South India emerges as property hotspot

South India has pipped the north and west when it comes to commercial real estate. From January to September, almost 50 percent of new office space deals were struck in Chennai, Hyderabad and Bangalore. Thanks primarily to the IT/ITeS sector, commercial real estate in south india is building new blocks towards recovery. Nayantara Rai brings you the findings of the latest report by international property consultant CBRE.

Chennai recorded a 50 percent quarterly growth in the July-September period, with some of the bigger transactions involving properties like the Prestige Palladium in the heart of the city, the DLF IT SEZ, approximately 5 km from the airport; and along the city's upcoming it corridor in Sholin-Ganallur where a contract research firm scope international signed up 96,000 sqft

What's also noteworthy is the appreciation in rentals, rising by 25 percent Y-o-Y and 15 percent-plus Q-o-Q in IT SEZs in localities like Velachary, Perungudi and Poonamallee Road. A similar trend is panning out 20 km away from Chennai's city centre at the upcoming it corridor. CBRE concedes this is not sustainable.

Anshuman Magazine, CMD - South Asia, CB Richard Ellis, said: "This may not be sustainable but the fact is we do expect in some of the areas where the supply is limited and some improvement in demand happens there could be marginal increase in rentals."

With the end of the political crisis that had paralysed Hyderabad's property market, CBRE has observed a revival, albeit a gradual one from corporates, especially those from the IT sector and back-end offices for financial services. The action is not so much in the popular Banjara and Jubilee Hills, but in the established it corridor of HiTec city and Gachibowli, where rentals have been slowly inching up.

CBRE says Hyderabad has the potential to emerge as the preferred office destination of corporates. But for that, the city's cheaper and upcoming it corridor—comprising Kukatpally, Manikonda and Nana-Kramguda--have to remain competitive against Bangalore, Chennai and Pune.

India's IT capital Bangalore is still the country's largest office market. A few of large deals inked in the July-September quarter include Mercedes Benz and TCS in Whitefield; Bosch at Sarjapur Marthahalli in Outer Ring Road; Accenture at Mysore road and Wipro again at the Outer Ring Road. These are the future growth corridors identified by CBRE.

"The place to watch out is North Bangalore. We are seeing lot of activity, new special economic zones coming in, airport being in close vicinity, I think in next couple of years North Bangalore will see quite a bit of activity," Magazine said.

And prospects for Bangalore remain bright. In India's largest leasing transaction e-tailing giant Flipkart has signed on the dotted line for a 3 million square foot custom-built campus from local builder embassy. The deal is pegged at Rs 85/sqft. Accenture is believed to be on the lookout for another 1 million sqft.

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iYogi: Online subscription-based technical support service

Founded in 2007, iYogi acts as your computer's online doctor and its team of 5,000 manages close to 2.2 million devices remotely from their headquarters in Gurgaon.

Founded in 2007, iYogi acts as your computer's online doctor and its team of 5,000 manages close to 2.2 million devices remotely from their headquarters in Gurgaon.

Watch video for more…

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Exchanges to suspend trading in Kingfisher, UB Engineering

In a major clampdown for non-compliance of Listing Agreement, top exchanges BSE and NSE today announced suspension of trading in shares of Kingfisher Airlines  and another group firm, UB Engineering , from next month.

Besides, the entire promoter shareholding of these companies have been frozen with effect from today itself. The action follows non-compliance to a Listing Agreement clause relating to timely preparation and disclosure of financial results by a listed company for two consecutive quarters. The results are required to be disclosed by listed companies on stock exchange platform for benefit of investors.

In separate circulars, BSE and NSE said that the trading would be suspended in securities of Kingfisher and UB Engineering -- both parts of crisis-hit UB group headed by Vijay Mallya -- with effect from December 1.

The suspension follows Sebi guidelines with respect to Standard Operating Procedure (SOP) for suspension and revocation of trading of shares of listed entities for non-compliance of the Listing Agreement that a listed company needs to follow pursuant to its shares getting listed and traded on a stock exchange.

Shares of Kingfisher, once touted as most luxurious airline in India, are currently trading below Rs 2 apiece and its market capitalisation now stands at just about Rs 150 crore. At one point of time, before financial troubles began and led to its grounding in October 2012, the company carried a market valuation of close to Rs 10,000 crore.

For the year ended March 2013, the carrier saw its net loss widen to Rs 4,301.12 crore. During that period, the gross income stood at Rs 683.46 crore. A consortium of 17 banks has an outstanding debt of about Rs 6,521 crore from the now-grounded carrier and outside the consortium, there are some other loans also.

In Kingfisher, promoters have just 8.54 percent stake, while public holding stands very high at 91.46 percent. The non-promoter shareholders include more than two lakh small investors, over 6,000 HNIs, over 2000 NRIs and 13 FIIs, among others.

Along with Kingfisher and UB Engineering, NSE has also announced trading suspension for securities of Varun Industries Limited on account of non-compliance with Clause 41 of the Listing Agreement for two consecutive quarters, that is quarter ended March, 2014 and June, 2014.

"Accordingly, the entire promoter shareholding of Varun Industries Limited, UB Engineering Limited and Kingfisher Airlines Limited shall be freezed with effect from November 7, 2014 till further notice."

"In case, Varun Industries, UB Engineering and Kingfisher Airlines complies with respective requirement/s including payment of fines on or before November 25, 2014 (five days before the proposed date of suspension), the trading in securities of the said companies will not be suspended," NSE said.

In UB Engineering, which has a market cap of about Rs 14 crore, public holds 59.26 percent stake while promoter group controls 40.74 percent.

In case these companies fail to comply with the provisions of the Listing Agreement on or before November 25, 2014, then trading in their shares would be suspended from December 1 and the suspension will continue till such time the company complies including the payment of fine.

After 15 days of suspension, trading in the shares of non-compliant companies would be allowed on Trade for Trade basis in on the first trading day of every week for six months, NSE said. BSE has taken similar action against 21 companies, including Kingfisher and UB Engineering.

Others include Nilachal Refractories , Linkson International , Secure Earth Technologies , Ratan Glitter Industries , Bheema Cements , Arvind International , Elegant Floriculture & Agrotech India , Pretto Leather Industries , UT Ltd , Arihants Securities Ltd , Raghava Estates and Properties , Tutis Technologies , Valuemart Info Technologies , Ontrack Systems , A von Corporation , Birla Pacific Medspa , Best & Crompton Engineering , Varun Industries  and Maestros Mediline Systems .

Kingfisher Airlines is already facing a close regulatory scrutiny over suspected lapses in its accounting practices and the Corporate Affairs Ministry is looking into possible violations of Companies Act.

The airline, part of Vijay Mallya-led UB Group, has been grounded for over two years now after being bogged down by huge and mounting losses.

The carrier is yet to submit its annual financial results for the 2013-14 period to the stock exchanges. In a filing to the BSE on August 26, the carrier had said that steps were being taken to appoint directors in order to comply with provisions of the Companies Act, 2013 and listing agreement with the stock exchanges.

"Thereafter, steps will be taken towards publishing the audited results for the year ended March 31, 2014 and for the quarter ended June 30, 2014," it had said.

Back in May, Kingfisher had informed stock exchanges that "there are hardly any employees attending office and the company is currently operating with skeletal staff making it difficult to audit and publish the results in time."

As part of the recovery process, banks in February last year decided to sell a portion of the collateral with them, including shares of its group companies United Spirits Ltd and Mangalore Chemicals & Fertilizers Ltd, Mallya's Goa villa, Kingfisher House in Mumbai and the Kingfisher brand, which was valued at over Rs 4,000 crore at the time it was pledged.

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South India emerges as property hotspot

South India has pipped the north and west when it comes to commercial real estate. From January to September, almost 50 percent of new office space deals were struck in Chennai, Hyderabad and Bangalore. Thanks primarily to the IT/ITeS sector, commercial real estate in south india is building new blocks towards recovery. Nayantara Rai brings you the findings of the latest report by international property consultant CBRE.

Chennai recorded a 50 percent quarterly growth in the July-September period, with some of the bigger transactions involving properties like the Prestige Palladium in the heart of the city, the DLF IT SEZ, approximately 5 km from the airport; and along the city's upcoming it corridor in Sholin-Ganallur where a contract research firm scope international signed up 96,000 sqft

What's also noteworthy is the appreciation in rentals, rising by 25 percent Y-o-Y and 15 percent-plus Q-o-Q in IT SEZs in localities like Velachary, Perungudi and Poonamallee Road. A similar trend is panning out 20 km away from Chennai's city centre at the upcoming it corridor. CBRE concedes this is not sustainable.

Anshuman Magazine, CMD - South Asia, CB Richard Ellis, said: "This may not be sustainable but the fact is we do expect in some of the areas where the supply is limited and some improvement in demand happens there could be marginal increase in rentals."

With the end of the political crisis that had paralysed Hyderabad's property market, CBRE has observed a revival, albeit a gradual one from corporates, especially those from the IT sector and back-end offices for financial services. The action is not so much in the popular Banjara and Jubilee Hills, but in the established it corridor of HiTec city and Gachibowli, where rentals have been slowly inching up.

CBRE says Hyderabad has the potential to emerge as the preferred office destination of corporates. But for that, the city's cheaper and upcoming it corridor—comprising Kukatpally, Manikonda and Nana-Kramguda--have to remain competitive against Bangalore, Chennai and Pune.

India's IT capital Bangalore is still the country's largest office market. A few of large deals inked in the July-September quarter include Mercedes Benz and TCS in Whitefield; Bosch at Sarjapur Marthahalli in Outer Ring Road; Accenture at Mysore road and Wipro again at the Outer Ring Road. These are the future growth corridors identified by CBRE.

"The place to watch out is North Bangalore. We are seeing lot of activity, new special economic zones coming in, airport being in close vicinity, I think in next couple of years North Bangalore will see quite a bit of activity," Magazine said.

And prospects for Bangalore remain bright. In India's largest leasing transaction e-tailing giant Flipkart has signed on the dotted line for a 3 million square foot custom-built campus from local builder embassy. The deal is pegged at Rs 85/sqft. Accenture is believed to be on the lookout for another 1 million sqft.

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Expect infra spending to increase in next 6 months: Eicher

Talking exclusively to CNBC-TV18, Sandilya said that he was hopeful about infrastructure spending increasing in the next 6 months.

S Sandilya, chairman,  Eicher Motors feels that implementation of key infra projects is the key for revival in auto sales. Talking exclusively to CNBC-TV18, Sandilya said that he was hopeful about infrastructure spending increasing in the next 6 months.

Eicher Motors stock price

On November 07, 2014, at 09:24 hrs Eicher Motors was quoting at Rs 12935.00, up Rs 85.70, or 0.67 percent. The 52-week high of the share was Rs 13000.00 and the 52-week low was Rs 3863.90.

The company's trailing 12-month (TTM) EPS was at Rs 158.68 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 81.52. The latest book value of the company is Rs 303.07 per share. At current value, the price-to-book value of the company is 42.68.

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Infosys senior executive accused of sexual harassment

The  Infosys board has come under fire after reports that women employees have accused a senior executive of sexual harassment charges.

The group of women also accused the board of trying to "hush up the matter."

The company management has commented on the charges and the spokesperson said, "We take every sexual harassment complaint very seriously and each case is thoroughly and expeditiously investigated. Swift and appropriate actions are taken in all such cases."

Infosys stock price

On November 07, 2014, at 09:24 hrs Infosys was quoting at Rs 4156.00, up Rs 30.00, or 0.73 percent. The 52-week high of the share was Rs 4164.00 and the 52-week low was Rs 2894.00.

The company's trailing 12-month (TTM) EPS was at Rs 203.80 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 20.39. The latest book value of the company is Rs 733.03 per share. At current value, the price-to-book value of the company is 5.67.

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Whirlpool wants to become market leader by 2017

Diwali 2014 has been a prosperous one for home appliance maker, and with green shoots reappearing in the Indian economy, the company wants to keep the good times going.

America's largest home appliance maker Whirlpool  is making all the right noises as it looks to regain market share in India. CNBC-TV18's Zahra Khan and Farah Bookwala Vhora report that armed with a strategy focusing on pushing volumes and developing innovative products, the company is confident it will be the market leader across categories by 2017.

Diwali 2014 has been a prosperous one for home appliance maker, and with green shoots reappearing in the Indian economy, the company wants to keep the good times going.

The company wants to hit a cumulative average growth rate of 25 percent over the next three years. This rate is vital, if it has to achieve its target of doubling its revenues from the current Rs 3,391 crore over that period.

Arvind Uppal, Chairman, Whirlpool India, said: "Our target is that by 2017, we want to achieve the number one position in home appliances industry in India. So we are sitting in the back end of 2014 and we have three years to get there... Roadmap is already there."

The going will not be a cakewalk for the company. Analysts say the consumer goods sector is not completely out of the woods, and a full-blown recovery may not set in before FY16-end. Also, Whirlpool faces stiff competition from both Asian brands like Samsung and LG, and homegrown retailers like Croma who have their own brands in the race. But Whirlpool is confident double-digit growth will be achieved. To this end, even acquisitions are not off the table, though it says current targets are a tad overpriced.

"We're always looking for acquisition opportunities, not only in India but everywhere in the world. And like all sensible businessmen we are looking for a good deal. We will be the first ones in the queue to buy something," Uppal said.

Retail consultancy Technopak says India's USD 13 billion white goods market has grown at 15 percent per annum over the last 5 years, and will continue at this rate till 2020. And Whirlpool says its strategy will help it not only recover lost ground in India, but even set the pace for this aggressive growth.

Whirlpool stock price

On November 05, 2014, Whirlpool of India. closed at Rs 535.30, up Rs 24.65, or 4.83 percent. The 52-week high of the share was Rs 542.90 and the 52-week low was Rs 153.55.

The company's trailing 12-month (TTM) EPS was at Rs 14.23 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 37.62. The latest book value of the company is Rs 58.33 per share. At current value, the price-to-book value of the company is 9.18.

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New airlines may soon be allowed to fly international

Network 18 learns that the Ministry of Civil Aviation has prepared a Cabinet note that advocates a change in the decade old "five-twenty" rule the governs overseas flying operations.

Start-up domestic airlines may soon be allowed to begin international operations within a year of their launch.

Network 18 learns that the Ministry of Civil Aviation has prepared a Cabinet note that advocates a change in the decade old "five-twenty" rule the governs overseas flying operations.

According to this rule air carriers need to be in operation for 5 years and have a fleet of at least 20 aircraft before getting permission to fly abroad. Ministry officials say there has been intense pressure from incumbent airlines to retain the rule in its current form without making too many changes.

Air India, IndiGo, GoAir, SpiceJet  and Jet Airways  are lobbying against dilution of present guidelines to ward off fresh competition on international routes.

If the norms are relaxed, startup airlines Vistara and AirAsia India will benefit. Vistara will be able to partner Singapore Airlines while AirAsia can feed into Malaysian parent AirAsia BHd's network to build their overseas connectivity. A decision is expected later this week.

SpiceJet stock price

On November 05, 2014, SpiceJet closed at Rs 15.91, up Rs 1.04, or 6.99 percent. The 52-week high of the share was Rs 22.20 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 -0.81.

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Maruti to invest Rs 4,000cr in key areas over 2-3 years

Country's largest car maker Maruti Suzuki India is investing up to Rs 4,000 crore in the next 2-3 years in key areas like product development, R&D and marketing infrastructure, a senior MSIL official said today.

Country's largest car maker  Maruti Suzuki India is investing up to Rs 4,000 crore in the next 2-3 years in key areas like product development, R&D and marketing infrastructure, a senior MSIL official said today.

MSIL would also focus more on bringing out models with auto gear shift technology, going forward, executive director- engineering, CV Raman said.

"Currently Rs 4,000 crore worth of investments are going into research and development, product development and marketing infrastructure over period of two to three years (including the current year)," he said, on the sidelines of the launch of the company's new version of Alto K10 hatchback.

"We will be improving our R&D capability. We are setting up test labs and other facilities. Marketing infrastructure such as setting up stockyards will be created," Raman added.

The company is expected to come out with a SUV- XA Alpha- next year, he said. Replying to a query, Raman said as of now there are no plans to make diesel engines while Suzuki is working on various types of engines in diesel.

On the reports of crash test failure of Swift, Raman said the car meets all standards set by the Indian government.

"All MSIL as well as other vehicles comply with Indian regulations. As far as the Swift is concerned, the test is not mandatory in India. There is no regulation to pass that test," he said.

According to the Global NCAP, an umbrella body of consumer car safety testing bodies, crash tests of Nissan's Datsun GO and Maruti-Suzuki's Swift demonstrated a high risk of life-threatening injuries with both cars receiving zero-star safety rating for their adult occupant protection.

He asserted that the Global NCAP report will not have any impact on Swift sales. The production of auto gear shift models is being ramped up to meet the market demand, he said.

"Currently, roughly about 4,000 vehicles (are being produced) per month with AGS technology and going forward will ramp up this number. We feel that the two pedal technology is very relevant now. Obviously the auto gear models would increase the volume. Maybe in future we look at coming out with more models in AGS," he said.

Raman said the sales of diesel vehicles could go up as the price difference between petrol and diesel is narrowing.

Maruti Suzuki stock price

On November 05, 2014, at 09:24 hrs Maruti Suzuki India was quoting at Rs 3305.00, up Rs 19.40, or 0.59 percent. The 52-week high of the share was Rs 3349.00 and the 52-week low was Rs 1541.25.

The company's trailing 12-month (TTM) EPS was at Rs 102.82 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 32.14. 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 4.76.

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Jet expands international services; boosts Gulf link

Private carrier Jet Airways  today expanded its international operations with launch of services to Vietnamese commercial hub, Ho Chi Minh City via Bangkok and additional flights to the Gulf.

The enhanced frequencies from Mumbai to Doha, Colombo and Bangkok will provide guests with the convenience of an additional service, Jet Airways said in a release.

The rollout of a third daily direct service from Mumbai to Bangkok will provide onward connectivity to Ho Chi Minh City from Thailand capital (Bangkok), it said.

The new afternoon service will make Jet the only Indian carrier to operate three flights a day from Mumbai to Bangkok's International Suvarnabhumi Airport as well as providing onward connections to Ho Chi Minh City from the Thai city, the private carrier said.

Passengers from Mumbai will now have the option of connecting to Ho Chi Minh City and to several destinations of their choice in ASEAN region while they transit over Bangkok, the airline said.

The addition of a second frequency from Mumbai to Doha will further strengthen Jet's growing international network and significantly enhance connectivity in the Gulf region, thus complementing the existing flights on the sector.

Doha is currently served by one flight each from Mumbai, Delhi and Kochi. The new flight on this high demand route will not only cater to the growing Indian expatriates but also boost tourism and trade and help in bringing in traffic to and from West Asia, the carrier said.

"Jet Airways is delighted to introduce these additional frequencies from Mumbai to Doha, Colombo and Bangkok that will afford its customers the convenience of seamless travel and unmatched flight options," Senior Vice-President (Commercial) Gaurang Shetty said.

With these new flights, Jet will become the first private airline in India to operate over 40 daily flights to multiple destinations in the Gulf, the release said.

Jet operates daily flights to Abu Dhabi, Bahrain, Dubai, Doha, Kuwait, Sharjah, Muscat, Jeddah and Riyadh, making it the largest operator between India and the Gulf.

Besides adding flights to Gulf, Jet has introduced a second direct service on the Mumbai-Colombo-Mumbai sector, providing onward connections to Dubai and Abu Dhabi to the Gulf, Bangkok, Singapore and Hong Kong in the Far East and to North America via Brussels and London Heathrow with direct and codeshare flights, it said

Jet Airways stock price

On November 05, 2014, at 09:24 hrs Jet Airways was quoting at Rs 243.95, up Rs 3.50, or 1.46 percent. The 52-week high of the share was Rs 357.50 and the 52-week low was Rs 203.50.

The latest book value of the company is Rs -196.11 per share. At current value, the price-to-book value of the company was -1.24.

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Flipkart recast: Bansal's role expanded, CFO leaves

Flipkart Vice-President (Marketplace) Ankit Nagori's role has also been expanded and he will now be responsible for books and general merchandise categories as well.

In significant top management level changes at Flipkart, interim CFO Kalyan Krishnamurthy is leaving the firm and Fashion Head Mukesh Bansal will now be the marketing chief of the home grown e-commerce major.

Flipkart Vice-President (Marketplace) Ankit Nagori's role has also been expanded and he will now be responsible for books and general merchandise categories as well.

Krishnamurthy, who joined the Bangalore-based firm from investment company Tiger Global in 2013, was also Senior Vice President, Retail. His last day at Flipkart is November 15 and he is expected to join Tiger Global back, a source said.

Besides heading the marketing division, Bansal, who founded online fashion retailer Myntra, which was acquired by Flipkart in May this year for about Rs 2,000 crore, will also look after consumer electronics and computer categories, the source added. Bansal joined the Flipkart board following Myntra deal.

When contacted, a Flipkart spokesperson said: "Flipkart is a new age and agile company and organisational changes are regular for us. Realigning roles and responsibilities help us keep pace with our aggressive growth and the dynamic environment we operate in."

Bansal, Nagori and Krishnamurthy will hold meetings with stakeholders to chalk out a transition plan. 

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We can produce 2,500 trucks, 1,000 buses: Scania

According to Scania, e-auctioning of coal blocks will lead to increased demand for trucks in the coming months and the company will be ready to take advantage of this opportunity through its Karnataka-based plant, which will be fully operational in March 2015.

We have been fully operational with the trucks already one year now and we are now starting up our bus factory

Anders Grundstromer

MD

Scania India

Swedish commercial vehicles maker Scania expects the sales of trucks and buses to get a boost in the coming months. According to Scania, e-auctioning of coal blocks will lead to increased demand for trucks in the coming months and the company will be ready to take advantage of this opportunity through its Karnataka-based plant, which will be fully operational in March 2015. CNBC-TV18's Rituparna Bhuyan spoke to Anders Grundstromer, the company's MD on India plans.

Below is the transcript of Anders Grundstromer's interview with CNBC-TV18's Rituparna Bhuyan.

Q: Your take…

A: We think the market has bottomed out and that we can expect a growing commercial vehicle market in India in the coming years.

Q: When do you expect your production facility to be fully operational, can you share some timelines with us?

A: We have been fully operational with the trucks already one year now and we are now starting up our bus factory. We will have the inauguration on March 13 next year and then you can see a full fledged manufacturing unit.

We can produce about 2,500 trucks and 1,000 buses and we already now see that we will very soon come to the maximum capacity which means that we have to go to double shift and in the later stage also extend these factories.

Q: If you see the demand for both your trucks and buses increasing is there a possibility that in the future you might need to scale up your production facility or in fact think of having a second or third production facility in India? Is Scania open for such a strategy as far as production is concerned?

A: We make three year strategy plans with an outlook to 2020 and if we are correct we will definitely to do more investments.

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Doing well to be among 3 global IT service cos: TCS

TCS today ranks amongst one of the best companies with the way we partner with clients, said N Chandrasekharan.

If you really look at the growth rate as well as the absolute revenue that we add, we rank number one.

N Chandrasekaran

CEO & MD

TCS

On the sidelines of the  Tata Consultancy Services (TCS) New York Marathon, which saw a participation of around 50,000 runners, CEO and MD, N Chandrasekharan of the company spoke to CNBC-TV18's Menaka Doshi on the way forward.

It is the company's aim to be strategic partner to their customers. "TCS today ranks amongst one of the best companies with the way we partner with clients, he added.

Below is the trasnscript of that interview

Chandrasekharan: First of all what is more important is to continue to gain mindshare with our customers to be their strategic partners. I think we are doing very well. If you really look at the growth rate as well as the absolute revenue that we add, we rank number one. This is our incremental revenues every year so we seem to be doing things right now; we just have to keep on the momentum.

Q: But I am sure it is part of your ambition to be amongst the top three global IT service players in the world, how long will it take you to get there?

Chandrasekharan:  It is very difficult to predict a timeline but we are doing very well.

Q: Before your third term as CEO?

Chandrasekharan:  Let us see.

Q: The thing about size is it comes with its incumbent issues for instance you may rank sixth or seventh in terms of revenue but when it comes to people you rank number two at around 318,000, and IBM is the only one with a larger manpower than you are. Even Accenture whose revenues are much ahead of yours is far lower in terms of head counts. What is the main in terms of the quality of your growth, the quality of your revenue because you are sixth or seventh in revenue with the second largest workforce, is that efficient?

Chandrasekharan:  I would like to give you two perspectives. The first perspective is that the size of the workforce you have pretty much depends on the geography footprint from where you deliver the services. If your cost base of those locations is lower, that will also reflect in the overall revenue you see, so that has to be taken into account.

But specifically on the quality of revenues, I would say that TCS today ranks amongst one of the best companies with the way we partner with clients. We see the traction with clients, the kind of work we do. If you see the thought leadership engagements that we do, I think we get fair share of revenue.

Q: So are you saying that revenue per employee where you don't rank amongst the top 10 or profitability per employee where even a player like HCL Tech is ahead of you - these are not matrix that you treat important, these are not matrix that we should measure TCS by because they don't tell a very flattering story.

A: All these matrixes are important but you just have to see them in the overall perspective and they are important to the extent that you drive your business and grow your business in a manageable fashion. But at the same time you got to see the revenue per employee in the context of the locations in which you serve and we work with global customers and we want to have a fantastic foot print to be able to serve them in every market in which we operate and they operate

more to come

TCS stock price

On November 03, 2014, at 09:15 hrs Tata Consultancy Services was quoting at Rs 2640.00, up Rs 35.45, or 1.36 percent. The 52-week high of the share was Rs 2834.00 and the 52-week low was Rs 1960.00.

The company's trailing 12-month (TTM) EPS was at Rs 99.52 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 26.53. 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 11.74.

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Tata Steel proposes to revise package for Gopalpur project

"We have submitted a fresh compensation package to Odisha government. The package will be announced after the government gives its go-ahead," Vice-president of the project Arun Mishra said yesterday.

Tata Steel  has proposed to revise the compensation package for families displaced by its Gopalpur project in Ganjam district.

"We have submitted a fresh compensation package to Odisha government. The package will be announced after the government gives its go-ahead," Vice-president of the project Arun Mishra said yesterday.

In 1996, people of Sindhigaon, Badapaur, Patrapur, Kalipalli and Paikapada villages near Gopalpur were displaced when the company acquired 2,970 acres for the then proposed shore-based mega steel plant. People of eight other villages were affected by the project, officials said.

Tatas later shelved the project and decided to set up an industrial park and multi-product special economic zone (SEZ). Chief Minister Naveen Patnaik laid the stone of the proposed park in August 2010.

The delay in execution of the project has led to the discontent among the displaced. Besides a special package in tune with the Resettlement and Rehabilitation (R&R) Policy, they are demanding permanent job to one member of every affected family.

Tata Rehabilitation Village Development Committee had submitted a memorandum to Tata Group's chairman Cyrus P Mistry during his visit to the area on September 2. It had demanded Rs 15 lakh compensation each to the affected families and fresh enumeration of those displaced by the project.

"The company will formulate a recruitment policy and submit it to the district administration. A skill development centre will be set up in the district to train local youths," Misra said.

He said the Gopalpur project was a priority for the company. "We'll be setting up a ferro chrome plan of 55,000 tonne per annum capacity, as an anchor project in the proposed park at a cost of Rs 400 crore. The plant is likely to start operation by March 2015," said Misra.

Around 350 people would get direct and indirect employment opportunities from the plant, he said.

"Another ferro chorme plant of 2.4 lakh ton per annum capacity will be set up at same place for which environment clearance has been sought," he said.

Tata Steel stock price

On November 03, 2014, at 09:26 hrs Tata Steel was quoting at Rs 493.75, up Rs 4.40, or 0.90 percent. The 52-week high of the share was Rs 578.60 and the 52-week low was Rs 324.25.

The company's trailing 12-month (TTM) EPS was at Rs 75.41 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 6.55. The latest book value of the company is Rs 629.60 per share. At current value, the price-to-book value of the company is 0.78.

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VE Commercial Vehicles sales up marginally in October

The company, which is a 50:50 joint venture between Volvo Group and Eicher Motors, had sold 3,001 units in the same month last year.

Auto maker VE Commercial Vehicles today reported a marginal increase in total sales of its Eicher branded products at 3,052 units in October.

The company, which is a 50:50 joint venture between Volvo Group and Eicher Motors , had sold 3,001 units in the same month last year.

Domestic sales registered a decline of 5.42 per cent to 2,494 units in October this year as against 2,637 units in the same month year ago, VE Commercial Vehicles (VECV) said in a statement.

However, exports of Eicher trucks and buses grew by 53.29 per cent to 558 units last month as against 364 units in October 2013, it added.

Eicher Motors stock price

On October 31, 2014, Eicher Motors closed at Rs 12769.50, up Rs 222.05, or 1.77 percent. The 52-week high of the share was Rs 12837.60 and the 52-week low was Rs 3855.00.

The company's trailing 12-month (TTM) EPS was at Rs 158.68 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 80.47. The latest book value of the company is Rs 303.07 per share. At current value, the price-to-book value of the company is 42.13.

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Toyota Kirloskar sales down 12% in October

The company had sold 15,576 units in the corresponding month of previous year, Toyota Kirloskar Motor (TKM) said in a statement.

Toyota Kirloskar Motor today reported 11.94 percent decline in total sales at 13,716 units in October 2014.

The company had sold 15,576 units in the corresponding month of previous year, Toyota Kirloskar Motor (TKM) said in a statement.

In the domestic market, TKM sold 12,556 units in October 2014, down 4.6 per cent as compared to 13,162 units in October 2013. During the month, the company exported 1,160 units of Etios.

Commenting on the sales performance, TKM Senior Vice President (Sales and Marketing) N Raja said: "We have maintained the sales volumes as September, in the domestic market and hope to see growth in the next two months".

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Diageo completes sale of Whyte Mackay to Emperador

Diageo had to sell Whyte & Mackay when it decided to take over United Spirits. This was after the UK competition watchdog raised anti-trust issues. Whyte & Mackay was sold for 430 million pounds.

Diageo had to sell Whyte & Mackay when it decided to take over United Spirits . This was after the UK competition watchdog raised anti-trust issues. Whyte & Mackay was sold for 430 million pounds.

United Spirits stock price

On October 31, 2014, United Spirits closed at Rs 2761.75, up Rs 27.40, or 1.00 percent. The 52-week high of the share was Rs 2940.55 and the 52-week low was Rs 2226.00.

The latest book value of the company is Rs 262.47 per share. At current value, the price-to-book value of the company was 10.52.

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Bank of Baroda revises interest rates on term deposits

Bank of Baroda has revised its interest rates on term deposits up to Rs 1 crore. Interest on term deposits of one to three years by 15 bps. Rates on term deposits for 3-10 years have been cut by 30 basis points, the rates will be effective from November 1.

Bank of Baroda  has revised its interest rates on term deposits up to Rs 1 crore. Interest on term deposits of one to three years by 15 bps. Rates on term deposits for 3-10 years have been cut by 30 basis points, the rates will be effective from November 1.

Bank of Baroda stock price

On October 31, 2014, Bank Of Baroda closed at Rs 930.50, up Rs 18.15, or 1.99 percent. The 52-week high of the share was Rs 1009.00 and the 52-week low was Rs 509.00.

The company's trailing 12-month (TTM) EPS was at Rs 109.94 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 8.46. The latest book value of the company is Rs 835.56 per share. At current value, the price-to-book value of the company is 1.11.

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