Watch a panel discussion consists of Suresh Prabhu, Member of Lok Sabha and other eminent guests talking on how to revive the India infrastructure sector.
Watch a panel discussion consists of Suresh Prabhu, Member of Lok Sabha and other eminent guests talking on how to revive the India infrastructure sector.
Janus Aspen Series Ac Janus Aspen Mid Cap Value Portfolio sold 25 lakh shares of Reliance Capital
On February 26, 2014 Janus Aspen Series Ac Janus Aspen Mid Cap Value Portfolio sold 25,00,000 shares of Reliance Capital at Rs 310.12 on the NSE.
In the previous trading session, the share closed at Rs 308.50, down Rs 11.25, or 3.52 percent.
The share touched its 52-week high Rs 407 and 52-week low Rs 290 on 09 December, 2013 and 28 August, 2013, respectively.
The company's trailing 12-month (TTM) EPS was at Rs 12.84 per share. (Dec, 2013). The stock's price-to-earnings (P/E) ratio was 24.03. The latest book value of the company is Rs 467.67 per share. At current value, the price-to-book value of the company was 0.66. The dividend yield of the company was 4.21 percent.
On February 26, 2014 HDFC Mutual Fund sold 2,07,867 shares of VST Industries at Rs 1,590.
On February 26, 2014 Government Of Singapore bought 2,07,841 shares of VST Industries at Rs 1,590 on the NSE.
However, HDFC Mutual Fund sold 2,07,867 shares at Rs 1,590.
In the previous trading session, the share closed at Rs 1,588.00, down Rs 7.05, or 0.44 percent.
The share touched its 52-week high Rs 1,769 and 52-week low Rs 1,400 on 06 December, 2013 and 20 August, 2013, respectively.
The company's trailing 12-month (TTM) EPS was at Rs 86.13 per share. (Dec, 2013). The stock's price-to-earnings (P/E) ratio was 18.44. The latest book value of the company is Rs 196.94 per share. At current value, the price-to-book value of the company was 8.06. The dividend yield of the company was 4.09 percent.
The new government will have to focus on roads and power, and take urgent measures to reverse India's image of being a hostile country for doing business, said Gurcharan Das, author and columnist. He was speaking in a panel discussion at the India Economic Convention 2014 in New Delhi.
Another panelist, Ajit Ranade, President & Chief Economist, Aditya Birla Group highlighted that India ranked a lowly 134 in terms of ease of doing business.
Das said the incoming government needs to abolish at least 70 clearances if manufacturing in the country has to be boosted. There was also a need to reform senseless labour laws and at the same time have a labour welfare fund.
And while the Goods and Services Tax has to be a priority, it would take a bold leader to take this much-awaited measure to fruition, Das said. He said the BJP had to give up its "irrational" opposition to Foreign Direct Investment in retail, adding that multi-brand retail will give higher returns to farmers.
In the same discussion, Bibek Debroy, Professor, Centre for Policy Research voiced concern about high retail inflation said there was a need to up savings and interest rates by four percentage.
India has been grappling with high retail and wholesale inflation for a while now, and despite interest rates being high in absolute terms, bank deposits gave negative returns to savers when adjusted for inflation.
Vallabh Bhansali, Chairman, Enam Financial Consultants said the market was extremely cautious about the election result, and he saw a looming crisis in the banking sector because of the fast rising pile of bad loans.
Amy Kazmin, South Asia Correspondent, Financial Times, said it was difficult for India to return to 8-9 percent growth rate in the short term because of problems of multiple fronts.
Economist Pai Panindiker said healthcare, employment and education needed the new government's urgent focus. Also, it needed to have a clear agenda on promoting the huge investments required to revive economic growth.
Last week, one of the country's top women bankers, Archana Bhargava, tendered in her voluntary resignation as chairperson and managing director of United Bank of India , a year ahead of the expiry of her tenure.
The news came amid rising troubles for the state-run lender, which has come perilously close to flirting with the collapse line, even as news reports are emerging of a deep-running malaise of asset mismanagement, under-reporting of financials and activities that may not necessarily qualify as legal.
But more unsavory are details coming out about the chequered career of the former boss who won admirers for her go-getting ways as much as she came in for criticism for pushing the line of acceptable.
A gold medalist biochemist by education, she worked in a bevy of public banks in varying roles and her journey to the top was characteristic of a woman in hurry, according to an Economic Times feature, who could "get work done" even in the staid PSU culture.
And while it would be a exaggeration to state Bhargava was responsible for the non-performing asset mess that United Bank finds itself in -- hers was only a 10-month stint after she came in after serving as Canara Bank's executive director -- the stark worsening in the bank's state of finances coincides directly with her tenure.
In the first quarter on Bhargava's watch, United Bank's profits fell 74 percent to Rs 44 crore (from Rs 174 crore in the year-ago quarter), after which it notched up losses of Rs 489 crore and Rs 1,238 crore.
In three quarters, gross NPAs shot up from Rs 2,963 crore to Rs 8,545 crore, while its capital adequacy ratio (comprising of Tier I and II capital) fell to 9.01 percent, close to the 9 percent required by international Basel norms. An investigation by the Reserve Bank of India is on to find out what went on.
But the ET report lists several things about Bhargava -- reportedly christened Jhansi Ki Rani by some colleagues for her aggressive style of doing business -- that may not qualify as becoming of a top banker: the least being sending subordinates on a hunt to look for her missing dog.
But more than that, it is reports of a known past willingness of the banker to classify good loans as bad and speculation that the Central Vigilance Commission had found her not fit to lead a bank (including a negative appraisal from her own boss at Canara Bank), which may likely to raise eyebrows.
A Business Standard report attributes her resignation to a rift between other top executives over classification of assets and reporting of NPAs rather than her cited reason of "ill-health".
Whatever the case may be, it is likely the former banker has walked into the sunset quietly but certainly not in a blaze of glory.
United Bank stock price
On February 24, 2014, United Bank of India closed at Rs 25.80, up Rs 1.45, or 5.95 percent. The 52-week high of the share was Rs 68.15 and the 52-week low was Rs 23.40.
The latest book value of the company is Rs 94.89 per share. At current value, the price-to-book value of the company was 0.27.
Here is a look at all the action that you missed out on from India's largest automotive show.
I must admit that we have struggled to pack in every thing that we wanted to from the Auto Expo 2014 into 21 minutes - that is the time that we have on the show.
Here is a look at all the action that you may have missed out on, from India's largest automotive show - Auto Expo 2014.
Using 'Idea Web Pass', users can access mobile Internet services on the Opera Mini web browser. The packages, which can be bought from within the Opera Mini browser, will cost Rs 7 (weekly Facebook pass), Rs 8 (daily Internet pass) and Rs 30 (weekly Internet pass).
Idea Cellular , India's third largest mobile operator, has partnered online browser Opera Software to offer Internet access to its subscribers for as low as Rs 7 per day.
Using 'Idea Web Pass', users can access mobile Internet services on the Opera Mini web browser. The packages, which can be bought from within the Opera Mini browser, will cost Rs 7 (weekly Facebook pass), Rs 8 (daily Internet pass) and Rs 30 (weekly Internet pass).
"At Opera, we work towards connecting the world, and we believe that the web is for everyone. We trust that this partnership with Idea Cellular will help us to reach out to first-time users who have not been exposed to the web," Opera Vice President (South Asia) Sunil Kamath said.
Idea Web Pass will entice more users to get online and serve as a catalyst to boost mobile Internet usage, he added. "Idea has consistently focused on growing data penetration across the country, we understand that a lot of Idea users choose to access a few preferred sites rather than buying full data plans," Idea Cellular Chief Marketing Officer Sashi Shankar said.
This partnership will help us to reach out to those users and provide them with a convenient data-plan option, he added. "We believe that more and more Internet users accessing web via mobile phones will usher in a new wave of mobile-data growth in the country," Shankar said. Idea Cellular subscribers can download Opera Mini from app stores or by visiting m.opera.com from their mobile devices.
Once Opera Mini is installed, they need to click the 'Idea Web Pass' Speed Dial entry to select data packages.
Idea Cellular stock price
On February 26, 2014, Idea Cellular closed at Rs 126.15, down Rs 1.15, or 0.9 percent. The 52-week high of the share was Rs 188.35 and the 52-week low was Rs 101.10.
The company's trailing 12-month (TTM) EPS was at Rs 4.34 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 29.07. The latest book value of the company is Rs 42.26 per share. At current value, the price-to-book value of the company is 2.99.
GVK Group's Mumbai International Airport Ltd (MIAL) will be able to pocket close to Rs 1,000 crore by end of this financial year. Three companies are at final stages to lease out its phase one property and will commence work this year. CNBC-TV18's Manasvi Ghelani reports.
GVK Group's Mumbai International Airport Ltd (MIAL) will be able to pocket close to Rs 1,000 crore by end of this financial year. Three companies are at final stages to lease out its phase one property and will commence work this year. CNBC-TV18's Manasvi Ghelani reports.
Earnings before interest, tax, depreciation and amortisation rose 8.8 percent to Rs 149 crore but operating profit margin fell 460 basis points to 27.4 percent on higher expenses year-on-year.
Bangalore-based real estate company Sobha Developers ' third quarter consolidated net profit grew 11 percent to Rs 58.3 crore on higher revenues compared to same quarter last year.
"We are bullish about the industry and the markets in which we operate. We have scheduled 11 million square feet of new launches in the coming four to five quarters. We also plan to enter the Kochi market in Kerala during FY14," JC Sharma, VC and MD said.
Total income from operations increased 26.6 percent to Rs 544.3 crore from Rs 430 crore during the same period.
Earnings before interest, tax, depreciation and amortisation rose 8.8 percent to Rs 149 crore but operating profit margin fell 460 basis points to 27.4 percent on higher expenses year-on-year.
Total expenses jumped 34 percent to Rs 412.5 crore.
The company generated Rs 162 crore of operational cash flows compared to Rs 111 crore in the previous year.
Meanwhile, during the quarter Sobha Developers launched two new projects measuring 0.46 million square feet. One project in Coimbator called "elan" (joint development residential project between company and Lakshmi Machine Works) having a total saleable area of 0.32 million square feet and second project is a plotted development in Mysore "Sobha Estate".
"Both our launches in the quarter have met with good response," JC Sharma said.
However, net sales grew 20.5 percent to Rs 194.2 crore from Rs 161.2 crore during the same period, driven by both businesses pharmaceutical and chemical.
Merck 's third quarter net profit halved to Rs 9.4 crore from Rs 20 crore compared to same quarter last year, impacted by weak operational performance.
However, net sales grew 20.5 percent to Rs 194.2 crore from Rs 161.2 crore during the same period, driven by both businesses pharmaceutical and chemical.
Total expenses shot up 31 percent to Rs 189.87 crore year-on-year on account of higher employee and depreciation cost.
Consolidated net sales jumped 11.8 percent to Rs 1,025 crore from Rs 917 crore during the same period.
Berger Paints ' third quarter consolidated net profit grew 7.1 percent to Rs 82.3 crore from Rs 76.84 crore in same quarter last year.
Consolidated net sales jumped 11.8 percent to Rs 1,025 crore from Rs 917 crore during the same period.
Earnings before interest, tax, depreciation rose 12.6 percent to Rs 131.5 crore in the quarter gone by.
Aditya Birla Group-owned Grasim Industries ' third quarter consolidated net profit fell 39.5 percent year-on-year to Rs 332 crore on weak operational performance.
"The current difficult market conditions have affected the performance of both the businesses cement and viscose staple fibre (VSF).
"Margin of VSF business was impacted due to increase in imported pulp prices and rupee depreciation while profitability of cement business (completely led by Ultratech Cement) dented on account of lower realisation and rising freight costs," the company said in its presentation.
Consolidated net sales grew 5 percent to Rs 7,067 crore in the quarter gone by. Cement business contributed 73 percent of total revenues and 22 percent by VSF.
Other income dropped 40 percent to Rs 106 crore while tax expenses declined 39.4 percent to Rs 183.6 crore. Finance cost increased 52.4 percent to Rs 125 crore year-on-year.
Earnings before interest, tax, depreciation and amortisation slipped 21.6 percent to Rs 984 crore and operating profit margin plunged 480 basis points to 13.9 percent during October-December quarter year-on-year.
"VSF business has recorded volume growth, supported by increased capacity at Harihar," the company said in its filing.
Production of VSF increased by 4 percent year-on-year and sales volume climbed 24 percent to 97,049 million tonne, led by better performance in both domestic and exports markets.
The combined cement and clinker sales volume increased marginally at 10.76 million tonne.
The company said with the commissioning of the grinding unit (1.6 million tonne per annum) at Jharsuguda, Odisha in October 2013, UltraTech's cement capacity stands augmented to 55.5 million tonne per annum.
"On commissioning of all the projects currently under implementation and the acquisition of Gujarat cement unit of Jaypee Cement Corporation., total cement capacity will increase to 70 million tonne per annum," it added.
Board of directors of UltraTech Cement, wherein Grasim holds 60.29 percent stake, approved the acquisition of the two Gujarat cement units of Jaypee Cement Corporation (JCCL) in September, 2013 at enterprise value of Rs 3,800 crore. The transaction is going to be completed by Q1 FY2014-15, the company said.
