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Volkswagen plans to make India low-cost export hub

Written By komp limpulima on Jumat, 17 April 2015 | 21.03

German auto major Volkswagen is planning to make India a low-cost manufacturing hub, catering to both the emerging as well as developed markets. Also, as part of Prime Minister Narendra Modi's 'Make in India' initiative, the company will be investing Rs 1,500 crore for localisation and produce cost effective products, Volkswagen India chief representative Mahesh Kodumudi told Media on the sidelines of the Hannover Fair.

"We are looking at making India a low-cost manufacturing hub catering to emerging and developed export markets.

In 2014, we exported 65,000 cars which is 60 percent of our production from the Chakan plant," Kodumudi said. "We are looking to export 70,000 cars this year," he said. The company will also increase production capacity at the Chakan and Aurangabad units in the next two years.

Volkswagen AG chief executive Martin Winterkorn said: "India is and will remain an important strategic growth market for the Volkswagen Group. We are convinced that VW will take on a key role in the Indian automobile market in the long-term. We are driving localisation forward with our new engine assembly plant in Pune."

VW plans to increase production to 200,000 units by 2018 and add more new models from the 130,000 units Chakan plant. 

Kodumudi said the company is looking at getting into top down segment and focus will be on building the brand. The company is planning to reintroduce the Passat sedan and a new model of the iconic Beetle this year. India has good potential to grow.

Last year the country produced 2.4 million units and this year the target is 2.5 million, which will grow to 4-4.5 million by 2020, he said. Kodumudi, however, pointed out that the frequent policy change and large currency fluctuations have hampered growth of the industry in last two years.

"Now we need the government to create stable policy framework and labour reforms, which need to be simplified. This will help gain confidence of foreign investors. We also need to talk about FTA with the EU to help the growth of the industry," he said.

The company is also talking to the government over the cut in export incentives from 4 to 2 percent in the recent new Foreign Trade Policy. 

"This move will hit the company's export plans. We are hopeful of the government restoring export incentives," he added.


21.03 | 0 komentar | Read More

Yamaha launches 125cc motorcycle Saluto priced at Rs 52,000

The 125cc motorcycle, priced at Rs 52,000 (ex-showroom New Delhi) would compete with Shine from Honda Motorcycles and Scooters India, Bajaj Discover 125ST, Hero's Glamour 125cc.

In a bid to increase its market share in the entry-level bike segment in the country, Japanese two-wheeler maker Yamaha on Friday launched 'Saluto' priced at Rs 52,000 (ex-showroom New Delhi).

"We are launching the motorcycle here on Friday with Blue Core engine technology. We expect to sell 60,000 units of the bike this year," Yamaha Motor India, Sales Vice President (Sales and Marketing) Roy Kurian told reporters here after the launch.

The 125cc motorcycle, priced at Rs 52,000 (ex-showroom New Delhi) would compete with Shine from Honda Motorcycles and Scooters India, Bajaj Discover 125ST, Hero's Glamour 125cc.

Saluto is the third product from Yamaha's Rs 1,500-crore two-wheeler manufacturing facility near Chennai, Kurian said. 


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Will launch 4 out of 10 new products in FY16: Anuh Pharma

Anuh Pharma is looking at a revenue growth of 25 percent in FY16. Current capacity utilization stands at 65 percent and the company aims to increase it to 80 percent his fiscal year.

Anuh Pharma  is working on 10 new products, of which it plans to lauch 4 in FY16, says Bipin Shah, managing director of Anuh Pharma. The company is looking at revenue growth of 25 percent in FY16. Current capacity utilization stands at 65 percent and the company aims to increase it to 80 percent his fiscal year.

Anuh Pharma stock price

On April 17, 2015, Anuh Pharma closed at Rs 563.40, up Rs 68.50, or 13.84 percent. The 52-week high of the share was Rs 587.10 and the 52-week low was Rs 147.00.


The company's trailing 12-month (TTM) EPS was at Rs 27.18 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 20.73. The latest book value of the company is Rs 102.83 per share. At current value, the price-to-book value of the company is 5.48.


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Rolta should allow independent agency to look into nos:IIAS

Rolta  has denied the report from Glaucus Research which indicated fabrication of the reported capital expenditures in order to mask their materially overstated EBITDA. But Amit Tandon, MD of Institutional Investor Advisory Services is not convinced and says just a denial of charges by the company is not good enough.

According to him, Rolta should allow an independent agency to look into its numbers.

Below is the verbatim transcript of Amit Tandon's interview with Anuj Singhal and Sonia Shenoy on CNBC-TV18.

Anuj: How do you read this entire Rolta episode where Glaucus has accused the company of fabricating its capital expenditure (Capex)?

A: Let me comment on the fact on what the report is said. Actually they got some fairly serious charges about or against the company beginning from the fact that when they have looked at the numbers they find that the kind of infrastructure spend that company has is many fold that of a global firm like Google. They find that the company, what they are spending on IT and hardware is many times that of some of the larger firms and even some of the frontline Indian stocks. They then go on to actually say that one of the key witnesses in a case which was being investigated by the Ministry of Defence and where Rolta's was involved seems to have had an unnatural death in one of the hotels. So, these are fairly serious charges which the company has against Rolta and I would say that they certainly bear looking at a lot more closely and they need to be investigated further.

Sonia: So how should a normal investor approach this entire issue? I mean if you want to invest in Rolta what do you do now? Because no one has heard about Glaucus earlier but these accusations seem to be quite serious.

A: The best thing forward is the company of course had yesterday put out a statement at the stock exchange saying they deny all the charges. I do not think that is good enough for now, given the fact there have been fairly detailed charges, detailed numbers which the research output has put out. What the company needs to do is if they do not agree with them or they feel that they are being wronged, then what they need to do is look at each of these specific charges and then counter it. And this relatively easy given the fact that there are a lot of numbers out there, so they need to say, look, this is right or wrong or we have taken write-offs or we have not taken write-offs. If there is some spend on let us say the infrastructure, its number which is out in the balance sheet because that is where the numbers have come from. As far as the shareholders are concerned, unfortunately there is little they can do.

But having said so, I do believe this given the shareholding pattern, you have about 15 percent with institutional investors, not large, but not insubstantial in any case. Lot of it is foreign institutional investors (FII). They need to engage with the company. I think it will be good if the company were to, if they believe that the charges are not correct, say that they will have some independent agency coming in, looking at the numbers and what they need to do is bring out disclosures that each states that these are the numbers, this is what has happened, this is right, this is wrong and then we will know that whether these charges against the company are right or wrong. 

Retail shareholders need to be a part of this and if the disclosures are made on an ongoing basis, they will understand what is right and what is wrong.

Anuj: We saw a similar by Veritas a good three or four years back on Indiabulls and couple of Anil Dhirubhai Ambani Group (ADAG) companies as well but it died down after sometime. Do you think we should take some of these lesser heard foreign brokerages on face value?

A: Look, my sense is that there are different points of view. Not everyone is saying buy, not everyone is saying sell and some of the work which these firms are doing seems to be fairly detailed. If you look at the balance sheet, some of the charges which they have made are not very obvious. But then if you kind of read through the full report and look at the data which they seem to have gathered over the last, they are showing data which is about eight or ten years old. I mean going back as much as eight or nine or ten years, it kind of builds a story. So, I do not think it should be disregarded. Having said so, what all these merit is the fact that there needs to be a closer scrutiny of the company.

Companies need to make greater disclosures and of course, investors need to take into account what is being said. After that they could say that we have heard what the brokerage is saying, we have got our own view and we will continue to hold or we have heard what the broking house is saying and we are going to sell one way or the other. But just to disregard it saying that it is a lesser known foreign brokerage house does not actually mean that it needs to be ignored.

Sonia: But why do none of the Indian brokerage firms pick up all these points who are sitting just next door to the company?

A: You are absolutely right. We need far more research along the lines of what some of these firms have been doing. In this case of course, you need to take into account specifically the researches aim at the foreign bond holders and the company had issued bonds of about USD 500 million which had been trading and this was a play on the international or the foreign debt which the company had so none of the Indian entities would be able to participate on that but none the less, what they said has ramification for the equity market and it would be good if equity houses would do some research. There are few instances, for instance Ambit does similar research and it would be good if, I believe Edelweiss is also doing some of this. So, it will be good if this research is a little bit more widespread so that there is a better understanding and a greater awareness about some of what is happening in these companies.

Anuj: The Rolta management has also accused Glaucus of having personal financial interest in shorting the bond and then publishing the report later. How much will you agree with that?

A: It could well be true. But the question to ask is, are they doing it on the basis of inside information or are they doing it on the basis of publically available information and researching this, the data? If they are researching the data and then shorting the stock and publishing research, I think there is a less reason to complain about the company. If they were doing so on the basis of inside information, then of course, that is a fairly serious accusation and that needs to be looked at a little bit closely. But just based on public information putting out stuff, I do not think it warrants any serious, it is not a serious accusation if you ask me.

Sonia: Has your own organisation been approached by any Rolta investor or shareholder?

A: I did have a look yesterday. We have not had any recommendations out on Rolta for the last, nothing is there on the website. So no, as of now, none of the investors have spoken to us but what we urge them to do is they should actually now engage with the management, work with the management, maybe see that there are one or two independent directors who are appointed, get onto the audit committee and lead the charge in terms of investigating this matter and ensure that there is timely disclosure which is made out to all the market participation so that everyone has enough information in a timely manner to decide what is right or wrong. Now, if there is some truth in these charges, then of course it needs to be taken to another level. Then the relevant regulatory authorities need to step in, but if there is no merit in these charges then I guess they can go back to business as usual and then you can decide what you would do against some of the research outputs which have actually shorted the stock and benefitted from this.


21.03 | 0 komentar | Read More

Airtel defends toll free platform; supports net neutrality

Due to the outrage over social media, e-commerce major Flipkart has withdrawn from Airtel Zero. Meanwhile, Cleartrip, NDTV and Times Group have logged out from internet.org platform of Facebook, where Reliance Communication is a partner.

In the eye of the storm over net neutrality, Bharti Airtel  on Friday said it will always provide same treatment to every website and application irrespective of whether they are on its toll free platform or not.

Launched last week, Airtel Zero is an open-marketing platform that allows customers to access certain mobile apps for free with charges being borne by the app makers. The company has drawn flak on social media for violating the concept of net neutrality.

"Over the last few days you may have seen a lot of conversation on Airtel Zero. It has been painted as a move that violates net neutrality and we have been very concerned at the incorrect information that has been carried by some quarters in the media as well as in social media," Bharti Airtel MD and CEO (India and South Asia) Gopal Vittal said in a letter to its employees.

"I wanted to take this opportunity to clear the air and reiterate that we are completely committed to net neutrality," he added.

Vittal said the platform is open to all app developers, content providers and internet sites on an equal basis and same rate card is offered to all. "There is no difference between this and toll free voice such as 1-800," he said.

Vittal said every website, content or application will always be given the same treatment on its network whether they are on the toll free platform or not.

"As a company we do not ever block or provide any differential speeds to any website. We have never done it and will never do it. We believe customers are the reason we are in business," he said.

The head of country's largest telecom operator said there has been a deliberate effort by some quarters to confuse people that it will offer differential speeds or differential access for different sites. "This is untrue. After all we earn revenue from data.

If there are more customers who are on the internet the better it is for our business. Our revenues are not dependent on which sites they visit because we charge on the basis of consumption of mega bytes not which site they visited," he added.

The debate over net neutrality has gained momentum after Airtel announced the marketing platform. 

Due to the outrage over social media, e-commerce major Flipkart has withdrawn from Airtel Zero. Meanwhile, Cleartrip, NDTV and Times Group have logged out from internet.org platform of Facebook, where Reliance Communication is a partner.

Bharti Airtel stock price

On April 17, 2015, Bharti Airtel closed at Rs 406.05, down Rs 11.25, or 2.7 percent. The 52-week high of the share was Rs 425.70 and the 52-week low was Rs 304.00.


The company's trailing 12-month (TTM) EPS was at Rs 28.61 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 14.19. The latest book value of the company is Rs 166.92 per share. At current value, the price-to-book value of the company is 2.43.


21.03 | 0 komentar | Read More

40% revenue to come from delivery in 3-6 months: FoodPanda

Written By komp limpulima on Kamis, 16 April 2015 | 21.03

Food ordering platform FoodPanda has forayed into food delivery segment in the country and expects about 40 percent of its revenues in 3-6 months to come from the new offering.

The company has started the service in five cities and plans to expand it to 10-12 cities by the end of the year.

"An important part of the user experience, apart from the quality of the food, is the delivery. This is what we want to sort out. We will offer delivery of food on behalf of our partners (restaurants) for a fee," FoodPanda India CEO Saurabh Kochhar said.

He further said: "We are still testing out the revenue model (in India) for this whether it will be fixed or order-based, but we expect the delivery business to contribute about 40 percent to the revenues in the next 3-6 months from 20 percent currently." Kochhar added that this service will help partners who do not have a delivery set-up as well as those who are looking at reducing their delivery costs. 

The programme is running in five cities (Delhi, Mumbai, Hyderabad, Pune and Bangalore) and will be expanded to 10-12 cities by year-end, Kochhar said.

He declined to comment on the investment details for the new offering saying it has not "parked a separate amount for this". It did not disclose its revenue numbers either.

FoodPanda, which has a presence in 39 countries, offers delivery in markets like Vietnam, Bangladesh and Singapore, where its restaurant partners do not have their own delivery set up. According to Kochhar, food delivery in India is a USD 15 billion market and only a fraction of that is online. FoodPanda has hired about 500 people for delivering food.

"We will ramp up this number to about 2,000 in the next 3-6 months as the business scales up," he said.

FoodPanda has over 12,000 restaurants across 200 cities on board its platform. Its investors include investment firm Rocket Internet (52 per cent stake), Phenomen Ventures, Investment AB Kinnevik and iMENA Holdings. 


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Ola raises funds, aims to be in 200 cities by year end: CEO

The company will be launching newer categories and taking some of its existing categories into the 100 cities where it is currently present.

India's largest cab aggregator Ola Cabs is speeding on the growth highway. After raising USD 210 million in October and acquiring rival Taxi-For-Sure last month, the Bangalore-based company has now raised USD 400 million in series 'E' funding from new and existing investors. CNBC-TV18's Farah Bookwala Vhora caught up with Ola Cabs' co-founder and CEO Bhavish Aggarwal to understand how the latest shot in the arm will aid the company's ambitious plans.

Below is verbatim transcript of the interview:

Q: Can you share the details related to your latest funding?

A: Today, we are announcing a USD 410 million series E fund raise led by DST Global which is Yuri Milner's firm and also GIC which is Singapore's sovereign wealth fund which participated along with Falcon Edge. These are the three new investors and SoftBank and Steadview and Tiger Global and Accel US have participated from our existing investor base.

Q: Where does this value the company today because last time around when you raised about USD 200 million, there were talks about you being valued at USD 1 billion plus at that point?

A: We do not share valuations publicly. We raised our last round in October, USD 210 million from Softbank and since then we have seen huge amount of growth. We have seen multiple levels of growth and the valuation is also inline with that growth.

Q: Where will you utilise this latest round of funding that you have been able to raise, where are you going to allocate these funds?

A: Predominantly two areas. One is into deepening our reach across the country and also going deeper into existing cities. Right now we are in 100 cities; we aim to be in 200 cities by the end of this year.

We will be launching newer categories and taking some of our existing categories into the existing 100 cities also like auto rickshaws will be expanding aggressively. Secondly, on technology we will be investing very deeply in increasing our engineering strength and Bangalore is where we have our engineering centre, we will be investing a lot in that.

Q: Is there any intention to list Ola Cabs, any time in the future either in India or overseas?

A: Right now we are focused on growth. We are still very early in our life cycle. We are a four year old company and are growing very fast, there is a lot of opportunity to grow into and that is our focus right now. At the right time listing will make sense, it is not in our immediate agenda.


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Cairn India vs Taxman case hearing begins

The Delhi High Court has begun hearing the Rs 20,000 crore tax battle between Cairn India and the tax department. The taxman is alleging that Cairn India did not pay capital gains tax when shares changed hands in the financial year 2007.

The Delhi High Court has begun hearing the Rs 20,000 crore tax battle between  Cairn India and the tax department. The taxman is alleging that Cairn India did not pay capital gains tax when shares changed hands in the financial year 2007. Cairn is refuting these charges. Ashmit Kumar reports

The entire issue pertains to the transaction whereby CUHL that is Cairns UK Holdings Company had transferred its Indian assets to Cairn India which the tax department is seeking to target. It is claiming that this transaction results in capital gains of Rs 24,000 crore in the hands of Cairn UK. Cairn India, represented by Harish Salve argues that the Indian government is trying to invoke the retrospective taxation that was provided for in 2012. He went on to argue that there is no question of capital gains arising out of this transaction or an unreasonable delay. They were served with a notice in 2014, so there is a reasonable delay. Salve also went on to argue that this is a case of oppressive use of force.

In response, the government said that as per their assessment, CUHL has already made capital gains of Rs 24,000 crore. They have been served with a notice and they have admitted to these capital gains. Government also went on to argue that the High Court is not the appropriate forum that if one has to challenge the tax demand it has to be challenged before the Dispute Resolution Panel (DRP) and not directly before the High Court. So it is not the appropriate forum. 

Also it is important to add here that the government by way of a January 2014 order has already frozen shares to the extent of Rs 4,200 crore of Cairn India. So the government is right now seeking some kind of payment back in India at least as a kind of initial payment and that is subject matter of further debate. We will find further discussion and argument between the two heavyweights on April 22, that is when the case gets taken up again.

Cairn India stock price

On April 16, 2015, Cairn India closed at Rs 236.10, up Rs 8.20, or 3.60 percent. The 52-week high of the share was Rs 385.00 and the 52-week low was Rs 209.30.


The company's trailing 12-month (TTM) EPS was at Rs 21.98 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 10.74. The latest book value of the company is Rs 206.66 per share. At current value, the price-to-book value of the company is 1.14.


21.03 | 0 komentar | Read More

MakeMyTrip initiates to encourage visitors to Kashmir

Online travel firm MakeMyTrip is wooing domestic tourists to Kashmir offering attractive packages as it supports the state government to bring back travellers to the valley hit hard by floods last year and recent unseasonal rains.

"The valley is ready to welcome tourists and we assure travellers that a trip to Kashmir is as convenient, delightful and memorable as it was before the floods," MakeMyTrip Chief Business Officer Holidays- Ranjeet Oak told PTI.

Holiday business in the valley was growing at an average of 45 per cent year-on-year and MakeMyTrip expects business to regain lost ground due to floods, he added.

The floods in the valley last year had led to a slowdown in the number of tourists to the valley and had impacted the economy.

"We are looking at a growth of around 45 per cent in number of travellers visiting Kashmir in 2015. In 2014, the Kashmir valley (excluding Ladakh) had 35,000 travellers visiting the state," Oak said.

In order to woo tourists, the company is providing a slew offers for travellers to visit Kashmir, such as 6 days and 7 nights package, covering Srinagar, Gulmarg, Pahalgam and Sonmarg for Rs 24,999 from Delhi.

It is also available from Mumbai, Ahmedabad, Bangalore, Kolkata, Chennai, Hyderabad, Indore and Baroda. Currently, Delhi and Mumbai contribute nearly 60 per cent of all queries received for Kashmir, MakeMyTrip said.

Speaking on the sideline of an event organised to showcase the ground situation in the state, Oak said it was only when tourism in Kashmir is whole-heartedly supported that the region and local economy would grow on a steady path.

MakeMyTrip had also held a vendor-training programme in Kashmir training over a hundred people (drivers, shikara- wallahs, hotel-staff and tour-escorts) in March this year. 


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Govt owes around Rs 600 cr to Air India for VVIP travel

Air India is surviving on a bailout package approved in 2012. Besides a debt of Rs 40,000 crore, the airline had reported losses to the tune of Rs 5,388 crore in FY-14 as against Rs 5,490 in the fiscal 2012-13.

Government owes around Rs 600 crore to Air India for using its aircraft for travel of VVIPs. The Ministry of Civil Aviation has taken up the issue with various ministries regarding the pending amount related to the services of Air India aircraft availed for such VVIP travel.

According to official sources, Ministries of Home Affairs and External Affairs, among others, have accrued "Rs 500-600 crore" dues till March 31. "These are dues to be paid to Air India for using aircraft for travel of VVIPs," a source said.

Air India is surviving on a bailout package approved in 2012. The erstwhile UPA dispensation had in April 2012 approved Air India's turnaround plan, with a committed public funding of Rs 30,231 crore, staggered over a period of nine years, with some specific riders. 

Besides a debt of Rs 40,000 crore, the airline had reported losses to the tune of Rs 5,388 crore in FY-14 as against Rs 5,490 in the fiscal 2012-13. After a streak of losses, Air India had reported a net profit of Rs 14.6 crore in December last year, from a loss of Rs 168.7 crore in the corresponding period of 2013.

The airline in its budget estimates for this fiscal, presented late last month, has forecast that it would become operationally profitable by March next year, much ahead of the TAP projections. 


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