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Maruti to recall 69,555 units of old Dzire and Swift, Ritz

Written By Unknown on Selasa, 30 September 2014 | 23.25

The recall is only for the diesel variants of the three models. Out of the total, 55,938 units are of old Dzire, 12,486 units of old Swift and 1,131 units of Ritz, which were manufactured between March 8, 2010 and August 11, 2013, the company said in a statement.

Maruti Suzuki  India today announced recall of 69,555 units of Dzire, Swift and Ritz models manufactured between March 2010 and August 2013 to repair wiring harness fitment.

The recall is only for the diesel variants of the three models. Out of the total, 55,938 units are of old Dzire, 12,486 units of old Swift and 1,131 units of Ritz, which were manufactured between March 8, 2010 and August 11, 2013, the company said in a statement.

This exercise is limited to vehicles within the above specified range and does not pertain to any other vehicle of the company or its exports, it added.

According to the company, the recall was done in order to rectify possible issues with the routing of the wiring harness that connects to the battery.

"Maruti Suzuki dealers will contact owners of all the affected vehicles. The dealer workshop technicians will inspect the wiring harness fitment condition and carry out the necessary repairs, free of cost," MSI said.

Earlier this year in April, in one of the biggest vehicle recalls, MSI had recalled 1,03,311 units of its popular models- Ertiga, Swift and DZire- manufactured between November 12, 2013 and February 4, 2014 to replace faulty fuel filler neck.

Ever since auto industry body Society of Indian Automobile Manufacturers started voluntary recall for safety related in July 2012, a total of nearly 6.1 lakh vehicles have been recalled by various manufacturers in India.

Maruti Suzuki stock price

On September 30, 2014, Maruti Suzuki India closed at Rs 3064.35, up Rs 55.75, or 1.85 percent. The 52-week high of the share was Rs 3110.00 and the 52-week low was Rs 1341.80.


The company's trailing 12-month (TTM) EPS was at Rs 96.45 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 31.77. The latest book value of the company is Rs 694.45 per share. At current value, the price-to-book value of the company is 4.41.


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MCX to launch new 2015 contracts tomorrow

MCX , country's leading commodity exchange, will launch fresh futures contracts in bullion, base metals and farm commodities for the 2015 calendar year, effective from tomorrow.
New contracts in commodities such as gold, silver, aluminium, lead, nickel, zinc, copper, crude oil, crude palm oil, mentha oil, cardamom, cotton, cotton seed oilcake will be launched for futures trading with effect from October 1, the exchange said in a separate circular.

MCX, which largely generates business volumes from bullion and metals, will launch gold contract for expiry in February  and later months till August of 2015.

In case of Gold Guinea and Gold Petal contracts, it will offer only one contract for expiry in January.  Silver contract will be launched for expiry in March, May, July and September next year. 'Silver Mini' contract will be offered that will close in February, April, June and August of next year, while 'Silver Micro' for expiry in February, April and June, the exchange said.

Also read: FTIL exits MCX; completes 15% stake sale to Kotak Mah Bk

'Silver 1000' contract will be launched for expiry in January and later months till September, it added. Yesterday, commodity markets regulator FMC had given permission to MCX to launch continuous  contracts for the 2015 calendar year after the exchange complied with the regulatory directives issued in a matter related to FTIL's stake sale in the bourse.

FMC had held back approval for launch of new contracts to MCX to ensure that the bourse puts pressure on its anchor investor  Financial Technologies (FTIL) to comply with the December 2013 order that declared FTIL as unfit to run any bourse in view of the Rs 5,600 crore scam at National Spot Exchange (NSEL). NSEL is promoted by FTIL.

MCX was given approval to launch new contracts after FTIL exited the bourse fully yesterday by selling 15 per cent stake to Kotak Mahindra Bank and signing a new technology pact with the commodity bourse. FTIL had held 26 per cent stake in MCX.

 MCX' volumes have taken a beating after the scam at NSEL surfaced and imposition of commodity trading tax. The turnover of the exchange was Rs 2,06,876 crore in the first fornight of this month, down from Rs 2,71,348 crore in the same period last year, as per the FMC data.

Financial Tech stock price

On September 30, 2014, Financial Technologies closed at Rs 223.50, down Rs 4.8, or 2.1 percent. The 52-week high of the share was Rs 403.60 and the 52-week low was Rs 129.95.


The latest book value of the company is Rs 522.91 per share. At current value, the price-to-book value of the company was 0.43.


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'Investors want Modi to commit to no more retro tax moves'

Indo-US relationship is ruled by clichés and we need to move beyond that, is the word coming in from Mahindra Group chairman Anand Mahindra. He believes people in the US are impressed with Prime Minister Narendra Modi so far.

According to him, there was never a doubt that India has potential, but it was more about whether there is a catalyst or a conductor. "They believe Modi is the right conductor," Mahindra told CNBC-TV18.

He says, so far investors are pleased with movement on FDI front and believes allowing foreign direct investment (FDI) in defence is a goof move.

Mahindra says investors understand land and labour laws won't change overnight. All they are looking for is a commitment or an unequivocal promise from Prime Minister Modi that instances of retrospective taxation won't happen in the future. Investors are not looking for immediate repeal of retro tax, says Mahindra.

On today's bi-monthly monetary policy, Mahindra feels Reserve Bank governor Raghuram Rajan can perhaps start thinking about lowering rates.

Below is the verbatim transcript of Anand Mahindra's interview with CNBC-TV18's Shereen Bhan.

Q: We have seen the Reserve Bank announce its credit policy along expected lines. No changes to any of the key rates which is what the street was expecting. It is unlikely that we are going to see rates come down any time soon perhaps not even at the end of this financial year. Credit growth continues to be sluggish. How real is the turnaround in the economy to your mind?

A: We are going through a very critical period right now. Everybody has been holding their breath waiting for this festival season to start and we are all expecting some kinds of magic to take place. It is a little early but it is very important. How the season goes is going to tell us whether the revival is real or not real. I am on the phone everyday asking our sales people is it real. There is still that magic rebound we wanted. It hasn't happened yet. So yes, you are right, it is not real yet. But let us not jury us out. Let us wait till festival phase is over.

Q: But there is another question on the interest rates and the possibility of rates staying where they are at least till the end of this financial year. Reserve Bank has always maintained that corporate India is saying that the interest rate will lead to an economic rebound are somewhat exaggerated. How would you comment on that and the fact that interest rates are unlikely to move low any time soon?

A: The Governor of the Reserve Bank of India (RBI) has done an excellent job and the right thing in waiting and watching for as long as he had the fight against inflation, the fight to prevent it from raising its ugly head is more important one. However there is a kind of convergence of some benevolent events. If you look at commodity prices for example, they have been remarkably low, so given that there is still a little bit of a lag on Index of Industrial Production (IIP). He should probably, in my opinion, he doesn't take advice from anyone but I would say it is maybe time to begin thinking about lowering rates. The propitious time is coming in.

Q: Do you believe that investors are buying what Mr Modi is selling because let me quote to you the reactions that I have got. Everyone is optimistic, some are nervously optimistic about India, some are guardedly optimistic and some are cautiously optimistic. How are you reading mood and sentiment?

A: I love those phrases, they are such nice clichés, isn't it? I am going to use that as a take off point. Now in America we have to move beyond clichés. If we are going to conquer America the conquest has to move beyond clichés. The whole business about the largest democracy and the oldest democracy, our relationship has been ruled by clichés for too long.

People are now looking to see real progress on the ground. I believe they have been very impressed with what they have seen of Mr Modi so far. They recognise that what India needed was a kind of conductor for the orchestra. They never doubted the talent of the individual musicians of the orchestra. The problem is has there been the right conductor with the right piece of music for us to follow. I believe what this mission is doing in the first instance, and that is very important is establishing that Mr Modi is that conductor everyone was waiting for.

But yes, there is guardedness about the fact that will he be able to deliver and that should be everybody's concern including Mr Modi. He set very high expectations while he is here and the downside of high expectations is we have to deliver.

Q: Investors that we have been speaking to continue to be concerned about retrospective issues, retrospective tax in particular because there we actually haven't seen any changes being made by this government, the setting up of a committee seems like a bit of a copout. So people are not entirely convinced even though the government has said that the era of retrospective action is over. Has that continued to be dominant concern in your conversations as well?

A: It is interesting you asked me because I have a kind of very fresh conversation to report on. Yesterday I was at the Council on Foriegn Relations and I was flanked by two important US businessmen and I turned to them before Mr Modi started speaking and asked them what is your expectation and particularly on the tax issue and I promise I wouldn't quote the person but he said, as long as he makes some unequivocal statement that we are not going to let this happen in future and that frankly there are political compulsions or other issues by which I have to find the resolution for the past issue but I commit that in future we will have more enlightened policy which will not include retrospective taxation, they are fine with that. They said a bold statement such as that would be fine.

Q: As far as retrospective action and retrospective tax in particular those concerns have been allayed?

A: This is a sample of one, as you the person who I was talking to, but I am saying that I was happy to find that there is a practical approach to this. People are not sitting here saying we want that act repealed otherwise we don't look at India. They are saying we want a forward commitment from this man and we want an amicable resolution to the past.

Q: An area of opportunity that everybody is talking about is defence where the Foreign Direct Investment (FDI) limit has been hiked to 49 percent. Some investors believe that this government should have been bolder. The government has made it very clear that you can go beyond 49 percent if there is transfer of technology. That is an area of interest for you as well. What are people saying to you as far as defence corporations and defence joint ventures are concerned in specific?

A: They are pleased that there has been movement on that score that there has been a raising of that limit. I have always said that the problem was not so much the limit the FDI limit. It was the spending of the government. You are coming to India to do business, to do business with what you perceive to be the largest arms importers in the world. So everybody is seeing this bonanza. The bonanza wasn't happening. The process of purchase of procurement was paralysed and that is far more important.

If we see the revival of reasonable, predictable procurement in a transparent manner, that is going to do far more to get investment into defence rather than fixating ourselves on this limit and the cap frankly 49 percent has been welcomed, it is fine.

Q: So do you believe that we are going to see a lot more money coming into the defence sector, more JVs being inked or do you believe it will continue to be wait and watch for a bit longer?

A: It is wait and watch for a little while to see whether the procurement process has been truly and sustainably revived.

Q: In terms of other key reforms land acquisition is something that people talk about. Labour reform is something people talk about. All of this requires legislative action. There is a concern on whether this government will be able to push that through or not. What are the other reforms that people have talked to you about what they would like to see the government undertake?

A: There is a lot of talk. The large reforms that people have talked about here are related to land and to labour laws and of course they have been watching with a very great concern on resource such as the coal issue. They recognise that the judgement that came recently is a process of law. They understand that this should result in greater transparency in the future. But they want to see action, they want to see that when they come into India are they going to get answers on these.

There has been great deal of encouragement by the 'Make in India' single window approach, the fact that your queries will be answered. They are worried about having to go from pillar to post to find out what is happening. They need someone to join the dots for them in the government. If that is done that will go a long way in making sure that people come in because every flow with the land acquisition bill, every clause of labour reform that we want is not going to get sorted out tomorrow and they understand that.


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Modi needs to restore trust in how people see India: Banga

Prime Minister Narendra Modi was clear on his focus on aiming for the right kind of job growth and based on that then the right quality of life for the citizen during his meeting with the top CEOs on Monday, says Ajay Banga, President & CEO, MasterCard and Chairman, US-India Business Council.

According to Banga, reading between the lines, Modi is trying to say that Rome wasn't built in a day. On issues such as retrospective taxation, the fact that he has given reassurance about the holding back of future such tax action is important, he adds.

"The real thing that he has got to do is restore trust in the way people perceive India as an investor destination. For that you need predictability and consistency of policy," Banga told CNBC-TV18.

Below is the verbatim transcript of Ajay Banga's interview with Shereen Bhan on CNBC-TV18.

Q: You were part of that high powered CEOs meeting with Prime Minister Modi. What were the specific issues the CEOs raised with the Prime Minister?

A: He started off by talking about his clear focus on aiming for the right kind of job growth and based on that then the right quality of life for the citizen. He was very focused on those two things and he had a whole series of thoughts of how he would go about them and most of that came out through a listening and talking process with him. The CEOs essentially listened to him, understood his perspective and then he said tell me what your issues are and that is when we got down to stuff that still hangs out there. Some things like the retrospective taxation and clearing it up, goods and services tax (GST).

Q: Did you get an answer on that because clearly there is disappointment with the fact that this government has not done enough to ally apprehensions. The retrospective tax law stays. We have set up a committee but that perhaps isn't enough is the feedback from investors?

A: Among investors you will find two types. You will find those who understand that nothing happens in a day, Rome was not built in a day and we are in an awkward situation on this taxation. It requires legislative action. You are not going to get that done in the course of a week or two weeks or three months. The fact that he has given reassurance about the holding back of future such tax action is important. What he is going to get to is solving the issues somehow of the tax issues that remain outstanding from prior actions because till you take both of them away you are never going to get everybody to be completely satisfied.

Q: But there is no reassurance on doing away with the law come the next Budget or anytime sooner?

A: No, not at all. There was no timing, there was no reassurance. All he talked about was I am very focused in making sure that you get towards my topic as well; predictability and consistency. The real thing that he has got to do is restore trust in the way people perceive India as an investor destination. For that you need predictability and consistency of policy.

It is not what you decide it is the consistency and the transparency of the decision that enables investors to decide where to put their money and how to invest and he gets that.

Q: So, predictability, policy certainty is right up there on the agenda. What else did investors want from the Prime Minister?

A: There were a lot of discussions around clarity on FDI. So there was gratefulness of railway 100 percent, defense 49 and insurance hopefully.

Q: Happy with 49 for defense or would they like more?

A: We had nobody specifically raise it in the meeting but I have had conversations with US IBC members separately. All of them would have loved to see more because they believe that at a higher level they would be more willing to bring in sophisticated technology for local Indian manufacturers. Having said that the way the policy has been announced it does give you space and that is very cleverly done and it will allow investors to feel comfortable that there is space here.

Now there are other things that we can do on FDI. There is e-commerce, financial sector reform.

Q: Did he say anything on e-commerce because this government has maintained a sort of ambivalent stand as far as e-commerce is concerned but on multi brand retail he has said categorically no?

A: No, he didn't say anything about e-commerce. The whole topic of FDI increase came up but not specifically on one sector. There the big discussion was around getting some clarity around the whole intellectual property space and that came up in the context of pharmaceutical. India has made enormous strides on the intellectual property in software as well as in movies and music. It is in pharma that there has been all this noise in the last period of time. There are two sides to that. There is a side that I believe that India needs medicines at an affordable price for its vast population. It cannot afford medicine at a certain level of price point. The other side of it is if we are going to do R&D and you believe R&D is a key to developing new drugs then you are going to have to find a way to get companies to be able to get compensated adequately for what they putting in.

Q: Do you believe that there is likely to be any convergence on the IPR related issues this time?

A: I don't know about this visit but I would tell you that in every country where this issue comes up with emerging markets most pharma companies are able to find a way to thread the needle and satisfy both. We had a CEO from one of the pharma companies in the room and his attitude was a very constructive one saying you have to understand our problem; we have got to understand yours. But there has got to be a way that we can do this together.

The Prime Minister came across saying, I get it. My interest he said was in ensuring that there is adequate R&D for the kind of drugs that relief all of mankind with new diseases coming out. Look at Ebola. So, if you are going to do those you\'re going to need to compensate these firms and at the same time he wants to make sure that we don't as an ever greening of patterns and he tried to draw the distinction between the two. Obviously, he made no commitments but he was very constructive.

Q: You talked about railways, intellectual property rights (IPR) related issues areas of opportunity did he focus on anything in specific. Smart cities is this government\'s big idea, big projects, digital India is another one of this government\'s big idea, big project. Did he ask for advice, did he encourage participation or either of those?

A: Absolutely, the conversation was happening we were discussing everything from waste to wealth, which is his idea of taking waste to wealth from 500 cities and converting it to the ability to generate power. We talked about coal and solar and wind and the desire to manufacture locally. He talked about 'Make in India' not only in the context of manufacturing locally although that is important but also in the context of clearing the bureaucracy around the enablement of taking a project from conception to reality.


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IVRCL puts up Rs 4K cr assets for sale to ease debt: CMD

IVRCL Ltd Chairman and Managing Director E Sudhir Reddy said the assets for sale include road projects both operational and under construction and Desalination plant in Chennai.

Cash strapped infrastructure major IVRCL Ltd has put up Rs 4,000 crore worth of assets for sale and expects to come out of debt burden in the next two years once the sale is successful, a senior official has said.

IVRCL  Ltd Chairman and Managing Director E Sudhir Reddy said the assets for sale include road projects both operational and under construction and Desalination plant in Chennai. "We will be selling the BOT projects and come out of debt in two years. The debt component on the main company is not much. On the EBITDA side there is profit in the company.

We are servicing more of interest component (on the loans)," Reddy, told PTI on the sidelines of recently held Annual General Meeting here. Corporate Debt Restructuring Empowered Group had earlier approved the company's proposal for a debt recast package of Rs 7,300 crore.

IVRCL is facing cash crunch due to economic slowdown, higher interest charges, and slower pace of execution of projects. As part of debt recast, IVRCL is also eligible to get a fresh loan of Rs 175 crore that can be used towards meeting working capital requirements besides getting Rs 1,400 crore bank guarantees among other facilities.

IVRCL is currently engaged in discussion with Tata Group firm TRIL Roads Pvt Ltd to offload three road projects. However, no binding term sheet has been signed by both the parties, he said.

Reddy said that IVRCL owns seven road projects, including three operational and expects Rs 1.85 crore from toll collection daily once all the projects become operational. The company holds a 75 per cent stake in Chennai Water Desalination Ltd (CWDL), which invested around Rs 600 crore to set up a 100 million litres a day seawater desalination plant in Chennai on a build, own, operate and transfer (BOOT) basis for 25 years.

The other 25 per cent stake is held by Spanish partner Befesa Agua, which brought in the technology to purify sea water and convert it into potable water. IVRCL invested about Rs 240 crore as equity, raising the balance money through debt.

IVRCL achieved a gross turnover of Rs 4,305 crore for the 12 months period ended March 31, 2014 as against Rs 3,759  crore for the previous financial year (9 months period). It suffered Rs 717 crore loss during the last fiscal.

IVRCL stock price

On September 30, 2014, IVRCL closed at Rs 15.35, down Rs 0.5, or 3.15 percent. The 52-week high of the share was Rs 30.75 and the 52-week low was Rs 9.80.


The latest book value of the company is Rs 47.26 per share. At current value, the price-to-book value of the company was 0.32.


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Apollo-Sanofi alliance to set up 100 sugar clinics in 2015

Healthcare major Apollo Hospitals  today collaborated with global pharmaceuticals firm Sanofi  to provide diabetes care programmes through the Indian healthcare major's Apollo Sugar Clinics.

The outlay of the company for the first 50 clinics that will be set up by the end of this year, is set to be Rs 200 crore, says Prathap Reddy, Chairman - Apollo Hospitals, adding that another 100 clinics will be set up in 2015.

Through this partnership, Apollo and Sanofi plan to leverage their respective expertise in diabetes to provide patients with access to comprehensive educational resources, treatment and care programmes for better management.

Apollo Hospitals is looking at investments for clinics from Sanofi too, adds Reddy in an interview with CNBC-TV18.

Below is the verbatim transcript of the interview:

Q: Can you tell us exactly what the two companies together are going to do?

A: We are trying to bring the best outcome for patients with diabetes. The sugar clinics are meant to bring a holistic approach for individuals with diabetes because diabetics and noncommunicable diseases (NCDs) are a huge threat; I called as a pandemic that is facing the world and India, developing and under developed countries for them it is much bigger problem. 36 billions deaths per year, USD 30 trillion by 2030 is a terrible thing. This is why we believe whatever we promised 30 years ago to bring the care of international standards for our people, is one thing.

But what we really look at is the new threat that India is facing and that we are the diabetic capital of the world, we are cancer capital of the world and heart capital of the world. For diabetes we would like to see how we can make diabetes disease free. This is where Sanofi with 100 years of experience; they are going to give the global experience to us in creating a unique clinic model so that patient will able to have total assessment of his clinical status and what ever is needed it's a cardio logical problem is there to attain it early or a neurological problem or veins problem.

This is where this is going to be unique model where it's not going to be just control of his blood, sugar but to be able to control or manage these diseases.

Q: Will Sanofi or Joslin bring in expertise only or will they also be bringing in some degree of capital and really what is the capital outlay for setting up such 50 clinics?

A: In collaboration with Sanofi we are also looking at they co-investing with us but that does not stop us. That is going to take formalities of investment so on and so forth. They are already with us in building these clinics. The training is going on and whatever other product development is required is happening.

Joslin is not investing now. Joslin is now joining us only in training the doctors and giving us modules in helping diabetes disease free and most importantly in the research angle.

Q: What do you expect Apollo Hospitals' outlay will be in setting up these 50 clinics?

A: We are thinking around Rs 200 crore for the first 50 clinics.

Q: And what is the time period that you intent to spend this money in or set up these clinics in?

A: On December 31st we are supposed to finish our 50th clinic and today I pushed them saying that we have all the products completed. You can roll it out earlier. So, now we are looking at how many they will do by October 30 and by November 15 can they do 50 clinics. I think they will do it but our original plan was that we will do 50 clinics by December 31 and in 2015-16 we will do another 100.

Apollo Hospital stock price

On September 30, 2014, Apollo Hospitals Enterprises closed at Rs 1120.05, up Rs 23.70, or 2.16 percent. The 52-week high of the share was Rs 1219.55 and the 52-week low was Rs 817.00.


The company's trailing 12-month (TTM) EPS was at Rs 24.04 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 46.59. The latest book value of the company is Rs 213.10 per share. At current value, the price-to-book value of the company is 5.26.


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More hurdles for Sistema, minority investors move HC

Written By Unknown on Senin, 29 September 2014 | 23.25

After having met with disappointment with FIPB rejecting their proposal, the latest hurdle could come by way of a pending suit before the Rajasthan High Court.

Looking to pump in 10,000 cr into its Indian subsidiary, Sistema is facing multiple challenges.

After having met with disappointment with FIPB rejecting their proposal, the latest hurdle could come by way of a pending suit before the Rajasthan HC.

Minority investors have moved Rajasthan HC seeking an exit route for their investment, which they claim has been rightfully denied. While hearing the plea, the Rajasthan HC in 2008 issued orders to Sistema to provide an exit option, and in the latest setback has issued orders for maintaining status quo with respect to shareholders' interest.

This interim order came after minority investors alleged that Sistema while refusing to comply with the HC orders for providing an exit route, was hurting the minority investors by infusing capital and diluting the equity holding of the minority shareholders.

FIPB sources had confirmed that among other issues, the Rajasthan HC interim order also compelled them to reject the proposal. The Rajasthan HC will take up the matter for further hearing on October 10.


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PVR to raise Rs 500 crore through QIP

It also approved management services agreement with its JV firm PVR bluO Entertainment. Moreover, Ajay Bijli along with five independent directors has been appointed.

Multiplex operator PVR  today said that its board has approve plans to raise Rs 500 crore through qualified institutional placement (QIP).

The board in its Annual General Meeting authorised PVR to raise the fund, PVR informed the BSE.

It also approved management services agreement with its JV firm PVR bluO Entertainment. Moreover, Ajay Bijli along with five independent directors has been appointed.

The independent directors are -- Sanjay Kapoor, Sanjay Khanna, Vikram Bakshi, Sanjai Vohra and Amit Burmam. On July 31, PVR had said that it would Rs 500 crore through QIP for any inorganic growth or acquisition. Shares of the company today closed at Rs 700.85 apiece on the BSE, down 0.34 per cent from previous close.

PVR stock price

On September 29, 2014, PVR closed at Rs 700.85, down Rs 2.4, or 0.34 percent. The 52-week high of the share was Rs 746.50 and the 52-week low was Rs 465.00.


The company's trailing 12-month (TTM) EPS was at Rs 12.15 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 57.68. The latest book value of the company is Rs 94.95 per share. At current value, the price-to-book value of the company is 7.38.


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Discussing partnerships, have done in-licensing deals:Cipla

The company's CEO, Subhanu Saxena, in an exclusive conversation with CNBC-TV18's Archana Shukla says the focus is on building the company for the long term.

One of the country's oldest and largest drugmaker  Cipla has been often spoken as an acquisition target by MNCs wanting to expand in India. The company's CEO, Subhanu Saxena, in an exclusive conversation with CNBC-TV18's Archana Shukla however, denies any talks and says the focus is on building the company long term.

Below is the verbatim transcript of Subhanu Saxena's interview with Archana Shukla.

Q: Cipla is often spoken as an acquisition target by MNCs wanting to expand in India, your comments?

A: In these kind of roles, in these companies, I think you hear different rumours every three days in five different directions and you just learn to ignore them and stay focused on the mission. Dr Hamied has said three things to me when I came to the company, first was build the company for the next 80 years, don't get distracted by all this noise, the second was don't bet the house. No need to take crazy risks. Cipla is a company with very low levels of debt, we don't need to take crazy risks, we have a lot already in our hands to execute and the third was focus on long-term decisions, don't get sidetracked by quarterly numbers and make sure we make the right decisions that build a strong company for the long term. So, people always speak and speculate, I never react to those.

Q: You think all of this has been entirely speculation and rumours?

A: Absolutely.

Q: There have been suitors for Cipla you are saying?

A: What we have been discussing are partnerships. So, we have done in licensing deals. So, what we have been doing is working with multi-nationals where it makes sense to in licence the medicines for India. So, during my time I have received no formal offer. We know what we need to do and we are going to stay focused on our mission.

Q: No suitors for Cipla, but is Cipla eyeing some company, would that be on the radar to expand and grow from where you are?

A: As I said earlier, we don't see the need to do any kind of mega transformational deal. If I am looking it will be for specific platforms or geographies that may complement what we are already doing but I have said already 70 percent of our growth is going to be organic, from what is in our hands today and the rest more what I call semi-inorganic through partnerships.

Cipla stock price

On September 29, 2014, Cipla closed at Rs 615.90, up Rs 4.40, or 0.72 percent. The 52-week high of the share was Rs 639.05 and the 52-week low was Rs 366.70.


The company's trailing 12-month (TTM) EPS was at Rs 15.51 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 39.71. The latest book value of the company is Rs 125.69 per share. At current value, the price-to-book value of the company is 4.90.


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Can create enough cash to handle debt: Strides Arcolab

Strides Arcolab  board has given the go-ahead to merge Shasun Pharma with itself in an all-stock deal. Shareholders will get 5 shares of strides for every 16 shares of Shasun Pharma. Strides stock rallied 9 percent in trade but Shasun Pharma stock ended with losses. 

Shasun Pharma currently has debt of around Rs 600 crore, which is unlikely to exceed, says MD and CEO Abhaya Kumar. According to Arun Kumar, founder and group CEO, Strides Arcolab the company has capacity to create enough cash to handle the debt. Merger with Shasun will give company integration which is crucial, Arun adds.

Strides Arcolab is expected to have major focus on formulations going ahead. The company will also continue focusing on its CRAMS business.

Below is verbatim transcript of the discussion:

Q: What is the rationale behind the deal?

Arun Kumar: The strategic rationale for this transaction is fairly simple. This gives us integration which is now becoming very critical. We are aware we never have the Active Pharmaceutical Ingredients (API) capabilities in Strides.

We were pure play dosage form player. This merger would potentially give us the integration which is crucial as we build portfolios and create capabilities around our institutional business as well.

It also gives us the pipeline that we desperately need post the Agila transaction. This is because Shasun has a very strong pipeline of products already filed for the US. This will give us the scale and scope that we need after the divestment of the Agila business.

So it is important from that perspective. Scale and scope is critical in our industry and this first merger between two Indian pharmaceutical companies would be critical and a trendsetter for things to happen in the industry as we believe or rather get ready for the changes that the industry is being asked to make from a regulatory frame work.

Q: You spoke about a pipeline for Shasun Pharma in the US. Can you give us a sense in terms of post the consolidation of the business what will be the main verticals that the company will operate in and will this now mark Strides' entry into API CRAMS?

Arun Kumar: In the dosage form except for injectibles where we have a non-compete we have all other dosage forms to operate on. It gives us over 160 products in pipeline with 100 plus filings in the next three years, so that is very important.

We have both revenue synergies and cost synergies. We will continue to focus on the CRAMS business and Shasun is on the tipping point of that business. They have some very exciting products for partners in Phase III.

We believe those products will be very important for us to pursue as our investment. So at this time all the combined businesses are critical and in the next two-three years we will get to a very significant size both in terms of top line, EBITDA and cash flow generation.

Q: For Shasun Pharma if you look at the Q1 numbers your finance costs were still quite high. In fact they jumped 52 percent and were above Rs 11 crore in the quarter gone by. What does your debt on book stands at right now? How your UK subsidiary is also doing?

Abhaya Kumar: The debt as on today stands at around Rs 600 crore and our pipeline of products and investments that we are making in the research and expansions have been a major factor but beyond this basically all our investments will start sweating and you will see huge numbers in quarter three and quarter four. So we see quite substantial money getting generated. So debts will not exceed beyond Rs 600 crore.

Q: What would the consolidated balance sheet of the two businesses look like because the Rs 600 crore will now come on to a consolidated balance sheet? Would you use your cash on books which you received from Mylan to actually reduce the debt or do you think that the debt is manageable?

Arun: Strides is debt free. We do have cash on the books. So, we don't see this debt of Rs 600 crore which includes working capital to be anything major. It is about 1.2-1.3 times EBITDA which is perfectly normal, debt equity is very healthy – 0.27 which is very easy to manage.

So, the combined cash flows and like Abhaya mentioned we believe in future of Shasun. It will generate a lot more cash than what it used to be making in the last many quarters. Growth investments are complete at Shasun and we believe the combination can generate enough cash to handle debt.

Also, specifically, we do see the need to use much of that cash. We have already announced the intent to distribute that cash as dividend subject to board approval next week and we have also announced our intent to invest in a biotech division. I don't think that it is stressful; we are very confident and comfortable with that debt position.

Q: There will be no scaling down of debt of the Rs 600 crore that would be on the consolidated balance sheet at least in the medium to near term, right?

Arun: You are right.

Q: SeQuent Scientific has some amount of holding in Shasun Pharma which is run by the promoters of Strides Arcolab. Has there been a past relationship with Shasun which you'll have worked on and hence there was this transition in to the entire deal. Can you give us a sense on that?

Arun: SeQuent started discussions with Shasun first. Predominantly, to take some additional capacity SeQuent badly wanted to expand its business and that led to a partnership with SeQuent and Shasun in the veterinary space to make veterinary APIs.

However, then we started spending a lot more time it was obvious that the synergistic rationale fitted better for Strides and it was very compelling from that perspective.
Then the promoter group started talking in the last many months and we found this concluded solution as the most apt for stakeholders and from every aspect of value creation.

Q: Would you look to convert Shasun Pharmaceuticals into a more formulation driven company. Something which was evident in the fact that you also acquired the branded formulations business of Bafna Pharma in July itself?

Arun: Like me, Abhaya strongly believes that the future lies in formulations. We would like to be a fully integrated and controlled value chain.

You are right, you will see dramatic drops in the quantum of formulation percentage of combined sales but in absolute numbers our API sales will still continue to be big in the combination but as more and more Drug Master Files (DMFs) are being filed up for the global market it will be focused predominantly to the formulation amount.

Q: Is there any chance of merging SeQuent Scientific with the company? What can we expect in terms of a possible dividend payout for shareholders once you all meet on October 7 for the special dividend?

Arun: On the dividend we have to wait till October 7. We have guided the market about our distribution ideas but it is subject to shareholder approval.

We have indicated that we will need only USD 20 million for growth capital out of USD 150 million. So minus that subject to board approvals we would be in a position to dividend that out. So that is exactly how much it is going to be the works being done on the October 7th latest we would be able to let you know.

On your question on SeQuent it is predominantly focussed on the veterinary pharmaceutical space and in very small API manufacturing. So to answer your question there is no plans to bring SeQuent into the combined in the near term or in the future.


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Srei Infrastructure launches Rs 250-cr NCD issue

The bonds with tenure of two years will offer an annual coupon of 10.75 percent to institutional and non-institutional investors, while retail investors will get 11.25 percent

Srei Infrastructure Finance  today launched a Rs 250-crore domestic bond issue as part of its Rs 1,500-crore issuance later.

The bonds with tenure of two years will offer an annual coupon of 10.75 percent to institutional and non-institutional investors, while retail investors will get 11.25 percent, the infra financier said here.

The bonds maturing in three years will offer an annual coupon of 11 per cent to institutional and non-institutional investors and 11.50 per cent to retail investors. The 5-year bonds will yield 11.25 percent to institutional and non-institutional investors and 11.75 per cent to retail ones.

The company is offering a monthly coupon payment options for bonds maturing in 3 and 5 years. It said 75 percent of the net proceeds will be used for lending or repayment of loan and the balance will be utilized for general corporate purposes. The bonds, which opened for subscription today, will close on October 31.

The bonds, rated 'AA-' by Care and 'AA' by Brickwork, are lead managed by ICICI Securities, AK Capital, Edelweiss Financial Services, SPA Capital Advisors and Srei Capital Markets.

SREI Infra stock price

On September 29, 2014, SREI Infrastructure Finance closed at Rs 48.10, up Rs 2.50, or 5.48 percent. The 52-week high of the share was Rs 57.55 and the 52-week low was Rs 17.60.


The company's trailing 12-month (TTM) EPS was at Rs 1.50 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 32.07. The latest book value of the company is Rs 53.22 per share. At current value, the price-to-book value of the company is 0.90.


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FTIL exits MCX; completes 15% stake sale to Kotak Mah Bk

"FTIL today completed the sale of 15 per cent equity stake in Multi Commodity Exchange of India (MCX) to Kotak Mahindra Bank for a consideration of Rs 459 crore. With this, FTIL's shareholding in MCX is nil," Jignesh Shah-led company said in a statement.

Financial Technologies  (FTIL) today said it has completed the deal to sell its 15 percent stake in commodity exchange MCX to  Kotak Mahindra Bank for Rs 459 crore, marking the company's exit from the bourse.

"FTIL today completed the sale of 15 per cent equity stake in Multi Commodity Exchange of India (MCX) to Kotak Mahindra Bank for a consideration of Rs 459 crore. With this, FTIL's shareholding in MCX is nil," Jignesh Shah-led company said in a statement.

Last week, FTIL concluded a long-term 10-year technology contract with MCX for providing software support and managed services on mutually agreed terms and conditions and further renewal as may be mutually agreed upon, it added.

The technology agreement with MCX paved the completing of the deal with Kotak Mahindra Bank. "I am confident that Kotak Mahindra Group will contribute as significant minority shareholders towards the growth of exchange. We look forward to a constructive partnership with MCX as their technology partner," FTIL MD & CEO Jignesh Shah said in a statement.

India's largest commodity exchange MCX was set up by its erstwhile promoter FTIL in November 2003. The exchange became the country's first exchange to be listed in March 2012. FTIL originally held a 26 percent stake in MCX. It has divested stake in MCX after market regulator FMC had declared the company unfit to run any exchange in the wake of Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL).

The regulator had asked FTIL to reduce its stake in MCX to 2 percent from 26 percent. To begin with divestment process, FTIL had sold 6 percent stake in MCX, including about 2 percent sale to billionaire investor Rakesh Jhunjhunwala, in two rounds for about Rs 220 crore, bringing down its shareholding to 20 percent.

Then in July, FTIL announced sale of 15 percent stake in MCX to Kotak Mahindra Bank and last month the company sold residual 5 percent stake in the bourse for over Rs 200 crore.

Financial Tech stock price

On September 29, 2014, Financial Technologies closed at Rs 228.30, up Rs 10.85, or 4.99 percent. The 52-week high of the share was Rs 403.60 and the 52-week low was Rs 129.95.


The latest book value of the company is Rs 522.91 per share. At current value, the price-to-book value of the company was 0.44.


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Myra Vineyards: Making wine the new beer!

Written By Unknown on Minggu, 28 September 2014 | 23.25

Watch investment banker turned winemaker Ajay Shetty raise to entrepreneurship with his venture Myra Vineyards.

Watch investment banker turned winemaker Ajay Shetty raise to entrepreneurship with his venture Myra Vineyards.


23.25 | 0 komentar | Read More

Modi meets America: What does US want?

On a three day visit to the US, PM Modi packs in more than 26 high profile meetings. A very prolific panel looks at the nuts and bolts of the visit, the tangibles, the high/low expectations.

On a three day visit to the US, PM Modi packs in more than 26 high profile meetings. A very prolific panel looks at the nuts and bolts of the visit, the tangibles, the high/low expectations.

In an exclusive interview with CNBC-TV18, Diane Farrell, US IBC; Dev Ganesan, Chairman of Aptara Inc; Rakesh Bhatia of PwC, Shridhar Potarazu, CEO, VitalSpring; Ralph C Voltmer, Head, India Practice, Covington & Burling LLP and DP Venkatesh, CEO of mPortal share their views on the significance of Prime Minister Narendra Modi's maiden visit to the US.


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Vizury: Bringing brands closer to online markets

On the Big League, Young Turks catch Bangalore-based big data analytics firm Vizury that has grown 25 times in the last two years and is not too far from an IPO.

On the Big League, Young Turks catch Bangalore-based big data analytics firm Vizury that has grown 25 times in the last two years and is not too far from an IPO.


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Hope to see over 15% growth as bank: Bandhan

Microfinance institution Bandhan, which became a bank recently, faces the financial challenge. The MFI borrows wholesale from either private equities (PEs) or gets a line of credit from banks and then lends retail. Now that Bandhan is a bank, the challenge will be to replace these wholesale funds with retail deposits. It is true that they have over 2000 branches across 22 states and are planning to open 600 more bank branches. But it will still be a challenge for this new bank to raise deposits, especially in urban areas, which is an unfamiliar terrain for these MFIs.

Also Read: IDFC to begin setting up of holding co soon: Lall

In an interview to CNBC-TV18's Gopika Gopakumar, Chandrasekhar Ghosh, CMD, Bandhan, who started the organization several years ago, said the bank can offer different services, other than run-of-the-mill, to attract more high net worth (HNIs) and middle class depositors.

He said the bank would target the interior rural and semi-urban areas, where public sector lenders have not been able to penetrate properly. "The middle class families have lot of cash, but they are not getting the desired services from PSU banks. We are working as MFIs in those areas and have a well known brand," he said, adding that these rural areas have larger base. Ten HNIs can give Rs 1 crore each, which could sum up to Rs 10 crore, but here if I go to 1,000 middle class families and get Rs 1 lakh each, it is a bigger amount, Ghosh said.

Bandhan is quite popular in the interiors of West Bengal. But there is a lurking threat of these borrowers taking loans from many MFIs. The other big challenge, according to sources, is the size of loan amount. As per the RBI norm, MFIs have a lending cap of Rs 50,000 per borrower, but banks have no such cap. So Bandhan will have to consciously ensure that it does not overlend to these poor borrowers.

Discussing the increase in loan size, Ghosh said that would depend on the cash flow of customers. "Whatever would be the need of customer, as per their cash flow, we can give Rs 2 lakh or Rs 5 lakh. We would like to increase our portfolio size on the basis of that," he said.

Currently, Bandhan has over 13,000 employees and is looking to add 3000 more. Ghosh claimed the institution has received nearly 35,000 job applications many of which are from bankers in public, private and foreign banks. So, is he going to match the salaries these experienced bankers are getting?

"They are happy to work with Bandhan. They feel I am part of an MFI becoming a bank. This is one inspiration. Secondly, this is a different type of banking in the country," he said.

Bandhan has support coming in from IFC and SIDBI, but it needs to strengthen its balance sheet and also needs more capital. How will it raise capital going forward or attract new investors?

Ghosh said their current book size is at Rs 6,500 crore. When they transform into a bank, it would increase to Rs 7,500-8,000 crore. "We are now maintaining capital adequacy ratio of 21 percent. IFC infused capital Rs 160 crore into the MFI. As per RBI norms, I need Rs 500 crore to form a bank. So now I have Rs 1,250 crore net worth and by the closing of the year, it will come to Rs 1,500 crore and Rs 160 crore infusion is there, so that is Rs 1,660 crore, which is good enough capital to start a bank where minimum requirement is Rs 500 crore. So right now, I am not yet thinking of any capital infusion," he said.

So will Bandhan have to raise capital every year? "Not every year. Within 3 years from the opening of the bank, we should go for listing. First two years, we need to set up a bank and run all activities. Third year little bit growth should come, so that after three years, we should go for listing," Ghosh said.

The banking sector has seen a growth of 12 percent in the last quarter and the yearly growth may be around 15 percent, whereas for Bandhan it was 40 percent growth last year, Ghosh said.

"I cannot expect 40 percent growth in a bank. Beginning there is a lot of work to transform the bank and build up the capacity of the staff, set up the bank and streamline the product. Forty percent growth is unlikely to continue. So that is not expected. Whatever bank growth is there, 15 percent, I hope my growth is more than that," he added.


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BSE, Bank of NY Mellon to ease foreign investment rules

BSE and Bank of New York Mellon have signed an agreement enabling foreign investors to provide AAA rated sovereign bonds traded outside of India as collateral for trades done on the domestic exchange.

BSE Ltd and Bank of New York Mellon have signed an agreement enabling foreign investors to provide AAA rated sovereign bonds traded outside of India as collateral for trades done on the domestic exchange, the two parties said in a joint statement released late on Friday.

The two parties said with the signing of this agreement they "aim to enhance the trading experience for foreign institutional and retail investors and bring Indian practices in line with the best in the world".

The move is expected to make it easier for foreign investors to operate in India and reduce their costs of collateral and trading in Indian markets significantly over a period of time. 

"Currently FIIs have to go through a time consuming process to get approvals for collaterals under SEBI...this MoU (memorandum of understanding) would mean they will come directly to the exchange. This will reduce their time to market," a BSE spokesman told Reuters.

Foreign institutional investors who have been key behind the Sensex hitting all-time highs on September 8 have bought Indian shares worth USD 13.95 billion and debt worth USD 19.70 billion so far this calendar year.

Indian shares have been the best performers in Asia in 2014 so far. The Sensex is up 26.7 percent while the Nifty is up 28.7 percent in dollar terms.


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Kingfisher secures stay against UBI's wilful defaulter tag

KFA and its erstwhile directors had filed a writ in Calcutta HC against UBI and others, challenging the constitutional validity of the RBI master circular on wilful defaulters as well as the ex-parte decision of UBI's grievance redressal committee.

Kingfisher Airlines  announced that it has secured a stay from Calcutta High Court on the decision of the grievance redressal committee of the  United Bank of India which had earlier declared the airline and its directors as wilful defaulters.

UBI has been directed to file its affidavit-in-opposition by November 3 and the petitioners have been asked to file their reply one week thereafter. The next date of hearing is November 10, 2014.

Commenting on the stay granted by the court, Prakash Mirpuri, Vice President-Corporate Communications, Kingfisher Airlines, said: "We had earlier stated that we would legally challenge the wrongful decision of United Bank of India and that we have great faith in the judiciary in our country. We will legally defend our position on all allegations going forward." 

Kingfisher Airlines along with its erstwhile directors had filed a writ petition in Calcutta High Court against UBI and others, challenging the constitutional validity of the RBI master circular on wilful defaulters as well as challenging the ex-parte decision of UBI's grievance redressal committee.

The matter was listed for hearing on Friday (September 26) before Justice Debangsu Basak. After hearing counsel for the petitioners and the bank, Justice Basak passed an order in which he held that, prima facie, the bank acted in breach of the principles of natural justice by not making over the documents referred to and relied upon by it to KFA prior to the hearing. Thus, not enabling KFA to make an effective representation against the charges/allegations made against them in relation to being declared wilful defaulters.

Kingfisher Air stock price

On September 26, 2014, Kingfisher Airlines closed at Rs 1.87, up Rs 0.06, or 3.31 percent. The 52-week high of the share was Rs 6.84 and the 52-week low was Rs 1.72.


The latest book value of the company is Rs -166.59 per share. At current value, the price-to-book value of the company was -0.01.


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BSE, Bank of NY Mellon to ease foreign investment rules

Written By Unknown on Sabtu, 27 September 2014 | 23.25

BSE and Bank of New York Mellon have signed an agreement enabling foreign investors to provide AAA rated sovereign bonds traded outside of India as collateral for trades done on the domestic exchange.

BSE Ltd and Bank of New York Mellon have signed an agreement enabling foreign investors to provide AAA rated sovereign bonds traded outside of India as collateral for trades done on the domestic exchange, the two parties said in a joint statement released late on Friday.

The two parties said with the signing of this agreement they "aim to enhance the trading experience for foreign institutional and retail investors and bring Indian practices in line with the best in the world".

The move is expected to make it easier for foreign investors to operate in India and reduce their costs of collateral and trading in Indian markets significantly over a period of time. 

"Currently FIIs have to go through a time consuming process to get approvals for collaterals under SEBI...this MoU (memorandum of understanding) would mean they will come directly to the exchange. This will reduce their time to market," a BSE spokesman told Reuters.

Foreign institutional investors who have been key behind the Sensex hitting all-time highs on September 8 have bought Indian shares worth USD 13.95 billion and debt worth USD 19.70 billion so far this calendar year.

Indian shares have been the best performers in Asia in 2014 so far. The Sensex is up 26.7 percent while the Nifty is up 28.7 percent in dollar terms.


23.25 | 0 komentar | Read More

Vizury: Bringing brands closer to online markets

On the Big League, Young Turks catch Bangalore-based big data analytics firm Vizury that has grown 25 times in the last two years and is not too far from an IPO.

On the Big League, Young Turks catch Bangalore-based big data analytics firm Vizury that has grown 25 times in the last two years and is not too far from an IPO.


23.25 | 0 komentar | Read More

Hope to see over 15% growth as bank: Bandhan

Microfinance institution Bandhan, which became a bank recently, faces the financial challenge. The MFI borrows wholesale from either private equities (PEs) or gets a line of credit from banks and then lends retail. Now that Bandhan is a bank, the challenge will be to replace these wholesale funds with retail deposits. It is true that they have over 2000 branches across 22 states and are planning to open 600 more bank branches. But it will still be a challenge for this new bank to raise deposits, especially in urban areas, which is an unfamiliar terrain for these MFIs.

Also Read: IDFC to begin setting up of holding co soon: Lall

In an interview to CNBC-TV18's Gopika Gopakumar, Chandrasekhar Ghosh, CMD, Bandhan, who started the organization several years ago, said the bank can offer different services, other than run-of-the-mill, to attract more high net worth (HNIs) and middle class depositors.

He said the bank would target the interior rural and semi-urban areas, where public sector lenders have not been able to penetrate properly. "The middle class families have lot of cash, but they are not getting the desired services from PSU banks. We are working as MFIs in those areas and have a well known brand," he said, adding that these rural areas have larger base. Ten HNIs can give Rs 1 crore each, which could sum up to Rs 10 crore, but here if I go to 1,000 middle class families and get Rs 1 lakh each, it is a bigger amount, Ghosh said.

Bandhan is quite popular in the interiors of West Bengal. But there is a lurking threat of these borrowers taking loans from many MFIs. The other big challenge, according to sources, is the size of loan amount. As per the RBI norm, MFIs have a lending cap of Rs 50,000 per borrower, but banks have no such cap. So Bandhan will have to consciously ensure that it does not overlend to these poor borrowers.

Discussing the increase in loan size, Ghosh said that would depend on the cash flow of customers. "Whatever would be the need of customer, as per their cash flow, we can give Rs 2 lakh or Rs 5 lakh. We would like to increase our portfolio size on the basis of that," he said.

Currently, Bandhan has over 13,000 employees and is looking to add 3000 more. Ghosh claimed the institution has received nearly 35,000 job applications many of which are from bankers in public, private and foreign banks. So, is he going to match the salaries these experienced bankers are getting?

"They are happy to work with Bandhan. They feel I am part of an MFI becoming a bank. This is one inspiration. Secondly, this is a different type of banking in the country," he said.

Bandhan has support coming in from IFC and SIDBI, but it needs to strengthen its balance sheet and also needs more capital. How will it raise capital going forward or attract new investors?

Ghosh said their current book size is at Rs 6,500 crore. When they transform into a bank, it would increase to Rs 7,500-8,000 crore. "We are now maintaining capital adequacy ratio of 21 percent. IFC infused capital Rs 160 crore into the MFI. As per RBI norms, I need Rs 500 crore to form a bank. So now I have Rs 1,250 crore net worth and by the closing of the year, it will come to Rs 1,500 crore and Rs 160 crore infusion is there, so that is Rs 1,660 crore, which is good enough capital to start a bank where minimum requirement is Rs 500 crore. So right now, I am not yet thinking of any capital infusion," he said.

So will Bandhan have to raise capital every year? "Not every year. Within 3 years from the opening of the bank, we should go for listing. First two years, we need to set up a bank and run all activities. Third year little bit growth should come, so that after three years, we should go for listing," Ghosh said.

The banking sector has seen a growth of 12 percent in the last quarter and the yearly growth may be around 15 percent, whereas for Bandhan it was 40 percent growth last year, Ghosh said.

"I cannot expect 40 percent growth in a bank. Beginning there is a lot of work to transform the bank and build up the capacity of the staff, set up the bank and streamline the product. Forty percent growth is unlikely to continue. So that is not expected. Whatever bank growth is there, 15 percent, I hope my growth is more than that," he added.


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Modi meets America: What does US want?

On a three day visit to the US, PM Modi packs in more than 26 high profile meetings. A very prolific panel looks at the nuts and bolts of the visit, the tangibles, the high/low expectations.

On a three day visit to the US, PM Modi packs in more than 26 high profile meetings. A very prolific panel looks at the nuts and bolts of the visit, the tangibles, the high/low expectations.

In an exclusive interview with CNBC-TV18, Diane Farrell, US IBC; Dev Ganesan, Chairman of Aptara Inc; Rakesh Bhatia of PwC, Shridhar Potarazu, CEO, VitalSpring; Ralph C Voltmer, Head, India Practice, Covington & Burling LLP and DP Venkatesh, CEO of mPortal share their views on the significance of Prime Minister Narendra Modi's maiden visit to the US.


23.25 | 0 komentar | Read More

Myra Vineyards: Making wine the new beer!

Watch investment banker turned winemaker Ajay Shetty raise to entrepreneurship with his venture Myra Vineyards.

Watch investment banker turned winemaker Ajay Shetty raise to entrepreneurship with his venture Myra Vineyards.


23.25 | 0 komentar | Read More

Kingfisher secures stay against UBI's wilful defaulter tag

KFA and its erstwhile directors had filed a writ in Calcutta HC against UBI and others, challenging the constitutional validity of the RBI master circular on wilful defaulters as well as the ex-parte decision of UBI's grievance redressal committee.

Kingfisher Airlines  announced that it has secured a stay from Calcutta High Court on the decision of the grievance redressal committee of the  United Bank of India which had earlier declared the airline and its directors as wilful defaulters.

UBI has been directed to file its affidavit-in-opposition by November 3 and the petitioners have been asked to file their reply one week thereafter. The next date of hearing is November 10, 2014.

Commenting on the stay granted by the court, Prakash Mirpuri, Vice President-Corporate Communications, Kingfisher Airlines, said: "We had earlier stated that we would legally challenge the wrongful decision of United Bank of India and that we have great faith in the judiciary in our country. We will legally defend our position on all allegations going forward." 

Kingfisher Airlines along with its erstwhile directors had filed a writ petition in Calcutta High Court against UBI and others, challenging the constitutional validity of the RBI master circular on wilful defaulters as well as challenging the ex-parte decision of UBI's grievance redressal committee.

The matter was listed for hearing on Friday (September 26) before Justice Debangsu Basak. After hearing counsel for the petitioners and the bank, Justice Basak passed an order in which he held that, prima facie, the bank acted in breach of the principles of natural justice by not making over the documents referred to and relied upon by it to KFA prior to the hearing. Thus, not enabling KFA to make an effective representation against the charges/allegations made against them in relation to being declared wilful defaulters.

Kingfisher Air stock price

On September 26, 2014, Kingfisher Airlines closed at Rs 1.87, up Rs 0.06, or 3.31 percent. The 52-week high of the share was Rs 6.84 and the 52-week low was Rs 1.72.


The latest book value of the company is Rs -166.59 per share. At current value, the price-to-book value of the company was -0.01.


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IDBI Bk approves raising rupee borrowing limit to Rs 15k-cr

Written By Unknown on Jumat, 26 September 2014 | 23.25

The bank also approved infusion of additional capital of over Rs 58 crore in its subsidiary IDBI Asset Management (IAML).

IDBI Bank  today said the board of directors has approved enhancing the rupee borrowing limit to Rs 15,000 crore and also decided to infuse an additional capital of over Rs 58 crore in a subsidiary firm.

"Enhancement in rupee borrowing limit from the present limit of Rs 4,000 crore to Rs 15,000 crore, subject to compliance with all applicable laws," it said in a filing to the BSE.

The bank also approved infusion of additional capital of over Rs 58 crore in its subsidiary IDBI Asset Management (IAML). "Infusion of additional capital of Rs 58.34 crore by way of equity in IDBI Asset Management, bank's subsidiary company, to meet the growth requirements of IAML besides maintaining net worth," it said.

Shares of the bank today closed 4.24 percent higher at Rs 62.65 per scrip on the BSE.

IDBI Bank stock price

On September 26, 2014, IDBI Bank closed at Rs 62.65, up Rs 2.55, or 4.24 percent. The 52-week high of the share was Rs 116.50 and the 52-week low was Rs 52.95.


The company's trailing 12-month (TTM) EPS was at Rs 5.73 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 10.93. The latest book value of the company is Rs 147.38 per share. At current value, the price-to-book value of the company is 0.43.


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Coal verdict out, clamour to allow commercial mining grows

Moneycontrol Bureau

In the wake of the recent Supreme Court decision to cancel all but four of coal blocks allocated to companies over the past nearly 20 years, experts have highlighted it as an opportunity to open up the nationalized coal sector, a move that is expected to spur production in a country starved of the mineral.

The coal sector in India was nationalized in the 1970s following reports of law violations by private miners and blocks were handed over to state-run Coal India .

However, the behemoth has failed to increase its production commensurate with the burgeoning demand for coal, which powers about two-thirds of the country's power plants.

As a result, despite sitting on the world's fifth-largest coal reserves, India had to import a fifth of its total coal requirement.

Experts attribute this to lack of investment in technology and say if private companies, especially international giants such as Australia's BHP Billiton or Rio Tinto, are allowed to enter the sector, it would allow for more efficient exploitation of resources.

For instance, more than half of Coal India's 429 mines are of the underground type -- which are technically more difficult to operate than open-cast mines -- but they produced less than 10 percent of its FY14 output of 462 million tonne.

It was for this lack of production growth that led the government in 1992 to decide to hand over 218 coal blocks to private and state-run companies that were into the power, steel and aluminium sectors, virtually for free. The caveat was that they could use the coal mined only for their production purposes and not sell it in the open market.

It was this decision, which the Supreme Court has now adjudged illegal owing to the discretionary manner in which blocks were handed out. It is now expected that the new government will likely auction blocks after they are taken over from current operators at the end of the fiscal year.

But a whole host of experts have said the government can use this to open up the sector for private mining.

This includes Arundhati Bhattacharya , chairperson of State Bank of India, which currently has an exposure to about Rs 30,000 crore to companies affected by the coal verdict, former Coal India chairman Partha Bhattacharya , and former union power minister Suresh Prabhu.

"The judgment should be seen as a great opportunity to make large-scale structural reforms in the coal sector. Reforms have bypassed the coal sector in the right sense of the word," the former Coal India chairman, who navigated a tricky maze of union protests to lead it to its IPO, told CNBC-TV18.

The view was seconded by Prabhu , the NDA 1 power minister who had retreated from active political life these past few years, but who is now back in the limelight, being seen as one of the key advisors to Prime Minister Narendra Modi on matters of energy.

The Modi government has remain tight-lipped on the issue of whether de-nationalization of the coal sector could be on the cards. The move could be highly unpopular among unions and it is not known whether such a proposal could pass muster in the Rajya Sabha, where the ruling BJP is well short of a majority.

The second, and the safer, option would be open up the blocks to similar end-use companies but in an auction process.

But there are already questions that whether a formal auction process can be instituted in the six months between now and the fiscal year end after which Coal India, already under stress to meet its own targets, will have to take over the blocks.

"If an open bidding process takes place [after March 2015], there would be questions over how Coal India could operate them in the interim. There are several issues related to land rights, etc, as well there will be questions of how liabilities or profit/revenue-sharing would be structured," Feedback Infra co-chairman RS Ramasubramaniam told CNBC-TV18.

The government has pledged it would make sure alternate arrangements for power plants are made even in the event production drops during the block handover but hasn't spelled how.

One way could importing more coal from countries such as Indonesia – India's biggest coal trading partner. Last year, India imported about 170 million tonne and importing another 40 million tonne a year (the amount estimated to be produced from the de-allocated mines) should be a costly but possible option.

"To curb transportation costs (from ports to plants), the government can look at a sort of a swap program whereby imported coal is provided to plants nearer to the coast while those in the hinterland are served by Coal India," Deloitte senior director Debashish Mishra said.


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CCI orders fresh probe against Jaiprakash Associates

The latest investigation has been ordered by the fair trade watchdog on a complaint filed by a buyer at the company's 'Kensington Park at Jaypee Greens' residential project in Noida, Uttar Pradesh.

Competition Commission has ordered a fresh probe against  Jaiprakash Associates for alleged unfair business practices in imposing unreasonable conditions on buyers at one of its realty projects.

The latest investigation has been ordered by the fair trade watchdog on a complaint filed by a buyer at the company's 'Kensington Park at Jaypee Greens' residential project in Noida, Uttar Pradesh.

The complaint alleged that the firm was imposing certain anti-competitive clauses in its agreements for buyers.

The Commission noted that the allegations made in the complaint were similar to certain other cases against Jaiprakash Associates wherein the regulator has already ordered a probe by its Director General (DG).

CCI is presently probing Jaiprakash Associates in atleast four other matters related to unfair trade practices in the real estate market.

After looking into the latest complaint, Competition Commission of India (CCI) formed "a prima facie opinion" that the company is in the dominant position in the residential market in Noida and Greater Noida and had violated fair trade
norms.

"The Commission is of the prima facie opinion that there appears to be a case of contravention of...the (Competition) Act in the matter," CCI said in the order dated September 24. Accordingly, CCI has asked DG to investigate the matter.

The Commission has found that some of the clauses of the agreement "prima facie, appear to be unfair, one sided and loaded in favour of opposite party (Jaiprakash Associates)".

Along with Jaiprakash Associates, CCI has also ordered probe into "the role of the officials/persons who at the time of such contravention were in-charge of and responsible for the conduct of the business of the company".

While noting that there were other real estate players in the market in Noida region, the fair trade regulator said that "the land bank available with Jaypee Group is much higher than that available with any other developer".

Jaiprakash Asso stock price

On September 26, 2014, Jaiprakash Associates closed at Rs 27.15, up Rs 1.40, or 5.44 percent. The 52-week high of the share was Rs 88.80 and the 52-week low was Rs 24.05.


The latest book value of the company is Rs 56.48 per share. At current value, the price-to-book value of the company was 0.48.


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Looking at 60% of export sales for FY15: TD Power

TD Power Systems, the leading manufacturers of AC generators, derives around 83 percent of its revenues from domestic market and the rest from exports through their strong relationship with 60 plus OEMs, including Siemens and GE, across steam, hydro and wind asset installations.

The company has been gradually witnessing order inflow momentum in its exports business, which constitutes 33 percent of its manufacturing order book of Rs 370 crore. The stock has gained 44 percent on a YTD basis.

In an interview to CNBC-TV18, Nikhil Kumar, MD of TD Power Systems  talks about the company's business outlook.

Below is the transcript of Nikhil Kumar's interview with Reema Tendulkar and Ekta Batra on CNBC-TV18.

Ekta: Can you tell us how the domestic business is doing for you, has there been any incremental pick up at this point?

A: We don't see much change in demand as of now as compared to before the elections. So we are looking at the period of before the election of 2014 and then after elections. In particular, if you look at the power sector in which we operate, there has been all the recent news especially about the coal licenses being cancelled and especially with domestic coal availability being a real issue. My feeling is the power business in India will take a little bit more time to find direction. So the domestic market will still be in limbo until then.

Reema: Can you quantify that in terms of a percentage growth and also if you could tell us a little more about the exports and the kind of growth that you are expecting there?

A: In our company, we are focusing more on exports, have been focusing more in exports over the past two years. So this year, our total sales of around Rs 600 crore, we will be looking at about 60 percent total exports as a percentage of total sales. Domestic market will be 40 percent.

For the next financial year, FY16 we are projecting about the export business to grow to 65 percent or even 67 percent and the domestic business is growing by maybe 3-4 percent. So I don't expect much growth to take place for the business for FY16 but a lot of expectation and anticipation that orders will start flowing in next year in calendar 2015 probably for execution FY17.

So that is the expectation in the market right now but I am yet to see that translate into actual demand at the ground level.

Ekta: Can you tell us about your recent facility which you all commissioned which would be for generator sets, can you tell us how much would it add in terms of volumes?

A: We recently commissioned a new plant to produce electric generators from 55 megawatt to 200 megawatt. These are larger size generators, which would basically be used for larger industrial captive power plants, steel turbine or gas turbine driven as well as for small independent power producers (IPPs).

Unfortunately, this segment of the market is not growing domestically for us and since we have just recently commissioned this facility, we don't expect to be able to export very much. So this part of the business is going to be a little bit slow for us for the next 12 months. We had anticipated about Rs 100 crore revenue from this segment but we are going to be somewhere around 30-40 percent of that expectation in the next 12 months.

Reema: On the EPC side, we understand that the company is looking to scale down your EPC segment and the two big projects that you were executing is now nearing completion. When will it get completed and will the company not look to bid for any more EPC projects?

A: We will complete these projects in January and February next calendar year but within this fiscal year. We are actively in the market waiting for new projects. The EPC business -- there is business in the market especially if you look at the cement sector, there is a lot of business right now for waste heat recovery plants for the cement sector. India is the world's largest market for cement waste heat recovery. So we are seeing a lot of traction in this segment. Of course it is very competitive where there are a lot of players especially from China also in this segment but nevertheless there is a lot of business too. So we hope to get some business from that and there are a few other orders in the domestic market, they were well placed especially because we have supplied EPC contracts for customers in the past, so we hope to get some preferential treatment from those customers but as of now it is pretty tough, a lot of competition, hopefully we should be able to get some business very soon.

TD Power System stock price

On September 26, 2014, TD Power Systems closed at Rs 330.30, up Rs 4.35, or 1.33 percent. The 52-week high of the share was Rs 375.00 and the 52-week low was Rs 175.40.


The company's trailing 12-month (TTM) EPS was at Rs 6.81 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 48.5. The latest book value of the company is Rs 146.35 per share. At current value, the price-to-book value of the company is 2.26.


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Anant Raj sells subsidiary Greatway Estates for Rs 304 cr

The consideration received shall be utilised partly for repayment of debt and partly for development of the projects of the company.

Realty firm Anant Raj Ltd today announced sale of its wholly-owned subsidiary Greatway Estates Ltd for Rs 304.12 crore and said the fund would be utilised to part repayment of debt and project development. In a filing to the BSE, Anant Raj informed that the board at its meeting held today "approved the sale of 100 percent equity stake in its wholly owned subsidiary Greatway Estates for a consideration of Rs 304.12 crore."

"The consideration received shall be utilised partly for repayment of debt and partly for development of the projects of the company," it added. Anant Raj posted net profit of Rs 100.38 crore on revenue of Rs 503.11 crore for 2013-14. It had a debt of about Rs 1,400 crore at the end of last fiscal.

In its latest annual report, Anant Raj said it has reduced debt by 6 percent to Rs 1,403 crore during last fiscal and is considering to sell some of its hotel properties and land parcels to further cut the borrowings. "Your company is determined to reduce this debt further in the next couple of years and is considering sale of one or two of its hotel properties and/or hospitality land parcels,"

Anant Raj Chairman Ashok Sarin told shareholders in the company's annual report for 2013-14 financial year. Anant Raj owns 14-15 prime land parcels for hotel development, of which 4 are already under operations. The company has a land bank of about 1,100 acres, which is fully paid up. Of this, 430 acres of land is in Delhi, and the remaining is within 50 km radius of Delhi.

"In the last three years, we have acquired 270 acres of land specifically for residential projects amounting to Rs 1,000 crore. A major part of this recently acquired land is located in the premium residential area of Gurgaon," the annual report said.

Anant Raj stock price

On September 26, 2014, Anant Raj closed at Rs 55.25, up Rs 1.90, or 3.56 percent. The 52-week high of the share was Rs 83.45 and the 52-week low was Rs 40.45.


The company's trailing 12-month (TTM) EPS was at Rs 2.81 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 19.66. The latest book value of the company is Rs 132.85 per share. At current value, the price-to-book value of the company is 0.42.


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USFDA bans two Indian plants on GMP violations

The USFDA has served import alerts to Canadian drug company Apotex Research's manufacturing facility in Bangalore and Indian firm Micro Labs manufacturing unit in Goa. For both the drug companies, this is their second Indian facility being banned by USFDA.

The spate of import ban on Indian manufacturing units by the USFDA is not stopping. While Sun Pharma may be heaving a sigh of relief as a Credit Suisse report notes that US FDA's Form 483 on Halol plant does not list any observations on data integrity, the US drug regulator has booked two other drug companies for lapses in data integrity and violations of GMP norms, reports CNBC TV18.

The USFDA has served import alerts to Canadian drug company Apotex Research's manufacturing facility in Bangalore and Indian firm Micro Labs manufacturing unit in Goa. For both the drug companies, this is their second Indian facility being banned by USFDA.

Apotex Pharmachem, the other unit of Apotex in Bangalore was banned by USFDA in April 2014, where the USFDA had said the company reported fraudulent data for years. Micro Labs' manufacturing unit in Bangalore was earlier banned in Aug 2013.

Import alert would mean products manufactured at these sites will not be allowed to enter the United States and the firms will not be able to make any generic drug applications from these sites.

The details on the warning letters given to these two companies for the latest import ban have yet not being released by the USFDA. Sources say issues similar to that of its other banned facility were reported here too.

These import alerts bring the spotlight back on the issues of data integrity at Indian manufacturing units and adds to the growing list of facilities being pulled up for these lapses.

Since 2013 USFDA has banned 27 Indian units for violations. This year till now, USFDA has already crackdown on 7 manufacturing units, the big name in the list being Sun Pharma 's Kharkadi plant in Gujarat. 2013 has seen a series of import alerts being served to 20 non-conforming units and involved bigwigs like Ranbaxy , Wockhardt .

And one consistent problem that USFDA has been finding at almost all of the units is that of data integrity, where USFDA has found instances of faking data, incomplete records, retesting to match results. Experts say there is a need for Indian manufacturers to keenly resolve these issues as even other regulators are likely to take a closer look at data integrity, besides GMP, in future.

Ranbaxy Labs stock price

On September 26, 2014, Ranbaxy Laboratories closed at Rs 602.90, up Rs 29.35, or 5.12 percent. The 52-week high of the share was Rs 667.30 and the 52-week low was Rs 306.05.


The company's trailing 12-month (TTM) EPS was at Rs 9.78 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 61.65. The latest book value of the company is Rs 25.87 per share. At current value, the price-to-book value of the company is 23.30.


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MCX board approves new pact with FTIL for tech support

Written By Unknown on Kamis, 25 September 2014 | 23.25

On September 17, the commodity markets regulator FMC had said the exchange can launch new contracts for three months January, February and March of 2015 after if it signs a fresh technology deal with FTIL.

Commodity exchange  MCX today said its board has approved a new agreement with Jignesh Shah-led  FTIL for availing technological support and services, paving the way for the bourse to launch new contracts for January-March period of 2015.

MCX, which is already using the technology provided by its erstwhile promoter Financial Technologies (FTIL), is likely to sign a new agreement in the next few days. On September 17, the commodity markets regulator FMC had said the exchange can launch new contracts for three months January, February and March of 2015 after if it signs a fresh technology deal with FTIL.

In a filing to BSE, MCX today said the Board has approved "the master amendment to principal agreements to be entered into between MCX and FTIL for availing technology support and managed services on such terms & conditions as contained therein". Pursuant to this agreement, MCX would continue to avail technology support and managed services from FTIL, it added.

In a separate filing, FTIL also informed that its board also approved the amendment to principal agreements to be entered into with MCX for continued provisions of software support and managed services. "It is also to be noted that by entering into the above said agreement, the companies have completed all the condition precedents of share purchase agreement with Kotak Mahindra Bank Limited (KMBL) as disclosed on July 20, 2014," FTIL added in the filing.

Sources said MCX has renegotiated the agreement with FTIL as the earlier contract was proving to be expensive. In 2013-14 fiscal, MCX paid about Rs 60 crore to FTIL for giving technological support and services to the exchange. Under the new agreement, MCX will pay lesser than this amount, sources added. Meanwhile, the regulator, however, had made it clear that the exchange will be allowed to roll out contracts for all 12 months of 2015 once the full divestment of FTIL in MCX takes place as per the regulatory norms.

MCX has been seeking permission to launch fresh contracts for 2015 but the Forward Markets Commission (FMC) had warned that it would not allow new contracts unless FTIL brings down its 26 percent stake to two per cent as per its order dated December 17, 2013.

MCX India stock price

On September 24, 2014, Multi Commodity Exchange of India closed at Rs 774.35, down Rs 27.95, or 3.48 percent. The 52-week high of the share was Rs 895.00 and the 52-week low was Rs 362.95.


The company's trailing 12-month (TTM) EPS was at Rs 22.75 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 34.04. The latest book value of the company is Rs 258.07 per share. At current value, the price-to-book value of the company is 3.00.


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'SBI has exposure of Rs 4,130cr in cos hit by coal order'

The SBI chief, however, said that it would impact the margin of power plants. So, to that extent whatever is the margin that will determine what will be the status of that account, she said.

State Bank of India  today said it has exposure of about Rs 4,100 crore to companies that will be impacted by the Supreme Court order quashing 214 coal blocks . SBI Chairperson Arundhati Bhattacharya, however, added that loans extended to the power plants would not become NPA as the government had indicated that it would make some arrangement to provide coal linkage despite cancellation of mines.

"These are units where power units are getting set up. They were supposed to mine the coal thereafter use it for generation of power instead of that they will have to get coal from somewhere else," she said. "These companies have exposure around Rs 4,130 crore.
There is nothing to be unduly worried about it. The (Coal) Ministry has indicated that they will make some arrangement for giving linkages from elsewhere and also thereafter they will go for rebidding or re-auction for mines," she said.

The SBI chief, however, said that it would impact the margin of power plants. So, to that extent whatever is the margin that will determine what will be the status of that account, she said. Emphasising that cancellation of 122 telecom licences in 2012 did not lead to huge amount of NPA, she said in this case also there will be takers and chances of assets turning bad is minimal.

Talking about stock spilt, she said, it is to ensure that volume goes up and retail investors are able to buy stocks. "We were seeing falling of retail investors," she added. Yesterday, SBI approved sub-division of one equity share into ten.

Asked about expectation from the forthcoming monetary policy review, Bhattacharya said the RBI is likely keep interest rate unchanged. The RBI is scheduled to announce bi-monthly monetary policy on September 30. Later in the day, SBI in a statement said the exposure of the bank to the affected companies by cancellation of 214 coal blocks by the Supreme Court is substantially lower. It does not apprehend any major problem or difficulty in recovery of the dues.

This statement came in the light a senior advocate appearing on behalf of Coal producers' Association submitting to the Supreme Court that the SBI may suffer a loss of up to Rs 78,263 crore which is almost 7.9 percent of its networth for the financial year 2013. Refuting this, SBI that the above figures have not been furnished by the bank.

SBI stock price

On September 24, 2014, State Bank of India closed at Rs 2378.35, down Rs 109.05, or 4.38 percent. The 52-week high of the share was Rs 2833.85 and the 52-week low was Rs 1455.95.


The company's trailing 12-month (TTM) EPS was at Rs 147.33 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 16.14. The latest book value of the company is Rs 1584.34 per share. At current value, the price-to-book value of the company is 1.50.


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Foreign investment limit in City Union Bank raised to 40%

The restiction was lifted after the company board passed resolution for purchase of equity shares by FIIs/RFPIs/QFIs up to 40 per cent (from 35 per cent earlier) of their paid-up capital.

The RBI today notified that foreign investment limit in City Union Bank has been raised to 40 percent, following which the restriction placed on purchase of shares of the firm by overseas investors has been lifted.

"...the foreign shareholding by FIIs/RFPIs in City Union Bank has gone below the revised threshold limit stipulated under the extant FDI Policy. "Hence, the restrictions placed on the purchase of shares of the above company on July 18, 2014 are withdrawn with immediate effect," RBI said a release.

Earlier the limit for such investment was 35 percent. The restiction was lifted after the company board passed resolution for purchase of equity shares by FIIs/RFPIs/QFIs up to 40 per cent (from 35 per cent earlier) of their paid-up capital.

"Equity shares of City Union Bank can now be purchased through primary market and stock exchanges," RBI said.

City Union Bank stock price

On September 24, 2014, City Union Bank closed at Rs 78.50, down Rs 3.3, or 4.03 percent. The 52-week high of the share was Rs 87.45 and the 52-week low was Rs 41.65.


The company's trailing 12-month (TTM) EPS was at Rs 5.98 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 13.13. The latest book value of the company is Rs 34.07 per share. At current value, the price-to-book value of the company is 2.30.


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