PE investments in Jan-Mar this year rise 20% to $2,646 mn

Private equity (PE) firms have invested about USD 2,646 million spread across 124 deals during the quarter ended March 2015, clocking a growth of 20 percent over the corresponding period last year, says a report.

According to early data from Venture Intelligence, a research service focused on private company financials, transactions and their valuations, the investment in the said quarter registered a year-on-year jump, but declined on a quarter-on-quarter basis.

The figure is 20 percent higher than the same period last year when USD 2,212 million were invested across 132 transactions, but 36 percent lower than the immediate previous quarter, which saw USD 4,120 million pumped in through 112 deals.

There were six PE investments worth USD 100 million or more during the first quarter of 2015 as compared to four in the year-ago period.

The largest investment was IFC's USD 260 million commitment to microfinancier-turned-bank licence holder Bandhan Financial Services. Another microfinance firm, Ujjivan Financial Services, saw USD 100 million investment from a clutch of investors, including CDC Group, IFC and CX Partners.

Two large hospital operators -- Manipal Health Enterprises and Medanta Medicity -- attracted over USD 100 million. While Manipal pouched Rs 900 crore from TPG Capital, Medanta attracted Rs 700 crore from Temasek (via a secondary purchase from Punj Lloyd).

The largest e-commerce deal reported in the first quarter of this year was the USD 100 million raised by ShopClues.com in the fourth round led by Tiger Global, a key investor in rival Flipkart.

Meanwhile, some interest is back in the power sector, with IDFC Alternatives committing USD 81 million to an SPV (special purpose vehicle) of Diligent Power and Actis announcing an SPV of its own -- Ostro Energy - to focus on renewable power projects.

A sector-wise analysis shows that the IT & ITeS companies accounted for 32 percent of the value pie - cobbling up USD 836 million across 71 deals - during the March quarter.

BFSI (banking, financial services and insurance) firms came in close at 31 percent, attracting USD 816 million spread over 12 deals.

They were followed by healthcare and life-sciences firms with USD 392 million across nine transactions and energy companies with USD 207 million across six deals. All figures in this note are exclusive of PE investments in real estate.

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Nissan India sales decline 32.91% in March

Nissan sells various models in the country, including hatchback Micra, sedan Sunny and premium SUV Terrano.

Japanese car maker Nissan on Thursday reported 32.91 percent decline in its India sales at 4,717 units in March. It had sold 7,031 units in the year-ago period, Nissan Motor India said in a statement.

Nissan sells various models in the country, including hatchback Micra, sedan Sunny and premium SUV Terrano.

However, for the entire 2014-15 fiscal ended March 31, Nissan reported 24.21 percent jump in sales at 47,474 units as against 38,220 units in FY 2013-14. Nissan said this is the highest ever volume achieved by it in India in any fiscal and the company is amongst the top 3 gainers in the auto industry here.

"FY'14 has been a significant year when we re-established our India business with an independent sales and marketing organisation.

The growth we achieved was supported by the launch of 2 new models and fastest growing network," Nissan India Operations President Guillaume Sicard said.

The company is targeting 5 percent market share by FY'20, he added. Nissan Motor India Managing Director Arun Malhotra said that 2014 saw a huge focus on sales and marketing activities.

"Our sales network grew to 176 outlets with 60 outlets added in FY14. We also launched a host of innovative integrated campaigns to bring our vehicles closer to our customers," Malhotra added. 

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Hero Electric launches e-rickshaw 'Raahii' for Rs 1.10 lakh

The e-rickshaw, which has been certified by Automotive Research Association of India (ARAI), comes with 1,000 W motor and can cover a distance of 90 kms on a single charge, he added.

Two-wheeler maker Hero  Electric on Thursday launched an electric rickshaw 'Raahii' priced at Rs 1.10 lakh (on road, Delhi).

"We are highly ecstatic on launching this innovative model of e-rickshaw. Raahii is designed to ease the hassles that daily commuters and drivers have to go through while travelling," Hero Electric CEO Sohinder Gill told reporters here.

The e-rickshaw, which has been certified by Automotive Research Association of India (ARAI), comes with 1,000 W motor and can cover a distance of 90 kms on a single charge, he added.

The vehicle comes with various features like internal LED light for passenger and driver and USB mobile charger for driver, side curtains and inclined back support for passengers. It will be sold through the company's 120 dealerships.

"We have already sold more than 1 lakh electric two-wheelers till now and expect to sell a lot of e-rickshaws in states like West Bengal, Uttar Pradesh, Delhi and Gujarat," Gill said.

Besides, the company is looking at developing markets in south India, he added. The company is also working on an upgrade of Raahii which it plans to launch shortly, Gill said. 

Hero Motocorp stock price

On April 01, 2015, Hero Motocorp closed at Rs 2655.60, up Rs 13.00, or 0.49 percent. The 52-week high of the share was Rs 3271.80 and the 52-week low was Rs 2110.00.

The company's trailing 12-month (TTM) EPS was at Rs 123.37 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 21.53. 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 9.47.

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Jet Airways to provide seamless tour to Berlin, Dusseldorf

The Mumbai-based full service carrier has entered into a code-share pact, which comes into effect from this month with second largest German carrier airberlin to offer these services.

Private carrier Jet Airways  on Thursday said its customers can now travel seamlessly to the German cities of Berlin and Dusseldorf via its overseas hub Abu Dhabi.

The Mumbai-based full service carrier has entered into a code-share pact, which comes into effect from this month with second largest German carrier airberlin to offer these services.

"We are pleased to commence our code-share partnership with airberlin, offering our guests convenient flight connections to Berlin and Dusseldorf via Abu Dhabi.

We are confident that these flights will prove to be popular amongst travellers between India and Germany, not only for business purposes but tourism as well," Jet Airways Chief Commercial Officer Raj Sivakumar said on Thursday.

Jet Airways, in which Gulf airline Etihad is a strategic investment partner with 24 per cent stake has now 21 code-share partners and over a 100 inter-line partners, the airline said in a release.

While code-sharing allows an airline to book passengers on its partner carriers and provide seamless transport to multiple destinations where it has no presence, an inter-line pact allows an airline to issue and accept tickets for flights that are operated by the partner airlines.

When selling an inter-line ticket, the operating airline's own flight numbers are used. Jet Airways operates 12 daily services to Abu Dhabi from 11 Indian cities. Under the pact, Jet Airways would place its code (9W) on airberlin's (AB) daily flights to Berlin (TXL) and Dusseldorf (DUS) from gateway point Abu Dhabi.

"We look forward to welcoming travellers from India on board of our airberlin flights from Abu Dhabi to the German capital Berlin and to Dusseldorf, the state capital of North Rhine-Westphalia, which is one of the most powerful economic regions in Germany.

"Our joint guests will benefit from smooth flight connections and our outstanding product which we are offering on the ground and in the air," airberlin's senior Vice-President for Alliances and Cooperation Stephan Nagel said. 

Jet Airways stock price

On April 01, 2015, Jet Airways closed at Rs 488.80, up Rs 0.70, or 0.14 percent. The 52-week high of the share was Rs 543.50 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 -2.49.

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Diageo to buy Mallya's remaining 50% stake in African firm

Diageo has entered into an agreement to acquire the remaining 50 per cent share of United National Breweries (UNB) interest in the company, thereby making it a wholly owned subsidiary, the company said in a statement.

Diageo, the world's largest spirits maker today took full control of South African beer maker United National Breweries by acquiring the additional 50 percent stake in the company from Vijay Mallya-controlled Pestello Investments for an initial payment of USD 22 million.

Diageo has entered into an agreement to acquire the remaining 50 percent share of United National Breweries (UNB) interest in the company, thereby making it a wholly owned subsidiary, the company said in a statement.

"Diageo will acquire this further interest from Pestello Investments Inc for an initial payment of USD 22 million and a potential earn-out payment of up to USD 14 million," the statement added.

It further said that the transaction is 'conditional on consent from the South African competition authority', and it is expected to complete within the current fiscal.

Diageo, which is also a major producer of beer and wine and owner of popular brands such as Johnnie Walker, Guinness and Smirnoff had in January 2013 acquired 50 percent interest in UNB's traditional sorghum beer business in South Africa reportedly at USD 36 million.

In 1996 Mallya's UB Group had acquired 30 percent stake in UNB and later increased it to 100 percent.

In 2000, UNB had acquired beer business from Traditional Beer Investments (TBI), a subsidiary of South African Breweries.

According to Diageo: "Once completed, this transaction will give Diageo control of the leading traditional sorghum beer business in South Africa, including the ability to make investment decisions to support the continued growth of United National Breweries brands in the sorghum beer category." 

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NTPC eyes 2,145 MW capacity addition in new fiscal

The company has signed a Memorandum of Understanding (MoU) in this regard with the central government. As per the MoU, NTPC shall generate 246 billion units (BU) during the financial year (2015-16).

Country's largest power generating firm NTPC  has set a target of adding 2,145 MW of capacity during the current financial year (2015-16).

The company has signed a Memorandum of Understanding (MoU) in this regard with the central government. As per the MoU, NTPC shall generate 246 billion units (BU) during the financial year (2015-16).

"The preliminary agreement envisages fresh capacity addition of 2,145 MW and award of 3,000 MW thermal and 250 MW solar PV (photo-voltaic) projects," NTPC said in a statement.

The Ministry of Power shall provide necessary assistance to NTPC in the areas related to fuel security, ash utilisation, land acquisition etc. Meanwhile, NTPC announced commissioning of 195 MW unit of Muzaffarpur thermal power station.

With this, the total installed capacity of Muzaffarpur thermal power station has become 415 MW and the total installed capacity of NTPC has become 44,398 MW.

NTPC stock price

On April 01, 2015, NTPC closed at Rs 147.90, up Rs 0.55, or 0.37 percent. The 52-week high of the share was Rs 168.80 and the 52-week low was Rs 113.60.

The company's trailing 12-month (TTM) EPS was at Rs 12.66 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 11.68. The latest book value of the company is Rs 104.08 per share. At current value, the price-to-book value of the company is 1.42.

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Zuari's open offer in 12 days to acquire stake in MCFL

On Tuesday, fair trade watchdog Competition Commission of India (CCI) had approved Zuari's open offer to acquire up to 36.56 percent stake in Mangalore Chemicals and Fertilizers Ltd (MCFL) for Rs 398.2 crore.

With Competition Commission's approval in place, Zuari Group is in discussions with investment bankers to launch its open offer in next 12 days to acquire additional 36.56 percent stake in MCFL.

On Tuesday, fair trade watchdog Competition Commission of India (CCI) had approved Zuari's open offer to acquire up to 36.56 percent stake in Mangalore Chemicals and Fertilizers Ltd (MCFL) for Rs 398.2 crore.

Kolkata-based industrialist Saroj Poddar-led Zuari Group, which is locked in a take-over battle with Pune-based Deepak Fertilisers, had launched the open offer in December last year for acquiring 25.9 percent stake in MCFL.

The firm later revised the offer to acquire 36.56 percent stake. Deals involving substantial acquisition of shares in companies need to be approved by CCI.

"At the moment, we are in discussions with investment bankers to finalise the date of open offer and as per the norms we have to launch open offer within 12 days of CCI approval," Zuari Global Managing Director Suresh Krishnan told Media.

The company had written to Securities and Exchange Board of India (Sebi) for extension of the tendering period as it had not received the approval from CCI.

"The tendering period for the open offer may commence not later than 12 working days from the receipt of CCI approval, and the payment to all successful public shareholders who tender their equity shares in the open offer.." the company had said, quoting Sebi's letter, on March 12. Two-way battle is going on between Zuari Group and Deepak Fertilisers for take-over of MCFL.

At the end of December 2014, Zuari Fertilisers & Chemicals Ltd -- which is part of promoter group -- held 16.47 percent stake in MCFL while that of Deepak Fertilizers stood at 29.05 percent. Vijay Mallya-led UB Group has over 21 percent stake in MCFL.  

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Tata Sons appoints Ronen Sen, Farida Khambata as directors

Both Ronen Sen and Farida Khambata will be Non-Executive Independent Directors of Tata Sons Limited, the company said in a statement. Sen was India's Ambassador to the US from 2004 to 2009.

Tata Sons, the promoter of major operating firms of over USD 100 billion diversified Tata Group, on Wednesday announced appointments of former Ambassador of India to the US, Ronen Sen as an independent director on its Board along with Farida Khambata, former member of IFC's Management Group.

Both Ronen Sen and Farida Khambata will be Non-Executive Independent Directors of Tata Sons Limited, the company said in a statement. Sen was India's Ambassador to the US from 2004 to 2009.

He was also India's Ambassador to Mexico (1991-92), to the Russian Federation (1992-98), and the Federal Republic of Germany (1998-2002), and served as High Commissioner to the United Kingdom of Great Britain and Northern Ireland (2002-04), the company said.

Besides, he was foreign and defence policy adviser from 1986 to 1991 to successive Prime Ministers. Sen has also served on the Board of Tata Motors Ltd as a Non-Executive Independent Director from 2010 to 2012, it added.

Khambata is the Global Strategist of Cartica and a member of its Investment Committee. Prior to joining Cartica, she was a member of IFC's Management Group, the senior leadership team of IFC.

In her last position at IFC, she served as Regional Vice President in charge of all operations in East Asia and the Pacific, South Asia, Latin America and the Caribbean as well as the Global Manufacturing Cluster. 

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Mesco Steel acquires Maithan Ispat in Rs 1,160 crore deal

The deal will help bail out Maithan Ispat, which is under debt burden of Rs 795 crore, and enable Mesco to utilise large iron ore mines of the Odisha-based company. "It is a win-win scenario for Mesco.

Mesco Steel on Wednesday said it has acquired Odisha-based Maithan Ispat for Rs 1,160 crore in a mix of debt and equity deal.

The deal will help bail out Maithan Ispat, which is under debt burden of Rs 795 crore, and enable Mesco to utilise large iron ore mines of the Odisha-based company. "It is a win-win scenario for Mesco.

The deal will take Mesco Steel's capacity to 2.2 million tonne per annum," Mesco Steel CMD Rita Singh told Media. The deal is worth Rs 1,160 crore, she said. As per the deal, Delhi-based Mesco will take over Maithan Ispat's 1 million tonne steel plant at Kalinganagar.

Mesco said it is in talks with a consortium of banks led by State Bank of India  for repaying the debt of Maithan.

Maithan Ispat also has a 60-tonne steel melting shop. Mesco said that it "is now going to add another 70 tonnes of electric arc furnace".

"This will give distinctive advantage in high beam and section mill, which is also expandable to one million tonnes," it said.

Mesco Steel operates two blast furnaces at its plant in Kalinganagar. Recently, it signed an agreement with world's fourth largest steel firm Posco for shifting the latter's patented Finex plant to India.

Mesco also operates an iron ore mine in Barbil region and has another iron ore mining lease at Malangtoli in Odisha. 

SBI stock price

On April 01, 2015, State Bank of India closed at Rs 273.45, up Rs 6.45, or 2.42 percent. The 52-week high of the share was Rs 335.90 and the 52-week low was Rs 186.74.

The company's trailing 12-month (TTM) EPS was at Rs 16.61 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 16.46. The latest book value of the company is Rs 158.43 per share. At current value, the price-to-book value of the company is 1.73.

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HCL Infosystems appoints S G Murali as Group CFO

Murali will be responsible for developing, monitoring and evaluating overall corporate strategy of HCL Infosystems' diverse business units with emphasis on bottom line performance and enhancing shareholder value, it said in a statement.

IT firm HCL Infosystems  has appointed S G Murali as the Group Chief Financial Officer.

Murali will be responsible for developing, monitoring and evaluating overall corporate strategy of HCL Infosystems' diverse business units with emphasis on bottom line performance and enhancing shareholder value, it said in a statement.

He joins HCL Infosystems from Tata Teleservices, where he held the position of Executive President and CFO, it added.

The company's Board has also accepted the change in role of Sandeep Kanwar to take charge as the Chief Executive of HCL Infotech, a wholly owned subsidiary and the SI (System Integration) business arm of HCL Infosystems.

Tiger Global sells 3.4% stake in Just Dial, Local search engine Justdial today said Tiger Global has sold 3.4 percent stake in the company, taking the latter's holding to 7.87 percent.

"Tiger Global Four JD Holdings and Tiger Global Five Indian Holdings have sold 3.4 percent stake in Just Dial," Just Dial said in a BSE filing.

The entities held 11.28 percent stake before the transaction, it added. Post the sale, they now hold 7.87 percent stake in Just Dial, the filing said.

SR Chandru Kalro joins TTK Prestige as new MD  Kitchen appliances firm TTK Prestige Ltd today said Chandru Kalro has joined the company's board as Director and Managing Director with immediate effect.

Kalro replaces S Ravichandran who attained superannuation yesterday, a company statement said. The company's Independent Director Ajay L Thakore has offered to step down from the Board, the release said.

Tata Docomo offers emergency talktime for customers in TN, Telecom service provider Tata Docomo has launched emergency talktime credit service for customers in Tamil Nadu for staying connected with their near and dear ones.

Tata Docomo prepaid customers who have a minimum balance of Rs five, can avail the talk time credit of Rs four or Rs eight by dialling USSD *369# from their mobiles. It is a toll free facility and the credit amount will be recovered from the customers after 24 hours along with a fee, a the company said in a statement.

HCL Info stock price

On April 01, 2015, HCL Infosystems closed at Rs 53.30, up Rs 1.70, or 3.29 percent. The 52-week high of the share was Rs 94.50 and the 52-week low was Rs 38.45.

The latest book value of the company is Rs 67.65 per share. At current value, the price-to-book value of the company was 0.79.

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