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Cement dispatch growth continues to stay tepid: ICICIdirect

Written By Unknown on Senin, 30 September 2013 | 20.07

Sep 30, 2013, 06.12 PM IST

All-India cement dispatch growth continues to remain tepid due to sluggish demand from the housing and infra segments on account of key issues like rising cost of capital, land acquisition & clearances and unavailability of key raw materials like coal for the manufacturing industry: ICICIdirect.

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Cement dispatch growth continues to stay tepid: ICICIdirect

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Cement dispatch growth continues to stay tepid: ICICIdirect

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Cement montly sector update for Sept 2013 by ICICIdirect.com

"All-India cement prices rose in September breaking the two-month downward trend after prices touched a yearly high of Rs 308/bag in June. All-India average prices settled at Rs 299/bag in September vs. Rs 293/bag in August. All major companies adopted aggressive price hike strategies, which led to prices rising by as much as by Rs 50-60/bag in certain markets from the monthly lows. Southern markets fired up the pricing trend with average price in these markets rising by Rs 26/bag taking the region's average to a yearly high of Rs 335/bag. The other region, which led the price hike was the western region where prices rose by Rs 15/bag taking the region's average price to Rs 309/bag. The northern region saw prices rising by Rs 10/bag to Rs 280/bag. However, the eastern & central markets continued to be laggards where prices fell continuously for the third month in a row. Demand at the moment is sagging and the recovery trend also looks uncertain across markets barring some northern markets. With this reversal in the pricing trend, all-India average cement prices stood at Rs 299/bag, a rise of ~Rs 6/bag MoM. On a YoY basis, prices are up by Rs 13/bag. According to dealers, prices will continue to rise as demand recovery is expected in certain pockets."

Earnings disappointment to continue; remain cautious: "All-India cement dispatch growth continues to remain tepid due to sluggish demand from the housing and infra segments on account of key issues like rising cost of capital, land acquisition & clearances and unavailability of key raw materials like coal for the manufacturing industry. Also, government led demand push growth remained muted. The operating environment continues to remain challenging for the sector both in terms of poor demand and high cost structure. We believe the premium valuations of a few large cap cement companies like Ambuja Cements and UltraTech Cement are unjustified given the present situation. However, the higher replacement costs and market leadership of these companies are keeping them at rich valuations. We remain positive on select midcap companies due to attractive valuations on an EV/tonne basis," says ICICIdirect.com research report.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

20.07 | 0 komentar | Read More

Subh Tex IPO: Fishy promoters lacking corporate governance

Though STIL is more than a 25-year-old company and claims to have got ISO 9001 certification, its financial track record is far from impressive.

IPO scan by VS Fernando

If final offer document is not uploaded even on the day of IPO opening by the market regulator, designated stock exchange, lead manager and the issuer, imagine what would be the quality of the issue. This is what has happened to the Mumbai-based Subh Tex (India) Ltd (STIL).

The Offer

The 1987-registered STIL is making a fresh public issue of 35 lakh shares of Rs 10 each at par. The issue is lead managed by a little known Hyderabad-based merchant banker, Basan Financial Services, who has underwritten 15% of the issue. The lead manager's associate, Basan Equity Broking, who is also acting as a `market maker', has underwritten as much as 85% (Rs 2.98 cr). The IPO is to be listed on the SME platform of BSE. The entire net issue proceeds (Rs 3 cr) is earmarked for long term working capital.

Also Read:

Poor Governance

The issue advertisement claims that the IPO will remain open between September 30, 2013 and October 7, 2013. However, the offer document with an issue date is yet to be found anywhere. What is available in the BSE's website is the draft prospectus dated July 13, 2013 which does not specify the issue date!

Neither the company's site nor the lead manager's has the final issue prospectus. As per the draft document, the company's registered office is located at Dhobi Talao Lane, Mumbai - 2 and Jitendra Tiwari is designated as "Company Secretary and Compliance Officer". However when tried to contact the compliance officer at the address given in the draft offer document, neither the company secretary nor any director was available at the registered office!

The registrar to the IPO, Sharepro Services, directed the caller to the merchant banker in Hyderabad. Interestingly, the designated merchant banker's representative, V R Amitkumar, too was not available for any clarification! The merchant banker's office directed the query to another 'compliance officer', Nikhil Agarwal, who promised to make the company management answer the IPO-related queries but could do nothing. Looking at the quality of BSE-SME IPOs, one wonders whether the country has any regulator to control capital issues!

Unassuming Track

Though STIL is more than a 25-year-old company and claims to have got ISO 9001 certification, its financial track record is far from impressive. The company's fixed asset has been almost static around Rs 6 crore for six years. Whereas its trading turnover has steadily increased from less than Rs 3 crore in fiscal 2008 to over Rs 33 crore in fiscal 2013, the company's manufactured-sales declined from Rs 16 cr in 2008 to less than Rs 10 cr in 2013. What's more, a significant amount of trading turnover comes from related parties.

Even on a turnover of Rs 45 cr in the first ten months of fiscal 2013, it could net a profit of only Rs 18 lakh. This gives an EPS of 29 paise on the existing equity (Rs 7.5 cr) and 20 paise on the post-IPO Equity (Rs 11 cr). The company claims to have reserves of more than Rs 8.75 cr against which it has contingent liabilities to the tune of Rs 3.75 cr pertaining to excise and income tax dispute. As against the sales of Rs 45 cr in January 2013, debtors stood at over Rs 22 cr of which Rs 13 cr were outstanding for more than six months. The company has never paid dividend in its 25-years history, nor has it managed to have own registered office!

Fishy Promoters

The promoters of STIL have been changed twice. The company was originally incorporated as Ravi Synthetic by M/s. Devanad Aswani, Shyam Chawla, Gulab Majithia and Hansa Majithia. The company was taken over by Vinay Poddar and Ashok Gupta of Santowin fame in 1991. The present promoters, Shradha Gupta and Santosh Kumar Saraf, took over the company only a year ago, in July 2012. Interestingly, Vinay Poddar, who resigned from the company as director, has re-joined as a CEO!

According to the draft document, the promoters do not have any experience or background in manufacturing of suiting or shirting. If they do not have any experience, why are they venturing into an untested field? It is interesting to note here that the present promoters of STIL are actually relatives of the promoters of Santowin Corporation - a BSE listed company.

Santowin has a close working relationship with STIL which shows that the former promoters of STIL have not severed their ties with the company managed by their relatives. Then, why Santowin's Guptas are distancing from STIL? Well, when Santowin's shares are going at a heavy discount (Re 1 paid-up is quoting at 48 paise) on BSE, how can they convince the investing public to subscribe to Subh Tex?

20.07 | 0 komentar | Read More

Why ICICIdirect upgraded Infotech Enterprises to 'Buy'

ICICIdirect.com's report on Infotech Enterprises

"Infotech Enterprises, revenue growth may top 2-3 percent led by growth across all businesses except aero. Aero could decline QoQ due to softness in two large customers led by their internal reorganisation. However, we expect this to be a quarterly blip & normal growth (3-4 percent CQGR) could resume going into Q3, as lost revenues (~USD10 million) have been back-filled. Overall, we believe revenue traction could improve due to 1) general pickup in Infotech's services, 2) improving execution, 3) refilling of lost revenues and 4) non-linear revenue contribution. We are raising estimates, target price (led by earnings, target multiple revision) and upgrading Infotech to BUY."

"We expect revenues, EPS to grow at 12 percent, 11 percent CAGR during FY13-15E vs. 10 percent, 5 percent earlier, led by factors discussed above. Earnings revision coupled with a higher multiple (9x, 10 percent discount to its FY09-13 average, vs. 7.8x used earlier) leads to a target price revision, which now stands at Rs 225 vs. Rs 175 earlier," says ICICIdirect.com research report.

Also Read: IB Infotech Enterprises: Outcome of AGM

20.07 | 0 komentar | Read More

Newever Trade IPO: On a wing and a prayer?

One and a half year-old Kolkata-registered Newever Trade Wings (NTW) is floating Rs 6.32 cr IPO through BSE-SME at par. On the face of it, NTW may not look extraordinary. But, the promoters' background, group company stock's recent meteoric rise on BSE and the behind-the-scene moves do suggest that the Kayans of Kolkata are out for a bigger game!

IPO scan by VS Fernando

Newever Trade Wings: Conning promoters exploiting exchange's incompetence or friendly Regulators acting hand-in-glove with fly-by-night operators?

One and a half year-old Kolkata-registered Newever Trade Wings (NTW) is floating Rs 6.32 crore IPO through BSE-SME at par. On the face of it, NTW may not look extraordinary. But, the promoters' background, group company stock's recent meteoric rise on BSE and the behind-the-scene moves do suggest that the Kayans of Kolkata are out for a bigger game!

Lousy Fundamentals

For a company engaged in just trading (of iron & steel products), NTW's equity base is already large at Rs 17.62 crore. In fact, the company's present turnover is much lower than its equity. The capital is now proposed to be increased to Rs 23.95 crore. The entire net issue proceed is earmarked for long term working capital.

How will they service such a relatively large capital base? For the year ended March 2013, the company posted a profit of less than Rs 4 lakh (EPS being 2 paise). The promoters do not have any proven business model to reward the investors by way of dividend. However, they seem to have all tricks to get exorbitant quotes for their group company's stock on BSE!

Operationally, of the Rs 17.62 cr already raised as capital by NTW, as much as Rs 10.68 cr is locked in trade debtors. Interestingly, the company's entire sales in fiscal 2013 were converted into debtors! Another Rs 5.32 cr has been advanced to a group company, Dunhil Trader Private Ltd, whose financials are not disclosed in the offer document.

Promoter-company is a commission agent. Group companies viz Dunhil Trader, Sharp Trading and Trinity Tradelink all sound like trading companies with no credible track record to boot. Also, Sharp Trading is already listed on BSE. Why then need one more trading company in the listed domain?

Public stake via private placements!

Of late, Kayans are indeed on an acquisition spree. They have a holding company in the name and style of Dunhil Healthcare Private Ltd (DHPL) incorporated in August 2009. The name sounds like a pharma company but, actually, its main income is "commission"! In fiscal 2012, this company had just Rs 1 lakh equity and its reserves were worth just Rs 2000! Revenue and profit too were negligible at Rs 16000 and Rs 700 respectively. Early next fiscal DHPL's capital was enhanced to Rs 12 lakh and its reserves bulged to more than Rs 11 cr! Obviously, the promoters pumped in unjustifiably high premium. Even after infusing more than Rs 11 cr, the company's revenue was still pathetic at Rs 5.27 lakh on which it netted a profit of Rs 44,000 in fiscal 2013.

The company which is now going public, NTW, was originally incorporated by M/s Goutam Singh and Sanjay Gupta in April 2012 as Newever Infrahomes Ltd. Strangely, in the very next month DHPL acquired this company and changed the name to the present one. Whereas DHPL subscribed to only 50 lakh shares at par amounting to Rs 5 cr, which is just 28.37% of the equity, more than 70% (12.42 cr) was subscribed by about 850 individuals. When private placements are banned in this country how did Kayans rope in so many public shareholders?

Group fairytale goes unchecked by BSE

The shares of 1985-incorporated Sharp Trading and Finance Ltd (STFL) have been listed on the BSE for more than two and a half decades. STFL has no credible financial record to speak about. At the end of fiscal 2013, it reported just Rs 2.88 lakh revenue on which it incurred Rs 18.72 lakh loss! Against its tiny capital of Rs 24.50 lakh the accumulated loss stood at Rs 49.08 lakh. In other words, STFL is a fit case for BIFR! Yet, the Rs 10 paid-up stock is currently quoting, hold your breath, over Rs 900!

How an illiquid 'BIFR candidate' with a minuscule shareholder base about 200 is commanding such a fabulous price? This amply demonstrates that our regulators do not have a mechanism to curtail price manipulations. In fact the various moves that the Kayans have made without any regulatory hurdle in the past two years gives an impression that the regulators are either thoroughly incompetent or they are acting hand-in-glove with the promoters.

After twenty-five years of existence the Mumbai-registered STFL officially changed its name to Omnitech Petroleum Ltd in April 2011 for reasons best known only to them which BSE promptly refused to acknowledge. Thus, while the ROC records incorporated the new name, BSE continued to have the old name.

In April 2012, Kayans-controlled DHPL entered into a Share Purchase Agreement with the previous promoters of STFL, M/s. Kamal Kishore Gokal Chand Gupta, Gaurav Vishnukumar Gupta, Vikas Kamal Kishore Gupta, Vishnukumar Gokal Chand Gupta, Babulal Mulchad Varma, Rajendra Mulchand Varma, Tarachand Mulchand Varma and Bajarangbali Mulchand Varma and acquired 1,66,962 equity shares of Rs. 10 each representing 68.15% of the paid-up equity capital at a price of Rs. 185 per share for a consideration of Rs.3.09 cr. Besides acquiring the majority control of the company through the share purchase agreement, DHPL also made open offer in June 2012 and mopped up additional 11,900 equity shares thereby taking its aggregate holdings to 73%.

The following questions arise here: On what basis did the Kayans pay Rs 185 for a loss making share whose net worth was negative? What was the motive behind the take over? Also, when they already have a trading company in the listed domain, why float a second company, NTW, public that too for same business?

Pushing m-cap from Rs 22 cr to Rs 2400 cr at one stroke!

Continuing their acquisition spree in the field of trading the Kayans recently took over another company called Trinity Tradelink Ltd (TTL). Incorporated in May 2007 in West Bengal and engaged in the business of trading of jute, tea and other agri-products, the company's registered office was shifted to Mumbai in May this year. Even though this company has reported a turnover of more than Rs 35 cr for fiscal 2013, net profit was just Rs 5 lakh! As compared the listed STFL's tiny equity of Rs 24.50 lakh, the closely-held TTL has a large equity of over Rs 26 cr (reserves being less than Rs 10 lakh). Intriguingly, Kayans hold only less than 35% of TTL's equity while more than 65% (Rs 17.11 cr) is held by the public! How did the public get nearly two-thirds of the closely-held company's equity? Was there any private placement in TTL too?

The STFL-TTL merger was formalized only couple days ago through a postal ballot consequent to which STFL's name is being changed to Trinity Tradelink Ltd. The merged entity TTL will have an equity base of Rs 26.25 cr without a bottom line to support. But, that has not deterred the share price. The Rs 10 paid-up stock is currently ruling around Rs 915 logging a market capitalization of more than Rs 2400 cr! When many a dividend-bearing blue chip is going at a discount to its book value, who is interested in STFL at an absurd valuation? Will BSE give an explanation how such manipulations are allowed to take place on the exchange? There is already no dearth of scams in this country. When regulators become silent spectators, crooked promoters have field day!

20.07 | 0 komentar | Read More

Rahul Gandhi meets industrialists

Written By Unknown on Minggu, 29 September 2013 | 20.07

Congress Vice President Rahul Gandhi today met a small group of industrialists including RP-Sanjeev Goenka Group chairman Sanjiv Goenka and banker Shikha Sharma.

Others who were part of the meeting include Bengal Ambuja Housing Development Ltd MD Harshavardhan Neotia and former Hindustan Unilever CEO Nitin Paranjpe. Sharma is CEO of Axis Bank. While none of the participants were available for comments, sources privy to the meeting said Gandhi met this small group at his residence this morning and perhaps was his first interaction with industrialists and businessmen.

Also Read: Why blame Rahul when MMS has chosen to play doormat?

Besides the current state of economy, Gandhi may have discussed FDI in retail with the participants, most of whom are or were connected with retailing at one point or the other.

RP-Sanjeev Goenka Group owns the Spencer's Retail chain which is a multi-format retailer present across the country, selling electronics, home and office essentials, garments and fashion accessories, toys, and personal care items. The company is planning to open about 80 large format stores by 2017.

20.07 | 0 komentar | Read More

Fundamentals strong; growth to improve in second half: PM

Asserting that the fundamentals of the Indian economy are strong, Prime Minister Manmohan Singh has said GDP will improve in the second half of fiscal 2013-14 and that the government is commitment to get back to a sustainable growth rate of 8-9 percent.

Addressing investors here, Singh said the government will contain the fiscal deficit at 4.8 percent of GDP and work towards achieving the medium-term objective of reducing the current account deficit (CAD) to 2.5 percent of GDP.

"The results of our efforts will be visible in the second half of the year. We expect stronger growth in 2013-14 than in 2012-13. The second half of the year should see a distinct turnaround, partly because of the good monsoon and partly because of the steps we have taken," he said.

The Indian economy grew at a four-year low of 4.4 percent in the April-June quarter. In 2012-13, it clocked a decade low level of growth at 5 percent.

"It is a fact that our growth rate has slowed down. We grew at an average of about 8 percent for a decade. Last year, our growth rate dipped to 5 percent. To some extent, this reflects the slowdown in the global economy and in all emerging markets," Singh said.

The government, he said, is committed to getting India back to a sustainable growth path of 8-9 percent.

"The fundamentals of the Indian economy remain strong...Our forex reserves stand at over USD 270 billion and are more than sufficient to meet India's external financing requirements," Singh said.

20.07 | 0 komentar | Read More

Accenture expects revenue of $7-7.3 bn in Sept-Nov quarter

Global technology services and consulting company Accenture expects revenue in the September-November quarter to be in range of USD 7-7.3 billion. For fiscal September-August 2014, the firm has forecast revenue growth of 2-6 percent.

The firm reported a 4 percent increase in revenue to USD 7.1 billion for the fourth quarter of fiscal 2013 from a year earlier, while revenue for the entire fiscal climbed 3 percent to USD 28.6 billion.

"Accenture expects net revenues for the first quarter of fiscal 2014 to be in the range of USD 7-7.3 billion," it said in a release. "For fiscal 2014, the company expects net revenue growth to be in the range of 2-6 percent in local currency."

The company estimates operating cash flow in fiscal 2014 to be in the range of USD 3.6 billion-3.9 billion, property and equipment additions to be USD 400 million and free cash flow at USD 3.2 billion-3.5 billion.

Operating cash flow was USD 3.3 billion and free cash flow was USD 2.9 billion in fiscal 2013.

"We remain focused on investing to further differentiate our industry, technology and business process capabilities, particularly in digital marketing, mobility, analytics and cloud," Accenture Chairman and CEO Pierre Nanterme said.

Accenture is targeting new bookings for fiscal 2014 in the range of USD 32-35 billion against new bookings for fiscal 2013 of USD 33.3 billion.

20.07 | 0 komentar | Read More

Heavy rainfall expected in north Gujarat, south Rajasthan

The withdrawal line of southwest monsoon continues to pass through Kalpa, Hissar, Jodhpur and Nalia. Isolated rain and thundershowers are expected to bring down temperatures in Jammu & Kashmir, Himachal Pradesh, Uttarakhand and Haryana. South and east Rajasthan is likely to receive light to moderate rain at few places, keeping the mercury near normal. A predominantly cloudy sky with chances of light rain will not allow the maximum temperature in the national capital to rise above 33 degrees.

The upper air cyclonic circulation over north Bay of Bengal and neighbourhood extending up to mid tropospheric levels still persists. Under its influence, a low pressure area will develop over Bay of Bengal leading to thundershowers in West Bengal and Orrisa. Jharkhand and north eastern states may receive light to moderate rain. Temperatures are expected to drop by a couple of notches after 48 hours in the north eastern states.

An upper air cyclonic circulation still lies over north Gujarat and adjoining south Rajasthan, and is expected to bring heavy rainfall in this region. Day temperatures of Gujarat will rise significantly as rainfall succumbs. Chhattisgarh will also receive moderate rainfall in the next 24 hours.

The southern peninsula will remain mainly dry due to the absence of any significant low pressure system. Nevertheless, isolated light rain is a possibility in coastal Andhra Pradesh. Temperature will rise by a couple of degrees in coastal Andhra Pradesh. While, it will remain near normal in interior Karnataka and Tamil Nadu. Bangalore, as always will remain comfortable with maximum and minimum temperatures at 29 and 20 degrees respectively.

By: Skymetweather.com

20.07 | 0 komentar | Read More

Heineken sewn up in Chinese trademark tangle

Written By Unknown on Sabtu, 28 September 2013 | 20.07

China became the world's copycatting centre by faking everything from Louis Vuitton bags and PhD diplomas to Apple stores. Now Heineken has become the latest multinational to face an intellectual property challenge - from a tiny Chinese sewing machine company.

The global brewer has accused Wujiang Xili Machinery Factory, a company from Jiangsu province with fewer than 50 employees, of pirating its name and logo, and using them at a Shanghai trade show this week.

The case comes as China comes under continuing pressure from the US, Europe and Japan to improve its intellectual property record.

Apple last year agreed to pay USD 60 million to Proview Technology (Shenzhen) to end a long-running iPad trademark dispute as it was preparing to unveil the third generation of its tablet in China. Michael Jordan, the retired US basketball star, is also embroiled in a case with Qiaodan, a sportswear company with thousands of stores in China, in which he says the company illegally used his Chinese name on their garments.

China this month amended its trademark law in ways that lawyers say will make it easier for foreign companies to protect their trademarks. The new law, which takes effect in May, will raise the penalty for trademark infringement and increase the burden on a defendant to prove that an application was made in good faith.

Geoffrey Lin, a lawyer at Ropes & Gray, said China has become "more consistent" in the application of its intellectual property laws. But he said foreign companies still face a lot of "hijacking" where local companies register trademarks that resemble those of a multinational before the foreign firm can do so - in a process akin to people buying internet domains that use the names of big companies.

Earlier this year, China's State Administration for Industry and Commerce ruled that Wujiang Xili acted in "bad faith" in applying to register two Heineken names. But the company registered a third version, which the brewer has petitioned to have cancelled.

Joe Simone, a partner at SIPS, a Hong Kong intellectual property firm that is acting on behalf of Heineken, said piracy had serious ramifications for foreign companies.

"A pirate that steals your trademark can effectively stop you from entering the PRC [People's Republic of China] market and using Chinese factories to produce goods for global distribution," said Mr Simone.

Cai Fufeng, Wujiang Xili's legal officer, said the Jiangsu company had not acted in "bad faith". He said the logo was designed by an outside party, and that the trademark registration had not breached Chinese law.

Asked if the logos were alike, he said: "Heineken didn't show me their trademark, so I don't know whether ours looks similar."

More News From Financial Times
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Companies diary: August 19 - August 25
Heineken boosted by Finnish drinks deal

20.07 | 0 komentar | Read More

Rahul Gandhi meets industrialists

Congress Vice President Rahul Gandhi today met a small group of industrialists including RP-Sanjeev Goenka Group chairman Sanjiv Goenka and banker Shikha Sharma.

Also Read: Why blame Rahul when MMS has chosen to play doormat?

Besides the current state of economy, Gandhi may have discussed FDI in retail with the participants, most of whom are or were connected with retailing at one point or the other.

20.07 | 0 komentar | Read More

Accenture expects revenue of $7-7.3 bn in Sept-Nov quarter

Operating cash flow was USD 3.3 billion and free cash flow was USD 2.9 billion in fiscal 2013.

Accenture is targeting new bookings for fiscal 2014 in the range of USD 32-35 billion against new bookings for fiscal 2013 of USD 33.3 billion.

20.07 | 0 komentar | Read More

Fundamentals strong; growth to improve in second half: PM

The Indian economy grew at a four-year low of 4.4 percent in the April-June quarter. In 2012-13, it clocked a decade low level of growth at 5 percent.

The government, he said, is committed to getting India back to a sustainable growth path of 8-9 percent.

"The fundamentals of the Indian economy remain strong...Our forex reserves stand at over USD 270 billion and are more than sufficient to meet India's external financing requirements," Singh said.

20.07 | 0 komentar | Read More

Tapering fear recurs, rupee may test 65/$: HDFC Bank

Written By Unknown on Jumat, 27 September 2013 | 20.07

Ahutosh Raina, HDFC Bank expects further weakness for the rupee in days to come. "With taper fears again hitting the markets which could happen as early as October, rupee seems to have bottomed out for this move," he adds.

Raina thinks rupee could test levels of 65-66/USD but not 68-69/USD very soon. It could see weakness but in small doses.

The rupee gave up some of it gains intraday and at one time was hovering around 62/USD levels.

Moreover, all the recent measures taken by RBI to curb the rupee fall seem to have been factored in the current price, he adds

Also read: Rupee's worst over for now; see it at 62-64/$ range, says BoA

Below is verbatim transcript of his interview on CNBC-TV18

Q: Could you tell us what has been the activity and what has led to this one percent intraday dip in the rupee?

A: The rupee has been consolidating of late in a very narrow range and we have seen lot of supply and demand getting netted-off against each other. Now with taper fears again hitting the markets which could happen as early as in October, I think rupee seems to have bottomed out for this move. So, we can expect some more weakness in the days to come.

Q: What is the downside? Can the rupee revisit 65-66/USD?

A: Quite possible.

Q: Would that be the cap for it or would the previous lows of 68/USD also come into picture?

A: For that we need to keep a watch on how the global risk factors pan out in the days to come. Whether the taper happens in October or not or whether it goes to December but as of now there is weakening bias. We can visit 65 but not 68-69 so soon. We can see some weakness but may be in small doses.

Q: On the back of few of the measures which have been announced by the RBI governor the likes of FCNR swap etc. We have seen the rupee manage to outperform couple of its emerging market currencies. Do you think from hereon the rupee is more likely going to track the performance of its other emerging market peers and no longer going to outperform?

A: Lot of those measures have been factored in the current prices. We have visited 61.75 which was the technical low. We have revisited that twice and it has not been able to break that level technically. Going by the global factors also and recent measures also we think everything has been priced in, in the current pricing.

Q: What about the equity market flows? If we continue to see robust inflows would that change your view a bit?

A: After the Fed FOMC, we saw good amount of equity flows but of late flows have dried up. We are not seeing substantial flows in the equities or in the debt. So, we are not expecting too many flows also to come in the near future.

Q: You spoke about 65, how soon could those levels come on the rupee?

A: It depends on a lot of factors. So, timeframe is very difficult at the moment.

20.07 | 0 komentar | Read More

IBLA Awards'13: Focus on economic challenges for India

At the jury round of the annual CNBC-TV18 India Business Leader Awards (IBLA), the discussion on our economic situations was in focus.

The jury was headed by Deepak Parekh, including other distinguished personalities like Kumar Mangalam Birla, Arun Maira, AM Naik, Naina Lal Kidwai, Bimal Jalan and Raghav Bahl, all of who expressed their views on the key challenges facing the Indian economy.

Also see: Highlights from the Financial Advisor Awards 2012-13

Below are the some of their comments:

KM Birla, Chairman, Aditya Birla Group: If you have 50 percent of this 78,000 MW of power projects actually starting to roll, I think that is a huge confidence booster. I think that the negative mood at least in industry will start to shift. We don't require a whole lot to be done. We're talking about clarity of policy and consistency of policy and execution. If industry believes that execution is beginning to happen, that projects are starting to roll again, that is a huge positive.

Arun Maira, Member, Planning Commission, said, "If we talk of investments from outside opening up doors more and more is not what's going to invite investment into this country. This country is already very open, but people look inside and say, my goodness I am going to get stuck in some muddle inside. So please make your system inside work and then money will come. India has a future, they can see that, but right now I am going to wait till you fix it."

Bimal Jalan, Former Governor, RBI: I would take into account the total macroeconomic situation. If you want to resolve the fiscal deficit issue then you must take into account the impact of fiscal deficit on Current Account Deficit (CAD), financing of CAD. It is not an easy task, so you have to always do certain amount of out-of-box thinking, particularly if things are not too good."

"The last couple of years have been most disappointing, because I thought from the 2008 crisis to 2010 we had done a good job of getting ourselves out through a strong stimulus programme," said Raghav Bahl, Editor-In-Chief, Network18:

However, in 2010 when I thought the government needed to withdraw, and allow other forces to takeover, essentially private investment and private enterprise - the government instead of doing that expanded its base, the balance sheet expanded. Along with that we saw this whole policy paralysis, but for me it was really a decision making paralysis. I don't think too many policies were stuck; it was just that the government was unable to take a lot of decisions. So in that sense governance and politics have been very disappointing in the last three years, Bahl added.

20.07 | 0 komentar | Read More

Nalwa Sons Investments: Outcome of AGM

Sep 27, 2013, 05.50 PM IST

Nalwa Sons Investments has informed that the 42nd Annual General Meeting (AGM) of the Company was held on September 27, 2013.

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Nalwa Sons Investments: Outcome of AGM

Nalwa Sons Investments has informed that the 42nd Annual General Meeting (AGM) of the Company was held on September 27, 2013.

Like this story, share it with millions of investors on M3

Nalwa Sons Investments: Outcome of AGM

Nalwa Sons Investments has informed that the 42nd Annual General Meeting (AGM) of the Company was held on September 27, 2013.

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Action in Nalwa Sons Investment

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Support for Nifty at 5800: Sharekhan

Sharekhan's Technical Report:

The Nifty closed in the negative today, down 49 points at 5833. Over the next couple of days it is expected to trend down till 5770. In this period the key support will be at 5800 and resistance will be at 5862.

Of the 50 stocks of the Nifty, Jindal Steel & Power and State Bank of India are expected to move down going forward.

The Nifty has completed a five-wave rise from 5118 to 6142 and is now expected to retrace the entire rally till the 40- weekly moving average (WMA), i.e. 5755. The short-term bias for the Nifty remains negative for a target of 5755 with reversal around 6150. The medium-term outlook for the Nifty remains positive because the index has retraced 61.8 percent of the previous rally from 4770 to 6229 and is trading above the 20-WMA and the 40-WMA, i.e. 5822 and 5755 respectively. The momentum indicator on the weekly chart has also given a positive crossover.

On the daily chart the index is trading above the 20-daily moving average (DMA) and the 40-DMA, i.e. 5784 and 5754 respectively. The momentum indicator is trading in negative mode.

On the hourly chart, the Nifty is trading below the 20-hourly moving average (HMA) and the 40-HMA, i.e. 5862 and 5884 respectively, which are crucial intra-day levels. The hourly momentum indicators have turned negative. The market breadth was negative today with 518 advances and 647 declines on the National Stock Exchange.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

20.07 | 0 komentar | Read More

Philanthropy has to be spontaneous, can't be forced: Premji

Written By Unknown on Kamis, 26 September 2013 | 20.07

Referring to the issue related to Corporate Social Responsibility (CSR), which has been made mandatory by the new laws that govern companies, IT czar Azim Premji today said philanthropy cannot be forced and it has to be spontaneous.

Also read: Companies to spend Rs 15,000-20,000 cr a year on CSR: Pilot

Premji, founder-Chairman of Wipro - India's third largest software services exporter added however that efforts towards social good need to be "meaningful" and the government alone is not responsible for "social good".

"They are trying to force something. It should be spontaneous," Premji said while commenting on the issue of mandatory CSR during his address at the All India Management Association's (AIMA) 40th national convention here.

The billionaire philanthropist added that giving back to the society is important for the growth of a better world, but it should come from within.

Premji said the stipulation of spending 2 percent of profits should not become a tax at a later stage.

Under the new Companies Act, 2013, all profitable firms with a sizable business will have to spend every year atleast 2 percent of three-year average profit on CSR works.

This would apply to companies with turnover of Rs 1,000 crore and more, or net worth of Rs 500 crore and more, or a net profit of Rs 5 crore and more.

The new rules, which would be applicable from fiscal 2014 -15, also require firms to set up a CSR committee of their board members, including at least one independent director.

However, Premji said: "If things have to change in the society then the involvement of the whole ecosystem is must. One cannot rely on government alone to do social good and one has to become a co-sharer of the goal and the outcome."

Outlining the key factors for making CSR successful, he emphasised on the need to define the purpose and scale of CSR activities and choose a focus area.

Premji, however, cautioned against making CSR a substitute for personal philanthropy.

"There should be a distinction between a company activity which is CSR and personal activity that is philanthropy," he added.

Known for his business acumen as well as philanthropy, Premji said the company's and entrepreneur's responsibility to the society are two different issues.

In 2010, Premji had donated 8.7 percent from his personal stock-holding in Wipro for philanthropy forming the endowment for the Azim Premji Foundation, a not-for-profit organisation set up in 2001.

In February, he announced transfer of 295.5 million Wipro shares worth Rs 12,300 crore held by certain entities controlled by him to an irrevocable trust.

20.07 | 0 komentar | Read More

Investment by FIIs under PIS - Incorporation in Caution List : M/s Multi Commodity Exchange of India Limited

The Reserve Bank of India has today notified that the aggregate net purchases of equity shares in M/s Multi Commodity Exchange of India Limited by Foreign Institutional Investors (FIIs) in the primary/secondary markets under Portfolio Investment Scheme (PIS) have reached the trigger limit. Hence, further purchases of equity shares of this company would be allowed only after obtaining prior approval of the Reserve Bank of India.

Ajit Prasad
Assistant General Manager

Press Release: 2013-2014/656

20.07 | 0 komentar | Read More

'Domestic airlines may have had Rs 10k cr losses in FY13'

The domestic airlines industry is estimated to have posted losses to the tune of over Rs 10,000 crore in the previous fiscal, nearly 18 percent down from a year ago, according to a report.

"Capa estimated India's airlines industry posted a combined loss of Rs 105 billion in the FY13, down from the approximately Rs 127 billion the previous year," aviation think-tank Centre for Asia Pacific Aviation (Capa) airlines IT services provider SITA said in a report.

The report was released during the day-long Aviation ICT Forum 2013 here.

Observing that more than 40 percent of these losses were incurred in the last quarter of 2012-13 fiscal alone, the report said, "This squandered the improved performance of the earlier three quarters."

The total industry turnover increased by 8.9 percent to Rs 54,000 in FY2012-13, the report said, adding: "The revenues from international operations increased by 4.1 percent during the year."

Terming the grounding of Kingfisher airlines as one of the most significant development for the industry in FY2012-13, which highlighted the challenging environment, the report said: "The cost environment remained hostile throughout the year with the weakness of the Indian rupee and continued high oil prices being the key challenges."

Even though Brent crude levels softened towards the end of the year, the depreciation of the rupee meant that carriers' fuel prices in India continued to rise, the report said.

20.07 | 0 komentar | Read More

Liquidity Adjustment Facility : Auction Result

The result of the RBI Reverse Repo (Evening) auction held today is as under:

Amount (face value in ` Billion)

Item		1 day Reverse Repo Auction (Sale of securities by RBI)
Item		6.50 % Fixed Rate
1. Bids received
(i)	Number	2
(ii)	Amount	3.18
2. Bids accepted
(i)	Number	2
(ii)	Amount	3.18

Ajit Prasad
Assistant General Manager

Press Release: 2013-2014/657

20.07 | 0 komentar | Read More

Tatas in race for Chennai, Kolkata airport projects

Written By Unknown on Rabu, 25 September 2013 | 20.08

Tata Sons is set to make another big splash in aviation after its recent foray with Singapore Airlines and Air Asia. CNBC TV 18 learns that Tata Group is likely to bid for 100% stake in two airport projects, i.e they are planning to bid for the government's stake in the Chennai and Kolkata airports.

The government had allowed privatisation of six airports in August this year. Tata group's interest in this clearly comes at an appropriate time, considering that the Tatas have announced their two airline joint ventures (JVs), one with Air Asia and one with Singapore Airlines recently.

Experts say that this airport foray will not only help them expand their base further but help them gain market share in the aviation space too. We further understand that Tata group may look at investing around Rs 2800 crore on brownfield expansion for these two projects, which include investments for their metro connectivity, and addition of new terminals too.

However, it's not only the Tata group which is eyeing these six airports. Along with Tatas, some already existing players, like Sahara and GVK are also planning to place their bids. They are all still seeking clarity on some issues — the exact share of revenues that they have to pay to the government is one of them.

The Tatas are also bidding for three greenfield projects namely, Goa, Jamshedpur and the Navi Mumbai airports. They have expressed interest for Goa and Jamshedpur, while the government is yet to invite bids for the Navi Mumbai airport.

So, clearly aviation seems to be the new focus for this group at this point of time.

20.08 | 0 komentar | Read More

Future Lifestyle to list next week

Kishore Biyani's fashion retail company, Future Lifestyle Fashion (FLF), will be publicly listed in a week's time. Company sources told CNBC-TV18's Farah Bookwala that FLF will be listing on the BSE and NSE on the 1st or 3rd October respectively.

FLF, which was created in November 2012 from the demerger of the lifestyle businesses of Future Retail and Future Ventures, will base its listing price on market discovery.

While Future Retail has valued Future Lifestyle at Rs 195 per share, the company is expecting the listing price to be broadly between Rs 170 and 200 per share, given the current economic sentiment.

Future Retail owns 20 percent of FLF shareholding and post the listing, foreign institutional investors (FIIs) will own at least 18%, say sources.

Also read: Big Bazaar Direct: Will it be a revenue churner for Biyani?

Notably, Singapore-based Arisaig Partners, which has stakes both in Future Retail and in Future Ventures, will own 7-8 percent post the listing in the company.

Future Lifestyle is expected to post a turnover of Rs 3,200 crore by March 2014 and an EBIDTA of 12 percent, taking the company significantly closer to its target of achieving a turnover of Rs 5,000 crore by FY15-end.

Meanwhile, company sources also told CNBC-TV18, that Future Lifestyle has offloaded their stake in ethnic brand BIBA. Sources did not disclose which PE player has picked up Future Lifestyle's 25.8 percent stake in the company.

Sources added that Future Lifestyle will also complete the sale of their 23 percent stake in Anita Dongre's AND Designs in 2-3 weeks. Both the deals will fetch Future Lifestyle Rs 450 crore, which will help it reduce its debt pile of Rs 1,400 crore.

20.07 | 0 komentar | Read More

RBI bans zero percent interest rate scheme for buying goods

The Reserve Bank of India today banned zero percent interest rate scheme for purchase of consumer goods, a move intended to protect customers but may dampen the festive spirit. The central bank has also said that no additional charges can be levied on payment through debit cards.

"In principle, banks should not resort to any practice that would distort the interest rate structure of a product as this vitiates the transparency in pricing mechanism which is very important for the customer to take informed decision," RBI said in a notification.

Also read: How financial inclusion is essential for inclusive growth

The very concept of zero percent interest is non-existent and fair practice demands that the processing charge and interest charged should be kept uniform product or segment wise, irrespective of the sourcing channel, such schemes only serve the purpose of alluring and exploiting the vulnerable customers, it said.

In the zero per cent EMI schemes offered on credit card outstandings, the interest element is often camouflaged and passed on to customer in the form of processing fee. "Similarly, some banks were loading the expenses incurred in sourcing the loan (viz DSA commission) in the applicable rate of interest charged on the product," RBI observed.

The notification further said that the only factor that can justify differential rate of interest for the same product, tenor being the same, is the risk rating of the customer, which may not be applicable in case of retail
products where the interest is generally kept flat and is indifferent to the customer risk profile.

With regard to subvention, it said, the loan amount sanctioned for the purchase should be after taking into account the discount, rather than giving effect to the benefit by reducing the interest. Similarly, the RBI notification said: "If there is a moratorium period for payment available, the benefit should be passed on to the customer by ensuring that repayment schedule, including the interest servicing, commence after the moratorium period only rather than adjusting it in the interest."

Thus in principle, banks should not resort to any practice that would distort the interest rate structure of a product as this vitiates the transparency in pricing mechanism which is very important for the customer to take informed decision, it said.

Discounts on price or moratorium period for payment are often offered by the dealers or manufacturers on their products to the customers while they make the purchase by availing loans from banks. In such instances, it is the responsibility of the banks, who are using their good offices to get the better bargain, to make the customers fully aware of these benefits and also pass on the benefits to them fully and indiscriminately while sanctioning loan for the purchase, it said.

On levying additional fees on debit card transactions, RBI said there are instances where points of sales levy fee as a percentage of the transaction value as charges on customers who are making payments for purchase of goods and services through debit cards.

"Such fee are not justifiable and are not permissible as per the bilateral agreement between the acquiring bank and the merchants and therefore calls for termination of the relationship of the bank with such establishments," it said.

"These practices or products thwart the very principle of fair and transparent pricing of products which behold customer rights and customer protection, especially, in the more vulnerable retail segment," it said.
Such practices violate, both in letter and spirit, various provisions of master circular on interest rate on advances "and therefore, you (banks) are advised to strictly desist from these practices hence forth," it added.

20.07 | 0 komentar | Read More

Trai recommends full number portability within 6 months

Telecom regulator TRAI today recommended that mobile number portability (MNP) be fully implemented across the country within six months to allow subscribers to retain their numbers even when they shift from one service area to another.

Presently, Mobile Number Portability is available only within the subscribers' service area. When MNP is implemented fully, subscribers in Andhra Pradesh, for example, will be able to port their numbers to Karnataka, Maharashtra, Haryana and so on.

Earlier this year, TRAI sought comments from stakeholders on the method that should be adopted to implement full MNP and the amendments required in existing regulations, among various
other matters.

"After an examination of various issues, TRAI today released the recommendations on full MNP," said a statement from the Authority. Telecom service providers will be given six month for the implementation of full MNP, it said.

The facility of pan-India portability will allow a mobile subscriber to change his licence service area (LSA) without having to change the number. TRAI said: "Implementation of full MNP would therefore mean acceptance of a porting request by the recipient operator from a mobile number belonging to any of the LSAs of the country, irrespective of the fact that the LSA from where the subscriber is porting his mobile number and the LSA to which he wants to port his number belong to the same or different MNP zones."

TRAI has recommended that Department of Telecom (DoT) may carry out the necessary changes in the existing MNP service licence to facilitate inter-service area porting or full MNP. "The DoT may consider the request of the operators and reduce acceptance testing fee to 25 per cent of the current fee," the regulator said.

It added that after full MNP is implemented, recipient operator will forward the porting request to the MNP service provider in whose zone the number range network belongs. TRAI also said once full MNP is in place, subscribers should be educated to dial numbers in the '+91' format which is the standard dialling format, so that the calls get connected across the country without any trouble.

On the issue as to who will bear the STD charges while calling the number that has been ported to another service area, TRAI said most service providers were of the view that STD rates have plummeted to almost the same level as local call rates, hence, it is not a major issue.

"Therefore, the onus should lie on the calling party to bear the STD charges, if applicable," it said.

20.07 | 0 komentar | Read More

Positive on SpiceJet: SP Tulsian

Written By Unknown on Selasa, 24 September 2013 | 20.07

SP Tulsian of sptulsian.com told CNBC-TV18, "I am positive on SpiceJet . This is the best company in terms of the debt. Debt is not more than Rs 2,500 crore. Suppose if some new strong player comes in Spicejet obviously that force will also get added into the stock. If Spicejet promoters are serious I think the deal can be struck at a price of may be about Rs 55-60 per share."

On September 24, SpiceJet closed at Rs 21.95, up Rs 0.25, or 1.15 percent.

The share touched its 52-week high Rs 50.90 and 52-week low Rs 18.05 on 07 December, 2012 and 30 August, 2013, respectively.

Also Read: Tata set to fly again, may face regulatory hurdle though

20.07 | 0 komentar | Read More

SP Tulsian cautious on Sun Pharma

Sep 24, 2013, 05.51 PM IST

SP Tulsian of sptulsian.com has a cautious view on Sun Pharmaceutical Industries. "If one takes the market cap, probably this is the most expensive stock," he adds.

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SP Tulsian cautious on Sun Pharma

SP Tulsian of sptulsian.com has a cautious view on Sun Pharmaceutical Industries. "If one takes the market cap, probably this is the most expensive stock," he adds.

Like this story, share it with millions of investors on M3

SP Tulsian cautious on Sun Pharma

SP Tulsian of sptulsian.com has a cautious view on Sun Pharmaceutical Industries. "If one takes the market cap, probably this is the most expensive stock," he adds.

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SP Tulsian of sptulsian.com told CNBC-TV18, "I have been keeping my cautious stance on Sun Pharmaceutical Industries . For last may be couple of months it has not been able to breach beyond Rs 560 and it again corrects to a level of Rs 515-520. So, probably this has become a trading stock in that broad band. If one takes the market cap, probably this is the most expensive stock.

"I think that people have started shifting their focus to the other promising pharma stocks and that is the reason the focus has shifted from Sun Pharma and I will be keeping my cautious stance on the stock," he said.

Also Read: Sun Pharma gets US FDA nod for Prevacid generic drug

HEALTHCARE: Future of Healthcare

20.07 | 0 komentar | Read More

Fertiliser: Demand outlook positive for FY14, says ICRA

ICRA's release on Indian fertiliser sector

Healthy monsoon in the current year has led to a favourable demand outlook for FY14 for Indian fertilizer Sector, with Kharif and Rabi off-take likely to improve significantly compared to FY13. However, since most of the sales is through channel inventory getting cleared, any positive impact on the industry participants' sales and profitability may not be immediately felt, says rating major ICRA in its latest update note on Fertiliser sector.

Significant rupee depreciation in recent months has led to production costs remaining high despite lower global prices. Further, subsidy delays are likely to put pressure on cash flows of the companies. On the other side, recent developments in the potash market may be beneficial for India in terms of reduction of cost of procurement and significantly reduce retail prices of MOP, which may lead to revival of demand. Any meaningful reform in urea pricing is likely only after the general elections in 2014. Overall, despite significant challenges in the form of currency depreciation, feedstock availability constraints with the gas allocation to the fertiliser sector being capped at existing levels as well as subsidy delays, the industry appears to be on the path of slow but steady recovery due to measures taken to control inventory levels and imports as well as healthy monsoons aiding demand, says ICRA in the report.

While subsidy for P&K fertilisers is likely to remain in the range of Rs. 290-300 billion depending on sales volumes, the subsidy for urea is variable and depends on currency fluctuations. In terms of input costs, energy (gas) cost, which is the major cost of urea production, is denominated in US$/mmbtu. Accordingly, depreciation of the currency leads to increase in gas cost, which in turn increases the subsidy bill. Further, subsidy for revamped urea capacities producing urea volumes beyond cut-off quantity earning IPP-based realisations is affected by global urea prices as well as currency rates. Since global urea prices have declined substantially, ICRA Research anticipates subsidy on this production to decline to Rs. 25-28 billion from an estimated Rs. 32 billion for FY13; the decline in subsidy will directly impact industry profitability to that extent as mentioned above. Overall, the subsidy on urea is estimated to stay at Rs.360-400 billion, similar to previous years as a direct consequence of currency depreciation despite the decline in international urea prices. ICRA Research anticipates overall subsidy to be in the range of Rs. 650-700 billion in FY14 (not including the carryover subsidy of an estimated Rs. 360 billion). Given the subsidy budget of Rs. 660 billion for FY14, the delays in subsidy payments are likely to continue. Though the demand scenario is expected to be better, delayed subsidy payments would lead to stretched cash flows, elevated capital structures as well as adverse impact on net profitability due to high interest costs.

20.07 | 0 komentar | Read More

Positive on Bajaj Auto, Hero Motocorp, Maruti: SP Tulsian

Sep 24, 2013, 05.51 PM IST

According to SP Tulsian of sptulsian.com, one may have a positive view on two wheeler space and also on Bajaj Auto, Hero Motocorp, Mahindra and Mahindra and Maruti Suzuki India.

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Positive on Bajaj Auto, Hero Motocorp, Maruti: SP Tulsian

According to SP Tulsian of sptulsian.com, one may have a positive view on two wheeler space and also on Bajaj Auto, Hero Motocorp, Mahindra and Mahindra and Maruti Suzuki India.

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Positive on Bajaj Auto, Hero Motocorp, Maruti: SP Tulsian

According to SP Tulsian of sptulsian.com, one may have a positive view on two wheeler space and also on Bajaj Auto, Hero Motocorp, Mahindra and Mahindra and Maruti Suzuki India.

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SP Tulsian of sptulsian.com told CNBC-TV18, "I am very positive on two wheeler space. Bajaj Auto and Hero Motocorp have really been holding. I don't think that they will be having any kind of problem but coming on the commercial vehicle I don't think that one should really take a call on the Ashok Leyland kind of stocks because we have seen a good run up today in the stock taking place but that may be ahead of the monthly sales numbers because in the next couple of months sales numbers are likely to be good whether one talks of passenger vehicles or two wheelers."

"I will remain away from may be stocks like Ashok Leyland and even though keeping a positive stance on two wheeler, I won't be too bullish on TVS Motor Company . I won't be keeping a bullish stance on Tata Motors also because the Indian operations are not contributing anything. They are going to have the shutdown of the plant for next five days and all that probably will again have to do with the liquidation of the inventory. They have been losing their market share, passenger vehicle market share and commercial vehicle segments are not really doing quite well. So, that is the reason of remaining away from Ashok Leyland and the Indian operations because whatever performance is coming in from Tata Motors is from JLR," he said.

"We have seen the resistance of about Rs 360 coming into the stock, that has been tested twice in this last may be one month or so which was its 52 week high also. So, positive view on four stocks like Bajaj Auto, Hero Motocorp, Mahindra and Mahindra and Maruti Suzuki India ."

HEALTHCARE: Future of Healthcare

20.07 | 0 komentar | Read More

Buy Jubilant Foodworks; target Rs 1286: Way2Wealth

Written By Unknown on Senin, 23 September 2013 | 20.07

Sep 23, 2013, 06.01 PM IST

Way2Wealth is bullish on Jubilant Foodworks and has recommended buy rating on the stock with a target price of Rs 1286, in its research report dated September 23, 2013.

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Buy Jubilant Foodworks; target Rs 1286: Way2Wealth

Way2Wealth is bullish on Jubilant Foodworks and has recommended buy rating on the stock with a target price of Rs 1286, in its research report dated September 23, 2013.

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Buy Jubilant Foodworks; target Rs 1286: Way2Wealth

Way2Wealth is bullish on Jubilant Foodworks and has recommended buy rating on the stock with a target price of Rs 1286, in its research report dated September 23, 2013.

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Way2Wealth's report on Jubilant Foodworks

The above stock has provided a fresh breakout from the triangular pattern formed in its wave II and now since it has taken off the swing high of 1085 the road is clear for wave III up. As shown in the charts (in the pdf) the ellipses drawn were the resistance i.e. around 1085 levels by taking off this level it has started forming higher tops and bottom indicating fresh leg on the upside. The previous rise was a five wave rise following which it retraced 78.6% and now wave III up of wave C/3 has ensued. The equality target for the same comes to 1286 levels. The support or stop loss is pegged at 1029 levels, hence the risk reward ratio is quite favorable for the bulls. The momentum indicator is in buy mode both on the daily as well as the weekly charts which is like an icing on the cake for the bulls. So, we recommend initiating longs in this stock.

Investment Strategy:
Buy Jubilant Foodworks above 1094 for the target of 1286 with a stop loss of 1029
Risk: Reward = 1: 2.95
Risk: 1094 1029 = 65
Reward: 1286 1094 = 192

To read the full report click here

HEALTHCARE: Future of Healthcare

20.07 | 0 komentar | Read More

Expect precious, base metals to trade mixed: Angel

Angel's report on international commodities

News and Analysis

Euro Zone Flash Services PMI increased to 52.1 level this month.
German Flash Manufacturing PMI dropped to 51.3-level in Sept.
French Flash Services PMI rose in September to 50.7-mark.

European equities are trading in the red on the back of mixed economic data from the region. Asian markets ended on a negative note and US futures are trading higher today.

French Flash Manufacturing PMI declined marginally to 49.5 level in September from 49.7-mark in August. French Flash Services PMI gained in the month of September to 50.7-mark from 48.9 in August.

German Flash Manufacturing PMI dropped to 51.3-level in September from 51.8-mark in August. German Flash Services PMI gained significantly in the month of September to 54.4 level from 52.8 in August. Flash Manufacturing PMI reduced marginally to 51.1-mark in September from 51.4 level in the month of August. Flash Services PMI increased to 52.1 level in September from 50.7 in August.

Indian Rupee depreciated by around 0.7 percent as a result of month end dollar demand from importers. The currency declined as a result of weak domestic market sentiments. The Rupee touched an intra-day low of 62.72 till 4:30 pm IST.

Spot Gold prices declined around 0.3 percent on the back of weak global market sentiments coupled with decline in SPDR gold holdings. The yellow metal hovered around USD1321.44/oz till 4:30 pm IST. In the Indian markets, gold prices fell around 0.8 percent today.

Spot silver slipped around 0.5 percent taking cues from fall in gold prices along with weak global market sentiments. Mixed performance in base metals group restricted sharp fall in prices. The white metal touched an intra-day low of USD21.35/oz till 4:30 pm IST. MCX Silver declined by 0.7 percent.

Base metals pack on the LME traded on a mixed note due to tensions fuelled by the statement of FOMC member James Bullard signaling towards QE taper in October. Weak global market sentiments also added downside pressure on prices. However, decline in LME inventories coupled with favorable Chinese manufacturing data cushioned sharp fall.

LME Copper prices declined around 0.7 percent taking cues from FOMC member Bullard's statement that QE taper likely to happen in October meeting coupled with weak global market sentiments. Decline in LME copper inventories by 1 percent to 556,875 tonnes prevented sharp fall in prices. On the MCX, Copper prices declined by 0.7 percent.

Nymex crude oil prices gained around 0.3 percent today on the back of favorable manufacturing data from China. However, sharp upside in prices was capped as result of rise in Libya's crude output along with diplomatic decision making towards Syria. On the MCX, the near month crude oil prices declined by around 0.1 percent touching a low of Rs.6577/bbl till 4:30pm IST.

Outlook: In the evening session, we expect precious metals and base metals prices to trade on a mixed note on the back of expectations of favorable manufacturing data from US. Further, weakness in the DX will support an upside in prices. However, sharp upside in prices will be capped or reversal can be seen as a result of mixed global market sentiments.

Crude oil prices will trade lower on account of rise in Libya's crude output along with diplomatic decision making towards Syria.

20.07 | 0 komentar | Read More

Buy Persistent Systems; target Rs 639: FinQuest Securities

FinQuest Securities' report on Persistent Systems (PSL)

"Persistent Systems (PSL) delivered a mix set of numbers in Q1FY14. Its USD revenue growth stood at 1.5 percent sequentially, driven by a 4.4 percent rise in the core product engineering business and a 12.4 percent decline in IP-led business. A volume growth of 3.0 percent sequentially and an increase in prices by 1.5 percent contributed to the core business growth. While IP revenues are lumpy in nature, ramp up of clients from recent acquisitions could significantly boost growth in the H2FY14. EBITDA margin declined 208bps sequentially despite the INR depreciation mainly due to higher visa costs and strategic investments made in Sales & Marketing. PSL added 16 new clients, 2 of which were large multi-million dollar accounts.

PSL's deal pipeline has been healthy. With enterprises and independent software vendors beginning to increase their spending budgets, product engineering budgets for these enterprises are also expected to grow over time. We believe that investments PSL made on sales and new platforms in the latest generation growth areas which include Cloud Computing, Big Data, Mobility etc would yield results going ahead. The traction from HPCA revenues would aid IP business coupled with the depreciation of the INR against the USD should ease the margin pressure going ahead.

Factoring in the above investment arguments we now expect revenue, EPS to grow 26 percent, 16 percent in FY14E and 23 percent, 10 percent in FY15E, respectively. We expect, compared to Q1FY14 EBITDA margins to improve marginally in Q2FY14E to 22.0 percent led by traction from HPCA and depreciation of the rupee in spite of higher wage cost. PSL is a mid-cap IT company having one of the best EBITDA margins amongst its peer set by catering to high end next-gen technologies and having a very good portion of revenues coming from non-linear sources. We believe the recovery of the U.S and enterprises loosening their purse strings are a major positive for PSL which should deliver better set of numbers going ahead. We believe PSL should command better valuations compared to other mid-cap IT companies due to its superior margins and high-end services which can't be easily replicated by competition. We reiterate our Buy rating on the stock and value the company at a slight premium compared to other midcap IT companies at 11x FY14 earnings arriving at a target price of Rs 639," says FinQuest Securities research report.

20.07 | 0 komentar | Read More

Expect RBI to ease liquidity crunch through OMOs: ICRA

ICRA's comment on RBI's mid quarter policy review

The policy stance of the Reserve Bank of India (RBI) is relatively more hawkish than expected, given the indication that further actions on exceptional liquidity measures could be "two-way", contingent on exchange market stability. In this regard, the magnitude of NRI inflows attracted over the next two months would be critical for the direction of future rate actions by the RBI in light of uncertainty regarding the timing of QE taper and its impact on future FII flows.

Additionally, the RBI indicated that it would continue to monitor evolving growth-inflation dynamics and be ready to act pre-emptively, as necessary. In ICRA's view, with growth momentum expected to modestly revive led by agriculture and exports, the timing of Repo cuts would be dependent on the trajectory of inflation, which would be influenced both by food items and exchange rate movements.

We expect the cap of 0.5 percent of NDTL for access to the Liquidity Adjustment Facility (LAF) to be lifted over the course of Q3FY14 for the Repo rate to resume its role as the operational policy rate. ICRA expects the RBI to intervene and address tightness in systemic liquidity in the next quarter through open market operations (OMOs) as the Central Bank ruled out any further relaxation in the daily CRR requirement.

20.07 | 0 komentar | Read More

Nilachal Refractories reappoints directors, auditor

Written By Unknown on Minggu, 22 September 2013 | 20.08

Nilachal Refractories reappoints directors, auditor

Nilachal Refractories, in its annual general meeting on September 20, approved reappointment of Bhagwati Prasad Jalan, Vijay Kumar Agarwal and Niraj Jalan as directors; and P Mukhopadhyay & Co as statutory auditor of the company

20.08 | 0 komentar | Read More

Western India Shipyard reappoints directors, auditor

Sep 21, 2013, 07.02 PM IST

Western India Shipyard, in its annual general meeting on September 21, approved reappointment of Ashwani Kumar, appointment of Ashok Kumar Agarwal as director; reappointment of S K Mutreja as whole time director & CEO for three years; and V V Kale & Co, as statutory auditor of the company

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Western India Shipyard reappoints directors, auditor

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Western India Shipyard reappoints directors, auditor

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Banco Products reappoints directors, auditor

Sep 21, 2013, 07.02 PM IST

Banco Products (India), in its annual general meeting on September 21, approved re-appointment of Atul G Shroff and Manubhai G Patel as directors; Shah & Co, chartered accountants as auditor of the company; re-appointment of Kiran Kumar Shetty as executive director.

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Banco Products reappoints directors, auditor

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Banco Products reappoints directors, auditor

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Supreme Tex Mart appoints S K Verma and Associates as cost auditor

Sep 21, 2013, 07.03 PM IST

Supreme Tex Mart approved appointment of S K Verma and Associates as cost auditors of the company to conduct the cost audit for the financial year ending March 31, 2013.

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Supreme Tex Mart appoints S K Verma and Associates as cost auditor

Supreme Tex Mart approved appointment of S K Verma and Associates as cost auditors of the company to conduct the cost audit for the financial year ending March 31, 2013.

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Supreme Tex Mart appoints S K Verma and Associates as cost auditor

Supreme Tex Mart approved appointment of S K Verma and Associates as cost auditors of the company to conduct the cost audit for the financial year ending March 31, 2013.

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Supreme Tex Mart Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 20, 2013, inter alia, has approved the following:1. Appointment of M/s. S K Verma and Associates as Cost Auditors of the Company to conduct the Cost Audit for the Financial Year ending March 31, 2013.2. Due to some clerical mistake the intimation regarding allotment made to Sunnyland Group Ltd on September 10, 2013 was inadvertently given incorrect to the Stock Exchanges as the actual allotment was made of 1466940 No of Shares instead of 1257188 Shares. Board advised to give the correct figure to the Stock Exchanges.Source : BSE

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Govt comes out with lifeline to save Kerala state transport

Written By Unknown on Sabtu, 21 September 2013 | 20.07

Seeking to save Kerala State Road Transport Corporation hit by a Supreme Court ruling against providing susbsidised diesel to "bulk consumers", the state government today decided to hand over diesel pumps under the Corporation to State Civil Supplies Corporation.

The cabinet also sanctioned Rs 10 crore as an emergency relief to maintain its services.

The decision to lease 67 diesel filling units of KSRTC to the Supplyco is based on the advice that the latter will be able to provide fuel to KSRTC at the subsidised rates without being hindered by the apex court order.

Earlier this week, Chief Minister Oommen Chandy and Transport Minister Aryadan Muhammad had a round of discussions with officials of oil companies, who also endorsed this as an option to bail out KSRTC and offered their cooperation to the government measures.

Briefing reporters, Chandy said the government would have to go through some legal procedures and obtain certain clearances to carry out the proposal.

In the interlude, KSRTC buses would be allowed to fill fuel from retail outlets, including those of the Supplyco. As a temporary relief, the corporation had been sanctioned Rs 10 crore.

The apex court's decision has forced KSRTC to pay Rs 71.25 for a litre of diesel in place of Rs 53.85 it had been paying earlier as subsidised rate.

This has cast an additional burden of Rs 266.74 crore per year on KSRTC, which has already been struggling to honour its salary and pension commitments.

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India rushes to ready nuclear deal before Singh's US trip

India is making a last-minute push to close a nuclear deal in time for a meeting between US President Barack Obama and Prime Minister Manmohan Singh, who has made atomic energy cooperation with Washington a hallmark of his tenure.

Under the proposed deal, India would contract Toshiba's US nuclear unit Westinghouse for preliminary works, including information sharing, a senior Indian official said. The aim is to build nuclear plants in the state of Gujarat.

Also read: Obama, Singh to chart course towards better economic ties

"I think we're close," National Security Adviser Shivshankar Menon said on Friday. "I think they're hoping to do a pre-early works (agreement), which involves some transfer of proprietary information."

Singh is due to meet Obama in Washington on Sept 27.

Westinghouse were not immediately available for comment. After US Secretary of State John Kerry raised the issue on a trip to India in June, the company said it expected the agreement to be finalised in September.

The value of the preliminary contract has not been revealed.

Indian officials say the proposed deal between Westinghouse and NPCIL would be the first time money is committed to a commercial US nuclear supplier since Singh staked his career on a civil nuclear pact with US President George W. Bush five years ago.

A commercial contract, however small, could breathe life into Singh's flagship policy as he nears the end of a decade in office amid grumbling in Washington that ties with India have failed to deliver rewards for US businesses.

Many see the 2008 pact as Singh's crowning achievement, in one stroke ending years of isolation following atomic weapons tests in 1974 and 1998 and heralding a new era in the often fraught relations between the two democracies.

But on the nuclear front, progress has been slow because laws governing liability in the case of accidents took several years to finalise and when they came, put the onus on the equipment suppliers.

"Not just the US, ... Indian domestic suppliers, other foreign partners, all ask questions: how will this law work? How will it apply?" Menon said.

"They need to know in order to do business. We're in the process of addressing those questions, with them individually and as a whole, so that we ourselves also have clarity."

Rules drawn up in 2011 limit the liability of suppliers and were seen as softening the law.

The preliminary deal with Westinghouse would not involve putting in place nuclear equipment, so would not immediately brush up against the liability issue, Indian officials said.

Westinghouse has safety approval from US nuclear authorities for the AP 1000 reactor it wants to sell India. The preliminary deal must be cleared by two Indian committees before Singh leaves for the United States on Wednesday, two Indian officials said, asking not to be named.

"The two governments have resolved government to government permissions and understandings necessary to enable commercial negotiations between NPCIL and Westinghouse," Menon said.

A third official said the Westinghouse deal would show foreign nuclear suppliers that India was committed to doing business with them.

"They want an assurance that they have a foothold in the country," said the official, who asked not to be named. "This has to be cleared before we go to America."

The last-minute dash for clearance has been criticized by Indian opposition parties, who accused the government of trying to bypass due process and water down the liability law.

After a TV station reported on Thursday that a note from the prime minister's office suggested skipping the approval of one committee to get the deal ready in time, the opposition Bharatiya Janata Party said the government wanted to "give a gift" to US companies. India's Department of Atomic Energy issued a statement denying any shortcuts were being considered.

India aims to lift its nuclear capacity to 63,000 megawatts in the next 20 years by adding nearly 30 reactors. It currently operates 20 reactors at six sites with a capacity of 4,780 MW, or 2 percent of its total power capacity, according to NPCIL.

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Stock market prediction for Sept 23-27: Satish Gupta

Telecom sector will continue getting astrological support. Buy Reliance Communications, Bharti Airtel, Tata Communications and Idea Cellular on dips.

By Satish Gupta of Astrostocktips

Weekly planetary position: During the week, Moon will be transiting in Aries, Taurus & Gemini. Lord Saturn, Rahu & Venus in Libra. Mars in Cancer. Sun & Mercury in Virgo, Jupiter in Gemini, Ketu in Aries. Pluto in Sagittarius. Neptune in Aquarius & Uranus in Pisces. Mercury will shift to Libra on September 25, 2013.

As predicted, volatility & deception was at peak last week. For first three trading sessions, it was range bound market & on Thursday, to surprise everybody it was gap up opening by 140 points in Nifty & closing was still higher above 200 points, irrespective of any favorable development or news. Everybody was skeptical with the abnormal & unexpected rise in Nifty & many took long positions since closing was above all moving averages & many technical analysts also recommended.

Again on Friday, at one stage, Nifty nosedived by 200 points, forcing the bulls to cover their long positions. Be Cautious, such deception & volatility will continue in coming week also.

We want to make it clear that deception does not mean always down trend. It can be on either side. Sometimes bulls are trapped & some time bears during deception period.

It is very difficult to trade during astrological deception period & for that one may join our professional services for timely guidance.

Following sectors will be getting astrological support:

Pharma sector will continue getting very strong astrological support. Buy Sun Pharma , Lupin , Divis Lab , Dr Reddys , Wockhardt , Ajanta Pharma , Dishman , Alembic , Indoswift etc.

Media / entertainment sector will also be getting astrological support. Buy Zee Entertainment , Sun TV , TV18 Broadcast , Hathway , Reliance Mediaworks etc on decline. (Moneycontrol.com and Television Eighteen Network are both part of the Network18 Group.)

Telecom sector will continue getting astrological support. Buy Reliance Communications , Bharti Airtel , Tata Communications and Idea Cellular on dips.

Leather, liquor & paints sectors will continue receiving astrological support. Accumulate Bata , United Spirits and Asian Paints on dips.

Avoid banking sector for time being.

Always be very cautious, when some main planets i.e. Rahu, Ketu, Jupiter & Lord Saturn are changing their houses. It may be that certain sectors which were continuously getting support for long time may stop receiving support due to change in position by above planets & stocks of those sectors starts coming down, resulting in losses. This is common reason, why most people loss money.

One should trade only in the stocks of that sectors which are getting very strong astrologically support.

Sectors which get very strong astrological support are not normally affected by downfall in the market.

20.07 | 0 komentar | Read More

Advent Advisors bullish on IT sector

KR Bharat of Advent Advisors told CNBC-TV18, "I am still bullish on IT sector, because regardless of which way you look at the rupee now is probably reasonably close to its fair level. At Rs 68 it was clearly undervalued and the 50s were doing the rupee a favour. In their own hearts the regulators will not be too unhappy with where we are today, 62 per dollar on the rupee."

"Going forward I do not see the rupee appreciating remarkably from here and therefore I think it is going to be a reasonably good period for the IT sector, particularly given the fact that you are beginning to see evidence of recovery in US and in parts of Europe as well. So I would tend to be positive on that sector," Bharat said.

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BusinessWorld sale: Is digital media becoming mainstream

Written By Unknown on Jumat, 20 September 2013 | 20.07

R Jagannathan
Firstpost.com

It is now time for us to flip our thinking about media. I am willing to bet that in less than five years -assuming certain minimum levels of broadband access - digital news media in India will become mainstream and mainstream will become sidestream -or niche.

This morning's newspapers have reported the purchase of BusinessWorld magazine by exchange4media, a digital media publisher, among other things -one of the first purchases of mainstream by a news portal. Of course, one swallow does not make a summer's day, but the logic of digital is unbeatable. But it is an early indicator of which way the wind is blowing.

The first question I am asked by people is always this: how will digital make money when you are giving it away free?

I don't claim to have all the answers, but the point is this: how does the mainstream media make money? Newspapers are given away practically free, with most of the price paid being swallowed up by distribution and subscriber acquisition costs. News TV channels are now earning a bit better after digitisation, but they are essentially nearly free to viewers. And they have much bigger overheads than digital media.

So, my mixed answer to how digital newsrooms will make money is simple: it will happen when the penny drops for advertisers. Advertisers already know that they are paying top dollar to buy readers for newspapers. Once they know that there are credible digital publications which can deliver multiple times the audience at a fraction of the cost, they will wonder whether they were being gypped so far by mainstream media.

The BusinessWorld purchase must be seen not as a vote of confidence in mainstream, but as an effort by digital media to gain access and build mainstream-like editorial credibility. It is not about the magazine itself.

Amazon boss Jeff Bezos' purchase of The Washington Post is not about reinventing the newspaper, but about buying a brand that could one day rule the digital space.

The New York Times, which went digital with a vengeance some years ago, is already beginning to show revenues that indicate the kind of potential digital has.

Henry Blodget, writing in the Business Insider , reckons that NYT's digital revenues are in the range of USD 350 million (versus total revenues of around USD 2 billion). Assuming digital revenues soon rise to levels of USD 400 million, the NYT's digital edition itself would be able to support 850 journalists costing around USD 130 million.

Blodget writes: "Specifically, a USD 130 million annual newsroom budget could fund a newsroom of (around) 850 writers, editors, producers, videographers, and photographers who make an average of USD 150,000 a year all-in (salary, bonus, benefits, office, and T&E costs)."

Of course, the NYT is the NYT, and other digital newsrooms are going to have their work cut out in generating enough revenues to keep their heads above water, especially in India.

But the logic of costs is actually stronger in India, since journalism costs less here, and the digital revolution is going to be even bigger.

For four reasons.

One, smartphones and tablets are leading the digital access revolution here. This is where digital news will be consumed most in future. Add cheap 4G services in cities, and the last mile issues could get addressed quickly.

Two, the internet is really the mother of all media - with its capability to deliver text, voice and video over the same pipe.

Third, news consumers may not in future want to sit at a particular time in front of a TV or look for a newspaper to read news. They may prefer to consume news when they are free, rather than when it's prime-time. The internet and smartphones make it easier to access news at a time and a place of your choosing.

Four, delivery costs for digital will rise more slowly than for physical products such as newspapers. If wages and distribution costs are only going to rise, and advertising is going to taper or fall, the economic logic is moving in the direction of digital.

The idea of mainstream media clearly needs a rethink. Digital publications, once the child of mainstream, is on it way to becoming the parent.

The writer is editor-in-chief, digital and publishing, Network18 Group

20.07 | 0 komentar | Read More

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