to data going forward. Once most of these policy decisions are taken I have no doubt in my mind that India will once again have the potential of becoming attractive to many foreign investors.

Q: How do you see the sector as a whole panning out? Do you see the spectrum auctions coming up as a success now that some policy clarity has started emerging? Do you see Vodafone for example participating more aggressively in the auctions?

A: When you look at the forthcoming auctions, as far as 1800 Mhz spectrum is concerned there is enough spectrum available and I don't see that there will be too much of a fight going on over there. What will be keenly poised is the space for 900 Mhz spectrum because we know that 900 Mhz is a very powerful set of spectrum. With the dearth of spectrum in that band and there are lot more takers, it will be interesting to watch how that pans out.



23.26 | 0 komentar | Read More

Rico Auto focuses on exports to drive growth

Written By Unknown on Minggu, 29 Desember 2013 | 23.25

In an interview to CNBC-TV18, Arvind Kapur of  Rico Auto spoke about the latest happenings in his company and the road ahead.

Below is a verbatim transcript of the interview on CNBC-TV18

Q: Rico Auto stock has been buzzing quite a bit. It is up about 50-60 percent this week alone. Is there any latest development, any kind of updated on sales, any new orders that the company has won that we do not know about?

A: We have been trying to increase our exports and we have been successful in getting some very good export orders to the extent of about Rs 200 crore a year. This would be over and above whatever we are already exporting. Today, our focus is on the export market and the rupee is in a favour today as far as the exports are concerned. So that is the only change that has really happened.

Otherwise, by and large, if you look at the domestic market there is a recession. Fortunately, we are in the two wheeler industry. The two-wheeler industry is sustaining. If you look at the car industry, the car industry is under stress, but we are okay.

Q: Could you tell us the margins in the export business?

A: It is very difficult to really define the margins, but the export margins are probably a little better than domestic margins in any case. Let me tell you it is a global market and so it is not that one can say that one is better than the other and all the players are present in India and we are talking of global pricing and global competition.

This order we got was in competition with China and Europe and we are very proud of this order and it is for a very huge luxury market.

Q: What about your trajectory in revenues and profits? By the end of FY13, you had about Rs 1,000 crore of revenues. By the end of FY14, where do you think you will stand in terms of revenues and profits as well?

A: At the end of March 2014 we should be very close to whatever we had last year, maybe plus-minus 2 percent, but the year after that, because exports start from the year after that, so revenues will start growing then. If you look at the domestic market, hopefully after the elections the domestic markets should also improve and the revenues should grow reasonably well.

Q: Your finance cost was extremely high in the last quarter and it went up whether you look at it on a quarter-on-quarter basis or on a year-on-year basis. Could you tell us where the debt on the books stands at and what the plan is with respect to reducing it?

A: If you look at the debt last year and debt this year, we have been able to reduce the debt by almost about 25 percent and we are working on it and we are targeting that in another two to two-and-a-half-year's time we should become a debt-free company as far as long-term debts are concerned and that is what we have been working on. This recession has actually got us thinking as to what we should do in long-term and so this was an opportunity for us to introspect and go into details as to what we can do to reduce the debt.

Q: How long do you think it will take for the domestic market slowdown to continue and how much of your total contribution comes from the domestic market?

A: Our major contribution is the domestic market. I am talking of the domestic investment market. Today, when we say the domestic market, there are some customers like Renault, Ford and others, some of the OEMs in India who are actually manufacturing in India and exporting the products. So our products also get exported through them, but if you look at only domestic market our dependence is almost about 78-80 percent.

We will see the change taking place. We should be in about 25 percent bracket as far as our exports are concerned and balance would be domestic.



23.25 | 0 komentar | Read More

Land bank monetisation not an issue: HDIL

Dec 27, 2013, 08.47 PM IST

In a conversation with CNBC-TV18's Manasvi Ghelani, HDIL's vice chairman and managing director Sarang Wadhawan expressed confidence that forth coming project pipeline will boost the company's sales.

Like this story, share it with millions of investors on M3

Land bank monetisation not an issue: HDIL

In a conversation with CNBC-TV18's Manasvi Ghelani, HDIL's vice chairman and managing director Sarang Wadhawan expressed confidence that forth coming project pipeline will boost the company's sales.

Like this story, share it with millions of investors on M3

Land bank monetisation not an issue: HDIL

In a conversation with CNBC-TV18's Manasvi Ghelani, HDIL's vice chairman and managing director Sarang Wadhawan expressed confidence that forth coming project pipeline will boost the company's sales.

Share  .  Email  .  Print  .  A+A-
Real estate developer  HDIL booked residential income of about Rs 350 crore during the last quarter. In a conversation with CNBC-TV18's Manasvi Ghelani, HDIL's vice chairman and managing director Sarang Wadhawan expressed confidence that forth coming project pipeline will boost the company's sales.

"I am expecting our debt to go down anywhere between 10 to 15 percent over this quarter. We are well on the way towards that. I am hoping that maybe over the next two months time you will see a drop in HDIL's debt figure. These are self-liquidating loans which were based on approvals. Now while we have no problem getting the approvals, it depends on the other businesses that we have sold the FSI to, to actually make the payments," he told the channel.

"We are monetising our land banks. We will never had any problem in selling FSI or selling TDR or selling flats or commercial premises. We are in all fields. We never get attached to a property. If the property has value and if we can monetise it well enough, we will monetise it," he says.


HDIL stock price

On December 27, 2013, Housing Development and Infrastructure closed at Rs 53.95, down Rs 0.6, or 1.1 percent. The 52-week high of the share was Rs 123.95 and the 52-week low was Rs 26.10.


The latest book value of the company is Rs 243.00 per share. At current value, the price-to-book value of the company was 0.22.

The Best New Year Parties in India


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RBI lifts curbs on purchase of shares in Axis Bank by FIIs

The Reserve Bank today lifted curbs imposed on purchase of  Axis Bank shares by foreign institutional investors (FIIs), post government approval to increase foreign shareholding in the domestic lender.

"...consequent upon approval from Government of India for increase in foreign investment from 49 per cent to 62 percent of the paid up equity share capital of Axis Bank, the aggregate share holdings through FII/NRI/PIO/FDI in Axis Bank Ltd have gone below the prescribed threshold caution limit stipulated under the extant FDI Policy," RBI said.

Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect, RBI added further.

The government a day earlier had approved increasing foreign shareholding in Axis Bank to 62 per cent that would bring in an inflow of about Rs 7,250 crore.

After the hike in stake by foreign investors the bank will become foreign-owned, thus all investment in the future in bank's subsidiaries will be governed under foreign direct investment (FDI) policy.

The bank has seven subsidiaries -- Axis Capitals, Axis Finance Pvt Ltd, Axis Private Equity Ltd, Axis Trustee Services Ltd, Axis Asset Management Company, Axis Mutual Fund Trustee Ltd and Axis UK Ltd.

Life Insurance Corporation, General Insurance Corporation, New India Assurance, National Insurance Company and Administrator of Specialised Undertaking of the Unit Trust of India are the promoters of Axis Bank.

Axis Bank shares ended at Rs 1290.55 apiece on BSE today, 0.59 per cent lower than previous close.


Axis Bank stock price

On December 27, 2013, Axis Bank closed at Rs 1293.25, down Rs 4.95, or 0.38 percent. The 52-week high of the share was Rs 1549.00 and the 52-week low was Rs 764.00.


The company's trailing 12-month (TTM) EPS was at Rs 120.91 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 10.7. The latest book value of the company is Rs 0.00 per share. At current value, the price-to-book value of the company is 0.00.


23.25 | 0 komentar | Read More

CCI okays United Spirits deal to sell Tamil Nadu distillery

Fair trade watchdog CCI has cleared Vijay Mallya-led United Spirits ' proposed sale of a distillery in Tamil Nadu to Enrica Enterprises, as the deal does not raise adverse competition concerns.

The deal involves hiving off entire operations at the unit of United Spirits (USL) that manufactures Indian Made Foreign Spirits (IMFS) to Enrica "by way of slump sale on a going concern basis". The unit is located at Poonamallee, Chennai.

Post-deal, Enrica would make certain IMFS brands of United Spirits using technology and know-how and under the trademark of the Vijay Mallya firm.

In an order dated December 26, the Competition Commission of India (CCI) said "the proposed combination is not likely to have an appreciable adverse effect on competition in India and therefore, the Commission hereby approves the proposed combination under...the (Competition) Act".

According to the Commission, the manufacture and sale of IMFS in Tamil Nadu "is highly regulated by the Tamil Nadu State Marketing Corporation, which has the exclusive privilege of conducting trade in IMFS in Tamil Nadu".

"There is also the presence of a number of manufacturers of IMFS in Tamil Nadu and as already noted, EEPL (Enrica Enterprises Private Ltd) and its promoters are currently not engaged in the business of IMFS in the state of Tamil Nadu," the Commission added.

Bangalore-based USL is engaged in the manufacture and sale of IMFS, while Enrica is an unlisted firm incorporated under the laws of India and has its registered office in Chennai and is presently not carrying out any business operations.

As per the details in the order, the promoters of Enrica Enterprises -- Spurthi Holdings, Viki Investments and Properties, Sree Shyam Sayi Investments and Traders – are planning to enter into the business of manufacturing IMFS by way of the proposed deal.

The Commission had received the notice from USL on December 6, 2013, seeking approval for the proposed deal.

On November 8, the USL board had approved the transfer of the unit to Enrica.


United Spirits stock price

On December 27, 2013, United Spirits closed at Rs 2536.90, up Rs 10.60, or 0.42 percent. The 52-week high of the share was Rs 2815.00 and the 52-week low was Rs 1708.20.


The company's trailing 12-month (TTM) EPS was at Rs 24.01 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 105.66. The latest book value of the company is Rs 440.83 per share. At current value, the price-to-book value of the company is 5.75.


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Vineet Nayar steps down from HCL Tech Board

IT industry veteran Vineet Nayar today stepped down from the board of country's fourth largest software services firm, HCL Technologies , to devote more time to his foundation. Nayar, who has been a Director of the company since 2008, will continue to engage with HCL Technologies and HCL Corporation as a Senior Advisor, HCL Technologies said in a statement.

He will advise HCL Corporation on key strategic issues and work with the Board of HCL Technologies on initiatives like driving a high performance culture amongst senior managers and new strategies for growth.

"Vineet has been a friend and a colleague for over two decades now. His bold ideas and passion for the organisation, has inspired many others to think and dream big. "His contribution to HCL and the Board has been a benchmark for others to follow and we all are very proud of
him," HCL Technologies Chief Strategy Officer and Chairman Shiv Nadar said.

More than two decades after joining HCL Technologies, Nayar stepped down from the post of CEO in January this year to make way for the next generation of leaders to steer the company.

He, however, continued to work as Vice-Chairman and Joint Managing Director of the company.

"I am grateful to Shiv, Board Members and the employees of HCL Technologies, for giving me an opportunity to dream, learn, explore and experiment along with them. There are very few organisations where one could rise up the ranks and become the CEO and Vice Chairman," Nayar said.

Nayar had sold his entire stock holding in HCL Technologies for about Rs 134 crore in June 2012 and used the money for his non-profit organisation Sampark.

"As I pursue my dream, of creating a 'Million Smiles' through Sampark Foundation, I carry with me goodwill, best wishes and lots of learning," he said. Nayar had joined HCL in 1985 after getting his MBA from XLRI. He founded Comnet, where he incubated the remote infrastructure management (RIM) industry in 1993.

He is known for his 'employees first, customers second' philosophy, which became a core of HCL Technologies' policies and practices.

In 2005, Nayar became President of the company and it was under his leadership that the company expanded to become an USD 4 billion entity employing over 87,000 people across the globe.


HCL Tech stock price

On December 27, 2013, HCL Technologies closed at Rs 1249.30, up Rs 3.10, or 0.25 percent. The 52-week high of the share was Rs 1261.40 and the 52-week low was Rs 615.30.


The company's trailing 12-month (TTM) EPS was at Rs 61.47 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 20.32. The latest book value of the company is Rs 146.43 per share. At current value, the price-to-book value of the company is 8.53.


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PCMA opposes ban on PET packaging of drugs

PET Container Manufacturers Association (PCMA) has opposed the recommendations of Union Health Ministry's Drug Technical Advisory Board (DTAB) demanding ban on use of PET containers for the packaging of pharmaceutical products.

The DTAB recommendations to ban packaging of pharmaceutical products in PET container on ground that PET packaging contaminates the medicine with chemicals is unjust and baseless, PCMA President Biswajit Ghosh said in a statement here today.

"The recommendation demonstrates lack of knowledge about the impact of PET packaging on pharmaceutical products. PCMA feels that DTAB, while recommending the ban has totally ignored the fact that PET is legally accepted packaging material globally," the release said.

PCMA has requested the Ministry to consider the fact that US pharmacopeia, US Food & Drug Administration, Indian pharmacopeia, Bureau of Indian Standards, and many other regulatory bodies in the world have acknowledged adequate safety standards for PET bottles.

Further, each pharmaceutical company does its own stability tests conforming to standards drawn by competent authorities before launching product their in any packaging. PET bottles meet all parameters defined in the standards, it said.

PCMA says the recommendation is based on "incomplete knowledge" and may harm general consumer interests.

It has appealed the Ministry and concerned departments to consider complete gamut of regulatory practices before arriving at any conclusion. The appeal is based on the fact that very recently as many as six such public Interest Litigations (PlL) were dismissed by various High Courts across the country and finally even the Supreme Court had squashed the PIL challenging use of PET bottles.

"It is really unfortunate that despite PET being well accepted as a packaging material for pharmaceutical products in the countries having stringent standards globally, DTAB has recommended a ban. We sincerely urge the Ministry to consider complete spectrum of regulatory practices before arriving to any conclusion." PCMA General Secretary Suresh Singhat said.



23.25 | 0 komentar | Read More

CCI okays United Spirits deal to sell Tamil Nadu distillery

Written By Unknown on Sabtu, 28 Desember 2013 | 23.25

Fair trade watchdog CCI has cleared Vijay Mallya-led United Spirits ' proposed sale of a distillery in Tamil Nadu to Enrica Enterprises, as the deal does not raise adverse competition concerns.

The deal involves hiving off entire operations at the unit of United Spirits (USL) that manufactures Indian Made Foreign Spirits (IMFS) to Enrica "by way of slump sale on a going concern basis". The unit is located at Poonamallee, Chennai.

Post-deal, Enrica would make certain IMFS brands of United Spirits using technology and know-how and under the trademark of the Vijay Mallya firm.

In an order dated December 26, the Competition Commission of India (CCI) said "the proposed combination is not likely to have an appreciable adverse effect on competition in India and therefore, the Commission hereby approves the proposed combination under...the (Competition) Act".

According to the Commission, the manufacture and sale of IMFS in Tamil Nadu "is highly regulated by the Tamil Nadu State Marketing Corporation, which has the exclusive privilege of conducting trade in IMFS in Tamil Nadu".

"There is also the presence of a number of manufacturers of IMFS in Tamil Nadu and as already noted, EEPL (Enrica Enterprises Private Ltd) and its promoters are currently not engaged in the business of IMFS in the state of Tamil Nadu," the Commission added.

Bangalore-based USL is engaged in the manufacture and sale of IMFS, while Enrica is an unlisted firm incorporated under the laws of India and has its registered office in Chennai and is presently not carrying out any business operations.

As per the details in the order, the promoters of Enrica Enterprises -- Spurthi Holdings, Viki Investments and Properties, Sree Shyam Sayi Investments and Traders – are planning to enter into the business of manufacturing IMFS by way of the proposed deal.

The Commission had received the notice from USL on December 6, 2013, seeking approval for the proposed deal.

On November 8, the USL board had approved the transfer of the unit to Enrica.


United Spirits stock price

On December 27, 2013, United Spirits closed at Rs 2536.90, up Rs 10.60, or 0.42 percent. The 52-week high of the share was Rs 2815.00 and the 52-week low was Rs 1708.20.


The company's trailing 12-month (TTM) EPS was at Rs 24.01 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 105.66. The latest book value of the company is Rs 440.83 per share. At current value, the price-to-book value of the company is 5.75.


23.25 | 0 komentar | Read More

Land bank monetisation not an issue: HDIL

Dec 27, 2013, 08.47 PM IST

In a conversation with CNBC-TV18's Manasvi Ghelani, HDIL's vice chairman and managing director Sarang Wadhawan expressed confidence that forth coming project pipeline will boost the company's sales.

Like this story, share it with millions of investors on M3

Land bank monetisation not an issue: HDIL

In a conversation with CNBC-TV18's Manasvi Ghelani, HDIL's vice chairman and managing director Sarang Wadhawan expressed confidence that forth coming project pipeline will boost the company's sales.

Like this story, share it with millions of investors on M3

Land bank monetisation not an issue: HDIL

In a conversation with CNBC-TV18's Manasvi Ghelani, HDIL's vice chairman and managing director Sarang Wadhawan expressed confidence that forth coming project pipeline will boost the company's sales.

Share  .  Email  .  Print  .  A+A-
Real estate developer  HDIL booked residential income of about Rs 350 crore during the last quarter. In a conversation with CNBC-TV18's Manasvi Ghelani, HDIL's vice chairman and managing director Sarang Wadhawan expressed confidence that forth coming project pipeline will boost the company's sales.

"I am expecting our debt to go down anywhere between 10 to 15 percent over this quarter. We are well on the way towards that. I am hoping that maybe over the next two months time you will see a drop in HDIL's debt figure. These are self-liquidating loans which were based on approvals. Now while we have no problem getting the approvals, it depends on the other businesses that we have sold the FSI to, to actually make the payments," he told the channel.

"We are monetising our land banks. We will never had any problem in selling FSI or selling TDR or selling flats or commercial premises. We are in all fields. We never get attached to a property. If the property has value and if we can monetise it well enough, we will monetise it," he says.


HDIL stock price

On December 27, 2013, Housing Development and Infrastructure closed at Rs 53.95, down Rs 0.6, or 1.1 percent. The 52-week high of the share was Rs 123.95 and the 52-week low was Rs 26.10.


The latest book value of the company is Rs 243.00 per share. At current value, the price-to-book value of the company was 0.22.

The Best New Year Parties in India


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Rico Auto focuses on exports to drive growth

In an interview to CNBC-TV18, Arvind Kapur of  Rico Auto spoke about the latest happenings in his company and the road ahead.

Below is a verbatim transcript of the interview on CNBC-TV18

Q: Rico Auto stock has been buzzing quite a bit. It is up about 50-60 percent this week alone. Is there any latest development, any kind of updated on sales, any new orders that the company has won that we do not know about?

A: We have been trying to increase our exports and we have been successful in getting some very good export orders to the extent of about Rs 200 crore a year. This would be over and above whatever we are already exporting. Today, our focus is on the export market and the rupee is in a favour today as far as the exports are concerned. So that is the only change that has really happened.

Otherwise, by and large, if you look at the domestic market there is a recession. Fortunately, we are in the two wheeler industry. The two-wheeler industry is sustaining. If you look at the car industry, the car industry is under stress, but we are okay.

Q: Could you tell us the margins in the export business?

A: It is very difficult to really define the margins, but the export margins are probably a little better than domestic margins in any case. Let me tell you it is a global market and so it is not that one can say that one is better than the other and all the players are present in India and we are talking of global pricing and global competition.

This order we got was in competition with China and Europe and we are very proud of this order and it is for a very huge luxury market.

Q: What about your trajectory in revenues and profits? By the end of FY13, you had about Rs 1,000 crore of revenues. By the end of FY14, where do you think you will stand in terms of revenues and profits as well?

A: At the end of March 2014 we should be very close to whatever we had last year, maybe plus-minus 2 percent, but the year after that, because exports start from the year after that, so revenues will start growing then. If you look at the domestic market, hopefully after the elections the domestic markets should also improve and the revenues should grow reasonably well.

Q: Your finance cost was extremely high in the last quarter and it went up whether you look at it on a quarter-on-quarter basis or on a year-on-year basis. Could you tell us where the debt on the books stands at and what the plan is with respect to reducing it?

A: If you look at the debt last year and debt this year, we have been able to reduce the debt by almost about 25 percent and we are working on it and we are targeting that in another two to two-and-a-half-year's time we should become a debt-free company as far as long-term debts are concerned and that is what we have been working on. This recession has actually got us thinking as to what we should do in long-term and so this was an opportunity for us to introspect and go into details as to what we can do to reduce the debt.

Q: How long do you think it will take for the domestic market slowdown to continue and how much of your total contribution comes from the domestic market?

A: Our major contribution is the domestic market. I am talking of the domestic investment market. Today, when we say the domestic market, there are some customers like Renault, Ford and others, some of the OEMs in India who are actually manufacturing in India and exporting the products. So our products also get exported through them, but if you look at only domestic market our dependence is almost about 78-80 percent.

We will see the change taking place. We should be in about 25 percent bracket as far as our exports are concerned and balance would be domestic.



23.25 | 0 komentar | Read More

RBI lifts curbs on purchase of shares in Axis Bank by FIIs

The Reserve Bank today lifted curbs imposed on purchase of  Axis Bank shares by foreign institutional investors (FIIs), post government approval to increase foreign shareholding in the domestic lender.

"...consequent upon approval from Government of India for increase in foreign investment from 49 per cent to 62 percent of the paid up equity share capital of Axis Bank, the aggregate share holdings through FII/NRI/PIO/FDI in Axis Bank Ltd have gone below the prescribed threshold caution limit stipulated under the extant FDI Policy," RBI said.

Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect, RBI added further.

The government a day earlier had approved increasing foreign shareholding in Axis Bank to 62 per cent that would bring in an inflow of about Rs 7,250 crore.

After the hike in stake by foreign investors the bank will become foreign-owned, thus all investment in the future in bank's subsidiaries will be governed under foreign direct investment (FDI) policy.

The bank has seven subsidiaries -- Axis Capitals, Axis Finance Pvt Ltd, Axis Private Equity Ltd, Axis Trustee Services Ltd, Axis Asset Management Company, Axis Mutual Fund Trustee Ltd and Axis UK Ltd.

Life Insurance Corporation, General Insurance Corporation, New India Assurance, National Insurance Company and Administrator of Specialised Undertaking of the Unit Trust of India are the promoters of Axis Bank.

Axis Bank shares ended at Rs 1290.55 apiece on BSE today, 0.59 per cent lower than previous close.


Axis Bank stock price

On December 27, 2013, Axis Bank closed at Rs 1293.25, down Rs 4.95, or 0.38 percent. The 52-week high of the share was Rs 1549.00 and the 52-week low was Rs 764.00.


The company's trailing 12-month (TTM) EPS was at Rs 120.91 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 10.7. The latest book value of the company is Rs 0.00 per share. At current value, the price-to-book value of the company is 0.00.


23.25 | 0 komentar | Read More

Vineet Nayar steps down from HCL Tech Board

IT industry veteran Vineet Nayar today stepped down from the board of country's fourth largest software services firm, HCL Technologies , to devote more time to his foundation. Nayar, who has been a Director of the company since 2008, will continue to engage with HCL Technologies and HCL Corporation as a Senior Advisor, HCL Technologies said in a statement.

He will advise HCL Corporation on key strategic issues and work with the Board of HCL Technologies on initiatives like driving a high performance culture amongst senior managers and new strategies for growth.

"Vineet has been a friend and a colleague for over two decades now. His bold ideas and passion for the organisation, has inspired many others to think and dream big. "His contribution to HCL and the Board has been a benchmark for others to follow and we all are very proud of
him," HCL Technologies Chief Strategy Officer and Chairman Shiv Nadar said.

More than two decades after joining HCL Technologies, Nayar stepped down from the post of CEO in January this year to make way for the next generation of leaders to steer the company.

He, however, continued to work as Vice-Chairman and Joint Managing Director of the company.

"I am grateful to Shiv, Board Members and the employees of HCL Technologies, for giving me an opportunity to dream, learn, explore and experiment along with them. There are very few organisations where one could rise up the ranks and become the CEO and Vice Chairman," Nayar said.

Nayar had sold his entire stock holding in HCL Technologies for about Rs 134 crore in June 2012 and used the money for his non-profit organisation Sampark.

"As I pursue my dream, of creating a 'Million Smiles' through Sampark Foundation, I carry with me goodwill, best wishes and lots of learning," he said. Nayar had joined HCL in 1985 after getting his MBA from XLRI. He founded Comnet, where he incubated the remote infrastructure management (RIM) industry in 1993.

He is known for his 'employees first, customers second' philosophy, which became a core of HCL Technologies' policies and practices.

In 2005, Nayar became President of the company and it was under his leadership that the company expanded to become an USD 4 billion entity employing over 87,000 people across the globe.


HCL Tech stock price

On December 27, 2013, HCL Technologies closed at Rs 1249.30, up Rs 3.10, or 0.25 percent. The 52-week high of the share was Rs 1261.40 and the 52-week low was Rs 615.30.


The company's trailing 12-month (TTM) EPS was at Rs 61.47 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 20.32. The latest book value of the company is Rs 146.43 per share. At current value, the price-to-book value of the company is 8.53.


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PCMA opposes ban on PET packaging of drugs

PET Container Manufacturers Association (PCMA) has opposed the recommendations of Union Health Ministry's Drug Technical Advisory Board (DTAB) demanding ban on use of PET containers for the packaging of pharmaceutical products.

The DTAB recommendations to ban packaging of pharmaceutical products in PET container on ground that PET packaging contaminates the medicine with chemicals is unjust and baseless, PCMA President Biswajit Ghosh said in a statement here today.

"The recommendation demonstrates lack of knowledge about the impact of PET packaging on pharmaceutical products. PCMA feels that DTAB, while recommending the ban has totally ignored the fact that PET is legally accepted packaging material globally," the release said.

PCMA has requested the Ministry to consider the fact that US pharmacopeia, US Food & Drug Administration, Indian pharmacopeia, Bureau of Indian Standards, and many other regulatory bodies in the world have acknowledged adequate safety standards for PET bottles.

Further, each pharmaceutical company does its own stability tests conforming to standards drawn by competent authorities before launching product their in any packaging. PET bottles meet all parameters defined in the standards, it said.

PCMA says the recommendation is based on "incomplete knowledge" and may harm general consumer interests.

It has appealed the Ministry and concerned departments to consider complete gamut of regulatory practices before arriving at any conclusion. The appeal is based on the fact that very recently as many as six such public Interest Litigations (PlL) were dismissed by various High Courts across the country and finally even the Supreme Court had squashed the PIL challenging use of PET bottles.

"It is really unfortunate that despite PET being well accepted as a packaging material for pharmaceutical products in the countries having stringent standards globally, DTAB has recommended a ban. We sincerely urge the Ministry to consider complete spectrum of regulatory practices before arriving to any conclusion." PCMA General Secretary Suresh Singhat said.



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RBI lifts curbs on purchase of shares in Axis Bank by FIIs

Written By Unknown on Jumat, 27 Desember 2013 | 23.25

The Reserve Bank today lifted curbs imposed on purchase of  Axis Bank shares by foreign institutional investors (FIIs), post government approval to increase foreign shareholding in the domestic lender.

"...consequent upon approval from Government of India for increase in foreign investment from 49 per cent to 62 percent of the paid up equity share capital of Axis Bank, the aggregate share holdings through FII/NRI/PIO/FDI in Axis Bank Ltd have gone below the prescribed threshold caution limit stipulated under the extant FDI Policy," RBI said.

Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect, RBI added further.

The government a day earlier had approved increasing foreign shareholding in Axis Bank to 62 per cent that would bring in an inflow of about Rs 7,250 crore.

After the hike in stake by foreign investors the bank will become foreign-owned, thus all investment in the future in bank's subsidiaries will be governed under foreign direct investment (FDI) policy.

The bank has seven subsidiaries -- Axis Capitals, Axis Finance Pvt Ltd, Axis Private Equity Ltd, Axis Trustee Services Ltd, Axis Asset Management Company, Axis Mutual Fund Trustee Ltd and Axis UK Ltd.

Life Insurance Corporation, General Insurance Corporation, New India Assurance, National Insurance Company and Administrator of Specialised Undertaking of the Unit Trust of India are the promoters of Axis Bank.

Axis Bank shares ended at Rs 1290.55 apiece on BSE today, 0.59 per cent lower than previous close.


Axis Bank stock price

On December 27, 2013, Axis Bank closed at Rs 1293.25, down Rs 4.95, or 0.38 percent. The 52-week high of the share was Rs 1549.00 and the 52-week low was Rs 764.00.


The company's trailing 12-month (TTM) EPS was at Rs 120.91 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 10.7. The latest book value of the company is Rs 705.60 per share. At current value, the price-to-book value of the company is 1.83.


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Rico Auto focuses on exports to drive growth

In an interview to CNBC-TV18, Arvind Kapur of  Rico Auto spoke about the latest happenings in his company and the road ahead.

Below is a verbatim transcript of the interview on CNBC-TV18

Q: Rico Auto stock has been buzzing quite a bit. It is up about 50-60 percent this week alone. Is there any latest development, any kind of updated on sales, any new orders that the company has won that we do not know about?

A: We have been trying to increase our exports and we have been successful in getting some very good export orders to the extent of about Rs 200 crore a year. This would be over and above whatever we are already exporting. Today, our focus is on the export market and the rupee is in a favour today as far as the exports are concerned. So that is the only change that has really happened.

Otherwise, by and large, if you look at the domestic market there is a recession. Fortunately, we are in the two wheeler industry. The two-wheeler industry is sustaining. If you look at the car industry, the car industry is under stress, but we are okay.

Q: Could you tell us the margins in the export business?

A: It is very difficult to really define the margins, but the export margins are probably a little better than domestic margins in any case. Let me tell you it is a global market and so it is not that one can say that one is better than the other and all the players are present in India and we are talking of global pricing and global competition.

This order we got was in competition with China and Europe and we are very proud of this order and it is for a very huge luxury market.

Q: What about your trajectory in revenues and profits? By the end of FY13, you had about Rs 1,000 crore of revenues. By the end of FY14, where do you think you will stand in terms of revenues and profits as well?

A: At the end of March 2014 we should be very close to whatever we had last year, maybe plus-minus 2 percent, but the year after that, because exports start from the year after that, so revenues will start growing then. If you look at the domestic market, hopefully after the elections the domestic markets should also improve and the revenues should grow reasonably well.

Q: Your finance cost was extremely high in the last quarter and it went up whether you look at it on a quarter-on-quarter basis or on a year-on-year basis. Could you tell us where the debt on the books stands at and what the plan is with respect to reducing it?

A: If you look at the debt last year and debt this year, we have been able to reduce the debt by almost about 25 percent and we are working on it and we are targeting that in another two to two-and-a-half-year's time we should become a debt-free company as far as long-term debts are concerned and that is what we have been working on. This recession has actually got us thinking as to what we should do in long-term and so this was an opportunity for us to introspect and go into details as to what we can do to reduce the debt.

Q: How long do you think it will take for the domestic market slowdown to continue and how much of your total contribution comes from the domestic market?

A: Our major contribution is the domestic market. I am talking of the domestic investment market. Today, when we say the domestic market, there are some customers like Renault, Ford and others, some of the OEMs in India who are actually manufacturing in India and exporting the products. So our products also get exported through them, but if you look at only domestic market our dependence is almost about 78-80 percent.

We will see the change taking place. We should be in about 25 percent bracket as far as our exports are concerned and balance would be domestic.



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MakeMyTrip says passenger growth robust despite high fares

Rajesh Magow, Co-founder and Ceo – India, MakeMyTrip Inc, spoke with CNBC-TV18 about the festive season and whether consumers have put off traveling due to high fares.

Also read: CCI to probe high air fares for 5th time

Below is the transcript of the interview.

Q: How is this holiday season been not just for MakeMyTrip but for all the airlines and hotels that you list on your website?

A: The holiday season has been reasonably good despite the fares. As you mentioned, the fares have been higher from the last year both for airlines – 20 percent year-on-year and hotels – 10-15 percent YoY. But the good news is that Indian consumers are still traveling and the season has been reasonably good.

For the whole year, the total passenger traffic growth in the domestic market has been about 5 percent from January to November. During the year, we did see about growth going into double digits for three months, August, September and October. Overall, the season has been pretty good.

Q: You are saying that the move up to double digits only improved in the months of November-December because these are peak holiday seasons for airlines, domestic airlines but prices or air fares have also gone up substantially. For instance, the Delhi-Goa-Delhi flight ticket is now about Rs 40,000 if you want to travel in December and the same ticket was available for about Rs 20,000 in September. So, despite this rise in air fares we are seeing people travel domestically?

A: Last-minute travel during this part of the year has always been expensive and it has been a direct function of the load factor. So, what people have over the time learnt is to do advance bookings and plan a little ahead of time and that helps.

In some of the domestic destinations, Goa has always been a hot destination and a very expensive destination. There has also been a trend of picking up alternative destinations; just not looking at Goa alone. People have looked at Kerala, Rajasthan, Jaipur, Udaipur and Jaisalmer, etc.

Q: But if you are saying that we have seen an increase in passenger load factors in let's say August and September all the way up to double digit growth then October, November and December would have even exceeded that and that would have meant airlines would make the most of this and charge even higher prices. So, I am just trying to gauge, we have been talking about consumer spending slowing down but you are saying that people are continuing to opt for domestic holiday destinations?

A: August, September and October the flown traffic was double-digit. The growth rate was double digit for August, September and October. November it slowed down. It was about 2.6 percent and December the data is not yet out because it is based on the flown numbers and flown traffic would come in, in the month of January.

However, we have looked at the booking trends and we have seen certain segment of consumers definitely, especially domestic travel we have not seen any declining trend in terms of bookings in the month of December.

As far as overseas destinations are concerned, there has been a bit of a hit at least at our end. So, you are right in terms of fares being high but I guess a part of it has been planned in advance and booked in advance and therefore they have got some advantage of not being hit by the last-minute fare. All the trends or the data that I am sharing is basically travel basis and not necessarily on booking basis.



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Land bank monetisation not an issue: HDIL

Dec 27, 2013, 08.47 PM IST

In a conversation with CNBC-TV18's Manasvi Ghelani, HDIL's vice chairman and managing director Sarang Wadhawan expressed confidence that forth coming project pipeline will boost the company's sales.

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Land bank monetisation not an issue: HDIL

In a conversation with CNBC-TV18's Manasvi Ghelani, HDIL's vice chairman and managing director Sarang Wadhawan expressed confidence that forth coming project pipeline will boost the company's sales.

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Land bank monetisation not an issue: HDIL

In a conversation with CNBC-TV18's Manasvi Ghelani, HDIL's vice chairman and managing director Sarang Wadhawan expressed confidence that forth coming project pipeline will boost the company's sales.

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Real estate developer  HDIL booked residential income of about Rs 350 crore during the last quarter. In a conversation with CNBC-TV18's Manasvi Ghelani, HDIL's vice chairman and managing director Sarang Wadhawan expressed confidence that forth coming project pipeline will boost the company's sales.

"I am expecting our debt to go down anywhere between 10 to 15 percent over this quarter. We are well on the way towards that. I am hoping that maybe over the next two months time you will see a drop in HDIL's debt figure. These are self-liquidating loans which were based on approvals. Now while we have no problem getting the approvals, it depends on the other businesses that we have sold the FSI to, to actually make the payments," he told the channel.

"We are monetising our land banks. We will never had any problem in selling FSI or selling TDR or selling flats or commercial premises. We are in all fields. We never get attached to a property. If the property has value and if we can monetise it well enough, we will monetise it," he says.


HDIL stock price

On December 27, 2013, Housing Development and Infrastructure closed at Rs 53.95, down Rs 0.6, or 1.1 percent. The 52-week high of the share was Rs 123.95 and the 52-week low was Rs 26.10.


The latest book value of the company is Rs 243.00 per share. At current value, the price-to-book value of the company was 0.22.

The Best New Year Parties in India


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CCI okays United Spirits deal to sell Tamil Nadu distillery

Fair trade watchdog CCI has cleared Vijay Mallya-led United Spirits ' proposed sale of a distillery in Tamil Nadu to Enrica Enterprises, as the deal does not raise adverse competition concerns.

The deal involves hiving off entire operations at the unit of United Spirits (USL) that manufactures Indian Made Foreign Spirits (IMFS) to Enrica "by way of slump sale on a going concern basis". The unit is located at Poonamallee, Chennai.

Post-deal, Enrica would make certain IMFS brands of United Spirits using technology and know-how and under the trademark of the Vijay Mallya firm.

In an order dated December 26, the Competition Commission of India (CCI) said "the proposed combination is not likely to have an appreciable adverse effect on competition in India and therefore, the Commission hereby approves the proposed combination under...the (Competition) Act".

According to the Commission, the manufacture and sale of IMFS in Tamil Nadu "is highly regulated by the Tamil Nadu State Marketing Corporation, which has the exclusive privilege of conducting trade in IMFS in Tamil Nadu".

"There is also the presence of a number of manufacturers of IMFS in Tamil Nadu and as already noted, EEPL (Enrica Enterprises Private Ltd) and its promoters are currently not engaged in the business of IMFS in the state of Tamil Nadu," the Commission added.

Bangalore-based USL is engaged in the manufacture and sale of IMFS, while Enrica is an unlisted firm incorporated under the laws of India and has its registered office in Chennai and is presently not carrying out any business operations.

As per the details in the order, the promoters of Enrica Enterprises -- Spurthi Holdings, Viki Investments and Properties, Sree Shyam Sayi Investments and Traders – are planning to enter into the business of manufacturing IMFS by way of the proposed deal.

The Commission had received the notice from USL on December 6, 2013, seeking approval for the proposed deal.

On November 8, the USL board had approved the transfer of the unit to Enrica.


United Spirits stock price

On December 27, 2013, United Spirits closed at Rs 2536.90, up Rs 10.60, or 0.42 percent. The 52-week high of the share was Rs 2815.00 and the 52-week low was Rs 1708.20.


The company's trailing 12-month (TTM) EPS was at Rs 24.01 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 105.66. The latest book value of the company is Rs 440.83 per share. At current value, the price-to-book value of the company is 5.75.


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Vineet Nayar steps down from HCL Tech Board

Dec 27, 2013, 08.00 PM IST

Nayar, who has been a Director of the company since 2008, will continue to engage with HCL Technologies and HCL Corporation as a Senior Advisor, HCL Technologies said in a statement.

Tags  HCL Tech

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Vineet Nayar steps down from HCL Tech Board

Nayar, who has been a Director of the company since 2008, will continue to engage with HCL Technologies and HCL Corporation as a Senior Advisor, HCL Technologies said in a statement.

Like this story, share it with millions of investors on M3

Vineet Nayar steps down from HCL Tech Board

Nayar, who has been a Director of the company since 2008, will continue to engage with HCL Technologies and HCL Corporation as a Senior Advisor, HCL Technologies said in a statement.

Share  .  Email  .  Print  .  A+A-
IT industry veteran Vineet Nayar today stepped down from the board of country's fourth largest software services firm, HCL Technologies , to devote more time to his foundation. Nayar, who has been a Director of the company since 2008, will continue to engage with HCL Technologies and HCL Corporation as a Senior Advisor, HCL Technologies said in a statement.

He will advise HCL Corporation on key strategic issues and work with the Board of HCL Technologies on initiatives like driving a high performance culture amongst senior managers and new strategies for growth.

"Vineet has been a friend and a colleague for over two decades now. His bold ideas and passion for the organisation, has inspired many others to think and dream big. "His contribution to HCL and the Board has been a benchmark for others to follow and we all are very proud of
him," HCL Technologies Chief Strategy Officer and Chairman Shiv Nadar said.

More than two decades after joining HCL Technologies, Nayar stepped down from the post of CEO in January this year to make way for the next generation of leaders to steer the company.

He, however, continued to work as Vice-Chairman and Joint Managing Director of the company.

"I am grateful to Shiv, Board Members and the employees of HCL Technologies, for giving me an opportunity to dream, learn, explore and experiment along with them. There are very few organisations where one could rise up the ranks and become the CEO and Vice Chairman," Nayar said.

Nayar had sold his entire stock holding in HCL Technologies for about Rs 134 crore in June 2012 and used the money for his non-profit organisation Sampark.

"As I pursue my dream, of creating a 'Million Smiles' through Sampark Foundation, I carry with me goodwill, best wishes and lots of learning," he said. Nayar had joined HCL in 1985 after getting his MBA from XLRI. He founded Comnet, where he incubated the remote infrastructure management (RIM) industry in 1993.

He is known for his 'employees first, customers second' philosophy, which became a core of HCL Technologies' policies and practices.

In 2005, Nayar became President of the company and it was under his leadership that the company expanded to become an USD 4 billion entity employing over 87,000 people across the globe.


HCL Tech stock price

On December 27, 2013, HCL Technologies closed at Rs 1249.30, up Rs 3.10, or 0.25 percent. The 52-week high of the share was Rs 1261.40 and the 52-week low was Rs 615.30.


The company's trailing 12-month (TTM) EPS was at Rs 61.47 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 20.32. The latest book value of the company is Rs 146.43 per share. At current value, the price-to-book value of the company is 8.53.

The Best New Year Parties in India


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