Mindtree Q4 profit falls 8.4% to Rs 129 cr, $ revenue flat

Mindtree's fourth quarter consolidated net profit declined 8.4 percent sequentially to Rs 129 crore that fell short of expectations on Thursday, impacted by forex loss. Profit was expected at Rs 134 crore for the quarter, according to a CNBC-TV18 poll.

Moneycontrol Bureau

Mindtree 's fourth quarter consolidated net profit declined 8.4 percent sequentially to Rs 129 crore that fell short of expectations on Thursday, impacted by forex loss. Profit was expected at Rs 134 crore for the quarter, according to a CNBC-TV18 poll.

Revenues were in line during the quarter. Rupee revenue grew 0.7 percent to Rs 918 crore and dollar revenue increased to USD 147.8 million from USD 147.7 million on sequential basis. Dollar revenue growth in constant currency was 1.8 percent on sequential basis.

The software services exporter has reported a forex loss of Rs 13 crore for the quarter against gain of Rs 7 crore in December quarter.

Mindtree missed on operational front as operating profit dropped 5.3 percent to Rs 179 crore and margin declined 120 basis points to 19.5 percent in the quarter gone by. Those were expected at Rs 181.5 crore and 19.8 percent, respectively.

Other income more than doubled to Rs 30.4 crore from Rs 14 crore during the same period.

For FY15, the company exceeded NASSCOM's dollar revenue growth estimate of 12.3 percent. It reported dollar revenue at USD 583.8 million, a growth of 16.4 percent over previous financial year and rupee revenue at Rs 3,561.9 crore, up 17.5 percent.

Mindtree said it has 217 active clients as of March 2015, adding USD 10 million clients increased to 14 and USD 5 million clients rose to 28 during the quarter.

Attrition rate inched up a bit by 10 basis points to 18.2 percent in March quarter from 18.1 percent in previous quarter.

The company has recommended a final dividend of Rs 10 per equity share for the year ended March 31, 2015.

The scrip of Mindtree (which announced earnings post market hours) closed at Rs 1,391.25, down 2.58 percent on the BSE.

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Fineotex Chemical approves sub-division of equity shares

Fineotex Chemical at its Meeting held on April 16, 2015, has approved the sub-division of 1 Equity Shares of the Company having face value of Rs 10 each into 5 Equity shares of face value of Rs 2 each and consequential alteration in the relevant clauses relating to Memorandum of Association of the Company.

Fineotex Chemical Ltd has informed BSE that the Board of Directors of the Company at its Meeting held on April 16, 2015, inter alia, have:1. Approved the sub-division of 1 (One) Equity Shares of the Company having face value of Rs. 10/- each into 5 (Five) Equity shares of face value of Rs. 2/- each and consequential alteration in the relevant clauses relating to Memorandum of Association of the Company.2. Approved the notice of postal ballot dated April 16, 2015.3. Approved the appointment of Mr. Hemant Shetye, Partner HS Associates, Practicising Company Secretary as Scrutinizer for the purpose of Postal Ballot.4. Constituted a "Sub-division Committee" compromising of Mr. Surendrakumar Tibrewala and Mr. Sanjay Tibrewala. The aforesaid Committee is authorized to finalize the record date for the purpose of subdivision of shares and to take all necessary, expedient and incidental actions thereto required for executing the activities relating to the Sub-division of Equity Shares.Source : BSE

Read all announcements in Fineotex Chem

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Infosys, Tech Mahindra top picks: Kawaljeet Saluja

Kawaljeet Saluja -Executive Director & Head - Research at Kotak Institutional Equities is of the view that Infosys and Tech Mahindra are the top picks.

Kawaljeet Saluja -Executive Director & Head - Research at Kotak Institutional Equities told CNBC-TV18, "The relative valuations of Tata Consultancy Services  (TCS) versus Infosys now capture relatively lower growth expectation of the street. I think at 15 percent premium the valuations will sustain, I don't think the street is paying a huge premium to TCS anymore. So, if they deliver in line with NASSCOM then the returns which you will make is pretty much in line with the earnings growth which is like 12-13 percent from the current level."

"As far as our rating is concerned Infosys  and Tech Mahindra  are our top picks," he added.

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Stocks that were buzzing in trade today

CNBC-TV18s Varinder Bansal lists some of the key stocks which were buzzing in trade today.

CNBC-TV18s Varinder Bansal lists some of the key stocks which were buzzing in trade today.

Watch video for more..

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PE Electronics eyes 10% in TV mkt with Philips by 2016

PE Electronics, the license holder of Philips brand of TVs in India is aiming to have 10 percent market share in the segment by 2016 with a turnover of up to Rs 1,800 crore in next two years.

The company with presence in top 50 towns is now gearing up to enhance its sales and service network in small towns by adding smaller screen size TVs under Philips brand. "We would definitely be a brand with 10 percent of the market share by 2016.

By then, the sales would be around million units with turnover of at least Rs 1,700 crore to 1,800 crore," PE Electronics Chief Executive Officer Neeraj Sethi told Media.

PE Electronics was set up in 2010 and has marketing rights of two brands, Philips in TV domain and Electrolux in the home appliances segment through a licensee agreement. "With Philips, we have around 5 percent market share and for Electrolux we have 4 percent market share," he said.

Sethi did not share the revenue details of the company. PE Electronics has recently launched a 4K Ultra HD television range priced between Rs 1,55,000 and Rs 3,72,500. Over network expansion, Sethi said: "In the last three to four years we focused on top 50 towns...We are present with 15 percent market penetration and are targeting to be at 30,000 counters by the end of this year." According to him, within three years, PE Eelectronics would be able to reach B-class towns.

"These smaller towns would be definitely be catered with small screen sizes, but not with the focused approach right now," Sethi added. On competition with homegrown players like Micromax and Intex, he said: "Philips has a history of almost eight decades in India and it has a brand loyalty and always given quality products with technology differentiation.

"We would never compete with the brand which are lower on stable, but will give best features at a price which is affordable," Sethi added.

On licensing agreement with Philips, he said: "We had five years license agreement which was extended for two years till 2017 and can be extended again."

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Internet.org can co-exist with Net Neutrality: Zuckerberg

Amid a raging debate on ensuring equal Internet access for all, Facebook chief Mark Zuckerberg today rejected criticism that his internet.org programme, which has RCom as a partner in India, was against the concept of Net Neutrality.

Internet.org is a Facebook-led initiative which states that it aims to bring 5 billion people online in partnership with tech giants like Samsung and Qualcomm. Facebook's partnership with Reliance Communications  to provide free Internet access to 33 websites as part of its Internet.org initiative has raised quite a few eyebrows with free Internet activists saying that it violates the idea of Net Neutrality.

The debate in India has also been triggered by mobile operator Airtel  introducing an open marketing platform 'Airtel Zero', and TRAI's consultation paper on whether telecom firms can be allowed to charge different rates for different uses of Internet data like email, Internet browsing and use of apps like Whatsapp, Viber and Sky.

Zuckerberg, who has achieved a cult status after founding the world's largest free social networking platform, today defended his initiative in a discussion. He said: "For people who are not on the Internet though, having some connectivity and some ability to share is always much better than having no ability to connect and share at all.

That's why programmes like Internet.org are important and can co-exist with net neutrality regulations." Net neutrality implies equal treatment be accorded to all Internet traffic and no priority be given to an entity or company based on payment to service providers like the telecom companies, which is seen as discriminatory.

Zuckerberg said net neutrality is important to "make sure network operators don't discriminate and limit access to services people want to use, especially in countries where most people are online".

While the telecom major continues to defend itself saying the platform does not violate the concept, Flipkart has walked out of negotiations with the eCommerce firm stating that it after looking in deeper, it realised that net neutrality "can get compromised in the future".

Its competitor Snapdeal's CEO also tweeted his support today saying "Of course, we are for #NetNeutrality @snapdeal". According to Net Neutrality India, over 5 lakh emails have been sent to TRAI in support of the issue. Telecom Regulatory Authority of India has put up the issue for public feedback with the last date for submitting comments being April 24 and counter comments May 8.

Besides, the government has also formed a panel to study the issue.

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Prefer midcap pharma stocks on correction: Kunj Bansal

Kunj Bansal of Centrum Wealth Management is of the view that one may prefer midcap pharma stocks on correction.

Kunj Bansal of Centrum Wealth Management told CNBC-TV18, "Any good quality pharma stock especially from midcap if it corrects, it is certainly a good buying opportunity given their valuations and the sharp run-up that we saw in recent past."

"Even over the medium and longer term the sector is likely to give a slower return but will continue to give good returns over a medium term. They may not be sharp movers in the short term, that is certainly true," he said.

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Tech Mahindra ties with Comverse, to make center in Israel

Information technology group Tech Mahindra  is partnering with US -Israeli Comverse Inc to set up a research and development centre in Israel.

The two companies did not disclose financial details.

Manish Vyas, president of Tech Mahindra's communications group, told Media the deal -which would bring the Indian company hundreds of engineers - will help the firm more than double its engineering business revenue within a few years. The company does about USD 400 million annually in engineering, about half of that is in telecoms.

"Engineering is a very large part of our business but we want to make it even bigger. We believe it can be a billion dollars annually in the next few years," he said. "Given the culture of entrepreneurship in Israel we need to be here."

Under the "strategic relationship", Tech Mahindra will be responsible for R&D and customer services while Comverse will be in charge of product management and sales.

The venture into Israel by Tech Mahindra, which is part of the USD 16.5 billion Mahindra conglomerate, is the latest sign of booming ties between the countries since Indian Prime Minister Narendra Modi came to power last year.

Tech Mahindra Executive Vice Chairman Vineet Nayyar said the company's global activities will be concentrated in three countries - India, the United States and Israel.

Tech Mahindra, which employees over 98,000 people in 51 countries, will take on about 400 Comverse workers, up to 300 from Israel and the rest mainly from the United States, France, Japan, Bulgaria and India.

Comverse last year began a restructuring that included reducing its workforce by 14 percent.

"We hope to gain access to world class talent," Vyas said. "We have a big presence in Europe, India and the US (But) Israel was missing from the global footprint in terms of talent."

About half of Tech Mahindra's business is in telecoms with the rest from banking, healthcare and manufacturing.

Tech Mahindra owns Israel's Leadcom, a provider of network services for telecom companies, after it bought Leadcom's parent Lightbridge Communications in February.

Leadcom has about 25 workers in Israel and Vyas said the company is still working out what the relationship will be between Leadcom and the Comverse staff.

He said Israel fits in nicely with the company's long-term strategy, which includes a programme that enable employees to start up their own businesses with equity from Tech Mahindra.

"Given the culture of entrepreneurship in Israel we need to be here," Vyas said.

Tech Mahindra stock price

On April 15, 2015, Tech Mahindra closed at Rs 659.00, down Rs 5.75, or 0.86 percent. The 52-week high of the share was Rs 749.50 and the 52-week low was Rs 432.00.

The company's trailing 12-month (TTM) EPS was at Rs 24.47 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 26.93. The latest book value of the company is Rs 89.46 per share. At current value, the price-to-book value of the company is 7.37.

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Housing finance firm DHFL too lowered its home loan rate

The rate has been revised downward from 10.15 percent and the new rate would be effective from Wednesday, DHFL said in a statement.

Housing finance firm DHFL too lowered its home loan rate by 0.25 percent to 9.90 percent. The rate has been revised downward from 10.15 percent and the new rate would be effective from Wednesday, DHFL said in a statement.

"The reduction in the interest rate reflects our commitment towards enabling home ownership in tier 2 and 3 towns for each and every Indian," said Kapil Wadhawan, CMD of DHFL.

Although  SBI had lowered its base rate by 0.15 percent, it later announced a cut in spread over and above the base rate by 0.10 percent for home loans, bringing home loan down to 9.85 percent - at par with base rate - women borrowers.

However, the aggressive posturing by SBI is only for new borrowers, while the older borrowers will continue paying the spreads as per the older contracted rates.

As of December 2014, SBI had outstanding housing loan of Rs 1,52,905 crore as against Rs 1,35,129 crore at the end of third quarter of the previous fiscal registering a growth of 13.15 percent.

It's closest competitor  ICICI Bank had home loan portfolio size of Rs 84,425 crore.  HDFC Ltd had a loan book grew to Rs 2,19,951 crore at the end of last year as against 1,92,284 crore as at December 31, 2013.

ICICI Bank stock price

On April 13, 2015, ICICI Bank closed at Rs 316.90, down Rs 1.35, or 0.42 percent. The 52-week high of the share was Rs 393.30 and the 52-week low was Rs 242.88.

The company's trailing 12-month (TTM) EPS was at Rs 18.81 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 16.85. The latest book value of the company is Rs 126.25 per share. At current value, the price-to-book value of the company is 2.51.

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Indag Rubber standalone Mar '15 sales at Rs 65.79 crore

Mar '15 Dec '14 Sep '13 Net Sales/Income from operations 65.73 59.66 61.56 Other Operating Income 0.06 0.08 0.07 Total Income From Operations 65.79 59.75 61.63 EXPENDITURE Consumption of Raw Materials 40.74 37.80 41.05 Purchase of Traded Goods 0.06 0.06 -- Increase/Decrease in Stocks 0.76 1.24 -1.20 Power & Fuel -- -- -- Employees Cost 4.66 4.45 4.22 Depreciation 0.57 0.57 0.63 Excise Duty -- -- -- Admin. And Selling Expenses -- -- -- R & D Expenses -- -- -- Provisions And Contingencies -- -- -- Exp. Capitalised -- -- -- Other Expenses 8.04 6.53 6.94 P/L Before Other Inc. , Int., Excpt. Items & Tax 10.96 9.10 9.99 Other Income 0.63 0.48 0.16 P/L Before Int., Excpt. Items & Tax 11.58 9.58 10.14 Interest 0.09 0.02 0.08 P/L Before Exceptional Items & Tax 11.49 9.56 10.06 Exceptional Items -- -- -- P/L Before Tax 11.49 9.56 10.06 Tax 2.00 2.13 2.41 P/L After Tax from Ordinary Activities 9.48 7.43 7.65 Prior Year Adjustments -- -- -- Extra Ordinary Items -- -- -- Net Profit/(Loss) For the Period 9.48 7.43 7.65 Equity Share Capital 5.25 5.25 5.25 Reserves Excluding Revaluation Reserves -- -- -- Equity Dividend Rate (%) -- -- -- EPS Before Extra Ordinary Basic EPS 18.07 14.16 14.58 Diluted EPS 18.07 14.16 14.58 EPS After Extra Ordinary Basic EPS 18.07 14.16 14.58 Diluted EPS 18.07 14.16 14.58 Public Share Holding No Of Shares (Crores) 0.13 0.13 0.13 Share Holding (%) 25.23 25.23 25.00 Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of shares (Crores) -- -- -- - Per. of shares (as a % of the total sh. of prom. and promoter group) -- -- -- - Per. of shares (as a % of the total Share Cap. of the company) -- -- -- b) Non-encumbered - Number of shares (Crores) 0.39 0.39 0.39 - Per. of shares (as a % of the total sh. of prom. and promoter group) 100.00 100.00 100.00 - Per. of shares (as a % of the total Share Cap. of the company) 74.77 74.77 75.00 Source : Dion Global Solutions Limited

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