It is hard to see growth accelerate above 6%: Chinoy

The India growth story should not be written off, but as of now, even for the optimists, it looks like it will take a while to see the light of day. Atsi Sheth of Moody's, Sajjid Chinoy of JPMorgan and Ficci president and country head of HSBC Naina Lal Kidwai discuss the state of the economy, the macros and the RBI policy on CNBC-TV18.

While Sajjid Chinoy of JPMorgan feels it is hard to see India's growth accelerate above 6 percent as fiscal consolidation, which impinges on growth, is going to be the focus this year. In addition to that, a wobbly global economy is not a great backdrop for the export market. The depth of the growth downturn has been unanticipated and was not expected to dip to 5 percent, says Atsi Sheth of Moody's. It is unlikely that there will be a jump in growth from 5 percent to 7 percent in a few quarters.

Looking at the positives, Naina Lal Kidwai  says the repo rate being cut by the RBI by 25 basis points on Friday comes as a breather, and this should now translate to lower lending rates for the industry.

Below is the verbatim transcript of the discussion

Q: Let me get your reaction to Reserve Bank's (RBIs) policy decision, ratings agency Moody's has today said that the RBI rate cut was along expected lines. Speaking about the Indian economy, Moody's has also added that though, India's inflation and current account deficit (CAD) are still high, it does see India's rating outlook as stable. They have added a word of caution, the Moody's is saying that it expects India's growth downturn to extend. So on the back of what we have heard from the Reserve Bank governor today, are we past that downgrade threat where we currently stand with the economy. What measures the government has taken. Do you believe on that basis we are past the downgrade threat for now?

Seth: The depth of the growth downturn has been unanticipated. People didn't expect growth to go as low as 5 percent and also how this downturn extended and I think that is what perhaps took people by surprise. What we are seeing now is that again the bottom has been reached in terms of growth. There have been some policies to assuage the effect of the global financial crisis etc. But in general the recovery in growth will be slow and it will be extended. Policy action that have been taken in the last six months help, but they can't really turn on a light in terms of growth. Growth recovery will still be slow.

Q: Where do you then see growth for FY14 because we have got disconnect between what the RBI is projecting at 5.7 percent, the government is projecting anywhere between 6.2-6.7 percent. Where does Moody's view growth for Indian?

Sheth: Our growth forecast for FY14 is about 5.9 percent. It is just a little below 6 percent. Again, this is because of our base case forecast that this recovery is going to be slow. You are not going to snap from 5 percent to 7 percent very soon in a few quarters.

Q: Would you belong to the camp that is saying just under 6 percent or just about 6 percent or do you believe that government when it says that the RBI is being too pessimistic about growth?

Chinoy: It is hard to see growth accelerate above 6 percent. Let's understand the drivers. It is going to be another year with fiscal consolidation which is great for a sentiment, good for medium term prospects. But in the near term, fiscal consolidation impinges on growth. By all accounts, the global economy is still wobbly so we will not get too much on export growth. We know that the investment constraints continue to bind. So it is hard to see where this big acceleration in growth is going to be. In the past, the RBI has had to scale down their growth forecast a couple of times last year so I am not surprised that they have been a tad conservative. Our own forecast is in the 5.8-6 percent range. So I think we have to accept that it is going to be a slow and halting recovery later in the year. Until some of these structural issues are resolved, we run the risk of reflating the economy too soon.

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No clean chit to ICICI, HDFC Axis Banks: RBI

The Reserve Bank of India on Friday said it has not given a clean chit to ICICI Bank, HDFC Bank and Axis Bank, which are accused of money laundering and flouting KYC norms , and stated the probe against the three banks is still on.

"No we have not. And we are saying that we are (going) to issue show-cause notices. So, the inquiry is still in progress," RBI governor D Subbarao told reporters when asked whether the apex bank had given clean chit to the three banks.

Subbarao, speaking at the customary post-policy media interaction, asserted that while money laundering, which involves use of criminal money, has not been observed in any of the banks, certain "specific transgressions" on the know-your-customer (KYC) front have been discovered.

"We have talked to those banks, called those CEOs for a meeting, told them about what the deficiencies are and they have gone back and implemented some of the systemic improvements," Subbarao said, adding RBI officials have also spoken with forensic auditors appointed by these banks.

Subbarao said RBI launched a suo motu probe following the sting operation by news portal Cobrapost early February showing officials from ICICI Bank , HDFC Bank and Axis Bank selling investment products without paying heed to the mandatory KYC norms. It later turned into a thematic study involving over 30 banks in the country, the governor said.

Deputy governor KC Chakrabarty, who in March gave a near clean-chit to these banks saying there were no transactions, on Friday said the show-cause notices will be sent not just to these three banks, but all erring lenders.

"Whomsoever we find has made mistakes, transgressions or committed violations, we will definitely issue show-cause notice and take the appropriate action," Chakrabarty said, adding there are no systemic issues.

"The system is strong enough but there are aberrations and we are trying to improve that," Chakrabarty, who oversees banking regulation at the monetary authority, said.

In its annual credit policy review, Subbarao said the RBI's probe into the allegations has revealed that the banks did not follow KYC norms while selling third-party products and also came out with a string of corrective advisories for banks.

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Ad billing sparks battle between media, broadcasters

For the last two days, broadcasters have said "no" to advertisements . And the battle, which sees advertising and media agencies pitted against broadcasters is about the way transactions are billed, and the tax payable on these transactions, reports CNBC-TV18's Pavni Mittal.

Advertising is a revenue source for a TV channel. But for the last two days, broadcasters have stopped airing these advertisements. This, after an income tax order sent six weeks ago, has resulted in a deadlock between advertisers and media agencies, and broadcasters. It's a decision that's costing the broadcast industry between Rs 30 and 40 crore a day.

Here's the problem. The taxman wants broadcasters to pay tax on the entire amount for which ad slots are sold, but broadcasters say they only get 85 percent of the gross bill amount from advertisers, while the balance 15 percent is discounted as commission paid to the ad agencies or media buyers. In the light of this tax notice, broadcasters want to change the billing system from gross billing to net billing, but ad agencies disagree.

Sanjay Gupta, COO, Star India says, "The main hurt is to us as broadcasters. As an industry we are losing all this daily. We are losing serious money."

"Given the fact that the tax authority has raised this issue, we want to undo the practice and now change it. The answer is not in postponing it. I think most of the time, the suggestions have been to postpone the problem, rather than address it."

The broadcast industry body, the Indian Broadcasting Foundation is negotiating with advertising's umbrella agency body the AAA of I. However, this body has pointed to a rift among broadcasters saying a few channels, like Set Max, have been playing advertisements.

But broadcasters say, in some special cases, this has been allowed. Gupta says, "Some channels were having some problem in uplinking because some channels get uplinked from Hong Kong and Singapore."

"IPL is one big activity, so I think that's material. I think it was in the benefit of the advertiser and broadcasters since it's such a meaningful activity, you cant stop it."

Only four advertisers - Ghadi, Nirma, VIP, and Future Group, have agreed to the change in demand. However, broadcasters are staring at a disputed tax liability of close to Rs 400 crore on this allegedly 15 percent undeclared income from 2009 onwards.

So, while any change to the billing system will close this loophole for the future, broadcasters will still have to appeal to the tax department for relief from what broadcasters are calling wrongly demanded back-taxes.

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Govt to shell out Rs 22.5k cr to improve urban healthcare

It's another ambitious welfare initiative by the UPA government, the Rs 22,500 crore National Urban Health Mission (NUHM) which has just got the Cabinet's nod. Drafted along the lines of its fairly successful peer- the national rural health mission, this urban program will aim to improve the health status of the urban poor. But funding and implementing this mega mission might be a different challenge altogether, reports CNBC-TV18's Archana Shukla.

The bitter truth behind glitzy glass facades, the falling health indicators of the urban poor, worse when compared to their rural counterparts, 73 percent of children born in these slums, die before they turn 5. 60 percent of them get no immunisation and over 59 percent of women in these areas are anaemic. Its this 7.7 crore urban poor that the government now intends to reach out to through its urban health mission. 

Government has proposed primary health centre for population of 50,000-60,000,  community health centre for 5-6 primary centres, nursing midwife for a population of 10,000, social health activist for every 200-500 households.
 
Mostly in line with the national rural health mission, the fund allocation model for the urban version though has been tweaked with the states expected to contribute more

"The estimated cost of NUHM for 5 years period is Rs.22,507 crore with the central government share of Rs.16,955 crore. Centre-state funding pattern will be 75:25."

But considering the plan was stuck for long due to funding crunch and the government has so far earmarked a paltry sum of 1 crore rupees for the current fiscal towards the mission critics are already questioning the future budgetary impact and the sustainability of the mission, terming it a poll sop. Further, funding aside, experts say the on-ground implementation of the scheme will probably be a bigger challenge.

"There are biggest challenges in primary healthcare centers. Availability of doctors and nurses is a problem. The infra, and some of these primary health sectors have become defunct and are not working. I think the first and the primary role is not to create more bricks and models they needs to upgrade the existing health centers," Kewal Handa
Managing Partner, Conexus Social Responsibility Services said.

But with the cabinet nod for the mission, at least some positive movement is taking place not to forget the government needs to come strong on its plans to increase spending on healthcare to 2 percent of GDP, which has till now just been on paper.

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Nikkei falls for 3rd day; Sharp, Tokyo Electron sag

Japan's Nikkei average fell on Wednesday after posting its best April performance in 20 years, with Sharp Corp and semiconductor-equipment maker Tokyo Electron Ltd tumbling on disappointing earnings news.

Gains in Fujifilm Holdings Corp and Kao Corp after their quarterly earnings helped cap losses.

The benchmark Nikkei ended 0.4 percent lower at 13,799.35, down for third straight session.

It rallied nearly 12 percent last month, marking its best April performance since 1993 and a ninth straight month of gains - its longest such winning streak since May 2005 to January 2006.

"The fundamental view (on corporate profit growth) is still sluggish," said Shun Maruyama, chief Japan equity strategist at BNP Paribas.

"The market has already priced in the effect of the currency weakness. If we exclude the currency weakness, companies are still bearish in the economic recovery forecast for the current term and the next."

"In the shorter-term, we have no choice but to recommend to take profits," he said, but added that he remained upbeat on the Nikkei and expected the benchmark to hit 15,000 by year-end.

Expectations that Japanese firms would sharply raise their earnings forecast for this fiscal year ending March had been high after the yen weakened 21 percent since mid-November, when Shinzo Abe, who became Prime Minister in December, promised expansionary monetary and fiscal policies to revive the economy.

During the same period, the Nikkei index has rallied nearly 60 percent. Japanese equities carry a 12-month forward price-to-earnings ratio of 15.1, a level not seen since May 2010 but still below its 10-year average of 16.4, data from Thomson Reuters Datastream showed.

Investors will keep an eye on the outcome of the U.S. Federal Reserve's two-day policy meeting later in the day.

STRUGGLING SHARP

Sharp sagged 5 percent on news that the liquid crystal display maker was expected to post a worse than forecast 500 billion yen net loss in the year that ended March 31. Sources with knowledge of the earnings result confirmed a report by the Nikkei newspaper to Reuters on Wednesday.

Tokyo Electron dropped 4.1 percent after it forecast an operating profit of 18 billion yen for the fiscal year through March, coming in below an average of 21 billion yen from 18 analysts polled by Thomson Reuters I/B/E/S.

Japan Airlines also disappointed investors with its earnings guidance for the current business year. Its stock lost 4.4 percent after hitting its highest level since relisting in September in the previous session.

"I clearly don't see these forecasts are catalysts for investors to go crazy on Japan," a senior dealer at a foreign bank said.

"But the conservative guidance leaves room for revision if the FX is maintained at this level, or the yen gets weaken."

PROFIT-TAKING ON SOFTBANK, NOMURA

Other notable decliners included SoftBank Corp, which fell 1.7 percent as investors took profit on the mobile operator after it hit a seven-year high on Tuesday before it announced results which were largely in line with expectations.

Investors also cashed in on Japan's top brokerage Nomura Holdings after climbing 4.5 percent in the previous session after strong quarterly results. The stock was down 2.5 percent and the most traded stock on the main board by turnover.

The broader Topix index fell 0.6 percent to 1,158.37, with trading volume hitting a four-week low at 3.07 billion shares.

Still, there are encouraging signs in the corporate sector. Of the 57 companies that have reported quarterly figures as of Tuesday, 53 percent of them either beat or met market expectations, according to Thomson Reuters StarMine. That compared with 38 percent in the previous quarter.

Fujifilm jumped 6.6 percent after its operating profit came in slightly above its own forecast for the year ended March, while its forecast for the current business year was a touch ahead of market consensus.

Kao Corp was the fifth top-weighted gainer, up 2.5 percent after its first quarter earnings.

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The Maruti Dzire takes on its most potent rival ever, the Honda Amaze rive2013 Honda Amaze vs Maruti Dzire

The Dzire has won every comparison test in OVERDRIVE. Even last month, after driving to Goa and back in six entry level diesel sedans, we came to the conclusion that the Maruti is the undisputed champion. However things change, and after a long wait Honda has now joined the party with the Amaze, the first big challenger to the Dzire. Should Maruti be worried? We pitch both the cars in a head-to-head contest to find out just that.

Styling and Interior

Both cars are based on hatchbacks but look at both cars and one will find the Amaze more proportionate, the bootisn'tstubby like in the Dzire and both ends of the car look like they belong to each other. The Maruti stands taller and is wider but the Amaze has a better defined side with a longer rear overhang. We only wish Honda offered larger 15-inch wheels with thicker rubber like in the Dzire, all variants get 175-section 14-inch tyres in the interest of fuel economy but ends up looking skinny. Inside, both cars feature dual-tone black/beige interiors but it's the Dzire that feels more premium. The Brio interiors in the Amaze go well with the hatchback's fun theme but in the sedan we expected to see a more upmarket look and better finish.

There is not much to choose between the two cars up front, both cars offer seat height adjustment in the top variants and good support. The biggest drawback of the Dzire however is rear cabin and boot space. The Amaze is a shorter in terms of length and wheelbase, so one would expect the car to offer similar or even lesser space. However smarter space management and scooped out front seats has resulted in a more spacious cabin. To give a better picture, the Maruti offers a maximum of 860mm of rear kneeroom while the Amaze offers an incredible 70mm more (similar to larger cars like the Honda City). The Honda even offers a larger glass area for the rear passengers while the boot is also more spacious. At 400 litres, it is a full 75 litres more than the Dzire.

Engine and performance

The Amaze features a larger 1.5-litre i-DTEC engine in comparison to the 1.3-litre DDiS unit in the Dzire. This helps it produce more power. While the Dzire produces 75PS at 4000rpm and 190Nm at 2000rpm, the Amaze puts out 100PS at 3600rpm and 200Nm of torque from as low as 1750rpm. Crank the motor and it's the Dzire that sounds more refined, the Amaze isn't louder but the diesel clatter is more prominent and we think Honda could have improved cabin insulation. On the road, the Amaze puts down power in a more linear fashion, there is hardly any turbo lag resulting in better drivability than the Dzire. The high torque produced at a lower rpm helps the Amaze effortlessly pull from low speeds despite being in a higher gear. Both the cars offer a five-speed gearbox, the Dzire offers smoother shifts but the throws are shorter in the Amaze. In terms of straight line performance, the Amaze is the quicker car. 100kmph come up in 13.3s while the quarter mile is covered in 18.78s (quicker to the Dzire by 0.86s and 0.42s). The Amaze can be even quicker in acceleration but since the engine can't be revved beyond 2000rpm with the clutch pressed, the car is slow to launch. When it comes to top speed, the Amaze is much slower than the Dzire. The car is quick to reach 141kmph but doesn't go beyond this speed. Like in the Brio the top speed seems to be limited. In terms of efficiency, the Amaze returns little more to the litre despite being more powerful. In town the car returns 15.86kmpl while on the highway the figure goes upto an impressive 23.98kmpl resulting in an overall figure of 17.89kmpl (0.56, 0.09 and 0.89kmpl more than the Dzire respectively). The Dzire has a longer range though due to a larger 42-litre tank compared to the Amaze's 35-litre tank.

Ride and Handling

Both cars feature a MacPherson unit up front and a torsion beam at the rear but are tuned differently. The Dzire has been the best handling car in the segment and continues to be so, the setup is neither too stiff nor soft while the ride is quite good even on rough roads. The Amaze in comparison is softer and the ride does get bumpy especially at higher speeds. However the Honda is still is quite good around corners but not as good as the Dzire. The Maruti also has an advantage since the top ZDi variant runs on wider 185-section tyres. In town, both cars offer a comfortable ride and either of the two make for a good choice. The Amaze is easier to negotiate through traffic and even boasts of a smaller 4.7m turning radius compared to the Dzire (4.8m).

Features

The Amaze diesel is available in four variants with all of them offering standard ABS (Maruti take note) while the Dzire diesel is available in three variants with only the top ZDi model getting standard ABS. There is no auto climate control in the Amaze while the stereo in the top modelsdoesn'tsupport CD input. The Amaze misses out on simple features like a front seatbelt height adjuster but the top-end model offers unique segment first features like a heat absorbing windshield and electronically foldable mirrors.

Verdict

The ideal entry level sedan is expected to offer great value, performance and at the same feel like a step up from a bigger hatchback. The Dzire ticks everything in the check list but is disappointing when it comes to interior space. The Amaze solves this problem by offering much more cabin and boot space and at the same time offer better performance, economy and standard safety features for almost the same price as the Maruti. The base Amaze diesel is priced at Rs 6.49 lakh, ex-Mumbai making it just Rs 8000 more than the equivalent Dzire. The Dzire is then dethroned for the very first time and hands over the entry sedan crown to the Honda Amaze.

08.10 | 1 komentar | Read More

Diageo's open offer for 26% stake in United Spirits fails

Moneycontrol Bureau

As expected UK based Diageo's open offer for a 26-percent stake in United Spirits has failed. However this is unlikely to stop alcohol giant from acquiring the Vijay Mallya-owned company, according to a report by Wall Street Journal. 

On April 10, London-based company had offered to acquire 38 million shares of United Spirits from public shareholders at Rs 1,440 per share. The open offer price was around 20 percent lower compared to the closing price of United Spirits' stock on the day before the offer opened.

SP Tulsian of sptulsian.com said that this outcome was expected as no investors would tender at such low offer price. "So now probably, the market is expecting that Diageo will really be very aggressive in buying it from the open market because prior to the open offer, they said that they won't be raising the open offer price. Since the open offer has come to an end, now there are no restrictions on them to buy from the market," he added.

Also read: United Spirits to be one of best consumer stories: Nomura

In November, Diageo had announced to acquire 53.4 percent in United Spirits for USD 2 billion. The failure of the open offer would leave Diageo with less than 30-percent stake United Spirits. According to the terms of the November deal, Diageo would get 19 percent from the promoter entities and would also be allotted a further 10 percent stake by way of a preferential allotment. Mallya's UB Holdings has said it will retain a 15 percent stake after the deal is completed.

Till April 26, investors have tendered their shares, however none of the companies involved have yet shared result of the open offer.

Now it remains to be seen how Diageo manages to increase its stake in the Malaya-owned company, as around 3 crore worth of shares of the company are lying with banks.

"Whether those shares will be routed through to Diageo pursuant to the contract having entered with United Breweries Group at Rs 1,440 or those lenders will impress upon the UB Group to pay at the market price is to be seen. The drama will really start now that how Diageo chalks out a strategy to increase its stake. It may first acquire a 26-percent stake from UB Group and then thereafter increase its stake marginally, maybe via creeping acquisition route every year by five percent," Tulsian noted.

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Ashwini Kumar, Vahanvati both unlikely to survive: Sardesai

Both law minister Ashwini Kumar and Attorney General Goolam Vahanvati are unlikely to survive in their positions post Supreme Court's outburst today on sharing coalgate scam report with these government representatives, Editor-In-Chief of CNN-IBN Rajdeep Sardesai noted.

In a big embarrassment to the government in the Coalgate case , the Supreme Court today termed as 'very disturbing' the CBI affidavit on sharing its report with the law minister and others and slammed the agency for having kept the court in the dark on the issue.

The apex court said that sharing of information with the government about the probe into the scam has "shaken the entire process" and CBI need not take instructions from "political masters" on their probe.

Sardesai said that it seems very difficult for Ashwani Kumar to survive because now much will depends on how CBI responds to apex court's questions in its affidavit. If the CBI says that the law minister deliberately tried to amend specific parts of its draft report to water it down, then it would be difficult for Ashwani Kumar to survive.

On the other hand if CBI suggests that Ashwani Kumar did not make any substantive changes, the changes were merely procedural then maybe this government will find an excuse for its ministers to survive.

However, given the situation today it appears that the next wicket after Ashwini Kumar could be of the Attorney General Goolam Vahanvati as he has survived many a storm but there are now serious question marks. He has committed perjury by saying that he did not send this report to the political executive. However, now that Harin Raval has spilled the beans, survival of Goolam Vahanvati looks difficult.

It is a scathing indictment by Supreme Court, but the government is trying to by time. It doesn't want to create a situation where the law minister has to resign while Parliament is on because then that will intensify the demand for the Prime Minister's head.

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Four arrested over Bangladesh building disaster

Four people, including two factory owners, were arrested in connection with a building collapse disaster in Bangladesh that killed at least 346, as rescuers raced against time to save people trapped under the mangled pile of metal and concrete.

Rana Plaza, the eight-storey commercial building that collapsed on Wednesday, housed five garment units supplying Western clothes retailers, a branch of a private bank and about 300 shops. So far 346 bodies have been pulled out while 2,428 people have been rescued alive as the country witnessed the biggest ever rescue drill.

"We have now mobilised all our efforts to rescue alive the survivors," an army spokesman said. Twenty six more survivors were rescued today as supply of oxygen along with dry food and water kept alive a number of trapped people even after 72 hours of the collapse.

New Wave Bottoms chairman Bazlus Samad and its managing director Mahmudur Rahman Tapash were arrested after Prime Minister Sheikh Hasina ordered capture of the owners of the factories housed in the collapsed building. Two engineers of Savar municipality were also arrested on charge of playing down the danger from the cracks that developed in the building. Police had filed a case against them for "death due to negligence".

Locals said around 3,500 workers, mostly women, of the garment factories were working when the tragedy struck. The owner of the building was still on the run. Meanwhile, thousands of garment factory workers in different parts of the capital took to the streets to protest the deaths in Savar and vandalised several vehicles including buses and cars at Shewrapara.

Incumbent fire-service director-general Brigadier General Ali Ahmed said the rescuers would manually proceed penetrating the ruins with manual drill machines and concrete cutters so that the last of the survivors could be rescued alive.

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Dell investors may still gain after Blackstone pullout - Barron's

NEW YORK (Reuters) - Dell shareholders could still stand to profit even after Blackstone Group LP withdrew its bid to buy the world's No. 3 personal computer maker more than a week ago, Barron's said on Sunday.

On April 19, Blackstone's move knocked Dell shares to a two-month low and narrowed the fight for Dell between activist investor Carl Icahn and the company's founder Michael Dell and Silver Lake Partners, the newspaper said.

Blackstone dropped its bid for Dell at $14.25 a share, citing deteriorating demand for PCs.

On Friday, Dell's stock closed at $13.35, below the $13.65-a-share proposed buyout from its founder and Silver Lake.

"Dell shares now look appealing because investors stand to make a small profit if the Michael Dell-led offer gets approved," the paper said in its April 29 edition.

Icahn and Southeastern Asset Management, Dell's largest independent shareholder that complained the buyout offer being too low, have valued the company at more than $20 a share, Barron's said.

Icahn proposed in early March, about a month after the Dell/Silver Lake's announced its bid, for a $9-a-share special dividend. He has not made a formal offer for Dell, which Barron's said could involve a tender of 58 percent of the PC marker's stock at $15 per share.

If a Icahn offer does not emerge, Wall Street analysts reckon Dell might fall as low as $10 a share, the paper said.

The planned buyout, which has angered Southeastern and other major investors, faces a tough shot of being approved, excluding its founder who owns 16 percent of the company, according to the paper.

If Dell/Silver Lake bid fails, it will be "welcome news for Dell investors, who could then benefit from alternatives that offer immediate and long-term benefits that probably far exceed $13.65 a share," Barron's said.

(Reporting by Richard Leong; Editing by Maureen Bavdek)

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Latest News from Moneycontrol.com http://www.moneycontrol.com Sat, 27 Apr 2013 23:50:01 +0530 Moneycontrol.com http://img1.moneycontrol.com/images/top2010/moneycontrol_logo.jpg http://www.moneycontrol.com Feed provided by Moneycontrol. http://www.moneycontrol.com/news/recommendations/buy-axis-bank-targetrs-1635-anandrathi_860484.html <img src="http://www.moneycontrol.com/news_image_files/2012/i/india_axis_bank_16_190_190.jpg" alt="Buy Axis Bank; target of Rs 1635: AnandRathi" title="Buy Axis Bank; target of Rs 1635: AnandRathi" border="0" width="75" height="75" align=" left" hspace="5"/> AnandRathi is bullish on Axis Bank and has retained buy rating on the stock with a target of Rs 1635 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:18:26 +0530 http://www.moneycontrol.com/news/recommendations/buy-axis-bank-targetrs-1635-anandrathi_860484.html http://www.moneycontrol.com/news/recommendations/buy-petronet-lng-targetrs-185-plilladher_860485.html <img src="http://www.moneycontrol.com/news_image_files/Petronet-LNG-190.jpg" alt="Buy Petronet LNG; target of Rs 185: PLilladher" title="Buy Petronet LNG; target of Rs 185: PLilladher" border="0" width="75" height="75" align=" left" hspace="5"/> Prabhudas Lilladher is bullish on Petronet LNG and has recommended buy rating on the stock with a target of Rs 185 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:16:45 +0530 http://www.moneycontrol.com/news/recommendations/buy-petronet-lng-targetrs-185-plilladher_860485.html http://www.moneycontrol.com/news/recommendations/buy-mahindra-holidays-targetrs-332-plilladher_860486.html <img src="http://www.moneycontrol.com/news_image_files/mahindra_holiday_190.jpg" alt="Buy Mahindra Holidays; target of Rs 332: PLilladher" title="Buy Mahindra Holidays; target of Rs 332: PLilladher" border="0" width="75" height="75" align=" left" hspace="5"/> Prabhudas Lilladher is bullish on Mahindra Holidays and Resorts India and has recommended a buy rating on the stock with a target of Rs 332 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:15:45 +0530 http://www.moneycontrol.com/news/recommendations/buy-mahindra-holidays-targetrs-332-plilladher_860486.html http://www.moneycontrol.com/news/recommendations/buy-united-phosphorous-targetrs-185-plilladher_860490.html <img src="http://www.moneycontrol.com/news_image_files/Fertilisers_new1_190.jpg" alt="Buy United Phosphorous; target of Rs 185: PLilladher" title="Buy United Phosphorous; target of Rs 185: PLilladher" border="0" width="75" height="75" align=" left" hspace="5"/> Prabhudas Lilladher is bullish on United Phosphorous and has recommended a buy rating on the stock with a target of Rs 185 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:14:41 +0530 http://www.moneycontrol.com/news/recommendations/buy-united-phosphorous-targetrs-185-plilladher_860490.html http://www.moneycontrol.com/news/announcements/raymond-88th-annual-general-meeting-to-be-heldjune-7_860645.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Raymond: 88th Annual General Meeting to be held on June 7" title="Raymond: 88th Annual General Meeting to be held on June 7" border="0" width="75" height="75" align=" left" hspace="5"/> Raymond Ltd has informed BSE that the 88th Annual General Meeting (AGM) of the Company will be held on June 07, 2013 at the Registered Office of the Company. Sat, 27 Apr 2013 19:12:21 +0530 http://www.moneycontrol.com/news/announcements/raymond-88th-annual-general-meeting-to-be-heldjune-7_860645.html http://www.moneycontrol.com/news/announcements/2-workmen-killedexplosion-at-gulf-oils-hyderabad-factory_860644.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="2 workmen killed in explosion at Gulf Oil's Hyderabad factory" title="2 workmen killed in explosion at Gulf Oil's Hyderabad factory" border="0" width="75" height="75" align=" left" hspace="5"/> Gulf Oil said in explosion at Hyderabad factory killed 2 workmen on April 25 and other operations in factory continued normally Sat, 27 Apr 2013 19:12:19 +0530 http://www.moneycontrol.com/news/announcements/2-workmen-killedexplosion-at-gulf-oils-hyderabad-factory_860644.html http://www.moneycontrol.com/news/announcements/cinemax-properties-rashmi-shah-resigns-as-company-secretarycompliance-officer_860643.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Cinemax Properties: Rashmi Shah resigns as company secretary compliance officer" title="Cinemax Properties: Rashmi Shah resigns as company secretary compliance officer" border="0" width="75" height="75" align=" left" hspace="5"/> Cinemax Properties Ltd has informed BSE that Mrs. Rashmi Shah has resigned from the post of Company Secretary Compliance Officer from the close of working hours of April 19, 2013. Sat, 27 Apr 2013 19:12:17 +0530 http://www.moneycontrol.com/news/announcements/cinemax-properties-rashmi-shah-resigns-as-company-secretarycompliance-officer_860643.html http://www.moneycontrol.com/news/announcements/raymond-recommends-dividendre-1sh_860642.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Raymond recommends dividend of Re 1/sh" title="Raymond recommends dividend of Re 1/sh" border="0" width="75" height="75" align=" left" hspace="5"/> Raymond Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 26, 2013, has recommended a dividend 10% (Re. 1.00 per share) on the Equity Share Capital for the year 2012-13. The dividend if approved by the shareholders, will be paid on or after June 08, 2013. Sat, 27 Apr 2013 19:12:15 +0530 http://www.moneycontrol.com/news/announcements/raymond-recommends-dividendre-1sh_860642.html http://www.moneycontrol.com/news/announcements/wockhardt-redeems-preference-shares_860641.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Wockhardt redeems preference shares" title="Wockhardt redeems preference shares" border="0" width="75" height="75" align=" left" hspace="5"/> Wockhardt Ltd has informed BSE that the Company had issued OCCRPS - 2, which were optionally convertible on or after July 4, 2016 and if not converted were to be redeemed on December 31, 2018.

Pursuant to the modification in the terms of the said OCCRPS- 2, the Company has redeemed 116,539,748 OCCRPS -2. Sat, 27 Apr 2013 19:12:13 +0530 http://www.moneycontrol.com/news/announcements/wockhardt-redeems-preference-shares_860641.html http://www.moneycontrol.com/news/announcements/state-banktravancore-declares-final-dividendrs-3sh_860640.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="State Bank of Travancore declares final dividend of Rs 3/sh" title="State Bank of Travancore declares final dividend of Rs 3/sh" border="0" width="75" height="75" align=" left" hspace="5"/> State Bank of Travancore has informed BSE that the Board of Directors of the Bank at its meeting held on April 26, 2013, inter alia, has declared a final dividend of Rs. 3/- per share (Face Value of Rs. 10/-) for the year 2012-13, in addition to the interim dividend of Rs. 17/- per share declared in March 2013. Sat, 27 Apr 2013 19:12:10 +0530 http://www.moneycontrol.com/news/announcements/state-banktravancore-declares-final-dividendrs-3sh_860640.html http://www.moneycontrol.com/news/announcements/rushil-decor-to-consider-final-dividendmay-7_860622.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Rushil Decor to consider final dividend on May 7" title="Rushil Decor to consider final dividend on May 7" border="0" width="75" height="75" align=" left" hspace="5"/> Rushil Decor Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 07, 2013, for the purpose of recommendation of final dividend, if any, for the financial year ending March 31, 2013; and consideration and taking on record the Audited Financial Results for Quarter and Financial Year ended March 31, 2013 Sat, 27 Apr 2013 19:00:05 +0530 http://www.moneycontrol.com/news/announcements/rushil-decor-to-consider-final-dividendmay-7_860622.html http://www.moneycontrol.com/news/announcements/associated-finlease-to-consider-changeobject-clausemoamay-3_860621.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Associated Finlease to consider change in object clause of MoA on May 3" title="Associated Finlease to consider change in object clause of MoA on May 3" border="0" width="75" height="75" align=" left" hspace="5"/> Associated Finlease has informed BSE that a meeting of the Board of Directors of the Company will be held on May 03, 2013, to consider and approve the following: To Alter the object clause of the Memorandum of Association of the Company. 2. To consider other business if any. Sat, 27 Apr 2013 19:00:04 +0530 http://www.moneycontrol.com/news/announcements/associated-finlease-to-consider-changeobject-clausemoamay-3_860621.html http://www.moneycontrol.com/news/announcements/polaris-recommends-final-dividendrs-5sh_860620.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Polaris recommends final dividend of Rs 5/sh" title="Polaris recommends final dividend of Rs 5/sh" border="0" width="75" height="75" align=" left" hspace="5"/> Polaris Financial Technology Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 27, 2013, inter alia, has recommended a final dividend of Rs. 5 per share to its share holders inducted Mr. V. Balaraman as additional director to the board. Sat, 27 Apr 2013 19:00:01 +0530 http://www.moneycontrol.com/news/announcements/polaris-recommends-final-dividendrs-5sh_860620.html http://www.moneycontrol.com/news/announcements/pnb-gilts-p-k-chhokra-resignsdirectorship-_860619.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="PNB Gilts: P K Chhokra resigns from directorship " title="PNB Gilts: P K Chhokra resigns from directorship " border="0" width="75" height="75" align=" left" hspace="5"/> PNB Gilts Ltd has informed BSE that Shri P. K. Chhokra has resigned from the Directorship of the Company effective from March 31, 2013. The said resignation has been accepted by the Board of Directors in its meeting held on April 27, 2013. Sat, 27 Apr 2013 18:59:59 +0530 http://www.moneycontrol.com/news/announcements/pnb-gilts-p-k-chhokra-resignsdirectorship-_860619.html http://www.moneycontrol.com/news/announcements/nagarjuna-agrichem-approves-bonus-issue_860618.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Nagarjuna Agrichem approves bonus issue" title="Nagarjuna Agrichem approves bonus issue" border="0" width="75" height="75" align=" left" hspace="5"/> Nagarjuna Agrichem decided to issue bonus shares in the ratio of 3 equity shares for every 14 shares held by public shareholders in the company on the record date to be determined by the share committee /managing director of the company, for the purpose. Sat, 27 Apr 2013 18:59:57 +0530 http://www.moneycontrol.com/news/announcements/nagarjuna-agrichem-approves-bonus-issue_860618.html

Latest News from Moneycontrol.com http://www.moneycontrol.com Sat, 27 Apr 2013 23:50:01 +0530 Moneycontrol.com http://img1.moneycontrol.com/images/top2010/moneycontrol_logo.jpg http://www.moneycontrol.com Feed provided by Moneycontrol. http://www.moneycontrol.com/news/recommendations/buy-axis-bank-targetrs-1635-anandrathi_860484.html <img src="http://www.moneycontrol.com/news_image_files/2012/i/india_axis_bank_16_190_190.jpg" alt="Buy Axis Bank; target of Rs 1635: AnandRathi" title="Buy Axis Bank; target of Rs 1635: AnandRathi" border="0" width="75" height="75" align=" left" hspace="5"/> AnandRathi is bullish on Axis Bank and has retained buy rating on the stock with a target of Rs 1635 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:18:26 +0530 http://www.moneycontrol.com/news/recommendations/buy-axis-bank-targetrs-1635-anandrathi_860484.html http://www.moneycontrol.com/news/recommendations/buy-petronet-lng-targetrs-185-plilladher_860485.html <img src="http://www.moneycontrol.com/news_image_files/Petronet-LNG-190.jpg" alt="Buy Petronet LNG; target of Rs 185: PLilladher" title="Buy Petronet LNG; target of Rs 185: PLilladher" border="0" width="75" height="75" align=" left" hspace="5"/> Prabhudas Lilladher is bullish on Petronet LNG and has recommended buy rating on the stock with a target of Rs 185 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:16:45 +0530 http://www.moneycontrol.com/news/recommendations/buy-petronet-lng-targetrs-185-plilladher_860485.html http://www.moneycontrol.com/news/recommendations/buy-mahindra-holidays-targetrs-332-plilladher_860486.html <img src="http://www.moneycontrol.com/news_image_files/mahindra_holiday_190.jpg" alt="Buy Mahindra Holidays; target of Rs 332: PLilladher" title="Buy Mahindra Holidays; target of Rs 332: PLilladher" border="0" width="75" height="75" align=" left" hspace="5"/> Prabhudas Lilladher is bullish on Mahindra Holidays and Resorts India and has recommended a buy rating on the stock with a target of Rs 332 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:15:45 +0530 http://www.moneycontrol.com/news/recommendations/buy-mahindra-holidays-targetrs-332-plilladher_860486.html http://www.moneycontrol.com/news/recommendations/buy-united-phosphorous-targetrs-185-plilladher_860490.html <img src="http://www.moneycontrol.com/news_image_files/Fertilisers_new1_190.jpg" alt="Buy United Phosphorous; target of Rs 185: PLilladher" title="Buy United Phosphorous; target of Rs 185: PLilladher" border="0" width="75" height="75" align=" left" hspace="5"/> Prabhudas Lilladher is bullish on United Phosphorous and has recommended a buy rating on the stock with a target of Rs 185 in its April 25, 2013 research report. Sat, 27 Apr 2013 19:14:41 +0530 http://www.moneycontrol.com/news/recommendations/buy-united-phosphorous-targetrs-185-plilladher_860490.html http://www.moneycontrol.com/news/announcements/raymond-88th-annual-general-meeting-to-be-heldjune-7_860645.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Raymond: 88th Annual General Meeting to be held on June 7" title="Raymond: 88th Annual General Meeting to be held on June 7" border="0" width="75" height="75" align=" left" hspace="5"/> Raymond Ltd has informed BSE that the 88th Annual General Meeting (AGM) of the Company will be held on June 07, 2013 at the Registered Office of the Company. Sat, 27 Apr 2013 19:12:21 +0530 http://www.moneycontrol.com/news/announcements/raymond-88th-annual-general-meeting-to-be-heldjune-7_860645.html http://www.moneycontrol.com/news/announcements/2-workmen-killedexplosion-at-gulf-oils-hyderabad-factory_860644.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="2 workmen killed in explosion at Gulf Oil's Hyderabad factory" title="2 workmen killed in explosion at Gulf Oil's Hyderabad factory" border="0" width="75" height="75" align=" left" hspace="5"/> Gulf Oil said in explosion at Hyderabad factory killed 2 workmen on April 25 and other operations in factory continued normally Sat, 27 Apr 2013 19:12:19 +0530 http://www.moneycontrol.com/news/announcements/2-workmen-killedexplosion-at-gulf-oils-hyderabad-factory_860644.html http://www.moneycontrol.com/news/announcements/cinemax-properties-rashmi-shah-resigns-as-company-secretarycompliance-officer_860643.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Cinemax Properties: Rashmi Shah resigns as company secretary compliance officer" title="Cinemax Properties: Rashmi Shah resigns as company secretary compliance officer" border="0" width="75" height="75" align=" left" hspace="5"/> Cinemax Properties Ltd has informed BSE that Mrs. Rashmi Shah has resigned from the post of Company Secretary Compliance Officer from the close of working hours of April 19, 2013. Sat, 27 Apr 2013 19:12:17 +0530 http://www.moneycontrol.com/news/announcements/cinemax-properties-rashmi-shah-resigns-as-company-secretarycompliance-officer_860643.html http://www.moneycontrol.com/news/announcements/raymond-recommends-dividendre-1sh_860642.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Raymond recommends dividend of Re 1/sh" title="Raymond recommends dividend of Re 1/sh" border="0" width="75" height="75" align=" left" hspace="5"/> Raymond Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 26, 2013, has recommended a dividend 10% (Re. 1.00 per share) on the Equity Share Capital for the year 2012-13. The dividend if approved by the shareholders, will be paid on or after June 08, 2013. Sat, 27 Apr 2013 19:12:15 +0530 http://www.moneycontrol.com/news/announcements/raymond-recommends-dividendre-1sh_860642.html http://www.moneycontrol.com/news/announcements/wockhardt-redeems-preference-shares_860641.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Wockhardt redeems preference shares" title="Wockhardt redeems preference shares" border="0" width="75" height="75" align=" left" hspace="5"/> Wockhardt Ltd has informed BSE that the Company had issued OCCRPS - 2, which were optionally convertible on or after July 4, 2016 and if not converted were to be redeemed on December 31, 2018.

Pursuant to the modification in the terms of the said OCCRPS- 2, the Company has redeemed 116,539,748 OCCRPS -2. Sat, 27 Apr 2013 19:12:13 +0530 http://www.moneycontrol.com/news/announcements/wockhardt-redeems-preference-shares_860641.html http://www.moneycontrol.com/news/announcements/state-banktravancore-declares-final-dividendrs-3sh_860640.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="State Bank of Travancore declares final dividend of Rs 3/sh" title="State Bank of Travancore declares final dividend of Rs 3/sh" border="0" width="75" height="75" align=" left" hspace="5"/> State Bank of Travancore has informed BSE that the Board of Directors of the Bank at its meeting held on April 26, 2013, inter alia, has declared a final dividend of Rs. 3/- per share (Face Value of Rs. 10/-) for the year 2012-13, in addition to the interim dividend of Rs. 17/- per share declared in March 2013. Sat, 27 Apr 2013 19:12:10 +0530 http://www.moneycontrol.com/news/announcements/state-banktravancore-declares-final-dividendrs-3sh_860640.html http://www.moneycontrol.com/news/announcements/rushil-decor-to-consider-final-dividendmay-7_860622.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Rushil Decor to consider final dividend on May 7" title="Rushil Decor to consider final dividend on May 7" border="0" width="75" height="75" align=" left" hspace="5"/> Rushil Decor Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 07, 2013, for the purpose of recommendation of final dividend, if any, for the financial year ending March 31, 2013; and consideration and taking on record the Audited Financial Results for Quarter and Financial Year ended March 31, 2013 Sat, 27 Apr 2013 19:00:05 +0530 http://www.moneycontrol.com/news/announcements/rushil-decor-to-consider-final-dividendmay-7_860622.html http://www.moneycontrol.com/news/announcements/associated-finlease-to-consider-changeobject-clausemoamay-3_860621.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Associated Finlease to consider change in object clause of MoA on May 3" title="Associated Finlease to consider change in object clause of MoA on May 3" border="0" width="75" height="75" align=" left" hspace="5"/> Associated Finlease has informed BSE that a meeting of the Board of Directors of the Company will be held on May 03, 2013, to consider and approve the following: To Alter the object clause of the Memorandum of Association of the Company. 2. To consider other business if any. Sat, 27 Apr 2013 19:00:04 +0530 http://www.moneycontrol.com/news/announcements/associated-finlease-to-consider-changeobject-clausemoamay-3_860621.html http://www.moneycontrol.com/news/announcements/polaris-recommends-final-dividendrs-5sh_860620.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Polaris recommends final dividend of Rs 5/sh" title="Polaris recommends final dividend of Rs 5/sh" border="0" width="75" height="75" align=" left" hspace="5"/> Polaris Financial Technology Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 27, 2013, inter alia, has recommended a final dividend of Rs. 5 per share to its share holders inducted Mr. V. Balaraman as additional director to the board. Sat, 27 Apr 2013 19:00:01 +0530 http://www.moneycontrol.com/news/announcements/polaris-recommends-final-dividendrs-5sh_860620.html http://www.moneycontrol.com/news/announcements/pnb-gilts-p-k-chhokra-resignsdirectorship-_860619.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="PNB Gilts: P K Chhokra resigns from directorship " title="PNB Gilts: P K Chhokra resigns from directorship " border="0" width="75" height="75" align=" left" hspace="5"/> PNB Gilts Ltd has informed BSE that Shri P. K. Chhokra has resigned from the Directorship of the Company effective from March 31, 2013. The said resignation has been accepted by the Board of Directors in its meeting held on April 27, 2013. Sat, 27 Apr 2013 18:59:59 +0530 http://www.moneycontrol.com/news/announcements/pnb-gilts-p-k-chhokra-resignsdirectorship-_860619.html http://www.moneycontrol.com/news/announcements/nagarjuna-agrichem-approves-bonus-issue_860618.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Nagarjuna Agrichem approves bonus issue" title="Nagarjuna Agrichem approves bonus issue" border="0" width="75" height="75" align=" left" hspace="5"/> Nagarjuna Agrichem decided to issue bonus shares in the ratio of 3 equity shares for every 14 shares held by public shareholders in the company on the record date to be determined by the share committee /managing director of the company, for the purpose. Sat, 27 Apr 2013 18:59:57 +0530 http://www.moneycontrol.com/news/announcements/nagarjuna-agrichem-approves-bonus-issue_860618.html

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