Tata Motors after market hours yesterday, 27 January 2015, announced that the company's board of directors has decided to seek approval of the shareholders through a postal ballot for raising upto Rs 7500 crore through a rights issue of ordinary shares and 'A' ordinary shares having differential voting rights for meeting the company's growth plans as well as for reducing the debt. The quantum, pricing and timing of the issue will be decided at a later point in time, depending upon the market conditions post shareholders' and other approvals, Tata Motors said.
Bharti Airtel announced before market hours has commissioned Nokia Networks to expand its 4G presence to six new circles* using Nokia Networks' radio network. The deal marks India's first FDD-LTE deployment on 1800 MHz that will witness the launch of super-fast mobile broadband in 6 circles. Nokia Networks, already a supplier of Bharti Airtel's TD-LTE network, will also deploy TD-LTE on the 2300 MHz in 2 other circles.
State Bank of India announced before market hours that shareholders meeting will be held on 26 February 2014, to consider raising not exceeding Rs 15000 crore by way of public issue or rights issue or private placement or any other mode as may be decided by the board with condition that Government of India's shareholding does not fall, below 52%.
GMR Infrastructure after market hours yesterday, 27 January 2015, announced that GMR-Megawide Cebu Airport Corporation (GMCAC) a joint venture between GMR Infrastructure (40% shareholding) and Megawide Construction Corporation (60% shareholding) has amended its financing documents of its Mactan Cebu International Airport (MCIA) located in Cebu, Philippines to include ADB to fund the project. The financing will fund 70% of its total project cost of Php 33 billion (approximately $750 million). ADB will fund $75 million of this as a portion of its share in the funding. The loan is now being financed by a consortium of seven banks including ADB.
GMCAC has taken full operational control from 1 November 2014 for renovation and modernization of MCIA. GMCAC will operate the airport for a period of 25 years.
Yes Bank after trading hours yesterday, 27 January 2015, announced that the bank has teamed up with the Overseas Private Investment Corporation (OPIC), the US government's development finance institution, by signing a memorandum of understanding to explore OPIC financing of up to $220 million to increase lending to micro, small and medium enterprises (MSMEs) in India. Specifically, $100 million of the financing would be used to support either Micro-SMEs or SMEs in underserved rural and urban markets, Yes Bank and OPIC said in a joint statement. US-based lender Wells Fargo Bank, N.A., will act as sponsor and co-lender to the project.
Shares of biotechnology companies will be in focus after the Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr. Jitendra Singh yesterday, 27 January 2015, said that the government is keen to promote all kinds of upward activities in the biotech sector and said that the suggestions offered by the Association of Biotechnology Led Enterprises (ABLE) would be given due consideration and dealt with a positive approach. In its pre-Budget memorandum submitted to the government, ABLE has made several recommendations to support the biotechnology industry. These include deduction of current tax incentives of 200% to be increased to 300% with a validity of three years and extension of 10 years of tax holiday for biotech/farming establishments by another 2 years. Invoking the Make in India agenda of the government, the memorandum also pleads for the indigenously made products to be given 15% to 25% weighted advantage over imported products in all government tenders.
On a consolidated basis, Idea Cellular's net profit rose 64% to Rs 767.06 crore on 21.87% increase in total income to Rs 8150.09 crore in Q3 December 2014 over Q3 December 2013.
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On a consolidated basis, Idea Cellular's net profit rose 1.48% to Rs 767.10 crore on 5.91% increase in total revenue to Rs 8017.50 crore in Q3 December 2014 over Q2 September 2014.
Consolidated EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) rose 10.52% to Rs 2752.70 in Q3 December 2014 over Q2 September 2014.
EBITDA margins increased to 34.3% in Q3 December 2014 compared with 32.9% in Q2 September 2014.
In the calendar year (CY) 2014, Idea added 22.2 million subscribers (VLR net adds) as company's subscriber market share raced past 18.1% (TRAI November 2014 VLR Report). Inspite of huge 17% incremental new customer addition in year 2014, the customer mobile spend (ARPU) on Idea network increased by Rs 10 to Rs 179 (Q3 December 2014 over Q3 December 2013).
Idea continued its journey of strengthening its competitive market standing with Q2 September 2014 Revenue Market Share (RMS) at 17.2%, an increase of 1.4% compared to Q2 September 2013.
During the quarter, Idea carried 170.7 billion minutes on its network, registering 5.1% sequential quarterly growth and 46.1 billion Megabytes of Mobile data on its 2G+3G platform, at 16.9% quarterly expansion, with both lines of business delivering strong performance. The 'Value Added Service' (VAS) contribution has improved sharply to 23.1% of service revenue, an unprecedented gain of 7% in last one year.
Due to competitive pressures and increased contribution from new service areas, the Voice realisation remained under pressure and has fallen sequentially by 0.6 paisa to 35.6 paise per minute in Q3 December 2014. However, 18.4% quarterly jump in Mobile Data revenue, contributing 15.7% to service revenue, helped Idea improve its 'ARPM' at 46.3p in Q3 December 2014 (vs 45.9 paise in Q2 September 2014).
As the technology cycle shortens, the company on prudent basis reviewed and reduced the estimated useful life of core network equipments from present 10 to 9 years. Consequently, this quarter the depreciation charge has risen by Rs 262.50 crore.
On a standalone basis, the strong cash profit of Rs 2028.60 crore in Q3 December 2014 (year-on-year growth of 29.5%) has helped company reduce net debt to Rs 11089.10 crore. The net debt to annualised EBITDA ratio now stands at 1.12, lowest in the industry, providing company sufficient head room to participate in the forthcoming license renewal spectrum auction.
The mobile data subscriber base on 2G+3G platform has risen by 8.6 million in CY 2014 to 34.2 million. This quarter Idea held on its data rates (bended 2G+3G) - 'Average Realisation per MB' (ARMB) at 26.9 paise (vs 26.5 paise in Q2 September 2014). The blended Data ARPU (2G+3G) has improved by Rs 35 in CY 2014 to Rs 126 as 'Usages per Data Subscriber' has grown to 470 MB per user in Q3 December 2014 from 309 MB in Q3 December 2013. The 3G (Voice+Data) customers have grown steadily this quarter to 16.1 million but still represents only 10.7% of Idea's total subscriber base. Idea continued to expand its 3G footprint with incremental investment of 7,840 3G sites in CY 2014 taking the overall 3G sites count to 27,744.
As mobility market services expand, Indian Telecom business offers exciting growth opportunities in Mobile broadband & rural voice telephony. Brand Idea with growing consumer affinity, strong cash flows, expanding 2G & 3G network footprint and competitive spectrum profile, reaffirms its ability to overcome current short term uncertainties, emerge stronger and consolidate its market position to tap emerging telecom and mobile banking opportunities.
Titan Company's net profit rose 15.20% to Rs 190.73 crore on 8.59% increase in total income to Rs 2934.03 crore in Q3 December 2014 over Q3 December 2013.
The income from watches was Rs 442.63 crore in Q3 December 2014, marginally lower than Q3 December 2013. On the other hand, jewellery business recorded a growth of 11.2% in Q3 December 2014 over Q3 December 2013.
Tanishq had an income of Rs 2347.39 crore this year in Q3 as compared to Rs 2110.70 crore last year. For the nine-month ended December 2014, the jewellery business recorded a growth of 17.4%. Other businesses of the company comprising Precision Engineering, a B2B business, the Eyewear business and accessories grew by 14.8% in Q3 December 2014. The combined income of these businesses in Q3 December 2014 was Rs 133.67 crore as compared to Rs 116.42 crore in Q3 December 2013.
The Titan Company (TCL) retail chain is 1172 stores strong, as on 31 December 2014 with the retail area crossing 1.5 million square feet nationally for all its brands. A total of 151 stores were added by TCL brands in the nine month period till December 2014.
Bhaskar Bhat, Managing Director of the company stated that "Titan Company, with a large portfolio of strong brands, operating in multiple industries, grew by over 9% in the third quarter. This period, which is a festival quarter, faced heightened activity from e-commerce players, participating in this gifting season. Going forward, the market sentiment is looking good, with the fiscal budget from the new Government coming up, drop in inflation and positive global factors like the slump in oil prices. The company is gearing up for the last quarter with launch of new products and advertising campaigns that are lined up, including activation by some of the brands."
Amara Raja Batteries' net profit rose 7.71% to Rs 102.34 crore on 23.09% increase in total income to Rs 1071.15 crore in Q3 December 2014 over Q3 December 2013.
Raymond said it will hold an extraordinary general meeting (EGM) of shareholders on 20 February 2015 to seek their approval in raising Rs 750 crore through non-convertible debentures/bonds/other instruments whether secured or unsecured, on private placement basis, in one or more tranches, during the period of one year from the date of passing of this resolution.
Karnataka Bank's net profit rose 0.22% to Rs 106.94 crore on 17.09% increase in total income to Rs 1364.69 crore in Q3 December 2014 over Q3 December 2013.
Gujarat State Fertilizers & Chemicals' net profit rose 2.24% to Rs 103.47 crore on 10.99% decline in total income to Rs 1344.64 crore in Q3 December 2014 over Q3 December 2013.
Shares of Bharat Electronics turn ex-dividend today, 28 January 2015, for an interim dividend of Rs 6 per share for the year ending March 2015.
Shares of Supreme Industries turn ex-dividend today, 28 January 2015, for an interim dividend of Rs 2 per share for the year ending March 2015.
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