DRT quashes IFCI’s demand notice: Blue Coast Hotels

Blue Coast Hotels has informed that the Debt Recovery Tribunal - III at Mumbai has quashed and set aside the demand notice dated March 26, 2013 and measures taken u/s 13(4) of the SARFAESI Act, 2002 by IFCl against Blue Coast Hotels Ltd.

With reference to the earlier letter dated September 05, 2013 & January 17, 2014 regarding sale of Goa Property published in Newspapers in the month of July 2013 and January 2014 respectively, Blue Coast Hotels Ltd has now informed BSE that the Debt Recovery Tribunal - III at Mumbai has quashed and set aside the demand notice dated March 26, 2013 and measures taken u/s 13(4) of the SARFAESI Act, 2002 by IFCl against Blue Coast Hotels Ltd.Source : BSE

Read all announcements in Blue Coast

14.03 | 0 komentar | Read More

Drought in Tamil Nadu has resulted in withering of Coconut trees

Drought in Tamil Nadu has resulted in withering of Coconut trees. Copra stocks with the farmers in Erode have been exhausted. Stocks are coming from Kerala and ...

Drought in Tamil Nadu has resulted in withering of Coconut trees. Copra stocks with the farmers in Erode have been exhausted. Stocks are coming from Kerala and Karnataka state. Around 1200 tonnes of Coconuts are arriving from other states in Erode market daily. Coconut oil have touched Rs 150 per kg in the wholesale market.By: Skymetweather.com

14.03 | 0 komentar | Read More

Buy Infosys; target of Rs 3920: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Infosys and has recommended buy rating on the stock with a target of Rs 3920 in its April 15, 2014 research report.

Prabhudas Lilladher`s research report on Infosys

"Infosys performance in Q4FY14 was mixed‐bag with revenue softer, but margins ahead of expectation. The management has been successful in delivering on "Cost" front, and making investments on "Sales" and "Delivery" front. We expect benefits from later two to start getting reflected in H2CY14. We retain "BUY". Revenue declined by 0.4% (‐0.4% @cc) QoQ was just short of expectation (Cons.: 0.3%, PLe: 0.5%). The beat to the EBITDA margin expectation with expansion of 46bps QoQ (strongest Q4 expansion since Q4FY05) yielding EPS growth of 4.1% QoQ (strongest Q4 growth since Q4FY07). We expect cost efficiency to drive earning upside in FY15."

"Infosys continues to drive delivery towards offshore, which will have impact on revenue. Our analysis indicates ~65¢ impact on revenue for every USD1 offshored and a positive impact of ~35bps on margin for every percentage point move towards offshore. Hence, in last 4 quarters, revenue lost is ~USD 36m due to offshore drive in FY14. We expect impact on revenue to precede, followed by increased volume growth (with a lag), as cost optimization make deal‐bids more competitive. We expect Infosys near‐term challenges to build revenue momentum for FY15 due to weaker exit rate in FY14. However, we expect margin tailwind to provide earning momentum. We see no downside risks to our estimates. We revise our TP to Rs3,920 (from: Rs 4,150), 17x (from 18x) FY16e earnings estimate," says Prabhudas Lilladher research report.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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14.03 | 0 komentar | Read More

USIBC for lifting FDI caps in insurance, defence

The group is dedicated to trade and business between India and the United States. The USIBC, in the past few years, have been seeking FDI in multi-brand retail sector.

The US India Business Council (USIBC), an advocacy group representing American companies doing business in India, has called for lifting cap on foreign direct investment (FDI) in insurance and defence, but surprisingly made no mention of FDI in multi-brand retail.

Also Read: Foreign investment in defence cos capped at 26%: DIPP

"We stand dedicated to the lifting of FDI caps in important sectors like insurance and defence, and enhancing energy security," USIBC chairman Ajay Banga said in a statement yesterday after the annual board meeting of the apex trade and policy advocacy group.

The group is dedicated to trade and business between India and the United States. The USIBC, in the past few years, have been seeking FDI in multi-brand retail sector.

During its board meeting, members of USIBC also sought to address the key differences between the two countries on trade and economic issues through dialogue and not public acrimony.

"Outstanding issues such as clarity on tax policies, protection of intellectual property, and ensuring a clean US immigration reform bill that allows for the free movement of skilled professionals, should be addressed by sitting down at the table as partners and engaging in meaningful dialogue," Banga said.

The board reaffirmed tax, intellectual property, lifting of FDI caps, energy security, and immigration as top issues.

"The US-India Business Council and board of directors remain committed to advancing the partnership between the United States and India," Banga said.

14.03 | 0 komentar | Read More

Don't worry about lower Q1 guidance; Q2 to be better: Wipro

While India's third-largest IT company Wipro 's revenues met analysts' expectations, brows have been raised over its Q1FY15 guidance . The company has guided for a muted Q1FY15, but still is a growth from earlier guidances, says Suresh C Senapaty, executive director and chief financial officer.

While Q1 and Q4 are traditionally weaker quarters, the company gave a guidance of less than 5 percent growth in Q1FY14 and that has risen significantly to 8 percent in Q1FY15.

"Theoretically, quarter-on-quarter (QoQ) looks weaker but on year-on-year (YoY) basis it is looking strong," explains Senapaty.

While the current quarter is likely to be plagued by the major headwinds of contraction in retail and India business, the net quarter (Q2) is looking to be positive, adds chief executive officer TK Kurien

Below is the edited transcript of the boardroom.

Reema: The first question I have is on guidance. While Q4 was a good quarter we will talk a bit about the Q1 guidance. For growth to come down from 2.5 percent in Q4 FY14 to possibly no growth in Q1 FY15 , what are you factoring in terms of India business as well as retail because you have highlighted both of them as the pressure points for a weak guidance in Q1? Are you factoring in a possible contraction in India as well as in retail into this guidance?

Kurien: If you look at our business and I want to just give you a sense to what Q1 guidance is all about in the backdrop of what we have achieved in Q4. If you look at Q4, Q4 was very good quarter for us in terms of order book. We see the same momentum continue in terms of order book in Q1 and Q2.

However, there have been two headwinds that we have had. One is the retail business where we have seen a secular decline and we see that decline continuing in Q1 also. Similarly, in the India business, traditionally we have had a lumpy India business. Q4 thanks to budgets, have always been very good and in Q1 it takes time for us to renew budgets, which happens through the quarter.

However, when we give guidance we don't anticipate stuff that is going to happen. We basically take all the orders that have been closed, look at execution and then give our guidance. To that extent India has been muted in terms of guidance. It is actually a decline and we expect that as we go through the quarter we would be in a position to kind of catch up. So, that broadly would be factored in into the negative side of the guidance.

On the upside what we have factored in is a fact that we will be able to execute all the orders that we have won. I think that is the range we have given. Fundamentally, what has happened is that we try to stay within the range as in the past and that will be exactly what we are going to try this quarter too.

Q: I get qualitatively that you are saying it is going to be a muted performance but quantitatively is it going to be a contraction in Q1 in these two? I still do not get that?

Kurien: I think in retail there is a going to be a contraction. In India business too there is going to be a contraction. The answer is yes, but we expect that as we go through the quarter the contraction that we are going to be seeing in retail in Q1 would be made up in Q2 and to that extent we clearly see the quarter two looking better than Q1.

Senapaty: One will see that Wipro generally is much stronger in Q2 than Q3 traditionally and Q4 and Q1 tend to be weaker with Q1 being the weakest.

The first quarter, while in some form on its QoQ basis looks little weaker, if you look at last year Q1, we gave a growth of less than 5 percent and this year based on the guidance of this Q1 that we are talking about, it is at 8 percent plus. Therefore, as one can see, on a quarter-on-quarter basis we are increasing the guidance on year on year basis and as we move forward, our India business would be taking this 8 percent up as we go forward.

We talked about good order wins, we talked about good pipeline. We did some closures towards the end of Q4 and the benefit into Q1 will be lower but as we get into Q2, it will be far better and therefore some of will be reflected in Q2. Therefore, theoretically QoQ looks weaker but on year on year basis it is looking strong.

More to come.
 

14.03 | 0 komentar | Read More

Air India seeks bridge loan of $500 million

The state-run airline is offering the aircraft as security and will repay the loan after it concludes a sale and lease- back arrangement, it said, adding there will be no government guarantee for the loan.

National carrier Air India is seeking a 'bridge loan' of up to USD 500 million for taking delivery of four Boeing 787 Dreamliner aircraft from an ongoing order, according to a tender document on the airline's website.

Air India, which is due to take delivery of four 787 aircraft between May and November, has invited offers from banks or financial institutions to arrange the bridge financing for a period of six months to one year.

The state-run airline is offering the aircraft as security and will repay the loan after it concludes a sale and lease- back arrangement, it said, adding there will be no government guarantee for the loan.

The four new aircraft will take Air India's Dreamliner fleet to 18 by November.

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SC upholds order allowing CAG audit of telcos

The government had asked the federal auditor, which typically audits only public companies, to inspect accounts of several private telecom players amid speculation that they under-reported revenues in a bid to save on spectrum licence fees they pay to the government.

The Supreme Court on Thursday rejected a plea filed by telecom companies challenging a Delhi High Court order that had allowed an audit of their books.

The government had asked the federal auditor, which typically audits only public companies, to inspect accounts of several private telecom players amid speculation that they under-reported revenues in a bid to save on spectrum licence fees they pay to the government. The licence fee is based upon revenues reported by telecom companies.

But the move was challenged by the Association of United Telecom Service Providers (Auspi) and the Cellular Operators Association of India (Coai) in the Delhi court who allowed the audit in January after which they moved the Supreme Court.

The Supreme Court today said the CAG was authorized to examine if the government is getting its due share. The court directed the telecom companies to provide their books of accounts for the CAG to verify.

Telcos believe that being private companies, they are beyond the scope of a CAG audit.

14.02 | 0 komentar | Read More

Is Mumbai's real estate market picking up? Yes, say experts

Swiss chemical giant Clariant sold its 87 acre land parcel at Kolshet in Thane to Lodha Group for Rs 1,154 crore. The plot has a development potential of nearly 6 million square feet. Before that, Oberoi Realty and Tata Housing went shopping for Mumbai land.

Sanjay Dutt, Executive MD, Cushman & Wakefield (South Asia) believes real estate prices have bottomed out in Mumbai. He says Lodha's recent big land deal signals a lot of on ground activities.

On Wednesday, Swiss chemical giant Clariant sold its 87 acre land parcel at Kolshet in Thane to Lodha Group for Rs 1,154 crore. The plot has a development potential of nearly 6 million square feet. Before that,  Oberoi Realty and Tata Housing went shopping for Mumbai land.  

"Between January to now, we have seen about Rs 3,000 crore worth of land sold in Mumbai," Dutt told CNBC-TV18's Sonia Shenoy and Latha Venkatesh.

According Niranjan Hiranandani, Managing Director, Hiranandani Group, there has been resurgence in demand and a lot of builders are looking for land parcels in the last 10-15 days. A part of the demand revival can also be attributed to expectations of a stable government at the Centre.

"We have about a 100 buyers on waiting who are just saying that 'let the election process get completed and (then) we are buying'. Now these are 100 people who have deposited cheques, kind of a token deposit to basically block a flat etc, but there are also others in line," Hiranandani told the channel.

14.02 | 0 komentar | Read More

Euro Finmart: Outcome of board meeting

Euro Finmart Ltd has informed that the Board of Directors of the Company at its meeting held on April 17, 2014, has decided to withdraw the Scheme of Arrangement between the Company and Alankit Assignments Limited which was filed with the stock exchange on March 08, 2013.

Euro Finmart Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 17, 2014, has decided to withdraw the Scheme of Arrangement between the Company and Alankit Assignments Limited which was filed with the stock exchange on March 08, 2013.Source : BSE

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Prefer Ashoka Buildcon, VA Tech Wabag: Saurabh Mukherjea

Saurabh Mukherjea, CEO-Institutional Equities at Ambit Capital prefers Ashoka Buildcon, VA Tech Wabag and Sadbhav Engineering in the infrastructure sector.

Saurabh Mukherjea, CEO-Institutional Equities at Ambit Capital told CNBC-TV18, "What we have advised our clients over the last five years and what we are continuing to tell clients is that there are very few companies in the infrastructure sector which have execution competence. So you need to have decent balance sheet, you need to have capital, we also need to have the ability to manage projects well."

"There are only three companies that I can see which tick those boxes,  Sadbhav Engineering which is a road builder,  Ashoka Buildcon is another road builder and the third one is  VA Tech Wabag which does municipal corporation's water purification projects. So in this smallcap and midcap space, that is what I would point investors towards," he added.

"In the largercap space, there is  Larsen and Toubro (L&T), the behemoth in the sector, which will be a natural beneficiary of post election orderflow. So you can either play L&T, which is a trade, which has already had a good run from Rs 700 to Rs 1,200 in the space of six months but I would say more interesting for me would be Ashoka Buildcon, VA Tech Wabag and Sadbhav Engineering."

14.03 | 0 komentar | Read More