LafargeHolcim receives revised divestment order from India

first_imgLafargeHolcim has received a revised order from the Competition Commission of India (CCI) to divest its interest in Lafarge India, including three cement plants and two grinding stations with total annual capacity of 11 million tons, it said.”The proposed transaction is an alternate remedy for the merger of the group’s legacy companies and now forms part of the company’s 3.5 billion Swiss franc ($3.54 billion) divestment target in 2016,” the world’s biggest construction materials group said in a statement.It said last week it was reviewing its divestment plan in India after talks with Birla Corporation Limited (BCL) for the sale of the Jojobera and Sonadih cement plants in Eastern India fell through.”We will operate in India through our subsidiaries ACC Ltd and Ambuja Cements Ltd with a combined cement capacity of around 63 million tonnes and a distribution network that extends across the entire country,” Chief Executive Eric Olsen said.BCL, whose business interests include jute and cement, has said it plans to take legal action against the Indian unit of LafargeHolcim after a pact to buy some of the assets of the Swiss-French cement giant fell through.LafargeHolcim cited regulatory issues relating to the transfer of mining rights needed by the two plants as the reason why it had to submit an alternate remedy to the CCI to ensure compliance with an original order it had got in April 2015.”As a result, LafargeHolcim will now launch a new divestment process for Lafarge India,” it said without elaborating.last_img read more

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BPCL HPCL IOC to continue domination in fuel retail space IDFC Securities

first_imgState-run oil marketing companies (OMCs) such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd. (BPCL) and Hindustan Petroleum Corporation Ltd. (HPCL) will retain their market share in the fuel retail space in the next two years. Private firms such as Reliance and Essar will continue to remain fringe players, according to a research report.”The advent of competition has done little to spoil OMCs’ fortunes. To illustrate, as per Mar-16 market share data, private players (RIL and Essar) managed to grab only ~4% market share in transportation fuels over FY16,” said financial services firm IDFC Securities in a note.”Our analysis implies that these players can only garner up to 6.5% market share by FY17-18E. This is markedly different from the last iteration in 2003-04, when RIL/Essar grabbed ~15% market share at peak,” the note added.Fuel network at a glanceIndia had 56,190 retail outlets (fuel stations) as on March 31, 2016, according to data published by the Petroleum Planning & Analysis Cell (PPAC) last month. It marked an increase of 2,771, or 5.18 percent, from the beginning of the financial year when there were 53,419 outlets.State-run Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) together added 2,157 outlets during 2015-16 to take their combined network to 52,604 retail outlets as on March 31, 2016.Essar Oil’s network expanded exponentially from 1,491 outlets as on April 1, 2015, to 2,100 by the end of the year. RIL did not add to its 1,400 outlets during the year.Fuel consumption growth at 8-year highIndia’s fuel consumption growth rate in 2015-16 was 10.9 percent, the highest in the past eight years, according to IDFC Securities. Besides the rising number of vehicles, campaigning for assembly elections during March 2016 also lifted the overall consumption of the two commodities, said PPAC.The IOC stock closed 1.29 percent higher at Rs. 414.80 on the BSE on Thursday. BPCL shares gained 0.57 percent to close at Rs. 925.25 apiece while HPCL edged 0.80 percent lower and ended at Rs. 825.75. Reliance Industries Limited (RIL) shares closed at Rs. 991.05 apiece, up 1.66 percent.last_img read more

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Infosys Q4 results draw mixed analyst reaction

first_img“We view this as a longer-term positive as it should allow the company to focus on revenue and market share.”-UBS Infosys has highlighted issues regarding relatively low revenue growth, margin compression, leadership churn, and high employee attrition. Management has taken steps to remedy this, but it is still early and there is the risk that these problems become inflated – Morningstar Infosys’ fiscal 2019 revenue guidance is in line with our expectations, while margin guidance disappoints a little bit considering its additional investments in digital and setting up onsite delivery centres – Sharekhan Infosys, BengaluruReutersIndia’s second-largest software exporter Infosys on Friday reported an inline set of quarterly results but the company’s decision to lower its operating margin band to 22-24 precent for 2018-19 is a cause of worry for investors.Infosys posted a 28.2 percent drop in sequential net profit at Rs 3,690 crore for the March quarter.The IT firm guided for 6-8 percent constant currency revenue growth for fiscal 2019. Citi had anticipated Infosys to guide for 5.5-7.5 percent revenue growth in constant currency terms.Infosys reduced its target margin band to 22-24 percent from 23-25 per cent earlier. This was on account of higher investment in new technologies, according to the management.The company said it had begun looking for buyers for Kallidus, Skava and Panaya – firms Infosys had bought in 2015, during former CEO Vishal Sikka’s tenure.The Bengaluru-based company plans to give a special dividend of Rs 10 per share over and above the final dividend of Rs 20.5.Lets take a look at analysts’ reaction to Infosys results:The markets are likely to view the lower margin guidance band negatively, in our opinion, given the current expectations and the likely impact on fiscal 2019 earnings growth: UBS Securities wrote in a note Infosys shares were up 0.58 percent at Rs1,169 on the BSE at the close of trading. The results were reported after market hours. Infosys American Depository Receipts fell 8 percent in early trading in New York.last_img read more

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Big Bang Awards 2018 to be presented next week gets record entries

first_imgThe Advertising Club Bangalore is hosting the Big Bang Awards 2018 event on 28 September 2018.Official Big Bang Awards website (screen-grab)The Advertising Club Bangalore is hosting the Big Bang Awards 2018 event to highlight excellence in creative & media on several categories on September 28.Unlike previous years, The Advertising Club Bangalore has received record 1,150 entries, making 2018 edition, the biggest ceremony in the 23-year history.”We are celebrating Big Bang this year with the theme of “# For The Love Of Advertising”. We believe that the shine has gone out of traditional advertising and we want, in our small way, to try and bring it back, in spite of the sweeping changes wreaked by digital. We are looking at a year-long campaign, starting with Big Bang, to celebrate some of the iconic work in the past, award the best current work and discuss and debate the future of our beloved industry, ” Malavika Harita, Chairperson of Big Bang Awards, said in a statement.The Advertising Club Bangalore is also hosting exclusive interactions with ad-and-marketing gurus such as Hemant Malik, (CEO ITC Foods), Raj Nayak (CEO Colors Viacom 18). Ad-man and film-maker R Balki, well known for his movies “Padman” “Pa” ” Ki and Ka” and many more will also be attending the award ceremony.For those unaware, Balki is also known for his contribution to the advertising industry. Some of the works include “Daag Ache Hai” for Surf Excel and the “Jaago Re” campaign for Tata Tea.The Advertising Club Bangalore in collaboration with Ananda Vikatan Group, its multimedia partner for Big Bang Awards, is introducing the “Issued in Public Interest”, a new category under which the social messaging campaigns will be recognized by the jury.It has received 53 creatives as entries for Public Service category, all of which will be recognized, TAC said.”When it comes to Public Interest, it’s a challenge to categorize which is better. While we will award one Gold Trophy to the winner based on the Jury Scores, We will feature all the entries on our Website, as a goodwill gesture,” Arvind Kumar, Executive Director Advertising Club, Bangalore said.The Big Bang Awards Event will be held in Bangalore on September 28 at The Ritz Carlton Hotel. The entry is by invitation only.last_img read more

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Waking up as Kangana Ranaut would be a nightmare Singer Jubin Nautiyal

first_imgJubin Nautiyal, Kangana RanautInstagramWhat is Jubin Nautiyal’s nightmare? Waking up as actress Kangana Ranaut, replies the singer.In an episode of a chat show, Nautiyal was asked what would he do if he woke up as the “Queen” star.To this, Jubin responded: “Waking up as Kangana Ranaut would be a nightmare. I’ll try and wake myself up again.”Nautiyal, known for songs like “The Humma song” and “Bawara mann”, also opened up about his experience of shifting to Mumbai from Dehradun.”I didn’t come to Mumbai to struggle. I always felt that if I am struggling with music, I am in the wrong profession. I shouldn’t be struggling with my profession; I should have fun,” he said.Talking on trend of actors singing and remixing, he said: “None of the actors who sing are good at singing. Tanishk Bagchi is a composer who needs to be more original.”The singer opened up on the chat show, “By Invite Only”.last_img read more

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Jet Airways in free fall as Etihad pulls out of rescue deal

first_imgA Jet Airways passenger aircraft prepares to land in Ahmedabad. Etihad’s decision to quit debt resolution talks has put the rescue plan in the doldrums. [Representational Image]Reuters fileThe decision of Abu Dhabi-based Etihad Airways to quit the talks for resolving the Jet Airways debt crisis and its offer to sell its stake in the Indian partner may scupper a rescue plan that the State Bank of India (SBI) has been piloting, media reports suggest. Jet has been staring at an abyss with more flights getting cancelled every day as lessors ground aircraft over the payment defaults.Etihad Airways, itself going through a bad patch, pulled out of the Jet debt resolution talks after its chief executive officer Tony Douglas failed to convince SBI chief Rajnish Kumar of conditions for taking part in the resolution plan. One of Etihad’s key conditions was reducing founder Naresh Goyal’s stake in the airline to minimal from the present about 17 per cent and removing him from management. Etihad was expected to pump in another Rs 1,800 crore of equity into the Indian carrier bringing its stake to 24.9 per cent, just below the threshold requiring the necessity of making a mandatory open offer.The lenders’ consortium that SBI represents at the talks is also expected to bring in Rs 1,000 crore by way of additional equity apart from converting the current debt into equity as agreed by the resolution plan that has received Jet shareholders’ nod. Jet’s fleet of about 120 aircraft has already shrunken by more than half while a threat by its pilots to go on strike from April 1 for salary dues has pushed the airline into further trouble amid mounting operational losses, a Bloomberg report said.Etihad has offered to sell its 24 per cent stake to the SBI at a discount of Rs 150 a share. Jet Airways shares slumped more than 11 or nearly 5 per cent to close at 218 on Wednesday as news of the Etihad stand spread. Media reports said Etihad also wanted the SBI to take over its liabilities as a guarantor for Jet Airways’ Rs 1,000 crore loan from HSBC Dubai. Jet has already defaulted on the repayment of this loan. Etihad has also offered to sell its 50.1 per cent stake in Jet Privilege, estimated to be worth Rs 1,000 crore to the state-owned lender. Jet Airways owns the remaining 49.9 per cent in the customer loyalty programme. A Boeing 787 Dreamliner of Etihad Airways. Courtesy: etihad.comAt the current market level, Etihad’s shareholding in Jet is worth about Rs 400 crore. The Gulf-based airline had picked up this stake in 2013 for $379 million (valued around Rs 2,060 crore at that time). As the strategic partner of India’s second largest airline has washed its hands off the resolution plan, sources think only the government intervention can rescue the beleaguered airline. The resolution plan envisaged converting into equity Rs 450 crore that Jet Airways owed to firms Goyal controlled. Goyal has already infused Rs 250 crore into the airline in the form of additional equity taking his shareholding to 17.1 per cent.Forbes magazine reported on March 15 that Etihad reported another disastrous year of huge loss even while it claimed progress with a restructuring plan. The UAE carrier flew 17.8 million passengers last year when compared to 18.6 million in 2017.and reported a loss of $1.28 billion in 2018. In comparison, Dubai-based Emirates reported a 4.3 per cent rise in passenger numbers to almost 58.5 million and 8.5 per cent rise in revenues to $25 billion with the profits more than doubling to $762 million.last_img read more

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Holidaymakers throng railway stations buslaunch terminals

first_imgA throng of holidaymakers at Kamalapur Railway Station. Photo: Saiful IslamAs the Eid-ul-Azha is getting closer, homebound people thronged the railway stations, and bus and launch terminals in the city on Wednesday to reach their respective destinations for celebrating the festival with their near and dear ones.Kamalapur Railway Station, three major bus terminals and Sadarghat Launch Terminal were seen overcrowded with the home-goers waiting for catching their transports.Police said the vehicular movement on Dhaka-Tangail, Dhaka-Chittagong and Dhaka-Sylhet highways remained almost normal till Wednesday evening.Many passengers were seen travelling on the rooftops of buses and trains defying the instructions of the law enforcement agencies.Deputy Commissioner (Media) of Dhaka Metropolitan Police (DMP), Masudur Rahman, said around 1.5-2 million city dwellers are expected to leave the city by Wednesday night.Homebound people at Gabtali Bus Stand. Photo: Zahidul KarimHe said around 2.5-3 million other Eid holidaymakers have already left the city over the last one week.  Contacted, police super of Highway police (Comilla), Paritosh Ghosh, said vehicles on both sides of the Dhaka-Chittagong highway were running smoothly as no tailback was seen since the morning to till 7:00pm.The traffic situation improved compared to Tuesday as the government imposed restrictions on the plying of heavy and long vehicles on the national highways from (Wednesday).   Highway police SP (Dhaka), Shafique, said the Dhaka-Tangail highway and Aricha-Daulatdia ferry route remained almost normal till the evening as long and heavy vehicles are banned on the highways.Meanwhile, a different scene was seen in Shimulia-Kawrakandi ferry route in Munshiganj as over 300 vehicles got stuck in the Shimulia ghat to cross the river.last_img read more

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Belt factory fire burns 3

first_imgThree workers suffered burn injuries as a fire broke out at a belt factory in Mogoltuli of the capital city on Wednesday.The injured are Ekramul, 13, Sanjoy, 14, and Ranjit, 27, workers of Aziz Belt Factory, situated on the 6th floor of a seven-storey building in the area.The fire erupted around 1:30pm from a cigarette while the workers were mixing solution to make belts, said fire service central control room duty officer Mahfuz Riven.The injured were taken to the burn unit of Dhaka Medical College Hospital, he added.last_img

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AL govt rules country illegally immorally Fakhrul

first_imgMirza Fakhrul Islam AlamgirThe Bangladesh Nationalist Party (BNP) secretary general, Mirza Fakhrul Islam Alamgir, on Saturday alleged that the Bangladesh Awami League-led (AL) government is ruling the country completely in “an illegal and immoral manner”.Talking to reporters after placing wreaths at BNP founder Ziaur Rahman’s grave marking the Victory Day, the BNP secretary general alleged that democracy has been sent into exile from the country.“Today, all the rights of the people have been curbed. They now can’t express their opinions freely. Newsmen can’t dare to write the truth,” said Mirza FakhrulHe went to say, “People have lost their personal security. The AL government is ruling the country illegally and immorally. The government has made all arrangements to introduce a one-party system.”He alleged the AL began its plan to introduce one-party rule shortly after it came to power in 2008. “Today, they [AL] have finalised it.”The secretary general of the country’s principal opposition political party claimed that they were fighting for democracy. “We are doing whatever a democratic force can do at its best.” When his attention was drawn to Awami League general secretary Obaidul Quader’s comment that people will turn down BNP in the next polls, Fakhrul said, “The people will prove whom they want in power if they [AL] hold a fair election under neutral government after relinquishing power. We’ll accept whatever verdict the people will give.”Fakhrul said the BNP has always waged struggle for democracy. “A democratic movement was waged under BNP chief Khaleda Zia from 1982 to 1990. The country got back democracy for her [Khaleda] uncompromising leadership.”He said the country got back partial democracy after the political changeover on 11 January 2007 just “because of the uncompromising leadership of Khaleda Zia”.last_img read more

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AL picks Atiqul for DNCC mayoral race

first_imgAtiqul IslamRuling Awami League has picked Atiqul Islam as the party’s candidate in the upcoming by-polls to the Dhaka North City Corporation (DNCC) mayor post, reports UNB.Awami League Local Government Parliamentary Board endorsed Atiqul at a meeting held on Tuesday night with party president Sheikh Hasina in the chair, said AL general secretary Obaidul Quader.Atiqul is a former president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).The mayoral post of the DNCC remained vacant since the demise of Annisul Huq on 30 November last.Annisul had been elected the DNCC mayor contesting the DNCC election held on 28 April, 2015 with Awami League ticket.According to the Local Government (City Corporation) Act 2009, the Election Commission has a legal obligation to complete the by-election within 90 days.last_img read more

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