40% revenue to come from delivery in 3-6 months: FoodPanda

Food ordering platform FoodPanda has forayed into food delivery segment in the country and expects about 40 percent of its revenues in 3-6 months to come from the new offering.

The company has started the service in five cities and plans to expand it to 10-12 cities by the end of the year.

"An important part of the user experience, apart from the quality of the food, is the delivery. This is what we want to sort out. We will offer delivery of food on behalf of our partners (restaurants) for a fee," FoodPanda India CEO Saurabh Kochhar said.

He further said: "We are still testing out the revenue model (in India) for this whether it will be fixed or order-based, but we expect the delivery business to contribute about 40 percent to the revenues in the next 3-6 months from 20 percent currently." Kochhar added that this service will help partners who do not have a delivery set-up as well as those who are looking at reducing their delivery costs. 

The programme is running in five cities (Delhi, Mumbai, Hyderabad, Pune and Bangalore) and will be expanded to 10-12 cities by year-end, Kochhar said.

He declined to comment on the investment details for the new offering saying it has not "parked a separate amount for this". It did not disclose its revenue numbers either.

FoodPanda, which has a presence in 39 countries, offers delivery in markets like Vietnam, Bangladesh and Singapore, where its restaurant partners do not have their own delivery set up. According to Kochhar, food delivery in India is a USD 15 billion market and only a fraction of that is online. FoodPanda has hired about 500 people for delivering food.

"We will ramp up this number to about 2,000 in the next 3-6 months as the business scales up," he said.

FoodPanda has over 12,000 restaurants across 200 cities on board its platform. Its investors include investment firm Rocket Internet (52 per cent stake), Phenomen Ventures, Investment AB Kinnevik and iMENA Holdings. 

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Avaya eyes India's smart city push in expansion bid

As the government makes a push for smart cities, global companies are lining up for opportunities that India will provide in the coming years. US IT major Avaya is all geared up to cash in on smart cities while simultaneously expanding its operations in India.

In a proposition to expand its Research and Development (R&D) facilities in India, Avaya recently acquired Knoahsoft, in Hyderabad.

This latest acquisition will give Avaya its third-largest R&D center in Hyderabad after Bangalore and Pune. The Rs 300-crore acquisition is important for Avaya, which is aggressively chasing opportunities in Indian market.

India, being one of the largest BPOs, can be an efficient site to expand Avaya's operator network, the firm's President and CEO Kevin J Kennedy told CNBC-TV18 in an interview.

Below is the edited transcript of the interview.

Q: How are you performing in India?

A: We have very large epicenter of R&D here. We will continue to migrate in small amounts, but important amounts of R&D and principally because of the leadership we have been able to find in India which has been nothing short of excellent.

Both in sales, service as well as R&D. We have also been doing some Mergers and Acquisitions (M&A). Very recently bought a small company. While it's a US company, its entire R&D was here. I think that's the trend you'll continue to see in the FY16 as well.

Q: We know that you are pitching for RIL's telecom and other industries. What sort of industries are you looking at?

A: Avaya is blessed with 70 percent market share of all contact centers in the world wide. India because of it's legacy in the last ten years is of course one of the largest BPOs and so the concentration of opportunities for us to upgrade people here is something we want to be focusing on for next 5 years. So it's not just about one operator, it's about many operators.

Q: Talk about your growth strategy. What sort of growth trajectory are you looking at. Will it be organic growth or are mergers and acquisition on the card?

A: In the near term my focus is on making the best technology that can be made and make it highly integrated so we focus on being open where some of our competitors are proprietary. Secondly, we focus on mobile world as oppose to a desktop world.

Of course the market place like India with the youth and scale is a mobile marketplace and third we focused on this word engagement as opposed to just making legacy applications more productive and so those are really the three signatures that we are bringing to the market and we are going to test all that works great in a smart city and digital world.

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Ola raises funds, aims to be in 200 cities by year end: CEO

The company will be launching newer categories and taking some of its existing categories into the 100 cities where it is currently present.

India's largest cab aggregator Ola Cabs is speeding on the growth highway. After raising USD 210 million in October and acquiring rival Taxi-For-Sure last month, the Bangalore-based company has now raised USD 400 million in series 'E' funding from new and existing investors. CNBC-TV18's Farah Bookwala Vhora caught up with Ola Cabs' co-founder and CEO Bhavish Aggarwal to understand how the latest shot in the arm will aid the company's ambitious plans.

Below is verbatim transcript of the interview:

Q: Can you share the details related to your latest funding?

A: Today, we are announcing a USD 410 million series E fund raise led by DST Global which is Yuri Milner's firm and also GIC which is Singapore's sovereign wealth fund which participated along with Falcon Edge. These are the three new investors and SoftBank and Steadview and Tiger Global and Accel US have participated from our existing investor base.

Q: Where does this value the company today because last time around when you raised about USD 200 million, there were talks about you being valued at USD 1 billion plus at that point?

A: We do not share valuations publicly. We raised our last round in October, USD 210 million from Softbank and since then we have seen huge amount of growth. We have seen multiple levels of growth and the valuation is also inline with that growth.

Q: Where will you utilise this latest round of funding that you have been able to raise, where are you going to allocate these funds?

A: Predominantly two areas. One is into deepening our reach across the country and also going deeper into existing cities. Right now we are in 100 cities; we aim to be in 200 cities by the end of this year.

We will be launching newer categories and taking some of our existing categories into the existing 100 cities also like auto rickshaws will be expanding aggressively. Secondly, on technology we will be investing very deeply in increasing our engineering strength and Bangalore is where we have our engineering centre, we will be investing a lot in that.

Q: Is there any intention to list Ola Cabs, any time in the future either in India or overseas?

A: Right now we are focused on growth. We are still very early in our life cycle. We are a four year old company and are growing very fast, there is a lot of opportunity to grow into and that is our focus right now. At the right time listing will make sense, it is not in our immediate agenda.

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Cairn India vs Taxman case hearing begins

The Delhi High Court has begun hearing the Rs 20,000 crore tax battle between Cairn India and the tax department. The taxman is alleging that Cairn India did not pay capital gains tax when shares changed hands in the financial year 2007.

The Delhi High Court has begun hearing the Rs 20,000 crore tax battle between  Cairn India and the tax department. The taxman is alleging that Cairn India did not pay capital gains tax when shares changed hands in the financial year 2007. Cairn is refuting these charges. Ashmit Kumar reports

The entire issue pertains to the transaction whereby CUHL that is Cairns UK Holdings Company had transferred its Indian assets to Cairn India which the tax department is seeking to target. It is claiming that this transaction results in capital gains of Rs 24,000 crore in the hands of Cairn UK. Cairn India, represented by Harish Salve argues that the Indian government is trying to invoke the retrospective taxation that was provided for in 2012. He went on to argue that there is no question of capital gains arising out of this transaction or an unreasonable delay. They were served with a notice in 2014, so there is a reasonable delay. Salve also went on to argue that this is a case of oppressive use of force.

In response, the government said that as per their assessment, CUHL has already made capital gains of Rs 24,000 crore. They have been served with a notice and they have admitted to these capital gains. Government also went on to argue that the High Court is not the appropriate forum that if one has to challenge the tax demand it has to be challenged before the Dispute Resolution Panel (DRP) and not directly before the High Court. So it is not the appropriate forum. 

Also it is important to add here that the government by way of a January 2014 order has already frozen shares to the extent of Rs 4,200 crore of Cairn India. So the government is right now seeking some kind of payment back in India at least as a kind of initial payment and that is subject matter of further debate. We will find further discussion and argument between the two heavyweights on April 22, that is when the case gets taken up again.

Cairn India stock price

On April 16, 2015, Cairn India closed at Rs 236.10, up Rs 8.20, or 3.60 percent. The 52-week high of the share was Rs 385.00 and the 52-week low was Rs 209.30.

The company's trailing 12-month (TTM) EPS was at Rs 21.98 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 10.74. The latest book value of the company is Rs 206.66 per share. At current value, the price-to-book value of the company is 1.14.

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MakeMyTrip initiates to encourage visitors to Kashmir

Online travel firm MakeMyTrip is wooing domestic tourists to Kashmir offering attractive packages as it supports the state government to bring back travellers to the valley hit hard by floods last year and recent unseasonal rains.

"The valley is ready to welcome tourists and we assure travellers that a trip to Kashmir is as convenient, delightful and memorable as it was before the floods," MakeMyTrip Chief Business Officer Holidays- Ranjeet Oak told PTI.

Holiday business in the valley was growing at an average of 45 per cent year-on-year and MakeMyTrip expects business to regain lost ground due to floods, he added.

The floods in the valley last year had led to a slowdown in the number of tourists to the valley and had impacted the economy.

"We are looking at a growth of around 45 per cent in number of travellers visiting Kashmir in 2015. In 2014, the Kashmir valley (excluding Ladakh) had 35,000 travellers visiting the state," Oak said.

In order to woo tourists, the company is providing a slew offers for travellers to visit Kashmir, such as 6 days and 7 nights package, covering Srinagar, Gulmarg, Pahalgam and Sonmarg for Rs 24,999 from Delhi.

It is also available from Mumbai, Ahmedabad, Bangalore, Kolkata, Chennai, Hyderabad, Indore and Baroda. Currently, Delhi and Mumbai contribute nearly 60 per cent of all queries received for Kashmir, MakeMyTrip said.

Speaking on the sideline of an event organised to showcase the ground situation in the state, Oak said it was only when tourism in Kashmir is whole-heartedly supported that the region and local economy would grow on a steady path.

MakeMyTrip had also held a vendor-training programme in Kashmir training over a hundred people (drivers, shikara- wallahs, hotel-staff and tour-escorts) in March this year. 

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Govt owes around Rs 600 cr to Air India for VVIP travel

Air India is surviving on a bailout package approved in 2012. Besides a debt of Rs 40,000 crore, the airline had reported losses to the tune of Rs 5,388 crore in FY-14 as against Rs 5,490 in the fiscal 2012-13.

Government owes around Rs 600 crore to Air India for using its aircraft for travel of VVIPs. The Ministry of Civil Aviation has taken up the issue with various ministries regarding the pending amount related to the services of Air India aircraft availed for such VVIP travel.

According to official sources, Ministries of Home Affairs and External Affairs, among others, have accrued "Rs 500-600 crore" dues till March 31. "These are dues to be paid to Air India for using aircraft for travel of VVIPs," a source said.

Air India is surviving on a bailout package approved in 2012. The erstwhile UPA dispensation had in April 2012 approved Air India's turnaround plan, with a committed public funding of Rs 30,231 crore, staggered over a period of nine years, with some specific riders. 

Besides a debt of Rs 40,000 crore, the airline had reported losses to the tune of Rs 5,388 crore in FY-14 as against Rs 5,490 in the fiscal 2012-13. After a streak of losses, Air India had reported a net profit of Rs 14.6 crore in December last year, from a loss of Rs 168.7 crore in the corresponding period of 2013.

The airline in its budget estimates for this fiscal, presented late last month, has forecast that it would become operationally profitable by March next year, much ahead of the TAP projections. 

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SBI Card's valuation begins as partner GE Caps plans exit

SBI, the nation's largest lender, entered the credit card business in 1998 by roping in GE Capital India, consumer finance arm of GE Capital. GE Capital owns 40 percent stake, and the remaining stake is with SBI.

With its long-time joint venture partner GE Capital deciding to exit the financing business globally, SBI  Card has started a valuation exercise for a possible new investor or a public offer.

"We have started a formal valuation exercise to arrive at our current market value. The exercise may take a month from now to complete," SBI Cards & Payment Services (SBI Card) chief executive Vijay Jasuja told PTI over phone from Gurgaon.

SBI, the nation's largest lender, entered the credit card business in 1998 by roping in GE Capital India, consumer finance arm of GE Capital. GE Capital owns 40 percent stake, and the remaining stake is with SBI.

SBI Card has around 3 million active credit cards in circulation, making it the third largest player in the sector after HDFC Bank  and ICICI Bank  with a market share of 15 percent in FY15.

Parent SBI could not be contacted for comments as calls made to managing director and group executive for associates and subsidiaries V G Kannan remained unanswered. Jasuja said the company is weighing three options.

"First, SBI can buy back the entire 40 percent stake of GE Capital. Second, it can be sold to another investor through a private placement. Third, we can go in for a public issue."

However, he maintained that "as per the agreement reached between SBI and GE Capital at the time of formation of SBI Card joint venture, it was decided that whenever any party decides to exit JV, the decision has to be on the basis of mutual understanding."

Currently, SBI Card's board has eight members, three of them from GE Capital. "We already have a base of 30 lakh cardholders.

However, we are eyeing more than 10 crore customer base of SBI Group," Jasuja said. 

HDFC Bank stock price

On April 15, 2015, HDFC Bank closed at Rs 1030.40, down Rs 7.75, or 0.75 percent. The 52-week high of the share was Rs 1105.00 and the 52-week low was Rs 707.50.

The company's trailing 12-month (TTM) EPS was at Rs 38.84 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 26.53. The latest book value of the company is Rs 173.55 per share. At current value, the price-to-book value of the company is 5.94.

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Satyam case: Special court reserves order on Raju's appeal

Raju and seven others had filed the appeal in the Metropolitan Sessions Court on April 13 seeking to set aside the trial court's judgement and had also sought bail in the case.

A Metropolitan Sessions Court here today reserved its order till April 20 on an appeal filed by B Ramalinga Raju and others challenging a special court's verdict which found them guilty in the multi-crore rupee accounting fraud in erstwhile Satyam Computer Services Ltd.

Raju, along with seven others, had filed the appeal in the Metropolitan Sessions Court on April 13 seeking to set aside the special court's (trial court's) judgement. They had also sought bail in the case.

The matter was then posted for today. The court heard the arguments by the defense counsel for deciding the maintainability of (appeal) of these cases (whether it should be heard) before a sessions court or High Court.

After hearing the arguments, the court posted the matter to April 20 for delivering its orders on the appeal.

On April 9, a special court trying the SCSL accounting fraud probed by CBI, had sentenced Raju and nine others to seven years' rigorous imprisonment finding them guilty of criminal conspiracy as well as cheating, among other offences, in the scam and also imposed a Rs 5.5 crore fine on Raju and his brother Rama Raju.

Raju is lodged in Cherlapally Central Prison here, along with nine others, since April 9.  

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Petrol price cut by 80 p, diesel to be cheaper by Rs 1.30

This makes it the second reduction in fuel prices this month. Prices of petrol and diesel were last revised downwards on April 2, by Rs. 0.49/litre and Rs. 1.21/litre, respectively (including state levies).

Moneycontrol Bureau

The price of petrol was cut by 0.80 paise per litre and that of diesel was decreased by Rs 1.30 with effect from Wednesday midnight, the Indian Oil Corporation  said in a release.

With this change, petrol will now cost Rs 59.20/litre in Delhi, while diesel price will come down to Rs 47.20/litre (Delhi).

This makes it the second reduction in fuel prices this month. Prices of petrol and diesel were last revised downwards on April 2, by Rs. 0.49/litre and Rs. 1.21/litre, respectively (including state levies). Since last price change, the trend of international prices of petrol & diesel and the rupee-dollar exchange rate warrant a further downward revision in prices, the impact of which is being passed on to the consumers with this price decrease, said IOC in the release.

"The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," it added

IOC stock price

On April 15, 2015, Indian Oil Corporation closed at Rs 372.75, down Rs 4.5, or 1.19 percent. The 52-week high of the share was Rs 410.90 and the 52-week low was Rs 258.80.

The company's trailing 12-month (TTM) EPS was at Rs 34.50 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 10.8. The latest book value of the company is Rs 271.80 per share. At current value, the price-to-book value of the company is 1.37.

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Cleartrip pulls out of Internet.org, backs net neutrality

Details of the decision to withdraw from Internet.org, which was launched in February this year in India, could not come through as an e-mail query went unanswered.

Online travel services provider Cleartrip today pulled out of Facebook- and Reliance Communications-promoted platform internet.org as the debate over Net neutrality widens, a day after Flipkart walked out from Airtel Zero.

"Time to draw a line in the sand, Cleartrip is pulling out of Internet.org and standing up for #NetNeutrality," Cleartrip said on microblogging site Twitter.

Details of the decision to withdraw from Internet.org, which was launched in February this year in India, could not come through as an e-mail query went unanswered.

Earlier in the day, Facebook chief Mark Zuckerberg rejected criticism that the internet.org programme, which has RCom as a partner in India, was against the concept of Net neutrality.

"For people who are not on the Internet though, having some connectivity and some ability to share is always much better than having no ability to connect and share at all. That's why programmes like internet.org are important and can co-exist with Net neutrality regulations," he said.

Internet.org is a Facebook-led initiative which states that it aims to bring 5 billion people online in partnership with tech giants like Samsung and Qualcomm.

Facebook's partnership with Reliance Communications  to provide free Internet access to 33 websites as part of its internet.org initiative has raised eyebrows, with free Internet activists saying it violates the idea of Net neutrality.

The debate in India has been triggered by mobile operator Airtel introducing an open marketing platform, Airtel Zero, and TRAI's consultation paper on whether telecom firms can be allowed to charge different rates for Internet data like e-mail, browsing and use of apps like Whatsapp, Viber and Sky.

Net neutrality implies equal treatment for all Internet traffic and no priority given to an entity or company based on payment to service providers like telecom companies, which is seen as discriminatory.

Yesterday, Flipkart founder Sachin Bansal said: "After looking in deeper, we realised that Net neutrality can get compromised in future, which we are not supportive of at all."

Reliance Comm stock price

On April 15, 2015, Reliance Communications closed at Rs 72.15, down Rs 0.85, or 1.16 percent. The 52-week high of the share was Rs 156.90 and the 52-week low was Rs 56.90.

The latest book value of the company is Rs 126.97 per share. At current value, the price-to-book value of the company was 0.57.

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SBI plans to add 8,000 more ATMs this fiscal

The RBI last November had capped the number of free transactions a month to five, with a charge Rs 20 for every subsequent transaction, thus ending months of uncertainty.

State Bank of India  (SBI) today said it is looking to add another 8,000 ATMs for both accepting and dispensing cash, with a view to ramping up its existing network.

"We have plans to add 4,000 recyclers, which do both cash dispensing and deposits. (Apart from that) we are also planning to install 2,000 cash dispensers and 2,000 cash deposit machines," SBI Managing Director for national banking and Group Executive, B Sriram told reporters here.

He said the bank currently has an ATM network of 43,000 of its own, which dispense an average of Rs 2,400 crore in cash per day through 25 crore transactions per month. Sriram declined to comment on the impact of the recent review of the ATM fee policy, merely saying "we shall wait for the quarterly results".

But he added that the number of transactions at the bank's ATMs are now "substantially higher", at an average of 25 crore a month.

The RBI last November had capped the number of free transactions a month to five, with a charge Rs 20 for every subsequent transaction, thus ending months of uncertainty.

Sriram was speaking on the sidelines of the launch of a new ATM (automated teller machine) by American electronics company NCR, which controls 47 per cent of the cash vending/ deposit machine market in the country.

NCR claims that its newly-launched machine reduces costs by up to 40 per cent and helps enhance the user experience.

The locally-manufactured machine had a global launch today and has been developed by the company's research and development centre in Hyderabad, its managing director Navroze Dastur said. But he refused to disclose any sales target. 

SBI stock price

On April 15, 2015, State Bank of India closed at Rs 290.00, up Rs 4.55, or 1.59 percent. The 52-week high of the share was Rs 335.90 and the 52-week low was Rs 194.90.

The company's trailing 12-month (TTM) EPS was at Rs 16.39 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 17.69. The latest book value of the company is Rs 156.34 per share. At current value, the price-to-book value of the company is 1.85.

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SpiceJet to add two more weekly flights on Ahd-Muscat route

The addition of new services would take the total number of flights operated by the airline on the sector to five flights per week.

Low-cost airline SpiceJet  today said it would enhance air services on its Ahmedabad-Muscat route by adding two more weekly flights from May 13.

The addition of new services would take the total number of flights operated by the airline on the sector to five flights per week, SpiceJet said in a release.

The airline has also announced a special ONE-WAY all-inclusive fare of Rs 5,499 for these new flights.

"India and Oman have an excellent partnership, and the passenger demand between these countries has been growing strongly. These additional frequencies are a part of our plans to increase our international services," SpiceJet Chief Operating Officer Sanjiv Kapoor said.

The budget carrier plans to add more flights and frequencies to current and potential new international destinations in the coming months with the proposed induction of more aircraft, he added.

SpiceJet currently flies to seven international destinations-- Bangkok, Colombo, Dubai, Kabul, Kathmandu and Male (Maldives). 

SpiceJet stock price

On April 15, 2015, SpiceJet closed at Rs 21.65, down Rs 0.6, or 2.7 percent. The 52-week high of the share was Rs 25.70 and the 52-week low was Rs 11.10.

The latest book value of the company is Rs -16.49 per share. At current value, the price-to-book value of the company was -1.31.

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Adani working with Aus aboriginal grp to resolve land issue

Indian conglomerate Adani Group on Tuesday said it is in talks with an aboriginal group, which is attempting to stop its 16.5 billion dollar mine project being established on its ancestral land in Australia's Queensland state, to provide them significant and lasting benefits.

The development came after Wangan and Jagalingou (W&J) people mounted pressure to block Adani's Carmichael mine project and rejected the 'Indigenous Land Use Agreement' with the company.

The Adani statement said that W&J native title applicants and company's top official Samir Vora held discussions today on the implementation of arrangements to provide significant, lasting benefits to the traditional owners of the Carmichael mine site.

"Adani's relationship with Wangan and Jagalingou people is central to our commitment build a long term future with Queensland. Adani considers that it is critical that the Wangan and Jagalingou benefit directly from the jobs and economic benefits that the Carmichael mine will bring to Queensland.

"It is, and will always be, a central focus of Adani to work with the W&J to deliver this benefit to the community at every stage of our projects," Adani Australia Chief Operating Officer Vora said.

Adani, which had turned to National Native Title Tribunal (NNTT) recently to override W&J objection, said the tribunal has also handed down its determination on the company's remaining Carmichael mining leases which could be granted without further consideration of native title issues.

Adani said that "in summary NNTT determined that the project is in the public interest, there is no evidence that the project will have any effect on the W&J's way of life, culture or traditions, or development of their social, cultural or economic structures, and the project was unlikely to affect any areas or sites of particular cultural heritage significance.

Adani has argued that the Carmichael mine, together with its other projects in Queensland, the North Galilee Basin Rail and the port at Abbot Point, was central to the company's plan to deliver 10,000 jobs to the state and 22 billion dollar in taxes and royalties to be invested back into frontline services over the half-life of the projects.

According to W&J native title applicant Irene White, "All members of the W&J native title party negotiated with Adani in good faith and reached an agreement that will deliver genuine and lasting intergenerational benefits to our community for now and into the future.

"We won't tolerate the interference of vested interests whose focus is on matters other than the welfare and opportunities of our people  they won't be allowed to interfere in our community decision making process on what is best for the future of our community and the economic benefits that will flow from the project". 

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Business sentiment in India subdued for 2nd quarter: DB

The underlying business sentiment remains subdued for the second quarter of this calender year amid concerns about effective implementation of key economic reforms, says a Dun & Bradstreet study.

According to the research firm, the Business Optimism Index (BOI), which measures the pulse of the business community, stands at 126.8 for second quarter of 2015 (April-June), registering a decline of 2 per cent from the previous three-month period.

"D&B Composite Business Optimism Index for Q2 2015 declined for the second consecutive quarter, on a y-o-y basis, as India Inc awaits greater traction in the implementation of key economic reforms," Dun & Bradstreet President and Managing Director-India, Kaushal Sampat said.

Based on the responses received, it was observed that four out of the six optimism indices - volume of sales, net profits, selling prices and employee levels - have registered a decrease as compared to first quarter of 2015.

"Business sentiment continues to be plagued by economic uncertainty and this is reflected in the steep fall in optimism with regard to net profits for the second quarter of 2015," Sampat added.

According to D&B, the political constraints have resulted in a slower legislative passage of key bills, causing business sentiment to drift lower with regard to the forthcoming quarter.

"Going forward, effective implementation of various measures announced in the Budget and improvement in the efficiency of monetary policy transmission would play a crucial role in reviving business sentiment" he added.

For calculating the composite BOI, each of the six parameters - net sales, net profits, selling prices, new orders, inventories and employee levels -- is assigned a weight. The parameter weights are then applied to these ratios and the results aggregated to arrive at the Composite Business Optimism Index. 

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ICICI Bank cuts home loan rate by 0.25%

The cut in the home loan rate is in line with the base rate reduction of 0.25 percent announced last week as there is no tinkering with spreads on loans.

ICICI Bank, on Tuesday, slashed home loan rate for both existing as well as new borrowers by 0.25 percent joining a rate cut war initiated by its bigger rivals HDFC Ltd and SBI .

Women borrowers and financially weaker sections will now get home loan at 9.85 percent, while for other borrowers it will be 9.90 percent. The cut in the home loan rate is in line with the base rate reduction of 0.25 percent announced last week as there is no tinkering with spreads on loans.

The country's largest lender SBI is also offering similar home loan rates effective yesterday. ICICI Bank said reduction of home loan rates effective today is valid for all existing and new customers.

"With this announcement, women as well as applicants from weaker sections will get home loans at 9.85 percent. The rate will be 9.90 percent for all others," the bank said in a statement.

The interest rate for fixed rate home loans have also been reduced. "The borrowers taking fixed rate home loans with tenure of 10 years for loan amount up to Rs 30 lakh will have to pay 9.90 percent, the same effective interest rate applicable for floating rate home loans," said the bank.

Effective April 10, the new base rate or the minimum lending rate is 9.75 percent. "The move will benefit all existing customers of floating home loans, whose home loan rates will be reduced by 0.25 percent as per the change in the base rate," the statement said.

After cutting the key rate twice this year, the central bank kept it unchanged at 7.5 percent in its monetary policy on April 7.

The Reserve Bank had blamed banks for not passing the benefits of two repo rate cuts to borrowers and termed as "nonsense" the lenders' claims that cost of fund was high.

"The banks marginal cost of funding (has) fallen, the notion that it hasn't fallen, is nonsense; it has fallen" Rajan had said.

Many banks including State Bank of India, HDFC Bank and  Axis Bank last week cut lending rates by up to 0.25 percent after RBI Governor Raghuram Rajan's tough talk with bankers on the issue.

ICICI Bank stock price

On April 13, 2015, ICICI Bank closed at Rs 316.90, down Rs 1.35, or 0.42 percent. The 52-week high of the share was Rs 393.30 and the 52-week low was Rs 242.88.

The company's trailing 12-month (TTM) EPS was at Rs 18.81 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 16.85. The latest book value of the company is Rs 126.25 per share. At current value, the price-to-book value of the company is 2.51.

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Housing finance firm DHFL too lowered its home loan rate

The rate has been revised downward from 10.15 percent and the new rate would be effective from Wednesday, DHFL said in a statement.

Housing finance firm DHFL too lowered its home loan rate by 0.25 percent to 9.90 percent. The rate has been revised downward from 10.15 percent and the new rate would be effective from Wednesday, DHFL said in a statement.

"The reduction in the interest rate reflects our commitment towards enabling home ownership in tier 2 and 3 towns for each and every Indian," said Kapil Wadhawan, CMD of DHFL.

Although  SBI had lowered its base rate by 0.15 percent, it later announced a cut in spread over and above the base rate by 0.10 percent for home loans, bringing home loan down to 9.85 percent - at par with base rate - women borrowers.

However, the aggressive posturing by SBI is only for new borrowers, while the older borrowers will continue paying the spreads as per the older contracted rates.

As of December 2014, SBI had outstanding housing loan of Rs 1,52,905 crore as against Rs 1,35,129 crore at the end of third quarter of the previous fiscal registering a growth of 13.15 percent.

It's closest competitor  ICICI Bank had home loan portfolio size of Rs 84,425 crore.  HDFC Ltd had a loan book grew to Rs 2,19,951 crore at the end of last year as against 1,92,284 crore as at December 31, 2013.

ICICI Bank stock price

On April 13, 2015, ICICI Bank closed at Rs 316.90, down Rs 1.35, or 0.42 percent. The 52-week high of the share was Rs 393.30 and the 52-week low was Rs 242.88.

The company's trailing 12-month (TTM) EPS was at Rs 18.81 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 16.85. The latest book value of the company is Rs 126.25 per share. At current value, the price-to-book value of the company is 2.51.

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Airtel Zero, as also similar services launched by Reliance

Airtel Zero, as also similar services launched by Reliance Communications and Facebook, among others, have come under attack with critics slamming these as being against the 'net neutrality' regime.

Airtel Zero, as also similar services launched by  Reliance Communications and Facebook, among others, have come under attack with critics slamming these as being against the 'net neutrality' regime. They claim that such schemes are aimed at restricting 'free' Internet access to select platforms. A government-appointed panel is looking into these concerns and is likely to submit its report next month while the matter is also being separately studied by the Telecom Regulatory Authority of India (TRAI), which has already got submissions from over one lakh netizens in support of net neutrality in India.

Free Internet advocates and start-ups see the move as a violation of net neutrality and one that could even "lead to monopolisation by a few and squeezing out of small companies".

Reliance Comm stock price

On April 13, 2015, Reliance Communications closed at Rs 73.00, up Rs 1.10, or 1.53 percent. The 52-week high of the share was Rs 156.90 and the 52-week low was Rs 56.90.

The latest book value of the company is Rs 126.97 per share. At current value, the price-to-book value of the company was 0.57.

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Cairn tax demand has created uncertainty: Patricia Hewitt

The recent tax demand made on Cairn Energy under the retrospective tax clause has generated a lot of anxiety.

UK companies have been watching the Indian policy space very keenly while companies in UK are waiting to invest in sectors like defence, insurance. The recent tax demand made on Cairn Energy under the retrospective tax clause has generated a lot of anxiety. Patricia Hewitt, Chair - UK India Business Council told CNBC-TV18 the companies headquartered are disappointed even after Arun Jaitley had assured them the retro tax clause would not be used.

Watch accompanying video for more..

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Ban on diesel vehicles: NGT stays order for two weeks

The green panel directed the Delhi government, and other government departments to submit scientifically-backed views by May 1, the next date of hearing.

Heeding to the plea of the Delhi government, the National Green Tribunal Monday stayed for two weeks its order to impound diesel vehicles, heavy or light, plying in the capital for more than 10 years. "There shall be no impounding of vehicles for two weeks. We make it clear that we are varying our order only for two weeks," a bench headed by NGT Chairperson Justice Swatanter Kumar said.

It also asked the city government to submit suggestions on providing incentives to those transferring/scrapping old, polluting diesel vehicles and on fixing a cap on the number of vehicles to be registered in the capital. The green bench also sought rationalisation of parking charges to encourage people to use parking facilities so that they do not not park on roads. The matter was mentioned before the Tribunal by Advocate Zubeida Begum, appearing for Delhi government, who told the bench that the government was finding it really difficult to implement the ban order.

Seeking more time to implement the order, she contended that essential services like vegetable supply and garbage carrying trucks etc. are being hit due to the order. The green panel directed the Delhi government, and other government departments to submit scientifically-backed views by May 1, the next date of hearing.

Noting that diesel is prime source of air pollution in Delhi, the Tribunal on April 7 had held that all diesel vehicles which are more than 10 years old will not be permitted to ply in Delhi- NCR.

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RRP Infra Projects bags order to build 2,071 toilet blocks

The company is engaged in business of infrastructure development such as highway, roads, bridges, civil construction works, irrigation and water supply projects and power plants.

RRP Infra Projects on Monday said it has bagged a contract worth Rs 46.5 crore from state-run Hindustan Prefab for construction of prefabricated toilet blocks for government schools in Andhra Pradesh.

"The company has recently been awarded a contract from Hindustan Prefab Ltd...for construction of 2,071 prefabricated toilet blocks for government schools in Andhra Pradesh," the company said in a regulatory filing.

Company's CMD Arun Sundaram said, this order is part of the dream project of Prime Minister Narendra Modi's "Swacha Bharat Abhiyan" and providing basic necessity to all Indians.

The company is expecting "few more this kind of order in coming future," he said.

The company is engaged in business of infrastructure development such as highway, roads, bridges, civil construction works, irrigation and water supply projects and power plants. 

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Plan to open 26 retail stores in Mumbai: Ashapura Fashion

Ashapura Intimates Fashion plans to open 26 retail stores in Mumbai and would require capex of Rs 7-8 crore for that, says CMD, Harshad Thakkar.

Harshad Thakkar, CMD,  Ashapura Intimates Fashion in an interview to CNBC-TV18 spoke about the outlook for the company going forward.

The company plans to open 26 retail stores in Mumbai and would require capex of Rs 7-8 crore for that. They have also plan to launch an online virtual store by next month.

Ashapura Intima stock price

On April 13, 2015, Ashapura Intimates Fashion closed at Rs 208.50, up Rs 34.70, or 19.97 percent. The 52-week high of the share was Rs 208.50 and the 52-week low was Rs 118.50.

The company's trailing 12-month (TTM) EPS was at Rs 0.00 per share as per the quarter ended April 2015. The stock's price-to-earnings (P/E) ratio was 0. The latest book value of the company is Rs 22.02 per share. At current value, the price-to-book value of the company is 9.47.

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BHEL commissions 600-MW thermal unit in Chhattisgarh

The unit was commissioned at Dainik Bhaskar Power Ltd's (DBPL) upcoming 2x600 MW thermal power project located at Dhabra in Janjgir Champa district of Chhattisgarh, BHEL said in a statement. This is the second unit of the power project, commissioned by BHEL, it added.

Bharat Heavy Electricals Ltd (BHEL)  on Monday said it has commissioned another 600 MW unit of a thermal power project in Chhattisgarh.

The unit was commissioned at Dainik Bhaskar Power Ltd's (DBPL) upcoming 2x600 MW thermal power project located at Dhabra in Janjgir Champa district of Chhattisgarh, BHEL said in a statement. This is the second unit of the power project, commissioned by BHEL, it added.

The first 600 MW unit was commissioned by the company last year. BHEL's scope of work in the contract envisaged design, engineering, manufacture, supply, erection and commissioning of steam turbines, generators and boilers, along with associated auxiliaries and electricals, besides controls and instrumentation and electro-static precipitators.

With a cumulative installed capacity of 11,40O MW, the share of BHEL stands at 68 percent of the total installed capacity in the state. 

BHEL stock price

On April 13, 2015, Bharat Heavy Electricals closed at Rs 241.85, up Rs 7.00, or 2.98 percent. The 52-week high of the share was Rs 299.50 and the 52-week low was Rs 173.00.

The company's trailing 12-month (TTM) EPS was at Rs 9.71 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 24.91. The latest book value of the company is Rs 135.02 per share. At current value, the price-to-book value of the company is 1.79.

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Yamaha launches YZF-R1M in India priced at Rs 29.43 lakh

The 998-cc model would be available only on order, the company said in a statement. It also announced the launch of two colours, Deep purplish blue metallic C and Vivid Red Cocktail 1, for YZF-R1 model.

Yamaha Motor India Sales on Monday launched its YZF-R1M superbike in the country priced at Rs 29.43 lakh (ex-showroom Delhi).

The 998-cc model would be available only on order, the company said in a statement. It also announced the launch of two colours, Deep purplish blue metallic C and Vivid Red Cocktail 1, for YZF-R1 model.

Yamaha retails the YZF-R1 model in India at Rs 22.34 lakh (ex-showroom Delhi). "The all-new 2015 YZF-R1 and YZF-R1M are based on Yamaha's high-tech-armed pure sport concept of an all-out supersport model fully armed with advanced technology," the company said.

The models allow riders to experience first hand the technical philosophy behind Yamaha's MotoGP racing machine, the YZR-M1, it added.

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Modi's Germany visit to open new avenues: Baba Kalyani

In an interview to CNBC-TV18, Baba Kalyani of Bharat Forge, discusses what Prime Minister Narendra Modi's Germany visit means to India Inc.

Prime Minister Narendra Modi is expected to attend a community meeting in Berlin hosted by the Indian ambassador. Earlier in the day Modi laid out the red carpet for German investors, promising a "predictable, stable and competitive" tax regime as he pitched his 'Make in India' agenda. In an interview to CNBC-TV18, Baba Kalyani of Bharat Forge , discusses what the development means for India Inc.

Below is the transcript of Baba Kalyani interview with CNBC-TV18's Sanjay Suri.

Q: At the Hannover Messe we have had the political speeches. What could be their fallout for industry we will hear from Baba Kalyani.

A: I think it has been a perfect venue to communicate India's new aspirations, specially the whole "Make in India" programme. I think Prime Minister Modi has communicated this extremely well at the Hannover Messe to the German industry, to the German government, to the German politicians and of course to the Indian industry that is present here.

Q: Any indication of the fallout? Of course it is early days but any indication that you are seeing?

A: From whatever private discussions that I have had with a number of my friends in the Germany industry, they are impressed, they are motivated. Nobody is going to jump in and open the floodgates and I don't think that is desirable. However, I think everybody is going to start looking at India in a new and a different way. Everybody is going to start looking at which areas they could invest in whether it is infrastructure, power. There was a lot of discussion on power and infrastructure. The Germans very rightly believe that unless you have high quality and 100 percent power you really can't develop business. Unless you have good quality of infrastructure you really can't make business productive.

Q: What about defence production, that should be an area that you should tell us more about?

A: Defence production was not on the discussion table from a business to business area right now. I think that is going to be discussed from what I hear in Berlin at a government to government level and I think some policy decisions on this might come out after tomorrow after which I think Indian business will engage with the German counterparts who are engaged in defence.

Q: We have had the Rafale deal which we are told is an of the shelf sale, whatever that may mean, but will there be a fallout benefit for Indian industry from it?

A: The most positive part of that is somebody has started making decisions and I think that is what in India we were lacking, decisions were not being made. I think the Prime Minister has made the right decision. I think Indian Air Force needs fighter jets. Their inventory of aircrafts has depleted quite a lot. So, it is a good thing. Now is this going to be the end game in itself? No. This is the beginning of creating a large aeronautics industry in India and I think as some weeks and months go by we will hear the contours of what this will bring to industry.

Bharat Forge stock price

On April 13, 2015, Bharat Forge closed at Rs 1309.45, down Rs 22.55, or 1.69 percent. The 52-week high of the share was Rs 1362.90 and the 52-week low was Rs 401.25.

The company's trailing 12-month (TTM) EPS was at Rs 27.26 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 48.04. The latest book value of the company is Rs 115.67 per share. At current value, the price-to-book value of the company is 11.32.

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E-commerce co Urban Ladder bets big on Mobile Automation

Indian e-commerce company Urban Ladder is on a funding raising spree. After having mopped up USD 50 million, Urban Ladder is betting big on technology platform, automation of supply chain and mobile platform.

Indian e-commerce company Urban Ladder is on a funding raising spree. After having mopped up USD 50 million, Urban Ladder is betting big on technology platform, automation of supply chain and mobile platform.

23.26 | 0 komentar | Read More

Mobile clinic to detect kidney-related diseases

The Rs 15 lakh mobile clinic 'Muthoot Anbin Nizhal' through Muthoot M George Foundation, was flagged off by City Mayor, P Rajkumar and will traverse the district, educating people about the dreaded disease.

As part of its Corporate Social Responsibility, Muthoot Finance Ltd , which claims to be India's largest gold loan company, on Saturday launched its health care outreach program, with a mobile van for detection of kidney related diseases, diabetes and hyper tension ailments.

The Rs 15 lakh mobile clinic 'Muthoot Anbin Nizhal' through Muthoot M George Foundation, was flagged off by City Mayor, P Rajkumar and will traverse the district, educating people about the dreaded disease.

George M Jacob, Director, Muthoot Finance,said the mobile ambulance will hold exclusive camps across the state, where blood sample of people will be taken and tested for possible kidney related diseases. 

At the end of the camp there would be an awareness session which will provide information about the prevention and treatment of the disease, he said. Later,talking to reporters,Babu John Malayil,Coordinator, Anbhin Nizhal, said a similar project has ben running successfully in Kerala for the last one year and the company has helped carry out 25,000 dialysis for the needy and poor.

Stating that the company, with a net profit of Rs 800 crore, has kept Rs 16 crore towards CSR, of which Rs two to three crore was being spent in the health sector, Malayil said at least three out of 100 persons screened thus were affected by kidney diseases, who were either helped by the company by providing free treatment or partially financed for hospital expenses. 

Muthoot Finance stock price

On April 10, 2015, Muthoot Finance closed at Rs 202.20, up Rs 2.60, or 1.30 percent. The 52-week high of the share was Rs 253.50 and the 52-week low was Rs 162.55.

The company's trailing 12-month (TTM) EPS was at Rs 17.24 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 11.73. The latest book value of the company is Rs 107.82 per share. At current value, the price-to-book value of the company is 1.88.

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Storyboard: Sponsor interest highest in IPL 8

Broadcaster Set Max says that this has been the best IPL so far - all its inventory is sold out and the broadcaster has made an estimated Rs 950 crore before the tournament even began.

The eighth edition of the Indian Premiere League kicked off this week. Given that the tournament has come at the heels of the ICC cricket World Cup making a case for too much cricket, one would imagine that viewer as well as sponsor interest in the IPL would suffer.

Broadcaster Set Max says that this has been the best IPL so far - all its inventory is sold out and the broadcaster has made an estimated Rs 950 crore before the tournament even began. 

For entire report, watch accompanying video.

23.26 | 0 komentar | Read More

YouWeCan Ventures: Yuvraj Singh's new innings

In an interview with CNBC-TV18's Nayantara Rai, Yuvraj Singh spoke about his new found love for venture capitalism.

In an interview with CNBC-TV18's Nayantara Rai, Yuvraj Singh spoke about his new found love for venture capitalism. For entire interview, watch accompanying video.

Also watch the video of Snapdeal.com, the company acquired Freecharge, a mobile recharge and discount coupon provider.

23.26 | 0 komentar | Read More

TrulyMadly: A matchmaking app

India might still be a conservative market, dating apps are slowly gaining acceptance. A simple proof is Young Turk's first venture TrulyMadly. Sachin Bhatia joined hands with Rahul Kumar and Hitesh Dhingra to set up TrulyMadly.

India might still be a conservative market, dating apps are slowly gaining acceptance. A simple proof is Young Turk's first venture TrulyMadly. Sachin Bhatia joined hands with Rahul Kumar and Hitesh Dhingra to set up TrulyMadly.

Watch accompanying video for more...

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Airbus supports Modi's 'Make in India' initiative

In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.

Expressing support to 'Make in India' initiative, aircraft manufacturer Airbus on Saturday said it is ready to manufacture in India, as Prime Minister Narendra Modi visited its facility here.

Modi took the tour of the facility where planes are manufactured. He was given a briefing by officials on the functioning.

Airbus Group CEO Tom Enders, who received the Indian leader, said: "We are honoured to host Prime Minister Modi in Toulouse and convey to him our desire to forge a stronger industrial bond with India. India already takes a centre-stage role in our international activities and we want to even increase its contribution to our products".

"We support Prime Minister Modi's 'Make in India' call and we are ready to manufacture in India, for India and the world," he added.

In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.

The group's senior representative conveyed their decision to expand these centres so that they can take on comprehensive design responsibilities for future Airbus group programmes. 

23.25 | 0 komentar | Read More

Storyboard: Sponsor interest highest in IPL 8

Broadcaster Set Max says that this has been the best IPL so far - all its inventory is sold out and the broadcaster has made an estimated Rs 950 crore before the tournament even began.

The eighth edition of the Indian Premiere League kicked off this week. Given that the tournament has come at the heels of the ICC cricket World Cup making a case for too much cricket, one would imagine that viewer as well as sponsor interest in the IPL would suffer.

Broadcaster Set Max says that this has been the best IPL so far - all its inventory is sold out and the broadcaster has made an estimated Rs 950 crore before the tournament even began. 

For entire report, watch accompanying video.

23.25 | 0 komentar | Read More

Mobile clinic to detect kidney-related diseases

The Rs 15 lakh mobile clinic 'Muthoot Anbin Nizhal' through Muthoot M George Foundation, was flagged off by City Mayor, P Rajkumar and will traverse the district, educating people about the dreaded disease.

As part of its Corporate Social Responsibility, Muthoot Finance Ltd , which claims to be India's largest gold loan company, on Saturday launched its health care outreach program, with a mobile van for detection of kidney related diseases, diabetes and hyper tension ailments.

The Rs 15 lakh mobile clinic 'Muthoot Anbin Nizhal' through Muthoot M George Foundation, was flagged off by City Mayor, P Rajkumar and will traverse the district, educating people about the dreaded disease.

George M Jacob, Director, Muthoot Finance,said the mobile ambulance will hold exclusive camps across the state, where blood sample of people will be taken and tested for possible kidney related diseases. 

At the end of the camp there would be an awareness session which will provide information about the prevention and treatment of the disease, he said. Later,talking to reporters,Babu John Malayil,Coordinator, Anbhin Nizhal, said a similar project has ben running successfully in Kerala for the last one year and the company has helped carry out 25,000 dialysis for the needy and poor.

Stating that the company, with a net profit of Rs 800 crore, has kept Rs 16 crore towards CSR, of which Rs two to three crore was being spent in the health sector, Malayil said at least three out of 100 persons screened thus were affected by kidney diseases, who were either helped by the company by providing free treatment or partially financed for hospital expenses. 

Muthoot Finance stock price

On April 10, 2015, Muthoot Finance closed at Rs 202.20, up Rs 2.60, or 1.30 percent. The 52-week high of the share was Rs 253.50 and the 52-week low was Rs 162.55.

The company's trailing 12-month (TTM) EPS was at Rs 17.24 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 11.73. The latest book value of the company is Rs 107.82 per share. At current value, the price-to-book value of the company is 1.88.

23.25 | 0 komentar | Read More

E-commerce co Urban Ladder bets big on Mobile Automation

Indian e-commerce company Urban Ladder is on a funding raising spree. After having mopped up USD 50 million, Urban Ladder is betting big on technology platform, automation of supply chain and mobile platform.

Indian e-commerce company Urban Ladder is on a funding raising spree. After having mopped up USD 50 million, Urban Ladder is betting big on technology platform, automation of supply chain and mobile platform.

23.25 | 0 komentar | Read More

YouWeCan Ventures: Yuvraj Singh's new innings

In an interview with CNBC-TV18's Nayantara Rai, Yuvraj Singh spoke about his new found love for venture capitalism.

In an interview with CNBC-TV18's Nayantara Rai, Yuvraj Singh spoke about his new found love for venture capitalism. For entire interview, watch accompanying video.

Also watch the video of Snapdeal.com, the company acquired Freecharge, a mobile recharge and discount coupon provider.

23.25 | 0 komentar | Read More

TrulyMadly: A matchmaking app

India might still be a conservative market, dating apps are slowly gaining acceptance. A simple proof is Young Turk's first venture TrulyMadly. Sachin Bhatia joined hands with Rahul Kumar and Hitesh Dhingra to set up TrulyMadly.

India might still be a conservative market, dating apps are slowly gaining acceptance. A simple proof is Young Turk's first venture TrulyMadly. Sachin Bhatia joined hands with Rahul Kumar and Hitesh Dhingra to set up TrulyMadly.

Watch accompanying video for more...

23.25 | 0 komentar | Read More

Airbus supports Modi's 'Make in India' initiative

In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.

Expressing support to 'Make in India' initiative, aircraft manufacturer Airbus on Saturday said it is ready to manufacture in India, as Prime Minister Narendra Modi visited its facility here.

Modi took the tour of the facility where planes are manufactured. He was given a briefing by officials on the functioning.

Airbus Group CEO Tom Enders, who received the Indian leader, said: "We are honoured to host Prime Minister Modi in Toulouse and convey to him our desire to forge a stronger industrial bond with India. India already takes a centre-stage role in our international activities and we want to even increase its contribution to our products".

"We support Prime Minister Modi's 'Make in India' call and we are ready to manufacture in India, for India and the world," he added.

In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.

The group's senior representative conveyed their decision to expand these centres so that they can take on comprehensive design responsibilities for future Airbus group programmes. 

23.25 | 0 komentar | Read More

Info Edge invests Rs 155 crore in Zomato

"Info Edge (India), through its wholly owned subsidiary, has invested an amount of Rs 1.55 billion (Rs 155 crore) in Zomato, being Info Edge's proportionate share of Zomato's recent fund raise of USD 50 million," Info Edge said in a statement.

Internet firm  Info Edge India has invested Rs 155 crore in online restaurant guide Zomato, which would use the amount to further expand its business.

"Info Edge (India), through its wholly owned subsidiary, has invested an amount of Rs 1.55 billion (Rs 155 crore) in Zomato, being Info Edge's proportionate share of Zomato's recent fund raise of USD 50 million," Info Edge said in a statement. Upon completion of the allotment of shares, Info Edge's aggregate investment in Zomato will be about Rs 484 crore.

"Info Edge, along with its wholly-owned subsidiary will continue to hold, on a fully converted and diluted basis, 50.1 per cent of Zomato," it said. Zomato has recently forayed into the US market by acquiring restaurant information and recommendation service provider Urbanspoon for an estimated USD 60 million in an all-cash deal. The company has been aggressively expanding its global presence through inorganic route.

This was Zomato's sixth acquisition in the last six months, and the biggest one. It had recently acquired local restaurant search players in New Zealand, Poland, Czech Republic, Slovakia and Italy.

Info Edge stock price

On April 10, 2015, Info Edge India closed at Rs 802.10, down Rs 6.55, or 0.81 percent. The 52-week high of the share was Rs 1014.70 and the 52-week low was Rs 590.00.

The company's trailing 12-month (TTM) EPS was at Rs 12.08 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 66.4. The latest book value of the company is Rs 64.32 per share. At current value, the price-to-book value of the company is 12.47.

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Ola in fresh funding talks; can raise up to USD 400 mn

App-based taxi aggregator Ola is in talks to raise fresh funding of up to USD 400 million (about Rs 2,500 crore) from a clutch of investors including DST Global, sources said.

Ola is locked in intense negotiations over the new round of funding as investors are closely "studying the firm's future plans," sources close to the development said. This "may take a while" however, they said, adding that while there is "no doubt" that investors are interested in the firm but they are also considering various issues.

"They want to know Ola's plans on how they intend to retain and expand their driver base, considering that payment of commission to the drivers is a huge burden on any company's reserves," they said. Another area that investors want clarity on is how the firm plans to expand the food delivery services and the impact on the firm's balance sheets, they added. Ola declined to comment on the developments.

"So they are interested in the firm, but they are closely studying the growth and future prospects. TaxiForSure was taking a big hit in maintaining its fleet of cabs and paying commission to drivers. So, the investors are studying Ola's plans on how it intends to deal with such issues," the sources said.

Without revealing the amount being raised, another source said: "The funding round, on which talks are in advanced stages, is much more than that what is being said." Sources said that the amount can be in the range of USD 400 million. However, a market insider said the talks are taking time as investors are still mulling on the amount to be invested in the company. "The company has bright prospects and with acquisition of TaxiForSure they look brighter.

But, I would not be surprised if investors give a smaller amount this time with assurances of raising the kitty after watching the firm's performance for sometime," the banker said. Meanwhile, the Bangalore-based firm has signed a MoU with Empower Pragati (EP) and Automotive Skills Development Council to create 50,000 women drivers, a move being viewed as an attempt by the firm to further ram up its driver base particularly targeting women consumers. EP is an investee company of National Skill Development Corporation (NSDC).

Through the Memorandum of Understanding, Ola will provide training, skill development and empowerment of women drivers on its platform, Ola said in a statement. The programme will be rolled out initially here followed by Mumbai, Bangalore, Hyderabad, Chennai and Pune spanning into cities across India in the next few months. Once candidates acquire driving licenses and commercial badges as mandated by the government, Ola would help them with opportunities as chauffeurs with selected fleet operators on the platform or assist them in buying a car.

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HDFC cuts loan rates by 20bps to 9.9%

In a statement, the company said the reduction in the RPLR will also be applicable on loans to Non-Resident Indians (NRIs).

Housing finance company  HDFC today cut Retail Prime Lending Rate (RPLR) by 20 basis points (bps) to 9.9 percent. The pared loan rates will come into effect from April 13, 2015.

In a statement, the company said the reduction in the RPLR will also be applicable on loans to Non-Resident Indians (NRIs).

The move comes a few days after Reserve Bank Governor Raghuram Rajan maintained status quo on policy rates due to failure of lower rates transmission on the banks' front.

Banks had no option but to cut their lending rates. In a media conference, Rajan said that banks are sitting on money and that the marginal cost of funding has fallen. "The notion that it has not fallen is nonsense."

Banks cut their base rates in the range of 15-25 basis points soon after.

HDFC is the first finance company to have cut its lending rates.

HDFC stock price

On April 10, 2015, Housing Development Finance Corporation closed at Rs 1290.30, down Rs 14.55, or 1.12 percent. The 52-week high of the share was Rs 1399.80 and the 52-week low was Rs 840.60.

The company's trailing 12-month (TTM) EPS was at Rs 37.16 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 34.72. The latest book value of the company is Rs 177.55 per share. At current value, the price-to-book value of the company is 7.27.

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India worked hard to address FAA's concerns: US Trans Secy

Transport Secretary of United States Anthony Foxx was part of the team that inspected aviation regulator DGCA before upgrading India's air safety ranking to Category-1.

The Transport Secretary of United States Anthony Foxx, who was part of the team that inspected aviation regulator DGCA before upgrading India's air safety ranking to Category-1 spoke exclusively to CNBC-TV18's Sajeet Manghat about the upgrade and the US Transport Bill that proposes to tax the overseas income of American companies.

Below are the excerpts from the conversation:

There are two significant issues that are good examples of why this shift has been made to Category-1 status. One has to do with the number of inspectors and the training around those inspectors that has been enhanced significantly over the last year. In addition to that there are certification processes that we felt needed to be stronger and a year later they are and therefore India has Category-1 status. It is not a political decision, it is a technical decision and the speed with which this occurs is the product of the work by the Indian government and of course we lent as much technical assistance as we could because we wanted to be helpful if we could be but our objective, they are not political and this is something the Indian government earned.

By now there are USD 1 to 2 trillion of untaxed corporate earnings overseas of US companies and right now if any of those companies try to bring those proceeds back over, they are going to be taxed at basically a 35 percent rate. Our proposal would actually require one time charge against all those untaxed corporate earnings at a 14 percent rate which is lower than the current effective rate on that so frankly our proposal would allow companies to clean up their books, be done with it forever in terms of the existing earnings overseas at a lower rate than they would have if they tried to bring them over today.

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Blue Star to up RD investment;eyes 25% rise in room AC biz

The consumer durables firm, however, did not elaborate on the quantum or timeframe of the investment.

Consumer durables maker  Blue Star today said it will increase its investment in research and new product development, as it eyes a 25 percent growth in the room air-conditioner segment during the current fiscal.

"The company plans to enhance investments on new product development, and research and design initiatives in order to continue to develop modern and sophisticated products competing with the best in the world," Blue Star said in a statement. The consumer durables firm, however, did not elaborate on the quantum or timeframe of the investment.

"The room air-conditioners market in India has grown by about 20 per cent in terms of value during this fiscal so far, while we have outperformed the market growing 30 per cent, thereby increasing the market share," Blue Star Executive Director and President (AC&R Products Business) B Thiagarajan said. He further said that the company is expecting a robust growth in the current fiscal, helped by an aggressive marketing strategy and its wide product range. "While the market for room air-conditioners is expected to grow by around 15 percent in 2015-16, considering our track record of outperforming the market, we hope to achieve growth of 25 per cent and achieve a 10 per cent market share," Thiagarajan said.

The residential segment contributes 70 percent of its overall room air conditioner sales and the company will continue its focus on this segment in its new product line-up for 2015. It is targetting a double-digit market share in 2015-16, up from 8.5 percent currently. The company today announced a new range of eco-friendly room air-conditioners for the residential segment.

In terms of advertising and brand communication, the company has firmed up plans to invest about Rs 35 crore this summer season.

Blue Star stock price

On April 10, 2015, Blue Star closed at Rs 316.70, down Rs 4.55, or 1.42 percent. The 52-week high of the share was Rs 387.00 and the 52-week low was Rs 204.00.

The company's trailing 12-month (TTM) EPS was at Rs 9.91 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 31.96. The latest book value of the company is Rs 58.88 per share. At current value, the price-to-book value of the company is 5.38.

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Sesa Sterlite's iron ore, oil output dips in FY'15

However, the output of copper, aluminium and power business rose during the fiscal that ended on March 31, as compared to the year-ago period, Sesa Sterlite said in a filing to the BSE.

Minerals major  Sesa Sterlite today reported a decline in production of oil and gas, zinc and iron ore for the financial year 2014-15.

However, the output of copper, aluminium and power business rose during the fiscal that ended on March 31, as compared to the year-ago period, Sesa Sterlite said in a filing to the BSE.

The Vedanta Group company's iron ore production dropped a steep 59 per cent during the fiscal to 0.6 million tonnes, owing to ban in its mining activities in Karnataka and Goa. In 2013-14 fiscal, it had fallen by 60 per cent.

Sesa Sterlite has already started mining in Karnataka and hopes to recommence production at its Goa facility soon as the Ministry of Environment and Forest revoked its ban.

The average daily oil production declined 3 per cent to 2.11 lakh barrels in 2014-15, while the refined zinc output dropped by two per cent at 7.34 lakh tonnes, the company said.

Oil production declined largely on account of maintenance at Mangala Processing Terminal at Rajasthan, higher than expected water cut at Bhagyam in Rajasthan and suspension of gas sales at Ravva for around three months, Sesa Sterlite
said.

Besides, copper production rose by 23 per cent to 3.62 lakh tonnes during 2014-15, and aluminium output went up by 10 per cent and clocked 8.77 lakh tonnes in the fiscal.

Mined metal production was at 8.87 lakh tonnes, up by 1 per cent, while power production increased 5 per cent to 9,859 million units during 2014-15.

"Record levels of production in aluminium underpin our confidence in achieving greater operational performance and enhancing production across our well-invested and low-cost asset base, and from the start-up of new capacities," Vedanta Resources CEO Tom Albanese told PTI.

Commenting on the production data, billionaire Anil Agarwal-led firm said: "We continue to evaluate various options for restarting copper mine at Australia which is under care and maintenance."

Giving reasons for decline in refined zinc production, Sesa Sterlite said it was lower due to lower mined metal production in the first half of the year.

"We continue to focus on the execution of our defined strategy and, despite volatile commodity markets, we remain confident in our diversified business model," Albanese added.

Shares of Sesa Sterlite closed 3.65 per cent higher at Rs 201.70 apiece on the BSE.

Sesa Sterlite stock price

On April 10, 2015, Sesa Sterlite closed at Rs 201.70, up Rs 7.10, or 3.65 percent. The 52-week high of the share was Rs 318.40 and the 52-week low was Rs 178.00.

The company's trailing 12-month (TTM) EPS was at Rs 3.47 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 58.13. The latest book value of the company is Rs 113.60 per share. At current value, the price-to-book value of the company is 1.78.

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Rising $ to pull global IT spends down 1.3% in '15: Gartner

Indian IT services firms like TCS, Infosys and HCL Technologies are already feeling the heat of cross-currency fluctuations.

A strong dollar is expected to pull global IT spending down by 1.3 per cent to USD 3.6 trillion this year, research firm Gartner today said.

"We forecast US-dollar-valued worldwide IT spending in 2015 to shrink by 1.3 percent, down from 2.4 percent growth forecast in last quarter's update," Gartner Research Vice President John-David Lovelock said. Indian IT services firms like TCS , Infosys and  HCL Technologies are already feeling the heat of cross-currency fluctuations.

HCL has already warned of a dip in its March quarter dollar earnings on account of the fluctuation. Lovelock, however, added that "this is not a crash, even if it looks like one". "The recent rapid rise in the value of the US dollar against most currencies has put a currency shock into the global IT market," he said.

Talking out the impact of exchange rate movements, the corresponding constant-currency growth figure is 3.1 percent, only off 0.6 percent from last quarter's update. "However, this illusion masks a bigger issue that has real implications. Every product or service that has a US dollar-based component must have those costs covered at the lower exchange rate.

The simple implication is that there will be price rises," Lovelock said. IT services spending is forecast to contract slightly to USD 942 billion in 2015, down from USD 948 billion in 2014. The US dollar spending on devices (including PCs, ultramobiles, mobile phones, tablets and printers) for 2015 is forecast to decline 1.2 percent to USD 685 billion, while data centre system spending is projected to reach USD 142 billion in 2015 (up just 0.4 percent from 2014).

Spending in the enterprise software market is on pace to total USD 320 billion in 2015, a 2.3 percent increase from 2014. Growth in spending on telecom services is predicted to shrink by 2.6 percent in 2015 to total USD 1.57 trillion.

TCS stock price

On April 09, 2015, Tata Consultancy Services closed at Rs 2661.15, up Rs 16.80, or 0.64 percent. The 52-week high of the share was Rs 2834.00 and the 52-week low was Rs 2160.00.

The company's trailing 12-month (TTM) EPS was at Rs 104.29 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 25.52. The latest book value of the company is Rs 224.90 per share. At current value, the price-to-book value of the company is 11.83.

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Moody's lowers ratings of ICICI, Axis HDFC Bank

"The downgrade is driven by the change in Moody's view that the capacity for government support is limited to a government's bond rating, rather than Moody's previous expectation that banks in India could benefit from additional support through other policy tools," it said in a note.

Global rating agency Moody's today downgraded local currency bank deposit ratings and senior unsecured ratings of three biggest private lenders, ICICI Bank ,  HDFC Bank and Axis Bank , on a change in its fundamental view about government support to such instruments.

"The downgrade is driven by the change in Moody's view that the capacity for government support is limited to a government's bond rating, rather than Moody's previous expectation that banks in India could benefit from additional support through other policy tools," it said in a note. Accordingly, the local currency bank deposit ratings and the senior unsecured ratings of three Indian private sector banks have been downgraded to Baa3/P-3 from earlier Baa2/P-2.

The foreign currency deposit rating of these three banks has been affirmed at Baa3/P-3 and the outlook on their long-term ratings has been changed to positive from stable, in line with the review of the sovereign rating announced earlier during the day. In a big vote of confidence in the Modi government, rating agency Moody's today raised India's credit outlook to 'positive', while Fitch projected faster growth -- raising hopes for an upgrade in its sovereign rating in the next 12-18 months. This was followed up with assigning positive outlooks to 12 Indian government-owned financial institutions, including the country's largest lender SBI .

The ICICI Bank scrip gained 1.65 percent to Rs 320.60, HDFC Bank was up 1.98 percent to Rs 1,056.20 and Axis Bank was up 2.88 percent to Rs 572.20 at the close of trade on the BSE, with the 30-share Sensex gaining 0.62 percent.

ICICI Bank stock price

On April 09, 2015, ICICI Bank closed at Rs 320.60, up Rs 5.20, or 1.65 percent. The 52-week high of the share was Rs 393.30 and the 52-week low was Rs 242.00.

The company's trailing 12-month (TTM) EPS was at Rs 18.81 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 17.04. The latest book value of the company is Rs 126.26 per share. At current value, the price-to-book value of the company is 2.54.

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Warburg sells 27% stake in Metropolis Healthcare

Commenting on the development, Metropolis Healthcare Ltd MD & CEO Ameera Shah said, "Warburg Pincus invested in the company in 2010 and after nearly five years of support, sold its shares for handsome returns. "The shares have been acquired by me and my family. We are very excited about the new phase of growth."

Warburg Pincus has sold its 27 percent stake in Metropolis Healthcare Ltd to the latter's promoter, the Shah family, for an undisclosed amount.

Warburg Pincus had picked up a stake in Metropolis Healthcare, which is India's leading pathology chain with presence in the UAE, Sri Lanka, South Africa, Kenya, Mauritius and Ghana, in 2010. After nearly five years of support, it has decided to sell its stake to the promoters, a company statement said today.

Commenting on the development, Metropolis Healthcare Ltd MD & CEO Ameera Shah said, "Warburg Pincus invested in the company in 2010 and after nearly five years of support, sold its shares for handsome returns. "The shares have been acquired by me and my family. We are very excited about the new phase of growth.

The company is now supported by eminent independent directors and I am backed by other marquee investors and eminent industrialists". "The relationship with Warburg Pincus was mutually beneficial for the investor and the company. With the new shareholding structure, Metropolis will take an even more aggressive path," Shah said in a statement here.

Warburg Pincus India Private Limited's Managing Director Niten Malhan said, "The decision to invest in Metropolis in 2010 was based on our thesis that demand for and growth trends in medical diagnostics will continue and that Metropolis is well positioned to benefit. "We are pleased to have partnered Metropolis during its critical growth phase. Metropolis, through its innovative vision and focused business acumen has now metamorphosed into one of India's leading pathology specialists and has created immense value for all its partners," he said in the statement.

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Biocon gets approval for insulin Glargine in Mexico

The company's insulin Glargine has been approved by Cofepris, the Mexican health authority, through its Mexican partner PiSA Farmaceutica (PiSA), Biocon said in a statement.

Biotechnology major  Biocon has received approval for its insulin Glargine from the Mexican health authority.

The company's insulin Glargine has been approved by Cofepris, the Mexican health authority, through its Mexican partner PiSA Farmaceutica (PiSA), Biocon said in a statement. Galactus by PiSA is the first insulin Glargine to be approved in Mexico as per the biocomparable approvals pathway defined in 2012, it added.

Commenting on the development, Biocon Chairperson & MD Kiran Mazumdar-Shaw said: "Our insulin Glargine, will now enable access to a basal insulin which will further expand the diabetes management therapy for patients in Mexico." Biocon currently has marketing approvals in over 60 countries for rh-Insulin and in over 20 countries for insulin Glargine, the company said. "We are extremely excited to partner with Biocon to introduce Galactus, the long acting insulin glargine in Mexico, which has a disease prevalence of 12 per cent, the second highest in the world," PiSA Group Executive Vice President Lic. Santiago Alvarez Vega said.

"We hope to enable the government to bring down its per capita expenditure on diabetes with the use of this cost effective, high quality biocomparable insulin Glargine," he added. The combined market for insulin Glargine in Mexico is estimated to be in excess of USD 40 million, Biocon said. Shares of Biocon today closed at Rs 468.90 on BSE, down 3.37 per cent from previous close.

Biocon stock price

On April 09, 2015, Biocon closed at Rs 468.90, down Rs 16.35, or 3.37 percent. The 52-week high of the share was Rs 553.70 and the 52-week low was Rs 402.45.

The company's trailing 12-month (TTM) EPS was at Rs 20.01 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 23.43. The latest book value of the company is Rs 120.84 per share. At current value, the price-to-book value of the company is 3.88.

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Flipkart ramps up logistics; partners with Mum's dabbawalas

Tapping on the country's renowned supply chain, online marketplace Flipkart today said it has tied-up with the 'Dabbawalas' of Mumbai to ensure last mile delivery to consumers. It is also experimenting with a crowd-sourced delivery model that will connect local sellers and buyers with the help of voluntary delivery personnel, reducing delivery time.

The move comes amidst growing competition among e-commerce firms such as Flipkart, Snapdeal and Amazon, who are ramping up their logistics and delivery network to build a sound last mile delivery channel to beat rivals in gaining a dedicated customer base.

"Dabbawalas have been in the profession of transporting lunch boxes with absolute precision for more than 120 years. They are a huge inspiration on how to conduct business without any paper or administrative back-up to keep the costs down," the Bangalore-based firm said in a statement. The firm has partnered with one union of the dabbawalas.

As a partner to eKart, the unique community of Dabbawalas will initially collect Flipkart marketplace shipments from the delivery hubs and deliver it to customers, while picking their dabbas, it added. At present, the person who will be part of this pilot will be involved in the last mile delivery and will not communicate with seller or merchant. "The first batch of Dabbawalas have undergone training at Flipkart's delivery centres.

At this stage, they will be using a paper-based tracking system with the idea being to gradually train them on the usage of apps and other wearable tech," it added. Flipkart's crowd-sourcing model has delivery personnel on a specialised delivery programme, post extensive background verifications, and they are free to take up deliveries as per their convenience, the firm said. It will reduce the delivery process by enabling these personnel to directly collect the package from the local seller and deliver it to the buyer, a step that will reduce order to delivery time to as little as three to four hours.

At present the pilot is operational in Bangalore and the service is currently available for shipments of less than Rs 5,000 value. Flipkart today also announced the appointment of Peeyush Ranjan as Senior Vice President and Head of Engineering. Previously, he also managed Motorola's Value Devices engineering group and was Managing Director of Google India for research & development.

He will work closely with Mukesh Bansal, Head of Flipkart Commerce Platform and the Commerce Platform's leadership team. The appointment comes shortly after Punit Soni joined Flipkart as Chief Product Officer. He was a senior product management executive for Google and Motorola.

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IFCI Ltd. now a Government company

Government of India has paved the way for IFCI Ltd ., the country's oldest Financial Institution, to become a Government Company with effect from ih April, 2015 by acquiring 6 Crore Preference Shares of Rs. 10 each of IFCI from certain Public Sector Banks.

A 'Government Company' is defined in section 2(45) of the Companies Act, 2013 as a company in which not less than fifty one per cent of the paid-up share capital is held by central government, or by any state government or governments, or partly by the central government and partly by one or more state governments and it includes a company which is a subsidiary of a government company defined thus IFCI Ltd. was set up in 1948 as Industrial Finance Corporation of India, a Statutory Corporation to provide medium and long term finance to industry.

IFCI was provided access to low-cost funds through SLR Bonds guaranteed by the Government of India, which in turn enabled it to provide loans and advances to corporate borrowers at concessional rates. After repeal of IFCI Act in 1993, IFCI became a Public Limited Company registered under the Companies Act, 1956. It became a Government controlled company subsequent to acquisition of equity shareholding to the extent of 55.53 percent by Government of India by December, 2012. With the acquisition of the said Preference Shares, Gal increased its holding from 47.93 percent to 51.04 percent of the total paid-up share capital.

As a result, IFCI Ltd. has become a 'Government Company' as per the provisions of the Companies Act, 2013. IFCI Ltd. is also registered with the Reserve Bank of India (RBI) as a systemically important non-deposit taking
Non-Banking Finance Company (NBFC-ND-SI).

The primary business of IFCI is to provide medium to long term financial assistance to the manufacturing, services and infrastructure sectors. Through its subsidiaries and associate organizations, IFCI has diversified into a range of other businesses including broking, venture capital, financial advisory, depository services, factoring etc. As part of its development mandate, IFCI was one of the promoters of National Stock Exchange (NSE), Stock Holding Corporation of India Ltd (SHCIL), Technical Consultancy Organizations (TCOs) and social sector institutions like Rashtriya Gramin Vikas Nidhi (RGVN), Management Development Institute (MOl) and Institute of Leadership
Development (ILD).

In order to promote entrepreneurship among the scheduled castes and to provide concessional finance to them, IFCI Group has been entrusted with the setting up of a 'Venture Capital Fund for Scheduled Castes' of the Government with an initial capital of Rs. 200 crore, which can be supplemented every year. IFCI has also been provided another RS.200 Crore for' Credit Enhancement Guarantee Scheme for Scheduled Castes' Entrepreneurs' under the sponsorship of the Government.

Recently, CARE Ratings have upgraded the rating assigned to debt instruments of IFCI upward from "CARE A" to "CARE A+" for long term borrowings, from "CARE A1" to "CAREA1+" for short term bank facilities and Commercial Papers and from "CARE A-" to "CAREA" for Subordinate Bonds.

After becoming a Government Company, IFCI is now better equipped to participate in the Country's growth movement by lending to diversified industries and thus contribute its share towards making 'MAKE IN INDIA' programme a success.

IFCI stock price

On April 09, 2015, IFCI closed at Rs 35.25, up Rs 0.45, or 1.29 percent. The 52-week high of the share was Rs 44.90 and the 52-week low was Rs 24.55.

The company's trailing 12-month (TTM) EPS was at Rs 3.44 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 10.25. The latest book value of the company is Rs 40.42 per share. At current value, the price-to-book value of the company is 0.87.

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NMDC keeps April iron ore prices unchanged

In February, the miner had slashed rates by Rs 450 a tonne in lumps and Rs 300 a tonne in fines.

State-run  NMDC has kept iron ore prices unchanged for April after stiff price reductions in the last two months. In March, the company had reduced prices by Rs 300 per tonne of lumps or higher grade iron ore and by Rs 500 per tonne in fines to fix the prices at Rs 3,250 a tonne for lump ore and Rs 2,460 a tonne for fines in the current month. NMDC revises the price of its produce every month.

Though it did not state any reason for keeping the prices unchanged, but according to market insiders, the company is hoping for a spike in demand from local steel makers. In February, the miner had slashed rates by Rs 450 a tonne in lumps and Rs 300 a tonne in fines. Compared to April last year, NMDCs prices are lower by Rs 1,250 per tonne for lumps and Rs 450 a tonne for fines.

After holding the price of iron ore for July-October period, NMDC had reduced the rate of lumps by Rs 200 per tonne for November. Again in December, it reduced the price of lumps by Rs 200 per tonne and Rs 100 per tonne for fines. January prices were kept unchanged.

Following a tumble in global prices and ban on mining activities, India's iron ore imports jumped manifold to a record 15 million tonnes in the financial year 2014-15. In 2013-14, the imports were merely 3.2 lakh tonnes and the galloping rise has been a concern for the sector. In the April-December period the company's sales and production took a beating by over 13 per cent.

However, the full figure of 2014-15 fiscal year is yet to be announced.

NMDC stock price

On April 08, 2015, NMDC closed at Rs 130.30, up Rs 0.40, or 0.31 percent. The 52-week high of the share was Rs 196.15 and the 52-week low was Rs 123.00.

The company's trailing 12-month (TTM) EPS was at Rs 17.75 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 7.34. The latest book value of the company is Rs 75.64 per share. At current value, the price-to-book value of the company is 1.72.

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E-commerce to cross biz worth USD 16bn in India by 2015-end

The 'Future of e-Commerce: Uncovering Innovation' study reveals that the digital commerce market in India has grown steadily from USD 4.4 billion in 2010 to USD 13.6 billion in 2014 and likely to touch USD 16 billion by the end of 2015

E-commerce has emerged as India's new sun-rise industry and is set to cross business worth USD 16 billion by the end of 2015, a joint study by ASSOCHAM-Deloitte said.

The 'Future of e-Commerce: Uncovering Innovation' study reveals that the digital commerce market in India has grown steadily from USD 4.4 billion in 2010 to USD 13.6 billion in 2014 and likely to touch USD 16 billion by the end of 2015 on the back of growing internet population and increased online shoppers. It said online travel accounts for nearly 61 percent of e-commerce business while e-tailing contributes about 29 percent.

Stating that e-commerce players from the US, Europe and Japan are seeing slower growth in home markets, ASSOCHAM quoting the study, said they are increasingly looking to enter developing economies of India, Brazil and China which have forecast growth rates of more than 20 percent over the coming years.

The most popular e-commerce categories are non-consumable durables and entertainment related products, highlighted the joint study. "The greater adoption of Internet and smartphones is the biggest driver of e-commerce in India," ASSOCHAM Secretary General D S Rawat said.

Internet penetration is rapidly increasing with around 300 million users in 2014, he said, adding, "The smartphone is steadily growing and consists of 35 percent of the overall mobile phones market in the country and success rate of some of the technologies is directly connected to the success of e-commerce." The study also states that the e-commerce companies are concentrating their efforts on increasing the penetration of their mobile apps for higher growth, adding that big players in this space claim to have more than 50 percent of their revenue coming from mobile apps.

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