Ruchi Soya records 105% jump in Profit during the third quarter of FY 2012-13

Ruchi Soya Industries Limited (Ruchi Soya) has announced its un-audited financial results for the quarter ended December 31, 2012 (Q3). As compared to the corresponding period of the previous year, net profit for the quarter rose by 105.45% from Rs. 24.05 crore to Rs. 49.41 crore whereas net sales rose by 17.56% from Rs. 6,954.29 crore to  Rs. 8,175.16 crore.

During the quarter, branded sales registered a healthy 22.95% growth from Rs. 1,374.23 crore to  Rs. 1,689.59 crore. Refining capacity utilization improved by 8.85% from 4,78,589 MT to 5,20,960 MT. Export of Soya Meal in value improved by 47.29% from Rs. 883.16 crore to Rs. 1,300.83 crore. Sale of Textured soya protein (TSP) stood at Rs. 28.16 crore registering an impressive rise of 43.53% from Rs. 19.62 crore during Q3 in the last fiscal.

Commenting on the performance, Managing Director, Mr. Dinesh Shahra said, “I am happy to  share the healthy growth recorded by the Company during the third quarter ended December 31, 2012. Improved branded sales, better sales realization of oilseed extraction, effective control on the costs and favourable business sentiments helped us to get profit on the track. We are making our efforts to have good performance on a sustained basis in the times to come.”

Ruchi Soya Industries Limited

Featuring among the top five FMCG players in India, Ruchi Soya is India’s number one cooking oil maker and marketer. An Integrated player from farm to fork, Ruchi Soya has secured access to oil palm plantations in India and other important parts of the world. Besides being a leading manufacturer of high quality edible oils, soya foods, vanaspati, and bakery fats, Ruchi Soya is also the highest exporter of soya meal, lecithin and other food ingredients from India. Ruchi Soya features amongst top three players based on market share in the overall Refined Oil in Consumer Packs (ROCP) in India with leadership
position in important segments like palm oil. Ruchi Soya is committed to renewable energy and exploring suitable opportunities in the sector.

Source: http://newsfromplanet.wordpress.com/

Budget 2013: Govt targets Rs 55,814 cr from PSU stake sale in FY14

Finance Minister P Chidambaram has doubled the disinvestment target for next fiscal to Rs 55,814 crore, from Rs 24,000 crore estimated in the current fiscal. The government had originally set the disinvestment target for current fiscal at Rs 30,000 crore, but as per revised estimates in the Budget for 2013-14, the actual collection was lowered to Rs 24,000 crore.

The department of disinvestment has already identified 20 PSUs for divesting minority stake and has initiated consultation with the administrative ministries and company officials for executing it on time. Amongst the companies which have been identified for disinvestment next fiscal include Coal India, Indian Oil, Engineers India, PGCIL, NHPC, Neepco and THDCL.

Apart from this, Cabinet approval has already been accorded for disinvestment in Bhel, Neyveli Lignite and Hindustan Aeronautics. Also the second tranche of Hindustan Copper (HCL) is likely in the April-June quarter of next fiscal.

With one month remaining for the current fiscal to end, four more companies – SAIL, NALCO, MMTC and Rashtriya Chemical and Fertilisers – are in the government list for stake sale by March 31, 2013. The government has already raised Rs 21,504 crore through stake sale in Oil India, NTPC, NMDC and Hindustan Copper so far in the current fiscal.

Source: http://www.indianexpress.com/news/budget-2013-govt-targets-rs-55814-cr-from-psu-stake-sale-in-fy14/1081237/

Budget 2013: Rs 5,000 cr plan outlay for Air India

uty concessions on import of spare parts and testing equipment for aircraft MRO industry were granted in the Union budget today, as the government proposed to provide a plan outlay of Rs 5,000 crore in Air India in the next financial year.

“The aircraft manufacture, repair and overhaul (MRO) industry is at a nascent stage. Encouraging the MRO sector will generate employment besides other benefits. Hence, I propose to provide certain concessions to the MRO industry,” Finance Minister P Chidambaram said in his budget speech.

The budget proposed to exempt basic customs duty to partsand testing equipment for MRO facilities for airplanes as it enhanced the time period for consumption of these parts or equipment from three months to one year.

No countervailing duty would be imposed on the import of vessels, including aircraft, which are already exempted fully from excise duty, the budget document said.The total outlay for the Civil Aviation Ministry is Rs 8,865.40 crore in 2013-14, against a revised estimate of Rs 9,288.22 crore in 2012-13.

While Rs 5,000 crore was the plan allocation on Air India, the national carrier would have to raise Rs 1,318 crore as non-plan expenditure during the year.

Non-plan allocation of Rs 2,260 crore has been made to the Airports Authority of India (AAI), which is developing a large number of metro and non-metro airports across the country, but the state-run airports body has got no plan assistance.

While Air India subsidiary, Hotel Corporation of India, got a plan allocation of Rs five crore, non-plan allocation of Rs 86.8 crore has been made for Pawan Hans Helicopters Limited.

Source: http://www.indianexpress.com/news/budget-2013-rs-5000-cr-plan-outlay-for-air-india/1081241/

Diageo, United Spirits Ltd deal to boost premium liquor brand market: CCI

After seeking clarifications and changes four times in a proposed acquisition of majority stake by UK-based Diageo in UB group’s United Spirits Ltd, fair trade regulator CCI has ruled that the deal would give a boost to entry of premium brands in alcoholic beverage market.

“Diageo’s acquisition of USL may give a boost to the premiumisation strategy…The combination may increase and improve consumer choice,” Competition Commission of India (CCI) has said.

CCI, in an order dated February 26, has approved Diageo Plc’s proposed majority stake purchase in Vijay Mallya-led United Spirits, saying the deal would not have adverse impact on competition.

Sebi, last month, cleared by the deal after numerous clarifications sought by the regulator and the subsequent representations made to it in this regard.

The proposed transaction worth about USD 2 billion would provide much needed cash for Mallya’s UB group, whose aviation venture Kingfisher Airlines is facing turbulent times.Under the deal, Diageo would acquire up to 53.4 per cent stake in United Spirits, one of the largest spirits firm, within five years.

Approving the deal, CCI said the proposed combination is not likely to have an appreciable adverse effect on competition in India.The Commission noted that United Spirits and Diageo are mostly present in different price spectrums in the branded spirits market with negligible overlap between their products in each of the branded spirits segment.

“… the proposed combination may bring new products and more variants of the existing brands at different price points which would ultimately enable the consumer to expand his choice set,” it said.
Relay B V, an indirect wholly-owned subsidiary of Diageo Plc, and United Spirits had submitted a notice to the fair trade regulator seeking nod for proposed acquisition of shares and control of United Spirits. The notice was given on December 5, 2012, and later, the Commission had sought clarifications from both parties quite a few times.

According to the companies, the proposed combination would help Diageo to effectively participate in India’s large and rapidly growing spirits market.

“It has also been stated in the notice that the proposed combination provides an opportunity to Diageo to premiumise the existing brands and innovate from United Spirit’s trademarks, which would also result in a huge change in Diageo’s emerging market global footprint,” the order said.

As part of the deal, Diageo would acquire 27.4 per cent stake for Rs 5,725.4 crore through a combination of share purchase from existing promoters and preferential allotment of shares. In addition, it had offered to acquire an additional 26 per cent stake for Rs 5,441.07 crore through an open offer for public shareholders.

Source: http://www.indianexpress.com/news/diageo-united-spirits-ltd-deal-to-boost-premium-liquor-brand-market-cci/1081761/0

Strides Arcolab Q4 net profit down 10.55 pc at Rs 61.19 cr

Drug firm Strides Arcolab reported a 10.55 per cent dip in consolidated net profit to Rs 61.19 crore for the fourth quarter ended December 31, 2012.

The company had posted a net profit of Rs 68.41 crore for the quarter ended December 31, 2011.

Consolidated net sales of the company stood at Rs 597.27 crore for the quarter under consideration as against Rs 683.38 crore for the same period a year ago, Strides Arcolab said in a statement.

“2012 has been a satisfying year magnified by operating leverage in both Agila and Pharma businesses with continued compliances across all manufacturing facilities globally and a profound regulatory filing programme,” Strides Arcolab Vice Chairman & Group CEO Arun Kumar said.

The company said it’s pharma business will continue to show growth through launches of new products in the US market, Strides Arcolab said.The company has 14 manufacturing facilities across six countries, it added.

In a BSE filing, Strides said it has entered into a definitive agreement to sell its Agila Specialties division to Mylan Inc for an aggregate sum of USD 1,600 million in cash and potential additional consideration of up to USD 250 million. Shares of Strides Arcolab today closed at Rs 870.95 apiece, down steep 5.10 per cent from its previous close.

Source: http://www.indianexpress.com/news/strides-arcolab-q4-net-profit-down-10.55-pc-at-rs-61.19-cr/1081832/

Ankesh Shahra of Ruchi Soya receives CSR Award for Community Development at Global CSR Congress

Mumbai, February 20, 2013: Ruchi Soya Industries Limited (Ruchi Soya) has been Felicitated with the CSR Award for Community Development during the World CSR Congress.

Mr. Ankesh Shahra who manages the international businesses of Ruchi Soya and participates in the CSR activities of the Company was honoured with the felicitation at a glittering event in Mumbai. Dr. Christoph Stueckelberger, Executive Director and Founder of Globethics and Dr. Bhaskar Chatterjee, Director General & CEO, Indian Institute of Corporate  affairs handed over the trophy and citation to Mr. Ankesh Shahra.

Commenting on the occasion, Mr. Ankesh Shahra stated, “I am very grateful to the World CSR Congress for honouring Ruchi Soya with the award for Community Development. Ruchi believes in sharing its growth with every stakeholder and giving back to the society in a sustainable and transparent manner. A big congratulations to the team.”

Featuring among the top five FMCG players in India, Ruchi Soya is India’s number one cooking oil maker and marketer through popular brands like Nutrela, Ruchi Gold, Mahakosh and Sunrich. Ruchi Soya is working closely with the communities around its plants in Patalganga and Nagpur in Maharashtra. Ruchi Soya believes in the concept of ‘Giving back to the Society’. The corporate social initiatives of Ruchi Group are executed through Shri Mahadeo Shahra Sukrat Trust with the focus on three core areas of Health, Education and Women Empowerment.

An Integrated player from farm to fork, Ruchi Soya has secured access to oil palm plantations in India and other important parts of the world. Besides being a leading manufacturer of high quality edible oils, soya foods, vanaspati, and bakery fats, Ruchi Soya is also the highest exporter of soya meal, lecithin and other food ingredients from India. Ruchi Soya is committed to renewable energy and exploring suitable opportunities in the sector.

Source: http://planetcorporatenews.blog.com/ankesh-shahra-of-ruchi-soya-receives-csr-award-for-community-development-at-global-csr-congress/

Sebi cautions investors against dealing with Sahara

Close on the heels of ordering attachment of bank accounts, investments and all other assets of two Sahara group firms and their promoters, including group chief Subrata Roy, market watchdog Sebi on Friday cautioned the investors and general public against transacting with these companies and persons.

“Anyone transacting with them (Sahara India Real Estate Corp Ltd, Sahara Housing Investment Corp Ltd and their three promoters and directors) would be doing so at their own peril,” the Securities and Exchange Board of India (Sebi) said.

The regulator said that in furtherance to a Supreme Court order directing refund of investors’ money collected by these Sahara firms, it has ordered “attachment of all moveable and immoveable properties, bank accounts and demat accounts of these two companies and that of its promoters and directors namely Subrata Roy Sahara, Vandana Bhargava, Ashok Roy Choudhary and Ravi Shankar Dubey”.

“Investors and general public are advised to exercise caution and take note of the said orders before transacting with the aforesaid entities/persons in any manner whatsoever,” Sebi said in a public notice. On February 13, Sebi passed two separate orders, together running into 160 pages, directing attachment of properties and freezing of accounts.

It was after the Supreme Court said that the regulator was free to freeze the accounts and attach properties if Sahara firms were not complying with the apex court’s earlier orders of August 2012 towards refund of investors’ money totalling over Rs 24,000 crore.

The assets ordered to be attached included those related to the group’s Aamby Valley resort town near Pune, other real estate assets in Delhi, Mumbai and at other places across the country, shares, mutual funds and various other investments.

Later, the group also ran a major advertisement campaign in newspapers with claims that “Sahara has nothing to pay (and) rather Sahara shall soon be eligible to take a big refund from Sebi” and it was submitting to Sebi the provisional balance sheets of two companies as on December 31, 2012 for more clarity on the matter.

The Supreme Court on August 31, 2012 had asked Sahara group firms to refund the money with 15 per cent interest and had asked Sebi to facilitate the refund. However, the group in December, 2012 was allowed to pay the money in three instalments, including an immediate payment of Rs 5,120 crore, followed by an installment of Rs 10,000 crore in the first week of January and remainder by the first week of February 2013.

Sebi in its attachment orders, however, said that neither of the two instalments was paid and therefore it is constrained totake necessary action as per the Supreme Court orders. The properties being attached by Sebi include the land owned by Sahara group firm Aamby Valley Ltd, which has set up a resort village near Pune, development rights of land at prime locations in Delhi, Gurgaon, Mumbai and various other places across the country.

Besides, Sebi has also ordered attachment of equity shares held in Aamby Valley Ltd, units of mutual funds, bank and demat accounts and investments in all the branches of all banks. Sebi has asked all the banks to transfer the amounts lying in the accounts of these entities and persons to a specially- created Sebi-Sahara Refund Account. Sebi has also informed RBI and Enforcement Directorate as well regarding its actions against Sahara group firms.

The assets being attached include investments of SIRECL and SHICL in group companies, special purpose vehicles and partnership firms and the necessary orders for sale of all attached properties would be passed in due course after getting their full particulars, Sebi said.

Source: http://businesstoday.intoday.in/story/sebi-sahara-refund-attachement/1/192608.html

FinMin plans to boost corporate bond market

Aiming to strengthen the corporate bond market in the country, Finance Minister P Chidambaram is likely to announce some incentives for these instruments in the upcoming budget. “We are considering some tax incentives for the corporate bonds. This is necessary to help corporates and financial institutions raise long-term funds for infrastructure projects,” a senior official told PTI.

The Ministry, he added, is in touch with the Reserve Bank and market regulator Sebi in this regard. The incentives are primarily meant for attracting retail and high-net worth (HNI) investors towards this segment and are aimed at helping India Inc raise long-term funds in a cost-effective manner.

Chidambaram had earlier said the government was considering a number of measures to energise and deepen the corporate bond market. Providing incentives to investors in the corporate bond market will boost this sagging segment affected by poor industrial growth in the recent past. Though India has a very advanced G-sec (government securities) market, corporate bond market is relatively under-developed.

However, for attracting individual investors, corporate bonds should be made a more lucrative investment than bank fixed deposits, according to the official. The proposal to incentivise the corporate bond market was also discussed in the meeting of the Financial Stability and Development Council (FSDC) held last month, he said.

The high-level FSDC, which is chaired by the Finance Minister and comprises heads of RBI, Sebi, IRDA and PFRDA, coordinates the working of regulators and looks at economic and financial issues. Corporate bonds are debt securities issued by private and public corporations. Companies issue corporate bonds to raise money for a variety of purposes, such as building a new plant, purchasing equipment, or growing the business.

Source: http://businesstoday.intoday.in/story/corporate-bond-market/1/192588.html

Why AirAsia’s entry is bad news for Indian carriers

The news broke in the midst of the latest price war in India’s aviation sector. Malaysia-based AirAsia and the Tata Group are joining hands to launch a budget airline in India. Delhi-based businessman Arun Bhatia is also part of the venture. The smiles on the faces of India’s middle-class, already enjoying the low fares raining down on them, just got wider. They’re cheering as much as they did when Captain Gopinath’s low-cost airline, Air Deccan, allowed them to fly paying train fares.

However, the entry of another airline at a time when all the big Indian carriers are struggling financially – though they have had a couple of good quarters after Kingfisher Airlines was grounded – is not good news. If AirAsia gets all the requisite permissions and launches operations, its entry will put a greater strain on their financials.

Budget airlines have cornered 54 per cent of the Indian market, which is growing fast because of a huge middle class and very low penetration. The advent of AirAsia in the budget/low-cost carrier (LCC) segment will check any rise in fares over the next few years.

Fares had risen sharply in the last couple of years because many airlines had trimmed operations. In addition, the operations of Kingfisher Airlines, which had earlier taken over Gopinath’s Air Deccan, have come to a standstill, giving other players more breathing room.

However, with AirAsia likely to follow the same low-cost, low-fare model it does elsewhere, fares are likely to go down when it launches operations, assuming it gets the go-ahead. This will impact the profitability calculations of Indigo, GoAir, SpiceJet and Jet Airways.

Air fares in India are already low compared to other big markets. Jet Airways’s Naresh Goyal himself doled out some statistics last year. The domestic airfare for a journey of more than 2,000 km is 87 per cent higher in China, 119 per cent more in the US, 162 per cent higher in Canada and 182 per cent more expensive in Australia.

What is even more worrying for other airliners is the re-entry of one of India’s biggest conglomerates, the Tata Group, into the airline business. The Tatas, unlike Kingfisher’s Mallya or Jet’s Goyal, have deep pockets to withstand sustained losses in this capital-intensive business. The backing of the Tatas and the operational expertise of AirAsia will ensure the new airline has a huge advantage.

The owners of some carriers, who were privately enjoying Kingfisher Airlines’s fall, will now have to rework their strategy. AirAsia’s entry may also affect the international plans of some airlines. For example, IndiGo and Jet are betting big on international expansion, but now, with competition in their backyard, they may have to reconsider those plans.

In the past, the entry of new players had upset the plans of existing players. Jet Airways was forced to buy Air Sahara to reduce competition. Kingfisher gobbled up Air Deccan for the same reasons and to enter the LCC segment.

In a growing economy, consolidation brings many advantages, but as the slowdown sets in, mergers only compound problems. The economic slowdown has led to the grounding of Kingfisher Airlines while forcing the loss-making Jet Airways to scout for a strategic partner.

The other lurking danger is the depreciation of the rupee against the dollar and the threat of a hike in oil prices, neither of which airlines have any control over. These variables could haunt them again in future.

Source: http://businesstoday.intoday.in/story/airasia-impact-on-indian-carriers-indigo-jet-airways/1/192571.html

Ankesh Shahra receives CSR Award

Ankesh Shahra who manages the international businesses of Ruchi Soya and participates in the CSR activities of the Company was honoured with the felicitation at a glittering event in Mumbai.

Ruchi Soya Industries Limited (Ruchi Soya) has been felicitated with the CSR Award for Community Development during the World CSR Congress. Ankesh Shahra who manages the international businesses of Ruchi Soya and participates in the CSR activities of the Company was honoured with the felicitation at a glittering event in Mumbai.

Dr. Christoph Stueckelberger, Executive Director and Founder of Globethics and Dr. Bhaskar Chatterjee, Director General & CEO, Indian Institute of Corporate Affairs handed over the trophy and citation to Ankesh Shahra.

Commenting on the occasion, Ankesh Shahra stated, “I am very grateful to the World CSR Congress for honouring Ruchi Soya with the award for Community Development. Ruchi believes in sharing its growth with every stakeholder and giving back to the society in a sustainable and transparent manner.

A big congratulations to the team.” Featuring among the top five FMCG players in India, Ruchi Soya is India’s number one cooking oil maker and marketer through popular brands like Nutrela, Ruchi Gold, Mahakosh and Sunrich.

Ruchi Soya is working closely with the communities around its plants in Patalganga and Nagpur in Maharashtra. Ruchi Soya believes in the concept of ‘Giving back to the Society’. The corporate social initiatives of Ruchi Group are executed through Shri Mahadeo Shahra Sukrat Trust with the focus on three core areas of Health, Education and Women Empowerment.

An Integrated player from farm to fork, Ruchi Soya has secured access to oil palm plantations in India and other important parts of the world. Besides being a leading manufacturer of high quality edible oils, soya foods, vanaspati, and bakery fats, Ruchi Soya is also the highest exporter of soya meal, lecithin and other food ingredients from India. Ruchi Soya is committed to renewable energy and exploring suitable opportunities in the sector.

http://businesslatestnewsupdates.wordpress.com/

Air India may join ‘low fare’ price war to attract travellers

With major carriers slashing airfares following Jet Airways’ offer of 20 lakh seats at Rs 2,250 for travel till the year-end, Air India today said it might join the competition to bag more air travellers. However, the government does not expect the low fares to breach the lowest fare bucket given by the airlines to aviation regulator DGCA. “We are watching the situation. Air India shall respond to this depending on how the situation develops,” Air India CMD Rohit Nandan said here.

Budget carriers SpiceJet, GoAir and IndiGo jumped into the fray and began offering similar or lower discounts on select routes, after Jet Airways yesterday announced slashing domestic airfares on two million seats by more than half for travel through the year.

Asked whether these latest low fares would lead to a fare war and predatory pricing that could hit the bottomlines of the already troubled airlines, Civil Aviation Minister Ajit Singh said, “We don’t regulate air fares. We are setting up a cell to monitor the fares, but monitoring is different from regulating the fares.”

Commenting on the Jet move, industry sources, refusing to be identified, said “this move could be a smokescreen to divert attention from the Jet-Etihad deal which has developed some problems. At the same time, the decision (to slash airfares) could also be intended to shore up share prices which have dipped somewhat in the past few days.” Through this measure, they said Jet was seeking to attract passengers away from its rivals and raise an immediate cash buffer of about Rs 400 crore.

Asked whether the DGCA would warn airlines against indulging in predatory pricing of air tickets as it had done when Kalanithi Maran-owned SpiceJet had offered ten lakh seats at Rs 2,013 for a limited period, the minister merely said the fares would not be regulated and made more transparent.

After the SpiceJet move to slash fares last month, the aviation regulator had urged other airlines not to follow suit as such a practice could be harmful to their financial bottomline that was already in trouble. The industry sources also said the Jet offer of 20 lakh seats at low prices for travel till December 31 may not be bought entirely as people don’t plan way into the future.

This had also happened with SpiceJet which could sell only about 40 per cent of the ten lakh seats it had offered, they claimed and added that the current fare war could last only till February 24 as long as the Jet offer lasts. Industry sources said high airfares throughout last year, caused primarily by the grounding of Kingfisher Airlines, had led a substantial chunk of passengers to opt out of air travel.

This had led to negative growth in traffic for the first time since 2009. But the recent low fare offers by the airlines could lead to attracting these air travellers back to flying. The sources said the dip in fares would also help airlines to fill in the extra capacity they have introduced by getting new planes.

Source: http://www.indianexpress.com/news/air-india-may-join-low-fare-price-war-to-attract-travellers/1077032/0

Top 10 H1B visa companies outsource jobs overseas: Report

The Top 10 companies benefitting from H-1B visas are offshore outsourcers, a US publication reported Tuesday, prompting an eminent American engineering organisation to seek a review of the ongoing immigration reforms.

“The data shows: Top H-1B users are offshore outsourcers,” and Computerworld found that, “based on the US Citizenship and Immigration Services (USCIS) data analysed, the major beneficiaries of the proposed increase in the cap would be pure offshore outsourcing firms”.

“The analysis comes at a time when a bill before Congress, the “Immigration Innovation Act,” would expand the H-1B visa programme from 85,000 visas to more than 4,00,000 annually,” Computerworld said.

“This confirms that H-1B visas facilitate the transfer of high-skill, high-paying American jobs to other countries.

Congress should pass laws that create US jobs, not destroy them,” said Marc Apter, president of the Institute of Electrical and Electronics Engineers-USA (IEEE-US).

Most of the largest H-1B users easily account for more than 35,000 H-1B visas under the “initial” visa plan, which includes new H-1B visa holders or those who work second concurrent jobs with a different employer, Computerworld said.

“This is just affirmation that H-1B has become the outsourcing visa,” Ron Hira, a public policy professor at the Rochester Institute of Technology and researcher of tech immigration issues, was quoted as saying.

Among the top companies to have received the H-1B visas in 2012 visas are Cognizant (9,281 H-1B visas), Tata (7469), Infosys (5600), Wipro (4304), Accenture (4037), HCL America( 2070), Mahindra Group (1963), IBM (1846), Larsen and Tourbo (1832), Deloitte (1668), Microsoft (1497), Patni Americas (1260) and Syntel (1161), the report said.

“The failure of Congress and the Obama Administration to close loopholes in the H-1B programme is reducing job opportunities for American high-tech workers and undermining their wages,” Hira said.

“If that bill were to be passed we’d see a major hemorrhaging of American jobs and it would discourage American kids from studying high-tech fields,” Hira was quoted as

saying by Computerworld.

The Top 10 H-1B users received 40,170 H-1B visas in fiscal 2012 and applied for just 1,167 employment-based (EB) green cards. This is an immigration yield of 2.9 percent, IEEE-US said, adding that it supports additional EB green cards for skilled immigrants.

These visas allow immigrants to start their own companies and create US wealth and jobs.

“Any plan to increase skilled immigration should be based on green cards,” Apter said.

Source: http://www.indianexpress.com/news/top-10-h1b-visa-companies-outsource-jobs-overseas-report/1076962/0

LifeCell raises Rs 35 crore from Helion Venture Partners

LifeCell International Pvt Ltd on Wednesday said it has secured an investment of Rs 35 crore from India-focused fund Helion Venture Partners to support its plans of increasing market penetration of stem cell banking in the country.

The country’s leading stem cell bank has grown over 50 per cent annually over the last three years, and this year its revenues are projected to exceed Rs 100 crore.

With the investment of Rs 35 crore, Helion becomes the first venture capital firm to invest in a stem cell banking company in India, a company statement said here.

Post this deal, Kanwaljit Singh, Senior Managing Director at Helion, would join the LifeCell board.

“The investment is in line with our strategy to invest in industries with high growth potential. LifeCell is the pioneer and market leader in a very exciting space,” he said.

Mauritius-registered Helion is an early to mid-stage India-focused fund managing assets worth USD 600 million. It is one of the most active risk capital players in India with a strong focus on consumer-facing and technology ventures.

Started in 2004, LifeCell is the market leader in preservation of stem cells from various human tissues such as umbilical cord and menstrual blood, having serviced over 65,000 clients across 110 locations in India and abroad.

Its central processing and storage facility is in Chennai and has a back-up unit at Gurgaon.

India records over 27 million births every year, the largest in the world. The concept of stem cell banking holds a huge growth potential considering the benefits of stem cells in modern medicine and research across the globe, the company said.

However, in India stem cell banking is in a nascent stage with only 2 per thousand parents opting to preserve their babies stem cells at birth, compared with 50 in the US, and 250 per thousand in Singapore, it added.

Source: http://www.indianexpress.com/news/lifecell-raises-rs-35-crore-from-helion-venture-partners/1077141/0

Air India says Boeing hopeful of getting Dreamliners back in service by April

The chairman of India’s state carrier Air India said on Wednesday that Boeing Co is hopeful of getting their Dreamliner aircraft back in service by early April.

“They said that these planes should start flying again from early April. They can’t be sure but they are hopeful,” Rohit Nandan said.

Boeing’s 50 Dreamliners in service have been grounded since mid-January following two incidents involving battery problems.

Air India has six Dreamliners and has ordered 21 more. The issue of the airline seeking compensation from Boeing for the jet’s glitches would be taken up once the aircraft are flying again, Nandan said.

Source: http://www.indianexpress.com/news/air-india-says-boeing-hopeful-of-getting-dreamliners-back-in-service-b…/1076946/

Top 10 H1B visa companies outsource jobs overseas: Report

The Top 10 companies benefitting from H-1B visas are offshore outsourcers, a US publication reported Tuesday, prompting an eminent American engineering organisation to seek a review of the ongoing immigration reforms.

“The data shows: Top H-1B users are offshore outsourcers,” and Computerworld found that, “based on the US Citizenship and Immigration Services (USCIS) data analysed, the major beneficiaries of the proposed increase in the cap would be pure offshore outsourcing firms”.

“The analysis comes at a time when a bill before Congress, the “Immigration Innovation Act,” would expand the H-1B visa programme from 85,000 visas to more than 4,00,000 annually,” Computerworld said.

“This confirms that H-1B visas facilitate the transfer of high-skill, high-paying American jobs to other countries.

Congress should pass laws that create US jobs, not destroy them,” said Marc Apter, president of the Institute of Electrical and Electronics Engineers-USA (IEEE-US).

Most of the largest H-1B users easily account for more than 35,000 H-1B visas under the “initial” visa plan, which includes new H-1B visa holders or those who work second concurrent jobs with a different employer, Computerworld said.

“This is just affirmation that H-1B has become the outsourcing visa,” Ron Hira, a public policy professor at the Rochester Institute of Technology and researcher of tech immigration issues, was quoted as saying.

Among the top companies to have received the H-1B visas in 2012 visas are Cognizant (9,281 H-1B visas), Tata (7469), Infosys (5600), Wipro (4304), Accenture (4037), HCL America( 2070), Mahindra Group (1963), IBM (1846), Larsen and Tourbo (1832), Deloitte (1668), Microsoft (1497), Patni Americas (1260) and Syntel (1161), the report said.

“The failure of Congress and the Obama Administration to close loopholes in the H-1B programme is reducing job opportunities for American high-tech workers and undermining their wages,” Hira said.

“If that bill were to be passed we’d see a major hemorrhaging of American jobs and it would discourage American kids from studying high-tech fields,” Hira was quoted as

saying by Computerworld.

The Top 10 H-1B users received 40,170 H-1B visas in fiscal 2012 and applied for just 1,167 employment-based (EB) green cards. This is an immigration yield of 2.9 percent, IEEE-US said, adding that it supports additional EB green cards for skilled immigrants.

These visas allow immigrants to start their own companies and create US wealth and jobs.

“Any plan to increase skilled immigration should be based on green cards,” Apter said.

Source:http://www.indianexpress.com/news/top-10-h1b-visa-companies-outsource-jobs-overseas-report/1076962/0

GlaxoSmithKline Pharma Q4 net profit inches up 1.29% at Rs 138.51 cr

GlaxoSmithKline Pharmaceuticals today reported a 1.29 per cent rise in its net profit at Rs 138.51 crore for the quarter ended December 31, 2012.

The company had posted a net profit of Rs 136.74 crore for the corresponding period previous fiscal, the company said in a statement.

Net sales of the company stood at Rs 656.69 crore for the quarter under consideration as against Rs 566.03 crore for the year ago period.

In a separate statement, the company said its board has recommended a dividend of Rs 50 per equity share for the year.

“If approved by the shareholders at the annual general meeting the dividend will absorb Rs 424 crore. The dividend distribution tax borne by the company will amount to Rs 64 crore,” GlaxoSmithKline Pharmaceuticals said.

In 2012, the company added new products across various therapeutic areas.

Altargo was launched in the dermatology portfolio, Volibris was launched to treat pulmonary arterial hypertension (PAH) and Hycamtin was launched to fulfil unmet needs for patients with advance cancers and relapsed small cell lung cancer, it added.

“The company forayed in CNS through the launch of Lamictal a newer epileptic drug for treatment of partial and generalised seizures in children and adults. It is also used

in bipolar disorder for preventing mood episodes like depression and mania,” GlaxoSmithKline Pharmaceuticals said.

Branded generics were also added to the already existing range of products, it added.

Shares of GlaxoSmithKline Pharmaceuticals were today trading at Rs 2,104.45 per scrip on BSE, up 0.62 per cent from their previous close.

Source:http://www.indianexpress.com/news/glaxosmithkline-pharma-q4-net-profit-inches-up-1.29–at-rs-138.51-cr/1076436/

Kolte-Patil acquires 49% stake in two arms at Rs 65.62 cr

Realty firm Kolte-Patil Developers (KPDL) today said it has bought out foreign investor Epsilon Investments’s 49 per cent stake each in subsidiaries – Oakwoods Hospitality and Jasmine Hospitality – for a total sum of Rs 65.62 crore.

The subsidiaries were formed by KPDL with a 51 per cent ownership each. Epsilon Investments had 49 per cent stake in both.

After completion of the Rs 65.62-crore acquisition process, both companies have become wholly-owned subsidiaries of KPDL, the company said in a release here.

Oakwoods Hospitality and Jasmine Hospitality have land parcels in Pune and Bangalore respectively.

“KPDL is rapidly growing while developing its various brands that appeal to every financial bracket. We believe that both the wholly-owned subsidiaries have huge potential and will add value to our plans in the residential category,”

Kolte-Patil Developers Group CEO Sujay Kalele said.

“The qualities of the land parcels fit in our upcoming plans for KPDL’s 24K brand, and this acquisition signifies our positive expectations from the brand,” he said.

The property in Pune consists of 0.45 million square feet of saleable area and the Bangalore one comprises 0.58 million square feet of saleable area, the release said.

KPDL plans to develop high-end residential projects on these two land parcels under its brand ’24K’.

Shares of Kolte-Patil Developers were last trading at Rs 104.20, up 1.46 per cent on BSE platform.

Source:http://www.indianexpress.com/news/koltepatil-acquires-49–stake-in-two-arms-at-rs-65.62-cr/1076457/

Ruchi Soya records 105% jump in Profit during the third quarter of FY 2012-13

Mumbai: Ruchi Soya Industries Limited (Ruchi Soya) has announced its un-audited financial results for the quarter ended  31, 2012 (Q3). As compared to the corresponding period of the previous year, net profit for the quarter rose by 105.45% from Rs. 24.05 crore to Rs. 49.41 crore whereas net sales rose by 17.56% from Rs. 6,954.29 crore to Rs. 8,175.16 crore.

During the quarter, branded sales registered a healthy 22.95% growth from Rs. 1,374.23 crore to Rs. 1,689.59 crore. Refining capacity utilization improved by 8.85% from 4,78,589 MT to 5,20,960 MT. Export of Soya Meal in value improved by 47.29% from Rs. 883.16 crore to Rs. 1,300.83 crore. Sale of Textured soya protein (TSP) stood at Rs. 28.16 crore registering an impressive rise of 43.53% from Rs. 19.62 crore during Q3 in the last fiscal.

Commenting on the performance, Managing Director, Mr. Dinesh Shahra said, “I am happy to share the healthy growth recorded by the Company during the third quarter ended December 31, 2012. Improved branded sales, better sales realization of oilseed extraction, effective control on the costs and favourable business sentiments helped us to get profit on the track. We are making our efforts to have good performance on a sustained basis in the times to come.”

Ruchi Soya Industries Limited
Featuring among the top five FMCG players in India, Ruchi Soya is India’s number one cooking oil maker and marketer. An Integrated player from farm to fork, Ruchi Soya has secured access to oil palm plantations in India and other important parts of the world. Besides being a leading manufacturer of high quality edible oils, soya foods, vanaspati, and bakery fats, Ruchi Soya is also the highest exporter of soya meal, lecithin and other food ingredients from India. Ruchi Soya features amongst top three players based on market share in the overall Refined Oil in Consumer Packs (ROCP) in India with leadership position in important segments like palm oil. Ruchi Soya is committed to renewable energy and exploring suitable opportunities in the sector.

India Inc expects biz sentiment to improve in coming months

Expecting pro-growth announcements in the upcoming Union Budget, Indian corporates are optimistic on improvement in business conditions in the coming months, two independent surveys have said.

Majority of Indian corporates, surveyed by Ficci and PHD Chamber of Commerce and Industry, separately, said the mood among corporates is optimistic and they expect better business conditions, which would lead to more sales and higher profit margins in the next six months to three years.

Ficci, in its Business Confidence Survey, said majority of respondents are positive about the next two quarters (January-June 2013) as they expect pro-growth announcements in the upcoming Union Budget.

The respondents also said they are hopeful that green shoots would soon appear as the government continues to move ahead on the reform agenda, it said.

“Though the economic situation continues to be difficult and business sentiment remains weak, we will be pro-growth and give a renewed thrust to capital formation,” Ficci President Naina Lal Kidwai said.

Sharing similar views, PHD Chamber said in its study that the long-run prospects of business in the country seem bright as majority of corporates have plans to expand their businesses in next three years.

It said effective policy interventions and reform initiatives would pave the way for greater investment intentions by corporates.

“The time is most opportune to provide greater policy environment that will reassure investors’ confidence with promises to open more avenues for projects, policies, products and partnerships,” PHD Chamber of Commerce and Industry President Suman Jyoti Khaitan said.

Besides, both the surveys stated that corporates feel that recent steps by the RBI to reduce the repo rate and Cash Reserve Ratio (CRR) would help revive investors’ sentiment and accelerate investment in the near future.

Shedding its nine-month long hawkish monetary policy stance, the RBI has cut short-term lending rate called repo by 0.25 per cent to 7.75 per cent and CRR by similar margin to 4 per cent.

Further, Ficci in its study said factors like weak external demand, rising cost of raw-material, high interest rates and lower investments continue to nag corporates.

The survey stated that business confidence of Indian companies declined slightly to 61.2 during October-December 2012-13, from 62.4 in the previous quarter (July-September).

Source: http://www.indianexpress.com/news/india-inc-expects-biz-sentiment-to-improve-in-coming-months/1075577/0

‘Corporates to see 25 % acceleration in profit growth in FY14’

Corporate India is poised to see acceleration in profit growth to 25 per cent in 2013-14 from an expected 14.5 per cent in 2012-13, an economic think-tank said.

“Corporate India is expected to accelerate profit growth to 25 per cent in 2013-14 from an expected 14.5 per cent in 2012-13.

“Softening input prices, appreciation of rupee and consequent absence of forex losses are expected to boost profitability,” Center for Monitoring Indian Economy (CMIE) said in its monthly review here.

Corporate India’s net profit margin is also expected to expand to 7.8 per cent in 2013-14 from an expected 6.8 per cent in 2012-13, it said.

International prices of crude oil are expected to fall by 2.9 per cent in 2013-14. This coupled with a 4.1 per cent appreciation in the Indian rupee is expected to bring down the cost of crude oil imports substantially, the report said.

The petroleum products sector is expected to be the major beneficiary of this. High landed cost of crude oil imports has led to its raw material expenses as a proportion of sales shot up to 91.7 per cent in 2012-13, which are expected to come down to 88.4 per cent in 2013-14, CMIE said.

CMIE further said the government has not been regular in announcement and disbursal of oil subsidies. This has pushed the petroleum products industry into losses in many a quarters and has also led to a sharp increase in its interest burden.

The partial deregulation of diesel prices announced earlier this month is expected to reduce the reliance of the petroleum products industry on subsidies and aid its bottomline, it added.

The net profit of the petroleum products industry are expected to climb up to 4.4 per cent of income in 2013-14 from an expected 2.2 per cent in 2012-13. The petroleum products industry accounts for 10-15 per cent of total corporate profits and hence its profit growth has a strong bearing on the overall profit performance of corporate India.

Industries engaged in manufacture of other crude oil derivatives such as chemicals, polymers, plastics and paints are also expected to reap the benefits of around 7 per cent fall in landed cost of crude oil imports in 2013-14, CMIE said.

Source: http://www.indianexpress.com/news/corporates-to-see-25—acceleration-in-profit-growth-in-fy14/1075581/0