Thursday, 31 October 2013

Bharti Infratel Q2 net up 12%

Telecom tower company Bharti Infratel, on Monday, reported a 12% rise in quarterly profit at Rs 277 crore on increase in sales from leasing mobile towers to service providers. In the corresponding quarter (July-September) last fiscal year, the company reported a profit of Rs 248 crore.
 
 
Bharti Infratel, which is majority owned by Bharti Airtel, reported revenue for the quarter at Rs 2,684 crore, a 5% increase as compared to Rs 2,556 crore for the same period last year, the company said in a statement.
 
“With regulatory environment in telecom sector showing signs of stabilizing and data revenues witnessing strong growth, the operators have started focusing on faster roll out of 3G networks. We expect this momentum to increase in coming quarters,” Bharti Infratel vice chairman and MD Akhil Gupta said.
 
Bharti Infratel’s business model remains robust and demonstrates significant incremental financial gains from increased sharing of its infrastructure, he added. 
 
At the end of September 30, 2013, the company had 82,476 towers. The average tenancy increased to 1.93 during the quarter from 1.91 in the same period last year.
 
Bharti Infratel also has a 42% stake in Indus Towers, which has maximum number of telecom tower in the world.
 

Wednesday, 23 October 2013

Catholic Syrian Bank gets shareholders' nod for IPO

Thrissur based Catholic Syrian Bank (CSB) received shareholders nod for Initial Public offering (IPO) of shares.

The Annual General Meeting of the Bank, held on Monday  approved the special resolution seeking approval for the IPO. The general meeting has declared a dividend of 15% to the shareholders.

S Santhanakrishnan, chairman of the bank said that since implementation of Basel III regime and the transitional arrangement for the same has come into vogue, the bank is in the process for raising capital through preferential allotment basis subject to the regulatory approval.

Bank’s Initial Public Offering of shares follows after completion of the preferential allotment of shares, he added. The current capital adequacy ratio of the bank is 12.29%.

CSB is the only Kerala based bank which had not gone for public issue so far. All other banks, Federal Bank, South Indian Bank (SIB) and Dhanlaxmi Bank had made public, years back.

For the public issue, the decision is to authorise the board to make further issue of capital to the extent of shares remaining in the bank’s authorised capital. The unissued shares add up to a little more than 5.8 crore of Rs 10 each.

CSB had received the in-principle clearance for tapping the market in 2012 May. The AGM re-elected S.Ramakrishnan, Bobby Jose and K.Subramanya Sarma and M.Madhavan Nambiar to the board.

In this April, NRI businessman M A Yusuf Ali has cornered 4.99% shares of the 93-year-old bank in which the Catholic Church of Kerala, especially Thrissur Arch diocese, has a big say.Yusuf Ali who runs Lulu Hyper Marts across the Gulf countries and owns the largest shopping mall in South India, is eyeing another three% stake in the bank.



Sandip Ginodia
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Hyderabad metro contract is largest for Otis

The Rs 400-crore contract signed by Otis Elevator Company (India) Limited with L&T Metro Rail (Hyderabad) Limited this year is the largest-ever to be bagged by any elevator company in the country, according Goldie Srivastava, communication director of United Technologies Corporation India Limited (UTC). Otis is a UTC company.

The contract is for supply of 670 elevators and escalators, which will be installed in over 66 stations, workshops and other buildings to be built by L&T Metro Rail. Otis will also maintain the units for 10 years after the two-year warranty period.

As far as Otis is concerned, this is the largest contract it has bagged world-wide so far for supply of elevators. The next biggest contract it had won was from Hangzhou metro line 2 in China in 2012 for installation of 349 elevators. It was the second time that the Hangzhou Metro Group had chosen Otis, after the installation of 264 elevators for metro line 1.

Otis has the distinction of supplying elevators to mass rapid transit lines in different countries, including Malaysia, Taiwan and Singapore. In India, it had also won a contract to supply 222 escalators to the Delhi Metro Rail Corporation Phase-III project.

Stage I of Rs 14,132-crore Hyderabad Metro Rail Limited (HMR), comprising a stretch of 8 kilometre, is expected to be opened for public on Ugadi, the Telugu new year day, in 2015. The construction of the 72-km project, comprising three corridors, is being taken up in six stages. Stage I is from Nagole to Mettuguda and Stage II is from Miyapur to Sanjeevareddy Nagar, a stretch of 11 km.



Sandip Ginodia
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Sistema Shyam rolls out 3G plus telecom network

 Sistema Shyam Teleservices(SSTL), controlled by Russian conglomerate Sistema, today announced the commercial roll-out of '3G Plus' telecom network across all its circles. 

The network is used to offer high speed data services. The company, which operates underMTS brand name, also launched a hi-tech dongle priced at Rs 1,299, that provides data speeds of up to 9.8 Mbps. 

The company had recently got the third carrier or slot in the 800 Mhz spectrum band from theDepartment of Telecom (DoT) allowing it to launch third generation plus services. The telecom operator had won three slots of 1.25 Mhz each in 800 MHz band, used for providing CDMA services, for eight circles in the March auction for Rs 3,639 crore. 

The 3G Plus telecom network is based on Evolution-Data Optimized (EV-DO) Rev. B Phase II technology. 

"The roll out is all set to make MTS India the first telecom operator in India to provide ubiquitous 3G plus network coverage across all its nine circles of operations," MTS India CEO Dmitry Shukov told reporters here. 



Sandip Ginodia
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Tuesday, 22 October 2013

Steel Minister Receives Dividend Cheque from MSTC Limited

Union Minister of Steel Beni Prasad Verma was handed over a dividend cheque of Rs. 23.72 Crore for the financial year 2012-13 by the CMD of MSTC, Shri S. K. Tripathi here today.   The Minister expressed his happiness over the company’s increasing profits and turnover. Shri Verma exhorted MSTC to diversify into e-auction of various other articles so as to establish a firmer market presence.   In the Annual General Meeting held on 27th September 2013, MSTC’s dividend was declared at 300% of the paid up equity capital for the financial year 2012-13.   MSTC registered a record Profit before Tax (PBT) of Rs.193 Crore during the financial year 2012-13, which is about 10% more than the previous year. The total volume of business during the year was Rs.25, 506 Crore. The company registered an increase in the company’s reserve by around 16%.   The Secretary, Ministry of Steel Shri G. Mohan Kumar was also present on the occasion.


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Gujarat workers will walk off the job tonight if not paid


Hundreds of Gujarat NRE Coking Coal workers will walk off the job tonight if they do not receive a guarantee of at least one week's wages from the company.
Late yesterday, CFMEU southwestern district vice president Bob Timbs said he had still not heard from Jindal representatives, who are effectively operating the Illawarra company following a shareholders meeting that gave them the chance to acquire majority control.Construction, Forestry, Mining and Energy Union (CFMEU) members voted on Friday to withdraw labour from the Wongawilli and Russell Vale mines if news of their long-overdue payment was not forthcoming by midnight today.
Mr Timbs was hopeful a deal could be reached by today.
However, there is a chance workers could still be left begging because Gujarat owes in excess of $8 million to the Australian Taxation Office, which has put a garnishee order on the company's bank accounts.
Unless the order is lifted, payments made to workers could go directly to the ATO.
"I'm yet to be formally briefed, but am hopeful that some sanity will come out of the ATO," he said.
"If that fails, I hope the company will put money into [the CFMEU's] hardship fund - which we used to pay workers a couple of weeks ago."
Some of the region's suppliers have also spoken out, as their weeks without pay from Gujarat NRE also drag on.
One manager, who did not wish to be named, said his small business was owed nearly $100,000 by the company and had not received payment for several months.
"There's a lot of suppliers, small and large, who are in the same position as the workers," he said.
"Anecdotally, I think there would be about the same amount of people in those companies as there is working at the pit."
Like the workers, the manager said most suppliers had no choice but to "wait and see" while Jindal and Gujarat management worked to sort out the details of their $68 million deal, which will free up about $18.7 million.

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JSPL buys majority stake in Gujarat NRE Coke


Jindal Steel and Power Ltd (JSPL) has acquired a majority stake in Gujarat NRE Coking Coal, the Australian subsidiary of Kolkata-based Gujarat NRE Coke, which would enable it to secure resource supply and minimise risk in prices.
The deal will enable JSPL acquire a majority stake of 53.63 per cent in Gujarat NRE Coke's Australian subsidiary through a deal that involves issue of convertible notes, placement of shares and option to acquire shares at a later stage.
The deal was cleared by shareholders of Gujarat NRE Coking Coal in a general body meeting in New South Wales.
"The deal with Gujarat NRE will give us an assurance in supply and price stability, which is why we are exploring opportunities outside India, as there is a shortage of resources in the domestic market," said Ravi Uppal, MD and CEO, JSPL.

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