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JSW Steel to increase capacity to 40 mn tonnes by 2025

Written By Unknown on Kamis, 31 Juli 2014 | 23.25

Steel major JSW Steel today said it has prepared a blue print to increase overall steel capacity to 40 million tonnes per annum by 2025 in order to retain market share of 13-14 percent.

The company has installed capacity of 14.3 million tonnes. "In order to retain market share of 13-14 per cent, the company has prepared a blue print to increase overall steel capacity to 40 million tonnes per annum by 2025, which will entail a capital outlay in the range of USD 22 billion over the next decade," JSW Steel Chairman Sajjan Jindal told shareholders at the company's 20th annual general meeting here.

Acknowledging the country's enormous potential for steel consumption, the Government of India has set a target of 300 million tonne capacity by 2025 from the current level of around 105 million tonnes. This would require huge investments to the tune of USD 200 billion within a span of around one decade, he said.

"I believe that India's steel industry is fully equipped to meet this challenge, duly supported by proactive policy reforms and forward-looking initiatives by the Government," Jindal said.

India has several competitive advantages like abundant reserves of iron ore, coal, a growing pool of technical talent and a huge market. It is high time India started leveraging its indigenous resources to emerge as the world's leading exporter of manufactured commodities and products, rather than being an importer, the chairman said.

Despite India being endowed with high quality iron ore resources, we have now resorted to importing iron ore. Additionally, as other nations restrict exports of valuable natural resources, India continues to export iron ore, he said.

Policies addressing these issues will go a long way in protecting and augmenting the capabilities of the Indian steel industry. A transparent process of allocating natural resources through auctions is a necessity and the government must seriously consider and implement such measures, he said.

JSW Steel remain committed to the planned Greenfield projects in West Bengal and Jharkhand, committing additional capital to these projects is limited to securing raw material linkages as it is fundamental to achieve financial closure.

"During the FY 14, despite sluggish domestic demand, constrained iron ore availability and higher procurement costs, not only we improved margins from 17.8 to 19.4 percent but our overall market share too rose to 13.2 percent," he said.

JSW Steel stock price

On July 31, 2014, JSW Steel closed at Rs 1179.80, down Rs 1.35, or 0.11 percent. The 52-week high of the share was Rs 1317.00 and the 52-week low was Rs 451.50.

The company's trailing 12-month (TTM) EPS was at Rs 55.21 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 21.37. The latest book value of the company is Rs 970.48 per share. At current value, the price-to-book value of the company is 1.22.

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Gulf Oil's RoE to be 30-35%: PBT to touch Rs 140cr in FY15

The Hinduja Group-owned Gulf Oil Corporation on Thursday demerged its lubricants business to Gulf Oil Lubricants India Ltd and listed the latter as a separate entity on both domestic stock exchanges under the 'Gulf Oil' brand.

Sanjay Hinduja, Chairman of Gulf Oil Lubricants India is confident of the company's profit before tax (PBT) to grow significantly and touch Rs 140 crore in the coming fiscal itself.

In addition, EBIDTA margin is anticipated to improve substantially coupled with a double-digit topline growth, he says in an interview with CNBC-TV18 adding that Gulf Oil's return on equity (RoE) will advance to 30-35 percent.

Below is the edited transcript of the interview:

Q: Can you take us through the financials of the company in terms of projection for the current financial year and next financial year?

A: In terms of PBT, last year we closed around Rs 103 crore and this year expectation is to do significantly better than that and it terms of EBITDA Margins we are around 12 percent. I am expecting double-digit topline growth, both this year and going forward '15-16. We are in a growth pattern at the moment and all investments have been made for capturing this double digit growth.

Q: Can you focus a bit on your profits and what are the projections at least that you are working with in the foreseeable future?

A: Profit after tax (PAT) level we would be around Rs 70 crore plus and again the plan is to deliver significant value to the shareholders so PAT also will continue to grow northwards as we deliver double digit revenue growth.

Q: In that case, can you tell us if you would see some improvement in your return on assets and return on equity going forward?

A: Definitely, yes and this is one of the reasons we went ahead with this whole demerger process and we have been looking at this for the last one year and we can achieve those numbers. Of course on the other side, as you know on the real estate side also work has commenced on the Bangalore project. So I am expecting also on the Gulf Oil Corporation Limited side with the land projects now beginning to deliver revenue, I am sure both stocks will perform very well.

Q: Market share for lubricant side is around 5 percent. Where will the growth come from and what is the expected market share as well?

A: We are going to focus more on B2B tractor. We are going to be announcing in the next two weeks and other major OE tie-up. So, in terms of volumes, as I have mentioned before, the goal is to be the top three amongst the private sector players.

Q: Going back to number projection, for full year '15 can we expect a profit of Rs 100 crore or so?

A: On the PBT side right now, we are definitely looking at FY15 in excess of Rs 140 crore. So we are there near about I would say.

Q: And capex?

A: Yes we have acquired land in Chennai and we are going ahead with a second plant in Chennai, and I am expecting that will cost around Rs 120-130 crore and debottlenecking is happening in the existing plant in Silvassa which is Rs 30-40 crore.

Q: What about the promoter stake, are promoters looking to increase stake in the company going forward?

A: The promoter group GOI already has 60 percent, so we are well over 50 percent minimum. Therefore, we have no such plans for the moment.

Gulf Oil Corp stock price

On July 28, 2014, Gulf Oil Corporation closed at Rs 158.80, down Rs 4.2, or 2.58 percent. The 52-week high of the share was Rs 197.00 and the 52-week low was Rs 62.10.

The company's trailing 12-month (TTM) EPS was at Rs 11.77 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 13.49. The latest book value of the company is Rs 232.56 per share. At current value, the price-to-book value of the company is 0.68.

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Cipla, BioQuiddity ink pact to sell pain management product

The pact between Cipla Europe (CE) NV, the company's wholly owned arm, and BioQuiddity Inc will cover countries in Europe, the company said in a statement.

Pharmaceutical firm Cipla today announced a partnership with US-based BioQuiddity Inc for collaboration to sell the latter's post-surgical pain management product OneDose ReadyfusORTM in Europe.

The pact between Cipla Europe (CE) NV, the company's wholly owned arm, and BioQuiddity Inc will cover countries in Europe, the company said in a statement.

The Indian firm intends to launch the CE marked OneDose ReadyfusOR pre-filled with Ropivacaine under its own label into the German market late this year, it added.

"Cipla believes that this post-surgical pain product candidate presents a unique opportunity to provide an easy to use, well-tolerated, and efficient regional anesthesia system that could make savings for healthcare providers and patients," Cipla Europe Head Frank Pieters said.

BioQuiddity President and CEO Joshua Kriesel said: "Cipla's strong commercial record puts them in an outstanding position to detail the OneDose ReadyfusOR's safety, sterility, and ease of use value proposition objectives.

Also read: FDA raises concern over drug production process at Cadila

Cipla stock price

On July 31, 2014, Cipla closed at Rs 456.30, up Rs 8.60, or 1.92 percent. The 52-week high of the share was Rs 462.65 and the 52-week low was Rs 366.70.

The company's trailing 12-month (TTM) EPS was at Rs 17.29 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 26.39. The latest book value of the company is Rs 127.76 per share. At current value, the price-to-book value of the company is 3.57.

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DGCA expands scope of SpiceJet audit

SpiceJet today confirmed the Directorate General of Civil Aviation (DGCA) had formed a three-member committee to conduct an "engineering audit" even as it sought allay investor fears by saying it was "fully-compliant with all safety regulations".

The Directorate General of Civil Aviation (DGCA) has expanded the scope of an audit it will conduct on troubled airline firm SpiceJet .

Sources told CNBC-TV18 that the DGCA now will not just look into technical questions such as the condition of its stores, availability of spares and the qualification of its engineering staff but has also sought financial details such as what the carrier owes to its various creditors such as airports, oil marketing companies, tax departments, etc.

The aviation regulator had earlier taken up the "engineering audit" after a recent flight of the carrier got delayed by four and a half hours amid concerns over whether it is in the right financial condition required to run and maintain an airline.

Also read: Why the 'fasten seatbelt' sign is on for SpiceJet

Spice has been in the news after the company recorded its worst yearly loss ever in FY14, at Rs 1003 crore.

With total debt standing at Rs 1,736 crore, the carrier's net worth (assets minus liabilities) is at a negative Rs 1,020 crore.

The Kalanithi Maran-controlled SpiceJet was also the subject of another bad news after the Times of India recently reported that it had not yet disbursed Form 16 (used to file income-tax returns) to its employees even as the tax-filing deadline is due to expire on July 31.

This could be an indication the company may have not yet paid tax deducted at source to the tax department.

The airline has 52 aircraft fleet comprising Boeing 737s and Bombardier Q-400s, and had become India's third-largest carrier (after IndiGo and Jet Airways), displacing Air India with a market share of 19 percent in June.

This was achieved with a slew of aggressive fare war it has launched several times this year in a bid to increase occupancy and improve its financial position.

SpiceJet stock price

On July 31, 2014, SpiceJet closed at Rs 13.80, down Rs 0.2, or 1.43 percent. The 52-week high of the share was Rs 28.40 and the 52-week low was Rs 12.50.

The latest book value of the company is Rs -22.24 per share. At current value, the price-to-book value of the company was -0.62.

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IOB to raise $500 million through overseas bond sale

State-owned lender Indian Overseas Bank (IOB) announced here today that it plans to raise USD 500 million through a medium-term bond sale shortly. The bank has already received approval to raise up to USD 1 billion from its board.

"Currently, the market is very right. So, when we see good appetite from corporates, we will raise USD 500 million out of our medium term note programme," Indian Overseas Bank's outgoing Chairman and Managing Director M Narendra, who retires tomorrow, told reporters here.

He said that the bank would require Rs 3,500 crore as fresh capital during the current fiscal.

Also read: Indian Overseas Bank Q1 net zooms over 2-fold to Rs 271cr

"We have asked some amount from the government also. Last year, we got Rs 1,200 crore from the government and we hope this year we get a similar amount," Narendra said.

The bank also plans to raise some funds through Qualified Institutional Placement, but its timing and amount would be decided after government and Reserve Bank approvals.

In the quarter ended June, the bank's net profit more than doubled to Rs 271.72 crore from Rs 125.80 crore. Total income was tad up at Rs 6,284.69 crore compared to Rs 6,187.15 crore in the year-ago quarter.

Gross NPAs stood at 5.84 percent as against 4.45 percent, while net NPA increased to 3.85 percent from 2.81 percent in the year-ago period. Provision coverage ratio as on June 30 stood at 52.85 percent.

IOB stock price

On July 31, 2014, Indian Overseas Bank closed at Rs 70.10, down Rs 0.8, or 1.13 percent. The 52-week high of the share was Rs 89.90 and the 52-week low was Rs 37.15.

The company's trailing 12-month (TTM) EPS was at Rs 6.05 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 11.59. The latest book value of the company is Rs 130.90 per share. At current value, the price-to-book value of the company is 0.54.

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FDA raises concern over drug production process at Cadila

The FDA has not expressed concerns over the entire facility, said the sources. The US agency communicated its concern to Cadila in a Form 483, a letter in which the agency typically outlines violations of standard manufacturing practices.

The US Food and Drug Administration (FDA) has expressed concerns over the manufacturing process of at least one product at drugmaker Cadila Healthcare Ltd 's Moraiya facility, two sources with direct knowledge of the matter said.

Once the Form 483 is sent, the company has 15 days to respond before the FDA takes any further action.

The FDA inspected the Moraiya plant, based in Gujarat, in the second week of July, one of the sources said.

The sources declined to be named as the information is not public yet. A Cadila spokeswoman declined to comment.

Cadila's shares dropped as much as 10.5 percent on Thursday and were trading down 5.3 percent to 1,106.50 rupees at 1:01 p.m., while the broader Nifty was down 0.22 percent.

Also read: Cadila Health Q1 profit up 23% to Rs 240 cr led by US sales

Cadila Health stock price

On July 31, 2014, Cadila Healthcare closed at Rs 1118.55, down Rs 46.9, or 4.02 percent. The 52-week high of the share was Rs 1195.00 and the 52-week low was Rs 631.00.

The company's trailing 12-month (TTM) EPS was at Rs 43.13 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 25.93. The latest book value of the company is Rs 177.28 per share. At current value, the price-to-book value of the company is 6.31.

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NPPA's unilateral stand-off unhealthy for sector: Biocon

Written By Unknown on Selasa, 29 Juli 2014 | 23.25

CII National Committee on Biotechnology Chairperson and Biocon CMD Kiran Mazumdar Shaw has written an open letter to the Prime Minister, seeking his intervention over "unilateral fixing" of drug prices by NPPA .

The government has to behave like a partner with the industry to address the healthcare issues.

Kiran Mazumdar Shaw

CMD

Biocon

The Indian Pharmaceutical Alliance (IPA) and the Organisation of Pharmaceutical Producers of India (OPPI) have taken the National Pharmaceutical Pricing Authority (NPPA) to court over a recent pricing order mandating price ceilings of several drugs.

Infact CII National Committee on Biotechnology Chairperson and Biocon CMD Kiran Mazumdar Shaw has written an open letter to the Prime Minister Monday.

In her letter she has sought PM Narendra Modi's intervention over "unilateral fixing" of drug prices by NPPA saying the exercise based on "an inequitable formula" has done collateral damage to indigenous industry.

Below is the transcript of Kiran Mazumdar-Shaw's interview with CNBC-TV18's Shereen Bhan.

Q: The news that we have broken today is that the IPA and the OPPI have now decided to move court and have served a legal notice on this issue of price control. However our sources within the government and within the NPPA say, that the entire national list of essential medicines is under review and we are likely to see a new list by July 2015. It is implicit perhaps in the conversation that we have had that may be that list is going to be widened even further, your first reaction?

A: This kind of unilateral stand-off that is being created by NPPA is extremely unhealthy for such an important sector like the Indian pharma sector. The whole contentious issue that is being debated by the Indian pharma industry is the high handed unilateral measures taken by NPPA in arriving at the so called price ceiling formula. That is what the whole objection is about. Price ceiling per se is not the issue.

Q: What we are also being told is that this new price review order which was issued on July 10 is an interim arrangement, it is valid only for a year up until the government formalizes and puts forward the new list of National List of Essential Medicines which is expected in July 2015 making para 19 of the DPCO irrelevant perhaps?

A: The whole point is there has been no stakeholder consultation on arriving at an equitable formula. Today they have taken a simple average formula which cuts across different kinds of pharmaceutical companies from small to large, there is no semblance of reference to any of return on investments made by these kind of companies, there is no comparable basis on which these prices have been even referenced. So, there is a huge flaw in the way this price ceiling has been arrived at and that is really the contentious issue.

The government has to behave like a partner with the industry to address the healthcare issues. There are many market mechanisms available to bring in price discounting like government tenders where you are clearly seeing huge discounting on these very drugs.

Q: You have actually written and open letter to the Prime Minister, any response yet?

A: No response as yet. I am hoping that I will get a response soon.

Biocon stock price

On July 28, 2014, Biocon closed at Rs 465.15, down Rs 14.9, or 3.1 percent. The 52-week high of the share was Rs 553.70 and the 52-week low was Rs 312.00.

The company's trailing 12-month (TTM) EPS was at Rs 15.84 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 29.37. The latest book value of the company is Rs 120.89 per share. At current value, the price-to-book value of the company is 3.85.

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CoalMin to review status of formation of JV, SPV next week

Kick-starting the process of coal blocks allocation, the government had last year allocated 17 coal mines - 14 to power and 3 to mining public sector undertakings (PSUs).

The Coal Ministry has convened a meeting next week to review the progress on setting up special purpose vehicles (SPV) and joint ventures (JV) among state-owned firms which have been jointly allocated coal blocks.

"Additional Secretary, Ministry of Coal, will hold a meeting with the representatives of the state government on August 4...to review the current status of formation of SPV/JV
company amongst the state government companies/corporations, those who have been allocated coal blocks jointly for the end use i.e power as well as for mining," according to the meeting notice.

The Coal Ministry had earlier asked states to advise the companies that have been allocated mines to either form SPVs or JVs for projects.

Kick-starting the process of coal blocks allocation, the government had last year allocated 17 coal mines - 14 to power and 3 to mining public sector undertakings (PSUs).

Of the 14 blocks alloted to power PSUs, four were alloted to NTPC.

Other power PSUs that were allocated mines included Neyveli Uttar Pradesh Power Ltd, Odisha Thermal Power Corp, Jammu & Kashmir State Power Dev Corp, Chhattisgarh State Power Gen Co Ltd, Andhra Pradesh Generation Co, Maharashtra State Power Generation Co, Rajasthan Vidyut Utpadan Nigam and Punjab State Power Corp Ltd.

Three three blocks were alloted to mining PSUs like Jharkhand State Mineral Development Corp and MP State Mining Corporation Ltd.

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New Jaguar XE sedan to make global debut in September

The Jaguar XE will use a new grade of high strength aluminium called 'RC 5754', which has been developed specifically for the XE, the company said in a statement.

Tata Motors -owned Jaguar Land rover will hold the global premiere of the new Jaguar XE luxury sedan in London on September 8 with which it is looking to bring new levels of aluminium-intensive lightweight construction expertise to the segment.

The Jaguar XE will use a new grade of high strength aluminium called 'RC 5754', which has been developed specifically for the XE, the company said in a statement.

"This new alloy features a high level of recycled material and makes a significant contribution to Jaguar's goal of using 75 percent recycled material by 2020," it said.

Commenting on the new product, Jaguar's Chief Technical Specialist Mark White said: "The Jaguar XE body uses over 75 percent aluminium content, which far exceeds any other car in its class."

He further said: "We've made sure our aluminium-intensive body structure exceeds all global safety standards without compromising on vehicle design or refinement."

Designed and engineered in the UK, the Jaguar XE will be the first Jaguar to be manufactured at a new purpose-built production facility at the company's Solihull plant in the West Midlands in the UK.

"The world premiere of the new Jaguar XE will be held in London on September 8," the company added.

It further said the XE is projected to deliver fuel economy of less than 4 litres/100km on EU combined cycle.

JLR has been focussing on lightweight construction for its Jaguar brand. The Jaguar XJ, XK and F-Type have all been developed using aluminium structures. The XE becomes the
latest model to use aerospace-inspired technology in cars.

Tata Motors stock price

On July 28, 2014, Tata Motors closed at Rs 453.15, down Rs 8.75, or 1.89 percent. The 52-week high of the share was Rs 488.05 and the 52-week low was Rs 272.50.

The company's trailing 12-month (TTM) EPS was at Rs 1.04 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 435.72. The latest book value of the company is Rs 59.58 per share. At current value, the price-to-book value of the company is 7.61.

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AP govt gives nod to LNG Terminal at Gangavaram Port

Petronet is a Joint Venture set up by GAIL (India) Ltd ONGC, Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd to import LNG and set up LNG terminals in the country with an authorised capital is Rs 1,200 crore (USD 240 million).

The Andhra Pradesh government has given its nod for setting up the LNG Terminal by Petronet LNG Ltd at Gangavaram Port on the East Coast near Visakhapatnam.

However, it has refused Gangavaram Port's proposal to collect the water front charges at the rate of Rs 103.68 per metric tonne of LNG cargo handled from Petronet.

Petronet is a Joint Venture set up by GAIL (India) Ltd ONGC , Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd to import LNG and set up LNG terminals in the country with an authorised capital is Rs 1,200 crore (USD 240 million).

Gangavaram Port Ltd along with PLL has proposed to construct and operate a 5 MMTPA LNG Terminal with a provision to expand further to 10 MMTPA.

The JV company will have equity contributions from PLL (76 percent) Gangavaram Port Ltd (8 percent) and other parties such as prospective LNG suppliers/buyers or any strategic investor.

PLL will be the majority share holder and will have complete management control over the JV Company.

According to a government order issued yesterday, the Gangavaram Port Ltd will submit to the government the Detailed Project Report that was submitted to the lenders for achieving Financial Closure and ensure financial sustainability of the project.

"Government after detailed examination of the proposal in consultation with Law and Finance Departments and keeping in view the recommendations of the Empowered Group of Ministers, hereby accord approval to M/s Gangavaram Port Limited, Visakhapatnam District for establishing LNG Terminal at Gangavaram Port," the order said.

Petronet LNG stock price

On July 28, 2014, Petronet LNG closed at Rs 183.50, down Rs 0.8, or 0.43 percent. The 52-week high of the share was Rs 189.50 and the 52-week low was Rs 102.50.

The company's trailing 12-month (TTM) EPS was at Rs 9.49 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 19.34. The latest book value of the company is Rs 68.82 per share. At current value, the price-to-book value of the company is 2.67.

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Flipkart raises USD 1bn funding; drops plans to go public

India's largest e-Commerce firm Flipkart today said it has raised USD 1 billion (over Rs 6,000 crore) in fresh funding from a group of investors, the largest so far in the fiercely competitive online shopping segment in the country.

The company did not disclose its new holding pattern.

The sources said, however, that with this round of fund raising, Flipkart is valued at about USD 7 billion (around Rs 42,000 crore).

Co-led by existing investors Tiger Global Management and Naspers, Singapore's sovereign wealth fund, GIC, Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina also participated in this latest financing round.

The Bangalore-based firm will utilise funds on expanding its online and mobile services, focusing on areas like R&D, enhancing customer experience and sellerbase.

Flush with cash, Flipkart is also scouting for acquisitions, which can help it expand into newer technologies like wearables and robotics, a move that it believes will impact mobile commerce in the days to come.

"The funds will be used to make long-term strategic investments in India, especially in mobile technology,"

Flipkart co-founder and CEO Sachin Bansal told reporters here.

The focus at Flipkart is to continue to make shopping online simpler and more accessible through the use of technology, he added.

"This funding will enable us to step up our investments for innovations in products and technologies, setting us up to become the mobile e-commerce company of the future. This funding will help us further accelerate momentum and build our presence to become a technology powerhouse," he said.

On the company's IPO plans, Bansal said: "IPO is not in consideration at all, we are not thinking about it. We have not settled on a business model that we can take public."

In May, Flipkart had raised USD 210 million funding, bringing private equity firm DST Global on board as an investor.

It is estimated that the firm has, so far, raised over USD 1.7 billion from investors, including the current transaction.

The Bangalore-based firm, founded by Sachin Bansal and Binny Bansal, counts Accel Partners, Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital among its other investors.

The home-grown e-retailer had acquired online fashion retailer Myntra in May in what is estimated to be a Rs 2,000-crore deal.

It had also announced an investment of USD 100 million (around Rs 600 crore) in its fashion business over the next 12-18 months.

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Future Retail files papers for Rs 1,600 cr rights issue

As per the draft letter of offer of Future Retail filed with Sebi, the company would issue certain classes of shares to its public shareholders on a rights basis.

Kishore Biyani-promoted Future Retail has filed initial papers with market regulator Sebi to raise up to Rs 1,600 crore through a rights issue.

As per the draft letter of offer of Future Retail filed with Sebi, the company would issue certain classes of shares to its public shareholders on a rights basis.

"Total proceeds from the issue of equity shares and class B shares would aggregate up to Rs 1,600 crore," Future Retail said in the document.

In a rights issue shares are issued to existing investors as per their holding at a pre-determined price and ratio.

The funds from the issue would be utilised towards repayment/ pre-payment of certain borrowings availed by the company as well as for general corporate purposes.

Axis Capital, JM Financial Institutional Securities and Edelweiss Financial Services are the lead managers to the issue. Link Intime India is the registrar to the issue.

Future Retail is the flagship company of the Future Group and is into organised multi-format retail business in India.

The company has retail stores in various formats including food, fashion apparels, accessories and footwear, general merchandise, consumer durables and electronics.

The company has pan-India presence with 321 stores in 98 cities in the country as of March 31, 2014.

Future Retail stock price

On July 28, 2014, Future Retail closed at Rs 127.80, up Rs 0.90, or 0.71 percent. The 52-week high of the share was Rs 147.85 and the 52-week low was Rs 63.30.

The company's trailing 12-month (TTM) EPS was at Rs 0.17 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 751.76. The latest book value of the company is Rs 140.28 per share. At current value, the price-to-book value of the company is 0.91.

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Tata Crucible Campus Quiz: West Zone Finals

Written By Unknown on Senin, 28 Juli 2014 | 23.25

Find out which of the eight teams won the Western Zonal Finals of the Tata Crucible Campus Quiz 2014.

Find out which of the eight teams won the Western Zonal Finals of the Tata Crucible Campus Quiz 2014.

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Moody's to upgrade ratings of Tata Steel, British arm

Moody's Investors Service Monday said it has put Tata Steel 's corporate family rating of Ba3 and British arm's corporate family rating of B3 on review for upgrade, following the successful sale of unrated debt worth USD 1.5 billion last week.

The international rating agency also said it will be upgrading other ratings of the Group such as Tata Steel UK's probability of default rating of B3-PD and the B3/LGD 3 (49 percent) rating of its term loan facility.

The review upgrade has been triggered by the issuance of USD 1.5 billion worth bonds by ABJA Investment, guaranteed by Tata Steel, and rapid progress made on the refinancing of British unit's senior facilities agreement, it said in a note.

The note, issued from Singapore, has been prepared by Moody's Asia Vice-President for corporate finance group Alan Greene and its Managing Director Philipp L Lotter.

"On the back of improving sentiment in Europe and India, Tata Steel has been able to make swift progress on the refinancing of its European assets and opportunistically tap global markets to lock in cheaper funding for the group," the rating agency said.

The review will focus on assessing the terms and conditions of the refinancing and its implications for the links between Tata Steel Britain and its parent, as well as the operational profiles of both the British arm and Tata Steel, Greene and Lotter said.

They noted the UK arm has improved the cost profile of its plants and generated five consecutive quarters of positive Ebitda despite a fragile recovery in European demand.

However, the agency has warned that while it expects Tata Steel UK to maintain positive Ebitda in FY15, with Ebitda per tonne at USD40/t, and reduce its reliance on the cash support from its parent, it is unclear how it can sustainably return to positive cash flow and pay back the debt. The Group as a whole has close to Rs 75,000 crore debt.

"Tata Steel's Ba3 rating has been held back by Tata Steel UK's weak performance in recent years. With the British arm now on a better footing both operationally, and financially, the strength of the parent can better benefit the Group," said Greene, who is the lead analyst for Tata Steel.

Tata Steel, on a standalone basis, has consistently been one of the most profitable steel companies globally.

Despite its strength, terms of the current British arm's loan would cause challenges for the Group in September 2015, the global rating outfit said.

Tata Steel stock price

On July 28, 2014, Tata Steel closed at Rs 547.55, down Rs 9.6, or 1.72 percent. The 52-week high of the share was Rs 578.60 and the 52-week low was Rs 195.40.

The company's trailing 12-month (TTM) EPS was at Rs 66.02 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 8.29. The latest book value of the company is Rs 629.60 per share. At current value, the price-to-book value of the company is 0.87.

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Amway India MD CEO William Pinckney released on bail

Direct-selling company Amway India Monday said its MD and CEO William S Pinckney has been released on bail, two months after his arrest by Andhra Pradesh Police in connection with criminal cases registered against the firm in the state.

A spokesperson of Amway said Pinckney has been granted bail in all the cases in Andhra Pradesh.

Commenting on the development in a joint statement, Amway Chairman Steve Van Andel and President Doug DeVos said: "The release of Amway India CEO Bill Pinckney is a great relief."

They, however, added they were "profoundly dismayed that this unnecessary detention occurred at all, and are even more troubled that it lasted so long".

Amway Regional President, Europe, South Africa & India Samir Behl said: "His arrest and long detention was unnecessary and unreasonable. We will vigorously defend ourselves at trial."

Pinckney was arrested on May 26 from Amway India's headquarters at Gurgaon and later was produced before a court in district Kurnool, which sent him to judicial custody after rejecting his bail plea.

He was subsequently arrested in other criminal cases registered against him in the state on allegations of financial irregularities by Amway, a charge contested by the company.

"Our focus is squarely on efforts to ensure that nothing like this happens again. Our commitment to Amway Business Owners who sell our products in India is unwavering," Andel and DeVos said.

The direct selling firm has reiterated its commitment for the Indian market and to 'hundreds of thousands' of Amway Business Owners and employees.

The company said it would work with the newly elected government for a clear direct selling legislation.

Direct sellers in India have been asking for a separate legislation as there is conflict with the Prize Chits and Money Circulation Schemes (Banning) Act (PCMCS).

"Our resolve to work with the newly elected Union Government in New Delhi on clear direct selling legislation is stronger than ever... Amway can partner to find legislative solutions in India that clearly distinguish legitimate direct selling businesses from frauds, protecting Indian citizens from unethical operators," said Andel and DeVos.

This was Pinckney's second arrest in India. Last year, Pinckney was arrested by Kerala Police along with two company directors on charges of alleged financial irregularities under PCMCS.

Globally, Amway has operations in countries such as the US, the UK, China, Malaysia, Singapore and Vietnam. It has invested more than USD 100 million in a manufacturing facility in the country.

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Drug Price Fixing: Mazumdar-Shaw seeks PM's intervention

Industry chamber CII has sought Prime Minister Narendra Modi's intervention over "unilateral fixing" of drug prices by NPPA saying the exercise based on "an inequitable formula" has done collateral damage to indigenous industry.

Also Read: How new price control list impacts Indian pharma cos

"The industry is willing and committed to partner the government in its efforts to meet the healthcare needs of Indian patients through various mechanisms ... but questions the unilateral fixing of ceiling prices based on an inequitable formula which will only devalue and erode the strength of this very important sector," CII National Committee on Biotechnology Chairperson Kiran Mazumdar Shaw said in an open letter to the Prime Minister.

Lashing out at the National Pharmaceutical Pricing Authority (NPPA) over the recent moves to fix drug prices, she said: "The forced pricing discounting imposed by NPPA has done collateral damage to our indigenous industry which has only strengthened our external competitors, especially China."

She claimed that Indian manufacturers of active pharmaceutical ingredients (APIs) or bulk drugs have been unable to compete with Chinese rivals and many are shutting factories as domestic pharma firms are increasingly importing APIs from the neighbouring nation.

"Additionally the drastic price discounting imposed on a number of antibiotic drugs have led to their manufacturing being discontinued by Indian companies on grounds of non viability. This has resulted in drug shortage which will eventually result in importation of Chinese antibiotics," Shaw said in the letter.

This is an extremely dangerous situation that is evolving and must be corrected urgently, she added. "I request you Hon'ble Prime Minster, to urgently intervene and take corrective action to revive and resurrect this life saving sector," Shaw said in her letter to Modi.

Recently, the government through the NPPA had decided to examine the vast variation in drug prices. Ceiling prices on 348 essential drugs under NLEM (National List of Essential Medicines) have been fixed by the government. Moreover, it has also fixed prices of non-scheduled drugs which do not come under NLEM.

In her letter, Shaw recommended government to consider a host of issues such as supporting capital investment by upgrading and expanding manufacturing infrastructure, exemption in weighted tax deduction on R&D costs, computation of drug price ceilings to be based on an equitable formula which ensures like-for-like comparisons and factors quantum of investment among others.

She also asked for removal of MAT (Minimum Alternate Tax), 5-year tax holiday for the sector to start after obtaining regulatory approval and revival of clinical trials for strengthening the sector.

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Sebi confirms curbs on Khoday India

Capital market regulator Sebi has confirmed the restrictions it had imposed on Khoday India for not meeting with the minimum public shareholding norms.

Capital market regulator Sebi has confirmed the restrictions it had imposed on Khoday India for not meeting with the minimum public shareholding norms.

The Securities and Exchange Board of India (Sebi) in June last year, had imposed various curbs on over 100 firms, including Khoday India, its promoters and directors for not achieving the minimum 25 percent public holding within the June 3 deadline.

Also read: Khoday India consolidated Mar '14 sales at Rs 65.02 crore

The regulator had frozen the voting rights and corporate benefits of promoters/directors of these companies and barred them from holding any new position on boards of listed firms, among others.

It had also warned of further actions including levy of monetary penalties, initiation of criminal proceedings and restricting the trading activities of related stocks.

"...hereby confirm the directions issued vide the interim order dated June 4, 2013 against the company, Khoday India Ltd, its directors, promoters and promoter group," the market regulator said in a order dated July 24.

Consequently, Sebi said that it "may also initiate other action, as appropriate in law, against the company, its directors and promoters"

The watchdog noted that even after passing of the June 4, 2013 order, "the company has not taken any steps to comply with the minimum public shareholding requirement".

The order said that the shareholding of public investors in the company stood at 10.46 percent at the quarter ended March 31, 2014.

It observed that the company "has not complied with the minimum public shareholding requirements till date... and such non-compliance being continuous in nature, it becomes necessary for Sebi, for proper regulation of the securities market, to confirm the directions issued against the Company, its directors and promoters/promoter group".

Khoday India stock price

On July 28, 2014, Khoday India closed at Rs 61.80, down Rs 0.7, or 1.12 percent. The 52-week high of the share was Rs 73.00 and the 52-week low was Rs 39.30.

The company's trailing 12-month (TTM) EPS was at Rs 0.91 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 67.91. The latest book value of the company is Rs 23.59 per share. At current value, the price-to-book value of the company is 2.62.

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MapmyIndia launches offline navigation app for Apple's iOS

Digital mapping firm MapmyIndia today launched offline navigation map, NaviMaps, for Apple's iOS for Rs 620 that will be able show house level addresses in around 80 Indian cities.

Digital mapping firm MapmyIndia today launched offline navigation map, NaviMaps, for Apple's iOS for Rs 620 that will be able show house level addresses in around 80 Indian cities.

"Millions of Apple users in India can now enjoy this app which features, for the first time in India, house-level navigation, regional language voice guidance in 10 languages and international navigation which included Sri Lanka, Bangladesh & Nepal," MapmyIndia Managing Director Rakesh Verma said in a statement.

The NaviMaps will work even if the phone does not have access to internet connection.

The application has house level data for all major Indian cities which include Delhi NCR, Mumbai, Pune, Chandigarh, Kolkata, Hyderabad, Chennai, Bangalore and Jaipur.

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Adani Group in talks with Jaypee for buying hydel projects

Written By Unknown on Minggu, 27 Juli 2014 | 23.26

According to them, Adani Group is in discussions for purchasing Jaypee Group's hydel projects, having total capacity of 1,700 MW, including two in Himachal Pradesh. The deal is estimated to be worth over Rs 11,000 crore, including debt component, sources said.

Adani Group is in talks with diversified Jaypee Group for acquiring some of its hydro projects in a deal worth over Rs 11,000 crore. Besides, Sajjan Jindal-led JSW Energy is discussing the possibility of acquiring some thermal assets of Jaypee Group, industry sources said.

The projects being eyed by Adani Group include 1,000 MW Karcham-Wangtoo and 300 MW Baspa II -- both are in Himachal Pradesh. Sources said Adani Group Chairman Gautam Adani has already held talks with Jaypee Group Executive Chairman Manoj Gaur in this regard.

Also Read: Why Jaypee may be better off after Taqa sale call-off

The discussion comes against the backdrop of TAQA pulling out of the deal to acquire Jaypee's two hydro projects.

When contacted, an Adani Group spokesperson said it would not like to comment on any market speculation. A Jaypee Group spokesperson declined to comment.

At present, Adani Power -- part of Adani Group -- has an installed generation capacity of 8,580 MW. The proposed acquisition would help it to expand its portfolio as well as diversify into hydro sector.

On Thursday, Jaypee Group announced that Abu Dhabi National Energy Company (TAQA) was withdrawing from the nearly Rs 10,000 crore deal to acquire Karcham Wangtoo and Baspa II hydel projects.

TAQA India Power Ventures Ltd has decided to withdraw from its agreement with Jaiprakash Power Ventures Ltd (JPVL). Meanwhile, sources said that JSW Energy has expressed interest in the thermal power generation assets of Jaypee Group.

Query send to JSW Energy did not elicit any response while Jaypee Group spokesperson declined to comment.

Adani Power stock price

On July 25, 2014, Adani Power closed at Rs 56.20, down Rs 1.75, or 3.02 percent. The 52-week high of the share was Rs 68.50 and the 52-week low was Rs 29.45.

The company's trailing 12-month (TTM) EPS was at Rs 2.07 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 27.15. The latest book value of the company is Rs 27.11 per share. At current value, the price-to-book value of the company is 2.07.

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RBI penalises ICICI Bank, Canara Bank, Yes Bank 9 others

The Reserve Bank said it had "carried out a scrutiny of the loan and current accounts of Deccan Chronicle Holdings, in certain branches of the 12 banks in late 2013". Based on the findings of the scrutiny, the RBI issued showcause notices to these banks in March 2014, to which the individual banks submitted written replies.

ICICI Bank , Axis Bank , Canara Bank , IDBI Bank , Yes Bank and seven other banks have been penalised in the case of Deccan Chronicle Holdings , the RBI said today. The total penalty on the banks stands at Rs 1.5 crore, RBI said in a release.

The RBI has imposed a monetary penalty of Rs 40 lakh on ICICI Bank and Rs 15 lakh each on Axis Bank and IDBI Bank.

Further Rs 10 lakh penalty each has been imposed on Andhra Bank , Canara Bank , Corporation Bank , IndusInd Bank , Kotak Mahindra Bank , State Bank of Hyderabad and Yes Bank . Penalty of Rs 5 lakh each has been imposed on HDFC Bank and Ratnakar Bank.

"After considering the facts of each case and the individual bank's reply, as also, the personal submissions etc, by some of the banks...the RBI came to the conclusion that some of the violations were substantiated and warranted imposition of monetary penalty," the RBI said in a release.

The RBI, however added that "this action is not intended to pronounce upon the validity of any transaction or agreement entered into between the concerned bank and the borrower".

ICICI Bank stock price

On July 23, 2014, ICICI Bank closed at Rs 1505.80, up Rs 22.60, or 1.52 percent. The 52-week high of the share was Rs 1590.35 and the 52-week low was Rs 758.80.

The company's trailing 12-month (TTM) EPS was at Rs 84.83 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 17.75. The latest book value of the company is Rs 633.00 per share. At current value, the price-to-book value of the company is 2.38.

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Coal India undermined by basic equipment flaws

As Prime Minister Narendra Modi's government looks to shape up Coal India Ltd for a potential major restructuring, the world's biggest coal miner still faces basic problems: it does not have enough mechanical shovels, dumpers and explosives.

The new government, which has a 90 percent stake in the company whose total market value is about USD 40 billion, is exploring a break up and opening up the sector to foreign investment to boost output and cut imports, sources have said.

But the firm, which accounts for more than 80 percent of India's production and employs 350,000, has not met its output target for years, ensuring the country remains the world's third-largest coal importer despite sitting on huge reserves.

Also Read: Coal India's plans for 20 mines hit by environment delays

A failure to boost efficiency could threaten long-run plans to spin off some of the seven units of the coal miner, a vital part of the government's reform strategy.

Two units produced less in the last fiscal year than a year ago, partly due to lack of basic equipment and ageing machinery, Power and Coal Minister Piyush Goyal told parliament this week.

The minister did not provide data but according to a top official at one Coal India unit this issue could be cutting Coal India's annual output by more than 10 percent. The official declined to be identified due to its policy on talking to media.

Coal India spokesman Vijay Sagar said it was difficult to assess how much production was affected due to shortages of equipment or explosives. The latter is in short supply mainly due to a restriction on moving chemicals such as ammonium nitrate to prevent it from being misused by extremists.

Nonetheless, resolving equipment issues may be easier to address than other problems such as difficulties pushing through land acquisition, delays in getting environmental clearances and lack of transport facilities.

Coal India produced 462 million tonnes in the last fiscal year, against a target of 482 million.

PROCUREMENT

Experts said a shortage of mechanical shovels and dumpers, used in open cast mining, was partly due to Coal India's procurement policy that forces it to issue a tender for every big purchase, even for spare parts.

Shortages of critical spare parts, including dumper tyres, can halt machinery for months, said Dipesh Dipu, a partner at Jenissi Management Consultants, which advises resource firms.

Coal India's Sagar said though procurement of big equipment may take time things had improved in the past three years after the appointment of an external monitor to oversee purchases.

In late 2011, some Coal India officials were charged for corruption over equipment tenders, leading to heightened scrutiny of the procurement process.

Coal India's productivity, in output-per-man each shift, was 4.92 tonnes in 2011-12, below a target of 5.54, according to the last available Planning Commission figures. The global average is about three times of that.

Productivity in underground mining is less than one tonne. About a tenth of India's underground output is loaded by workers, according to the planning commission, which has asked for it to be fully mechanised by 2017.

In addition, the number of hours a shovel would run would be around 22 hours a day in the private sector, but just 15 hours in a public sector firm like Coal India, according to experts.

Minister Goyal said there was scope to improve mechanization in underground mining and that Coal India was looking at a consultancy's recommendations on technology and modernising mines.

KPMG Advisory Services' recommendations include more detailed planning for mines, using international benchmarking for equipment productivity, refuelling of machinery in the field and improved training of workers.

(USD 1 = 60.1250 Indian Rupees)

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Tata-SIA flying permit exercise progressing well: Official

Tata-SIA Airlines Ltd today said it hoped to launch flights by September-October this year as it expressed "satisfaction" over the progress made in getting the flying licence from aviation regulator DGCA. "The AOP (Air Operator's Permit or flying licence) exercise is progressing well and we are expecting to launch the full service airlines' domestic service in September-October," S Varadarajan, Chief Human Resource Officer and Chief of Corporate Affairs of the airline, said here.

Varadarajan, who was in the steel city to participate in the HR Conclave 2014 organised by CII Jamshedpur, said Tata-SIA has shared all relevant issues, including the route network plan of the company with the Director General of Civil Aviation (DGCA), and was awaiting the AOP. The company would procure four to five aircraft by end of March next year and enhance the procurement to 20 in next few years, he said.

Also Read: India to get more wings with aviation revamp on cards

To a query on the route network and destinations to launch flights, Varadarajan refused to comment saying the airline's route network wing was taking care of it. Earlier, the JV company got a go-ahead from the Foreign Investment Promotion Board (FIPB) in October 2013 and was awaiting AOP for launching a full-service carrier. Tata-SIA Airlines, a 51:49 joint venture between Tata Sons and Singapore Airlines, was also expected to announce its new brand name in the first half of next month and the airline would be based in Delhi.

According to documents submitted to aviation regulator DGCA, it plans to begin services in five cities and go up to 11 within a year of operations. The airline would have 87 weekly flights, linking Delhi with Mumbai, Goa, Bangalore, Hyderabad, Ahmedabad, Jammu, Srinagar, Patna and Chandigarh. The DGCA is in the process of examining its application for grant of AOP to launch a full-service carrier after recently dismissing objections from the Federation of Indian Airlines against granting of SOP to Tata-SIA Airline. The approval for an AOP, when granted, would be subject to the orders of the Delhi High Court in a case challenging foreign direct investment in new Indian carriers.

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Tremendous mood swing, positivity on Modi govt: Indian CEOs

In his remarks, Chandrajit Banerjee, Director General, CII also appreciated the government's vision and receptivity to new ideas and thoughts, especially from industry.

After the formation of the Narendra Modi government, there is a tremendous mood swing and positivity in the country, a visiting delegation of Indian CEOs from CII said describing its maiden budget as visionary. The delegation of Indian CEOs from Confederation of Indian Industry in an interaction with the Washington audience at Carnegie Endowment for International Peace yesterday highlighted the growing sense of optimism amongst both the public and industry in India following the recent election results which brought BJP to power with a landslide majority.

Ajay Shriram, CII President described the unique nature of the recent elections, in which the BJP came to power solely on the campaign promise of growth and development, which speaks to the aspirations of India's young people. Describing the 2014-15 annual budget as visionary, Shriram commended the new government for moving very actively to ease and facilitate the way business is done in India. "Success in India will come with leadership, mindset change, philosophy and action," he said. In his remarks, Chandrajit Banerjee, Director General, CII also appreciated the government's vision and receptivity to new ideas and thoughts, especially from industry.

Also Read India refuses to endorse trade facilitation deal in WTO

Naushad Forbes, vice president, CII and director, Forbes Marshall Pvt Ltd focused on the promising steps being taken in India's education sector and the increasing role of the market in this sector which is having a net positive impact on issues related to quality and equity of access. He also specifically mentioned the community college model in the US as one worth looking at in India as well. Vikram Kirloskar, vice chairman, Toyota Kirloskar Motor, highlighted the importance of the manufacturing sector and pointed out that the role of industry in this sector related to enhancing quality, competitiveness and innovation.

Rajan Navani, chairman, CII National Committee on India@75 and managing director, Jetline Group of Companies spoke about the need for India to channelize the power of India' youth through skilling and leadership development. He also spoke of the use of technology as a major potential game changer in India. The wide ranging discussion that followed came at a critical time in India's engagement with the US, with the resumption of several stalled bilateral dialogues , beginning with the US-India Strategic Dialogue in Delhi next week.

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Rel Power submits information on Sasan expansion to EAC

In its June 27 meeting to consider proposal for Moher and Moher Amlori coal mine capacity expansion, the Expert Appraisal Committee (EAC) had sought additional information from the company.

Reliance Power has submitted additional information on expansion of coal mining for its Sasan power project in Madhya Pradesh for obtaining environment clearance.

In its June 27 meeting to consider proposal for Moher and Moher Amlori coal mine capacity expansion, the Expert Appraisal Committee (EAC) had sought additional information from the company.

Reliance Power has submitted the requisite information sought by EAC, a source said.

EAC had sought additional information by July 2. A company source confirmed that the additional information sought by EAC has been submitted within the deadline by Reliance Power.

Also read: Reliance Power consolidated Mar '14 sales at Rs 1,358.66 crore

The proposal was for expansion of production capacity at Moher coal mine from 12 million tonnes per annum (MTPA) to 15 MTPA and that at Moher Amlori mine from 16 MTPA to 20 MTPA to feed the ultra-mega Sasan power project.

The EAC "after detailed deliberations, sought information for further consideration of the project," minutes of the June 27 meeting stated.

It asked Reliance Power to submit details of land use pattern covering total project area; total mining lease area; total forest land; total forest clearance obtained and balance forest clearance awaited in a tabulated form.

Reliance Power had in September 2012 started mining for coal for the 4,000 MW Sasan project.

Reliance Power stock price

On July 25, 2014, Reliance Power closed at Rs 90.85, down Rs 3.65, or 3.86 percent. The 52-week high of the share was Rs 112.35 and the 52-week low was Rs 60.10.

The company's trailing 12-month (TTM) EPS was at Rs 0.07 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 1297.86. The latest book value of the company is Rs 60.18 per share. At current value, the price-to-book value of the company is 1.51.

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RBI penalises ICICI Bank, Canara Bank, Yes Bank 9 others

Written By Unknown on Sabtu, 26 Juli 2014 | 23.25

The RBI has imposed a monetary penalty of Rs 40 lakh on ICICI Bank and Rs 15 lakh each on Axis Bank and IDBI Bank.

The RBI, however added that "this action is not intended to pronounce upon the validity of any transaction or agreement entered into between the concerned bank and the borrower".

ICICI Bank stock price

On July 25, 2014, ICICI Bank closed at Rs 1475.90, down Rs 29.35, or 1.95 percent. The 52-week high of the share was Rs 1590.35 and the 52-week low was Rs 758.80.

The company's trailing 12-month (TTM) EPS was at Rs 84.83 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 17.4. The latest book value of the company is Rs 633.00 per share. At current value, the price-to-book value of the company is 2.33.