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Bharat Electronics – Spectacular show

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Bharat Electronics

Strong beat on EBIDTA margin (~600bps better) enabled Bharat Electronics (BEL) post 10/21% higher EBIDTA versus our/consensus estimates in Q4FY16. Despite low revenue growth of ~7%, FY16 EBIDTA/PAT jumped 28/17% led by better product mix. The company’s FY16 order intake catapulted 3x to INR170bn led by 2 large projects (total INR99bn), propelling order book to INR320bn (up 48% YoY). BEL has been focusing on core competence—electronic systems, components—which coupled with sharpened focus on R&D & innovation imparts it a substantial competitive edge. Maintain ‘BUY’ with target price of INR 1,550 as we roll forward to FY18E earnings, estimating 13% EPS CAGR and reasonable 22% RoCE.

Execution of high value add projects aid OPMs; sales growth tepid
BEL posted a strong EBIDTA margin beat led by better–than-expected profitability in several large value executions like Akash missiles and high value ad radars which formed a major chunk of FY16 sales. Thus, despite lower–than-expected sales growth of 6%, FY16 EBIDTA jumped a strong 28% YoY driven by 300bps margin spurt. However, BEL missed its 8-10% revenue guidance for FY16.

R&D focus lends competitive edge; revenue visibility improves
While BEL’s order book catapulted 48% YoY to INR310bn, the company is eyeing sizeable value of projects going ahead both in its conventional areas (Akash, missiles etc) and several first-of-its-kind projects like TCS etc. Further, the company’s new R&D integrated centre at Bengaluru, we believe, is a step in the right direction as it reinforces its capability versus any possible threat/competition going ahead. We expect BEL’s revenue growth to pick up gradually with improved integration capability, execution and delivery of several key projects over the next 2-3 years.

Outlook and valuations: Attractive bet; maintain ‘BUY’
Despite an anticipated surge in private sector component players triggered by government’s thrust like IDDM and Make in India, we expect BEL’s position to strengthen as a lead integrator given its focus on and investment in core business. Rising capability of Indian private sector component players will complement BEL in a larger part of its business imparting a much higher growth. We maintain ‘BUY/SO’.

FCEL forays into dry fruit segment with the launch of karmiq

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Karmiq

Bengaluru: Future Consumer Enterprise Ltd (FCEL), a part of Future Group announced its foray into the dry fruit segment with the launch of a new brand ‘KARMIQ- Food that celebrates your youth’. Being India’s largest sourcing-to-supermarkets FMCG company, FCEL plans to expand its consumer product portfolio from Foods and Spice, Snacks and Beverages to Quality Dry Fruits. With this launch, the company has introduced a range of products such as- KARMIQ California Almonds, Pistachios and Walnut Kernels and Cashews.

Speaking about the launch Mr. Devendra Chawla, President, food and FMCG, at Future Group, said “Young India is increasingly becoming attentive towards their well- being thus leading to an increase in health food consumption. Post doing an extensive study on our customer needs, we are proud to present KARMIQ. It is a blend of nutrition and health combined with great taste. This is what our brand propagates – food that celebrates youth”.

KARMIQ – the power house of nutrition aims to cater to the health conscious young consumers and focuses on the joy of eating healthy. Apart from the dry fruit range, KARMIQ also has three variants of olive oils under its portfolio along with canola oil and ricebran oil.

KARMIQ California range of dry fruits is currently available across India. The packaging design is bright and each pack comes with a zip lock. Vacuum packs are available for cashews and walnut kernels that help prevent infestation, maintain freshness and crispness of the nuts. All KARMIQ products are available in pack sizes of 200 gms and 500 gms with a starting price of 300.

328 bonded labourers rescued from brick kiln in Tamil Nadu

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brick kiln

Chennai: A raid by authorities rescued 328 bonded labourers, including 106 children, from a brick kiln in Thiruvallur district in Tamil Nadu.

The labourers rescued hail from Odisha and were allegedly made to work for 12 hours per day on a salary of Rs 20, officials said.

The raid was conducted by a district administration team led by revenue official S Jayachandran on Saturday based on inputs from an NGO, International Justice Mission, about the plight of the labourers.

Those have been provided Rs 1,000 each by the district administration which has requested the Southern Railway to attach three extra bogies in a train to send them to Odisha this evening, Jayachandran told PTI.

According to a bonded labourer, they were promised salaries of Rs 350-Rs 400 per day for construction work taken up at Pudhukuppam in Thiruvallur district.

“But, we were working (in the brick kiln) here on a mere salary of Rs 20 per day for 12 hours,” another bonded labourer said.

“We had to work for long hours. Most of us were not allowed to access basic food and toilet facilities,” the labourer said.

He claimed that some of the labourers were working for several months. Some of the rescued children were below the age of 15, he added.

The owner of the brick kiln, who had employed the labourers, is absconding and a case has been registered, an official said.

(PTI)

Video mocking Lata, Sachin: Sena, BJP seek action against AIB

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Tanmay Bhat

Mumbai: The Shiv Sena and BJP today demanded action against AIB and comedian Tanmay Bhat for a video in which he allegedly mocked singing legend Lata Mangeshkar and cricketer Sachin Tendulkar.

The Sena asked Chief Minister Devendra Fadnavis to take stringent action against AIB and Bhat for allegedly seeking to vitiate social harmony through videos on Mangeshkar and Tendulkar.

Party leader Neelam Gorhe has written to Fadnavis seeking action against those behind the video which she alleged was made by people with “deranged mentality”.

“Such people try to misuse the popularity of icons like Sachin and Lata tai for their own publicity,” Gorhe told PTI.

“I have also written to Mumbai Police Commissioner seeking action against Tanmay Bhat and AIB,” the Sena leader said.

Mumbai BJP president Ashish Shelar spoke to the Police Commissioner and requested that a police complaint be filed against Tanmay Bhat and AIB.

The MNS had also earlier said it will lodge an FIR against Tanmay and demanded that the video uploaded by him be removed immediately.

Titled “Sachin v/s Lata Civil War”, Tanmay is seen in the video taking jibes at the 86-year-old melody queen and the 43-year-old cricketing legend.

Actors Anupam Kher, Riteish Deshmukh and Celina Jaitly had yesterday criticised Bhat for roasting Tendulkar and Mangeshkar, calling the video “not funny”.

(PTI)

Narendra Modi’s govt 2nd anniversary “Ek Nayi Subah” starts at India Gate

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modi-amitabh

IANS: A gala event “Ek Nayi Subah” was being held at the India Gate lawns here on Saturday to mark the completion of two years of the Narendra Modi government. The event is being held in “talkathon” format with ministers answering queries put to them.

Minister of State for Home Kiren Rijiju, Minister of State for Urban Development Babul Supriyo and Minister of State for Information and Broadcasting Rajyavardhan Singh Rathore were among the ministers to take part in the initial part of the programme.

Prime Minister Narendra Modi is expected to come towards the end of the event.

The Talkathon format allows participants in the social media space to post questions on Twitter which are answered by the guests in real-time.

The programme is being telecast live on various channels of Doordarshan including DD National and mediapersons have not been invited for the coverage.

“Media has not been invited for coverage. The event is being held in a studio format,” an official of the Information and Broadcasting ministry said.

The government has hired Geometry Global Encompass Network, an event management company, for the programme.

The government had also organised a “Talkathon” last year to mark its first anniversary.

(IANS)

Bengaluru braces for IPL title clash on Sunday

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IPL

Bengaluru: With hosts Royal Challengers Bangalore (RCB) playing in the Indian Premier League (IPL-9) final on Sunday against Sunrisers Hyderabad (SRH) for the elusive title, Bengaluru is bracing for a high octane clash at the M. Chinnaswamy stadium in the city centre.

“The city has been put on a high alert for hosting the event (IPL final). Security measures are in place to ensure safety of players and fans at the stadium, which has been sanitised and fortified to prevent any incident,” city additional police commissioner K.S.R. Charan Reddy told IANS on Saturday.

A Bombay High Court order to shift IPL games, including the final out of drought-hit Maharashtra to save water has been a windfall for the frenzied fans, as its board (BCCI) awarded the Karnataka State Cricket Association (KSCA) to host the final.

The city had hosted the IPL-7 final on June 1, 2014 when Kolkata Knight Riders (KKR) defeated Kings XI Punjab by three wickets to lift the title for the second time.

“Besides deploying about 1,000 police personnel in and around the venue, an anti-sabotage drill is being conducted to secure the stadium. A dog squad and a bomb squad have been pressed to sniff out any threat to the venue,” Reddy said.

Though RCB played twice in IPL finals and lost — first at Johannesburg in South Africa in 2009 against the defunct Deccan Chargers and second in Chennai against the suspended Chennai Super Kings in 2011, they are playing in an IPL final on home turf for the first time and hoping to be third time lucky in lifting the cup.

With tickets for the high-voltage match sold out online and offline by May 25, a day after the home team entered the final by beating Gujarat Lions in the first qualifier, KSCA is expecting about 40,000 fans to pack the floodlit stadium on a summer night for a cracker of a contest.

“As half the seats in stands are reserved for complimentary tickets and passes, the remaining (about 20,000) went on sale even a fortnight before RCB entered the final. With RCB in the final, there was a surge for tickets online since May 24 night and tickets across counters at the stadium were sold out in two hours due to heavy demand,” a KSCA official said.

Apart from franchisee of both teams and their sponsors, complimentary tickets are given to BCCI-IPL, various cricket associations, their members and former players, while passes are doled out to VIPs, including ministers, lawmakers, celebrities and officials of civic agencies involved in providing support facilities to the stadium.

Police have made elaborate arrangements to maintain peace and order during the summit clash, regulate vehicular movement and ban parking for one km around the stadium to prevent traffic snarls.

“Additional constables and home guards will be on duty from 5pm to midnight on all roads and signal junctions leading to the stadium for smooth traffic flow. Being a Sunday, we hope to minimise traffic jams if drivers maintain lane discipline,” a traffic inspector of Cubbon Park police station told IANS ahead of the match.

State-run city road transport and metro rail corporations will be plying additional bus and metro services from 5pm till 1am for the convenience of fans flocking to the stadium for an exciting match.

(IANS)

Movie Review: ‘The Angry Birds Movie’ is a delightful fare ever seen before on the celluloid silver screen

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angry-birds-movie

Producers: John Cohen and Catherine Winder
Directors: Clay Kaytis and Fergal Reilly
Voice Over Artiste: Jason Sudekis, Josh Gad, Danny McBride, Maya Rudolph, Kate Mckinnon, Bill Hader etc

In the 3D animated comedy, The Angry Birds Movie, we’ll finally find out why the birds are so angry. The movie takes us to an island populated entirely by happy, flightless birds -or almost entirely. In this paradise, Red (Jason Sudeikis), a bird with a temper problem, speedy Chuck (Josh Gad), and the volatile Bomb (Danny McBride) have always been outsiders. But when the island is visited by mysterious green piggies, it’s up to these unlikely outcasts to figure out what the pigs are up to.

The director duo Clay Kaytis and Fergal Reilly have really assembled a delightful fare for kids, youngsters and matured people.

With a movie as enjoyable as this it is very difficult to pin point a particular flaw.

It is a harmless kid’s tale that kids and adults can easily find humour in.

V Narayanasamy to be new Puducherry Chief Minister

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V Narayanasamy

Puducherry: Former union minister V. Narayanasamy on Saturday was elected as the Congress Legislature Party leader in Puducherry and will be the union territory’s next chief minister.

Congress’s central observers – former Delhi chief minister Shelia Dikshit and general secretary Mukul Wasnik – announced the decision after holding discussions with the newly-elected party legislators here.

The Congress, which fought the May 16 elections in alliance with the DMK, won 15 seats in the 30 member assembly. The DMK won two seats.

Since there were three contenders for the chief minister’s post – former chief minister V.Vaithilingam, party chief A.Namassivayam and Narayanasamy – there was a delay in choosing the next Chief Minister.

According to the party’s central observers, Narayanasamy was elected unanimously by all the Congress legislators.

Meanwhile, disappointed at the outcome, supporters of Namassivayam shouted slogans and also attacked buses on the East Coast Road.

Narayanasamy, who is also a party general secretary, did not contest the elections. Now he has to get elected after one of the sitting legislators resigns.

The All India N.R. Congress (AINRC) won eight seats and the AIADMK grabbed four. An independent candidate was also elected.

(IANS)

Person who never lived in Kashmir has started a fight for Kashmiri Pandits: Naseeruddin Shah on Anupam Kher

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naseeruddin-shah-and-anupam-kher

Mumbai: As Narendra Modi government celebrates two years in power, veteran actor Naseeruddin Shah says citizens of the country should give more time to it before making perceptions though he feels a bit worried by the “changes made in few textbooks”. He, however, says the government is not “stupid” enough to turn the nation towards “dark ages”. He also hit out at fellow actor Anupam Kher saying that someone who’d never lived in Kashmir suddenly started fighting for Kashmiri Pandits.

“People are taking decisions and making perceptions too fast. I think we should give the government more time. But, there are few things which make me concerned, like the kind of alterations in the text books those are the things to worry about,” Shah said in an interview here.

The 66-year-old actor was in the capital to promote his film “Waiting” which released today. “I believe the people in the government are not stupid to understand the choices in front of them, either to build a modern India or to take us back into the dark ages. I think they are not stupid to take the second choice.

“Not for anything else but to at least be in power. I am not leaving the hope. If we will leave the hope it means we have lost the battle,” he added.

The three-time National award-winning actor also took potshots at Anupam Kher, who has been vocal about his fight for Kashmiri Pandits, especially their rehabilitation in the Valley, saying, “A person who has never lived in Kashmir has started a fight for Kashmiri Pandits. Suddenly, he became a displaced person.”

Shah supported noted lyricist Javed Akhtar’s statements during his farewell speech in Rajya Sabha saying nobody has the right to question a person’s love for their motherland.

“I am sad that statements like these (referring to AIMIM MP Asaddudin Owaisi) are made and then they are not even condemned. Like Javed sahab said, ‘It is his right to say ‘Vande Mataram’ and ‘Bharat mata ki jai’. I will say it with my choice not because somebody asks me to,’ I support him. Nobody has a right to question my love for my country,” he said.

Akhtar had slammed Owaisi for saying that he won’t chant ‘Bharat mata ki jai’ because the Constitution does not ask him to do so. He had also condemned right-wing extremists who say Muslims should go to Pakistan.

(PTI)

Advertising watchdog raps Ramdev’s Patanjali ad claims

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Baba-Ramdev-noodles

Mumbai: The Advertising Standards Council of India (ASCI) has rapped yoga guru Baba Ramdev’s Patanjali Ayurved Ltd. for “false and misleading” advertisements that also “denigrate” rival products.

The Consumer Complaints Council (CCC) of the ad watchdog, which has released a statement on the complaints it dealt with in March, also found three of Patanjali’s product advertisements indulging in “ambiguity” and making claims that were described as “gross exaggeration”.

The CCC received 156 complaints against ads during the month, and upheld 90 – including those by Patanjali – under categories such as “education”, “healthcare and personal care”, “food and beverages” and others.

Under the “healthcare and personal care” category, the CCC pulled up the ad for Patanjali Kesh Kanti Natural Hair Cleanser & Oil, describing as “false and misleading by ambiguity” and “gross exaggeration” its claim that “mineral oil is carcinogenic in nature and may cause cancer”.

In the “food and beverages” segment, it found that the ad for ‘Patanjali Kachi Ghani Mustard Oil’ made claims that were “misleading” and “not substantiated”.

The ad had claimed that, “Other than Kacchi Ghani process most of the other edible refined oils and mustard oil are made using neurotoxin Hexagon solvent extraction process. To make profits at the cost of consumers’ health many companies mix cheap palm oil in mustard oil”.

The CCC ruled that the ad “unfairly denigrates other oils/mustard oil”.

The ad had prompted the edible oil industry body, the Solvent Extractors Association of India (SEAI), to file complaints with the food regulator, Food Safety and Standards Authority of India (FSSAI), and ASCI.

In its letters to FSSAI and ASCI, the SEAI requested the regulators to “take action” against Patanjali, and alleged that the company’s ad for ‘Kacchi Ghani Mustard Oil’ was not in good taste.

The CCC also found issues with the ad for ‘Patanjali Herbal Washing Powder, Cake and Dishwash Bar’, which claimed they were used by “millions of housewives”. The watchdog said the claim was “not substantiated”.

It further said that there was little evidence of the cleaning benefit of its professed ingredients, and declared the claim as “misleading by ambiguity”.

The CCC also said that “the claim, ‘Dish wash bars made with chemicals do clean the utensils but they end up damaging the hands’, was not substantiated and unfairly denigrates dish wash bars directly”.

Patanjali’s ads have come in for criticism in the past. In a recent article, Pushpa M. Bhargava, former vice chairman of the National Knowledge Commission, made a detailed critique of the claims made by a Baba Ramdev ad about treatments for high blood pressure and diabetes.

Bhargava, who founded the Centre for Cellular and Molecular Biology, Hyderabad, described as “scientifically absurd” the “implication in the ad that blood pressure and diabetes are caused by viruses”.

(Agencies)

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