Tata Steel to get 45% stake in Thyssenkrupp joint venture

The changes happened after Thyssenkrupp's activist shareholders pressured management to squeeze better terms from the deal, which was originally a 50-50 split

 

 

Share Market News » Thyssenkrupp AG and Tata Steel Ltd. are closing in on a European steel joint venture after a last-minute change to the deal terms that won approval from Thyssenkrupp’s union.

In the revised deal, Thyssenkrupp will own about 55 per cent of the equity in the new company and Tata will have 45 per cent, according to people familiar with the matter. The changes happened after Thyssenkrupp’s activist shareholders pressured management to squeeze better terms from the deal, which was originally a 50-50 split. The voting rights will be equally split.

The talks over the joint venture have dragged on for more than a year and faced opposition from labour representatives, as well as activist shareholders. Thyssenkrupp’s labour representatives said on Thursday they would vote in favour of the joint venture, paving the way for it to go through.

Elliott Management Corp. and Cevian had argued that the terms needed to be improved after a long slump in Tata’s European steel profits. The new agreement represents an increase of more than 600 million euros ($695 million) for Thyssenkrupp shareholders compared with the previous deal, said the people, who asked not to be identified because the details aren’t public.

Changes to the deal follow weeks of mounting pressure on Thyssenkrupp’s Chief Executive Officer Heinrich Hiesinger by activist shareholders and labour representatives to get a better deal after profits plunged at Tata’s European steel business.

Even though the union will approve the deal, Thyssenkrupp shouldn’t be "scrapped like a used car," said Wilhelm Segerath, chairman of the General Works Council and a member of Thyssenkrupp’s supervisory board. Equity investors and labor unions are equally represented on Thyssenkrupp’s supervisory board, giving them both influence over the deal.

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Fedders Electric tanks 46% in 6-days as CARE revises credit rating

The stock hit 52-week low of Rs 28.85, falling 46% in past six trading sessions from Rs 53.60 on June 21, 2018.

 

 

Share Market News » Shares of Fedders Electric and Engineering (formerly Fedders Lloyd Corporation) are locked in their lower circuit of 10% at Rs 28.85 per share, extending their decline on the BSE in the past five days, after the rating agency CARE Ratings revised the rating of the long and short term bank facilities of the company.
The stock trading at its 52-week low price has tanked 46% in past six trading sessions from Rs 53.60 on June 21, 2018.

CARE has revised rating of Fedders Lloyd Corporation’s long term bank facilities worth Rs 4.60 billion to ‘D’ from ‘BB’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 7.62 billion to ‘D’ from ‘A4’.
The revision in the ratings assigned to the bank facilities of Fedders Electric & Engineering takes into account the stressed liquidity due to certain cash flow mismatches primarily on account of long pending receivables from its offshore debtors and deterioration in the financial risk profile of the company as reflected in its declining profitability margins & further write off of certain bad debts in the 9months ending Dec 31, 2017 (refers to period from April 01 to Dec 31), CARE Ratings said in a press release dated June 22, 2018.

The ratings revision also factors in high working capital intensity of operations with elongated receivables, ineligibility of the company for participating in World Bank funded projects and exposure of the company towards raw material price volatility and susceptibility to forex fluctuation risk, it added.

Going forward, efficient management of working capital cycle, settlement of pending claims with clients and the ability of the company to scale up its operations along with enhancement in its profitability margins would be the key rating sensitivities, CARE said.

Fedders Electric and Engineering has yet not declared its fourth quarter and full year results for the financial year 2017-18.

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Britannia Industries hits new high; stock surges 70% in one year

Since May 14, the stock gained 13% after the company reported a healthy 25% year on year jumped in its consolidated net profit and 13% growth in revenue in March quarter.

Share Market News » Shares of Britannia Industries were trading higher for the fifth straight day, hitting a new high of Rs 6,189 per share, up 1.5% on the BSE in intra-day trade on Friday. Stock of the leading food company was up 4% as compared to 1.2% decline in the S&P BSE Sensex during the week. In past one year, Britannia Industries has rallied 70% from Rs 3,638 against 14% rise in the benchmark index.

Since May 14, in past one and half months, the stock gained 13% after the company reported a healthy 25% year on year jumped in its consolidated net profit and 13% growth in revenue in March quarter. On comparison, the Sensex was down nearly 1% during the same period. During the quarter revenue growth was backed by the positive momentum in the market. Premiumization and increase in distribution footprints have resulted in better realization, improved profitability and robust volume growth especially in the rural India.

“Britannia has posted consistently better results on QoQ as well as YoY basis. We believe that with a management focus on growing its portfolio with new innovative products in the premium segment, capturing new markets and geography, increasing reach in the distribution channel, focus to increase penetration in rural areas, untapped opportunities in the domestic and international market, etc. will help it to grow faster in the market,” said analysts at KRChoksey Shares and Securities. The brokerage firm recommends ‘accumulate’ rating on the stock with 12 month target price of Rs 6,576.

Britannia is one of the leading players in the Indian biscuit industry, with market share of about 33% (in value terms). Product portfolio is diversified across all seven biscuit categories: glucose, Marie, cookies, crackers, cream, milk, and health. Also, its brands (Good Day, Tiger, Marie, Nutrichoice, and Milk Bikis) have strong recall.
At 11:50 am; Britannia Industries was trading 0.69% higher at Rs 6,139, as compared to 0.81% rise in the Sensex. A combined 49,897 equity shares changed hands on the counter on the BSE and NSE so far.

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Adani Ports acquires 97% in Marine Infrastructure for Rs 19.50 billion

Also, GMR Infrastructure announced developing through its subsidiary a deep-draft, multi-cargo greenfield port near Kakinada

 

Share Market News » The relaxation in cabotage law last month could come to the rescue of the domestic port sector at a time when indigenous cargo growth has remained stagnant. Adani Ports on Thursday acquired 97 per cent in Marine Infrastructure for Rs 19.50 billion, further strengthening its presence in the east coast. Alongside, GMR Infrastructure announced developing through its subsidiary a deep-draft, multi-cargo greenfield port 30 km north of Kakinada city.

Once operational, this new port will have an initial capacity of 16 million tonnes. Also, the share of the Andhra Pradesh government under the bid is 2.7 per cent of gross revenue for 30 years, said GMR in an exchange notification. “Relaxation in cabotage law will allow Indian ports to attract cargo originating from or destined to foreign ports, leading to growth in (non-indigenous) cargo in India,” said Subrata Behera, analyst (ports and container research) at UK-based maritime consulting firm Drewry. “This will certainly augur well for new capacities,” he added.

Last month, the shipping ministry issued a notification lifting restriction on foreign-registered vessels transporting loaded or empty containers between Indian ports. Earlier only Indian-registered shipping lines had the right to handle this cargo where they were governed by Indian laws. “Noting the enthusiasm in the domestic port sector at a time when indigenous cargo is not growing, such developments can also strengthen collaborations of ports with foreign shipping lines,” said Behera.

Global container shipping lines such as CMA-CGM and Mediterranean Shipping Company (MSC) are among top container lines that have a presence in the country.
“Global container trade growth was over 6 per cent in 2017, and we expect this growth to sustain in 2018 and 2019. Economic growth in the US and Europe is stable and supporting imports,” said Behera, hinting at higher global cargo movement in coming years. Industry experts are of the view that cabotage relaxation alone cannot help new port facilities to sustain on a long-term basis and indigenous cargo growth is equally vital. Cargo traffic handled by the 12 major ports in 2017-18 was up 4.77 per cent on a year-on-year basis and was up 4.58 per cent in 2016-17 compared to the corresponding period last year.

According to a recent Crisil report, “port traffic is estimated to log a compound annual growth of 3-5 per cent over the five years through fiscal 2022, down from 4.4 per cent in the last five years.” The only possible justification for having a commercial port 30 km north of Kakinada (there is a port in Kakinada) is the potential for industrial activity on account of the upcoming Chennai-Vizag Industrial corridor project.

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ICICI Bank extends fall; stock down 11% in four days

The stock dipped nearly 4% to Rs 268 in intra-day trade, extending its 7% decline in past three trading sessions on the BSE.

 

Stock Market News » Shares of ICICI Bank have dipped nearly 4% to Rs 268 in intra-day trade, extending its 7% decline in past three trading sessions on the BSE. The private sector lender’s market capitalisation has eroded by Rs 209-billion in four trading sessions, after the bank said another whistle-blower had accused it of having lax controls over operations.

This is the third instance of such complaint. In the first two complaints, the bank’s Managing Director and Chief Executive Officer Chanda Kochhar is facing an inquiry by the board and is on leave till investigations are over.

The latest complaint relates to the incorrect asset classification of 31 loan accounts, and alleges that interest income and recoveries from non-performing assets (NPA) have been accounted as fees, the Business Standard reported. CLICK HERE TO READ FULL REPORT

Meanwhile, according to PTI report, a preliminary examination by regulator Sebi has favoured adjudication proceedings against ICICI Bank and its CEO Chanda Kochhar for alleged violation of listing disclosure norms regarding ‘conflict of interest’ in business dealings of her husband with Videocon group.

ICICI Bank may face a penalty of up to Rs 250 million under the relevant Sebi regulations for such lapses, while the fine for Kochhar may go up to Rs 10 million, besides other penal actions, added report, quoting a senior official.

At 11:12 am; ICICI Bank was trading 1.8% lower at Rs 274 on the BSE, as compared to 0.05% decline in the S&P BSE Sensex. A combined 8.99 million equity shares changed hands on the counter on the BSE and NSE so far.

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Watch Video: Surgical strike video released, shows ops against terror camps

On September 29, 2016, the Indian Army announced that it attacked terrorists' camps along the Line of Control using ground forces.

 

 

Surgical Strike → Purported visuals of the Indian Army's cross-border operations against terrorists about two years ago were broadcast by television channels on Wednesday night. 

News channels said the grainy footage on air showed gunfire and explosions targeting enemy camps in Pakistan-occupied Kashmir, an operation that came in retaliation to a terrorist strike on an Indian Army camp and is widely known as surgical strikes.

The reports also said these videos, provided to TV channels by sources, were shot by drones using thermal imaging cameras. Business Standard could not independently verify the authenticity of the videos but an official who was directly in charge of the operation confirmed that they were real.

“When the surgical strikes happened, my view was that the videos should have been released as proof. It is good that they have come out now,” Lt General D S Hooda (retd) told The Indian Express.

On September 29, 2016, the Indian Army announced that it attacked terrorists' camps along the Line of Control using ground forces. The act, which officials said inflicted “significant casualties” on terrorists, came after a deadly attack on a military base in Uri in Jammu and Kashmir on September 18 that year.

Pakistan rejected India's claims of having launched a surgical strike on terrorist camps in Pakistani territory. In a book launched on the first anniversary of surgical strikes, an Army Major, who reportedly led the mission, said the return was the most difficult part and bullets fired by the enemy were so close that these were whistling past the ears.

The officer, referred to as Major Mike Tango, said in the book,"The target list was scrutinised along a top-secret chain of command that numbered barely a handful of people, with 'need to know' rules applicable throughout.

Watch → Surgical Strike Video

Lenders choose Tata Steel as preferred bidder for Bhushan Power & Steel

Tata Steel has already bagged Bhushan Steel, which has a capacity of 5.6 million tonnes.

Stock Market News » The committee of creditors (CoC) for Bhushan Power & Steel has decided on Tata Steel as the preferred bidder. The battle for Bhushan Power & Steel was closely fought between UK-based Liberty House, which submitted a late bid, and Tata Steel. People in the banking sector said that both bids were in close range initially.

"The difference was in the range of Rs 5-10 billion. Tata had offered around Rs 175 billion and Liberty Rs 180 billion as immediate upfront to financial creditors. But if you consider operational creditors, including employees, the Tata Steel bid looked slightly better. There is no standardised format to decide on what basis to select the bid," they said. Tata Steel's bid also has an additional capital infusion of Rs 75 billion. Subsequently, the CoC wanted comfort that Liberty House and Tata Steel can bring in the cash.

"In the case of Liberty House, finances were not fully tied up and the CoC felt the Tata bid was better, as it was fully backed by financial arrangement. The matter has been referred accordingly to the tribunal, which has to take a call," said the people cited above. They added that in terms of track record, the CoC felt Tata Steel was a more established player. A Liberty House spokesperson said there was no information on the bid.

The matter was slated for hearing in the National Company Appellate Law Tribunal (NCLAT). Last week, Liberty had presented bank guarantees before the lenders. The NCLAT, where the matter is being heard, had asked the CoC to go ahead with the selection process and keep its decision in a sealed cover. The final decision would be subject to the outcome of the NCLAT verdict.

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IndusInd Bank buys IL&FS Securities; capital market deal to boost growth

It will augment overall growth for IndusInd, which is on a path to double its retail customer base to over 20 million and expanding its geographical reach.

Stock Market News » IndusInd was one of the few large private banks without a major presence in the capital market business. With Tuesday’s announcement of acquiring IL&FS Securities Services (ILFS), it has partly bridged this gap.

Even the Street cheered with the stock hitting its 52-week high at Rs1,995 in Wednesday’s trading, before closing about a per cent lower as broader markets fell. ALSO READ: IndusInd, DBS Bank go to tribunal against Jyoti Structures' resolution plan IndusInd has growth potential, given the looming merger of Bharat Financial, an expected 25-30 per cent rise in loan book.

About IndusInd Bank Ltd.

IndusInd Bank Ltd is one of the new generation private sector banks in India. The Bank's business lines include corporate banking retail banking treasury and foreign exchange investment banking capital markets non-resident Indian/high-net-worth individual banking and information technology. The Bank business divisions include Retail/ Consumer Banking Consumer Finance Global Markets Group Corporate & Commercial Banking Transaction Banking Group and Investment Banking. As on 31 December 2017 the bank had 1320 branches and 2162 automated teller machines (ATMs) spread across 702 geographical locations of the country.

The bank also has representative offices in London Dubai and Abu Dhabi.The bank provides multi-channel facilities which includes automated teller machines (ATMs) net banking mobile banking phone banking multi-city banking and international debit cards. The Bank has multi-lateral tie-ups with other banks providing access to more than 18000 ATMs for their customers. They enjoy clearing bank status for both major stock exchanges - BSE and NSE - and three major commodity exchanges in the country - MCX NCDEX and NMCE. They also offer DP facilities for stock and commodity segments. IndusInd Bank Ltd was incorporated in the year 1994 and was promoted by Mr Srichand P Hinduja a leading Non-Resident Indian businessman and head of the Hinduja Group. The Bank started their operations with a capital amount of Rs 1000 million among which Rs 600 million was donated by the Indian Residents and Rs.400 million was raised by the Non-Resident Indians.

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Infosys hits new high; stock surges 25% so far in 2018

With Rs 2.83-trillion market capitalisation, Infosys is 6% or Rs 164 billion away to touch Rs 3-trillion mark.

 

Stock Market News » Shares of Infosys hit a new high of Rs 1,298 per share, up 2% on the BSE in early morning trade in an otherwise flat market. With Rs 2.83-trillion market capitalisation, Infosys is 6% or Rs 164 billion away to touch Rs 3-trillion mark.
Thus far in the calendar year 2018 (CY18), Infosys has outperformed the market by gaining 25% as compared to 3.3% rise in the S&P BSE Sensex.

Infosys, the country's second largest IT services company, on Wednesday after market hours said that it is scheduled to announce its financial results for first quarter (April-June) of current fiscal 2018-19 (FY19) on July 13.

Infosys has set a 3-year roadmap stabilize in FY19, build momentum in FY20 and accelerate in FY21. The company outlined that FY19 is going to be a year of investments in the area of sales, scaling up digital capabilities, localization and employee re-skilling.

“Infosys has done a good job on margins and revenues in FY18 considering it was a year of change in management in the company. Although the investments will impact the margin profile in the short term, we believe Infosys is well placed in the medium term to ride the digital wave. We see stability returning to the company and a rapid adoption of new technologies. With industry tailwinds, we believe Infosys should be able to grow revenues around industry growth in FY19 and do better from FY20 onwards,” analysts at Antique Stock Broking said in analyst meet update. However, the stock was trading above its 12-month target price of Rs 1,265.

The brokerage firm Sharekhan believes the valuation gap with Tata Consultancy Services (TCS) would reduce as Infosys is catching up the earnings growth and other financial parameters along with consistent execution under stable leadership. TCS has rallied 38% thus far in CY18.

Given the significant growth opportunity in the agile digital business, Infosys is well on track to execute strategy for digital growth, the brokerage firm said in recent note with upgrade rating on the stock of Infosys to Buy from Hold with a revised price target of Rs 1,420.

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BPCL, HPCL, IOCL slip 6%; Jet Airways hits 52-week low as oil prices rise

At 10:50 am; the S&P BSE Oil & Gas index plunged 2.6% or 364 points at 13,810 points, as compared to 0.01% decline in the S&P BSE Sensex.

 

 

Stock Market News » Shares of oil marketing companies (OMCs) such as Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOCL) have slipped up to 6% on the BSE in intra-day trade as oil prices rise amid supply disruptions.

At 10:50 am; the S&P BSE Oil & Gas index plunged 2.6% or 364 points at 13,810 points, as compared to 0.01% decline in the S&P BSE Sensex.

Among airlines companies, Jet Airways (India) hit a 52-week low of Rs 366, down 3% on the BSE in intra-day trade, while InterGlobe Aviation (down 2% at Rs 1,143) and SpiceJet (down 1.5% at Rs 112) too trading lower on the BSE.

Oil prices rose on Wednesday following supply disruptions in Libya and Canada and after US officials told oil importers to stop buying Iranian crude from November, the Reuters report suggested.

ABOUT Jet Airways (India) LTD.

Jet Airways (India) Limited (JAIL) was incorporated in 1st April of the year 1992 as a private company with limited liability and it commenced operations as an Air Taxi Operator in 5th May of the year 1993 with a fleet of four leased Boeing 737 aircraft and also having ISO 9001 certification for its in-flight services. The Company became the first airline in India to operate the Boeing 737-400 Aircraft in April of the year 1994 and it operates one of the youngest aircraft fleets in the world today. The Company was granted the scheduled airline status in 14th January of the year 1995. Jet Airways became a deemed public company in 1st July of the year 1996.

Jet Airways was reconverted into a private company as at 19th January 2001. The Company bagged the prestigious Air Transport World Award 2001 for Market Development and the TTG Travel Award 2002 for Best Domestic Airline. In the year 2004, the company made tie up with the South African Airways. During the year 2005, Jet Airways Limited has filed its draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) to enter the capital market with its initial public offering for used to fund its international expansion plans. Jet Airways became a public company in 28th December of the year 2004.

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India vs Ireland 2018 T20I: Virat Kohli will look to start English summer with a bang

The Indian cricket team have a full-strength squad to pick from with captain Virat Kohli back in the team after nursing a neck injury.

Sports News : India will begin their preparation for England tour by playing two T20Is against Ireland. The first of the two T20Is matches will be played at Malahide Cricket Club Ground or The Village in Dublin on Wednesday, June 27, 2018. The Indian cricket team have a full-strength squad to pick from, with captain Virat Kohli back in the team after nursing a neck injury. The men in blue will use the two T20Is against Ireland to get acclimatised to the English conditions as they have struggled to counter the swing and overcast conditions in England in the past and there is no better way to prepare than get a few games under the belt, and there is no place more suitable than Ireland.

However, the Ireland Cricket team are no pushovers and have T20 specialists like Paul Stirling and Kevin O’Brien in the team. Still, India will be expected to come through unscathed before they begin their England tour starting July 3. The two teams have played just one T20I in the past, during 2009 T20 World Cup which India won by 15 runs.

How Virat Kohli and Co will look at two T20Is against Ireland

For India, the two T20Is against Ireland will mark the onset of a long English summer for Virat Kohli & co, and perhaps it was a marker of this crucial impending assignment that India decided to stay on and practice in London on Monday, reports PTI. Since the tour of South Africa, this is the first time a full-strength Indian team will be seen in action. Kohli, Bhuvneshwar Kumar, Jasprit Bumrah and MS Dhoni were rested for the T20 tri-series in Sri Lanka in March. The quadruple also missed the one-off Test against Afghanistan in Bengaluru recently. After a brilliant performance in IPL 2018, KL Rahul got another chance in limited over cricket and Ajinkya Rahane's omission from the ODI squad means that he is once again a contender for the number four spot when the three-match series against England begins on July 12.

Virat Kohli's concern: The middle order

With Rahul in contention for a starting spot in the middle order, Manish Pandey, Suresh Raina and Dinesh Karthik will be left jostling for two spots. As part of the full-strength Indian side, the three had featured in the T20 series against South Africa. Raina had been used as a pinch-hitting, aggressive number three option, but the current situation might warrant a re-think.

India playing 11 Probables: Virat Kohli (c), Rohit Sharma, Shikhar Dhawan, KL Rahul, Suresh Raina, Dinesh Karthik, MS Dhoni (wk), Hardik Pandya, Yuzvendra Chahal, Bhuvneshwar Kumar, Jasprit Bumrah

Ireland playing 11 Probables: Gary Wilson (c & wk), Kevin O'Brien, William Porterfield, Paul Stirling, Simi Singh, George Dockrell, Boyd Rankin, James Shannon, Stuart Thompson, Andrew Balbirnie, Peter Chase

Read More → Ireland vs India

NDTV surges 20% as Sebi orders Vishvapradhan Commercial to make open offer

The stock is locked in upper circuit of 20% at Rs 39 on the BSE in early morning trade on Wednesday.

 

 

Stock Market News  »  Shares of NDTV are locked in upper circuit of 20% at Rs 39 on the BSE in early morning trade on Wednesday, after the Securities and Exchange Board of India (Sebi) on Tuesday passed an order asking Vishvapradhan Commercial Pvt Ltd (VCPL) to make an open offer for the company.

Till 09:25 am; a combined 160,893 shares changed hands on the counter and there were pending buy orders for 462,932 shares on the BSE and NSE.

“The order noted that VCPL had acquired indirect control through a loan agreement in 2009, which would have necessitated an open offer at the time. The regulator has now asked for this open offer to be made with interest,” Business Standard reported.

Meanwhile, the Bombay High Court on Tuesday directed the Reserve Bank of India (RBI) to consider the compounding applications filed by news organisation NDTV in a case of alleged violation of the Foreign Exchange Management Act (FEMA).

“The Bombay High Court has today directed the Reserve Bank of India (RBI) to consider the compounding application(s) filed by the Company. The Court has ruled in favour of the writ petition number 2026/2017 filed by NDTV against the RBI and Enforcement Directorate,” NDTV said in a BSE filing on Tuesday.

“NDTV had approached the Bombay High Court against the RBI's refusal to consider its compounding applications in circumstances where the RBI was relying on the Enforcement Directorate's unsubstantiated allegations against NDTV. The Bombay High Court has today quashed the directive issued by the Enforcement Directorate to RBI which had prevented the compounding, “ it added.

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Cochin Shipyard expects to double ship repair revenue to Rs 12 bn in 3 yrs

One of its major expansion projects is a Rs 17.99-bn drydock for building complex, technology-intensive large vessels.

Stock Market News » Cochin Shipyard expects its ongoing and upcoming expansion projects will help it free up more space for repairing large international vessels and double its revenue from ship repairing operations to Rs 12 billion in the next three years. The company, which is expanding its ship repairing capabilities to Mumbai and Kolkata, is also looking at setting up a facility in the Andaman Nicobar islands, said Cochin Shipyard CMD Madhu S Nair.

The plans include a Rs 9.70-billion International Ship Repair Facility (ISRF) in Kochi to increase the repair throughput by around 70 per cent and to equip the company for repairing an additional 80 vessels a year. It has also announced a geographical expansion to set up ship repair facilities in collaboration with the Mumbai Port Trust in Mumbai and another one in Kolkata in collaboration with the Kolkata Port Trust. Further, a joint venture with Hooghly Dock and Port Engineers Ltd, where it holds around 74 per cent stake, targeting construction and repair of inland water and coastal vessels is also expected to be operational soon.

"With the expansion, we will have a capacity to repair around 150 ships in Kochi, from the current around 80-100 ships depending upon their size. The Kochi facility can have more larger ships for repairing since the smaller ones can be moved to the ISRF," said Nair. At present, the Mumbai facility has a capacity for around 40 ships. Once it is revamped, it might have a greater capacity.

The expansion in Kochi would help the company add another Rs 3 billion in revenue in the second year of its operation. The Mumbai facility is expected to bring in around Rs 1.5-2 billion in 2.5 years, while the Kolkata facility, since it is a pilot project for inland ship repairing and shipbuilding, would bring in around Rs 300-400 million by that time.

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Fortis Q4 loss widens to Rs 9.32 bn on impairment charges amid bidding war

Net loss for the year-ago quarter was Rs 638 million

 

 

Stock Market News » Fortis Healthcare Ltd, which is embroiled in a takeover battle that has drawn international bidders, on Wednesday said loss for the March quarter ballooned to Rs 9.32 billion ($136.3 million) hurt by impairment charges.

Fortis, which delayed reporting results for the quarter as it completed an internal probe, said the goodwill impairment charges and write-offs were related to inter-corporate deposits and advances.

Net loss for the year-ago quarter was Rs 638 million.

Fortis detailed the findings of its internal investigation and said it was in the process of taking "suitable legal measures" against former Executive Chairman Malvinder Singh to recover payments and company assets held by him.
Fortis has become the target of a bidding war by suitors seeking to get a share of a boom in India's private healthcare market. Its board is looking at bids from parties including Malaysia's IHH Healthcare Bhd and a consortium of Manipal Health Enterprises and private equity firm TPG Capital.

Despite the significant interest, no suitor has gone all out on the offer price mainly due to regulatory investigations into allegations that Fortis' founders, Malvinder Singh and Shivinder Singh, siphoned off funds from the company. They quit as directors in February but have denied any wrongdoing.

Fortis said it will appoint an external agency to investigate its internal controls and also evaluate its organisational structure, including the delegation of powers of the board.

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Info Edge gains 10% after agreement with SoftBank for joint investment

The stock surged 10% to Rs 1,288 on the BSE after the company said it has signed an agreement with SoftBank to jointly invest $90 million in Etechaces, the parent of PolicyBazaar.

Stock Market News » Shares of Info Edge (India) have surged 10% to Rs 1,288 per share on the BSE in intra-day trade after the company announced that it has signed an agreement with SoftBank to jointly invest $90 million in Etechaces Marketing and Consulting, the parent of PolicyBazaar, for an 8.93% stake on a fully diluted basis.

The investment will be routed through its subsidiary Diphda Internet Services floated earlier this month.

“The Company has entered into an agreement with SVF India Holdings (Cayman) (‘Soft Bank’), a wholly owned subsidiary of SoftBank Vision Fund L.P., of which SoftBank Group Corp. is a limited partner, whereby Soft Bank has agreed to invest an amount equivalent to about $ 45 million for 49.99% stake (on a fully diluted basis) in Diphda Internet Services (‘Diphda’), a wholly owned-subsidiary of the Company, for the time being,” Info Edge (India) said in a statement.

Thereby the company has also agreed to invest an amount equivalent to about $ 45 million in Diphda for 50.01% stake (on a fully diluted basis); and to jointly invest through Diphda, an amount equivalent to about $ 90 million in Etechaces Marketing & Consulting Pvt. Ltd. (‘Etechaces’) for 8.93% stake (on a fully diluted basis post completion of fund raise exercise with other investors), it added.

At 09:57 am; Info Edge (India) was trading 6% higher at Rs 1,250 on the BSE, as compared to 0.11% rise in the S&P BSE Sensex. A combined 217,344 shares changed hands on the counter on the NSE and BSE so far.

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Avanti Feeds turns ex-stock split; stock surges 19%

The stock rallied 19% to Rs 619 on the BSE in early morning trade on Tuesday as the stock of shrimp exporter turned ex-stock split in the ratio of 1:1 and ex-bonus in the ratio of 1:2 from today.

 

Stock Market News » Shares of Avanti Feeds have rallied 19% to Rs 619 per share on the BSE in early morning trade on Tuesday in an otherwise subdued market. The stock of shrimp exporter has turned ex-stock split in the ratio of 1:1 and ex-bonus in the ratio of 1:2 from today.

The company has fixed June 27, 2018 as the record date for the purpose of ascertaining the eligibility of the members for sub-division of equity shares from face value of Rs 2 each to Re 1 each and issue of bonus equity shares of Re 1 each in the ratio of 1:2, i.e.one equity share of Re 1 each for every two equity shares of Re 1 each (i.e. after sub-Division of shares).

The board of directors of Avanti Feeds at their meeting held on May 9, 2019 had approved the bonus issue and sub division of equity shares. Since then the stock had underperformed the market by falling 35% as compared to 0.43% rise in the S&P BSE Sensex till Monday.

Thus far in the current calendar year 2018, the stock tanked 38% against 4% rise in the benchmark index till yesterday. During the previous calendar year 2017, shares of Avanti Feeds zoomed 416% as compared to 28% rise in the Sensex.

At 09:39 am; the stock was trading 16% higher at Rs 606 on the BSE. On comparison, the Sensex was trading flat at 35,490, up 0.06%. A combined 1.17 million shares changed hands on the counter on the BSE and NSE so far.

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Avanti Feeds Share Price

HDFC MF gets Sebi go-ahead for IPO after nearly two months on backburner

It will be entirely an offer for sale by promoter HDFC and UK’s Standard Life, who currently hold 57% and 38% respectively.

Stock Market News » HDFC Mutual Fund has obtained a go-ahead to launch its initial public offering (IPO), two investment bankers handling the issue said. “Sebi has issued final observation on the offer document. The company will have to respond to the market regulator,” said an investment banker, adding that the asset manager is looking to launch its IPO in the second or third week of July.

HDFC MF couldn’t be immediately reached for a confirmation. The processing status of draft offer documents filed with Sebi, uploaded on June 22, featured names of 26 companies that are awaiting approval. The list didn’t include the name of HDFC MF.

Among the companies awaiting a nod for their IPO include Lodha Developers, Mazagon Dock and Srei Equipment Finance. As per Sebi’s website, the IPO of Lodha Developers, country’s leading real estate company, has been “kept in abeyance for examination of past violations.”

According to an update on Sebi’s website on April 27, HDFC MF’s IPO was kept abeyance for past violations. “Sebi needed clarity on some issues, which were provided to them,” said a banker. Nomura, Kotak Mahindra Capital, Axis Capital, BofA Merrill Lynch, Citigroup, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, JP Morgan and Morgan Stanley are the investment banks handling HDFC MF’s IPO.

HDFC MF’s IPO will be the second by a domestic asset manager after Reliance Nippon MF. HDFC MF’s offering will be entirely an offer for sale by promoter HDFC and UK’s Standard Life, who currently hold 57 per cent and 38 per cent respectively. In the IPO, HDFC is selling 4 per cent and Standard Life is offloading 8 per cent stake. The IPO size is expected between Rs 35 billion and Rs 38 billion. The maiden offering could value the asset manager at Rs 307 billion.

HDFC MF currently manages assets worth over Rs 3 trillion making it the second-biggest fund house in the country after ICICI Prudential MF.

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Lupin Pharmaceuticals eyes the next wave of growth in Japanese market

Lupin’s Japan story assumes significance as it held on to the highly regulated market when most of its Indian peers quit.

 

Stock Market News » Mumbai-based Lupin Pharmaceuticals decision to stay invested in the Japanese market, when its peers gave up, has paid off. The firm clocked a 23.4 per cent year on year (YoY) growth rate in Japan sales in 2017-18, highest in the past five years. The firm is readying itself for the next wave of growth in Japan that would come from biosimilars and expects 50 per cent of its Japan sales to come from the speciality business.

Lupin’s Japan story assumes significance as it held on to the highly regulated market when most of its Indian peers quit. Ranbaxy, one of the first entrants, exited its joint venture (JV) with Nippon Chemiphar in 2009 December. Others like Dr Reddy’s, Orchid Chemicals and Cadila Healthcare too wound up their Japanese business in the following years.

Fabrice Egros, president, AsiaPac and Japan for Lupin, said, “We entered the Japanese market in the late 2005; at that time it was the second-largest pharmaceutical market in the world. Along with that, the regulatory reforms driven to support generics players and the National Health Insurance also supported the growth of generics to as high as 20-30 per cent. These factors made investing in Japan a natural choice for Lupin.” It made some strategic investments in that country and managed to grow them. Lupin acquired generics player Kyowa in 2007 when it ranked among the top 60 firms in Japan. Egros said in the last 10 years it has transformed to the sixth rank.

The Asia-Pacific region contributed around 17 per cent of Lupin’s global sales in FY2017-18 and Japan contributed 80 per cent to its revenues in the region. This is ex India, which is considered a separate region, and not a part of the APAC. With sales of Yen 35,478 million in 2017-18, Japan roughly contributed to 10 per cent of Lupin’s global sales.

The Japanese government has been pursuing the agenda of promoting generics and has set the target of 80 per cent generic utilisation by FY2020-21. Incentives will remain until this period and then it will switch to biosimilars. Lupin has thus drawn up a plan to build a biosimilars portfolio. It expects to launch rheumatoid arthritis biosimilar Etanercept in FY2018-19 and has tied up with Nichi-Iko for its distribution.

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Tata Steel to raise Bhushan steel stake to 75%, to acquire additional 2.5%

Tata Steel’s subsidiary Bamnipal Steel had acquired 72.65 per cent stake in Bhushan Steel in May this year after the company failed to repay its Rs 560 billion in debts.

Stock Market News » Tata Steel plans to buy an additional 2.5 per cent stake in Bhushan Steel from lenders, taking its stake from 72.65 per cent to over 75 per cent. This would make merger with Bhushan Steel easier.

Lenders have given the green light to the merger of Bhushan Steel with Tata Steel in the current fiscal year itself. “Indian banks hold more than half of the minority-held shares, and hence the voting on merger resolution would be a smooth affair,” said a banking source.

Tata Steel Ltd. (TATASTEEL) – Company History

Tata Steel is one of the world’s largest steel companies with a steel production capacity of approximately 27.5 million tonnes per annum (MnTPA) as on 31 March 2017. The company is a diversified steel producer with major operations in India Europe and South East Asia. The company has manufacturing units in 26 countries and a commercial presence in over 50 countries. Tata Steel is the second largest steel producer in Europe with a crude steel production capacity of over 12.1 million tonnes per annum.The company together with its subsidiaries is engaged in the manufacture and sale of steel products in India and internationally. They offer hot and cold rolled coils and sheets galvanized sheets tubes wire rods construction rebars and bearings. Tata Steel is one of the few steel companies that are fully integrated – from mining to the manufacturing and marketing of finished products.The company also involves in prospecting discovering and mining iron ore coal ferro alloys and other minerals; designing and manufacturing plants and equipment for steel oil and natural gas energy and power mining railways ports aviation and space industries; and agricultural implements. Further they offers alumina dolomite and monolithic refractories as well as silica refractories for coke ovens and the glass industry; manufactures bricks; sponge iron lumps and fines; and rolls for applications in integrated steel plants power plants and government mint as well as paper textile and food processing sectors.Tata Steel’s operations are grouped under six Strategic Business Units include Bearings Division Ferro Alloys and Minerals Division Agrico Division Tata Growth Shop (TGS) Tubes Division and Wire Division.

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Mahindra TUV300 Plus with seating space for 9 people launched: Details here

The TUV300 Plus will be available in 3 options – P4, P6 and P8 – at a starting price of Rs 9.47 lakh (ex-showroom). The car will be available in five colour variants of white, silver, orange and black

Mahindra and Mahindra, a home-grown automobile manufacturer, on June 20 announced the TUV300 Plus in India. The sports utility vehicle will be available in three variants – P4, P6 and P8 – at a starting price of Rs 9.47 lakh (ex-showroom). The car will be available in five colours – glacier white, majestic silver, molten orange and bold black.

The car is an enhanced version of company’s existing mini SUV the TUV300, which was launched in 2015. In comparison to the existing model, the Mahindra TUV300 Plus gets minor cosmetic upgrades, additional seating space, redesigned interiors and reworked engines for more power.

The TUV300 Plus has grown from being a 7-seater to 9-seater, thanks to four-seater space in the last row. The car also gets driver’s seat height adjuster, along with lumbar support for front row seats and armrests for driver and co-driver. The complete interior job, including new trims and faux leather seats, is done by Italian design house Pininfarina.

The car gets a 7-inch digital touchscreen infotainment system with build-in GPS navigation. The touchscreen is paired with four speakers and two tweeters. It supports Bluetooth 4.0 for audio and telephony and USB for audio, video and photo playback.

The car is powered by Mahindra 2.2-litre diesel mHawk engine, which generates 120bhp of peak power at 4,000 rpm and 280 Nm of torque at 2,800 rpm. The engine is mated with 6-speed manual transmission. It supports micro-hybrid and brake energy regeneration technology for better fuel efficiency.

Read More → Mahindra TUV300 Plus

International Yoga Day 2018: Indian forces do asanas falling from 15,000 ft, inside submarines

Prime Minister Narendra Modi led the International Yoga Day 2018 celebrations at the Forest Research Institute in Dehradun.

World Yoga Day 2018 : Yoga at 15,000 feet in the air and practicing asanas under the ocean’s waves. That’s how India’s armed forces celebrated International Yoga Day.

While the world celebrates the fourth edition of the International Yoga Day on Thursday, India’s brave and bold have participated in their own unique way.

Wing Commander KBS Samyal and Wing Commander Gajanand Yadav, instructors from the India Air Force’s Paratroopers Training School, practiced Yoga at 15,000 feet in the air. IAF’s official twitter handle posted pictures of the duo practicing asanas as they hurtled towards the ground, with their parachutes yet to be deployed.

However, the IAF isn’t alone in pioneering high-altitude Yoga. Indo-Tibetan Border Police personnel also celebrated Yoga Day in the cold desert of Ladakh at an altitude of 18,000 feet, reported news agency ANI.

Submarine staff belonging to the Indian Navy’s Eastern Naval Command also participated in Yoga Day celebrations. News agency ANI posted a visual of Navy personnel performing asanas in what appeared to be the cramped confines of a submarine.

The Indian Army’s soldiers at the Siachen base camp are also celebrating International Yoga Day, with Isha Foundation’s Sadhguru Jaggi Vasudev there to train them.

Prime Minister Narendra Modi on Thursday led the International Yoga Day 2018 celebrations at the Forest Research Institute in Dehradun, Uttarakhand.

Read More → International Yoga Day 2018

Noise Play 2 Review: Budget action camera with flagship features, tools

From 4K videos, EIS, wide-angle lens, water resistant casing to an affordable price tag of Rs 9,999, the Noise Play 2 is a great value-for-money proposition in the action camera segment.

Technology News : Having visited many exciting places across India, I wondered why I never kept a pictorial record of my visits from the first time I started exploring the unexplored. For action cameras, the GoPro did cross my mind. However, considering the price involved, among other factors, I chose not to go for it. Instead, I started looking for a no-frills and more affordable action camera for amateurs. It was then that I came across Noise Play 2 action camera.

An affordable price tag of Rs 9,999, optional accessory pack with waterproof casing at Rs 3,999, and the strength to record videos in ultraHD (4K) resolution are some of the reasons that went in the Noise Play 2’s favour. I would have loved to take it out on a ride to the mountains, but that will be for later. For now, here is my review of the device while running it in city conditions.

In the beginning, the Noise Play 2’s small frame and cuboidal design made me question its capability. However, soon after setting it up and pairing it with my smartphone using the Noise Play 2 app, I realised how innovative and technologically sound even such little devices could be.

The Noise Play 2 sports a 2-inch LCD touchscreen, which also doubles up as a viewfinder. The screen is good enough for changing settings and viewing saved images and videos. However, due to limited brightness and pixels, it does not do the job of a viewfinder exceptionally well. When paired with a smartphone via in-built Wi-Fi, the camera shows live feed on the smartphone’s screen, which is one way around the limitation. Interestingly, the Noise Play 2 app also allows fetching videos and photos stored in camera wirelessly, thereby easing the transfer process.

Coming to the actual utility of the camera, the Noise Play 2 takes detailed videos in good daylight conditions. The electronic image stabilisation helps reduce wobbles while recording videos, but not enough to make the footage smooth. With supplied optional accessories, mounting the camera on motorbike or helmet is easy.

Read the Verdict → Noise Play 2