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Maha govt's realty agenda: Reviving property market

Written By Unknown on Jumat, 31 Oktober 2014 | 23.26

Maharashtra's new Chief Minister Devendra Fadnavis has many challenges to deal with as he gets down to business. The new CM is understood to be keen on keeping a close watch on urban development and housing but addressing the sectors woes may not be an easy ride, reports CNBC-TV18's Manasvi Ghelani.

"I would like to assure people of Maharashtra that we will follow the same path as Prime Minister Narendra Modi -- the path of inclusiveness, development and transparency," said Devendra Fadnavis, CM, Maharashtra.

Fadnavis superceded several state leaders, to become one of Maharashtra's youngest chief ministers, and now the 44-year-old has his task cut out.

Urban development and housing are expected to be high on his priority list, but rather than announcing new policies, the task before Fadnavis is to first tie up loose ends left behind by the previous government. For instance, setting up of state's housing regulator. The plan received presidential assent in February this year, but it still hasn't seen light of day.

According to Ashutosh Limaye, Head - Research, JLL India: "The guidelines are pretty much laid out, once the agency starts functioning, it will protect interest from everybody. The public agencies that are responsible for granting permissions they also should be brought under the purview of this agency. They also have to own up the responsibility of prompt permission or at least examine the proposals on time. If the proposals are faulty, go ahead and reject them but just sitting on proposals for long time is certainly not acceptable, that is missing."

Clearing the Red Tape & Delays

Digitization is expected to be a key focus area for the new government. Fadnavis is likely to take a cue from central government and move towards online applications for all projects. This is likely to cut down delays in project approvals. The BJP manifesto promised development of business districts in all municipalities within Mumbai Metropolitan Region and establishment of 10 smart cities in Maharashtra.

But, experts believe issues specific to the state like the cluster policy which was cleared by Maharashtra Cabinet in September this year, needs to be addressed first. The policy entitles redevelopment of buildings which are more than 40 years old, and it also allows 1,000-1,500 land parcels to be opened up for development in Mumbai.

"Development of old, dilapidated buildings and its not just related to Mumbai even other cities, we need to ensure there is enough economic relief for all stake holders for the scheme to take off," Limaye said.

Development Of Dilapidated Buildings: Key Focus Area

The list of old unfinished projects is a long one. The elevated railway corridor, water transport, metro and monorail connectivity are again in the spotlight. As Maharashtra's first BJP government gears up to invite industries to 'Make In Maharashtra', it is perhaps aware that expectations of removing the state's long standing infrastructure bottlenecks run high.


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Android co-founder Andy Rubin to leave Google

James Kuffner, a research scientist at Google and a member of the robotics group, will replace Rubin, the company added.

Google Inc said on Thursday that Andy Rubin, co-founder of its Android mobile business and head of its nascent robotics effort is leaving the company.

Rubin will start a company to support startups interested in building technology-hardware products, Google said in an emailed response for comment on a Wall Street Journal report about his move.

James Kuffner, a research scientist at Google and a member of the robotics group, will replace Rubin, the company added.

Last year, Google's browser and applications chief Sundar Pichai replaced Rubin as head of the Android division, bringing the firm's mobile software, applications and Chrome browser under one roof.

Rubin built Android into a free, open-source software platform now used by most of the world's largest handset manufacturers, from Samsung Electronics Co Ltd to HTC Corp .


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Leading telcos seek to defer spectrum auction

In a letter to Telecom Minister Ravi Shankar Prasad, they have also written that operators whose permits are expiring in 2015-16 may be allowed to continue with their existing in-use spectrum.

Leading telecom firms have said the government should defer the upcoming spectrum auction till the time adequate radiowaves are made available across bands.

In a letter to Telecom Minister Ravi Shankar Prasad, they have also written that operators whose permits are expiring in 2015-16 may be allowed to continue with their existing in-use spectrum.

The operators, Bharti Airtel , Vodafone, Idea Cellular  and Reliance Communications , have proposed to pay the price discovered in February 2014 for 1800 MHz with 900 MHz multiplier as recently recommended by telecom regulator Trai.

"This may be adjusted subsequently if required, for the price discovered in the next round of auctions," the letter said, a copy of which has also been marked to Prime Minister Narendra Modi.

The operators said conducting auctions in an environment of spectrum shortage, has serious implications on investments, predatory pricing and continuity of services and on public interest.

"We believe that our proposed solution will be in public interest as it will protect the revenues of government, ensure continuity of service to subscribers, security of existing investments as also maintain/restore investor confidence in the sector," the letter said.

Bharti Airtel stock price

On October 31, 2014, Bharti Airtel closed at Rs 398.30, down Rs 9.2, or 2.26 percent. The 52-week high of the share was Rs 419.90 and the 52-week low was Rs 282.10.


The company's trailing 12-month (TTM) EPS was at Rs 19.52 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 20.4. The latest book value of the company is Rs 166.93 per share. At current value, the price-to-book value of the company is 2.39.


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UCO Bank sends notices to Kingfisher Airlines, another firm

The source said the letter sought to explain the reasons behind identifying the two firms as `wilful defaulters', adding that time had been given to them for giving reply on why they should not be declared as `wilful defaulters' as per RBI guidelines.

City-based UCO Bank  has shot off notices to Vijay Mallya-owned Kingfisher Airlines  and United Beverages after identifying the two firms as `wilful defaulters'.

"We have sent notices to the defunct carrier Kingfisher Airlines and United Beverages, which had given a corporate guarantee to the bank for availing of the loan", a source in UCO Bank told PTI.

The source said the letter sought to explain the reasons behind identifying the two firms as `wilful defaulters', adding that time had been given to them for giving reply on why they should not be declared as `wilful defaulters' as per RBI guidelines.

The notices had been sent to the companies' corporate offices in Bangalore.

He said that Kingfisher Airliners had availed a loan amount of Rs 300 crore as working capital from the bank, but had defaulted in making the repayments.

The interest accrued on the loan would be to the tune of Rs 100 crore, the source said.

While another city-based United Bank of India  had declared Kingfisher Airlines as `wilful defaulter', two other banks, State Bank of India  and Punjab National Bank , were also pursuing on those lines.

UCO Bank stock price

On October 31, 2014, UCO Bank closed at Rs 87.30, up Rs 1.35, or 1.57 percent. The 52-week high of the share was Rs 115.75 and the 52-week low was Rs 62.05.


The company's trailing 12-month (TTM) EPS was at Rs 14.99 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 5.82. The latest book value of the company is Rs 110.64 per share. At current value, the price-to-book value of the company is 0.79.


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Vigneshwara Group MD Sunil Dahiya arrested by EOW

Dahiya is accused of duping investors of over Rs 1,000 crore. He had promised huge returns for people investing in his real estate deals.

Sunil Dahiya, the managing director of real estate company Vigneshwara Group has been arrested by the Economic Offences Wing.

Dahiya is accused of duping investors of over Rs 1,000 crore. He had promised huge returns for people investing in his real estate deals.

The Delhi and Gurgaon police have received complaints alleging Vigneshwara Developers had stopped paying the promised rate of return.


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Selection process for 8 PSB chiefs to start on Nov 13: Govt

The selection process for appointing chief executives to eight public sector banks will start on November 13 and the appointments will be made by November end, banking secretary GS Sandhu has said.

The selection process for appointing chief executives to eight public sector banks will start on November 13 and the appointments will be made by November end, banking secretary GS Sandhu has said.

There would be three sub-committees under the appointment board that is in charge of the selection process, and which would be headed by the governor of the Reserve Bank of India, the banking secretary added. All candidates would be evaluated by the three sub-committees.

The selected names of CMDs would then be sent for the Appointments Committee of Cabinet.

The government was recently in the news after it sacked the chairman and managing directors (CMDs) of six public sector banks that were appointed by its predecessor and said there was a need to rehaul the selection process.

Under the new framework, the government will also only state-run banks to appoint their statutory auditors from the next fiscal, Sandhu said.

He also touched upon other issues concerning the banking sector and said the government may have to infuse Rs 75,000-80,000 crore over the next four years and plan for the same would be taken to the Cabinet this month.

While the government was working on a plan to merge some banks, the proposal to create a holding company to which all of India's state-run banks should be transferred was not being considered, he said.


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Mahindra Logistics inks pact with IVC to form 2x2 Logistics

Written By Unknown on Kamis, 30 Oktober 2014 | 23.25

Third party logistics service provider Mahindra Logistics (MLL) today said it has partnered with Indian Vehicle Carriers to form a new entity '2x2 Logistics' with an aim to offer original equipment manufacturers global standards of service and technology.

"MLL has announced a partnership with Indian Vehicle Carriers (IVC), to be branded as 2x2 Logistics, aimed at launching assetised operations in outbound automotive logistics, offering OEMs global standards of service and technology," a release issued here said.

Mahindra Logistics, a subsidiary of Mahindra & Mahindra , will have a majority stake in the new entity and will initially invest in 100 specially designed car carriers to serve automobile and two-wheeler OEMs.

"This is the first time we will be significantly assetising our business by investing in 100 car carriers to begin with, and then ramping up capacity.

"It will help strengthen our operating capabilities in automotive logistics, our largest target industry vertical, with a clear focus on technology, quality and corporate governance. Forming such partnerships with our business associates will be an important part of our growth and success," MLL Chief Executive Pirojshaw Sarkari said.

This partnership will allow MLL and IVC to further develop and expand their transportation networks, linking the north, west, south and east clusters of production and consumption of automobiles, the release said.

As OEMs expand their product lines in India, MLL sees a significant potential for car carriers, which are specially designed to meet a variety of needs, both in terms of dimensions of the vehicles being carried as well as special handling requirements.

"We will have a very specific focus on design innovation in car carriers in 2x2 Logistics. We are already one of the largest automotive logistics service providers in India and this joint venture will allow us to directly operate assets and serve our customers with a greater degree of predictability and control," MLL Senior Vice-President Sushil Rathi said.

Commenting on the deal, Indian Vehicle Carriers Founder and Owner KS Singhal said, "This new entity will have all the capabilities to become a one stop solution for outbound logistics. We hope to leverage each other's strengths and offer the highest level of quality and service to our customers."

2x2 Logistics will allow MLL to build a significant asset base and enhance its pan-India transportation network, leading us that much closer to an IPO by 2017.

MLL has been aggressively expanding its business with a focus on multiple industry verticals. In August, MLL acquired a majority stake in Lords Freight soon after private equity firm Kedaara Capital bought a significant minority stake for Rs 200 crore in the logistics company.

M&M stock price

On October 30, 2014, Mahindra and Mahindra closed at Rs 1287.60, down Rs 8.75, or 0.67 percent. The 52-week high of the share was Rs 1421.00 and the 52-week low was Rs 847.00.


The company's trailing 12-month (TTM) EPS was at Rs 59.61 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 21.6. The latest book value of the company is Rs 270.60 per share. At current value, the price-to-book value of the company is 4.76.


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Eased FDI norms mere sentiment positive: Knight Frank

The Union Cabinet's move to ease the FDI policy in construction is merely a sentiment positive for the sectors, says Gulam Zia, executive director, Knight Frank.

In an interview to CNBC-TV18, Zia says one of the biggest obstacle for the sector is that it continues to be a state subject.

"So, despite all these moves the Centre can do very little about it," he says.

Also read: FDI move boon for cheap homes but issues exist: Kolte-Patil

On what can be done to boost the sector, Zia says land acquisition, insurance and a real estate regulator is direly needed right now.

"Also the government should make a mechanism that can check whether the FDI inflows go into high-end realty or into affordable housing," he adds.

Below is the verbatim transcript of the interview to CNBC-TV18.

Ekta: First I just wanted to ask you about what the Kolte Patil Management told us they are not present in affordable housing but when they spoke to us sometimes back they said that there are too many other bottlenecks so this is just a sentiment positive at this point in time but there are lots of other issues to solve such as environment clearance etc. Do you share the same thought?

A: Even I do share the same thoughts, first of all the biggest obstacle about real estate and housing is that it is a state subject and central government can actually do very well in terms of advisory or just showing some right directions. Having said that ultimately state governments decide or fine tuned the ultimate clauses or laws that they have to be followed on the ground realities.

Having said that still the first foreign direct investment (FDI) opening that happened sometime in 2005 that really gave a huge impact to real estate. We saw the swanky new buildings coming up in last ten years. It was obviously on the back of huge amount of capital inflow that happened in real estate. This easing of norms while it will have a good impact on real estate but lot many things are yet to be finalised before we can really go upbeat and gung ho that yes it is going to work for real estate.

Reema: What are the bottlenecks from this policy FDI and real estate being a game changer? List out the three biggest bottlenecks and do you see them getting erased in the next few years at least?

A: I will qualify these in two categories, one is generic issues which I have always been there and will have to be sorted out. One is about land acquisition, second is about title insurance etc. and third is about real estate regulator. These are three very generic things which have been plaguing anything in real estate and which have to be first put in order before we call FDI or foreign investors to come to India. So that is actually about putting your house in order number one.

Number two there are lot many of these permissions that we speak which are different in different states. Even centrally say the environment issues etc that have to be taken care of are really something which takes time. We have to really work towards making a single window system work in real estate. Having said all that what we are talking about currently is affordable housing. Whatever housing that we are aware of for historic time perspective is something which caters to hardly 5 percent of consumer base remaining 95 percent is into affordable housing category or perhaps social housing category where they can't even buy a house.

That is where the effect of all these policies is not yet felt. Going forward we will have to really work out some incentives, some schemes to ensure that the money that has coming from aboard is not once again sucked in to the normal high and real estate alone and not diverted for a affordable housing.

Reema: Tell us about the listed player, which ones do you think will immediately benefit or could see where FDI could immediately come in?

A: The biggest one is obviously for  Puravankara because they have been one of the earliest entrances into affordable housing scenario. But even otherwise not talking only on affordable housing or not just focusing on affordable housing this whole FDI is going to impact the overall real estate. So it is not just that those who are focusing on affordable but otherwise who are doing other real estate works. So all those listed players that we have on our list are the people who will be definitely benefited.

Puravankara stock price

On October 30, 2014, Puravankara Projects closed at Rs 102.25, up Rs 5.20, or 5.36 percent. The 52-week high of the share was Rs 133.90 and the 52-week low was Rs 50.00.


The company's trailing 12-month (TTM) EPS was at Rs 4.85 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 21.08. The latest book value of the company is Rs 76.36 per share. At current value, the price-to-book value of the company is 1.34.


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Boeing-SIA JV gets CCI green signal

Boeing Singapore, an arm of US major Boeing Company, and SIA Engineering Company's proposed joint venture has got the approval from fair trade regulator CCI, as the deal does not raise anti-competition concerns in the country.

Under the proposed combination, Boeing Singapore would hold 51 percent stake in the Singapore-based joint venture company, while 49 percent would be with SIA Engineering Company Ltd (SIAEC) -- a subsidiary of Singapore Airlines.

The joint venture company would offer maintenance, repair and overhaul (MRO) services together with related engineering, logistics and supply chain and inventory management services in South Asia Pacific region, including India, with respect to certain aircrafts manufactured by the Boeing Company.

Also read: Airbus offers long-range A321neo, targets Boeing 757

In an order released today, CCI said that "the proposed combination is not likely to have an appreciable adverse effect on competition in India". CCI noted that the Boeing Company did not have arrangement with any of the Indian carriers or the MRO service providers in the country and that post combination "Indian carriers using Boeing aircrafts will be free to procure MRO services from any MRO service provider".

Further, the Boeing Company will not be prevented from supplying spare parts or technical support to MRO service providers in India. The Commission said that the assessment with respect to the joint venture was limited to the effect of the proposed deal on two market segments -- heavy maintenance and component maintenance. These segments fall under MRO services.

"It is observed that in both of the said segments of MRO services, the parties have no presence in India since neither the Boeing Company nor SIAEC provides any MRO services in India," CCI said in the order.

Observing that the Boeing Company, through its group companies, has provided adhoc services to Indian carriers outside India, CCI said the revenues from such services were "insignificant".

It also noted that several Indian players were "active in both these segments and have a significantly larger market share vis-a-vis the parties". As per details in the order, post the combination, Boeing and SIAEC would "novate contracts" to the joint venture related to MRO services.

Following an agreement over the joint venture in July, this year, the companies had approached CCI for its green signal in August. Boeing Singapore is currently engaged in the field of fleet management solutions, while SIAEC is into the business of provision of MRO services for aircraft, engines and related components.'


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Thermax bags Rs 321 crore contract in Africa

The scope of work includes system design, manufacture, supply and supervision of erection and commissioning of the power plant.

Energy and environment solutions provider  Thermax today said it has bagged a contract worth Rs 321 crore for setting up a captive power plant in Africa.

"Thermax has received an order worth Rs 321 crore from a leading African conglomerate to supply a captive power project for one of their cement plants," a release issued here said.

The scope of work includes system design, manufacture, supply and supervision of erection and commissioning of the power plant.

"We had initiated the entry of our project business in Africa two years ago. It is encouraging that we have already gained customer trust and begun supporting their power requirements," company's Managing Director and CEO M S Unnikrishnan said.

The power plant, to be commissioned within a timeframe of 15-16 months, will utilise the latest generation AFBC (atmospheric fluidised bed combustion) boilers and high pressure steam cycle to facilitate optimal plant efficiency, the release said.

Thermax stock price

On October 30, 2014, Thermax closed at Rs 881.20, down Rs 15.5, or 1.73 percent. The 52-week high of the share was Rs 989.70 and the 52-week low was Rs 609.35.


The company's trailing 12-month (TTM) EPS was at Rs 20.49 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 43.01. The latest book value of the company is Rs 169.94 per share. At current value, the price-to-book value of the company is 5.19.


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India key to doubling revenue in Asia-Pac by 2020: Bosch

Betting big on India's auto industry, German components major Bosch expects the country to be a key growth driver in its bid to double business in the Asia Pacific region by 2020.

The Stuttgart-based firm, which posted a turnover of 46.1 billion euro in 2013, had 24 percent of the revenue coming from the Asia Pacific region.

Bosch expects India's GDP to grow by 6 percent next year with a projected growth of 4.8 percent this year. It sees the country becoming the world's 5th largest vehicle manufacturer by the end of this decade.

"This makes the country one of the global engines of growth alongside China," Bosch Board of Management Chairman Volkmar Denner said.

According to the data released by the Society of Indian Automobile Manufacturers, domestic car sales in FY'14 stood at 17,86,899 units as compared to 18,74,055 units in the previous fiscal.

The German firm, which reported a turnover of around Rs 13,200 crore in India last year, sees India as a key pillar of its growth strategy in the Asia Pacific.

"Over the past ten years, Bosch has doubled its sales in Asia Pacific. By 2020, we are aiming to double our sales in the region again," he added.

Highlighting the significance of the Indian market in the process, Denner said: "As the world's third biggest economy in terms of purchasing power, India has an important role to play in fulfilling this target."

"The economic indicators give us much cause of optimism - especially after the recent elections. We believe that the new government is poised to accelerate economic growth and introduce strategic reforms," Denner said.

Bosch, which has ten manufacturing facilities in the country and seven R&D centres, has been active in the Indian subcontinent since 1922.

Since 2010, the Bosch Group has invested around Rs 5,400 crore in the expansion of manufacturing and research facilities in the country, of which nearly Rs 1,200 crore were invested in the current year alone.

"This money has been used to establish new production plants and to expand research and development centres," Denner said, adding that the company currently employs more than 27,000 associates in India.

"The number has doubled within five years and is expected to grow further. This also reflects our firm belief in the country's growth potential and our commitment to this region," Denner said.

Also Read: Diwali reignites consumer durables space

The Bosch group manufactures power tools, industrial machinery and home appliances, apart from auto components in India.


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Harley-Davidson expands portfolio with three new models

American cult bike maker Harley-Davidson today expanded its portfolio in the country by launching three new bikes including the hand-crafted CVO Limited, priced at Rs 49.23 lakh (ex-showroom New Delhi).

With the launch of the three new models - Breakout, which is priced at Rs 16.28 lakh and the Street Glide Special, priced at Rs 29.70 lakh, Harley Davidson India now has a product line-up of 13 models in the domestic market, Harley-Davidson Managing Director Anoop Prakash said here.

"Motorcycles launched today have always had an incredibly passionate following here. These latest offerings demonstrate Harley Davidson's commitment to delivering a world-class product that caters to our customers," he said.

Of the three new models, 'Breakout' would be assembled at the company's Bawal manufacturing facility in Haryana, while two of its other models namely the 'Street Glide Special' and the CVO, would be imported as completely built units, he said.

Presently, Harley-Davidson manufactures Street 750 at its Bawal plant, which is also exported to other markets, while nine other models are assembled and rest three models are imported, Prakash said.

Sounding bullish on the market, Prakash said that Harley-Davisdon has seen double digit growth in volumes, which is primarily driven by new aspiring customers and new product launches.

He said the company plans to set up two more dealerships, one each in Bangalore and Surat by this year end, which would take its total number of outlets to 17.

He said the company may look at making a foray into some tier-2 cities by next year. Harley-Davidson would add hundreds of new genuine motor parts and accessories like jackets, boots, helmets, shirts etc to the shopping cart this year, he said.


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Cabinet may take up coal price pooling today

Written By Unknown on Rabu, 29 Oktober 2014 | 23.25

According to sources, the government is also likely to re-introduce a bill to set up a coal regulator in the Winter Session of Parliament.

The Cabinet is likely to take up coal pricing pooling this evening. Power plants are staring at a bleak future after the Supreme Court cancelled over 200 coal block allocations. Also, sources say the government will re-introduce a bill to set up a coal regulator in the Winter Session of Parliament.

India's power sector has acutely failed to scale up production due to several issues: lack of increase in coal, which powers two-thirds of the country's power plants; inadequate production of natural gas, which powers a large chunk as well; and lack of investment due to irrational tariff structuring (governments holding back power companies to increase prices, commensurate with costs). The big step to boost to power sector, according to analysts, would be coal denationalization.

Currently, only state-run companies can mine coal in India for commercial purposes, an effort led by Coal India , which has of late increasingly failed to meet its production targets. This has led to India becoming the world's third-largest coal importer despite sitting on its fifth largest reserves.

Since 1993, several private companies were allowed to mine coal but only for their end use such as power and steel production, but the decision was recently adjudged illegal by the Supreme Court -- for the ad-hoc manner in which they were handed out -- which de-allocated most of such blocks awarded since then. Allowing commercial mining of coal would spur investment in the sector, bring in international miners with advanced technologies and spur production, according to experts.

The government is also expected to decide how it would auction the blocks that were cancelled by the Supreme Court.

Coal India stock price

On October 27, 2014, Coal India closed at Rs 357.95, up Rs 1.55, or 0.43 percent. The 52-week high of the share was Rs 423.85 and the 52-week low was Rs 240.50.


The company's trailing 12-month (TTM) EPS was at Rs 20.04 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 17.86. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 13.75.


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SAT to hear DLF's plea against Sebi order tomorrow

Earlier this month, Sebi barred the company and six others, including the company's top executives, from accessing capital market for three years for "active and deliberate suppression" of material information at the time of its IPO over seven years ago.

The Securities Appellate Tribunal (SAT) will Thursday hear an appeal against regulator Sebi by realty giant DLF , which has sought an interim relief for redeeming funds locked in mutual funds and other instruments.

Earlier this month, Sebi barred the company and six others, including the company's top executives, from accessing capital market for three years for "active and deliberate suppression" of material information at the time of its IPO over seven years ago.

Following the Sebi's order, the company moved to SAT, which last week sought Sebi's reply on DLF's plea for an interim relief. Sebi has been asked to give its reply by tomorrow.

During the first hearing on October 22, the company sought an interim relief from the Tribunal, while Sebi faced the flak for delay in passing the order and also for the adverse impact suffered by shareholders, who lost over Rs 7,500 crore of their wealth in a single day post the order.

While promoters own 74.93 percent stake in DLF, foreign institutional investors have close to 20 percent and retail shareholders have about 4 percent among others.

This was one of the rare orders by Sebi where it barred a blue-chip firm and its top promoter/executives from market.

DLF's initial public offer in 2007 had fetched Rs 9,187 crore -- the biggest IPO in the country at that time. As the case progresses, the industry experts are of the opinion that the case will have wider ramifications for the entire real estate sector and the regulatory framework applicable to them.

Top executives from real estate sector and capital markets intermediaries have said the case needs to be seen in a different perspective from those pertaining to sectors other than real estate.

At the same time, the role of merchant bankers, legal advisors and others involved in the process of making IPO-related disclosures also needs to be examined, they said.

The case has also brought to limelight 'technicalities' involved in the practice of Sebi giving 'observations' and not 'approval or clearance' for an IPO.

There is a view that regulators need to understand that the business practices tend to be different in real estate sector, from manufacturing or other segments of the economy.

However, others feel that regulations cannot be overlooked to accommodate certain 'prevailing practices' in one particular sector, such as those related to use of 'friendly' entities for purchase of land or development rights in the name of ease of doing business.

DLF stock price

On October 27, 2014, DLF closed at Rs 118.15, up Rs 6.85, or 6.15 percent. The 52-week high of the share was Rs 242.80 and the 52-week low was Rs 100.00.


The company's trailing 12-month (TTM) EPS was at Rs 2.52 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 46.88. The latest book value of the company is Rs 93.40 per share. At current value, the price-to-book value of the company is 1.26.


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India ranks 142 in World Bank's 'Doing Business' report

India ranked 142 among the 189 countries surveyed for the latest World Bank's "Ease of Doing Business" report released today, a drop by two places from the last year's ranking.

The drop in India's ranking from last year's 140 is mainly because other nations have performed much better, Bank officials said.

In the 2014 report, India had 52.78 points and this year it has 53.97 points.

The latest ranking, however, does not take into account the slew of measures taken by Modi Government to make India a business friendly destination.

"We do not want to send the impression that the drop in India's ranking is connected in any way with the current political situation (government)," said Augusto Lopez-Claros, Director, Global Indicators Group, Development Economics of the World Bank Group.

"It is absolutely true that the new government of Mr Modi has made it very clear that they see the creation of a better investment climate and a more friendly business friendly environment in India a top priority. However, it is important to remember that the new Government did not come into office until the second half of May," he said.

Highly appreciative of the steps taken by the new Indian Government, World Bank officials asserted that there was a very high likelihood of India significantly jumping up the ladder in the next ease of doing business report.

Singapore with 88.27 points occupies the top position in the ease of doing business followed by New Zealand, Hong Kong, Denmark and South Korea respectively.

Among other major countries, the US has been ranked seventh, Britain (eight), China (90), Sri Lanka (99), Nepal (108), Maldives (116), Bhutan (125), and Pakistan (128).

In a conference call with reporters, Bank officials cautioned against linking the latest ranking with the steps taken by the new Indian Government.

Noting that the cut-off of ease of doing business is May 31st, Lopez said whatever the government would do and whatever is in the pipeline is going to have an impact on these indicators only next year.

When asked about the ambition of the new Indian Government to move up the ladder and gain a ranking within top 50 countries, Lopez said, "There is no reason, why not?".

"Absolutely, it can be done. There are many examples of countries who through focused efforts, through intelligently designed reforms have managed to make very substantial improvement," he said.

Though India did drop a little bit in terms of its ranking, the ease of doing business has improved over the last 12 months, he said.

Rita Ramalho, lead author of the Doing Business report, said India's ranking dropped, despite improvement in its business environment, because other countries improved.

"There is a continuous improvement across the world. India improved, but others improved at a faster pace," Ramalho said.


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Diageo launches pre-mixed vodka Smirnoff Ice in India

The drinks would be available in two flavours -- Smirnoff Ice Black and Smirnoff Ice Original.

UK-based distiller Diageo on Wednesday introduced its first pre-mixed vodka in the Indian market with the launch of Smirnoff Ice, a variant of the world's top selling vodka brand Smirnoff. The drinks would be available in two flavours -- Smirnoff Ice Black and Smirnoff Ice Original.

Smirnoff Ice Black has a strong, sharp intense taste, while Smirnoff Ice Original is lighter lemon-flavoured priced between Rs 75 and Rs 110 in Goa and Karnataka, where the brands will be available shortly.

Speaking on the launch, Bhavesh Somaya, Marketing & Innovation Director, Diageo India commented: "Smirnoff Ice will revolutionize a unique occasion/space with the proposition of "Starting the party with ICE" - with its convenient premixed format. We are tapping into a new occasion and looking to drive recruitment of LDA+ consumers with Smirnoff. Its attractive packaging and refreshing taste will resonate well with consumers looking for exciting convenient options."


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Experts hail govt’s move to relax construction FDI norms

With the Cabinet approving relaxation in construction foreign direct invest (FDI) norms , Niranjan Hiranandani, MD, Hiranandani Group believes the new government seems to be walking the talk and has made way for building affordable houses. The government has also realised that the sector is cash strapped and has relaxed the FDI norms, he adds.

"This indicates that this is the first direction in the history of India where affordable housing after the dropping of 80IB by the Congress government was brought into fore," said Hiranandani.

Shishir Baijal, CMD, Knight Frank India also thinks this as a significant move by the government that would auger well for the cast starved industry.

He is confident that these relaxed FDI norms would attract capital into realty sector. With REITs coming in shortly and with the FDI being relaxed, there have been emphasis towards infrastructure and the smart cities, says Baijal.

According to  Madhav Poddar, Associate Director, EY says  not only will this relaxation norms bring in foreign capital into projects in tier II and tier III cities but small projects in tier I will also have access to global capital.

Below is the transcript of Niranjan Hiranandani, Shishir Baijal and Madhav Poddar's interview with Shereen Bhan on CNBC-TV18.

Q: This has been a decision that has been long pending. Finally we understand that the cabinet has decided to go ahead and relax the norms for FDI in the construction sector. What does this mean for somebody like you and what does it mean for your industry?

Hiranandani: I think it is very important to understand that when Narendra Modi sets a direction, he means business and he is going to take action where warranted and where he has set his finger on.

He has said that he is going to 25 million houses in eight years that he needs to do for India. The segment of affordable housing is important to him and he knows that the industry needs capital very badly. That is why the FDI rules relating to capital coming in for the real estate has been modified especially in the segment of affordable housing.

So, if you have 30 percent of the area for affordable housing, no conditions would apply because the three major conditions have been waived completely.

This indicates that this is the first direction in the history of India where affordable housing after the dropping of 80IB by the Congress government was brought into fore. So, up till now last couple of years there was only disincentive to make affordable housing. Taxation was painted by the same brush whether you made luxury housing or affordable housing. This is the first time where affordable housing is given a significant different colour where all the conditions have been dropped.

Secondly, also they have given an indication that FDI in respect of smaller area and even commercial, etc have been changed and those conditions though the lock-in period and other things have continued they have also reduced the areas, so people can put FDI in smaller projects and even ready built properties.

So, I think what is happened is he has started action and he has said that direction should be given for the purposes of indicating capital requirements in real estate especially in the segment of affordable housing; kudos to making a great beginning.

Q: Do you believe that we are going to see money coming in right away and also as far as the move for REITs are concerned do you believe that this will be an additional fillip as far as the move to see REITs becoming a reality is concerned?

Hiranandani: Three points; number one, nothing happens overnight. FDI cannot come tomorrow morning. You have to understand that this gives a direction, this gives an indication, an attraction. So, people will start looking at this and I think it will start getting working in about three to six months period of time.

The second issue which you have to understand is that there is a huge expectation - the gross domestic product (GDP) of the country which we have directed to increase is going to happen and hence there is going to be an improvement of the economy. This has already been indicated by the Sensex moving up.

So, as the economy starts moving up, the interest to put money through FDI route is definitely going to be looking more and more attractive. So, what you will see is a burst of investments post January-March. Probably by the Q2 of 2015 you will see investment.

Third is that the Budget will have to see a modification of the REITs regulation in terms of capital gains. What has been done is not significant enough to attract REITs investment. Arun Jaitley will definitely have to make an amendment in the Budget in respect of capital gains and the pass through in respect of the REITs. Though he has done some amendments; it is not enough.

So, we will see some movement in this direction before you actually see a burst of investment into India.

Q: The decision was pending it has finally been taken, the government has decided to relax the norms for FDI in the construction sector. How significant a move is this and what is this going to mean for the industry?

Baijal: I think it is an extremely significant move and I must congratulate the government for taking this move. It has been long pending and I think moves like this will attract FDI to come in into the sector. I think this is one of those cash burdened sectors that we have been facing. Lot of developers are having fair amount of liquidity issues. With REITs coming in shortly, with the FDI being relaxed and the emphasis towards infrastructure and the smart cities etc I think it augurs very well for the industry which has been struggling for the last few quarters.

Q: Niranjan Hiranandani was just with us a short while ago and he was talking about how he expects the money to start coming in only in the first half of next calendar year and also as far as REITs are concerned of course that issue with regards to capital gains and whether that will be sorted out or dealt with by the finance minister in the Budget on both those issues your comments?

Baijal: I agree with Hiranandani. It just gives a right signal to the market. Increasing it does take time. Even for REITs to come in by the time the first listing gets done I would still put it at 12-18 months for that to happen. For this movement to happen, for FDI to come in these do take time. It came in 2007 or 2005 when the initial FDI was allowed and we had a burst coming in. It sort of petered down there. The world is looking at what is happening, I think these things take time. I think this is the right signal to the industry that the government is giving. I think it will pick up, to me whether it is 6-8 months or 12 months is not the issue but this augurs well for the industry in the long term.

Q: A quick take from you on how significant this development is and what it is going to mean for real estate developers?

Poddar: The reduction in size from 50000 to 20000 square metre now means that foreign capital will have access to a greater number of projects which were earlier not possible. So, projects in tier II, tier III cities as well as smaller projects in tier I cities will now have access to global capital. So, that is good for the sector. The second change which I think is the minimum capitalisation coming down from USD 10 million to USD 5 million which again increases the number of projects which can access global capital.

The third change I think is that 30 percent of the project cost is incurred for low cost housing and none of the conditions apply which should spur low cost housing which was not really happening in India till now. So, all the three changes to the policy are positive. As we have been seeing with this government this is also a positive change which will attract global capital.

Q: How soon do you believe we are going to see the money coming in? The first half of the next calendar year, do you believe that that is the earliest by when we could see money coming into the sector?

Poddar: We need to wait at least till somewhere in H1 of 2015 because investors in this sector have really not had a great time till now. So, people are going to be cautious. So, the money will come in but my view is that it will be slow and steady.


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See big boost for affordable housing: DLF’s Talwar

Rajeev Talwar, ED, DLF says the finance minister seems to be responding to the realty sectors woes and that this move will give big boost to affordable housing.

FDI conditions are relaxed further it would mean an excellent incentive for FDI to flow into the real estate sector. I think finance ministry is bang on the dot.

Rajeev Talwar

ED

DLF

Rajeev Talwar, ED,  DLF and Irfan Razack CMD, Prestige Group while giving a thumbs-up to government's move to relax foreign direct investment norms into construction say this may bring in significant foreign capital into the sector.

Talwar says the finance minister seems to be responding to the sectors woes and that this will give big boost to affordable housing.

Razack also expect to see a lot more affordable housing development in the country now.

Below is the transcript of Rajeev Talwar and Irfan Razack's interview with CNBC-TV18's Shereen Bhan and Nayantara Rai.

Shereen: How significant is this move? This is something that the industry has been waiting for the last couple of months. The cabinet seems to have taken the decision what is this going to mean for your sector?

Talwar: The finance minister is doing exceedingly well and responding to the sectors absolutely promptly. This means a lot of FDI to come in. As they said on completion the money can flow out which will be really an asset based creation. So, I think he is absolutely right on dot for what is required for the sector.

Till recently if 30 percent of the area is devoted to affordable housing it will mean further relaxation even that would be excellent. As it is in Delhi by mandate, by statute we provide 15 percent of area of any group housing for affordable housing. If it is doubled to 30 percent and then FDI conditions are relaxed further it would mean an excellent incentive for FDI to flow into the real estate sector. I think finance ministry is bang on the dot.

Nayantara: You mentioned about affordable housing, this is something that everybody is always a little confused about. There are different definitions of affordable housing. You talk to the ministry of housing it has got one definition, the RBI has got another definition, how do you expect this to actually pan out and do you think developers like yourself which have stayed away from affordable housing because it is a low margin business that they are going to enter this space?

Talwar: The bulk of demand in India is going to be in this segment which is affordable housing. Let us take it up to 1000 square feet from anywhere, from 400 square feet to 1000 square feet or 1200 square feet if that gets covered up and gradually it will, it will solve the big problem in India of providing a house and a roof over every citizen.

I think this is going to be an area which will see a huge investment inflow.

DLF stock price

On October 27, 2014, DLF closed at Rs 118.15, up Rs 6.85, or 6.15 percent. The 52-week high of the share was Rs 242.80 and the 52-week low was Rs 100.00.


The company's trailing 12-month (TTM) EPS was at Rs 2.52 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 46.88. The latest book value of the company is Rs 93.40 per share. At current value, the price-to-book value of the company is 1.26.


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PwC partners Google to offer business solutions to clients

Written By Unknown on Selasa, 28 Oktober 2014 | 23.25

From Google firms get innovation, technology platforms and Internet scale, while PwC brings deep industry experience, a broad range of business services and cutting-edge client insights, from strategy through execution, it added.

Global consultancy firm PwC today said it has partnered with US-based tech giant Google to offer new and innovative services to companies around the world.   

"Rapid pace of innovation in technology has fundamentally changed how and where work gets done, driving organisations to transform their businesses for the future. Together, PwC and Google can help that transformation happen," PwC said in a statement.

From Google firms get innovation, technology platforms and Internet scale, while PwC brings deep industry experience, a broad range of business services and cutting-edge client insights, from strategy through execution, it added.

Together PwC and Google will help companies collaborate more effectively, better use technology and information and adapt to the disruptive forces shaping the world. "PwC is teaming with Google to offer our joint knowledge and capabilities to clients, giving them one place to go, maximising experience and assets from both organisations," PwC Vice Chairman (Transformation) Mike Burwell said.

The two plan to help firms succeed by leveraging PwC's business insights along with Google Apps, Google's suite of cloud enabled collaboration and productivity tools. Besides, using the combined power of PwC's analytical acumen and Google's Cloud platform to help businesses make the most of technology and information and be better equipped to compete, creating new services to reinvent and optimise
operations, connect with consumers and provide an enhanced customer experience.

PwC has also begun to introduce Google for Work products to its own operations. PwC is transitioning 40,000 people in the US and 5,000 people in Australia to Google Apps.


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IDBI Bank raises USD 350 million from overseas bond sale

Last Friday, Tata Motors had raised USD 750 million in a benchmark dual tranche bond sale, taking the overall fund raising through overseas bond sales close to USD 17 billion so far this year.

After lying low for a while, forex fund rasing by domestic corporates has picked up again with state-run lender  IDBI Bank raising USD 350 million in an overseas bond sale.

Last Friday,  Tata Motors had raised USD 750 million in a benchmark dual tranche bond sale, taking the overall fund raising through overseas bond sales close to USD 17 billion so far this year.

According to a note by international rating agency Fitch, the city-based lender raised USD 350 million in overseas senior unsecured notes through its Dubai branch. Fitch has assigned the senior unsecured notes issue due April 2020 a final rating of BBB-.

IDBI Bank could not be contacted for an official comment.

IDBI Bank stock price

On October 27, 2014, IDBI Bank closed at Rs 68.25, up Rs 0.00, or 0.00 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 11.91. 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 0.46.


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OVL to acquire stake in two Vietnamese blocks

OVL will take 40 percent stake in Block 102/10 and 50 percent in 106/10 that lie outside the sea territory claimed by China.

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp , today signed an agreement to pick up to 50 percent stake in PetroVietnam's two exploration blocks in the South China Sea.

OVL will take 40 percent stake in Block 102/10 and 50 percent in 106/10 that lie outside the sea territory claimed by China. PetroVietnam, the national oil company of Vietnam, will take half of OVL's 100 percent stake in Block 128 in South China Sea which the Indian firm had earlier planned to exit.

"OVL signed a Heads of Agreement (HOA) with PetroVietnam Exploration Production Corp (PVEP), a wholly owned subsidy of Vietnam Oil and Gas Group (PetroVietnam), for mutual cooperation for exploration in Blocks 102/10 & 106/10 of PVEP and Block 128 of OVL in offshore Vietnam, subject to due diligence and negotiations on terms of participation," the Indian firm said in a statement here.

The HOA was signed by OVL Managing Director Narendra K Verma and Dr. Do Van Khanh, President & CEO of PVEP. Also, ONGC signed a Memorandum of Understanding (MoU) with PVEP for "mutual cooperation for exploration in the NELP Blocks of ONGC in Andaman and Cauvery Basins, subject to due diligence and negotiations on terms of participation."

The MoU was signed by ONGC Chairman and Managing Director Dinesh K Sarraf and Khanh. Both the MoU and the HOA were exchanged in presence of visiting Vietnamese Prime Minister Nguyen Tan Dung and Indian Prime Minister Narendra Modi at Hyderabad House here.

OVL forayed into Vietnam as early as 1988, when it was awarded the exploration license for Block 06.1. Presently the block is producing natural gas. The company also got exploration Blocks 127 and 128 in 2006.

Block 127 was relinquished after completing the work programme. Block 128 is currently under exploration.

The blocks where OVL is picking up stake are from the five that Vietnam had offered in November last year to India to counter growing Chinese influence in the region.

OVL offering PetroVietnam equity in Block 128 is to de-risk exploration in the block over which China had claimed territorial rights.

The Indian firm had in June 2012 decided to return the block as exploration there wasn't commercially viable but did a volte-face at the insistence of Ministry of External Affairs, which wanted India to continue its presence in South China Sea.

ONGC stock price

On October 27, 2014, Oil and Natural Gas Corporation closed at Rs 391.80, down Rs 2.95, or 0.75 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 263.30.


The company's trailing 12-month (TTM) EPS was at Rs 26.72 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 14.66. The latest book value of the company is Rs 159.81 per share. At current value, the price-to-book value of the company is 2.45.


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Tata-Airbus submit joint bid to make IAF transport planes

If the combine wins the bid, European aviation giant Airbus would supply the first 16 planes while the remaining 40 would be manufactured and assembled by Tata Advanced Systems (TAS) in India.

Tata and Airbus have submitted a joint bid to replace Indian Air Force (IAF)'s ageing fleet of 56 Avro aircraft with Airbus' C295 transport planes.

If the combine wins the bid, European aviation giant Airbus would supply the first 16 planes while the remaining 40 would be manufactured and assembled by Tata Advanced Systems (TAS) in India.

The deal will include undertaking structural assembly, final aircraft assembly, systems integration and testing and management of the indigenous supply chain. The tie up follows a detailed industrial  ssessment and stringent evaluation of the Indian private aerospace sector by Airbus Defence and Space (ADS) which concluded with the selection of TAS as the Indian Production Agency (IPA)  exclusive partner for this prestigious programme, according to a statement released by Airbus.

The Avro aircraft were first inducted by IAF in the 1960s. ADS Executive Vice President (Military Aircraft), Domingo Urena Raso, said, "We firmly believe that, in the C295, we have clearly the best aircraft to replace the IAF Avro fleet and, in TAS, we have secured the cream of the Indian private aerospace sector as our partner for this project".

Terming the C295 a "superbly reliable and tough aircraft with outstanding economics which is proven in the most difficult operating conditions all over the world", he said it has already been favoured by 19 countries, many of which have placed repeat orders.

"And just this year it has dominated the market with orders for no fewer than 20 aircraft from five countries," he said. S Ramadorai, the TAS Chairman, said they were extremely pleased to announce the  partnership with ADS for the Avro replacement programme.

"It is a landmark for the development of aircraft manufacturing capability in India now that TAS is poised to take this step towards building entire aircraft in India. "The selection of TAS by Airbus demonstrates the
confidence that has been built in our ability to undertake this complex programme," he said.
((((


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FIIs, RFPIs can buy upto 49% of Hero Moto's paid-up capital

The decision follows passage of a special resolution at board of directors and shareholders to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs.

Reserve Bank has allowed foreign investors to buy up to 49 percent of the paid up capital in  Hero MotoCorp Ltd.

"...Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 percent of the paid up capital of Hero MotoCorp Ltd. (Earlier Hero Honda Motors Ltd.) under the Portfolio Investment Scheme," RBI said in a notification.

The decision follows passage of a special resolution at board of directors and shareholders to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs.

As of quarter ended September 2014, FIIs held 34.34 percent in the company. RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis. To effectively monitor the limit, RBI has fixed cut-off points two percentage points lower than the actual ceiling.

Shares of Hero MotoCorp closed 1.68 percent lower at Rs 3,034.80 per scrip on the BSE today.

Hero Motocorp stock price

On October 27, 2014, Hero Motocorp closed at Rs 3034.80, down Rs 51.9, or 1.68 percent. The 52-week high of the share was Rs 3144.00 and the 52-week low was Rs 1907.00.


The company's trailing 12-month (TTM) EPS was at Rs 120.45 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 25.2. The latest book value of the company is Rs 280.43 per share. At current value, the price-to-book value of the company is 10.82.


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Snapdeal is India's Alibaba;like digital startups: SoftBank

After having hogged all headlines for its USD 627 million investment in online retailer Snapdeal , Japan's SoftBank Corp chairman Masayoshi Son says he is interested in investing in Indian internet startups.

In an exclusive interview to CNBC-TV18, Son says the firm's USD 10 billion investment announcement to India is not bound by any budget and if the opportunity present itself, the company may even invest more than USD 10 billion. 

The investment and telecommunication company bought US' mobile firm Sprint Corp in 2013 but Son says, contrary to reports, that the company is not aiming to disturb India's telecom space but is very optimistic on the potential in Indian internet startups.

Given the plethora of e-tailers, Son says the company chose to invest in Snapdeal due to a personal preference and belief in its long-term success.

"Snapdeal has the potential to become India's Alibaba. Other peers like Flipkart have an Amazon-like model and Snapdeal is based on Alibaba's market place model, which we are more confident about," explains Son.

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

Q: You say "we believe India is at a turning point in its development and we have confidence that India will grow strongly over the next decade or so". Is that a vote of confidence and can we assume that you will be investing about USD 10 billion or in excess of USD 10 billion into India perhaps over the next couple of years?

A: I have a strong wish and willingness to invest more like USD 10 billion in the next 10 years. We have financial capability, we are looking for opportunity. It all depends, USD 10 billion is not the most important thing and it is not the budget that we have to spend no matter what, that is not the case. If it takes more than USD 10 billion we are willing to do so, if it is less than that still we will be happy but that is about the image I have for over the next 10 years. That is my willingness.

Q: What makes you so confident about India and I want to talk to you specifically about your investment into Snapdeal, USD 627 million into Snapdeal, that makes you the largest investor in that particular e-commerce company. Why are you so confident about the Indian e-commerce story and do you believe that a company like Snapdeal has the potential to be an Alibaba in the future?

A: I strongly believe that Snapdeal has the potential to be Alibaba of India. We invested into Alibaba 14 years ago, as you said USD 20 million, but it was very small, it was nothing back then. But over the last 10 years it has really grown. People understand now Alibaba is a great company but only until several years ago people did not still understand the value of Alibaba. Right now Snapdeal has a significant growth and a great team. India's future opportunity is so huge that this is an exciting opportunity.

Q: Why Snapdeal and why not a company like Flipkart for instance. It has also seen a significant amount of foreign investment coming in?

A: In my view Flipkart is more like Amazon model. Alibaba model is closer with market place model. Snapdeal is closer to that model. It is just a preference and the belief which model has the stronger future; it is our opinion on one side.

Q: How much does this give you in Snapdeal and do you have the appetite to raise your investment in Snapdeal in the future because we don't know what eBay or some of the other existing investor in Snapdeal will do post this funding round?

A: Well we just made an investment I don't want to speculate about tomorrow or next year but it is a company which we would like to support for a long time.

Q: So how much do you pick up by paying this USD 627 million what is the stake that you get in Snapdeal?

A: We are not talking about specific of how many percent. We would be the largest shareholder, significant shareholder but not 51 percent. That is not what I am looking for. So we are comfortable where it is.

Q: You have announced an investment into Ola, Ola Cabs as it was previously known. So clearly the Indian start up space is something that has caught your fancy and your attention but the telecom sector in India and you of course have worked closely with Bharti, how exciting is the telecom sector looking to you and you have picked up Sprint, would you look at the possibility of investing in telecom in India where 100 percent Foreign Direct Investment (FDI) is allowed?

A: I am more focussed on pure internet start up companies now. In India there are enough number of telecom players, we don't need to come in to bother that situation, it is already enough, it is already crowded. They are self sufficient. So we are more focussed on internet start ups right now because that is where I believe huge excitement of the growth opportunity is coming.

Q: Ola have raised USD 210 million led by the investment coming in from Softbank, where else are we likely to see you put your money. There has been a lot of speculation that you are looking at Paytm as well. Is that accurate information?

A: We don't make specific comments on the other companies. We are looking into many other start up companies. This afternoon we are meeting ten other start up companies, tomorrow another 15 of them. So, I hope one of them or some of them would make us very excited.

Q: What are you looking for, if you are looking for 10 today and 15 tomorrow what is the criteria that you are going to be looking at before you decide whether you are going to put your money in or not?

A: The company has to be either leader in the segment of what they are doing, in the internet industry, either the leader or strong past to be the leader. I am looking at the management team, strong founder and their team. I am looking at the business model that can evolve to be a very successful business model. So I am looking at many different angles but it is like finding a new girlfriend. You don't look at only one angle.

Q: So how many girlfriends do you hope to acquire at the end of this visit?

A: It is a difficult and dangerous subject. I cannot have many girlfriends but I can have many business partners.

Q: Speaking of business partners clearly you are interested in the internet start-up space, the mobile start-up space at this point in time. What excites you the most because we are seeing interesting developments both as far as payment gateways are concerned, in the transportation sector with things like Ola and of course Uber the global company that has aspirations of growing very big in India, in the travel and the hospitality space where globally you are invested in as well. What looks most exciting to you from a value proposition point of view from the India story?

A: The two of them that we have chosen already are very exciting. However internet is a very wide subject. There are so many successful companies. Look at the US, there are so many successful internet companies in their own field. So, India is just the beginning for that excitement. I am sure there will be a huge opportunity of new rising stars.

Q: I was reading comments that have been made about you and an analyst said that Japan is not big enough for Son, he is looking at the world. Would India be the most exciting market for you today as far as your aspiration of growing in the world is concerned?

A: For next 10 years this is the country that I am most excited about. I would say this is the century – 21st century, if there are top two countries in the world or the top two economies in the world I think India and China would be the top two economies in the world, that is my belief. India has that much potential. So, with that belief right now India is not in the top two but in the long term view if that is the view people can invest almost in any business industry in India to be successful.

However what we are most good at, what we are most specialist about is our information industry, that is our focus. Then there is timing. The best timing to do so I believe now is the best timing.

Q: There has been a lot of debate on the valuation that Indian e-Commerce companies are commanding today. The road to profitability is a long one. We don't know whether it is foreseeable in the near future or not and hence people are saying that do they really deserve the kind of valuations that they command today in the marketplace. What would you say about that?

A: If you look at today's multiple over the profit or over the revenue, over whatever it is very high already. However if your belief is that India would be the top two economies in the world, it has a billion population and it has the intelligence, it has good English speaking society, it has all the software engineers which matters a lot for the information revolution. At the end software engineering is more important than the hardware. Hardware would become a commodity. India has the best skill of the software engineering, the English language, the population, the intelligence, what else do you need?

Q: So, valuations are not stretched?

A: It is such a small fraction of the future potential. Whether we buy 15 percent cheaper or not it doesn't matter. I am not good at making 30 percent return, I am good at making either 100X or zero.

Q: Let me talk to you about your investment in Hike and your aspirations as far as Bharti-Softbank that joint venture is concerned. You have pumped in a significant amount of money into Hike, the aspiration would be to take this service outside of India and to perhaps grow in other emerging markets India being just the test bed of the incubation centre. What are your aspirations as far as Hike is concerned and what kind of money can we see you pump in to that company going forward?

A: Hike is the opportunity that Kavin Mittal the son of Sunil Mittal. With his vision and passion it is a home grown service from zero and has grown very quickly. I think it has the opportunity to be like next Whatsapp or Facebook or LINE. It is growing pretty well. It has good technology engineers. I think it has a very interesting opportunity.

Q: There has been a lot of speculation on whether you are looking at LINE at this point in time. Is LINE on the horizon or on the radar as far as Softbank is concerned?

A: We never comment about the future investment.

Q: You like LINE?

A: I respect LINE, I respect VChat, I respect Facebook, the investment is something that we don't make comments on.

Q: How acquisitive are you feeling at this point in time because you have spent over the last 5 years USD 51 billion in acquisition that is the kind of war chest that you have deployed. Can we expect that number to go up considerably over the next 5 years? What can we expect in terms of your appetite for acquisitions?

A: I have lots of appetite.

Q: You could better that USD 51 billion number significantly over the next 5 years?

A: I have lots of appetite, passion but it all depends on many things.

Q: You have had phenomenal success. I don't think you would have imagined this kind of success for Alibaba yourself when you pumped in USD 20 million 14 years ago. Did you imagine this kind of success that Alibaba would meet?

A: People would hate me about this but I had a strong belief and no doubt about the size of the success. This is about the size of success I believed from day one. I had absolutely no doubt.

Q: What gave you that confidence in Alibaba at that point in time?

A: This segment of the industry, the channel, the timing, the management group, all those factors you look at. At that time Alibaba had only B2B. Three years later I discussed with them and we said okay we have to start B2C and C2C, that is 10 years ago. So, the first three years Alibaba's business model was totally different from what it is today.

Q: What do you intend doing with your 34 percent in Alibaba?

A: We will keep it. It is still growing very quickly. It is too early to sell. Why should you sell when you believe it is still growing so quickly?

Q: How soon do you expect a listing of an Indian e-commerce company for instance Snapdeal? Do you believe that we are still 3-5 years away from a possible proposed listing?

A: My preference is I want to delay it as much as possible.

Q: Another 10 years?

A: It is not for me to decide. It is the board and its founders they decide. I can discuss with them.

Q: Why would you like to wait? For what would you like to wait?

A: Why should you hurry? Being a private company gives us lot of flexibility, lots of freedom.

Q: If you believe that Indian companies should wait at least for 5-10 year period before they actually look at a listing, what is the road ahead in terms of profitability? How soon do you believe that we are going to see e-commerce companies in India start to make money?

A: Each company has their own style. My preference is to provide best service to the customers first.

Q: There have been some concerns on whether we are likely to see a dotcom bust that we saw for instance in 2000. You were there, you have suffered on account of it as well. Do you believe that the likelihood of seeing that kind of a debacle, that kind of a decline is exaggerated at this point in time, that the fear and the concern is exaggerated today?

A: The share price, the valuation fluctuate depending on peoples view and their confidence in the industry. However the key to me is continuously increasing the number of users, the access and usage itself, as long as you continue to grow that peoples valuation follow after that.

Q: So, you don't fear a dotcom bust today?

A: That is not what I am worried about.

Q: What are you worried about?

A: I am naturally optimistic person. I don't have that much worry myself. I don't have enough time to play golf. I am getting old I cannot hit long enough, that's what worries me today.

Q: As Japan's richest man today you are worried about your handicap on the golf course not worried about what you or don't do as far as your business investments are concerned as much, you are worried about getting older, what else would you like to do with your money?

A: I cannot spend money enough but money is not the focus of my life. It is a small issue. My focus of life is how can I contribute to the people? How can I make people happier through contribution to this information revolution? I feel more excited about our own vision and the business directions and partnerships with many of our friends, that is the most important thing.

Q: Your advice to start-ups who are watching this show today, you are veteran investor, you have invested in start-ups across the world, what is the single biggest lesson that you have learnt that you would like to share with start-ups?

A: Good times, bad times come but stay focused, channel your passion, strong belief, that is something that is most important.


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Alstom bags euro 85 mn contract from DMRC for Kochi Metro

Written By Unknown on Senin, 27 Oktober 2014 | 23.25

Alstom Metropolis is a world leading train that serves global cities including Singapore, Sao Paulo, Shanghai and Amsterdam with more than 10 years of operational experience. The company said it has sold more than 4,000 metropolis cars worldwide.

Global rail infrastructure and power generation firm Alstom today said it has won a euro 85 million (Rs 671.5-crore) contract from Delhi Metro Rail C poration (DMRC) for supply of 25 metro sets to Kochi Metro Rail Ltd (KMRL).

"Alstom has been awarded a contract worth euro 85 million from DMRC to supply 25 state-of-the-art metros to KMRL. The first train sets are expected to be delivered in early 2016," the company said in a statement. These metros will operate over the fully elevated new KMRL network which is 25.6 km long with 22 stations and are expected to carry upto 15,000 passengers per hour.

"Alstom will be in charge of the design, manufacturing, supply, installation, testing and commissioning of 25 additional metro sets," it said. Each train will comprise three cars, about 65 metre long and with a capacity to carry up to 975 passengers.

These cars will run at a maximum speed of 80 km per hour and will be fitted with air conditioning and passenger information systems for a high level of passenger comfort. They will be manufactured in the newly built facility of Sricity in Andhra Pradesh, India, the company said.

"This is our second metro contract in the country after Chennai. It conforms our committment to provide competitive, innovative and high value products and solutions for our customers while serving the ever growing urban transportation market in India," said Dominique Pauliquen, Senior Vice President, Alstom Transport, Asia Pacific.

Alstom Metropolis is a world leading train that serves global cities including Singapore, Sao Paulo, Shanghai and Amsterdam with more than 10 years of operational experience. The company said it has sold more than 4,000 metropolis cars worldwide.

Alstom's Sricity manufacturing site is the company's flagship facility.


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Hiranandani says no out-of-court settlement with Hirco Plc

In February last year, Hirco had sued Hiranandani and his daughter in a lower court in the Isle of Man, alleging they had committed fraud and other misconduct prior to their resignation as chairman and CEO of Hirco in 2010.

Niranajan Hiranandani, MD, Hiranandani Group has ruled out an out-of-court settlement with Hirco Plc.

Talking to CNBC-TV18, Hiranandani said they had a strong case against Hirco's USD 350 million claim.

In February last year, Hirco had sued Hiranandani and his daughter in a lower court in the Isle of Man, alleging they had committed fraud and other misconduct prior to their resignation as chairman and CEO of Hirco in 2010.

The lower court had ruled in Hirco's favour on the issue of jurisdiction in the case, and the verdict was upheld by the Isle of Man Appellate Court as well.

Hiranandani said: "We were looking for an adjudication that this jurisdiction should be India because the properties were in India of course the Isle of Man has rejected that, so the case will go in Isle of Man. It makes no difference whatsoever, we have an excellent case and they don't have a good case at all. We are absolutely right, we should be able to justify ourselves in the Isle of Man ultimately but we were looking that the jurisdiction would be India and only that is what we have lost - only the question of jurisdiction not the case."


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NSEL fraud: Govt mulls revamp of FTIL board

As it tries to recover investors' money in Rs 5,600-crore NSEL fraud, the government is considering a proposal to revamp the board of the crisis-hit exchange's parent firm,  Financial Technologies (FTIL).

The Corporate Affairs Ministry, which last week ordered merger of National Spot Exchange (NSEL) with FTIL, will also soon begin an exercise to re-assess the compensation amounts due to be paid to over 13,000 investors at NSEL.

Sources said the government is looking at the possibility of replacing the FTIL board, either fully or partially, to fast-track the recovery process and the subsequent repayment to the aggrieved investors.

These proposals are being considered after taking into account suggestions made by the commodity sector regulator FMC (Forward Markets Commission) and other government departments, sources said, but did not share further details.

This is the first time that the Ministry has invoked a clause in the Companies Act for a forced merger in the private sector due to "public interest", while a takeover of FTIL board, if it happens, would be the first such development since the Satyam case in 2009.

In Satyam matter, the scandal-hit IT firm was later sold to Tech Mahindra through a government-monitored auction. Post merger, FTIL would take over all the liabilities of  NSEL, including payments due to be paid to investors and others to help in repayment process.

Soon after the government's amalgamation order on October 21, FTIL had said in a brief statement that it "is taking appropriate steps in the matter in consultation with the legal Counsel of the company".

FTIL did not comment on the proposal for making changes to its board. The merger of NSEL with FTIL will itself fructify after taking into account submissions and objections, if any, by the shareholders and creditors of the two firms.

For assessing the compensation amount to be given to affected investors, a chartered accountant entity might be appointed soon by the government.

Sources close to the FTIL group, however, said that the present matter was different from the Satyam case on various counts. The erstwhile IT firm's promoter Ramalinga Raju had confessed to the regulator of his wrongdoings, while Jignesh Shah has been consistently denying any wrongdoing and the matter of his culpability was sub-judice.

The Ministry's decision comes more than a year after the payment scam at NSEL came into light in July 2013. The move has been initiated taking into consideration "essential public interest" as the exchange is "not left with any viable, sustainable business while FTIL has necessary resources to facilitate speedy recovery of dues".

So far, the crisis-hit spot exchange has managed to recover only little over Rs 360 crore dues from defaulters, a part of which has been disbursed and the rest is in an escrow account. Funds worth about Rs 5,300 crore are yet to be recovered for subsequent payment to affected investors.

In its draft order for the merger, the Ministry said it is of the considered opinion that the leveraged combined assets, capital and reserves for efficient administration and satisfactory settlement of rights and liabilities of stakeholders and creditors of NSEL would be in "essential public interest".

"Subject to provisions of law relating to limitation, any suit, prosecution, appeal or other legal proceedings which may be required to be filed against the dissolved company (NSEL) will be filed against the transferee company (FTIL)," the draft order said.

With regard to NSEL case, a charge-sheet has been filed by the Economic Offences Wing of the Mumbai Police against Jignesh Shah - the founder and managing director of FTIL. Further, FTIL and related entities have come under the scanner of multiple agencies following the NSEL fiasco.

Shah also had to spend time in jail before he was granted bail, even as he and FTIL Group have denied any wrongdoing on their part in the NSEL case and have put the blame on former top executives of the spot exchange, including its then CEO Anjani Sinha.

Sources close to FTIL said that it might be wrong to take Satyam-like steps in NSEL case and the question of FTIL being held liable does not arise.

In Satyam case, promoters had confessed to siphoning-off funds, while money of clients in the NSEL case has been traced to 22 defaulters and not to NSEL, Shah or FTIL. They also claimed that no major irregularities were found in Registrar of Companies inspection of FTIL books, neither the auditor found any discrepancies in FTIL accounts.

To further their argument against any government- initiated takeover or changes to FTIL board, they said a fraud was perpetrated at Satyam by the promoters themselves and the only remedy was change in management, whereas NSEL's was a case of 'payment and settlement defaults' and therefore the remedy lies in chasing the defaulters and ensuring recovery of clients' money from them.


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Coalscam: CBI allowed to retain documents seized from JSPL

A special court today allowed CBI to retain documents seized during searches conducted at the premises of  Jindal Steel and Power Ltd (JSPL) against which the agency has lodged a fresh FIR in connection with the coal blocks allocation scam.

The order came after the agency said the seized documents would be required for the day-to-day probe in the matter which is in progress. CBI prosecutor A P Singh and the investigating officer (IO) in the case informed Special CBI Judge Bharat Parashar about the searches conducted by the agency at the office premises of Jindal Steel and Power Ltd and other associated offices.

The court, after hearing the submissions and perusing the application, allowed the IO to retain documents but directed CBI to file all the relevant documents which have been recovered, along with the final report on completion of the investigation. "An application has been moved by IO ASP S N Khan intimating about searches conducted under Section 165 CrPC at the office premises of M/s Jindal Steel and Power Ltd and other associated offices.

"It has further been stated that as the documents seized during the course of search operation are required for the day-to-day investigation of the matter which is in progress, so permission may be granted to retain such documents in the malkhana of CBI," the court noted in its order.

"Heard. Perused. Request is allowed. However, it is directed that upon completion of investigation all the relevant documents so recovered shall be placed on record along with the final report," the judge added.

CBI had recently lodged a case of alleged cheating and corruption against Jindal Steel and Power Ltd relating to the probe into coal blocks allocated during 1993-2005 period. According to CBI, it was the 36th FIR in connection with its probe in the coal allocation scam.

The case was registered against Jindal Strips Limited (now known as Jindal Steel and Power Limited) and unnamed public officials for alleged criminal conspiracy, cheating under the Indian Penal Code and various provisions of the Prevention of Corruption Act.

After lodging the FIR, CBI had carried out searches at four locations in Raigarh, Chhattisgarh. CBI has said that the case pertained to allocation of Gare Palma IV/1 coal block to the firm.

CBI said the case was the outcome of a preliminary enquiry registered on September 26, 2012, for looking into allocation of coal blocks during the period 1993-2005. "It was alleged that 'Gare Palma IV/1' coal block was allocated to said private company for their sponge iron plant.

"It is, inter-alia, alleged that the company proposed and entered into irregular mining lease covering area much beyond the coordinates stipulated by Ministry of Coal, resorted to excess coal mining and irregular regularisation of area beyond coordinates," CBI had said.

The company has also been accused of indulging in "excess coal mining, sale of raw coal, sale of coal fines and middling to other than specified end-users, irregular permission for consumption of coal in expansion of kilns and other related allegations," it had said. The company had earlier said that all its actions were in keeping with the legal framework and that it complied with the law in letter and spirit.

The company is already facing CBI probe for alleged cheating and misrepresentation of facts in bagging the Amarkonda Murgadangal block in Jharkhand in 2008. Company Chairman and former Congress MP Naveen Jindal has been questioned by CBI over Amarkonda Murgadangal block allocation.

Jindal Steel stock price

On October 27, 2014, Jindal Steel & Power closed at Rs 152.70, down Rs 13.1, or 7.9 percent. The 52-week high of the share was Rs 350.00 and the 52-week low was Rs 128.00.


The company's trailing 12-month (TTM) EPS was at Rs 14.86 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 10.28. The latest book value of the company is Rs 142.79 per share. At current value, the price-to-book value of the company is 1.07.


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LT bags Rs 2,979 cr contract to build 'Statue of Unity'

The work order for Prime Minister Narendra Modi's pet project 'Statue of Unity' - the world's tallest statue of India's first home minister Sardar Vallabhbhai Patel, was issued by the Gujarat government today, to leading engineering company  Larsen and Toubro (L&T).

Work on the 182-metre tall statue of Sardar Patel is to be completed at a cost of Rs 2,979 crore, said Gujarat Chief Minister Anandi Patel who presided over the function of handing over the work order.

"This huge construction work will be completed in four years at a cost of Rs 2,979 crore. The contract has been given to the country's leading construction company Larsen and Toubro," Patel said in her address, while giving the contract order to L&T.

"Rs 1,347 crore will be spent on the main statue, Rs 235 crore will be spent on the exhibition hall and convention centre, while Rs 83 crore will be spent on the bridge connecting the memorail to the main land and Rs 657 crore would be spent to maintain the structure until 15 years after it is completed," Patel said.

The 182-metre-tall 'Statue of Unity', which would be double the size of New York's 'Statue of Liberty' (93 metres), would inspire future generations, Patel said. "The project will include an exhibition hall and audio- visual presentation on the life of Sardar Vallabhbhai Patel, which will become the centre of attraction for tourists from the all over the world," she said.

Patel also said that 75,000 cubic metres of concrete, 5,700 metric tonne of steel structure, 18,500 steel rods and 22,500 metric tonne of bronze will be used for the project. Patel claimed that the 'Statue of Unity' project will generate employment in the tribal area of Narmada district as well as boost the tourism sector.

The 'Statue of Unity' will be built at Sadhu Island approximately 3.5 km south of Sardar Sarovar Dam at Kevadia area in Narmada district of the state of Gujarat. The project was launched by the former Gujarat Chief Minister and Prime Minister Narendra Modi on October 31, 2013, on Sardar Patel's birth anniversary.

Modi had also launched a country wide campaign to collect iron to build the 'Statue Of Unity' and the Gujarat government has claimed that iron was collected from around  seven lakh villages across the nation.
The Gujarat state government had invited expression of interest from all over the world for the project. After completion of the tender process, L&T has been given the contract of to execute the 'Statue Of Unity'
project.

Leading construction company Turner Construction, which built Dubai's famous architectural structure 'Burj Khalifa', is a consultant to the project.

Larsen stock price

On October 27, 2014, Larsen and Toubro closed at Rs 1566.95, up Rs 7.45, or 0.48 percent. The 52-week high of the share was Rs 1774.70 and the 52-week low was Rs 912.30.


The company's trailing 12-month (TTM) EPS was at Rs 62.86 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 24.93. The latest book value of the company is Rs 362.65 per share. At current value, the price-to-book value of the company is 4.32.


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CCI again directs Coal India to desist from unfair biz ways

In yet another directive against  Coal India for abusing its dominant position, Competition Commission today asked the state-owned miner to cease and desist from unfair business practices.

Competition Commission of India (CCI), which last year slapped a penalty of Rs 1,773.05 crore on Coal India for indulging in unfair business practices, today passed two fresh orders on different complaints.

The two complaints, filed last year, pertain to anti-competitive practices in an e-auction scheme and fuel supply pacts, respectively. In recent times, the Commission -- which keeps a tab on unfair business practices at the market place -- has passed quite a few orders against Coal India and is also probing certain complaints against the miner.

The Rs 1,773.05 crore penalty has been challenged by it. In one of its ruling today, the Commission found Coal India in violation of fair trade norms with respect to provisions in the spot e-auction scheme 2007.

There was a provision in the scheme whereby a buyer is liable for  penalty for non-lifting of coal after successful participation in the e-auction without any corresponding liability upon the miner and its subsidiaries for failure to deliver the dry fuel in respect of accepted bids. This has been found to be in violation of competition norms.

 "Such arrangement in the scheme was noted to be a result of market power exercised by CIL and its subsidiaries," the Commission said in a statement today. Finding that Coal India imposed unfair  conditions upon the bidders under the scheme, the Commission has issued a "cease and desist order" apart from directing the miner to suitably modify the terms and conditions of the scheme.

The ruling follows a complaint made by one Bijay Poddar against Coal India and its subsidiaries. In a separate case, the Commission found that Coal India imposed unfair conditions in Fuel Supply  reements (FSAs) with the power producers for supply of non-coking coal.

The fair trade regulator found that Coal India and its subsidiaries operate independently of market forces and enjoy undisputed dominance in the relevant market of "production and supply of non- coking coal to the thermal power producers in India".

This case was taken up following a complaint by Sai Wardha Power Company against Coal India and its subsidiary Western Coalfields with respect to cost plus mines. Further, the Commission has decided not to penalise the company since fine was already slapped in an earlier case.

In the ruling on complaint filed by Sai Wardha Power Company, the Commission said that Coal India through its subsidiaries operates independently of market forces and enjoys undisputed dominance in the relevant market of production and supply of non-coking coal to the thermal power producers in the country.

Apart from 'cease and desist' directive, the fair trade watchdog has asked the miner to modify its fuel supply pacts. On an appeal filed by Coal India and Western Coalfields, the Competition Appellate Tribunal has ordered status by way of its order dated January 13, 2014.

"In these circumstances, the directions... relatable to the clauses and conduct which were also subject matter of order passed by the Commission in earlier case would be subject to decision of the Appellate Tribunal," the regulator's order today said.

Coal India stock price

On October 27, 2014, Coal India closed at Rs 355.75, up Rs 3.00, or 0.85 percent. The 52-week high of the share was Rs 423.85 and the 52-week low was Rs 240.50.


The company's trailing 12-month (TTM) EPS was at Rs 20.04 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 17.75. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 13.66.


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