Vodafone to add 150 shops, create 1,400 jobs in UK

The British group said the expansion is part of the company's plans to invest 1 billion pounds in the United Kingdom in 2014 where it serves 19 million customers.

Vodafone Group Plc said on Thursday it would add 150 shops and create 1,400 jobs across the United Kingdom during the next 12 months in a 100 million pound investment.

The British group said the expansion is part of the company's plans to invest 1 billion pounds in the United Kingdom in 2014 where it serves 19 million customers.

Also Read: Vodafone agrees USD10 billion deal for Spain's Ono

Vodafone last year in June said that it would increase its UK expenditure by more than 50 percent to nearly 1 billion pounds.

The opening of the new shops will increase the total number of Vodafone's branded UK outlets to more than 500, the company said.

It plans to open first of the 150 stores in Notting Hill, Fulham, Walthamstow, Wembley, Ilford, Perry Barr and Bicester.

Vodafone is the third-largest mobile operator in Britain after EE, a joint venture between Orange and Deutsche Telekom, and Telefonica's O2.

British Prime Minister David Cameron supported Vodafone's plans.

"It is a sign that our long-term economic plan to create jobs and build a stronger, more competitive economy is working," he said in a statement.

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Will get Rs 215 cr via land sale; have strong pipeline: KEC

There is no particular reason for monetizing land assets, says Ramesh Chandak, managing director,  KEC International with reference to its Thane land deal with Tata Housing .

Chandak says the company got a good deal from Tata Housing and will garner about Rs 212-215 crore from the same.

On whether the sale was done to lower debt levels, Chandak says the company is comfortable with its book position.

"Our debt equity is good. We are at 1.2. So we don't have any shortage of funds. The land was lying without any use. We have already invested in Baroda so there wasn't any particular reason for doing this," explains Chandak.

Below is the edited transcript of the interview to CNBC-TV18.

Anuj: I wanted some clarity on your land deal which you announced. Can you tell us the kind of money that you will be getting and the kind of money your profit and loss will be getting and when will this get reflected?

A: This is the land which we had for RPG Cable in Thane and we had little more over seven acres of land. We have been able to get about Rs 29 crore per acre. So, the approximate value will be about Rs 214 crore depending on the actual calculation of the land but in that ballpark number of between Rs 212-215 crore.

We had anyway closed the factory sometime ago and the intention was really to sell that land. We were able to get a good deal from Tata Housing. The deal will get completed in about three months and by that time the deal should be closed but we have already signed an agreement to sale and have also registered it.

Ekta: Any more land deals such as these which are lined up for the company and the reason behind monetisation of the land at this particular time?

A: There is no particularly reason for monetizing this land because this is a land available which was vacant and we already started a plant in Baroda, we have invested money there so the intention was really to monetize this so that our borrowing can come down because we had borrowed money for putting a plant in Baroda. So naturally it will reduce the borrowing level of the company.

We don't have any other land parcel which is for sale as of now, this was the one parcel which was available which is clearly surplus and we had no use at this point of time. And there is no particular reason that we are going to use these funds anywhere else, simply these funds will go in reducing the borrowing only.

Ekta: IIFL believes that your international order book going forward will look quite robust, can you just give us a sense on how exactly the order inflow is panning out on an international basis and margins based on that as well?

A: Today we have an order book of more than Rs 10500 crore which is roughly 50 percent international and 50 percent domestic and that has been our trend. So, it is not that we got more orders in international markets and less in India. In both the locations we have been able to secure very good orders despite whatever market exists. So we had some good gains in Tanzania, in Saudi Arabia, in Indonesia etc. Hence, we are seeing that in bits and pieces there are good tenders coming in.

We are still seeing lot of flow of the tenders in international market and since our spread is very good, that helps us really to expand our business internationally and that is really helping us to grow that business.

This is also the reason that in the last two years the cycle was down, our sales have been growing regularly. If one really looks at the last five years, our CAGR is more than 19 percent. So, I think we have been able to capture the opportunity wherever it comes. In many countries we have gone for the first time.

Ekta: How is the balance sheet for KEC International looking at this point in time? What would your debt levels stand at this point, what are your working capital needs and are there any plans in terms of reduction of it going into FY15 quite aggressively?

A: Our debt equity is very good, it is around 1.2 so debt-equity is not very bad. We don't have a shortage of funds, we have enough bank limits. Since we have monetized these assets, naturally our debt will go further down and to some extent the borrowing will come down because that is what will happen.

But the intention was not that because the debt level is higher and we wanted to monetize the asset. It is just happening that way but our debt levels are just normal, there is nothing abnormal in the debt level, our working capital cycle is one of the best in the industry, our net working capital is less than 90 days. So overall we have no pressure on the balance sheet as far as our funds are concerned. But on the contrary this Rs 200 crore inward monetisation will definitely help us to further improve the position.

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Expect FY15 volume growth at lower end of 8-12%: Dabur

Debunking the myth that weak monsoons lone can be responsible for affecting the fast moving consumer goods (FMCG) growth in the rural areas, Sunil Duggal, CEO,  Dabur said the rural demand has been lower over the last two quarters.

According to him, the correlation between rural income and monsoon is very direct. But the same with consumer demand is not always true.

"We cannot be completely insulted from the impact of a bad monsoon. But it doesn't alter the dynamics of consumption to a very great degree. Likewise a great monsoon also doesn't accelerate demand, there are host of other conditions required to stimulate or depress demand," he added.

El Nino, the weather phenomenon occurring in Pacific Ocean, is likely to drive away the rain clouds in India and put the monsoon and kharif harvest at risk. DS Pai, director of long range forecast, India Metrological Department told CNBC-TV18 that there is a good probability of El Nino during monsoon. However, "El Nino did not have much effect on rain in the past," he added.

Speaking to CNBC-TV18 regarding the possible El Nino effects in India that may lower the quantum of rainfall, Duggal said the rural demand is expected to be lower than the urban demand going ahead as urban demand has picked up, though mildly.

He believes high inflation has dampened demand and has taken off the sheen of much of the stimuli that has happened. "But the demand at this point in time is quite low in rural areas. On the other hand, we are seeing a bit of revival in urban and so, it is balancing out," Duggal added.

He expects the volume growth in FY15 to be at the lower end of 8-12 percent.

Earlier, on CNBC-TV18, Varun Lohchab, director, CIMB had also said that the FMCG growth in rural area is now slowing down after a robust growth in the past two years .

"Company managements, while accepting the slowdown in urban cities, were bullish on rural sales. However, this no longer is the case," he added.

The future of the sector looks bleak as Lochab expects any revival to return to the sector only in FY16 and not in FY15.

"There are still risks to the downside. The consumption will pick up only 3-4 quarters after the GDP picks up," he further added.

However, several FMCG companies including ice cream makers and dairy suppliers have been building up inventories fearing El Nino backlash.

The first monsoon forecast is likely to come in the last week of April.

(Posted by Anjali Agarwal)

Dabur India stock price

On April 03, 2014, at 14:10 hrs Dabur India was quoting at Rs 183.55, up Rs 1.00, or 0.55 percent. The 52-week high of the share was Rs 190.00 and the 52-week low was Rs 137.00.

The company's trailing 12-month (TTM) EPS was at Rs 3.69 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 49.74. The latest book value of the company is Rs 9.15 per share. At current value, the price-to-book value of the company is 20.06.

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TRAI cable-tariff hike will be a pass-through: Siti

A recent ruling by the Telecom Regulatory Authority of India (TRAI) mandating a two-stage 27.5 percent hike in tariff ceiling for "non-addressable cable areas" should not be seen as a negative for multiple-system operators (MSOs) and direct-to-home (DTH) players, according to VD Wadhwa, CEO, Siti Cable Network .

"The cost of content should go up when it comes for renewal," the Siti chief told CNBC-TV18's Ekta Batra and Anuj Singhal in an interview. "But we can pass it through to the consumer."

Consumers in India paying "Rs 300 for a three-hour movie" can afford to pay for "Rs 250 a month for 300 channels, 24/7 sitting at home" as long as MSOs and DTH players provided good content, he said.

"So, on a net-net basis, in the value chain, broadcasters will gain more, but so will the local cable operator (LCO) and MSO. It is a welcome step," he added.

Also read: Trai move on cable TV tariff hike to help broadcasters: Sun

Siti shares rose 6 percent Tuesday in Mumbai trading after the firm converted warrants into equity shares that were allotted to two promoter group (Essel) companies for Rs 243 crore.

"We will require net funds of about Rs 600-700 crore for Phase 3 and 4 of digitization. This funding is good enough for us for two quarters," he said. "Total promoter stake currently stands at 72 percent post the rights issue conversion."

Below is the interview of VD Wadhwa, CEO, Siti Cable Network with Ekta Batra & Anuj Singhal on CNBC-TV18.

Ekta: The Telecom Regulatory Authority of India (TRAI) notified inflation linked hike of 27.5 percent in tariff ceiling. It supposes to be negative for direct-to-home (DTH) as well as cable operating companies but positive for broadcasters. Can you explain to us what the value chain would look like and why it could be negative for a company such as yours and the impact that we could see on your profit and loss (P&L)?

A: I would like to clarify that this is a myth that it is going to be negative. This is in the analogue area, and MSOs are on a fixed-fee deal basis (with broadcasters).

TRAI has suggested increasing consumer tariff so the consumer can start paying more. Once the consumer starts paying more, as per the revenue sharing formula suggested by TRAI, LCOs will gain more, MSOs will gain more and the broadcasters will also gain more.

Most of the deals at Siti are on a fixed basis, so the cost of the content is not going to go up till when it comes up for renewal. But will be passing on the cost to the consumer.

On net-net basis, in the value chain, the broadcaster will gain more but so will LCO and MSO. I do not think MSOs will be losing money in this. It is a welcome step

Ekta: What is the downside risk to this? Is there a fear that you could lose consumer because of a higher tariff. Would that be the worse case scenario that would pan out?

A: To some extent yes, but today everyone pays Rs 300 plus for watching a three-hour movie while DTH and MSOs are providing close to 300 channels, 24/7 sitting at home and charging hardly Rs 250 per month. So, this kind of increase can easily absorbed so long as MSOs and DTH players are giving better-quality service to the consumer. I do not see a major risk on this issue.

On the contrary, I would say consumer average revenue per user (ARPU) has not gone up in the last 15-20 years and will start seeing an upside. And this (cable tariff hike) is happening only for the analogue regime and you know there is a compulsory digitisation move [for the entire country] by December 2014. So, whatever impact is there will be only for the next nine months.

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Here's a lowdown on how March fared for auto sector

CNBC-TV18's Sonia Shenoy gives a detailed breakup of how sales stood in March for Hero MotoCorp, Ashok Leyland and Tata Motor

Hero Motocorp stock price

On April 01, 2014, Hero Motocorp closed at Rs 2248.55, down Rs 24.3, or 1.07 percent. The 52-week high of the share was Rs 2298.00 and the 52-week low was Rs 1434.05.

The company's trailing 12-month (TTM) EPS was at Rs 106.61 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 21.09. The latest book value of the company is Rs 250.70 per share. At current value, the price-to-book value of the company is 8.97.

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SC asks Samsung chief to surrender in 6 weeks

This comes after the Samsung Chairman approached the apex court seeking that a criminal case and non bailable warrants issued against him be quashed. The complaint against Samsung and Lee Kun-hee is that they failed to honour a payment of USD 1.4 million.

There is legal trouble for Samsung as the Supreme Court has asked company chairman Lee Kun-hee to surrender before a trial court in Ghaziabad within six weeks.

Also Read: Samsung faces about Rs 70 cr alleged duty evasion charge

This comes after the Samsung Chairman approached the apex court seeking that a criminal case and non bailable warrants issued against him be quashed. The complaint against Samsung and Lee Kun-hee is that they failed to honour a payment of USD 1.4 million.

The Allahabad High Court, dismissing a similar petition in 2013, had called the Samsung Chairman an absconder and fugitive.

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Why Bharat Forge's strong earnings run may continue

Shares in  Bharat Forge have witnessed immense investor interest in recent times with the stock reaching a 52-week high Wednesday and more than doubling since August last year.

The firm has witnessed a raft of good news, with both the pick-up in the global economy to the sharp depreciation in the Indian rupee acting as tailwinds.

The auto ancillary generates a majority of its revenues from the European and US markets.

In the most recent third quarter, Bharat Forge was able to ride a slowdown in the commercial vehicles space and post robust results, helped by a strong showing in the high-margin non-auto business -- revenues for the company jumped 24 percent year-on-year to Rs 832 crore while operating profits surged 50 percent to Rs 214 crore.

Also read: Bharat Forge Q3 net doubles to Rs 94 cr, margin up 460 bps

In an interview with CNBC-TV18's Sonia Shenoy and Anuj Singhal, the firm's chairman and managing director Baba Kalyani outlined why he believes Bharat Forge has further scope to improve its profitability going forward.

Below is the edited transcript of the interview on CNBC-TV18.

Sonia: Many of your peers in the auto ancillary space including your own company has seen big returns in the stock markets in the last many weeks and months and one reason could be the way some of the global markets are picking up specially markets like Europe, North America etc. Can you give us senses of how much incremental growth would you expect in FY15 in terms of both your revenue potential as well as the margin growth?

A: The trends both on the truck side as well as on the passenger car side in the US and EU look positive. The US looks a lot more positive than EU and we will see good numbers coming out of the US market for this calendar year, which is going to be a large part of our FY15. So, we are very optimistic that we will see a fairly robust growth in these markets.

Anuj: A large part of that expectation was also because of currency depreciation. Would that change a bit now that we are in a bit of an appreciating scenario at least for the last two or three months?

A: I look at it more in terms of how my exports are growing in terms of dollar volume and we see a fairly strong growth, we see a strong order book, we see a strong pipeline.

On the other side, in the last one-and-a-half, two years when the market was rather difficult both domestically as well as outside, we used that time to trim our costs, to improve our productivity, efficiencies and also develop a lot of new technologies. So, a lot of these things are going to play out in FY15-FY16 and we will see a much stronger performance.

Sonia: When you say stronger performance, what do you mean because your margins have improved significantly, your margin profile has now gone to high 20s -- about 26 percent or so? Do you think you could take your margins much higher or is this the top for now?

A: I think a large part of this depends on how much topline growth do we generate because we have a very low breakeven level in our cost structure. Any incremental topline growth will help us increase overall margins and we are hoping for a fairly good topline growth, we have had difficult period for the last two years but in spite of the difficulty we have done reasonably well in FY14.

We used that time very wisely, we got rid of a lot of problems that we had on our balance sheets, we disinvested our Chinese business, got our money back, shut down our business in North America one-and-a-half years ago and our European business is performing quite well.

Overall, we have done all the right things plus we have developed a lot of new activities and technologies. We have positioned ourselves to be a component supplier in the railway systems, in the defense area, and all that will start playing out as things start improving in the domestic market, which I hope will happen after the elections.

On the commercial vehicle (CV) side in the domestic market, although last quarter was a better quarter compared to the earlier quarters, you will see more of a back-ended improvement in FY15 rather than front-ended.

Anuj: I will go back to North America. I am reading a report which says that the order inflow has been 47 percent higher than your shipments to North America for the last three months consecutively, can this continue at this pace and what would that translate into your export revenues going forward?

A: I will not give a number on export revenues but the order intake has increased largely because it is very clear if you look at the North American truck volume order intake which numbers are given every month.

They are now running at 30-40 percent higher than what was a year ago whereas all that has not translated into production yet because it will get translated into production in the few months. So that is good news, at least after a long time we are beginning to see a very robust market for commercial vehicles.

On the passenger car side, North American automakers are doing extremely well, the numbers are high; there was a little dip during the winter months when the weather issues were there but now it is back to normal, so they are looking at 16 million plus kind of volumes and we are focusing a lot of our attention in trying to get into that market. So, we have a lot of negotiations currently going on, we have a good order pipeline, a good negotiation pipeline that is in place.

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Trai move on cable TV tariff hike to help broadcasters: Sun

The Telecom Regulatory Authority of India (TRAI) recently notified 27.5 percent hike in tariff ceiling for cable TV, the move while negative for direct-to-home (DTH) companies like  Hathway and  Den Networks is expected to be positive for broadcasters like Sun TV.

SL Narayanan, Group CFO of Sun Group says the move will help broadcasters get a better share of value.

Also Read: Indian M&E industry grew by 12% to touch Rs 920bn in 2013

The company also has presence on the distribution side through Sun Direct.

He feels content cost will have to go up in the foreseeable future, which will enable broadcasters to invest in better quality content and make the programming that much more fresh.

Below is the verbatim transcript of SL Narayanan's interview with Anuj Singhal and Sonia Shenoy on CNBC-TV18.

Sonia: Can you quantify what the impact could be on a company like Sun TV, this hike in cable tariff?

A: I shall not put a specific number. It is a very positive move. It certainly helps broadcasters to get a better share of the value. We have also had this thing be kept under check because of various reasons. There was a reference rate and then it went into litigation. It is heartening to note that we are now going to be in a position to get a slightly better realisation.

Anuj: There is a report which says that this order is positive for broadcasters but negative for DTH players. Since you have a leg in both the businesses if you could explain to us, how this will impact the company like yours financially?

A: I think at a very general level, content costs have to get recognized in the true measure by all distributors. So though we do have a presence in the distribution side through Sun Direct, any kind of artificial restrains on pricing is not good.Outstanding content will get the patronage from the consumers and at the end of the day unless you have the right content, nobody is going to subscribe to your service. So I think the distributors also need to take a very holistic view of this.

I am sure you know the kind of prices that most consumers pay in other part of the world for either cable TV or Dish TV. Prices have been unnaturally low here for a long time because of a variety of legacy issues like underreporting and what not. The government is definitely trying to change all that through digitization and more transparency but I think content cost will have to go up in the foreseeable future, which will only enable broadcasters to invest in better quality content and make the programming that much more fresh otherwise we are going to see a lot of rehash.

Sonia: Any idea of how much this could increase the average revenue per user (ARPUs) and the subscription revenues, any ballpark numbers?

A: We are also very close to the announcement of the results. I don't want to get into any specific numbers. Suffice it to say that it will be a big positive for all broadcasters.

Anuj: Your press release had valid arguments and a lot of people are surprised that you gave in to the DGCA diktat without any fight and maybe you should have gone to competition commission or should have taken the issue further, why did you give in after just one day?

A: We have great respect for the regulator for doing a great job. Whatever be our views on this, I still believe that there is no mandate for any kind of price control, there is free pricing, just as sometimes it is necessary to offer prices as low as Re 1 to stimulate demand, at other times we have seen prices go up to Rs 40,000 one way for a ticket from Delhi to Goa and that is why these popular sentiment goes the other way and say that airlines are gouging consumers neither of which is true. We need to balance pricing and be influenced by the forces in the market because at the end of the day nobody wants to take prices to a ridiculous level where it becomes self defeating. The objective here is to make sure that we employ our assets judiciously because end of the day it is at least USD 2 billion of equipment which is being employed is  SpiceJet and we need to make sure that we have a decent return on all that investment.

Sonia: This Re 1 fare has been blocked by the DGCA but does this mean that SpiceJet will not give any more discounts or schemes in the days to come because since the start of the year, you have already gone through 3 rounds of a fare wars?

A: I think the objection was only because it seemed extremely unnatural. Although as I said earlier on the channel, it is only just about 1.7 percent. It is not something which - first of all at 20 percent market share, we cannot be the price leader. So this is more done with a view to improving our asset productivity but I think now the matter is settled. First of all, let me make it clear that we are not here to pick up fights.

Hathway Cable stock price

On April 02, 2014, at 14:15 hrs Hathway Cable and Datacom was quoting at Rs 250.65, up Rs 0.30, or 0.12 percent. The 52-week high of the share was Rs 301.70 and the 52-week low was Rs 235.05.

The latest book value of the company is Rs 53.30 per share. At current value, the price-to-book value of the company was 4.70.

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Reviving power sector a challenge for new govt: Thermax

Goldman Sachs has upgraded Thermax  to neutral from sell with a 12-month target price of Rs 813, based on trading at around 17 times the FY15 estimated earnings.

GS views Thermax's order book will see a revival going into FY15-18e. It expects the company's captive power plant cycle to pick up in 12 months and sales CAGR of 18 percent in FY14-FY18 versus 1percent over FY11-14e – driven by pick up in large cycle power orders (a probable pick up in the capex post elections).

Also Read: New govt must ensure more investor-friendly norms: Thermax

MS Unnikrishnan, MD & CEO, Thermax, says though he sees sectoral improvements, purely based on capacity utilization in the country, one should not expect anything dramatic overnight after the elections.

He thinks it will be a challenging task for the new government to revive the power sector, which is the most complicated of all sectors.

He says there are many reasons behind it like the new land acquisition bill, which when gets fully operative, will increase the cost of land by around 4-5 times. This can lead to a substantial impact on the capital cost, which then would be passed on to consumers. Second, the state electricity board (SEB) loan restructuring process is yet to get completed. And of course, summer will be very critical as well.

The capital goods sector is facing concerns of receivables. Speaking on the issue, Unnikrishnan says the industry is witnessing surge in the receivables situation on two account — the projects aren't moving at the same pace as they were two years ago (slowdown). And there are customers whose balance sheets are under stress, thus affecting their ability to generate cash and pay for current projects.

Referring to Thermax's case, he says the company is able to manage its balance sheet "slightly at a deviation to the conventional practice". He says that despite having orders in hand, Thermax has regulated the execution of the projects in such a way that the cash flow and the project execution are almost going at the same pace.

"There's no debt in the company and our borrowings are very limited so we have got cash on the balance sheet available to be managing the working capital," he says, adding, "Thermax is opting for a reduction in turnover, rather than an increase (in turnover) at the cost of accounts receivables."

Below is the interview of MS Unnikrishnan, MD & CEO of Thermax with Anuj Singhal and Ekta Batra on CNBC-TV18.

Ekta: One of the reasons why Goldman Sachs has upgraded Thermax is because the belief that the orderbook will possibly see a revival going into FY15. Is that a plausible scenario according to you considering that there could be some significant pick up in the capex post elections?

A: Certainly but don't expect anything happening dramatically overnight immediately after the elections because there are sectoral improvements expected purely based on capacity utilisation of the country.

If we want to get into cement industry, the capacity utilisation is hovering between 65 percent and 75 percent. I am sure with the construction going to be catching up back, you should be seeing the cement demand increasing, National Highway Authority of India (NHAI) projects getting online and more and more highways getting constructed or maybe more contracts going to be happening, execution be seeing. The demand for cement surging little closer to maybe 90 percent, which is in my opinion the inflection point where the current capacities need to be upgraded. So you could expect revival of that industry in the second half of the coming year.

Similarly steel industry is showing some improvement in consumption pattern and production pattern. So you could see an improvement in that area. I don't expect anything to be happened in the oil and gas sector or in the power sector substantially in the next one year. So sectorally, you may have some improvement visible in the next year however the real improvement that we are expecting is in the year after that because whatever is said and done, a new government will come in place, ministry to be formed, there afterwards they start taking actions, the parliament to be passing various policy directions, with that there could be a revival. So I am not expecting a drastic change in the coming year. However, revision or even green shoot should be visible next year. That is my assessment of the situation.

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MM completes merger of trucks, buses division with itself

The Bombay High Court had approved the scheme of arrangement between M&M and MTBL on March 7. The Mumbai-based firm had last year approved the de-merger of its trucks and buses operations from MTBL into M&M to derive greater synergies

Mahindra & Mahindra  has completed the merger of trucks and buses vertical of its subsidiary MTBL with itself for greater synergy with the group business. The vertical was first demerged from Mahindra Trucks and Buses Ltd and then merged with M&M. In a filing to the BSE today, M&M said the scheme of arrangement has become effective from March 30, 2014.

The Bombay High Court had approved the scheme of arrangement between M&M and MTBL on March 7. The Mumbai-based firm had last year approved the de-merger of its trucks and buses operations from MTBL into M&M to derive greater synergies.

As per the approved scheme, all assets and liabilities of MTBL have been transferred to M&M. MTBL had registered an accumulated loss of Rs 920 crore till FY'13, which will get into M&M account. M&M shares were trading at Rs 978.20 a piece on the BSE in afternoon trade, up 1.13 per cent from the previous close.

M&M stock price

On March 31, 2014, at 14:15 hrs Mahindra and Mahindra was quoting at Rs 980.20, up Rs 12.95, or 1.34 percent. The 52-week high of the share was Rs 1054.00 and the 52-week low was Rs 741.50.

The company's trailing 12-month (TTM) EPS was at Rs 60.90 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 16.1. The latest book value of the company is Rs 238.22 per share. At current value, the price-to-book value of the company is 4.11.

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