USFDA gives nod to Indoco's facilities in Goa

The US Food and Drug Administration (US FDA) has approved the sterile facility (plant-II) and solid dosage facility (plant -III) located at Verna in the adjoining coastal state, a company release said.

Pharma player Indoco Remedies  today said it has received a nod from United States' drug regulator for two of its facilities in Goa.

The US Food and Drug Administration (US FDA) has approved the sterile facility (plant-II) and solid dosage facility (plant -III) located at Verna in the adjoining coastal state, a company release said.

"The nod will facilitate the generic approvals in the US market and subsequent product launches there," Indoco Chairman Suresh G Kare said.

It will also boost high-margin revenues from the highly remunerative US market, the world's largest player in pharma space, he added.

Also read:  Price control debate: Is the pharma sector crying 'wolf'?

Officials from USFDA visited the facilities in August last year. With this, the number of Indoco facilities having USFDA approvals has gone up to six, it said.

These are three for finished dosages, two for APIs or active pharmaceutical ingredients and one for analytical, it added.

The company derived 35 percent of its revenues from exports in 2013-14.

Indoco Remedies stock price

On July 14, 2014, Indoco Remedies closed at Rs 153.50, down Rs 0.7, or 0.45 percent. The 52-week high of the share was Rs 177.50 and the 52-week low was Rs 55.05.

The company's trailing 12-month (TTM) EPS was at Rs 6.28 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 24.44. The latest book value of the company is Rs 49.59 per share. At current value, the price-to-book value of the company is 3.10.

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Idea hopeful of maintaining market share momentum

Idea said it revenue grew to Rs 515.7 crore during the reporting quarter, thus achieving an Ebitda margin of 30 percent. During the quarter, it saw 136 percent year-on-year growth in mobile Internet business.

The country's third largest telecom player Idea Cellular , which today reported a 57 percent jump in net income at Rs 728.2 crore for the June quarter, driven by higher demand in mobile Internet services, said it expects to continue to raise its market share by 1 percent per year.

"Currently our market share in terms of revenue stands at 16.6 percent and in terms of incremental revenue market share, we are close to 30 percent. Over past three years, we have been gaining market share of 1.1 percent every year, we hope to continue to improve our market share in similar way," Idea Cellular managing director Himanshu Kapania said here today, while announcing the first quarter result.

He attributed the good numbers to the strong consumer demand and brand affinity, expanding network and steady cash flows from operations. The company expects that its Ebitda will also continue to grow in future.

"We believe that improvement in market share and Ebitda margins, which have been growing by 1.5 percent every year for the past three years, will continue to grow in a similar manner going forward," chief financial officer Akshaya Mondra said.

The company has got a subscriber base of 13.9 crore as of now, including a 3G subscriber base of 1.06 crore. "We have doubled our 3G subscriber base in the past one year to 1.06 crore from 55 lakh in the previous year. We hope it will also continue to grow in future," Moondra said, adding the combined 2G and 3G subscriber base stands at 2.76 crore.

Idea said it revenue grew to Rs 515.7 crore during the reporting quarter, thus achieving an Ebitda margin of 30 percent. During the quarter, it saw 136 percent year-on-year growth in mobile Internet business. It sold 32.5 billion megabytes of mobile data on its 2G and 3G platform during the quarter.

The network usage of the company grew by 12.2 percent on yearly basis. The higher voice rate realization and jump in data contribution to 11.5 percent of service revenue helped improve average realisation per minute by 1.5 paise from 43.6 paise in Q4 of FY14 to 45.1 paise in Q1 of FY15, while the value added services contribution improved sharply to 17.8 percent of overall service revenue.

It posted about 16 percent jump in its consolidated  revenue at Rs 7,484.8 crore during the quarter, up from Rs 6,470.93 crore a year ago. The blended data ARPU (2G+3G) also improved to Rs 108 and usage per data subscriber is at 409 MB. Shares of Idea closed at Rs 139.75 apiece, down by 1.01 percent over previous close at BSE, which closed 73 points up.

Idea Cellular stock price

On July 21, 2014, Idea Cellular closed at Rs 139.75, up Rs 1.40, or 1.01 percent. The 52-week high of the share was Rs 188.35 and the 52-week low was Rs 125.10.

The company's trailing 12-month (TTM) EPS was at Rs 4.77 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 29.3. The latest book value of the company is Rs 44.61 per share. At current value, the price-to-book value of the company is 3.13.

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Cos Act Ep#12: Related Party Transactions

Friday: 10.30 pm, Saturday: 11.30 am

Sunday: 9:30am & 11.00pm

Published on Sun, Jul 20,2014 | 20:47, Updated at Sun, Jul 20 at 20:47Source : CNBC-TV18 

If there is one section in the Companies Act, 2013 that most companies wish did not exist, that is Section 188 – Related Party Transactions! The new law wants minority shareholders to have final approval on related party transactions. But companies say the additional reporting and approval requirements will drown shareholders in reams of transaction details and prevent them from spotting the most important transactions. On the 12th Episode of this special series, we debate 'Related Party Transactions' with Bharat Vasani of the Tata Group, VS Parthasarathy of M&M & Dolphy D'Souza of EY.

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TOP TEN RAINIEST CITIES IN INDIA ON SATURDAY

Several places from North, Central and South India feature in our top ten list of rainiest cities. According to the latest weather update by Skymet Meteorology Division in India, the rain belt could extend up to north Maharashtra, eastern parts of Gujarat and Rajasthan in the coming days.

Here's a look at our list of top ten rainiest cities in India on Saturday:

Cities State Rainfall(in millimeters) Agumbe Karnataka 232 Champawat Uttarakhand 116 Nanital Uttarakhand 116 Mukteshwar Uttarakhand 86 Mangalore Karnataka 86 Pantnagar Uttarakhand 84 Kannur Kerala 68 Pachmarhi Madhya Pradesh 65 Madikeri Karnataka 62 Almora Uttarakhand 60  

By: Skymetweather.com

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Will loan growth drag HDFC Q1 earnings?

Credit Suisse estimates that HDFC PAT may be lower at 12 percent on yearly basis. It says in a report that HDFC's operational performance will remain healthy with a continued traction in retail mortgage growth (20 percent YoY) and stable spreads.

Moneycontrol Bureau

Housing finance company  HDFC will announce its April-June quarter results on July 21.  According to Credit Suisse HFCs will continue strong loan growth trajectory with 18-20 percent  growth annually. It feels that overall  spreads  should remain stable as  bond issuances  were  limited  in  the initial part of the quarter due to the ambiguity  surrounding  the  creation  of  disaster risk reduction  (DRR) impacting borrowing costs slightly but issuances picked up in June.

However, the brokerage estimates HDFC PAT may be lower at 12 percent on yearly basis. It says in a report that  HDFC's  operational  performance  will remain  healthy  with  a continued traction  in  retail  mortgage  growth  (20 percent YoY) and stable spreads.

"We expect loan growth to remain low, in what could be the final stages of a prolonged  downturn  in the truck segment. Overall net interest income (NII) may stay flat year-on-year," it says in a report. 

However, non-performing loans are expected to remain flat on a sequential basis. NPLs usually rise in the June quarter, but since  the  provisioning  on  new NPLs is low it is likely that credit costs  stay  flat QoQ. This would be the second quarter of renewed focus on collections by the company, and it would be interesting to see the results," it elaborates.

Meanwhile, CLSA is positive on HDFC first quarter performance. It expects income to grow at a healthy rate of 16 percent year-on-year led by growth in loans and stable spreads. Asset quality should remain strong and NPL levels should be near the existing range of 70-80 basis points of loans.

"Overall, this will drive 16 percent growth in pre-tax profits. However, the recent change in regulations on deferred tax liability can increase the effective tax rate for the company by about 500 bps, from 27 percent in 1QFY14 to 32 percent in 1QFY15, which will mean that reported net profit growth will be near 8-10 percent," it says.

On Friday, the stock closed at Rs 981.05, up Rs 7.60, or 0.78 percent on the BSE.

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Top 5 problems faced by Delhi during Monsoon

Monsoon has finally covered entire India, with rain being observed at many places. Though this has pulled down temperatures and made the weather extremely pleasant, there are several adversities that come along with Monsoon. 

1. Bugs and Insects

The pesky creepy crawly bugs, no matter what you do to eradicate them, find their way into your life. One may find them in weirdest places possible like inside Cars, creases of clothes, and also getting squished on the car windscreen and die.

2.  Water logging in Underpasses

For Delhiites Not a single day passes by, without dreading a commute through the infamous Moolchand underpass and many others in the city especially during monsoon season, as  the water starts logging in the underpasses.

3. Power Outages and Humidity

Power outages and humidity are a match made in hell. There has been scanty rain in Delhi since the arrival of Monsoon season. The humidity is high and with power cuts the sultry weather becomes unbearable. Don`t forget the pit stains and the stench.

4. Vikram breakdown

The breakdown of vehicles is a common sight in Delhi during the Monsoon in India. Slow moving Vikrams and Tata Aces carrying heavy load add to traffic jams caused by breakdowns on Delhi roads.

5. Vegetables prices

Every year during Monsoon vegetables get stupendously expensive, especially the king and queen of Indian Kitchen- onions and tomatoes. Besides bringing tears to your eyes, onions are also burning a hole in the pockets of the common man.

picture courtesy- daily mail & Nadeem Naqvi 

By: Skymetweather.com

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Dollar edges up on bargain hunting, geopolitical fears weigh

Investing.com - Investing.com - The dollar edged up against most major currencies on Friday after taking a bruising on fears that unrest in Ukraine and Gaza will slow U.S. recovery, though gains were cautious.

In U.S. trading on Friday, EUR/USD was unchanged at 1.3526.

Investors finished the week digesting the fallout from a downed Malaysian Airlines flight over Ukraine, with the U.S. blaming Ukrainian pro-Russian separatists for shooting down the aircraft, killing 298 aboard.

Concerns that fresh rounds off sanctions could be slapped on Russia in wake of the incident softened the dollar earlier by fueling fears the fallout will weigh on global recovery, thus prompting the Federal Reserve to keep policy loose for longer than once anticipated.

U.S. President Barack Obama said Friday, however, that sanctions were aimed at having minimal impacts on the global economy, which gave the dollar some support, though gains were minimal due to uncertainty in the Middle East, where Israel's ground offensive in Gaza continued.

"Following ten days of Hamas attacks by land, air and sea, and after repeated rejections of offers to deescalate the situation, the Israel Defense Forces (IDF) has initiated a ground operation within the Gaza Strip," the IDF said on its website on Thursday.

Disappointing U.S. sentiment data allowed for cautious trading.

The Thomson Reuters/University of Michigan preliminary consumer sentiment index fell to a four-month low of 81.3 in July from 82.5 in June, confounding expectations for rise to 83.0.

The dollar was down against the yen, with USD/JPY up 0.18% at 101.35, and up against the Swiss franc, with USD/CHF up 0.10% at 0.8982.

The greenback was up against the pound, with GBP/USD down 0.08% at 1.7086.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.21% at 1.0737, AUD/USD up 0.45% at 0.9394 and NZD/USD up 0.23% at 0.8688.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.03% at 80.60.

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CFTC - week ending July 15: speculators more bullish on CAD, AUD

Investing.com - Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending July 15 on Friday.

Speculative positioning in the CME currency futures:

				Long		Short
	Net	Prior	Change	Gross	Change	Gross	Change
EUR	-62.8k	-59.3k	-3.6k	59.5k	7.9k	122.4k	11.5k
GBP	38.8k	41.6k	-2.9k	86.0k	-0.6k	47.2k	2.2k
JPY	-62.9k	-66.4k	3.4k	8.4k	-2.8k	71.3k	-6.2k
CHF	-6.3k	-6.8k	0.6k	8.8k	-0.3k	15.1k	-0.9k
CAD	15.6k	10.3k	5.3k	60.4k	2.1k	44.7k	-3.2k
AUD	39.7k	36.6k	3.1k	70.9k	4.2k	31.1k	1.0k
NZD	15.5k	14.4k	1.0k	26.6k	-0.2k	11.1k	-1.2k
MXN	69.6k	68.8k	0.8k	86.7k	3.9k	17.1k	3.1k

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Dollar dips on Malaysian Airlines crash uncertainty

Investing.com - Investing.com - The dollar weakened against most major currencies on Thursday after a Malaysian Airplanes plane crashed in Ukraine along the Russian border, with reports the aircraft was shot down sending investors avoiding the greenback in favor of safe-haven assets like gold.

Still, uncertainty as to what brought the plane down prevented the dollar from tanking, with many investors remaining in a wait-and-see mode before it becomes clear what happened.

In U.S. trading on Thursday, EUR/USD was up 0.03% at 1.3529.

Investors were tracking news reports that a Malaysian Airlines plane crashed in Ukraine, with wire reports quoting Ukraine authorities saying that the aircraft had been shot down.

The dollar dropped as investors awaited confirmation of the plane crash and its cause.

Mixed data took a back seat to the geopolitical concerns in Ukraine, which have tended to weaken the dollar in the recent past by stoking fears the crisis could slow U.S. recovery by pushing up oil prices and dampening commerce between U.S. companies with Russia and Europe.

The Federal Reserve Bank of Philadelphia said that its manufacturing index improved to a more than three-year high of 23.9 this month from June's reading of 17.8. Analysts had expected the index to dip to 16.0 in July.

The data came after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending July 12 declined by 3,000 to 302,000 from the previous week's total of 305,000.

Analysts had expected jobless claims to rise by 5,000 to 310,000 last week.

Separately, the U.S. Commerce Department said that the number of building permits issued last month fell by 4.2% to 963,000 units from May's total of 991,000. Analysts expected building permits to rise by 4.2% to 1.04 million units in June.

The dollar was down against the yen, with USD/JPY down 0.44% at 101.24, and down against the Swiss franc, with USD/CHF down 0.09% at 0.8974.

The greenback was up against the pound, with GBP/USD down 0.16% at 1.7110.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.10% at 1.0753, AUD/USD up 0.02% at 0.9370 and NZD/USD down 0.26% at 0.8689.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.07% at 80.56.

Markets on Friday will continue to track events surrounding the downed Malaysian Airlines plane.

Elsewhere, the U.S. is release preliminary data from the University of Michigan on consumer sentiment.

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U.S. stocks tumble on geopolitical turmoil; Dow drops 0.94%

Investing.com - Investing.com - Reports a missile took down a Malaysian Airlines aircraft over Ukraine near the Russian border coupled with Israel's launch of a ground offensive in Gaza sent U.S. stocks plunging on Thursday.

At the close of U.S. trading, the Dow 30 fell 0.94%, the S&P 500 index fell 1.18%, while the NASDAQ Composite index fell 1.41%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was up 33.73% at 14.71.

Stocks fell on news that a Malaysian Airlines plane crashed in Ukraine, with wire reports quoting Ukraine authorities saying that the aircraft had been shot down though it was unclear by whom.

The Malaysia Airlines Boeing 777 crash with 295 people aboard near the Russian border came in wake of new U.S. and European Union sanctions slapped on Russia, with fears brewing the conflict will escalate and dampen U.S. recovery by raising oil prices and dampening commerce among U.S. companies and Europe and Russia.

Elsewhere, Israel launched a ground offensive in Gaza later in the session.

"Following ten days of Hamas attacks by land, air and sea, and after repeated rejections of offers to deescalate the situation, the Israel Defense Forces (IDF) has initiated a ground operation within the Gaza Strip," the IDF said on its website.

Geopolitical concerns completely overshadowed data released earlier.

The Federal Reserve Bank of Philadelphia said that its manufacturing index improved to a more than three-year high of 23.9 this month from June's reading of 17.8. Analysts had expected the index to dip to 16.0 in July.

The data came after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending July 12 declined by 3,000 to 302,000 from the previous week's total of 305,000.

Analysts had expected jobless claims to rise by 5,000 to 310,000 last week.

Separately, the U.S. Commerce Department said that the number of building permits issued last month fell by 4.2% to 963,000 units from May's total of 991,000. Analysts expected building permits to rise by 4.2% to 1.04 million units in June.

Leading Dow Jones Industrial Average performers included UnitedHealth Group Incorporated (NYSE:UNH), up 1.59%, Microsoft Corporation (NASDAQ:MSFT), up 1.03%, and International Business Machines (NYSE:IBM), which was down 0.08%.

The Dow Jones Industrial Average's worst performers included Intel Corporation (NASDAQ:INTC), down 2.76%, Visa Inc (NYSE:V), down 2.14%, and Caterpillar Inc (NYSE:CAT), down 2.09%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 1.47%, France's CAC 40 fell 1.21%, while Germany's DAX fell 1.07%. Meanwhile, in the U.K. the FTSE 100 fell 0.68%.

Markets on Friday will continue to track events surrounding the downed Malaysian Airlines plane and Israel's ground offensive in Gaza.

Elsewhere, the U.S. is release preliminary data from the University of Michigan on consumer sentiment.

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