RBI to keep rates unchanged in its June 3 policy: Poll

The GDP numbers for last year were as bad as expected but will they move the inflation-hunting RBI governor Raghuram Rajan to give a rate cut.

Rajan will formally roll out his red carpet for the new Modi government as he announces the Credit Policy on June 3. Expectations are that the governor may keep it simple this time.

Also Read: RBI rate decision key for shares

A CNBC-TV18 poll of bankers and economists show that 90 percent of bankers and economists expect RBI to keep repo rate unchanged at 8 percent and only 10 percent expect a 25 basis points cut. However, the market is divided over the future policy changes.

While 50 percent expect RBI to hold rates for the rest of the year, 20 percent see a hike and another 30 percent a rate cut before the year ends.

On growth, the Street is in consensus with RBI's FY15 guidance of 5-6 percent. Eighty percent of the bankers and economists expect GDP growth at 5-5.5 percent, while the remaining 20 percent see it between 5 percent and 6 percent.

On inflation, the market is in line with RBI's glide path of 8 percent by March 2015. Again, 80 percent of those polled see CPI inflation at 8 percent or below and the remaining 20 percent expect it to be above 8 percent.

While only 50 percent expect RBI to sound hawkish in the policy, the other half see the central bank to strike a neutral tone. But the market is all ears for any indication of RBI softening its hawkish stance and its position on inflation targeting.

V Srinivasan, ED, Axis Bank , said Budget will be the key event as it will show how exactly the new government is approaching the finances in the fiscal deficit situation. 

"Clearly, I would think the externals sector situation is broadly under control. We need to see how the government looks at finances and because there is a question in terms of when the capex cycle is going to start, who is going to kick start it and what role will the government play. Post this, you can take a call in terms of exactly what will happen to interest rates," he said.

Srinivasan thinks interest rates will stay stable for the next quarter or so.

Soumya Kanti Ghosh, Chief Economic Advisor, SBI , doesn't see a softening in the policy rates this year. 

"Our hope is RBI will very minutely watch movements in rainfall pattern. It has already indicated that CPI numbers could head down because of possibility from the base effect. That has been taken into consideration. If economic growth picks up, there are possibilities that there is a little softening of the rates at the mandi market. But as such we don't see a change in policy rates this year, " he said. 

Jayesh Mehta, MD & Treasurer, BoFA-ML India, too doesn't expect much change from the April 1 policy.

"I think the governor's theme on inflation will remain, that's the priority at this juncture. Though we don't expect hawkishness or rate hikes. there is some probable built-in expectation that it might be a little bit more dovish than April 1. Maybe after Budget, the August 1 policy could be more dovish. The June policy will be a non-event," he added. 

Lok Sabha polls India's 1st twitter elections: Rishi Jaitly

The buzzing social media network that allows only 140 characters per tweet is practically the world's town square, says Twitter India hear, Rishi Jaitly.

Speaking to CNBC-TV18, Jaitly says India witnessed its first Twitter elections this year.

"Our biggest contribution in this space, first of all television, it was very difficult to watch television coverage during the election and not feel the impact of Twitter. Twitter is now the second screen for TV in India," he adds.

Also read: Modi most mentioned politician in 2014 poll-related tweets

And this couldnt be farther from truth. There were more than 58 million tweets on the Indian election this year. BJP leaders like Sushma Swaraj and Mukhtar Abbas Naqvi chose Twitter to express dissent with the party, while Prime Minister Narendra Modi used the micro blogging site to announce his victory.

Below is the edited transcript of the interview.

Q: Let me start by asking you this, that from verifying celebrity accounts to dodging political curve balls describe to me a day in Rishi Jaitly's life?

A: I wake up and I check Twitter. My day is full of evangelizing this service, that is Tweeting across partners, whether you are in the media business, the mobile business, entrepreneurs, brands and others and the day of course ends with Twitter. Before I go to bed I am usually checking Twitter, tweeting back to people.

Q: Is it difficult, you follow about 900 accounts?

A: I have vowed that I will not follow more than 1000 people. So, if you follow me on Twitter you see that I am always hovering in the 990s.

Q: Unlike your larger social networking rivals you have entered India just two years ago. You are now competing with the likes of Facebook and Google in this very fierce competitive advertising space and you are the managing director and your role is to basically turn India into Twitters largest market. How are you planning to do that?

A: I researched the history of Twitter in India. Lot of people talk about the 26/11 attacks in Mumbai as one of the first times they heard of Twitter. You can still find tweets of people tweeting from Colaba saying I am trapped at the Inox theatre, what is happening? All the way through the protests in Delhi in 2012, India's victory in the World Cup in 2011, the state elections last year, IPL, this Lok Sabha election, what we are trying to do is drive growth. So, what we are doing is immersing ourselves in India's media business. We are working with television broadcasters, public figures, news organizations, political parties, government agencies, cricket federations, cricketers and helping everybody in the audience business understand that Twitter can be your mobile microphone. It can be your way to connect with in real time your fans and your audiences.

Q: Talking about the general elections what according to you are the top three things that would not have happened if there was no Twitter?

A: It is safe to say this was a Twitter election. It was India's first Twitter election. Our biggest contribution in this space, first of all television, it was very difficult to watch television coverage during the election and not feel the impact of Twitter. Twitter is now the second screen for TV in India. It is indispensible when you are watching TV to have Twitter open, so, whether it was Arnab Goswami reading tweets on air, Rajdeep Sardesai saying #AskRajdeep, Rahul Kanwal hosting a Twitter debate show every Friday night at 9 pm or Barkha Dutt on Counting day saying tweet to us and we will give you the election results, things like that. Twitter SMS, both Narendra Modi and the Congress party used Twitter SMS. You could actually dial a phone number and leave a missed call and you would receive their tweets via SMS.

So, we made Twitter more accessible and then finally news broke on Twitter. We all know that first thing Narendra Modi did was tweet then sought his mothers blessings. When we was deciding where to contest from the first thing he did was tweet. We now see him engaging in diplomacy with world leaders. Tweeting with Prime Ministers and Presidents. So, those are some of our contributions.

Watch videos for more.

Week ahead: RBI monetary policy, monsoon key

The Week Ahead: Starting with the latest update on monsoons as per Indian Institute of Tropical Meteorology (IITM), the monsoon will reach the Kerala coast by June 3. Rainfall will be confined to the West coast, North-East India and Gangetic West Bengal till June 15 and finally reaching the northern most part of India by June 20.

We have HSBC India Manufacturing PMI on Monday (April reading  51.3) and on Wednesday we have both the HSBC India Services PMI (April reading 48.5) and HSBC India Composite PMI (April reading 49.5).

The key event, however, would be the RBI Credit Policy Review on Tuesday. I believe that RBI would maintain the status quo as far as repo rates are concerned and would also not temper with liquidity parameters as the over-night rates in the recent past have indicated ample liquidity in the system.

Other reasons apart, RBI may pursue with the hawkish policy also because of 60 percent probability of El Nino striking India this monsoon season which, when it struck India last time in 2009, led to an increase of some 2.5 percent in inflation parameters.

Nevertheless, the tone and language of the RBI Governor Rajan is to be keenly watched in a sense, that due to recent change in the government which has its agenda skewed towards growth, how does Rajan wish to pursue his agenda on controlling inflation as his primary priority and balance his views between his priority of controlling inflation and the newly elected governments' priority of growth.

As far as the markets are concerned, I believe they have bottomed out and we may see a fair chance of markets moving up in the week ahead. There is a huge interest within the FII community for India after Modi getting elected as the leader – India being termed  now as part of "Fabulous Five" instead of being in "Fragile Five" just a month back. Second, although the budget, expected sometime in July, is a key trigger, but I believe we would keep on hearing upon reformist announcements and policies continuously especially with the 100-day agenda of Modi government.

The other key event for the week would be Thursday's meeting of ECB in which there are high expectations that Draghi would cut the interest rates as well as resort to some sort of broad based asset buying, the QE, a hint of which he has been throwing around in the recent past.

Such expectations from ECB have also increased because of the success of far right parties in the recently concluded European parliamentary elections and Draghi would like to act before the elected members of the far right parties start exerting their influence.

Other key marking moving global events are: China – Sunday: Chinese Manufacturing PMI; Tuesday: China HSBC Manufacturing PMI / U.S. - Monday: ISM Manufacturing PMI; Wednesday – ADP Nonfarm Employment Change, ISM Non-Manufacturing PMI; Friday – Nonfarm Payrolls, Unemployment Rate.

Aviral Gupta, Investment Strategist, Mynte Advisors)

Cadila recalls over 10K bottles of anti-allergy drug in US

Zydus Pharmaceuticals USA, a unit of the company, is recalling 10,200 bottles of promethazine hydrochloride tablets that contain foreign tablets, according to information on the US Food and Drug Administration (FDA) website.

Cadila Healthcare is recalling over 10,000 bottles of an anti-allergy drug in the US because of a mix-up in tablets.

Zydus Pharmaceuticals USA, a unit of the company, is recalling 10,200 bottles of promethazine hydrochloride tablets that contain foreign tablets, according to information on the US Food and Drug Administration (FDA) website.

The recall is due to the "presence of atenolol 25 mg tablet mixed into promethazine 25 mg tablet bottles," the FDA said. The nationwide recall was initiated on May 8. The 25-mg tablets in 100-count bottles were manufactured by Cadila Healthcare and distributed in the US market by Zydus Pharmaceuticals, it added.

The withdrawal was classified as a Class-II recall, which the FDA defines as "a situation in which use of or exposure to a violative product may cause temporary or medically
reversible adverse health consequences or where the probability of serious adverse health consequences is remote."

Comments from Cadila Healthcare could not immediately be obtained.

Cadila Healthcare shares today closed at Rs 931.40 on the BSE, up 0.37 per cent.

Cadila Health stock price

On May 12, 2014, Cadila Healthcare closed at Rs 1000.25, up Rs 7.80, or 0.79 percent. The 52-week high of the share was Rs 1079.00 and the 52-week low was Rs 631.00.

The company's trailing 12-month (TTM) EPS was at Rs 43.13 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 23.19. The latest book value of the company is Rs 186.33 per share. At current value, the price-to-book value of the company is 5.37.

Hold Bank of Baroda: Ventura

Ventura has recommended a hold rating on Bank of Baroda in its May 23, 2014 research report.

Ventura`s research report on Bank of Baroda

"Continuing its stellar performance, Bank of Baroda's (BOB) NII came in at Rs 3,124.3 crore, in line with street estimates. Higher other income and lower employee costs resulted in a 18.2 percent YoY growth in operating profit before provisions & contingencies, which stood at Rs 2,580 crore. Advances increased by 21 percent YoY to Rs 3,97,000 crore, driven by strong momentum from retail and SME clients. Overseas advances grew by 20.2 percent YoY aided by the pickup in demand for short term credit instruments and rupee depreciation."

"During the quarter, BOB's asset quality managed to deliver a better set of numbers with a fresh slippage ratio for FY14, which was contained at 1.7 percent of net advances against 2.1 percent during FY13. This can be considered a remarkable achievement given the weak domestic economic environment and volatility in asset quality among peers. BOB has a restructured book of Rs 22,450 crore (combined for domestic and overseas businesses) which is ~5.7 percent of net advances. The management expects a stressed asset pipeline of Rs 1,200 crore in the coming quarters, which is a key factor to be monitored.  Aligned to AS 15 requirements, the bank has been providing Rs 75 crore per quarter for wage revisions that factors in a 17 percent wage hike. This is the highest among its peers as other banks have been undertaking provisions in the range of just 8-13 percent. Thus, its peers will have to provide for higher amounts in the subsequent quarters. BOB is better off as it will not have to accelerate provisioning in subsequent quarters. This would allow the bank to improve its cost to income parameter."

"Gross non-performing assets (NPAs) were at 2.9 percent of gross advances for Q4FY14, as against 3.3 percent for Q3FY14 and 2.43 percent for Q4FY13. Net non-performing assets were at 1.5 percent of net advances as on March 31, 2014. Total restructured loans were at 5.6 percent of advances as of March 31, 2014. The Bank has continued its branch expansion adding 538 branches during FY14. As of FY14, the bank's distribution network was at 4,874 branches and 6,254 ATMs as against 4,336 branches and 2,630 ATMs as of FY13. The Bank's total Capital Adequacy Ratio (CAR) as at FY14 (computed as per Basel III guidelines) stood at 12.3 percent as against a regulatory requirement of 9 percent. Of this, Tier-I CAR including current year profits, was at 9.5 percent.  Currently, at the CMP of 955, BOB is valued at 0.9 Adj. P/BV on a 2 year forward basis. Among the PSU banks, BOB continues to remain our preferred pick but considering the apathy prevalent in the banking space and the mountain of bad debt plaguing the sector, we prefer to avoid PSU Banks in general for the medium term," says Ventura research report.  

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'Airlines seek real-time aircraft tracking after MH370'

Major airlines want real-time tracking for commercial aircraft following the disappearance of Malaysia Airlines flight MH370 and cost is not a concern, a senior official with the United Nations' aviation agency said on Monday.

The mystery surrounding MH370, which vanished en route to China, has sparked a global drive for a system that would enable controllers to pinpoint the exact route and last location of an aircraft. A nearly three-month-long international search has so far failed to find any trace of the Malaysian plane.

Also Read: Aviation Ministry gears up for BJP-led NDA govt

Members of the International Civil Aviation Organization's (ICAO) governing council agreed earlier this month on the need for global tracking, although they did not commit to a binding solution or timeline.

Instead, the global airline industry group, International Air Transport Association (IATA), agreed to come up with proposals for better tracking by the end of September. IATA said its members would implement measures voluntarily, before any rules were in place.

"In principle the community has agreed. There's no question this is something we need to do," Nancy Graham, director of ICAO's Air Navigation Bureau, told reporters in Kuala Lumpur.

"We are developing the voluntary path and a rule for the future. We intend to have regulation to support that globally."

Asked whether the cost of implementing new standards was a stumbling block for airlines, Graham said: "Not at all, they're absolutely in solidarity. There's no price you can put on safety or certainty on where the aircraft are."

Graham was speaking at the start of a two-day experts' conference sponsored by Malaysia's government on real-time monitoring of flight data. The meeting will not decide on flight-tracking reforms, but could generate new proposals.

Experts say the technology to implement real-time tracking is available and relatively simple, but some aspects have raised concerns about data privacy from pilots, aircraft manufacturers and airlines.

Inmarsat Group, a satellite company whose data helped track MH370, has offered to provide airlines with tracking at no cost. Rival firms such as Iridium Communications, however, say outfitting a jet with the tracking system could cost more than USD 100,000.

Malaysian investigators suspect someone shut off MH370's data links making the plane impossible to track, prompting Prime Minister Najib Razak to call for the ICAO to adopt real-time tracking of civilian aircraft.

The flight, a Boeing 777 jet, vanished from civilian radar screens less than an hour after take-off from Kuala Lumpur en route to Beijing on March 8.

PRIVACY, SAFETY BALANCE

Based on a complex analysis of satellite signals, MH370 is believed to have crashed in the southern Indian Ocean off Australia. But no trace has been found since it went missing with 239 people on board, despite the most intensive search in commercial aviation history.

Graham said ownership and protection of flight data were among the issues that needed to be ironed out before a global tracking system was put in place. "Aviation is the first global business and in global businesses you have to determine where the lines of boundary are," she said.

A European proposal to increase the maximum amount of recording time on cockpit voice recorders to 20 hours from two hours ran into opposition from Airbus and pilot groups.

Some pilots expressed concerns about longer recordings, saying they could be misused by employers, released without their authorisation or used in court without their permission.

If found, the voice recorders on MH370 will contain recordings of only the last two hours of the flight, which would be several hours after the plane disappeared from radar off Malaysia's east coast.

Malaysia's minister of communications, Ahmad Shabery Cheek, told the conference that regulators and the industry needed to find a better balance between privacy and safety.

"(It's) between allowing a pilot the ability to shut down electronic components in emergencies, or mitigating that power. These are issues we will also have to consider in trying to come to a standard," he said.

Graham denied there had been a lack of urgency in implementing flight-tracking reforms following the 2009 crash of an Air France jetliner in the Atlantic Ocean, and said tracking would not have prevented the MH370 disaster.

"Global tracking would not have prevented this incident," she said. "We don't know right now what caused this accident."

Transwarranty Finance: Outcome of board meeting

Transwarranty Finance has board meeting held on May 26, 2014, has transacted the following:- Recommended the re-appointment of M/s. Rahul Gautham Divan & Associates, as Statutory Auditors, of the Company from the conclusion of ensuing Annual General Meeting till the conclusion of the next Annual General Meeting.

Transwarranty Finance Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 26, 2014, inter alia, has transacted the following:- Recommended the re-appointment of M/s. Rahul Gautham Divan & Associates, as Statutory Auditors, of the Company from the conclusion of ensuing Annual General Meeting till the conclusion of the next Annual General Meeting.Source : BSE

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HP Cotton Textile Mills: Board to consider dividend

HP Cotton Textile Mills has board meeting will be held on May 30, 2014, to consider the Audited Financial Results for the Quarter/Year ended March 31, 2014 & to consider Dividend on Equity Share, if any.

HP Cotton Textile Mills Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 30, 2014, inter alia, to consider the Audited Financial Results for the Quarter/Year ended March 31, 2014 & to consider Dividend on Equity Share, if any.Source : BSE

Read all announcements in HP Cotton

Sonia, Rahul to attend Narendra Modi's swearing-in ceremony

Modi along with his Cabinet ministers will sworn in at 6 PM on May 26 and about 3,000 people are expected to be present in the Rashtrapati Bhawan forecourt for the ceremony.

Congress President Sonia Gandhi and party Vice President Rahul Gandhi will attend Prime Minister-designate Narendra Modi's swearing-in ceremony on Monday. The ceremony will take place at Rashtrapati Bhawan on May 26 at 6 PM.

Sonia had earlier sent a letter to Modi congratulating him for scripting the stunning victory of BJP-led NDA on May 20 just hours after he was elected the BJP Parliamentary Party leader, paving the way for him to become the first non-Congress Prime Minister of India whose party had secured majority on its own in the Lok Sabha.

Modi along with his Cabinet ministers will sworn in at 6 PM on May 26 and about 3,000 people are expected to be present in the Rashtrapati Bhawan forecourt for the ceremony.

Outgoing Prime Minister Manmohan Singh and some of his Cabinet colleagues are also attending the oath-taking which will mark the end of 10 years of Congress-led United Progressive Alliance rule at the Centre.

Meanwhile, leaders of all the eight neighbouring countries invited for the swearing-in ceremony have confirmed their participation.

Narendra Modi-led BJP-NDA won 335 seats in the 543-member Lok Sabha in the recent elections.

Sonia is also the Chairperson of the Congress-led UPA while Rahul had led the party in the Lok Sabha elections.

Reduce SBI; target of Rs 2805: Dolat Capital

Dolat Capital is bearish on State Bank of India (SBI) and has recommended reduce rating on the stock with a target of Rs 2805 in its May 23, 2014 research report.

Dolat Capital`s research report on SBI

"SBI delivered better than expected profitability and asset quality performance. Fresh NPL formations reduced QoQ, while the additions to restructured loans increased. The sharp improvement in NPL recoveries and upgrade aided in bringing down the gross NPLs, which declined QoQ both in absolute amounts as well as on  percent basis. The bank's fresh NL formations at Rs 79.5bn was noticeably lower QoQ. The slippages were mostly concentrated in the mid corporate segment. NPLs in the large corporate and the SME segments was significantly lower QoQ. Overall delinquency rates (including restructured loans) was lower QoQ at 5 percent and the total stressed asset portfolio also saw an improvement to 8.4 percent v/s 9.1 percent in Q3FY14. The management indicated a pipeline of Rs 37bn for restructuring under CDR. The bank sold loans worth Rs 36bn to asset reconstruction companies. The management has indicated that the banks intends to write-off and sell loans to ARCs on a consistent basis rather than in the last quarter. The asset quality in SME, retail and agriculture segment is under control and the management believes that they have to be watchful on the mid corporate segment. Coverage ratio also saw an improvement QoQ to 63 percent. NIM at 3.17 percent was almost stable QoQ, with domestic NIM at 3.49 percent."

"The bank has shown a sharp improvement in asset quality this quarter, aided by both lower slippages and also improved recoveries and upgradations. We believe that the pace of slippages should trend downwards over the next few quarters, howvere; the pace of decline is unlikely to be as sharp. Also it would be difficult for the bank to match the recoveries performance over the short term (couple of quarters). We remain positive on the stock, we believe the stock can re-rate further if the bank is able to show consistency in NPL recoveries and the pace of slippages reduces meaningfully. However, given the sharp upmoves in the price over the past couple of days, the potential upside has got reduced; hence we have to assign a Reduce rating with SOTP based target price of Rs 2805," says Dolat Capital research report. 

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Shazia Ilmi's reasons for quitting AAP

Aam Aadmi Party leader Shazia Ilmi quit the party on Saturday and blamed it on lack of democracy within the party. "There is no internal democracy in the party. AAP did not follow swaraj in the party itself. There is no collective decision making in the party," she said.

Also Read: Capt Gopinath quits AAP, hits out at Kejriwal

Here is the full text of her letter:

After much thought and deliberation I have decided to give up my membership of the Aam Aadm Party (AAP) and resign from all positions within the party.

This is a difficult decision for me and I continue to believe that AAP could have done a lot to change the political discourse for the better in the country. A lot of the mistakes that the party has made can be excused by the fact that it is a new party committed to a corruption-free India.

But my decision to leave the party is triggered by the lack of inner-party Democracy, specially from a party that constantly talks of Swaraj.

I deny whisper campaigns that my resignation has to do with being fielded from Ghaziabad- I wouldn't have valiantly fought from a seat I didn't personally opt for.

Cronyism: We fight against cronyism but we have a crony clique who runs the party and take impulsive decisions which we learn about later. I find it amazing that we cannot follow the principles of Swaraj within our own party When a brilliant person like Arvind, who espoused the concept of Swaraj, of collective decision making is unable to follow it personally within the party, then doesn't it become incumbent to point out the same?

The perpetuation of sensationalism: Granted it may have helped us make our point initially but continue to use it as a norm defeats the exercise of trust reposed in us by the publia are naming some corporate houses and politicians continuously enough? The country has gone through trauma. We played a great role in galvanizing public opinion. Even converting it into political party. But when we became a political party, it needed to evolve and not just assume the garb of agitation.

I would rather now agitate against this for the sake of the party.

Arvind has shot the messenger. For the last 4 years I fought like an obedient soldier for the movement and later the party for political transformation in India. However, now I have been systematically marginalised because I offer a voice of dissent and constructive criticism.

I still have the greatest respect for Arvind and the selfless volunteers who are the backbone of the party.

One strongly believes that instead of wasting our collective energy in this bail-jail imbroglio Arvind should actually be spending time with cadres, candidates, volunteers, critics et al. I felt it incumbent to communicate to you all.

The failure of AAP would be the failure of the one most significant experiments in Indian democracy. I hope my leaving the party would usher in the new era of openness, introspection and transparency within the decision making processes.

I will continue my fight against corruption, crime against women and social inequity in the realm of public service.

My best wishes are with AAP and all its endeavours,

JAI HIND

Shazia Ilmi

WEATHER FORECAST FOR MAJOR INDIAN CITIES ON SUNDAY

According to the latest weather update by Skymet Meteorology Division in India, Day temperature in Delhi will drop marginally due to partly cloudy sky. The weather in Kolkata will become comfortable as there are chances of rain. Bangalore could witness light rain in some areas. Hyderabad and Chennai will also be very hot and humid for the next 24 hours. Here is the weather forecast for major Indian cities on Sunday:

Cities Maximum Temperature Minimum Temperature Conditions Delhi 39°C 26°C Morning hours to remain pleasant. Day will be relatively less warm. Sky will remain partly cloudy. Mumbai 33°C 26°C Morning and evening hours will continue to be pleasant. Day will be relatively less warm. Sky will remain mainly clear. Kolkata 32°C 28°C Sky will be partly cloudy. Rain or thunderstorm will bring down maximum significantly. Chennai 41°C 29°C Thundery activity could take place in some areas of the city. Sky will be cloudy with chances of light rain. Bangalore 36°C 24°C Morning will be pleasant but day will be warm and humid. There are chances of thundery build up. Light rain may occur in some areas. Hyderabad 42°C 28°C A hot afternoon amid rising temperatures. Sky will remain partly cloudy. 

 By: Skymetweather.com

BJP happy at Sharif's nod, Cong wants terror issues raised

Outgoing Union minister Manish Tewari reminded that BJP has all along maintained that terror and talks cannot go together. He hoped that after assuming office, the BJP government would raise the issue of slow pace of trail of 26/11 attacks -- an issue "which had been troubling them."

BJP today expressed "delight" at the decision of Nawaz Sharif to attend the oath taking ceremony of Narendra Modi as Prime Minister while Congress asked the new government to raise issues such as cross-border terrorism, slow pace of trial of 26/11 attacks and handing over of Dawood Ibrahim with the Pakistan premier.

"This is a delightful piece of news that Pakistan Prime Minister has accepted Narendra Modi's invitation...this is the beginning of a new relationship. It is good news," BJP spokesperson Prakash Javadekar said here. He said Pakistan, China, Nepal, Bhutan, Sri Lanka, Myanmar are India's neighbours. "And neighbours cannot be changed," he said.

Also Read: India to be a '10% economy' under Modi govt, says KV Kamath

But Congress reacted cautiously to the development. Outgoing Union minister Manish Tewari reminded that BJP has all along maintained that terror and talks cannot go together. He hoped that after assuming office, the BJP government would raise the issue of slow pace of trail of 26/11 attacks -- an issue "which had been troubling them."

He also said the issue of people like Hafiz Saeed should also be raised. "They have also periodically been raising the issue of the return of Dawood Ibrahim, who allegedly is being sheltered by the establishment in Pakistan. So, we hope that BJP remains true to the position it has taken over the past ten years and raises these issues with the Prime Minister of Pakistan when he comes to India," Tewari said.

Congress leader Shakeel Ahmed said photo opportunities are okay but in the euphoria of coronation, Modi should not compromise national interest. "According to BJP, terror modules and Dawood are still active in Pakistan," he said. Jammu and Kashmir Chief Minister Omar Abdullah tweeted welcoming the decision of Sharif to attend the swearing in. "Very glad to hear Pak PM has accepted invite, shows that he can prevail over forces inimical to good relations with India," he said.

But at the same time he said he can't help feel sorry for others taking oath or attending the ceremony "because the only photo op that will matter now will be the Modi-Sharif handshake."

Twitter to take India election innovations global

US social networking company Twitter is planning to replicate parts of its India election strategy across countries that go to polls this year, after it emerged as a key tool for politicians and media companies during the world's largest democratic exercise.

In India, Twitter Inc worked closely with politicians including the victor Narendra Modi who used the platform for election campaigning, and also partnered with mobile and media firms to distribute tweets online and offline.

Now, with polling due in countries such as Brazil, Indonesia and the United States later this year, the San Francisco-based company plans to take its India lessons abroad to expand its foothold in the political arena and increase its user base.

Also read: PMO twitter a/c to be handed over to new dispensation: PMO

"The election more than any other moment provides a nice microcosm of the value Twitter can add ... we are sharing widely the lessons of this Indian election around the world," said Rishi Jaitly, India market director at Twitter.

Last week, the company sent its top political strategist to Brazil to explain the potential of the social network to senators, who are likely to use Twitter's six-second video app Vine for campaigning after it was used by Indian politicians, the company said.

For the U.S. election, the company has started looking for partners to replicate their "Tweet To Remember" feature used in India, which enables users to add the voting date automatically to their mobile calendar using a tweet.

Twitter widely emerged as a political tool first during the 2012 US presidential elections, and then during the Arab Spring uprisings in North Africa and the Middle East. Today, U.S. President Barack Obama has more than 43 million Twitter followers.

In India, Modi's Bharatiya Janata Party (BJP) embraced the technology ahead of rivals, collaborating with thousands of volunteers to spread the Hindu nationalist leader's message and counter criticism on the web.

It was the country's first major Twitter election, and the novelty of the technology gave an advantage to the politicians who adopted first - especially the BJP, said Milan Vaishnav of Carnegie Endowment for International Peace.

"The Indian experience will serve as a model for other developing countries ... In the U.S., the saturation of the social media space by all parties may have a cancelling out effect," Vaishnav said.

The Modi Way

Tech-savvy Modi, who now has 4.3 million Twitter followers, used the platform relentlessly. He recently tweeted "selfies" and pictures with his mother. On May 16 he set a Twitter India record with his victory acknowledgement tweet.

His rivals lagged. A few years before India's mammoth election, Congress leader Shashi Tharoor asked Rahul Gandhi, the lead campaign manager of the now ousted party, to join Twitter. Gandhi declined.

With about two-thirds of India's population under 35, Modi targeted the young and smart by topping up campaigning with social media, holograms and recorded voice calls.

The potential was, and still is, huge: India has the world's third largest internet user base of 239 million and more than 900 million mobile connections. Many access web on their phones.

Twitter's reach was not restricted to its estimated 35 million India users, as nearly 400 multilingual news channels that closely tracked politicians on the website reached 153 million households, data from TAM Media Research showed.

Modi, who is due to be sworn in on Monday, has not let up his Twitter onslaught since the election and like other global leaders will make the service a central part of his communications arsenal.

Tharoor, for now, has again advised his top leadership to adapt to social media platforms as a part of their renewed strategy to improve communication.

"There is no reason why we should cede that space to the BJP. This is an area in which we can be just as good," said Tharoor, who has over 2 million Twitter followers and was among the first Indian politicians to join the platform.

Sharif's decision augurs well for Indo-Pak ties: Lord Paul

Prime Minister Sharif will travel to India on Monday to attend the swearing-in ceremony of Modi

Welcoming Pakistan Prime Minister Nawaz Sharif's decision to attend the swearing-in ceremony of Prime Minister-designate Narendra Modi , Lord Swraj Paul today said it augurs well for good neigbourly relations and peace in the subcontinent.

All Indians and Pakistanis everywhere as well as their well-wishers are delighted that Sharif will be present on this delightful occasion. Modi took a bold step in inviting Sharif whose response also is an excellent gesture, said Paul, the leading NRI industrials.

Hopefully the two leaders will establish a good rapport and build on that to resolve bilateral issues, the Chairman of the London-based Caparo Group said.

Prime Minister Sharif will travel to India on Monday to attend the swearing-in ceremony of Modi.

Modi has invited all the leaders of member states of the South Asian Association for Regional Cooperation (SAARC) to the ceremony.

Other key SAARC leaders, Sri Lankan President President Mahinda Rajapaksa, Afghanistan President Hamid Karzai, Bhutan Prime Minister Tshering Tobgay, Nepal Prime Minister Sushil Koirala and Maldivian President Abdulla Yameen Abdul Gayoom have confirmed that they will attend the ceremony.

AP HC lifting ban positive for Sun-Ranbaxy merger

"The good news is that the merger has been approved and now it will go ahead and therefore, the shareholders, the creditors and the institutions will all stand to gain as a result of the merger going ahead," says HP Ranina.

Sebi's investigation is unlikely to affect the merger given it will find issues involved in insider trading, which is a completely independent action and has nothing to do with the merger

HP Ranina

Corporate Tax Lawyer

After Andhra Pradesh high court  vacates the stay and status quo on the proposed USD 4 billion Sun Pharma - Ranbaxy merger on Saturday, experts believe it is a positive step and will bring in some relief for the two pharma companies.

However, the court has directed market regulator Securities and Exchange Board of India (Sebi) to probe charges of insider trading that led to the stay on the merger.

Corporate lawyer HP Ranina believes Sebi's investigation is unlikely to affect the merger given it will find issues involved in insider trading, which is a completely independent action and has nothing to do with the merger.  Merger is when two companies merge, the assets and liabilities are taken over by the amalgamation company but this has nothing to do with that.

According to Ranina, if somebody made a profit by getting information in advance about the merger and therefore, it had a windfall profit, that person will be in trouble and will be slapped with a penalty and perhaps people involved in the insider trading maybe suspended and may not be allowed to operate in the market, but that's a completely different issue altogether.

"The good news is that the merger has been approved and now it will go ahead and therefore, the shareholders, the creditors and the institutions will all stand to gain as a result of the merger going ahead," he says during a discussion on CNBC-TV18 .

Ranjit Kapadia of Centrum Broking adds to this positive sentiment saying, "There is slightly positive sentiment because now the merger process will initiate and it will give some relief to both the companies, because there was uncertainty in the market that how long the merger will hold because of the Andhra Pradesh High Court issue."

However, Vivek Reddy, advocate says, "In this particular case, one of the parties involved in the insider trading is Silver Street, which is a 100 percent subsidiary of Sun Pharma and so, a party to the merger is also a party to the insider trading and therefore, Sebi was asked to investigate into the matter and punish the wrong doer and prohibit them from accessing the market and getting a merger approved.

But Kapadia contradicts by saying the Sebi investigation will only affect Silver Street, because the main accuse of insider trading is Silver Street Investment."

"The merger swap ratio has been approved by the auditors, creditors, shareholders which is a separate issue but certainly the subsidiary company which has been involved in insider trading could be slapped with a hasty penalty so that whatever profits it has made could be recovered by way of penalty by Sebi and may also be suspended for a certain period of time from operating or accessing the market," adds Ranina.

Sun Pharma stock price

On May 23, 2014, Sun Pharmaceutical Industries closed at Rs 584.70, up Rs 4.60, or 0.79 percent. The 52-week high of the share was Rs 653.10 and the 52-week low was Rs 458.00.

The company's trailing 12-month (TTM) EPS was at Rs 0.95 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 615.47. The latest book value of the company is Rs 41.64 per share. At current value, the price-to-book value of the company is 14.04.

HDIL beats streets; reduces debt by 22% YoY

Sarang Wadhawan, Vice Chairman and Managing Director, HDIL expects further curtailing of debt levels after posting very good fourth-quarter figures.

Sarang Wadhawan, Vice Chairman and Managing Director, HDIL expects further curtailing of debt levels after posting very good fourth-quarter figures.

After BJP-led National Democratic Alliance's (NDA) landslide victory in the recently concluded Lok Sabha election, investors are expecting measures from the incoming government to revive the Indian economy, he adds.

Kaira Can Company: Outcome of board meeting

Kaira Can Company has board meeting held on May 23, 2014, has constituted the following committees : 1. Audit Committee of the Board of Directors, consist of Mr. Kirat M. Patel, Chairman, Mr. Shishir K. Diwanji and Mr. K. Jagannathan.

Kaira Can Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 23, 2014, has constituted the following committees :1. Audit Committee of the Board of Directors, consist of Mr. Kirat M. Patel, Chairman, Mr. Shishir K. Diwanji and Mr. K. Jagannathan.2. Corporate Social Responsibility Committee of Board of Directors, consist of Mr. Eternal N. Kapadia, Chairman Mr. K. Jagannathan and Mr. Shishir K. Diwanji.3. Nomination and Remuneration Committee, of Board of Directors consists of Mr. Utsav R. Kapadia, Chairman, Mr. Shishir K. Diwanji and Mr. Kirat M. Patel.4. Shareholders and Investor's Grievance committee, of Board of Directors consist of Mr. Utsav R. Kapadia, Chairman Mr. Ashok B. Kulkarni and Mr. K. Jagannathan.Source : BSE

Read all announcements in Kaira Can

TVS Motor Co launches StaR City+ at Rs 41,500

The Chennai-based firm, which currently sells Star City and Sport models in the below 125 cc segment, aims to enhance its market share with the launch of the new model.

TVS Motor Company  today launched all new 110-cc commuter motorcycle 'StaR City+', starting at Rs 41,500 (ex-showroom Delhi), as it looks to enhance its presence in the below 125 cc segment.

The Chennai-based firm, which currently sells Star City and Sport models in the below 125 cc segment, aims to enhance its market share with the launch of the new model. "The below 125 cc segment is around 6 lakh units per month. We currently sell around 35,000 units in this vertical. With the launch of this new model, we expect to sell around 45,000 units per month in the next 2-3 months," TVS Motor Company Vice President Sales JS Srinivasan told reporters here.

Also Read: Discover 125M critical to Bajaj's market share revival: CS

With the additional sales of 10,000 units of the 109.7 cc 'StaR City+, the company aims to enhance its market share in the commuter segment (below 125 cc) to around 8-9 percent from the current 6 percent, he added. The new bike, which would replace the existing StaR City model in the next 1-2 months, has been launched in two variants, priced at Rs 41,500 and Rs 44,000 (ex-showroom Delhi).

The company is also eyeing 25 percent rise in domestic sales this fiscal on the back of new product launches. "This fiscal we are looking to sell around 1.85 lakh nits in the domestic market mainly on account of Jupiter and StaR City+. It would be a growth of 25 percent from last fiscal where we sold 1.48 lakh units per month," Srinivasan said.

The Indian motorcycle market is estimated to be around 9 lakh units per month, out of which around 6 lakh units fall in the commuter segment, he added. When asked about exports, Srinivasan said: "We are exporting around 25,000 units per month currently. Our major overseas markets include the African countries and various Asian nations like Sri Lanka and Bangladesh".

TVS Motor stock price

On May 19, 2014, TVS Motor Company closed at Rs 118.30, up Rs 2.30, or 1.98 percent. The 52-week high of the share was Rs 123.65 and the 52-week low was Rs 28.10.

The company's trailing 12-month (TTM) EPS was at Rs 5.51 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 21.47. The latest book value of the company is Rs 31.28 per share. At current value, the price-to-book value of the company is 3.78.

Buy Whirlpool; target of Rs 372: Microsec

Microsec is bullish on Whirlpool of India and has recommended buy rating on the stock with a target of Rs 372 in its May 22, 2014 research report.

Microsec`s research report on  Whirlpool of India  

"We continue to recommend Whirlpool of India Ltd a "STRONG BUY". Whirlpool of India is the subsidiary of world's largest consumer durables company Whirlpool Corporation, USA. The parent company is headquartered at Michigan, USA having global presence over 170 countries and manufacturing operation in 13 countries with 11 major brand names such as Whirlpool, KitchenAid, Roper, Estate, Bauknecht, Laden and Ignis. Diversification of products in a single segment, launching of new models and rupee appreciation/ stable commodity prices to increase margins and ease pricing pressure, new stable government to lead to well balanced economy and ensure level playing field."

"The Company has diversified into variety of products under a single segment named "Home appliances" like Refrigerators, Washing machines, Air‐conditioners, Microwave Ovens and other built‐in appliances. It derives ~59‐60 percent of revenue from Refrigerators, 20‐22 percent from Washing machines, 10‐11 percent from Air‐conditioners, 3 percent from Microwave ovens, ~5 percent from consumer services and ~2 percent from others. In last three years, the company launched new, innovative and intuitive products in 70 percent of its portfolio which would be valued for performance, design and differentiated features. It is planning to introduce 210 new models in FY15e backed by marketing spend of INR75 crore, it's highest so far. With this launch, the company is aiming for leadership in Refrigerator and Washers in the next 12‐15 months and overall leadership in Home Appliances in the next 2‐3 years. We had recommended "Whirlpool of India Ltd" a "BUY" at INR171 in our report dated 28th November, 2013 with a Target price of INR208. The stock had surpassed our target price of INR208 giving a return of 21 percent in less than a month's time," says Microsec research report. 

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India Energy: Reform push to spark sector-wide re-rating

Religare Institutional Research's report on energy sector

The decisive victory of the pro-reform NDA government should support continued domestic fuel price reform – we now expect diesel U/R to be fully wiped out by end-FY15, improving earnings for upstream/downstream PSUs. Further, an increased focus on development of sectors such as infrastructure and utility, alongside energy security, could spur an earnings growth cycle for ONGC ,  OINL and GAIL . We reiterate our positive view on Oil & Gas PSUs and upgrade target multiples across the board on a brighter earnings outlook.

Continued reforms to rein in under-recoveries (U/R): The NDA Govt.'s decisive win should lend impetus to domestic fuel price reform. In light of the Rs 1.09/ltr hike in prices (May'14), diesel U/R now stands at Rs 5.77/ltr and is likely to drop to zero by end-FY15 upon full linkage to market price. We envisage gross U/R of Rs 1,039bn/Rs 590bn in FY15/FY16 if reforms continue at the current pace, ceteris paribus.

Improving macro outlook: We don't foresee significant upside in crude prices given a comfortable demand-supply scenario over FY15-FY16. Our U/R estimates build in Brent crude at US$ 107/bbl and an INR/US$ rate of Rs 60. As India's fiscal deficit improves amid a macro revival, the INR could also strengthen, opening up the possibility of even lower U/R. Appreciation of Rs 1/US$ lowers U/R by Rs 80bn.

Positive for upstream and downstream PSUs: A reduction in U/R and resulting subsidies would be earnings accretive for upstream and downstream PSUs. While lower U/R would reduce delayed receivables for OMCs, lowering working capital related debt and therefore interest cost, a lighter subsidy burden would ensure better crude realisation for ONGC and OINL. We model for realisations of US$ 55/57 per barrel for ONGC/OINL in FY15 and US$ 60/62 per barrel in FY16.

Maintain BUY on ONGC / OINL ; raise TP to Rs 460/Rs 650: ONGC/OINL have posted returns of 30-35% since we turned bullish on these names in Mar'14 (see Upstream PSUs undervalued – poised for re-rating). We remain positive on upstream PSUs and upgrade our Mar'15 TP to Rs 460 for ONGC (from Rs 380) and Rs 650 for OINL (from Rs 580) on revised valuation multiples. Apart from a reform push, we believe the new Govt. would facilitate organic/inorganic growth opportunities for ONGC and OINL.

Downgrade  BPCL to HOLD; prefer HPCL :  We upgrade our trading multiples and hence Mar'15 TP for BPCL to Rs 600 (from Rs 440) and HPCL to Rs 525 (from Rs 400), given that a reduction in U/R would materially lower OMC short-term debt requirement, in turn curbing interest costs and improving earnings/performance ratios – a case we first made in Aug'13 (see Pessimism overdone; time ripe to buy OMCs). Though BPCL has superior refining and E&P assets, we downgrade the stock from BUY to HOLD on rich valuations and recommend adding it on dips.

Maintain BUY on GAIL : GAIL has underperformed compared to ONGC, BPCL and HPCL despite absolution from U/R payment in H2FY14, primarily due to a muted gas transmission outlook and delays in commissioning of key pipelines due to politico-legal hurdles. However, we reiterate that GAIL has built difficult-to-replicate pipeline infrastructure, even as gas transmission volumes have likely bottomed out, and its tariffs should improve over FY15-FY16. Maintain BUY, TP Rs 475.

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Suraj: Board recommends dividend

Suraj has board meeting held on May 21, 2014, has recommended a dividend of 15% (Rs. 1.50 per share) on equity shares of Rs. 10/- each for the year ended March 31, 2014, subject to the approval of shareholders at ensuing Annual General Meeting.

Suraj Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 21, 2014, inter alia, has recommended a dividend of 15% (Rs. 1.50 per share) on equity shares of Rs. 10/- each for the year ended March 31, 2014, subject to the approval of shareholders at ensuing Annual General Meeting.Source : BSE

Read all announcements in Suraj Stainless

Boost for Bajaj Auto as Egypt lifts import ban: Sources

Egypt constitutes a vital export market for Bajaj Auto, since it contributed 31 percent of the total three-wheeler exports and around 5 percent of the two-wheeler exports in 2012-13.

In what comes in as a big boost to Bajaj Auto , CNBC-TV18 learns from sources that the Egypt government has lifted its two and three-wheeler import ban.

The Egypt Cabinet authorised its ministry of finance to go ahead with the ban on February 12, a move primarily designed to give a leg-up to its fledgling automobile industry. Egypt constitutes a vital export market for Bajaj Auto, since it contributed 31 percent of the total three-wheeler exports and around 5 percent of the two-wheeler exports in 2012-13.

Bajaj Auto is likely to get fresh orders for its products from Egypt. Sources say the auto major is likely to export around 5,500 three-wheelers and around 3,500 motorcycles next month.

Bajaj Auto missed expectations with a marginal drop in fourth-quarter net profit, as higher expenditure and a fall in local sales volume weighed more than a gain in exports at India's second largest motorcycle maker.

Net profit for the January-March period fell 0.24 percent to Rs 763.93 crore Sales rose 3.78 percent to Rs 4,822.66 core, the Pune-based company said in a press release.

Export revenue during the quarter stood at Rs 2,076 crore as against Rs 1,597 crore in the same period previous fiscal, up 29.99 per cent.

Maruti, Ashok Leyland can see good growth by FY16/17: Emkay

Stocks in our universe likely to see the maximum upside to earnings estimates driven by upside to volume estimates are Maruti Suzuki & Ashok Leyland. Both the stocks could see highest upgrades to FY16/17 EPS of ~15/25% in a positive macro environment", says Emkay.

Emkay's report on automobiles

We look at possible impact to our EPS estimates for OEMs in a scenario of sustainable >7% GDP growth and <5% inflation

Maruti Suzuki  and  Ashok Leyland could see highest upgrades to FY16/17 EPS of ~15/25% in a positive macro environment

Previous up-cycles point to successive years of >20% growth for CVs and PVs, outperforming the two wheeler peers

We see upside to our volume estimates; margins and trading multiples might not increase materially over the base case

Four wheelers can see meaningful recovery
While we might understandably remain somewhat conservative given lack of on-theground signals of demand revival, investors are already anticipating sharp turnaround in macro and micro environment driven by a stable, development-focused government at the centre. Our analysis of the macro and sector growth data of the last 15 years, indicates that if GDP growth rates could inch back to a sustainable >7% with inflation controlled at <5% we could see (a) high growth rates in all auto segments for consecutive years on the back of latent demand and successive years of low growth (b) trend growth rate of the sectors itself improving back to the like of the previous boom (FY03-FY08) on structural improvements in macro variables like a higher GDP growth rate, higher fixed capital formation, lower inflation and higher ratio of capital spending to total govt. spending.

Maruti & Ashok Leyland key beneficiary
"In our bull case scenario, we focus more on possible surprises in volumes from a much improved demand environment and the consequent impact on EPS estimates. We do not reckon that our margin estimates would change materially for the coverage universe (a) given increasing competitive intensity (b) commodity environment has already been benign for a year now. Further, companies under our coverage, except the deep cyclical (like CVs), are making margins in-line with what they made in the previous good times. Moreover target/trading multiples in the bull case are not going to change materially over the base case - something which sectors like capital goods, infrastructure and banking could see driven by balance sheet improvements.

"Stocks in our universe likely to see the maximum upside to earnings estimates driven by upside to volume estimates are Maruti Suzuki & Ashok Leyland", says Emkay Global Financial Services research.

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National Peroxide: Board to consider dividend

National Peroxide has informed that a meeting of the Board of Directors of the Company will be held on May 29, 2014, to consider, approve and take on record, the Audited Financial Results and Consolidated Financial Results of the Company for the year ended March 31, 2014, and to consider the recommendation of dividend, if any.

National Peroxide Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2014, inter alia, to consider, approve and take on record, the Audited Financial Results and Consolidated Financial Results of the Company for the year ended March 31, 2014, and to consider the recommendation of dividend , if any.Source : BSE

Read all announcements in National Perox

Kolte-Patil recommends final dividend

Kolte-Patil Developers at its meeting held on May 20, 2014 has recommended final dividend of Rs 1.60 per share on fully paid-up equity share capital of the Company, subject to the approval of members in the ensuing AGM. The dividend shall be paid after the conclusion of the 23rd AGM of the Company.

Kolte-Patil Developers Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 20, 2014, inter alia, has recommended final dividend of Rs. 1.60 per share on fully paid-up equity share capital of the Company, subject to the approval of members in the ensuing Annual General Meeting. The Dividend shall be paid after the conclusion of the 23rd Annual General Meeting of the Company. The date of payment of dividend will be intimated after the conclusion of the 23rd Annual General Meeting.Source : BSE

Read all announcements in Kolte-Patil

See a wider Cabinet expansion on May 26: Rajdeep Sardesai

Jockeying for key posts in Team Modi has intensified. Sources say BJP President Rajnath Singh will get the Home Ministry while Arun Jaitley could be the new Finance Minister.

National Democratic Alliance leader Narendra Modi will be sworn in as the next Prime Minister of India on Monday, May 26, along with his Cabinet . The swearing in ceremony will take place at the Rashtrapati Bhavan.

Modi will be the 14th person to be the Prime Minister of India. He was elected as the Bharatiya Janata Party parliamentary party leader on Tuesday.

Speaking to CNBC-TV18's Senthil Chengalvarayan and Menaka Doshi, Rajdeep Sardesai, editor-in-chief, CNN-IBN said he expects a wider cabinet expansion on the 26th. Jockeying for key posts in Team Modi has intensified. Sources say BJP President Rajnath Singh will get the Home Ministry while Arun Jaitley could be the new Finance Minister.

Sardesai believes the probability of Arun Shourie getting the FM's job is currently not very low.

According to AK Bhattacharya, Editor of Business Standard, Modi should give the finance portfolio to a politician rather than a technocrat.

Ujaas Energy: Board to consider dividend

Ujaas Energy has board meeting will be held on May 29, 2014, to consider and approve : 1. the Audited Financial Results of the Company for the Financial Year ended March 31, 2014 and the Audited Quarterly Financial Results of the Company for the 4th quarter ended March 31, 2014.

Ujaas Energy Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2014, inter alia, to consider and approve :1. the Audited Financial Results of the Company for the Financial Year ended March 31, 2014 and the Audited Quarterly Financial Results of the Company for the 4th quarter ended March 31, 2014; and2. to recommend dividend on Equity Shares, if any, for the financial year ended March 31, 2014.Further as per the Company's Code of Conduct for Prohibition of Insider Trading for Designated Employees, framed pursuant to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992, the Trading Window for dealing in the securities of the Company has been closed for the purpose of declaration of audited financial results of the Company for the financial year and the quarter ending March 31, 2014 for all Designated Employees (including Directors) of the Company and their dependents from May 21, 2014 till 24 hours after the announcement of the financial results of the Company to the Stock Exchanges (both days inclusive).Source : BSE

Read all announcements in Ujaas Energy

Gujarat Mineral Development Corporation: FY14 results rescheduled on May 29, 2014

Gujarat Mineral Development Corporation has now informed that the Board-of-Directors of the Company will meet on May 29, 2014 at 12.00 Noon instead of May 27, 2014 at 4.00 P.M. in the committee room of Add. Chief Secretary, Industries and Mines department, 3rd Floor, Block No.5, New Sachivalaya Complex, Gandhinagar.

With reference to the earlier announcement dated May 16, 2014 regarding FY14 results on May 27, 2014, Gujarat Mineral Development Corporation Ltd has now informed BSE that the Board-of-Directors of the Company will meet on May 29, 2014 at 12.00 Noon instead of May 27, 2014 at 4.00 P.M. in the committee room of Add. Chief Secretary, Industries and Mines department, 3rd Floor, Block No.5, New Sachivalaya Complex, Gandhinagar, to consider and approve the Audited consolidated financial results for the Quarter/Year ended March 31, 2014 and to recommend dividend for the year 2013-14,if any.Further the Company has informed that, the trading window will remain closed from May 19, 2014 to May 30, 2014 instead of May 19, 2014 to May 28, 2014 on account of audited financial results for the Quarter/Year ended March, 2014 and recommendation of dividend, if any. The trading window shall reopen from May 31, 2014.Source : BSE

Read all announcements in Guj Mineral

Dhampure Specialty Sugars: Board to consider dividend

Dhampure Specialty Sugars has informed that the meeting of the Board of Directors of the Company scheduled to be held on May 26, 2014 has been postponed and rescheduled for May 30, 2014 to consider, approve and take on record the Audited Financial Results of the Company for the quarter and year ended on March 31, 2014.

Dhampure Specialty Sugars Ltd has informed BSE that the meeting of the Board of Directors of the Company scheduled to be held on May 26, 2014 has been postponed and rescheduled for May 30, 2014 inter-alia, to consider, approve and take on record the Audited Financial Results of the Company for the quarter and year ended on March 31, 2014 and to recommend dividend , if any, for the aforesaid year.Source : BSE

Read all announcements in Dhampure Specia

Malabar Trading Company: Board meeting on May 19, 2014

Malabar Trading Company board meeting will be held on May 19, 2014, to appoint and accept resignation of director from board of Director of the Company. To shift registered office of the Company. To appoint Statutory Auditor of the company for the financial year 2013-14.

Malabar Trading Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 19, 2014, inter alia, to transact the following business:.2. To appoint and accept resignation of director from board of Director of the Company.2. To shift registered office of the Company.3. To appoint Statutory Auditor of the company for the financial year 2013-14 due to casual vacancy caused by the resignation of existing auditors M/s. Katariya & Co,.Source : BSE

Read all announcements in Malabar Trading

State Bk Mysore: Appointment of director

State Bank of Mysore has informed that in pursuance of clause (c) of Sub-Section (1) of Section 25 of the State Bank of India (Subsidiary Banks) Act, 1959, the State Bank of India nominates Shri Ramesh Babu B. as Director on the Board of Directors the Bank with immediate effect.

State Bank of Mysore has informed BSE that in pursuance of clause (c) of Sub-Section (1) of Section 25 of the State Bank of India (Subsidiary Banks) Act, 1959, the State Bank of India nominates Shri Ramesh Babu B. as Director on the Board of Directors the Bank with immediate effect.Source : BSE

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Gift to Varanasi: Narendra Modi vows to clean Ganga

Accompanied by party president Rajnath Singh, close aide Amit Shah and party UP chief Lakshmikant Bajpai, Modi offered prayers at the famous Kashi Vishwanath temple. He also participated in the 'Ganga aarti' at Dashashwamedh Ghat.

A day after the BJP created history nationwide, and sweeping 72 seats in Uttar Pradesh, Narendra Modi visited Varanasi, one of the constituencies from where he contested.

Modi had a landslide victory in Varanasi, trumping his nearest rival Arvind Kejriwal of Aam Aadmi Party and Congress's Ajai Rai.

Accompanied by party president Rajnath Singh, close aide Amit Shah and party UP chief Lakshmikant Bajpai, Modi offered prayers at the famous Kashi Vishwanath temple. He also participated in the 'Ganga aarti' at Dashashwamedh Ghat.

Also Read: BJP's guide to tackle Rajya Sabha challenge

Thanking the people of Varanasi for playing a major role in the formation of a BJP-led NDA government at the Centre, Modi said the support came even without asking. He said he was barred from speaking to his voters, but despite that the people of Varanasi came out and supported him.  

Promising to clean his "mother Ganga", Modi asked the people of Varanasi to be a part of his cleanliness drive. He vowed to make Kashi a clean city.

He also praised Rajnath Singh and called him the most successful BJP president.

Rahul alone can't be blamed for Cong debacle: Kamal Nath

Nath also admitted that the Congress didn't expect such a support for the BJP.

After being reduced to just 44 MPs in the 16th Lok Sabha, Congress leaders have come out in the support of Rahul Gandhi and are shielding him by taking collective responsibility for the party's debacle. In an exclusive interview to CNN-IBN, former Union minister Kamal Nath said, "If the government cannot convey its perception to people, than Rahul cannot be held responsible. I don't see any reason that they (Sonia, Rahul) should resign. They have accepted the responsibility."

Also Read: Rahul's 'advisers' face heat as Cong searches for answers

He played down demands that Rahul should resign as the party vice president taking the responsibility. "It is the party which can remove Rahul Gandhi. The party is not removing him, it is the party that made him the vice president. It's the party which is asking Rahul Gandhi to represent it. The Congress failed in communicating to the people. This is an organisational issue," said Nath.

Nath also added that the Congress didn't expect such a support for the BJP. "These results were unexpected. Politics have changed but we never expected this," said Nath.

However, he added that the politics of the BJP would not work in the long run. "Congress campaign is based on its history, people will understand that the BJP politics is not going to work," he said.

He added, "Inflation was an issue and BJP was able to make it an issue. It was perceived that UPA-2 could not create jobs, also corruption was a huge issue," he added.

While accepting the party's failure to connect with the people, Nath added, "The structure of Congress Working Committee needs to be looked at and the state organisations should get more autonomy."

Western Disturbance to escape northwest plains, temperatures to rise further

According to the latest weather update by Skymet Meteorology Division in India, a fresh Western Disturbance over Afghanistan and adjoining North Pakistan will shift eastwards during the next 24 hours. The affect of this weather system will remain limited to Jammu & Kashmir as it is tracking in higher latitudes and is unlikely to come down southern latitudes. Jammu & Kashmir will get good amounts of showers in the next 48 hours due to this weather system.

A cyclonic circulation associated with this weather system lies over Central Pakistan and adjoining parts of Northwest Rajasthan but it will follow a northeast path to escape the northwest plains, keeping moist winds away from the region. According to the latest weather update by Skymet Meteorology Division in India, day temperatures will not rise significantly in the region as winds will be coming in from the areas that have received rain in the past two days.

The westerly to northwest winds would also reach over Central India making it warmer than the last two days. Due to this, day temperatures in places like Gwalior, Bhopal, Indore and Jabalpur could rise. Maximums in these places have been below normal under the influence of a cyclonic circulation that existed over Gujarat and adjoining areas and gave rain and cloud cover. Heat wave like conditions will sustain over Odisha during the next 24 hours. While day temperatures in Chhattisgarh will also rise in this period.

There will not be any respite from westerly winds also known as `loo` over east Uttar Pradesh, Bihar, Gangetic West Bengal. Day temperatures are significantly higher than the normal in the region and Skymet Meteorology Division warns that heat wave like conditions are unlikely to recede as there is no weather system in the offing which could make the wind conditions change.

Due to a wind discontinuity in Peninsular India, northerly to northwesterly winds are colliding with moist winds from the Bay of Bengal and this could give rain over south Karnataka, Kerala and Tamil Nadu. Day temperatures in Andhra Pradesh will continue to remain in lower forties during the next two days.

By: Skymetweather.com

TMC will play big role in Lok Sabha: Mamata

"We would play a big role in the interest of the people," Banerjee told reporters at the party headquarter here, dedicating the massive win in the state to the people. The TMC supremo said "34 out of 42 is a clear-cut mandate", specially fighting on our own.

West Bengal chief Minister Mamata Banerjee today asserted that Trinamool Congress' 34-seat tally in the state was a massive triumph and said her party will play a big role in the 16th Lok Sabha in the interest of the people.

"We would play a big role in the interest of the people," Banerjee told reporters at the party headquarter here, dedicating the massive win in the state to the people. The TMC supremo said "34 out of 42 is a clear-cut mandate", specially fighting on our own.

Also Read: Modi-Mamata: Does it have some heartburn in store?

"It is the people who opposed the maligning campaign against us and gave their verdict," the Chief Minister said. Indicating that it was a tough battle over the gruelling five-phase polls in the state, she said "it was a five-six cornered fight, there were several parties. Banerjee said despite a large section of media opposed the party, "people kept their faith in Trinamool Congress".

Claiming that a section of the media had underplayed 'Bengal's triumph', Banerjee said that all party MPs would go to Delhi on May 25 to take oath in the Lok Sabha. Stating that out of 34 members, 33 percent were women while the national figure was 11 per cent out of the 543, Banerjee said "In that way it is historic. Many talk about women's reservation in the Lok Sabha, but do not do much."

Pak violates ceasefire again

Pakistani troops again violated ceasefire along Line of Control (LoC) in Poonch district by targeting Indian posts, the eighth incident in the last three weeks.

"Pakistani troops resorted again to firing from automatic and small arms on Indian posts along the LoC in Krishna Ghati sector of Poonch district from 1935 hours yesterday," a defence spokesperson said here today.

Troops guarding the borderline retaliated resulting in intermittent exchanges of fire, he said, adding, "firing exchanges continued for a brief period till 1940 hours".

Also read: After markets rally, BJP to face key investor tests

There was no casualty or damage on this side of the LoC due to the firing, the spokesperson said. This is the eight incident of ceasefire violation in the past over three weeks.

On April 13, Pakistani troops violated ceasefire along Line of Control (LoC) in Poonch district's KG sector.

On May 11, there was a ceasefire violation in Krishna Ghati sector of
the same district by targeting Indian posts.

On May 10, Pakistani troops resorted to firing from small arms on Indian posts along the LoC in Nangi Tekri area of Poonch district from 2230 hours. Five days prior to that, Pakistani troops violated ceasefire and resorted to firing from automatic weapons on
Indian posts along the LoC in Bhimber Gali area of Rajouri district from 2330 hours during the night.

On May 3, Pakistani troops resorted to firing from small arms and automatic weapons on Indian posts along the LoC in Mendhar in Poonch district without causing loss of life or
injury.

On April 28, Pakistani troops resorted to firing from small arms and automatic weapons on Indian posts along the LoC in Bhimber Gali in Rajouri district.

Pakistani troops had violated the ceasefire on April 25 by firing with small arms and mortars on Indian posts in Doda battalion areas along the LoC in Poonch district. Army officials said that the ceasefire violations and firing by Pakistan were aimed to help militants infiltrate into Jammu and Kashmir from across the border from the "launching pads" along LoC where they are waiting to crossover.

There are also inputs that bids to engineer attacks by Pakistan's "Border Action Team' (BAT) on forward posts and patrolling parties are being planned from across the border,
they said. In 2013, 12 jawans were killed and 41 injured in the highest number of ceasefire violations (149) and firing by Pakistan troops on forwards post, civilian areas and patrolling parties along Indo-Pak border.

There has been two infiltration bids along LoC in Poonch district in last one week.
On May 10, two militants were killed when Army troops foiled an infiltration bid along Line of Control (LoC) in Kalsia belt of Poonch district of Jammu and Kashmir in which one jawan suffered injuries.

Troops foiled another infiltration bid along LoC on May 3 in Sawjian belt of Poonch district.

Modi's next challenge: Accommodating top leaders in cabinet

Sometimes, an overwhelming majority can also become a problem, a burden. The would-be-Prime Minister Narendra Modi may face the same problem before finalizing his Cabinet. The BJP-led NDA has won 334 seats and the BJP alone has won 282 seats. There are too many ministerial aspirants. Some are old timers and have been ministers in the Atal Bihari Vajpayee government.

Also Read: Modi has chance to redefine Indian politics: US think tanks

Some are new faces. They also want a share in the ministry. Since it is Narendra Modi's victory, he will surely get a free hand in the selection of his Cabinet colleagues. According to an insider, it will be a mixture of old and new. Many first time MPs are also expected to be rewarded as junior ministers.

Some of the top leaders like Sushma Swaraj, Arun Jaitley, Nitin Gadkari, Shantakumar, BC Khanduri, Ravishankar Prasad, BS Yeddyurappa, Gopinath Munde, Maneka Gandhi are likely to get a place in the Cabinet.

Even though Arun Jaitley has lost by a big margin, he is likely to get one of the top four ministries (Home, Finance, Defence or Foreign Affairs). Sushma Swaraj may be offered Defence or even the post of Lok Sabha Speaker. People close to her argue that she won't accept the post of Speaker as she is keen on working as a minister. There are even rumours that party patriarch LK Advani may occupy the post of Speaker.

The BJP is worried over how to accommodate other seniors like Dr Murli Manohar Joshi, Yashwant Sinha, Uma Bharti, Ananth Kumar and Venkaiah Naidu. All of them are keen on joining the Cabinet.

There are at least two dozen leaders who are strong in their respective states. Some of them have even served as chief ministers and state unit presidents. They are also lobbying for their share.

Modi may even get some outsiders as ministers. Some experts who have done remarkably well in their fields are likely to be chosen as ministers. The  ICICI Bank chairman, KV Kamath's name is also doing the rounds for the post of Finance minister.

There are even speculations that key infrastructure ministries like Transport, Highways, Railways and Industries etc may get some outside experts as ministers. However, Modi is tightlipped and keeping the cards close to his chest. Even the much-neglected Science and Technology Ministry is likely to get more attention under Modi. He may even bring in a top scientist as his minister.

Unlike all previous Prime Ministers since 1989, Modi is under no pressure to please the allies. Since the BJP has got absolute majority on its own, the allies like Shiv Sena, SAD, TDP, LJP etc have lost their bargaining power. Modi may reward BJP's oldest alliance partner Shiv Sena with one or two important portfolios. But, he may not show the same courtesy to others.

A senior TDP leader who does not wish to be named, said, "We are not in a position to bargain for anything. We will have to accept whatever they offer us. The scale of the victory has tilted the balance of power completely towards the BJP."

The RSS, which played the most crucial role in the victory of the BJP and hailed as the chief architect of Modi victory is expected to put its stamp of approval on the Cabinet.

The RSS chief, Mohan Bhagwat and RSS joint general secretary Dattathreya Hosabale have been holding detailed talks with all stakeholders. The Union Cabinet can have 81 ministers.

What Modi's mandate is really about: Call for development

R Jagannathan
Firstpost.com

The beauty of an electoral verdict is that we can read all kinds of things into it, depending on where we come from. But if we were to take a bird's-eye view, here are some thoughts on what the electorate's decision to give the BJP a majority of its own - and the NDA a super-majority - could mean.

First, it is a mandate to deliver results. It is not about right-wing ideology or anything else. The campaign was on governance and development, and the electorate has offered Narendra Modi this bargain: you need a majority, you have it. Now, give us growth and governance.

Second, it is a mandate against false identity politics. But it is not a mandate for majoritarianism or exclusion. Even though Muslims may have voted against the BJP in many places, the people who did vote for it – except for some marginal fringe elements - did not do so to bring in sectarian politics. A decade of strong growth has made all communities aspirational. They know that sectarianism will kill growth.

Third, it is mandate against dynasty politics. The fact that the only non-BJP victors in Uttar Pradesh are all Gandhi or Mulayam family members should shame both these families. When the electorate rejects all their candidates but themselves, the only thing it proves is that there is still a feudal vestige left in some places. But every other member of these parties must be wondering if they are in the right place. The only parties to receive thumping mandates of their own – Mamata in West Bengal, Jayalalithaa in Tamil Nadu, and Naveen Patnaik in Odisha – are all non-dynastic. Patnaik is an exception, but he is a bachelor, and has no family axe to grind in Odisha.

Fourth, the mandate is for restoring the prestige of the Prime Minister's Office. The last 10 years of the UPA left the office debased, thanks to the excessive meekness of Manmohan Singh, and the Dynasty's deliberate efforts to hold on to the reins of power indirectly. This is what made the choice of Modi – the ultimate non-dynast, who is no one's idea of anybody's lackey – obvious to the electorate.

Fifth, this is a decisive vote for change cutting across classes: the upper classes want growth, the middle classes want jobs and higher salaries, and the lower classes want inclusion with dignity, not patronising doles. This is why a government that enabled the biggest redistributive effort ever was booted out of office ignominiously. Modi represents growth with dignity.

Sixth, this is a mandate for a responsive governance. The people are fed up with governments that seem remote. The rise of the Aam Aadmi Party in Delhi – before Arvind Kejriwal screwed up - is because the people saw a leader responding to their needs. Modi epitomises responsive leadership of a different kind: he talks to the people directly and in their lingo without the need for middlemen. His office finds a way to give ordinary people access by being responsive to their emails or grievances. That's one reason why Modi scored.

Seventh, this is not quite a mandate against corruption. Despite the entry of BS Yeddyurappa in Karnataka, the BJP won. But it is a mandate to make corruption less all-pervasive. No one wants corruption to become a huge impediment to getting things done. Modi's appeal is that he has steadily whittled down the need for people to interact with venal government officials in Gujarat – so most things can get done without much hassle. Gujarat can hardly claim to be a corruption-free state, but systemic corruption is reducing steadily and transparency increasing.

Eighth, this is a mandate from the rest of India to tame Delhi; it is a revolt against the domination of the Delhi political and social elite in Indian politics. This is why they chose a rank outsider to Delhi and gave him a massive mandate. Modi represents the regional anger with Delhi's dominance in the national discourse. The states want Modi to tame Delhi. The emphatic wins of Mamata, Jayalalithaa and Naveen Patnaik also emphasise the anti-Delhi nature of the mandate. Remember, all three have been mentioned as potential prime ministers.

Ninth, the mandate shows that the nation is speaking more or less with one voice. This is a fervent plea from all Indians that we need to make India great again. Different Indians may want different things from India, but this is as close to a national consensus vote as there is likely to be. Nothing epitomises this more than the sad defeat - zero MPs - of the BSP. The Dalits are joining the mainstream.

The bottomline message from the voter is this: give us a government that works, not a government that gives us excuses for non-performance. It is a mandate to change Indian politics and governance for the better.

The writer is editor-in-chief, digital and publishing, Network18 Group

Timeline of latest flare-up in Asia tensions

Anti-Chinese riots in Vietnam this week highlight growing tension between China, Asia's biggest economy, and some of its neighbors.

Analysts say geopolitical tensions are a key risk to Asia's economic and political stability and the year so far has seen strained relations between China and Japan as well as its regional neighbors in Southeast Asia.

Here's a timeline of recent developments highlighting the friction.

May 16: China's foreign minister condemns Vietnam in an urgent phone call with the country's deputy prime minister over this week's violent anti-Chinese protests, the official Chinese Xinhua news agency reports.

May 15: Up to 21 people are killed in Vietnam, according to reports. A huge foreign steel project meanwhile is set ablaze as anti-China riots spread in the Southeast Asian state.

May 15: Japan's Prime Minister Shinzo Abe calls for a new interpretation of the country's pacifist constitution that could lead the way for military action overseas. His call followed a report by a panel of advisors recommending changes to defense laws. China criticizes the move.

May 14: Thousands of Vietnamese set fire to foreign factories and rampaged in industrial zones in the south of the country in reaction to Chinese oil drilling in a part of the South China Sea claimed by Vietnam.

May 8: China's vice foreign minister says he believes China and Vietnam can solve their disputes peacefully, adding that China has to defend its territory.

May 7: Vietnam says a Chinese vessel intentionally rammed two of its ships at the weekend in a part of the disputed South China Sea where China has deployed a giant oil rig.

May 7: China demands that the Philippines release a Chinese fishing boat and its crew seized in the South China Sea.

April 28: The US and the Philippines sign a 10-year Enhanced Defense Cooperation Agreement to allow US forces wider access to Philippine bases and to position ships, aircraft, equipment and troops for maritime security.

April 24: US President Barack Obama reassures its ally Japan at the start of an Asia tour. Obama says that disputed islands in the East China Sea claimed by Tokyo and Beijing are covered by a US-Japan security treaty.

April 21: Just ahead of Obama's visit, Japanese Prime Minister Shinzo Abe sends a ritual offering to the Yasukuni Shrine, viewed by critics as a symbol of Japan's past militarism.

April 19: Japan starts construction on a new military radar station near islands at the center of a territorial dispute between Tokyo and Beijing.

March 13: During a news conference on the last day of China's annual meeting of parliament, Chinese Premier Li Keqiang says Beijing and Washington must respect each other's core interests.

March 5: US appeals to Japan and South Korea to ease tensions with each other a day after nationalist politicians in Japan urge the government to revise a 1993 apology over Asian women forced by Tokyo to serve in brothels during World War Two.

Feb 1: China says it does not feel threatened by countries in Southeast Asia and is optimistic about the situation in the South China Sea; warns Japan not to "spread rumors" about its new air defense identification zone.

January 19: Japan's ruling Liberal Democratic Party removes no-war pledge, media report.

January 12: Japan joins the US in criticizing China's new fishing restrictions in the South China Sea.

January 9: US describes new Chinese fishing restrictions in disputed waters in the South China Sea as "provocative and dangerous." The Philippines asks China for clarification of the new rules.

January 8: China raises Japanese Prime Minister Shinzo Abe's visit to the Yasukuni war shrine at the United Nations in New York.

January 1: Chinese rules requiring foreign fishing vessels to obtain approval to enter waters under its jurisdiction in the South China Sea come into effect.

December 26: Shinzo Abe visits the Yasukuni war shrine in Tokyo that honors Japan's war dead, including some convicted war criminals. China calls the visit "absolutely unacceptable to the Chinese people" and Seoul expresses its "regret and anger." US embassy in Tokyo says it is "disappointed."

December 13: US navy issues statement saying a U.S. guided missile cruiser operating in international waters in the South China Sea a week earlier was forced to take evasive action to avoid colliding with a Chinese navy ship. The incident is later confirmed by Chinese authorities.

November 23: China declares "Air Defense Identification Zone" in East China Sea covering territory claimed by China, Japan, Taiwan and South Korea. Move criticized by Tokyo, Seoul and Washington.

Copyright 2011 cnbc.com

Bajaj Finserv recommends 35% dividend

Bajaj Finserv has informed that the Board of Directors of the Company at its meeting held on May 14, 2014, has recommended a dividend of Rs 1.75 per share (35 percent) subject to approval of shareholders.

Bajaj Finserv Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 14, 2014, inter alia, has recommended a dividend of Rs. 1.75 per share (35%) subject to approval of shareholders.Further, dividend on equity shares, if declared at the annual general meeting, will be credited / dispatched around July 21 / 22, 2014.Source : BSE

Read all announcements in Bajaj Finserv

Nivi Trading fixes book closure for AGM

Nivi Trading Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from August 01, 2014 to August 11, 2014 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company.

Nivi Trading Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from August 01, 2014 to August 11, 2014 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company.Source : BSE

Read all announcements in Nivi Trading

Buy Just Dial; target of Rs 1475: Motilal Oswal

Motilal Oswal is bullish on Just Dial and has recommended buy rating on the stock with a target of Rs 1475 in its May 13, 2014 research report.

Motilal Oswal`s research report on Just Dial

"Just Dial (JUST) reported revenue of INR1.24b (est. of INR1.21b), marking a YoY growth of 26.4%, primarily driven by 27% growth in paid subscriber base (262,150 as of FY14 v/s 206,500 in FY13). EBITDA margin for 4QFY14 stood at 30.1% (est. 30.8%), against 27.8% in 4QFY13, a YoY increase of 230bp mainly due to operating leverage. PAT for 4QFY14 stood at INR342m (est. INR302m), marking a YoY growth of 60% driven by strong operational performance and lower than expected tax rate (which stood at 26% as the company avails indexation benefits on other income). Deferred revenues stood at INR1.62b in FY14 (128 days of revenues) vs INR1.35b in FY13 marking a YoY growth of 20.0% even as Evergreen contracts contributed 60% to revenues in FY14 as against 50% in FY13."

"JUST has more than 17 Search Plus services live on the platform. Company also launched real time reverse auction for branded goods, which will enable a user/buyer to discover the best price for any branded good/s on a real-time basis. Also, JUST launched JD Maps during the quarter by replacing Google Maps for directions on the Just Dial platform. Number of subscribers who have transacted for "Search Plus" services stood at ~140,000 in 4QFY14 vs ~85,000 in 3QFY14."

"We believe JUST will be able to grow at a faster pace in FY15, driven by price increases. While we have factored a one-time ad spend of INR600m in our estimates, we have not taken any benefits on revenue from Search Plus, thereby providing an upside risk to our FY16E estimates. The stock trades at 51x FY15E and 38x FY16E EPS respectively. We value JUST at 50x FY16E EPS of INR29.5. Maintain Buy with a target price of INR1,475," says Motilal Oswal research report. 

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Angel Broking neutral on HDFC

Angel Broking has maintained a neutral rating on Housing Development Finance Corporation (HDFC) in its May 13, 2014 research report.

Angel Broking`s research report on HDFC

"HDFC standalone earnings performance for 4QFY2014 came on expected lines. However earnings adjusted for dividends and sale of investments grew at a slower pace of 9.9percent yoy. Advances growth slowed down to 15.9percent yoy ( as compared to ~20percent and above for last few quarters) aided by healthy individual advances growth at 19.7percent yoy (26percent yoy after adding back loans sold in last 12 months). Asset quality witnessed stability with Gross NPA at 0.69percent. Overall company reported standalone earnings growth of 10.8percent yoy at Rs1,723cr."

"For 4QFY2014, HDFC's loan book grew by a moderate 15.9percent yoy, with loans to the individual segment growing by 26percent yoy after adding back sold loans (growth of 19.7percent yoy excluding sold back loans). HDFC has been incrementally growing its individual loan book, much faster than its corporate loan book, over the past few quarters. During the quarter, incremental growth in the loan book (including loans sold) came majorly through growth in individual loans, which now constitute almost 68percent of the total loan book. The spreads increased to 2.29percent for FY2014 as compared to 2.25percent for 9MFY2014, while the reported NIM came in at 4.1percent for FY2014 as compared to 4.0percent for 9MFY2014. During 4QFY2014, the asset quality continued to remain strong for the company, as its gross NPA ratio came in lower at 0.69percent, as compared to 0.77percent in 3QFY2014 and 0.79percent in 2QFY2014. The company continues to maintain a 100percent PCR. Going ahead, NIMs are likely to face modest pressures on back of higher incremental lending to individuals (individual loans have lower spreads compared to non-individual loans). However, with expectations of loan book growth at a CAGR of 19.0percent over FY2014-16E, the earnings of the company are expected to grow at 16.1percent CAGR over the same period."

"Overall, we expect HDFC to post a healthy PAT CAGR of 16.1percent over FY2014–16E. The stock has gained in the recent rally and currently, HDFC's core business (after adjusting Rs283/share towards the value of its subsidiaries) trades at 3.8x FY2016E ABV, which in our view, offers limited scope for upside here on. Hence, we maintain our Neutral rating on the stock," says Angel Broking research report.  

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