Tata Crucible: The Campus Quiz 2014

Find out who won Tata Crucible Campus Quiz 2014 Ahmedabad finals.

Find out who won Tata Crucible Campus Quiz 2014 Ahmedabad finals.

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Relieved TDSAT has recognised legitimacy of operators: COAI

Rajan Mathews The Director General of Cellular Operators Association Of India (COAI) said he is relieved that TDSAT has recognised the legitimacy of the operators and has recognised the claim to intra-circle roaming

In what came as a big relief for most telecom majors in India, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) ruled in favour of intra-circle 3G roaming (ICR).

Commenting on the above ruling,  Rajan Mathews The Director General of Cellular Operators Association Of India (COAI) said he is relieved that TDSAT has recognised the legitimacy of the operators and has recognised the claim to intra-circle roaming.

He hopes that the operators will be able to continue from where they had stopped.

Airtel , Vodafone India, and  Idea Cellular entered into ICR in those circles where they didn't own the spectrum and shared the 3G spectrum.

Transcript to follow soon

Bharti Airtel stock price

On April 30, 2014, at 09:24 hrs Bharti Airtel was quoting at Rs 341.80, up Rs 6.65, or 1.98 percent. The 52-week high of the share was Rs 373.50 and the 52-week low was Rs 274.50.

The company's trailing 12-month (TTM) EPS was at Rs 14.07 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 24.29. 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 2.52.

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FinMin, DIPP to meet on HDFC Bank FDI proposal on Tue

Officials of the Finance Ministry and the DIPP will meet tomorrow to deliberate on the proposal to raise the overseas shareholding limit in HDFC Bank.

Officials of the Finance Ministry and the DIPP will meet tomorrow to deliberate on the proposal to raise the overseas shareholding limit in HDFC Bank.

The meeting of senior officials of the Department of Economic Affairs and the Department of Industrial Policy and Promotion (DIPP) would examine the bank's proposal and decide on whether the 22.64 per cent stake of parent entity  HDFC Ltd is foreign investment or not, sources said.

According to sources, if the proposal of the bank to raise foreign investment to 67.55 per cent is accepted, it would exceed the cap of 74 per cent, after taking into account parent HDFC Ltd's stake.

HDFC Ltd, which is 75.71 per cent owned by FIIs, and associate companies hold 22.64 per cent in HDFC Bank . Their investments in HDFC Bank were made before 2009, when the government came out with norms to calculate the level of foreign investment in companies.

"Downstream investment by HDFC Ltd prior to 2009 in HDFC Bank would be deemed as FDI in case there is any change in the shareholding pattern after the cut-off year," they said.

Last week, FIPB did not take up HDFC Bank's proposal.

HDFC Bank had approached the Foreign Investment Promotion Board (FIPB) in the latter half of 2013 to increase the foreign holding in the bank to 67.55 per cent from 49 percent.

Also Read: RBI unsupportive of HDFC Bank's plea to raise FII holding

HDFC Bank stock price

On April 29, 2014, at 09:20 hrs HDFC Bank was quoting at Rs 725.85, up Rs 0.55, or 0.08 percent. The 52-week high of the share was Rs 760.50 and the 52-week low was Rs 528.00.

The company's trailing 12-month (TTM) EPS was at Rs 35.34 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 20.54. The latest book value of the company is Rs 186.31 per share. At current value, the price-to-book value of the company is 3.90.

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Nokia names Rajeev Suri as new CEO

Suri, 46, until now led Nokia Solutions and Networks (NSN), the smaller network equipment unit of Nokia when the company still made mobile phones.

Rajeev Suri will become the new chief executive of Finnish telecommunications gear maker Nokia , the company said on Tuesday, confirming what analysts had expected.

Suri, 46, until now led Nokia Solutions and Networks (NSN), the smaller network equipment unit of Nokia when the company still made mobile phones.

Nokia finalised the 5.4 billion euro (USD 7.5 billion) sale of its struggling mobile phone business to Microsoft on Friday.

Last year, of the 12.7 billion euro turnover from Nokia's continuing operations, 11.3 billion came from NSN. Navigation unit HERE accounted for 914 million and its patent unit, dubbed advance technologies, 529 million.

(USD 1 = 0.7227 Euros)

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Essar Energy minority investors appeal to Indian, UK govts

Listed in London, 78 percent stakes in the Essar Energy is held by the Essar Group. The Ruia family controlled Indian conglomerate has offered 70 pence per share for the 22 percent of Essar Energy it does not own.

Minority investors in Essar Energy, operating UK's second-biggest oil refinery, have appealed to the Indian and British governments to intervene to prevent a forced takeover by its majority owner at a price they claim undervalues the company.

Listed in London, 78 percent stakes in the Essar Energy is held by the Essar Group. The Ruia family controlled Indian conglomerate has offered 70 pence per share for the 22 percent of Essar Energy it does not own.

Other Essar Energy shareholders and independent directors say the figure is too low - but because the majority owner controls more than 75 per cent of the shares it is in a position to push through the delisting.

Robert Hingley, director of investment affairs at the Association of British Insurers (ABI), wrote to India's High Commissioner in London Ranjan Mathai and British business minister Vince Cable regarding the issue on April 23.

Copies of Hingley's letters were released to the media today.

In his letter, Hingley said the forced delisting of Essar Energy would cause "real damage to the integrity of the UK market and to the reputation of Indian companies more generally."

The minority shareholders have also hired US law firm Skadden Arps to advise them.

Essar Energy's business interests span power and oil sectors in India. It operates Britain's second-biggest oil refinery, Stanlow, in northwest England.

The ABI's intervention comes after the findings of an independent committee of directors of Essar Energy on an offer that said it "materially undervalues Essar Energy and its future prospects."

Standard Life Investments, a top-five shareholder, has described the bid as "cynical opportunism." PTI AK

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Shriram Capital eyes inorganic route for growth

With Ajay Piramal on board as an investor, financial services company Shriram Capital is looking at a possible shift in strategy in favour of more acquisitions to expand its businesses, a top group official has said.

As a group, Shriram had a "hand-to-mouth" existence when it came to capital, and depended for internal accruals and money from private equity funds for growth, its group director G S Sundararajan said.

" With the investment from the Piramals , our outlook and approach to growth and exploring new horizons will change. We will be more open for acquisitions," he told PTI .He, however, stressed that as a group, Shriram Capital is never "enamoured" by inorganic growth opportunities and this philosophy will continue.

Among its businesses, Sundararajan hinted the housing finance arm, under Shriram City Union Finance, is looking for high growth opportunities and may scout for possible acquisition targets in order to grow the book and presence.

"Any business which is not large enough is a very good opportunity and we may look at such offerings," he said, without giving any further details on the strategy. Apart from the acquisitions, Shriram will also focus on entering newer businesses which may be aligned to the current ones, he said.

Earlier this month, Piramal picked up 20 percent stake in Shriram Capital for Rs 2,014 crore, the holding company housing the transport, small business, gold, housing finance businesses as also the insurance verticals. Gradually, the plan is to have Shriram, Piramal and South African Group Sanlam as equal partners in the venture. Sundararajan said this depends on how private equity firm TPG sells its stake in the holding company, but did not give any timelines for the same.

"Shriram has a history of building business and scaling them up, in Sanlam we have a strategic partner of global repute, while getting Piramal on board helps the company have a entrepreneur of repute," he said. While Shriram will continue the day-to-day management of the businesses, Piramal will engage more at the board level, Sundararajan said, asserting that there will not be any change in the management of the businesses.

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YT: Uber betting big on India

Uber launched by Silicon Valley Maverick Travis Kalanick. Uber's application has become quite popular in the high-end radio cab market. This week Uber went live in Mumbai and did so with style offering free rides to senior citizens to help them caste their votes, just as they did in Delhi, Mumbai, Bangalore, Chennai and Hyderabad.

Uber launched by Silicon Valley Maverick Travis Kalanick. Uber's application has become quite popular in the high-end radio cab market. This week Uber went live in Mumbai and did so with style offering free rides to senior citizens to help them caste their votes, just as they did in Delhi, Mumbai, Bangalore, Chennai and Hyderabad.

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YT: Elections 2014, the Know Your Vote way!

Know Your Vote focuses on educating the youth to make informed decisions, spread political awareness and demand accountability from the government.

Know Your Vote launched by Dhruv Sarin in 2010, focuses on educating the youth to make informed decisions, spread political awareness and demand accountability from the government. Having reached at over one lakh individuals through social media platforms and campaigns, this largely self funded venture has already won awards from its unique business model and received a seed funding grant from the Ashoka Foundation.  

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Here's why investors are shying away from Tilaknagar Ind

The five-year old battle with Dutch liquor maker Herman Jansen over its flagship brand, Mansion House Brandy, is costing liquor-maker Tilaknagar Industries  dearly. This is driving Tilaknagar to find a resolution as the scuffle is keeping investors at bay.

Tilaknagar Industries' Rs 650-crore rupee debt burden could have been easily dealt with, if an investor could be roped in. But for the last 5 years, the company has been locked in a war with Dutch liquor maker Herman Jansen over the rights to flagship brand Mansion House Brandy and despite Tilaknagar's deeply-discounted valuations, this battle has kept investors away. A pity, since investor interest has spiked since the USL-Diageo deal .

Here's the story so far: In 1983, Herman Jansen entered into a licensing agreement with Tilaknagar to produce and distribute Mansion House brandy in India. Four years later, it ceded control of the brand to Tilaknagar. But in 2008, Herman Jansen reclaimed its rights over the brand, saying the agreement with Tilaknagar had expired in 2007.

A court battle ensued and although the Bombay High Court ruled in Tilaknagar's favour in 2011, Herman Jensen appealed the verdict and the appeals process is still underway.

For Tilaknagar, the cost goes beyond reputation. Between March 2013 and March 2014, FIIs have slashed their shareholding in the company from 15 percent to 8 percent.

Experts say given the legal battle, Tilaknagar's discussions with PE players may also not bear fruit.

Deepak Ladha, ED, Ladderup Corporate Advisory says, "Even if PEs come in the overhand of ownership continues and there will always be uncertainty about who owns the brand, because 70% revenues come from these brands. So if you have an overhang, I'm not sure sure how many PEs would look at it."

The legal impasse is now pushing it to hunt for an out-of-court settlement.

Amit Dahanukar, CMD, Tilaknagar Industries says, "We are always open to mutually acceptable resolution of the dispute. We have no interest in litigation. Litigation is a compulsion and not desirable."

Tilaknagar says it has options on this front, but is not inclined towards any one. Experts say these options include making a cash payment to Herman Jensen or striking a royalty agreement with it or even selling a stake to the Herman Jansen-Allied Blender's joint venture that was formed in 2013.

Allied Blenders that has been trying to acquire Tilaknagar has reportedly bought a 50 percent stake in Mansion House Brandy, globally, from Herman Jansen.

But here's the twist. While Tilaknagar agrees it is negotiating with Allied Blenders for a stake sale, it says reports of a joint venture between Herman Jansen and Allied Blenders is speculation, as the rights to the Mansion House Brandy have not been transferred to any joint venture.

Tilaknagar Ind stock price

On April 17, 2014, Tilaknagar Industries closed at Rs 63.50, up Rs 0.05, or 0.08 percent. The 52-week high of the share was Rs 74.60 and the 52-week low was Rs 44.85.

The company's trailing 12-month (TTM) EPS was at Rs 4.76 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 13.34. The latest book value of the company is Rs 40.53 per share. At current value, the price-to-book value of the company is 1.57.

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LT gets Rs 4,510 cr order from Doha metro project

Engineering and construction firm Larsen and Toubro has received a USD 740 million (approx Rs 4,510) order from Qatar Railways Company for the design and construction of the Gold Line of the Doha metro project.

Engineering and construction firm  Larsen and Toubro has received a USD 740 million (approx Rs 4,510) order from Qatar Railways Company for the design and construction of the Gold Line of the Doha metro project.
     
L&T was among the five firms that forged a joint venture to bid for the project. The total order awarded to the JV is valued at USD 3.3 billion, but the share of L&T Construction's Heavy Civil Infrastructure business is valued at USD 740 million, L&T said in a statement.

Also Read: Doha win makes us a leading metro systems contractor: L&T
     
Two firms from Turkey and one each from Greece and Qatar had formed the joint venture.
     
"This order, close on the heels of Riyadh Metro order, has been won in the face of stiff global competition and reflects the growing confidence of clients in L&T's capability to handle mega projects in the Middle East," said S N Subrahmanyan, L&T's Senior Executive VP (Infrastructure and Construction).
     
The Doha metro project is scheduled to be completed in 54 months. The contract includes the design and construction of twin tunnels for a length of 11 km and 9 underground metro stations including architectural finishes and mechanical, electrical and plumbing works," L&T said.
     
The project is among the main infrastructure projects of national interest as per the Qatar National Vision 2030.
     
"We are very seriously pursuing our programme of internationalisation and such orders go a long way in opening the doors to new geographies and opportunities," Subrahmanyan said.

Larsen stock price

On April 25, 2014, Larsen and Toubro closed at Rs 1350.80, down Rs 26.5, or 1.92 percent. The 52-week high of the share was Rs 1387.85 and the 52-week low was Rs 678.10.

The company's trailing 12-month (TTM) EPS was at Rs 51.37 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 26.3. The latest book value of the company is Rs 272.53 per share. At current value, the price-to-book value of the company is 4.96.

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India plant unlikely to be part of Microsoft deal: Nokia

Nokia will instead operate the factory as a contract manufacturing unit for Microsoft after the deal, a spokeswoman for the Finnish company's Indian unit said on Thursday.

Nokia said that due to an ongoing tax dispute, its Indian mobile phone handset plant was unlikely to be included in a deal due to be concluded on Friday for the sale of its global handset business to Microsoft.

Nokia will instead operate the factory as a contract manufacturing unit for Microsoft after the deal, a spokeswoman for the Finnish company's Indian unit said on Thursday.

"It's highly unlikely that the plant will transfer, given that the (deal) closing with Microsoft is tomorrow," the spokeswoman said. "If the asset doesn't get transferred, we are entering into a service agreement with Microsoft."

Also Read: Nokia Chennai unit may become contract manufacturing plant

Nokia has yet to agree to conditions set by an Indian court, including payment of a guarantee for potential tax dues in a dispute with Indian authorities, before it transfers the plant to Microsoft. The plant, which Nokia says employs about 6,600 employees, is one of its biggest factories globally.

Nokia this month offered a voluntary retirement scheme to factory employees.

Nokia lawyers have previously told the Delhi High Court that the company can run the plant as a contract manufacturer in case it is not allowed to be transferred to Microsoft, but not beyond 12 months after closing their 5.4 billion euros (USD 7.5 billion) global deal.

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'NTT DoCoMo to exit India, unload full stake in Tata Tele'

NTT DoCoMo will make a formal decision at a board meeting on Friday, the sources said.

Japan's NTT DoCoMo Inc will unload its 26.5 percent stake in loss-making Indian mobile phone joint venture  Tata Teleservices Ltd and exit the country as it struggles with tough price competition, sources familiar with the matter said on Friday.

NTT DoCoMo will make a formal decision at a board meeting on Friday, the sources said.

Also Read: Micromax starts manufacturing smartphones in India

An NTT DoCoMo spokesman said the company was considering various options for its overseas operations but that nothing had been decided.

Japan's top operator of mobile phone services is expected to book about 80 billion yen (USD 780 million) in related losses in the financial year ended on March 31, results of which are due to be announced at 3 p.m. (0600 GMT), the sources said.

NTT DoCoMo invested 266.7 billion yen in Tata Teleservices in 2009. The company ranks seventh in India with 63 million subscribers as of the end of March.

(USD 1 = 102.2350 Japanese Yen)

TataTeleservice stock price

On April 25, 2014, at 09:25 hrs Tata Teleservices (Maharashtra) was quoting at Rs 8.24, up Rs 0.19, or 2.36 percent. The 52-week high of the share was Rs 9.31 and the 52-week low was Rs 4.38.

The latest book value of the company is Rs -8.88 per share. At current value, the price-to-book value of the company was -0.93.

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RBI panel moots centralised bill payment system

The RBI has sought comments on the Report of the GIRO Advisory Group till May 25.

An RBI panel today made a case for centralised bill payment system catering to different financial instruments, like cheques, debit cards and mobile banking.

"In order to ensure uniform and efficient implementation of operations of the bill payments system in the country, standards have to be set for process standards, business standards for establishing the relationship between all entities, and information exchange standards for transactions as well as settlements," it said.

The RBI has sought comments on the Report of the GIRO Advisory Group till May 25.

This centralised bill payments system, it said will provide accessible services across all parts of the country through a strong network of operational units/agents who will ensure in making this service accessible in urban as well as rural areas.

The report further said the standard setting role/function has to be distinct from the operational aspects of the bill payments system.

"It is, therefore, recommended that the bill payments system follow a 'tiered structure' - the standard setting functions being carried out by a central body / agency (to be named as Bharat Bill Payment System - BBPS) with actual operations being carried out by multiple entities," it added.

Currently, the payment system in the country offers a variety of payment instruments to the public, like cheques and various e-payment modes in the form of credit cards, debit cards, pre-paid payment instruments (including mobile wallets) issued by both banks and authorized non-bank entities.

In the context of bill payments, the payment delivery channels available to customers and consumers include bank branches, business correspondents, ATMs, mobile banking, internet banking, among others.

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Believe we can do corruption-free business in India: SAAB

Speaking to CNBC-TV18's Ronojoy Banerjee in Stockholm in Sweden home to the company's headquarters chairman of SAAB India said that while it wants to invest and transfer technology it would not do so will government allows at least 49 percent cap.

If that would be the only way for us to function in India we would leave.

Lars-Olof Lindgren

Chairman

SAAB India

Swedish defence giant SAAB has ruled out heavy investments in India until the government allows a higher FDI cap from the current 26 percent.

Speaking to CNBC-TV18's Ronojoy Banerjee in Stockholm in Sweden home to the company's headquarters chairman of SAAB India said that while it wants to invest and transfer technology it would not do so will government allows at least 49 percent cap.

"The Indian government puts a lot of efforts into creating processes to make it difficult for corruption. However, you can never 100 percent exclude these risks as we have seen in this case

In our policy it is 100 percent zero tolerance or 100 percent clean. The only reason if we would leave India would be that we realize we cannot do business without corruption. The jury is still out. However I believe we can stay in India. I think we can do business without corruption but it is a very serious mater you are bringing up," Lars-Olof Lindgren told the channel.
 
He also said that on back of the cancellation of Augusta Westland deal SAAB is worried about corruption issues and said the Swedish giant would exit India if it feels the only way to do business is through corruption.

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HAL Offshore to buy Technip's majority stake in Seamec

The deal involves sale of shares at Rs 97 a apiece. At this price, HAL Offshore has to shell out Rs 247 crore for 75 percent of Technip in Seamec.

French EPC major in the oil sector Technip today said it has decided to divest majority of its stake in Seamec to HAL Offshore for up to Rs 246.62 crore.

The stake in Seamec  is held by Technip's fully-owned subsidiary Coflexip Stena Mauritius.

The company is planning to sell anything between 51 and 75 percent of its stake in Seamec, Technip said in a statement.

It added that the deal involves sale of shares at Rs 97 a apiece. At this price, HAL Offshore has to shell out Rs 247 crore for 75 percent of Technip in Seamec.

Seamec is a leading provider of diving support vessel based diving services globally.

Also read:  India's 2013/14 fuel demand growth slowest in over a decade

Technip employs nearly 3,000-strong workforce in the country, focusing on onshore and offshore technologies and projects so as to grow in the exciting deepwater subsea sector.

The divestment is a part of Technip's strategy to concentrate on its core competencies involving deepest subsea complex, deepwater oil and gas developments.

HAL Offshore is an end to end solution provider of underwater services and EPC services to the domestic oil and gas industry. It owns two multi-purpose supply & support vessels and part of the MM Agrawal group, which is into bottling and marketing of soft drinks under license from Coca-Cola, hospitality, realty.

Technip is a world leader in project management, engineering and construction for the energy industry.

Ambit Corporate Finance is the exclusive financial adviser to Technip on the transaction.

Seamec stock price

On April 23, 2014, at 09:24 hrs Seamec was quoting at Rs 103.00, up Rs 3.45, or 3.47 percent. The 52-week high of the share was Rs 116.60 and the 52-week low was Rs 38.10.

The latest book value of the company is Rs 138.87 per share. At current value, the price-to-book value of the company was 0.74.

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GSK slashes price of Crocin tablets across India by 50%

GlaxoSmithKline Asia is reducing price of Crocin Advance Paracetamol Fast Release 500 mg tablet to conform to the price notified under DPCO, 2013 with immediate effect.

GlaxoSmithKline Asia (GSKAP) has slashed the price of fever and pain-relief pill Crocin Advance tablets across the country by around 50 percent in order to conform to the price notified under DPCO, 2013.

GSKAP, which takes care of all non-nutrition products, has decided to reduce the price of the drug after getting a response from National Pharmaceuticals Pricing Authority (NPPA) on the application seeking exemption for Crocin Advance Paracetamol Fast Release 500 mg tablet under the provisions of the Drugs Price Control Order (DPCO), 2013.

" GSKAP is reducing price of Crocin Advance Paracetamol Fast Release 500 mg tablet to conform to the price notified under DPCO, 2013 with immediate effect ," GSKAP said in a statement.

Also read:  GSK-Novartis global deal won't impact India business: GSKCH

GSKAP takes care of all non-nutrition products whereas GSK Consumer Healthcare  is a listed entity which deals only in nutritional products.

From now onwards, Crocin Advance 500mg tablet will be supplied with price revision, the company said.

"Other variants of Crocin continue to be available for consumer consumption. GSKAP has been and will continue to be compliant with law of the land," it added.

Currently, Crocin Advance fast release 500 mg is priced at Rs 30 for a strip of 15 tablets, while the price of paracetamol 500 mg - the drug molecule - is capped by NPPA at 94 paise for a tablet, or around Rs 14 for a strip of 15.

GSK had stopped manufacturing Crocin in September 2012. It had then launched the variant 'Crocin Advance' at a higher price, claiming that it was an innovative product.

The other variants of Crocin sold include Crocin 650, Crocin Cold and Flu Max, Crocin Drops and Crocin Suspension.

GlaxoSmith Con stock price

On April 22, 2014, GlaxoSmithKline Consumer Healthcare closed at Rs 4357.60, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs 6020.00 and the 52-week low was Rs 3645.00.

The company's trailing 12-month (TTM) EPS was at Rs 119.62 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 36.43. The latest book value of the company is Rs 443.23 per share. At current value, the price-to-book value of the company is 9.83.

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Workers at Toyota's India plants to resume work today

Many unionised workers at Toyota's two plants near Bangalore, capital of Karnataka, had refused to return to work despite the ending of a lockout last month over a pay dispute.

Striking workers at Toyota Motor Corp's Indian plants will return to work from Tuesday, a union official said on Monday, after the Karnataka government ordered the company and the union to restore normal operations.

Many unionised workers at Toyota's two plants near Bangalore, capital of Karnataka, had refused to return to work despite the ending of a lockout last month over a pay dispute.

The Indian unit of the Japanese auto maker, Toyota Kirloskar Motor Private Ltd (TKM), had required workers to sign a good conduct agreement before returning to work, which many employees refused to do.

Workers can now resume work without signing the undertaking, the union's general secretary R. Satish said. The wage dispute has been referred for adjudication. The union is also demanding that the company reinstate some suspended workers.

A Toyota India representative did not respond to a call seeking comment.

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India's 2013/14 fuel demand growth slowest in over a decade

India's local fuel sales increased at their slowest pace in more than a decade in the year to March, reflecting the sluggish growth of its economy and manufacturing activity.

India's economic growth has almost halved to below 5 percent in the past two years on weak investments and consumer demand, the worst slowdown for the south Asian nation since the 1980s.

Local oil product sales, a proxy for oil demand in the world's fourth-largest oil consumer, rose 0.7 percent to 158.2 million tonnes in fiscal year 2013/14, according to the data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry.

It was the slowest pace of growth since a 0.4 percent rate was registered in 2001/02.

Diesel consumption, which accounts for over 40 percent of local fuel sales, declined 1 percent in the year, its first fall in more than a decade, the data showed.

Higher rainfall and improved power supply curbed demand for diesel from farmers, who use it to power irrigation equipment.

A sustained rise in retail diesel prices narrowed the gap with prices of gasoline. Gasoline consumption grew by 8.8 percent in the year, despite declining vehicle sales.

Sales of trucks and buses, which mostly run on diesel, declined about a fifth in the year due to a weak economy and high interest rates.

In March, India consumed 0.8 percent more refined products than in the same month of 2013, the data showed, helped by higher sales of cooking gas after the government raised the cap on the number of subsidised gas cylinders allowed per household.

India shipped in about 3.81 million barrels per day (bpd) of crude oil in 2013/14, a growth of 2.6 percent over the previous year. In March, imports declined 1 percent to 3.5 million bpd, the data showed.

Both imports and exports of oil products declined 4.6 percent in March versus the same month a year ago, the data showed.

The data for imports and exports is preliminary, because private refiners provide data at their discretion.

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Realty developers banking on post-election stable govt

The real estate industry, which has been going through a rough patch for the last few years, believes that a stable government after the ongoing national elections will revive the investment sentiment, a report said.

"The real estate sector is holding its breath for the potential optimism which is expected to boost investment sentiments. The next government's economic and employment policies will be key drivers to growth in the real estate sector for the next five years," Jones Lang LaSalle's Ramesh Nair said in a report.

"The business community is looking at a stable government with a new Prime Minister and a new Finance Minister. As an industry, we have been bringing to fore the need to address the issue of housing on a war-footing.

"The new Prime Minister and Finance Minister will decide the future and we expect positive things to take place in the coming years," Rustomjee group chairman Boman Irani said. According to experts, investment sentiment in the realty sector is likely to improve post-elections.

The country received less than 1 percent of total USD 130 billion invested in the real estate sector in the Asia Pacific region in 2013.

"Fence-sitting investors and home buyers will remain spectators during this election season. Election results do not make or break a market, but they are likely to reinstate confidence and uplift home buyers' sentiment. Post-elections,
if the road to recovery is unhindered, property buyers may very well re-enter the market in good numbers," Nair said.

ASK group managing director Sunil Rohokale said, "Investors, both domestic and global, want to invest in the real estate in the country, but due to lack of clarity on
policy front and challenges on supply side they are deferring their decisions.

"The new government will have to deal with increase in governance in asset class and bring in ease of investment and exits. We believe we will have a stable government which will address these issues."

Shriram Properties managing director M Murali said, "We have seen the Ahmedabad development model. It is necessary that such models are replicated in other parts of the country as well. We believe once we get a stable government, the sector will see a boom."

He, however, maintains that with the boom, the sector needs to regulate itself and should not wait for any regulatory bill to govern it.

"The government will also have to take steps to ensure effective implementation of the various reforms and policies formed by the outgoing government," Murali said, adding "policies related to land acquisition, rehabilitation, clearances, real estate regulation bill should be implemented efficiently".

Industry experts, however, believe the real impact of any changes will not reflect for at least another one year.

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More and more cos hiring via social media: Experts

Sectors like IT, ITES, banking and financial have been recruiting across levels using this platform.

The social media has moved rapidly from being 'purely social' to a 'business tool' as more and more companies are now using the platform to recruit the right people for specific jobs and this trend is expected to grow by about 50 percent this year from 2013, according to experts.

"In day-to-day busy schedules, people only get social media platform to know about what is happening in the industry and their social network and they also update about their own status and change of roles. This trends began almost in 2010, and is growing by 50 percent every year," leading executive search firm GlobalHunt Managing Director Sunil Goel told PTI.

Also Read: Hiring activity stable in March, up 12% Y-o-Y: Naukri

Most of the updates, he opined, gives the recruiter an information link to reach to the right people for the specific job of for their client companies. "Mid and senior-level professionals do not want to project themselves as easily available resources but by putting up their resume in job portals or an agency makes them easily available resources, which affects their role and compensation negotiations," he added.

Sectors like IT, ITES, banking and financial have been recruiting across levels using this platform, he said. However, even FMCG, manufacturing, power and energy, retail, automobile are also using the social media for mid to senior level hiring, he added.

Career adviser firm Michael Page's India Regional Director Alf Harris said social media is obviously a much-talked about aspect of recruitment and it undoubtedly offers individuals an excellent opportunity to access opportunities and for companies to reach out to talent.

"However, one must keep in mind that social media is part of the recruitment process. Once the recruitment process moves into the assessment cycle, there is limited impact from social media," he said. The advantage of social media is the ability to reach a significant number of people quickly and easily compared to traditional recruitment process, he said.

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Reebok India's comeback strategy

Recovering from the Rs 870 crore scam that hit the sports goods maker Reebok in 2012, it has restructured its business and repositioned the brand. This week, the sportswear brand kicked off a marketing campaign that debuts its new logo, as well as two new brand ambassadors in John Abraham and Nargis Fakhri.

It's been a year of change for Reebok in India. Recovering from the Rs 870 crore scam that hit the sports goods maker in 2012, Reebok has restructured its business and repositioned the brand. This week, the sportswear brand kicked off a marketing campaign that debuts its new logo, as well as two new brand ambassadors in John Abraham and Nargis Fakhri. Here's the MD of Reebok India, Eric Haskell on the company's growth strategy and new positioning.

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Manish Vij recommends an app to help analyse data

On Web Check this week, we have Smile Vun Group's CEO & Founder, Manish Vij, and he is recommending an app that he says will help you analyse data.

On Web Check this week, we have Smile Vun Group's CEO & Founder, Manish Vij, and he is recommending an app that he says will help you analyse data.

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Glenmark pulls 2,900 bottles of ulcer drug in US

Medicines produced in India, which supplies about 40 percent of generic and over-the-counter drugs sold in the United States, have come under increased scrutiny by the Food and Drug Administration over the past year.

Glenmark Pharmaceuticals Ltd  is recalling some 2,900 bottles of its stomach ulcer drug ranitidine in the United States after a foreign tablet was found in one of the bottles.

Medicines produced in India, which supplies about 40 percent of generic and over-the-counter drugs sold in the United States, have come under increased scrutiny by the Food and Drug Administration over the past year.

In the last six months alone, products made by some of India's largest drugmakers, including Ranbaxy Laboratories Ltd ,  Sun Pharmaceutical Industries Ltd and  Dr. Reddy's Laboratories Ltd have been recalled from the United States.

The lot being recalled was manufactured for Glenmark by Shasun Pharmaceuticals Ltd , and the foreign tablet was identified to be metoprolol tartrate, a drug to treat high blood pressure, according to information posted by the FDA on Thursday. The recall began on March 18.

"Corrective actions have been implemented and the recall is limited to only one lot of material," a Glenmark representative said in a statement to Reuters. "Financially, the impact of the recall is very insignificant."

Glenmark stock price

On April 17, 2014, Glenmark Pharma closed at Rs 582.45, down Rs 0.65, or 0.11 percent. The 52-week high of the share was Rs 612.00 and the 52-week low was Rs 467.50.

The company's trailing 12-month (TTM) EPS was at Rs 13.53 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 43.05. The latest book value of the company is Rs 93.03 per share. At current value, the price-to-book value of the company is 6.26.

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Alstom bags Rs 2,500 crore contract from BHEL

Under the contract, Alstom will cooperate with BHEL in designing boilers and supply identified pressure parts of the 660 MW supercritical boilers. It will also assist BHEL with technical advisors during the erection and commissioning of the units.

French power equipment maker Alstom on Friday said it has bagged a 30 million euro contract from state-owned firm  BHEL for setting up a thermal power plant at Jharsaguda in Odisha.

Also Read: BHEL disappoints with its FY14 provisional results

"Alstom has been awarded a contract by BHEL worth close to Euro 30 million (approximately Rs 2,500 crore) for executing the 2x660 MW Banharpalli thermal power project in Odisha," the company said in a statement.

Under the scope of the contract, Alstom will cooperate with BHEL in designing the boilers and supply identified pressure parts of the 660 MW supercritical boilers, the statement said. It will also assist BHEL with technical advisors during the erection and commissioning of the units.

Key components will be manufactured in Alstom's manufacturing facilities in Concordia (USA), as well as in Durgapur (West Bengal).

The first and second units are expected to be commissioned by 2018. "We are pleased to win this contract for which we will provide our leading supercritical power plant solutions," Patrick Ledermann, Vice President of Alstom Thermal Power & Renewable Power in India, said.

Last month, Alstom was awarded a contract worth 85 million euro by BHEL to supply two 800 MW supercritical boilers for Darlipalli super thermal power project located in Sundergarh, Odisha.

BHEL stock price

On April 17, 2014, Bharat Heavy Electricals closed at Rs 181.05, up Rs 5.45, or 3.10 percent. The 52-week high of the share was Rs 207.90 and the 52-week low was Rs 100.35.

The company's trailing 12-month (TTM) EPS was at Rs 19.83 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 9.13. The latest book value of the company is Rs 124.38 per share. At current value, the price-to-book value of the company is 1.46.

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CavinKare and Bharatiya Mahila Bank signs MoU

As per the agreement, the all-women bank will provide a loan amount between 65 to 75 percent of the total project cost with 11.5 to 12.5 percent interest for Green Trends franchises, it added.

Diversified FMCG company CavinKare today announced strategic partnership with country's first all-women Bharatiya Mahila Bank to promote women entrepreneurs in the organised beauty salon industry.

Green Trends, part of CavinKare's salon business unit - Trends In Vogue has signed an MoU with Bharatiya Mahila Bank. Green Trends is planning to exit with 500 salons for this financial year 2014-15 and also introduce a first of its kind Mobile and Online check-in service in the Indian organized salon segment.

As per the agreement, the all-women bank will provide a loan amount between 65 to 75 percent  of the total project cost with 11.5 to 12.5 percent  interest for Green Trends franchises, it added.

It would also give one percent  rebate in the interest rate for the women entrepreneur.

Commenting on the development, Trends In Vogue Business Head R Gopalakrishnan said:" We have been noticing a significant upswing trend of women from various backgrounds entering this beauty salon segment and this MoU with Bhartiya Mahila Bank will further strengthen the support. We expect 40 to 60 percent  of new salons to be owned by women franchisees".

Bhartiya Mahila Bank CMD Usha Ananthasubramanian said:" We see a tremendous potential in the Indian beauty industry for women to establish themselves as entrepreneurs".

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MCX-SX extends rights issue till April 30

MCX Stock Exchange (MCX-SX), facing legal battles, today extended the subscription period for its rights issue till April 30, citing a request from banks.  The response to the rights issue has been encouraging and the exchange has started receiving funds on account of the same, a release from the troubled exchange said, adding the subscription period has been extended to April 30.

"The shareholding banks need to seek clearance from their investment committees, the board and RBI. This is a time consuming process and a few banks have requested the exchange to extend the deadline of subscription to the rights issue," it said. An exchange official said the company will mainly focus on the currency derivatives segment now. MCX-SX will be able to generate the necessary funds and rights issue is not the only way to infuse capital into the system.

The exchange is confident of raising Rs 200 crore via rights issue. Beyond that, it has a plan B of preferential placement, strategic investors, mergers, which is for the long term, he added. In the first phase of its fund raising initiative, MCX-SX had announced its rights issue in the ratio of 2:1 equity shares held by the existing shareholders. The exchange plans to mobilise Rs 200-250 crore after the issue.

Also Read: Fin Tech's MCX stake to go to multiple investors, say Sources

Post-rights issue, the exchange plans to rope in new foreign investors as strategic partners. A few international exchanges and large liquidity providers have evinced interest in the Exchange which is a positive development, he said.

The other option on the anvil is a merger with a national or regional stock exchange which is expected to bring in a lot of synergy, consolidation of net worth as well as reduction in cost and increase in volumes, the official said. Many institutional investors earlier preferred to stay away from the rights issue due to FTIL -promoted National Spot Exchange (NSEL) facing Rs 5,600 crore payment crisis, and resignation of MCX-SX Chairman GK Pillai after CBI began an inquiry into the grant of licence to the bourse by Sebi.

FTIL and MCX were among the original promoters of MCX-SX, the country's youngest exchange, and following a restructuring they were shifted to public shareholder category. The newly-appointed MCX-SX management has taken a slew of measures to improve the balance sheet. These include negotiating technology agreements with vendors and temporary suspension of the liquidity enhancement scheme.

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Labour woes hit Bajaj Auto; workers to strike from Apr 28

The workers have demanded they be given 500 shares of the company for Rs 10 each.

Labour trouble seems to plague  Bajaj Auto yet again. The auto major's 850 permanent workers at Chakan plant have announced an indefinite strike effective April 28.

The workers have demanded they be given 500 shares of the company for Rs 10 each.

As per the company's closing share price, the value of the shares stands at Rs 10 lakh which the Union hopes to get for Rs 5,000. However Bajaj Auto has said that they will steadfastly oppose the demand.

Bajaj Auto stock price

On April 16, 2014, Bajaj Auto closed at Rs 2000.40, down Rs 5.45, or 0.27 percent. The 52-week high of the share was Rs 2193.85 and the 52-week low was Rs 1683.35.

The company's trailing 12-month (TTM) EPS was at Rs 112.15 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 17.84. The latest book value of the company is Rs 273.08 per share. At current value, the price-to-book value of the company is 7.33.

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SpiceJet introduces another low fare offer

The cities from where the travellers can avail the special scheme include Ahmedabad, Aurangabad, Goa, Indore, Mumbai, Pune and Surat.

The fare war started by budget carrier  SpiceJet in January that led to cuts by other domestic players remains unabated with the Kalanithi Maran promoted- airline now coming up with another low fare offer from select cities.

The low fares offered by SpiceJet, which vary from city to city, are available for travel between June 10 and August 10 this year with a three-day booking window starting from today, according to the information published on SpiceJet website.'

The cities from where the travellers can avail the special scheme include Ahmedabad, Aurangabad, Goa, Indore, Mumbai, Pune and Surat. This is the seventh discounted sale offer and the second regional sale offer that the Gurgaon-based carrier has announced this year. In January, SpiceJet had offered upto 75 percent discount on its ticket prices.

Also Read: Why SpiceJet believes its fare war is 'good for industry'

SpiceJet stock price

On April 17, 2014, at 09:24 hrs SpiceJet was quoting at Rs 16.91, up Rs 0.26, or 1.56 percent. The 52-week high of the share was Rs 43.75 and the 52-week low was Rs 12.50.

The latest book value of the company is Rs -3.50 per share. At current value, the price-to-book value of the company was -4.83.

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Four names shortlisted for FTIL stake sale in MCX

While the Kotak Group is expected to be front runner for the same, a final agreement can be expected by April 25.

The deadline is nearing for  Financial Technologies to sell 24 percent stake in MCX. Sources tell CNBC-TV18 that the MCX stake sale has reached its second stage.

Four names have been shortlisted for the next process. While the Kotak Group is expected to be front runner for the same, a final agreement can be expected by April 25.

Financial Tech stock price

On April 16, 2014, at 09:20 hrs Financial Technologies was quoting at Rs 361.40, up Rs 1.00, or 0.28 percent. The 52-week high of the share was Rs 870.30 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 7.22. 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 0.62.

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Smartphone makers, carriers embrace anti-theft initiative

The 10 device makers signing the voluntary agreement included Apple Inc, Samsung Electronics Co Ltd, Google Inc and HTC America Inc. The wireless carriers included Verizon Communications Inc, AT&T Inc, Sprint Corp, T-Mobile US Inc and US Cellular.

Major US wireless carriers and smartphone makers have agreed to introduce tools to enable users to lock their devices and wipe them clean of data if stolen, responding to pressure on the telecommunications industry to do more to stem theft.

Starting in July 2015, all smartphones manufactured by the companies will come with free anti-theft tools preloaded on the devices or ready to be downloaded, according to wireless association CTIA, which announced the agreement on Tuesday.

New York Attorney General Eric Schneiderman and San Francisco District Attorney, George Gascon welcomed the voluntary agreement but said it fell short of what they have advocated to prevent theft.

Also read:  Samsung, Apple have margins on their minds in mass-market

The prosecutors have urged manufacturers and carriers to carry the tools as a default in their devices, rather than having users download them.

"While CTIA's decision to respond to our call for action by announcing a new voluntary commitment to make theft-deterrent features available on smartphones is a welcome step forward, it falls short of what is needed to effectively end the epidemic of smartphone theft," the prosecutors said in a joint statement.

In 2012, 1.6 million Americans were victimized for their smartphones, according to Schneiderman's office.

The 10 device makers signing the voluntary agreement included Apple Inc, Samsung Electronics Co Ltd, Google Inc and HTC America Inc. The wireless carriers included Verizon Communications Inc, AT&T Inc, Sprint Corp, T-Mobile US Inc and US Cellular.

"This flexibility provides consumers with access to the best features and apps that fit their unique needs while protecting their smartphones and the valuable information they contain," said Steve Largent, chief executive of the CTIA.

The agreement extends individual decisions by Apple and Samsung to include features in their new mobile software that require a legitimate owner's ID and password before a phone can be wiped clean or re-activated after being remotely erased.

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Google unveils email scanning practices

The revisions more explicitly spell out the manner in which Google software scans users' emails, both when messages are stored on Google's servers and when they are in transit, a controversial practice that has been at the heart of litigation.

Google Inc updated its terms of service on Monday, informing users that their incoming and outgoing emails are automatically analyzed by software to create targeted ads.

The revisions more explicitly spell out the manner in which Google software scans users' emails, both when messages are stored on Google's servers and when they are in transit, a controversial practice that has been at the heart of litigation.

Last month, a US judge decided not to combine several lawsuits that accused Google of violating the privacy rights of hundreds of millions of email users into a single class action.

Users of Google's Gmail email service have accused the company of violating federal and state privacy and wiretapping laws by scanning their messages so it could compile secret profiles and target advertising. Google has argued that users implicitly consented to its activity, recognizing it as part of the email delivery process.

Also read:  Will social media be a game changer for India elections?

Google spokesman Matt Kallman said in a statement that the changes "will give people even greater clarity and are based on feedback we've received over the last few months."

Google's updated terms of service added a paragraph stating that "our automated systems analyze your content (including emails) to provide you personally relevant product features, such as customized search results, tailored advertising, and spam and malware detection. This analysis occurs as the content is sent, received, and when it is stored.

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Google to buy drone-maker Titan Aerospace

The deal could further Google's efforts to deliver Internet access to remote regions of the world. Last year Google launched a small network of balloons designed to deliver Internet access over the Southern Hemisphere, dubbed as Project Loon.

Google Inc has acquired solar-powered drone maker Titan Aerospace as the Web search giant ramps up plans to deliver wireless Internet access to remote parts of the world.

Titan Chief Executive Vern Raburn declined to provide information on the price of the deal, which he said closed on Monday morning.

The 20-person company will remain in New Mexico for the foreseeable future, Raburn said, with all employees joining Google.

The deal could further Google's efforts to deliver Internet access to remote regions of the world. Last year Google launched a small network of balloons designed to deliver Internet access over the Southern Hemisphere, dubbed as Project Loon.

Also read:  Google unveils email scanning practices

"Atmospheric satellites could help bring internet access to millions of people, and help solve other problems, including disaster relief and environmental damage like deforestation," Google said in an emailed statement confirming the Titan acquisition.

Google's acquisition of Titan comes several weeks after rival Facebook Inc announced plans to build solar-powered drones and satellites capable of beaming Internet access to underdeveloped parts of the world. A few weeks before Facebook's announcement, press reports said that Facebook was in discussions to acquire Titan.

Titan is developing a variety of solar-powered "atmospheric satellites," according to the company's website, with initial commercial operations slated for 2015. The drones, which fly at an altitude of 65,000 feet and can remain aloft for up to five years and have a 165-foot (50-metre) wingspan, slightly shorter than that of a Boeing 777.

News of the acquisition was first reported on Monday by the Wall Street Journal.

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PNB opens 120 branches on 120th Foundation Day

State-owned Punjab National Bank (PNB) has opened 120 new branches across the country to mark its 120th Foundation Day. The bank started its operation on April 12, 1895, in Lahore, now in Pakistan.

State-owned Punjab National Bank  (PNB) has opened 120 new branches across the country to mark its 120th Foundation Day. The bank started its operation on April 12, 1895, in Lahore, now in Pakistan.

"The bank commemorated the momentous day by adding 120 branches across India dedicated to serve the customers. The 120th branch of the bank is located near the birth place of our founding father Lala Lajpat Rai," PNB said in a statement.

On this historic day, the bank launched its PNB Platinum Credit Card with various features including maximum limit of Rs 10 lakh.

PNB stock price

On April 07, 2014, Punjab National Bank closed at Rs 751.35, up Rs 1.80, or 0.24 percent. The 52-week high of the share was Rs 852.15 and the 52-week low was Rs 402.20.

The company's trailing 12-month (TTM) EPS was at Rs 101.28 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 7.42. The latest book value of the company is Rs 902.74 per share. At current value, the price-to-book value of the company is 0.83.

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Clearance delays push RCF's project cost by Rs 500 crore

Rashtriya Chemicals and Fertilizers's project cost for expansion of its urea plant in Maharashtra is likely to shoot-up by Rs 500 crore to about Rs 4,600 crore as the company is yet to receive the government's nod to start the project.

Rashtriya Chemicals and Fertilizers 's project cost for expansion of its urea plant in Maharashtra is likely to shoot-up by Rs 500 crore to about Rs 4,600 crore as the company is yet to receive the government's nod to start the project.

As per the proposal, an ammonia-urea plant will be set up at Thal in Maharashtra with a capacity of 1.27 million tonnes per annum on 200 acres of land. Rashtriya Chemicals and Fertilisers (RCF) had awarded tender for the project to engineering and construction company Tecnimont ICB (TICB) in 2012 for Rs 4,112.50 crore, but construction work on the project did not initiate in last two years.

"Last month, the technology partner TICB had opted out of the project as it became unviable for them on the cost at which it was awarded to them two years back," sources said. Sources added that only last year the project got pre-Public investment Board (PIB) clearance and presently it is stuck at the PIB level.

"RCF is contemplating to issue new tenders inviting bids for the technology partner of the project and as per the estimations, project cost is likely to increase by Rs 500 crore to Rs 4,600 crore," a source said.

The Mumbai-based PSU produces various grades of complex fertilisers at its two manufacturing units in Thal and Trombay in Maharashtra.

RCF, along with Coal India , GAIL  and Fertiliser Corporation of India (FCIL), has also formed a consortium to revive the sick unit of FCIL at Talcher at a cost of Rs 8,000 crore to manufacture urea and ammonium nitrate via coal gasification.

The proposed unit at Talcher, which is expected to be commissioned by 2017, will manufacture 1.2 million tonnes of urea per annum (mtpa).

RCF had reported 28 per cent fall in net profit at Rs 52.90 crore for the third quarter ended December 31.

Rashtriya Chem stock price

On April 07, 2014, Rashtriya Chemicals and Fertilisers closed at Rs 34.65, down Rs 0.1, or 0.29 percent. The 52-week high of the share was Rs 43.20 and the 52-week low was Rs 26.00.

The company's trailing 12-month (TTM) EPS was at Rs 3.90 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 8.88. The latest book value of the company is Rs 42.69 per share. At current value, the price-to-book value of the company is 0.81.

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FTIL to shortlist bidders to buy MCX stake by Apr 25

In a statement, FTIL said, "The Restructuring Committee received non-binding bids from nine prospective investors, which includes marquee Indian and global conglomerates."

Crisis-hit  FTIL today said it has received non-binding bids from 9 top corporates for buying its 24 percent stake in MCX , and would shortlist the bidders by April 25. FTIL is making all efforts to complete the proposed sale of its stake in MCX by April 25 and has called for a Board meeting on that day to finalise the bidders, the company said in a statement.

Jignesh Shah-promoted FTIL has to reduce its stake in MCX to 2 percent from the current 26 percent to comply with the regulatory norms following the NSEL payment crisis of Rs 5,600 crore. FTIL has appointed a committee to oversee its restructuring plan, which includes divesting its take in MCX. The panel met yesterday.

Also Read: Back to duopoly in equity trading; it is advantage BSE, NSE

In a statement, FTIL said, "The Restructuring Committee received non-binding bids from nine prospective investors, which includes marquee Indian and global conglomerates." The committee has completed the process of shortlisting of the parties with whom FTIL's appointed banker JM Financial will take the discussion forward, it said.

The shortlisted bidders have sought interaction with the MCX management and customary due diligence as a pre-condition to the said sale. The committee has decided to shortlist the bidders by April 25 and will recommend the same to the Board of FTIL, after the due diligence request of bidders is completed by MCX, it added.

FTIL said it is making all efforts to "complete the proposed sale of its 24 percent equity stake in MCX by April 25, 2014." A Board meeting on April 25 has been called for selecting the final bidders, it added. FTIL mentioned that it will write to the MCX Board seeking its cooperation for management interaction with the shortlisted bidders and customary due diligence to enable proposed sale within the defined timelines.

The company will also write to regulator Forward Markets Commission (FMC) seeking its support and cooperation in the matter. It will update FMC periodically on the progress made in the stake sale process, it added. Shah-led group as well as FTIL are grappling with multiple woes in the wake of the Rs 5,600 crore payment crisis at the group firm National Spot Exchange Ltd  (NSEL).

FMC had ruled that FTIL and Shah were not 'fit and proper' to hold more than 2 percent stake in any commodity exchange. The order has been challenged in the court.

Financial Tech stock price

On April 10, 2014, Financial Technologies closed at Rs 364.70, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs 870.30 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 7.29. 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 0.63.

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JP Morgan trading revenues fall causing weaker profits

JPMorgan Chase & Co posted far weaker-than-expected quarterly profit as uncertainty about the US economy weighed on investor trading volumes and consumer borrowing.

Results from the first of the major Wall Street banks to post earnings underscore how difficult the first quarter was for the financial sector. JPMorgan's bond trading revenue plunged 21 percent, and mortgage lending revenue fell 84 percent from the same quarter last year.

Most of the bank's big businesses, including commercial lending and credit cards, delivered lower profits. But the bank is not responding by dialing up its risk-taking in commercial lending, and it views falling revenue in its bond trading business as part of a business cycle instead of a symptom of a broad-based and lasting decline in fixed-income trading.

"It's not like selling cereal - it's not like your volumes go up 2 percent every day," Chief Executive Jamie Dimon said to reporters on a conference call. The business will grow over the next decade or two, he added.

Also read:  Infosys Q4 earnings: 5 things that market is keen to know

Dimon, who earned plaudits for keeping his bank consistently profitable during the financial crisis, is struggling to figure out how to navigate the current environment.

In his annual letter to shareholders earlier this week, Dimon noted that JPMorgan will have spent more than USD 2 billion more than usual from 2012 through the end of this year on complying with new rules, and devoted more than 1 million work hours to meeting new mortgage rules. The bank's net income dropped 16 percent last year due to massive legal settlements and rising compliance costs.

Friday's results showed how the bank's troubles appear to be extending beyond outsized legal settlements and meeting new rules, and into areas more fundamental to the business, such as loan demand and trading volume.

Overall, net income fell 19 percent to USD 5.27 billion, or USD 1.28 per share, from USD 6.53 billion, or USD 1.59 per share, in the same quarter of 2013, the biggest US bank said on Friday.

Analysts on average had expected earnings of USD 1.40 per share, according to Thomson Reuters I/B/E/S.

Total net revenue fell 8.5 percent to USD 22.99 billion, falling well short of the average estimate of USD 24.53 billion.

JPMorgan shares, which recently topped USD 61 to trade at their highest level in 13 years, fell 3.1 percent to USD 55.63 in afternoon trading.

MORTGAGE LENDING FALLS

One area where the bank is meeting with some success is keeping costs under control, a crucial effort when future revenues may be weak. JPMorgan said non-interest expenses fell 5 percent in the latest quarter to USD 14.6 billion.

Dimon is aiming to hold down overhead - which he defines as non-interest expenses aside from litigation - to below an average of USD 14.75 billion per quarter, or USD 59 billion for the year.

Mortgage banking net income fell to USD 114 million in the quarter, a drop of USD 559 million from the year-earlier period. Production revenue, a measure of lending revenue, fell 84 percent to $161 million, and the bank made USD 17 billion of home loans, a 68 percent decline from a year earlier.

US mortgage lending has cooled after rising rates in the second half of last year have given fewer homeowners reason to refinance their loans.

Wells Fargo & Co, the biggest U.S. home lender, also reported results Friday and said its income from mortgage banking fell 46 percent from a year earlier.

For JPMorgan, rising bond yields in the middle of last year, which resulted from the Federal Reserve's decision to slow down its bond buying program, also weighed on fixed income, currency, and commodity trading revenue, which fell to USD 3.76 billion from USD 4.75 billion in the same quarter last year.

Commercial banking income fell 3 percent to USD 578 million, hurt by declining revenue from making loans. Consumer credit and debit card income fell 1 percent to USD 1.35 billion.

JPMorgan, the largest U.S. bank by assets, said total assets at the end of March stood at USD 2.48 trillion, up from USD 2.42 trillion at the end of December.

The firm's supplementary leverage ratio, a measure of a bank's capital compared with its assets, stood at 5.1 percent at the end of the quarter.

Leverage ratios took on added importance on Tuesday when the Federal Reserve approved new rules setting minimum levels that could force the eight biggest US banks to boost their capital by a total of USD 68 billion.

The rule sets a higher minimum of 6 percent for the company's insured bank subsidiary.

Before the rule was approved in its latest form, JPMorgan had said it was on track to raise its ratio from 4.6 percent at the end of December to the 5 percent minimum for its holding company by the end of this year.

LITIGATION EXPENSES "IMMATERIAL"

JPMorgan said its litigation expenses were immaterial in the latest quarter, under its "other corporate" accounting line.

Litigation expenses totaled USD 347 million in the year-earlier quarter and USD 847 million in the fourth-quarter.

In the first quarter two years ago, litigation costs totaled USD 2.5 billion as the bank built up reserves in anticipation of big legal settlements that it ultimately reached in 2013. JPMorgan paid more than USD 20 billion last year to resolve legal claims stemming from a wide range of problems, including its London Whale derivatives loss and its marketing of bad mortgage securities before the financial crisis.

JPMorgan's shares - which have nearly doubled in price since the bank was rocked in 2012 by its London Whale derivatives trading scandal and USD 6.2 billion loss - were trading at a multiple of 9.56 times estimated forward earnings on Thursday.

That compares with 9.93 times for Goldman Sachs Group Inc and 11.38 times for Morgan Stanley , both of which report next week.

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Infosys hunts for a new CEO

CNBC-TV18's Kritika Saxena reports with CEO SD Shibulal today announcing he wants to retire earlier than expected, it's not just the numbers that the street will be watching out for this time.

As is tradition,  Infosys will kick start earnings season next week with the tech major announcing its results on the April 15. However Kritika Saxena reports with CEO SD Shibulal today announcing he wants to retire earlier than expected, it's not just the numbers that the street will be watching out for this time.

Infosys stock price

On April 07, 2014, Infosys closed at Rs 3291.25, down Rs 24.25, or 0.73 percent. The 52-week high of the share was Rs 3847.20 and the 52-week low was Rs 2190.00.

The company's trailing 12-month (TTM) EPS was at Rs 167.46 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 19.65. The latest book value of the company is Rs 627.95 per share. At current value, the price-to-book value of the company is 5.24.

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Sun to make Rs 18cr open offer to Zenotech shareholders

Through the open offer, Sun Pharma plans to acquire more than 96 lakh shares of Zenotech, amounting to 28.1 percent. The price would be Rs 19 per share translating to an aggregate of Rs 18.42 crore, according to regulatory filing by Zenotech.

Sun Pharma  will make an open offer worth Rs 18.4 crore to acquire a little over 28 percent stake in Zenotech Laboratories Ltd. The proposal comes in the wake of Sun Pharma's proposed USD 4-billion deal to merge  Ranbaxy Laboratories with itself as the latter holds significant stake in Zenotech.

Through the open offer, Sun Pharma plans to acquire more than 96 lakh shares of Zenotech, amounting to 28.1 percent. The price would be Rs 19 per share translating to an aggregate of Rs 18.42 crore, according to regulatory filing by Zenotech.

Zenotech shares today closed on BSE at Rs 22.20 a rise of 4.96 percent from its previous close. Ranbaxy held 46.79 percent stake in  Zenotech as on March
31.

"... the merger of Ranbaxy into Sun Pharma pursuant to the scheme will result in Sun Pharma indirectly acquiring 46.79 percent of the voting rights held by Ranbaxy in, and control over, the target company (Zenotech), although the acquisition of voting rights in or control over the target company is not the objective of the primary acquisition," the filing said.

The Sun Pharma-Ranbaxy deal is subject to various approvals including from their respective shareholders.

Sun Pharma stock price

On April 11, 2014, Sun Pharmaceutical Industries closed at Rs 627.75, up Rs 11.55, or 1.87 percent. The 52-week high of the share was Rs 653.10 and the 52-week low was Rs 432.75.

The company's trailing 12-month (TTM) EPS was at Rs 0.95 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 660.79. The latest book value of the company is Rs 41.64 per share. At current value, the price-to-book value of the company is 15.08.

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GMR Urban completes Chennai Outer Ring Road project Phase 1

The project is expected to add Rs 118 crore every year to the Group's cash flows for the next 17 and half years. It added almost Rs 95 crore to the revenue in the year ended on March 31, the release said.

GMR Urban Infrastructure & Highways today announced the completion of Phase 1 of Chennai Outer Ring Road project, which is expected to significantly ease traffic congestion along the western periphery of the capital city.

Commissioning of the project will significantly ease traffic congestion along Chennai's western periphery. The 30km ring road connects the northern and southern suburbs of Chennai and will be a catalyst for expansion of the city and help in growth of industrial hubs in this region via better connectivity, the GMR Group company said in a release.

The project is expected to add Rs 118 crore every year to the Group's cash flows for the next 17 and half years. It added almost Rs 95 crore to the revenue in the year ended on March 31, the release said.

Also Read: Debt burden hobbles Indian infra on road to recovery

Completed on design, build, finance, operate and transfer basis, the road venture connects Vandalur on NH-45 to Nemillicheri on NH-205 via Nazaratpet on NH-4. BVN Rao, Business Chairman, GMR Urban Infrastructure, said this was the Group's ninth highway project.

"Over the years we have developed significant expertise in design, construction and operation of highway projects. With growing urbanisation and more cities planning ring roads and peripheral roads to enable better connectivity, GMR Group is ideally placed to partner with state governments in similar projects," Rao said.

GMR had won the project through international competitive bidding.

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Ratnakar Bank gets Rs 328-cr infusion from global investors

Existing investors, including International Finance Corporation (IFC) and Gaja Capital, also participated in this round of capital infusion, the private lender said in a statement here.

Ratnakar Bank today said it has received Rs 328 crore in capital infusion from leading global
investors like CDC Group and Asia Capital & Advisors. Existing investors, including International Finance Corporation (IFC) and Gaja Capital, also participated in this round of capital infusion, the private lender said in a statement here.

The exercise was part of the bank's third round of financing which started three years ago. "These new funds will assist the bank in expanding its branch network in semi-urban and rural areas of as well as providing a suite of financial products and services to the unbanked sections of society," the statement said.

Also Read: RBI chief Rajan urges global crisis 'safety net'

Founded in 1943, the bank has its main markets in Maharashtra, Karnataka and Goa. The lender's current business size stood at over Rs 21,000 crore and it offers services to more than 5,00,000 customers. "IFC's repeat investment will assist Ratnakar in expanding its services to the under-served SMEs, helping increase access to finance," said Serge Devieux, IFC Director for South Asia.

Commenting on its investment, Srini Nagarajan of CDC said "we are strongly aligned with Ratnakar's strategy to expand and provide a range of financial services to customer segments that are under-served by the market. Our investment approach will complement their strong management team as they continue to implement the bank's growth strategy."

Francis Andrew Rozario of Asia Capital said, "We have been impressed by the track record of the management and staff of the bank and its achievements, which include successful transformation to their performance across all segments of the economy".

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'Indian biz failed to grasp opportunity offered by China'

"Our countries have a great deal we can do together. Together we have the world's largest population and the world's largest economy," Tata said.

Indian businesses have failed to grasp many opportunities offered by Chinese market, Ratan Tata, former chairman of Tata Group, said today. Chinese and Indian markets had plenty of potential for cooperation, Tata said speaking at the ongoing Boao Forum for Asia Annual Conference 2014 in Hainan province.

Tata said China offered many opportunities for Indian businesses, but they failed to grasp them, Chinese state run Xinhua news agency reported. Chinese companies can also enter the Indian market and set up joint ventures there, he said.

Asked what he would like to say during a meeting with Chinese Premier Li Keqiang scheduled for tomorrow, Tata said he would talk about Sino-Indian economic cooperation. "Our countries have a great deal we can do together. Together we have the world's largest population and the world's largest economy," Tata said.

"We can create an economic superpower. ...If we can work together in a complementary, not combative manner, to enhance our economies on both sides, then there would be great opportunities for both sides. "Our Indian business communities would welcome this," he said.

Tata group has some major business ventures in China and TCS is the only Indian software firm which made inroads into local Chinese market.

Also Read: India, China to hold strategic dialogue on April 14

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Bajaj Allianz Life pays claims worth Rs 651 crore in FY14

The private insurer settled more than 1 lakh claims, both individual and group, paying out Rs 651 crore, during the just concluded fiscal, it said.

Bajaj Allianz Life Insurance today said it has settled more than 1 lakh claims during the last financial year and paid claims worth around Rs 651 crore.

"We focused on digitising the claim settlement process and started image-based documentation at various branch offices. This helped claimants get faster response," Bajaj Allianz Life Insurance Head (Claims) P Ravi Kutumbarao said in a release here. The private insurer settled more than 1 lakh claims, both individual and group, paying out Rs 651 crore, during the just concluded fiscal, it said.

The claim settlement ratio was 97.45 percent in FY14. About 77 percent claim proceeds were settled through electronic mode directly into the claimants' bank account. Claims arising out of natural calamities like the last year's floods in Uttarakhand and Himachal Pradesh were settled with minimum documents and in just two days of receiving the required documents, the release said. The company received a total of 35 claims (including accidental benefit cases) related to floods in Uttarakhand and Himachal Pradesh and paid more than Rs 73 lakh. The Pune-based company is a joint venture between between  Bajaj Finserv and German insurer Allianz SE.

Bajaj Finserv stock price

On April 10, 2014, at 09:25 hrs Bajaj Finserv was quoting at Rs 780.95, down Rs 1.7, or 0.22 percent. The 52-week high of the share was Rs 810.00 and the 52-week low was Rs 563.30.

The company's trailing 12-month (TTM) EPS was at Rs 3.49 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 223.77. The latest book value of the company is Rs 151.30 per share. At current value, the price-to-book value of the company is 5.16.

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Samsung, Apple have margins on their minds in mass-market

As the smartphone action shifts to the mass market, leaders Samsung Electronics Co Ltd and Apple Inc are under pressure to make their high-end phones more affordable to revive sales. And that may spell trouble for already-softening margins.

Samsung, which said on Tuesday it would likely post a second straight quarterly profit decline, has knocked around a tenth off the price of its Galaxy S5 in South Korea, in the first such move for a marquee smartphone launch - the S5 rolls out globally on Friday. And it's throwing in a free gift pack of media subscriptions and web apps worth 600,000 won.

The mass market - where a smartphone can be had for as little as USD 25 - is the new mobile device battleground, as high-end growth eases off with sales slowing in mature markets. Japan, for example, may see smartphone shipments shrink this year, according to researcher IDC.

Samsung's flagship S5 price cut suggests the South Korean firm wants to encourage users to trade up to a fancier phone - at a potential cost to its margins. Samsung's mobile business operating margin dipped to 16 percent in October-December from 18 percent over the whole of 2013.

"It reflects how much Samsung is agonizing to secure margins . They're now offering premium models at lower prices as the demand outlook for high-end phones remains uncertain," said Lee Seung-woo, an analyst at IBK Securities.

Premium smartphones tend to be priced at above USD 300 and pack in more features, such as more powerful processing power, high resolution display, better cameras and fingerprint reading. With the S5, which has few hardware improvements from its S4 predecessor, industry watchers reckon Samsung is aiming more at a broad mass market than tech savvy users.

To be sure, Samsung has a far broader product line-up than rival Apple, and it has some leeway to trim prices given that manufacturing costs have fallen. Lee Min-hee, an analyst at IM Investment, reckons the total cost of production materials for the S5 - from the battery and screen to the processor and sensors - will be 10-15 percent lower than for the S4.

While this allows vendors to make quality phones for less, it makes it tougher for them to maintain a premium brand image.

"Samsung needs to be very clear about the market segment it's pursuing," said Clement Teo, analyst at Forrester Research in Singapore. "Take Apple - it didn't drop prices on its iPhones, even with the new models. This helps it maintain a margin premium and attracts a certain loyal user base."

But Cupertino, California-based Apple is also taking note of the growing potential of the mass market. Internal documents revealed during an ongoing US patent trial against Samsung indicates some at Apple felt the company priced itself too high.

LESS PRICING CHANGE AT APPLE

According to an April 2013 presentation filed to a US Court, executives had debated plans for Apple's 2014 fiscal year and concluded that consumers wanted what it wasn't offering: cheaper phones - for less than USD 300 - and bigger screens.

It's unclear how representative that presentation is of Apple's mindset. Nor are there signs that Apple, which thrives on its premium positioning and plays down suggestions that it go mass-market, intends to deviate from its path.

Apple did not respond to requests for comment.

An 'economy' model may wedge Apple more firmly in emerging markets - a segment still seeing strong growth. Apple now relies on discounted older generation phones to reach cost-conscious buyers, but buyers in markets like Brazil and China increasingly want the latest gadget.

IPhone shipments grew just 8 percent in Apple's 2013 fiscal third quarter, a far cry from five years ago when shipments more than doubled.

"They are foregoing incremental revenue opportunities by not having a product that addresses that market," said BTIG analyst Walter Piecyk, adding that the main hope of investors now is that Apple produce a new product - a wearable device, say - to galvanize revenue growth.

The iPhone 5C, a colorful plastic model priced just USD 100 cheaper than its premium cousin, was aimed at emerging markets and marked a departure from Apple's focus on premium phones last year. But it's not been a spectacular success. Some analysts theorize that an unwillingness to sacrifice profitability meant the device wasn't priced cheaply enough.

A THINNER SLICE

Apple's iPhone margins have crept south as the company packs more features into its gadgets, trying to stand out in an increasingly crowded field. As its market share dwindles, the company enjoys less leverage to squeeze suppliers. And margins may fall further if Apple introduces bigger screens as expected.

Bernstein Research analyst Toni Sacconaghi estimates that making the screen just 30 percent larger could wipe 4-5 percentage points off gross margins. IPhone margins are now in the mid-40 percent range, down from 50-60 percent a few years ago, analysts estimate.

"With the iPhone 6, Apple is likely to stick to premium pricing as it's widely expected to come with a bigger screen and some innovative design tweaks," said Doh Hyun-woo, an analyst at Mirae Asset Securities. "They are unlikely to make as much change in pricing policy as Samsung does."

The average selling price of a smartphone globally is seen dropping by more than a fifth by 2018, to USD 260, according to IDC, as more buyers, especially in emerging markets, opt for price over brand, and as manufacturing costs continue to drop.

The iPhone remains the most expensive smartphone, with an estimated average selling price this year of USD 649, more than double the average price of USD 247 for Android phones, Samsung's mainstay products, according to IDC. Average selling prices of iPhones will drop only 6 percent to USD 610 by 2018, while Android prices will decline 18 percent to USD 202, according to those IDC forecasts.

"Apple has a clear strategy - to be the best in the market segment it competes in, and it has performed well," said Forrester's Teo. "Regardless of 5C sales, the bigger picture is that Apple is relevant to users in their moment of need - through an iPhone, iPad, iPod or its App store."

CHINA CHIPS AWAY

All the while, competition from cheaper smartphone brands is getting fiercer. The share of smartphone shipments by vendors outside the top five - Samsung, Apple, Huawei , LG Electronics Inc and Lenovo Group - rose to 39.3 percent last year from 27.4 percent in 2011.

From Nokia to BlackBerry Ltd and a host of Chinese vendors, manufacturers are bringing out cheaper, stripped-down smartphones aimed at hundreds of millions of potential users in emerging markets such as China, India and Indonesia.

Chinese manufacturers - from global names such as Huawei and Lenovo to the less well known Gionee, Oppo and CorePad - are picking up market share as they acquire technical and design expertise to add to their low production costs .

"The winners in the current market conditions will be those who show the best cost-efficiency, and in that sense Chinese players will be in a better position," said IBK's Lee.

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Technical Outlook: E-magazine to educate investors

Stock broking is an art and with the advent of the digital era one of the leading investment and advisory company Pentad Securities has launched an online magazine -Technical Outlook with an objective to equip investors to become skilled stock brokers.

Stock broking is an art and with the advent of the digital era one of the leading investment and advisory company Pentad Securities has launched an online magazine -Technical Outlook with an objective to equip investors to become skilled stock brokers.

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Philips ventures into cost effective zone via new products

The company, which has already phased out its exposure to consumer electronics like television, is now sharpening its focus on three key areas: lighting, medical devices, and consumer lifestyle.

Global giant Philips is trying a new road in India. As intense competition heats up the consumer electronics space, the electronics major is now shifting gears and venturing into developing cost-effective products here in the country.

As it completes over 80 yrs in India, Dutch electronics giant Philips is now setting the agenda for its next leg of growth in the subcontinent. The company, which has already phased out its exposure to consumer electronics like television, is now sharpening its focus on three key areas: lighting, medical devices, and consumer lifestyle.

Philip's latest products in India include cutting edge healthcare innovations like pocket-sized ECG and ultrasound machines. These made-in-India products will be exported to other growth markets at a later stage.

Krishna Kumar Ananthasubramaniam, vice chairperson & managing director, Philips India, says, "All growth geographies face similar issues so most products developed in India if for India to start with but will be rolled out to the other geographies as well."

To keep these locally-relevant innovations affordable for emerging markets -Philips has turned to acquisitions having made atleast three strategic acquisitions in as many years.

Jim Andrew, Chief Strategy & Innovation Officer, Philips, says, "If we are going to be a success in India we have to be affordable; that's why we have made these acquisitions, we have localized."

Furthermore, in its innovation centre in Bangalore, Philips is concentrating on developing products which are energy savers as well, all to add to the affordability factor.

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Sahara withdraws proposal to pay Rs 2500 cr for Roy's bail

Roy and the other two directors of the Group have been in judicial custody since March 4 for not abiding by the apex court's order for depositing Rs 20,000 crore of investors money with SEBI.

Sahara group has withdrawn its proposal from the Supreme Court in which it had assured to pay Rs 2,500 crore immediately and rest Rs 2,500 crore in cash in three weeks for getting bail for its chief Subrata Roy and two directors. The Group had made the proposal on April 3 when it expressed its inability before the apex court to immediately pay Rs 10,000 crore for securing bail for Roy and its two directors who have been in jail since March 4.

It had, however, proposed to pay Rs 2,500 crore immediately and rest Rs 2,500 crore in cash within three weeks after the release of Roy and two directors, Ravi Shankar Dubey and Ashok Roy Choudhary. The apex court had earlier imposed a condition that Roy will be freed on bail only if he pays Rs 10,000 crore out of which Rs 5,000 crore has to be in bank guarantee and rest in cash.

Roy and the other two directors of the Group have been in judicial custody since March 4 for not abiding by the apex court's order for depositing Rs 20,000 crore of investors money with SEBI.

65-year-old Roy had earlier submitted that the apex court's order for detaining him for not paying Rs 20,000 of investors' money with SEBI was illegal and unconstitutional and sought quashing of the order. His counsel had said it was unconstitutional to send a man behind the bars for not paying the money and also questioned the order putting a condition of paying Rs 10,000 crore for getting interim bail.

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Daiichi was unable to run Ranbaxy's generic biz: Malvinder

Former Ranbaxy chairman and CEO Malvinder Singh blamed Daiichi Sankyo for what he claimed to be the Japanese drug major's failure to build on the Indian company's intrinsic value.

Former  Ranbaxy Laboratories  chairman and CEO Malvinder Singh blamed Daiichi Sankyo for what he claimed to be the Japanese drug major's failure to build on the Indian company's intrinsic value.

"Daiichi Sankyo hasn't been able to understand the generic space or run the business successfully but the coming together of Ranbaxy and  Sun Pharma  is extremely positive," Singh said in an interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy.

He said Ranbaxy's true potential would now be unlocked, following the merger with Sun Pharma.

"Clearly there is huge amount of value sitting in Ranbaxy which Daiichi Sankyo has not been able to build upon and really take the business forward.

It is very good and I am quite certain that Ranbaxy under Sun Pharma will create huge value for both the businesses," Singh said.

Daiichi had acquired Ranbaxy in June 2008 for USD 4.6 billion, but has been facing a series of regulatory problems in recent times, leading to underperformance of Ranbaxy's shares. The problems intensified over the last year, with the USFDA banning imports from Ranbaxy's plants at Toansa, Poanta Saheb, Mohali and Dewas. In addition, Ranbaxy had to pay USD 500 million under the settlement agreement with the US Department of Justice on charges of violation of safety standards.

Singh believes the value of Ranbaxy is much higher than what the transaction reflects. He also sees M&A activity in the pharma sector picking up pace.

"There is huge value sitting in the Indian pharmaceutical sector but at the same time, with some of the trends at a global level, this will only increase the M&A activity and you will see stronger players emerging out of this. Be it amongst Indian players or be it amongst Indian and international players coming together and this is the trend that is only going to increase," he said.

Ranbaxy Labs stock price

On April 07, 2014, at 09:23 hrs Ranbaxy Laboratories was quoting at Rs 449.05, down Rs 10.5, or 2.28 percent. The 52-week high of the share was Rs 505.00 and the 52-week low was Rs 253.95.

The latest book value of the company is Rs 45.34 per share. At current value, the price-to-book value of the company was 9.90.

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Sun competent to handle Ranbaxy's FDA issues: Ajay Piramal

According to Ajay Piramal, Chairman of Piramal Group, Daiichi couldn't handle FDA issues faced by Ranbaxy but Sun is competent to handle these issues.

It is a good and smart deal

Ajay Piramal

Chairman

Piramal Group

In an exclusive interview to CNBC-TV18, Ajay Piramal, Chairman of Piramal Group commenting on the Sun Pharma - Ranbaxy Laboratories  deal said it is likely to give Sun access to Japanese market via Daiichi Sankyo.

"It is a good and smart deal," he said.

Drug major Sun Pharmaceutical Industries on Monday said it would acquire Ranbaxy Laboratories , which has been facing quality issues for its drugs in the US market, in an all-stock transaction with a total value of USD 4 billion while the transaction has a total equity value of approximately USD 3.2 billion.

According to him, Daiichi couldn't handle FDA issues faced by Ranbaxy but Sun is competent to handle these issues.

Below is the edited transcript of the interview:

Sonia: What are your first thoughts on this big deal that has taken place in the pharmaceutical space?

A: I think it is a very good deal. I must congratulate Sun Pharma for doing that.

Latha: Abbott's only India business was purchased at about 3 billion, while here, the entire global business of Ranbaxy was purchased for USD 2.2 billion, any thoughts on the valuation?

A: I am not as close to the valuation but I think it is reasonable. Ranbaxy shares have seen a steady decline and there has been only bad news. I am not as close to the valuation so I cannot comment on it. From what I read, it looks like to me a good deal for Sun Pharma giving access to the Japanese market. Now with Daiichi, it will give access to the facilities of Daiichi so that the exports from the combined entity can be enhanced.

Sonia: This deal seems to be very good for Sun but what about for Ranbaxy because that company has been riddled with US Food and Drug Administration (FDA) issues for so many years, do you think Sun Pharma's goodwill may perhaps improve the fortunes for Ranbaxy as well?

A: More than the goodwill, I think they will use all the system, processes all the manufacturing capabilities to be able to do it because from the day Daiichi acquired Ranbaxy, the former has not been able to handle all the quality and FDA issues. So I think Sun is much more competent to do that.

Sun Pharma stock price

On April 01, 2014, Sun Pharmaceutical Industries closed at Rs 573.35, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs 653.10 and the 52-week low was Rs 405.50.

The company's trailing 12-month (TTM) EPS was at Rs 0.95 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 603.53. The latest book value of the company is Rs 41.64 per share. At current value, the price-to-book value of the company is 13.77.

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