4,285,799 russian companies, updated March 29th, 2017

Business news

L&T bags Rs 2,400-crore job orders

Larsen & Toubro (L&T) today said its construction arm has won orders worth Rs 2,400 crore in domestic and international markets. "The power transmission and distribution business of L&T Construction has recently bagged major orders worth Rs 2,400 crore in the domestic and international markets," the engineering and construction major said in a BSE filing. L&T said that its power transmission and distribution business has secured repeat order of 400 kv transmission lines and sub-stations, 33 kv primary substations and related cabling on turnkey basis in the Middle East and Africa. It has also received orders to build transmission lines at voltage levels of 765 kv and 400 kv across different states. The stock was trading 1.18 per cent up at Rs 1,564 on the BSE.

March 29th, 2017 05:52

Harvesting times for fertiliser firms

Fresh triggers after the note ban have helped fertiliser stocks not only gain lost ground but register good returns.Expectations of a decline in subsidy receivables in FY18 after the Union Budget, hopes of demand improvement following the UP elections, as well as talk of fast-tracking fertiliser reforms have helped these stocks gain in the past few months. With these gains, the one-year returns given by these stocks too have been phenomenal. Coromandel International, Chambal Fertilisers, GSFC, Tata Chemicals, Deepak Fertilisers, etc have gained 52-98 per cent in the past one year. There could be more gains ahead.This reversal in fortunes for fertiliser stocks in FY17 comes after three challenging years. The deficient monsoons, high raw material prices, elevated subsidy receivables, and policy stagnation had contributed to their underperformance earlier. While substantial improvement in the monsoon in 2016 provided the first trigger, falling prices of natural gas and those of MoP ...

March 28th, 2017 18:48

CCI clears acquisition of Johnson & Johnson's two brands by ITC

The Competition Commission has approved the proposed acquisition of Johnson & Johnson's two brands, 'Savlon' and 'Shower to Shower', by FMCG major ITC. Savlon is an antiseptic brand while Shower To Shower is a personal care product brand. In a tweet today, the Competition Commission of India (CCI) said that it has approved "acquisition of Savlon and Shower to Shower brands by ITC". According to the notice submitted to CCI, ITC would acquire Savlon with "certain attendant inventories, know-how, molds and promotional materials" from Johnson & Johnson Private Ltd. The FMCG major would also acquire the Shower to Shower brand along with "certain know-how and promotional materials" from Johnson & Johnson PTE. ITC is a multi-business enterprise having presence in fast moving consumer goods (FMCG), hotels, agri-business, among others. Johnson & Johnson Private Ltd and Johnson & Johnson PTE are part of US-based Johnson & Johnson Inc, which .

March 28th, 2017 16:06

Infosys joins open source community to share intellectual property with cos

India's second largest IT service firm Infosys on Tuesday became a community member of Open Invention Network (OIN), joining global firms such as Google, IBM and Toyota to share intellectual property on Linux programmes developed between organisations. OIN is the largest open source software community with 2000 members. With more customers of Infosys in banking and other sectors across the different countries use open source to develop many consumer-focused applications, the company believes open source software is important. The OIN allows Infosys to access intellectual property from other companies through a sourced pool and without paying a royalty fee.The Indian IT services firms are shifting their business towards digital technology services and platforms like open source owing to increasing demand from clients for pay-as-you-use model. One of the US-based banks that outsources services to Indian firms like TCS, Cognizant recently said it is experimenting many customer ...

March 28th, 2017 15:29

Bengaluru-based online meat brand Licious raises $10 mn in fresh funding

Bengaluru-based online meat brand Licious has raised $10 million in fresh funding led by Mayfield India as it looks to expand its service outside of its home market starting with Hyderabad and Delhi-NCR.The round also saw participation from Mohandas Pai's 3one4 Capital, Sistema Asia Fund and Neoplux Technology Fund. Licious will use the capital to grow its technology apart from enabling the company to setup meat processing facilities and supply chain at all its new locations."The money we've raised now will primarily go into expansion in new cities and building better technology in the back end which includes state of the art meat processing facilities. While this isn't a very capital intensive business, it's a very infrastructure dependent business," said Vivek Gupta, founder at Licious.Licious says it already makes money on every order, but isn't profitable at a company level due to investments it continues to make into the business. With another $10 million in the bank, Gupta says .

March 28th, 2017 15:06

Truecaller now lets you recharge your phone, make video calls

Caller identification app Truecaller has tied up with ICICI Bank to allow its over 150 million users in India to transfer funds between themselves and vendors through the Unified Payment Interface (UPI)The move would allow more Indian users to get on the digital payment infrastructure and do small transactions on UPI, including recharging their phone currency. Secured by a two-factor authentication based on the RBI guidelines, users can also use Truecaller Pay for prepaid and postpaid recharges. With Truecaller Pay, the Swedish company is also pivoting itself from a pure caller identification app to an entity that offers secure payments and video calling with partnership of Google. It also has partnered with Airtel to bring caller ID to hundreds of millions of users."We have been able to build a mobile identity platform and ecosystem that more and more people are relying on a daily basis to build safe and meaningful services on top of it. Today we are finally able to showcase the .

March 28th, 2017 14:45

COAI asks govt to address issue of companies' fiscal health

With the telecom sector grappling with aggressive price strategy of new entrant Reliance Jio and government losing out on its revenues, industry body Cellular Operators Association of India (COAI) seeks immediate steps to address the matter before banks stop lending.In an interaction with Business Standard, Rajan S. Mathews, Director General COAI said, of the Rs 4.6 lakh crore exposure in the telecom industry, 80% is held by domestic banks and with this situation the banks are getting nervous.Mathews said that the issue raised by Telecom Secretary J. S. Deepak should be viewed from the perspective of the Telecom Commission and not Department of Telecom (DoT)."He (J S Deepak, Telecom Secretary) did not write the letter, Telecom Commission Chairman did. The members include Secretary IT, Secretary level person from finance and other government representatives and unless he takes a majority view, Telecom Secretary suo moto cannot write a letter to TRAI complaining about the telecom ...

March 28th, 2017 14:28

Monsanto loses trademark infringement suit against Nuziveedu Seeds

The Delhi High Court on Tuesday dismissed Monsanto Technology LLC's trademark infringement suit against Nuziveedu Seeds Limited, after concluding that the American biotechnological company's termination of a sub-licensing agreement with the Indian seed manufacturer was illegal and arbitrary.Rejecting the Monsanto's plea, Justice R K Gauba held that the sub-licensing agreement allowing Nuziveedu Seeds to use the company's genetically modified hybrid cotton seed technology still continued to be in force and binding on both parties. The decision now allows Nuziveedu to continue to use Monsanto's Bollgard and Bollgard II trademarks.In addition to reinstating the contract, the court said that future royalty payments for use of Monsanto's patented Bt cotton technology were to be made as per the cotton seed price control order issued by the central government. The 2015 price control order has reduced the cost of the seeds by 74 percent from Rs 163 per packet to Rs 43, exclusive of ...

March 28th, 2017 14:14

India imposes import duty on wheat, tur dal

Barely days before the Centre starts its annual wheat procurement in full strength, it re-imposed an import duty of 10 per cent on the commodity and levied duty of a similar amount on tur (pigeon peas). The estimated revenue implication of both the measures is expected to be around Rs 840 crore at current levels of imports. The import duty on tur has been imposed after a long gap.Announcing the decision in the Lok Sabha, Minister of State for Finance Arjun Ram Meghwal said a notification dated March 17, 2012 has further been amended so as to "impose basic customs duty of 10 per cent on wheat and tur, with immediate effect."Import duty on wheat was abolished in December after wheat and flour prices started rising in the open market due to supply crunch. The waive off enabled private traders to import almost 6 million tonnes of wheat - among the highest in recent times to refill their inventories and cool down prices. Inventories with private companies were running dry due to low ...

March 28th, 2017 13:56

Jeera prices to hit two-month high on firm global demand, lower output

Cuminseed prices bounced back from its recent lows to hit the highest in two months on lower output forecast and strong demand from overseas buyers.On the National Commodity & Derivatives Contract )NCDEX), the most active Jeera contract for delivery in April jumped by 3.17 per cent to trade at Rs 18,410 a quintal before profit booking pulled it down marginally to quote at Rs 18310 a quintal in early evening trade on Tuesday. The contract showed a gain of around 8.5 per cent since early February.Similarly, Jeera contract for delivery in May also gained 2.72 per cent on Tuesday to quote the spice variety at Rs 18,515 a quintal in early evening trade. Analysts expect the bull trend to continue on robust overseas orders this year."Further upsurge to the tune of Rs 400 - 700 a quintal is possible in jeera price following robust overseas demand. Exporters are likely to fetch better realisation due to good quality of jeera produced in India this year. With estimates of lower production ..

March 28th, 2017 12:54

Note ban frenzy now behind, Jan Dhan accounts see brisk withdrawals

Jan Dhan deposits, which had peaked after demonetization, to around Rs 74000 crore at the end of November 2016, are gradually shrinking. In about three and half months between 1st January and 15th March, 2017, close to Rs 10500 crore was withdrawn from Jan Dhan accounts. According to data from Jan Dhan website, as on 15th March 2017, total deposits from Jan Dhan accounts stood at around Rs 63836 crore, against Rs 74321 crore at the end of November 2016."Jan Dhan accounts have almost reached a level of saturation. Also, as withdrawals limits in banks getting eased, deposits too got withdrawn. Now, the focus has shifted to Aadhar card linkage, Ruyap Card and Atal Pension Yojna," said a senior banker at a public sector bank.Notably, Jan Dhan accounts was a mission mode plan. Launched on 28th August 2014 , the target was to open one account per household was achieved by 26th January 2015. Jan Dhan Accounts had seen a nearly 45 per cent surge in deposits in about twenty three days between .

March 28th, 2017 12:45

Sebi gets back discretionary powers on penalties

In a development that could provide relief to several companies reeling under heavy penalties post the Supreme Court's Roofit judgment in 2015, the Finance Bill 2017 has inserted an explanation that does away with the ambiguity regarding the discretionary powers of the Securities and Exchange Board of India (Sebi) in deciding the quantum of penalty against companies. The Supreme Court had in its ruling in the matter of Roofit Industries in November 2015 said that Sebi had no discretionary powers under Section 15J of the SEBI Act, 1992 to reduce penalties imposed on companies. Following the judgment, penalty of crores of rupees was levied by Sebi in different matters. This led to Securities Appellate Tribunal (SAT) remanding several matters back to Sebi and quite a few appeals being withdrawn by the appellants fearing higher penalties. The Bill has clarified that the "power of an adjudicating officer to adjudge the quantum of penalty under sections 15A to 15E, clauses (b) and (c) of ...

March 28th, 2017 12:40

Volvo wants to set up unit in India to cut import duty; try us, says Odisha

With Swedish luxury car maker evaluating possibilities of setting up its assembly plant in India, Odisha has thrown its hat in the ring.The state government has invited Volvo Auto India to explore Odisha as a destination for its assembling facility by dangling an array of incentives the state offers. "We are given to understand that Volvo Auto India is exploring to set up an assembly unit in India. We invite you to consider setting up the unit in Odisha. The state's existing Industrial Policy Resolution (IPR) provides very competitive incentives for automobile manufacturers. In addition, a new dedicated policy for auto and auto components sector is on the anvil which will ensure unmatched competitive advantage for companies setting up units in the state", Odisha industries secretary Sanjeev Chopra stated in a letter to Tom von Bonsdorff, managing director, Volvo Auto India Ltd.Volvo is looking for an assembly plant in the country as it was losing heavily by forking out steep import ...

March 28th, 2017 12:29

FMCG margins get a leg up on lower input costs, higher product prices

Even as consumption demand in rural as well as urban markets remains under pressure, fast moving consumer goods (FMCG) companies have some reason to cheer. With crude oil as well as palm oil prices near their three-month and five-month lows, respectively the input cost inflation for companies making paints and soaps such as Asian Paints, Hindustan Unilever (HUL), Godrej Consumer Products, Pidilite, amongst others could come down. Interestingly, most of these companies have already reduced the promotional intensity and/or taken price hikes in these products to reflect the increase seen earlier in input costs on a year-on-year basis. Both these factors will aid their margins in the near term. In fact, price hikes could also aid realisations and compensate for continued weakness in volumes to some extent, believe analysts. The rupee, too, has strengthened in recent times and is hovering around its year high now. This also benefits consumer companies as it further reduces the cost of ...

March 28th, 2017 11:16

Indian gold jewellery exports down 47% in Feb on lower offtake from Gulf

India is gradually losing its luster in terms of gold jewellery exports due to higher manufacturing cost arising out of 10 per cent import duty levied on gold. Over and above 5 per cent import duty levied by the government of the United States Emirates (UAE) effective January 1, has hampered India's gold jewellery exports routed through the Middle East.Consequently, after over 24 per cent decline in gold jewellery exports in January, India's shipment of the yellow metal ornaments plunged by a staggering 47.52 per cent in February. Experts believe that the UAE has witnessed a sharp increase in setting up of manufacturing units since January. These manufacturing bases are largely dominated by Indians who own similar units in India.Whatever the case might be, India has been losing jewellery exports business rapidly to its competing countries including China. Most importantly, India's skilled workforce is also migrated to the UAE resulting into a proportionate decline in job creation ...

March 28th, 2017 11:08

USFDA gives final nod for Aurobindo's Meropenem anti-bacterial injection

BS Reporter Hyderabad, 28 MarchAurobindo Pharma has received final approval from the US Food and Drug Administration (USFDA) to manufacture and market Meropenem injection, which is used in the treatment of complicated skin and other bacterial infections. Meropenem injection 500 mg/vial and 1 g/vial will be launched next month. This is a generic version of AstraZeneca Pharmaceuticals' Merrem Injection. It is indicated as single agent therapy for skin infections, complicated intra-abdominal infections such as appendicitis and peritonitis, and bacterial meningitis, the company said in a statement.According to IMS, Meropenem has an estimated market size of $118 million for the twelve months ending January 2017. This is the first abbreviated new drug application (ANDA) approved out of its subsidiary Auronext Pharma's formulation facility in Bhiwadi. This unit is used for manufacturing penem injectable products. With this, the Hyderabad-based company has an overall 314 ANDA approvals ...

March 28th, 2017 10:20

Interest subsidy scheme makes more sense for smaller towns

If you stay in tier-II or tier-III cities, you stand to benefit the most from the government's newly-introduced credit-linked interest subsidy scheme for middle class. For those in metros, the scheme does reduce the cost of purchase but not as significantly."The benefit in the scheme becomes a function of property price as the maximum benefit an individual can avail is capped. Lower the price, higher is the percentage of the subsidy," says Mudassir Zaidi, a property consultant.If an individual earns between Rs 6 lakh and Rs 12 lakh a year, the government will provide an interest subsidy of four per cent or a maximum of Rs 2.35 lakh for a house that has a carpet area of up to 90 square metre (968.75 square feet). Those with annual income between Rs 12 lakh and 18 lakh will get an interest subsidy of three per cent or a maximum of Rs 2.3 lakh for a house with a carpet area of 110 square metre (1,184 square feet) or less.In metros like Mumbai and Delhi, a flat costing 1,184 carpet area .

March 27th, 2017 18:06

Lupin expects muted growth in the US despite new launches

Nilesh Gupta, managing director for Mumbai based pharma major Lupin is trying to reset investors expectation as its mojo in the US market is set to get weaker in the near term.The company that reported Rs 12,958 crore revenue in the nine months of current financial earns about 48% from the US markets. "With one of the strongest pending pipelines in the US at its disposal, the company is well poised to address the pricing issue," said Siddhant Khandekar, analyst with ICICI Securities in its recent report. "We expect US sales to grow at 18% CAGR in FY16-19E to Rs 9642 crore," the report said.Following the $880 million acquisition of Gavis in 2015, the company has stepped-up product launches and ramped-up specialty drugs offering to protect its revenue from the US market.It owns one of the strongest ANDA (Abbreviated New Drug Application) pipeline comprising 344 filed and 137 pending approvals including 44 FTFs (First to File). This acquisition has strengthened its position in ...

March 27th, 2017 14:48

Nine years after ban, govt allows export of edible oil in bulk

In an encouraging move, the government of India has allowed exports of select edible oils in bulk effective immediately.In a notification dated Monday, the Director General of Foreign Trade (DGFT) said, "Exports of groundnut oil, sesame oil, soybean oil and maize (corn) oil in bulk, irrespective of any pack size, has been exempted from the prohibition on export of edible oil." This means, nine year old ban on the exports of their exports was lifted from Monday. Until now, exports of select edible oils were allowed only in consumer pack of upto 5 kgs.The move is expected to allow better realisation for oil producers which improve their capability to pay higher prices for oilseeds. Ultimately, better realisation would help farmers bring in additional area resulting into proportionate decline in India's import dependence on edible oil. India meets around 60 per cent of its edible oil demand, to the tune of 24 million tonnes, through imports."It is a welcome move by the government as ...

March 27th, 2017 14:32

Hyundai India projects extra Rs 13,000-cr investment by 2022

Korean automobile major Hyundai, second biggest in the domestic car market, aims to invest $2 billion (about Rs 13,000 crore) in this country over the next five years to develop and upgrade products.It aims to expand its market share from the current 17 per cent and double domestic sales to a million vehicles annually in the next five years. It has 11 products at present, which it says needs regular refreshing. "The product life cycle is shortening. Every four years, you need to upgrade design and technology of a model, while refreshing it with minor changes every year. Every upgrade requires an investment of Rs 400-500 crore. So, every year, we need to invest Rs 1,500 crore in upgrading three products and implementing major and minor changes," Rakesh Srivastava, senior vice-president (sales and marketing), told this newspaper. Hyundai also aims to bring a new car model every year and this need an additional investment of Rs 1,000 crore annually. So, every year, up to Rs 2,500 crore ..

March 27th, 2017 14:22

Castorseed futures decline 2.5% on higher cash margins

Castor seed prices declined by upto 2.5 per cent on Monday following 20 per cent margins levied on all buy side contracts by the National Commodity & Derivatives Exchange (NCDEX) to cool down spiraling prices.Through a circular dated March 24, NCDEX levied 20 per cent special cash margins on long (buy) side contracts with effect from today i.e. March 27, 2017. With this, the applicable margins on castor seed works out to 29.98 per cent on long side and 9.98 per cent on short (sell) side.The increase in margins helps proportionate lower availability for cash for trading which helps traders to reduce their positions resulting into price decline. As a consequence of this special margins, castor seed for delivery in July 2017 declined by 2.44 per cent to Rs 4949 a quintal. All other active contracts also declined, albeit marginally. Open interest in all active castor seed contracts also declined on Monday. "Castorseed price declined on Monday due to 20 per cent margins levied on buy ..

March 27th, 2017 13:30

Majority of active funds lag benchmark returns in past one year

Passive investing in mutual fund schemes is not popular in India. Investors have preferred schemes managed by fund managers because of their ability to beat returns of the underlying benchmarks and generate the so-called "alpha".However, the latest SPIVA India (S&P Indices Versus Active Funds) scorecard reveals that over a one-year period ended December 2016, 66 per cent of large-cap equity funds, 64 per cent of ELSS funds and 71 per cent of mid & small-cap equity funds underperformed their respective benchmark indices. The underperformance reduced over longer timeframes. In the five-year period, for instance, the 54 per cent, 25 per cent and 42 per cent of large cap, ELSS and mid & small-cap schemes underperformed their respective benchmark indices. In the 10-year period, the comparable figures are somewhat higher at 55 per cent, 50 per cent and 46 per cent, respectively. This shows that while the majority of mid & small-cap schemes were able to beat their benchmarks,

March 27th, 2017 12:54

Greenko raises $155 mn to fund capacity expansion

Hyderabad, 27 March: Hyderabad-based clean energy major Greenko Energy Holdings has announced the signing of definitive agreements for a primary equity raising of $ 155 million (About Rs 1007.5 crore at today's exchange rate) from an affiliate of Singapore Sovereign Wealth Fund, GIC. and an affiliate of Abu Dhabi Investment Authority(ADIA).The GIC, which is the majority shareholder of Greenko, is investing $ 123.9 million while the ADIA subsidiary will be investing the remaining $ 31.1 million, according to the company.'These funds will help us to achieve the target of 3 giga-watt(3,000 mw) installed capacity by December, 2017 from the current 2.5 gw level," Mahesh Kolli, president and joint managing director of Greenko told Business Standard on Monday.After the last year acquisition of the US company Sun Edison's solar assets and a 100-mw hydro electric project in Himachal Pradesh from Abu Dhabi National Energy Company PJSC(TAQA), the Indian renewable energy company is raising this .

March 27th, 2017 12:44

South India might face sugar deficit this season due to lower output

HEADING DOWN SOUTHRegional disparity of sugar inventory (million tonnes)Major states Opening stock Production Dispatches Closing stocks Oct 1, '16 Oct - Sept, 16-17 (forecast) Oct - Sept 2016-17 Monthly rate Sept 30, '17Uttar Pradesh 1.1 8.2 7.8 0.65 1.5Maharashtra 3.5 4.2 7.2 0.60 0.5Karnataka 1.1 2.1 3.0 0.25 0.1Tamil Nadu 0.4 1.1 1.3 0.11 0.2Total 6.2 15.6 19.3 1.61 2.4Other states 1.5 3.9 5.2 0.43 0.3All India 7.7 19.5 24.5 2.04 2.7Sources : ISMA, regional associations, tradeNote: Above estimates are on the basis of India sugar production estimated at 19.5 million tonnes and consumption at 24.5 million tonnes in 2016-17 seasonFaced with a sharp decline in yield following three years of continuous drought, sugar mills in the south Indian states are likely to face shortage of the sweetener by the end of current crushing season (i.e. September 2017) due to lower production in this region this year.While announcing the revised sugar production estimates early this month, industry body

March 27th, 2017 12:36

After stent, NPPA starts process to cap other medical devices

After capping coronary stents, the National Pharmaceutical Pricing Authority (NPPA) gears up for price control of other medical devices. The NPPA met intra-ocular lens manufacturers today to discuss the matter. They will subsequently meet orthopaedic implant manufacturers this week. Both these category of devices are under the radar of the pricing regulator to bring it under price control.Capping prices of coronary stents was the first move in slashing prices of medical devices. In February this year, the pricing regulator slashed the prices of coronary stents by 85%.This event brought about a change in the thinking of the medical device manufacturers. The CEO of a multi-national device maker said, "The price cap on coronary stents shook us." "The NPPA brought down the price of stents by 85% in one go. We would rather opt for self- regulation than having the NPPA reduce prices like this," he said.The domestic manufacturers of medical devices have written to the Department of ...

March 27th, 2017 12:30

The people in the RIL unlawful gains case

Twelve entities, acting on behalf of Reliance Industries (RIL), booked gains of Rs 513 crore by squaring off derivatives' positions in Reliance Petroleum on November 29, 2007. The elaborate scheme they devised to achieve these gains allegedly violated provisions of The Securities and Exchange Board of India (Sebi) Act, The Securities Contract (Regulation) Act (SCRA) and the Sebi Prevention of Unfair Trade Practices Regulations. For 3,379 days, little happened. Three people -- M Damodaran, C B Bhave and U K Sinha -- were at the helm of affairs at Sebi in this period. Damodaran for a little over two months, Bhave for three years between 2008 and 2011, while Sinha had six full years. For the next 23 days, too, not much. But, 3,403 days after the violation, RIL was asked to repay its alleged ill-gotten gains, with interest. Though such an order is usually teamwork, and was drafted by wholetime member G Mahalingam, people in the know say the call of the man at the top is crucial. ...

March 27th, 2017 11:42

On demand personal service start up DoneThing raises $300,000

Gurugram-based DoneThing, an on-demand personal assistant service, has raised $300,000 funding from Brand Capital, the investment arm of media conglomerate Bennett, Coleman and Co. Ltd.The funds raised will be used for geographical growth and service expansion.DoneThing, is a cross segment on-demand personal assistant fulfilling customer's daily needs. It utilizes a blend of innovation and operations to empower people to make the most of their daily time and productivity. The start-up enables to do more in the same amount of time via delegation of daily mundane tasks.DoneThing runs errands from shopping like purchasing medicines, personal care items, groceries, to completing tasks like collecting laundry, pick up & drop of documents/invoices, cheque deposits, repair of shoes/electronics, notary and government ID work to finding neighbourhood professionals like electrician, driver on demand or any kind of help like planning travel and cab bookings.Founded in 2015 by Karan Saharan, .

March 27th, 2017 11:32

Divi's weighs share buyback following sharp fall in share price

Hyderabad, 27 March: Divis Laboratories Limited management on Monday said buy back of shares using the cash reserves could be an option in the light of a sharp fall in the company's share price though its current focus was on the remedial steps at Unit 2, which received an import alert by the US Food and Drug Administration(USFDA) last week."Yes, this is an option(that can be looked into)," the company's founder and chairman Murali K Divi said in response to a suggestion if Divis would consider using the free cash, amounting to Rs 1,700 crore, for share buyback as the share price corrected quite a bit, touching the 52 week low on the day the news was broke about the import alert.Responding to analyst queries in a conference call organised on the regulatory setback faced by the Visakhaptnam facility, which accounts for 65 percent of the total sales revenues of the company, Murali said they have no clue as to why the US FDA has directly announced an import alert without issuing a ...

March 27th, 2017 10:54

US cut in anti-dumping duty to boost Indian shrimp exports

The United States, the largest importer of Indian shrimps, has pegged its preliminary anti-dumping duty on the perishable item at an average rate of 1.07 per cent.The US commerce department has announced the preliminary determinations in the ongoing 11th administrative reviews of the anti-dumping duty orders against frozen warm water shrimp from India and Thailand. The period of review (POR) was February 1, 2015, through January 31, 2016. The new rate applies to 229 Indian producers/exporters not selected for individual examination, sources said.Meanwhile, the review-specific average duty in the 11th round was lower from the final tenth review rates, exporters said. The final duty for 2014-15 was 2.20 per cent. "Because of the duty being lowered, a lot of major exporters will stand to get duty refunds which will be a big boost for the exports", said Rajen Padhy, director general of Utkal Chamber of Commerce and Industry and a seafood consultant.USA is the major importer of Indian ...

March 27th, 2017 09:30

Dr Reddy's to market Integra's products in India

BS ReporterHyderabad, 27 March: Dr Reddy's Laboratories Limited and global medical technology company Integra LifeScinces Holdings Corporation announced today that they have entered into an exclusive distribution agreement under which the Hyderabad-based generic pharma major will market and distribute DuraGen Plus and Suturable DurgaGen dural regeneration matrices for use in patients in India.M V Ramana, executive vice president and head of emerging markets and India business at Dr Reddy's said,"We are delighted to partner with Integra LifeSciences. With the launch of DuraGen, we look forward to building our presence in the segment of regenerative technologies and making a difference to the lives of patients undergoing neurosurgery."Commenting on the tie-up, Integra LifeSciences chief financial officer Glenn Coleman stated that this collaboration will allow the company to expand patient access globally and provide innovative regenerative technology solutions to neurosurgeons and ...

March 27th, 2017 08:35

Stock markets may see volatility this week: Experts

Stock markets may see volatile trading sessions this week amid derivatives expiry and will be guided by global cues for further direction in the short-term, say experts. "Overall, market appears to be going through a long phase of consolidation before a decisive move is confirmed on either side as almost all positive triggers factored in," said Vijay Singhania, Founder-Director, Trade Smart Online. On the political front, developments in the budget session of the Parliament will also be keenly watched, he added. The budget session of the Parliament will conclude on April 12. "Volatility to remain high as we go into the expiry of March series derivative this week which is also the fiscal year closing," said Abnish Kumar Sudhanshu, Director and Research Head, Amrapali Aadya Trading & Investments. Meanwhile, in a major setback to US President Donald Trump, House of Representatives Speaker Paul Ryan on Friday withdrew a healthcare bill aimed at repealing and replacing the ...

March 26th, 2017 09:40

IPO lane gets busy as companies line-up Rs 20,000-cr public offerings

The IPO lane is getting busy as companies have lined up initial public offerings worth Rs 20,000 crore in the coming months to fund their business expansion and meet working capital requirements. Hudco, NSE, Central Depository Services Ltd, Nakshatra World and Cochin Shipyard are among the names that plan to launch share-sale offers in coming months. Most of these companies plan to utilise initial public offer (IPO) proceeds for business expansion as well as working capital requirements. Besides, the firms are taking IPO route to achieve benefits of listing the equity shares on the bourses. Some of the firms believe the listing of the equity shares will enhance their brand name and provide liquidity to the existing shareholders. At present, five companies -- Hudco, Central Depository Services Ltd, S Chand and Company, Genesis Colors and Security & Intelligence Services (India) Ltd -- have secured Sebi's go-ahead to float their respective public offers. In addition, 11 ...

March 26th, 2017 07:15

Apollo Health and Lifestyle to invest Rs 500 cr in expansion

Hyderabad, 21 MarchApollo Health and Lifestyle (AHLL) will invest Rs 500 crore in the next five years to expand its core businesses across the country. It is creating innovative models of clinics to provide primary healthcare in alternative ways by using telemedicine and medical services on mobile app under customised treatment platforms.The subsidiary of Apollo Hospitals Enterprise has five primary care formats - Apollo Clinics, Apollo Sugar, Apollo Diagnostics, Apollo White and Apollo Dialysis. It has rapid expansion plans to increase the number of multi-speciality clinics and diabetes clinics to 150 each in the coming three years from the current 72 and 42 respectively.According to AHLL chief executive officer Neeraj Garg, the company may invest Rs 2-2.5 crore to set up a multi-speciality clinic, and Rs 1.5-2 crore for a standalone diabetes clinic in leased premises. Apollo Sugar is also partnering with other private hospitals, where the investment would be Rs 25-50 lakh. It has ..

March 25th, 2017 16:46

Apollo Hospitals to restructure retail pharmacy business

Apollo Hospitals Enterprise Ltd (AHEL) is looking at restructuring its front end of the pharmacy retail business in order to bring down the foreign holding in retail below 51 per cent, as part of getting its pending Rs 750 crore rights issue approved by the authorities.The move comes as the Foreign Investment Promotion Board (FIPB) has been holding back its approval for the hospital chain to raise Rs 750 crore from the foreign investors. The FIPB has recommended the proposal to raise Rs 750 crore through rights issue from foreign investors to the Cabinet Committee on Economic Affairs (CCEA) for its consideration in in the meeting held on February 21, 2017, according to a latest announcement.The company has asked for a reasonable period of tiime to finalise and implement the proposed transfer of retail part of the pharmacy business of the company in compliance with FDI policy, according to an FIPB announcement.The foreign holding in AHEL is 55 per cent, which is because of the ...

March 25th, 2017 09:36

GVK completes Rs 2,200-cr stake sale in Bangalore Airport project

BS ReporterHyderabad, 24 March: GVK Power and Infrastructure Limited today announced that it has completed the stake sale in Bangalore International Airport Project(BIAL). It has divested 33 percent of its stake in BIAL from its wholly owned subsidiary, Bangalore Airport and Infrastructure Developers Private Limited to Fairfax India Holdings Corporation, through its wholly-owned subsidiary in Mauritius, for an aggregate investment of Rs 2,202 crore, which is approximately $ 336.18 million at current exchange rates.It may be recalled that the company had first announced the stake sale deal with Fairfax in March 2016, while it took one full year to complete the sale process owing to delay FDI clearances among other things. Post sale, GVK group would have 10 percent stake in this profit making airport asset."We reiterate that our primary focus is on de-leveraging our balance sheet, and all proceeds from this stake sale shall be used to bring down our debt obligations to our lenders. We ..

March 24th, 2017 16:47

FIPB Defers Gland Pharma's Acquisition by Chinese Firm

The Foreign Investment and Promotion Board (FIPB) has deferred Gland Pharma's - Shanghai Fosun deal worth $ 1.4 billion.It approved nine investment proposals, including those of Netmagic Solutions and Vodafone, totaling a foreign investment of Rs 659 crore. The inter-ministerial body, to be wound up soon, recommended to the Cabinet Committee on Economic Affairs a proposal by Apollo Hospitals to raise fresh equity shares for Rs 750 Crores through foreign investment. China's Shanghai Fosun planned to acquire 86% stake in India's Gland Pharmacueticals last year in July. Gland Pharma is a Hyderabad-based pharmaceutical company and is a specialist in injectable. This deal would boost the company's presence in Africa, Europe and Japan.This was the first deal in the pharmaceutical sector that was signed after the Centre eased FDI norms in May last year. The government had allowed inflow of upto 74% FDI in pharmaceutical companies through the automatic route.Fosun had worked out a clear-cut ..

March 24th, 2017 15:14

Sony Pictures expects 15-20% revenue growth during 2017 IPL season

With the tenth season of Indian Premier League (IPL) cricket to start on April 5, Sony Pictures Networks India, the broadcaster of the event, has said that it has got the highest number of sponsors this year and it would expect around 15-20 per cent growth in terms of revenue from the event compared to last year.Prasana Krishnan, EVP and Business Head, Sports Cluster, Sony Pictures Networks India (SPN), said, "IPL has been consistently a growing opportunity. This year it is going to be a 15-20 per cent growth over last year in terms of revenue."It has so far got 14 sponsors for the season and the main sponsors are Amazon, Vodafone and Vivo. The company has priced the standard definition fees of IPL at around Rs 6 lakh per 10 seconds and High Definition at around Rs 2 lakh for 10 seconds. The slots has been completely sold out for this season. In an game, typically including the strategic break, the broadcaster gets around 2,500 seconds for advertisements and it can go up to 2,600 ...

March 24th, 2017 15:09

Essar Steel urged to seek consent for developing iron ore block

The Odisha State Pollution Control Board has asked Essar Steel to apply for consent to establish to develop its iron ore block in the state. Essar Steel has bagged the Ghoraburhani-Sagasahi block in the first ever iron ore auctions held in Odisha after outbidding contenders like Tata Steel, Jindal Steel & Power Ltd (JSPL) and Bhushan Steel Ltd. The block has 100 million tonne of high grade iron ore deposits and is supposed to feed Essar Steel's flagship operations at Hazira (Gujarat).Essar Steel has proposed a production capacity of 7.16 million tonne per annum (mtpa) run of the mine product from the iron ore block. As part of the project, the steel company is also setting up a crushing & screening plant and a beneficiation plant with a capacity of 6.7 mtpa over an area of 139.16 hectares (ha) at Ghoraburhani, Sagasahi and Kalmang villages situated in Sundargarh district.The Odisha government has issued the letter of intent to Essar Steel after it emerged as the preferred ...

March 24th, 2017 14:48

Buzz around General Motors' exit from India gets loud

Talks are gradually gaining ground that US based car major General Motors (GM) is mulling a complete exit from India, more so as the company's market share in the domestic market now is an abysmal 0.94 per cent. The dealerships are in an exit mode with the carmaker not giving any clear indication on future product launches, and sources indicate that GM might sell its Talegaon asset to a global player who might continue to contract manufacture cars for GM. A curious case is of the dealerships; from 223 sales outlets in November 2015 to 168 outlets at present. Sample this: Renault India, a late entrant to the Indian market, plans to take its dealership count to 320 by the year end from a current 270 outlets. For GM, however, having sold just about 24,505 cars during the April 2016 to February 2017 period, it roughly works out to be 13 cars sold per outlet per month. Dealer sources say that below 50 cars per month no dealership is viable even in the smallest of towns in India. Industry ..

March 24th, 2017 13:53

Stayzilla founder moves appeal against refusal of bail

Stayzilla founder Yogendra Vasupal has moved an appeal in a higher court against refusal of his bail application by a lower court on the previous day.A legal source connected to the litigation said that an appeal has been moved with the Principal Sessions Court in Chennai today against the decision of a special court for Metropolitan Magistrate, CCB-CBCID cases.Vasupal, the founder of online accommodation aggregator was arrested on March 14 on charges of cheating after a vendor complained that dues of over Rs 1.69 crore were not paid by the company that suspended its operations.On Thursday, a Special Metropolitan Magistrate dismissed the bail petition of Vasupal and granted a day's custody to the Central Crime Branch. His counsels argued that it was a civil case and criminal charges were foisted to put pressure on him.A blog on behalf of Vasupal posted by his family and friends refuted various allegations raised against the founder including that the founders siphoned money from the ..

March 24th, 2017 13:42