The Securities and Exchange Board of India (Sebi) will amend the takeover code after it has been approached by Satyam Computer Services’ government-appointed board for some exemptions from open offer rules.
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Bhave said rather than create a one-off exemption for Satyam, the regulator will amend its regulations. “We must have a mechanism to deal with abnormal cases,” he said. He, however, gave no timeframe for the amendment and said the Sebi board is aware of the urgency with which such matter needs to be dealt with.Under the Takeover Code, an investor who acquires 15 per cent of a company needs to make an open offer for another 20 per cent at a price which is not less than the average share price of the previous six months.
The six-member Satyam board has told Sebi that the company’s stock prices before January 7, the day founder Ramalinga Raju confessed to fraud, are no longer relevant as they reflected a set of numbers put out by the company that are not valid. Even the company’s former auditor Price Waterhouse has disowned the accounts
Monday, February 2, 2009
Essar Shipping Q3 Net Down
Total operating income for the reporting quarter was Rs 550.27 crore against Rs 495.26 crore for the same quarter a year ago, Essar Shipping said in a release here.
Essar Shipping Ports and Logistics today said its net profit for the quarter ended December 31, 2008 declined 70.58 per cent to Rs 13.03 crore from Rs 44.30 crore for the same period a year ago
Essar Shipping Ports and Logistics today said its net profit for the quarter ended December 31, 2008 declined 70.58 per cent to Rs 13.03 crore from Rs 44.30 crore for the same period a year ago
Yamaha Sales Number Zoom To 190++%
"The year 2009 has got off to a great start for us after the exciting turnaround year of 2008. Our focus remains on resurgence of Yamaha brand thereby enriching customer's experience," India Yamaha Motor CEO Yukimine Tsuji said in a statement.
The company, which is seeking a turnaround in India said its continued thrust on technology, quality and manufacturing excellence and introduction of Global Yamaha standards in its operations have been able to woo customers back, it added.
Two-wheeler maker India Yamaha Motor today reported almost a three-fold increase in sales during January at 18,320 units, against 6,284 units sold in the same month last year.
The company, which is seeking a turnaround in India said its continued thrust on technology, quality and manufacturing excellence and introduction of Global Yamaha standards in its operations have been able to woo customers back, it added.
Two-wheeler maker India Yamaha Motor today reported almost a three-fold increase in sales during January at 18,320 units, against 6,284 units sold in the same month last year.
Sunday, February 1, 2009
RIL Zooms Two Trillion Market Capitalisation
Market Capitalisation as on 30/01/09
RIL regained the Rs 2 trillion mark after a gap of five weeks after its shares surged 15 per cent on the Stock Exchange during the week ended January 30. At the end of trade on Friday, the market capitalisation of RIL stood at Rs 2,08,559.98 crore while it was at Rs 1,81,483 crore in the week-ago period.
RIL is followed in the coveted top followed by NTPC (Rs 1,56,252 crore), ONGC (Rs 1,40,780 crore), Bharti Airtel (Rs 1,29,319 crore), Infosys (Rs 74,758 crore), SBI (Rs 73,151 crore), MMTC (Rs 72,412 crore), ITC (Rs 67,781 crore), NMDC (Rs 66,032 crore) and BHEL (Rs 64,639 crore).
RIL regained the Rs 2 trillion mark after a gap of five weeks after its shares surged 15 per cent on the Stock Exchange during the week ended January 30. At the end of trade on Friday, the market capitalisation of RIL stood at Rs 2,08,559.98 crore while it was at Rs 1,81,483 crore in the week-ago period.
RIL is followed in the coveted top followed by NTPC (Rs 1,56,252 crore), ONGC (Rs 1,40,780 crore), Bharti Airtel (Rs 1,29,319 crore), Infosys (Rs 74,758 crore), SBI (Rs 73,151 crore), MMTC (Rs 72,412 crore), ITC (Rs 67,781 crore), NMDC (Rs 66,032 crore) and BHEL (Rs 64,639 crore).
Hero Honda Sales No's
Hero Honda Motors (HHML), the country's largest two-wheeler maker, today reported a 5.84 per cent jump in its total sale in January, at 3,15,458 units, as compared to 2,98,050 units in the same month last year.
"The sales number reflect an excellent start to the calendar year, further strengthening our growth trajectory," Hero Honda Motors Senior Vice President (Marketing and Sales) Anil Dua said in a statement.
This growth was achieved in the face of continuing tough market conditions on account of uncertainty over interest rates and overall credit squeeze, he added.
"The sales number reflect an excellent start to the calendar year, further strengthening our growth trajectory," Hero Honda Motors Senior Vice President (Marketing and Sales) Anil Dua said in a statement.
This growth was achieved in the face of continuing tough market conditions on account of uncertainty over interest rates and overall credit squeeze, he added.
GHCL Targets
Ghcl Target 1300 Cr Turnover This Year
The chairman attributed the decline in net profit to the annual shutdown of the company's factories between October and December. He added that similar exercises were not undertaken during the corresponding period of last year.
"The home textile operations were significantly affected due to the worsening power situation in Tamil Nadu, where the government could not even meet 60 per cent of our total power requirements. Besides this, the global economic meltdown, which accelerated in the last quarter of 2008, also affected our sales to the US and European markets to some extent," Dalmia said. Hence, revenue from the company's home textiles division declined from Rs 124 crore last year to Rs 81 crore this year.
In its soda ash business, GHCL suffered due to excess raw material stock because of which the company could not capitalise on low raw material costs. The company also suffered a forex loss Rs 30-35 crore on currency fluctuations.
In the December 2008 quarter, revenue dipped 5.3 per cent to Rs 283 crore as against Rs 299 crore recorded in the year-ago period. However, for the nine-month period ended December 2008, the company's revenues grew 20 per cent to Rs 919 crore compared with Rs 768 crore last year.
Soda ash and home textiles player GHCL is aiming at a growth rate of 25-30 per cent for the financial year ending March 31, 2009, despite a 10 per cent decrease in its third quarter net profit to Rs 80 crore. The company had posted a profit of Rs 89 crore in December 2007
The chairman attributed the decline in net profit to the annual shutdown of the company's factories between October and December. He added that similar exercises were not undertaken during the corresponding period of last year.
"The home textile operations were significantly affected due to the worsening power situation in Tamil Nadu, where the government could not even meet 60 per cent of our total power requirements. Besides this, the global economic meltdown, which accelerated in the last quarter of 2008, also affected our sales to the US and European markets to some extent," Dalmia said. Hence, revenue from the company's home textiles division declined from Rs 124 crore last year to Rs 81 crore this year.
In its soda ash business, GHCL suffered due to excess raw material stock because of which the company could not capitalise on low raw material costs. The company also suffered a forex loss Rs 30-35 crore on currency fluctuations.
In the December 2008 quarter, revenue dipped 5.3 per cent to Rs 283 crore as against Rs 299 crore recorded in the year-ago period. However, for the nine-month period ended December 2008, the company's revenues grew 20 per cent to Rs 919 crore compared with Rs 768 crore last year.
Soda ash and home textiles player GHCL is aiming at a growth rate of 25-30 per cent for the financial year ending March 31, 2009, despite a 10 per cent decrease in its third quarter net profit to Rs 80 crore. The company had posted a profit of Rs 89 crore in December 2007
02/02/09
Adag Rejig Fray On Their Teclecom And Infra Arms
After a meeting of its committee of directors, which approved transfer of about half-a-dozen of its business units, Reliance Infra said the reorganisation would unlock value in view of possible investments by strategic and financial players in various businesses, in addition to other benefits.
At the same time, RCom's board of directors also approved transfer its optic fiber division to its subsidiary Reliance Infratel to create a single telecom infrastructure entity and cut down its operating costs.
Besides, it was aimed at identifying actual economic value arising from infrastructure business and telecom services businesses, the company said.
This comes within days of the group's financial services arm Reliance Capital announcing plans set up separate subsidiaries for consumer finance and home loan businesses, where it said, strategic investors could be brought in in about a year's time or once the market conditions improve.
There would be no change in the overall capital structure of the company and no shares or securities would be issued or cancelled as part of the restructuring exercises at both Reliance Infra and RCom.
Reliance Infra said the reorganisation would simplify and make its business structure transparent and lead to alignment of interest of various stakeholders and a focussed management.
Besides, it would help attract and retain quality talent and would lead to an optimal financial structure and tax efficiency for individual businesses.
As part of scheme, real estate unit will be transferred to Reliance Property Developers, Dahanu Thermal Power Station to Reliance Energy Generation, Power Transmission Division to Reliance Power Transmission, Power Distribution to Reliance Energy, EPC Division to Reliance InfraProjects and Toll Roads Division to Reliance InfraVentures.
The scheme is subject to requisite consent of lenders, shareholders, creditors, stock exchanges, the Bombay High Court and the approval from the government or any other statutory or regulatory authorities.
As part of the reorganisation exercise at RCom, the company would transfer its optic fiber division to its subsidiary Reliance Infratel to create a single telecom infrastructure entity and cut down its operating costs.
The company said that the exercise, which consolidates all its telecom infrastructure assets — tower and optic fibre — under one entity, would enhance stakeholders' value and provide benefits such as synergies and cost efficiencies in terms of lower operating costs.
The consolidation reflects the global trend of segregating the telecom infrastructure business, with a view of adopting best management practices and to identify the actual economic value arising out of the infrastructure business and telecom services businesses, the company said.
Reliance Infratel owns, operates and develops telecom infrastructure, primarily consisting of wireless communication sites and towers. It currently owns all towers used by RCom's CDMA and GSM wireless networks and is developing additional towers to meet the needs of RCom and other customers.
The restructuring proposal is subject to all requisite approvals, as might be required, and would be carried out through a court-approved scheme of arrangement at fair value.
Last month, Reliance Cap CEO Sam Ghosh had said that the company might "look into the option of involvement of a strategic investor. But not at present. May be in a year's time or as and when market condition improves."
"At this point of time the valuations of these entities are not clear. Once the business picks up and the exact valuation of the entities are known, we may consider the option (of strategic investor," Ghosh added.
He, however, noted that the company had no plans under consideration to tap the equity market for raising funds and added that Reliance Capital had enough capital in hand.
After a meeting of its committee of directors, which approved transfer of about half-a-dozen of its business units, Reliance Infra said the reorganisation would unlock value in view of possible investments by strategic and financial players in various businesses, in addition to other benefits.
At the same time, RCom's board of directors also approved transfer its optic fiber division to its subsidiary Reliance Infratel to create a single telecom infrastructure entity and cut down its operating costs.
Besides, it was aimed at identifying actual economic value arising from infrastructure business and telecom services businesses, the company said.
This comes within days of the group's financial services arm Reliance Capital announcing plans set up separate subsidiaries for consumer finance and home loan businesses, where it said, strategic investors could be brought in in about a year's time or once the market conditions improve.
There would be no change in the overall capital structure of the company and no shares or securities would be issued or cancelled as part of the restructuring exercises at both Reliance Infra and RCom.
Reliance Infra said the reorganisation would simplify and make its business structure transparent and lead to alignment of interest of various stakeholders and a focussed management.
Besides, it would help attract and retain quality talent and would lead to an optimal financial structure and tax efficiency for individual businesses.
As part of scheme, real estate unit will be transferred to Reliance Property Developers, Dahanu Thermal Power Station to Reliance Energy Generation, Power Transmission Division to Reliance Power Transmission, Power Distribution to Reliance Energy, EPC Division to Reliance InfraProjects and Toll Roads Division to Reliance InfraVentures.
The scheme is subject to requisite consent of lenders, shareholders, creditors, stock exchanges, the Bombay High Court and the approval from the government or any other statutory or regulatory authorities.
As part of the reorganisation exercise at RCom, the company would transfer its optic fiber division to its subsidiary Reliance Infratel to create a single telecom infrastructure entity and cut down its operating costs.
The company said that the exercise, which consolidates all its telecom infrastructure assets — tower and optic fibre — under one entity, would enhance stakeholders' value and provide benefits such as synergies and cost efficiencies in terms of lower operating costs.
The consolidation reflects the global trend of segregating the telecom infrastructure business, with a view of adopting best management practices and to identify the actual economic value arising out of the infrastructure business and telecom services businesses, the company said.
Reliance Infratel owns, operates and develops telecom infrastructure, primarily consisting of wireless communication sites and towers. It currently owns all towers used by RCom's CDMA and GSM wireless networks and is developing additional towers to meet the needs of RCom and other customers.
The restructuring proposal is subject to all requisite approvals, as might be required, and would be carried out through a court-approved scheme of arrangement at fair value.
Last month, Reliance Cap CEO Sam Ghosh had said that the company might "look into the option of involvement of a strategic investor. But not at present. May be in a year's time or as and when market condition improves."
"At this point of time the valuations of these entities are not clear. Once the business picks up and the exact valuation of the entities are known, we may consider the option (of strategic investor," Ghosh added.
He, however, noted that the company had no plans under consideration to tap the equity market for raising funds and added that Reliance Capital had enough capital in hand.
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