Nigeria says fines Airtel, others for poor service

Globacom, which is owned by Nigerian billionaire Mike Adenuga, was fined 277.5 million naira, while South Africa's MTN and Airtel, which is owned by Bharti Airtel, were each fined 185 million naira, the Nigerian Communications Commission (NCC) said in a statement.

Nigeria's telecoms regulator has fined mobile operators MTN, Airtel and Globacom a combined 647.5 million naira and banned them from selling SIM cards in March due to poor service, it said on Thursday.

Also Read: WhatsApp to offer voice svcs: Should telcos start sweating?

Globacom, which is owned by Nigerian billionaire Mike Adenuga, was fined 277.5 million naira, while South Africa's MTN and Airtel, which is owned by Bharti Airtel, were each fined 185 million naira, the Nigerian Communications Commission (NCC) said in a statement.

The NCC will charge each company 2.5 million naira for every day the fine is not paid after March 7, it said. The month-long ban on selling SIM cards in a country of around 170 million people could be the most damaging.

The penalties were imposed because the operators had failed to meet key performance indicators in January, the NCC said.

Bharti Airtel stock price

On February 28, 2014, at 09:23 hrs Bharti Airtel was quoting at Rs 289.70, up Rs 1.55, or 0.54 percent. The 52-week high of the share was Rs 373.50 and the 52-week low was Rs 266.95.

The company's trailing 12-month (TTM) EPS was at Rs 14.07 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 20.59. The latest book value of the company is Rs 135.70 per share. At current value, the price-to-book value of the company is 2.13.

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FTIL to dilute 24% in MCX; forms panel to oversee recast

The committee may consider divestment of FTIL's investment in other exchanges as a part of the restructuring. The panel will appoint an investment bank of repute to conduct a transparent bidding process for the divestments as well as identifying strategic partners for FTIL.

Jignesh Shah-promoted  Financial Technologies (FTIL) today appointed a committee to oversee its restructuring plan, which includes divesting up to 24 percent stake in the  Multi-Commodities Exchange (MCX). At a meeting, the board appointed a panel to propose and oversee a restructuring plan for FTIL in its efforts to charter a new growth path, a company release said. The board, however, did not discuss the forensic audit conducted by PwC on MCX, it said. The forensic audit was conducted after an order by the commodities regulator FMC.

The committee comprises two independent directors Venkat Chary and S Rajendran, legal advisor Berjis Desai and whole- time director Dewang Neralla, the release said. The recast plan will include exploring the possibility of identifying a strategic partner who will help drive growth and look for territories beyond financial markets, it said. The plan will also include FTIL divesting up to 24 percent in MCX in the long-term interest of both FTIL and MCX.

Also Read: MCX CFO Hemant Vastani resigns

The committee may consider divestment of FTIL's investment in other exchanges as a part of the restructuring. The panel will appoint an investment bank of repute to conduct a transparent bidding process for the divestments as well as identifying strategic partners for FTIL. Anil Singhvi, founder and CEO of Ican Advisors, has been appointed as corporate financial adviser to FTIL, it said. The committee has been given time up to 120 days to carry out the recast plan.

Meanwhile, MCX said it has received an interim report from the FMC and same was placed before the board last week. The board desired that the report be discussed with PwC before coming out with suggestions on actionable points. The MCX audit committee has since interacted with PwC team. This is an interim report on which certain additional inputs have been sought by the audit committee and a final report is still awaited, the commodity bourse said. Once the final report is submitted by PWC, the same will be deliberated upon by the audit committee and the board and outcome will be communicated to stock exchanges, it said. However, it has been learnt MCX has decided to dump the PwC report and appoint Deloitte to get a fresh forensic audit done. When contacted PwC said it is not aware of any such development, while Deloitte declined to comment, citing client confidentiality.

Financial Tech stock price

On February 28, 2014, at 09:20 hrs Financial Technologies was quoting at Rs 347.30, up Rs 3.75, or 1.09 percent. The 52-week high of the share was Rs 911.50 and the 52-week low was Rs 102.05.

The company's trailing 12-month (TTM) EPS was at Rs 50.03 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 6.94. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company is 0.60.

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Last date for filing ITR-V for 3 AYs extended till March 31

This final opportunity is being extended to the taxpayers to regularise their returns where refunds continue to remain pending for Assessment Years 2009-10, 2010-11 and 2011-12 for want of valid ITR-V Form

The revenue department has extended till March 31 the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12, for returns that have been e-filed with refund claims.
     
An assessee gets the ITR-V (Verification) Form when the return is e-filed without using a digital signature. After receiving the ITR-V, the assessee has to sign the copy and submit to the Income Tax Department at CPC, Bengaluru to complete the filing process.
     
The Central Board of Direct Taxes (CBDT) has extended the time-limit for filing ITR-V Forms for the three Assessment Years till March 31, for returns e-filed with refund claims within the time allowed under relevant section the Income Tax Act, the Finance Ministry said in a statement.
     
"It may be noted that this final opportunity is being extended to the taxpayers to regularise their returns where refunds continue to remain pending for Assessment Years 2009-10, 2010-11 and 2011-12 for want of valid ITR-V Form," it added.
     
Therefore, the Ministry said, taxpayers concerned are advised to take benefit of this relaxation so as to enable the tax authorities to further process their otherwise valid refund claims.
     
In past also the time for submitting ITR-V Forms for the three Assessment Years was extended.
    
The date has been extended again as some electronically filed returns with refund claim still remain pending with the the tax department due to non-submission of ITR-V within the prescribed time-frame, the ministry added.
     
The taxpayer whose ITR-V has yet to be received at CPC, Bengaluru "must submit" a duly signed copy of the Form by speed-post. Whether the ITR-V has been received by the CPC can be ascertained at the website of the Income Tax Department.

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BPCL raises Rs 1,240 crore from overseas bond sale

The notes are rated at the same level as BPCL's issuer default rating of 'BBB-' as they will constitute direct, unconditional, unsubordinated and unsecured obligations of the company, says Fitch

State-run oil marketer  Bharat Petroleum today said it has raised 175 million Swiss francs (around Rs 1,240 crore) through an international bond sale at a coupon of 2.988 percent.

"We raised 175 million Swiss francs (around Rs 1,240 crore) through an overseas bond sale programme today at a competitive coupon of 2.988 percent, which is 235 basis points above the Swiss mid-swap rate, in a 5.75-year money," a BPCL spokesman told PTI here.

The RegS issue has been raised to meet working capital requirement of the company, he said.

Also read: BPCL growing better now than in H1FY14: MD Varadarajan

Lead bankers to the issue were BNP Paribas, Deutsche Bank, RBS, and UBS, he said, adding this is the first Swiss franc issue by an Indian corporate since February 2012. International rating agency Fitch has assigned BBB-/ stable rating to the issue.

The notes are rated at the same level as BPCL's issuer default rating of 'BBB-' as they will constitute direct, unconditional, unsubordinated and unsecured obligations of the company, Fitch said in a statement from Singapore.

BPCL stock price

On February 26, 2014, Bharat Petroleum Corporation closed at Rs 377.75, up Rs 5.80, or 1.56 percent. The 52-week high of the share was Rs 428.45 and the 52-week low was Rs 256.00.

The company's trailing 12-month (TTM) EPS was at Rs 66.24 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 5.7. The latest book value of the company is Rs 230.04 per share. At current value, the price-to-book value of the company is 1.64.

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NSEL pays Rs 50-lk against Rs 86.02cr; default no. 28

The bourse has settled Rs 322.6 crore so far against Rs 5,500 crore that it owes to investors.

Embattled spot commodity bourse National Spot Exchange Ltd (NSEL) today paid Rs 50 lakh against scheduled payment amount of Rs 86.02 crore, defaulting for the 28th straight time.
     
The bourse has settled Rs 322.6 crore so far against Rs 5,500 crore that it owes to investors.
     
"The total amount being disbursed today in a proportionate manner is Rs 50 lakhs," NSEL said in a statement.

Also read: MCA finalises NSEL, MCX, FT probe report: Sources
 
NSEL had previously defaulted 27 times. The spot exchange was unable to make any payment on its 7th and 13th pay-out date. The exchange had availed a bridge loan of Rs 177.23 crore from its promoter Financial Technologies (FTIL) to make payments on a priority basis to small investors.

To accelerate recovery, NSEL has started the process of liquidation of attached assets of defaulting borrowers. As the first step, the exchange has decided to liquidate assets of Mohan India Group and Vimladevi Agrotech, who together owe around Rs 913 crore.
 
NSEL, promoted by Jignesh Shah-led FTIL, is facing the problem of settling dues to 148 members after it suspended trade in July last year following a government order in the wake of violation of trading norms.

The bourse had earlier said it plans to settle all the dues in 30 weeks time, by paying Rs 174.72 crore each for first 20 weeks followed by Rs 86.02 crore each in next 10 weeks.

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Suzlon seeks shareholders' nod for Rs 3-cr pay to Tanti

Suzlon is seeking approval to re-appoint Tanti as managing director for a period of three years starting from April 1, 2014.

Wind turbine maker Suzlon Energy  will seek shareholders' approval for re-appointment of Tulsi Tanti as managing director of the company with an annual salary of Rs 3 crore.

The company would also seek nod for preferential issue of shares certain entities and promoters.

These are among the resolutions for which Suzlon would seek shareholders' green signal through a postal ballot.

Suzlon is seeking approval to re-appoint Tanti as managing director for a period of three years starting from April 1, 2014.

Besides an annual salary of Rs 3 crore, Tanti would also be eligible for various "perquisites" including medical benefits for self and family, according to the postal ballot notice.

Further, the firm would seek approval from shareholders to increase its borrowing limit to Rs 20,000 crore from Rs 10,000 crore.

Another resolution is for authorising Suzlon board to "create a charge in whatsoever manner on the company's current assets, present and future, in favour of banks, financial institutions, bodies corporate, other entities, person or persons who may provide such credit facilities to the company".

Suzlon reported a consolidated net loss of Rs 1,075.25 crore in the latest December quarter. In the year-ago period, the same was at Rs 1,154.53 crore. These figures are after share in associate's profit and minority interest.

In the third quarter of current fiscal (2013 December quarter), the wind turbine maker raked in total income of Rs 5,052.20 crore compared to Rs 4,047.71 crore in the same period a year ago.

At the end of December quarter, the group's order book stood at 5.5 GW (gigawatts), translating to around Rs 47,393 crore (or USD 7.7 billion) in value.

Suzlon Energy stock price

On February 26, 2014, at 09:23 hrs Suzlon Energy was quoting at Rs 10.30, up Rs 0.07, or 0.68 percent. The 52-week high of the share was Rs 25.30 and the 52-week low was Rs 5.72.

The latest book value of the company is Rs 9.72 per share. At current value, the price-to-book value of the company was 1.06.

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Maruti Suzuki sales dip 10% in January

The company said its domestic sales declined by 6.3 percent during the month to 96,569 units as against 1,03,026 units in January, 2013.

Country's largest car-maker  Maruti Suzuki India (MSI) on Saturday reported 10.3 per cent decline in total sales in January at 1,02,416 units as against 1,14,205 units in the same month last year.

The company said its domestic sales declined by 6.3 per cent during the month to 96,569 units as against 1,03,026 units in January, 2013.

Also Read: Bajaj Auto introduces new four wheeler for personal use

Sales of mini segment cars, including M800, Alto, A-Star and WagonR, declined by 17 per cent to 38,565 units as compared to 46,479 units in the year-ago month, MSI said in a statement.

The company said sales of the compact segment comprising Swift, Estilo, Ritz increased by 1.9 per cent to 24,473 units in January this year as against 24,006 units last year.

MSI said sales of its popular compact sedan Dzire rose by 12.7 per cent during the month under review at 19,232 units as against 17,060 units in January, 2013.

The company's mid-sized sedan SX4 registered a decline of 81.1 per cent to 191 units as against 1,012 units in the same month last year. There was no sale of premium sedan Kizashi during the month.

Sales of utility vehicles, including Gypsy, Grand Vitara and Ertiga, stood at 4,763 units in January this year, down 21.9 per cent from 6,095 units in the corresponding month last year.

Sales of vans--Omni and Eeco rose by 11.6 per cent to 9,345 units in January this year as compared to 8,374 units in the same period of previous year. Exports during the month declined by 47.7 per cent to 5,847 units as compared to 11,179 units in January last year, MSI said.

Maruti Suzuki stock price

On January 31, 2014, Maruti Suzuki India closed at Rs 1635.35, down Rs 2.65, or 0.16 percent. The 52-week high of the share was Rs 1864.00 and the 52-week low was Rs 1217.00.

The company's trailing 12-month (TTM) EPS was at Rs 106.68 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 15.33. The latest book value of the company is Rs 615.03 per share. At current value, the price-to-book value of the company is 2.66.

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Week that was: Maruti`s idea; Kejriwal`s power woes

SLIDESHOW

Sat, Feb 01, 2014 at 17:07

| Source: Moneycontrol.com

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TPDDL may reduce power surcharge if NTPC cuts costs ahead

Power surcharge in Delhi has now been hiked - the rates have gone up from 6 to 8 percent depending on which distribution companies delivers power. This will effectively take power tariffs higher.

We supply power 24/7 to our consumers. There is no power cut or no load shedding in our area and our availability is 99.6 percent

Praveer Sinha

CEO

TPDDL

It's a major setback for Arvind Kejriwal's Aam Admi Party government in Delhi . Just a few hours after power companies said parts of Delhi will face power cuts of 8 to 10 hours starting next week as they do not have funds, the regulator has stepped in.

Power surcharge in Delhi has now been hiked - the rates have gone up from 6 to 8 percent depending on which distribution companies delivers power. This will effectively take power tariffs higher.

The Delhi government has not taken kindly to the decision of the DERC (Delhi Electricity Regulatory Commission) to hike tariffs from February 1.

The government condemns the DERC decision and finds it completely uncalled for, since an audit by the Comptroller and Auditor General (CAG) into the accounts of private
distribution companies is already under progress. The government is of the clear view that the DERC should have waited for the audit report of the CAG and there was no need of showing a tearing hurry to impose this unnecessary burden on the people.

However, PD Sudhakar, chairman, DERC said that surcharge is reviewed every quarter as per the orders of the Appellate Tribunal on the basis of the surcharge imposed by the generation companies like NTPC .

"Delhi government has not said anything to us on this. This is as per the orders of the Appellate Tribunal which is the final deciding authority. Every quarter a review is done and whatever is the actual, it may be sometimes zero also, it may be 2 percent, it may be 5 percent. So, depending on whatever is the actual claim of the NTPC and other generation companies," he added.

Echoing Sudhakar's comment, Praveer Sinha, CEO TPDDL said the hike in power surcharge is part of the tariff orders that allows any increase in a quarter of power purchase adjustment to be passed through.

In the October-December quarter, the power purchase cost from NTPC and the Delhi genco's and other generating plants have gone up by nearly 10-12 percent. Against that DERC has allowed increase of 6-8 percent for various discoms. For us they have allowed 7 percent, he added.

Sinha further added that if in the next quarter power cost is reduced by NTPC or other generating companies then the cost will go down. This is a pass through mechanism which is applicable in all the states as well as allowed by the appellate tribunal, he said.
 
On CM Kejriwal's blackmailing comments, Sinha said that his company has not defaulted in any payments. "We supply power 24/7 to our consumers. There is no power cut or no load shedding in our area and our availability is 99.6 percent. To that extent, there are no issues as far as Tata Power Delhi Distribution is concerned," he said.

NTPC stock price

On January 31, 2014, NTPC closed at Rs 126.40, down Rs 1.7, or 1.33 percent. The 52-week high of the share was Rs 162.80 and the 52-week low was Rs 122.65.

The company's trailing 12-month (TTM) EPS was at Rs 14.87 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 8.5. The latest book value of the company is Rs 97.49 per share. At current value, the price-to-book value of the company is 1.30.

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FAA downgrade to impact Jet Air, Air India: Rajan Mehra

The Federal Aviation Administration in the United States downgrading India's aviation safety ranking from Category I to Category II should not come as a surprise because in 2009 audit FAA had nudged India on the extreme shortage of safety inspectors with the Directorate General of Civil Aviation (DGCA) and in subsequent audits also they had reminded the India government said Rajan Mehra, MD, Universal Aviation USA, Former Head - Qatar Airways, Finnair, Asiana Airlines in an interview with Shereen Bhan on CNBC-TV18.

"It is a sad day for Indian aviation. It turns the clock back by several months and it is more so regrettable because Indo-US aviation relations were at an all-time high," said Mehra.

According to him, it is bound to not only impact Air India and  Jet Airways but also future projects like Tata-SIA and other airlines that are planning to fly to US. They will have to slowdown their plans he said.

Also the code sharing pacts will be impacted because the FAA strictly goes by its guidelines. "I would be surprised if it didn't affect the Jet-United alliance," said Mehra.

Below are the excerpts Rajan Mehra, MD, Universal Aviation USA, Former Head - Qatar Airways, Finnair, Asiana Airlines interview with Shereen Bhan on CNBC-TV18.

Shereen: How bad is this going to be as far as Indian carriers operating to the US are concerned specifically Air India?

A: It is a sad day for Indian aviation. It turns the clock back by several months and it is more so regrettable because Indo-US aviation relations were at an all time high.

In October Indo-US summer it was attended by almost all the top government leaders of the US aviation as well as from the Indian side by the secretary civil aviation, by the DGCA, by the Airport Authority Director. So, the timing is extremely bad. It makes sure that future projects like the Tata-SIA and other airlines that are planning to go to the US have to slowdown and out on the backburner some of their plans. It is extremely unfortunate.

It will impact Air India, it will impact Jet Airways. Although Jet has an alliance with United Airlines already it would be very interesting to see what happens next.

Shereen: As far as the FAA is concerned it says that code sharing pacts will be impacted because of this downgrade to Category-II. However when we put that question to the civil aviation minister he said that he doesn't believe code sharing pacts will be impacted at all. What is your take?

A: I think it will be impacted. The FAA goes strictly by its guidelines and even if they wanted to I am not too sure they would make an exception in the case of Jet Airways. It would be interesting to see what happens but I would be surprised if it didn't affect the Jet-United alliance.

Shereen: The real victim here is going to be Air India because they are the ones operating 28 flights from India to the US. Jet has 7. You mentioned Tata-SIA and all of that but they haven't even gotten started and Ajit Singh believes that we will be compliant by March or at least we hope to be compliant by March. However the real victim and the real tragedy here is for Air India, is it not?

A: The civil aviation minister is so positive that six months is all it needs. However we must not forget that this has been going on since 2009. In the 2009 audit, FAA had nudged India on the extreme shortage of safety inspectors with the DGCA and in subsequent audits that they did they reminded the India government. It is not something which has come out of the blue.

In the last five years the government has not really been able to put its act together. They have not been able to hire the safety inspectors that were required by DGCA. So, to imagine that all this would happen in the next six months I think it is extremely optimistic.

 KC Singh, Former Secretary at The External Affairs Ministry also spoke on impact on outlook for Indian aviation sector . For more click on the videos.

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