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KKR-backed Emerald Media invests $50mn in YuppTV

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Emerald Media, a pan-Asian platform established by investment firm KKR for investing in the media and entertainment sector, yesterday  announced that it has acquired a significant minority stake in YuppTV for $50mn. 
 
YuppTV is one of the world’s leading over-the-top (OTT) video platforms for South Asian content offering live TV, catch-up TV and movies on-demand in 14 languages across the globe. 
 
The growth capital will enable YuppTV to further its global footprint, expand its content library through original productions and acquisitions, and rapidly grow its paid subscriber base, a press release from the company said.
 
Headquartered in Atlanta, Georgia, YuppTV is an Internet Pay TV platform for South Asians, reaching more than 400 million households across the world. More than 5 million monthly visitors access YuppTV across 27 integrated devices – with a peak monthly traffic of 20 million.
 
YuppTV offers 250+ South Asian TV channels, 5000+ movies and 100+ TV shows to worldwide audiences, with a focus on the USA, UK, Middle East, Canada, Singapore, Malaysia, Australia, New Zealand and the Caribbean. 
 
"YuppTV continues to revolutionize the way TV and movies are viewed across the world with over 25,000 hours of entertainment content catalogued in its library, as well as nearly 5,000 hours of new on-demand content added to the YuppTV platform every day," the release said.
 
According to it, YuppTV has gained considerable popularity in India, having recently launched in the market. With an initial focus on South India, the company has gradually expanded to the rest of the country. It has also recently implemented advanced analytics-based real-time recommendations on Live TV, to make content more discoverable.
 
Uday Reddy, Promoter and CEO of YuppTV, said, “We couldn’t ask for a stronger partner than Emerald Media. YuppTV is a content distribution platform with a strong consumer connection, and Emerald Media has global media relationships.  We hope to leverage their relationships and existing assets Endemol, OML, Fluence and Graphic India to create original programming and make this platform a next generation distribution and content powerhouse.”
 
Rajesh Kamat, Managing Director of Emerald Media, said, “Emerald Media believes in driving change and value-creation by providing a distinctive combination of capital, domain knowledge and management bandwidth. The world is moving from traditional consumption to multiscreen delivery mediums. YuppTV provides a unique combination of technology, strong content relationships and revenues of scale and will be an anchor to our vision of building a new age media company.”
 
Paul Aiello, Managing Director of Emerald Media, added, “Uday and his team have created an exceptional online video platform with a loyal subscriber base that realizes the huge potential of the global Indian diaspora. Our investment and relationship will enable YuppTV to further their strong leadership position in the rapidly growing OTT space.”
 
In September 2015, YuppTV had raised its Series A round of funding from Poarch Creek Indian Tribe of Alabama.  YuppTV has had over 10 million mobile app downloads, in addition to 50 million pre-installs on Samsung TVs worldwide and 300,000+ downloads on LG Smart TV, making it one of the most downloaded Smart TV Apps. The YuppTV app is also the second most popular app in Android Play store in India (Entertainment) and the only South Asian app available on PS3 & PS4. In addition, YuppTV has launched its exclusive on-demand movie streaming service, YuppFlix, which is backed by a library of more than 5000 movies across various languages, the release said.
 
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Businesswoman, philanthropist Parmeshwar Godrej passes away

Parmeshwar Godrej
Parmeshwar Godrej
Well-known businesswoman and philanthropist Parmeshar Godrej, wife of industrialist Adi Godrej, passed away at the Breach Candy Hospital here last night.
 
She was 70.
 
According to various sources, Ms. Godrej had been suffering from a lung disease for some years and was receiving medical treatment for it. She contracted an infection some days ago and was admitted to the hospital, where she breathed her last late on Monday night.
 
Ms. Godrej was a non-executive director of Godrej Properties Limited and also served as a director of Indian Hotels and Health Resorts Private Limited, as well as Gates Foundation - Avahan, The Gere Foundation, Cine Blitz Publications and The Palace School, Jaipur. 
 
She also served as a Member of India Advisory Board of The American India Foundation.
 
Ms. Godrej was also known for her work combating AIDS in India through the Heroes Project, launched in 2004 with renowned Hollywood actor Richard Gere. She was also associated with various projects related to women's and children's health.
 
Ms. Godrej was also very active on the Mumbai's social scene and was known as one of its most gracious and generous hosts.
 
Before getting married to Adi Godrej, Parmeshwar Godrej was one of the first air hostesses for national carrier Air India.
 
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Reliance Jio enrols 16 millions customers in first month, claims world record

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Telecom services provider Reliance Jio Infocomm Ltd (RJIL) has said that it has set a world record by enrolling 16 million customers in 26 days in its first month of operations.
 
RJIL, a subsidiary of the Mukesh Ambani-led energy, petrochemicals and retail major Reliance Industries Limited (RIL), had launched its commercial services on September 5.
 
A press release from RJIL said the company had achieved this growth faster than any other telecom operator or start-up in the world, including the likes of Facebook, WhatsApp and Skype.
 
“We are delighted and humbled by the overwhelming response across India to the Jio Welcome Offer. Jio is built to empower every Indian with the power of data. We are delighted that people have recognized this and are utilizing our services to the fullest. We are customer-obsessed and committed to improve every day to exceed expectations of our customers," RIL Chairman and Managing Director Mukesh D. Ambani said.
 
Jio has introduced Aadhaar-based paper-less Jio SIM activation across 3,100 cities and towns. This enables the customer to complete the SIM activation process in a matter of minutes, with only his or her Aadhaar number, the release said.
 
"This process will be extended across the country and fully stabilized for satisfactory on-boarding experience in the next few weeks," it added.
 
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Full Text: RBI's Fourth Bi-monthly Monetary Policy Statement, 2016-17

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Following is the text of the Resolution of the Monetary Policy Committee (MPC), Reserve Bank of India (RBI) issued here today:
 
On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to:
 
• reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5 per cent to 6.25 per cent with immediate effect.
 
Consequently, the reverse repo rate under the LAF stands adjusted to 5.75 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.75 per cent.
 
The decision of the MPC is consistent with an accommodative stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5 per cent by Q4 of 2016-17 and the medium-term target of 4 per cent within a band of +/- 2 per cent, while supporting growth. The main considerations underlying the decision are set out in the statement below.
 
Assessment
 
2. Global growth has been slowing more than anticipated through 2016 so far, with weak investment and trade damping aggregate demand. Meanwhile, risks in the form of Brexit,
banking stress in Europe, rebalancing of debt-fuelled growth in China, rising protectionism
and diminishing confidence in monetary policy have slanted the outlook to the downside.
World trade volume has contracted sharper than expected in the first half of 2016, and the
outlook has worsened with the recent falling off of imports by advanced economies (AEs)
from emerging market economies (EMEs). Inflation remains subdued in AEs and has started to edge down in EMEs.
 
3. International financial markets were overwhelmed by the Brexit vote in Q2, with equity
markets losing valuations worldwide, currencies plunging and turning volatile, and investors
rushing for safe havens. Markets, however, recovered quickly and reclaimed lost ground in
Q3, with a return of risk appetite propelling capital flows back into EMEs. Nonetheless, an
uneasy calm prevails on uncertainty about the stance of monetary policy of systemic central
banks. Commodity prices have firmed up slightly, easing stress for commodity exporters and shaving off some of the terms of trade gains accruing to commodity importers. Crude prices rose to a recent peak in Q2 of 2016, mostly on supply disruption in various parts of the world, and again in late September as the OPEC announced intentions of cutting back on supply; but, the upturn has been curbed by higher inventories.
 
4. On the domestic front, the outlook for agricultural activity has brightened
considerably. The south west monsoon ended the season with a cumulative deficit of only 3
per cent below the long period average, with 85 per cent of the country’s geographical area
having received normal to excess precipitation. Kharif sowing has surpassed last year’s
acreage, barring cotton, sugarcane and jute and mesta. Accordingly, the first advance 
estimates of kharif foodgrains production for 2016-17 by the Ministry of Agriculture have
been placed at a record level, and higher than the target set for the year. The industrial
sector, by contrast, suffered a manufacturing-driven contraction in early fiscal year Q2, after
a sequential deceleration in gross value added in Q1. Even after trimming the statistical
effects of the lumpy and order-driven contraction of insulated rubber cables, industrial
production as measured by the index of industrial production (IIP) turned out to be slower
than a year ago. In August, steel production rose to a 37-month high and cement production
maintained momentum - auguring well for construction activity - even though the output of
core industries as a whole was weighed down by a decline in the production of coal, crude oil and natural gas and deceleration in refinery products and electricity generation. Nonetheless, business expectations polled in the Reserve Bank’s industrial outlook survey and by other agencies remain expansionary in Q2 and Q3. The strong public investment in roads, railways and inland waterways, the recent efforts to unclog cash flows in large projects under arbitration, and the boost to spending from the 7th Pay Commission’s award, should improve the industrial outlook. In the services sector, the acceleration in the pace of activity in Q1 appears to have been sustained. An increasing number of high frequency indicators are moving into positive territory, construction is boosted by policy initiatives, and public administration, defence and other services will be supported by the pay commission award.
 
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5. Retail inflation measured by the headline CPI had been elevated by a sharp pick-up
in the momentum of food inflation overwhelming favourable base effects during April-July. In
August, however, the momentum of food inflation turned negative and surprised
expectations; consequently, base effects in that month came into full play and pulled down
headline inflation to an intra-year low. Fuel inflation has moderated steadily through the year
so far. Inflation excluding food and fuel (including petrol and diesel embedded in
transportation) has been sticky around 5 per cent, mainly in respect to education, medical
and personal care services. Households reacted to the recent hardening of food inflation
adaptively and raised their inflation expectations in the September 2016 round of the
Reserve Bank’s inflation expectations survey of households. Input costs in the manufacturing sector, including staff costs, have firmed up slightly as evident in various surveys, but the presence of considerable slack has restrained their transmission into corporate pricing power.
 
6. Liquidity conditions have remained comfortable in Q3, with the Reserve Bank
absorbing liquidity on a net basis through variable rate reverse repo auctions of varying
tenors. Liquidity was injected through open market purchases of `200 billion in line with the
system’s requirements. As a result, the weighted average call money rate (WACR) remained tightly aligned with the policy repo rate and, in fact, traded with a soft bias. Interest rates on commercial paper (CPs) and certificates of deposit (CD) also eased.
 
7. In the external sector, merchandise exports contracted in the first two months of Q2.
Subdued domestic demand was, however, reflected in a faster contraction in imports.
Moreoever, the still soft crude prices pared off a fifth of the oil import bill and gold import
volume slumped to a fifth of its volume a year ago. Consequently, the merchandise trade
deficit narrowed by US$ 10 billion in April-August on a year-on-year basis. These
developments are likely to have contained the current account deficit in Q2 at its level in Q1,
although the decline in remittances and the flattening of software earnings warrants
monitoring. While the pace of foreign direct investment slowed compared to a year ago,
portfolio flows were stronger after the Brexit vote, galvanised by a search for returns in an
expanding universe of negative yields. The level of foreign exchange reserves rose to
US$ 372 billion by September 30, 2016 – an all-time high.
 
Outlook
 
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8. The Committee expects that the strong improvement in sowing, along with supply
management measures, will improve the food inflation outlook. It notes that the sharp drop in inflation reflects a downward shift in the momentum of food inflation – which holds the key to future inflation outcomes – rather than merely the statistical effects of a favourable base
effect. The Government has announced several measures to cool food inflation pressures,
especially with regard to pulses. These measures should help in moderating the momentum
of food inflation in the months ahead. This has opened up space for policy action, as
indicated in the third bi-monthly monetary policy statement. The easy liquidity conditions
engendered by the Reserve Bank’s operations should also enable the smooth transmission
of the policy action through various market segments. Furthermore, banks should find added impetus for better transmission by the recent downward adjustment in small savings rates.
 
The Committee took note of potential cost push pressures that may emerge, including the 7th pay commission award on house rent allowances, and the increase in minimum wages with possible spillovers through minimum support prices. The fuller play of these factors will need vigilance to prevent a generalised cost spiral from taking root. On balance, the Committee envisages a trajectory taking headline CPI inflation towards a central tendency of 5 per cent by March 2017, with risks tilted to the upside albeit lower than in the second and third bimonthly monetary policy statements of June and August respectively.
 
9. The momentum of growth is expected to quicken with a normal monsoon raising
agricultural growth and rural demand, as well as by the stimulus to the urban consumption
spending from the pay commission’s award. The accommodative stance of monetary policy and comfortable liquidity conditions should support a revival of credit to the productive sectors. The continuing sluggishness in world trade and smaller terms of trade gains than in the past point, however, to further slackening of external demand going forward. Accordingly, the projection of growth of real gross value added (GVA) for 2016-17 is retained at 7.6 per cent, with risks evenly balanced around it.
 
10. Six members voted in favour of the monetary policy decision. The minutes of the
MPC’s meeting will be published on October 18, 2016. The next meeting of the MPC is
scheduled on December 6 and 7, 2016 and its resolution will be announced on December 7,
 
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RBI cuts repo rate by 25 bps to nearly six-year low of 6.25%

The Reserve Bank of India on Tuesday reduced its key policy repo rate under the liquidity adjustment facility by 25 basis points from 6.5% to 6.25%, a nearly six-year-low, with immediate effect.

RBI logo
RBI logo
The Reserve Bank of India (RBI) today reduced its key policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5 percent to 6.25 percent, a nearly six-year-low, with immediate effect.
 
Consequently, the reverse repo rate under the LAF stood adjusted to 5.75 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.75 per cent, the central bank said in its Fourth Bi-monthly Monetary Policy Statement 2016-17 on the basis of the resolution of its newly set up Monetary Policy Committee (MPC), which concluded two days of discussions today.
 
"The decision of the MPC is consistent with an accommodative stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5 per cent by Q4 of 2016-17 and the medium-term target of 4 per cent within a band of +/- 2 per cent, while supporting growth," the MPC said 
 
Today's decision on the rate marked the beginning of a new era for the RBI, in which the policy decision was made by a committee for the first time. Earlier, the decision used to be taken by the RBI Governor on the basis of advice from his colleagues.
 
It was also the first monetary policy review under new RBI Governor Urjit Patel, who succeeded Dr. Raghuram Rajan on September 4.
 
The six-member MPC is chaired by the RBI Governor, and has two members from within the central bank -- the Deputy Governor of the Bank, in charge of Monetary Policy, and an officer nominated by the Central Board -- and three external members -- Dr. Ravindra H. Dholakia, Professor, Indian Institute of Management (IIM), Ahmedabad, Prof. Pami Dua, Director, Delhi School of Economics (DSE), and Mr. Chetan Ghate, Professor, Indian Statistical Institute (ISI).
 
All six members voted in favour of the monetary policy decision, the resolution said. The minutes of the MPC’s meeting will be published on October 18.
 
The RBI Act was amended by the Finance Act, 2016,  to provide for a statutory and institutionalised framework for an MPC for maintaining price stability, while keeping in mind the objective of growth. The committee will be entrusted with the task of fixing the benchmark policy rate (repo rate) required to contain inflation within the specified target level.
 
The Government is of the view that a committee-based approach for determining the Monetary Policy will add lot of value and transparency to monetary policy decisions. The meetings of the Monetary Policy Committee shall be held at least four times a year and it shall publish its decisions after each such meeting.
 
The committee, in its resolution, said that it expected the strong improvement in sowing, along with supply management measures, would improve the food inflation outlook. 
 
It noted that the sharp drop in inflation reflected a downward shift in the momentum of food inflation – which holds the key to future inflation outcomes – rather than merely the statistical effects of a favourable base effect.
 
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"The Government has announced several measures to cool food inflation pressures, especially with regard to pulses. These measures should help in moderating the momentum of food inflation in the months ahead. This has opened up space for policy action, as indicated in the third bi-monthly monetary policy statement. The easy liquidity conditions engendered by the Reserve Bank’s operations should also enable the smooth transmission of the policy action through various market segments. Furthermore, banks should find added impetus for better transmission by the recent downward adjustment in small savings rates," the MPC said.
 
The committee took note of potential cost push pressures that may emerge, including the 7th Central Pay Commission award on house rent allowances, and the increase in minimum wages with possible spillovers through minimum support prices. 
 
"The fuller play of these factors will need vigilance to prevent a generalised cost spiral from taking root. On balance, the Committee envisages a trajectory taking headline CPI inflation towards a central tendency of 5 per cent by March 2017, with risks tilted to the upside albeit lower than in the second and third bimonthly monetary policy statements of June and August, respectively. 
 
It said the momentum of growth was expected to quicken with a normal monsoon raising agricultural growth and rural demand, as well as by the stimulus to the urban consumption spending from the pay commission’s award. 
 
"The accommodative stance of monetary policy and comfortable liquidity conditions should support a revival of credit to the productive sectors. The continuing sluggishness in world trade and smaller terms of trade gains than in the past point, however, to further slackening of external demand going forward. Accordingly, the projection of growth of real gross value added (GVA) for 2016-17 is retained at 7.6 per cent, with risks evenly balanced around it," it said.
 
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Dassault Aviation, Reliance Infra announce JV in aerospace sector

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Dassault Aviation Chairman & CEO Eric Trappier and Reliance Group Chairman Anil Ambani today announced the creation of a joint venture (JV) in India in the aerospace sector.
 
"This new joint venture called Dassault Reliance Aerospace will support Prime Minister Modi’s 'Make in India' and 'Skill India' policies and develop major Indian programs with high levels of
technology transfer to benefit the entire aerospace sector," a press release from Reliance Infrastructure said.
 
The release said the proposed strategic partnership would also focus on promoting research and development projects under the IDDM program (Indigenously Designed, Developed and Manufactured), a new initiative of India’s Defence Minister Manohar Parrikar.
 
According to it, the JV will be a key player in the execution of offset obligations, as a part of the €7.87 billion (Rs. 59,000 crore) agreement for purchase of 36 Rafale fighter jets signed between India and France on September 23.
 
The agreement includes a 50% offset obligation which is the largest ever offset contract in the history of India, the relese said.
 
“The formation of this joint venture with Reliance Aerospace led by Anil Ambani’s Reliance Group illustrates our strong commitment to establish ourselves in India and to develop strategic industrial partnerships under the 'Make in India' policy promoted by the Indian Government," Mr. Trappier said.
 
“We are delighted to partner a world leader in aviation like Dassault Aviation, and a visionary leader like Eric Trappier. This is a transformational moment for the Indian aerospace sector and for Reliance Infrastructure’s subsidiary Reliance Aerospace," Mr. Ambani said.
 
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SBI becomes first Indian bank to open branch in Myanmar

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State Bank of India (SBI), the country's largest lender, today became the first Indian bank to open a branch in Myanmar.
 
The branch in Yangon was inaugurated by SBI Chairman Arundhati Bhattacharya in the presence of the Deputy Governor of the Central Bank of Myanmar.
 
Senior SBI officials, including Mr. Siddhartha Sengupta, Deputy Managing Director - International Banking Group, Mr. Arijit Basu, MD, SBI Life, and Mr. Sujit Kumar Varma, CGM - International Banking Group, were also present.
 
This is the 54th foreign branch of SBI, which now has a presence in 37 countries through 198 offices.
 
Ms. Bhattacharya said, “Operationalization of our branch has revived the relationship of SBI with Myanmar even though SBI’s association with Myanmar dates back to 1861, when the erstwhile Bank of Bengal operated its branch in Rangoon.” 
 
Later, in the course of nationalization of banks, the operations of the Rangoon branch were taken over by the Peoples’ Bank No. 8 of Burma in February 1963.
 
Earlier this year, SBI was awarded a banking license to open a branch in Myanmar with the primary objective of extending wholesale banking services to foreign corporates. In due course, the branch aspires to become an important link in trade and commerce between Myanmar and the world, a press release from SBI said.
 
India has been a major trading partner of Myanmar. Since the signing of India and Myanmar trade agreement in 1970, bilateral trade has been growing steadily. Bilateral trade rose from $ 328 million in 1997-98 to $ 2.052 billion in 2015-16.
 
Ms. Bhattacharya also donated equipments for recreation of cancer affected children in a ceremony held at Children Yangon Hospital on October 2. 
 
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Ravindra Sudhalkar appointed CEO of Reliance Home Finance

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The Board of Directors of Reliance Home Finance Limited (RHFL), a 100 per cent subsidiary of Reliance Capital Limited, has announced the appointment of Mr. Ravindra Sudhalkar as the CEO of the company.
 
RHFL provides a wide range of loan solutions like home loans, loan against property, construction finance, flexi LAP and affordable housing. 
 
The company reported assets under management (including securitized portfolio) of Rs. 8,259 crore ($ 1.2 billion), as of June 30, 2016, and has an aggressive growth plan to be amongst the top five housing finance companies by 2020.
 
“I am happy to announce the appointment of Mr. Ravindra Sudhalkar as the CEO of our fast-growing housing finance business with immediate effect. Focus on housing finance forms an important part of Reliance Capital's growth strategy and we will continue to aggressively expand this portfolio under the leadership of Mr. Sudhalkar," said Mr. Sam Ghosh, ED and Group CEO, Reliance Capital.
 
“India’s mortgage penetration is very low, placing RHFL in a unique to position to aggressively expand its business in a short span of time. I would like to thank the Board for giving me the opportunity to lead this business, as its CEO, on this growth journey," said Mr. Sudhalkar.
 
Mr. Sudhalkar, 48, joins RHFL from Kotak Mahindra Bank where he spent eight years and served as Senior Executive Vice President & Head – Secured Assets. Prior to this, he has worked across various companies including ICICI Bank.
 
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L&T Construction wins orders valued at Rs. 6024 crore

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Infrastructure major Larsen & Toubro (L&T) today said its construction arm had won orders valued at Rs. 6024 crore across various segments.
 
These include engineering, procurement and construction (EPC) orders worth Rs. 1721 crore won by its Power Transmission & Distribution Business, a press release from the company said.
 
The scope of work includes construction of primary substations, extra high voltage cabling, and overhead transmission lines across various locations in the Middle East.
The release said the company's Water & Effluent Treatment business had secured secured orders worth Rs. 1497 crore in various sectors.
 
The scope of work includes supply and laying of water pipelines, wastewater network and design and construction of water treatment plants and waste water treatment plants across various locations in India.
 
The company said its Buildings and Factories business had bagged orders worth Rs. 1131 crores in various sectors. It said an order has been secured in the factories sector from a client. The scope of the work includes construction of a cement plant in the state of Andhra Pradesh.
 
Orders have also been received from reputed clients for the construction of office buildings along with other ancillary facilities. An additional order has been received from an ongoing project.
 
The release said the company's ransportation Infrastructure Business had won an order worth Rs. 780 crore in the Middle East. The scope of work includes construction of road, an interchange, underpass, camel crossings, roundabouts, utilities along with other associated works.
 
The company's Heavy Civil Infrastructure Business had bagged orders worth Rs. 630 crore. An order has been secured in the nuclear sector from a client. An additional engineering, procurement and construction order has been received by the business, the scope of which includes construction of Inland Water Transport Terminal.
 
The Metallurgical and Material Handling Business of the company has bagged orders worth Rs. 265 crore. An engineering, procurement & construction order has been bagged for the construction of a coal handling plant. The business has also received an additional order from an ongoing job, the release added.
 
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India's forex reserves rise by $ 1.166 billion to $ 370.766 billion

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India's foreign exchange reserves increased by $ 1.166 billion to $ 370.766 billion in the week ended September 23, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had dipped by $ 1.679 bllion to $ 369.6 billion in the previous week.
 
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 1.168 billion to $ 345.242 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 21.643 bilion, while its special drawing rights went down by $ 1 million to $ 1.491 billion.
 
India's reserve position in the International Monetary Fund (IMF) fell by $ 1.4 million to $ 2.391 billion, the bulletin added.
 
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Eros International ties up with UAE’s Phars Film for co-production, distribution of Malayalam movies

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Film entertainment major Eros International Media Ltd has tied up with Phars Film, the largest film distribution and exhibition network in the United Arab Emirates (UAE).
 
The partnership will entail the two companies jointly co-producing Malayalam films along with exploration of theatrical rights between the two entities. 
 
The deal licenses Eros to exploit the distribution of all Malayalam movies produced jointly in India, while Phars Films would present the same overseas where it enjoys a dominant market share, a press release from the company said.
 
“Eros continues to champion strong content led regional cinema, and we have made successful inroads in the Malayalam film industry. Our association with a prominent player like Phars Film to jointly create and release new content further reiterates our vision to scale up in the south industry and continue presenting attractive film content," Mr. Sunil Lulla, Managing Director, Eros International Media Ltd, said.
 
Mr. Ahmad Golchin, Founder & CEO, Phars Film said, “We are looking forward to partnering with India’s largest film studio with whom we share a common vision to bring the finest content from Malayalam cinema to discerning audiences in India & overseas market.”
 
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L&T Construction wins orders valued at Rs. 2046 crore

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Infrastructure major Larsen & Toubro (L&T) today said its construction arm had won orders valued at Rs. 2046 crore across various business segments.
 
These include orders worth Rs. 826 crore bagged by its Power Transmission & Distribution Business,  a press release from the company said.
 
The scope of work includes construction of projects for rural electrification under the Integrated Power Development Scheme, extra high voltage substations and overhead transmission lines across various locations in India. 
 
The release said the company's Heavy Civil Infrastructure Business had secured a order worth Rs. 675 crore in the metro sector. The scope of the work primarily includes the construction of elevated viaducts and elevated stations.
 
The company's Building & Factories Business bagged a residential project worth Rs. 434 crore from a client. The scope of work includes engineering, procurement and construction of three towers each of G+30 floors, with 2 levels of common basement and other ancillary facilities.
 
The Transportation Infrastructure Business secured additional orders worth Rs. 111 crore in its various ongoing projects, the release added.
 
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India's forex reserves dip by $ 1.679 billion to $ 369.6 billion

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India's foreign exchange reserves dipped by $ 1.679 bllion to $ 369.6 billion in the week ended September 16 the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had soared by a whopping $ 3.514billion to a fresh all-time high of $ 371.28 billion in the previous week.
 
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had fallen by $ 1.673 billion to $ 344.074 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 21.643 bilion, while its special drawing rights went down by $ 2.3 million to $ 1.491 billion.
 
India's reserve position in the International Monetary Fund (IMF) fell by $ 2.7 million to $ 2.392 billion, the bulletin added.
 
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High alert in Uran near Mumbai after kids spot suspicious men

A high alert was sounded along India's western coastline near Mumbai on Thursday after two schoolchildren reported that they had seen a group of men moving in the area near their school in Uran, near the metropolis, in suspicious circumstances.

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A high alert was sounded along India's western coastline near Mumbai today after two schoolchildren reported that they had seen a group of men moving in the area near their school in Uran, near the metropolis, in suspicious circumstances.
 
The students -- a girl and a boy in their early teens -- informed their teacher about what they had seen and heard, who in turn alerted the local police.
 
The police swung into action immediately and the Indian Navy's Western Naval Command, the Indian Coast Guard and the Indian Air Force also launched a massive search operation for the men.
 
"IN's Western Naval Command today expeditiously reacted to a report of suspicious movement of some people in Uran area by initiating an alert & informing  all coastal security stakeholders. Searches& other actions as per SOP have been initiated. The situation is being closely monitored in liaison with the police," the spokesperson for the Ministry of Defence said on micro-blogging site Twitter.
 
"No person has been located or apprehended till now," he added.
 
Senior police officers rushed to the school and talked to the students, who reportedly told them that the men -- four or five in number -- appeared to be strangers, were dresssed in "Pathani suits",  carrying backpacks and weapons and speaking in a strange language. 
 
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While there was no independent corroboration of the children's version, the authorities were, nonetheless, taking the information seriously and carrying out a thorough check of the area to ensure that there was no cause for concern.
 
The alert came just four days after the terror attack on an Army administrative base at Uri in Jammu & Kashmir.
 
Apart from the increased police presence in Uran, the police also stepped up security in Mumbai.
 
The authorities are not taking any chances in their efforts to ensure that there is no repeat of the November 26, 2008 terror attacks in Mumbai, in which ten terrorists sneaked into the city through the sea route and killed more than 160 people.
 
Officials urged people to report anything suspicious to the authorities and not to spread rumours.
 
Uran is close to many vital installations and just 40 minutes across the sea from South Mumbai.
 
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GoAir increases flights to North East for Durga Puja

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Low-cost carrier GoAir today said it would launch additional flights  and feeder connections to deal with the growing demand for flights into Kolkata and Bagdogra during the busy Durga Puja period.
 
The additional flights will now ensure that GoAir flies Delhi to Bagdogra twice daily commencing on October 3 and Delhi to Kolkata thrice daily commencing from October 4, a press release from the airline said.
 
GoAir will also introduce its first ever direct flight from Chennai to Kolkata effective October 12, it said.
 
Bookings can be availed through the company website, www.GoAir.in or online travel portals, GoAir Call Centre, airport ticketing offices, through travel agents, and the GoAir App that is available on both Apple iOS and Google Android. Passengers will be required to download the latest version of the Apps to be able to make the bookings.
 
The airline had recently announced Hyderabad as its 23rd destination and will be adding to its existing tally of 144 daily flights and approximately 975 weekly flights across 22 destinations. 
 
The airline operates on these routes with its Airbus A320 fleet, the release added.
 
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L&T wins order from Vietnam Border Guard for high speed patrol vessels

Infrastructure major Larsen & Toubro (L&T) today said it had signed a contract, valued at $ 99.7 million, with Vietnam Border Guard for design and construction of high speed patrol vessels in India as well as for transfer of design and technology along with supply of equipment and material kits for construction of follow-on vessels at a Vietnam shipyard.
 
This is the biggest export order won by a private Indian shipyard till date, a press release from the company said.
 
The high-speed patrol vessels are purpose-built for controlling and protecting sea security and sovereignty, detecting illegal activities such as smuggling, and undertaking search and rescue missions. 
 
Constructed of aluminium alloy, the vessels are about 35 metres long and can clock a speed of 35 knots with a state-of-the-art navigation and surveillance equipment and self-defence capabilities on board.
 
A press release from the company said that, in keeping with the Government of India’s Make in India policy, complete design and engineering of these vessels will be undertaken at L&T’s dedicated Warship Design Centre with the vessels being built at L&T’s state-of-the-art Kattupalli Shipyard, off Chennai.
 
Mr. S.N. Subrahmanyan, President and Deputy Managing Director of L&T, said that the contract was testimony to L&T’s world-class technological capabilities. He also hoped the contract would pave the way for stronger bilateral ties between India and Vietnam.
 
Earlier in 2015, a tender was floated by Vietnam’s Ministry of Defence (MoD) for the patrol boats and six shipyards (L&T, MDL, GRSE, erstwhile Pipavav, ABG and PEC) from India participated in the bid. The MoD-Vietnam shortlisted three shipyards and undertook an extensive assessment of their design and engineering capabilities, yard infrastructure, track record and financial health. 
 
"L&T qualified on all the parameters and was selected from among the six for the prestigious export contract," the release said.
 
According to it, L&T is presently executing Indian MoD contracts for design and construction of 54 Interceptor Boats (IBs) for Indian Coast Guard, out of which 28 IBs have already been delivered with the last boat having been delivered two years ahead of schedule. L&T is also executing orders for design and construction of seven Offshore Patrol Vessels for the Indian Coast Guard against a contract of Rs.1432 crore and a Floating Dock for the Indian Navy with a contract value of Rs.468 crore.
 
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Essel Propack to acquire 100% stake in joint venture Essel Deutschland Germany

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Specialty packaging major Essel Propack, part of the $ 2.4 billion Essel Group, today announced a complete buyout of its joint venture Essel Deutschland Germany (EDG).
 
Following this transaction, EDG will be a 100% subsidiary of Essel Propack.  Until now, Essel has been a JV partner with 24.9% share in EDG. The enterprise value of EDG stands at $ 32 million, a press release from Essel said.
 
"The acquisition will help Essel  unlock synergies such as enhanced cross selling opportunity in the German markets, sourcing flexibility and  better capacity utilization at all of its Europe plants," it said.
 
According to it, Essel now can deploy its proven capability to offer high decoration laminated tube solutions for the premium non-oral care brands across Europe, including Germany.  Essel will also have the benefit of a long term supply agreement which EDG has recently signed with a local oral care company, it said.
 
The EDG revenue of approximately $40 million will now be consolidated in Essel’s global revenue and will boost consolidated revenue by 11%.
 
In FY16, Essel Propack’s consolidated revenue stood at Rs. 2,184 crore.
 
Mr. Ashok Goel, Vice-Chairman & the Managing Director of Essel Propack said, “The acquisition of EDG will further enhance our position in the non-oral care category. This move is in keeping with our overall plans for achieving revenue growth of 15% and PAT growth of 20% and achieving our Mission 20:20:20.”
 
The company has embarked on a mission  20:20:20 – EBITDA margin of 20%, Return on Equity (ROE) at 20% and Return on Capital Employed (ROCE) at 20% within next two years.
 
Mr. Ram Ramasamy, Global COO, Essel Propack, said, “The complete buyout will enable us to step up productivity and efficiencies to those of other Essel Propack plants and improve overall profits.”
 
Mr. Alan Conner, European Business Vice-President of Essel Propack, said, “This move will help us to creating a strong platform for growth in Europe especially in the non-oral care category.  As we have a ready customer base, this will help improve our revenue growth through synergies.  The acquisition will add 63% to our Europe revenue on an annualized basis.” 
 
Essel Propack manufactures laminated plastic tubes catering to the FMCG and Pharma space. It has 21 facilities in 11 countries and sells more than six billion tubes every year.
 
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L&T Construction wins orders valued at Rs. 1726 crore

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Infrastructure major Larsen & Toubro (L&T) today said its construction arm had won orders valued at Rs. 1726 crore across various business segments.
 
These include an order worth Rs. 687 crore bagged by its Heavy Civil Infrastructure Business in the defence sector, a press release from the company said.
 
The company said its Smart World & Communication Business had secured an order worth Rs. 421 crore from public sector telecom services provider Bharat Sanchar Nigam Limited (BSNL) for engineering, supply, installation, commissioning, operation and maintenance of wi-fi hotspots and wi-fi offload systems on turnkey basis for the Southern and Western States of India.
 
The scope of work includes installation of Wi-Fi Access Points (AP), provisioning of bandwidth connectivity to the Access Points (AP) and integration with the existing network.
 
The release said the company's Water & Effluent Treatment Business had won an engineering, procurement & construction (EPC) order worth Rs. 245 crore from Pune Municipal Corporation. The project scope involves design, procurement and construction of 63 RCC elevated storage reservoirs ranging from 0.5 ML to 4.5 ML, 19 RCC ground level storage reservoirs ranging from 0.5 ML to 17.0 ML and related infrastructure works for Pune city.
 
The company's Power Transmission & Distribution business has  bagged EPC orders worth Rs. 373 crore.
 
The release said the company had secured an order under Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY) from Odisha Power Transmission Corporation Ltd. (OPTCL). The scope includes electrification works in the WESCO utility areas of Odisha.
 
Another order has been received from Power Grid Corporation of India for the construction of 400 kV Double Circuit Mundra – Bhuj Transmission Line in Gujarat, the release added.
 
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Guided missile destroyer Mormugao launched at Mazagaon Docks

 
Navy launches warship Mormugao
India's guided missile destroyer Mormugao, the second ship of Project 15B, ws launched at Mazagaon Dock Shipbuilders Limited (MDL) here today.
 
The launch is seen as a significant milestone in the annals of the country's indigenous warship design and construction programme.
 
With a launch weight of 2844 tonnes, the vessel made its first contact with water at 11:58 am with full fanfare during the launching ceremony graced at which Chief of the Naval Staff, Admiral Sunil Lanba, was the chief guest. 
 
In keeping with maritime traditions, his wife Reena Lanba, President, Navy Wives Welfare Association (NWWA), broke a coconut on the ship’s bow and launched the ship, as invocation from the Atharva Veda was being rendered. 
 
Admiral Lanba said the event was yet another moment of truth for the Indian Navy and India's quest for self-reliance and indigenisation. 
 
"The Indian Navy stands fully committed to the call of ‘Make in India’ and we are extremely proud of the fact that all of our warships and submarines on order today are being constructed within the country," he said.
 
He said the event was also an affirmation of the government's resolve that the Indian Navy should attain a size and capability that is commensurate with the country's growing stature in the world, its national maritime interests, and its commitment to cooperation and collaboration towards ensuring secure seas for shaping a favourable and positive maritime environment. 
 
The Admiral also commended the partnership of MDL, Indian Navy, DRDO, OFB, BEL, other public sector enterprises and the private industry in ensuring that force levels are made available to meet India’s national strategic objectives. He also congratulated DGND and his team at Directorate of Naval Design for designing state-of-the-art warships and contributing towards achieving Indian Navy’s dream of transforming from a “Buyers” to a “Builders” Navy. 
 
An official press rlease said Project 15B ships feature cutting edge advanced technology and are comparable to the best ships of similar class anywhere in the world. These ships have been designed indigenously by the Directorate of Naval Design, New Delhi. Each ship spans 163 metres in length and 17.4 metres at beam and displaces 7300 tonnes. They will be propelled by four gas turbines to achieve speeds in excess of 30 knots. 
 
The P15B destroyers incorporate new design concepts for improved survivability, sea keeping, stealth and ship manoeuvrability. Enhanced stealth features have been achieved through shaping of hull and use of radar transparent deck fittings which make these ships difficult to detect. P 15B ships will be equipped to carry and operate two multiple role helicopters, the release said.
 
These ships are packed with an array of state-of-the-art weapons and sensors, including vertically launched missile system, for long distance engagement of shore, sea-based and air targets. 
 
"With significant indigenous content, these ships are a true hall-mark of self reliance attained by our country in warship design and ship building," the release said.
 
The P15B destroyers incorporate new design concepts for improved survivability, sea keeping, stealth and ship maneuverability. These ships will be equipped to carry and operate two multi-role helicopters. State of art rail less helo traversing system is being introduced on these ships for efficient helicopter handling onboard. 
 
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The release said the ships could be classified as possessing a Network of Networks, as they are equipped with Integrated Platform Management System (IPMS), Ship Data Network (SDN), Automatic Power Management System (APMS) and Combat Management System (CMS). 
 
While control and monitoring of machinery and auxiliaries is achieved through the IPMS, power management is done using the APMS. The CMS performs threat evaluation and resource allocation based on the tactical picture compiled and ammunition available onboard. The SDN is the information highway on which data from all the sensors and weapons ride. 
 
Stealth has been a major thrust area in P15B design. Enhanced stealth features have been achieved through shaping of hull and use of radar transparent deck fittings which make these ships difficult to detect. The ship embodies features such as Multiple Fire Zones, Total Atmospheric Control System (TACS) for Air Conditioning, Battle Damage Control Systems (BDCS), Distributional Power Systems and Emergency DA to enhance survivability and reliability in emergent scenarios. 
 
These ships have been designed for a complement of 50 officers and 250 sailors. The accommodation and working spaces have been designed with special emphasis on ergonomics and habitability. 
 
The ship’s “fire power” consists of sophisticated weapons-sensor suite including vertically launched Surface to Air Missiles (SAM) and Surface-to-Surface Missiles (SSM) for long distance engagement of shore and sea based targets. It is also noteworthy that this ship has significantly high indigenous content, in the form of weapons, machinery and material. 
 
P15B Yard 12705, christened Mormugao, will be the fifth frontline warship, including the indigenous aircraft carrier, launched in the last six years, in addition to the delivery of three frigates, three destroyers and two corvettes during the same period. 
 
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India's forex reserves soar by $ 3.514 billion to all-time high of $ 371.28 billion

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India's foreign exchange reserves soared by a whopping $ 3.514 billion to a fresh all-time high of $ 371.28 billion in the week ended September 9, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had risen by $ 989.5 million to $ 367.766 billion in the previous week.
 
In its weekly statistical supplement, the central banksaid that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 3.51 billion to $ 345.747 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 21.643 bilion, while its special drawing rights went up by $ 5.3 million to $ 1.494 billion.
 
India's reserve position in the International Monetary Fund (IMF) fell by $ 1.3 million to $ 2.396 billion, the bulletin added.
 
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Vodafone says will triple points of interconnect with Reliance Jio

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Telecom services provider Vodafone today said it would triple its points of interconnect (PoIs) with Reliance Jio Infocomm Limited (RJIL), a subdiary of Reliance Industries Limited (RIL), which launched its 4G services in the country on September 5.
 
A press release from the company said that it was committed to "continue playing its responsible role in further developing the Indian telecom sector and in creating value for the consumer, the industry and the country".
 
"Vodafone India has always provided Points of Interconnect to other operators for all their fair, reasonable and legitimate requirements and will continue to do so. Following guidance from TRAI and clarifications from Jio regarding its commercial launch, Vodafone India has decided to increase the points of interconnect between the two operators by thrice and accordingly increase the capacity to connect. Vodafone is hopeful that all issues that it has raised with TRAI and Jio will be duly considered and resolved at the earliest," it said.
 
The release said that, to create a truly connected, inclusive and Digital India, it was vital to have a level playing field between providers offering the same service, encourage innovations and judiciously use a portfolio of technologies - 2G, 3G & 4G to service the evolving needs of consumers across the country.
 
Reacting to the announcement, Reliance Jio said it welcomed Vodafone's decision of providing more PoIs but felt that the quantum proposed to be released by it was substantially less than the requirement estimated based on transparent workings shared with Vodafone.
 
"RJIL has been writing regularly to Vodafone regarding its requirement for interconnection capacity over the last few months. Necessary details have been provided from time to time, highlighting the urgency of the requirement and the impact on Quality of Service parameters. However, no action was taken for the last several weeks, resulting in non-compliance of TRAI regulation on quality of service which mandates that POI congestion should not affect more than 1 call in every 200 calls made.
 
"The situation has deteriorated significantly in the last few weeks, with over 80 calls failing out of every 100 call attempts. In the last 10 days alone, over 15 crore RJIL calls have failed on the Vodafone network. While RJIL has rolled out a state-of-the-art network, the benefits of superior voice technology have been denied to Indian customers due to the POI congestion. Indian customers have not been able to enjoy RJIL's free voice offer as a result of such anti-competitive behaviour of incumbent operators," a release from RJIL said.
 
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RJIL said it had been raising the issue of insufficient POIs as anti-competitive aimed at hindering the entry of a new operator. 
 
"Such hurdles result in poor experience for RJIL customers who are trying to make calls to incumbent operators' networks.It is unfortunate that TRAI’s intervention was required for Vodafone to resume augmentation of POIs as admitted in its press release. Vodafone ought to have augmented POIs by itself in compliance with its license terms.
 
"Furthermore, Vodafone and the other incumbent operators have also been blocking the mobile number portability (MNP) facility for their subscribers who wish to subscribe to Jio serviceson baseless and unsubstantiated grounds. This is another example of disregard of license terms and their obligations under the Telecommunication Mobile Number Portability Regulations, 2009 (“MNP Regulations”) and TRAI directions. This is again an anti-competitive move aimed at stifling a new operator, denying the Indian customers the benefit of choice of service provider. This is against public interest and fair play.
 
"RJIL hopes that Vodafone will enhance the PoI's sufficiently to meet their license obligation of QoS with immediate effect and maintain these parameters on an ongoing basis. Vodafone must also immediately make available MNP to all its subscribers opting to port to RJIL in accordance with the license terms and MNP regulations," a release from Reliance Jio added.
 
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RIL retains position as most profitable company among Nifty 50

A view of RIL's petroleum refinery at Jamnagar in Gujarat
A view of RIL's petroleum refinery at Jamnagar in Gujarat
At the close of the extended results season for the April-June 2016 quarter, energy and petrochemicals giant Reliance Industries Limited (RIL) has retained its position as the most profitable company among the Nifty 50 – a widely followed benchmark in the Indian stock market. 
 
The Mukesh Ambani-led company, which now also has a major presence in the retail and telecom sectors, continues to remain the single largest contributor to the aggregate net profit of the Nifty 50.
 
RIL’s consolidated net profit of Rs. 7113 crore for the April-June 2016 quarter was 12.6% higher than the Rs. 6318 crore reported by Tata Consultancy Services (TCS), the second best performer in the Nifty.
 
And, compared to the net profit of Rs. 4232.5 crore posted by the public sector Oil & Natural Gas Corporation (ONGC), RIL’s largest energy sector peer among the Nifty 50, it is 68.1% higher.
 
The aggregate net profit of the Nifty 50 for the quarter stood at Rs. 69,793 crore, which means RIL has alone contributed 10.2% of it – rising from the 8.1% for the corresponding period a year ago. 
 
This high level of contribution is expected to continue as several of RIL’s large scale projects are set to become operational in near future.
 
At Wednesday’s close of 8762.6, the Nifty is trading at a price-to-earnings ratio (P/E) of 23.9, with an EPS of 364.8.
 
Every additional rupee in the aggregate net profit of the Nifty improves the index’s EPS, and thereby justifies its level. The Nifty’s current valuation is considered excessive by many experts, and they anticipate a correction. Unless the earnings growth of the Nifty 50 companies picks up fast, the current level of the Nifty index might become unsustainable.
 
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RIL’s scrip has gone up over 21% in the past one year, outperforming the benchmark index that climbed 10.8%. This helped the company improve its weightage in the Nifty from 5% in September 2015 to the current 5.4%. (An individual stock’s weightage in the Nifty is decided not just by its market capitalisation, but also by free float.)
 
The Nifty index, which was trading at a price-earnings ratio (P/E) of 21.8 a year ago, now stands at 23.9. In comparison, RIL’s valuation has barely increased from a P/E of 11.7 to 11.9 over the same period. Due to this, most of the brokerage houses are bullish on the RIL scrip. A leading foreign brokerage CLSA, in its July 2016 report, has iterated its conviction on RIL, stating, “Start of projects worth $35 billion in the next six months could be a key catalyst; conviction BUY stays.”
 
The April-June 2016 results season had been extended by a month by market regulator Securities and Exchange Board (SEBI), allowing India Inc. extra time to adopt the new Ind AS accounting standards.
 
Coal India’s results on September 13 was the last from the Nifty 50 companies. 
 
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SBI raises $300 million through overseas bonds

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State Bank of India (SBI), the country's largest lender, today said it had raised $ 300 million through bonds from overseas investors, marking the first foreign currency Additional Tier 1 (AT1) issuance ever by an Indian bank.
 
A press release from the bank said that it had today, acting through its Dubai IFC Branch, successfully priced the inaugural $ 300 million fixed rate perpetual AT1 Notes under its $ 10 Billion Reg S MTN programme.
 
The perpetual non call 5 year deal was priced at a fixed coupon of 5.50% payable semi-annually. The first reset of the bond will be on the 6th anniversary date, the release said.
 
This followed the successful placement of the domestic AT1 of Rs. 2100 crore ($ 300 million approximately) in the domestic market at 9% p.a., the release said.
 
The bonds are rated B1 by Moody’s and B+ by Standard & Poor's.
 
SBI is India’s largest bank, with a total asset size of $ 339 billion, with 16,288 branches in India, 200 international offices in 37 countries and more than 370 million customer accounts as of 30th June, 2016.
 
SBI's Chairman Arundhati Bhattacharya said, "We are pleased to set a benchmark for US Dollar AT1bonds by an Indian bank. This successful benchmark size deal opens the USD AT1 market for Indian banks."
 
Bank of America Merrill Lynch, Citi Bank, J.P. Morgan, HSBC, National Bank of Abu Dhabi, SBI Capital Markets and Standard Chartered Bank acted as Joint Lead Managers for the offering, the release added.
 
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Reliance Capital to independently list Home Finance business on stock exchanges

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Reliance Capital Ltd., a part of the Anil Ambani-led Reliance Group, today said its Board of Directors had approved a proposal to independently list its home finance business – Reliance Home Finance Ltd (RHF) -  on the stock exchanges.
 
The independent listing of Reliance Home Finance is expected to unlock substantial value for existing shareholders of Reliance Capital, a press release from the company said.
 
The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business, it said.
 
The release recalled that Prime Minister Narendra Modi had set a goal of affordable housing for all by 2022 and noted that there was presently an estimated shortage of 100 million residential units in India. 
 
"To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs. 50,000 crore in the next few years,” said Mr. Anmol A. Ambani, Director, Reliance Capital Ltd. 
 
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“We expect the listing and allotment of shares in Reliance Home Finance, free of cost, to unlock significant value for our almost one million strong shareholder family,” he added.
 
As per the proposal, 49 per cent stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance Limited for every one share held in Reliance Capital.
 
Reliance Capital will hold a 51 per cent stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs. 20,000 crore in the next 18 months.
 
The proposal is subject to necessary shareholder and other approvals, the release said.
 
The release said Reliance Home Finance, a 100 per cent subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs. 8,259 crore ($ 1.2 billion) during the quarter ended June 30, 2016.
 
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HCC awarded Rs 181 crore contract from Department of Atomic Energy

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Infrastructure major Hindustan Construction Company (HCC) today said it had been awarded a Rs. 181.65 crore contract by the Department of Atomic Energy (DAE) to build premium high rise residential towers at Indira Gandhi Centre for Atomic Research, Kalpakkam, Tamil Nadu. 
 
This is an item rate contract to be completed in 30 months, a press release from the company said.
 
The release said the scope of the project included construction of five high rise residential towers of ground plus 15 floors, housing 600 apartments. The total built up area for the entire construction will be 7.5 lakh sq.ft. This facility would provide accommodation to DAE officers working at IGCAR, Kalpakkam.
 
This is the second order that HCC has received from DAE for construction of residential towers for its officers. HCC is also currently constructing the six high rise residential towers of ground plus 18 floors housing 312 residential apartments for Senior Officers working at BARC Anushaktinagar.
 
HCC has constructed 65% of the country’s installed nuclear power capacity and is currently constructing the first phase of Integrated Nuclear Recycle Plant of BARC in Tarapur and Units 7 & 8 (2×700 MW) PWHR at Rawatbhata, Kota, Rajasthan, the release added.
 
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