Abhishek Securities

A consortium of 15 lenders led by State Bank of India (SBI) will likely add to its exposure to the highly-leveraged Essar Steel India, lending it an additional Rs 6,000 crore. Essar Steel, promoted by the Ruias, has already borrowed close to R30,000 crore. Essar group, in turn, will bring in Rs 2,000 crore by way of promoters’ contribution. Of the R6,000 crore, the company will use around R2,000-2,500 crore to repay group companies from whom it borrowed to pay banks. Bankers defend the fresh exposure saying without this, Essar Steel would end up in the corporate debt restructuring (CDR) cell. They point out that although the company has not defaulted, it might have trouble servicing its debt. “It’s better to give them the additional amount than restructuring the account since that would mean taking a hit on the interest,” a senior banker explained. The banks plan to take this fresh exposure to the steel company at an interest rate of 12.50%. A restructuring allows the bo...

The Indian Credit Rating Agency says that the risk management and the desire to scale up business volume are the key factors to rate Ratnakar Bank ,in the future. Recently, the CRA affirmed the A1+ rating to the Ratnakar Bank , a Kolhapur based money lender, for the certificates of deposit plan, which is 1000 crore Rupees. In addition, the credit rating agency assigned an MAA rating, for the sustained outlook for the FD program. Very recently, the Ratnakar Bank has signed an agreement with the Royal Bank of Scotland and the bank is to take over some of the portfolios as well businesses of the bank’s Indian branches. In recent years, the Ratnakar bank is able to maintain its asset quality. The banking is seriously working to reduce the slippage and to recover the sanctioned loans on time and to improve its balance sheet growth. Right now, the bank is performing well and looking for further development, according to the Indian Credit Rating Agency. At present, the Non Pe...

Merger talks between Tata Teleservices and Russia's Sistema have advanced substantially, with negotiations centered on a deal that transfers NTT DoCoMo's stake as well as part of the Tata Group's holding to Sistema, giving it a substantial shareholding. The two companies have appointed bankers Rothschild for Sistema, which operates under the MTS brand, and Standard Chartered Bank for the Tata Group. Japan's NTT DoCoMo had bought 26% stake in Tata Teleservices in November 2008 for around 13,000 crore, valuing the company at over Rs 50,000 crore (over $8 billion).

Low cost carrier AirAsia plans to start its India operations in September with two aircraft. AirAsia India, a joint venture between AirAsia, Tata Sons and Telstra Tradeplace, kicked off the hiring process for cabin crew at Chennai today. The airline plans to hire about 100 cabin crew. AirAsia’s COO Bo Lingam, who is leading a 14-member team in Chennai to hire candidates, said, “The way things are going, it looks like in September we will be launching our operations, provided we get all the regulatory approvals.” He added that there is scope for more airlines to enter the aviation industry, considering the population is high. The airline’s promoter Tony Fernandes is expected to visit India in June, added Lingam. It may be noted that AirAsia is the first overseas airline to form a joint venture in India after the government changed the foreign direct investment policy to attract foreign participation. The airline, which started walk-in interview at 9 AM today, screene...

IT major Tata Consultancy Services (TCS) today said one of its promoter has released 1.7 crore pledged shares of the firm. In a filing to the BSE , TCS said its promoter Tata Sons Ltd released a total of 1,73,50,000 shares of the company on April 8 and April 12. Sandip Ginodia A BHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit : www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail.com For more info and regular updates about unlisted shares and the stock market : Follow our blog :  www.abhisheksecurities.blogspot.in  . Visit :  www.abhisheksecurities.com  . Like us on facebook :  www.facebook.com/abhisheksecurities1  

Private steel maker Essar Steel is planning to refinance its entire domestic debt of around Rs 20,000 crore into dollar terms by September with a view to reduce interest costs, which in turn will help it to improve the margins, a top company official said. "The focus today is to reduce our interest costs for which we are actively looking at dollarising our debt... Latest by August-September, we would like to dollarise all our debt," Essar Steel Managing Director and Chief Executive Dilip Oomen told reporters on sidelines of India Steel-2013 Summit organised by Ficci here. Sandip Ginodia A BHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit : www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail.com For more info and regular updates about unlisted shares and the stock market : Follow our blog :  www.abhisheksecurities.blogspot.in  . V...

Private sector lender Ratnakar Bank has completed its second round of capital infusion of Rs 324 crore by issuing 3 crore new shares to domestic and global investors. The bank had last raised capital in January 2011. With the latest round of funding, the bank has raised total equity capital of Rs 1,100 crore in two years, the bank said in a statement. Investors in this round of capital raising are International Finance Corporation, a member of the World Bank Group, Aditya Birla Private Equity, ICICI’s Emerging India Fund, IDFC S.P.I.C.E. Fund and Ascent Capital. Additionally, Faering Capital, an existing investor in the Maharashtra-headquartered bank too participated in the second round. Vishwavir Ahuja, Managing Director and CEO, Ratnakar Bank said, “This equity raising has significantly strengthened the financial foundation of the bank and will allow us to continue our investments in new products, branches, technology etc to meet customer requirements.”  ...

Essar Steel India Limited has appointed Mr. AshutoshAgarwala as Director-Finance & chief financial officer (CFO). Mr Agarwala joins Essar Steel from Jindal Steel & Power Limited ( JSPL ), where he held the position of Chief Financial Officer & Director Finance, for the Steel and Cement business. A chemical engineer from the Institute of Technology-Benaras Hindu University, Mr Agarwala is also a post-graduate in Management from the Indian Institute of Management, Bangalore (IIM-B) with specialization in Finance & Strategy with more than 24 years of experience in the fields of finance, strategy, and mergers & acquisitions.    Sandip Ginodia A BHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit : www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail.com For more info and regular updates about unlisted shares and the stock...

The private sector lender,  Catholic Syrian Bank  has appointed Mr. Rakesh Bhatia as new Managing Director and Chief Executive Officer. Mr. Bhatia was previously the Global Head of HSBC Bank's Trade and Receivables Finance Division. He is a Post Graduate in Business Management from Indian Institute of Management, Ahmedabad. The new MD has over 26 years of experience in the field of banking and had been involved in areas of commercial, investment and branch banking with HSBC in India as well in countries such as Bahrain, UK, Hong Kong, Singapore and Indonesia. A statement issued by the bank said that his experience in international banking and excellent leadership qualities would usher Catholic Syrian Bank into a new era of growth.   Sandip Ginodia A BHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit : www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodi...

Titan Industries today said one of its promoter firms Tata Sons has acquired an additional 4.37 per cent stake in the company from another promoter entity Kalimati Investment for Rs 979.21 crore. In a filing to the BSE, Titan Industries said Kalimati Investment Company transferred 3,87,80,000 equity shares in the firm to Tata Sons today. The transferred shares represent 4.37 per cent stake in Titan Industries, it added. Tata Sons purchased these shares for Rs 979.21 crore, the filing said. Post this transaction, Tata Sons' holding in the company increased to 15.22 per cent, while that of Kalimati Investment Company went down to 4.37 per cent. Shares of Titan Industries today closed trading 1.91 per cent up at 256.50 apiece on BSE.

C ountry's largest telecom operator Bharti Airtel   gained more than 3 percent on Tuesday after its subsidiary Bharti Airtel International (Netherlands) BV raised USD 500 million notes (additional notes). The company says it is in addition to the recently concluded transaction of USD 1,000 million 5.125 percent fixed rate senior unsecured guaranteed notes due 2023. Additional notes issued at a premium and priced at 100.625 percent to yield 5.044 percent will be consolidated and formed in a single series along with the USD 1,000 million 5.125 percent guaranteed senior notes issued on March 11, 2013. This is the largest ever telecom transaction out of Asia ex-Japan. "High participation by fund managers for an Indian Issuance and real money investor participation of 77% demonstrates the superior quality of the order book and the confidence the global investors have in the fundamentals and credit of the company," Harjeet Kohli, group treasurer of Bharti...

The Supreme Court today cleared the way for Sistema Shyam Teleservices (SSTL) to provide its services in eight telecom circles in which it was the lone bidder for the 800 MHz spectrum. "The applicant (SSTL) is entitled to continue services in eight circles," a bench comprising justices G S Singhvi and K S Radhakrishnan said. SSTL's counsel Vikas Singh said there was no other bidder for the CDMA service and the company participated in the second round of fresh auction after the Department of Telecommunication reduced the reserved price. Senior advocate P P Rao also informed the court that the auction has concluded and SSTL made the bid for eight circles and there was no competition. Sistema Shyam (SSTL) was the lone bidder in today's auction and it bid Rs 3,639 crore for eight circles in the 800 MHz spectrum range. The auction for 2G spectrum for GSM players held in November last year had fetched the government Rs 9,407 crore. SSTL said it won spectrum...

Odisha may miss April deadline to conduct iron ore e-auction on behalf of miners of the state as the  steel and mines ministry is undecided over the issue. The online auction conducting agency MSTC Ltd said it is ready with all necessary infrastructure and is awaiting the government nod. "As of now we have all necessary infrastructure ready to conduct the e-auction via our Kolkata office. We are awaiting government order to go ahead,” said an official of MSTC. In November last year , the state government decided to sell entire iron ore and manganese ore  produced in the state through online auction route by April 2013 by employing state-run miner Odisha Mining Corporation (OMC) as the canalizing agent in order to address the issue of raw material supply problems for domestic steel units. It has even constituted a committee comprising of cabinet ministers and headed by finance minister  to chalk out the modalities of the trading. The committee, whose te...

Tata Technologies has announced that it has setup its new Innovation Center in Troy, Michigan. The centre will leverage the local R&D talent pool to provide design and consulting services for automotive companies globally.  The 10,000 square feet facility will initially staff 60 engineering professionals and the company plans to increase the headcount to 100 by end of this year (December 2013). This compliments the Novi, Michigan NA headquarters and brings the total NA employee strength to 700+. The new Engineering and Innovation Center will be the North American home to the Tata Technologies Vehicle Programs Development (VPD) Group, headed by Mr. Kevin Fisher, President – VPD. The VPD Group is responsible for the development of the landmark eMO (Electric Mobility) EV study released at the 2012 North American International Auto Show in Detroit. The VPD Group currently supports automotive OEMs worldwide from its CoEs in Detroit, Coventry (UK), Pune (India), a...

Determined to ensure its on-going $1.9 billion fertiliser plant in Edo state is of world-class standard, the Dangote Group has appointed TATA Consulting Engineering as its management consultants for the project. The appointment of TATA came after the Pan-African Conglomerate signed the contract for the construction of the largest fertiliser plant in Africa with Saipem. President of Dangote Group, Aliko Dangote, while speaking on the partnership deal, said his company was poised to putting a place a global standard fertiliser plant which will help revolutionise agriculture in the country and Africa as a whole, adding that this informed his choice of renowned partners in the construction of the plant. According to him, the plant with a production capacity of 2,200 metric tonnes per day (MTPD) of Ammonia and 7,700 MTPD of granulated Urea (two 3,850 MTPD-capacity trains), will be the largest fertiliser plant in Nigeria, Africa. “Our ultimate goal is to build a worl...

  Temasek Holdings , Singapore's state-owned investment company, has invested Rs 140 crore in Bangalore-headquartered   cancer   care provider   HealthCare Global Enterprises   (HCG). The deal, which closed this week, values the company around Rs 1,000 crore, with HCG's founder and chairman BS Ajaikumar retaining a 26-28% stake, according to a person with direct knowledge of the deal. Temasek joins existing investors Premji Invest, an investment entity owned by Wipro chairman   Azim Premji , and Milestone Religare in a primary equity issuance by the company. "We are pleased to invest in this firm which has redefined cancer care in India," said Rohit Sipahimalani, who heads the India practice for Temasek. The investment firm's $157-billion portfolio counts   Bank of China , telecom firm Airtel and Singapore Airlines among its major companies. Temasek's investment in HCG has also paved the way for Dubai-based alternative investment house Evolve...

The Department of Telecommunications (DoT) has slapped a penalty of R s. 350 crore on Bharti Airtel for not stopping third-generation (3G) mobile data services through roaming pacts outside its licensed zones in seven circles. It has also asked the telco to stop 3G roaming services outside its licensed zones immediately. The DoT, in a notice, has also asked Bharti to file a compliance report within three days. Last year, the DoT sent show-cause notices to Airtel, Vodafone and Idea Cellular among others, asking them to stop providing 3G mobile data services through roaming pacts outside their licensed zones as it deemed the pacts "illegal". The government sold 3G airwaves in an auction in 2010 that attracted much higher bids than expected, and no single company managed to get spectrum for all of the country's 22 zones. The government passed an order, asking telecom companies to stop offering 3G services beyond their licensed circles or zones under m...

Thrissur-based Catholic Syrian Bank (CSB) is planning to double its business and increase net worth to Rs 1,100 crore from Rs 600 crore, said S Santhanakrishnan, its chairman. "We will be raising the net worth to Rs 1,100 crore with our initial public offering (IPO), rights issue and private placement," said Santhanakrishnan. On March 7, the bank has opened the rights issue to raise Rs 78.4 crore. "The rights issue will not only be fully subscribed, but will be over-subscribed," he noted. In addition, the bank will raise Rs 250 crore via private placement and Rs 500 crore via IPO. The bank's total business is expected to touch Rs 40,000 crore within a couple of years. CSB also intends to increase the number of branches from the current 390 to 500 within a few years' time. "We might need 1,000 young staff during the period, of which 500 will be hired immediately," Santhanakrishnan said. But, Santhanakrishnan is taking a very ...

Tata Power BSE 2.28 % is scouting for partners to pursue opportunities in the area of fuel cell technologies, as part of efforts to strengthen its presence in clean energy space. Fuel cells run on variety of fuels such as hydrogen, methanol and ethanol, and are also seen as a replacement for diesel generator sets. Tata Power, which has an installed generation capacity of about 8,500 MW, including 852 MW from renewable energy sources, said it is actively looking for fuel cell technology partners to pursue opportunities in the Indian market. " Tata Power is working on putting together a workable business model in place to seek technology partners for fuel cells," it said in a statement. These cells are considered as highly efficient and a good source of clean energy. According to the company, using hydrogen directly for fuel cells is a challenge since it involves cost and safety issues, among others. Besides, the company is evaluating new technology for f...

Tata Capital, the financial services provider from Tata Sons, is currently on the lookout for a media agency. The process began a couple of weeks ago and is taking place in Mumbai. The Lintas Media Group has handled the media duties for the brand since 2008. Leo Burnett is the creative agency on the account. The agency's latest work for the house loans arm of the company includes the print campaign, 'Kyunki yaadein ghar nahin badla karti', launched in December, 2012. Earlier, the company released a campaign in 2011, which conveyed the message that with Tata Capital's Home Loans, one can begin to feel the joy of owning a home. Another campaign for the brand came out in December, 2011, which asserted that 'We only do what's right for you' or 'Kare Vahi Jo Aapke Liye Sahi'. Launched in 2007, the brand is considered nascent in the category. The different financial services offered by the company include commercial finance, ...