Sri KPR Industries: Outcome of board meeting

Aug 05, 2013, 04.15 PM IST

Sri KPR Industries at its meeting held on July 30, 2013, has transacted the allotment of 1,44,92,395 shares to the members of M/s. Sri Venkateswara Pipes Limited.

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Sri KPR Industries: Outcome of board meeting

Sri KPR Industries at its meeting held on July 30, 2013, has transacted the allotment of 1,44,92,395 shares to the members of M/s. Sri Venkateswara Pipes Limited.

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Sri KPR Industries: Outcome of board meeting

Sri KPR Industries at its meeting held on July 30, 2013, has transacted the allotment of 1,44,92,395 shares to the members of M/s. Sri Venkateswara Pipes Limited.

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Sri KPR Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 30, 2013, has transacted the following business:1. Allotment of 1,44,92,395 shares to the members of M/s. Sri Venkateswara Pipes Limited.2. Approval of draft notice and procedure for conducting Postal Ballot for the following items:a. Alteration of main objects clause of the Memorandum of Association of the Company.b. Approval under section 293(1) (a) of the Companies Act 1956.c. Approval under section 293(1) (d) of the Companies Act 1956.d. Approval under section 372A of the Companies Act 1956.e. To reconstitute the Board and to fix their remuneration in view of merger.Source : BSE

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MCX Goldm October contract trades flat

At 15:45 hrs MCX GOLDM August contract was trading at Rs 29192 up Rs 460, or 1.60 percent. The GOLDM rate touched an intraday high of Rs 29270 and an intraday low of Rs 28800. So far 459 contracts have been traded. GOLDM prices have moved up Rs 1842, or 6.73 percent in the August series so far.

MCX GOLDM September contract was trading at Rs 28148 up Rs 22, or 0.08 percent. The GOLDM rate touched an intraday high of Rs 28265 and an intraday low of Rs 28053. So far 12229 contracts have been traded. GOLDM prices have moved up Rs 424, or 1.53 percent in the September series so far.

MCX GOLDM October contract was trading at Rs 28045 up Rs 11, or 0.04 percent. The GOLDM rate touched an intraday high of Rs 28175 and an intraday low of Rs 27950. So far 2796 contracts have been traded. GOLDM prices have moved up Rs 1985, or 7.62 percent in the October series so far.

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MCX Silver December contract trades flat

At 15:47 hrs MCX SILVER September contract was trading at Rs 41964 down Rs 5, or 0.01 percent. The SILVER rate touched an intraday high of Rs 42223 and an intraday low of Rs 41820. So far 5993 contracts have been traded. SILVER prices have moved down Rs 15355, or 26.79 percent in the September series so far.

MCX SILVER December contract was trading at Rs 42694 down Rs 14, or 0.03 percent. The SILVER rate touched an intraday high of Rs 42965 and an intraday low of Rs 42580. So far 161 contracts have been traded. SILVER prices have moved down Rs 4475, or 9.49 percent in the December series so far.

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Tavernier Resources' board meeting on August 12, 2013

Aug 05, 2013, 04.15 PM IST

Tavernier Resources� board meeting will be held on August 12, 2013, to consider and approve the Unaudited Financial Results for the Quarter ended June 30, 2013.

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Tavernier Resources' board meeting on August 12, 2013

Tavernier Resources� board meeting will be held on August 12, 2013, to consider and approve the Unaudited Financial Results for the Quarter ended June 30, 2013.

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Tavernier Resources' board meeting on August 12, 2013

Tavernier Resources� board meeting will be held on August 12, 2013, to consider and approve the Unaudited Financial Results for the Quarter ended June 30, 2013.

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Tavernier Resources Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on August 12, 2013, inter alia, to transact the following business:1. To consider and approve the Unaudited Financial Results for the Quarter ended June 30, 2013.2. To send second Reminder Notices to the Shareholders holding 13600 Partly Paid Up Equity Shares in the Company.3. To fix date, venue and time of Annual General Meeting of the Company for the financial year ended March 31, 2013.4. To fix Book Closure date.Source : BSE

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Infosys EGM approves Narayana Murthy as executive chairman

Moneycontrol Bureau

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

At the event, Murthy informed the shareholders that although outlook in its key market US was changing for better, it was too early to say whether tide is turning for IT sector.

Also read: Infosys may move to Rs 3300-3350: Rahul Mohindar

After several quarters of cautious commentaries, while announcing June quarter results Infosys' CEO SD Shibulal said that the company was cautiously optimistic for the rest of the year and maintained its dollar revenue guidance. Recovery in US markets and rupee depreciation is likely to improve earnings of IT companies going forward.

During the EGM, Murthy added that IT companies, which are adding 25 percent exports have more impetus to perform better.

After losing its bellwether position to Tata Consultancy Services ( TCS ), Infosys is hoping that Murthy's return will help the company to turn a new leaf.

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Canara Bank sees loan restructuring of Rs 5k crore in FY14

Canara Bank sees loans worth Rs 4000- Rs 5000 crore coming for restructuring in 15 accounts over next three quarters, chairman and managing director of RK Dubey told CNBC-TV18.

The state-owned bank's non performing assets (NPAs) rose to 2.9 percent in quarter ended june due to higher slippages. Slippages increased to Rs 2,800 crore in June quarter.

The company posted a marginal rise of 2.17 percent in its net profits for this quarter. Its gross NPAs rose to 2.91 percent against 1.98 percent during the same period last year. However, he is optimistic on better performance going forward as higher provisions will improve the lender's asset quality.

Also read: Canara Bank Q1 net nearly flat on higher provisions

Below is the edited transcript of his interview to CNBC-TV18.

Q: How was your asset quality this quarter in terms of fresh slippages and restructured loans?

A: Yes, there has been restructuring of assets and there has been more slippage than the upgradation. The recovery was a record one of Rs 888 crore and upgradation of more than Rs 1,000 crore. But the slippage has been more than Rs 2,800 crore because of which our non-performing asset (NPA) has gone to 2.9 percent.

Q: What were your fresh restructured loans this quarter?

A: The restructured amount this quarter is Rs 1,673 crore with 5 accounts in CDR and 11 accounts with non-CDR.

Q: What took place in terms of this quarter? What resulted in slippages rising to around Rs 2,800 crore? What is the trajectory expected going forward? Is there a lot of pain still left for Canara Bank?

A: There is some restructuring we expect to come in the coming three quarters. It may be around 15 accounts worth around Rs 4,000-5,000 crore. That may be coming in each quarter. Some may come in this quarter; some may come in December or March quarter. It may be one or two accounts less or more.

Q: In terms of the slippages this quarter, which sectors did you all turn into the slippages the most? What is the guidance on the same?

A: In this quarter, there was one account Winsome, which is a major account which slipped. Other than that there was not a very big account.

Q: How much is your exposure to Winsome?

A: Exposure to Winsome was Rs 650 crore.

Q: Anything from the power sector?

A: Another account was Allied Strips Delhi with Rs 280 crore and Pradip Overseas Rs 245 crore. These were the accounts above Rs 100 crore which slipped during this quarter. All three are likely to be admitted into corporate debt restructuring (CDR), if that exercise is completed within this quarter, they maybe upgraded also because they were referred when they were standard with us.

But other banks could not do the clearances, the process is going on. If the process is complete before September 30, these accounts can be upgraded also.

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Modi lovers should go to Gujarat, says Cong minister's son

Under fire over his remarks about Gujaratis living in Mumbai, Swabhimaan Sanghatana chief Nitesh Rane today said his statement was not against all Gujaratis, but directed at only those amongst them who felt that Gujarat under Narendra Modi was doing better than Maharashtra.

Also read: I don't want Narendra Modi as my PM: Amartya Sen

Nitesh, son of senior Congress leader Narayan Rane, said his comments were aimed at those who favoured the Gujarat Chief Minister's development model.

"I only said that those who feel Modi is doing a good job can move there," he told reporters.

"My remarks were not aimed at all Gujaratis but only at those who feel there is more development in Gujarat," he said.

"I have taken a political stance... I have stated clearly that people living in Mumbai who feel that Gujarat is developing more than us (Maharashtra), or those who feel Modi is developing Gujarat more than us, why don't they go there," Nitesh said.

"I didn't say all Gujaratis are like that. I didn't say we will drive (Gujaratis) out (of Mumbai)," he said. As to his tweet about Gujarati housing societies favouring vegetarian residents, he said, "I said there are many housing societies in Mumbai which don't allow non-vegetarian (people)."

"Veg skies, Veg hospitals, Veg housing societies. Soon Veg Mumbai! Either Gujjus go back to Gujarat or they turn Mumbai into Gujarat... Red alert," Nitesh had earlier said in his controversial tweet.

Asked if the remarks had been made by him as a Congress leader, Nitesh said, "I said this as a son of the soil of Maharashtra."

When pointed out that he was the son of a senior Congress minister, the 31-year old Nitesh said, "what has that got to do with it".

"There are a lot of Gujaratis staying here who have pride in Mumbai and Maharashtra," he said.

"These tweets were posted by me last month," said Nitesh, who in July had also tweeted a crude caricature of a bare-bodied man with a placard over it that read "Hindu Rashtrawadi (nationalist)," said.

Accompanying the cartoon was a line written in Marathi, which roughly translated, said: "Good the burqa of development is torn."

The statement was a veiled jibe at two of Modi's recent statements: One in which he said he was a "Hindu nationalist", and another in which he refers to the Congress as "hiding behind the burqa of secularist".

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GSFC reports 97% fall in Q1 net at Rs 5.54 cr

Aug 03, 2013, 06.50 PM IST

Gujarat State Fertilisers and Chemicals reported a 97 percent fall in ints net profits to Rs 5.54 crore on the back of poor sales. The state owned fertliser firm has a product mix ranging from fertilisers to petchems, chemicals, industrial gases and so on.

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GSFC reports 97% fall in Q1 net at Rs 5.54 cr

Gujarat State Fertilisers and Chemicals reported a 97 percent fall in ints net profits to Rs 5.54 crore on the back of poor sales. The state owned fertliser firm has a product mix ranging from fertilisers to petchems, chemicals, industrial gases and so on.

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GSFC reports 97% fall in Q1 net at Rs 5.54 cr

Gujarat State Fertilisers and Chemicals reported a 97 percent fall in ints net profits to Rs 5.54 crore on the back of poor sales. The state owned fertliser firm has a product mix ranging from fertilisers to petchems, chemicals, industrial gases and so on.

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Gujarat State Fertiliser and Chemicals Ltd ( GSFCL ) today reported sharp decline in net profits by 97 percent to Rs 5.54 crore for the first quarter ended on June 30 due to fall in sales.

Also read: Complex fertiliser sales lower by 8% in Jun' 13:P Lilladher

The company had posted net profit of Rs 172.71 crore in the April-June quarter of the 2012-13 fiscal. Total Q1, 2013-14 income of the company decreased by 39 percent to Rs 1,017.98 crore, from Rs 1,411.84 crore in the year-ago period, the company said in a filing to the BSE.

Gujarat government owned GSFCL has a product mix ranging from more than 24 brands of fertilisers to petrochemicals, chemicals, industrial gases, plastics, fibers and other products. GSFC's joint venture manufacturing plant of Phosphoric Acid in Tunisia has also become operational during the quarter.

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GDP is the 'worst metric' to gauge China: Steven Roach

Recent bearishness surrounding China`s growth is just another "false alarm" and investors are focusing on the wrong data points to assess the outlook for the world`s second biggest economy, said well-known economist Stephen Roach.

He argues that industry watchers should stop the obsession with growth domestic product (GDP) figures for China, and instead focus on consumption data, which he says is a better measure for an economy in the midst of rebalancing.

"The composition of GDP is probably the worst metric to use in assessing early-stage progress on economic rebalancing," the Yale University professor and former non-executive chairman of Morgan Stanley Asia said in a note published Monday.

"Eventually, of course, the mix of GDP will provide the acid test of whether China has succeeded. But the key word here is `eventually,`" he added.

Several investment banks and high profile economists have in recent weeks revised down their growth forecasts for China, with the more bearish ones falling below 7 percent. Last week Societe Generale warned that in an extreme scenario, Chinese growth could fall as low as 3 percent in the second half of this year.

But according to Roach, a closer look at Chinese consumption tells a different story and gives "good reason for optimism." He points specifically to an uptick in the services sector, which he believes will eventually pip growth in key sectors like manufacturing and construction.

In the first half of 2013, services output expanded 8.3 percent year on year, much faster than the combined growth of manufacturing and construction of 7.6 percent, said Roach.

"Accelerated growth in China`s services sector is encouraging, with output in this sector now growing faster than that in manufacturing and construction - reversing the pattern of the past 20 years," he said, adding that greater reliance on services will allow China to settle into a "lower and more sustainable growth trajectory."

It is Roach`s analysis of the consumption data that has led him to believe that calls for a crash in China`s economy are not warranted.

He claims the "China crash syndrome" is a "malady that seems to afflict economic and political commentators every few years, never mind the recurring false alarms over the past couple of decades."

"Far from crashing, the Chinese economy is at a pivotal point. The wheels of rebalancing are turning," Roach said.

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Cinemax-PVR footfalls rise 17%; targets 437 screens by Dec

In what has been a strategic partnership, PVR Cinema has evidently made the right choice by merging with movie theatre chain, Cinemax. The partnership saw a total of Rs 337 crore revenues year-on-year (YoY).

The merger saw a 17 percent increase in its footfalls (YoY). This year PVR and Cinemax together saw 15 million people coming in vis a vis 13 million last year.

In an interview to CNBC-TV18, Ajay Bijli, chairman and managing director, PVR says the location of theatres is key to success in the entertainment business. Bijli says the company is in sync with the right locations and hence has very good lease rentals.

"That is the big thing about PVR it is not just about movies, it is also about where the consumption of movies is happening and where you build the cinemas in the right locations. So, that is what we are very bullish about and very excited about," adds Bijli in an interview to CNBC-TV18.

Below is the edited transcript of Bijli's interview to CNBC-TV18.

Q: We haven't had a chance to fully go through your numbers. So, to begin with can you take us through the highlights of this quarter?

A: The consolidated revenues are Rs 337 crore this quarter as opposed to Rs 180 crore. We have grown by about 87 percent this quarter compared to last quarter because this also reflects the Cinemax numbers 93 percent owned by the company now.

Our EBITDA for the quarter is Rs 61.4 crore as opposed to Rs 34.6 crore in the same period last quarter last year, which is up by 78 percent. Our PAT is about Rs 14 crore compared to Rs 7.8 crore, which is up by about 79 percent.

Q: Could you give us what the comparable numbers look like for PVR and also tell us what Cinemax did as a standalone entity and how much its contribution was? On an individual basis so we understand how PVR has performed on a like to like basis and what the contribution of Cinemax was to all these consolidated numbers.

A: The merger is going to happen very shortly, we look at it as a one combined company. PVR last year same period was Rs 144 crore revenues. Now it is Rs 209 crore which is up by 45 percent.

Cinemax was Rs 97 crore earlier and just now it is Rs 108 crore, which is 12 percent up. So, the combined is about Rs 337 crore which is up by about 45 percent.

Q: Could you also take us through what is the kind of rise that you have seen in terms of footfalls etc post the addition of Cinemax? Also if it is possible to break it up?

A: Footfalls total for PVR and Cinemax last year was 13 million people. This time it is 15 million people in the same period which is up by 17 percent. PVR was last year 7.5 million now it is 9.6 million. Cinemax was 5.4 million now it is 5.5 million.

So, the number of footfalls have increased overall on a17 percent basis.

Q: What is going to be the growth for the consolidated entity for the full year? What is the expectation?

A: We are at 383 screens with 89 properties in 36 cities now. We will end the year with 437 screens, 103 properties. So, we are looking at an overall growth of about 30 percent.

Q: You started some new cinema halls etc, what are your expansion plans and also what are the new releases lined-up that you guys are looking out for?

A: We have already added 35 screens this quarter and as I said, our numbers stand at 383 screens. We will go to about 437 screens in 103 properties.

Movie flow is very good. Even though in the first quarter there was only one big release but even the smaller films ended up doing very well because the appetite to go and watch films on the big screen has come back after the IPL.

This quarter itself all the big hits are coming. For example, Chennai Express, Once Upon a Time in Mumbai, Krrish 3, Dhoom 3. So, big films are coming this year. It looks like a good flow of content which is one leg of our business. The other is where we build our cinemas the locations. So, locations are all coming up in very good malls, in various parts of the country.

Our lease rentals are very good. So, that is the big thing about PVR it is not just about movies, it is also about where the consumption of movies is happening and where you build the cinemas in the right locations. So, that is what we are very bullish about and very excited about.

Q: Will the average ticket price go up from hereon?

A: It has gone up 10 percent. We are playing with a very flexi pricing that we do. From Monday to Thursday we have one price band, then Friday we have one price band and then Saturday, Sunday which is the peak time it is another price band.

Overall, there has been reduction in pricing and increase in pricing and the cumulative impact is 10 percent overall growth. Our food and beverage (F&B) has been a very important contributor. Our F&B part has grown by 87 percent. Our sponsorship revenues as well have grown by about 60 percent in the first quarter.

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