Sold 1% equity on Tuesday to fund land buy: HDIL's Wadhawan

The shares of Housing Development & Infrastructure ( HDIL ) cracked as much as 15.8 percent on Wednesday after vice chairman and managing director Sarang Wadhawan offloaded partial stake in the company. He sold 5 million shares worth 570 million rupees in secondary markets on Tuesday, reducing his stake to 0.99 percent from 2.19 percent.

"We are aiming at debt reduction; this move was primarily to fund the land acquisition we had entered into about a year back," Wadhwan explained to CNBC-TV18. No details were shared about this land purchase but the company expects this acquisition to add substantial value.

HDIL's debt currently stands at Rs 4000 crore, but the company is confident of reducing it significantly in quarters ahead.

"The debt is already coming down. We have started receiving approvals from various authorities, the funds which were tied up with other developers who we had sold the Floor Space Index (FSI) too have started coming in," he added.

Below is the edited transcript of Sarang Wadhawan's interview with CNBC-TV18.

Q: What is the reason behind the huge crack that we are seeing in the stock price today?

A: Yesterday a sell of almost 5 million shares had taken place under my own name. This was primarily so that the promoters can fund an acquisition which the company had entered into about a year back. This was one of the payment tranches which was due.

Since the company is on the mode of debt reduction over the last six months the promoters thought fit that we should fund the company to make sure that the land acquisition goes through. It is an opportunity which has presented itself over the last year. We assured that over the next quarter we will be disclosing the entire details of this acquisition.

Q: How much of the total promoter holding has been sold?

A: 1 percent has been sold.

Q: Have you sold anything in today's trade?

A: No, nothing whatsoever. This was primarily only to support HDIL, so that HDIL can go ahead and close out the acquisition which it had envisaged for the next quarter. The opportunity presented itself over the last year and the promoters have stood by the company as always.

Q: What about the debt situation? It currently stands at Rs 4,000 crore or so. Are there any plans to pare off the debt?

A: The debt is already coming down. We have started receiving approvals from various authorities, the funds which were tied up with other developers who we had sold the Floor Space Index (FSI) too have started coming in. I am sure this quarter end you will see that debt figure will be substantially reduced.

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Revision of exit load under Tata Income Plus Fund

Wed, Jan 23, 2013 at 16:10

Tata Mutual Fund revised exit load structure under its open ended debt scheme - Tata Income Plus Fund.

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Revision of exit load under Tata Income Plus Fund

Tata Mutual Fund revised exit load structure under its open ended debt scheme - Tata Income Plus Fund.

Like this story, share it with millions of investors on M3

Revision of exit load under Tata Income Plus Fund

Tata Mutual Fund revised exit load structure under its open ended debt scheme - Tata Income Plus Fund.

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Tata Mutual Fund revised exit load structure under its open ended debt scheme - Tata Income Plus Fund with effect from January 22, 2013. As per revised structure, an exit load of 1% will be applicable if redeemed or switched out before 365 days from the date of allotment.

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From DJ EU Officials Spain Aid Cap Of 100 Bn Euros 'should Be Enough'

The latest earning numbers FIRST on CNBC-TV18

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Buy Bharti Airtel, Idea Cellular: Sukhani

Sudarshan Sukhani, s2analytics.com is of the view that one can buy Bharti Airtel, Idea Cellular.
 
Sukhani told CNBC-TV18, "My best telecom stocks are Bharti Airtel , Idea Cellular and Reliance Communications in that order and this order changes depending on how the three charts behave. This is the current pegging order. I see lot more upside in Bharti and Idea both. Eventually I had much earlier given a target of Rs 450 for Bharti and I hold by it. Idea doesn't have targets but today morning it was a buy suggestion and that tells you my confidence. I think both telecom stocks are going to do very well. I would rather avoid RComm for the time being."

Bharti Airtel closed at Rs 367.25, up Rs 15.60, or 4.44%. It has touched an intraday high of Rs 369.00 and an intraday low of Rs 350.25.

Idea Cellular closed at Rs 118.50, up Rs 0.85, or 0.72%. It has touched an intraday high of Rs 122.50 and an intraday low of Rs 116.

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Ashok Leyland declines on Jeffries underperform report

Ashok Leyland , the second largest commercial vehicle producer in India, fell more than 2.5 percent on Tuesday after the research firm Jeffries downgraded the stock to underperform and cut its target price to Rs 22.

"Truck demand continues to slip on the back of weakness in the most critical user segments," Jeffries reasoned.

Shares slipped 2.66 percent to close at Rs 25.60 amid high volumes on Bombay Stock Exchange.

A meeting of the board of directors of the company will be held on January 24, 2013, to consider the unaudited financial results for the quarter and nine months ended December 31, 2012.

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Fortis Healthcare to issue equity shares

Fortis Healthcare Ltd has informed BSE about the following:"In continuance with our intimation dated November 27, 2012 read with further clarification dated December 26, 2012, the Company note that, the SEBI vide its letter no. CFD/POLICYCELL/1566/2013, has accorded its consent:- 1. To issue equity shares upto 10% of post issue capital to qualified institutional buyers under Chapter Vlll-A of SEBI (ICDR) Regulations, 2009; 2. Allowing limited reviewed consolidated financial statements for the stub period for inclusion in the offer Document, in case the Company opts for proposed issue of Equity Shares through an Institutional Placement Programme (IPP) for meeting minimum public shareholding threshold".Source : BSE

Read all announcements in Fortis Health

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Chidambaram says to raise foreigners' bond holding caps - Citi

NEW DELHI (Reuters) - India will raise by $5 billion each the caps on foreign institutional investors holding government and corporate bonds, Finance Minister P. Chidambaram said on Tuesday and forecast growth of 6.5-7 percent in the next fiscal year, Citi said in a note.

Foreign investors will be allowed to hold up to $15 billion of government bonds and $25 billion in corporate bonds, the minister was reported to have said during a meeting with investors in Hong Kong.

A one-year lock in period on holding infrastructure bonds will be eliminated, he said.

The meeting was held in the lead up to India's 2013/14 budget on February 28 where new investment and tax guidelines are likely to be announced.

(Reporting By Frank Jack Daniel)

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MCX GOLDGUINEA Feb contract trades flat

GOLDGUINEA prices on MCX were trading flat. At 16:08 hrs MCX GOLDGUINEA January contract was trading at Rs 24780 up Rs 10, or 0.04%. The GOLDGUINEA rate touched an intraday high of Rs 24800 and an intraday low of Rs 24765. So far 1773 contracts have been traded. GOLDGUINEA prices have moved down Rs 519, or 2.05% in the January series so far.

At 16:08 hrs MCX GOLDGUINEA February contract was trading at Rs 24906 up Rs 18, or 0.07%. The GOLDGUINEA rate touched an intraday high of Rs 24931 and an intraday low of Rs 24860. So far 2560 contracts have been traded. GOLDGUINEA prices have moved down Rs 1072, or 4.13% in the February series so far.

At 16:06 hrs MCX GOLDGUINEA March contract was trading at Rs 25171 up Rs 25, or 0.10%. The GOLDGUINEA rate touched an intraday high of Rs 25195 and an intraday low of Rs 25131. So far 284 contracts have been traded. GOLDGUINEA prices have moved up Rs 81, or 0.32% in the March series so far.

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MCX SILVERMIC April contract trades firm

SILVERMIC prices on MCX were trading firm. At 16:01 hrs MCX SILVERMIC February contract was trading at Rs 59511 up Rs 114, or 0.19%. The SILVERMIC rate touched an intraday high of Rs 59655 and an intraday low of Rs 59479. So far 25357 contracts have been traded. SILVERMIC prices have moved up Rs 3011, or 5.33% in the February series so far.

At 16:00 hrs MCX SILVERMIC April contract was trading at Rs 60852 up Rs 126, or 0.21%. The SILVERMIC rate touched an intraday high of Rs 60989 and an intraday low of Rs 60774. So far 2170 contracts have been traded. SILVERMIC prices have moved down Rs 2763, or 4.34% in the April series so far.

At 16:01 hrs MCX SILVERMIC June contract was trading at Rs 62056 up Rs 75, or 0.12%. The SILVERMIC rate touched an intraday high of Rs 62240 and an intraday low of Rs 62021. So far 164 contracts have been traded. SILVERMIC prices have moved down Rs 3445, or 5.26% in the June series so far.

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No need for more funds; realty, edu biz perform: Info Edge

Hitesh Oberoi, CEO & MD, Info Edge explains on CNBC-TV18, post announcement of results, that the company is adequately cushioned by cash reserves of close to Rs 500 crore and hence there arose no need to raise funds. Oberoi adds that the company's realty arm 99acres.com and education portal Shiksha.com have performed well and are gaining considerable marketshare.

Below is an edited transcript of the interview on CNBC-TV18

Q: Why has income from operations fallen flat quarter-on-quarter- From Rs 107 crore it has gone down to Rs 106 crore?

A: The job market continues to be tight. So, collections from Naukri.com have been flattish year-on-year as well. Typically, the third quarter Q3 is seasonally a low period for us so I would not read too much into quarter-on-quarter growth.

Q: Which quarter has been your best?

A: We have begun to worry with Naukri .com posting no growth on a year-on-year basis. The pace of hiring is yet to pick up.

Q: It's almost a year now that revenues have been stagnating at Rs 107 crore. Apart from the impact of the macroeconomic slowdown, what you have done to improve your market-share?

A: Our market-share continues to be healthy at 61-62 percent of the market. In fact, our market share is actually at an-all time high. It is just that companies are not hiring as many as earlier. The attrition rate is down in many companies and that has begun to hurt our growth in terms of the top-line. The 99acres.com business continues to do well and still grows at about 55 percent year-on-year. The Shiksha.com arm also posted growth. But it is Naukri's falling corporate revenue that is starting to hurt right now.

Q: Are you seeing any turnaround at all?

A: Unfortunately, nothing at this moment. We don't expect Q4 to be any better. It could be a while before companies start hiring aggressively. I just hope that the worst is over.

Q: Do you see any turnaround in any of the investees? If the bread-and-butter business is a bit weak, can something be expected from the investees in the next two-to-three quarters?

A: The 99acres.com business is doing very well. It has posted 50-percent growth year-on-year for about 8-to-10 quarters now. The business is now close to breaking even has begun to acquire market share of a reasonable size. And that is something that we are very happy about. It's also big category.

The truth is that companies spend a lot more on real estate and advertising than on jobs. So in the long term, it's a great category to be in if leadership in this space can be sustained. The other verticals are growing at about 20-25 percent. But they are too small to make a big difference to either the top-line or the bottom-line at the moment.

Q: Would you be raising any capital? Any plans to otherwise trim business by decreasing finance cost?

A: We are a debt-free company and have close to Rs 500 crore of cash in the bank. We are utilising the slowdown to invest aggressively in our verticals. So we don't need to retire any debt or raise any funds at the moment.

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Kevin Bacon finds his TV niche in "The Following"

By Jill Serjeant

LOS ANGELES (Reuters) - Kevin Bacon is hardly the first movie star to make the leap to television. But his new show - serial killer thriller "The Following" - may qualify as one of the creepiest projects he has ever done.

Needless to say, Bacon - the charming teenager who turned a small American town on to dancing in "Footloose" in 1984 - plays the good guy in the new Fox television series premiering on Monday.

Well, sort of.

Bacon, 54, plays taciturn, vodka-swilling former FBI agent Ryan Hardy, called back from retirement to investigate charismatic murderer Joe Carroll (played by British actor James Purefoy), who inspires a cult following of copycat killers while behind bars.

But Bacon's character has plenty of his own flaws and finds himself seduced by Carroll's diabolical personality.

"I wanted my character to be complex and flawed. That's the kind of hero I like to play and I like to see," Bacon told reporters before the premiere.

"He gets strangely seduced by Joe, not sexually but in a friendship way. Joe sees into Ryan and is able to play him like a violin. My character is not an extremely well-read and educated man. He is not a people person, a charmer, a dynamic speaker and maybe not even someone you want to go have a beer with, and Joe Carroll is all these things.

"It's an exciting thing for an actor to be able to peel those layers back," he said.

GRAPHIC VIOLENCE, TENSE THRILLER

Part psychological thriller and part violent crime show with scenes in which a Carroll devotee stabs herself in the eyes and another sets herself on fire, "The Following" is one of the most anticipated new dramas on U.S. television.

Variety called it "a full-throttle ride that, four episodes in, proves twisty, unpredictable and tense." Entertainment Weekly described Bacon's Hardy as "a telltale heart-warmer of a guy who tries to come off as cold and aloof. He doesn't fool us for a moment, though, and that's why we end up caring about this screwed-up hero."

The show, on network television rather than cable, has also provoked unease because of its graphic violence.

"It's squeamish and it's not for the faint of heart. You have to kind of look away," admitted the show's creator, Kevin Williamson.

"But it's also the cat-and-mouse of it. ...On the one hand, I have this amazing do-gooder and I tried to pair him up with the most evil, crazed, brilliant psychopath that I could possibly come up with," Williamson added.

Bacon, whose 30-year career includes roles in "Mystic River," "Apollo 13" and "A Few Good Men," is the latest A-lister to move into a starring role in television after minor roles on the small screen as a young actor.

He joins the likes of Kathy Bates ("Harry's Law"), Laura Linney ("The Big C"), Dustin Hoffman ("Luck"), Kate Winslet ("Mildred Pierce"), Don Cheadle ("House of Lies") and Kevin Spacey, who stars in the upcoming Netflix drama "House of Cards."

Bacon said he had been looking around for a TV project for about three or four years, after admiring series like gritty police show "The Wire," post 9/11 thriller "Homeland," and dark drug drama "Breaking Bad."

He said he was also encouraged by the experience of his wife, Kyra Sedgwick, the star of the police series "The Closer," for which she won an Emmy in 2010.

"I was finding myself to be more and more of a TV consumer as the quality and writing of the shows seemed to get better and better. I find myself really knocked out by so many shows," he said.

"I found this to be such a page-turner ... and I felt like the continuing exploration of this guy and what is eating at him and what makes him tick would be interesting to explore from a character standpoint." (Editing by Peter Cooney)

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