PwC report won't derail FTIL stake sale process: FTIL chief

"The divestment process will not be derailed because of the PwC report. There is no set back to the process," Shah told a news channel.

Financial Technologies  chief Jignesh Shah today said FTIL's plan to reduce stake in MCX to 2 percent from 26 percent will not be impacted due to the PwC report on related parties transaction at the commodity exchange.

Shah defended the transaction agreements between MCX and its erstwhile promoter Financial Technologies India Ltd (FTIL) and questioned the timing of the release of the PwC report when the divestment process is underway.

"The divestment process will not be derailed because of the PwC report. There is no set back to the process," Shah told a news channel.

He said: "Bidders will see the PwC report now and will get back to us. They wanted to see this report and speak to the management of MCX. I hope they will cooperate."

In a statement, Shah said: "The shortlisted bidders are all matured local and global corporate houses to understand implications of the PwC report, if any, in which MCX by itself disclaims any responsibility towards any person keeping reliance on the content on the report and states that it neither agrees nor disagrees with the contents.

"We will continue our honest efforts to divest 24 percent stake in MCX... We hope to complete the divestment in next few days without prejudiced to our rights, pending before the court."

FTIL could not finalise the bidders on April 25 as some buyers sought more time to submit the binding offers on the grounds that MCX was not sharing key information. Bidders also sought more time to see the PwC report.

FTIL has to reduce to its stake in MCX as the commodity markets regulator FMC has declared it as "not fit and proper" to hold more than 2 percent stake in the bourse in the wake of Rs 5,500 crore payment crisis at the group firm NSEL.

The regulator FMC-appointed PriceWaterhouseCoopers (PwC) that audited the books of MCX alleged that the commodity bourse entered into agreements with related trading parties and paid about Rs 709 crore to FTIL and group firms without following proper documentation process.

On the PwC report, Shah said: "Natural justice is being denied to FTIL as neither PwC nor MCX has shared the special audit report, neither it has taken views."

The report is "highly motivated and based on surmises and hearsay. It is a malicious attempt to derail transparent sale process of MCX share held by FTIL," he said.

"It is being put up to defame FTIL and cause losses to shareholders of FTIL and MCX. Also, the previous auditors - Deloitte, KPMG were not consulted," he added.

On allegation levelled in the PwC report that FTIL signed one-sided agreements with MCX, Shah said: "The transaction agreements between the two companies are transparent and have been vetted by law firms... The two institutes have executed the agreements, their Boards have cleared it and now PwC has commented and let is pass the legal process."

Financial Tech stock price

On April 30, 2014, Financial Technologies closed at Rs 315.75, down Rs 16.6, or 4.99 percent. The 52-week high of the share was Rs 870.30 and the 52-week low was Rs 102.05.

The company's trailing 12-month (TTM) EPS was at Rs 50.03 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 6.31. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company is 0.54.

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Maha nod to 55 acre land to coastal policing institute

The land would be leased to the Centre for 30 years by charging just Re 1. It would be binding on the Centre to complete construction of the institute within two years of the handing over of the land, an official said.

Maharashtra cabinet Wednesday approved a proposal to allot an additional 55 acre land in Thane district for the National Institute of Coastal Policing, being set up by the Union Ministry of Home Affairs.

The land is in addition to the 250 acre sanctioned earlier for setting up the institute.

The decision was taken at a meeting of the state cabinet, chaired by Chief Minister Prithviraj Chavan here.

Also Read: Where will Mumbai's realty market be in 7 years?

This was the first meeting of the cabinet after the code of conduct for Lok Sabha polls was relaxed.

The land would be leased to the centre for 30 years by charging just Re 1. It would be binding on the centre to complete construction of the institute within two years of the handing over of the land, an official said.

The institute would be required to train state police personnel and undertake measures to enhance the state coastal security, he said.

The proposed institute would offer training to police personnel from coastal police stations across the country.

Two years ago, Kerala's Home ministry had submitted an expression of interest to the Union Ministry of Home Affairs, for setting up the institute in that state. Kerala had also identified spots in Kannur, Kozhikode and Kasargod for the proposed institute.

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NTPC's 50 MW solar power plant at Rajgarh fully operational

NTPC is the largest power producer in the country, with an installed capacity of 43,039 MW.

NTPC  today said its 50 MW solar plant at Raigarh in Chhattisgarh is now fully operational. "With commencement of commercial operations of 20 MW solar unit today, the capacity of Rajgarh solar photo-voltaic (PV) plant has become 50 MW," NTPC said in a statement.

With this, the state-owned company's total capacity of non-conventional energy projects has reached 95 MW.

NTPC is the largest power producer in the country, with an installed capacity of 43,039 MW. Its 16 coal-based and seven gas-based plants, seven solar renewable and seven joint venture power stations contribute about 28 percent of the country's electricity supplies.

Shares of NTPC closed at Rs 116.25 on the BSE, down 1.23 percent.

NTPC stock price

On April 30, 2014, NTPC closed at Rs 116.25, down Rs 1.45, or 1.23 percent. The 52-week high of the share was Rs 162.80 and the 52-week low was Rs 110.90.

The company's trailing 12-month (TTM) EPS was at Rs 14.87 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 7.82. The latest book value of the company is Rs 97.49 per share. At current value, the price-to-book value of the company is 1.19.

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Wipro awards USD 1.19 m to promote science in US

According to a statement, Amanda Gunning and Meghan Marrero, of Mercy College School of Education, have been awarded the USD 1.19 million grant to lead the Greater New York Wipro Science Education Fellowship (SEF).

Wipro , India's major IT company, has awarded a grant of USD 1.19 million to promote science and teacher education leadership in the US.

According to a statement, Amanda Gunning and Meghan Marrero, of Mercy College School of Education, have been awarded the USD 1.19 million grant to lead the Greater New York Wipro Science Education Fellowship (SEF).

Dr. Arthur Eisenkraft of the University of Massachusetts originally earned the funding to run the SEF in a one-year programme with Boston teachers.

It has now grown to a two-year programme in three states. The SEF supports three cohorts of 20 science teacher fellows from five local districts during a two-year fellowship that focuses on leadership in science education.

In a statement, Mercy College said the goal is to keep good teachers in the classroom and develop their leadership skills as opposed to putting them in administrative roles. Major tenets of the professional development include vertical and horizontal articulation across districts and lesson observation and study.

In year two, each fellow will lead professional development in their own district and work on a district-wide initiative of his or her choosing.

This programme has met success in its implementation thusfar in Massachusetts and New Jersey, it said.

"The Wipro SEF is an amazing opportunity for Mercy College to support our local districts and improve science teaching and learning from within," Marrero said.

Wipro stock price

On April 30, 2014, Wipro closed at Rs 522.00, down Rs 2.9, or 0.55 percent. The 52-week high of the share was Rs 610.50 and the 52-week low was Rs 315.30.

The company's trailing 12-month (TTM) EPS was at Rs 29.69 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 17.58. The latest book value of the company is Rs 98.23 per share. At current value, the price-to-book value of the company is 5.31.

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Low growth of domestic IT revenues worrisome: Nasscom

"So the rise is because of the dollar depreciation. That is worrisome. While the Indian (IT) industry is performing miracles in other countries and driving productivity, within the country the adoption has been extremely low," Nasscom President R Chandrashekhar said.

The Indian IT sector has done wonders globally, but growth in the domestic market has been worryingly slow, Nasscom President R Chandrashekhar said  today. "IT industry has become India's calling card. At one level, we have been growing at 12-14 percent. The domestic revenues, which are some indicator of how things are in terms of adoption in the country, are rather bleak. Last year, domestic revenues have been flat," he told PTI.

Chandrashekhar added that though the growth of the domestic IT sector was 10 percent in rupee terms, but it was flat in dollar terms. "So the rise is because of the dollar depreciation. That is worrisome. While the Indian (IT) industry is performing miracles in other countries and driving productivity, within the country the adoption has been extremely low," he said.

Also Read: See FY14 revenue growth at lower end of guidance, says Infosys

Chandrashekhar further said though the domestic market accounts for only 10 percent of the total industry size, it is still a concern. According to Nasscom, the Indian IT-BPM industry clocked export revenues of USD 86 billion in FY2014 with a year-on-year growth of 13 percent.

The domestic market witnessed y-o-y growth of 10 percent, taking revenues to Rs 1.15 lakh crore. For FY15, Nasscom estimates exports to grow 13-15 percent, while domestic market is forecast to rise 9-12 percent. "There was slowdown in the adoption in public sector because of the decision making being on hold. Also some payments got delayed leading to companies having a little hesitancy in participating. The private sector faced the same issues," he said.

He added that with the new government coming in, it will take another six months for things to start moving. "Assuming that the new government that comes in focuses on getting this done, it will take at least six months. We will make some suggestions when the new government comes in. Hopefully, some correctives will happen," Chandrashekhar said. He added but though it may not bring in major changes this year, next year could be better.

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SpiceJet launches another limited-period low fare scheme

The all-inclusive fares start from as low as Rs 1999 and Rs 1899 targetted for travel to some Tier-II destinations and eastern cities like Agartala, Bagdogra, Guwahati and Kolkata. Tickets can be booked from today till May 2 for travel between July 1 and September 30.

No-frills airline SpiceJet today launched yet another round of limited-period low fare offers to fill its seats for travel between July and September when air travel generally slumps.

The all-inclusive fares start from as low as Rs 1999 and Rs 1899 targetted for travel to some Tier-II destinations and eastern cities like Agartala, Bagdogra, Guwahati and Kolkata. Tickets can be booked from today till May 2 for travel between July 1 and September 30.

The budget carrier has initiated several rounds of fare wars since January forcing competitors like IndiGo, Air India,  Jet Airways and GoAir to join.

Also read: SpiceJet to start new Delhi-Hyderabad flight from May 8  

SpiceJet's rupee one offer had attracted a mad rush of passengers with its website crashing within hours of the launch of the scheme. Aviation regulator DGCA came down heavily on it, terming the rupee one offer as "predatory" and a "malpractice" and asking it to stop it immediately.

This is the fifth time this year that a fare war has been initiated, particularly by the no-frill carrier. Reacting to the offer, Sharat Dhall, head of travel portal Yatra.com, said the low fares "are aimed at travellers who have opted out of the air market as the spot fares for some of these sectors are exceedingly high."

"We are certain that this sale will increase bookings substantially, growing the air market and improving their load factors on these routes," he said.

Jet Airways stock price

On April 30, 2014, Jet Airways closed at Rs 251.15, down Rs 18.55, or 6.88 percent. The 52-week high of the share was Rs 627.40 and the 52-week low was Rs 210.25.

The latest book value of the company is Rs -27.75 per share. At current value, the price-to-book value of the company was -9.05.

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TataSky pays Rs 383 cr licence fee on gross revenue basis

The company said it submitted a demand draft of Rs 383 crore to the Ministry of Information and Broadcast (MIB). This amount covers licence fee for the year 2013-14 as per the rate specified for licence as well as past dues, for which the Ministry had raised a demand note recently.

TataSky on Tuesday paid Rs 383 crore to the government as licence fee for the previous fiscal and arrears even as DTH operators and government are locked in litigation over licence fee structure.

Also Read: TDSAT quashes DoT decision; allows intra circle 3G roaming

The company said it submitted a demand draft of Rs 383 crore to the Ministry of Information and Broadcast (MIB). This amount covers licence fee for the year 2013-14 as per the rate specified for licence as well as past dues, for which the Ministry had raised a demand note recently.

"This payment is without prejudice to the court ... We would wait for the outcome of the order," TataSky CEO and Managing Director Harit Nagpal told PTI.

At present, the dispute between the various DTH operators and the government is still pending before the broadcast tribunal TDSAT.

"We hope that this will end the long standing dispute on the subject and pave the way forward for a constructive rationalisation of taxes with the support of our parent
Ministry," Nagpal said.

The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) would hear the matter next month. As per norms, a DTH operator has to pay around 10 percent of their gross revenue to the government as their annual licence fee.

However, the DTH operators are contending that the MIB should charge licence fee based on adjusted gross revenue left after paying several taxes and others.

The government had in March issued notice to six operators asking to pay around Rs 2,000 crore as licence fee by April. It was challenged by them before the TDSAT. 

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HC asks Nokia to pay 10% of the Rs 2400 cr tax demand

Justice B Rajendran, allowing writ petitions filed by Nokia challenging the state's Sales Tax Department order directing it to pay Rs 2,400 crore tax for the assessment years 2009-10, 2010-11 and 2011-12, ordered that the company pay Rs 240 crore.

The Madras High Court today directed Finnish handset maker Nokia to pay ten percent of the Rs 2,400 crore tax claim slapped on it by the Tamil Nadu government.

Justice B Rajendran, allowing writ petitions filed by Nokia challenging the state's Sales Tax Department order directing it to pay Rs 2,400 crore tax for the assessment years 2009-10, 2010-11 and 2011-12, ordered that the company pay Rs 240 crore.

The court observed that the Sales Tax Department ought to have given an opportunity to Nokia and heard its objections over the Rs 2,400 crore tax dispute.

The state slapped the tax notice accusing Nokia of evading tax, but the company disputed the claim. On March 28, Nokia moved the high court and prayed for restraining the Sales Taxes Department from taking any coercive steps in any manner whatsoever in pursuance of the impugned order.

The state government had issued the Rs 2,400 crore notice to Nokia, saying the company had been selling the products produced from Chennai plant to the domestic market, instead of shipping them overseas.

Nokia management had responded to the notice, saying that it was a "baseless" claim by the Sale Tax Department.

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Consumer infra may see MA action post polls: Raja Lahiri

Raja Lahiri, Partner-Transaction Advisory Services, Grant Thornton talks to CNBC-TV18 about the M&A action over the first three months so far this year.

Raja Lahiri, Partner-Transaction Advisory Services, Grant Thornton talks to CNBC-TV18 about the M&A action over the first three months so far this year.

Below is the edited transcript of the interview:

Q: What kind of M&A activity have we seen in the first three months of 2014? Is it better than 2013?

A: Overall, if you look at the numbers, it is around USD 6 billion and if you split the numbers, it's around USD 4 billion of M&A as well as USD 2 billion of private equity. What we are seeing is clearly the deal volumes and deal values that had actually come down for M&A, which was expected given that we are in election year and people are large in a wait and watch mode. However, what is interesting to note is that private equity investment value USD 2 billion is actually up compared to the same quarter of last year, largely fuelled by buyout kind of transaction that's happening. So, that is the overall trending.

Q: Going forward, for May 16 we know what the mandate is as far as these elections go. Are you expecting the deal activity to suddenly pick up?

A: Absolutely. I must say that currently most corporates are in a wait and watch mode and so are private equity funds. Nevertheless, clearly in the last month or so we have seen fair bit of action deal talks getting emerging and diligence happening. Therefore, all these are very important signs for deal activity to pick up as election results come. A certain sectors are clearly going to see some action. I would say the top picks would be largely consumer, infrastructure, some large action could happen. Hence, I would say it seems moderately positive post elections.

Also read:  Majority govt no magic wand for Indian economy: Dimensions

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FIPB likely to reject HDFC Bank's proposal to increase FDI

Officials of the Department of Economic Affairs and the DIPP were scheduled to meet today to discuss the HDFC proposal. However, the proposed meeting was cancelled.

The FIPB is likely to reject  HDFC Bank proposal to allow further foreign holding as it would cross the 74 percent sectoral ceiling, officials sources said.

"There is no further space to increase foreign investment in the bank. So, FIPB is unlikely to approve the proposal," they said.

Officials of the Department of Economic Affairs and the DIPP were scheduled to meet today to discuss the HDFC proposal. However, the proposed meeting was cancelled. "The Department of Economic Affairs had convened a meeting on the matter. It was cancelled," they said.

The meeting was scheduled to decide whether the 22.64 percent stake in HDFC Bank of parent HDFC Ltd is foreign investment or not. HDFC Bank had approached the Foreign Investment Promotion Board (FIPB) in the latter half of 2013 to increase the foreign holding in the bank to 67.55 percent from 49 percent.

According to sources, if the proposal of the bank to raise foreign investment to 67.55 percent is accepted, it would exceed the cap of 74 percent, after taking into account parent HDFC Ltd's stake.

As per the existing guidelines, the foreign holding in the bank cannot exceed 74 percent. HDFC Ltd, which is 75.71 percent owned by FIIs, and associate companies, hold 22.64 percent in HDFC Bank. Their
investments in HDFC Bank were made before 2009, when the government came out with norms to calculate the level of foreign investment in companies.

"Downstream investment by HDFC Ltd prior to 2009 in HDFC Bank would be deemed as FDI in case there is any change in the shareholding pattern after the cut-off year," they said.

Last week, FIPB did not take up HDFC Bank's proposal. HDFC Bank had approached the Foreign Investment Promotion Board (FIPB) in the latter half of 2013 to increase the foreign holding in the bank to 67.55 percent from 49 percent.

HDFC Bank stock price

On April 29, 2014, HDFC Bank closed at Rs 715.90, down Rs 9.4, or 1.3 percent. The 52-week high of the share was Rs 760.50 and the 52-week low was Rs 528.00.

The company's trailing 12-month (TTM) EPS was at Rs 35.34 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 20.26. The latest book value of the company is Rs 186.31 per share. At current value, the price-to-book value of the company is 3.84.

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Wockhardt denies media report on asset sale talks

Wockhardt cited the media report as saying that Mylan was in talks to buy its domestic business, while Pfizer was also in the race to buy some asset, as the company planned to focus only on overseas markets.

Generic drugmaker  Wockhardt denied on Tuesday a media report that said US drugmakers Mylan Inc and Pfizer Inc were in talks with the company to buy some of its assets.

Wockhardt cited the media report as saying that Mylan was in talks to buy its domestic business, while Pfizer was also in the race to buy some asset, as the company planned to focus only on overseas markets.

Shares in Wockhardt, which has been hit by a rash of regulatory sanctions due to poor manufacturing quality, ended up 12.1 percent at their highest close in nine months, having risen as much as 17.3 percent during the day in a weak Mumbai market.

"Presently we do not believe that there is any information/announcement of the nature sought by you," Wockhardt said in a statement to the exchanges. "In the event that there is any development that requires disclosure, we will make the same immediately in accordance with regulatory requirements."

Wockhardt stock price

On April 29, 2014, Wockhardt closed at Rs 808.50, up Rs 86.70, or 12.01 percent. The 52-week high of the share was Rs 1944.85 and the 52-week low was Rs 336.60.

The company's trailing 12-month (TTM) EPS was at Rs 29.97 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 26.98. The latest book value of the company is Rs 74.55 per share. At current value, the price-to-book value of the company is 10.85.

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IRB Infra bags Rs 3,200 cr Aurangabad-Yedeshi project

IRB Infra gains 3 percent in today's trade. The company indicated to the exchanges that they have bagged the Aurangabad-Yedeshi project.

IRB Infra  gains 3 percent in today's trade. The company indicated to the exchanges that they have bagged the Aurangabad-Yedeshi project. This is a 190km four-laning project for the company. The project value is seen at a massive Rs 3200 crore.

IRB Infra stock price

On April 29, 2014, IRB Infrastructure Developers closed at Rs 119.95, up Rs 3.10, or 2.65 percent. The 52-week high of the share was Rs 136.00 and the 52-week low was Rs 51.90.

The company's trailing 12-month (TTM) EPS was at Rs 6.68 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 17.96. The latest book value of the company is Rs 47.28 per share. At current value, the price-to-book value of the company is 2.54.

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SC dismissed PIL seeking CBI probe against Sahara

"We are dismissing the petition but it will not come in the way for petitioner to approach the High Court," it said. The petitioner, Vishwanath Chaturvedi, contended that land, which was meant to develop park and playground, was illegally allotted to the group.

The Supreme Court today refused to entertain a PIL seeking probe by CBI and ED in an alleged illegal transfer of 270 acres of land in Lucknow by state government to Sahara India 20 years ago.

A bench headed by Chief Justice R M Lodha dismissed the PIL and expressed concern over such petitions being in the Supreme Court.

"Don't bring such petition in the Supreme Court," the bench, also comprising justices M B Lokur and Kurian Joseph said.

It, however, allowed the petitioner to approach High Court in the matter.

Also read:  Sahara eyes Rs 750cr from sale of 2 Maharashtra properties

"We are dismissing the petition but it will not come in the way for petitioner to approach the High Court," it said. The petitioner, Vishwanath Chaturvedi, contended that land, which was meant to develop park and playground, was illegally allotted to the group.

"It is respectfully submitted that the State Government acquired large tracts of agricultural land of several villages in Tehsil & District Lucknow from farmers for public purpose.

Out of the aforesaid acquired land, 270 acres of land which is the subject matter of present petition was illegally transferred to Sahara India though the land use of the same was demarcated under the Lucknow Master Plan as green belt, play grounds, parks etc," he said.

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Telecom Secy directs DoT officials to expedite projects

The Department of Telecom has faced several delays in processes in case of mergers and acquisition guidelines, installation of mobile towers in Left Wing Extremist affected states and so on.

In view of various projects missing deadlines, Telecom Secretary MF Farooqui has directed DoT officials to cut down on delays and clear cases that have been pending for six months.

"It was observed that wings where the pendency is quiet high should chalk out a plan to clear the pendency. It was decided that by the next meeting, all cases pending for more than six months should be disposed of," said the minutes of a meeting chaired by Farooqui early this month.

The Department of Telecom has faced several delays in processes in case of mergers and acquisition guidelines, installation of mobile towers in Left Wing Extremist affected states and so on.

The Telecom Secretary has asked the officials concerned to simplify and streamline process related to licences, applications and other related matters.

"All divisions of DoT may review the levels of submission so as to restrict them to minimum level prescribed in manual of office procedure... This exercise may be completed by end April," the minutes said.

Farooqui has asked officials to re-engineer processes which have public interface to expeditiously complete work.

"This exercise needs to be taken up in all divisions of DoT but initially by all wings having public interface such as licensing, wireless finance etc. Online applications and processing, online payments etc. may be introduced," the minutes said.

Farooqui has asked officials to prepare communication plan for schemes that have direct impact on public.

"Details of media plan segment-wise ie TV, Print, Internet and mobile should also be chalked out separately," the minutes said.

DoT also decided to review present status of non-linking DoT website with social media platform like Facebook, Twitter and others within the limit of guidelines issued by government on use of social media.

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AstraZeneca rejects $ 100bn offer, Pfizer mulls options

US pharma giant Pfizer Inc today said it at present is considering options with respect to AstraZeneca, which had twice rejected the USD 100 billion acquisition proposal .

"Pfizer Inc confirms that it previously submitted a preliminary, non-binding indication of interest to the board of directors of  AstraZeneca in January, 2014 regarding a possible merger transaction," the company said in a statement.

After limited high-level discussions, AstraZeneca declined to pursue negotiations, it added. The US drug major contacted AstraZeneca on April 26, 2014 again "seeking to renew discussions in order to develop a proposal that could be recommended by both companies to their shareholders".

"AstraZeneca again declined to engage. Pfizer is currently considering its options with respect to AstraZeneca," the company said.  "Pfizer's previous proposal made to the board of AstraZeneca on 5 January, 2014 included a combination of cash and shares in the combined entity which represented an indicative value of £46.61 (uSD 76.62) per AstraZeneca share and a substantial premium of approximately 30 per cent to AstraZeneca's closing share price of £35.86 on 3 January 2014," the company said.

On the basis of the offered price, the deal would have been valued at around USD 100 billion. Commenting on the development, AstraZeneca said the proposal "very significantly undervalued  straZeneca and its prospects" and the (company's) Board remains confident in the ongoing execution of AstraZeneca's strategy as an independent company.

AstraZeneca said when Pfizer Chairman and CEO Ian Read contacted its Chairman Leif Johansson on April 26, there was no "specific proposal regarding an offer to acquire AstraZeneca", but Pfizer requested that both companies "issue a joint statement, prior to the market open on April 28, 2014, announcing that they had entered into discussions regarding a combination".

"The Board of AstraZeneca considered this request and concluded that, absent a specific and attractive proposal, it was not appropriate to engage in discussions with Pfizer," the company said.

Commenting on the move to acquire AstraZaneca, Read said: "The combination of Pfizer and AstraZeneca could further enhance the ability to create value for shareholders of both companies and bring an expanded portfolio of important treatments to patients."

Patients all over the globe would benefit from the shared commitment to R&D, which is critical to the future success of the pharmaceutical industry, in the form of potential new therapies that help to fight some of the world's most feared diseases, such as cancer, he added.

AstraZeneca stock price

On April 28, 2014, AstraZeneca Pharma closed at Rs 1120.30, up Rs 45.40, or 4.22 percent. The 52-week high of the share was Rs 1285.00 and the 52-week low was Rs 634.00.

The latest book value of the company is Rs 39.90 per share. At current value, the price-to-book value of the company was 28.08.

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Snapdeal aims to triple seller base to 1 lakh this year

Homegrown e-commerce major Snapdeal aims to more than triple its seller base to 1 lakh in the next 12 months as increasing number of SMEs turn to the Internet to increase sales.

Snapdeal has 30,000 sellers on board and most of them are small and medium enterprises.

"On any given day, we get about 1,000 enquiries and about 15-20 percent of them get added and this is happened mostly based on word-of-mouth from existing sellers," Snapdeal.com co-founder and CEO Kunal Bahl said. 

"In the next 12 months, we are confident of having one lakh sellers on board. We already have 30,000 now, the largest for any marketplace in India," he added.

Also read:  Snapdeal.com acquires Doozton.com

Lifestyle (apparels) and electronics accounted for a bulk of its seller base.

Bhal said: "For SMEs, generally its a life of stagnation as business is more or less the same every month. But online, they have access to national audience and this increases their business manifold. About 93 per cent of India is SMEs and Internet is a great platform for them to connect with consumers."

Snapdeal has sellers from 200 towns and expects it to grow to about 500 this year.

"We are seeing good addition in south India, states like Andhra Pradesh, Tamil Nadu and Karnataka as well as places like Gujarat," Bahl added.

Asked about the steps Snapdeal is taking to bring more sellers on board, Bahl said the company follows a partnership model to ensure that sellers make money.

"We do not charge them for listing and we make revenue only when they sell. We also provide them adequate training. Most importantly, we are a marketplace and do not have our own products to compete with our sellers. That is a huge benefit that our sellers see," he said.

Citing an example, Bhal said an apparel maker has to make investment to set up a portal and on various payment gateways and even then, there is no surety that he will be able to direct traffic to the website.

"We offer analytical tools for them to know their sales velocity and how are they doing compared to other sellers in the same category in terms of pricing, shipping time and consumer ratings. This helps them tweak their offer in real time and making important business decisions," he said.

Asked if the company has witnessed any churn of sellers given the other marketplaces that have come up, Bahl answered in negation.

"Sellers feel the difference when they interact. We have not seen any attrition of sellers," he said.

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Idea to spend Rs 3,500 cr in networks; 3G in Delhi by 2015

In the spectrum auction held in February, the company won 5 megahertz of spectrum in 900 MHz band in Delhi service area which it will use to launch 3G services in the national capital next year.

Telecom operator  Idea Cellular today said that it will invest Rs 3,500 crore in building network and launching 3G service in Delhi next year.

"The capex guidance for FY 2015 stands at Rs 35 billion, excluding any spectrum related payments," Idea Cellular said. Idea rolled out 3,178 2G cell sites and 1,477 3G cell sites during the the fourth quarter of the last fiscal, taking the network site count for 2G to 104,778 and 21,381 for 3G sites.

In the spectrum auction held in February, the company won 5 megahertz of spectrum in 900 MHz band in Delhi service area which it will use to launch 3G services in the national capital next year.

Also read: Idea Q4 beats street, net up 26%; data volume drives growth

"The company intends to launch 3G services in Delhi in calendar year 2015 on the recently acquired 900 MHz spectrum. Post Delhi 3G service launch, the 3G foot-print of Idea will cover about 80 percent of its current revenue and about 57 percent of national mobile industry revenue," a company statement said.

At present, Idea has permit for 3G services in 11 service areas - Maharashtra, Gujarat, Andhra Pradesh, Kerala, Punjab, Haryana, Uttar Pradesh East and West, Jammu and Kashmir, Madhya Pradesh and Himachal Pradesh. Idea recently got approval to start 3G services in Punjab.
 
The company also won 1800 MHz spectrum, widely known as 2G spectrum, in 8 service areas along with additional GSM spectrum in 7 service areas. The company has plans to use 1800 Mhz spectrum for 4G services.

Idea said that with total spectrum holding, it now has capability to launch 4G services in 8 service areas -- Kerala (10MHz), Maharashtra & Goa, Andhra Pradesh, Karnataka, Madhya Pradesh & Chhattisgarh, Punjab, Haryana and North East (5 MHz in each) "The actual timing of 4G services launch would be based on the consumer demand, technology stabilisation and competitors move. These 8 service areas represent about 58.1 percent of Idea revenue and an opportunity of upgrade to LTE service to existing 74.7 million Idea subscribers," the company said.

Idea Cellular today posted over 91 percent jump in consolidated net profit at Rs 589.77 crore for the last quarter of 2013-14 on the back of expansion in both voice minutes and mobile data volume.

The company had posted a profit after tax of Rs 308.18 crore for the same period a year ago.

Idea Cellular stock price

On April 17, 2014, Idea Cellular closed at Rs 139.45, up Rs 1.60, or 1.16 percent. The 52-week high of the share was Rs 188.35 and the 52-week low was Rs 109.20.

The company's trailing 12-month (TTM) EPS was at Rs 4.34 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 32.13. The latest book value of the company is Rs 42.25 per share. At current value, the price-to-book value of the company is 3.30.

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AI to launch scheme to fill up vacant business class seats

Aiming at filling up vacant business class seats, Air India today launched a scheme where a domestic economy passenger can upgrade to Executive Class after paying Rs 5,000 or Rs 7,000 over and above the original ticket price.

The upgrade scheme, open to domestic passengers holding revenue tickets in economy class including the cheap advance purchase fares, would be available only at the airport before check-in, subject to executive class seat availability and on first-come, first-serve basis.

The scheme, called 'Get Up Front', which is valid till October 31, would be available for travel to 43 cities, including Delhi, Mumbai, Kolkata, Chennai, Bengaluru and Hyderabad, an Air India spokesperson said.

While a passenger travelling a distance of up to 750 kms would have to pay Rs 5,000 for the upgrade, while those flying over 750 kms, the fixed charge would be Rs 7,000, he said.

Also read:  Air India seeks bridge loan of $500 million

If a passenger books an economy Delhi-Mumbai ticket well in advance paying about Rs 5,000, he or she can upgrade to Executive Class by paying another Rs 7,000, taking the total fare to Rs 12,000, which turns out to be much cheaper than an original Executive Class ticket worth over Rs 25,000. Filled-up business class seats are a key revenue earner for an airline's business.

A similar upgrade scheme is already available on Air India's international sectors till June 31, the rates for which depends on the sector and the distance of travel.

In some domestic sectors where the airline operates a full-economy aircraft, Air India would reserve the first three rows and offer premium service to the upgraded passengers.

The national carrier also offers an advance purchase fare scheme in various slabs on the 237 holiday packages to 125 domestic tourist and religious destinations to attract leisure and holiday travellers.

23.25 | 0 komentar | Read More

YT: Elections 2014 catches the digital fever

The major highlight of this year's election is the use of social media by political parties. As we prepare to elect a new government, we are seeing a rise in political parties using tech tools, providing online information to voters and politicians reaching out to a growing middle-class using the internet.

The major highlight of this year's election, apart from being a sharply personality-driven battle, is the use of social media by political parties. As we prepare to elect a new government, we are seeing a rise in political parties using tech tools, providing online information to voters and politicians reaching out to a growing middle-class using the internet.

23.25 | 0 komentar | Read More

Here's why investors are shying away from Tilaknagar Ind

The five-year old battle with Dutch liquor maker Herman Jansen over its flagship brand, Mansion House Brandy, is costing liquor-maker Tilaknagar Industries  dearly. This is driving Tilaknagar to find a resolution as the scuffle is keeping investors at bay.

Tilaknagar Industries' Rs 650-crore rupee debt burden could have been easily dealt with, if an investor could be roped in. But for the last 5 years, the company has been locked in a war with Dutch liquor maker Herman Jansen over the rights to flagship brand Mansion House Brandy and despite Tilaknagar's deeply-discounted valuations, this battle has kept investors away. A pity, since investor interest has spiked since the USL-Diageo deal .

Here's the story so far: In 1983, Herman Jansen entered into a licensing agreement with Tilaknagar to produce and distribute Mansion House brandy in India. Four years later, it ceded control of the brand to Tilaknagar. But in 2008, Herman Jansen reclaimed its rights over the brand, saying the agreement with Tilaknagar had expired in 2007.

A court battle ensued and although the Bombay High Court ruled in Tilaknagar's favour in 2011, Herman Jensen appealed the verdict and the appeals process is still underway.

For Tilaknagar, the cost goes beyond reputation. Between March 2013 and March 2014, FIIs have slashed their shareholding in the company from 15 percent to 8 percent.

Experts say given the legal battle, Tilaknagar's discussions with PE players may also not bear fruit.

Deepak Ladha, ED, Ladderup Corporate Advisory says, "Even if PEs come in the overhand of ownership continues and there will always be uncertainty about who owns the brand, because 70% revenues come from these brands. So if you have an overhang, I'm not sure sure how many PEs would look at it."

The legal impasse is now pushing it to hunt for an out-of-court settlement.

Amit Dahanukar, CMD, Tilaknagar Industries says, "We are always open to mutually acceptable resolution of the dispute. We have no interest in litigation. Litigation is a compulsion and not desirable."

Tilaknagar says it has options on this front, but is not inclined towards any one. Experts say these options include making a cash payment to Herman Jensen or striking a royalty agreement with it or even selling a stake to the Herman Jansen-Allied Blender's joint venture that was formed in 2013.

Allied Blenders that has been trying to acquire Tilaknagar has reportedly bought a 50 percent stake in Mansion House Brandy, globally, from Herman Jansen.

But here's the twist. While Tilaknagar agrees it is negotiating with Allied Blenders for a stake sale, it says reports of a joint venture between Herman Jansen and Allied Blenders is speculation, as the rights to the Mansion House Brandy have not been transferred to any joint venture.

Tilaknagar Ind stock price

On April 25, 2014, Tilaknagar Industries closed at Rs 63.35, down Rs 1.95, or 2.99 percent. The 52-week high of the share was Rs 74.60 and the 52-week low was Rs 44.85.

The company's trailing 12-month (TTM) EPS was at Rs 4.76 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 13.31. The latest book value of the company is Rs 40.53 per share. At current value, the price-to-book value of the company is 1.56.

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EID Parry acquires Bayer group firm Alimtec

With this acquisition, EID Parry would ensure reliable sourcing of Astaxanthin for its subsidiary US Nutraceuticals LLC (Valensa). The entire production of Alimtec will be used by Valensa for its Astaxanthin products catering to US and Europe markets.

Murugappa group firm EID Parry has acquired Chile-based Alimtec, part of Bayer group, for an undisclosed amount in order to grow its nutraceuticals business.

The company has acquired stake in Alimtec from the Bayer group firms.

"EID Parry has acquired 100 percent stake in Alimtec SA, Chile part of the Bayer group," the company said in a BSE filing.

With this acquisition, EID Parry would ensure reliable sourcing of Astaxanthin for its subsidiary US Nutraceuticals LLC (Valensa). The entire production of Alimtec will be used by Valensa for its Astaxanthin products catering to US and Europe markets, the filing added.

Astaxanthin is a strong antioxidant used in cosmetics, herbal products and dietary supplements.

Also read:  Bayer AG sells 5.1% stake to arm Bilag Ind via bulk deal

Alimtec is in the business of producing Haematococcus pluvialis biomass, cultured micro-algae that is a rich natural source of Astaxanthin.

EID Parry is a part of Rs 22,500 crore Murugappa Group headquartered in Chennai. The company is in the business of sugar, microlagal health supplements and bio products.

23.25 | 0 komentar | Read More

YT Newsfeed: What kept entrepreneurs busy this week

Here is a round up of all the entrepreneurial headlines of the week gone by on YT Newsfeed.

Here is a round up of all the entrepreneurial headlines of the week gone by on YT Newsfeed.

23.25 | 0 komentar | Read More

YT: Uber betting big on India

Uber launched by Silicon Valley Maverick Travis Kalanick. Uber's application has become quite popular in the high-end radio cab market. This week Uber went live in Mumbai and did so with style offering free rides to senior citizens to help them caste their votes, just as they did in Delhi, Mumbai, Bangalore, Chennai and Hyderabad.

Uber launched by Silicon Valley Maverick Travis Kalanick. Uber's application has become quite popular in the high-end radio cab market. This week Uber went live in Mumbai and did so with style offering free rides to senior citizens to help them caste their votes, just as they did in Delhi, Mumbai, Bangalore, Chennai and Hyderabad.

23.25 | 0 komentar | Read More

YT: Elections 2014, the Know Your Vote way!

Know Your Vote focuses on educating the youth to make informed decisions, spread political awareness and demand accountability from the government.

Know Your Vote launched by Dhruv Sarin in 2010, focuses on educating the youth to make informed decisions, spread political awareness and demand accountability from the government. Having reached at over one lakh individuals through social media platforms and campaigns, this largely self funded venture has already won awards from its unique business model and received a seed funding grant from the Ashoka Foundation.  

23.25 | 0 komentar | Read More

YT: Uber betting big on India

Uber launched by Silicon Valley Maverick Travis Kalanick. Uber's application has become quite popular in the high-end radio cab market. This week Uber went live in Mumbai and did so with style offering free rides to senior citizens to help them caste their votes, just as they did in Delhi, Mumbai, Bangalore, Chennai and Hyderabad.

Uber launched by Silicon Valley Maverick Travis Kalanick. Uber's application has become quite popular in the high-end radio cab market. This week Uber went live in Mumbai and did so with style offering free rides to senior citizens to help them caste their votes, just as they did in Delhi, Mumbai, Bangalore, Chennai and Hyderabad.

23.27 | 0 komentar | Read More

Here's why investors are shying away from Tilaknagar Ind

The five-year old battle with Dutch liquor maker Herman Jansen over its flagship brand, Mansion House Brandy, is costing liquor-maker Tilaknagar Industries  dearly. This is driving Tilaknagar to find a resolution as the scuffle is keeping investors at bay.

Tilaknagar Industries' Rs 650-crore rupee debt burden could have been easily dealt with, if an investor could be roped in. But for the last 5 years, the company has been locked in a war with Dutch liquor maker Herman Jansen over the rights to flagship brand Mansion House Brandy and despite Tilaknagar's deeply-discounted valuations, this battle has kept investors away. A pity, since investor interest has spiked since the USL-Diageo deal .

Here's the story so far: In 1983, Herman Jansen entered into a licensing agreement with Tilaknagar to produce and distribute Mansion House brandy in India. Four years later, it ceded control of the brand to Tilaknagar. But in 2008, Herman Jansen reclaimed its rights over the brand, saying the agreement with Tilaknagar had expired in 2007.

A court battle ensued and although the Bombay High Court ruled in Tilaknagar's favour in 2011, Herman Jensen appealed the verdict and the appeals process is still underway.

For Tilaknagar, the cost goes beyond reputation. Between March 2013 and March 2014, FIIs have slashed their shareholding in the company from 15 percent to 8 percent.

Experts say given the legal battle, Tilaknagar's discussions with PE players may also not bear fruit.

Deepak Ladha, ED, Ladderup Corporate Advisory says, "Even if PEs come in the overhand of ownership continues and there will always be uncertainty about who owns the brand, because 70% revenues come from these brands. So if you have an overhang, I'm not sure sure how many PEs would look at it."

The legal impasse is now pushing it to hunt for an out-of-court settlement.

Amit Dahanukar, CMD, Tilaknagar Industries says, "We are always open to mutually acceptable resolution of the dispute. We have no interest in litigation. Litigation is a compulsion and not desirable."

Tilaknagar says it has options on this front, but is not inclined towards any one. Experts say these options include making a cash payment to Herman Jensen or striking a royalty agreement with it or even selling a stake to the Herman Jansen-Allied Blender's joint venture that was formed in 2013.

Allied Blenders that has been trying to acquire Tilaknagar has reportedly bought a 50 percent stake in Mansion House Brandy, globally, from Herman Jansen.

But here's the twist. While Tilaknagar agrees it is negotiating with Allied Blenders for a stake sale, it says reports of a joint venture between Herman Jansen and Allied Blenders is speculation, as the rights to the Mansion House Brandy have not been transferred to any joint venture.

Tilaknagar Ind stock price

On April 25, 2014, Tilaknagar Industries closed at Rs 63.35, down Rs 1.95, or 2.99 percent. The 52-week high of the share was Rs 74.60 and the 52-week low was Rs 44.85.

The company's trailing 12-month (TTM) EPS was at Rs 4.76 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 13.31. The latest book value of the company is Rs 40.53 per share. At current value, the price-to-book value of the company is 1.56.

23.27 | 0 komentar | Read More

EID Parry acquires Bayer group firm Alimtec

With this acquisition, EID Parry would ensure reliable sourcing of Astaxanthin for its subsidiary US Nutraceuticals LLC (Valensa). The entire production of Alimtec will be used by Valensa for its Astaxanthin products catering to US and Europe markets.

Murugappa group firm EID Parry has acquired Chile-based Alimtec, part of Bayer group, for an undisclosed amount in order to grow its nutraceuticals business.

The company has acquired stake in Alimtec from the Bayer group firms.

"EID Parry has acquired 100 percent stake in Alimtec SA, Chile part of the Bayer group," the company said in a BSE filing.

With this acquisition, EID Parry would ensure reliable sourcing of Astaxanthin for its subsidiary US Nutraceuticals LLC (Valensa). The entire production of Alimtec will be used by Valensa for its Astaxanthin products catering to US and Europe markets, the filing added.

Astaxanthin is a strong antioxidant used in cosmetics, herbal products and dietary supplements.

Also read:  Bayer AG sells 5.1% stake to arm Bilag Ind via bulk deal

Alimtec is in the business of producing Haematococcus pluvialis biomass, cultured micro-algae that is a rich natural source of Astaxanthin.

EID Parry is a part of Rs 22,500 crore Murugappa Group headquartered in Chennai. The company is in the business of sugar, microlagal health supplements and bio products.

23.27 | 0 komentar | Read More

YT Newsfeed: What kept entrepreneurs busy this week

Here is a round up of all the entrepreneurial headlines of the week gone by on YT Newsfeed.

Here is a round up of all the entrepreneurial headlines of the week gone by on YT Newsfeed.

23.27 | 0 komentar | Read More

YT: Elections 2014 catches the digital fever

The major highlight of this year's election is the use of social media by political parties. As we prepare to elect a new government, we are seeing a rise in political parties using tech tools, providing online information to voters and politicians reaching out to a growing middle-class using the internet.

The major highlight of this year's election, apart from being a sharply personality-driven battle, is the use of social media by political parties. As we prepare to elect a new government, we are seeing a rise in political parties using tech tools, providing online information to voters and politicians reaching out to a growing middle-class using the internet.

23.27 | 0 komentar | Read More

YT: Elections 2014, the Know Your Vote way!

Know Your Vote focuses on educating the youth to make informed decisions, spread political awareness and demand accountability from the government.

Know Your Vote launched by Dhruv Sarin in 2010, focuses on educating the youth to make informed decisions, spread political awareness and demand accountability from the government. Having reached at over one lakh individuals through social media platforms and campaigns, this largely self funded venture has already won awards from its unique business model and received a seed funding grant from the Ashoka Foundation.  

23.27 | 0 komentar | Read More

NTT to sell entire 26.5% in Tata Tele

NTT today said that they have decided to sell their entire 26.5 percent in Tata Teleservices.

As per the agreement between NTT, Tata Teleservices and Tata Sons, the deal between the three players signed initially in 2009 was set for financial closure on March 31. Since then, NTT has been deciding on what it needs to do with the future of its investment in India. As per the board of directors meeting, NTT today said that they have decided to sell their entire 26.5 percent in Tata Teleservices.  

23.25 | 0 komentar | Read More

DLF to raise Rs 900cr via CMBS; Crisil gives stable rating

Credit rating agency Crisil has assigned stable rating to realty major DLF 's proposed issue of the country's first commercial mortgage backed securities (CMBS) to raise Rs 900 crore.

In October last year, DLF had announced its plan to raise about Rs 1,000 crore through issue of securities backed by mortgage of two retail assets as part of strategy to replace costlier debt, which stood at Rs 17,400 crore two months back.

In a statement, Crisil announced its "rating on India's first commercial mortgage-backed securities (CMBS) to be issued by DLF Emporio Ltd and DLF Promenade Ltd", which are subsidiaries of DLF and operate two malls in south Delhi.

Crisil has assigned 'AA(SO)/Stable' rating to the DLF's CMBS (issued as non-convertible debentures) indicating highsafety with stable outlook.

DLF Emporio's issue would be of Rs 525 crore, while DLF Promenade's issue would be of Rs 375 crore, Crisil said.

Sources said the Rs 900 crore CMBS issue will be launched shortly, but the company is yet to decide on specific dates. "The ratings reflect the quality of the underlying properties, comfortable interest service coverage, liquidity support and the structural features of the instrument.

Also read:  Clear poll verdict will fetch 6.5% growth for 5 yrs: Crisil

"These strengths are partially offset by the susceptibility of lease rentals to prolonged economic slowdown leading to lower occupancy and rentals, or sudden exit of multiple/large tenant," Crisil said.

DLF Emporio and DLF Promenade have a total leasable area of nearly 8 lakh sq ft.

"The top 10 tenants have been occupants for two to three years, and lease agreements are drawn for 9 years with rent escalations every 3 years; the top 10 tenants constitute 40 percent and 30 percent of the lease rentals of DLF Emporio and DLF Promenade respectively," Crisil said.

In 2012-13 fiscal, DLF Emporio reported a profit after tax of Rs 61 crore on a total operating income of Rs 118 crore. DLF Promenade reported losses of Rs 9.43 crore in 2012-13 due to high interest costs on inter-corporate deposits and had a total operating income of Rs 83 crore.

Crisil Ratings Senior Director Pawan Agrawal said: "This first CMBS issuance in India shows how realtors can diversify their funding source."

"The corporate bond market can facilitate access to fixed-rate, long-term finance for realtors who have a portfolio of steady lease-income-generating assets. The CMBS structure provides a fine balance between the issuer's need for funding and the investor's need for safety," he added.

In CMBS, funds available with the issuer during the tenure of the instrument are higher than lease rental-discounting loans from banks. These loans have a structure where principal repayment is amortised, while CMBS will have a bullet repayment.

DLF has a total developable potential of 312 million sq ft, of which 60 million sq ft is under construction.

DLF stock price

On April 25, 2014, DLF closed at Rs 153.75, up Rs 1.30, or 0.85 percent. The 52-week high of the share was Rs 254.75 and the 52-week low was Rs 120.25.

The company's trailing 12-month (TTM) EPS was at Rs 1.43 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 107.52. The latest book value of the company is Rs 67.21 per share. At current value, the price-to-book value of the company is 2.29.

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SAIL bags Rs 650cr rail supply orders

The company in a statement said two global tenders totalling to Rs 650 crore were floated by Rail Vikas Nigam (RVNL) for major passenger railway line projects in the country.

Steel Authority of India ( SAIL ) today said it has won two global tenders for supplying over 1.17 lakh tonne of rails worth Rs 650 crore.

The company in a statement said two global tenders totalling to Rs 650 crore were floated by Rail Vikas Nigam (RVNL) for major passenger railway line projects in the country.

SAIL would supply varieties of rails to RVNL for four important passenger railway line projects connecting Hospet-Tinaighat, Daund-Gulbarga, Titlagarh-Raipur and Sambalpur-Titlagarh.

The schedule for supply of the high quality (Grade 880 Class A) rails by SAIL would be completed within 18 months from the date of award of contract, the company said.

SAIL's flagship Bhilai Steel Plant (BSP), which had been supplying rails to the Indian Railways since its inception fulfilled total requirement of seven lakh tonne annually.

BSP was gearing up to meet all future requirements of the Railways, including head-hardened rails with ongoing Rs.17,265-crore modernisation and expansion programme.

Sail said work was progressing rapidly at BSP's new 1.2 million tonne per annum capacity plant.

SAIL stock price

On April 17, 2014, Steel Authority of India closed at Rs 70.10, up Rs 0.55, or 0.79 percent. The 52-week high of the share was Rs 75.90 and the 52-week low was Rs 37.65.

The company's trailing 12-month (TTM) EPS was at Rs 6.32 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 11.09. The latest book value of the company is Rs 99.32 per share. At current value, the price-to-book value of the company is 0.71.

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Nokia's Chennai mfg plant not part of Microsoft deal

Even as Nokia completed the over USD 7.2 billion deal with software giant Microsoft, the Finnish handset maker had to exclude the Chennai plant, one of its largest manufacturing facilities, due to tax issues with the government.

However, Nokia will produce mobile devices for Microsoft from the plant as part of a service agreement between the companies. To counter uncertainty for its employees in Chennai, Nokia plans to offer a programme of support, including help for them to explore for opportunities elsewhere.

"In India, our manufacturing facility is subject to an asset freeze by the Indian tax authorities as a result of ongoing tax proceedings. Consequently, the facility remains part of Nokia following the closing of the transaction," the Finnish firm said in a statement.

"Nokia and Microsoft have entered into a service agreement whereby Nokia would produce mobile devices for Microsoft," it said.

Microsoft said in a separate statement that the factory in Chennai will stay with Nokia due to the tax liens on Nokia's assets in India that prevent transfer.

In March, the Tamil Nadu government served a Rs 2,400 crore notice on Nokia, saying the firm sold products from the Chennai plant in the domestic market instead of shipping them overseas.

In a separate tax case, the Supreme Court ordered Nokia India on March 14 to give a Rs 3,500 crore guarantee before it transfers the plant to Microsoft.

Nokia had often indicated that the transfer of the plant could be adversely impacted if the dispute remains unresolved. Recently, the company offered a voluntary retirement scheme to its employees in Chennai.

Nokia said it plans to bring to Chennai elements of its Bridge programme, which was made available for employees affected by company changes in other sites. Under the programme, it plans to offer a programme of support, including financial assistance, which would give employees the chance to explore opportunities outside Nokia.

The plant at Sriperumbudur near Chennai is one of Nokia's biggest facilities globally, employing about 8,000 persons directly and about 12,000 indirectly. Nokia had invested about USD 500 million in the factory.

Nokia started manufacturing in Chennai in January 2006 and exports to markets including the Middle East and Africa, Asia, Australia and New Zealand.

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SpiceJet to start new Delhi-Hyderabad flight from May 8

Introductory fares on this new flight start from Rs 3,999 (including taxes) for one way. With this addition, SpiceJet will be operating a total of four direct daily flights between the national capital and Hyderabad.

Budget carrier  SpiceJet would increase frequency on Delhi-Hyderabad route by introducing a  new flight from May 8.

"The new flight between the two cities offers convenient same day return options to passengers," the private airline said in a statement here.

Introductory fares on this new flight start from Rs 3,999 (including taxes) for one way. With this addition, SpiceJet will be operating a total of four direct daily flights between the national capital and Hyderabad.

The latest flight will depart from Delhi's Indira Gandhi International Airport at 6 pm and land at Rajiv Gandhi International Airport here at 8:05 PM. From the state capital, the same flight will take off at 8:35 PM and reach Delhi at 10:40 PM, the statement stated.

Also read: Why SpiceJet believes its fare war is 'good for industry'  

SpiceJet stock price

On April 25, 2014, SpiceJet closed at Rs 15.83, down Rs 0.7, or 4.23 percent. The 52-week high of the share was Rs 43.75 and the 52-week low was Rs 12.50.

The latest book value of the company is Rs -3.50 per share. At current value, the price-to-book value of the company was -4.52.

23.25 | 0 komentar | Read More

Goa planning to start mining from Oct: Parrikar

Post Supreme Court partially lifting iron ore mining ban in the state, the Goa government expects the mineral extraction to start from October and reach 20 million tonnes per annum level in the next 12 months.

"Even reaching 20 million tonnes is not so easy immediately. So, it will take one year to reach the target, though we are planning to start by October or November," Goa Chief Minister Manohar Parrikar told reporters in Hyderabad.

Also Read: State may grant leases as policy hurdles halt Goa mining

The Supreme Court earlier this week had lifted its 18-month-old ban on all mining activities in Goa by allowing annual excavation of up to 20 million tonnes of iron ore.

The apex court passed a slew of directions for the Ministry of Environment and Forest (MoEF) and the Goa government for strictly regulating mining activities in the state till the expert panel, set up by it, submits its final report.

The Chief Minister said mining which contributes as much as 25 percent to the state economy had been impacted negatively by the ban.

"It (the partial lifting of ban) is going to benefit the state a lot. But the first target is to take care of the people, who were rendered unemployed, whose businesses have been affected by the earlier ban," he said replying to a query on the impact of the earlier ban.

He said the state mining policy will be ready in a couple of months and it will have a clear-cut policy framework as far as mining is concerned.

"Maybe in a couple of months we should be ready with the policy. There will be a clear-cut policy frame work. At the national level also we require a transparent policy framework under which everyone will get the benefit," he added.

To a query, he said the government has no intention of taking up mining as demanded by some pressure groups.

Talking to reporters in Panaji, Parrikar said the iron ore exports from Goa would start from September onwards and during the first lot the e-auctioned ore would be shipped.

"We have 13-18 MT ore lying with us, which can be e-auctioned in the month of September so that the economic activity can start," he said.

The mining operations can start by October and they will later pick up momentum by January, next year.

Parrikar said that he has called a meeting of stakeholders tomorrow to address their apprehensions about the situation that would prevail once the mining activity starts.

The chief minister said that the government's order suspending the mining leases issued in September 2012, will be withdrawn only after proper policy is framed to give future direction for the industry in the state.

Parrikar ruled out auctioning of the mining leases in the state, claiming that the transparent and fair policy will handle the issues related to the mining leases.

"The state government will not allow indiscriminate mining in the state. Though environment clearances would be granted for the mining leases, the government will restrict the ore extraction through its own regulatory methods," Parrikar said.

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K'taka to ask GMR to withdraw objections on Bidar airport

Karnataka Infrastructure Minister Roshan Baig today said he would be holding talks with the GMR Group during his visit to Delhi on April 29 to ask them to withdraw their objection to operation of facilities available at Bidar airport.

"I will try to convince them to lift their objections against operation of facilities available at Bidar airport," he told reporters here.

The GMR Group had objected to the operation of facilities at Bidar airport in northern tip of Karnataka citing distance factor from Hyderabad Airport, Baig said.

Also Read: GMR consortium wins $700 mn airport project in Philippines

He also said the state government was ready to hand over maintenance and operation of Bidar Civilian Airport facilities to the GMR Group, which operates Rajiv Gandhi International Airport in Hyderabad. "We are ready to hand over maintenance and operation of Bidar Airport facilities to them," he said.

He also said he would meet officials of the Civil Aviation Department, Directorate General of Civil Aviation (DGCA) and Defence Ministry in this regard and also on the issue of improving air connectivity across the state.

The terminal building at Bidar airport is ready and the government had obtained the clearance from the Civil Aviation Department and the Defence Ministry had cleared the proposal to use the runway and other facilities at the Indian Air Force station on the outskirts of Bidar, Baig said.

Similarly, government has initiated the process to acquire 84 acres of additional land to expand Mysore airport to tap the city's tourism potential and attract investment, Baig said.

The government has asked the National Highways Authority of India (NHAI) to start upgradation works of a stretch of NH 212 next to the workable airport sparing chunk of land needed for the airport expansion, Baig said.

The Airport Authority of India, which has reserved funds for expansion of the airport, had reportedly made it clear to the government that it will not take up works to expand the airport until Mysore-Nanjangud stretch is realigned.

He also said the dream of air connectivity for citizens of Gulbarga will be fulfilled soon as the bickering amongst the partners of the joint venture company Regional Airport Holdings International (Rahi) and IL&FS, had been solved. "Now IL&FS has agreed to complete the project."

One of the partners had initiated legal action against the other for refusing to participate in board meetings since February 2012, thereby blocking all attempts to raise the much needed capital to complete the project, Baig said.

Rahi was granted the lead role to develop, finance and build the Gulbarga airport through a government order on February 18, 2010.

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Genpact to acquire Pharmalink Consulting

Aiming to enhance its domain knowledge and expertise in life sciences, BPO services major Genpact plans to acquire Pharmalink Consulting, a global provider of regulatory services in life sciences, for an undisclosed amount. The US-based firm said it has signed a definitive agreement to acquire Pharmalink Consulting, which will also include the company's employees based in the US, the UK, India, Ireland and Puerto Rico.

"The acquisition will complement Genpact's portfolio of services in the Life Sciences vertical and add significant consulting, outsourcing and operations capabilities," Genpact said in a statement. With an ever-changing regulatory and commercial environment, the life sciences industry continues to face new challenges that require them to rely increasingly on experienced providers, it added.

Also Read: Cognizant acquires US-based digital video solutions firm

It will also significantly expand Genpact's capabilities in supporting the life sciences research and development functions, including regulatory strategy, filing submissions, complex compliance services and the management of post-licensing activities, the BPO services provider said. Genpact's life sciences and pharmaceutical services include medical documentation, regulatory submission & compliance, pharmacovigilance, chemistry manufacturing compliance, medical contact centres, among others.

For the 2013 fiscal (January-December), the company said net revenues from global clients stood at USD 1.65 billion, up USD 244.6 million, or 17.4 percent, from USD 1.41 billion in 2012. Of this, USD 56.6 million, or 23.1 per cent, of the increase came from clients in the consumer packaged goods, retail and life sciences industries.

"This acquisition fits in exactly with our strategy to invest in solutions in specific growth areas in specific verticals such as Life Sciences," Genpact President and CEO said N V Tyagarajan said. In an industry that is undergoing intense transformation, adding Pharmalink's combination of talent, process expertise and domain knowledge to Genpact's portfolio will allow the firm to better serve its life sciences clients, he added.

Pharmalink's clients include nearly all of the twenty largest global life sciences companies. It provides specialised expertise in end-to-end range of regulatory services, including strategy, chemistry manufacturing & controls (CMC), regulatory operations and publishing & technology services.

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IBM inks deal with Polaris FT for social software solutions

Technology giant IBM has signed a contract with IT services firm  Polaris Financial Technologies (FT) for using the US-based company's social software for a superior digital experience, improve workforce productivity and accelerate business growth.

"By adopting IBM's enterprise social collaboration platform, Polaris FT is transforming how its 12,500 employees connect, communicate and collaborate to drive greater workforce productivity," IBM said in a statement.

Working with IBM, Polaris designed and developed Octopus, an enterprise social platform, which runs on IBM Connections and uses APIs (application programming interfaces) provided in the IBM Social Business Toolkit.

Organisations around the globe continue to look for ways to create a smarter enterprise that connects customers, employees, business partners and other key stakeholders to share ideas, spur innovation, improve performance and outpace the competition, IBM Director (Social Business and Smarter Workforce) India/South Asia Anmol Nautiyal said.

"Time and again, the answer continues to be social technologies. Whether delivered on-premise or in the cloud, social allows businesses to drive strong teaming both inside and outside the organisation which in the end leads to strong collaboration an workforce productivity," he added.

This application makes it easy for IBM partners and clients like Polaris to build an entirely new class of cloud-based social business applications for their businesses using the Connections foundation, IBM said.

With Octopus, Polaris is able to apply social networking, social learning, digital experiences and knowledge/content management tools based on an open cloud-based mobile architecture, it added.

Octopus manages all project deliveries, customer related interactions, knowledge-sharing, online collaboration and employee engagements taking place across the business - a transformation that has helped increase total enterprise productivity.

Through the 360-degree view and central information storage that Octopus enables, Polaris is no longer solely reliant on email to record, deliver and collaborate on projects and has improved the way it communicates and engages with customers, the NYSE-listed IBM said.

"Our analysis has shown that Octopus has ushered an 8 per cent reduction in effort, lowered attrition by 4 per cent and has reduced on-boarding time by a whopping 75 per cent," Polaris FT Chief Technology Officer Shashi Mohan said.

Polaris Tech stock price

On April 23, 2014, Polaris Financial Technology closed at Rs 187.90, down Rs 2.4, or 1.26 percent. The 52-week high of the share was Rs 219.00 and the 52-week low was Rs 96.10.

The company's trailing 12-month (TTM) EPS was at Rs 12.13 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 15.49. The latest book value of the company is Rs 109.26 per share. At current value, the price-to-book value of the company is 1.72.

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BSNL Kerala circle profit to touch Rs 400 crore

In the mobile sector, the number of customers is growing every year and it provided 10,89,385 cellular connections, 18,646 Wimax connections and 50,116 CDMA WLL connections, he pointed out.

BSNL's Kerala circle is expected to register a profit of about Rs 400 crore for the 2013-14 fiscal even as the telecom giant is struggling at the national level.

"BSNL Kerala circle, which made a profit of Rs 287 crore in 2012-13, is posed to register a profit of Rs 400 crore," M S Rao, Chief General Manager of the circle told reporters here today.

He said BSNL continues to dominate the telecom market in Kerala with a total share of 32.32 per cent and landline market share of 96.11 per cent, he said. During the year, 78,619 new wire line connections and 1,68,433 broadband connections were provided, he said.

Also read: DoT may withdraw penalty on Loop Telecom

In the mobile sector, the number of customers is growing every year and it provided 10,89,385 cellular connections, 18,646 Wimax connections and 50,116 CDMA WLL connections, he pointed out.

Rural internet penetration in Kerala was the highest with 3.4 percent, much above the national average of 0.4 percent, he said, adding 'we are planning to provide more rural broadband this year'.

The company also plans to introduce 4G service in the state shortly, he added.

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LIC sells shares worth Rs 6,300 cr in Sensex cos

State-owned life insurer LIC lowered its exposure in 15 blue-chip firms during the January-March quarter with sale of shares that are currently worth over Rs 6,300 crore.

At the same time, LIC increased stake in 12 Sensex firms by purchasing shares worth over Rs 13,000 crore, as per the shareholding pattern of 30-bluechip companies on the BSE.

In two companies -  Tata Steel and Tata Power - LIC's stake remained unchanged during the quarter. It has not held any stake in  Hindustan Unilever in the past few quarters.

Also Read: Expect strong Q1FY15 as recoveries increase: LIC Housing

LIC holds 17 percent stake in Larsen & Toubro , the highest it has among the Sensex firms.

At current share prices, LIC offloaded shares worth Rs 6,313 crore in 15 Sensex constituents. At the same time, the insurance giant picked up scrips worth Rs 13,357 crore in 12 blue-chip companies.

The sell-off by the Life Insurance Corporation of India coincided with a surge of 5.74 percent in BSE's benchmark index Sensex during the January-March quarter.

LIC decreased its stake in Reliance Industries , Wipro , Tata Consultancy Services , Infosys , Tata Motors , ONGC , Gail India , Maruti Suzuki , ICICI Bank , HDFC , Sun Pharma , Hero MotoCorp , Sesa Sterlite , Larsen & Toubro and  Dr Reddy's Laboratories among others during the last quarter.

On other hand, the biggest institutional investor in the stock market, shored up holding in Bharti Airtel , BHEL , NTPC , HDFC Bank , Axis Bank , Coal India , ITC , Cipla , Hindalco , Bajaj Auto , State Bank of India ( SBI ) and Mahindra & Mahindra .

Sun Pharma saw LIC reduce exposure to nil, while its stake in ICICI Bank dropped by 0.96 percentage point to 8.74 percent.

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India plant unlikely to be part of Microsoft deal: Nokia

Nokia will instead operate the factory as a contract manufacturing unit for Microsoft after the deal, a spokeswoman for the Finnish company's Indian unit said on Thursday.

Nokia said that due to an ongoing tax dispute, its Indian mobile phone handset plant was unlikely to be included in a deal due to be concluded on Friday for the sale of its global handset business to Microsoft.

Nokia will instead operate the factory as a contract manufacturing unit for Microsoft after the deal, a spokeswoman for the Finnish company's Indian unit said on Thursday.

"It's highly unlikely that the plant will transfer, given that the (deal) closing with Microsoft is tomorrow," the spokeswoman said. "If the asset doesn't get transferred, we are entering into a service agreement with Microsoft."

Also Read: Nokia Chennai unit may become contract manufacturing plant

Nokia has yet to agree to conditions set by an Indian court, including payment of a guarantee for potential tax dues in a dispute with Indian authorities, before it transfers the plant to Microsoft. The plant, which Nokia says employs about 6,600 employees, is one of its biggest factories globally.

Nokia this month offered a voluntary retirement scheme to factory employees.

Nokia lawyers have previously told the Delhi High Court that the company can run the plant as a contract manufacturer in case it is not allowed to be transferred to Microsoft, but not beyond 12 months after closing their 5.4 billion euros (USD 7.5 billion) global deal.

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Union Bank of India raised USD 350 million from bonds

The 5.5 years bonds were priced at a spread of 280 basis points and was oversubcribed 3.4 times with demand from 150 investors, Union Bank of India said in a statement.

State-owned  Union Bank of India today said it has raised USD 350 million (Rs 2,100 crore) through bonds from overseas market to fund its expansion plan.

The 5.5 years bonds were priced at a spread of 280 basis points and was oversubcribed 3.4 times with demand from 150 investors, Union Bank of India said in a statement.

Geographically, 65 percent of the bonds were allocated to Asia, 32 percent to Europe and the remaining 3 percent to offshore US.

This is part of USD 2 billion Medium Term Note Programme, it added.

Also read: PSU banks may get additional capital infusion of Rs 7000 cr 

Union Bank stock price

On April 23, 2014, Union Bank of India closed at Rs 149.15, down Rs 1.05, or 0.7 percent. The 52-week high of the share was Rs 255.00 and the 52-week low was Rs 97.10.

The company's trailing 12-month (TTM) EPS was at Rs 30.25 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 4.93. The latest book value of the company is Rs 273.18 per share. At current value, the price-to-book value of the company is 0.55.

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Bhushan Steel gets nod to run new blast furnace in Odisha

The state PCB in last November had directed closure of the blast furnace till further order, following an explosion that happened in the slag pit during the fourth day of trial run on November 10.

Bhushan Steel  today said it has got the green signal to start a blast furnace in Meramandali plant from the Odisha Pollution Control Board (PCB) which had directed its closure following an accident during trial run.

"The company has now received all consents and approvals from the State Pollution Control Board, Odisha, for starting and operating the blast furnace No 2 installed at its steel plant," Bhushan Steel said in a BSE filing.

The state PCB in last November had directed closure of the blast furnace till further order, following an explosion that happened in the slag pit during the fourth day of trial run on November 10.

The accident at the plant caused deaths and injuries. "The company has started the process of operation of blast furnace No 2 and the production from the furnace is expected to start in few weeks," Bhushan Steel said.

Bhushan stock price

On April 23, 2014, Bhushan Steel closed at Rs 446.75, up Rs 0.25, or 0.06 percent. The 52-week high of the share was Rs 504.00 and the 52-week low was Rs 437.30.

The company's trailing 12-month (TTM) EPS was at Rs 15.97 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 27.97. The latest book value of the company is Rs 395.02 per share. At current value, the price-to-book value of the company is 1.13.

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Yoshindo JV to focus on biosimilar drugs in Japan: Lupin

Drug major  Lupin has entered into a joint venture agreement with Japanese pharma company Yoshindo Inc to create new entity YL Biologics (YLB). This joint venture will focus on biosimilar development and commercialisation for Japan. CNBC-TV18's Archana Shukla spoke to KK Sharma, VC, Lupin to get the details of the JV.

Below are excerpts from the interview:

Q: Will it in-licence products from Lupin's biosimilar pipeline or is the JV open to sourcing from other companies as well?

A: It can have both. Predominantly, it will be Lupin products but the joint venture will be open to consider other products from other originators as well.

Q: Which products would be from Lupin's portfolio?

A: At the moment, we are starting with one product that is Enbrel and there would be couple of more products but it will be a little premature to talk about those products because there is a pipeline which we don't want to discuss at the moment. However, this is a very laudable experiment because taking a biosimilar to advance market is for the first time, out of India.

Although, I also know that Lupin was relatively much late into the game because we started only in 2007 and the game has been in the country since 1992. In that sense, it is a very proud moment for the company to have built the technology.

We have about eight proteins in our pipeline today of which five are monoclonal antibody bodies. Post 2016, there is a floodgate of these products opening up and I have often spoken about the new specialty character that we are trying to bring into Lupin which starts with technology intensity, capital intensity, regulatory intensity and so forth. So, this is one of the manifestations of that specialty character.

Q: What kind of investments would we look from Lupin as well as your joint venture partner into this? How could the marketing pan out once the products are into the market? What is the timeline that you are seeing for these products to hit the market?

A: I can only talk a bit of general things here. The clinical development cost could be anywhere in the range of USD 35-50 million. We would share that equally. The joint venture is going to in-licence the product from Lupin. Though I cannot share with you but there will be upfront payment and there will be kind of milestone payments for that.

Once the development is done the clinical data would be submitted to the Pharmaceuticals and Medical Devices Agency (PMDA) in Japan. We have already had interviews with the regulators and we have arrived at a particular protocol for clinical work.

Japan has the best track record in the world for approving products and therefore, we hope that in two-and-a-half years to a maximum of three years we should see this product getting a marketing authorisation from the regulators. The deal is that we would share the file between Yoshindo and Lupin.

If we want to bring in another partner, that will be joint venture addition, not addition of anyone of us. However, it would be best if we both own the files and market ourselves. We would be marketing different brands of the same product.

Lupin stock price

On April 23, 2014, Lupin closed at Rs 987.25, up Rs 5.10, or 0.52 percent. The 52-week high of the share was Rs 1012.00 and the 52-week low was Rs 679.35.

The company's trailing 12-month (TTM) EPS was at Rs 42.06 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 23.47. The latest book value of the company is Rs 108.10 per share. At current value, the price-to-book value of the company is 9.13.

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RIL raises USD 550 m from Japanese banks

The 12-year loan will part finance the proposed expansion of RIL's petrochemical plants and setting up of new gasification unit and refinery off-gas cracker over the next 2-3 years.

Reliance Industries  Ltd (RIL) Wednesday said it has raised USD 550 million loan for part-funding expansion of its petrochemical plant and new gasification unit from Japanese banks.

"In continuation of the fund raising programme initiated in 2012-13, RIL has tied up Export Credit Agency (ECA) facility of up to USD 550 million co-financed by JBIC (Japan International Bank for Cooperation) and a group of other Japanese banks backed by NEXI," the company said in a statement.

Also Read: Honey-trapped by govt over KG-D6: RIL to SC

The 12-year loan will part finance the proposed expansion of RIL's petrochemical plants and setting up of new gasification unit and refinery off-gas cracker over the next 2-3 years.

"This is RIL's eighth ECA facility for the largest capital expenditure programme it has undertaken," it said.

This is the first time that JBIC is extending credit to RIL.

JBIC will provide direct financing of up to USD 330 million and Japanese banks, supported by a 95 percent Nippon Export and Investment Insurance (NEXI) insurance cover, will finance up to USD 220 million.

The participating banks include The Bank of Tokyo-Mitsubishi, Sumitomo Mitsui Banking Corporation, Mizuho Bank, and three regional Japanese banks namely The Gunma Bank, The Hachijuni Bank, and The Chiba Bank.

The facility will have a door-to-door tenor of twelve years and will be used to finance contracts for imports of goods and services signed with more than 20 Japanese suppliers.

Reliance stock price

On April 23, 2014, Reliance Industries closed at Rs 966.85, down Rs 1.5, or 0.15 percent. The 52-week high of the share was Rs 988.90 and the 52-week low was Rs 765.00.

The company's trailing 12-month (TTM) EPS was at Rs 68.01 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 14.22. The latest book value of the company is Rs 556.88 per share. At current value, the price-to-book value of the company is 1.74.

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Infosys presents Innovating for a Better Tomorrow

Subject of discussion this time is frugal innovation which is low cost technologies creating the greatest possible good for a large number of people but also not sacrificing on quality.

Subject of discussion this time is frugal innovation which is low cost technologies creating the greatest possible good for a large number of people but also not sacrificing on quality.

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RBI panel moots centralised bill payment system

The RBI has sought comments on the Report of the GIRO Advisory Group till May 25.

An RBI panel today made a case for centralised bill payment system catering to different financial instruments, like cheques, debit cards and mobile banking.

"In order to ensure uniform and efficient implementation of operations of the bill payments system in the country, standards have to be set for process standards, business standards for establishing the relationship between all entities, and information exchange standards for transactions as well as settlements," it said.

The RBI has sought comments on the Report of the GIRO Advisory Group till May 25.

This centralised bill payments system, it said will provide accessible services across all parts of the country through a strong network of operational units/agents who will ensure in making this service accessible in urban as well as rural areas.

The report further said the standard setting role/function has to be distinct from the operational aspects of the bill payments system.

"It is, therefore, recommended that the bill payments system follow a 'tiered structure' - the standard setting functions being carried out by a central body / agency (to be named as Bharat Bill Payment System - BBPS) with actual operations being carried out by multiple entities," it added.

Currently, the payment system in the country offers a variety of payment instruments to the public, like cheques and various e-payment modes in the form of credit cards, debit cards, pre-paid payment instruments (including mobile wallets) issued by both banks and authorized non-bank entities.

In the context of bill payments, the payment delivery channels available to customers and consumers include bank branches, business correspondents, ATMs, mobile banking, internet banking, among others.

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Bajaj Allianz grows 16% in Bengal, surgical policy unveiled

The policy assures a guaranteed benefit sum depending on the surgical treatment that is graded based on the costs and covers almost 600 surgeries.

Private general insurer Bajaj Allianz today said the Kolkata region has grown 16 percent in 2013-14 with a total premium of Rs 290 crore and hopes to do better this fiscal with new products being rolled out.

"This region has grown 16 percent in 2013-14 with total premium of Rs 290 crore. We hope to grow by 20 percent this fiscal fuelled by new products," company regional manager Debojit Roy said today while unveiling Surgical Protection plan.

The policy, a first of its first was conceived when it was found that calims after surgery account for nearly 54 percent of the total claims and also surgically managed cases cost 83 percent more over the medically managed cases. Roy said the product is cheaper compared to tradional health cover policies by 35-40 percent.

Also read:  Bajaj Allianz Life pays claims worth Rs 651 crore in FY14

The policy assures a guaranteed benefit sum depending on the surgical treatment that is graded based on the costs and covers almost 600 surgeries.

It offers 11 plans with sum insured ranging from Rs one lakh to Rs 10 lakh. The policy also offers add-on covers like hospital cash, critical illness and personal accident cover.

It grades surgeries on a scale of one to five based on the varying cost involved for the treatment and benefit is given based on grades.

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Micromax starts manufacturing smartphones in India

The spokesperson said Micromax is producing all the tablets that are being sold in India at this facility but mobile phone production is at initial stage.

The country's second largest mobile devices company Micromax has now started manufacturing handsets at its Rudraprayag facility in Uttarakhand.

"Micromax has manufacturing plant in Rudraprayag where it manufactures LED and tablets. The company started manufacturing mobile phones couple of months back," a Micromax spokesperson told PTI.
     
The spokesperson added Micromax is producing all the tablets that are being sold in India at this facility but mobile phone production is at initial stage. As per the industry data, Micromax is the second largest players in both mobile phone and tablet PC market in India.

Also read: Micromax eyes stake in Korea's Pantech

The company had 13 percent market share in total mobile phone segment and 16 percent in smartphone market in last quarter of 2013 as per market research firm IDC. Micromax had 8.9 percent market share in Indian tablet PC segment which stood at 4.14 million units in calendar year 2013.

The company targets to almost double its revenue to USD 1 billion (over Rs 6,000 crore) by end of financial year 2013-14 from revenue of Rs 3,168 crore in FY 12-13. Micromax did not comment on latest revenue figure.

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GSK-Novartis global deal won’t impact India business: GSKCH

As part of the three-way transaction announced today, the Swiss firm will buy GSK's cancer drugs portfolio for USD 16 billion and sell its vaccines business in return for USD 7.1 billion.

GlaxoSmithKline Consumer Healthcare  today said the multi-billion dollar global deal between parent GlaxoSmithKline Plc and Swiss drug major Novartis  won't affect its business in India.

The two companies agreed to form a joint venture by combining Novartis' over-the-counter division with GSK's consumer business to create a business with USD 10 billion in annual sales. GSK will hold a 63.5 percent stake in the venture.

"This consumer healthcare joint venture will exclude GlaxoSmithKline Consumer Healthcare Ltd India, where GSK plc will continue to hold directly its interests in the listed entity," GlaxoSmithKline Consumer Healthcare (GSKCH) said in a filing to the BSE.

As part of the three-way transaction announced today, the Swiss firm will buy GSK's cancer drugs portfolio for USD 16 billion and sell its vaccines business in return for USD 7.1 billion.

Also read:  Novartis transforms drug biz via deals with GSK and Lilly

Novartis, based in Basel, will acquire GSK's oncology products for a USD 14.5 billion payment and up to USD 1.5 billion contingent on a development milestone. Novartis would have opt-in rights to GSK's current and future oncology R&D pipeline.

Novartis will divest its vaccines business, excluding flu, for USD 7.1 billion plus royalties. The upfront payment is USD 5.25 billion and up to USD 1.8 billion is in milestones.

Earlier this year, GSK increased its stake in the Indian arm, GlaxoSmithKline Consumer Healthcare, to 75 percent following the completion of a Rs 6,400 crore open offer. GlaxoSmithKline Consumer Healthcare shares closed at Rs 4,368 on the BSE, up 0.06 percent.

GlaxoSmith Con stock price

On April 22, 2014, GlaxoSmithKline Consumer Healthcare closed at Rs 4357.60, down Rs 7.8, or 0.18 percent. The 52-week high of the share was Rs 6020.00 and the 52-week low was Rs 3645.00.

The company's trailing 12-month (TTM) EPS was at Rs 119.62 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 36.43. The latest book value of the company is Rs 443.23 per share. At current value, the price-to-book value of the company is 9.83.

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