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Top stories this week… - Views on News from Equitymaster
 
 
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  • Jun 16, 2001

    Top stories this week…

    Freeing regulations…
    The government has decided to lower the minimum-listing requirement for all corporates from 25 percent to 10 percent. However, a minimum 2 million securities has to be compulsorily offered to the public with the minimum offer value of Rs 1 billion (US$ 21 million). This is expected to facilitate many corporates to opt for initial public offering, which has been languishing in light of a lackluster secondary markets. Read more…

    Voltas ropes in Fedders…
    Voltas Limited, the domestic air conditioners major, has formed an equal "manufacturing only" joint venture with Fedders Corporation of US. Towards this, the Tata Company has plans to hive-off its Dadra plant to the joint venture, which will be its equity contribution. Fedders, on the other hand, will bring its 50 percent equity in the form of cash. Voltas will retain the marketing and distribution rights. Read more…

    Expanding horizon…
    Asian Paints, the market leader in the Indian paint segment, has entered into an agreement with Confidence Cement of Bangladesh to set up a green field paint-manufacturing unit in Bangladesh. The proposed unit will have a capacity of 2,500 tonnes per annum and the estimated capital expenditure is around Rs 120 million (US$ 2.6 million). The unit is expected to commence production early next year. Read more…

    Deregulating markets…
    The draft pharmaceutical policy has recommended price control on bulk drugs with a turnover of over Rs 200 million (US$ 4.2 million) and 50 percent market share. Though the limit has been raised from Rs 40 million (US$ 6.4 million), the industry is of the opinion that the limit needs to be raised further, preferably Rs 300 million (US$ 6.3 million) and above. It has also proposed for a 15-year exemption from price control for indigenously developed drugs. Read more…

    Jet wants to go public…
    Jet Airways, India’s largest private airlines, is planning a private placement followed by an initial public offer (IPO). The company is 100 percent owned by Tailwinds, which in turn is owned fully by the airline owner Naresh Goyal. The airline currently commands almost 40 percent market share in the domestic market with a fleet size of 33 aircrafts. It has plans to augment its fleet to 41 by the fiscal year 2003. The company’s turnover for 2000 was about Rs 20 billion (US$ 426 million). Read more…

    Will it sustain?
    The consumer durable industry has finally something to look up to. The latest ORG-MARG figures suggest that colour television (CTV) sales have posted a 4 percent growth over the corresponding period of the previous year. The industry has sold a total of 1.64 million units during fiscal 2001 as against 1.58 million sets last year. The major gainer is Samsung, which has managed to increase its market share from 6.7 percent to 8.3 percent in April 2001. Read more…

    Opportunistic Britannia…
    Britannia Industries, the domestic food major, has announced its buy-back plans. The buyback is at a price not exceeding Rs 750 (US$ 16) per share. It plans to buyback upto a maximum of 1 million equity shares, at an outflow of not more than Rs 550 million (US$ 12 million). The maximum buyback price (Rs 750) is at a 15 percent premium to the prevailing market price. Britannia’s earning per share will improve from Rs 21 (US$ 0.4) to Rs 22 per share (US$ 0.4) in 2001. Read more…

    Telco ‘beats’ expectations…
    Tata Engineering (Telco), has reported a net loss of Rs 5 billion (US$ 106 million) for the fiscal year 2001 on the back of dismal volume growth, lower margins as well as higher amortisation costs of product development on its car project. The company's sales fell by 8 percent to Rs 81 billion (US$ 1.7 billion) for 2001. Telco's operating margins for 2001 declined to 5.3 percent, a drop of 170 basis points on account of lower volumes and higher costs for meeting emission norms. Through extensive efforts the company has managed to curtail its expenditure by around Rs 2.6 billion (US$ 55 million) in 2001. Read more…

    The crude effect…
    Indian Oil Corporation (IOC) has reported a sales growth of 24 percent to Rs 1,183 billion (US$ 25 billion) for the fiscal year 2001. The growth in sales is impressive considering the large base it operates from. Purchase of products and crude for resale grew by 19 percent. A 43 percent rise in raw material expenses has put pressure on operating margins of the company, which have fallen by 170 basis points to 4 percent. Read more…

     

     

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