Learnt about fabrics, designs in India: Tommy Hilfiger

Tommy Hilfiger, world famous for his classic American designs, has a deep connection with India. Over three decades back Hilfiger started his career, not in America but in an export house in New Delhi. He got funding to start the Tommy Hilfiger brand not from Amercians but the Indian Murjani Group.

He came to India 35 years ago. "I have learned about fabrics, tailoring, the make, embroideries, how to make incredible fashion here in India," he told CNBC-TV18. The American design guru says Kurta Pajamas are his favourite Indian wear and he wears them during summers.

On taking Indian fashion abroad, Hilfiger says Indian influence can be seen in his designs. He infact also started designing women's kurtis and says they sold very well.

For him, Sonal Kapoor is the ultimate Bollywood star. He says she is a part of the Hilfiger family and shares a nice relationship with her.

Below is the verbatim transcript of Tommy Hilfiger's interview with CNBC-TV18's Nayantara Rai.

Q: What is your take on India?

A: I came to India 35 years ago. It was my first design journey. When I was actually dreaming of building a brand I came to India and I designed my very first collection here. So, I have learned about the fabrics, the tailoring, the make, the embroideries, how to make incredible fashion here in India for many years and what I also learned was that I can get anything I want. I can manufacture anything I need here. I am importing a lot still and when I started opening stores here 10 years ago I really found that the young Indian people wanted the same fashion that we are selling worldwide.

Q: What about taking Indian designs overseas. Have you ever done that or thought about it?

A: I have Indian influence in my designs worldwide every day. Whether I do paisleys or embroideries or madres or checks or plaids many of it is made here. We have a very big export business out of India and I maybe one of the largest apparel designer manufacturers exporting from India in the world.

Q: Which is your favourite Indian garment?

A: Kurta Pyjama.

Q: Do you have a pair of Kurta Pyjama?

A: I have many pairs.

Q: Do you sleep with those. It is supposed to be a good nightwear?

A: To be honest with you I have them for the summer and I wear them on a hot day and I end up sleeping in them.

Q: Do you think you will ever sell Tommy Hilfiger's Kurta Pyjamas around the world?

A: I have put Kurtas in the line for women and they did sell out very well. This was four seasons back. We had embroideries on them but for men who are wearing jeans and casual wear would rather not wear Kurta Pyjamas.

Q: Would you like to style any Bollywood stars?

A: Sonam Kapoor is sort of the ultimate. She is not only a Bollywood star but she is a Hollywood star, she is a fashion star and actually she is a wonderful person. So for me she is the ultimate and I know she likes our clothes, I know she has worn them before and she plans to wear them in the future. So we have a very nice relationship. She is in the family, she is in the house of Hilfiger so to speak. So we are very happy to be associated and collaborate with her.

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IPR issue vital for India, US pharma space: Sanjay Puri

Prime Minister will meet US President Barack Obama later today as he heads for the Washington leg of his visit. Will he talk tough on visas and IPR? Sanjay Puri who heads the alliance for United States and India business shared his expectations.

Prime Minister will meet US President Barack Obama later today as he heads for the Washington leg of his visit. Will he talk tough on visas and IPR? Sanjay Puri who heads the alliance for United States and India business shared his expectations.

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Watch: Modi addresses world leaders at UNGA

On his 5-day trip to New York, his first since taking charge as Prime Minister, Narendra Modi is expected to make his first address to the United Nations General Assembly today.  

His packed schedule includes 35 meetings - he will be meeting US President Barack Obama, leading industrialists and other prominent members of the Indian American community.  

The Prime Minister has already met the mayor of New York city earlier this morning, followed by a visit to the United States National Cancer Institute.  

Before addressing world leaders at the UNGA, PM Modi will also be paying his respects at the 9/11 Memorial. He will also conduct bilateral meetings with the leaders of Sri Lanka, Bangladesh and Nepal.

On Sunday, Modi will address prominent Indian-Americans at the famous Madison Square Garden in New York.  

Ahead of his Madison Square Garden address, fans congregated at the spot, cheering for Modi, some claiming that they had been waiting for him ever since he was denied a visa. Organisers also claimed that even though 40,000 people had applied to attend Modi's address, tickets could only be given to 18,000.  

The Prime Minister Narendra Modi is currently staying at the iconic New York Palace Hotel. Modi's day is going to start with a trip to the museum that has been built on the 9/11 site here- a museum that was built in the memory of all those who had died when the 9/11 terrorist strikes had taken place here.  

Also when Modi starts addressing the UN General Assembly session, he is bound to talk about the security scenario which prevails globally. US President Barack Obama already said that the biggest threat to the international community is from the problem of Islamist extremism.  

Narendra Modi's speech is therefore, going to be looked at very carefully by all world leaders both on the security front as well as the economic front.  

The other important aspect of this meeting is the business of economics. On this trip Narendra Modi is going to try hard to sell the India story. Prominent American businessmen and industrialists opine that India is high on hope. India has assured a lot in the past but has never delivered. What is left to be seen is whether, Narendra Modi can do that since he is trying to position himself as the chief executive officer on this trip.

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Mahindra Quanto AMT to be launched in India by year-end

However, at the launch of the brand new Scorpio, we received word that Mahindra will be bringing in the Quanto with an AMT gearbox by the end of this year.

Among Mahindra 's many displays at the 12th Auto Expo earlier this year was the Quanto compact UV with an AMT (automated manual transmission) gearbox.

The car slipped into the sidelines, especially over the last two months that have been teeming with launches.

However, at the launch of the brand new Scorpio, we received word that Mahindra will be bringing in the Quanto with an AMT gearbox by the end of this year.

AMTs have been all the rage off late as they offer the benefit of an automatic experience but are much more cost effective for manufacturers. This means that the masses finally have the opportunity to experience clutchless driving.

M&M stock price

On September 29, 2014, at 09:20 hrs Mahindra and Mahindra was quoting at Rs 1383.00, down Rs 10.65, or 0.76 percent. The 52-week high of the share was Rs 1421.00 and the 52-week low was Rs 815.50.

The company's trailing 12-month (TTM) EPS was at Rs 59.61 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 23.2. The latest book value of the company is Rs 270.60 per share. At current value, the price-to-book value of the company is 5.11.

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Vizury: Bringing brands closer to online markets

On the Big League, Young Turks catch Bangalore-based big data analytics firm Vizury that has grown 25 times in the last two years and is not too far from an IPO.

On the Big League, Young Turks catch Bangalore-based big data analytics firm Vizury that has grown 25 times in the last two years and is not too far from an IPO.

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Kingfisher secures stay against UBI's wilful defaulter tag

KFA and its erstwhile directors had filed a writ in Calcutta HC against UBI and others, challenging the constitutional validity of the RBI master circular on wilful defaulters as well as the ex-parte decision of UBI's grievance redressal committee.

Kingfisher Airlines  announced that it has secured a stay from Calcutta High Court on the decision of the grievance redressal committee of the  United Bank of India which had earlier declared the airline and its directors as wilful defaulters.

UBI has been directed to file its affidavit-in-opposition by November 3 and the petitioners have been asked to file their reply one week thereafter. The next date of hearing is November 10, 2014.

Commenting on the stay granted by the court, Prakash Mirpuri, Vice President-Corporate Communications, Kingfisher Airlines, said: "We had earlier stated that we would legally challenge the wrongful decision of United Bank of India and that we have great faith in the judiciary in our country. We will legally defend our position on all allegations going forward." 

Kingfisher Airlines along with its erstwhile directors had filed a writ petition in Calcutta High Court against UBI and others, challenging the constitutional validity of the RBI master circular on wilful defaulters as well as challenging the ex-parte decision of UBI's grievance redressal committee.

The matter was listed for hearing on Friday (September 26) before Justice Debangsu Basak. After hearing counsel for the petitioners and the bank, Justice Basak passed an order in which he held that, prima facie, the bank acted in breach of the principles of natural justice by not making over the documents referred to and relied upon by it to KFA prior to the hearing. Thus, not enabling KFA to make an effective representation against the charges/allegations made against them in relation to being declared wilful defaulters.

Kingfisher Air stock price

On September 26, 2014, Kingfisher Airlines closed at Rs 1.87, up Rs 0.06, or 3.31 percent. The 52-week high of the share was Rs 6.84 and the 52-week low was Rs 1.72.

The latest book value of the company is Rs -166.59 per share. At current value, the price-to-book value of the company was -0.01.

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Corporate Governance: Shareholder activism on rise

Corporate governance in India Inc has been improving over the last few years. And experts say an increase in shareholder activism has been a key factor. CNBC-TV18's Sajeet Manghat and Kritika Saxena share the details of the latest world rankings compiled by the Asian Corporate Governance Association.

The rise in instances of shareholder activism in India has not gone unnoticed.  According to the latest report by the Asian Corporate Governance Association, this rise has been instrumental in pushing India's corporate governance score to 54 percent, from 51 percent 2 years ago.

Even though India continues to rank 7th among the 11 countries covered in the report, the ACGA notes that going purely by individual country scores, most Asian countries have shown a marked improvement in governance standards.

India's score has also been helped by the regulations in the new Companies Act 2013, including better regulations for board resolutions, rotation of auditors, shareholder e-voting and minority approval for board resolutions.

However, the report says risk factors include slow enforcement of regulations, the delay in IFRS convergence, potential conflicts of interest for controlling shareholders and the lack of board independence.

The report also says that the biggest change seen over the last couple of years is the greater role of proxy firms in shaping the corporate landscape, thanks to growing acceptance by institutional investors. But of course, the rise in overall score would not be possible without Indian companies moving towards better disclosure and governance practices, and efforts to de-leverage.

Leading the race in these areas are Tata Motors, Hindalco and Tata Steel, all of which have see a rise in scores. But the report also shows that companies like ACC, Ambuja, Infosys and Cadila have actually scored lower over the last two years.

As it points out, corporate governance standards for MNCs have declined. This is attributed to rising interference by parent companies through increasing royalties and M&As.

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SP raises outlook of 11 FIs;maintains -ve for Syndicate Bk

The ratings on Syndicate continue to reflect the 'very high' likelihood of government support for the bank and the bank's average domestic business franchise and satisfactory funding and liquidity position.

Standard and Poor's today warned that it could downgrade rating of crisis ridden  Syndicate Bank if itd asset quality deteriorates. The global rating agency has issued a similar warning for  Indian Overseas Bank (IOB). While it has maintained its negative outlook on these two banks, the agnecy raised the rating outlooks on 11 Indian banks and financial institutions to stable from negative.

These include, Bank of India, HDFC Bank , ICICI Bank , IDBI Bank , Indian Bank , IDFC, Kotak Mahindra Bank , Kotak Mahindra Prime,  State Bank of India and Union Bank of India . "The negative rating outlooks on Syndicate and IOB reflect a possible weakening in these banks' asset quality and capitalisation," the agnecy said.

S&P said it could downgrade Syndicate if the bank's asset quality deteriorates to below industry average levels or if the pre- diversification risk-adjusted capital (RAC) ratio falls below 5 percent, which may happen if the bank grows aggressively and is unable to support growth with sufficient capital infusion.

"We could revise the outlook to stable if Syndicate can sustain its asset quality in line with industry levels," it however added. The ratings on Syndicate continue to reflect the 'very high' likelihood of government support for the bank and the bank's average domestic business franchise and satisfactory funding and liquidity position.

Syndicate's low earnings diversity and moderate capitalisation temper the ratings. In August, Syndicate Bank Chairman and Managing Director (CMD) S K Jain was arrested for allegedly receiving a bribe of Rs 50 lakh to enhance credit limits of Bhushan Steel and Prakash Industries. His service was terminated. Referring to IOB, the agency said it could downgrade IOB if the bank is unable to raise sufficient capital to support growth, such that its RAC ratio dips below 5 percent.

Syndicate Bank stock price

On September 26, 2014, Syndicate Bank closed at Rs 113.95, up Rs 6.55, or 6.10 percent. The 52-week high of the share was Rs 179.10 and the 52-week low was Rs 66.00.

The company's trailing 12-month (TTM) EPS was at Rs 27.93 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 4.08. The latest book value of the company is Rs 189.63 per share. At current value, the price-to-book value of the company is 0.60.

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MCX board approves new pact with FTIL for tech support

On September 17, the commodity markets regulator FMC had said the exchange can launch new contracts for three months January, February and March of 2015 after if it signs a fresh technology deal with FTIL.

Commodity exchange  MCX today said its board has approved a new agreement with Jignesh Shah-led  FTIL for availing technological support and services, paving the way for the bourse to launch new contracts for January-March period of 2015.

MCX, which is already using the technology provided by its erstwhile promoter Financial Technologies (FTIL), is likely to sign a new agreement in the next few days. On September 17, the commodity markets regulator FMC had said the exchange can launch new contracts for three months January, February and March of 2015 after if it signs a fresh technology deal with FTIL.

In a filing to BSE, MCX today said the Board has approved "the master amendment to principal agreements to be entered into between MCX and FTIL for availing technology support and managed services on such terms & conditions as contained therein". Pursuant to this agreement, MCX would continue to avail technology support and managed services from FTIL, it added.

In a separate filing, FTIL also informed that its board also approved the amendment to principal agreements to be entered into with MCX for continued provisions of software support and managed services. "It is also to be noted that by entering into the above said agreement, the companies have completed all the condition precedents of share purchase agreement with Kotak Mahindra Bank Limited (KMBL) as disclosed on July 20, 2014," FTIL added in the filing.

Sources said MCX has renegotiated the agreement with FTIL as the earlier contract was proving to be expensive. In 2013-14 fiscal, MCX paid about Rs 60 crore to FTIL for giving technological support and services to the exchange. Under the new agreement, MCX will pay lesser than this amount, sources added. Meanwhile, the regulator, however, had made it clear that the exchange will be allowed to roll out contracts for all 12 months of 2015 once the full divestment of FTIL in MCX takes place as per the regulatory norms.

MCX has been seeking permission to launch fresh contracts for 2015 but the Forward Markets Commission (FMC) had warned that it would not allow new contracts unless FTIL brings down its 26 percent stake to two per cent as per its order dated December 17, 2013.

MCX India stock price

On September 26, 2014, at 09:20 hrs Multi Commodity Exchange of India was quoting at Rs 793.00, up Rs 18.65, or 2.41 percent. The 52-week high of the share was Rs 895.00 and the 52-week low was Rs 362.95.

The company's trailing 12-month (TTM) EPS was at Rs 22.75 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 34.86. The latest book value of the company is Rs 258.07 per share. At current value, the price-to-book value of the company is 3.07.

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India can make it to top 50 of World Bank ranking: FICCI

Watch the interview of Sidharth Birla President, FICCI with Nayantara Rai on CNBC-TV18, in which he shared his views on Modi governments "Make in India" campaign.

Watch the interview of Sidharth Birla President, FICCI with Nayantara Rai on CNBC-TV18, in which he shared his views on Modi governments "Make in India" campaign.

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Forbes India rich list: Mukesh Ambani tops, Adani moves up

For the first time, the top 100 richest tycoons in India are all billionaires, according to the latest Forbes rich list. The combined net worth of India's 100 wealthiest is USD 346 billion, up more than a third from USD 259 billion in 2013. The complete list is available at www.forbesindia.com and in the latest issues of Forbes Asia and Forbes India.

Naazneen Karmali, India Editor of Forbes Asia, said: "In 2014, India's outlook has moved very quickly from gloom to boom. The new federal government's mandate for change has sparked euphoria in the stock market causing a seismic shift in Indian wealth this year. Hopefully these gains are real and will be sustained as the economy revives and India fulfils its potential."

India's stock market has scaled new peaks gaining 28 percent since January this year, though the economy, which grew at 5.7 percent in the last quarter, has yet to catch up.

Mukesh Ambani tops the list for the eighth consecutive year with a net worth of USD 23.6 billion, up USD 2.6 billion from last year. His telecom arm, Reliance Jio Infocomm is preparing to roll out 4G services in the coming year.

Dilip Shanghvi, founder of Sun Pharmaceutical Industries , India's most valuable drug maker, is the new No. 2, overtaking steel baron Lakshmi Mittal, who slips to fifth place. Sun Pharmaceutical's shares surged after it acquired rival Ranbaxy Laboratories  from Japan's Daiichi Sankyo for USD 4 billion in April. The 59-year old Shanghvi saw his fortune rise by USD 4.1 billion to USD 18 billion.

Moving up one notch to No. 3 is Azim Premji, whose net wealth increased to USD 16.4 billion from USD 13.8 billion previously. In July, his tech firm Wipro  set up a USD 100 million venture capital fund to back startups led by his son Rishad.

The biggest dollar gainer is ports magnate Gautam Adani, who jumped 11 spots to No. 11 adding nearly USD 4.5 billion to his wealth which reached USD 7.1 billion on soaring shares of his companies. Adani has been on a buying spree: he bought a port in eastern India from the Tata Group for USD 900 million and agreed to pay USD 1 billion for a power plant in southern India.

As many as 85 of the 89 who returned to the top 100 from last year are wealthier, and several are billionaires for the first time. Among them are Qimat Rai Gupta (No. 48, USD 1.95 billion), chairman of Havells, the world's fourth-largest lighting company; VG Siddhartha (No. 75, USD 1.27 billion), founder of the Café Coffee Day chain, India's Starbucks; and brothers Sanjiv (No. 69, USD 1.4 billion) and Harsh Goenka (No. 82, USD 1.18 billion), who runs RP-Sanjiv Goenka Group and RPG Group respectively.

Sourav Majumdar, Editor, Forbes India, added: "With the stock market on a bull run and renewed optimism in the air, this year's list is an all-billionaires list. The good news is the distribution of wealth among the 100 continues to be broad-based, and is not just concentrated at the top of the heap. The power of Indian enterprise continues to grow stronger, despite the odds."
There are eight newcomers on this year's list: Amalgamations Group family (No. 47, USD 2 billion) comprise the families of the four children of the late founder S. Anantharamakrishnan; brothers Dilip & Anand Surana (No. 73, USD 1.3 billion), who run Bangalore pharma outfit Micro Labs; Hasmukh Chudgar (No. 80, USD 1.2 billion), founder of Intas Pharmaceuticals; real estate tycoon Surendra Hiranandani (No. 83, USD 1.17 billion); jeweler T.S. Kalyanaraman (No. 87, USD 1.13 billion); Macleod Pharmaceuticals' Rajendra Agarwal (No. 90, USD 1.1 billion); Dubai-based Aster DM Healthcare's Azad Moopen (No. 95, USD 1.05 billion); and stock market veteran Radhakishan Damani (No. 100, USD 1 billion).

The biggest loser this year is Indus Gas founder Ajay Kalsi (No. 85, USD 1.15 billion), who lost USD 1 billion after the government stalled an increase in the nation's natural gas prices.

The minimum amount required to make the list was USD 1 billion, up from USD 635 million in 2013. With a record minimum net worth this year, 11 from last year fell off, including tycoons Brij Bhushan Singal and Vijay Mallya.

The top 10 richest in India are:
1) Mukesh Ambani; USD23.6 billion
2) Dilip Shanghvi; USD 18 billion
3) Azim Premji; USD 16.4 billion
4) Pallonji Mistry; USD 15.9 billion
5) Lakshmi Mittal; USD 15.8 billion
6) Hinduja brothers; USD 13.3 billion
7) Shiv Nadar; USD 12.5 billion
8) Godrej family; USD 11.6 billion
9) Kumar Birla; USD 9.2 billion
10) Sunil Mittal; USD 7.8 billion

This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India's regulatory agencies. The ranking lists family fortunes, including those shared among extended families such as the Godrej and Bajaj families. Public fortunes were calculated based on stock prices and exchange rates as of September 12. Private companies were valued based on similar companies that are publicly traded.

Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.

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HC quashing petition to pave way for land acquisition:CIDCO

CIDCO has agreed to allot 22.5 percent of developed plots towards compensation to those whose land has been acquired for the project.

City and Industry Development Corporation (CIDCO) today said the Bombay High Court's quashing of a petition by a few Navi Mumbai airport project affected people against the rehabilitation package, would pave the way for acquisition of 671 hectares of land.

"The petition was quashed today. This paves way for us to complete the acquisition process of remaining land required for the project as well speedy execution," CIDCO said in a statement.

Altogether 1,600 hectares of land would be needed for the airport, out of which 671 hectares is yet to be acquired.

CIDCO has agreed to allot 22.5 per cent of developed plots towards compensation to those, whose land has been acquired for the project.

Earlier, project affected people (PAPs) from these villages had opposed land acquisition and refused to accept the state government's compensation package. However, after several months of hectic negotiations, they accepted the Maharashtra government's offer of 22.5 per cent of developed land, for every hectare of land acquired.

They would also be provided one floor space index (FSI) for 12.5 per cent of developed land and 2.5 FSI for another 10 per cent.

CIDCO said it had told the court that those who had opposed its package, could be offered a package under the Centre's Land Acquisition Act.

It has also extended the deadline for submission of the letter of consent to avail of the state government's package by October 6, to the deputy collector.

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Ratan Tata bats for cheaper cars, low-cost manufacturing

Ratan Tata the chairman emeritus of Tata Sons today rooted for the idea of promoting low-cost manufacturing in the country. Tata received the GIL Visionary Leadership Award for life time achievement hosted by Frost and Sullivan.

Ratan Tata the chairman emeritus of Tata Sons today rooted for the idea of promoting low-cost manufacturing in the country. Today, Tata received the GIL Visionary Leadership Award for life time achievement hosted by Frost and Sullivan. Tata compared the size of the automobile markets of India and China where India is lagging behind to make his case for cheaper cars.

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SpiceJet launches scheme for MSME travellers

Under the platform, MSME executives can avail up to 10 percent discount and collect "Spice Points" upon each completed travel, among other benefits, the airline said in a release here this evening.

Budget airline  SpiceJet launched a scheme for travellers from micro, small and medium medium enterprises (MSME), offering them up to 10 percent discount on fares.

The private carrier unveiled what it claimed was first-of-its kind dedicated self-booking platform, 'SME Traveller', for air travellers for this corporate segment, offering flexibility and savings on every booking. Under the platform, MSME executives can avail up to 10 percent discount and collect "Spice Points" upon each completed travel, among other benefits, the airline said in a
release here this evening.

Spice Points enables the travellers to obtain further discounts on their future travel.

The product allows qualifying firms to manage their cost, schedule and overall travel requirements proactively. It also enables individual business travellers of the registered MSMEs to manage their own travel needs, it said. "SME Traveller is aimed at targeting nearly 70-100 million MSMEs in the country who contribute to 8 percent of the country's GDP besides contributing to 36 percent of the total value of exports.

"Therefore, we definitely see a business need to reach out to this section," SpiceJet Chief Commercial Officer Kaneswaran Avili.

SpiceJet stock price

On September 24, 2014, at 09:23 hrs SpiceJet was quoting at Rs 13.33, up Rs 0.03, or 0.23 percent. The 52-week high of the share was Rs 23.05 and the 52-week low was Rs 11.10.

The latest book value of the company is Rs -19.67 per share. At current value, the price-to-book value of the company was -0.68.

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NPPA withdraws price control guidelines of 108 formulations

NPPA had capped prices of 108 cardiac and diabetes drugs on July 10.

The National Pharmaceutical Pricing Authority (NPPA) has withdrawn guidelines for price control of 108 formulations, which was issued under para 19 of the Drug Prices Control Order (DPCO).

NPPA had capped prices of 108 cardiac and diabetes drugs on July 10. Invoking para 19 of DPCO, NPPA had extended price control to drugs outside of National List of Essential Medicines (NLEM). Pharma lobbies had contested NPPA order in Bombay High Court

Also Read: NPPA asks drug makers to register for online database

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Artha Tatwa scam: CBI arrests Odisha's ex-AG Ashok Mohanty

The former top law officer of the state was brought to CBI office on charges of allegedly misappropriating money from the Artha Tatwa, a ponzi company which allegedly duped investors of crores of rupees in the state.

Barely 10 days after he resigned, CBI Monday arrested Odisha's former Advocate General Ashok Mohanty for allegedly abusing his official position and misappropriating funds of Artha Tatwa Group of companies in a case which is an offshoot of Saradha chit fund scam.

After several rounds of questioning by the Special Investigating Unit formed by the CBI, Mohanty was picked up from his residence in Cuttack and informed that he had been placed under arrest.

After mandatory medical check up, the former top law officer of the state was brought to the CBI office on charges of allegedly misappropriating money from the Artha Tatwa, a ponzi company which allegedly duped investors of crores of rupees in the state.

"Truth will ultimately come out. God and Guru are my witnesses. As per my conscience, I have not committed any wrong," Mohanty told reporters while being taken inside CBI's state headquarters here.

Mohanty was interrogated by the CBI on September 13, a day after he resigned from the advocate general's post and had denied allegations that he got a house in Cuttack free of cost from Chairman-cum-Managing Directior of Artha Tatwa (AT) group Pradip Sethy.

The plot of Cuttack Development Authority believed to be worth over a crore of rupees was given to Mohanty allegedly without making any payment, the CBI claimed. The charge was, however, denied by Mohanty who said he had paid Rs 1.01 crore through cheques issued against his bank account in SBI.

During the probe, CBI claimed to have found that on October 5, 2012 Sethy sought No Objection Certificate (NOC) to sell his plot further.

The NOC was received and within 20 days it was sold to Mohanty allegedly without any payment being made against it, the CBI alleged and claimed that Mohanty helped the group in escaping any action by state authorities.

The former advocate general also claimed to have shown bank documents to CBI officials in regard to payment.

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MMRDA plans to monetise Bandra-Kurla Complex land parcels

The Mumbai Metropolitan Region Development Authority (MMRDA), which had shelved plans to sell its land parcels due to the slowdown in the real estate sector, is planning to raise funds through such deals.

After almost five years, city planning authority MMRDA plans to put a few Bandra-Kurla Complex area land parcels on the block to finance various projects.

The Mumbai Metropolitan Region Development Authority (MMRDA), which had shelved plans to sell its land parcels due to the slowdown in the real estate sector, is planning to raise funds through such deals.

"We are undertaking large infrastructure projects which require huge investments. We have been leveraging funds and using the same money we have. But now it is the time to decide what is our requirement of funds and decision on land deals need to be understood and taken in this context," MMRDA additional metropolitan commissioner Sanjay Sethi told PTI.

Large projects undertaken by the MMRDA include the Rs 23,136-crore Colaba-Bandra-SEEPZ underground corridor, the Rs 28,900-crore Dahisar-Bandra-Mankhurd Metro and the more than Rs 30,000-crore Wadala-Teen Hath Naka metro project.

MMRDA plans to sell off its G-Text block, which is around 22 hectares, in phases, and expects nearly Rs 4.5 lakh per square metre, sources said.

"For almost five years, we did not do a single deal because the market was not favourable and we thought we would not get the right price for our land. However, now things are improving. At the same time BKC has now reached that position where we can auction the space for residential and commercial development," Sethi said.

To attract investor interests and get premium pricing for its land bank, MMRDA also plans to transform the BKC into a 'smart financial district' to strengthen its brand value, for which it has invited Expression of Interests (EoI).

However, he said that the decision on the same would be taken only after the new government is formed.

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Eight Indians in Fortune list of Powerful A-Pac Women

ICICI Bank chief Chanda Kochhar has been ranked second across the region, while three others - SBI's Arundhati Bhattacharya (4th), HPCL's Nishi Vasudeva (5th) and Axis Bank's Shikha Sharma (10th) - have also made it to the top 10.

As many as eight Indian women, led by ICICI Bank  chief Chanda Kochhar, have made it to the Fortune list of 25 most powerful women "shaping the new world order" in the Asia-Pacific region.

Ms Kochhar, placed highest among Indian women in the list, has been ranked second across the region, while three others - State Bank of India 's Arundhati Bhattacharya (4th), HPCL 's Nishi Vasudeva (5th) and Axis Bank 's Shikha Sharma (10th) - have also made it to the top 10.

The list is topped by Australian banking major Westpac's chief Gail Kelly.

Other Indians on the top 25 list include Biocon  chief Kiran Mazumdar-Shaw (19th), National Stock Exchange (NSE) CEO Chitra Ramkrishna (22nd), HSBC's Naina Lal Kidwai (23rd) and TAFE chairman and CEO Mallika Srinivasan (25th).

Releasing the latest rankings, the magazine said that women around the world are continuing to win the top jobs, so much so that more than a third of the women on this Asia-Pacific list are making their debut in the coveted list, including two from India.

The two Indian new entrants are Ms Bhattacharya and Ms Vasudeva.

"More and more businesswomen are taking tougher jobs and helming bigger firms. More than a third of the women on our Asia-Pacific list are making their MPW (most powerful women) debut," Fortune said.

Among Indians, SBI chairperson Adundhati Bhattacharya, ranked second after Ms Kochhar in the list, is the first woman to hold the three-year post at the country's largest bank and oversees a 208-year-old institution with $400 billion in assets and 218,000 employees dispersed among 16,000 branches across India.

On the other hand, Ms Vasudeva, 58, became the first woman to head an Indian oil company and is "and one of only four women to helm a Global Fortune 500 firm in the Asia-Pacific region".

Ms Ramakrishna is the only woman on the list heading a stock exchange.

Meanwhile, PepsiCo's India-born CEO, Indra Nooyi, has been ranked third among the world's most powerful business women by Fortune. She is only Indian-origin woman on this year's global list, which has been topped by IBM chairman and CEO Ginni Rometty and General Motors CEO Mary Barra.

ICICI Bank stock price

On September 22, 2014, at 09:20 hrs ICICI Bank was quoting at Rs 1558.95, down Rs 11.5, or 0.73 percent. The 52-week high of the share was Rs 1617.85 and the 52-week low was Rs 878.55.

The company's trailing 12-month (TTM) EPS was at Rs 88.06 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 17.7. The latest book value of the company is Rs 632.57 per share. At current value, the price-to-book value of the company is 2.46.

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SILA: Facility project mgmt services provider for realty

Watch brothers Sahil and Rushabh Vora who decided to move from high flying careers in investment banking to starting up a facility and project management venture for the realty sector – SILA.

Watch brothers Sahil and Rushabh Vora who decided to move from high flying careers in investment banking to starting up a facility and project management venture for the realty sector – SILA.

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Hike: India's very own messaging app

Catch Kavin Bharti Mittal, founder of India's very own messaging app, Hike messenger in an exclusive chat.

Catch Kavin Bharti Mittal, founder of India's very own messaging app, Hike messenger in an exclusive chat.

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Vijay Mallya shouldn't continue on USL board: IiAS

Kingfisher Airlines and directors declared as wilful defaulters would not be able to borrow from banks in the future. They would also lose director-level positions in companies and criminal proceeding could be initiated against them, if warranted, to recover the money.

The continuation of Vijay Mallya, who has been declared a 'wilful defaulter', on United Spirits board would constrain the company from raising debt in the country, according to proxy advisory firm IiAS. The firm has advised  United Spirits Ltd's (USL) shareholders to vote against the proposal to re-appoint Mallya as director on the board. Earlier this month,  United Bank of India had declared Kingfisher Airlines, its promoter Vijay Mallya and three other directors as wilful defaulter citing alleged diversion of funds.

Also Read: BSE,NSE to shift 2 UB group cos to restricted trade segment

Kingfisher Airlines  and directors declared as wilful defaulters would not be able to borrow from banks in the future. They would also lose director-level positions in companies and criminal proceeding could be initiated against them, if warranted, to recover the money. "... until this matter (regarding wilful defaulter) is resolved, Vijay Mallya continuing on the board will constrain USL's ability to raise debt from the Indian financial system," IiAS (Institutional Investor Advisory Services) said in a report.

USL is a Diageo subsidiary and can access funds support from its parent company. However, this is not an optimum way of doing business, it added. The annual general meeting of USL is scheduled for September 30.

United Bank stock price

On September 19, 2014, United Bank of India closed at Rs 45.65, up Rs 0.10, or 0.22 percent. The 52-week high of the share was Rs 61.65 and the 52-week low was Rs 23.40.

The latest book value of the company is Rs 64.81 per share. At current value, the price-to-book value of the company was 0.70.

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Tech Mahindra aims to clock USD 5 billion revenues by FY17

The company crossed USD 3 billion in revenues by the end of 2013-14 (from USD 2.6 billion in 2012-13) with nearly USD 500 million profit after tax.

Tech Mahindra , India's fifth largest software services exporter, is on track to become a USD 5 billion dollar company by fiscal 2017, a top company executive said today.

"So far as the business is concerned, it is good. Outlook is positive. It is not only for us, it is for the industry also. That's a good sign. Let's hope (we achieve USD 5 billion revenue goal). By the grace of God... we should be heading to that number. By 2016-17, there is a possibility that we will achieve our stated objective," Tech Mahindra Executive Vice-Chairman Vineet Nayyar told reporters on the margins of an event.

The company crossed USD 3 billion in revenues by the end of 2013-14 (from USD 2.6 billion in 2012-13) with nearly USD 500 million profit after tax.

On the current deal pipeline, he said the infotech major bagged large contracts which helped it clock USD 3 billion revenues last fiscal. "We have been doing big deals. To reach USD 3 billion (in FY14) was not easy. Reaching USD 4 billion or USD 5 billion will be tough. But let's see we will achieve."

Nayyar was there to participate in an industry-academia interface programme organised at an engineering institute established by Mahindra Group and Ecole Centrale of Paris.

Asked about the cases filed against the company for the acts committed by promoters of scam-hit Satyam Computer prior to its acquisition by Tech Mahindra, Nayyar said they are in touch with the government and expect positive outcome. "We are always in continuous dialogue with the government. If the government sees the way we see it, then hopefully there will be a solution. We are quite confident that the government does not have a legal case (against us) and we will contest it (if there is any)."

The cases filed by agencies such as Enforcement Directorate and Income Tax against Satyam Computer, arising out of the 2009 accounting fraud at the erstwhile firm, continue to haunt the IT major.

Mahindra Group took over Satyam Computer after a multi-billion dollar corporate fraud, committed by its founding-Chairman B Ramalinga Raju, came to light. Tech Mahindra still faces some of the legal cases linked to the scam.

Tech Mahindra stock price

On September 19, 2014, Tech Mahindra closed at Rs 2474.60, up Rs 45.65, or 1.88 percent. The 52-week high of the share was Rs 2521.80 and the 52-week low was Rs 1278.55.

The company's trailing 12-month (TTM) EPS was at Rs 111.03 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 22.29. The latest book value of the company is Rs 364.94 per share. At current value, the price-to-book value of the company is 6.78.

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Key trade, biz announcements during China Xi's India visit

Chinese President Xi Jinping pledged on Thursday to invest USD 20 billion in India and give its companies greater access to key Chinese markets following talks with Prime Minister Narendra Modi in New Delhi.

The world's two most populous nations used the summit to sign agreements to boost their commercial and trade ties, even as a dispute over their shared border overshadowed Xi's three-day visit to India that ends on Friday.

Here are some of the key announcements:

China will set up two industrial parks in India: one for power equipment in Modi's home state of Gujarat and another for automotive parts in the western Maharashtra state. New investments from China could help India reduce its trade deficit.

India and China signed a five-year plan to promote trade relations. China said it will give greater market access to Indian companies and products, especially in the pharmaceutical, farming and fuel industries.

The Export Import Bank of China signed an agreement with the State Bank of India , India's largest lender, to extend a USD 1.8 billion line of credit for projects including those importing Chinese products. A similar agreement was signed with India's  ICICI Bank for USD 1 billion.

Both developing countries decided to work together to steer regional cooperation and advance their efforts to build the BCIM (Bangladesh, China, India and Myanmar) economic corridor.

China will support India in reforming its crumbling railways by helping it improve the speed of trains. Redevelopment of railway stations and collaboration on high-speed trains will also be explored.

Indian private lender Axis Bank signed an agreement with China Development Bank to help Chinese companies with their requirements in India.

On Wednesday, business leaders from the two countries signed deals worth USD 3.43 billion in New Delhi. The biggest was a USD 2.6 billion deal between Indian budget airline IndiGo and Industrial and Commercial Bank of China Ltd for the financing of more than 30 new aircraft.

Chinese telecom equipment maker ZTE Corp and India's  Reliance Communications signed a deal worth USD 162 million.

Reliance Communications, India's fourth-largest mobile operator by customers, also signed a USD 157 million agreement with Huawei Technologies Co.

More than 20 other smaller deals totalling some USD 500 million were signed between Chinese and Indian firms. These companies signed agreements for an array of products including peanut oil, cotton and even seafood.

The Chinese city of Guangzhou and Indian city of Ahmedabad in Gujarat state signed an agreement for closer cooperation in fields such as environment and health. India also signed an agreement to promote better ties between Gujarat and Guangdong, China's richest and most liberal province.

A Gujarat government agency and the China Development Bank entered into a pact to assist Chinese investors in creating better infrastructure for industrial parks in India, as well as helping the investors obtain necessary clearances.

ICICI Bank stock price

On September 19, 2014, at 09:20 hrs ICICI Bank was quoting at Rs 1567.00, up Rs 1.65, or 0.11 percent. The 52-week high of the share was Rs 1617.85 and the 52-week low was Rs 878.55.

The company's trailing 12-month (TTM) EPS was at Rs 88.06 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 17.79. The latest book value of the company is Rs 632.57 per share. At current value, the price-to-book value of the company is 2.48.

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Nepal okays India's GMR plan for $1.4bn hydroelectric plant

Nepal's centre-left cabinet on Thursday cleared the way for Indian firm GMR to build a USD 1.4 billion hydroelectric plant in the northwest of the country, a cabinet minister said, the Himalayan republic's biggest foreign investment scheme.

The Nepalese government agreed to allow GMR in 2008 to construct the 900-megawatt Upper Karnali hydroelectric power plant in the northwest.

But the project was delayed as the nascent republic was mired in instability with six government changes in as many years. Political parties also demanded greater benefits for Nepal from the scheme that is mainly aimed at exporting electricity to power-hungry India.

Law Minister Narahari Acharya said a cabinet meeting had approved the draft of an agreement to be signed with the Indian company. "This approval will open the way for different foreign investment projects that are in the pipeline to move ahead," Acharya told Reuters after a cabinet meeting.

"Concerns shown by different parties about the benefits from the project have been addressed as far as possible," he said.

Officials said GMR and another Indian firm, Satluj Vidyut Nigam, plan to construct other hydroelectric plants in Nepal with a potential to generate up to 42,000 megawatts of electricity.

China's Three Gorges International Corp, is also in talks with Investment Board Nepal to build a USD 1.6 billion dam to generate 750 megawatts of electricity on the West Seti River in the same area, as Beijing competes with New Delhi for influence in Nepal.

The GMR plant, set for completion in 2021, will provide 12 percent energy free to Nepal to ease a crippling power shortage and help its economy emerge from a decade-long civil war that scared away investors and slowed infrastructure projects.

Officials said Investment Board Nepal will now sign a Project Development Agreement (PDA) with GMR, which will construct transmission lines across the border to transmit the remaining electricity to India.

The agreement was expected to be signed during Indian Prime Minister Narendra Modi's visit in August but was delayed because some political parties wanted to ensure that the supply of water to irrigation canals on the same river would remain unaffected by the dam, as well as other benefits to Nepal.

The Indian firm will give a 27 percent stake in the plant to Nepal. GMR will build a separate power house to generate two megawatts of electricity to be supplied to villagers in Achham, Surkhet and Dailekh districts where the project will be located, officials said.

A group of former Maoist rebels says benefits to Nepal were not adequate and has vowed to protest against the scheme.

Nepal's economy is expected to grow 4.6 percent in 2014-15, against the government target of 5.2 percent, with the country facing up to 16 hours of daily power cuts during the dry season when its rivers flow slowly.

Tourism and aid-dependent Nepal, one of the world's 10 poorest countries, has an electricity shortfall of about 600 megawatts. The cash-strapped government is trying to attract foreign investment to generate hydroelectricity and has offered tax incentives to investors in the hydropower sector.

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IKEA to tap big India cities first, then continue expansion

In a chat with CNBC-TV18's Farah Bookwala Vhora, IKEA's India chief Juvencio Maeztu talks about the progress IKEA is making in India, how IKEA will tweak its business model to suit Indian preferences and how it intends to increase the USD 500 million worth of sourcing it currently does in India.

There has been much talk about when Swedish furniture maker IKEA would open its doors in India. IKEA, which has committed Rs 10,500 crore to India, is said to be looking for large land spaces to set up its first outlet, which is reported to come up in Hyderabad.

In a chat with CNBC-TV18's Farah Bookwala Vhora, IKEA's India chief Juvencio Maeztu talks about the progress IKEA is making in India, how IKEA will tweak its business model to suit Indian preferences and how it intends to increase the USD 500 million worth of sourcing it currently does in India.

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Merger with Satyam will improve revenues, bottomline: INOX

INOX Leisure board is meeting on September 25 to consider and approve the proposed merger with Satyam Cineplexes, a wholly-owned subsidiary of the company.

We thought it would make sense for us to merge that entity with INOX so that we have the combined benefits of revenues

Deepak Asher

President & Director

INOX Leisure

INOX Leisure  board is meeting on September 25 to consider and approve the proposed merger with Satyam Cineplexes, a wholly-owned subsidiary of the company.

In an interview to CNBC-TV18, Deepak Asher, President and Director of INOX Leisure, said the merger was on the cards. "We acquired Satyam a month ago and since it's a 100 percent subsidiary of INOX Leisure, we thought it would make sense to merge the entity with us so that we have combined benefits of the revenue."

The acquisition of Satyam Cineplex has strengthened Inox Leisure's presence in North India, where PVR  is a dominant player.

Since Satyam is a 100 percent subsidiary, there won't be any additional share issue, Asher said, adding that the move will lead to improved revenues and bottomline. He said that post-deal, the company would be able to negotiate better with supply chain.

Below is the transcript of Deepak Asher's interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy

Sonia: Can you just tell us about the proposal to merge Satyam Cineplexes and what it would actually bring to the table in terms of combined revenues for the company?

A: This merger was on the cards for quite a while, as you know we acquired Satyam Cineplexes about a month ago and since it's a 100 percent subsidiary of INOX Leisure, we thought it would make sense for us to merge that entity with INOX so that we have the combined benefits of revenues as well as the synergies of the economies of scale that both these operations together will bring to us.

INOX Leisure stock price

On September 18, 2014, at 09:23 hrs INOX Leisure was quoting at Rs 171.65, up Rs 8.60, or 5.27 percent. The 52-week high of the share was Rs 181.70 and the 52-week low was Rs 70.50.

The company's trailing 12-month (TTM) EPS was at Rs 2.37 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 72.43. The latest book value of the company is Rs 40.56 per share. At current value, the price-to-book value of the company is 4.23.

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Ahead of crucial Ciaz launch, Maruti COO said to have quit

The resignation comes ahead of the automaker's premium sedan, Ciaz's launch, slated in October.

Moneycontrol Bureau

Mayank Pareek, chief operating officer (sales & marketing), Maruti Suzuki  has put in his papers, according to media reports.

The resignation comes ahead of the automaker's premium sedan, Ciaz's launch, slated in October. The company is also gearing up to enter the light commercial vehicle segment.

Known as the face of Maruti Suzuki, Pareek has been part of the company for over two decades. According to reports, Pareek, who is expected to remain a part of the auto industry, may head to a rival company.

Maruti Suzuki over the recent months has seen senior management rejig after the Japanese parent Suzuki Motors tightened its hold on various divisions. The company's top management rejig came after a year-long labour trouble at its Manesar plant in 2011-12.

In a reorganization in April this year, three senior chief operating officers (COOs) were asked to share responsibilities with their Japanese counterparts.

But Pareek's resignation has come at an inopportune time for India's largest carmaker, which has been trying to have a crack of at the premium sedan market with the Ciaz.

Replacing the SX4, the Ciaz is the latest attempt by the company to break out of its "small-car" positioning. The premium sedan segment has long been dominated by the Honda City and, recently, the Hyundai Verna.

In a recent interview with Mint, Pareek had admitted the new launch would be a challenge for the carmaker and that its sales executives were prepared to even take "pursue a customer for a week" -- a far cry for a company whose customers often line up to have test drives of its its small-car launches.

The outgoing COO had told the newspaper that the company had received 3,500 bookings since the pre-bookings opened four days ago.

In the premium hatch segment in July, the Honda City (after its recently-launched avatar) sold 7,696 units while the Hyundai Verna sold 2,853 units.

Maruti Suzuki stock price

On September 17, 2014, at 09:23 hrs Maruti Suzuki India was quoting at Rs 2936.00, down Rs 14.8, or 0.5 percent. The 52-week high of the share was Rs 2978.15 and the 52-week low was Rs 1330.00.

The company's trailing 12-month (TTM) EPS was at Rs 96.45 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 30.44. The latest book value of the company is Rs 694.45 per share. At current value, the price-to-book value of the company is 4.23.

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Hero MotoCorp to set up manufacturing unit in AP

The Hero plant, the first major industrial unit to be announced in the residuary State, is expected to provide direct employment to 3,000 people and indirect employment to another 6,000.

Hero MotoCorp  today entered into an MoU with the Government of Andhra Pradesh for setting up a two-wheeler manufacturing plant in Chittoor district. Under the memorandum of understanding, the Delhi-based two-wheeler maker will invest Rs 1,600 crore on the main plant at Satyaveedu that will produce 1.8 million two wheelers in a phased manner.

Another Rs 1,500 crore will be invested on ancillary units, according to Hero General Manager (Corporate) Rakesh Vashisht.

The State Government has allotted 600 acres of land to Hero for the plant and the allotment letter was handed over to Vashisht by Industries Principal Secretary J S V Prasad in the presence of Chief Minister N Chandrababu Naidu, Union Ministers P Ashok Gajapathi Raju (Civil Aviation) and Piyush Goyal (Power) and others here today.

The Hero plant, the first major industrial unit to be announced in the residuary State, is expected to provide direct employment to 3,000 people and indirect employment to another 6,000.

Meanwhile, the Chief Minister handed over a provisional letter of allotment for 1,103 acres of land to DRDO for setting up a unit at SR Puram mandal, Chittoor district. Details of the project were not announced but Naidu said the premier defence organisation would invest Rs 600 crore in the project.

A provisional letter of allotment was also handed over to Society for Applied Microwave Electromagnetic Engineering and Research (Sameer), a Government of India entity, for 13 acres at Gambheeram village in Visakhapatnam district. Sameer will invest Rs 80 crore in the project, details of which were also not specified.

Hero Motocorp stock price

On September 17, 2014, at 09:20 hrs Hero Motocorp was quoting at Rs 2801.35, up Rs 10.05, or 0.36 percent. The 52-week high of the share was Rs 2842.60 and the 52-week low was Rs 1907.00.

The company's trailing 12-month (TTM) EPS was at Rs 106.33 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 26.35. The latest book value of the company is Rs 280.43 per share. At current value, the price-to-book value of the company is 9.99.

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SBI cuts deposit rates for 1-3 yrs to 8.75% from 9%

In an interview to CNBC-TV18, SBI Chairman Arundhati Bhattacharya said the availability of liquidity is the reason for a revision in rates

Will keep reviewing other rates as well

Arundhati Bhattacharya

Chairman

SBI

State Bank of India has revised interest rates on retail term deposits below Rs 1 crore. The country's largest bank has cut the deposit rates for 1-3 years to 8.75 percent from 9 percent, while for the period of 180-210 days, it has hiked the rates to 7.25 percent from 7 percent. 

In an interview to CNBC-TV18, SBI  Chairman Arundhati Bhattacharya said the reason for a revision in rates is based on the availability of liquidity, while the credit demand has been low.

"We have lot of liquidity in the 1-3 years band, thus we thought it right to cut the rates at that end. Also given the fact that inflation trajectory seems to be in the right direction, we will still be giving a real rate of return to out investors/depositors," she said.

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

Sonia: What was the reason for this revision and what would the impact be of this revision on the margins?

A: The reason for the revision is the fact that we have a lot of liquidity, we have not seen that kind of credit demand and therefore this is basically adjusting our asset liability management (ALM). The small increase we have seen in six months to 210 days, is also to address ALM mismatch but on one to three year we have a lot of liquidity there and therefore we thought it right that we needed to cut the rates at that end also given the fact that the inflation trajectory seems to be in the right direction, we will still be giving a real rate of return to our investors, to our depositors.

Latha: You have hiked one portion which is six to seven months but you have cut the one to three year?

A: That's right.

Latha: I would assume that a lot more money comes in the one to three year than in the six to seven months?

A: Absolutely.

Latha: Can you give us an idea, what might be the six to seven month, what proportion, is it 5 percent?

A: That would be very small. Actually, most of the deposits are in one to three year bucket.

SBI stock price

On September 16, 2014, at 09:20 hrs State Bank of India was quoting at Rs 2632.95, up Rs 8.65, or 0.33 percent. The 52-week high of the share was Rs 2833.85 and the 52-week low was Rs 1455.95.

The company's trailing 12-month (TTM) EPS was at Rs 147.33 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 17.87. The latest book value of the company is Rs 1584.34 per share. At current value, the price-to-book value of the company is 1.66.

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Chances of sub-15% credit growth by FY15-end slim: HDFC

Keki Mistry, vice-chairman and chief executive officer of HDFC says in another quarter or two, credit growth will take off. Traditionally, credit offtake is highest in the fourth quarter, he adds.

With  State Bank of India cutting deposit rates for 1-3 years to 8.75 percent from 9 percent, could other banks soon follow suit? Keki Mistry, vice-chairman and chief executive officer of  HDFC sees more banks cutting deposit rates in the next two months. He believes SBI decided to cut rates on the back of lower-than-expected credit offtake.

According to him, in another quarter or two, credit growth will take off. He says traditionally, credit offtake is highest in the fourth quarter. "I would be surprised to see sub-15 percent credit growth by FY15 end," Mistry told CNBC-TV18.

According to him, if deposit rate across the system is lowered, then HDFC too will have to lower it. However, he was unable to give a timeline for a cut in deposit rates.

Stay tuned for more…

SBI stock price

On September 16, 2014, at 09:20 hrs State Bank of India was quoting at Rs 2632.95, up Rs 8.65, or 0.33 percent. The 52-week high of the share was Rs 2833.85 and the 52-week low was Rs 1455.95.

The company's trailing 12-month (TTM) EPS was at Rs 147.33 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 17.87. The latest book value of the company is Rs 1584.34 per share. At current value, the price-to-book value of the company is 1.66.

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TCS opens Saudi Arabia's first all-woman BPO centre

The Riyadh-based 3,200-sq mt facility will offer customers specialised finance and accounting, human resources, materials supply and office services to improve their operational efficiency, it said.

India's largest software exporter  TCS Sunday said it has opened Saudi Arabia's first all-female business process centre, which will provide employment to up to 3,000 women in three years.

Saudi Aramco and GE are the centre's first customers, TCS said in a statement here.

Both the clients have already surpassed their target of recruiting 100 women each, while the total number of those employed at the centre stands at 300, it said.

The Riyadh-based 3,200-sq mt facility will offer customers specialised finance and accounting, human resources, materials supply and office services to improve their operational efficiency, it said.

The centre was announced in September last year. Saudi Arabia's Commerce and Industry Minister Tawfiq bin Fawzan Al Rabiah, Deputy Governor of Saudi Arabian General Investment Authority Prince Saud bin Khalid, Saudi Aramco's President and Chief Executive Khalid Al Falih and GE's Vice Chairma.

TCS stock price

On September 15, 2014, at 09:23 hrs Tata Consultancy Services was quoting at Rs 2591.70, down Rs 14.15, or 0.54 percent. The 52-week high of the share was Rs 2667.00 and the 52-week low was Rs 1895.10.

The company's trailing 12-month (TTM) EPS was at Rs 102.67 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 25.24. The latest book value of the company is Rs 224.90 per share. At current value, the price-to-book value of the company is 11.52.

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Targeting Rs 1,500 cr revenue in FY15: Bajaj Electricals

Bajaj Electricals has secured fresh orders worth Rs 518 crore in the Engineering and Projects (E&P) division.

Not participating in any low-margin orders at this point

Shekhar Bajaj

Chairman & MD

Bajaj Electricals

Bajaj Electricals has secured fresh orders worth Rs 518 crore in the Engineering and Projects (E&P) division.

In an interview to CNBC-TV18, Shekhar Bajaj, CMD of Bajaj Electricals , said the company has received eight orders for rural electrification in the Madhya Pradesh region. The company's order book stands at Rs 3,178 crore as on September 13, which is at the highest-ever level.

Bajaj said that orders have been coming too fast for the company, hence the management has consciously decided on slowing down on the order intake as it wants to focus more on the execution aspect.

Bajaj Electricals is targetting Rs 1,500 crore of revenues in FY15 and may earn Rs 500 crore (revenue) from the E&P project in H1FY15. Bajaj said the company is not participating in any low-margin orders currently.

Bajaj Electric stock price

On September 15, 2014, at 09:25 hrs Bajaj Electricals was quoting at Rs 289.00, up Rs 11.70, or 4.22 percent. The 52-week high of the share was Rs 384.80 and the 52-week low was Rs 156.00.

The latest book value of the company is Rs 70.58 per share. At current value, the price-to-book value of the company was 4.09.

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NRI investment in Indian realty may rise 35%: Survey

Property developers are expecting a 35 percent surge in real estate enquiries from NRIs (non-resident Indians) with Bangalore turning out to be a favourite, according to a survey by the Associated Chambers of Commerce and Industry of India (Assocham).

To tap the growing interest, which comes at a time when the global economy is stabilising and India is showing strong signs of revival, real estate companies here are pulling out all the stops by conducting property shows, exhibitions and opening overseas representative offices.

Developers are also expanding their existing distribution chains and entering into strategic partnerships to encourage investors from this cash-rich segment, the industry body said.

The survey was conducted among nearly 850 real estate developers in Delhi-NCR, Chandigarh, Mumbai, Kolkata, Bangalore, Hyderabad, Ahmedabad, Pune, Dehradun, Chennai etc.

Bangalore was the most favourite property investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa, Delhi and Dehradun, the survey showed.

Also read:  Mumbai realty prices see modest appreciation in Jan-March

The enquiries are primarily coming from NRIs residing in the UAE, the US, Singapore, Australia, the UK, Canada and South Africa.

This year, demand is more for the high-end property and commercial buildings, developers say.

"With the revival in global economy, especially in the United States and Europe, people are more optimistic and looking for property to invest in."

"Both small and big developers are focusing on the NRI base in the US, the UK and Asia Pacific region this year," Assocham Secretary General D S Rawat said.

As per the findings of the survey, Ahemdabad (32 percent) continued to be the most stable market in terms of demand and absorption of both residential and commercial spaces.

NRIs consider Ahmedabad as a safe place to invest in, with lenient government regulations for property investments. Pune was at the third position (30.5 percent), as per the survey, whereas Chennai (28 percent) was at the 4th spot and Goa (23 percent) at the 5th place.

In Delhi, there has been a 21 percent rise in enquiries this year as opposed to last year and a majority of them have been for the residential segment.

Catering to the growing demand in the high-end segment, Delhi has also emerged among the promising markets for real estate, the survey showed.

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Spectrum sharing, trading guidelines by year-end: Prasad

In July, telecom regulator Trai had recommended allowing sharing of all categories of radiowaves held by operators including those allocated at the old price of Rs 1,658 crore or assigned without auction, a move that could help companies significantly reduce cost of providing mobile services.

Telecom Minister Ravi Shankar Prasad today said the guidelines for telecom spectrum trading and sharing will be in place by the end of the year.

"Guidelines will be in place by end of year on spectrum trading and sharing," Prasad said at the press conference marking the first 100 days in the ministry.

In July, telecom regulator Trai had recommended allowing sharing of all categories of radiowaves held by operators including those allocated at the old price of Rs 1,658 crore or assigned without auction, a move that could help companies significantly reduce cost of providing mobile services.

Trai had suggested that all access spectrum in the bands of 800/900/1800/2100/2300/2500 MHz will be sharable provided that both licensees are have spectrum in the same band.

At present, telecom operators have been allocated radiowave frequencies in 800 MHz (CDMA); 900 MHz, 1800 MHz, 2100 MHz (GSM 2G/3G); 2300 MHz and 2500 MHz (4G) for wireless telecom services.

Operators are allowed to share passive infrastructure like mobile towers, which has helped them in reducing operational cost but not active infrastructure like spectrum.

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Can't protection auto industry forever: Commerce Secy

In a veiled warning to the domestic auto sector, the Commerce Ministry today said it cannot continue providing protection to the industry while duty barriers are coming down all over the world.

In a veiled warning to the domestic auto sector, the Commerce Ministry today said it cannot continue providing protection to the industry while duty barriers are coming down all over the world.

"...we have to look at to what extent the present tariff protection to the auto sector is sustainable...we will have to question ourselves on the sustainability of a long-term tariff protection plan particularly in an environment where every country is bringing down tariffs," Commerce Secretary Rajeev Kher said here.

He was speaking at the Society of Indian Automobile Manufacturers (SIAM) annual convention.

India is protecting the domestic auto industry from overseas competition while signing free trade agreements with different nations and groups.

Kher said while negotiating trade agreements one has to keep in mind the overall interest of different sectors.

"We have consciously over the last several years by creating a tariff protection have nurtured the industry and I think the point has come when the automotive plan needs to look at to what extent we want to continue with that and how do we want to bring it down to some kind of global at par," he said.

The negotiations for a free trade agreement between India and the 27-nation European Union got stuck mainly because of duty reduction in the auto sector. EU demanded significant duty cut in the sector.

"When we look for a preferential trade relation, we clearly can't have a win-win all in our account...do not look for a relationship in a trade agreement where it will be one way flow," Kher said.

However, he assured the industry that the ministry would announce incentives to boost exports.

"In the foreign trade policy (FTP), the auto sector will receive export incentives. The assurance I want to give you is that the sector will remain a beneficiary of the incentive programme under the FTP," he said.

The FTP is expected to be announced early next month.

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Maruti to roll out LCV project on a limited scale

Country's largest car maker Maruti Suzuki India plans to roll out its light commercial vehicles (LCV) project on a limited scale, a top company executive said today.

Country's largest car maker  Maruti Suzuki India plans to roll out its light commercial vehicles (LCV) project on a limited scale, a top company executive said today.

"We will begin the LCV project on a very limited scale and take the initiative forward by understanding the marketing and sales experience. We will slowly roll out it as we do not

want to rush into it. The commercial vehicle sector is a new sector for us," Maruti Suzuki India (MSI) Chairman RC Bhargava said on the sidelines of SIAM Annual Convention.

Last month, in an interview to PTI, he had said Maruti plans to launch one ton LCV, which is in the same segment as Tata Ace and Mahindra Gio and Ashok Leyland's Dost, by next year.

MSI will have a separate sales and service network for the LCV.

"We are in the process of setting up sales and distribution network for LCV because you cannot sell LCVs and cars from the same outlets. The customers are different, facilities required are different," he had said.

When asked what kind of growth he expects this year, Bhargava said: "I expect that our company will continue to grow in double digits this year."

Bhargava also remained bullish about festive season sales. He said: "Normally we see an improvement 20-25 per cent in sales during the festive season so we expect that the trend will continue this year also."

He also expressed satisfaction on the functioning of the Modi government.

"I think the government has made a very good beginning, but this is totally unrealistic (to expect a quick revival), as the economy had really gone into such a decline over a period of time and so many ills had crept into the entire system...lack of governance, lack of implementation...so it will take much longer than 2-3 months to bring about a change," he said.

When asked about the discounting trend followed by the industry to push sales, he said: "While we are growing at double digits, rest of industry is not growing so well. And there are many companies which are not growing at all. If there is discounting being done by some companies then other have to follow suit."

On its upcoming model Ciaz in mid-sized sedan segment, Bhargava said: "We hope this car will do better than what we have achieved in the past."

When asked if the company has set a voting date to get nod from its minority shareholders' to let parent Suzuki Motor Corp own and invest in its Gujarat facility, he said: "We have not yet determined the date of voting."

Maruti Suzuki stock price

On September 12, 2014, Maruti Suzuki India closed at Rs 2971.15, up Rs 54.50, or 1.87 percent. The 52-week high of the share was Rs 2978.00 and the 52-week low was Rs 1301.65.

The company's trailing 12-month (TTM) EPS was at Rs 96.45 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 30.81. The latest book value of the company is Rs 694.45 per share. At current value, the price-to-book value of the company is 4.28.

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Big screens - key to selling more iPhones in China?

Apple`s share in China`s burgeoning smartphone market faces increasing competition from local players, but a trend towards large-screen phones could give the tech giant a boost, according to IDC.

On Tuesday, unveiled its latest offerings - the iPhone 6 and iPhone 6 Plus, which respectively have 4.7 inch and 5.5 inch screens - far larger than the current 4-inch iPhone 5s.

Apple will tap a growing preference for large-screen smartphones in China, IDC said in a report.

"There is a higher proportion of the younger generations (generation Y and X) [in the population]. The way they use smartphones is different, the percentage using voice is a lot smaller and they tend to use text more, watch video, play games or even buy things... so naturally they`d like to use a bigger-screen phone," said Kitty Fok, China managing director at IDC.

In 2013, over 20 percent of China`s smartphone market owned larger-screen phones - those with 5 to 7-inch screens - and IDC expects this to increase.

Also read: Fashion world divided on first look at Apple Watch

Demand from China`s lower-tier cities is also driving demand for large-screened smartphones, Fok said. Users in more mature markets located in the tier-1 and 3 cities tend to own both a smartphone and a computer, Fok said, but users in tier-4 and 6 cities tend to have one device for all of their digital needs.

Cities in China are divided up into tiers to reflect population size, development of services and infrastructure, economic size and the cosmopolitan nature of the city. Cities in the higher tiers, such as Shanghai, a tier 1 city, tend to be more developed than a lower tier city like Fushun, a tier 4 city, for example.

"In tier 4-6 cities in China, without full popularization of PCs and tablets, smartphones are often the only devices for people to keep daily connection and entertainment, so bigger screen is more attractive," she added.

But in terms of affordability, Apple may struggle to compete with local players offering larger screens.

Local smartphone makers in China such as Xiamoi provide a wider variety of larger-screened phones at more affordable prices than international brands, IDC said, catering directly to this market segment.

These local players are reaping the benefits. Domestic player Xiaomi became the leading smartphone vendor in China in the second quarter with a 14 percent market share, knocking Samsung from the top position, according to a report from market research firm Canalys. Samsung had a 12 percent market share, while Apple`s was 6 percent.

Despite increasing competition, Apple has a loyal customer base in China, said IDC`s Fok, who estimates there to be around 50 million iPhone users in China.

The iphone 6 launch could prove perfect timing, she said, especially with its Chinese customer base on the cusp of a "replacement wave."

"The customer base for Apple is there, so we are expecting a replacement market for the existing Apple user," said Fok.

"If the new iPhone 6 is going to be on a big screen size option, it is likely to keep the current Apple users, as the users already familiar with the user interface and Apps...The screen size is really one thing which is missing for Apple users in China at the moment," she said.

Globally, Samsung remained the world`s largest smartphone provider in Q2 with 26 percent market share, ahead of Apple`s 12 percent, Huawei`s 7 percent. Lenovo and Xiaomi both had 5 percent shares.

Earlier this month, Samsung launched the 5.6-inch Galaxy Note Edge and the 5.7-inch Galaxy Note 4.

Copyright 2011 cnbc.com

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Is Minecraft Microsoft's winning ticket in mobile?

Microsoft`s potential purchase of Mojang, the Swedish company behind the popular block-building video game Minecraft, may not be a big deal financially, but it could be the winning ticket to expanding its mobile business, analysts said.

The US tech giant is in discussions to buy Mojang for an estimated USD 2 billion, The Wall Street Journal reported earlier this week, a deal analysts don`t expect to impact Microsoft`s profits given that it`s roughly 2 percent of Microsoft`s USD 86 billion cash hoard as of the end of June.

"This is pocket change for Microsoft; they spend more than that in their quarterly dividend. It`s a move that gets headlines but in terms of its impact on Microsoft`s top-line or bottom-line, it`s going to be minor," said Charles Sizemore, CIO at Sizemore Capital Management.

In 2013, Mojang had total revenue of around USD 330 million and profits of USD 128 million; Minecraft makes up 90 percent of Mojang`s revenues.

Business opportunities

With a 100 million registered users worldwide as of February 2014 and strong profitability, Minecraft could be an opportunity for Microsoft to leverage its mobile and software businesses, Norman Young, senior equity analyst at Morningstar, told CNBC on Thursday.

"It`s a strong signal that Microsoft is pretty invested in mobile strategy and the Windows Phone. They want to be able to offer different games and strategies across different platforms even if they are not the platform. The IP (intellectual property) side of this equation is very important, the fact that this is a gaming platform that can be played on Android, IOS, PCs and different consoles," Young said.

"They may be overpaying but if they`re smart about it, it`s not just the videogame, it`s leveraging the IP behind the game," he added.

The deal would be Microsoft`s first multibillion-dollar acquisition since new chief executive Satya Nadella took over earlier this year.

Microsoft made it clear to investors that mobile remains a priority after completing the acquisition of Nokia`s mobile phone business in April.

"We believe the potential acquisition of the ubiquitous Minecraft game (almost 54 million copies sold), would strategically make sense as the company looks for ways to drive users toward its nascent mobile hardware business, where it can leverage and cross-sell a wide range of its higher-margin software," said Daniel Ives, analyst at FBR Capital Markets, in a report on Thursday.

Mobile versus cloud

But not everyone is convinced; some experts believe the acquisition would go against Microsoft`s concentration on cloud services.

"What`s interesting to me is that Nadella, when he took over Microsoft, said he wanted to make Microsoft first and foremost a cloud and business services company. He really downplayed videogames and here, he seems like he`s doing an about face by making a high profile purchase," said Charles Sizemore, CIO at Sizemore Capital Management.

In March, Nadella presented his "Mobile First, Cloud First" strategy, focused on developing cloud-enabled software to be deployable on mobile devices.

"My question is: what is his plan? It has to be bigger than just buying this videogame. Is Microsoft planning to turn this into a big franchise? Are they planning to make this the Lego of videogames? I`d like to see more information. Right now, in a vacuum, it does raise a lot of questions," Sizemore said.

According to FBR Capital Markets, the deal would enable Microsoft to "remain laser-focused on strategic growth areas (cloud/mobile) going forward and continue to capitalize on current momentum from Azure and Office 365 offerings."

FBR currently has an Outperform rating on the stock.

Copyright 2011 cnbc.com

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Another jolt for DLF: HC scraps Haryana land deal

Second major setback for DLF in a week, the Punjab and Haryana High Court scraps an auction in which DLF had won 350 acres of prime land in Gurgaon for Rs 1,700 crore.

Second major setback for  DLF in a week, the Punjab and Haryana High Court scraps an auction in which DLF had won 350 acres of prime land in Gurgaon for Rs 1,700 crore.

DLF stock price

On September 11, 2014, at 09:24 hrs DLF was quoting at Rs 176.45, down Rs 0.25, or 0.14 percent. The 52-week high of the share was Rs 242.80 and the 52-week low was Rs 127.35.

The company's trailing 12-month (TTM) EPS was at Rs 2.52 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 70.02. The latest book value of the company is Rs 93.41 per share. At current value, the price-to-book value of the company is 1.89.

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US drug patent expiries to benefit Indian pharma industry

Indian pharmaceutical companies have an opportunity to capitalise on the patent cliff and gain a greater share of the growing generics market.

Expiry of drug patents in the US is great news for not only consumers but also the domestic pharmaceutical industry, where generics account for about 75 percent of total sales, CARE Ratings said in its report released today.

Indian pharmaceutical companies have an opportunity to capitalise on the patent cliff and gain a greater share of the growing generics market.

At present, India accounts for nearly 40 percent of generic drugs, over-the-counter products and 10 percent of finished dosages used in the US.

During 2014-2016, about USD 92 billion worth of patented drugs are expected to go off-patent in the USA as compared to USD 65 billion during 2010-12.

Indian companies' share in the US generics market has grown rapidly on the back of aggressive Abbreviated New Drug Application (ANDA) filings, successful pursuit of Para-IV and capitalisation on patent expiries of blockbuster drugs.

Also read:  FDA conducting surprise audit at Sun's Halol unit: Sources

Under US laws, ANDA filed with a Para-IV certification states that the generic company which is the first-to-file a Para IV, gets "exclusive rights" to sell the generic version of a branded drug for 180 days, with only the patent holder as the other player in the market.

Ranbaxy , Dr Reddy's  and Lupin  have been the most prolific filers for Para-IVs. Indian players with a robust product portfolio, filings and necessary manufacturing infrastructure are well placed to capitalise on this forthcoming opportunity, CARE Ratings said.

Indian companies have built a strong pipeline of products to be sold in the US. During 2013, Indian companies secured 39 percent of total 400 ANDA approvals from the United States Food and Drug Administration (USFDA) as against 37 percent of total 476 ANDA approvals during 2012.

As per experts, the industry size is expected to increase from USD 24.87 billion in 2013 to USD 47.88 billion by 2018 at a CAGR of 14 percent, the report added.

Ranbaxy Labs stock price

On September 11, 2014, at 09:20 hrs Ranbaxy Laboratories was quoting at Rs 639.35, down Rs 13.3, or 2.04 percent. The 52-week high of the share was Rs 667.30 and the 52-week low was Rs 297.25.

The company's trailing 12-month (TTM) EPS was at Rs 9.78 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 65.37. The latest book value of the company is Rs 25.87 per share. At current value, the price-to-book value of the company is 24.71.

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RBI may implement wilful defaulter norms prospectively: OBC

As per new rules, guarantors, who refuse to fulfil their obligations to banks despite having adequate resources, will also be treated as wilful defaulters.

The Reserve Bank of India's new guidelines on wilful defaulters will make bankers cautious and bring more credit discipline in market, says SL Bansal, chairman and managing director, OBC. As per new rules , guarantors, who refuse to fulfil their obligations to banks despite having adequate resources, will also be treated as wilful defaulters.

In a circular, the central bank said that cases where guarantees furnished by the companies within the Group on behalf of the willfully defaulting units are not honoured when invoked by the banks and financial institutions, such Group companies should also be reckoned as wilful defaulters.

Bansal expects these guidelines to be implemented prospectively.

Transcript to follow shortly

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'Vedanta big contender for govt's residual stake in HZL'

"The government has started the process of valuation of its residual stake in HZL as it wants to go for a public offer," Vedanta Resources Chairman Anil Agarwal told reporters.

Vedanta group, which holds majority stake in  Hindustan Zinc Ltd, said it would bid for the government's residual stake in HZL and is a "big contender" for it.

"The government has started the process of valuation of its residual stake in HZL as it wants to go for a public offer," Vedanta Resources Chairman Anil Agarwal told reporters.

Stating that Vedanta would bid for the government stake during public offer after the valuation and assessment is complete, Agarwal said: "We are a big contender... We will certainly bid for it." The Vedanta group chief expressed the hope that the process would be completed in 2-3 months.

Also read: Coalgate: Vedanta slams govt move to bat for just 46 blocks  

Union Finance Ministry has started the process for fresh valuation in its effort to push through a long-pending sale of the government's residual stake in the company in the current financial year, sources said.

HZL had a paid-up capital of Rs 845 crore as on March 31, 2013. The government holds a 29.54 per cent stake in the company. The government had earlier sold majority stake in the erstwhile PSU to the Vedanta group.

Metal major Sesa Sterlite yesterday sought shareholders' nod to enhance its borrowing limit to Rs 80,000 crore for funding needs in group firms and buying out government's residual stake in Hindustan Zinc and Balco.

The Anil Agarwal-led firm's Board has, in the last week, already passed an enabling resolution to increase the limit by 33.3 percent from Rs 60,000 crore.

It said in a BSE filing that the enhancement of limit was aimed at meeting funding requirements of all the group divisions such as iron ore, iron making, copper, aluminium production and commercial power generation.

Hind Zinc stock price

On September 10, 2014, at 09:20 hrs Hindustan Zinc was quoting at Rs 174.95, down Rs 0.15, or 0.09 percent. The 52-week high of the share was Rs 184.00 and the 52-week low was Rs 114.80.

The company's trailing 12-month (TTM) EPS was at Rs 16.24 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 10.77. The latest book value of the company is Rs 88.56 per share. At current value, the price-to-book value of the company is 1.98.

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USE merger to help BSE push liquidity to market: CEO

The merger of the United Stock Exchange (USE) and Bombay Stock Exchange (BSE) will result in the former's promoters, many of whom are banks, become owners of BSE, BSE CEO Ashishkumar Chauhan told CNBC-TV18's Aastha Maheshwari.

Although in a minor way but this will bring some sort of ownership framework into people's minds.

Ashish Kumar Chauhan

MD

BSE

The merger of the United Stock Exchange (USE) and Bombay Stock Exchange (BSE) will result in the former's promoters, many of whom are banks, become owners of BSE, BSE CEO Ashishkumar Chauhan told CNBC-TV18's Aastha Maheshwari in an interview.

The merger has already received approval from the Competition Commission of India.

"Although in a minor way but this will bring some sort of ownership framework into people's minds and it will go a very long way in supporting BSE which has been trying to ensure that it is able to provide liquidity to every type of markets," Chauhan said.

"Also, the USE's members who were not members of BSE would also be able to now trade on BSE."

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Aditya Birla Chem buys Jayshree Chemicals' unit for $35mn

The company expects the acquisition to increase its total caustic soda capacity to about 355,000 tonnes per annum.

Aditya Birla Chemicals (India) Limited  said on Monday it has acquired  Jayshree Chemicals Ltd's caustic soda business for 2.12 billion rupees (USD 35.16 million).

Jayshree's facility, located in the eastern Indian state of Odisha, has a capacity of about 57,000 tonnes per annum, Aditya Birla Chemicals said in a statement.

The company, part of the USD 40 billion Indian conglomerate Aditya Birla Group, expects the acquisition to increase its total caustic soda capacity to about 355,000 tonnes per annum, and plans to fund the deal through internal accruals and debt.

(USD 1 = Rs 60.2900)

Aditya Birla Ch stock price

On September 09, 2014, at 09:15 hrs Aditya Birla Chemicals was quoting at Rs 299.00, up Rs 7.95, or 2.73 percent. The 52-week high of the share was Rs 307.00 and the 52-week low was Rs 78.05.

The company's trailing 12-month (TTM) EPS was at Rs 18.84 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 15.87. The latest book value of the company is Rs 182.55 per share. At current value, the price-to-book value of the company is 1.64.

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Mexico's Cinepolis eyes Rs 1200cr sales from India by '17

Mexican multiplex chain Cinepolis is aiming to clock Rs 1,200 crore in turnover from Indian operations by 2017 as it expands presence across the country. The firm, which has over 80 screens in the country, expects India to account for 10 per cent of global revenues by that time.

"Presently, India contributes around 4 per cent of our international revenue (outside of Mexico). It would increase... we expect it to be more than double, nearly to 10 per cent by 2017. Roughly, about Rs 1,200 crore," Cinepolis India Managing Director Javier Sotomayor told PTI.

Cinepolis expects its global revenues to touch USD 2 billion by 2017, he added.
Headquartered in Morelia, Mexico Cinepolis is world's fourth largest movie theatre circuit, operating more than 3,000 screens in 11 countries.

The company also plans to pump in about Rs 1,500 crore over the next three years to increase its screen count to 400 by December 2017. Sotomayor said the firm has already invested Rs 400 crore in its Indian operations.

"Our global strategy is to keep on expanding internationally. Now, Cinepolis has 20 per cent of revenues and about 17 per cent of the bottomline (coming from
international operations). We expect the ratio to go 35 per cent in the years to come," Sotomayor said.

In India, Cinepolis has selected top 40 cities for setting up screens over the next three years. "The ultimate goal of Cinepolis is to be leader of this market. For that, we have selected a list of cities, which include Tier I and II cities -- top 40 cities of India where
we would be expanding," he said.

On addition of new screens, Sotomayor said: "The target which we would have for organic growth is 400 screens. We would finish this year with 130-plus making us the one of the top players in the industry".

Cinepolis, which started its India operations in 2009, has presence in major hubs as Mumbai, Pune, Bangalore and Hyderabad.

"In next 12 months, we will have presence in all metros, including Kolkata where we would open this year, Chennai and NCR. At the same time, we would be opening (screens) in  another tier II and III cities like Guwahati and Muzzafarpur," Sotomayor said.

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Won't interfere with SC decision on coal allocation: Goyal

Power Minister Piyush Goyal says revenue maximsation alone can't be the driver at possible coal block auctions after the SC verdict and that the government is not making a case for any block.

As the date for the Supreme Court's decision in the coal allocation case draws near , power minister Piyush Goyal says they will not interfere with court's decision, but makes it clear that they are not making a case for exemption for any player

On e-auction, he says that the government is very clear that one company's profits can't be more important than the greater good and a cut in Coal India 's e-auction volumes is almost a done deal.

 Transcript to follow shortly

Coal India stock price

On September 08, 2014, at 09:25 hrs Coal India was quoting at Rs 370.65, down Rs 0.6, or 0.16 percent. The 52-week high of the share was Rs 423.50 and the 52-week low was Rs 240.50.

The company's trailing 12-month (TTM) EPS was at Rs 20.04 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 18.5. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 14.23.

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