FTIL to dilute 24% in MCX; forms panel to oversee recast

The committee may consider divestment of FTIL's investment in other exchanges as a part of the restructuring. The panel will appoint an investment bank of repute to conduct a transparent bidding process for the divestments as well as identifying strategic partners for FTIL.

Jignesh Shah-promoted  Financial Technologies (FTIL) today appointed a committee to oversee its restructuring plan, which includes divesting up to 24 percent stake in the  Multi-Commodities Exchange (MCX). At a meeting, the board appointed a panel to propose and oversee a restructuring plan for FTIL in its efforts to charter a new growth path, a company release said. The board, however, did not discuss the forensic audit conducted by PwC on MCX, it said. The forensic audit was conducted after an order by the commodities regulator FMC.

The committee comprises two independent directors Venkat Chary and S Rajendran, legal advisor Berjis Desai and whole- time director Dewang Neralla, the release said. The recast plan will include exploring the possibility of identifying a strategic partner who will help drive growth and look for territories beyond financial markets, it said. The plan will also include FTIL divesting up to 24 percent in MCX in the long-term interest of both FTIL and MCX.

Also Read: MCX CFO Hemant Vastani resigns

The committee may consider divestment of FTIL's investment in other exchanges as a part of the restructuring. The panel will appoint an investment bank of repute to conduct a transparent bidding process for the divestments as well as identifying strategic partners for FTIL. Anil Singhvi, founder and CEO of Ican Advisors, has been appointed as corporate financial adviser to FTIL, it said. The committee has been given time up to 120 days to carry out the recast plan.

Meanwhile, MCX said it has received an interim report from the FMC and same was placed before the board last week. The board desired that the report be discussed with PwC before coming out with suggestions on actionable points. The MCX audit committee has since interacted with PwC team. This is an interim report on which certain additional inputs have been sought by the audit committee and a final report is still awaited, the commodity bourse said. Once the final report is submitted by PWC, the same will be deliberated upon by the audit committee and the board and outcome will be communicated to stock exchanges, it said. However, it has been learnt MCX has decided to dump the PwC report and appoint Deloitte to get a fresh forensic audit done. When contacted PwC said it is not aware of any such development, while Deloitte declined to comment, citing client confidentiality.

Financial Tech stock price

On February 28, 2014, at 11:05 hrs Financial Technologies was quoting at Rs 331.45, down Rs 12.1, or 3.52 percent. The 52-week high of the share was Rs 911.50 and the 52-week low was Rs 102.05.

The company's trailing 12-month (TTM) EPS was at Rs 50.03 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 6.63. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company is 0.57.

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Subrata Roy says he's not absconding

Beleaguered Sahara chief Subrata Roy, who is facing arrest, issued a statement on Friday where he said that he was not absconding arrest and was indeed in Lucknow.

He has also requested the Supreme Court to put him under house arrest with his ailing mother in Lucknow.

In the media statement issued on Friday morning, Roy says, "I am not absconding. I am in Lucknow. With folded hands and all humility I ask the honourable judges to leave me under house arrest with my ailing mother."

Roy's statements come a day after the Uttar Pradesh Police conducted raids at his Lucknow residence but did not find him.

The Sahara supremo has now written to the Supreme Court saying that he should not be arrested till March 3 and allowed to stay with his mother. He says, he is ready to "unconditionally" obey Supreme Court direction.

Accusing the media of character assassination, Roy said that he would never 'forget' the people (in media) if anything happened to his mother in his absence.

"I have informed police to do their duty as per direction of Supreme Court: Sahara chief says in a statement. People advised me to get admitted in hospital to avoid courts on medical grounds. I hate to do such drama, " he added.

Roy on Thursday moved the Supreme Court asking for the recall of the non-bailable warrant. He also tendered an unconditional apology to the court admitting that not turning up at court was an error in judgement.

Subrata Roy also said that arresting him will hurt his reputation.

Besides seeking recall of Wednesday's order and the NBW, Roy's application sought a stay of the operation of the order during the pendency of this application. He appealed to the "humane side" of the court to consider sympathetically the wishes of his mother and permit him to be with her in her last moments.

Roy also said that he believed that the court will in all its magnanimity pardon the "error of judgement" on his part and condone his non-appearance since it was "neither intentional nor deliberate".

He submitted that the non-recall of the NBW order shall cause "grave prejudice" to him and he shall suffer "irreparable loss and injury because without your lordships' merciful favour applicant cannot be with his mother in peace". Roy submitted that he was emotionally and mentally very attached to his mother who has been guiding light in his life since he lost his father 37 years ago.

The court had issued a non-bailable arrest warrant against him on Wednesday when he failed to appear in court in connection with Sahara's failure to refund Rs 20,000 crore to investors.

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PE, VC funds show interest in Indian e-tailing

With an aim to tap the "huge opportunity" in the Indian e-commerce space and be a part of its growth story, a host of global players and private equity funds have been showing interest in the sector of late.

The latest case in point is Snapdeal.

On Thursday, US-based online retailer eBay led a group of investors, including Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital to invest USD 133.77 million (about Rs 830 crore) in the New Delhi-based Snapdeal.

According to media reports, this may hike US giants stake in the Indian online retailing company to 20 percent.

A recent CRISIL Research report pegs the online retailing to grow at a whopping 50-55 percent and becoming a Rs 50,000-crore industry by 2016.

Last year in April, Snapdeal had raised USD 50 million from E-Bay-led group of investors.

E-tailer Flipkart raised USD 360 million, over two rounds, last year. It raised USD 200 million in July 2013 through host of investors, like Tiger Global Management, Accel India Venture Fund, Iconiq Capital, MIH Holdings, Morgan Stanley and others. Three months later, in October 2013, it again raised USD 160 million.

Bangalore-based fashion portal Myntra raised about Rs 300 crore (USD 50 million) led by Premji Invest, Tiger Global, Accel Partners in February 2014. It had raised USD 25 million in May 2013. The company had said the funding was meant to strengthen its technology infrastructure and fund its growth initiatives.

In November 2013, Sequoia Capital and Info Edge  (which owns Naukri.com) had put in USD 36.78 million into Zomato Media for an undisclosed stake.

This week, Mumbai-based infant and baby products portal Hopscotch secured USD 2 million from Singapore-based LionRock Capital, with participation from a group individuals including Nisa Godrej of Godrej Group, Skype co-founder Toivo Annus and Diapers.com, VCCircle.com, quoting The Times of India report, said.

BJP's Prime Ministerial candidate Narendra Modi has been batting for e-commerce. Speaking at the All India Traders Convention in Delhi on Thursday he said that traders should not worry about online trade and retailers must think of online retail as an opportunity.

Info Edge stock price

On February 28, 2014, at 11:14 hrs Info Edge India was quoting at Rs 636.65, down Rs 0.35, or 0.05 percent. The 52-week high of the share was Rs 707.00 and the 52-week low was Rs 285.00.

The company's trailing 12-month (TTM) EPS was at Rs 9.27 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 68.68. The latest book value of the company is Rs 60.95 per share. At current value, the price-to-book value of the company is 10.45.

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Sebi exempts govt from open offer to buy UCO Bank shares

The government, promoter of UCO Bank, has proposed to buy more than 26.20 crore equity shares of the public sector lender through conversion of Rs 1,823 crore Perpetual Non-Cummulative Preference Shares. The allotment will hike its shareholding in the Bank to 77.20 percent from 69.26 percent.

Market regulator Sebi today exempted the government from making an open offer after its stake increased by about 8 percent in  UCO Bank through conversion of Rs 1,823 (rpt 1,823) crore worth of preferential shares.

The government, promoter of UCO Bank, has proposed to buy more than 26.20 crore equity shares of the public sector lender through conversion of Rs 1,823 crore Perpetual Non-Cummulative Preference Shares. The allotment will hike its shareholding in the Bank to 77.20 percent from 69.26 percent.

In an order today, Securities and Exchange Board of India said that even after the proposed increase in the shareholding of the government in UCO Bank, the minimum public shareholding "would be maintained". It said further that there would not be any change in the management control in the bank pursuant to the proposed transaction.

"I am of the considered view that this is a fit case to grant exemption under...the Takeover Regulations to the GoI from the obligation to make an open offer...with respect to its proposed increase of shares/voting rights from 69.26 percent to 77.20 percent," Sebi Whole Time Director Prashant Saran said.

The exemption has been granted subjected to conditions that the government or the bank would ensure compliance with the statements, disclosures and undertakings made with regard to the transactions, among others. The bank had filed an application with the capital market regulator seeking the exemption on behalf of its promoter, the Government of India, on January 18, 2014.

Under Sebi norms, when entities with 25 percent or more shareholding in a company acquire additional 5 percent or more equity in that firm, they are required to make an open offer. However, exemptions are made in certain cases.

UCO Bank stock price

On February 26, 2014, UCO Bank closed at Rs 63.70, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs 84.10 and the 52-week low was Rs 46.00.

The company's trailing 12-month (TTM) EPS was at Rs 16.95 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 3.76. The latest book value of the company is Rs 104.43 per share. At current value, the price-to-book value of the company is 0.61.

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Last date for filing ITR-V for 3 AYs extended till March 31

This final opportunity is being extended to the taxpayers to regularise their returns where refunds continue to remain pending for Assessment Years 2009-10, 2010-11 and 2011-12 for want of valid ITR-V Form

The revenue department has extended till March 31 the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12, for returns that have been e-filed with refund claims.
     
An assessee gets the ITR-V (Verification) Form when the return is e-filed without using a digital signature. After receiving the ITR-V, the assessee has to sign the copy and submit to the Income Tax Department at CPC, Bengaluru to complete the filing process.
     
The Central Board of Direct Taxes (CBDT) has extended the time-limit for filing ITR-V Forms for the three Assessment Years till March 31, for returns e-filed with refund claims within the time allowed under relevant section the Income Tax Act, the Finance Ministry said in a statement.
     
"It may be noted that this final opportunity is being extended to the taxpayers to regularise their returns where refunds continue to remain pending for Assessment Years 2009-10, 2010-11 and 2011-12 for want of valid ITR-V Form," it added.
     
Therefore, the Ministry said, taxpayers concerned are advised to take benefit of this relaxation so as to enable the tax authorities to further process their otherwise valid refund claims.
     
In past also the time for submitting ITR-V Forms for the three Assessment Years was extended.
    
The date has been extended again as some electronically filed returns with refund claim still remain pending with the the tax department due to non-submission of ITR-V within the prescribed time-frame, the ministry added.
     
The taxpayer whose ITR-V has yet to be received at CPC, Bengaluru "must submit" a duly signed copy of the Form by speed-post. Whether the ITR-V has been received by the CPC can be ascertained at the website of the Income Tax Department.

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BPCL raises Rs 1,240 crore from overseas bond sale

The notes are rated at the same level as BPCL's issuer default rating of 'BBB-' as they will constitute direct, unconditional, unsubordinated and unsecured obligations of the company, says Fitch

State-run oil marketer  Bharat Petroleum today said it has raised 175 million Swiss francs (around Rs 1,240 crore) through an international bond sale at a coupon of 2.988 percent.

"We raised 175 million Swiss francs (around Rs 1,240 crore) through an overseas bond sale programme today at a competitive coupon of 2.988 percent, which is 235 basis points above the Swiss mid-swap rate, in a 5.75-year money," a BPCL spokesman told PTI here.

The RegS issue has been raised to meet working capital requirement of the company, he said.

Also read: BPCL growing better now than in H1FY14: MD Varadarajan

Lead bankers to the issue were BNP Paribas, Deutsche Bank, RBS, and UBS, he said, adding this is the first Swiss franc issue by an Indian corporate since February 2012. International rating agency Fitch has assigned BBB-/ stable rating to the issue.

The notes are rated at the same level as BPCL's issuer default rating of 'BBB-' as they will constitute direct, unconditional, unsubordinated and unsecured obligations of the company, Fitch said in a statement from Singapore.

BPCL stock price

On February 26, 2014, Bharat Petroleum Corporation closed at Rs 377.75, up Rs 5.80, or 1.56 percent. The 52-week high of the share was Rs 428.45 and the 52-week low was Rs 256.00.

The company's trailing 12-month (TTM) EPS was at Rs 66.24 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 5.7. The latest book value of the company is Rs 230.04 per share. At current value, the price-to-book value of the company is 1.64.

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Suzlon seeks shareholders' nod for Rs 3-cr pay to Tanti

Suzlon is seeking approval to re-appoint Tanti as managing director for a period of three years starting from April 1, 2014.

Wind turbine maker Suzlon Energy  will seek shareholders' approval for re-appointment of Tulsi Tanti as managing director of the company with an annual salary of Rs 3 crore.

The company would also seek nod for preferential issue of shares certain entities and promoters.

These are among the resolutions for which Suzlon would seek shareholders' green signal through a postal ballot.

Suzlon is seeking approval to re-appoint Tanti as managing director for a period of three years starting from April 1, 2014.

Besides an annual salary of Rs 3 crore, Tanti would also be eligible for various "perquisites" including medical benefits for self and family, according to the postal ballot notice.

Further, the firm would seek approval from shareholders to increase its borrowing limit to Rs 20,000 crore from Rs 10,000 crore.

Another resolution is for authorising Suzlon board to "create a charge in whatsoever manner on the company's current assets, present and future, in favour of banks, financial institutions, bodies corporate, other entities, person or persons who may provide such credit facilities to the company".

Suzlon reported a consolidated net loss of Rs 1,075.25 crore in the latest December quarter. In the year-ago period, the same was at Rs 1,154.53 crore. These figures are after share in associate's profit and minority interest.

In the third quarter of current fiscal (2013 December quarter), the wind turbine maker raked in total income of Rs 5,052.20 crore compared to Rs 4,047.71 crore in the same period a year ago.

At the end of December quarter, the group's order book stood at 5.5 GW (gigawatts), translating to around Rs 47,393 crore (or USD 7.7 billion) in value.

Suzlon Energy stock price

On February 26, 2014, at 11:12 hrs Suzlon Energy was quoting at Rs 10.25, up Rs 0.02, or 0.20 percent. The 52-week high of the share was Rs 25.30 and the 52-week low was Rs 5.72.

The latest book value of the company is Rs 9.72 per share. At current value, the price-to-book value of the company was 1.05.

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Mahindra CIE sees 50-250% returns for minority shareholders

Mahindra Ugine, Mahindra Forgings and Mahindra CIE will be merged into one entity,Hemant Luthra, President, Mahindra Systech said.

People are trying to figure out what is going to happen to the company and they see good things like CIE and Mahindra Forgings' performance

Hemant Luthra

President

Mahindra Systech

Minority shareholders could see returns of 50-250 percent from Mahindra CIE since the auto ancillary company is seeing steady growth in most of the countries CIE operates, Hemant Luthra, President, Mahindra Systech said.

In June last year, Spanish group CIE Automotive's entities made open offers worth over Rs 207 crore to the shareholders of Mahindra Forgings and Mahindra Composites , as part of its  complex cross-holding equity agreement with conglomerate  Mahindra & Mahindra (M&M).

"We thought that when the deal was done, it was a complex deal. People didn't realize that we will be creating huge value because the sector that we operate in India happened to be complimentary to whatever CIE is doing in Spain, Brazil and Mexico," he said.

Shares of Mahindra CIE surged 14 percent on Tuesday. In a block deal, Scholz AG sold 22 lakh shares of the company at Rs 64/piece and Sundaram Mutual Fund bought 15 lakh shares at Rs 64/piece yesterday.

He further added that the company has applied for SEBI nod on share swap three months ago and is likely to get approval soon. " Mahindra Ugine , Mahindra Forgings and Mahindra CIE will be merged into one entity," he said. 

Below is the verbatim transcript of Hemant Luthra's interview with CNBC-TV18's Latha Venkatesh and Sonia Shenoy. For the complete interview watch the accompanying video.

Sonia: Can you give us an indication of anything that we are missing, the stock was up close to 14 percent in trade yesterday? What could the likely reason be for that?

A: We thought that when the deal was done, it was a complex deal. People didn't realize that we will be creating huge value because the sector that we operate in India happened to be complimentary to whatever CIE is doing in Spain, Brazil and Mexico. People didn't figure that we would be able to get this deal done and extract the synergies. Things are starting to pan out and merger ratios so on have been approved, gone to Securities and Exchange Board of India (SEBI) for approval. People are trying to figure out what is going to happen to the company and they see good things like CIE's performance, Mahindra Forgings' performance and that of all the automotive companies in India.

Latha: When will the Mahindra Ugine shares be swopped with Mahindra CIE, when does that happen?

A: We have applied for SEBI approval almost three months ago and I understand that we are pretty far long in the process of approval except that SEBI has got a number of things pending before it. We have got indications that approval will come shortly and then after that we have to go to the shareholders, we have go to the court process. So our original plan was that we will get it done by end of April but looks like it will go out in to June. We are still starting to work as one company across multiple continents.

Mahindra CIE stock price

On February 26, 2014, at 11:04 hrs Mahindra CIE Automotive was quoting at Rs 76.95, up Rs 1.30, or 1.72 percent. The 52-week high of the share was Rs 79.95 and the 52-week low was Rs 35.50.

The company's trailing 12-month (TTM) EPS was at Rs 2.94 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 26.17. The latest book value of the company is Rs 97.76 per share. At current value, the price-to-book value of the company is 0.79.

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Expect FY15 revenue growth at 12-15%: VIP

Dilip Piramal, chairman, VIP says the company is likely to see good numbers in the days to come as Q1 FY15 is seasonally a strong quarter.

Travel and marriages are the two key factors that impact VIP  sales; and 2014 looks promising owing to a high number of marriage mahurats, says company chairman Dilip Piramal.

Speaking to CNBC-TV18's Sonia Shenoy and Latha Venkatesh, Piramal says about 40 percent of the company's profits are generated in the first quarter of the year due to more number of travel tours and marriages. He expects revenue growth at 12-15 percent this fiscal.

On the possibility of a price hike, he adds that the company hikes product prices once a year, depending on the input costs. "As of now, things look steady," says Piramal.

Interview's transcript to follow soon.

VIP Industries stock price

On February 24, 2014, VIP Industries closed at Rs 64.05, down Rs 0.55, or 0.85 percent. The 52-week high of the share was Rs 73.90 and the 52-week low was Rs 38.85.

The company's trailing 12-month (TTM) EPS was at Rs 3.09 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 20.73. The latest book value of the company is Rs 18.20 per share. At current value, the price-to-book value of the company is 3.52.

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SpiceJet, IndiGo launch second fare war with 30% discount

With the peak travel season coming to an end, Indian carriers, barring Air India, triggered the second fare war offering low fares across several sectors within the country.

A second round of fare war was unleashed by  SpiceJet today, with  Jet Airways and no-frill carriers IndiGo, GoAir and JetKonnect jumping into the race to offer limited period, low-priced air tickets to customers.

With the peak travel season coming to an end, Indian carriers, barring Air India, triggered the second fare war offering low fares across several sectors within the country.

SpiceJet was the first to launch the fare war, announcing a 'Second Chance' sale of 30 per cent discounted tickets on domestic routes for a limited number of seats, which was soon followed by IndiGo's sale of a 'Happy Weekend' offer.

Also read: How FAA air safety downgrade impacts Indian carriers

Travel industry sources said GoAir also followed suit with a similar scheme, while JetAirways and JetKonnect offered a 30 per cent discount on the base fare and fuel surcharge like SpiceJet, but did not put any restriction on the weekdays when such tickets would be available for travel. Air India did not join the fare war.

SpiceJet's discounted sale is applicable to customers who book at least 30 days in advance for travel till April 15, the airline said in a release. The bookings under this scheme will remain open from January 31 through midnight Sunday.

The seats under this offer are, however, limited and availability depends on specific date and flight. The offer was being extended following the overwhelming success of its super sale programme announced two weeks ago.

Ten days ago, SpiceJet had triggered a fare war by offering 50 per cent discount on domestic travel for a limited period to beat the March quarter blues.

Soon after SpiceJet announced the sale of heavily discounted tickets, other carriers--IndiGo, GoAir, Jet Airways and Air India too wooed customers with similar marketing tactics.

SpiceJet stock price

On January 31, 2014, SpiceJet closed at Rs 16.05, up Rs 0.05, or 0.31 percent. The 52-week high of the share was Rs 48.85 and the 52-week low was Rs 15.50.

The latest book value of the company is Rs -3.50 per share. At current value, the price-to-book value of the company was -4.59.

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Maruti Suzuki sales dip 10% in January

The company said its domestic sales declined by 6.3 percent during the month to 96,569 units as against 1,03,026 units in January, 2013.

Country's largest car-maker  Maruti Suzuki India (MSI) on Saturday reported 10.3 per cent decline in total sales in January at 1,02,416 units as against 1,14,205 units in the same month last year.

The company said its domestic sales declined by 6.3 per cent during the month to 96,569 units as against 1,03,026 units in January, 2013.

Also Read: Bajaj Auto introduces new four wheeler for personal use

Sales of mini segment cars, including M800, Alto, A-Star and WagonR, declined by 17 per cent to 38,565 units as compared to 46,479 units in the year-ago month, MSI said in a statement.

The company said sales of the compact segment comprising Swift, Estilo, Ritz increased by 1.9 per cent to 24,473 units in January this year as against 24,006 units last year.

MSI said sales of its popular compact sedan Dzire rose by 12.7 per cent during the month under review at 19,232 units as against 17,060 units in January, 2013.

The company's mid-sized sedan SX4 registered a decline of 81.1 per cent to 191 units as against 1,012 units in the same month last year. There was no sale of premium sedan Kizashi during the month.

Sales of utility vehicles, including Gypsy, Grand Vitara and Ertiga, stood at 4,763 units in January this year, down 21.9 per cent from 6,095 units in the corresponding month last year.

Sales of vans--Omni and Eeco rose by 11.6 per cent to 9,345 units in January this year as compared to 8,374 units in the same period of previous year. Exports during the month declined by 47.7 per cent to 5,847 units as compared to 11,179 units in January last year, MSI said.

Maruti Suzuki stock price

On January 31, 2014, Maruti Suzuki India closed at Rs 1635.35, down Rs 2.65, or 0.16 percent. The 52-week high of the share was Rs 1864.00 and the 52-week low was Rs 1217.00.

The company's trailing 12-month (TTM) EPS was at Rs 106.68 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 15.33. The latest book value of the company is Rs 615.03 per share. At current value, the price-to-book value of the company is 2.66.

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Week that was: Maruti`s idea; Kejriwal`s power woes

SLIDESHOW

Sat, Feb 01, 2014 at 17:07

| Source: Moneycontrol.com

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SEBI imposes small penalty on Unilever

SEBI did not specify which disclosures Unilever had issued late. Under Indian rules, companies are required to make certain statements when they are involved in takeovers.

Securities and Board Exchange of India (SEBI) fined Unilever Plc Rs 50 lakh for being late in making certain disclosures tied to its open offer for its domestic unit  Hindustan Unilever last year.

SEBI did not specify which disclosures Unilever had issued late. Under Indian rules, companies are required to make certain statements when they are involved in takeovers.

The Anglo-Dutch consumer goods company had acquired a little over two-thirds of its Indian unit last year for about 2.45 billion euros.

A Hindustan Unilever official was not immediately reachable for comment. SEBI said on Friday Unilever had admitted to the omissions in disclosures but had said the delays were inadvertent in nature.

HUL stock price

On January 31, 2014, Hindustan Unilever closed at Rs 570.35, down Rs 0.1, or 0.02 percent. The 52-week high of the share was Rs 725.00 and the 52-week low was Rs 432.25.

The company's trailing 12-month (TTM) EPS was at Rs 17.49 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 32.61. The latest book value of the company is Rs 12.36 per share. At current value, the price-to-book value of the company is 46.14.

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Tata Power sells stake in Indonesian firm for $500 million

Tata Power, part of India's largest conglomerate the Tata Group, said the sale would go to increase its cash flow and reduce its consolidated debt, without affecting coal supply to its plants.

Tata Power Company  said it had agreed to sell its 30 percent stake in coal mining firm PT Arutmin Indonesia to Indonesia's Bakrie Group for USD 500 million.

Tata Power, part of India's largest conglomerate the Tata Group, said the sale would go to increase its cash flow and reduce its consolidated debt, without affecting coal supply to its plants.

Tata Power signed the agreement through its wholly owned units, the company said in a statement, without specifying them.

The sale is subject to restructuring moves, which Tata Power plans to complete in the next three months, the statement added.

Tata Power stock price

On January 31, 2014, Tata Power Company closed at Rs 73.95, up Rs 1.95, or 2.71 percent. The 52-week high of the share was Rs 103.45 and the 52-week low was Rs 68.25.

The company's trailing 12-month (TTM) EPS was at Rs 4.36 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 16.96. The latest book value of the company is Rs 51.67 per share. At current value, the price-to-book value of the company is 1.43.

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Daiichi pledges bold action on Ranbaxy production problems

RANBAXY-BAN-DAIICHISANKYO:Daiichi Sankyo pledges bold action on Ranbaxy production problems

Japan's Daiichi Sankyo Co said it would step up support of Indian drugmaking arm  Ranbaxy Laboratories and send personnel to help resolve problems at a factory that US regulators have banned from supplying pharmaceutical ingredients.

"We have already put a lot of effort into our support but that has not been enough," Manabu Sakai, senior executive officer at Daiichi Sankyo, told an earnings briefing on Friday.

"We want to go back and prepare a more aggressive, more drastic response."

Sakai said it was inevitable the incident would affect Daiichi Sankyo's earnings but was unable to give concrete numbers. The company is not thinking about reducing its stake in Ranbaxy, he added, although financial support would be among the actions it will look at.

The US Food and Drug Administration last week banned Ranbaxy's Toansa plant, a key supplier of ingredients to the generic drugmaker's US factory, from sending its products to the United States due to manufacturing violations. It was the fourth Ranbaxy plant to be shut out of the US market.

"There's been a steady increase in the things that we need to do," Sakai said, adding Daiichi Sankyo would dispatch additional personnel to the plant to help sort out problems.

Daiichi Sankyo's shares are down nearly 10 percent since last week's news on the Toansa plant. On Friday, they rose 2.7 percent to 1,723 yen, bouncing from a five-month low hit the day before.

Ranbaxy Labs stock price

On January 31, 2014, Ranbaxy Laboratories closed at Rs 323.40, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs 490.15 and the 52-week low was Rs 253.95.

The latest book value of the company is Rs 45.34 per share. At current value, the price-to-book value of the company was 7.13.

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