4,285,799 russian companies, updated April 26th, 2017

Business news

Seafood exporters hit hard with rupee rising against dollar

The hardening of Rupee against Dollar has hit the seafood exporters in the country hard as the exports fetch less realisation compared to earlier.The Indian exporters send out $4.7 billion worth of seafood merchandise annually and at the present exchange rate, they are incurring losses on each consignment they ship. Since the beginning of 2017, the domestic currency has appreciated more than five per cent against the dollar."The net realization has come down. It will proportionately impact the raw material prices. We are incurring losses", said Tara Patnaik, chairman of Falcon Marine Exports Ltd, country's largest exporter of seafood.However, the off season has come as respite to the exporters."Now it is off season. We expect the raw material prices to go down which may absorb the losses", he added.Exporters said, due to the off season, the importers are in no mood to increase the prices of the marine products. The loss out of existing orders will be absorbed only when the raw ...

April 25th, 2017 20:21

Government gets proactive on divestment

The government seems to be taking a proactive approach towards divestment this fiscal. While the center has already wrapped up the offer for sale (OFS) of National Aluminum Company (Nalco) last week, in the next few months it is lining up stake sales in seven public sector entities (PSUs). These include Indian Oil Corporation (IOC), NTPC, Steel Authority of India (SAIL), NTPC, NHPC, Rural Electrification Corporation (REC) and Neyveli Lignite Corporation (NLC). The move is seen as an attempt to plan out the divestment issues evenly during a year and avoid clogging of issues in the last few months. The government has set itself an ambitious divestment target for the current fiscal. As per the Union Budget, center plans to raise Rs 72,500 crore through divestment during the current fiscal. Of the total amount, government expects to garner Rs 46,500 crore though minority stake sales. It plans to garner Rs 11,000 crore from strategic stake sales which involves selling of the stake ...

April 25th, 2017 14:06

M-cap of BSE-listed firms at all-time high of Rs 125 lakh cr

Total market valuation of all companies listed on BSE touched a lifetime peak of over Rs 125 lakh crore today helped by strong gains in broader market. The BSE 30-share Sensex surged 287 points to end at a three-week high of 29,943.24, after shuttling between 29,961.82 and 29,780.84. Following rise in stocks, the market capitalisation (m-cap) of BSE-listed companies soared to Rs 1,25,53,561 crore. The m-cap of BSE companies had surged over Rs 124 lakh crore yesterday. Investor wealth also rose by Rs 1.11 lakh crore today. The 50-share Nifty rallied 88.65 points, or 0.96 per cent, to reach its new lifetime closing high of 9,306.60, surpassing the previous record close of 9,265.15 on April 5. From the 30-share Sensex pack, 24 scrips ended higher. Major gainers were M&M, Axis Bank, Bharti Airtel and Hero Moto. Among BSE sectoral and industry indices, telecom rose by 2.62 per cent, FMCG (1.67 per cent) and realty (1.26 per cent). The BSE midcap index rose by 1.06 per cent t

April 25th, 2017 14:00

Serum Institute acquires Czech firm to expand polio vaccine capabilities

Serum Institute is widening its manufacturing footprint and launching new products as it aims to consolidate its position as the world's largest vaccine manufacturer by volume. On Tuesday, Pune-based Serum Institute acquired Czech arm of US firm Nanotherapeutics for 72 million Euros (around Rs 500 crore) as a part of its growth strategy. This is its second overseas acquisition in five years and move will quadruple its injectable polio dosage capacity to 200 million doses annually by 2019. The company will invest another 40 million Euros (about Rs 280 crore) to upgrade Nanotherapeutics's manufacturing plant over the next two years. At present the plant is idle."This acquisition complements our facility in Netherlands which we acquired five years ago and will increase our injectable polio vaccine capability four times to 200 million doses. While there is a requirement of 300 million doses each year globally there is production capacity of only 100 million and we will be able to ...

April 25th, 2017 13:53

Only eight of Nifty50 stocks are at all-time high level

The Nifty50 index closed at an all-time high of 9,306 levels on Tuesday, up 89 points or one per cent, buoyed by the outcome of the first round of French elections and March quarterly earnings of index heavyweights that beat Street estimates. On the other hand, the S&P BSE Sensex also moved up a per cent, or 287 points to settle at 29,943 levels.Thus far in calendar year 2017 (CY17), the Nifty50 index has gained nearly 13.7 per cent. However, despite the stellar performance, only eight stocks of the 51 that comprise the index have hit their respective all-time levels. These include Housing Development Finance Corporation (HDFC), HDFC Bank, UltraTech Cement, Gail (India), Grasim Industries, Indiabulls Housing Finance, Kotak Mahindra Bank and IndusInd Bank. Besides these eight, Reliance Industries (RIL) and Larsen & Toubro (L&T) hit their respective 52-week highs in intra-day trade on Tuesday. Despite this, RIL is still 14 per cent away from its all-time high level of Rs ...

April 25th, 2017 12:02

We see market potential in India: Brussels Airlines CEO

India is a key market for Brussels Airlines, its chief executive officer Bernard Gustin said today.Brussels Airlines launched its service from Belgian capital to Mumbai last month, its first flight to Asia and the launch is a part of Lufthansa group's strategy to grow expand its business in India.Lufthansa took control of Brussels Airlines last December. Lufthansa and its member airlines now operate 67 flights to India per week, the largest by any European airline group. Lufthansa had a market share of 2.3 per cent of India's international traffic in FY 16 and ranked tenth among airlines serving India's international market.The Mumbai-Brussels route was served by Jet Airways till last March and Brussels was even the European gateway for the Indian airline. But Jet Airways pulled out of the route as it found it to be unviable. Gustin however is optimistic about success in India. " The demand for direct flights between Mumbai-Brussels is high and the results of first few weeks are ...

April 25th, 2017 10:44

Infosys grows footprint in Eastern Europe, opens delivery center in Croatia

IT major Infosystoday announced that it was strengthening its engineering footprint in Eastern Europe by opening its first office and delivery center (DC) in Croatia. In line with the company's strategy to establish global competency centers, offering the best talent in the market and making it available to customers globally, this DC also marks our expansion into Eastern Europe's established heavy engineering sector, Infosys said in a release here. The new facility will meet near-shoring requirements, support engineering clients worldwide, as well as offer R&D services, it said. The facility in Karlovac, Croatia is the latest location across 16 regions in Europe which Infosys has opened as part of its ongoing commitment to client servicing and local job creation. "The focus will be on consolidating consulting, IT and engineering skills in the areas of power generation, design and development of large gas and steam turbines, digital solutions for service and maintenance, and ..

April 25th, 2017 06:52

Best strategy is to stay invested in domestic growth stories: Vikas Khemani

As the markets consolidate after a sharp run up thus far in calendar year 2017 (CY17), VIKAS KHEMANI, president and chief executive officer at Edelweiss Securities tells Puneet Wadhwa that banking and financial services and insurance (BFSI), industrials, downstream oil & gas plays and information technology (IT) are still reasonably priced and could spearhead the next phase of market rally. Edited excerpts:Do snap polls in the United Kingdom (UK) add an element of uncertainty for the global financial markets? Yes. The UK election adds further uncertainty to the Brexit process. Outcome of these election across UK, France and Germany this year is likely to shape the future of European policy. I anticipate votes incrementally in favour of local protection and de-globalisation, and one has to be prepared to tackle the after effects. The best strategy is to remain invested in domestic growth stories, as the Indian outlook is robust and largely impervious to overall global trends.Back ..

April 25th, 2017 04:12

RIL regains top spot from TCS after 4 years

Mukesh Ambani-led Reliance Industries (RIL) on Monday reclaimed the tag most-valued Indian company from Tata Consultancy Services (TCS) after more than four years. The oil-to-telecoms conglomerate is now valued Rs 4.60 lakh crore, only slightly ahead of the Tata group flagship which ended with a market capitalisation of Rs 4.59 lakh crore. Shares of RIL ended 1.2 per cent higher to Rs 1,416.4 ahead of its March quarter announcements. Meanwhile, TCS added 0.8 per cent to close at Rs 2,329.1. Shares of RIL are expected to rise further as the company posted better-than-expected fourth-quarter net profit after market hours. RIL posted 12.8 per cent year-on-year increase in standalone profit at Rs 8,151 crore for the three months ended March 2017, topping analysts' estimates of Rs 8,000 crore. Higher gross refining margins boosted profitability.TCS had surpassed RIL as the country's most-valued company in February 2013. The technology major had cemented the numero uno in the past four ...

April 24th, 2017 18:28

Risk-averse investors should avoid NCDs

Retail investors seem to be buying non-convertible debentures (NCDs) aggressively. Recently, Muthoot Finance came up with an NCD issue of Rs 2,000 crore, which offered interest rate between 8.25 per cent and 9 per cent. The company had planned to keep it open for a month, but it was subscribed in a few days. Muthoot had kept 60 per cent of the issue for retail and high networth individuals."After the success of Muthoot Finance issue, more companies are in line to offer NCDs," says Ajay Manglunia, executive vice president and head of fixed income at Edelweiss Capital. Depending on the credit rating of the company, the interest rates are expected to be in the same range as Muthoot Finance. "The liquidity in the banking system and slower credit offtake would keep interest rates steady in the near future," says Manglunia.Unless investors understand the nuances of the business of the company offering NCD and the risks involved; they are better off investing in a fixed deposit or debt ...

April 24th, 2017 18:14

Infosys sets up delivery centre in Croatia

India's second largest software services firm Infosys today said it has set up its first office and delivery centre in Karlovac, Croatia. The new centre will strengthen Infosys' engineering footprint in Eastern Europe. It will meet near-shoring requirements, support engineering clients worldwide, as well as offer R&D services. "As part of our strategy to increase geo capabilities, the Karlovac delivery centre will deliver value to our global clients, specifically in the Nordics," Infosys President and Deputy COO Ravi Kumar S said in a statement. The statement did not divulge details on the investment made or number of jobs that will be created. He added that the focus will be on consolidating consulting, IT and engineering skills in the areas of power generation, design and development of large gas and steam turbines among others. The Karlovac facility in Croatia is the latest location across 16 regions in Europe. * * * * * * JM Financial AM approves share ...

April 24th, 2017 17:34

Boutique bank Moelis eyes expansion in India amid M&A boom

MUMBAI (Reuters) - Boutique investment bank Moelis & Co plans to expand in India where it believes economic growth and corporate restructuring will prolong a boom in dealmaking, the head of its local business said on Monday.

April 24th, 2017 16:36

Indiabulls Housing Finance Q4 net up 24% at Rs 841 cr

Indiabulls Housing Finance had a 24.4 per cent increase in net profit to Rs 841 crore in the March quarter. Net interest income (NII) rose 21.8 per cent to Rs 1,360 crore.For the entire financial year, 2016-17, net profit rose 24 per cent to Rs 2,906 crore. NII grew 25.7 per cent to Rs 4,767 crore. The size of the balance sheet was Rs 103,705 crore. The home loan book is expanding faster than other mortgage loans. With a focus on the mid-income segment, it is aiming at a balance sheet size of Rs 2 lakh crore by FY20, said deputy managing director Ashwini K Hooda. The company expects the share of housing loans to grow to 66 per cent of total assets by March 2019, from 56 per cent at the end of March 2017. The share of loans against property willdecline to 18 per cent, from 22 per cent now; of corporateloans to 15 per cent, from 22 per cent now.It raised Rs 27,650 crore through debentures and securities in 2016-17. More than the Rs 22,000 crore raised in the 36 months from FY14 to ...

April 24th, 2017 16:18

Nexus Venture Partners still holding out on Flipkart-Snapdeal merger

SoftBank needs a final, crucial, aye from Nexus Venture Partners, an early investor in online marketplace Snapdeal, to deal on the proposed merger of the latter into larger rival Flipkart. However, with the most to lose from the acquisition, the venture capital (VC) entity is trying for a hard bargain. SoftBank, the Japanese investment firm which has majority stake in Snapdeal, is looking to close the deal this week, sources said.Softbank began the conversation last month, to urge a merger of Snapdeal into Flipkart. Since then, it has engaged NVP and Kalaari Capital, early investors in Snapdeal, to agree on terms for a fire sale of the Delhi-based e-commerce platform, in return for a stake in Flipkart. Both VC entities had wanted SoftBank to give a higher valuation, by including Snapdeal units Vulcan Express and Unicommerce in this.Kalaari reportedly finally came on board last week to SoftBank's terms but NVP is still to do so; it wants the best deal possible on its $12 million ...

April 24th, 2017 15:49

Nurture more specialists: RBI tells PSBs

The Reserve Bank of India (RBI) wants public sector banks to create long-term career plans for people in specialised positions. A currency or bond dealer should remain in the treasury department and progress through that particular vertical, instead of getting transferred across departments, is what a section of senior RBI officials have informally told PSBs, say sources. Following the 'short squeeze' in the bond market, the central bank had sent advisories to all banks. It said the lenders, which control 70 per cent of the market between themselves, should not collude to create difficulties for other market participants. A few large PSBs had combined and refused to sell bonds in the overnight market in the first week of March. This triggered panic, as foreign and private banks had created a huge short position after the central bank kept its policy rates unchanged in February. Bond yields had moved up from 6.4 per cent to 6.95 per cent in one month and PSBs feared loss on their bond .

April 24th, 2017 15:18

Nasscom says Indian IT firms get 20% of H-1B visas, pay higher wages

The National Association of Software and Services Companies (Nasscom) said Indian information technology (IT) service entities account for less than a fifth of H1B visas in America.A background briefing by US White House officials, ahead of President Donald Trump signing an executive order last week to bring in changes to the H1B visa programme, had accused both Tata Consultancy Services (TCS) and Infosys Technologies of paying lower wages for workers sent to the US.Also, said Nasscom, Indian IT companies paid higher salaries for workers sent on projects than local wages in the US. "In FY15, only six of the top 20 H-1B recipients were Indian companies. Further among the companies named, the two Indian ones, TCS and Infosys, together received 7,504 approved H-1B visas, only 8.8 per cent of the total approved," it stated.Nasscom said the average pay for H1B visa holders was a little over $82,000, apart from a fixed cost of about $15,000 incurred for each visa issued. "This is over 35 ...

April 24th, 2017 15:06

HCL to acquire US-based firm UFS for Rs 199 cr

HCL Technologies on Monday said it would acquire US-based mortgage business service provider Urban Fulfillment Services, LLC for more than Rs 199 crore ($30 million), which would help it to expand its local workforce in the US. Through acquisition of UFS, a 15-year-old mortgage business process and fulfilment services provider spread across three centres in the US, HCL aims to scale up its digital technology based services to clients. India's fourth largest IT service providers will also see 350 highly-skilled professionals of UFS joining its team in the US. The deal is likely to be completed by June depending on certain regulatory approvals for transfer of licenses. "Combining UFS's talent and client portfolio with HCL's deep industry expertise and business acumen, offers us the unique opportunity to provide platform-based services on our own platform, driving transformation through robotics process automation," said Anoop Tiwari, Global Head, Business Services, HCL. Turnover of .

April 24th, 2017 14:34

Small funds to complain on IPO allotment to Sebi

Smaller fund houses want a change in the rules on allocation in Initial Public Offers (IPOs) of equity.Some of them say preference in the anchor investor portion is given mostly to larger entities. Those not among the top 15 rarely get any. The issue is to be raised on Tuesday with the markets regulator, Securities and Exchange Board of India (Sebi). According to sources, Ajay Tyagi, the latter's chief, has called a meeting of MF chief executives.Any fund house may apply in an IPO in the Qualified Institutional Buyer (QIB) category, where allotment is made on a proportionate basis. Typically, half the issue size is reserved for QIBs. The bone of contention is the anchor allotment, where investment banks and the issuer usually decide whom to allot. Up to 60 per cent of the QIB portion may be allocated to the so-called anchor investors. While MFs compulsorily have to be allotted some part of the anchor book, the smaller ones say only the bigger fund houses get this. "If you look at ...

April 24th, 2017 13:33

Chinese gain as US stent makers withdraw

At a time when marquee American stent makers plan to withdraw their most advanced coronary stents from the market following the National Pharmaceutical Pricing Authority's move to cap their price, cheaper Chinese and Malaysian rivals are pushing their products aggressively. This may lead to grey market for some of the most sought after stents that would not be officially available in the market now, fear some.Bejon Misra, founder, Consumer Online Foundation says, "Price capping only leads to a grey- market. Doctors will smuggle stents into the market and then tell the patient that they have a US-FDA approved stent but quote a higher price for it. " "Instead of billing it as a stent, they will put the additional charge as part of other expenses," he says.The NPPA on February 13 capped the prices of bare metal stents at Rs 7,260 and those of drug eluting stents, used in about 90 per cent of angioplasty procedures, at Rs 29,600. The more advanced biodegradable stents introduced in India .

April 24th, 2017 13:12

Heritage Foods opens to acquisition

Hyderabad, 24 AprilHeritage Foods, the dairy products company which is based here, wants to get to Rs Rs 6,000 crore annual revenue in five years. The figure was Rs 2,300 crore in 2015-16. For this, it says it would look for acquisitions, expanding its consumer base and its list of value-added products.Present in 10 states and the Delhi region, it had made its first inorganic move (for a North India foray) late last year by acquiring the dairy division of Reliance Retail. This helped it gain entry into five states and increase the reach in those where it was already present."Companies with a strong procurement base are the ones we will be certainly interested in. We want to grow our business through organic and inorganic means," said Brahmani Nara, executive director.The aim is a compounded annual rate of growth at 25 per cent in the next five years to reach the revenue target. The share of value-added products in the overall business is sought to be raised to 40 per cent from the ..

April 24th, 2017 12:22

Govt to expand access to Johnson & Johnson's TB drug this year

MUMBAI (Reuters) - India's top tuberculosis fighter said the government will expand access to Johnson & Johnson's breakthrough TB drug this year, but health experts warn much more needs to be done to eliminate the superbug by 2025.

April 24th, 2017 10:17

NSE to delist Deccan Chronicle, Koutons Retail, 17 others

Leading bourse NSE has decided to delist as many as 19 firms including Deccan Chronicle Holdings Ltd and Koutons Retail India Ltd from its platform from next month. This is in addition to 70 companies that were delisted by NSE in August and March. The National Stock Exchange said it has now "decided to delist (withdraw the admission to dealings in) equity shares of the following companies with effect from May 12, 2017 as per Chapter V of Sebi (Delisting of Equity Shares) Regulations, 2009". Chapter V of Sebi deals with compulsory delisting. The market regulator has been pushing for delisting of over 4,200 listed firms whose shares are not being traded. The companies to be delisted include Coral Hub, Evinix Accessories (currently known as Evinix Industries), Nuchem Ltd, Spanco Ltd, Parekh Platinum , Pasupati Fabrics, Pearl Engineering Polymers, Polar Industries, Vikash Metal & Power and Taksheel Solutions. Besides, NSE said, Koutons Retail, Ankur Drugs and Pharma, Ashco

April 23rd, 2017 08:54

Malabar Gold plans to invest Rs 1,000 cr in expansion this year

Malabar Gold & Diamond, one of the major retail chain of gold jewellery in the country, is planning to invest around Rs 1000 crore this year mainly to expand its operations in new geographies in overseas. While the funding for the current expansion would be from banks and existing investors, the company would look at options such as Initial Pubic Offering (IPO) or Private Equity by 2020 for further growth, said M P Ahammed, chairman,Malabar Group.The company at present has 175 showrooms across the world, including above 80 showrooms in India and overe 90 overseas. Plans are to establish around 60 showrooms overseas this year, including entry into countries including Indonesia, HongKong, Thailand and Sri Lanka. Its focus has been on the GCC countries, where it has majority of the overseas showrooms. It also has presence in Malaysia and Singapore and would look at expanding operations in these countries."There is a lot of opportunity available internationally and we are focusing ...

April 23rd, 2017 08:42

Ashok Leyland expects to increase defence business to Rs 5,000 cr

Hinduja Group flagship firm Ashok Leyland is looking at growing the defence business to Rs 5,000 crore from around Rs 500 crore in the coming years.Vinod K Dasari, managing director, Ashok Leyland said that in short-term, i.e. in the next five years ALL plans to grow the defence business by 3X. He was talking on the sidelines after showcasing indigenously developed Intelligent Exhaust Gas Recirculation (iEGR) technology for BS4 engine."We have developed capablities to bid for 20-25 per cent of the tenders of the Indian army as against one per cent earlier," said Amandeep Singh, who heads the defence business in Ashok Leyland.The company has bagged tenders for mine protected vehicle and bullet proof vehicles from the security agencies and targets threefold business increase from its defence vertical, he said.Speaking about Light Commercial Vehicle, Nitin Seth, president - LCV, Ashok Leyland said that company plans to double its market to 30 per cent in the domestic LCV business. To ...

April 23rd, 2017 07:38

Gokulam Chit Fund evaded Rs 1,100-crore tax

The Income Tax Department has found that Chennai-based Sree Gokulam Chit Fund and Finance evaded tax for around Rs 1,100 crore. This was found during the searches, which were conducted for the last four days.Sources in the Department has confirmed that they have got documents to prove that the Gokulam evaded tax to the tune of around Rs 1,100 crore.The searches were conducted in 76 locations across Tamil Nadu, Puducherry, Kerala and Bengalaru in the last four days."Searches were stopped temporarily, actions will start again from Monday, " said the official adding that the company has admitted to pay the tax, penalty and others.The department acted on some inputs on tax evasion through various methods in the companyGokulam is a Chennai-based company and is mainly into chit fund and finance business. Sree Gokulam Chit & Finance is the flagship company of the Gokulam Group of companies, which is in the business for over four decadesends

April 22nd, 2017 17:01

Sun Pharma's Dadra facility receives 11 USFDA observations after inspection

Drug major Sun Pharmaceutical Industries has received 11 observations from the US health regulator after inspection of its Dadra facility. The company's Dadra facility underwent an inspection by United States Food and Drug Administration (USFDA) recently. This inspection was completed on April 13, 2017, Sun Pharmaceutical Industries said in a BSE filing today. "A Form-483 observation letter was issued by the USFDA post the inspection, listing 11 observations," it added. The company, however, did not provide any details about the observations made by the US health regulator. As per USFDA, a FDA Form 483 is issued to firm management at the conclusion of an inspection,"when an investigator(s) has observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts". It notifies the company's management of objectionable conditions at the facility. "We are currently in the process of responding to the said letter to

April 22nd, 2017 14:11

Divi's Labs' Vizag unit gets warning letter from USFDA

BS Reporter Hyderabad, 22 AprilDivi'sLaboratories has informed the stock exchanges that the US drug regulator hasissued a warning letter for its unit-II at Visakhapatnam, Andhra Pradesh. "We willrespond to this warning letter with a detailed plan within the stipulated time,"the company said in a statement on Saturday, without disclosing the details ofthe warning letter.Divi's Labs,along with external consultants and subject matter experts, is working toaddress the concerns of the US Food and Drug Administration (US FDA) and ismaking all efforts to fully meet the compliance requirements, it said. The USFDA hadearlier had issued a form 483 with five observations after inspected the Visakhapatnamunit from November 29, 2016 to December 6, 2016. Divi's has respondedto the observations with an appropriate remediation process to overcome thedeficiencies observed, and also provided periodic updates to the agency. However, theregulator has issued an import alert on March 20 on the products ...

April 22nd, 2017 11:46

Despite rising costs, Indian carriers hiring expat pilots

Arav Joshi, 26, completed his flying course from a New Zealand-based training academy in 2012. After that did not translate into a job, he topped it with a type-rating course from a Pune-based facility in 2014. The total expenditure came to around Rs 50 lakh. He is still without a job. He is part of the 7,000-odd who have a commercial pilot licence (CPL) but await a job. They grouse that airlines in India don't have a system to develop home-grown talent and have to depend on expatriate pilots. An incident of misbehaviour by an expat pilot of Jet Airways with an Indian passenger has again highlighted the contentious issue. National Aviators Guild (NAG), the Jet pilots' union, has directed its members not to fly with expat pilots from May 1. With Indian aviation growing at 20 per cent annually, airlines have expanded at a fast rate. Indian airlines in total have more than 800 aircraft on order. This has also led to a serious personnel shortage, mainly of pilots. Airlines have ...

April 21st, 2017 14:40

Won't incur any loss due to SC ban on BS-III vehicle sales: Ashok Leyland

Commercial vehicle major Ashok Leyland said that it will not have any financial effect due to Supreme Court's ban on the sale of BS-III vehicles.Vinod K Dasari, managing director, Ashok Leyland said that the company had 10,664 BS-III vehicles and 90 per cent of that was with the company.ALL dealers don't carry stocks beyond more than 5-7 days and always it has been cash and carry.The moment Supreme Court order came in, the company told the dealers not to panic and the company would back them, said Dasari after showcasing indigenously developed Intelligent Exhaust Gas Recirculation (iEGR) technology for BS4 engine.Dasari said that though it was painful, financially the company will not have any impact since the retro-fitment loss of around Rs 20 crore can be easily taken from the aftermarket.He narrated, company sold around six lakh BS-III vehicles over the years, around 5-10 per cent of vehicles are replacing engines every year which translates to around 30,000 engines an year."Net ...

April 21st, 2017 14:16

Slowdown in TCS to weigh on Tatas' growth ambitions

Tata Consultancy Services (TCS) revenue growth in FY17 was slowest since FY09 and first time since its listing in 2005, both topline and bottom line growth was in single digits for the software major. This the analysts say could have a big impact on the Tata group growth plans given surplus cash has been helped Tatas' to maintain their growth streak despite poor profitability of the rest of the group since the 2009 Lehman crisis. (See the adjoining chart)While on the previous occasion, the company experienced a V-shaped recovery, this time around analysts see a structural slowdown in global IT leading to sub-par growth for company. "I don't foresee any immediate pick-up in the IT sector growth for at least two years. This would translate into single digit growth for most Indian IT companies during the period," says G Chokkalingam, founder & CEO Equinomics Research & Advisory. Earlier this month, Garner cut worldwide IT spending growth in 2017 to 1.4 per cent from its earlier ..

April 21st, 2017 13:34

Cognizant CEO saw performance bonus slip by 20% on slow business growth

Cognizant Technology Solutions chief executive Francisco D'Souza saw his performance bonus dip by 20 per cent in 2016 as the software exporter slipped on targets and faced investors ire over its business model.The US-headquartered firm, which follows the model of Indian rivals such as TCS, Infosys and Wipro, with a large offshore base grew its revenue by 8.6 per cent to $ 13.49 billion in 2016, but lower than its January projection of 10-14 per cent growth. D'Souza saw his cash payout reduce to $ 4,50,332 from the targeted $ 564,655 for the year, according to regulatory filings on Friday. However, his base pay increased by 3 per cent to $ 664,300 for 2016. Sixty three per cent of his annual compensation is linked to performance.Besides slowing business, Cognizant saw an activist investor Elliott Management seek change in business model, repay investors cash and change in the board composition to address future challenges. In January, the company complied with the plea. Senior ...

April 21st, 2017 13:18

HDFC Bank Q4 net rises 18% to Rs 3,990 cr

HDFC Bank, the country's second largest in the private sector in terms of assets, reported an 18.3 per cent rise in both its fourth quarter as well as yearly net profit.This was so even as provisioning increased, mainly on the asset classification leeway given in the third quarter by the Reserve Bank of India (RBI) and due to aggressive expansion of the loan book in the fourth quarter.Profit for the financial year's fourth quarter ended March was Rs 3,990 crore; for all of 2016-17, it was 14,549.7 crore. This is the second quarter in a row that the bank reported quarterly profit growth below 20 per cent; it is also the first time in its history that yearly profit growth has dipped below 20 per cent.Analysts were expecting quarterly net profit of Rs 3,956 crore. The bank's shares rose 2.4 per cent to close at Rs 1,496.75 a share, having hit a lifetime high of Rs 1,499 in the trading session. Provisions and contingencies for the fourth quarter were Rs 1,261.8 crore, as against Rs 662.5 .

April 21st, 2017 13:04

Sequential improvement likely for RIL in March quarter

For Mukesh Ambani's Reliance Industries (RIL), the March-ended quarter might prove sequentially better, on the back of refining and petrochemical segment performance, analysts say. "We expect strong earnings, driven by refining and petchem (higher volumes, improved margins). Despite increased losses in domestic E&P (exploration and production), we expect RIL to report a ninth straight quarter on quarter stand-alone PAT (profit after tax) growth," analysts with Nomura Research wrote in an April 7 report.In a Bloomberg poll, 16 analysts estimated the March quarter revenue at Rs 67,476 crore and profit at Rs.8,016 crore at the standalone level. For the March 2016 quarter, the company had reported a net profit of Rs 7,320 crore and revenue of Rs 54,189 crore on a standalone basis.Analysts expect gross refining margins (GRMs) for the quarter in the range of $10.5 to $11.2 a barrel, against $10.8 in the quarter ended December 2016. Brokerages HDFC Securities, Kotak Securities and IDFC .

April 21st, 2017 12:48

MCX cotton volume soars to highest turnover of Rs 407 cr

Cotton futures on MCX, more known for its energy and metal commodities derivative trading, has seen a highest trading volume among all agri commodities across exchanges. MCX Cotton futures turnover clocked Rs 407.65 Crore yesterday, which is the highest amongst all agri commodities across exchanges.According to a broker on MCX , which deals with many companies hedging their cotton requirement on the exchange platform, "big apparel companies like Arvind, multinational trading firms and mid size year spinning and other textile companies have increasing their hedging for cotton requirement on the MCX platform contributing to the high volumes." He declined to be named as some of companies are hedging through his broking arm on MCX.Recently MCX also addressed some events and projected cotton contract as their agri face and planning to enter a few more agri commodities. However still NCDEX continues to be the major exchange for agri trading and their efforts to lure farmers have yielded ...

April 21st, 2017 12:38

Rise expected in gold jewellery demand this Akshaya Tritiya

Gold jewellery sale is expected to rise sharply on the occasion of Akshaya Tritiya this year, after an appreciating rupee prompted many to book a piece for delivery on the due date. A stronger rupee has mean the Indian price rise is slower than abroad.Akshaya Tritiya is on the coming Friday; it is considered one of the most auspicious occasions to buy a precious metal, primarily gold. In earlier years, people bought coins; the trend has shifted to token purchase of light jewellery, with the high prices. This year, bookings are skewed towards gold jewellery, in a price band of Rs 30,000-50,000 a piece.Buying has been robust this season, with consumers seeing a rising rupee as an opportunity to buy gold. This is one change over recent years -- from an occasional purchase, irrespective of price movement, consumers nowadays buy gold at every price dip, even without any occasion."It was not a real Akshaya Tritiya last year, due to jewellers' long strike ahead of this festival. While some ..

April 21st, 2017 12:02

L&T signs deal with South Korea's HTW to supply howitzer to Indian army

Engineering conglomerate Larsen and Toubro inked a deal with South Korean defence major Hanwha Techwin (HTW) today to jointly manufacture over 100 self- propelled howitzers for Indian Army at a cost of nearly Rs 4,500 crore. The first batch of the 155mm/52 Cal Tracked Self Propelled (SP) gun -- K9 VAJRA-T -- will be delivered later this year and the entire supply will be made within a span of 42 months. While 10 guns will be directly brought from South Korea, 90 will be manufactured in L&T's Strategic Systems Complex in Talegaon near Pune. The K9 VAJRA-T gun is an enhanced version of HTW's K9 Thunder which is known as one of the best performing self- propelled howitzers in the world. At a function to sign the deal, South Korea's Minister for Defence Acquisition Chang Myoung Jin said his country would like to significantly expand defence ties with India as envisaged during Prime Minister Narendra Modi's visit to Seoul in 2015. "Today, we have taken our defence partnership to a

April 21st, 2017 10:50

Mahindra KUV100 crosses 50,000 cumulative sales milestone since January '16

Mahindra & Mahindra (M&M) today said its compact SUV KUV100 has crossed the 50,000 units sales milestone, since its launch in January last year. Launched in a highly competitive segment, the KUV100 has made its presence felt with 50,288 units being sold till date, M&M said in a statement. "We would like to thank our customers for their support in achieving this milestone for the KUV100. The KUV100 has created an all-new SUV segment in the price range of Rs 4.5 lakh to Rs 7 lakh," M&M President, Automotive Sector, Rajan Wadhera said. The vehicle combines the appeal of an SUV and practicality of a compact car, making it a compelling value proposition for buyers, he added. "The recent introduction of the new look dual tone KUV100 has also resonated well with our customers and going forward, I am sure that the KUV100 will continue to scale new heights," Wadhera said. In recent times, there has been a readjustment happening in the Indian passenger vehicle market with ..

April 21st, 2017 10:47

Has RCom disclosed enough on Aircel merger?

The proposed merger of telecom giants Reliance Communication(R-Com) and Aircel has triggered a debate over the kind of disclosuresnecessary on the valuation of companies.RCom, the listed firm belonging to Anil Ambani group,proposes to demerge its telecom business and transfer the same to Aircel. Afterthis, the company will own a 50 per cent stake in Aircel. As required underlaw, the Company has obtained a Valuation Report from an Independent Valuer anddisclosed the same. The court convenedmeeting to approve the proposal is coming up next week. Proxy advisory firmStakeholders' Empowerment Services (SES) is of the opinion that valuationreport is of little use as it fails to disclose the valuation (monetary value)of the Business and only gives the share exchange ratio of 1:1. "Shareholdersare at loss to understand from where suddenly the ratio is arrived. SES is ofthe view that valuation of each Company should be provided in the valuationreport and brought to the notice of the ...

April 21st, 2017 06:51

Iron ore exports to lose steam in FY18 on weak price outlook

After staging a sharp recovery in last fiscal, iron ore exports from the country may lose momentum in FY18 as iron ore trade has entered the bear territory.Exports of iron ore rose four-fold in 2016-17 to 24 million tonne (mt) compared to six mt in the year ago fiscal. Exports were largely helped by a spike in international prices that touched a peak of $95 a tonne. Strong price sentiment was fuelled by demand pick up in China where iron ore inventory at ports reached a record 133 mt, the highest since 2004. The surge in exports had sparked hope of revival in iron ore exports from India which has once been a leading player in global seaborne trade.But, the collapse in iron ore prices have doused hopes for the exporters. Benchmark prices of iron ore tumbled to a six-month low of $61 per tonne, plunging 30 per cent from the February peak before rebounding 2.2 per cent to $64."Iron ore exports had picked up on bullish price trends. Even with the steep export duty of 30 per cent, miners ..

April 21st, 2017 04:11

Labour union alleges big scam in L&T cement sale to Grasim in 2005

A labour union today alleged many irregularities in the 2004-05 sale of Larsen & Toubro's cement business to Grasim and accused outgoing chairman AM Naik of cornering Rs 600 crore from the transaction. The allegations were made by a union called Loyal Tigers Welfare Association at a press meet where they also claimed that a public interest litigation has been filed in the Bombay High Court on March 21 against the top L&T management, including Naik who is retiring in September. When contacted an L&T spokesman said the union is not recognised by the company and they are yet to receive any communication from the court on the matter. Loyal Tigers alleged that during the sale of L&T's cement business to the Birlas-owned Grasim in 2004-05, the engineering firm received shares from the Birla firm directly into a foundation called the Employees Benefit Foundation of L&T, which owns 12.5 per cent equity in the engineering major. "These shares should have been with ...

April 20th, 2017 18:14