SBI, BoB seek treatment of gold deposits as part of CRR/SLR

The country's two biggest state-run lenders today pitched for treating a portion of their gold deposits as part of the mandatory cash reserve ratio (CRR) or statutory liquidity ratio (SLR), both of which banks consider as non-productive.

"Is it possible that the regulator can treat a little bit of our gold deposits as CRR or SLR? After all, gold is also a store of value," State Bank of India Chairperson Arundhati Bhattacharya said at a Gem & Jewellery Export Promotion Council banking summit.

With gold imports having pressurised the current account gap in the recent past, there is a greater need to make use of gold available in the country and make it more liquid, she stressed.

She claimed that SBI  is the largest player in the gold deposit scheme segment and is struggling to deploy the entire deposits in productive assets. "We also find that we are not able to deploy the entire gold that we get. There is really no incentive for us to go ahead and get more of these deposits now so as to make gold more liquid," she said, reiterating her demand.

CRR, at 4 percent now, is the portion of deposits parked by banks with the Reserve Bank of India that earns no interest, while SLR, at 22.5 percent, is the amount of deposits to be mandatorily invested in recognised securities such as government bonds and other liquid assets.

Also read:  SBI's Budget wishlist: Target job creation, MSMEs, infra

However, the average SLR holding in the system is 27 percent as banks make treasury play a source of boosting bottom lines when there is poor growth in advances or bad loans rise.

Concurring with Bhattacharya, Bank of Baroda  Chairman and Managing Director S S Mundra said it "makes sense" to treat a part of banks' gold deposits as CRR and SLR. "When banks are holding gold, it is of value. I think it makes sense to bring under CRR/SLR. It also fits the larger pattern that ultimately we are talking about unearthing the gold and bringing it to productive sectors in the economy as a whole. The gold that is readily available can be brought under recognition," Mundra told reporters.

Data on the gold deposits held by the two banks was not immediately available.

Successive chiefs of SBI, the country's largest lender, have been targeting the zero-interest yielding CRR component. Bhattacharya's predecessor Pratip Chaudhuri had waged a spirited public fight to abolish CRR.

Speaking at the event, Financial Services Secretary GS Sandhu acknowledged that the ministry has received several representations on ways to better utilise gold deposits and it is actively looking into the matter.

He stressed the need to monetise gold held by the public to help reduce imports of the yellow metal, which can be a drain on the nation's foreign-exchange resources and lead to a wider current account deficit (CAD).

Curbs on gold imports helped narrow the CAD to 1.7 percent of GDP at USD 32.4 billion in 2013-14 from 4.7 percent at USD 87.8 billion in 2012-13.

"So much gold is lying idle. In some ways if we can monetise this, may be our imports will come down drastically. Something in that direction we will have to think of," Sandhu said.

SBI stock price

On June 27, 2014, State Bank of India closed at Rs 2636.75, down Rs 18.75, or 0.71 percent. The 52-week high of the share was Rs 2833.85 and the 52-week low was Rs 1452.90.

The company's trailing 12-month (TTM) EPS was at Rs 145.88 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 18.07. The latest book value of the company is Rs 1584.34 per share. At current value, the price-to-book value of the company is 1.66.

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CCI imposes Rs 1 cr fine on Thomas Cook, Sterling Holidays

Fine has also been imposed on Thomas Cook Insurance Services (India) Ltd, a party to the deal. The Rs 870 crore-deal involving merger of Sterling Holiday Resorts (India) with travel firm Thomas Cook (India) has already been cleared by Competition Commission of India.

The Competition Commission has imposed Rs 1 crore penalty on three entities, including  Thomas Cook and Sterling Holiday Resorts , for carrying out certain market purchases related to their deal before seeking the fair trade watchdog's approval.

The imposition of penalty by CCI was disclosed by Thomas Cook (India) in a regulatory filing today. Fine has also been imposed on Thomas Cook Insurance Services (India) Ltd, a party to the deal. The Rs 870 crore-deal involving merger of Sterling Holiday Resorts (India) with travel firm Thomas Cook (India) has already been cleared by Competition Commission of India.

However, the fine relates to market purchases carried out as part of the deal between February 10 and 12 this year. CCI had issued a show cause notice to all the three entities stating that "market purchases, being part of the composite combination (under the competition regulations), were consummated before giving notice to the Commission and as such invited penalty under the (Competition) Act".

Also Read: Competition Commission slaps Rs 3cr penalty on Tesco

Through these purchases, Thomas Cook Insurance Services (India) Ltd acquired more than 90.26 lakh shares, representing 9.93 per cent stake of Sterling Holiday Resorts (India) Ltd. The entities had filed notice seeking CCI nod for the deal on February 14, two days after the purchases. According to a regulatory filing by Thomas Cook (India) today, CCI was of the opinion that the facts suggested that the conduct of the parties was not such that attracts severe penalty.

"Considering the facts and circumstances of the case, the Commission...considered it appropriate to impose a relatively nominal penalty of Rs 1 crore on the parties," Thomas Cook said in the filing to the BSE. In March this year, CCI had approved the multi-structured deal saying it was not likely to have an adverse impact on competition in the country.

Under the deal, Chennai-based Sterling Holiday Resorts' (India) resorts and some other business would be transferred to Thomas Cook Insurance Services, a subsidiary of Thomas Cook (India). Further, Thomas Cook would issue certain equity shares of the subsidiary to Sterling Holiday's shareholders. Besides Sterling Holiday, with its residual business, would merge into Thomas Cook (India). In lieu, certain amount of shares of the travel firm would be issued to shareholders of Sterling Holiday, as per the ratio set out.

Among others, CCI had observed that "the business of hotel services across India is relatively fragmented and there are different channels for availing the hotel services along with the presence of large number of big players as well as intermediaries/agents".

Thomas Cook stock price

On June 27, 2014, Thomas Cook (India) closed at Rs 114.50, up Rs 0.10, or 0.09 percent. The 52-week high of the share was Rs 128.95 and the 52-week low was Rs 48.15.

The company's trailing 12-month (TTM) EPS was at Rs 1.46 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 78.42. The latest book value of the company is Rs 24.08 per share. At current value, the price-to-book value of the company is 4.75.

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IFC bets on NCDs in debt financing for NBFCs

IFC was holding talks with Magma Fincorp and Cholamandalam for subscribing to NCDs of these NBFCs, he said. "Microfinance institutions (MFIs) will also get benefit of this," Agarwal said.

Non Convertible Debentures (NCDs) have recently become the preferred route of investment for multilateral agency International Finance Corporation (IFC) in debt for non banking financial companies (NBFCs).

"Recently we have started debt financing through NCDs to NBFCs. The first one is AU financiers, a Rajasthan-based NBFC of USD 25 million. We are looking at more opportunities through this route," IFC senior investment officer A K Agarwal said here today on the sidelines of a financial markets conclave by CII.

IFC was holding talks with Magma Fincorp and Cholamandalam for subscribing to NCDs of these NBFCs, he said. "Microfinance institutions (MFIs) will also get benefit of this," Agarwal said.

Asked about the reason for NCDs as the new preferred route for debt financing, Agarwal said this instrument was an option due to restrictions on ECBs for NBFCs. "As per ECB guidelines, NBFCs were not allowed to raise Dollars. IFC can only invest in Dollars as we do not have an India balance sheet. But under the NCD guidelines Dollars can be converted in spot market and can be invested in rupee lending as FIIs," Agarwal said.

He said IFC remained committed to MFIs and will continue to invest in the sector. Agarwal declined to comment on whether the agency was planning any hike in its stake in the MFI Bandhan once it was converted to a bank.

Bandhan, a city based MFI had received in-principal approval for a banking licence and IFC had close to 11 percent stake. Total exposure of IFC in India was roughly USD 4.5 billion. Of that around 1/3 was equity and 2/3 debt. Financial sector exposure is estimated to be around 30-35 per cent. "We have been investing more than a billion dollar year-on-year," Agarwal added.

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Gas leak, blast at ship breaking yard in Bhavnagar, 5 dead

The incident comes a day after a similar blast in a GAIL gas pipeline in the East Godavari district of Andhra Pradesh. The blast in the GAIL pipeline left 14 people dead and many others injured on Friday.

Five persons were killed and ten others injured after an explosion occurred at the Alang ship breaking yard in Bhavnagar district in Gujarat.

The blast was triggered by a gas leak at plot no 140, where ship breaking working was in progress.

The injured labourers have been shifted to a hospital.

The incident comes a day after a similar blast in a  GAIL gas pipeline in the East Godavari district of Andhra Pradesh. The blast in the GAIL pipeline left 14 people dead and many others injured on Friday .

The fire in the incident had also hit nearby houses, shops and coconut plantations.

GAIL stock price

On June 16, 2014, GAIL India closed at Rs 433.25, up Rs 16.45, or 3.95 percent. The 52-week high of the share was Rs 439.00 and the 52-week low was Rs 273.00.

The company's trailing 12-month (TTM) EPS was at Rs 34.49 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 12.56. The latest book value of the company is Rs 225.49 per share. At current value, the price-to-book value of the company is 1.92.

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Flipkart to tie-up with different manufacturing clusters

Flipkart has about 3,000 sellers, most of them from SMEs. The company intends to grow the seller base to 12,000 by the end of this fiscal.

Flipkart, the largest e-commerce marketplace in India, on Friday said it is holding talks to tie-up with manufacturing clusters such as Tirupur and Ludhiana as part of bringing more sellers on-board to meet the strong growth in demand.

"We are targeting manufacturing clusters and would sign up partnerships with Surat, Agra and Ludhiana, where synthetic apparels and leather items are manufactured," Ankit Nagori,Vice President, marketplace, Flipkart, said.

Also Read: E-tailers growth ensnared in India's logistics jungle

Stating that the company was in talks with entrepreneurs in Agra and already have more than 100 sellers in Surat onboard, he said Flipkart has about 3,000 sellers, most of them from Small and Medium Enterprises. The company, which has already tied-up with the Federation of Indian Micro, Small and Medium Enterprises and National Centre for Design and Product Development, will grow the seller base to 12,000 by the end of this fiscal, he said.

Ankit and his team, who were here to hold talks with local trade bodies and entrepreneurs on how online marketplaces can help MSMEs expand their business and brand nationwide, said Flipkart aimed to increase its market-share in the clothing segment to 70 percent from the present 50 percent.

While the largest Chinese e-commerce marketplace alibaba.com has about 20 lakh SMEs on-board, it is less than20,000 in India, Ankit said Flipkart has 18 million registered users and online retail was expected to touch Rs 50,000 crore by 2016.It was projected to grow at a whopping 50-55 percent per annum for the next three years, he claimed.

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The economics of affordable housing

Affordable Housing is the new buzz in the real estate sector, companies are looking closely at this model to ensure higher margins, given the new emphasis by the Modi government to provide housing to all citizens.

The New Model in Town:

Affordable housing is the new buzz word, especially after the new government in Delhi has spelt out a vision of housing for every citizen. The word 'Affordable Housing' is loosely used by all and no one really understands what actually is affordable housing. It is also most commonly confused with Low Cost Housing. No, one in the industry is talking about low-cost housing, but all are talking of affordable housing. And affordability differs from city to city and town to town. People residing in Metros may find a Rs 50 lakh home affordable, but unfortunately, he may not find one in the Metro. 

HDFC Chairman, Deepak Parekh in his address to the shareholders raised the opportunity affordable housing will provide. He says, "developers must provide more affordable housing in the price range of Rs 15 to 40 lakh. They need to focus not on the high-end luxury segment, but on building more one and two-bedroom apartments, which is where the real need is. Even though margins may be lower, the turnaround time is much faster in the affordable housing segment. Affordable housing is a volume game, which is why the speed of obtaining approvals becomes more compelling."

For affordable housing to be successful, speed is the essence. And Deepak Parekh is right that it is a volumes game, and speed in providing approvals could reduce cost by 20 percent and improve margins – infact, many believe that ROEs could be as high as 25 percent.

And that is evident from the statement of Mahindra Group Chairman, Anand Mahindra who believes, "The fact is that it is a 150 billion dollar opportunity for private enterprise and the only point I want to make today is that what we call shared value projects such as these, which will enable the broad vision of this government to become a new reality. Shared value simply means that you can do well and do good at the same time. SO it's not CSR, this is not being driven only by purpose without profit.'

But even though it may be a shared value, the margins that could be earned will be much higher than traditional real estate activity.

Don't confuse it with Low Income Housing:

Low Income housing is often confused with Affordable housing.  Low Income Housing involves flats with less than 500 sq ft and cost between Rs 5 lakhs to Rs 15 lakhs. There are tier-2 and tier-3 cities where many are making low income housing projects. These projects may not have all the accessories but are bare skeleton flats. The Reserve Bank so far recognises housing loans of up to Rs 25 lakhs in metros and Rs 15 lakhs in other cities.  HFCs and banks hardly find any projects in metros that fit the Rs 25 lakhs bill. And with urbanisation expanding its geography, there is a call to enhance this limit to Rs 40 lakhs.

The Salary Income Maths:

Firstly, anyone earning less than Rs 30,000 per month cannot afford the so called affordable housing. That's because, a 500 sq ft of apartment would be sold for atleast Rs 3000 per square feet, making the cost of the apartment at a minimum of Rs 15 lakhs. For a salaried individual, earning a take home salary of Rs 30,000 - Rs 1 lakh per month. The available income to pay EMI for the home mortgage is between Rs 15000 to Rs 50000 per month. At this EMI the loan available to a person is between Rs 15 to 50 lakhs. It is important to note that the average free cash that one is assuming is 50 percent of the take-home. Which is not always the case? Given Savings rate has fallen in the last 5 years, and inflation has forced individuals to tap into their free-cash and savings to meet the cost of living. So an affordable housing project has to be in the region of Rs 15 lakhs to Rs 40 lakhs and should satisfy the return economics.

The Infrastructure Link:

For the affordable housing model to be successful, it has to have a credible infrastructure linkage. Affordable Housing projects can only be successful if satellite towns are constructed around Metros & tier 1 cities. These cities should have excellent connectivity to these satellite towns, thereby allowing expansion of the city and migration of urbanites from core of the city to suburbs. Infrastructure will also play a important role in ensuring that distance is not a deterrent for affordable housing.

Affordable Economics:

The affordable model is likely to work only if the sales price of the apartment is between Rs 3000 – Rs 7000 per square feet. Now, one might not be able to find any houses in cities like Mumbai, but there is enough potential for this price range across other cities. The land cost for these projects vary from Rs 500 to Rs 2000 per square feet.  The model will work when land cost is financed via equity and development cost is financed using pre-sales and debt. This is another place where a huge opportunity exists for Private Equity to step in, which will finance land cost via equity and development via mezzanine debt. In fact, many PEs are already following this model. HDFC Chairman, Deepak Parekh wants RBI to allow banks and HFCs to fund land transactions. Since the returns expected from these projects are much higher than traditional infrastructure projects and gestation period is at maximum of 3 years. Land cost as percentage of total cost may be between 70-80 percent in metro cities like Mumbai, but in smaller cities & towns in varies between 25-40 percent.

Sales Price/ sq ft	3000	7000
Cost of Land or Equity per sq ft	500	2000
Approval Cost per sq ft	100	200
Cost of Construction per sq ft	1500	2500
Construction Finance per sq ft	750	1250
Interest Cost for 3 yrs per sq ft	550	1450
Total Cost per sq ft	1900	4900
Return per sq ft	1100	2100
* Rough figures

 

These projects currently also face approval cost which ranges from Rs 100 to rs 200 per square feet. These approval cost currently are with respect to municipality or municipal corporation approvals or speed money to expedite the approvals. Construction cost varies from Rs 1500 per square feet for a Ground + 3 storied building to Rs 2500 per square feet for a Ground + 15 storied building.

Typically, developer fund development cost of the project using 50 percent debt and 50 percent pre-sales fund flows.  The volumes and price is factor that will play an important role in how fast the developer is able to sell the project to the investors. The project will require debt in the range of Rs 750 to Rs 1250 per sq ft.

The cost of financing the debt typically ranges between 12-15 percent for real estate developers. And hence the interest cost of Rs 550 to Rs 1450 per square feet over a 3 year period. The total cost of the project so far including the cost of equity and debt comes to Rs 1900 to Rs 4900 per square feet. In the end the developer ends up with a return of Rs 1100 square feet on a sales price of Rs 3000 and Rs 2100 on a sales price of Rs 7000 per square feet.

Obviously, the success of the model depends extensively on cost of land. Developers who get the land at significantly lower rates will be able to make handsome returns in the model. A land cost of Rs 1 crore per acre translates in to Rs 230 per square feet. Thereby, any land cost above 5-8 crores will reduce the return one can make from the affordable housing model. As the cost of land escalates the returns of the affordable model declines and developers will need to migrate to a luxury housing project model to maintain same margins. 

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Young Turks meets Kailash Katkar, Founder of Quick Heal

Young Turks caught up with Kailash Katkar the Founder of Quick Heal at the EY World Entrepreneur Summit in Monte Carlo who set up his Pune-based anti-virus company back in 1993.

Young Turks caught up with Kailash Katkar the Founder of Quick Heal at the EY World Entrepreneur Summit in Monte Carlo who setup his Pune based anti-virus company back in 1993. Today the brand is one to reckon with globally and the venture is looking at the possibility of an IPO with a reported valuation of between Rs 2500 crore and Rs 3000 crore. We also found out about the early years of competing against global players and Quick Heal's entry into the developed markets and the mobile space.

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Bombay Dyeing unveils new 'change' campaign

135-year-old textile brand Bombay Dyeing unveiled a new campaign that breaks ground for its refreshing and progressive ideas

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135 year old textile brand Bombay Dyeing unveiled a new campaign that breaks ground for its refreshing and progressive ideas. Storyboard finds out what Bombay Dyeing hopes to achieve with these.

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Target 35% topline growth in FY15: Insecticides India

Rajesh Agarwal, chairman,  Insecticides India says FY14 was a tough year for the company, but greener pastures lie ahead.

Agarwal expects FY15 to be an advantageous year with the new government focusing on irrigation.

Also read: Weak monsoon may push food prices further: India Inc

"We expect to grow 35 percent on the topline and touch Rs 1200 crore. We also expect to grow Rs 70-75 crore on the bottomline," he adds.

Agarwal, however, is at ease with the threat of El Nino affecting monsoon. If according to forecasts, the rainfall is 90 percent of the long period, then there won't be any issue.

"Besides, farmers are choosing their crops intelligently now," adds Agarwal.

Below is the verbatim transcript of Rajesh Agarwal\'s interview with Anuj Singhal and Ekta Batra on CNBC-TV18.

Anuj: Would FY15 be better for companies like yours because of the kind of focus that we have on agriculture now?

A: There should be an advantage to the agriculture in totality because the government which has come has already always focused on more irrigation facilities and canals. If it takes place, of course it gives the benefit to the farmers.

Ekta: Just wanted to start by focusing on one of the key points that the likes of Gujarat have seen a strong agricultural growth in the past decade, does Insecticides India contribute a part of their business towards Gujarat or do you generate a part of your business from Gujarat and can you give us a sense in terms of the model that you currently work with?

A: There is a huge scope in that part of the market and Gujarat has shown a good increase in last few years and few decades as you are saying rightly because a lot of irrigation facilities has increased in Gujarat and further the way we see the irrigation is going to increase, I believe there will be more progressive cultivation because Gujarat is dependent more on canal irrigation, the most part of the state.

If you particularly look at last year, Saurashtra has suffered very badly because there were no rains in that part of the state but now there are more canals which will ensure the cultivation of crop. Generally Gujarat has one crop in most part of the state and other parts have two crops but still it has been growing well basically because I believe that canals are supported the state a lot and the further extension of canals is going to help them again.

We have grown at a good rate in Gujarat, in last decade because the market has also grown. If you look at the market of Gujarat in terms of value of the agrochemicals, it is about Rs 650 crore market and we have touched about Rs 30 crore in last year and we target to touch about Rs 40 crore in this year.

So we are also growing slowly and I believe that we will participate in the growth of Gujarat. So we have our distributed network through which we reach the farmers through the retailers. So we are working a lot for the development of certain products and development of the farmers.

Anuj: Why is this delay in ramp up in capacity utilisation at Dahej? I believe you are working at sub-70 percent capacity utilisation?

A: Yes, last year was very difficult year for us while setting up this unit because we changed the product mix in the technical plant and we have set it up as a multipurpose unit but now the lines are all set and we have all the 7-8 lines functional. So they are in production and this year I believe the average utilisation will be more than 75 percent, which will be matching almost the best in the industry and I believe that in the next year we will be exploiting it further.

Ekta: You did have some pressure on your margins where they dipped around 100 bps on a year-on-year (Y-o-Y) basis in the previous quarter, is there any input cost pressure that the company is facing and what is your trajectory in terms of the margins going forward?

A: Ours is a business model, which is cyclic. So we cannot quote on terms of quarter-to-quarter basically because yes, Q2 is the best quarter for us always, Q3 follows it and then it is Q4. So it varies. We have launched certain new products and since now the unit at Dahej is functional and it will be performing more than 75 percent, so we will get economy of scale and we are targeting a growth of about 35 percent in this year that will also support and I believe that our topline will grow by 35 percent and that will also add up into our bottomline by 100-200 bps. So I see a lot of improvement in our bottomline too in this year and that will be evident in the half year itself.

Ekta: I just wanted to come back with regards to the discussion in terms of the Gross domestic product (GDP) part or the Agri GDP that we are seeing in some states which are better than the other states. Just wanted to understand from an Insecticides India point of view where do you get maximum of your growth from within the domestic market. Is it across the board or which are the states which contribute maximum to your growth, can you just break that up for us in terms of some statistics?

A: Generally it is across the board but of course it varies from state to state because if we look at India, South India is a very big market followed North India, then the Central India and if you look at the eastern part of the country that is a developing market.

I see scope in all the areas for the development and we are growing in a big way all the areas are supporting us a lot because we follow a strategy where we try to provide the farmer with the full basket but at the same time we have certain power brands which we call navratnas or nine big brands followed by super eleven. So these 20 brands are going to contribute about 75 percent of our total business.

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Cairn India gets green nod to raise R'sthan block output

The company yesterday received approval to augment hydrocarbon production from the RJ-ON-90/01 Block in Barmer to 3,00,000 barrels of oil per day (bopd) from the current limit of 2,00,000 bopd, sources said.

Cairn India  has received environmental clearance for raising crude oil production from Rajasthan block to 2,00,000 barrels per day.

The company yesterday received approval to augment hydrocarbon production from the RJ-ON-90/01 Block in Barmer to 3,00,000 barrels of oil per day (bopd) from the current limit of 2,00,000 bopd, sources said.

Cairn India stock price

On June 17, 2014, at 14:12 hrs Cairn India was quoting at Rs 372.80, up Rs 6.25, or 1.71 percent. The 52-week high of the share was Rs 385.00 and the 52-week low was Rs 273.40.

The company's trailing 12-month (TTM) EPS was at Rs 39.01 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 9.56. The latest book value of the company is Rs 178.01 per share. At current value, the price-to-book value of the company is 2.09.

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Will execute Kolkata Metro order in a year: Titagarh Wagons

J P Chowdhary, chairman, Titagarh Wagons says the order will be executed in a year and is worth Rs 25 crore.

Titagarh Wagon  has won a rehabilitation contract of 56 coaches of the Kolkata Metro Railway. J P Chowdhary, chairman, Titagarh Wagons says the order will be executed in a year and is worth Rs 25 crore.

Below is the transcript of JP Chowdhary's interview with Ekta Batra & Reema Tendulkar on CNBC-TV18.

Ekta: Could you give us more details with regards to this order that you have won recently for Metro coaches and your foray into that space. Why is it a lucrative segment for you?

A: It is a very relevant segment for us because we are already manufacturing electrical multiple unit coaches for the Indian Railways and we were very anxious to get into the Metro segment. We have been participating in the various projects and this particular project was in relation to Kolkata Metro. The first lot of 56 coaches which they commissioned about 25 years back has become due for midlife replacement, as they call it. So, it's a major job as far as the rehabilitation of the coaches is concerned and once we do it successfully it opens our gates for the Metro coach business.

Reema: When is this order due to be completed and how much will this cost, so what will be the total revenues that you will make on the back of this order?

A: The total value is not very high. It's only rehabilitation and some of the equipments will be supplied by the metro railway. So, our portion of the value will be Rs 25 crore to start with and the time that we are supposed to take is about 12 months to complete this.

Ekta: What is the order pipeline and within the Metro coach business, how much more would you be bidding for within this segment in FY15 and anything on the anvil that we can expect in further order wins?

A: It is very difficult to say that. First we have to make an entry and after we successfully complete this then there are 19 other Metro projects which are on the anvil and we will be bidding for more or less all the projects. However, the point is that who gets what portion of the business depends on various factors but as far as we are concerned, we would be entering Metro coach business through the route of rehabilitation repairs.

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Titagarh Wagons stock price

On June 16, 2014, Titagarh Wagons closed at Rs 283.95, up Rs 2.75, or 0.98 percent. The 52-week high of the share was Rs 312.55 and the 52-week low was Rs 69.85.

The company's trailing 12-month (TTM) EPS was at Rs 1.87 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 151.84. The latest book value of the company is Rs 320.68 per share. At current value, the price-to-book value of the company is 0.89.

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India needs 20 million low-cost homes: Mahindra Lifespace

Mahindra Lifespace sees big opportunity in affordable home segment. Foray coincides with Prime Minister Narendra Modi's focus on "home for all by 2022".

Companies with manufacturing background will do better in the affordable housing segment.

Arun Nanda

Director

M&M

The realty arm of the Mahindra Group, Mahindra Lifespace , has forayed into affordable housing segment through new business vertical called Happinest.

Priced in the range of Rs 10 lakh to Rs 20 lakh, the company is launching projects in Boisar, outskirts of Mumbai in July, and in Avadi in Chennai in August.

Addressing the media at the project launch on Monday, Anand Mahindra, CMD, M&M Group, said the affordable housing segment is a USD 150 billion opportunity for private firms. The company intends to develop 2200 homes in Chennai and Mumbai.

The foray coincides with Prime Minister Narendra Modi's focus on "home for all by 2022".

In an interview to CNBC-TV18's Reema Tendulkar and Ekta Batra, Arun Nanda, Chairman, Mahindra Lifespace, said the concept of Happinest was on the cards for a very long time but the approvals came in late. "But the good news is that it happened at a time when the current government is also talking about 'home for all'", he said.

Nanda hopes that approvals and the land acquisition process become easier. He sees a huge opportunity in the low-cost home segment.

"The current shortfall in the segment is by around 20 million homes and the potential is enormous and I don't think that one company can meet the need for 20 million homes," he said adding that "companies with manufacturing background will do better than others in this space".

Mahindra Life stock price

On June 17, 2014, at 14:10 hrs Mahindra Lifespace Developers was quoting at Rs 560.00, down Rs 10.9, or 1.91 percent. The 52-week high of the share was Rs 603.00 and the 52-week low was Rs 327.20.

The company's trailing 12-month (TTM) EPS was at Rs 19.03 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 29.43. The latest book value of the company is Rs 310.28 per share. At current value, the price-to-book value of the company is 1.80.

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Eye Rs 375cr revenue from Bengaluru project: Nitesh Estates

Nitesh Estates has inked a joint development agreement project in Bengaluru, in which the company has two-third economic interest. In an interview to CNBC-TV18, ED & COO Ashwini Kumar spoke about this project and the road ahead.

The company hopes to fetch total revenue of Rs 375 crore from this project. Hence it expects significant improvement in profitability over next 36 months.

At 12:10 hrs Nitesh Estates was quoting at Rs 16.80, up Rs 0.40, or 2.44 percent.

Below is the verbatim transcript of Ashwini Kumar's interview with CNBC-TV18's Nigel D'Souza and Reema Tendulkar.

Reema: With respect to this joint development, can you tell us what will be the contribution of Nitesh Estates, what is it as a percentage that you hold in this joint development and what will be the revenues that will accrue to you?

A: We own about two-thirds of the economic interest. This is a 12 acre project, so in terms of revenue to the company, it will be Rs 375 crore.

Reema: In one year or this is the total revenue?

A: No, this is the total revenue for the project and since the construction will take another three years, therefore by the time that we recognize the entire revenue, it will be three to three and a half years.

Reema: Rs 375 crore spread over three years, so how much are you looking to get in the first year, in second year or most of it will come through in the third year, how are you expecting revenues to flow in the next three years from this particular project?

A: In the first year it will be barely about 10 percent, in the second year it will be roughly about 40 percent and about 50 percent gets recognized in the third year. That is the rough math which you would get out of the normal revenue recognition arithmetic.

Nigel: For this year itself what will be the revenue recognition?

A: This particular project we may not be able to start recognising any revenue from this year.

Nigel: What is your total revenue recognition you are aiming at in this year?

A: This year it should be double what we did last year.

Nigel: Rs 600 crore?

A: Yes.

Nigel: And what about your margins?

A: Our EBITDA margins are in the region of about 21-24 percent, which gives a profit after tax (PAT) of about 11-15 percent.

Reema: Any more launches?

A: Yes, at least 6 launches will definitely be there in this fiscal year and one of them should happen in the coming week itself at the most in the coming week. This very project, we are ready with everything else so we should be able to do a pre-launch on this. Apart from that another 5 projects are on the anvil, so this year we should be able to bring in another - in terms of revenue potential - another Rs 1,200 crore.

Nigel: Given that the outlook is looking so good as per what we have been speaking about in the last few minutes, last year itself promoters increased their stake by a percent and a half odd. Could we look out for some more increase in this year or is there any kind of a promoter uptick that we could see with regard to the shareholding?

A: I don't think there is anything currently that I can speak of about this.

Nitesh Estates stock price

On June 16, 2014, at 14:14 hrs Nitesh Estates was quoting at Rs 17.10, up Rs 0.70, or 4.27 percent. The 52-week high of the share was Rs 18.70 and the 52-week low was Rs 8.70.

The company's trailing 12-month (TTM) EPS was at Rs 0.53 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 32.26. The latest book value of the company is Rs 29.80 per share. At current value, the price-to-book value of the company is 0.57.

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Will execute latest order worth Rs 900cr in 1 yr: Inox Wind

Devansh Jain, director, Inox Wind Limited, says the order from Continuum Wind Energy is among the largest order a manufacturer has been awarded by.

Inox Wind Limited, a subsidiary of  Gujarat Flurochemicals has received a 170 mega watt order from Continuum Wind Energy. The project is to be constructed in and around Ratlam and Mandsaur districts of Madhya Pradesh and it is one of the largest wind turbine orders in India for a single project.

Also read: Brent crude may surge $120/bbl on Iraq crisis: FACTS Global

Devansh Jain, director, Inox Wind shares his views on the order.

Below is the edited transcript of the interview.

Ekta: Could you give us more details about this order, how much is it worth in terms of a total quantum and when will it start showing on the profit and loss (P&L) and what would your current order book stand at with his?

A: This is amongst the largest orders a manufacturer been awarded in India. The size of this order book in excess of Rs 900 crore and we expect to execute over the next four quarters.

Anuj: Could you tell us if this would be a onetime order or would you be expecting a repeat orders and over the next two-three years how much this be adding to your profits?

A: This is an order which we expect to execute over the existing financial year; of course we would be happy to partner with Continuum Wind Energy.

We expect to execute our order book over this financial year as well as next financial year and we continue to build on this order book.

Guj Flourochem stock price

On June 16, 2014, at 14:13 hrs Gujarat Fluorochemicals was quoting at Rs 438.00, down Rs 12.5, or 2.77 percent. The 52-week high of the share was Rs 474.25 and the 52-week low was Rs 190.00.

The company's trailing 12-month (TTM) EPS was at Rs 6.78 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 64.6. The latest book value of the company is Rs 233.93 per share. At current value, the price-to-book value of the company is 1.87.

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LT IDPL evaluating partnerships at holding co level: CEO

K Venkatesh, CEO & MD of L&T IDPL says in the latter half of current year once the numbers are updated and the RFQ process etc has restarted that is the opportunity that presents itself to all developers in the sector.

Stalled projects totaling around Rs 52,752 crore of 5,340 kms based on our own internal assessment of which about Rs 29,000-30,000 crore could be readily available

K Venkatesh

CEO & MD

L&T IDPL

Towards the latter half of the current financial year that is beginning between October and March, there is a strong opportunity for at least about Rs 15,000-20,000 crore of bids coming out in the road sector, says K Venkatesh, CEO & MD of L&T Infrastructure Development Project Ltd.

He says in the latter half of current year once the numbers are updated and the RFQ process etc has restarted that is the opportunity that presents itself to all developers in the sector.

The company is planning to raise capital by evaluating partnerships at the holding company level and is also planning to list in Singapore.  L&T may have to derisk itself.

Also Read: Recycling of projects high on industry wishlist: Gammon

Below is the verbatim transcript of K Venkatesh's interview with Anuj Singhal and Ekta Batra on CNBC-TV18.

Ekta: I am going to start by asking you about the revenue projection that L&T IDPL has on its own. You all expect the last time which reports indicate a 15 percent revenue growth with an order intake of around 20 percent year-on-year (Y-o-Y) in FY15. With the current situation and the possibility that the road space could get quite a lot of impetus in FY15, do you think that you could possibly exceed this guidance that you have given out?

A: I must clarify that we are an unlisted subsidiary of Larsen and Toubro (L&T). So no guidance would be given out by us. So you will have to bear with me on that. I would not be in a position to give any guidance on revenue or order book and we don't have an order book concept, we have a project-size concept.

Nevertheless, let me talk to you on the sector per se. I think towards the latter half of the current financial year that is beginning between October and March, there is a strong opportunity for at least about Rs 15,000-20,000 crore of bids coming out. The reason I am saying this is that stalled projects totaling around Rs 52,752 crore of 5,340 kilometres based on our own internal assessment of which about Rs 29,000 crore to Rs 30,000 crore could be readily available provided a little bit of work is done in terms of updating numbers and redoing the process of request for qualification (RFQ) etc because this comprises the surrendered projects. So the total universe of projects that are stalled are Rs 52,000 crore, the projects that have been surrendered is around Rs 30,000 crore. So I think somewhere along the line in the latter half of the current year once the numbers are updated and the RFQ process etc has restarted that is the opportunity that presents itself to all developers in the sector.

Stay tuned for more…

Larsen stock price

On June 16, 2014, at 14:16 hrs Larsen and Toubro was quoting at Rs 1648.25, down Rs 37.5, or 2.22 percent. The 52-week high of the share was Rs 1774.70 and the 52-week low was Rs 678.10.

The company's trailing 12-month (TTM) EPS was at Rs 61.44 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 26.83. The latest book value of the company is Rs 272.45 per share. At current value, the price-to-book value of the company is 6.05.

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ONGC to hike stake in Cairn block

State-owned ONGC may raise its stake in Cairn India's prolific Rajasthan oil fields as a condition for agreeing to allow the Anil Agarwal-group firm operate the block after expiry of contractual period.

Cairn's contractual term for exploring and producing oil from the Rajasthan Block RJ-ON-90/2 expires in 2020 and the area is to return to the block licensee, Oil and Natural Gas
Corp (ONGC).

ONGC, which currently holds 30 percent stake in the block, has told the Oil Ministry that the Production Sharing Contract (PSC) can be extended beyond 2020 if all parties to
the contract agree on mutually agreeable terms.

"We are internally discussing Cairn's request for extending the PSC by at least 10 years. As a licensee, we have our concerns on royalty which would be like to be addressed at
the time of extension," a top ONGC official said.

ONGC as a licensee of the block, where crude oil production touched 200,000 barrels per day in March, pays royalty to the government on not just its 30 percent stake but also on Cairn's 70 per cent interest. Though the royalty is later cost recovered, the company faces cash flow issues because of the payment.

"There is a thought within the company that we should as a condition for agreeing to extending PSC, insist on royalty being shared by the partners in proportion to their
shareholding," he said. "Raising stake to 50 percent is also being discussed as a condition."

The Rajasthan PSC provides for ONGC becoming the owner of all facilities once their cost is recovered from sale of crude oil.

The cost of Mangala, Bhagyam and Aishwariya oil field facilities in the block as well as the heated pipeline that carries the crude from the field to Gujarat refiners will be recovered much before the current term of PSC ends in 2020.

"Naturally, if we are the owners of the facilities and are saddled with royalty burden, we would look for addressing these before the PSC is extended," the official said.

The Rajasthan Block RJ-ON-90/2 was awarded as an exploration acreage on terms different from 28 small and medium-sized fields like Panna/Mukta and Tapti and Ravva
awarded alongside during 1991 and 1993.

The Oil Ministry in a draft policy has proposed extension of the PSC for these fields by 10 years or the balance economic life of the field, whichever is earlier. Cairn's Rajasthan block is not included in this policy.

In case of the small and medium sized fields, ONGC is not the licensee and thus upon expiry of the contract period, the fields return to the government which will then auction it,
pending which production may have to be shut down and field facilities damaged for no maintenance.

The official said ONGC, who is a party to the Rajasthan PSC as well as the licensee, will also need to agree to any extension provisions under the PSC.

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Tata Docomo to provide WiFi in Connaught Place from July

Covering more than 4 kms, the deployment of WiFi hotspot would ensure seamless connectivity in the inner and outer circles of the area, Tata Docomo said in a statement.

Telecom service provider Tata Docomo has entered into a partnership with New Delhi Municipal Council (NDMC) to offer WiFi services from the first week of July in Connaught Place area of the national capital.

Covering more than 4 kms, the deployment of WiFi hotspot would ensure seamless connectivity in the inner and outer circles of the area, Tata Docomo said in a statement.

The first 20 minutes of the service would be free of cost and after that one has the options of buying a plan online or through purchase of scratch cards, starting from Rs 20 for 40 minutes, Rs 30 for 60 minutes and Rs 50 for 100 minutes, it said.

Further, customers would get 'one-time password' to avail the service.

Also read:  Tata Group may raise Rs 7K cr to buyout Docomo's stake

"With these services we are targeting business and non-business visitors who increasingly need connectivity with higher speeds across multiple devices," said Avinash Gabriel, Chief Operating Officer, Wi-Fi Business, Tata Docomo.

Connaught Place, now known as Rajiv Chowk, is a prominent place in the national capital where thousands of people visit every day for business and shopping purposes.

NDMC Chairman Jalaj Shrivastava said, "Enriching facilities such as Wi-Fi connectivity across Connaught Place showcase the futuristic path NDMC has taken to bring the city at par with international standards".

Tata Docomo already provides such facilities in other public areas such as Delhi Domestic and T3 International Airport and Feroz Shah Kotla Cricket Stadium.

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Promoters not looking to offload stake: Nectar Lifesciences

Nectar Lifesciences CEO Dinesh Dua says the company has been successfully inspected by the USFDA and is awaiting written approval. According to him, this is the time to get returns on investments spread over almost the last 5 years.

We are all set to reap the dividends of hard work and deep routed investments

Dinesh Dua

CEO

Nectar Lifesciences

There have rumours that the promoters of  Nectar Lifesciences are looking to offload 44 percent stake in the company. But CEO Dinesh Dua says there is no truth in this. "I have categorically cleared up with Sanjiv Goyal and there is nothing of this nature, I can clearly state that," he adds.

He says the company has been successfully inspected by the USFDA and is awaiting written approval. According to him, this is the time to get returns on the investments spread over the last 5 years.

"Now Nectar Lifesciences will get to the next level of performance and increased EBITDA from current 18 percent to 25-30 percent in the next 4-5 years. Now, we are all set to reap the dividends of hard work and deep routed investments," he explains and hence there is no question of the promoters (Sanjiv Goyal) selling stake.  

Private equity firm New Silk Route holds 32 percent in the company, of which equity is 11 percent, rest is GDR. For them also it is time to reap the dividends, he believes. New Silk Route had invested in the company in 2010 and has stayed invested since then.

Nectar Life stock price

On June 09, 2014, at 14:15 hrs Nectar Lifesciences was quoting at Rs 33.00, up Rs 3.80, or 13.01 percent. The 52-week high of the share was Rs 35.00 and the 52-week low was Rs 9.65.

The company's trailing 12-month (TTM) EPS was at Rs 2.77 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 11.91. The latest book value of the company is Rs 41.46 per share. At current value, the price-to-book value of the company is 0.80.

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JPMorgan names Kulkarni head of India investment banking

Kaustubh Kulkarni will now become head of the JPMorgan Chase & Co's emerging Asia mergers and acquisitions business.

JPMorgan Chase & Co has named Kaustubh Kulkarni as its head of India investment banking to replace Rohit Chatterji, who will become head of the bank's emerging Asia mergers and acquisitions business, according to an internal memo obtained by Reuters on Monday.

A JPMorgan spokeswoman confirmed the contents of the memo.

Chatterji is taking up a role vacated by Rob Sivitilli, who is set to leave the US bank for personal reasons, Reuters reported on Sunday.

Read more at:  Avoid cos with high leverage, cautious on NBFCs: JP Morgan

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Urea price hike unlikely to affect individual cos: FAI

The hike in fertilizer prices is unlikely to impact individual companies as subsidies will go down and MRP will rise, which will not benefit private companies, says Satish Chander, Director General, Fertiliser Association of India (FAI).

The Prime Minister Narendra Modi-led government is planning to raise urea prices by at least 10 percent in order to contain subsidy costs that are straining the Budget.

The hike, if it comes through, will be first major price hike in four years. It would mark an important step by new government to cut wasteful use of urea and ease fiscal pressures resulting from a weak economy, government and industry officials told Reuters.

According to Chander, just a 10 percent urea price hike will not have much impact on the subsidy burden and fertilizer companies. However, if the prices are raised substantially to USD 300-USD 400 from current USD 90 then it will be in the interest of farmers with production productivity and better use of fertilizer efficiency.

Below are excerpts from the interview:

Q: The urea price hike, for now, is just speculation but if it does come in, then what could be the positive impact for fertilizer companies?

A: As far as individual companies are concerned, it has no direct impact at all. The subsidy will go down; the MRP will go up and so, the companies don't gain at all. If it is a substantial increase then whatever we have to recover from the government and there is an abnormal delay in that, so to that extent, we lose on the interest and that's the positive way how we look at it.

Also, this is a lead to balanced fertilization. So, these are the two things, but directly, financially it doesn't benefit in any manner apart from what I said.
 
Q: The buzz, according to government sources, is 10 percent. Will that mean a big working capital relief?

A: Ten percent is not big, it may be about Rs 2000 or so and we look forward to substantial increase. This is because urea price in India for the farmers is about 90/USD and nowhere in the world you have that type of low prices, even in south Asia, if you look at Pakistan, China they are around USD 300-400 and so, there is a very good case for increasing the urea prices and this will be in the interest of farmers with production productivity, better use of fertilizer efficiency.

Q: You don't expect demand resistance at 10 percent higher prices. Do you?

A: Absolutely zero. We have the experience of DNK Fertilizer where there is no impact on the demand at all. Around 20-40 percent or even up to 50 percent, there will be no impact on demand.

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Checkout new AMG version of Mercedes: CLA45 AMG

We bring to you the all-new C-Class from Mercedes. The Mercedes' have a entry-level sedan, the sparkling new CLA sedan. We went to UK to Affalterbach in Germany to drive the AMG version of the baby Merc - CLA45AMG.

We bring to you the all-new C-Class from Mercedes. The Mercedes' have a entry-level sedan, the sparkling new CLA sedan. We went to UK to Affalterbach in Germany to drive the AMG version of the baby Merc - CLA45AMG.

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Tata's Research and Design Centers in the UK

Tata Motors hasn't made any noise in a long time now and it has been a while since any significantly new product has rolled out from their stables. If you've been wondering what they've been up to, Tata Motors is in fact on its way for a complete overhaul of its passenger cars and manufacturing processes - and they're calling it the HorizonNext.

Tata Motors hasn't made any noise in a long time now and it has been a while since any significantly new product has rolled out from their stables. If you've been wondering what they've been up to, Tata Motors is in fact on its way for a complete overhaul of its passenger cars and manufacturing processes - and they're calling it the HorizonNext.

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Check the happenings in the automotive world this week

It's now time for our Autoselector Segment where we answer all your motoring queries and doubts. Bert joins us as always.

It's now time for our Autoselector Segment where we answer all your motoring queries and doubts. Bert joins us as always.

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Check out the motoring news from the world this week

It is now time for all the news from the motoring world this week.

It is now time for all the news from the motoring world this week.

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To focus on recovery, not on credit expansion: United Bank

United Bank of India's Executive Director Deepak Narang says that they need to show RBI that all systems and procedures are in place and credit administration has been tightening.

I think we should also fall inline with what other banks have done, they have restructured AAA and AA rate accounts and kept it as standard.

Deepak Narang

ED

United Bank of India

Reports suggest that the RBI has rejected United Bank of India 's plea to ease curbs on lending.

United Bank of India's Executive Director Deepak Narang says that they need to show RBI that all systems and procedures are in place and credit administration has been tightening.

The bank hopes to approach the Reserve Bank soon to enhance the limit for AAA and AA rate accounts. Narang believes RBI is willing to relax those accounts up to Rs 25 crore for normal lending.

In an interview with CNBC-TV18's Ekta Batra and Anuj Singhal, he says they are focussing on recovery and not on credit expansion.

Below is the verbatim transcript of the interview:

Q: Can you give us more clarifications about the RBI rejection of the Bank's plea to ease curbs on lending?

A: We have some lending which are under RBI control and everything has been done as per sanctions on the board. All the procedures are in place. They are willing to relax for AAA and AA rates accounts or relax it up to 25 crore for normal lending and we are in touch with them, they are taking it in a very positive manner. We need to show them that all systems and procedures are in place and credit administration has been tightening. We will soon approach them to enhance the limit for AAA and AA. They are willing to do it; they are inclined to do it.

Q: Tell us in terms of your overall credit growth. How much would this impact?

A: We are not looking at credit growth at present. We are trying to restrict our exposure and trying to recover, so our focus is on recovery and not so much on credit expansion and we will expand wherever it is necessary and not in a big way.

Q: Related to the news on RBI in January, we do understand that the RBI had curbed United Bank of India. We do understand from restructuring of certain accounts. Is that also part of the curbs that you might have discussed, if you could clarify on that?

A: RBI did put some restriction but we have been taking case by case permission from them and they did grant us permission to restructure account under CDRs and those were taken up and restructuring was done and those accounts got upgraded in March quarter and for current quarter RBI has said that follow the RBI guidelines as are applicable to other banks and go to board and take their view on that about those projects. We go to Board of Directors/Management Committee of the Board (MCBOD) and through consensus; we take a call on our accounts, which need restructuring and those accounts that have been restructured by other banks. I think we should also fall inline with what other banks have done, they have restructured those accounts and kept it as standard. Our board should look at it and take a call on that.

Q: Since you are focusing on improving your book and that is your primary focus, I am going to ask you about your recoveries in this quarter. Can you give us a sense on how recoveries have panned out up till now in Q1 and compare it to Q4 for us in terms of asset quality in totality?

A: We have incurred about 300 crore odd by now of which mostly is cash recovery. We have not gone for upgradation, that we will take up once we take it to the board and we upgrade those accounts after restructuring. We expect to recover about 700-800 crore or upgrade those accounts about 700-800 crore this quarter.

United Bank stock price

On June 05, 2014, at 14:14 hrs United Bank of India was quoting at Rs 52.75, up Rs 2.75, or 5.50 percent. The 52-week high of the share was Rs 58.65 and the 52-week low was Rs 23.40.

The latest book value of the company is Rs 80.81 per share. At current value, the price-to-book value of the company was 0.65.

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IFCI looking to divest stakes in non-core assets: CEO

Ever since India got its first non-Congress government with a clear mandate on May 26, government-owned banks along with non-banking financial institutions (NBFCs) have been buzzing in trade. The banking sector is encouraging companies to sell their non-core assets to gain capital. CNBC-TV18 spoke to Malay Mukherjee, CEO and MD, IFCI , which has decent amount of non-core assets to get his opinion on the matter.

The state-run lender has non-core assets of around Rs 12,000 crore including Rs 7,000 crore worth of listed assets. The company is looking to divest its stake in non-core assets not just for the purpose of profitability but to utilise the capital for further creation of other assets.

Also Read: Avoid cos with high leverage, cautious on NBFCs: JP Morgan

Below is verbatim transcript of Malay Mukherjee's interview with Latha Venkatesh and Sonia Shenoy on CNBC-TV18.

Latha: What amount of non-core investments have you made at this point in time, both listed and non-listed?

A: We have approximately Rs 12,000 crore of all listed and non-listed investments in our book.

Latha: How much of it is listed?

A: It is around Rs 7,000 crore.

Sonia: Are you looking to divest stake in any of the non-core assets that you have?

A: Yes, we are in the process of doing that and one or two companies are in the radar so it will not be proper to take the names of the companies but we are looking at the synergies. There are some investments that we made in one or two companies and there are other subsidiaries that are doing same kind of business. To get a better value we have taken a decision that we should divest some of the stakes.

Latha: How much do you hope to make by these asset sales?

A: We are not exactly looking at the profitability because it is a continuous process for non-banking financial company (NBFC), so whatever money we will recover, we will not take under profit but will utilise this for further creation of other assets.

Latha: What amount will you get out of that?

A: We are expecting approximately Rs 2,000 crore.

Sonia: Will you divest more than 20 percent stake in your subsidiary IFCI factors?

A: No, not IFCI factor. IFCI factor may not be more than 20 percent, it will be less than that, if at all that happens. This is because the process is on and we have still not got any good bidder for that and so, IFCI factor is one of the subsidiaries we are thinking of divesting some of the stakes. We also have other subsidiaries where we are thinking to reduce the stake.

Sonia: By when do you think you will be able to divest stake in IFCI factors? Will it be in FY15 itself?

A: Yes, it has to happen before September.

Latha: You also have stakes in National Stock Exchange (NSE), are you planning to do anything there?

A: We had some stake in the NSE and since we have become a majority stakeholder in the Stockholding Corporation our direct and indirect share has gone up to almost 8.4 percent. So that is also on the radar, we may divest some of our stakes in the NSE.

Latha: You have to legally bring it down to below 5 percent; can you hold up to 8.4 percent?

A: This is direct plus indirect.

Latha: Are you allowed, legally you are not required or mandated to?

A: No, we are not mandated anything on that.

Sonia: Is the Rs 2,000 crore, that you told us about, the total amount that you will raise from selling all your non-core assets?

A: No, this Rs 2,000 crores is the investment that we have in our subsidiaries and our other assets, but there are many other non-core assets as well. This is basically the figures related to the subsidiaries.

Latha: So that basically includes factors?

A: Yes, factors. We have a company at Chennai called IFIN and as you took the name of NSE, there are companies that are stockholding corporations, we have many subsidiaries and we also have a venture capital fund.

Sonia: In terms of a timeline for the stake that you acquired from stockholding corp, the 20 percent; when do you look to divest that, or is that in the pipeline as well?

A: No. We took that strategically to have a majority stake there and they are doing good job, we do not intend to divest anything from the stockholding at least in this financial year.

Latha: You brought down your gross bad loans from 22 percent to 17 percent, when you last reported the numbers, how are you looking at the period since March 31, do you expect a substantial fall in bad assets in this quarter?

A: IFCI traditionally has never sold off any assets and if at all it has done some four-five years back, it was only on cash basis. Now we are looking at some of the assets where we can sell some assets by way of SR and cash mix back, so if that happens gross NPA and net NPA will drastically come down. Therefore, the process is on and maybe when September result comes in we will show an improvement.

Latha: Why September sir, why not June?

A: June will be too early to expect a drastic thing to happen. Maybe if I am increasing my advance book very high percentage wise you will see that the figures have come down. But if you look at it amount wise it will come down by September and again in March, so if we look at March 31, 2014 figures and compare the asset book and non-performing asset (NPA) book with March 2015, we presume at least 2 percent net will come down.

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Ethanol blending at 10% won't be major game changer: Praj

Pramod Chaudhari feels the move to increase ethanol blending from current 3% to 10% will help companies get a lot of foreign exchange and self-reliance.

Praj Industries  has been on focus post reports suggesting that enthnol blending with petrol could become a reality soon. Praj, which provides technology and machinery for ethanol production, is likely to benefit from the move.

Also Read: Sugar cos rally, govt may thrust ethanol blending in petrol

In an interview to CNBC-TV18's Ekta Batra and Reema Tendulkar, executive chairman Pramod Chaudhari said the current ethanol blending stands at around 3 percent levels against the previous government's vision of 10 percent. He hopes the new government will help in bringing it to 5 percent level.

He, however, doesn't see increasing the level to 10 percent as a major game changer, but feels that it can surely pave the way forward.

The original intention of the previous government was to bring the ethanol blending to 20 percent by 2017. So if that goes from 3 percent to 10 percent, the move will give signal that growth in this business is possible, said Chaudhari, adding that it will give the related companies a lot of foreign exchange and self-reliance.

Transcript to follow

Praj Industries stock price

On June 04, 2014, Praj Industries closed at Rs 77.20, up Rs 1.10, or 1.45 percent. The 52-week high of the share was Rs 77.85 and the 52-week low was Rs 30.00.

The company's trailing 12-month (TTM) EPS was at Rs 3.52 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 21.93. The latest book value of the company is Rs 35.53 per share. At current value, the price-to-book value of the company is 2.17.

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Suzlon bags Rs 750 cr order from ReNew Wind Power

The order for 100.8 MW wind farms has been awarded by ReNew Wind Power. "The project is scheduled for execution at the Bhesada wind site, Dist Jaisalmer, Rajasthan," Suzlon said in a statement today.

Wind turbine maker  Suzlon Energy has bagged an order worth about Rs 750 crore for a project in Rajasthan.

The order for 100.8 MW wind farms has been awarded by ReNew Wind Power. "The project is scheduled for execution at the Bhesada wind site, Dist Jaisalmer, Rajasthan," Suzlon said in a statement today.

It is a repeat order placed by ReNew Wind Power. Sources said the order is worth around Rs 750 crore. Besides supplying 48 units of S97-120 m wind turbine generators, Suzlon Group would also oversee operations, maintenance and service of the wind site over the contracted period, the statement said.

Also read: Suzlon eyes growth of 40% in both global & Indian markets  

"Leveraging on our leadership position within the country, we continue to have  a strong focus on the Indian market as it offers a favourable renewable energy environment especially now with the new Government in place. We continue to create innovative and reliable products...," Suzlon Energy Chairman Tulsi Tanti said.

ReNew Wind Power Chairman and Managing Director Sumant Sinha said the deal reinforces its commitment to developing sustainable energy solutions for India.

Suzlon Energy stock price

On June 05, 2014, at 14:14 hrs Suzlon Energy was quoting at Rs 29.85, up Rs 1.40, or 4.92 percent. The 52-week high of the share was Rs 29.85 and the 52-week low was Rs 5.72.

The latest book value of the company is Rs 5.67 per share. At current value, the price-to-book value of the company was 5.26.

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Tata Motors sales dip 24%

Domestic passenger as well as commercial vehicle sales declined by 24 percent to 34,334 units in May, down from 45,430 units a year earlier.

Tata Motors  today reported 24 percent decline in total vehicle sales to 37,525 units last month. It had sold 49,304 vehicles in May 2013.

Domestic passenger as well as commercial vehicle sales declined by 24 percent  to 34,334 units in May, down from 45,430 units a year earlier.

Sales of passenger vehicles in May 2014 stood at 9,230 units, down 17 percent , from 11,134 vehicles sold in the same month of last year.

The company sold 6,932 units of Nano, Indica and Indigo cars and 2,298 units of Sumo, Safari, Aria and Venture vehicles in May, the company said in a statement.

In the commercial vehicles segment, domestic sales declined by 27 percent  to 25,104 units from 34,296 units in May last year.

Tata Motors stock price

On June 03, 2014, at 14:16 hrs Tata Motors was quoting at Rs 419.90, down Rs 1.2, or 0.28 percent. The 52-week high of the share was Rs 464.20 and the 52-week low was Rs 263.10.

The company's trailing 12-month (TTM) EPS was at Rs 1.04 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 403.75. The latest book value of the company is Rs 59.47 per share. At current value, the price-to-book value of the company is 7.06.

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Govt's signals right; simple quick fixes needed: Kiran Shaw

If one week is anything to go by, then the Modi-led BJP government is making all the right moves, believes Kiran Mazumdar Shaw, chairman, Biocon .

Speaking to CNBC-TV18, Shaw says the Centre now seems to have the political will to revive the economy and believes that the leaders will now get the bureaucrats to perform exceedingly well.

The Modi government has scrapped the EGoM and GOMs and has asked ministers and bureaucrats to work for six days every week. The prime minister wants to change the work culture of bureaucrats and ministers.

Below is the edited transcript of the interview.

Q: It's too premature, it's just been a week for the Modi government in office but some would say that he has gotten off to a good bold start where it's the way that they have now decided to bring together allied ministries, club ministries like power and coal together, steel and mines together, corporate affairs and finance ministry together – gotten off to a good start. How would you assess the one week performance?

A: I certainly think the signals are very positive and its music to my ears to hear Nirmala Sitharaman talk about self-certification and third party certification. I really believe that we have to get out of this approval Raj. I think we need rationalisation and simplification of regulations in a big way. This is what is slowing down industrial growth, investment and whatever we want to address in terms of kick starting growth and the economy.

Q: We thought people will think we are crazy that we are discussing boiler inspectors and boiler norms on India Business Hour but the fact of the matter is that these are the sort of the things that make it hard for business to operate in the country and this is the sort of practical stuff that needs to be over and done with and get it out of the way. So, in that sense forget big ticket legislative action, it's this kind of stuff that needs to get moving as soon as possible?

A: Look at our pharmaceutical industry, we are regulated by five ministries that are not working in a synchronous way. This is so complex and so time consuming and tedious that we are the slowest working industry sector in the country or in the world maybe. The approval timelines that the Indian pharmaceutical industry has to go through is multi-fold compared to any other part of the world. This is what the reality is and there are simple fixes for these kind of issues.

Q: In that context are you disappointed because if you look at the way that these ministries have been restructured there is actually been no restructuring of ministries. You basically appointed one person to head allied ministries. So, you have got Piyush Goyal looking after power and coal but in our understanding at this point in time there is actually been no change in bureaucratic protocol or coordination as far as the operational and the ground level is concerned. Does that disappoint you?

A: I think that if you have political will and if you have ministerial will to really bring about change which I am sure many of them have, I know people like Piyush Goyal, Nirmala Sitharaman and many others have this particular can do attitude. They will get their bureaucrats to perform in an effective way. Modi has shown the way in the way he administered Gujarat; I am sure he is going to do the same as a Prime Minister. So, I am sure it can be done.

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CNBC-TV18 ties up with MSCI

Among the top 10 stocks in MSCI India include Reliance, Infosys, HDFC, TCS, HDFC BanK, ITC, L&T, HUL, M&M, SBI.

CNBC-TV18 has entered into a strategic relationship with MSCI to display its indices for the first time in India. CNBC-TV18, CNBC Awaaz, CNBC-TV18 prime HD and CNBC Bazaar will showcase.

MSCI India, MSCI EM, MSCI all countries Asia ex Japan which comprises of developed and emerging countries in Asia excluding Japan and MSCI all countries world indices, which comprises of all developed and emerging countries in the world.

Among the top 10 stocks in MSCI India include Reliance , Infosys , HDFC , TCS , HDFC Bank , ITC , L&T, HUL , M&M , SBI .

India has a 7.02% weight in MSCI emerging market index, 6.63 percent in MSCI Asia ex Japan and 0.75 percent in MSCI all countries worldwide.

Also Read: Bourses extend deadline for common contract note till Aug

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Essar Proj deals with Saudi firm for construction services

Ruias-run EPC firm Essar Projects has entered into a deal with Mohammed Al-Mojil Group (MMG), one of the largest Saudi construction service providers, to provide construction services for project developments in Jazan.

This will include Saudi Aramco's 400,000 barrels per day Jazan refinery, which is expected to be the mainstay of a new economic city fulfilling the objectives of the economic development in Jazan, Saudi Arabia.

Also read: Hold Essar Oil, advises Kunal Saraogi

The refinery is expected to process per day up to 75,000 barrel gasoline, 250,000 barrel low-sulfur diesel and 80,000 barrel vacuum distillation material to be used as fuel for power plants.

Essar Projects is a global EPC (engineering, procurement, construction) contractor headquartered in Dubai. The company has a large engineering and procurement division as well as operating extensive fabrication facilities and a large construction equipment bank operated from a low-cost Indian base.

The deal aligns with MMG's restructuring plan, and its new business model, focusing on core business units of skilled workforce, scaffolding, steel fabrication, camping/catering plus other services required by the construction industry, and Essar Projects' goal to be immediately operative in Saudi Arabia.

The proposed collaboration combines MMG's proven capabilities, extensive track record in the Saudi construction market, its availability of a large number of skilled resources and logistic support in Kingdom.

With Essar Projects' experience in executing mega schemes across the world and having highly experienced project management teams, MMG is looking to mobilise and invest in large quantities of construction equipment and construction facilities in Jazan area for the long term.

This collaboration will be positioned to cater to all construction aspects of the development of Jazan, thereby creating significant employment opportunities for locals.

"We are excited to be working together with Essar to develop this new business which will expand MMG's footprint in the Kingdom. We chose Essar as our partner based on the depth of their experience and capability in the oil and gas construction market across Asia. This new venture is a part of MMG's new strategy to build and grow market leading construction services solutions across the Kingdom of Saudi Arabia," MMG CEO Stewart Macphail said.

Alwyn Bowden, President & CEO, Essar Projects, said that Saudi Arabia is a key market for Essar Projects and this partnership will enable them to provide a value offering to key customers in the country and to actively participate in the development of the Jazan region.

"This collaboration enables us to work flexibly to cater to peak project manpower and resource requirements, thereby servicing our key customers to the fullest," Bowden said.

The Jazan Refinery and Terminal Project is intended to grow the economy of the southern part of KSA by offering more than 1,000 direct jobs and 4,000 indirect jobs.

Only three other refinery projects of the same scale of Jazan Refinery have been commissioned worldwide over the past 20 years.

Essar Projects offers its expertise to the following industries: oil and gas (upstream, mid-stream and downstream), including cross- country pipelines, offshore and onshore terminals, infrastructure (ports and marine, civil and building), power (including hydroelectric) and minerals and metals and has presence in over 20 countries across five continents.

The company has over four decades of experience in delivering mega projects and has recently added a concessions business to its product offerings. Essar Projects is
headquartered in Dubai and operates across regions through wholly owned subsidiaries.

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Jindal Steel, Monnet Ispat asked to pay power dues

Revenue recovery certificates (RCRs) have been issued to JSPL and Monnet Ispat for payment of electricity dues amounting to Rs 216.77 crore.

The district administration has asked  Jindal Steel and Power (JSPL) and  Monnet Ispat and Energy to pay power dues to the tune of over Rs 200 crore in a week, failing which their assets will be attached to recover the amount.

Revenue recovery certificates (RCRs) have been issued to JSPL and Monnet Ispat for payment of electricity dues amounting to Rs 216.77 crore. The certificates have been issued under Chhattisgarh Electricity Duty Act, 1949, said

Also read: Jindal Steel & Power may test Rs 335-340: Amit Gupta

Rajat Bansal, Raigarh Sub-Divisional Magistrate (SDM) today. The order to issue certificates was given by Raigarh Collector Mukesh Bansal on the direction of Chhattisgarh's Chief Power Inspector P K Majumdar, he said.

JSPL has to pay Rs 175.74 crore towards electricity dues (which include interest), while the pending amount for Monnet Ispat was Rs 41.03 crore, the SDM said.

He said the dues, related to their facilities here in Chhattisgarh, had been pending for nearly seven years.

In case the companies fail to pay the outstanding sum by June 6, their assets will be attached to recover the amount, Rajat Bansal said.

When contacted, JSPL Executive Director Pankaj Gautam said the company had not yet received the order and came to know about it through media.

The officials of Monnet could not be contacted for comments.

Jindal Steel stock price

On May 13, 2014, Jindal Steel & Power closed at Rs 246.05, up Rs 3.45, or 1.42 percent. The 52-week high of the share was Rs 316.30 and the 52-week low was Rs 181.55.

The company's trailing 12-month (TTM) EPS was at Rs 14.12 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 17.43. The latest book value of the company is Rs 149.07 per share. At current value, the price-to-book value of the company is 1.65.

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NTPC to supply 325 MW power to UP from tomorrow

State-run  NTPC will supply 325 MW of electricity from tomorrow to Uttar Pradesh which is reeling under acute power shortage amidst soaring temperatures in the state this summer.

"UP has requisitioned power to the tune of 325 MW from NTPC which will be supplied to the state from June 1 to June 7," a company official said.   

Also read: New govt fights power cuts in Delhi, Uttar Pradesh  

The northern state has been facing acute power crisis since last week, generating a lot of political heat.    

UP Chief Minister Akhilesh Yadav has alleged that the central government is not making available enough fuel for the power companies in the state.

However, Power and Coal Minister Piyush Goyal has said: "Whatever assistance the state government requires we are happy to provide."    

In a letter to Goyal, Yadav has said: "Of the total 6,200 MW sanctioned to the state from central pool, state is only getting 4,200 MW. Before the Lok Sabha polls, state was given
5,200 MW power in this head.    

Yadav also alleged that Rajasthan, Delhi and Himachal Pradesh were given more power than needed by them and they were earning profits by selling it. He sought an end to this
practice and demanded more power to the state.    

He also said that the more coal supply is needed for the power projects in the state. Goyal had earlier said that "we have supplied adequate quantity of coal to power plants in Uttar Pradesh as per the linkage. We have also offered the state government to buy
power from the northern grid".

The availability of power from the Central Generating Power Stations (CGPS) to UP is also normal, Goyal had said.     

Meanwhile, BSP supremo Mayawati also joined the issue hurling charges against the ruling party in the state that power supply has been restricted to native villages and parliamentary constituencies represented by SP.

People in the state, meanwhile, have been sweating in the soaring temperature levels. Allahabad recored the highest temperature 46.7 degree Celsius.

They took to streets in various parts of the state demanding immediate power restoration. Yesterday, BJP protested at 30 district headquarters against the crisis.    

The peak demand in Uttar Pradesh is to the order of 12,700 MW. The state gets 10,700 MW, leaving a shortfall of around of 2,000 MW at present.

NTPC stock price

On February 17, 2014, NTPC closed at Rs 132.85, up Rs 0.65, or 0.49 percent. The 52-week high of the share was Rs 162.80 and the 52-week low was Rs 122.65.

The company's trailing 12-month (TTM) EPS was at Rs 13.31 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 9.98. The latest book value of the company is Rs 110.80 per share. At current value, the price-to-book value of the company is 1.20.

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Lok Sabha polls India's 1st twitter elections: Rishi Jaitly

The buzzing social media network that allows only 140 characters per tweet is practically the world's town square, says Twitter India hear, Rishi Jaitly.

Speaking to CNBC-TV18, Jaitly says India witnessed its first Twitter elections this year.

"Our biggest contribution in this space, first of all television, it was very difficult to watch television coverage during the election and not feel the impact of Twitter. Twitter is now the second screen for TV in India," he adds.

Also read: Modi most mentioned politician in 2014 poll-related tweets

And this couldnt be farther from truth. There were more than 58 million tweets on the Indian election this year. BJP leaders like Sushma Swaraj and Mukhtar Abbas Naqvi chose Twitter to express dissent with the party, while Prime Minister Narendra Modi used the micro blogging site to announce his victory.

Below is the edited transcript of the interview.

Q: Let me start by asking you this, that from verifying celebrity accounts to dodging political curve balls describe to me a day in Rishi Jaitly's life?

A: I wake up and I check Twitter. My day is full of evangelizing this service, that is Tweeting across partners, whether you are in the media business, the mobile business, entrepreneurs, brands and others and the day of course ends with Twitter. Before I go to bed I am usually checking Twitter, tweeting back to people.

Q: Is it difficult, you follow about 900 accounts?

A: I have vowed that I will not follow more than 1000 people. So, if you follow me on Twitter you see that I am always hovering in the 990s.

Q: Unlike your larger social networking rivals you have entered India just two years ago. You are now competing with the likes of Facebook and Google in this very fierce competitive advertising space and you are the managing director and your role is to basically turn India into Twitters largest market. How are you planning to do that?

A: I researched the history of Twitter in India. Lot of people talk about the 26/11 attacks in Mumbai as one of the first times they heard of Twitter. You can still find tweets of people tweeting from Colaba saying I am trapped at the Inox theatre, what is happening? All the way through the protests in Delhi in 2012, India's victory in the World Cup in 2011, the state elections last year, IPL, this Lok Sabha election, what we are trying to do is drive growth. So, what we are doing is immersing ourselves in India's media business. We are working with television broadcasters, public figures, news organizations, political parties, government agencies, cricket federations, cricketers and helping everybody in the audience business understand that Twitter can be your mobile microphone. It can be your way to connect with in real time your fans and your audiences.

Q: Talking about the general elections what according to you are the top three things that would not have happened if there was no Twitter?

A: It is safe to say this was a Twitter election. It was India's first Twitter election. Our biggest contribution in this space, first of all television, it was very difficult to watch television coverage during the election and not feel the impact of Twitter. Twitter is now the second screen for TV in India. It is indispensible when you are watching TV to have Twitter open, so, whether it was Arnab Goswami reading tweets on air, Rajdeep Sardesai saying #AskRajdeep, Rahul Kanwal hosting a Twitter debate show every Friday night at 9 pm or Barkha Dutt on Counting day saying tweet to us and we will give you the election results, things like that. Twitter SMS, both Narendra Modi and the Congress party used Twitter SMS. You could actually dial a phone number and leave a missed call and you would receive their tweets via SMS.

So, we made Twitter more accessible and then finally news broke on Twitter. We all know that first thing Narendra Modi did was tweet then sought his mothers blessings. When we was deciding where to contest from the first thing he did was tweet. We now see him engaging in diplomacy with world leaders. Tweeting with Prime Ministers and Presidents. So, those are some of our contributions.

Watch videos for more.

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Cadila recalls over 10K bottles of anti-allergy drug in US

Zydus Pharmaceuticals USA, a unit of the company, is recalling 10,200 bottles of promethazine hydrochloride tablets that contain foreign tablets, according to information on the US Food and Drug Administration (FDA) website.

Cadila Healthcare is recalling over 10,000 bottles of an anti-allergy drug in the US because of a mix-up in tablets.

Zydus Pharmaceuticals USA, a unit of the company, is recalling 10,200 bottles of promethazine hydrochloride tablets that contain foreign tablets, according to information on the US Food and Drug Administration (FDA) website.

The recall is due to the "presence of atenolol 25 mg tablet mixed into promethazine 25 mg tablet bottles," the FDA said. The nationwide recall was initiated on May 8. The 25-mg tablets in 100-count bottles were manufactured by Cadila Healthcare and distributed in the US market by Zydus Pharmaceuticals, it added.

The withdrawal was classified as a Class-II recall, which the FDA defines as "a situation in which use of or exposure to a violative product may cause temporary or medically
reversible adverse health consequences or where the probability of serious adverse health consequences is remote."

Comments from Cadila Healthcare could not immediately be obtained.

Cadila Healthcare shares today closed at Rs 931.40 on the BSE, up 0.37 per cent.

Cadila Health stock price

On May 12, 2014, Cadila Healthcare closed at Rs 1000.25, up Rs 7.80, or 0.79 percent. The 52-week high of the share was Rs 1079.00 and the 52-week low was Rs 631.00.

The company's trailing 12-month (TTM) EPS was at Rs 43.13 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 23.19. The latest book value of the company is Rs 186.33 per share. At current value, the price-to-book value of the company is 5.37.

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