Bharti Airtel announces Self Regulation on Quality Of Service

Gopal Vittal, MD & CEO (India & South Asia), Bharti Airtel said, "At Airtel, we are absolutely passionate about serving our customers and have deployed globally benchmarked technologies and processes. This self-regulation on Quality of Service further underlines our commitment to our customers despite the challenges of limited spectrum availability and acquisition of sites in urban areas."

Bharti Airtel, India's largest telecommunications services provider, today announced a 25% more stringent voluntary  benchmark of 1.5% for mobile call drops versus the current TRAI prescribed norm of 2% under the Quality of Service regulations.

Based on the calculation of the call drop rate during network busy hour on a monthly average, any amount calculated for exceeding the 1.5% voluntary benchmark, subject to a maximum of Rs. 100 crores per annum, will be contributed by Airtel towards the education of underprivileged children in rural areas.

This is yet another industry first from Airtel and underlines its commitment to serve its customers with world-class services by prescribing to stricter Quality of Service norms. The Company will report its Quality of Service data and the amount calculated on a quarterly/annual basis to ensure transparency.

Gopal Vittal, MD & CEO (India & South Asia), Bharti Airtel said, "At Airtel, we are absolutely passionate about serving our customers and have deployed globally  benchmarked  technologies and processes. This self-regulation on Quality of Service further underlines our commitment to our customers despite the challenges of limited spectrum availability and acquisition of sites in urban areas."

"We have already rolled out Project Leap, our pan-India network transformation program, under which we transparently report our site deployments and invite our customers to log their network issues and site requirements. During FY 16, Airtel invested over Rs.15,000 crores across India towards deployment of over 88,000 sites. This is the largest network deployment anywhere in the world outside of China and reinforces our sharp focus on building a future ready network." Gopal Vittal added.

As per the new benchmark, Airtel will contribute INR 1 lakh for every 0.01% increase in call drop rate beyond 1.5% every month in each circle of operation. Airtel has decided to apply this standard benchmark across the country despite the constraint of difficult operating conditions in some areas, in particular hilly regions such as Jammu & Kashmir, Himachal Pradesh and North East.

RIL gives 8-10% hike to 20,000 junior & mid-level managers

Letters were issued to these employees, while senior managers will receive theirs along with variable pay this week, says report.

Reliance Industries has given out increments and bonuses to its 20,000 employees with junior & middle managers, according to reports. The company has given 8-10% hike.

Letters were issued to these employees, while senior managers will receive theirs along with variable pay this week, says report.

RIL had reported a net profit of Rs 27,630 crore in the March quarter.

The scrip opened at Rs. 977 and has touched a high and low of Rs. 983.2 and Rs. 975.7 respectively. So far 667634(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 315976.79 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1089.5 on 15-Jan-2016 and a 52 week low of Rs. 819 on 24-Aug-2015. Last one week high and low of the scrip stood at Rs. 986 and Rs. 967.5 respectively.

The promoters holding in the company stood at 45.15 % while Institutions and Non-Institutions held 32.38 % and 19.5 % respectively.

The stock is currently trading below its 50 DMA.

Parag Milk Foods Public Issue over-subscribed

The Public Issue comprised a fresh issue aggregating up to Rs. 3,000 million (“Fresh Issue”) and an offer for sale of up to 20,572,573 Equity Shares.

Parag Milk Foods Limited closed today its initial public offering of equity shares and the Public Issue was fully subscribed at the upper end of the Price Band – Rs. 227 per Equity Share.

The Public Issue comprised a fresh issue aggregating up to Rs. 3,000 million (“Fresh Issue”) and an offer for sale of up to 20,572,573 Equity Shares. (The “Issue”).The Issue included a reservation of 300,000 Equity Shares for subscription by Eligible Employees. The price band for the Issue was Rs. 215 to Rs. 227 per Equity Share with a Rs. 12 discount for Retail Investors and Eligible Employees.

As per preliminary data available on the stock exchanges, the Public Issue was subscribed to ~1.83 times on an overall basis. The QIB portion was subscribed ~1.15 times; the Non-Institutional portion was subscribed ~3.08 times; the Retail portion was subscribed ~2.12 times; and the Employees portion was subscribed ~1.02 times.

Devendra Shah, Chairman, Parag Milk Foods Ltd., said, “We are happy to announce that the Public Issue process has been successfully completed with oversubscription in all investor categories. The Anchor Book witnessed participation at the upper end of the Price Band – Rs. 227 per Equity Share - from marquee institutional investors. During the extended period up to May 11, 2016, the Public Issue witnessed additional participation from QIBs and investors in other categories who could not invest earlier due to regional holidays in Asia. We welcome new investors to the Parag Milk Foods family.”   

 

The equity shares of face value of Rs. 10 each (the “Equity Shares”) will be listed on BSE Limited and the National Stock Exchange of India Limited (collectively, the “Stock Exchanges”).

On May 3, 2016, the Company had finalized the allocation of 1,51,03,935 equity shares to anchor investors at a price of Rs. 227 per equity share aggregating to Rs. 342.86 crore to anchor investors.

Monsanto zooms 8%

The company may pull its biotech soybean seeds out of Argentina, according to reports.

Monsanto India Ltd stock was higher by 8% at Rs. 2220. The company may pull its biotech soybean seeds out of Argentina, according to reports.

The scrip opened at Rs. 2105.2 and has touched a high and low of Rs. 2225.6 and Rs. 2105.2 respectively. So far 85985(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3536.96 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 3376.55 on 24-Jul-2015 and a 52 week low of Rs. 1520 on 11-Apr-2016. Last one week high and low of the scrip stood at Rs. 2115 and Rs. 1731.5 respectively.

The promoters holding in the company stood at 72.14 % while Institutions and Non-Institutions held 7.04 % and 20.82 % respectively.

The stock is currently trading above its 200 DMA.

Top 15 stocks in focus today: Dr.Reddy’s, Wipro, Tata Steel

Check out the companies which will be in focus during trade today based on recent and latest news developments.

Dr.Reddy’s Laboratories: Dr. Reddy’s Laboratories will announce its Q4 result today. IIFL estimates the company’s net profit to go up to Rs.524 crore at a rate of 1% yoy; however, the same is expected to fall 3.3% qoq.  

Indian Oil Corporation: The Government has said that it has raised Rs.237 crore by selling a small portion of its shareholding in Indian Oil Corporation (IOC) to the company's employees.

Wipro: Wipro announced a strategic partnership with Etiya, the leading independent software vendor that provides partnership services to transform the communications and digital service provider's businesses.

Titan: Titan Eyeplus is set to launch two satellite lens manufacturing facilities in Noida and Mumbai, a company official said.

Kotak Mahindra Bank: Kotak Mahindra Bank, fourth largest Indian private sector bank by mcap, reported standalone net profit of Rs. 695.78 crore for the quarter ended March 31, 2016, registering growth of 31.99% yoy and 9.62% qoq.

Asian Paints: The company’s consolidated revenue stood at Rs. 3,971.28 crore, up 12.34% yoy but down 4.54% qoq.

Havells India: Havells India, fastest growing Electrical Power Distribution Equipment Company, reported standalone net profit of Rs. 366.49 crore for the quarter ended March 31, 2016, registering growth of 200.77% yoy and 203.46% qoq.

Apollo Tyres: The company’s consolidated revenue stood at Rs. 2,989.66 crore, down 5.38% yoy but up 1.39% qoq.

TVS Srichakra: The company’s revenue stood at Rs. 525.24 crore, up 12.96% yoy and 3.25% qoq.

Tata Steel Ltd: Tata Steel Ltd is considering transferring UK pension liabilities to an insurance company, according to reports. Liberty House Group and Excalibur Steel consortium are among seven bidders to the next stage of the sale process.

Sutlej Textiles: Sutlej Textiles and Industries on Wednesday reported a 78 per cent rise in net profit at Rs 48.81 crore in the March quarter. The company had registered a net profit of Rs 27.42 crore for the corresponding period a year ago.

Glenmark Pharma: Glenmark Pharma, one of the leading pharmaceutical companies in India, will announce its Q4 numbers today. As per IIFL’s forecast, the company’s net revenue for Q4 FY16 is expected to surge to Rs.1,781 crore at a rate of 0.3% yoy and 0.2% qoq.      

Sanofi India: French drug major Sanofi has recalled the affected batches of Combiflam after the Drugs Controller General of India (DCGI) found the popular painkiller drug to be of sub-standard quality twice in the past three months, reports a business daily.

Jubilant Life Sciences: Jubilant Life Sciences and Cyclopharm mutually agree to terminate term sheet for Technegas licensing agreement.

Tyche Industries: Tyche Industries received USFDA approval for its API manufacturing facility located in Andhra Pradesh.

Zydus Wellness: Q4 net profit set to rise yoy; fall qoq

Operating Profit Margin is likely to be at 22%, with a yoy rise of 797 bps and 30 bps qoq.

Zydus Wellness Ltd.,producers and marketers of wellness products, will announce its financial results on May 12 for the fourth quarter ended March 31, 2016.
 
IIFL estimates the company’s net profit to rise to Rs.26 crore at 26.1% qoq; however, it is likely to fall 5.8% yoy.
 
As per IIFL’s forecast, the company’s net revenue for Q4 FY16 is expected to surge to Rs.109 crore at a rate of 12% yoy and fall of 0.9% qoq.
 
Operating Profit Margin is likely to be at 22%, with a yoy rise of 797 bps and 30 bps qoq.
 
Other key quarterly results on May 12 include Dr Reddy’s Lab, ITD Cementation India, Firstsource Solutions, Graphite India, Lumax Auto Technologies, Magma Fincorp, PTC India, Sundaram-Clayton, and Take Solution

Opening Bell - Sensex rallies over 100 points

At 9:15 AM, the S&P BSE Sensex is trading at 25,703 up 106 points, while NSE Nifty is trading at 7,879 up 30 points.

At 9:15 AM, the S&P BSE Sensex is trading at 25,703 up 106 points, while NSE Nifty is trading at 7,879 up 30 points.

Finance Minister Arun Jaitley says India can grow better and faster on the back of global recovery and good monsoon. Jaitley said that that, India is recording a growth rate of 7.5 to 7.6 per cent despite obstructionist global environment. Even as the noise regarding amending the India-Mauritius tax treaty refuses to die down, reports state that talks with Singapore to tweak the double taxation avoidance agreement with the nation would probably be the next step.

For the Nifty, 7787 is an important support for index. Nifty has so far achieved first target of bullish ABCD pattern and breakout from falling wedge pattern.  Only a move above 7900 could provide fresh impetus to the pullback seen at start of the week towards near term target of 7970. Global cues are subdued today.  Investors will keep an eye on India’s inflation numbers due today. CPI reading for April is expected at 5% (yoy basis), marginally higher when compared with 4.83% during the prior month.  The rupee traded under pressure during the earlier part of the trading session on Wednesday, weighed by weak tone in domestic equities and concerns emanating from revision in the bilateral tax treaty between India and Mauritius. However, Indian rupee later pared losses, influenced by the softness in US dollar against the basket of major currencies.

US stock indices closed lower on Wednesday on the back of disappointing earnings from Disney and weakness among retailers.  Sustained selling in consumer-discretionary stocks, which include retail shares such as Macy’s and Nike, weighed on the Dow and S&P 500. The Dow Jones Industrial Average sank 217.23 points, or 1.2%, to end at 17,711.1. The S&P 500 index dropped 19.93 points, or 1%, to finish at 2,064.46, with nine of its 10 main sectors trading lower. Meanwhile, the Nasdaq Composite index declined 49.19 points, or 1%, to settle at 4,760.69. West Texas intermediate (WTI) crude oil futures settled 3.5% higher at US$46.23 per barrel after a drop in US crude inventories and declines in domestic production.

Disney was the biggest loser within the Dow, after the entertainment giant late on Tuesday posted weaker-than-expected quarterly results.

Cairn Energy plc of UK has offered to pay 15% of the Rs. 10,247 crore principal amount in return for government, according to reports.

Nissan Motor Co. is considering acquiring about a one-third stake in Mitsubishi Motors Corp. for ~200 billion yen (US$1.8 billion) to become the single largest shareholder, according to media reports.

Industry body Assocham has said that the Central Exchequer will suffer a damage worth an estimated INR 6.5 lakh crore due to drought in some states.

Foreign banks have stopped opening branches in India as they need to set aside a lot more capital due to the country's higher risk credit rating and they feel it is not worth doing so, Reserve Bank Governor (RBI) Raghuram Rajan has said.  Delivering his speech as part of the Marshall Lecture 2015-16 series at the Cambridge University on Wednesday, Rajan said that greater demand on banks to hold capital in the post financial crisis scenario has come at a cost.

Bank of Japan (BOJ) Governor Haruhiko Kuroda said on Wednesday that the Japanese central bank can still ease monetary policy substantially if necessary. In an interview with German financial newspaper Börsen-Zeitung, Kuroda said that the effects of quantitative and qualitative easing (QQE), along with a negative interest rates are already very clear in financial markets.

"But, we have to wait a few months to see the effects in the real economy," Kuroda told the German paper.