Nasheman

India's largest selling Urdu weekly, now also in English

You are here: Home / 2016 / Archives for May 2016

Archives for May 2016

JSW Steel – Volume ramp up, stable prices boost profitability

by

JSWSTEEL_

JSW Steel’s (JSTL) Q4FY16 consolidated EBITDA jumped 8% YoY to INR18.3bn on higher standalone volumes (up 7% YoY) of 3.28mt and lower operating cost. However, domestic realisation dipped 19% YoY (though marginally high QoQ) to INR29,072/t. Management’s FY17 volume guidance stands at 15mt. Factoring this, we revise up our EBITDA estimates for FY17 and FY18 10% and 18%, respectively. However, we remain sceptical due to the bleak global demand outlook and limited upside in domestic realisation from current level. We believe current stock price factors in the upside in the stock. Maintain ‘REDUCE’ with revised TP of INR932 (INR817 earlier, based on 6x FY18E EV/EBITDA).

Higher volume, benign raw material cost boost EBITDA

Q4FY16 performance was boosted by standalone sales volumes that grew 7% YoY to 3.28mt. Further, decline in realisation (down 19% YoY) was more than offset by lower raw material cost (down 23% YoY). As a result, consolidated EBITDA rose 8% YoY to INR18.3bn. Ergo, reported standalone EBITDA/ tonne was stable at INR5,404 in Q4FY16 compared to INR5,469 in Q4FY15 (Q3FY16: INR3,443). International operations in the US, however, reported EBITDA loss of USD10.2mn compared to a slight profit of USD0.13mn in Q4FY15.

Upside in domestic realisation capped

We believe the upside in domestic flats steel realisation is limited from current level. Further, the company is expanding into longs which typically face pressure from secondary producers. Compared to 21% increase in HR coil prices, rebar prices have risen only 10% from February 5, 2016, level.

Outlook and valuations: Upside capped; maintain ‘REDUCE’

We retain our negative sector view factoring global capacity surplus (steel and iron ore) and visible slowdown in China. Considering volume benefits of JSTL’s capacity ramp up (24% YoY) and improved price environment, we revise up FY17E and FY18E EBITDA 13% and 18%, respectively. With RoE estimated to remain at 14.3% in FY18 despite ~18.0% CAGR in revenue and high net debt/EBITDA ratio of 6.33x, we continue to value JSTL at 6x FY18E EV/EBITDA. We maintain ‘REDUCE/SP’ with revised target price of INR932. At CMP, the stock trades at ~6.7x FY18E EBITDA.

Several Indians indicted in marriage visa fraud case in US

by

USA

Washington: Several Indians and Indian- Americans have been indicted on charges of a U-Visa fraud and arranging fake marriages for the purpose of entering the US, authorities said.

Investigating authorities said these people would enter into a fraud marriage with the citizens of the US for the purpose of entering the country and then also fraudulently apply for a special category of U-visa which is normally given to victims of certain crimes who have suffered mental or physical abuse and are helpful to law enforcement.

The indictment alleges that Simpson Lloyd Goodman, a licensed attorney, submitted fraudulent documents to US Citizenship and immigration Services for the purpose of obtaining U-Visas for other co-defendants.

The false documents submitted to USCIS included falsified police reports allegedly prepared by Officer Ivory Lee Harris of the Jackson Police Department. Other defendants engaged in and caused various acts which enabled defendants to attempt to obtain U-Visas from USCIS.

Those charged under U-Visa fraud are Sachin Girishkumar Patel, Tarunkumar Purushottambhai Patel, Simpson Lloyd Goodman, Ivory Lee Harris, Sanjay Rathilal Patel, Maheshkumar Mangaldas Patel, Ashaben Mukeshbhai Patel, Rajan Nareshkumar Patel, Gopaldas Khodabhai Patel, Sachin Khodidas Patel and Baldevbhai Ramabhai Patel.

In the 16 count marriage fraud indictment, it is alleged that they would enter into marriages between persons who were already citizens of the US solely for the purpose of obtaining immigration status to which the aliens would not otherwise be entitled.

“These marriages were not entered into because of mutual love and affection between the parties, but solely to create a legal status that would provide a basis for immigration status for the alien partner and usually for some economic benefit to the United States citizen,” the Department of Justice said.

The individuals indicted under marriage fraud are Sachin Girishkumar Patel, Tarunkumar Purushottambhai Patel, Simpson Lloyd Goodman, Chirag Nilesh Patel, Dana Cheetara Adams, Brandy Nicole Edwards, Terilynn Rankin, Sejal Sanjay Kakadia, Jayantibhai Kalidas Chaudhari, Virendra Rambachan Rajput, and Javona Shanice Rajput.

“The defendants allegedly circumvented the laws and submitted fraudulent documents that are critical to obtaining immigration status,” said US Attorney Gregory K Davis.

“These arrests were made as a result of the great work of our law enforcement partners who stopped 19 people who sought to undermine the integrity of our nation’s immigration system,” he said.

The maximum penalties for the crimes charged in the indictments are: conspiracy to commit fraud and misuse of visa permits – five years in prison and USD 250,000 fine per count; fraud and misuse of Visa permits – 10 years in prison and a USD 250,000 fine per count; mail fraud – 20 years in prison and a USD 250,000 fine per count; and wire fraud – 20 years in prison and a USD 250,000 fine.

(PTI)

Cabinet clears ordinance to keep state boards out of NEET ambit this year

by

NEET

New Delhi: Government today approved promulgation of an ordinance to keep state boards out of the ambit of uniform medical entrance examination, NEET, for one academic year.

The executive order is aimed at “partially” overturning a Supreme Court verdict which said all government colleges, deemed universities and private medical colleges would be covered under NEET.

The next phase of the exam is scheduled for July 24. Nearly 6.5 lakh students have already sat for the first phase of NEET held on May 1.

Once the ordinance is issued, students of state government boards will not have to sit for NEET on July 24. They, however, will have to become part of the uniform entrance exam from next academic session, government sources clarified.

The exam will be applicable for those applying for Central government and private medical colleges.

The states flagged various issues in the health ministers conference recently, including problems related to language and syllabus for students. They said the students affiliated to state boards will find it tough to appear for the uniform test as early as July.

Health Minister J P Nadda is likely to meet President Pranab Mukherjee to explain him about the need for the ordinance.

(PTI)

Chandy resigns, P Vijayan to be next Kerala CM

by

PINARAYI VIJAYAN

Thiruvananthapuram: CPI-M politburo member Pinarayi Vijayan has been chosen as next Chief Minister of Kerala, a day after the marxist party-led LDF romped home to power in the Assembly polls, according to reports.

The CPI-M secretariat and party’s Kerala committee met here today in the presence of General Secretary Sitaram Yechury.

CPI-M veteran V S Achuthanandan and party politburo member Pinarayi Vijayan, both of whom were elected to the Assembly, were being considered for the top slot. The meeting assumed significance as it had to choose one among them.

In the 140-member state Assembly, CPI-M-led LDF won 91 seats, UDF headed by Congress 47, BJP and Independents, one each.

Chandy resigns

Kerala Chief Minister Oommen Chandy today resigned from the post following the defeat of Congress-led UDF in the Assembly election.

Chandy drove to the Raj Bhavan this morning around 1030 hrs and submitted his resignation letter to Governor P Sathasivam.

He told reporters that UDF and Congress would be meeting next week to discuss the poll debacle and take stock of the situation.

UDF, which was trounced by CPI(M) headed LDF in the May 16 polls, bagged only 47 seats against the rival front’s 91.

“This is only a temporary phenomena and Congress will come back with strength,” 72-year-old Chandy said, adding, “the party and Front have the responsibility for the setback, but as chairman of UDF, I have more responsibility”.

On reports that he was not willing to take up the post of Leader of Opposition, he said, “It is a matter to be discussed at the party level. I have nothing more to say.”

Chandy said that he would be going to the state Secretariat to meet his office staff and other employees.

Chandy has the distinction of being the only Congress chief minister to have completed the five-year term in office.

(Agencies)

 

Shane Watson bats for P&G Shiksha programme

by

Shane Watson

Bengaluru: Veteran Australian cricketer Shane Watson on Thursday batted for P&G’s flagship Corporate Social Responsibility programme P&G Shiksha and emphasised the importance of education in the lives of children.

P&G Shiksha has supported over 450 schools till date, reaching over 8,00,000 underprivileged children. In its 12th year, it launched ‘Shiksha Superheroes’, a campaign to acknowledge consumers, the real-life superheroes who make a simple brand choice of buying P&G products.

Watson attended an event at the P&G Shiksha School here. The 34-year-old encouraged the people of India and Bengaluru to be Shiksha Superheroes by simply choosing P&G products and contribute to the education of underprivileged children. During the event, Watson also shared his school memories with the children and emphasised on the importance of sports and extra-curricular activities in their holistic development while teaching them a few cricketing strokes.

The Shiksha school children were quite excited to meet their hero and also requested him to play the guitar. Watson immediately obliged and charmed his young fans by strumming the guitar on his favourite song.

During the school visit, the Royal Challengers Bangalore (RCB) all-rounder remarked, “Today, while I spent time with P&G Shiksha children, I was nostalgic reminiscing my school days.

“It felt amazing to interact with these young kids who are really talented and have a bright future ahead of them.

“This is the first time I associated with P&G Shiksha and I am delighted to witness the difference that P&G Shiksha has made by building and supporting more than 450 schools that will impact the lives of 800,000 children.”

(IANS)

Himalaya’s AyurWhiz, a Pan – India competition to find the brightest minds in Ayurveda culminates at Bangalore

by

ayurwhiz

Bangalore: The Himalaya Drug Company, India’s leading Herbal Health and Personal Care Company organized its final round for the AMC (Ayurvedic Medical College) Connect on 18th May 2016 at J N Auditorium, Bangalore. The initiative aims to recognize academic excellence of students in Ayurveda Medical Colleges across the country. The 8 shortlisted students from over 22 states – and four different zones were chosen post multiple elimination rounds.

Through this initiative, Himalaya aims to give young and bright minds of Ayurveda a national platform, to meet and interact with students of other colleges, exchange views, discuss the future of this science and of course compete in AyurWhiz, a national quiz competition.

Till date the competition has more than 6,000 students through a rigorous screening process in the preliminary rounds which includes over 130 preliminary contests in all the colleges, 14 cluster contests for Karnataka & Maharashtra states, 22 state level finals and four zonal finals.

The four teams, who made it to the finals, were:
· State Ayurveda College, Lucknow UP – representing North zone

· Government Ayurveda College, Guwahati Assam – representing East zone

· SDM College of Ayurveda, Udupi – representing South zone

· Government Ashtang Ayurveda College, Indore – representing West zone

This unique initiative under AMC Connect was conceptualised and launched by Mr. Philipe Haydon – CEO, The Himalaya Drug Company in the year 2009. Mr. Haydon, an ardent proponent of the science of Ayurveda, spoke at the 3rd annual competition of AyurWhiz, “Ayurveda’s time has finally come. Today, it is widely recognised that Ayurveda is vital to a holistic, integrated and patient-centric model of healthcare. The rise of lifestyle diseases has brought the science of Ayurveda, quite literally, ‘the science of life’, into the mainstream, because it offers efficacious solutions for relief in and management of chronic conditions. To ensure that India becomes the hub of innovative and contemporary Ayurveda, we need to encourage, engage and elevate young students who are pursuing the study of this wonderful science. This is why an initiative like Ayurrwhiz is important.”

Dr. Rangesh, Chief Scientific Officer, The Himalaya Drug Company, emphasised the need for a trans-disciplinary approach to Ayurveda, which propagates collaboration between different scientific disciplines and streams of medicine to arrive at a common solution, one that is safe and most effective for the patient.

The National quiz was moderated by Dr. Srikanth, National Manager – Scientific Services, Pharmaceutical, The Himalaya Drug Company, who through his interactive approach and interesting questions took over the stage. It was a highly competitive contest with all teams putting up a good show. Dr. Sandya Lakshim and Dr. Nandeesh from SDM College Ayurveda, Udupi, Mangalore who represented Team South adjudged the winners of the final competition.

About The Himalaya Drug Company: The Himalaya Drug Company was founded in 1930 by Mr M. Manal with a vision to bring Ayurveda to society in a contemporary form and to unravel the mystery behind the 5,000-year-old system of medicine. The legacy of researching nature forms the foundation of Himalaya’s operations. Himalaya has pioneered the use of modern science to rediscover and validate Ayurveda’s secrets. Today, with a history spanning more than eight decades in herbal research, Himalaya has positioned itself as a brand that cares about not only enriching people’s lives but also the environment. With their ‘head to heel’ range of products Himalaya aims to provide a holistic solution to everyday ailments that affect our bodies.

Seeped in a legacy of researching nature, Himalaya has successfully been able to harness the science of Ayurveda through cutting-edge research to become a brand that is safe, gentle and trustworthy.

Punjab National Bank – Asset quality pangs; long haul ahead

by

punjab national bank

Punjab National Bank (PNB IN, INR 76, Buy)

Punjab National Bank’s (PNB) Q4FY16 profitability was hit by continued disappointment on asset quality. Slippages spiked to INR235bn (24% versus run-rate of <6% in past 6 quarters) with GNPLs touching 12.9%. This resulted in slower revenue momentum (NII fell >27% YoY) with NIMs taking a knock due to higher interest income reversal. Loan growth, at ~10% (albeit slower than trend), was better than peers with focus on granularity (small ticket size loans >57% of loans). Given weak RoE profile and elevated stress PNB is not preferred pick. But, considering valuations of 0.5x FY18E book after factoring in potential stress, focus on granularity & healthy liability franchise (CASA > 40%), we maintain ‘BUY’.

Stress formation dealt a nasty blow, outlook cautious
Slippages spiked to INR235bn (crossing 20% mark), taking GNPLs to 12.9% (versus 8.5% in Q3FY16). While part of it was attributable to RBI’s asset quality review, even adjusted for that slippages were on higher side. A large part of stress emanated from restructured book (>40% of slippages), with overall stress pool (NNPLs plus restructured) coming in at 13.5% (14.4% in Q3FY16). Sector-wise iron & steel, chemical and other infra sectors were main contributors to stress. While management guided for lower incremental stress going ahead, SMA-II accounts of INR110bn (~3% of book) and high exposure to stressed segments (I&S and power), keeps us guarded.

Revenue traction sluggish; lower opex cushions profitability
High asset quality stress also took a toll on revenue momentum (NII fell >30% QoQ) with NIMs dipping owing to higher interest income reversal (NIMs down >90bps QoQ). However, lower opex (down >16% YoY, gains on pension assets of ~INR4bn) and higher recovery from written-off accounts (core fee was softer) cushioned the impact.

Outlook and valuations: Asset quality vital; maintain ‘BUY’
PNB’s performance was marred by dismal asset quality, leading to loss in FY16. Incorporating lower NIMs and lower growth, we lower FY17/18E EPS by 10%/9%. While the bank has relatively higher dilution risk at weak multiple, government’s assurance of capital support to leading PSU banks will cushion impact. Given weak RoE profile and elevated stress, PNB is not a preferred pick. But, valuations of 0.5x FY18E book after factoring in potential stress, focus on granularity and healthy liability franchise, we maintain ‘BUY/SP’ with TP of INR120.

Motherson Sumi Systems – Outlook improving, but largely priced in

by

Motherson Sumi Systems

Motherson Sumi’s (MSS) Q4FY16 adjusted EBITDA at INR10.6bn (up 17% YoY) came ~6% below our estimate due to sharp disappointment in SMR/SMP revenues. Key highlights were: 1) India business (revenue and margin) surprised positively; 2) SMRPBV’s disappointing revenue was compensated by robust margin; 3) sharp jump in SMRPBV’s order book to EUR13.5bn (EUR10.8bn YoY); and 4) robust demand outlook across key clients and geographies. Maintain ‘HOLD’ with SOTP-based target price of INR280 (standalone: 22x, SMR: 12x and SMP: 12x FY18E PER).

Operating performance: SMR/SMP revenues disappoint
Consolidated revenue at INR102bn (up 8% YoY) was ~6% below our estimate due to weaker-than-expected revenue in SMR and SMP. In EUR terms, SMR and SMP revenue grew 7% and 2% YoY, respectively (slowest in past 8-10 quarters). However, India business surprised positively with 13% YoY revenue jump led by higher share of new models and rising content per vehicle. EBITDA margin of India business at 20.9% (up 240bps QoQ) and SMR business at 12.5 % (up 180bps QoQ) surprised positively.

India: Worst is behind; SMR/SMP margin trend key monitorable
After 4 quarters of subdued growth, India revenue grew 13% YoY. We estimate 17%/22% revenue growth for FY17/18 as the market share loss phase is behind. In SMR/SMP, ramp up of new plants remains key to revenue growth and margin improvement. We estimate ~15% revenue growth for SMR/SMP in FY17/18 each.

Outlook and valuations: Positives factored in; maintain ‘HOLD’
We believe the earnings downgrade cycle is largely behind. For India, we expect revenue growth to track volumes going ahead. We estimate FY16-18 consolidated EPS CAGR of 26% with ~36% RoE. RoCE is anticipated to catapult to ~36% in FY18 from 26% in FY16 and net debt/equity is likely to improve as well to 0.3x from 0.7x over the same period. Ergo, we revise up our target PE multiples for standalone business to 22x (from 20x) and of SMR/SMP businesses to 12x (from 10x). However, the recent stock price surge captures the positives. Hence, we maintain ‘HOLD/SU’ with revised target price of INR280 (INR248 earlier). At CMP, the stock trades at FY18E PER of 17x.

Bhojpuri Films Round Up

by

Rani Hum Ho Gaeeli Tohar

Rani Hum Ho Gaeeli Tohar editing progresses

The editing of Birajishri Balaji Art Films’ Rani Hum Ho Gaeeli Tohar is currently in progress at A. B. Studio under the supervision of editor Bharat. The credits of the film are produced by Raja Ram Kanaujia, written & directed by Prakash Anand, music by Sahil, lyrics by Prakash Anand & Sagar, action by Pradip Khadka, choreography by Ashok -Mayank, cinematography by Ashwini Mishra, & associate director is Satya Dubey. It stars Gaurav Jha, Neha Shree, Ram Mishra, Baleshwar Singh, Nagendra Yadav, Sanjay Verma, Dharmendra Singh, Shama, Harish Gupta, T. N. Tripathi, Manoj Gupta, Glory & Ranu Pandey.

Bam Bam Bol Raha Hai Kashi first look launched

The 1st look of Purple Pebble Pictures maiden venture Bam Bam Bol Raha Hai Kashi was launched recently at Purple Pebble Pictures Juhu office by Dr. Madhu Chopra . On this occasion the cast & the crew and film distributor Rakesh Singh (Ma Sona Films) were present. The credits of the film are produced by Priyanka Chopra & Dr. Madhu Chopra, written & director by Santosh Mishra, associate producer is Ravi Shankar Jaiswal, music by Rajnish Mishra – Madhukar Anand & cinematography by Rafik Shekh. It stars Nirahua (as Kashi), Amrapali Dube, Antara Banarjee, Prakash Jais, Manoj Tiger, Sanjay Pandey, Ayaz Khan, Rati Garg et al.

 

Loha Pahalwan shooting starts

The shooting of Nishad Production & GML Entertainment Pvt Ltd’s Loha Pahalwan has started in Mumbai this week. The credits of the film are produced by Sanjay Nishad, Gautam Nishad & Kajal Nishad, directed by Iqbal Baksh, story by Prakash Jais, executive producer is Sushil Singh & Prakash Jais, cinematography by Dinesh Patel, music by Chhote Baba, lyrics by Azad Singh, choreography by Dilip Mistri, action by Heeralal Yadav & art by Kali Charan. It stars Pawan Singh, Payas Pandit, Prakash Jais, Zafar Khan, Deepak Sinha, Dev Singh, Somlal Yadav, Kiran Mallah, Sakshi, Umakant Rai, Ratnesh Tiwari & Sushil Singh.

Mukhtar DI complete

The DI of GDM Production’s Mukhtar has been completed in Mumbai this week. The credits of the film are produced by Anurag Pandey, Hemant Tiwari & Vikas Pratap Singh, directed by Anand Singh (A.K.), written by Jitendra Yadav, screenplay & dialogues by Manoj Panday, music by Chhote Baba, lyrics by Rajesh Mishra, Pyarelal Yadav Kaviji, Ashok Sinha & Mritunjay Yadav, cinematography by Devendra Tiwari, choreography by Ashok – Mayank, action by Bazi, art by Ashok Vishwakarma, editing by Dharam Soni & executive producer is Akhilesh Rai. It stars debutant Jitendra Yadav, Raviraj Dipu, Baleshwar Singh, Santosh Shrivastava, CP Bhatt, Anjali Banarji, Mahi Khan, Pragya Tiwari, Rashmi Sharma, Sunita Pandey & Sanjay Pandey.

Herogiri dubbing starts

The dubbing of Yash Movie Maker & Sabran Films’ Herogiri has started in Mumbai this week. The credits of the film are produced by Nirmal Chaudhari & Aaryan Raj Vijay, directed by Manoj S Tomar, story – screenplay – lyrics by Virendra Panday, dialogues by Sanjay Raj, music by Madhukar Anand, cinematography by P. Arun Eknathan, choreography by J D & action by Chandra Pant. It stars Anand Ojha, Kajal Raghwani, Archana Singh, Sanjay Pandey, Manoj Tiger, CP Bhatt, Ritu Pandey, Pushpa Varma, Vijay Mishra, Sunil Datt Pandey et al.

Bhail Tohra Se Pyar post production complete

The post production of Mitwa Production House’ Bhail Tohra Se Pyar has been completed in Mumbai this week. The credits of the film are produced – written – lyrics by Dharmendra Kumar Maurya, directed by Shad Kumar, co – produced by Ram Ashish Chauhan, cinematography by Shad Kumar, music by Raul & Pal Kanpuri & choreography by Gyan Singh. It stars Vinay Anand, Gunjan Pant, Rajeev Dinkar, Simran, Anand Mohan, Upasna Singh, Dev Malhotra, Mehnaz Shraff, Baby Farhan, Baby Fariya et al.

EgyptAir flight MS804 from Paris to Cairo crashed

by

egyptair

by BBC

An EgyptAir flight reported missing between Paris and Cairo has crashed, French President Francois Hollande confirmed.

The Airbus A320 with 66 people on board disappeared from radar at 02:30 Cairo time (00:30 GMT), soon after leaving Greek airspace.

Greece’s defence minister says Flight MS804 made “sharp turns” and plunged before dropping off the radar.

A major search is under way in seas south of the Greek island of Karpathos.

Greek and Egyptian armed forces are involved in the effort, and France has offered to send boats and planes.

Mr Hollande said he was keeping an open mind about the cause of the crash.

“We will draw conclusions when we have the truth about what happened,” he said.

“Whether it was an accident, or whether it was – and it’s something that is on our minds – terrorism.”

There were 56 passengers – including three children – seven crew members and three security personnel on board. They included 30 Egyptians, 15 French citizens and a Briton.

Flight MS804 left Charles de Gaulle airport in Paris at 23:09 local time on Wednesday (21:09 GMT) and was scheduled to arrive in the Egyptian capital soon after 03:15 local time on Thursday.

EgyptAir said the plane had been flying at 11,300m (37,000ft) when it disappeared from radar shortly after entering Egyptian airspace.

Aviation officials in Greece said earlier that air traffic controllers had spoken to the pilot a few minutes earlier and everything had appeared normal.

But Greece’s Defence Minister Panos Kammenos told a news conference that soon after entering Egyptian airspace, the plane had turned “90 degrees left and 360 degrees to the right” before plunging.

There was some earlier confusion over whether a distress signal had been sent by the plane.

Egypt’s state-run newspaper al-Ahram quoted an EgyptAir statement as saying the Egyptian army’s rescue and search had received a distress call from the plane at 04:26 local time – which would be around two hours after the flight disappeared.

But Egypt’s military subsequently said that no such signal had been received.

KNOW US

GET INVOLVED

PROMOTE

Archives