Budget 2015: Don't expect any immediate pick-up in PE investment: KKR

It is the eve of the Budget and the wish list continues to get longer and longer. In an interview to CNBC-TV18, Sanjay Nayar, CEO & Country Head – India, KKR India shares his expectations from Finance Minister Arun Jaitley tomorrow.

It is the eve of the Budget and the wish list continues to get longer and longer. In an interview to CNBC-TV18, Sanjay Nayar, CEO & Country Head – India, KKR India shares his expectations from Finance Minister Arun Jaitley tomorrow.

Edited excerpts:

On Growth

Here's a fantastic opportunity given what the Economic Survey said, given what we know of the reprieve we have because of commodity and oil is a great opportunity to make out a very clear vision statement, and that they should really follow up with execution.

What we have lacked till today is the credibility even in simple things like numbers and executing on the programmes. So just watching the Railway Budget, if it's realistic doesn't need to have any big bang reforms, but lays out a very clear vision statement.

On FDI

Real projects that are predictable led by Indian businesses, foreign money will come behind pretty easily. There is ample liquidity in the world. There is a great search for yield and I don't think we have to overpay for that.

We just got to get the policies right here and a very predictable way of doing business and a set of predictable returns. I didn't say high returns, just returns. If the Indian business man will invest and if he runs short of capital foreign money will come and back him very easily.

On PE Investment

I'm in the camp that there is no immediate pickup right now. Ultimately, there is a lot of demand in this country for everything but, frankly I don't see the private sector adding any new capacity or creating real assets.

I don't think it's because of lack of capital or high interest rates but about the convenience of doing business, even for the Indian business man. I think that is one thing that this government can do very easily. But I don't expect the Budget to address all of that.

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SEBI cancels Sahara's mutual fund licence

The asset management unit is part of the broader Sahara conglomerate, which has tussled with the market regulator over bond issuances that were later ruled to be illegal.

The Securities and Exchange Board of India (SEBI) said it has cancelled the fund management licence held by Sahara Asset Management Company Pvt Ltd, saying the firm did not comply with its "fit and proper" norms.

Financial firms must meet regulators' "fit and proper" criteria to operate in India.

The asset management unit is part of the broader Sahara conglomerate, which has tussled with the market regulator over bond issuances that were later ruled to be illegal.

SEBI said Sahara's asset management company has 30 days to transfer its business to another company registered with the regulator or must allow its investors to redeem assets.

The asset manager had 1.47 billion rupees (USD 23.77 million) under management as of end of last year, as per data from Association of Mutual Funds of India.

Sahara did not immediately respond to a request for comment.

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Union Budget 2015: FM promises visa on arrival to 150 countries to up tourism

Vaishali Karulkar
moneycontrol.com

Meeting some of the expectations of the hospitality industry, Finance Minister, Arun Jaitley in his full year Union Budget 2015-16 announced visa on arival to 150 countries from the current 43 countries in stages. This would indeed boost tourism for the country, which is positive for the hospitality/hotel industry.

He also promised rationalisation of taxes via implementation of GST by April1, 2016. The corporate tax would be reduced from 30 percent to 25 percent in next four years.

FM reiterated his promise of setting up an expert committee for legislation on single-window clearance for ease of doing business.

Moreover, with individual tax payer seeing tax benefit up to income of Rs 4.44 lakh, would put more disposal income in their hands and thus could help the hotel and tourism industry

Industry expectations from Union Budget 2014-15

•    To dilute the eligibility criteria for hotels to qualify for infrastructure status. Currently, hotel projects above Rs 200 crore and convention centre projects above Rs 300 crore qualify for infrastructure status. The  bar is expected to be lowered to Rs 100 crore for hotel projects and to Rs 200 crore for convention centre projects to reduce high cost of debt.
•    The Hotel Federation expects hotels to be allowed a higher weighted deduction of 150% of the capital expenditure incurred in setting up new projects.
•    Commissions on hotel bookings should be exempt from Tax Deducted at Source (TDS)
•    Not linking taxes to star category of the hotel.
•    Rationalisation of taxation, removal of double taxation on rooms (LT & ST) and food (VAT & ST)
•    Ease of doing business through single window clearance,
•    Inclusive and sustainable tourism sops
•    The e-visa introduced by the present government, should be implemented on the ports of entry all over the countries and also, include other countries which are not being included as this will generate additional inflow of foreign tourists.

State of Industry

Due to the overall economic slowdown, the year 2014 was not a great one for the hospitality industry. Currently, the industry is bogged down by several bureaucratic obstacles, financial burdens from both the central and state governments that include Service tax by Central government and Luxury tax charged by the State government. Plus Value Added Tax (VAT) - on Food and Beverage, Excise Duty - on Beverages and Octroi Duty - on items imported into the State, among others. The growth is particularly stagnating, including that for the tourism industry.

However, given the long-term potential of the Indian market, the industry, particularly the hotel sector is on an expansion spree.

Highlights from Budget 2014

•    Services provided by Indian tour operators to foreign tourists in relation to a tour wholly conducted outside India was taken out of the tax net and Cenvat credit for services of rent-a-cab and tour operators allowed to promote tourism.

•   The announcement of E-Visas at nine airports helped in expanding the footfall of foreign tourists beyond the key metros while facilitating an easy visa procuring process.

•    The government's pro-tourism focus also saw manifestation via key initiatives announced in the Budget.

Safety of women, a mission critical element given prime importance and much needed delivery via Budget initiatives like the Crisis Management Center for women.

•    The development of new airports in Tier-I and II cities through Public-Private-Partnership (PPP) mode.

•    Personal Income-tax exemption limit raised by Rs 50,000/- that is, from Rs 2 lakh to Rs 2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from Rs 2.5 lakh to Rs 3 lakh in the case of senior citizens to encourage tourism

•    The fact that Service Tax was waived off for foreigners travelling to other countries through Indian operators makes tourism more competitive.

ITC stock price

On February 28, 2015, at 14:15 hrs ITC was quoting at Rs 360.75, down Rs 33.05, or 8.39 percent. The 52-week high of the share was Rs 409.70 and the 52-week low was Rs 312.40.

The company's trailing 12-month (TTM) EPS was at Rs 11.90 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 30.32. The latest book value of the company is Rs 32.82 per share. At current value, the price-to-book value of the company is 10.99.

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Union Budget 2015: Customs duty on commercial vehicles raised to 40% from 10%

Kankana Roy Choudhury
moneycontrol.comIn a major setback to auto industry, Finance Minister Arun Jaitely has announced a hike in the customs duty on commercial vehicles. The FM increased the duty to 40 percent from the current 10 percent.

However, on the brighter side, to give a boost to the government's green theme he has waived off duty on electric & hybrid vehicles. Furthermore, the FM has allocated Rs 75 crore for electric vehicles.

Auto analysts do not see this benefitting domestic CV majors like Tata Motors  and Ashok Leyland  in a big way. That is because it affects only the high end hydraulic power steering CVs produced by players like Volvo and Mercedes. According to CNBC-TV18, only 500-1000 high HP CVs are imported annually.

There was no other announcement for the auto sector.

Auto sales in general have been under pressure for the last few months with the economy still to show signs of a recovery. The pick-up around the festive season too has not been maintained. Furthermore, the withdrawal of excise cut forced auto makers to increase prices, thereby affecting sales.

In its interim Budget (February 2014), the UPA government had cut excise duty on scooters, motorcycles and commercial vehicles to 8 percent from 12 percent previously. For SUVs, it was cut to 24 percent from 30 percent; for mid-sized cars to 20 percent from 24 percent and for large cars to 24 percent from 27 percent earlier.

The new NDA government, after assuming power, extended the sops till December 31, 2014, which otherwise would have expired in June. Finance Minister Arun Jaitely refrained from making any other announcement on the sector in his maiden Budget speech in July.

Following were the expectations from the industry:

*Another duty cut in the Budget, which would have helped boost demand by reducing prices. It also expected government to retain a high customs duty (in excess of 125 percent at current rate) on imported cars, making Indian brands more competitive.

* Special tax incentives and better infrastructure. Moreover, to encourage customers, it was also seeking lower interest rates, which would reduce vehicle costs.

* The Jawaharlal Nehru National Urban Renewal Mission (JNNRUM), which ended on March 31, 2014, to be replaced by a new scheme. CARE Ratings feels the move would be positive for the industry as it would provide much needed support to bus manufacturers in terms of purchase by state transport units (STUs) on a pan-India basis.

* Continuation of interest rate subvention scheme for farmers. At present, the short-term crop loans to farmers stands at 7 percent p.a. and an additional subvention of 3 percent is given to prompt-paying farmers. It also wanted an increase in agri-credit from the current Rs 8,00,000 crore.

Maruti Suzuki stock price

On February 28, 2015, at 14:12 hrs Maruti Suzuki India was quoting at Rs 3600.55, down Rs 5.6, or 0.16 percent. The 52-week high of the share was Rs 3758.00 and the 52-week low was Rs 1551.00.

The company's trailing 12-month (TTM) EPS was at Rs 106.83 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 33.7. The latest book value of the company is Rs 694.45 per share. At current value, the price-to-book value of the company is 5.18.

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DLF says reviewing $8.4 mn SEBI penalty

The Securities and Exchange Board of India (SEBI) disclosed the penalty on Thursday, as part of the same case under which it last year banned the company from raising capital for three years, a verdict which DLF is appealing at a securities tribunal.

Property developer DLF Ltd  on Friday said it was reviewing an order from the country's market regulator that fined the company and its top management USD 8.4 million as part of a broader probe into the firm's lack of disclosure during its initial public offering.

"We are presently reviewing the said orders and after taking appropriate legal advice, we will challenge the said orders in appeal," the company said in a statement.

It added that it had not acted in contravention of law either during its initial public offer or otherwise.

The Securities and Exchange Board of India (SEBI) disclosed the penalty on Thursday, as part of the same case under which it last year banned the company from raising capital for three years, a verdict which DLF is appealing at a securities tribunal.

DLF stock price

On February 27, 2015, at 14:14 hrs DLF was quoting at Rs 153.45, up Rs 3.15, or 2.10 percent. The 52-week high of the share was Rs 242.80 and the 52-week low was Rs 100.00.

The company's trailing 12-month (TTM) EPS was at Rs 4.83 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 31.77. The latest book value of the company is Rs 93.40 per share. At current value, the price-to-book value of the company is 1.64.

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Union Budget 2015: See Rs 2-2.5K cr more defence proj orders in 2-yrs: Rolta

With the current government's focus on defence programme, the ministry has awarded battlefield management system (BMS) development contracts worth Rs 50,000 crore to two consortiums. One comprises of  BEL and  Rolta India and the ot her consortium includes the  Tata Power SED and Larsen and Toubro Defence.

According to KK Singh, CMD of Rolta India, the government is moving really fast and for finalising the specifications the first meeting has been called on March 4, he said. After which the company will prepare a detailed report within a couple of months and post that prototype will be done, he added.

Singh said the company is already ready with the products, so the prototypes for them would take less than a year and post that the testing by government will be done in another year.

Singh is hopeful that in two years from now the company would be able to deploy the system, post which the company is hopeful of getting Rs 2000-2500 crore incremental orders.

Currently, 20% of revenues of the company come in from defence

In the Rolta-BEL consortium, the company is responsible for the complete battlefield management software, which constitutes the major portion of the project, said Singh.

Below is the transcript of KK Singh's interview with Latha Venkatesh & Sonia Shenoy on CNBC-TV18.

Sonia: I understand you have to first make a prototype. Can you indicate to us what will the cost of this prototype be and what is the exact revenue generation potential that you will have from this project?

A: This prototype has to be developed now. The government now is moving very fast. One thing I would like to say is that there is a difference which we are seeing in this government and the previous government, for example in previous government there was first 'Make India' project which was awarded, which was called Tactical Communication Systems. It has been over two-and-a-half years and nothing has moved there whereas in this, this thing has been notified this yesterday and the first meeting has been called on 4th for finalisation of specifications.

As soon as the specifications are finalised, the first thing is to do a detailed project report which will specify all the specifications. Once the specifications and detailed project report is ready, which should be in next couple of months then thereafter the prototype will be done.

The beauty is the prototype will depend upon the Development Agencies (DAs) as to how much time they take. There are two Development Agencies – (1) our consortium, which is BEL and Rolta and (2) is Larsen and Toubro (L&T) and Tata Power. However, now both consortiums will be asked how much time we will take.

We are ready with the products, so we are not going to start developing it. So, our answer would be that it will be minimal type, so we will not require more than six-eight-nine months to be able to give the prototype.

The other agency may require much more time and if they require much more time, I do not know whether the government will allow that. So that will depend on the government.

Latha: Is this an either or win. After you all present your prototypes, does the government retain the option to choose one of you or will it give it to both of you asking you to probably upgrade your prototype or whatever they want. What is the step after you give the prototype?

A: It is not one of the two, so it is going to be both and that is but for sure. There is no exact guideline as to how much percentage somebody will share but what has been talked, indicated is that it will depend on L1 and technical that who is better priced and who is better technically suited and based on that the major share, more than 70 percent share will go to that party and the remaining share will go to other party and other party will be told that you should meet the specifications and you should meet the price.

However, unfortunately if the other party is not able to meet the specifications, is not able to continue then government cannot help it then only one party will remain.

Sonia: How much cost has your consortium incurred into building this prototype?

A: As far as I am concerned I can talk about Rolta. In our consortium we are fully responsible for complete software. The whole battlefield management software, which is a major portion of this project because this is an IT project and 14 companies were shortlisted to call for that and most of them were IT companies including Wipro, Infosys, Tata Consultancy Services (TCS).

Therefore, this being very software oriented project. We have been working over this for last six-seven years and we have invested few Rs 100 crore as our investment for creating this software. Similarly BEL, which is our partner for this, has been working very cautiously for tactical communications system, so they have been able to produce good software defend radios, which are required.

Latha: Can you give us idea therefore when you will start making and when will the first revenue show up in your profit and loss (P&L)?

A: I would say as far as prototype etc is concerned, I believe that it should not take more than a year for it to be ready and once it is ready then it is a question of testing. The testing also will be done by the Ministry of Defence (MoD) in various terrains, fields, from mountain and sand everywhere, so it should be another one year process. I believe that two years from now we should be in a position to deploy the system and orders should start kicking in.

Latha: FY18 is when you may get your first rupee on this?

A: I believe so.

Sonia: Can you give us a sense of how much your contribution from defence will increase. I understand 20 percent of your revenues come from defence now, say about three-four years later how much will the percentage increase to?

A: As I mentioned I am expecting it after two years and this is my best expectation but after two years we believe that we should be able to get almost Rs 2,000 crore-2,500 crore incrementally coming to us from this kind of project and of course what is coming to BEL is separate. I am talking of what is possible to us.

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Motorcycle maker Yamaha to launch small cars in Europe

The firm has been mulling manufacturing four-wheel vehicles for years, exhibiting a prototype 1,000 cc engine car and an electric-car battery at the 2013 Tokyo Motor Show.

Japanese motorcycle giant Yamaha will join the four-wheel market by launching small cars in Europe as early as 2019 to meet rising demand for energy-efficient vehicles, a company official said Today.

The firm has been mulling manufacturing four-wheel vehicles for years, exhibiting a prototype 1,000 cc engine car and an electric-car battery at the 2013 Tokyo Motor Show.

Yamaha is planning to build car plants in Europe to sell them in the region before 2020, the company spokesman said, without elaborating.

"As small cars are already prevalent in Europe, our first car launch will be (there)," he said. "But we are also studying opportunities in emerging countries" as well, he added.

His comments were in response to an interview with company chief Hiroyuki Yanagi that appeared in the leading Nikkei business daily, in which he said Yamaha will supply its own engines for the new European market cars, while outsourcing some other parts production.

While it is best known for its motorcycles, Yamaha has worked with Toyota on car engine development since the mid-sixties, supplying more than three million engines to the world's biggest automaker over that period.

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No incentive for anyone to enter REITs: CBRE South Asia

For REITs to take off in India, the government needs to provide clarity on the tax structure, says Anshuman Magazine, chairman and  managing director of CBRE South Asia. The tax outgo is much less if a company is listed in India and Singapore, sans REITs, he says.

Under normal listing, the tax comes to 25 percent in India and 13 percent in Singapore, whereas under REITs it is around 50 percent, he says. He adds that foreign investors will only be interested if there is tax clarity on REITs.

According to him, capital gains from exchange of special purpose vehicle (SPV) share must not be subject to MAT.

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

Anuj: What are the major tax issues in real estate investment trust (REITs) and how can those be solved?

A: No, in fact what has happened is we are expecting some clarifications on the tax side. So today if you were to do a REITs structure in India, taxation – the tax is less if you are listing in Singapore or listing in the Indian stock exchange. For example, if you are doing a REITs structure, you are paying almost 50 percent tax so it is 30+20 corporate tax and dividend distribution tax (DDT). If you were to just do a normal listing, the tax comes to 24 percent and if you were listing in Singapore it is 13 percent. So there is no incentive for anybody to get into a REITs structure. There are a lot of small things, the major one-two things are that there is a capital gains tax, if you are transferring your assets into a REITs structure.

The second is when you are selling assets to form a REITs structure, again there is a capital gains tax and all this what it does is it yields to the investors also comes down and there is no investment - there is no attraction for any developer to list. The other thing is also that there is a minimum alternate tax (MAT), which is when you are exchanging shares to - if you are holding special purpose vehicle (SPV) where you are holding all the assets which will be 10-15-20 billion, which are rent producing and when you exchange those shares for REITs units, there is a MAT, which has been put on it. So that is another tax. So all these different taxes at different levels make it unattractive for anybody to do the structure.

Ekta: Currently out of MAT, DDI and capital gains deferrals -- which one is the most important one that you will want to hear on to solve the problem of REITs?

A: Capital gains definitely is an important one and the dividend distribution at the SPV level. These two and like I said, I have only mentioned 3-4, there were many other smaller ones which I don't want to go into, the details but these would be the top two which will make a difference. The fact is that the government has announced REITs. I am sure they wanted to come into - it is not only for theory, they want REITs structure to come in. The advantages of REITs are obvious. In today's market, this is going to bring in some liquidity which is required because there is a liquidity problem. What is not understood is besides bringing in liquidity, making the market more transparent, efficient, this will also encourage more investors to come into India especially from outside because REITs provides an exit. So to institutions or institutional assets so for example, if a private equity player or investor from outside comes in and invests in development in India, he knows there is a REITs structure, he can exit after two-three years, five years, seven years whenever he wants to, which itself attracts capital because if you are investing in the US or any other mature market, the foreign investor knows and even that he has other institutions will buy its assets which is literally absent in India right now. Besides foreign investors, even domestic institutional investors would be encouraged to invest in real estate because they know there are these REITs structure which are run professionally, they are listed, there is more transparency and they have the funds which will buy investments that other institutions have made.

Anuj: Any specific real estate company that will benefit out of the tax clarity on REITs?

A: I wouldn't like to take any names but there are many developers and now other institutions who are sitting on income yielding assets so anybody who is sitting on especially the office developments and in India because in other countries there are other segments but primarily offices which are rented out so they own that asset. So in India a lot of times, people just presale so they don't have ownership of fully developed office buildings which are rented out. So any institution, any developer who has got a portfolio of office buildings, which he owns, which are fully occupied or tenanted will benefit from this.

Ekta: Do you expect the REIT kind of structure to be introduced for other sectors like infrastructure, power, renewable?

A: Absolutely, this is not only REITs, there is also Infrastructure Investment Trusts (InvITs), which the government has announced and that would also require similar tax exemptions. I think it is a fantastic tool like I mentioned not only it brings liquidity but the big difference is for infrastructure ore real estate, it will move to institutions owning assets like it has done in mature markets. Like I mentioned that brings in transparency, encourages more investors, retail investors can participate. As you know in India the saving rates are quite high, the participation in the capital markets or in the stock markets, in the public markets, although it is expanded, it is still not there where it should be and when you create structures like this, one end we talk about strategy liquidity, on the other hand we have so much sitting in banks, in low yielding financial instruments and hopefully with these structures that money would go not only into real estate but also into infrastructure projects. Infrastructure is the number one, prime need of our country. If we have to move to the next level, we cannot and everybody knows we cannot move without infrastructure. So therefore an infrastructure needs money, need funding. Therefore it becomes more important that we encourage and these structures be it REITs or InvITs which will really help the infrastructure sector.

Anuj: What is your gut feeling, do you think any clarity will come on REITs in this Budget or again do you think the market will be disappointed?

A: It is very difficult to give a number, I hope if it is a high number for announcement being made in the Budget but my gut feel is that in case Budget doesn't cover it fully, in net few month time we will get clarification and the simple reason is -- we have said that the government has announced it. For me they have not announced it for a fun of it, they want these structures to come in. there has been interacting the industry taking suggestions so I am quite hopeful even if this is not covered in the Budget fully or partially, it will come in next few months time because without this, REITs structure will not come in and if they don't come then the announcement does not have any purpose.

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Will award 95% of contracts by FY16-end: DFCC

Adesh Sharma, MD Of Dedicated Freight Corridor Corporation (DFCC) gives a ringside view of the quantum of contracts that will be awarded by DFCC in FY15 and FY16.

Below is the transcript of Adesh Sharma's interview with CNBC-TV18's Sonia Shenoy

Q: Can you start off by telling us what is the quantum of contracts that will be awarded by the DFCC by the end of FY15 and in FY16?

A: Dedicated Freight Corridor project is one of the ambitious project of Indian Railways. This was started in 2006 onwards and has picked up momentum. We have acquired more than 80 percent of the land and awarded contracts in some of the sections of the eastern i.e. from Khurja to Kanpur. Similarly work is progressing on the western corridor between Rewari to Palanpur area. So, this year 2015-16 our efforts will be to award 95 percent of the contracts for the entire length of both the corridors. So we will be finalising all the contracts during the financial year 2015-16.

Q: You said 95 percent of the contracts will be awarded by the end of FY16. How much in terms of quantity will you award?

A:Around Rs 45,000 crore will be the total value of the contract which would be awarded this year and this includes the contract which has been awarded worth around Rs 10,000 crore. So, Rs 35,000 crore is the total value of contract to be awarded during 2015-16

Q: So by when do you expect these Rs 45,000 crore worth of contracts to be completed, what is the expected timeline?

A: Already the contact has got a completion period of two to three years and that is why we have laid out timelines to complete western corridors by 2018 and eastern corridor by 2019. These are the timelines we will be adhering to so that we complete our project and commence the running of freight trains on both the corridors.

Q: Can you give more details on financing. What is the total cost of the eastern and western corridor project put together and how exactly will the financing be done?

A: Total cost of the project is Rs 81,181 crore, both put together i.e. eastern and western corridors. Out of that one third will be borne by Indian Railways and two third by the funding agencies and the loan conditions are basically different with World Bank and different with Japan International Cooperation Agency (JICA). Loan conditions with the World Bank it says that we have to give a loan with interest rate of less than one percent per annum but with hedging it comes roughly to around seven percent. Similarly with the western corridor also funding arrangement is done by JICA and JICA is charging very low interest from MEA and with the hedging arrangements it comes to roughly seven percent. So, overall interest rate comes to around seven percent in both these corridors and funding will be two third one third as I mentioned. Total cost of about Rs 81,181 crore. That is the total cost of the project.

Q: Getting a little more granular then which are the projects in which work has already begun and bids have been put out. So, who are the companies which have bid for these projects?

A: On the eastern part, work is in progress between Khurja to Kanpur. The stretch is around 350 kilometres. And then Kanpur to Mughalsarai that is having a length of 350 kilometres. So, first part i.e. Khurja to Kanpur Tata-Aldesa has already taken this work which is in progress for the entire stretch.

The other area i.e. Kanpur to Mughalsarai is being taken by GMR . In fact Letter of Award (LoA) is to be issued very shortly, maybe in a period of less than a month they will be awarded this work. Similarly on the western corridor part we have got work which is already in progress between Rewari and Palanpur that is being won by L&T . This is called Sojitz. Sojitz is a Japanese partner and L&T is the Indian partner. These two are doing the work between Rewari to Palanpur.

Now further process of bidding will be on between Palanpur to Vadodara and Vadodara to JNPT. So, that bidding process will be completed during the current financial year i.e. 2015-16. We will be completing the bidding process for the entire left over portion in 2015-16.

GMR Infra stock price

On February 25, 2015, at 14:13 hrs GMR Infrastructure was quoting at Rs 17.80, down Rs 0.2, or 1.11 percent. The 52-week high of the share was Rs 38.30 and the 52-week low was Rs 15.35.

The company's trailing 12-month (TTM) EPS was at Rs 0.27 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 65.93. The latest book value of the company is Rs 16.76 per share. At current value, the price-to-book value of the company is 1.06.

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Sterlite Tech arm refinances Rs 925-cr loan

Anand Agarwal, CEO and director of Sterlite Technologies says during the construction phase, interest rate was 11.5-12 percent. It has now managed to refinance the project almost 150 basis point below that, he says.

Sterlite Technologies ' subsidiary Sterlite Grid has successfully refinanced project loan worth Rs 925 crore for East North Interconnection. The refinancing has been on favourable terms compared to earlier debt and was done within three months of project becoming fully operational.

Anand Agarwal, CEO and director of Sterlite Technologies says during the construction phase, interest rate was 11.5-12 percent. It has now managed to refinance the project almost 150 basis point below that, he says.

The company has six transmission projects in its portfolio in various stages of development. Agarwal says these projects will contribute Rs 500-550 crore in FY16.

He says the impact of the decrease in interest will start reflecting in the bottomline in a progressive manner.

Below is the verbatim transcript of Anand Agarwal's interview with CNBC-TV18\\'s Sumaira Abidi and Reema Tendulkar.

Sumaira: We understand that this refinancing was done on terms which weigh more favourable for your company. Can you take us through what these terms are?

A: This is a project which is a part of our portfolio of transmission projects. This was the first project out of our six projects which we are developing as a concessionary developer. While during the construction this project we finished in November of this year and while during the construction phase the interest rate was normal construction interest rate between 11.5 to 12 percent. We were able to refinance the entire project at almost 150 basis point below the construction part which showcases the faith on the receivables over the next 25 years for this project and that was the entire business plan, that was the entire business approach and that got validated, Within three months of us finishing the project it got fully refinanced.

Stay tuned for more...

Sterlite Techno stock price

On February 25, 2015, at 14:13 hrs Sterlite Technologies was quoting at Rs 65.10, down Rs 0.45, or 0.69 percent. The 52-week high of the share was Rs 79.30 and the 52-week low was Rs 19.05.

The company's trailing 12-month (TTM) EPS was at Rs 1.40 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 46.5. The latest book value of the company is Rs 30.92 per share. At current value, the price-to-book value of the company is 2.11.

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Tata Steel unit expects net loss for 14/15 on weak demand

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South Indian Bank to raise upto Rs 500 crore through bonds

"The Board of Directors of the Bank at its meeting held on Wednesday has decided to augment tier-II capital by issue of subordinated tier-II bonds for a total face value not exceeding Rs 500 crore, including greenshoe option, if any," South Indian Bank said in a filing to the BSE.

Kerala-based South Indian Bank  will raise up to Rs 500 crore by way of tier-II bonds to meet future credit demand.

"The Board of Directors of the Bank at its meeting held on Wednesday has decided to augment tier-II capital by issue of subordinated tier-II bonds for a total face value not exceeding Rs 500 crore, including greenshoe option, if any," South Indian Bank said in a filing to the BSE.

The bank's shares were trading 3.80 percent up at Rs 27.35 apiece during afternoon session on the BSE.

South Ind Bk stock price

On February 25, 2015, at 14:15 hrs South Indian Bank was quoting at Rs 27.45, up Rs 1.10, or 4.17 percent. The 52-week high of the share was Rs 35.05 and the 52-week low was Rs 20.40.

The company's trailing 12-month (TTM) EPS was at Rs 3.08 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 8.91. The latest book value of the company is Rs 24.95 per share. At current value, the price-to-book value of the company is 1.10.

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Cut loan interest rates for 1st time buyers to 6-7%: Raheja

Given the government's big promises of providing housing for all by 2022, sources say Budget 2015 could see a hike in the rebate offered on home loans.

In an interview to CNBC-TV18, Navin Raheja, chairman and managing director, Raheja Developers says the government would work at giving more disposable income into the hands of consumers.

He also expects the government to bring down home loan interest rates to 6-7 percent from the existing 10.25 percent

Below is the verbatim transcript of Navin Raheja and Arun Aggarwal's interview with Latha Venkatesh and Sonia Shenoy on CNBC-TV18.

Sonia: You have both luxury as well as affordable housing project. Tell us from an industry perspective, what are you expecting from the Budget this time?

Raheja: We will only want one thing that government should empower the consumers; government should give money in the hands of consumers, tax incentive so that they go in for buying houses. It should be given at least for first house. It must be given to fulfill the dream of housing for all by 2022.

We only expect that and to empower the consumer, you have to do one thing, you have to give them tax incentives which make him buy, you have to give him enough disposable income so that he can pay the EMI, the first one is it is a section 24(B), you need to increase the exemption limit of interest repayment on buying your first house. This limit was used to be about Rs 1.5 lakh. Last Budget it was raised to Rs 2 lakh while this was introduced way back in 1999. Now you must do index correction to that and currently the industry demand is that this limit should be increased to Rs 5 lakh because property prices have gone down by more than 2.75 times from 1999 till now. This limit should get increased so that people are induced to buy in the name of saving their taxation on buying the first house one is that.

Second is because of other priorities now of lifestyle people are not able to get disposable income enough to meet the EMI requirement. To correct that and bring it within that bracket what you need is that you need to bring down the interest rates from current 10.25 percent approximately average to may be about 6-7 percent so that the EMI equates with the rental payment and they can take out that much of disposable income.

Latha: What was that math that you just spoke about?

Raheja: Earlier, what we want is that the disposable income to be able to make payment of EMI that is the income which can be paid to make payment of EMI because of the high interest rates now which is ranging average about 10.25 percent of home loan. If that is brought down to 6-7 percent which you used to be there at the beginning that is 1999 -2000 it used to be 6.5 percent. Even if it is brought down to 6.5 or 7.5 or even 8 percent so you need to do hand holding for at least a first house where the home loan requirement is up to 50 lakh the interest rates for home loan should be brought down.

They may be by subsidy, may be by inflow of free capital they may be by government giving hedging to keep the foreign money price at the stable level, cost of money. Instead of allowing Indians to take out USD 2.5 lakh every year and buy a house outside it should allow money from outside to buy houses and make investment in real estate in India. It should be the other way round so we expect the Budget to address that issues also. Basically you have to empower the consumers.

Sonia: You said that the exemption limit on interest repayment you expected to go up from Rs 2 lakh to Rs 5 lakh. What about on the principle repayment under 80 (c) do you expect the exemption limits to be hiked or given that how cashrupt the government is this is an unrealistic expectations?

Raheja: We have given that limit only to 1.5 lakh that includes all sorts of payments that include payments of school fee for the children, that includes payment of provident fund; include payment of other investment assets. The money left only for the repayment of housing loan installment is not adequate. If you look into the current housing prices and particular in urban cities this limit definitely needs to be enhanced by at least may be Rs 1 lakh further so that payment can be made.

Latha: How are you all playing this expectation as a stock investor?

Aggarwal: There are two key things which are very important in the real estate sector right away is that one the volumes pick up which is specifically a factor of affordability and second is about the visibility for execution to it. The key thing over here is that if you are expecting some kind of improvement in affordability for the consumers and it is coming out of improvement in monthly household income which can be attributable towards home buying obviously can help significantly for any of the real estate developers who are looking to develop mid income real estate.

Latha: Are you looking only at real estate or is your brokerage looking at housing and housing finance? What would be your pick of the pack there?

Aggarwal: I am a real estate analyst so I would be more talking about the housing rather than housing finance. From that perspective the housing is bigger enabler as far as I am concerned so could be a way to play through HFC's as well but as far as the housing is concerned people who are doing more mid income houses does get significant benefits if any of these expectations come through in Budget.

Latha: You have not given us any names?

Aggarwal: It starts with the players which are specifically in to mid income segment people like Sobha and Prestige, Sobha specifically because they are getting into inspirational homes. People like Ashiana Housing we have talked about them earlier, Puravankara from the north DLF if they are getting into new Gurgaon region with the some kind of projects which are coming within Rs 1 – 1.5 crore.

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Government to introduce Land Acquisition Bill today

Even as a united opposition and anti-corruption activist Anna Hazare continue with their vociferous protests against the Centre's economic agenda and "pro-rich" stand, the Narendra Modi government is likely to introduce the Land Acquisition Amendment Bill in Lok Sabha on Tuesday.

It will replace the ordinance promulgated by the government in December 2014, which had brought changes in the earlier bill passed in 2013 by the UPA government.

After a high level meeting in the national capital on Monday night, sources said the government is likely to amend the Bill making permission from the local panchayats mandatory before acquisition.

The Modi government faced flak both within Parliament and as well as from Anna Hazare, who began his two-day protest at Jantar Mantar on Monday over the original version of the ordinance.

The government had promulgated the ordinance making significant changes in the Land Acquisition Act including removal of consent clause for acquiring land for five areas -- industrial corridors, PPP projects, rural infrastructure, affordable housing and defence.
Home Minister Rajnath Singh held a discussion on it with senior ministers amidst indication that the government could revisit some of the provisions in the ordinance promulgated.

"Rajnath Singh will continue discussions with farmers' union. He will also brief the Prime Minister about the situation," said Union Minister Ananth Kumar after the over two-hour meeting at Rajnath Singh's residence.

Singh had earlier held discussions with a number of farmer representatives. "There are several issues in the minds of farmers. We have an inclination to ponder and go into these concerns," Kumar said.

The government's indications of a rethinking on the controversial Land Bill appears to have come in the face of stiff opposition from political parties and its lack of numbers in the Rajya Sabha.

"In today's informal meeting of the Parliamentary Board, important issues before Parliament, including the Land bill were discussed. There have been various concerns raised by farmer representatives during their meetings with the Home Minister and we have taken note of them. On the concerns raised by farmer organisations and representatives, we feel there is a need to take note of them and we are ready to consider them," Kumar said.

Among those who attended the meeting include Union Ministers Arun Jaitley, Sushma Swaraj, Thawar Chand Gehlot, JP Nadda and Ram Lal.

(With additional information from PTI)

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Emami confident of surpassing 15-17% growth guidance

Naresh Bhansali, CEO-Fin, strategy & business development & CFO, Emami is confident of surpassing their earlier growth guidance of 15-17 percent.

With the ramp-up in production of the recently launched products in the next fiscal, there would marked improvement in the finances of the company, he said.

According to Bhansali the company is actively looking for global and domestic acquisitions.

The company is all set to strengthen its Zandu Healthcare base and expand its brand portfolio in FY16. It would be looking at new launches to help increase consumer spending.

Brokerage house Motilal Oswal has a buy target on the stock with target price of Rs 1060 on back of overall volume growth of 11 percent. It expects the new product launches to contribute 5 percent to the company's revenues.

Below is the transcript of Naresh Bhansali's interview with Ekta Batra & Anuj Singhal on CNBC-TV18.

Anuj: There is quite a bit of emphasis on increasing your portfolio of brands in next financial year if you could take us through the strategy on that?

A: If you look at in the last year itself we introduced some of the mega new launches. We introduced HE range of products, where we started with HE deodorants first and then we launched the SHE sanitary napkins in the last quarter of the last financial year.

Apart from that we have had all these Fair & Handosme face wash, BoroPlus face wash, we had 7 Oils in One - all these products have faired very well in the last fiscal itself.

We expect to ramp-up these new launches in the next full financial year. There would be further new launches in healthcare sector in which last year we introduced this Zandu Ultra Balm which has also done exceedingly well. However, there could be further new launches in the healthcare sector going forward.

Ekta: What about your FY15 guidance? I believe that you would be inline to achieve this 16-18 percent FY15 sales growth guidance?

A: In the first 9 months we have grown by 21 percent cumulatively on the topline and on the bottom line also we have grown much more than we had earlier given as a guideline. We earlier had given a guidance of around 17-18 percent topline and the bottom line growth. We would be surpassing our guidelines which we had given in the last quarter itself.

Ekta: You are saying that your FY15 growth guidance will be better than the 15-17 percent?

A: It looks like.

Anuj: What about the Australian acquisition Fravin? Anything others on your radar right now?

A: You might have noticed that our balance sheet is financially so strong and our management bandwidth and our hunger for growth is also very high. We are always on the look out for acquisitions in India and abroad. We keep looking for new opportunities all across and we will continue to do that.

Ekta: If I look at your Q3 performance the management had said that your Navratna market share had risen substantially to 70.4 percent and even balms to 57.4 percent which is up around 140 basis points, Fair & Handosme, BoroPlus also maintained market share. Do you think that you have a strong enough position to possibly undertake price hikes at this point?

A: You rightly said our market share across all our power brands has increased substantially in the last quarter and also for the last nine months. There is lot of steam in this power brands and in this segment itself. So our price hikes would be limited to the extent of what kind of a strategy we have brand to brand may be just to compensate for input prices which we believe that input prices will now stabilize. So the price rise would be limited to take care of the inflation.

Ekta: What about your FY15 guidance? I believe that you would be inline to achieve this 16-18 percent FY15 sales growth guidance?

A: In the first 9 months we have grown by 21 percent cumulatively on the topline and on the bottom line also we have grown much more than we had earlier given as a guideline. We earlier had given a guidance of around 17-18 percent topline and the bottom line growth. We would be surpassing our guidelines which we had given in the last quarter itself.

Ekta: You are saying that your FY15 growth guidance will be better than the 15-17 percent?

A: It looks like.

Anuj: What about the Australian acquisition Fravin? Anything others on your radar right now?

A: You might have noticed that our balance sheet is financially so strong and our management bandwidth and our hunger for growth is also very high. We are always on the look out for acquisitions in India and abroad. We keep looking for new opportunities all across and we will continue to do that.

Ekta: If I look at your Q3 performance the management had said that your Navratna market share had risen substantially to 70.4 percent and even balms to 57.4 percent which is up around 140 basis points, Fair & Handosme, BoroPlus also maintained market share. Do you think that you have a strong enough position to possibly undertake price hikes at this point?

A: You rightly said our market share across all our power brands has increased substantially in the last quarter and also for the last nine months. There is lot of steam in this power brands and in this segment itself. So our price hikes would be limited to the extent of what kind of a strategy we have brand to brand may be just to compensate for input prices which we believe that input prices will now stabilize. So the price rise would be limited to take care of the inflation.

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Reebok plans 15 new format 'Fit Hub' stores in India

Apart from selling Reebok's merchandise, Fitness Studio's also undertake classes in yoga, aerobics and other forms of workouts. At present, there is one Fitness Studio in the country in Mumbai. In its image transformation bid, the company apart from launching new format retail stores has also changed its product assortments.

Continuing with its strategy to reposition itself as a fitness brand, Reebok plans to open up to 15 new format stores 'Fitness Studios' in India by the end of the next year.

"In 2012, we decided to focus only on fitness and we have taken steps to reposition Reebok from a sports-gear to a fitness brand. Going forward, we are planning to open up to 15 new format 'Fitness Studios' stores by the end of 2016," Reebok India Brand Director Somdeb Basu told Media.

Apart from selling Reebok's merchandise, Fitness Studio's also undertake classes in yoga, aerobics and other forms of workouts. At present, there is one Fitness Studio in the country in Mumbai. In its image transformation bid, the company apart from launching new format retail stores has also changed its product assortments.

"We have completely exited from selling sports merchandise like cricket bats etc. We have introduced products catering to fitness," he said. The company, part of the Adidas Group, is also looking at converting all its existing stores into its new format 'Fit Hub' stores by mid 2017.

"Currently, there are 300 Reebok stores in India, out of which 130 are Fit Hub stores. We plan to convert all our existing stores in to Fit Hub format stores," Basu said. Reebok Fit Hub stores offer fitness and training products besides advice, guidance and information on community-based fitness events.

Basu said that launching products targeted at women and giving such items more display in its stores have helped the company increase its revenue contribution from female customers from 15 percent two years ago to over 30 percent at present.

"In top-end Fit Hub stores contribution from women customers has gone up to 45 percent," he added. The company has been re-building its brand and operation in India after its alleged Rs 870 crore fraud in May 2012 by its former managing director Shubhinder Singh Prem and former chief operating officer Vishnu Bhagat.

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Working on new tractor platform called Dhruv: Pawan Goenka

In an interview to CNBC-TV18's Alexander Mathew, Pawan Goenka, ED & President - Automotive & Farm Equipment Sectors, M&M, said the company is working on a brand new platform called Dhruv, which will be launched sometime towards the end of next year.

Mahindra & Mahindra  has major plans to expand its tractor portfolio in India. The company first plans to launch the variants of its recently launched Arjun Novo tractor this financial year, followed by completely new platforms.

In an interview to CNBC-TV18's Alexander Mathew, Pawan Goenka, ED & President - Automotive & Farm Equipment Sectors, M&M, said the company is working on a brand new platform called Dhruv, which will be launched sometime towards the end of next year.

"It is a platform that will give us a stronger presence in the horsepower segment. There's another product that we're working on for a year later. So we would have three new platforms in the tractor segment, that's on the Mahindra brand," he said.

On the Swaraj brand, Goenka said the company will have one launch in FY16. "And that will be a brand new tractor for Swaraj and an entry into a new segment," he added.

M&M stock price

On February 23, 2015, at 14:14 hrs Mahindra and Mahindra was quoting at Rs 1268.00, up Rs 19.15, or 1.53 percent. The 52-week high of the share was Rs 1421.00 and the 52-week low was Rs 923.60.

The company's trailing 12-month (TTM) EPS was at Rs 59.05 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 21.47. The latest book value of the company is Rs 270.60 per share. At current value, the price-to-book value of the company is 4.69.

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Don't expect big ticket idea this Budget: Shobhana Bhartia

As Parliament gears up to discuss Budget session, Shobhana Bhartia assesses the current mood of the country and what can be expected ahead.

Budget is not only about ideas. I am willing to give the party four more months before writing them off

Shobhana Bhartia

Chairperson

HT Grp

As Parliament gears up to discuss Budget session, Shobhna Bhartia, chairperson and editorial director at Hindustan Times assesses the current mood of the country and what can be expected ahead. The appeals made by Prime Minister Narendra Modi not to oppose clearances of ordinances is unlikely to meet with much Opposition in the Lok Sabha. She feels the actual test will be getting them passed in Rajya Sabha.

Speaking to CNBC-TV18,  Bhartia said the government is already approaching a more reconciliatory path. For instance, the PM and Venkaiah Naidu has extended olive branch to the Congress hoping that some ordinances will get cleared this time round.

She says the problem is with the expectation from the Budget. People feel this will be BJP government's first full fledged Budget and people are expecting announcement of one big game changing idea. Bhartia is not inclined to agree with such expectations, instead she feels small changes will actually make a big difference. A lot of steps have been taken already and it is an incorrect assessment to say nothing has moved since the government took over the Centre. "I am willing to give the party four more months before writing them off," she said.

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Coal mining cost low from Gare Palma IV/7: Monnet Ispat

Gare Palma IV-7 mine in Chhattisgarh, earmarked for the non-power sector, was the most sought after one in the current lot put on auction in the first tranche.

While accepting that the company got the Gare Palma IV/7 coal block relatively expensive, Sandeep Jajodia, chairman and managing director,  Monnet Ispat says it was important that the company run the plant than shut it altogether.

Speaking to CNBC-TV18, Jajodia says the mining cost of the Gare Palma IV/7 block is relatively low and hence, is a good buy for the company.

Read: Monnet Ispat & Energy wins coal block in Chattisgarh

Furthermore, he says the logistics will not be an issue at all as the company previously owned the block right night to GP IV/7.

"The block is also just 55 km away from the end-use plant, so it's a good buy for us," he adds.

Below is the verbatim transcript of Sandeep Jajodia's interview with Sumaira Abidi & Reema Tendulkar on CNBC-TV18.

Sumaira: From what we understand you were quite aggressive in this bid so we want to understand from you now why is it that you were so keen on this block, isn't it that it has a slightly inferior grade?

A: That is true but the question in front of all prior allottees of coal blocks is that should they shut their plant or should they get a coal mine to run it. The thing is that prior allottees have been given a very step-brotherly treatment for example sponge industry, the sponge industry came into being only post allocations of coal blocks. They were given coal blocks by the government and then they were asked to put up their committed investments.

All of us have put thousands of crore as investment and suddenly the coal blocks were taken away. Now, we have compete with other sectors such as aluminium, like captive power plants have been asked to bid in the same blocks which were allocated for iron and steel, cement has been allowed to bid in the blocks which were meant for iron and steel. So, we don't have a choice. We have our back against the wall and we have only question to say should we shut our plants and render 2000-4000 people out of job or should we take the block at any cost; that is the only option left in front of us.

However, having said that, it is expensive but the mining is very easy; the mining cost is low because it is open cast mining. There is a washery in the mine itself which can be used then to enhance the grade of the coal. So, things can be worked around as far as costs are concerned. Why we went for it? I would say in one line we had no other choice.

Monnet Ispat stock price

On February 23, 2015, at 14:13 hrs Monnet Ispat was quoting at Rs 62.30, up Rs 6.25, or 11.15 percent. The 52-week high of the share was Rs 161.55 and the 52-week low was Rs 54.30.

The latest book value of the company is Rs 404.80 per share. At current value, the price-to-book value of the company was 0.15.

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DIAL to exit cargo service operations at Delhi Airport

DIAL has agreed to sell its entire holding of 1.09 crore equity shares of face value of Rs 10 each to India Infrastructure Fund -II (investment manager - IDFC Alternatives Limited), for Rs 26.20 per share aggregating a total consideration of Rs 28.60 crore.

Delhi International Airport Ltd, a subsidiary of GMR Infrastructure , has announced its exit from the cargo service operations at Delhi Airport by selling its entire stake to India Infrastructure Fund for Rs 29 crore.

"Delhi International Airport Private Limited (DIAL), an arm of GMR Infrastructure, has entered into a definitive agreement to sell its entire 26 percent stake of the equity capital of Delhi Cargo Service Centre Private Limited which operates cargo operations at Delhi Airport," GMR Infrastructure said in a regulatory filing to the BSE.

DIAL has agreed to sell its entire holding of 1.09 crore equity shares of face value of Rs 10 each to India Infrastructure Fund -II (investment manager - IDFC Alternatives Limited), for Rs 26.20 per share aggregating a total consideration of Rs 28.60 crore.

The consummation of share sale is subject to fulfilment of certain conditions precedent, the filing said. Following the announcement, shares of GMR Infrastructure rose 1.08 percent and were trading at Rs 18.70 on the BSE.  

GMR Infra stock price

On February 23, 2015, at 14:12 hrs GMR Infrastructure was quoting at Rs 18.50, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs 38.30 and the 52-week low was Rs 15.35.

The company's trailing 12-month (TTM) EPS was at Rs 0.27 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 68.52. The latest book value of the company is Rs 16.76 per share. At current value, the price-to-book value of the company is 1.10.

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Revenue will cross Rs 300 cr this year: AXISCADES Engg

AXISCADES Engineering Technologies , a niche engineering precision technology player, has signed memorandum of understanding (MoU) with ASSYSTEM, one of the top engineering services companies in the world.

AXISCADES Engineering Technologies , a niche engineering precision technology player, has signed memorandum of understanding (MoU) with ASSYSTEM, one of the top engineering services companies in the world for collaboration to deliver enhanced values to Airbus Group. Sudhakar Gande, Group Vice Chairman, AXISCADES Engineering Technologies speaks about the deal and its impact on the compaby going forward In an interview to CNBC-TV18.

Gande said the sector in which the company operates has a lot of potential in the coming three-four years. He sees the listed entity clocking a revenue of Rs 300 crore this year and earnings close to 20 percent with repeat clients.

Below is the transcript of Sudhakar Gande'sinterview with CNBC-TV18's Sonia Shenoy and Ekta Batra.

Sonia: What exactly the opportunity is for the company in the aerospace vertical?

A: Basically we are a niche engineering precision technology company focussing on aerospace defence sector and working with global Original equipment manufacturers (OEMs) etc. This entire spectrum is like what has happened to software 20 years back, in the coming years this sector is going to have a very high kind of growth from the next decade or so, particularly in the next three to four years we see a lot of opportunities in this sector, that is one.

In this memorandum of understanding (MoU) we have signed with a company called ASSYSTEM which is possibly among the top three in the world on engineering services and it is a 45 year old company with about 11,000 employees. This has been advised by Airbus that we should work with them so that our expertise in the Indian market as well as global market along with ASSYSTEMS will form a very formidable combination to cost optimise to Airbus.

AXISCADES Engg stock price

On February 20, 2015, at 14:13 hrs AXISCADES Engineering Technologies was quoting at Rs 241.10, up Rs 1.30, or 0.54 percent. The 52-week high of the share was Rs 253.90 and the 52-week low was Rs 37.60.

The company's trailing 12-month (TTM) EPS was at Rs 4.95 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 48.71. The latest book value of the company is Rs 28.35 per share. At current value, the price-to-book value of the company is 8.50.

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ITD Cementation wins order worth Rs 2,168cr

In an interview to CNBC-TV18, S Ramnath, chief financial officer of the company says order pipeline continues to remain strong.

ITD Cementation  has won a dredging and reclamation works order worth Rs 2,168 crore in Mumbai. In an interview to CNBC-TV18, S Ramnath, chief financial officer of the company says order pipeline continues to remain strong.

Below is the verbatim transcript of S Ramnath's interview with Ekta Batra and Sonia Shenoy on CNBC-TV18.

Sonia: Can you give us more details about this order and when you expect it to flow through into your revenue stream?

A: This is an order which we have just received from port of Singapore Authority which is setting up the JNPT-4 terminal. This scope of work covers dredging and reclamation work valued at Rs 2168 crore. This order is expected to be completed in 33 months.

Ekta: Would it be the first time that you are winning such an order within Mumbai or could you give a sense in terms of whether it is a repeat order, when do you start work on it and what would the margins also be?

A: I wouldn't like to talk of margins and all that. However, all I would say is it is a good project and this is not the first time. We are one of the leading companies in the Maritime structure space in India and we are already working at JNPT; working for another client. Similarly, we have done earlier also work by the MPT.

ITD Cementation stock price

On February 20, 2015, at 14:13 hrs ITD Cementation India was quoting at Rs 577.25, up Rs 67.00, or 13.13 percent. The 52-week high of the share was Rs 612.25 and the 52-week low was Rs 120.50.

The latest book value of the company is Rs 265.80 per share. At current value, the price-to-book value of the company was 2.17.

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Prestige pre-launches 2 Hyd projects, sees Rs 2700cr sales

Bangalore-based Prestige Estates Projects yesterday pre-launched two projects in Hyderabad, Prestige Highfields and Prestige Ivy League, that would cumulatively add about Rs 2,700 crore to the company's top line over the next few years, CMD Irfan Razack told CNBC-TV18 in an interview.

Bangalore-based Prestige Estates Projects  yesterday pre-launched two projects in Hyderabad, Prestige Highfields and Prestige Ivy League, that would cumulatively add about Rs 2,700 crore to the company's top line over the next few years, CMD Irfan Razack told CNBC-TV18 in an interview.

The two projects together have developable area of 6.77 million square feet and may see average realizations of Rs 5,500 psf (Highfields) and Rs 7,000 psf (Ivy League), he added.

Prestige Estate stock price

On February 20, 2015, at 14:09 hrs Prestige Estates Projects was quoting at Rs 281.85, down Rs 0.95, or 0.34 percent. The 52-week high of the share was Rs 323.70 and the 52-week low was Rs 131.35.

The company's trailing 12-month (TTM) EPS was at Rs 10.55 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 26.72. The latest book value of the company is Rs 79.90 per share. At current value, the price-to-book value of the company is 3.53.

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Won't bid for Gare Palma IV/1, pricing 'unrealistic': JSPL

A day after Jindal Steel and Power engineered a virtual coup by bagging rights to explore Gare Palma IV/2 and 3 at a low price of Rs 108 per tonne, a development that sent its shares soaring 26 percent yesterday, the company suffered an upset by failing to qualify as a bidder for Gare Palma IV/1.

A day after Jindal Steel & Power  engineered a virtual coup by bagging rights to explore Gare Palma IV/2 and 3 at a low price of Rs 108 per tonne, a development that sent its shares soaring 26 percent yesterday, the company suffered an upset by failing to qualify as a bidder for Gare Palma IV/1.

In an exclusive interview with CNBC-TV18, JSPL MD and CEO Ravi Uppal said the company was not comfortable with the prices that were being quoted for the mine in question. "We have known that mine intimately as we were operating it for 12 to 14 years. We quoted a price that we were comfortable with. But it did not qualify."

JSPL had been previously operating blocks IV/1, 2 and 3 and while 2 and 3 (which it won back yesterday) was for the regulated power sector, block 1 was for the unregulated sector (steel, cement and iron).

The minimum floor price for block 1 had been set at Rs 1,561 per tonne. The block previously supplied coal to JSPL's Raigarh steel project.

Uppal pointed to CNBC-TV18's interview with coal secretary Anil Swarup yesterday where he cautioned companies from bidding irrationally. "We have to follow a realistic approach. We were not prepared to quote some of the prices that were being quoted. There are a lot of schedule II and III mines in the auction. We will bid for them," he said.

Jindal Steel stock price

On February 20, 2015, at 14:10 hrs Jindal Steel & Power was quoting at Rs 197.30, up Rs 2.00, or 1.02 percent. The 52-week high of the share was Rs 350.00 and the 52-week low was Rs 125.05.

The company's trailing 12-month (TTM) EPS was at Rs 3.88 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 50.85. The latest book value of the company is Rs 142.79 per share. At current value, the price-to-book value of the company is 1.38.

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FSI hike may lead to new breed of developers: Knight Frank

The Brihanmumbai Municipal Corporation (BMC, in its 20 year development plan, increased the FSI to a maximum of 8. FSI is the ratio of the permissible built-up area to the plot area and was 1.33 for Mumbai city and 1 for the suburbs.

As a citizen obviously I am concerned a lot purely because the areas which are any case congested we are talking about increasing FSI over there.

Gulam Zia

Executive Director

Knight Frank India

While there are a number of listed realty companies that will benefit from the municipal corporation's hike in floor space index (FSI), Gulam Zia of Knight Frank says a new breed of developers too may rise to seize the opportunity.

The Brihanmumbai Municipal Corporation (BMC, in its 20 year development plan, has proposed increasing the FSI to a maximum of 8. FSI is the ratio of the permissible built-up area to the plot area and was 1.33 for Mumbai city and 1 for the suburbs.

Also read: State govt may look into uncapping Mumbai FSI

Zia says that the master planning will now have to be done keeping in mind the transport infrastructure.

Below is the transcript of Ghulam Zia's interview with Sonia Shenoy and Latha Venkatesh on CNBC-TV18.

Sonia: Can you just put this news flow into perspective for us, how will it impact both the developers as well as the buyers?

A: The development side if I look at it, the developers who are essentially in redevelopment will be directly benefited because the others who don't have a on-hand experience of redevelopment may not be the parties impacted straightaway. There are quite a few of these listed players right from  HDIL to Akruti to  DB Realty who have essentially large portfolio comprising of redevelopment properties and they are the ones who will have a good opportunity.

On the other side, it is possible that a new breed of developers can also emerge. Whatever said and done, huge amount of opportunity for developers with this increased FSI windfall.

Latha: Play the devils advocate, do you not think that there will be somebody who will cry out for the city itself and abolish and ban this eight FSI before it takes root? It can be disastrous for a city which is already replete with traffic jams and water and sanitation problems. Do you think eight will come at all?

A: The point is, as I realtor if I talk about and give you my view the business is looking good. If I talk about this whole thing as a citizen obviously I am concerned a lot purely because the areas which are any case congested we are talking about increasing FSI over there. This whole master plan does not take into consideration the infrastructure requirement of the city. So, unless the integrated infrastructure plan is put into perspective, increasing the FSI will only kill the already strained infrastructure further and that can kill the lifestyle of the whole city.

Sonia: What about prices, I mean there will be supply increase in only concentrated areas as we pointed out like Dadar, Andheri, etc, so what will this do to real estate prices?

A: There is a big challenge in front of the administration to control the inflation in real estate. However, these small and haphazard policy matter changes here and there only add negativity. They actually bring the prices up. So, unless there is the consolidated master plan with good focus on infrastructure development whatever supply we are talking of coming in that will only have further northward pressure on the prices.

HDIL stock price

On February 18, 2015, at 14:10 hrs Housing Development and Infrastructure was quoting at Rs 118.00, up Rs 0.20, or 0.17 percent. The 52-week high of the share was Rs 120.70 and the 52-week low was Rs 39.45.

The company's trailing 12-month (TTM) EPS was at Rs 8.18 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 14.43. The latest book value of the company is Rs 248.81 per share. At current value, the price-to-book value of the company is 0.47.

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A 25% rise in defence output to create 1 lakh jobs: PM Modi

Modi said the government was keen to expand the role of private sector for Indian defence production and that preference would be given to defence products made locally

Moneycontrol Bureau

Prime Minister Narendra Modi Wednesday said the government did not want India to be the biggest importer of defence equipment in the world, and vowed to double output of defence manufacturing in the country. He was speaking at the inauguration of Aero India 2015 in Bengaluru.

India's annual defence import bill is roughly USD 20 billion; something that Defence Minister Manohar Parrikar recently described as "unaffordable" and having "undesirable consequences" for the economy.

In contrast, India's domestic defence production output is around USD 7 billion.

Modi said even a 20-25 percent decrease in defence import can create 2 lakh  jobs in the country. Also, a 25 percent hike in domestic defence output can create 1 lakh skilled jobs, he said.

Modi said the government was keen to expand the role of private sector for Indian defence production and that preference would be given to defence products made locally.

He said the government would ensure that tax rules that placed domestic manufacturers of arms on an equal footing with imports.

This year's Budget has allocated around Rs 2.3 lakh crore towards defence spend on the third largest armed force in the world.

According to statistics on the Make in India website, 40 percent of the Budget is spent on capital acquisitions, and 60 percent of requirements is met through imports.

Last month, Defence Minister Manohar Parrikar proposed major changes in the Procurement Procedure and Production Policy to provide greater autonomy to state-run suppliers and Ordnance Factory Board (OFB) units for their expansion and diversification.

Many Indian companies are expanding their presence in the defence sector sensing an opportunity because of the government's thrust on domestic production.

Last week, the Anil Dhirubhai Ambani group announced its foray into the defence manufacturing space.

The same week, market was abuzz with talk that  Mahindra and Mahindra will acquire a controlling stake in Pipavav Defence .

Ashok Leyland  is among the companies betting big on the defence sector, with Managing Director Vinod Dasari recently telling CNBC-TV18 that it expected a 10-fold rise in its defence revenues to around Rs 6000 crore over the next 5-6 years.

Ashok Leyland stock price

On February 18, 2015, at 14:10 hrs Ashok Leyland was quoting at Rs 68.55, up Rs 2.35, or 3.55 percent. The 52-week high of the share was Rs 69.20 and the 52-week low was Rs 14.90.

The company's trailing 12-month (TTM) EPS was at Rs 1.65 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 41.55. The latest book value of the company is Rs 15.69 per share. At current value, the price-to-book value of the company is 4.37.

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Budget 2015-16: Exempt service tax on package tours: Cox Kings

Like exporters, based on foreign exchange earnings, tour operators should also get exemption of service tax on package tours as the payment is received in foreign exchange.

The tourism industry should be treated at par with exporters based on its foreign exchange earnings feels Anil Khandelwal, CFO, Cox & Kings Ltd. Tourism industry gets discriminated vis-a-vis exporters even though the tourism industry earns foreign exchange and retention of foreign exchange is much higher than any other export oriented industry.

Like exporters, based on foreign exchange earnings, tour operators should also get exemption of service tax on package tours as the payment is received in foreign exchange. With the service tax added at present, India packages loose on account of price competitiveness and cannot match the prices of holiday packages, which are on offer by our competitive countries.

Last month China announced the tourist tax refund scheme to boost inbound tourism and domestic consumption. According to this scheme, foreign tourists can receive a rebate of upto 11 percent on consumer goods purchased at designated departmental stores. With the government's thrust on tourism as well as on ``Make In India'' such schemes are ideal for India.

With effect from July 2012, service tax has been levied for the services provided to Indian tourists visiting neighbouring countries like Nepal, Bhutan, Sri Lanka, Bangladesh, Maldives etc., which was not there prior to July 2012. This needs to be withdrawn as services are provided outside India.

Rationalising tax on ATF will make air travel more affordable and will boost air traffic.

Provide seed funding to establish 20-25 heliports at important tourist locations. The balance should  come from state governments and private operators.

Lending to hotel projects should be under the ``infrastructure Lending List'' due to which hotels will be able to access lower interest rate loans and longer tenor loans. This will lead to a revival of the Hotel industry, thereby increasing capacities for tourists. 

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High FSI to double co's absolute profit on land: DB Realty

Real estate companies in Mumbai get a boost as the BMC proposes a new 20-year development plan and recommends a substantial increase in FSI to a maximum of 8.

Real estate companies in Mumbai get a boost as the BMC proposes a new 20-year development plan and recommends a substantial increase in FSI to a maximum of 8. This is positive for companies with large land parcels in the city like DB Realty , Bombay Dyeing and Oberoi Realty .

Discussing the details, NM Gattu, CFO of DB Realty, said the saleable potential goes up due to higher FSI.

More to follow

DB Realty stock price

On February 18, 2015, at 14:12 hrs DB Realty was quoting at Rs 86.00, down Rs 1.55, or 1.77 percent. The 52-week high of the share was Rs 116.20 and the 52-week low was Rs 47.55.

The latest book value of the company is Rs 138.74 per share. At current value, the price-to-book value of the company was 0.62.

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Infosys to buy US automation tech firm Panaya Inc

Under Chief Executive Vishal Sikka, Infosys has been making big bets on automation and other new technology like artificial intelligence and cloud-based services as the company tries to regain some lost ground from rivals like Tata Consultancy Services .

Infosys  Ltd said on Monday it would buy Panaya Inc, a New Jersey-based provider of automation technology, for an enterprise value of USD 200 million as India's second-biggest IT outsourcing company bets on new technology to boost growth.

Under Chief Executive Vishal Sikka, Infosys has been making big bets on automation and other new technology like artificial intelligence and cloud-based services as the company tries to regain some lost ground from rivals like Tata Consultancy Services .

"The acquisition of Panaya is a key step in renewing and differentiating our service lines," Sikka said in a statement.

"This will help amplify the potential of our people, freeing us from the drudgery of many repetitive tasks, so we may focus more on the important, strategic challenges faced by our clients," he said.

Infosys stock price

On February 16, 2015, at 14:14 hrs Infosys was quoting at Rs 2283.10, down Rs 13.3, or 0.58 percent. The 52-week high of the share was Rs 4401.00 and the 52-week low was Rs 1447.00.

The company's trailing 12-month (TTM) EPS was at Rs 104.69 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 21.81. The latest book value of the company is Rs 366.51 per share. At current value, the price-to-book value of the company is 6.23.

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Infosys to buy Panaya; acquisition strategic fit: Offshore

Sudin Apte, CEO and research analyst, Offshore Insights says Infosys acquiring Panaya is a strategic fit and will help Infy to up its automation and delivery engine. It is a mid-sized acquisition, he adds.

IT major  Infosys is planning to acquire Panaya – a leading provider of automation technology - for an enterprise value of USD 200 million. It will be an all-cash acquisition.

Sudin Apte, CEO and research analyst, Offshore Insights says it is a strategic fit and will help Infosys to up its automation and delivery engine. It is a mid-sized acquisition, he adds.

The Panaya deal is expected to be closed by March-end.

Below is the verbatim transcript of Sudin Apte's interview with Sonia Shenoy & Ekta Batra on CNBC-TV18.

Ekta: Your sense on USD 200 million acquisitions for Infosys. What does it mean?

A: In a way this was expected. Infosys has been talking about extending its capabilities in the area of artificial intelligence and automation, so this in a way was expected. Some of its peers especially Tata Consultnacy Services (TCS) over the last three-four years have taken a substantial lead in creating automation in the reuse and building somewhat non linearity. So this acquisition will help Infosys to catch up the game to some extent. Once it's completely integrated, I believe that its delivery engine will become little bit more effective.

Sonia: How large do you think this acquisition is?

A: I would call it midsize acquisition from overall company perspective but considering this is a specialty acquisition; this is not something like infrastructure Services Company or SAP Implication Company that they are acquiring. So considering the specialty and the niche nature, this is a good size deal.

Ekta: Can you tell us more about this company Panaya and maybe the financials of it?

A: I am not privy to its financials for sure. This is one of the automation companies focusing on more of per person through put increasing and leveraging artificial intelligence for services delivery. So, I do believe that they will have to integrate this organisation to its delivery engine so that effectiveness of its existing staff can be enhanced or better utilised.

Sonia: What is the exact cash on books that Infosys has currently?

A: Its better you ask some financial analysts but from my perspective if its clients are concerned, they may look at this as an interesting acquisition once it's completely integrated with delivery engine so they can look for some higher value coming from Infosys in terms of productivity and effectiveness of service.

Ekta: With this acquisition for Infosys, where does it live it with its peers compared to its peers? Who would be more comparable and in terms of strategy can we see more inorganic moves from Infosys according to you going forward maybe in the similar space?

A: The second part of your question is very speculative. Just going by executive commentary they have said that they would like to do this. I am hoping that they will leverage the balance sheet strength to do some acquisition. As far as competitive space is concerned, some of the firms especially TCS who has been that size of organisation have higher level of automation, not only on delivery but entire from sale cycle to entire delivery lifecycle. They have achieved fairly good amount of automation and that's why you see at higher growth, TCS' profitability has been good. This deal in a sense and one has to see how it gets integrated and how much IP they are able to transform into entire delivery of Infosys but this particular engagement will help them to catch up with firms like TCS or Accenture on automation and artificial.

Infosys stock price

On February 16, 2015, at 14:10 hrs Infosys was quoting at Rs 2282.00, down Rs 14.4, or 0.63 percent. The 52-week high of the share was Rs 4401.00 and the 52-week low was Rs 1447.00.

The company's trailing 12-month (TTM) EPS was at Rs 104.69 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 21.8. The latest book value of the company is Rs 366.51 per share. At current value, the price-to-book value of the company is 6.23.

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See end of de-growth in Digital Risk: MphasiS

HP-owned IT services firm MphasiS reported a consolidated net profit of Rs 161.96 crore for the third quarter ended December 31, 2014.

At this point of time for almost 12 quarters in a row we have experienced decline in our business with HP.

Ganesh Ayyar

CEO

Mphasis

Speaking about the third quarter numbers in a concall to CNBC-TV18,  Ganesh Ayyar, CEO,  MphasiS said he sees end of de-growth from Digital Risk on back of two new wins that came through in the third quarter. The two wins which amount to USD 50 million will boost revenues, he added

HP-owned IT services firm MphasiS reported a consolidated net profit of Rs 161.96 crore for the third quarter ended December 31, 2014. The firm had posted a net profit of Rs 180.60 crore for the three months ended January 31, 2014, it said in a BSE filing.

Below is the transcript of the concall interview to CNBC-TV18's Reema Tendulkar

Q: We have seen a very sharp decline in your digital risk revenues, it is down more than 30 percent on quarter-on-quarter (QoQ) basis. What is the trajectory of digital risk going ahead?

A: Digital risk did have a significant decline. It has to do with the mortgage industry, number of transactions that are taking place in US residential mortgage.

The good news is we have added two new wins in Q3 so in terms of looking ahead we will see that our revenues will start climbing in Digital Risk. The two wins together constitute about USD 50 million of contract value so we are confident about growth from hereon for digital risk.

Q: This is going to be the end of de-growth from Digital Risk?

A: That is right.

Q: On the HP Zydus business, in FY15 you had indicated that the HP revenues could de-grow by 15-20 percent, what is the outlook for the HP channel in FY16, can we expect the de-growth to continue even next year?

A: I certainly would like to see can we stabilise that business and grow it back. At this point of time for almost 12 quarters in a row we have experienced decline in our business with HP. We have to figure out how to crack it; we have not managed to crack it. So at this point of time instead of putting a specific number, I don't have anything to report which highlights the fact that we have stabilised it and we will start growing back. Last 12 quarters suggests that the decline will continue.

MphasiS stock price

On February 16, 2015, at 14:12 hrs MphasiS was quoting at Rs 366.50, up Rs 9.95, or 2.79 percent. The 52-week high of the share was Rs 476.50 and the 52-week low was Rs 331.00.

The company's trailing 12-month (TTM) EPS was at Rs 0.00 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 0. The latest book value of the company is Rs 183.41 per share. At current value, the price-to-book value of the company is 2.00.

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Panaya to enhance Infy’s delivery capabilities: Phillip Cap

Infosys was already sitting on a huge cash pile and was looking at inorganic route to grow their delivery capabilities, said Vibhor Singhal IT analyst at Phillip Capital.

Do not see a huge financial impact of this acquisition on Infosys topline and bottomline number.

Vibhor Singhal

Lead Analyst - Infrastructure & IT Services

Phillip Capital

Speaking on the  Infosys decision to acquire an automation tech company Panaya Inc, Vibhor Singhal IT analyst at Phillip Capital said it as a small but positive step and a strategic deal for Infosys.

However, one must not expect the acquisition to have a huge financial impact on Infosys topline and bottomline numbers because it would more help them improve their delivery capabilities and cloud domain, said Singhal.

Infosys was already sitting on a huge cash pile and was looking at inorganic route to grow their delivery capabilities, he added.

transcript to follow

Infosys stock price

On February 16, 2015, at 14:14 hrs Infosys was quoting at Rs 2283.10, down Rs 13.3, or 0.58 percent. The 52-week high of the share was Rs 4401.00 and the 52-week low was Rs 1447.00.

The company's trailing 12-month (TTM) EPS was at Rs 104.69 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 21.81. The latest book value of the company is Rs 366.51 per share. At current value, the price-to-book value of the company is 6.23.

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Greenlight Planet: A source of light for millions

Greenlight Planet, a solar energy company that builds and distributes solar lamps under the name Sunking using new technology to solve electricity problems.

Greenlight Planet, a solar energy company that builds and distributes solar lamps under the name Sunking using new technology to solve electricity problems.

For more watch accompanying video.

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Here's why Lightbox bets big on FAASO'S

What made Sandeep Murthy of Lightbox bet big on FAASO'S. Watch accompanying video for more.

What made Sandeep Murthy of Lightbox bet big on FAASO'S. Watch accompanying video for more.

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Checkout: Brands that debut at ICC World Cup 2015

The ICC Cricket World Cup begins with the big Indo Pak match being played on Sunday. Thirty brands have come on board as sponsors and have together shelled out estimated Rs 600-700 crore.

The ICC Cricket World Cup begins with the big Indo Pak match being played on Sunday. Thirty brands have come on board as sponsors and have together shelled out estimated Rs 600-700 crore. Interesting to note that there is no presenting sponsor, several brands not normally associated with cricket are making their debut. With ad rates nearly doubling from the last World Cup, we wonder if the World Cup will deliver adequate viewership and where this leaves the IPL?

s for the answers.

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MM plans to invest Rs 4,000cr on new plant in Tamil Nadu

The Tamil Nadu government has promised to allocate 255 acres of land in Cheyyar in Kancheepuram district for the proposed facility which would be the largest for the company in the country, outside Pune, he said.

Auto major  Mahindra and Mahindra has proposed to invest Rs 4,000 crore for setting up a large manufacturing facility in Tamil Nadu which would roll out the company's future models, a top official said today. "Our investment will be Rs 4,000 crore in two stages. It will be spread across seven years.

"In the first phase, we will set up the test track facility. Second will be an automotive plant," Executive Director of Automobile Division, Pawan Goenka told reporters here. The Tamil Nadu government has promised to allocate 255 acres of land in Cheyyar in Kancheepuram district for the proposed facility which would be the largest for the company in the country, outside Pune, he said.

"We have been promised that the land will be allocated very soon. The MoU will be signed during the Global Investors Meet (in May this year)", Goenka, who was here to participate in the curtain raiser for the meet, said. "After land has been alloted to us, immediately, we will start off with the test track facility.

After that we will set up the automotive factory. But, it depends on how the auto industry grows," he said. He further said that the plant in Tamil Nadu would manufacture products that would be rolled out by the group in future. "This is a future plant. As we develop new products, those products will come from this plant. It will be for both domestic and exports", he said.

To a query about expectations from the Budget to be presented later this month, he said, "There has to be a clear roadmap for GST (Goods and Services Tax). "We are also expecting policies on 'Make in India' concept. It has been talked about. It is not specific to auto industry. "If there is an impetus on 'Make in India', that will certainly help all companies that are involved", he added.

M&M stock price

On February 13, 2015, Mahindra and Mahindra closed at Rs 1192.00, up Rs 58.00, or 5.11 percent. The 52-week high of the share was Rs 1421.00 and the 52-week low was Rs 887.15.

The company's trailing 12-month (TTM) EPS was at Rs 59.05 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 20.19. The latest book value of the company is Rs 270.60 per share. At current value, the price-to-book value of the company is 4.41.

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