CBI court allows Nusli Wadia to depose in murder case

The court had in 2003, charged Kirti Ambani and others for criminally conspiring to murder Nusli Wadia 1988-89.

More than two decades after a case was filed to investigate a conspiracy to murder  Bombay Dyeing group chairman Nusli Wadia, the CBI court has allowed Wadia to depose as a witness himself.

Nusli Wadia approached the CBI court to record his testimony after the case was fixed for arguments. After hearing the petition the court held that the evidence is relevant and essential for the just decision of the case.

Also read: Bombay Dyeing standalone Dec '13 sales at Rs 482.90 crore

The court had in 2003, charged Kirti Ambani and others for criminally conspiring to murder Nusli Wadia 1988-89. The court in its order allowed the application of Nusli Wadia. It said the prosecution is at the liberty to examine Nusli Wadia as prosecution witness and if the prosecution has no desire to do so, then the applicant will be examined as court witness.

Nusli Wadia is also directed to inform the court on May 26 the date in the month of June on which he will appear before the court.

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Sebi proposes new listing disclosure requirement norms

To enhance enforceability of various regulatory provisions by listed firms, Sebi today proposed a new set of rules that would require greater disclosures by the companies and give more powers to stock exchange to check any non-compliance. The proposed norms, to be called Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2014, would need to be followed by all listed companies, as also for listing of debentures, bonds and mutual funds on stock exchanges.

The final norms, which would be framed after taking into public comments, would replace the existing provisions for Listing Agreements that currently act as a contract between a stock exchange and the entity seeking to list on its platform.

The Securities and Exchange Board of India (Sebi) has sought public comments on the proposed norms by May 30. Detailing the proposed norms in a 74-page document today, Sebi has bought in provisions related to powers of bourses in case of non-compliance by listed entities, empowering bourses to impose penalties on entities for violations, listing and disclosure requirements for mutual funds, among others.

Also Read: Removing STT will reduce costs, help stock exchanges, says NSE

"The stock exchange shall, in case of non-compliance with provisions of these regulations, initiate appropriate action against the listed entity including levying of fines, suspension, freezing of promoter shareholding etc as specified by the Board through circulars or guidelines issued in this regard from time to time," the draft norms said.

"The stock exchange shall revoke suspension, unfreeze promoter shareholding etc of the listed entity in the manner as directed by the board from time to time," it added. The new rules would also include provisions related to the revised corporate governance framework such as requirement by companies to get shareholders' approval for related party transactions, setting up a whistle blower mechanism, elaborate disclosures on pay packages and requirement of at least one woman director on company boards.

The draft norms are also likely to include rules that would require entities to give prior intimidation about their fund raising events such as preferential issue and debt issue as well as file an annual information memorandum. Further, Sebi said that in order to ensure uniformity in disclosure norms, additional requirements have been made applicable to Small and Medium Enterprises (SMEs) as well.

These include related party disclosure and disclosure requirements while preparing the financial results, among others. "In order to ensure uniformity in disclosure requirements, the provisions of various clauses of equity listing agreement have also made applicable to SMEs," Sebi said. Moreover, the proposed rules may also be made applicable to non-convertible debt securities and non-convertible redeemable preference shares.

According to Sebi, "policy changes" are being proposed  separately with respect to financial results "by following a  consultative process". The same would be included in draft regulations once the process is completed. Meanwhile, Sebi said norms with respect to allotment, refund and payment of interest, book closure date, requirement of 1 percent security deposit, submitting multiple copies of documents to stock exchange, among others, may not be included in the new listing norms as they are either redundant or would be incorporated in separate set of regulations.

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USFDA, CDSCO join hands to hold workshops for pharma cos

The Indian drug industry has been on the wrong side of the USFDA in the recent past. While the FDA has increased its presence and vigilance in India, it is also engaging with the industry on training. In its first ever such engagement, the USFDA and the Indian drug regulator CDSCO have collaborated in association with the Indian Pharmaceutical Alliance for a series of workshops for the Indian drug industry, reports Archana Shukla.

Also Read: AstraZeneca to seek shareholder nod to delist shares

This is the first of four such workshops. It is focusing on the quality systems at drug firms. USFDA and CDSCO have collaborated to engage with the industry to help outline the framework of what really are the requirements of a regulator from drug manufacturers when it comes to quality of drugs.

This one is very important and interesting because this is the first such workshop that the USFDA is conducting for drugs. They have had similar engagements in China and Latin America but they have all focused on food. For drug quality compliance this is the first such workshop and is being conducted in India. It is also important because India is the second-largest exporter of generic drugs to the US market and in the coming times these numbers are only expected to go up.

Also in the backdrop of the recent regulatory action by the USFDA on Indian companies where companies like Ranbaxy , Wockhardt , Fresenius Kabi ,  Strides Arcolab have either had their facilities banned for supplies in the US market or have been served warning letters for non-compliance to GMP standards at their manufacturing or quality facilities.

These workshops also take forward the MoU that the USFDA commissioner Margaret Hamburg had signed with the Indian health ministry to engage and collaborate with the Indian regulator as well as the industry for quality systems and strengthening of quality systems.

The biggest key takeaway from Monday's workshop was the call for involvement of senior management in quality system. The Deputy Commissioner of the USFDA spoke about how the senior management is not only responsible for drafting policies but is also responsible for finding out the root cause of issues and for a faster resolution of these issues.

He also said, repeated cases of failure indicates that quality is not a priority of the senior management and called for a change in mindset and called for a change in the culture of the company.

Most of the issues in the recent past that the Indian companies have faced have been based on data integrity issues. Experts point out that data integrity issues can only be solved if the culture of the companies change. Hence the comment from the USFDA Deputy Commissioner fits very well in that regard.

Going forward, the USFDA is increasing its presence in countries like India, although they say that the number of domestic inspections as well as the inspections internationally would remain the same. However, the need for increasing inspector is also there with the increase in number of facilities in India.

Going forward these workshops would be taken to Goa, Ahmedabad and Chandigarh and would involve about 400 delegates that would participate in such workshops.

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Asian Paints closes Bhandup plant in Mumbai

The company had offered a voluntary retirement/separation scheme along with an alternate option of relocation to its other factories/establishments to all workmen of the Bhandup plant.

Asian Paints  today said it has closed down its oldest plant at Bhandup in Mumbai and all employees of the unit have either taken voluntary retirement or shifted to its some other plants. The Bhandup plant had started production in 1958 and had employee strength of over 100.

"The company has discontinued manufacturing activities at the plant with effect from May 5, 2014," Asian Paints said in a filing to the BSE. It further said that the company had offered a voluntary retirement/separation scheme along with an alternate option of relocation to its other factories/establishments to all workmen of the Bhandup plant.

Also Read: CIMB busts rural growth myth; sees FMCG revival in FY16

"All workmen have accepted either the Voluntary Retirement/Separation Scheme or relocation to another factory/establishment of the company," it added. The Bhandup plant had an installed capacity of 30,000 kl per annum. it was producing decorative paints. Asian Paints, which had acquired controlling stakes of its rival Berger Paints, has an installed capacity of 9,00,000 kl per annum. It has six other plants manufacturing decorative paints at Gujarat, Andhra Pradesh, Uttar Pradesh, Tamil Nadu, Haryana and Maharashtra.

It also manufactures industrial paints at Sarigam at Gujarat and Taloja at Maharashtra. It has two other plants at Tamil Nadu and Gujarat manufacturing chemicals. Established in 1942, Asian Paints is among the leading paints company in India. It operates in 17 countries and has 25 paint manufacturing facilities in the world servicing consumers in over 65 countries.

Asian Paints stock price

On May 05, 2014, Asian Paints closed at Rs 518.50, up Rs 8.90, or 1.75 percent. The 52-week high of the share was Rs 560.00 and the 52-week low was Rs 376.35.

The company's trailing 12-month (TTM) EPS was at Rs 11.90 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 43.57. The latest book value of the company is Rs 31.51 per share. At current value, the price-to-book value of the company is 16.46.

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Pantaloons Q4 loss at Rs 70.75cr

For the financial year 2013-14, Pantaloons' net loss increased to Rs 187.73 crore. It was Rs 68.89 crore in 2012-13 fiscal.

Aditya-Birla group firm  Pantaloons Fashion & Retail Ltd has registered net loss of Rs 70.75 crore in the fourth quarter ended on March 31, 2014. It had reported net loss of Rs 59.52 crore in the January-March quarter of 2012-13 fiscal, the company said in a filing to the BSE.

Pantaloons' Q4 net sales also declined to Rs 400.61 crore as against Rs 392.66 crore in the same quarter a year ago. For the financial year 2013-14, Pantaloons' net loss increased to Rs 187.73 crore. It was Rs 68.89 crore in 2012-13 fiscal.

However, Pantaloons' net sales increased to Rs 1,628.62 crore last fiscal from Rs 1,256.72 crore in 2012-13. "The figures of March 31 includes figures of the demerged undertaking which has been transferred to the company with effect from July 1, 2012 and therefore to that extent not comparable with the figures of March 31, 2014 year end," the company said.

In 2012, Aditya Birla Nuvo Ltd had entered into a pact with the Future Group to infuse Rs 1,600 crore into 'Pantaloons' and acquire a majority stake in the store chain. Pantaloons scrip closed at Rs 134.60 on the BSE, down 0.33 percent from its previous close.

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Credit Analysis Research gets nod to up FII stake limit

FII shareholding in the company was 15.66 percent as of March 31, 2014, according to the BSE data.

The Reserve Bank has allowed  Credit Analysis & Research to increase FII shareholding limit up to 74 percent of the paid up capital of the company. "... Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 74 percent of the paid up capital of Credit Analysis & Research Limited under the Portfolio Investment Scheme (PIS)," RBI said in a release.

The company has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs), the release said.

Also Read: Bajaj Holdings and Investment cuts 1.2% stake in CARE

FII shareholding in the company was 15.66 percent as of March 31, 2014, according to the BSE data. In a separate note, RBI said that it has removed City Union Bank from its ban list allowing it to raise the FII limit up to 35 percent of its paid up capital as the foreign shareholding limit had gone below threshold level. "It is also advised that for FII or Registered Foreign Portfolio Investor (RFPI) or Qualified Foreign Investors (QFI) and NRI under PIS, individual ceiling shall be 5 percent respectively and aggregate limit for all RFPI/FII/QFI shall be 35 percent.

"... City Union Bank will have to monitor individual limits of FII/FPI/QFI & NRI and also ensure that at no time its total foreign investment (direct as well as indirect) exceeds 49 percent, beyond which, it should seek prior FIPB
approval," RBI added.

CARE stock price

On May 05, 2014, Credit Analysis and Research closed at Rs 804.95, up Rs 6.05, or 0.76 percent. The 52-week high of the share was Rs 874.90 and the 52-week low was Rs 415.05.

The company's trailing 12-month (TTM) EPS was at Rs 42.41 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 18.98. The latest book value of the company is Rs 146.33 per share. At current value, the price-to-book value of the company is 5.50.

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Top Ten Hottest places in India

According to the latest weather update by Skymet Meteorology Division in India, Rentachintala in Andhra Pradesh was the hottest place in the country on Sunday. Malegaon and Jalgaon in Maharashtra remained on second and third spot in the list of top ten hottest places in India on Sunday. Here are some of the other hottest places on Sunday and their forecast for Monday.

Places State Maximum temperature on Sunday Forecast trend for Monday Rentachintala Andhra Pradesh 44.6°C Same Malegaon Maharashtra 43.2°C Same Jalgaon Maharashtra 43°C Same Sawai Madhopur Rajasthan 42.7°C Drop Amravati Maharashtra 42.4°C Same Durg Chhattisgarh 42.4°C Drop Amritsar Punjab 42.4°C Drop Hanamkonda Andhra Pradesh 42.1°C Same Bhira Maharashtra 42°C Same Daltonganj Jharkhand 41.6°C Drop  

Photograph by Luca Galuzzi

By: Skymetweather.com

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Care warns of rising bank credit to realty, MSME sectors

Stating that industrial slowdown has forced banks to lend to riskier sectors like realty and small businesses, Care Ratings today called for a closer monitoring of such loans to avoid problems in the future.

Stating that industrial slowdown has forced banks to lend to riskier sectors like realty and small businesses, Care Ratings today called for a closer monitoring of such loans to avoid problems in the future.

"Credit growth in FY14 has been directed more towards the non-industry segment indicating both low growth as well as an element of diversification by banks given the state of industry," it said.

As a note of caution, the report added the exposure to property-related loans has gone up, "Which should be monitored by banks given the sensitive nature of this sector."

Also read: Yacht parties, politicos, flawed rules behind bank NPA woes

It said housing loans increased faster than the systemic growth rate of 14 percent, at 18.4 percent, while the same for commercial real estate was up 22.4 percent.

Additionally, the report said the higher loan growth to MSMEs is also a matter of concern.

"The higher growth in credit to MSMEs once again highlights the vulnerability of these loans at a time when the industry has not been faring well for the second successive year," it said.

Loans to MSMEs as a category grew 23.7 percent during the bygone fiscal, it added.

Care noted that at 13.5 percent, agriculture and allied activities have also achieved a better performance.

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BSE, NSE to move 72 stocks to restricted trade from May 9

"Members are requested to take adequate precaution while trading in the above securities, as the settlement will be done on trade-to-trade basis and no netting off will be allowed," the exchanges said.

Leading stock exchanges BSE and NSE have decided to shift from May 9 the scrips of 72 firms including  Cinevista and  Titagarh Wagons to the restricted trading segment as part of surveillance review. While BSE will transfer 52 securities to the trade-for-trade category or 'T' Group, NSE will shift 20 scrips.

Uniphos Enterprises ,  Orient Paper & Industries and  Future Market Networks are some of the other stocks that will be shifted to the 'T' group category on both the bourses. According to the stock exchanges, the move is part of a surveillance review and to ensure market safety and safeguard the interest of investors.

"Members are requested to take adequate precaution while trading in the above securities, as the settlement will be done on trade-to-trade basis and no netting off will be allowed," the exchanges said. They added however that the move "is purely on account of market surveillance and it should not be construed as an adverse action against the concerned company".

These stocks will attract a circuit filter of up to 5 percent which would be the maximum permissible limit within which the share price can move. Moreover, NSE said that as many as 263 securities including  Kingfisher Airlines and  Jubilant Industries will continue to trade under 'T' Group category.

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Nifty may see 5800-6100 if NDA gets sub 220-230 seats: UBS

The first and best scenario is a number closer to the 272 mark or more which would mean a majority for the Modi led government. According to UBS, this could lead to near-term euphoria with the Nifty rallying upto 7800.

Low volumes and range-bound trade seems to be the market mood these days. But all that could change post May 16 - the day the election results are announced.

Dalal Street's recent surge to all-time highs has more-often-than-not been credited to the "Modi wave". And while many quarters have more or less factored in a BJP led NDA victory this election, market men though are keenly watching just how many seats a Modi- led BJP / NDA can garner.

UBS, for example, in its latest India strategy report has charted out possible scenarios based on their interaction with investors.

The first and best scenario is a number closer to the 272 mark or more which would mean a majority for the Modi led government. According to UBS, this could lead to near-term euphoria with the Nifty rallying upto 7800.

Also Read: How can Modi as PM transform Indian PSU banks?

The scenario on the opposite end of the spectrum will be a number below 220-230 for the NDA. This according to UBS may be taken negatively in the short term resulting in the Nifty correcting to levels of 5,800-6,100.

An in-between outcome, UBS says will be anything 230 and 272 seats for the NDA which will throw up uncertainty for the markets. In such a case, markets will not be moving as sharply as other two scenarios immediately till clarity emerges on the shape and stability of the new government.

While the short term moves for the Nifty will be based on seats, UBS believes the direction Dalal Street will take for the long term eventually boils down to the fundamentals, policy making and execution strategy of the new government that comes to power.

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